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COPYRIGHTED IN 1938 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 143.
ENTERED AS SECOND-CLASS MATTER JUNE
23, 1S79, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACTOF
MARCH 3, 1J79.
NEW YORK, DECEMBER 26, 1936.
William
cor.
NO. 3731
Spruco St«., N.Y.City
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL
Chartered
George V.
1866
Kidder, Peabody
& Go,
OF
THE
CITY
OF
BANK
NEW
YORK
McLaughlin
NEW
President
YORK
BOSTON
PHILADELPHIA
The
chase
BROOKLYN
ditionally
Insurance
NEW YORK
For
is
bankers' bank.
a
"to'
,
Member
Federal
Deposit
Corporation
many
served
tra-
it
years
has
large number
a
of banks* and bankers
COMMERCIAL BANKERS SINCE 1852
and
W^kEugoBank
and
®
Member Federal
reserve
Member Federal
UnionlhistCo.
SAN
as
New York correspondent
depository.
Deposit Insurance Corporation
PREFERRED
FRANCISCO
STOCKS
Deposit Insurance Corporation
RESOURCES
OVER
United States
$200,000,000
Government
Securities
Hallgarten & Co.
FIRST BOSTON
Established 1850
Brown Harriman & Co.
CORPORATION
NEW YORK
BOSTON
'/a-
London
CHICAGO
PHILADELPHIA
Street, New York
Telephone: BOwling Green 9-5000
'
Chicago
Incorporated
63 Wall
NEW YORK
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co
120
The
Broadway
State and
New York
London
Amsterdam
CARL M. LOEB & CO.
61
BROADWAY
NewTorkTrust
Municipal Bonds
Company
Capital Funds
.
.
$32,500,000
Barr Brothers & Co.
NEW YORK
Amsterdam
Berlin
INC.
London
New York
Paris
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
NEW YORK
SECURITIES
EDWARD B. SMITH & CO.
31 Nassau Street
Cleveland
New
•
•
Pittsburgh
York(5th Ave.)
•
State
New York
PHILADELPHIA
BOSTON
•
Allentown
European Representative
s
Office:
London
•
Easton
8
KING WILLIAM STREET
-
Municipal
Industrial
Railroad
-
Public Utility
BONDS
LONDON, E. C. 4
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
R.W.Pressprich&Co.
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
Dec.
Chronicle
Financial
ii
1936
26,
BAKER, WEEKS
& HARDEN
Co.
A. G. Becker &
J. & W. Seligman
Investment Securities
Incorporated
& Co.
Members
Established 189V
Wail
64
No.
New York Stock Exchange
Street
New York Curb Exchange
Investment Securities
YORK
NEW
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
STREET, NEW YORK
52 WALL
London Correspondents
Graybar Building, New York
Philadelphia
Buhl Building, Detroit
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Commercial Trust Bldg.,
Chicago
New York
And Other Cities
SELIGMAN BROTHERS
52, Avenue des Champs-Elysees, Paris
Foreign
OutBankers and Brokers
Leading
Investment
Australia and New Zealand
NEWARK
BIRMINGHAM
OF
BANK
NEW
WALES
SOUTH
(ESTABLISHED 1817)
(With which are amalgamated the Western Austr&llaD
Bank and The Australian Bank of Commeroe, Ltd.)
New Jersey State
MARX & CO.
& Municipal Bonds
Newark Bahk & Insurance Stocks
£8,780,000
Paid up Capital
Reserve Fund
Reserve
6,150,000
8,780,000
Liability of Proprietors
£23,710,000
BIRMINGHAM, ALABAMA
,1
J. S. RIPPEL & CO.
MUNICIPAL AND
CORPORATION BONDS
SOUTHERN
Newark, N. J.
18 Clinton St.
PALMIBEACH AND WEST PALM BEACH
I
I
[l
747 BRANCHES AND AGENCIES In the
Australian States, New Zealand. Fiji, Papua,
London.
of Aus¬
and other
Mandated Territory of New Guinea, and
The Bank transacts every description
Wool
Banking Business.
Produce Credits arranged.
tralasian
DETROIT
Head Office:
MUNICIPALS
MICHIGAN
florida bonds
and
CORPORATION BONDS
WATLING, LERCHEN & HAYES
New York Stock
Agents Standard Bank of South
New York
Africa
Beach, Fla.
Palm Beach—West Palm
W-Palm Beach No. 84
New York Curb Assoc.
Chieago Stock Exch.
Exch.
Detroit Stock Exchange
884 BUHL
29 Threadneedle
Street, E.C. 2
SYDNEY
CARLBERG & COOK, INC.
Bell System Teletype:
Members
London Office:
George Street,
Specializing in
■'
Aggregate Assets 30th Sept., 1935. £115,559,000
A. C. DAVIDSON, General Manager
DETROIT
BLDG.,
ST.
NATIONAL BANK OF NEW ZEALAND, Ltd.
LOUIS
BtUibUthti 1872
Chief Office in New Zealand: Wellington
Sir James Grose, General Manager
Head Office: 8 Moorgate, London, E. O. 2, Eng.
Subscribed Capital
St/x
analyzed
Co.
&
Members of Detroit
Batik conducts
The
DETROIT, MICH.
evert
£500,000
description ef banking
business connected with New,Zealand.
Correspondents throughout the World
London Manager. A. O. Norwood
Stock Exchange
PENOBSCOT BUILDING,
£1,000,000
Pund
Currency Reserve
QO9OUVC si
& Co.
£3,000,000
Reserve
SAINT LOU/0
Charles A. Parcel Is
£6,000.000
Paid up Capital..
investment holdings
Members St. Louis Stock
Exchange
MIAMI
Missouri and Southwestern
We buy
and sell for our
(jormgan.miimr e(b.
I
Smith, Moore & Co.
St. Louis
NIC.
Ingraham Bldg.
Bell System
BANKING CORPORATION
Bonds
Florida Municipal
--
Hong Kong & Shanghai
Stocks and Bonds
account
own
St. Louis Stock
Corp.
Teletype MMI 18
Authorised Capital (Hongkong Currency) HMO,000,000
Exchange
The First Boston
MIAMI
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.
Paid-up Capital (Hongkong Currency)—H$20,000,000
Reserve Fund In Sterling...
£6.500,000
Wire
Reserve Fund in Silver (Hongkong
Cur-
rency)
Reserve
Foreign
Foreign
Liability of Proprietors
HI20,000.000
kong Currency)
C.
DE C.
HUGHES, Agent
72 WALL STREET,
NATIONAL BANK
Incorporated by Royal Charter 1727
£8,780,192
Reserve fund.....——...-—.....
Cairo
Head Office
£3,944,171
....£66,800,980
Deposits...
Over
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
3.000,000
200
Years of Commercial Banking
CHIEF FOREIGN
LONDON AGENCY
6 and 7,
King William Street, E. C. 4
Branches in aUZtha
principal Towns in
EGYPTj: nd the SUDAN
NEW YORK
Royal Bank of Scotland
Capital (fully paid)
of EGYPT
A
HI10.000.000
(Hong¬
8 Bishopgate,
DEPARTMENT
London, England
HEAD OFFICE—Edinburgh
General Manager
William Whyte
Total number of offices, 254
Associated Bank,
Williams Deacon's Bank, Ltd,
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Kenya Colony
Bishopsgate, London, E. C.
Head Office: 26,
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Subscribed Capital
£4,000,000
Paid Up
£2,000,000
Capital
Reserve Fund
£2,200,000
The Bank conducts every description of banking
and exchange
business
Trusteeships and Executorships also
undertaken
•
I
financial
Tin',
oimnercia
Vol. 148
DECEMBER 26,1936
No. 3731
CONTENTS
Editorials
page
Financial Situation
The New
..4050
Banking Legislation—By H. Parker Willis
__
..4065
Naval Armaments and National Defense
..4062
Strikes and Collective
__4063
Bargaining!..
Comment and Review
Week
the
European Stock Exchanges
Foreign Political and Economic Situation
on
Foreign Exchange Rates
and
..4054
4055
Comment---
4059 & 4098
Course of the Bond Market
4066
Indications of Business Activity
Week on the New York Stock Exchange-
4067
Week
on
the New
York
cvt
4053
Curb Exchange
4096
:
<
•
News
Current Events and
Bank and
Discussions
4075
Trust Company Items
General Corporation and
4094
Investment News..
Dry Goods Trade.....
State and
4142
..4181
Municipal Department
4187
Stocks and Bonds
Foreign Stock Exchange Quotations
4141
Dividends Declared
4099
Auction Sales
4098
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations.-4108 & 4118
.4109
New York Curb Exchange—Stock Quotations
New York
4124
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
4130
purb Exchange—Bond Quotations
4127
4134
Over-the-Counter Securities—Stock & Bond Quotations.4137
Reports
Foreign Bank Statements
4057
Course of Bank Clearings...
Federal Reserve Bank Statements
General Corporation and
4096
...4105
Investment News
4142
Commodities
The Commercial Markets and
the
Crops
4173
Cotton
4176
Breadstuffs
4181
Published Every Saturday Morning by the William B. Dana
Company, 25 Spruce Street, New York City
Herbert D. Selbert, Chairman of the Board and Editor*
William Dana Seibert, President and Treasurer; William D.
Riggs, 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.t under the Act of March 3. 1879.
Subscriptions
In United States and Possessions, $15.00
per year. $9.00 for 6 months: in Dominion of Canada, $16.50
per year. $9.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $18.50 per year, $10 75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia Australia and Africa. $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
The Financial Situation
IAST week
l—i
budget
most important,
difficult problem with
Relief
that
public life
are now
The
of
assurances
of
number
indeed
absolutely
of
continuance
a
money
Chairman of the Board of
give
of
the
it is
of
and
announcement
plans for "sterilizing" fur¬
ther Treasury
of
a
acquisitions
gold strongly suggested
belief on the part of
the
that
others
for
market
the
in
reduce the fluctuations in
of
be
same
time
This
with
cated
the
committee
appointed
some
much
Obviously
ance.
time
of
more
determined to
disheartening
can
have not the
of
taking
such reports,
that
ever
at all
likely
flationary boom that may
appear.
Developments during
likewise
have
week
the
added emphasis to
fact, also called to the
attention of
week
ago,
our
readers
that relief
the
no
Nov. 30 would
with only
for
free economic life of the
a
the
problem in the matter of
the
form
years or
budgetary
devised
of
of
"storing
up
reserves"
for
000
bad
the reduction of price fluctuations.
Either
Relief out¬
into the matter qf un¬
broad public benefits in
injection
claims
form of crop insurance can
some
which
will
benefit
the
insured
be
by
lays have been the focal
point of discussion during
a
week, and rightly
so,
not because there are
not
numerous
at which
earliest
waste
be
dropped
should
be
an
reduced
at
the
of about $2,000,000,000,
immediate
results could probably be obtained in this area than
elsewhere.
Loans and grants to States and cities,
amounting to
and
some
because
more
$93,000,000 since June 30, the
Administration on
public highways, running to about $156,000,000
during the same period, the Resettlement Adminis¬
tration with $63,000,000 to its credit, or rather its
discredit, and various items among "general ex¬
penditures" and "expenditures for recovery and
expenditures of the Public Works
relief"
three
also
offer
inviting
of
of
summer
opportunity for reductions of sub¬
amounts,
first
opportunities, but they
Other
the
only
reports,
five
likewise
course
the
the
$500,000,000
for
months
include
of
unofficial, have it that
asking for
additional which has been
in his mind.
time past to be
some
With only this amount
in addition to what is already
Our Readers
will
be
the pen
glad
to
know that an
article from
of
DR. H: PARKER WILLIS
appears
cle" at
in this week's issue of
page
"Chronicle"
hereafter.
the
and early autumn.
President is inclined to insist upon
understood
a
some¬
supposedly
months
low-cost
drastically
and
of
$165,000,000
over
the
which
further
of effort.
possible moment, but because, running since
offer
stantial
without
points
June 30 at the annual rate
they
system can be devised (which we doubt) by
means
let it be developed.
If not, the
should
average
of the current fiscal year,
expenditures
and
could
other
for
per
November,
in
thing
all
matter
fiscal
average
an
or
monthly
spreading the losses incident to bad seasons
over
all the insured, or it cannot.
If such
the past
seven
of
month,
as
compared with $180,000,000 actually disbursed
during October, $170,000,-
Only confusion of thought arises
insured.
from
remaining
the
$173,000,000
proposed crop insurance program must
be defended, if it can be defended at all, on
the basis of benefits to be received by the
ex¬
provide him
$1,211,000,000
months of the current
past.
The
founded
improvement.
our
Works
the
of
credit
Progress Administration on
year,
penditures furnish the key
real and prompt
appropriations standing to
necessity whatever for any
of themselves in
given
the
expended balances in the
is
hold in check any in¬
to
addition to un¬
amount in
definite plan that
"plan" for
insurance or anything else to give "the effect
of storing up reserves of wheat in years of
large crops and releasing them on the market
in years of crop failure."
Every school child
knows, or ought to know, that just this is
done quite effectively by the marketing and
storage systems that have naturally developed
steps what¬
are
any
upon
since such an
have been evolved by the committee.
Meanwhile there is one observation that
needs to be made at once.
It is that there
slightest idea
any
passed
credit
It is not difficult to
information,
may
be
$750,-
get
000,000 more if possible.
insur¬
including a precise definition of terms used,
must be forthcoming before final judgment
clarity that public officials
he is
reports have it that
by the
ago
crop
ask
until
but current
June 30 next,
seems
President to study the matter
indi¬
it
that
Congress to carry him
supply of wheat would be available."
to be the considered opinion of
reserve
large
at
money,
suade the President to
Fur¬
of wheat.
for how much
he is trying to per¬
more
the market supply
and the fluctuations in price
a
sums
clines to say
ther, it would provide the country with as¬
surance that in case of severe crop failure a
govern¬
ment would continue to
plan would have the effect
a
He de¬
ployment relief."
of
storing up reserves of wheat in years of large
crops and releasing them on the market in
years of crop failure.
This would tend to
Such
lent.
had
"we have never
sufficient funds for unem¬
attempt was
an
he remarked
ciated Press,
that
failures of crop insurance
made to insure price,
believed that payment of both premiums
losses should be in kind or cash equiva¬
where
the occasion
upon
Its Own Feet!
on
"In view of past
System hastened
Reserve
to
Let It Stand
of the Federal
Mr. Hopkins,
Administrator, is reported to be as
usual strongly in favor of huge further outlays on
his wide variety of work relief projects.
He acted
quite in character when,
as
reported by the Asso¬
conditions which the
Governors
reported to
are
during the week have centered about
Works Progress
essential.
easy
surprising that most of the
of relief expenditures.
volume
the
in
men
not
Expenditures
and controversies that
have sprung up
recognizing that budgetary reform
and
fundamental
is
considerable
a
therefore
discussions
of the
indicated
is
It
The events
past week have again confirmed that judg¬
ment, and Washington dispatches have rather plainly
Administration.
second
his
of
years
re¬
outstanding
commitments.
plans for the coming year and for the other
his
and immediate
scattered
more
himself faced in laying
finds
President
the
somewhat
are
duction in them is often restricted by
the
furnishing
as
urgent and perhaps the most
which
Federal
took occasion to point to the
we
4065.
with
the "Chroni¬
Dr. Willis will favor the
an
article
each
week
Volume
Financial
143
hand, Mr. Hopkins's organization would be
on
duced to less than
last
billion dollars to carry
a
months of the fiscal year, or
seven
of something
average
Whatever
$137,000,000.
over
monthly
a
It is obvious that the
re¬
it for the
4051
Chronicle
reputed plan of postponing
relief economies until next
another
to
spring would doom
But what of the fiscal year ending June 30,
year.
encouragement there is to be found in this figure is,
1938, for which budget figures
however, marred by at least semi-official reports
pared?
that the President has in mind the transfer of certain
tive
funds from
observations
other
Administration,
addition
which
the
to
Works Progress
be
in
$500,000,000.
patches from Washington
it is clear that if dis¬
correct, even only as
are
general trends of thought and policies, neither the
President
ception
Mr.
nor
of the
Hopkins has the slightest
if budgetary
at
begun,
if they have such
not
or,
con¬
degree of reduction that is * really
necessary
once
planning at this
evidence of it.
is to be
progress
conception, they
a
time
give
to
One account of current
are
concrete
any
seemed to bear the usual earmarks
plans, which
of semi-official
status, has it that it is the intention of the authorities
not
undertake
to
tures at present
what
see
relief
in
retrenchment
but to
outlays naturally decline.
know in what
so
it is alleged,
It is difficult to
these disbursements
sense
expendi¬
be done in that
can
direction early in the spring, when,
these
"naturally
decline" in any very substantial degree at the time
.of the year
some
designated.
reduction from
early spring
of
relief
Of
the
but the reduction is
gratulation [on] the
of
part
jubilation
the
255,000 in May
disbursements
government
declined
October
November at $124,000,000.
year was
to
were
000,000,
at
$114,000,000
This
with
lowest
The
-
year
high
a
$170,000,000
were
thereabout in
of
back
as
$176,-
during
figure reached during the
to date was $154,000,000 in August,
penditures
or
reached in March, but this in April
was
compared
as
November.
$136,-
substantially
reduced to $187,000,000 and in May to
year
or
The June figure of that
nearly $206,000,000!
$198,000,000
was
self-
or
compared with $178,000,000 in
as
those for
of
excess
high
as
but
ex¬
$166,000,000
or
September and exceeded $180,000,000
in October.
In
of
result
a
the
drought of last summer,
be cited that the Works
let the fact
ministration and the Federal
ministration
of
Progress Ad¬
Emergency Relief Ad¬
together, during the first six months
1936, expended about $1,086,000,000 against $986,-
000,000 for the latter alone
Administration
half of
year
was
not
(the Works Progress
functioning during the first
1935) during the corresponding period
earlier.
one
It is worthy of note, moreover, that
during the first half of 1935
we
were
presumably
still
feeling the effects of the drought of 1934, which
was
more
severe
despite the
ment of
than
that
of
1936.
And
all
this
genuine and substantial enlarge¬
general business activity during the latter
very
part of 1935 and the first half of 1936!
possible to
escape
It is im¬
the conclusion that the Works
Progress Administration's method of giving relief is
an
exceedingly costly
one, as was
that of its proto¬
type, the Civil Works Administration.
certain
are
properly be made at
summer
than he did
pres¬
spring
last, and must refuse to
permit expenditures to rise rapidly again with the
advent of cold
in any year,
weather,
if
made with the
he has
as
progress
far failed to do
so
of real importance is to be
budget. The
range
this
from
year was
$198,000,000 in March to $154,000,000 in August. It
is
painfully probable that the figures
likely to
are
higher this winter than last, but
run
that
suppose
by mid-year the President has been able to get them
down
to
sufficiently below the low point of this
have them
average
for the fiscal
than those for the low
more
($154,000,000).
expenditures,
spoken
as
of
such,
or
those that
Such
an
the whole
were
tragically serious. The President has
so
gigantic and
a
an¬
usually
are
$1,850,000,000!
to
no
point this calendar year
"achievement" would be ridiculous
matter not
year
1938
year
He would then have reduced
nual relief
imperative task ahead of him
an
here, and the time to begin it is not next spring but
now.
The
System at Fault
The trouble with the system as
is
no
it is
operated
now
Nor is the problem at all insoluble,
mystery.
granted the courage and the determination which it
"turning people out to starve"
minded
people
after
people who
if
themselves
question of
no
superficially
as many
to suppose. The truth is simply
seem
that far too many
quite able to look
are
they have to
being shame¬
are
fully coddled by the government, which is employ¬
ing the most expensive method at hand to coddle
them.
the
relief
The
policies of the government, and
silly, sentimental talk of the politicians, during
the past
class
few
in
this
living at the
not
to
care
hard work
out
reply to those who insist that this year's relief
are
question, but there
may
The President must do much better next
will
Drought Effects?
/
costs
give the defini¬
unquestionably demands.' There is
these
February, but at this figure they
in
that
to be pre¬
are now
course
ent.
cer¬
else.
1935
to the
answer
to be noted in the statistical history
are
administration,
cause
In
it is true that
course
peaks of late winter and
tainly not large enough to
anyone
The future must of
and
would
presumably
However all this may be,
to
the
accounts to
us
the current fiscal
deficit for
enormous
again
an
years
have operated to create
country which feels
expense
earn
its
of the public, and which does
own
living if it must do
at reasonable wages.
its
earn
own
existence at the
living
It probably
as
long
as
public trough.
it
to be done first of all is not to
bring
for "sweet
to hire
more
sake," but to place more
men
and
women
men
by
can
eke
pressure upon
pressure upon
to find work
so
never
What needs
business
men
large
a
shame about
no
charity's
able-bodied
by which to support
themselves, and to cease making it harder for them
to
it
find
wages,
by preaching the doctrine of excessive
fomenting strife between employee and
em¬
ployer, and in a dozen other ways bedeviling busi¬
ness
with
hare-brained
projects and punitive
ex¬
peditions.
Having made
up
its mind definitely and irrevoc¬
ably to face these elementary facts, the government
should of
and while
tial step
course
so
proceed at
once
to act accordingly,
doing it should take the second
essen¬
in the matter of relief costs. That is to
vide for those who must be
pro¬
provided for by the most
inexpensive methods available, which
are
those
usu¬
ally characterized as direct relief, carefully, vigor¬
ously and efficiently administered.
these
But it is just
things that the government is apparently most
Financial
4052
determined not to
quire
do, since they obviously would re¬
reversal of many, if not most, of its boasted
a
It is for this reason that most
policies of the past.
realists
unable to bring themselves
are
strongly for
to hope very
fulfilment of the budgetary promises
a
that have been made in various
quarters during the
past few weeks, and it is precisely because no real
in budgetary matters is definitely in sight
progress
that informed observers
are
unable to find great en¬
couragement in vague talk about controlling infla¬
tion
various other
in
or
half-promises of financial
other reforms.
and
ments
•'
.
•
*
.
.
,
.•
' \
*
to
or
System in a position to "control
Reserve
Federal
inflation," namely, the sterilization of further acqui¬
gold, it is rather too much like promising
sitions of
future
immunity to a patient suffering from typhoid
fever.
The
promise is good enough as far as it goes,
but it is of little value as far as
ment
the
on
urgent present needs
According to the official announce¬
concerned.
are
subject, the Treasury is henceforth to
sell bills in the open
market and with the proceeds
buy all the gold offered it. For the life of us we can¬
why the Treasury should not have
not understand
merely announced that henceforth it would pay for
gold it bought by a draft on its general funds
the
by the issuance of gold certificates.
instead of
result would be the same.
The
But the point is of no
great importance. The sterilization of incoming gold
cannot save us from the sad effects of inflation.
That
can
be done only
effect assured
by further and much more
These steps the authorities have in
drastic steps.
us
they will not take by announcing
they intended in the future as in the past to
that
rigidly to extreme easy money policies. To
sure, most observers hardly needed this assur¬
adhere
be
ance,
that further im¬
through Treasury
borrowing to finance such acquisitions and through
failure to deposit gold certificates with the Reserve
ports of gold will be "sterilized"
banks.
This, of course, is a temporary measure,
possibly will find its offset in an eventual
which
outflow of the
The
greatly alter the underlying inflationary sit¬
do will
uation
now
existing
as
long as money is kept so
abundant as to hold interest rates to
anything ap¬
proaching their present levels. As a practical mat¬
ter there is no use in expecting any policy that
would
materially or permanently raise interest rates
long
as
the Treasury must cover a huge deficit
$7,000,000 in the weekly period, according to the
credit summary, and the aggregate of $11,229,000,000
Federal Reserve Bank Statement
reserves were
forms of money in circulation was
increase of all
$128,000,000, and a good part of this was accounted
$81,-
by Federal Reserve notes, which increased
for
516,000 to $4,350,488,000. Total deposits with the
12 banks were off $59,704,000 to $7,013,861,000, the
changes consisting of a drop of member
individual
deposits by $166,667,000 to $6,507,490,000; an
bank
increase of
Treasury deposits on general account by
$77,734,000 to $250,560,000; an increase of foreign
deposits by $13,604,000 to $74,383,000, and a
bank
gain of non-member bank deposits by $15,625,000 to
$181,428,000.
The drop in reserves and the increase
overshadowed the recession
of circulation liabilities
in
deposit liabilities, so that the reserve ratio fell
to
79.0% from 80.2%.
were
vances
ket
Discounts by the System
$1,198,000 to $8,882,000, but industrial ad¬
receded $314,000 to $24,999,000.
Open mar¬
up
holdings
of bankers' bills were off $1,000 to
$3,088,000, while holdings of United States Govern¬
ment securities were quite unchanged at $2,430,227,000.
Winter Wheat and Rye Report
THE initial report of the Department of Agricul¬
winter wheat
planted last
of
the
currency
Owing mainly to the rapid increase of
circulating medium reserve deposits of member
banks
slumped sharply in the week to Wednesday
States
Treasury in connection with the December financing
night.
Increased payments to the United
also contributed to the
serves.
decline of member bank re¬
The net result was a drop
of
by $170,000,000 in the week, or from
excess reserves
$2,050,000,000
This trend now can be expected
change abruptly, for the return flow of currency
the banks and the continued Treasury expendi¬
$1,880,000,000.
general account with the 12 Reserve
raise member bank deposits and excess
tures out of the
banks will
reserves.
It is still
that the reserve
anticipated in banking circles
requirements again will be raised,
possibly to the full 100% over pre-Aug. 15
the
crop
indicates
a
planted acreage of 57,187,000 acres, the largest on
record and
reason
7,500,000
for the large
acres more
than a year ago. The
seeded area this year is ascribed
by the Department as being due largely to
relatively
need
high prices at seeding time and the pressing
grain
on
pasturage and early
account of the failure of the 1936 crop.
require¬
cases
where
summer
drought has severely
damaged recent corn crops.
However, the condition of this year's crop as
ments, which amounted to an unusually large sum
this year.
of
ture
fall and to be harvested next summer
wheat in
statistics
to
$1,748,000 to
Cash in vaults fell sharply, and total
off $34,319,000 to $9,064,191,000.
The
Also^ some corn acreage is being shifted to winter
THERE is due reflection in the current banking
holiday
require¬
to
The Treasury
of the increase, as
$8,851,876,000.
feed
to
further high record.
a
for additional fall and winter
by public borrowing.
the
yellow metal.
monetary gold stock of the country increased
since it lies implicit in the budgetary situation.
Nothing that the government or any individual can
so
sought was indicated in Washing¬
gold certificates held by the banks fell
AS TO the place the Board to "control inflation,"
latest step taken of Governors of the
1936
ton, Monday, by the announcement
represents
•'
26,
That other steps for credit
permitted by law.
control also are
failed to reimburse itself for any
Controlling Inflation
.......
Dec.
Chronicle
Dec. 1
yield
was
large acreage sown.
of
spite of the
low as 600,000,000 bushels, in
as
of
only 75.8% of normal, and the estimated
There was a harvest in 1936
519,013,000 bushels; in 1935, 465,319,000 bushels,
and
a
five-year average
(1928-32)
of 622,252,000
bushels, although average plantings in those same
five years
were
to
15
million
The
only about 44,000,000 acres.
Dec. 1 forecast in the
past two years have been 10
bushels
higher
the
than
actual
harvests.
The
in
previous high record of acreage
planted was
1918, when 51,391,000 acres were seeded and re¬
sulted
in
a
harvest
of
748,460,000 bushels.
dition at Dec. 1 in that year was as
high
as
normal, and less than 1,000,000 acres were
doned in that year on
Con¬
98.5% of
aban¬
In
account of winter killing.
volume
1*3
Financial
'
'
'
■
'■
Chronicle
''
4053
'
>
recent years
acreage
J
abandonment has been particularly large, amounting last year to about 12,000,000
and rail issues.
Condition at D.ec. 1,
1935, was 78.2% of normal, slightly better than the current year, and at
Dec. 1, 1934,
77.8%; the 10-year average (1923-32)
of liquidation
was
closing
next
on
acres.
was
considerably better at 82.4%.
over
utable
for
to
the
need
acreage sown is
6,547,000
7,673,000
feed.
The
estimated
date of
same
moved
groups
in 1934.
acres
not
a
much better figure,
The Department of Agriculture has
attempted to estimate the size of the
crop.
The
just harvested yielded only 25,554,000 bushels,
crop
less than half the
previous year's crop.
,
,
The New York Stock Market
tuations
in
Tuesday, when the market steadied.
mand still
that
*
experienced for the
was
offered.
were
some rather wide fluesecurities, prices of
losses thereafter.
Trading
was
re-
stricted to the first four
periods, of course, for mareverywhere closed yesterday in observance of
Christmas, and in most instances they also
today.
of last week, but thegave buoyancy to that departupward movement of copper
closed
are
day and early this week, owing to the ruling by the
freight.
these issues recovered somewhat in
a
But
general
upward movement that started Tuesday and
tinued
through Thursday.
investment of year-end
bursements
It
re-
dividend and interest dis-
in progress.
was
con-
evident that
was
Trade and industrial
Foreign exchanges
were
quiet and
Announcement by the Treasury that further
gold1 imports would be sterilized, so far as their
effect on our credit situation is concerned, had no
influence
Railroad stocks plunged sharply last Satur-
Interstate Commerce Commission against extension
of the surcharges on certain classes of
even
re-
the defaulted Latin
among
and lead quotations
steady.
kets
speculative
Foreign dollar bond trading
suited in sharp gains
ment of business.
week.
a
tions, this being natural after the sweeping increases
railroad
holiday
flotations
new
Carrier bonds with
tinge suffered last Saturday and Monday from the
freight ruling, but regained a good part; of the
upward
this
Highly-rated
corporate issues held well, largely because keen de-
listed issues in the New York stock market tended
in
uncer-
American obligations. ! In the commodity markets a
degree of uncertainty prevailed as to grain quota-
,
WITH the exception of
were
while, owing to the freight surcharge rul-
a
but firm tendencies quickly were restored,
United States Government bonds were easy until
poor weather conditions and late
1935, but with
The
ing,
rye crop at Dec. 1 was
only 71.0% of normal in comparison with 69.1% on
80.4%, in 1934.
despite the impending
Monday.
In the listed bond market conditions
planting, the condition of the
the
effected
The trend
great amount
no
market
tain for
compared with
acres as
in 1935 and 6,312,000
acres
Chiefly because of
until
idle.
were
again upward, for
participating.
1935, and is also attribfall
Utility stocks
was
'
quietly and impressively forward, with all
The acreage planted to
rye this year is also con-
siderably increased
Thursday
"
on
foreign exchanges,
Of the abundant dividend declarations made this
week by corporations,
a few of the more outstanding
given below comprise increased and special divi-
ones
dends and disbursements
account
on
of accruals,
The Pacific Lighting Corp. increased the dividend
on
its
stock from 60c.
common
share to 75c.
a
Co., Ltd., declared
special distribution of 12^c.
a
share, in addition to
regular of 37%c.
a
a
payable Feb. 15; Western Electric Co. declared
the
dividend of fl.50
metals
certainty felt
reserve
Stock
requirements.
of the full
to the
as
the last
was
an
impending increase
Trading
on
the New York
under 2,000,000 shares in each
sessions, but members
effected last
future, for
were
transfer of
a
Saturday at $125,000,
up
on
gency
on
sumed,
again
tions, and
a
hour, and
These
sympa-
quickly developed in other sections.
were
Monday.
railroad
the rule when dealings
Base
metal
stocks
were re-
were
continued
firm,
copper and lead quota-
few specialties likewise advanced.
stocks
emer-
the ground that the emergency is
owing to further increases of
to
But
and losses also
sag,
general among industrial and utility issues.
rally in prices started
ship of metal issues.
on
A
Tuesday, under the leader-
Gains
were
pronounced in
stocks, most of which advanced to record levels
for the year, and good
dustrial securities.
a
was
freight surcharges
heavy selling of railroad stocks.
buying also
was
noted in in-
Railroad stocks recovered
only
little, and utility issues also lagged.
was
general.
small
the rule
Improve-
Wednesday, with gains quite
Metal stocks held their high levels, while
advances
on
appeared in almost all industrial
with
stock,
a
pay-
a
distribution of
Sept. 30 last.
This company
share
account of accruals
7%
a
on
on
of $31.50 a share, payable Jan. 15; this payment
clears
up
all arrearages
the
touched
Declines
ment
of f 11.50
public last Saturday, and the refusal of the
charges
common
is controlled by the American Telephone & Telegraph Co. Marshall Field & Co. declared a dividend
touched
thetic weakness
such
on
share made
a
On
issues tumbled 2 to 3 points in an
were
compares
75c.
was
caused
over
able Dec. 28, and
the
one
$10,000 from
regulatory Jbody to permit extension of the
on
its
seat
a
share
a
opti-preferred stock, and Armour & Co. of Illinois
more
previous transaction.
The decision of the ICC
made
base
These factors outweighed the un-
the basis of
on
Exchange
mistic
of
again improved and occasioned fresh buying
of related stocks.
of
Prices
a
share, both
reports remained favorable and also contributed to
buying interest in securities.
a
share, payable Feb. 15; Southern California Edison
New
York
the 7% preferred stock,
on
Stock
Exchange 61
high levels for the
new
low
new
levels.
On
Exchange 49 stocks touched
23 stocks touched
new
year
stocks
while 40 stocks
the New York
new
Curb
high levels and
low levels.
Call loans
on
the New York Stock Exchange remained unchanged
at 1%.
On
the New York
the half-day session
shares;
on
Stock
Monday they
were
Tuesday, 1,667,250 shares;
shares, and
on
on
were
a
1,214,000
1,761,846 shares;
on
Wednesday, 1,867,782
Thursday, 1,607,380 shares.
Christmas Day and
was
Exchange the sales at
Saturday last
on
holiday.
Friday
On the New
York Curb Exchange the sales last Saturday were
321,055 shares;
on
Monday, 459,105 shares;
day, 393,331 shares;
and
on
The
on
Tues-
Wednesday, 527,940 shares,
Thursday, 526,315 shares,
market
on
Saturday of last week, after
on
rather quiet opening, closed with heavy declines
word
of the decision
Commission
with
a
on
of the Interstate Commerce
respect
to
emergency
railway
freight surcharges.
This decision not only had
unsettling effect
the rail issues, but the entire
on
an
market
Weakness in prices
well.
as
ceeded anything known since 1929, and
again developed
Some ground was gained on Tues-
general declines.
day after the leadership of the copper shares and
quotations moved up in a moderate and irregular
On Wednesday the improvement of the previ-
way.
day was resumed, and prices closed at generally
ous
higher levels, with the volume of trading the largest
Further progress was
for the week.
made
Thurs-
on
day, although at the close of that day equities in
failed
instances
many
reflect
to
an
improved
position over the close on Friday one week ago.
General Electric closed on Thursday at 52% as
against 52% on Friday of last week; Consolidated
of N. Y. at
Edison Co.
Gas & Elec. at
N. J. at 48%
chine at
99
at
43% against 44; Columbia
17% against 17%; Public Service of
against 48; J. I. Case Threshing Ma-
145% against 146; International Harvester
As indicating the course of the
Montgomery Ward
& Co.
at 55%
against 65%; Woolworth at 63% against 63%, and
American Tel. & Tel. at
Union closed
ern
185% against 184%.
West-
Thursday at 79% against 78%
on
on
against 228; E. I. du Pont de Nemours at 174%
on
National Cash Register at 39%
against 29%; International Nickel at 64% against
179%;
against
National
62%;
Products
Dairy
against
at 22%
23%; National Biscuit at 31% against 32%; Texas
Gulf
at
Sulphur at 39% against 39%; Continental Can
66% against 65%; Eastman Kodak at 172 against
174; Standard Brands at 15 against 15%; Westinghouse Elec. &
at
51%c., unchanged fr<j>m the close on Friday of last week,
The spot price for cotton here in New York closed
on Thursday at 12.99c. as against 12.89c. the close
on Friday of last week.
The spot price for rubber
oats at Chicago closed on Thursday at
Friday of last week; Allied Chemical & Dye at
on
228
Mfg. at 145% against 145%; Lorillard
22% against 22%; United States Industrial Alcoagainst 38%; Canada Dry at 27% against
hoi at 38
22%; Schenley Distillers at 44 against 45%, and
National Distillers at
The steel
stocks
29% against 28%.
were
irregularly changed when
with the close on Friday a week ago.
States Steel closed on Thursday at 77%
compared
United
Thursday was 21.58c. as against 29.34c. the close
The price of domestic copincreased to ll%c., and closed at that figure
on Thursday as against 11c. the close on Friday of
last week.
In London the price of bar silver on Thursday was
21 1/16 pence per ounce as against 21% pence per
ounce on Friday of last week, and spot silver in
New York closed on Thursday at 45c. as against
45%c. the close on Friday of last week,
N In the matter of the foreign exchanges, cable
transfers on London closed on Thursday at
|4.91 5/16 as against ?4.91% the close on Friday of
last week, and cable transfers on Paris closed on
Thursday at 4.67%c., the close on Friday of last
Friday of last week.
per was
week.
-
bid against
117%; Bethlehem Steel at 74%
against 74%; Republic Steel at 28% against 28%,
Youngstown Sheet & Tube at 78 against 79%.
and
In the motor group,
Auburn Auto closed on Thurs-
day at 39% against 31% on Friday of last
General
Motors at
week;
66% against 67%; Chrysler at
119% against 121, and Hupp Motors at 1% against
In the rubber group, Goodyear Tire & Rubber
1%.
closed
on
of last
Thursday at 27% against 28% on Friday
week; United States Rubber at 46% against
46%, and B. F. Goodrich at 33% against 32%.
railroad shares
were
mostly lower this week.
The
Penn-
sylvania RR. closed on Thursday at 39% against
49%
on
Friday of last week; Atchison Topeka &
69% against 79; New York Central at
Santa Fe at
41
against 43; Union Pacific at 125 against 129;
Southern
Pacific at 42%
against 41%;
Southern
Railway at 23% against 25, and Northern
at 27
against 26%.
Pacific;
Among the oil stocks, Standard
Oil of N. J. closed on Thursday at
68% against 66%
26%
against
29%. In the copper group, Anaconda Copper closed
on Thursday at 53% against 59% on Friday of last
week; Kennecott Copper at 61% against 57%;
American Smelting & Refining at 94% against 92%,
on
Friday of last week; Shell Union Oil at
against 26%, and Atlantic Refining at 31%
and
Phelps Dodge at 55% against 54%.
Trade and industrial
reports this week were of a
decidedly optimistic order/
Christmas buying ex-
-
~
,
n/r
,
European Stock Markets
against 77% on Friday of last week; Inland Steel
at 115
commodity mar-
kets, the December option for wheat in Chicago
' closed on Thursday at 139%c. as against 139%c. the
close on Friday of last week.
December corn at
Chicago closed on Thursday at 199%c. as against
108%c. the close on Friday of last week. December
against 199; Sears, Roebuck & Co. at 87%
against 96%;
encouraged
Steel making
for tfye week ending today tapered off somewhat,
owing to the holidays, but still was estimated by the
American Iron and Steel Institute at 77.9% of
capacity against 79.2% last week and 49.5% at this
time last year. Production of electrical energy for
the week ended Dec. 19 was 2,274,508,990 kilowatt
hours, the Edison Electric Institute announced,
This compared with 2,278,303,990 kilowatt hours in
the preceding week and with 2,002,095,000 kilowatt
hours in the corresponding week of last year.
the belief that a good year impends.
Monday, when early strength gave way to fairly
on
Dec. 26, 1936
Chronicle
Financial
4054
ACTIVITY 011 stock markets in the leading European financial centers was at a minimum this
week, for holiday influences were, apparent throughout. The tendency at London, Paris and Berlin was
toward modest dealings and lightened commitments,
but the demand for securities sufficed to keep the
markets on even keels. Dealings were restricted, of
course, to the first four sessions of the week, with
prolonged Christmas suspensions the rule in all
financial centers. Quotations in the British market
showed hardly any changes of importance, while the
Paris and Berlin markets moved upward and downward in successive sessions, with net changes small.
The difficulties of the international situation occasioned caution everywhere, as the repercussions
of the Spanish war were in continual evidence, while
diplomatic conversations proceeded on numerous
matters. Reports of the favorable trend in the New
York market heartened the London Stock Exchange
and provided an offset to the gloomy aspect of Continental affairs. Equally encouraging were indications of increasing trade and industrial activity in
England, and of good holiday business in the Continental countries. British reports remain exceptionally promising, for the important steel industry
reports record activity, while the course of trade is
well indicated by the need of large stores in London
to close their doors to the inrush of buyers, late last
week. The monetary situation is not an important
**
Volume 143
Financial
influence, despite the
recent transfers of gold from
stabilization funds to the British and Netherlands
central banks.
done
was
the London Stock Ex¬
on
change in the initial trading period of the week,
owing to the usual pre-holiday influences, but prices
were
steady in almost all departments. British funds
well supported and
small
4055
securities shared in the general
upswing.
reversed
was
on
fractions.
Most
changes
measured in
were
industrial
stocks
improve, while larger gains appeared in
tended
vestment
of
regulations governing the in-1
new
blocked
marks
in
German
securities.
The restrictions occasioned declines of 1 to 2
points
in German
industrial, chemical and shipping stocks,
utility issues were firm... Changes were unim¬
but
portant in
quiet session, Thursday.
a
to
Pan-American Peace
of the
some
The trend
Wednesday, owing largely to the
promulgation of
Little business
were
Chronicle
aviation issues.
issues
Commodity stocks and international
irregular. Attendance on the Stock Ex¬
were
change
small, Tuesday, owing to the advancing
holiday season, but the mood was cheerful and many
was
issues closed with small
a
little
lower,
securities with
trial issues
gains. British funds drifted
attention
as
some
centered
was
mainly
speculative attraction.
on
Indus¬
were
SOMETHING like a record to have been achieved
for amity in interna¬
tional gatherings
seems
by
the
Inter-American
closed its sessions
with
number of
a
Conference,
major pacts and
lutions to its credit.
the Roosevelt
Peace
which
Wednesday at Buenos Aires
on
The Good
many
minor
reso¬
Neighbor policy of
Administration dominated the meet¬
firm, while commodity stocks im¬
proved sharply, owing in part to the advances, in
ing from its
copper, lead and other base metal prices.
gation unquestionably accounts for the major
complishments. It may be that the policy of
railway stocks fell ^because of/the
I.
C. C. to permit continuance of
charges.
Trading
sharp advances in
in
vance
the
the resultant
stocks
Wednesday
on
sues.
small
gains, and improvement also
gilt-edged is¬
marked
were
the internal situa¬
as
country did not impress London traders
A firm tone prevailed in the final trad¬
ing session of the week, Thursday.
were
and
gain in copper shares here. Industrial
by declines in German bonds,
and
sur¬
stocks, owing to the ad¬
copper
Dealings in international issues
favorably.
the
featured by
price of the metal in New York
showed
tion of that
of
freight rate
was
noted in British funds and other
was
American
refusal
Gilt-edged issues
supported, while gains appeared in industrial
commodity shares.
The Paris Bourse
and
was
community
"Auriol"
new
unusually quiet
were
Monday,
on
small.
The Paris
was concerned more with the
bonds, which
designed to bring
are
gold out of hoards, than with other issues.
held
Rentes
to
previous levels, and French equities also
showed only modest variations in either direction.
International
issues
were
so
pronounced
compared
Rentes
it
were
the
to
Apathy
the Bourse
on
Tuesday that commentators
on
also
usual
sues,
well
was
rentes
again declined slightly,
improved.
marked
in
on
commodity is¬
the Bourse,
Not much
Wednesday, for
while other
issues
French chemical and other stocks
were
slightly higher, while larger gains appeared
with international varieties
commodity issues,
preferred.
Rentes
receded
in
a
Paris, Thursday, and bank stocks
but
gains
were
quiet
session
were
at
uncertain,
noted in equities of industrial and
utility companies.
The
and
Berlin Boerse started
the week with
by the local commentators to reinvestment
dend
and
a
firm
mand also
Further
disbursements. Gains in
heavy
ranged from 1 to 5 points, and elec¬
were
was
buying
in that session
advances
of divi¬
interest
trical issues
were
in almost equal demand.
noted for fixed-interest
was
were
reported
on
a
a
on
more
fractional,
showed increases of
permit the question to be raised
whether all the other 20 American
advanced to the
point where the idealistic
Secretary of State Cordell Hull
are
fully justified.
that
There is
relations between
as
to
Republics have
views of
and his associates
no
denying, however,
the United
States
and
its
Southern
neighbors will be vastly improved in a
diplomatic sense by the conference results.
Most
opportunely, the United States Supreme Court
held,
Monday,
on
joint
the
resolution
of
up¬
1934
authorizing the President to establish embargoes on
shipments to Bolivia and Paraguay, erst¬
while combatants in the
daries of the Gran
tion of the United
long-drawn
Chaco..
war over
boun¬
The neutrality legisla¬
States is the cornerstone of the
edifice erected at Buenos Aires, and it would
appear that no further obstacles remain to
placing
peace
the
machinery in full effect,
peace
far
so
as
the
United States is concerned.
Plenary sessions of the conference
were
Saturday and Monday, and draft treaties
lutions then
were
adopted
held last
and
reso¬
on
ity and Cooperation."
absolute
This treaty postulates "the
juridical equality and unlimited respect of
sovereignties"
In
among the 21 American republics.
effect, it replaces the traditional unilateral Mon¬
roe
Dostrine with
intervention
and
infraction of
multilateral doctrine of
a
consultation
sovereignty.
in
A further pact calls for
inter-American mediation and the creation of
machinery to facilitate the settlement
between
American
aims at the
non¬
the event of
any
republics.
of
new
disputes
Still another treaty
prevention of controversies, as it pro¬
bilateral and mixed commis¬
vides for permanent
fairly active session, with the trend attributed
industrial stocks
bit too far-sighted, for
of the Latin-American
some
entitled "A Declaration of Inter-American
Solidar¬
international.
or
change
recorded
countries
a
ac¬
our
dullness.
maintained in
whether internal
just
was
developments in
Dec. 1, and the spirit
dealings, but French
mid-summer
soft in the modest
was
recent
on
by the United States dele¬
upwards of 30 subjects.
Perhaps the most important of these pacts is one
industrial, utility and railway stocks improved. In¬
terest
representatives
better, with commodity
stocks in greatest demand.
was
inception
of conciliation evidenced
munitions
changes in quotations
financial
very
point
Good de¬
obligations.
Tuesday, but gains
modest scale.
although
or more.
some
Most
issues
Fixed-income
sions to
and
study
lutions
were
of peace,
of applying existing accords
means
eliminating
causes
passed
on
of friction.
Numerous
such matters
as
reso¬
maintenance
definition of aggressors, coordination of
current treaties and other matters.
resolutions
and
recommendations
Nine economic
were
included,
wdtli the general aim of
bilizing
and
currencies,
establishing
an
financial institute.
reducing tariff barriers, sta¬
abolishing exchange controls
inter-American economic
One
and
resolution, adopted despite
the abstention of the United States
delegation, calls
Kellogg-Briand and Saavedra
for coordination of the
anti-war
Lamas
with the Covenant of the
pacts
League of Nations.
tinue
to carry on
Committees of experts will consome of the important phases of
the work undertaken at the
not be finished in the course
conference which could
of the brief sessions.
closing session of the conference, Wednes-
In the
day, Secretary of State Cordell Hull urged the rest
of the world to note the accomplishments of the
be deThe message
was read by Assistant Secretary of State
Sumner
Welles, owing to a slight illness of Mr. Hull. "Those
gathering, and he warned that war must
stroyed
or
it will destroy the nations.
who sit in the masters' seats
of other
men are
"The real patriots and
future will be the leaders who
the real heroes of the
peace."
road to
the
follow
imperative of man-
which may avoid war unex-
plored," the message said.
and
and shape the destinies
under the most
dates to leave no course
find
Democracy
since
from the in-
of the world, Mr. Hull insisted,
still is the hope
stability in government can arise only
stitutions of a free
this
"There is no need for
people.
conception to be limited to the
American peo-
"There is an imperative necessity
immediate world-wide application.
Surely,
pie," he added.
for its
Dec. 26. 1936
Financial Chronicle
[ 4056
the time has
come*#pr every nation in the world to
take inventory
aila to examine its own purposes
and
Like individuals, nations must learn to
policies.
The British decision to keep
limits originally set.
five over-age cruisers was announced in the House
of Commons by Sir Samuel Hoare, First Lord of the
Admiralty. "In view of the deterioration of the general international situation/' Sir Samuel said, "this
is obviously not the moment when any Power would
wish to scrap serviceable
,
K
vessels."
, _
rme
eace
HPHERE are no signs of any real mitigation of
*
national animosities in Europe, despite a stepby-step diplomatic procedure that slowly is developing new alignments of the leading Powers and their
satellite States. The Fascist countries continue to
make the greatest diplomatic gains. The Italian
Government obtained, on Monday, a virtual recognition by England and France of the Italian conquest of Ethiopia. This was done through reduction
of the legations at Addis Ababa, Ethiopia, to consulates-general. It was insisted at London that the
action did not constitute acknowledgment of
Italian sovereignty, but it seemed to satisfy the
Italians, just the same. Some reports suggested
urope s
that a more comprehensive adjustment of AngloItalian relations really was effected, with recognition of mutual rights in the Mediterranean in¬
eluded. Polish policy was clarified slightly last
Saturday by Foreign Minister Joseph Beck, in
the
forgive and forget the injuries done them by fellow
nations.Democracies today are free to express the
course of a lengthy address before the Foreign
Affairs Committee of the Polish Parliament. It was
While favoring the
adequate to guard
suggested by Mr. Beck that his main endeavor is to
maintain equally good relations with both Germany
and Russia, and to keep both those powerful neighbors of Poland out of Baltic affairs. Official con-
for peace.
desires of air peoples
maintenance of a military power
interest
continue to work for peace
by every practicable means.
They believe that# versations on Franco-Rumanian relations
future peace can be assured by the development of
in Paris, over the last week-end, and it
public opinion everywhere that will utterly repudicated at their conclusion that the two
their security and
to protect their national
against aggression, they
and utterances of statesmen
ate the acts
militarism."
ing doctrines of
propagat-
*
r
Naval Armaments
IKE other forms of
E
and
The
tion
sion, the naval arm shows
signs of intensive
throughout the world,
Washington and London pacts of naval limitaare due to expire at the end of this month, and
expansion
increasing
London early this year is
replacement of those treaties,
for
it provides only qualitative
restrictions as
against the quantitative and qualitative limitations
of the expiring accords.
Naval strength of the lead-
the
treaty concluded at
not
in any sense ar
ing Powers will be subject to no restrictions what-'
ever after the end of this year, save for such relatively minor matters as the tonnages
classes
of
warships.
rather sizable tonnages
to be
clause of the
discarded.
Invoking the "escalator"
London naval treaty of
ish Government
scrapped.
known at the same
retention
destroyer strength.
the treaties.
of naval
time that the quid pro quo is a
to 59,000 tons over the limits set
The Japanese started the process
three leading naval
denouncing the Washington accord and
retention of submarines over the
upon
of excess American
This raises the American de-
increases, among the
Powers, by
insisting
be retained in service,
Jn Washington it was made
of some 19,000 tons
stroyer tonnage
1930, the Brit-
announced late last week that five
British cruisers are to
rather than
in
of over-age vessels were due
scrapped, but even that phase of the arrange-
ments has been
old
of different
Under the expiring treaties
countries
in complete accord. That diplomatic phrase, of
course, may mean much or nothing. Russo-Japanese relations were improved a little on Wednesday,
are
owing to a one-year
national defense and aggres-
were held
was indi-
extension of an agreement per-
mitting Japanese to fish in Siberian waters.
was
Russia
indisposed to extension of the accord immedi-
ately after the German-Japanese treaty
Communist Internationale was signed,
against the
^
Spanish Rebellion
QPANISH loyalists and insurgents continued to
O batter away at each other this week, in the
costly civil war that started July 18, but neither
side was able to claim any material -gains. The
foreign aspects of the struggle remain more delicate
and interesting than the purely Spanish phases, for
the time being. A French Parliamentary mission,
after a long and detailed study, reported last Saturday that 59,000 foreigners were engaged in the
struggle, exclusive of 24,000 Moors that were
brought over from Spanish Morocco by the rebel
forces of General Francisco Franco. The insurgents
are aided, in the main, by 30,000 Germans, 5,000
Frenchmen and 800 Irishmen, it was estimated,
The loyalists have on their side some 10,000 Russians, 12,000 Frenchmen, 2,000 German anti-Nazis,
and a scattering of other nationals. It was made
known in London a week ago that the British Government had urged the Reich to check the movement
of German Nazi "volunteers" to Spain, on the ground
that this officially sponsored flow was endangering
European peace. The Italian Government hinted
on Tuesday that its support for the Spanish rebels
Volume
143
Financial
Chronicle
4057
'■'
soon
terminate, and
may
such intimations
Ethiopia.
on
to the
It
observers attributed
some
new
Anglo-Russian accord
appeared last
Sunday that the
Russian Soviet
steamship Komsomol had been sunk
in the Mediterranean
the Russians
by
Wolter
to
del
Rio, who has since resigned, is likely
be
delayed considerably in presentation to the
Cuban Congress and in
acceptance, owing to the
current
political strife.
Spanish rebel cruiser, and
a
Chinese Affairs
promptly threatened reprisals.
The plan of
campaign in the Spanish
somewhat this week
as a
war
consequence of a
changed
rumored
PERHAPS situation, at this time, is the increas¬
Chinese the most satisfactory aspect of the
quarrel among the insurgent leaders regarding the
ing evidence that other countries
long and fruitless frontal attack
in
to storm
the defenses
ished, and there
of the
were
continued
inflicted
was
heart
were
The
of
the
Madrid.
dimin¬
flanking
a
being undertaken.
Rebel
and damage
large telephone structure in the
Some
reported, but
Efforts
were
bombard the city,
to
on
loyalists
indications that
movement to the north is
guns
Madrid.
on
even
airplane bombings again
these
lesser scale.
were on a
loyalists, encouraged by the lull, made forays
and drove the
but in
insurgents back to
be significant of
may
a
modest degree,
general the military stalemate persisted.
aspects of
British
the
war
a
change in the international
that
Captain Anthony Eden,
kidnaping
not involved
Generalissimo,
no apparent intention of
taking advantage of the interregnum created by his
abduction.
Immediately
after
General
Chang
Hsueh-liang seized General Chiang Kai-shek, the fear
prevailed that Japan
affair and occasion
impasse.
Russia might step into the
or
highly delicate international
a
Japan, however, has displayed
some sym¬
pathy with the plight of the Nanking Nationalist
Government, while Russia remains discreetly in the
background.
the
Reports differ, meanwhile, regarding
internal*
Some
background of the peculiar incident.
dispatches state that General Chang Hsueh-
summation of affairs late last week, just
ment, has the support of very few followers in his
a
Confining himself to
adjourned for the holi¬
a
review of the Spanish
desperate step, but others state that the two Prov¬
inces of Shensi and
of
220,000
no
at
16,000,000,
means
prepared to despair or admit that many
problems still
were
insoluble."
vention Committee met in
the British
halt
The Non-inter¬
London, Wednesday, and
representative promptly urged the body
foreign enlistments in the Spanish armies
by Jan. 4.
asked to
All the 28 nations represented
give specific pledges that
would
teers
are
Chinese
Chiang Kai-shek, and have
situation, Mr. Eden declared that the Cabinet is "by
to
the
liang, the former head of the Manchurian Govern¬
before the British Parliament
acute
of
Foreign Secretary, expressed himself cheer¬
fully in
days.
It
the
frontiers.
be
allowed
The
to
committee
leave
area
population estimated
supporting the rebellious General
are
All reports agree, however, that typically
Chinese methods
dispute.
being employed to adjust the
are
The extensive armed forces that started
to march toward
held,
a
Sianfu, where Chiang Kai-sJjiek is
on Wednesday, to permit
ordered to halt
were
fresh volun¬
of
the
Chiang Kai-shek and her brother, Dr. T. V. Soong,
no
for
were
Chang.
Kansu, with their combined
miles and
square
Spanish
adjourned for the holi¬
days after hearing this proposal.
negotiations.
flew to Sian
This step
taken after Mme.
was
by airplane to discuss terms of release
for the Chinese Generalissimo.
Cuban Politics
>
Discount Rates of
Foreign Central Banks
CUBA strengththis week the duly elected constitu¬ THERE discount noofchanges the foreign central
faced between the long-anticipated test
in the have been
of during the week
of
rates
any
tional regime of President Mariano Gomez and the
banks.
politico-military forces of General Fulgencio
shown in the table which follows:
tista, who seized
of the
power
depression.
Ba^
during the unsettled period
foreign to
DISCOUNT
The very fact of this dispute is a
sufficient indication that democratic processes still
are
some
of the Latin American countries.
Present
rates
RATES
the
at
OF
leading centers,
CENTRAL
FOREIGN
are
BANKS
f
i
Rate in
Pre¬
Effect
Date
vious
Dec. 25
Country
Established
Rate in
Rate
Argentina..
Austria....
Batavla
Mar.
3H
3H
4
1 1936
Pre¬
Effect
Date
vious
Dec. 25
Country
Established
Rate
Holland...
2
Deo.
2 1936
which
for
less than two weeks ago over
arose
tion of
authorities precipitated the conflict,
army
4
Aug. 28 1935
a
sugar
tax of 9c.
a
the
ques¬
bag, wanted by the
army
development of its semi-military school
President Gomez
program.
opposed this extension of military
influence, and it is hardly to be questioned that he
well
was
within
his
military strength
rights in doing
overshadowed
But the
so.
that
of the
government, arid a bill imposing the tax
was
civil
Hungary
4*
2ki
India
3
Nov. 29 1935
3 H
2
July 10 1935
July
1 1936
May 15 1935
4"
Belgium—
Ireland
3
June 30 1932
3K
Bulgaria...
6
Aug. 15 1935
7
Italy
4H
May 18 1936
Canada
Cuban
2K
Mar. 11 1935
Chile
4
Jan.
24 1935
4
July
18 1933
3
Jan.
1 1936
Danzig
5
Oct.
Denmark..
4
Oct.
England...
Estonia
...
Finland
...
...
Colombia..
prepared to depart from the Presiden¬
palace, for impeachment
ately
proceedings immedi¬
instituted and pressed in the Senate.
were
the United
States this is
a
matter
1
6H
6
Jugoslavia.
5
Feb.
5H
July
6H
1 1936
May 28 1935
21 1935
6
Norway
...
4
Deo.
19 1936
3H
Poland....
5
Oct.
25 1933
2
June 30 1932
2H
Portugal...
6
Dec.
13 1934
5
Sept. 25 1934
Rumania
4H
Dec.
7 1934
6
4
Deo.
4 1934
5H
4H
May 15 1933
4
Oct.
16 1936
2H
Spain
3 J4
5
France
July
10 1935
5H
..
South Africa
1935
5 1936
4H
3«
6
5H
4
..
Greece
Sept. 30 1932
6
Sweden
2 H
Dec.
1 1933
3
7
Germany
Oct.
m
Switzerland
m
Nov. 25 1936
2
13 1933
Foreign Money Rates
IN bills Friday market discount rates for short
LONDON open
%@3-16%,
against 1%
on
on
were
For
months
of considerable
Money
by the reciprocal
as
Friday of last week, and
bills,
on
as
call
against 1%
in
Paris the
open
13-16% for three
on
London
on
Friday of last week.
Friday
was
34%*
market rate remains at 234%,
134%
•
pact of 1934 would stabilize political affairs
in that island.
interest in the
the
3H
Morocco...
and in Switzerland at
ment
3.65
2 1935
5
prosperity occasioned
Cuba
6 1936
June
Lithuania..
...
At
in
Apr.
4H
2
vakia
moment, since it was generally assumed that the
trade
5
3.29
Java
Japan
passed
Gomez, true to his convictions, vetoed the
bill and then
tial
4H
3H
Czechoslo¬
by large majorities in the Cuban House and Senate.
Senor
4* m
4H
..
was
developments, for
a
reached last autumn for
$80,000,000
agreement,
American investors have
Cuban public
made
a
tentative
a
Bank of England Statement
peculiar
agree¬
settlement of
works debt.
That
with Finance Minister German
THE statement of thefurther for theexpansion of
Bank large week ended
shows
Dec.
23
a
£6,420,000 in circulation raising the total to £474,115,000, the highest in history.
The present week's
Financial
4058
increase follows one of
£8,843,000
week
a
which
ago
16
to £467,695,000 which also established a new high
up to that date.
Bullion holdings fell off in the small
amount of £61,741 from the record high of £314,339,926 reached last week and were on Dec. 23
£314,278,185.
As a result, both of the increased
brought the total of notes in circulation on Dec.
and
circulation
the
gold
loss,
declined
reserves
Public deposits rose £11,307,000 and
£6,481,000.
deposits fell off £23,920,220. The latter con¬
declined £23,931,266
other
sists of bankers accounts which
The
and other accounts which rose £11,046.
reserve
down to only 30.20% from 32.00% a
and compares with 29.79% last year. Loans
proportion
week ago
was
Dec.
Chronicle
1936
26,
marks last year and 78,-
parison with 82,434,000
The reserve ratio
against 2.14% a year ago.
762,000 marks the previous year.
stands
at 1.6%, as
now
of exchange and
foreign currency, bills
Reserves in
and other daily maturing
obligations register increases, namely 314,000 marks,
131,491,000 marks, 205,000 marks and 72,139,000
marks respectively.
Notes in circulation also record
an increase, of 67,000,000 marks, bringing the total
investments
checks,
Circulation last year
marks.
to 4,634,668,000
up
aggregated 4,089,963,000 marks. The item of ad¬
vances show a decline of 1,425,000 marks.
A com¬
parison of the different items
for three years appear
below:
REICHSBANK'S COMPARATIVE
government securities decreased £5,968,000 and
those on other securities £90,577.
Other securities
STATEMENT
on
discounts
of
consist
off
which fell
advances
and
£204,304. No
discount rate. Below
£294,881 and securities which rose
change was made in the 2%
the different items with
show
we
previous
Changes
for Week
Reichsmarks
Assets—
years:
Res've in'for'n currency
Bills of exch. & checksNotes on oth. Ger.
bks.
Advances
Other assets
COMPARATIVE STATEMENT
Liabilities—
23,
Dec.
Dec.
25,
Dec.
27,
28,
1932
1933
1934
1935
1936
Dec.
26,
Oth. daily matur.
740,070,000
.
800,277,000
a287.411,0
298,572,000
764,263,000
331,777,000
1.6%
+ 72,139,000
oblig.
Other liabilities
2.14%
2.23%
Propor'n of gold & for'n
curr. to note circula'n
474,115,000 424,506,785 405,163,800 391,981,846 371,193,057
8,865,481
9,878,364 22,155,674
12,145,847
Public deposits
21,733,000
110,987,860 109,187,815 125,544,157 137,760,473 136,169,713
Other deposits
Bankers' accounts72,220,236 72,079,234 89,139,575 101,215,838 102,409,590
Other accounts
38,767,624 37,108,581 36,404,582 36,544,635 33,760,123
83,120,564 81,855,001 87,541,413 88,036,692 102,371,824
Govt, securities
Other securities
27,413,644 21,305,207 18,245,866 30,150,528 36,247,828
18,509,400
7,578,577 16,755,681
8,501,034
DIsct. & advances6,447,907
13,394,847 17,738,428
Securities
20,965,737 12,804,173 10,667,289
40,163,000 36,155,435 47,624,979 59,704,882 24,400,615
Reserve notes & coin
Coin and bullion
314,278,185 200,662,220 192,788,779 191,686,728 120,593,672
Circulation
*
Reichsmarks
+ 67,000,000 4,634,668,000 4,089,963,000 3,724,299,000
Notes in circulation
Dec.
Reichsmarks
78,762,000
82,434,000
66,384,000
21,204,000
20,239,000
a28.272.000
4,434,000
5,242,000
5,476,000
+ 314,000
+ 131,491,000 4,777,474,000 3,943,876,000 3,621,706,000
206,151,000
170,863,000
al27,710,000
*
9,060,000
14,370,000
101,608,000
53,410,000
55,288,000
-1,425,000
755,230,000
662,695,000
523,208,000
+205,000
666,185,000
877,106,000
a661,614,000
abr'd
Of which depos.
Investments
BANK OF ENGLAND'S
21, 1935 Dec. 22, 1934
Dec.
Reichsmarks
—25,000
Gold and bullion
Sliver and other coin...
comparisons for
1936
Dec. 23,
Validity of notes on other
banks expired March 31, 1936.
a
Figures of Nov. 23;
latest available.
New York Money
Market
-
Proportion of reserve
30.20%
29.79%
35.16%
2%
2%
16.82%
2%
37.33%
2%
to liabilities
2%
Bank rate
VERY modest hardening tendencies weremarket,
appar¬
this week in the New York
entirely because of the
when
total of
which remains at 60,358,742,140 francs, in com¬
parison with 66,297,148,852 francs a year ago. French
ation
change in the Bank's hold holdings, the
curities,
discounted,
bills
advances ^against se¬
creditor current accounts and temporary
register increases,
advances without interest to state
1,570,000,000 francs and 1,200,000,000 francs respectively.
namely 154,000,000 francs, 32,000,000 francs,
The
reserve
francs
now
60.42%, compared with
and 80.74% the previous year.
a loss of 2,000,000
and bills bought abroad of 6,000,000 francs.
71.58% last
Credit
ratio is
year
balances
abroad show
Notes in circulation also
record
a
loss, namely 180,-
000,000 francs, bringing the total down to 86,599,778,125 francs, as against 80,407,825,720 francs last
year.
The discount rate remains unchanged at 2%.
Below we furnish a comparison of the various items
STATEMENT
Changes
Dec. 18, 1936
Francs
No change
—2,000,000
French
Dec. 20, 1935
Francs
for Week
a
Francs
Dec.
21, 1934
Francs
60,358,742,140 66,297,148,852 82,123,266,721
9,295,352
8,430,581
4,463,400
commerc'l
9,409,192,418 3,424,248,198
951,180,062
1,318,625,431
3,292,257,347 3,187,283,711
—180,000,000 86,599,778,125 80,407,825,720 81,553,002,405
Note circulation
Cred. curr. accts— + 1,570,000,000 13,303,699,193 12,206,197,101 20,154,345,086
c Temp. advs. with¬
out int. to State.- + 1,200,000,000 14,298,000,000
bills
discounted-.
+ 154,000,000
b BilLs bought abr'd
—6,000,000
Advs. agst. securs._
+32,000,000
Propor'n of gold on
hand to sight liab.
•
a
Includes bills
sterilize
of intense official concern was
through a decision by the Treasury to
gold importations, so far as
situation
credit
the
one
is
for the imports, the procedure
that
be
securities to
being much like
through issuance of Treasury
effected
pay
their effect on
This will
concerned.
the British Exchange
of
Equalization Fund.
expectation that Washington soon will an¬
another increase in reserve requirements,
the
nounce
buying of United
States Treasury obligations by
tapered off this week,
of
the matter were evident.
Longer-term obligations
were not much affected, but notes and discount bills
large institutional investors
and it
was
entirely in that market that effects
receded.
The Treasury
sold last Monday two issues of
dis¬
count
BANK OF FRANCE'S COMPARATIVE
♦Gold holdings
remains
bills, and costs of this short-term financing
increased.
One issue of $50,000,01)0 bills due in 84
for three years:
Credit bals. abr'd-.
50% increase occurred.
a
made clear
In
to the
last Aug. 15,
That the credit situ¬
100% over levels existing before
full
18 shows no
HE statement for the week of Dec.
commercial
widespread belief that reserve
requirements will be raised early next year
Bank of France Statement
T
money
ent
7,064,978,804
1,450,532,664
3,605,730,344
60.42%
—0.85%
purchased In France,
71.58%
b Includes bills discounted abroad,
80.74%
c Rep¬
10-billion-franc credit opened at Bank.
revalued Sept. 26, 1936, in accordance with de¬
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."
days was awarded at an average rate
another
awarded
of 0.076%, and
$50,000,000 issue due in 273 days was
at an average of 0.225% discount, both
computed
on
annual bank discount basis.
A
sold similar issues at rates
an
week earlier the Treasury
of
0.038%
paper,
York
and
business
little
0.117%, respectively.
in
bankers'
bills
and
There was
commercial
with rates unchanged. Call loans on the New
held to 1% for all transac¬
Stock Exchange
resenting drafts of Treasury on
*
Gold holdings of the Bank were
valuation
legislation enacted on that date.
Bank of Germany
Statement
THE statementinfor the third quarter25,000 marks,
shows
loss
gold and bullion of of December
a
bringing the total down to 66,384,000
marks, in com-
tions, while time loans for all maturities up
months remained available at 1%%.
to six
New York Money Rates
DEALING in detailfrom day toloan rates-on the
with call day, 1% was the
Stock Exchange
through the week for both new
The market for time money is
standstill, no transactions having been
ruling quotation all
loans and renewals.
still
at
a
Volume
143
reported
Financial
this
week.
1%% for all
commercial
Rates
maturities.
continue
The
has been
paper
nominal
market
at
partment
brisk this
very
1% for
running from four
week.
tions will not affect the
to six months and
less known.
names
Bankers' Acceptances
able,
very
show
no
few bills have been avail¬
little business has been transacted.
change.
Official quotations
Rates
issued by the
as
22
to
sterilize the
can
exchange equalization fund to cooperate with the
British authorities, and
tend to steady future fluc¬
so
tuations in
dollar-sterling exchange rates. The Treas¬
ury's plans for sterilizing gold should have the effect of
extent,
some
at least, monetary infla¬
tion here.
The Treasury announced that henceforth it
would
change the method of accounting for gold imports.
Instead of taking the gold from the banks and
de¬
positing gold certificates with the Federal Reserve
Federal Reserve Bank of New York for bills
up to
Bank, which thereby become potential
and
%% bid and 3-16% asked;
for four months,
5-16% bid and %% asked; for five
and six
months, %% bid and 5-16% asked. The
bill-buying rate of the New York Reserve Bank is
expansion
banks
on
%% for bills running from 1 to 90 days, %% for
91- to
120-day bills and 1% for 121- to 180-day bills.
money
market
including 90 days
are
The Federal Reserve Bank's
decreased
from
holdings of acceptances
$3,089,000
to
$3,088,000.
Open
market rates for acceptances are nominal in so far as
dealers are
concerned, as they continue to fix their
own
rates.
The nominal rates for
open
market
acceptances a're
.
as
follows:
Prime eligible bills
H
Bid
H
j.
#i«
»i«
60 Days—
H
ht
FOR DELIVERY
—120 Pays—
Bid
Asked
Asked
H
»,«
Yi
-30 Days
3u
WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
Discount
160 Days
90 Days—
Prime eligible bills
_
-
Rates of the
% % bid
H % bid
__
....................
Federal
for
no changes this week banks^
Federal Reserve in the
following is the schedule
the
various
classes
discount
as
before.
thus
of
of rates
paper
on
balance
will sell it and
use
gold
as
in.
comes
it puts in.
more
.
credit
out the
goes
as
it will gain funds
now on
certainly strong under
seek
and even up to a few days ago it
thought that the Federal Reserve Board would
make
to
a
the
different
third
credit expansion.
bank
it
Rate in
requirements
the
increase in
in
order
probability of
reserve
member
banks'
forestall
to
undue
The sterilization of gold does not
an
increase
requirements early next
Boston
member
year,
consider before acting.
2X
itself
*
14 1935
Jan.
19 1935
2
Minneapolis
Kansas City
Jan.
2
St. Louis
17 1935
May 11 1935
May
9 1935
2
...
Jan.
2
Richmond
Atlanta..
2 1934
1H
Chicago
8 1934
2
Philadelphia
Feb.
Feb.
Jan.
3 1935
2
Dallas
2
8an Francisco
2
Feb.
-
volume
of
excess
2
16 1934
It
the present
since they will not be
reserves,
increased by future gold
2H
2H
2Y
2H
2Y>
2H
2Y
2Vi
May 14 1935
May 10 1935
May
8 1935
.
2
The Reserve Board believes
adequately equipped to deal with
2
2X
although
element which the Reserve Board will
Rate
W
Cleveland
a new
Previous
2
New York
injects
Date
Established
on
bills,
the gold
This is approximately the system
,
Dec. 25
Treasury
A few weeks ago
remove
Effect
the
reserves
the funds to retire discount
market has remained calm and
.
Federal Reserve Bank
of
The gold
buy the discount bills,
•
.
from the
out
the influence of the authorities.
in effect
DISCOUNT RATES OF FEDERAL RESERVE BANKS
money
consistently followed by the British exchange equali¬
zation fund, which has worked
well, for the London
now
Reserve banks:
the
take the
that the market will not lose funds
so
of credit
times
now
taking
as
no
Later, if gold
reserve
at
ten
special account, with the result
a
the banks
as
they will have
bills,
much funds
will then be held in
Reserve Banks
rates of the
sources
about
for it by borrowing
pay
that inasmuch
than
of
extent
deposited, the Treasury will
gold and
was
THERE have been
rediscount
The
amount
the
to
leaves any more than from
180 Days
Bid
Asked
.
gold acquisi¬
foreign exchange situation
except perhaps to strengthen the power of the Ameri¬
a
as
Dec.
on
arresting to
THE market for prime this week.acceptances has
bankers'
been
quiet affair
The demand
has been less keen and
decision of the United States
Treasury De¬
prime
The demand
names
The
4059
for
has been very
heavy and with an in¬
creasing supply of prime paper available, dealers
have been very
busy.
Rates are %% for extra
choice
Chronicle
buying.
quite possible, though confirmation is
lacking, that the present action of the Treasury was
seems
influenced to
extent
some
by the rising strength in
Since early in October the Am¬
the Dutch guilder.
Course of Sterling Exchange
sterdam market has been bearish
WITH the approach offoreign exchangeand New
the Christmas market,
holidays the
Year
like all other financial
markets, has normally a ten¬
dency to extreme quietness. For the first few days
of the
the dollar.
There has been
a
on
both
sterling and
heavy repatriation of
Dutch funds from both London and New
the Netherlands Bank has
York, and
greatly increased its gold
holdings in recent weeks.
It would
seem
that this
coming week there should be slightly more
activity, but the market will not get rightly under
way until after the turn of the year.
tion fund operations Holland has drawn
exchange should favor London from about the middle
of January until the
approach of autumn pressure.
New York and will doubtless make further
gold with¬
drawals.
Normally
The range
for sterling this week has been between
$4.90 13-16 and $4.91 5-16 for bankers'
sight bills,
compared with
a
range
$4.91 11-16 last week.
has
been
with
a
week
between
ago.
range
of between $4.90
and
$4.90% and $4.91%, compared
of .between
The
3-16
The range for cable transfers
$4.90% and
$4.91%
a
-
foreign exchange situation is essentially un¬
changed from that of the past few weeks. This applies
not only to sterling but to
practically all other cur¬
rencies
.
gold could not have been derived entirely from Lon¬
don and the presumption is that
through equaliza¬
Business in
Holland
and
its
overseas
has become very active in recent
gold from
dominions
weeks and shows
every indication of an approaching improvement
comparable with the business recovery here and with
the great activity in England.
Holland, Belgium
and
Switzerland, all party to the tripartite agreement
thought are likely to take gold from
of Sept. 25, it is
London and New York.
The repatriation of funds
to all three countries has been
rate in recent weeks
thorities concerned
as
as
proceeding at such
to cause
to
anxiety to the
a
au¬
possibilities of inflation.
Financial
4060
Doubtless it
in order to arrest undue
was
expansion that the Bank of England
Dec.
Chronicle
credit
sterilized its
of £65,000,000 of gold last week bymaking a reduction of £60,000,000 in the fiduciaryissue so that the extraordinary- gold increase shown
acquisition
Two-months' bills are quoted 27-32%, threebills 13-16%, four-months' bills 25-32%,
six-months' bills %%.
The rates prevailing
months'
and
in the Bank's statement for Dec.
16, amounting to
early in Novemb-er were
£65,025,086, resulted in a reserve
expansion of only
months,
gold
acquisitions by the Bank of England during the
past year and especially since early in March, indi¬
,
however, the extraordinary
In the long run,
cate that Great
Britain hopes eventually to resume
specie payments on the basis existing before 1914.
When this status is attained, the result will be a less
of England than
has been experienced for many generations before
the war, for the reason that the British populace has
become accustomed to the convenience of paper
severe
drain
on
the gold of the Bank
money.
of the pound is looked
Such definite stabilization
of the world,
as may
be gathered from a dispatch from Athens
early this week to the effect that the governors of
for by
of Greece, Yugoslavia, Rumania
comprising the Balkan
after their conference on
countries were unable to join the
Turkey, the countries
entente, issued a statement
Dec. 19 that
these
They declared that they
desired chiefly a definite stabilization of the curren¬
cies of the principal Powers and representation on the
administrative council of the Bank for International
recent
tripartite agreement.
heavy British
demand for currency in Great
Bank of England's note circu¬
Britain has caused the
lation to reach a new
high record of £474,115,000.
in the past few weeks
renewed demand for British notes
However, it must be noted that
there has been a
by
hoarders,
Continental
France.
In this connection
there-has been
rency
week
was
as
a
doubtless chiefly from
bankers here report that
steady flow of United States cur¬
to Europe in
the
same
Reserve Bank of New
York,
was as
follows:
17-DEC. 23, INCLUSIVE
AT NEW YORK, DEC.
GOLD MOVEMENT
Exports
Imports
$1,886,000 from India
1,679,000 from Canada
None
1,527,000 from England
$5,092,000 total
Net Change in
Gold Earmarked for Foreign Account
No change
figures
above
The
are
for the week ended on
of gold was
exports of
the metal, or change in gold held earmarked for
foreign account.
On Friday (Christmas Day) no
On Thursday $12,286,500
Wednesday.
received from
report was
The
There
were no
issued.
Canadian
tween a
England.
exchange during the week
ranged be¬
premium of 1-16% and of %%•
London check
gold price,
price paid for gold by the United States:
following tables show the mean
Paris, the London open market
rate on
MEAN LONDON
Saturday, Dec. 19.
Monday,
Dec. 21
Tuesday,
Dec. 22
CHECK RATE ON PARIS
105.13
..105.15
105.14
Wednesday,
Thursday,
Friday,-
LONDON OPEN MARKET
Saturday, Dec. 19
Monday,
Dec. 21
Tuesday,
Dec. 22.
141s. 7d.
141s. 8Mjd.
141s. 7d.
Saturday, Dec. 19
$35.00
35.00
35.00
Dec. 23
Dec. 24
Dec. 25.
.105.13
105.15
Holiday
GOLD PRICE
Thursday,
Dec. 24
141s. 6d.
141s. 6^d.
Friday,
Dec. 25
Holiday
Wednesday, Dec. 23
PRICE PAID FOR GOLD BY THE UNITED
RESERVE BANK)
Dec. 21
Tuesday, Dec. 22
Chamberlain was at
market this
£358,000, on
Tuesday £654,000, on Wednes¬
day £374,000, and on Thursday £406,000.
At the Port of New York the gold movement for
the week ended Dec. 23, as reported by the Federal
Monday,
period.
Chancellor of the Exchequer
open
follows: on Saturday last
Monday £144,500, on
and the
Settlements.
A
bills.
offer in the London
on
banking interests in many parts
the central banks
and
Gold
19-32% for two- and threeand 11-16% for
21-32% for four-months
six-months'
£5,025,086.
change throughout the
continued virtually without
year.
1936
which had
prevalent early in November,
the levels
26,
STATES (FEDERAL
Wednesday, Dec. 23
Thursday,
Dec. 24
Friday,
Dec. 25
$35.00
35.00
35.00
sterling exchange on
ruling fractionally
in the fiduciary issue was only a temporary measure
under Friday's close. 1 Bankers' sight was $4.91@
and that the issue might be increased again at any
$4.91%, cable transfers $4.91 1-16@$4.91 3-16. On
time if necessity arises. It is not likely that the need
Monday exchange was dull, with sterling fractionally
will occur, but there is no reason to expect that the
lower.
The range was $4.90 13-16@$4.91 1-16 for
whole fiduciary issue will be retired and circulation
bankers' sight and $4.90%@$4.91% f°r cable trans¬
fers.
On Tuesday sterling was firmer in limited
completely covered by gold.
This particular moment for reduction of the fidu¬
trading. Bankers' sight was $4.91 3-16@$4.91 5-16;
cable transfers, $4.91)4@$4.91%.
ciary issue was chosen because the issue was regarded
On Wednesday
as excessive and for the reason that the gold holdings
the pound continued firm in limited trading.
The
were too large.
Although no figures are available,
range was $4.91 3-16@$4.91 5-16 for bankers' sight
it is thought in London that there can be no doubt
and $4.91)4@$4.91% for cable transfers. On Thurs¬
that by far the major proportion of the exchange
day sterling was steady in an extremely dull market.
fund's resources are now in the form of gold.
By The range was $4.91 1-16@$4.91)4 for bankers'
the transfer of a part of this gold to the Bank the
sight and $4.91 %@$4.91% for cable transfers.
On
equalization fund receives sterling resources, while1 Friday, Christmas, all markets were closed. Closing
the position of the Bank is strengthened materially
quotations on Thursday were $4.91)4 for demand and
without causing any inflation of credit.
$4.91 5-16 for cable transfers. Commercial sight bills
London observers think that it is not unlikely that
finished at $4.91, 60-day bills at $4.90)4, 90-day
the British authorities in making this gold transfer
bills at $4.89%, documents for payment (60 days) at
are
anticipating restoration of the gold standard,
$4.90, and seven-day grain bills at $4.90%. Cotton
but that may not be the actual motive for last week's
and grain for payment closed at $4.91.
pains to point out a few days ago
that the reduction
Referring to day-to-day rates,
Saturday last was dull but steady,
transaction.
the London money market
steadily easing throughout the past week
Continental and Other Foreign
Year-end pressure on
has been
and
after the turn of the year,
earlier, money market rates are
if not
a
few days
expected to fall to
Exchange
THE French franc situation can hardly be said to
improvement.
Undoubtedly francs
show
are
any
steady in relation to sterling and
the dollar, but
Volume 143
Financial
Chronicle
this is due entirely to the
cooperating movements of
the several exchange
equalization funds.
at
least, there
the part of
the
are no
Popular Front
ingress and
policies recently adopted by the
to free
exchange operations and the
of capital.
egress
frozen in Italy.
.
will be hastened in order
response to
some
the Government's solicitation for investment in the
_
The
is
,
hoped
ment may
•
.
....
.,
dollar.
be able to
..
-
,1
from
or
j.
the
funds
j
j.
-r,
of
1-
•
French
x
investors
1
u
held
respect
a
relation
New Dollar
Parity
France
(franc)
of
the
Parity
Range
This Week
a
3.92
6.63
"as
"'Si
Switzerland (franc)...
19.30
32.67
22.98^ to 22.99^
Holland (guilder)
40.20
68.06
54.74
between 5,000,000.000
secure
this
1
Old Dollar
..
.
financial circles that the Govern-
m
francs and 10,000,000,000 francs from hoarded
sup-
plies
following table shows the
*
*
.
It
in
bring about
leading European, currencies to the United States
loans.
neW
Action
to
speedy
conclusion of the Italo-American commercial treaty
which is currently under discussion.
,
It may be that after
the turn of the year there will be
Reliable estimates place the total at
approximately $3,000,000.
on
French investors and hoarders despite
liberal
more
dation of all United 'States credits which have been
Thus far,
signs of returning confidence
4061
a
-^ew <i0iiar
parity
4.66^ to
4.67H
1
to 54.79
before devaluation of the European currencies
as
abroad, but competent observers feel that such hopes
are
oversanguine. According to some reports, hoard-
between sept. 26 and Oct. 5, 1936.
ing by small investors in France has shown
at
a
decrease,
On the other hand, equally
competent observers in
New York and London
report an increased demand
for British and American
currency notes.^ It is
ex-
tremely doubtful that the Government will acquire
money to any extent from its present bond offer-
new
ings. The most that
of
some
TheiLondon check rate
on
105.15, against 105.15
on
New York sight bills
on
Paris closed
Thursday
on
Friday of last week.
In
the French center finished at
4.66%, against 4.66% on Friday of last week; cable
transfers at 4,67%, against 4.67%. Antwerp belgas
closed at
16.8p for bankers' sight bills and at 16.88
for cable transfers,
of the so-called
redemption
against 16.91% and 16.91%.
Final quotations for Berlin marks were 40.24 for
"baby bonds" offered earlier
can
bankers' sight bills and 40.24 for cable transfers, in
be
hoped for is
a
in the year.
^„^xqmpa^ison with 40.24 and 40.24.
Italian lire closed
Financial circles in Paris tend to emphasize their
belief that gold would come in more
at 5.2§% for bankers' sight bills and at 5.26% for
cable transfers, against 5.26% and 5.26%. Austrian
franc
schillings closed at 18.71, against 18.71; exchange
readily if the
as
were
finally stabilized
there is believed to be
a
at
fixed rate.
a
So long
chance of further devalua-
tion of the franc to 43
milligrams of gold, holders are
ready to part with their metal; nor can the
extremely large amount of Poincare francs held in
none
too
hiding in the form of
notes of
nominations be expected to
any
arest at
hiding to
stability becomes widespread.
The premium
on
against 0.74;
on
•
EXCHANGE
at
18.93,
■
the countries neutral during the
is generally firm in keeping with the firm-
war
ness
forward sterling and dollars
Poland
on
Finland at 2.17, against 2.17.
Greek exchange closed at 0.90, against 0.90.
great extent until confidence in general Euro-
pean
0.74,
against 18.87%; and
large and medium de-
return from
on
Czechoslovakia at 3.50%, against 3.51%; on Buch-
on
of sterling.
The cooperation of the exchange
expect
equalization fund is also largely responsible for maintaining steadiness in the neutral currencies. As noted
above in the resume of sterling, the Dutch guilder is
30,000,000,000 francs in the coming year
without inflation, arid can it
prove able to prevent
from New York and especially from. London since
tinues adverse to the franc.
con-
Questions uppermost in
Paris at present are how the Government
can
to borrow
prices which
forces
so many
are
pushing upward from
escaping all control.
It would
undoubtedly
and economic recovery
prove
of tremendous inter-
point of view of general trade
if the Popular Front Govern-
ment could succeed in
completely restoring confidence
in French financial policies.
Undoubtedly there is
marked recovery in world
trade, but up to the present
seem that France is
lagging far behind. Im-
it would
ports into France in November amounted
to
2,797,-
000,000 francs, against 2,247,000,000 francs in the
preceding month and 1,759,000,000 francs in Novemwere
1,460,000,000 francs
000 francs
a
a
year ago.
1,720,000,000 francs, against
month earlier and
1,426,000,-
The devaluation of the franc, it
improved the trade balance,
would appear, has not
The unfavorable balance for the first 11
months of
1936 is estimated at
with
one
of
8,568,000,000 francs, compared
4,801,000,000 francs in the same period
of 1935.
The
A great deal of gold has
situation shows
ment and continues critical from
every
no
consumption, to
growing food shortage, is
point of view.
a
say
manu-
nothing of the
matter of almost
daily
.comment in the press.
draw gold from this side.
For a number of days the
buying large amounts of
sterling and dollar exchange to offset the demand for
guilders.
Bankers' sight on Amsterdam finished
at 54.76, against 54.73
transfers
at
sight bills
the Italian Government will
soon
on
Tuesday
authorize the
liqui-
on
Thursday
Friday of last week; cable
54.76, against 54.76; and commercial
at
54.65,
on
against
54.66.
closed at 22.99 for checks and
at
Swiss
22.99
francs
for
cable
transfers, against 22.99% and 22.99%. Copenhagen
checks finished at 21.92 and cable transfers at 21.93,
against 21.92 and 21.93.
Checks
at 25.32 and cable transfers at
and 25.33; while checks
and cable transfers
on
at 24.69
are not
on
Sweden closed
25.33, against 25.32
Norway finished
at 24.68
against 24.67 and 24.68.
quoted in New York.
♦—
pXCHANGE
L-J
presents
no
on the South American countries
new
those of recent weeks.
features of importance from
These currencies
are
firm in
sympathy with sterling and also owing to the fact
that the South American countries have
According to dispatches from Rome
to Amster-
Dutch control has been
improve-
scarcity of materials for both
facture and home
come
the Netherlands equalization fund has built
up dollar
balances in New York which might enable it to with-
Spanish pesetas
German mark
The extreme
Oct. 13.
dam from London since then and it is
believed that
national value from the
b^r, 1935. Exports
especially firm, owing to repatriation of Dutch funds
enjoyed and
expect another extremely prosperous export
at higher prices for their
raw
material.
season
Because of
prosperity the South American 'countries 'are
inclined to follow the example of Argentina and
their
from official
greatly extend the freedom of exchange
control,
Argentine paper pesos closed on Thursday,
official
The unofficial or free market close
against 30%@30%.
Brazilian
against 32.75.
30.45@30.60,
milreis, official rates, are 8.75,
unofficial
The
against 8.77.
milreis is 5.95@6.05,
free market in
or
Chilean exchange is nominally
against 5.95@6.05.
Peru is nominal at
quoted at 5.19, against 5.19.
25
against 25 %@25%.
as
j
allied. The price stimu¬
improvement in trade of the Dutch East
of sterling, to
lation and
Indies is also
currencies.
which they
are
acting favorably upon the Far Eastern
-Foreign bankers in Shanghai continue to
banks, which are more or less
threatened by the internal Chinese crisis brought
about by the detention of Chiang Kai-Shek by fac¬
tions long opposed to his policies with respect to
support the Chinese
Closing quotations for yen checks on
Thursday
Friday of last week.
28.59, against 28.58 on
were
against 30.62@
9-16@29%, against 29.60@
29%; Manila at 503/2, against 50.55; Singapore at
57%, against 57%; Bombay at 37.16, against 37.16;
Hongkong closed at 30 11-16@30.69,
11-16; Shanghai at 29
30
against 37.16.
and Calcutta at 37.16,
spite of the
inclined to dis¬
pense. ' All the new battleships, it is expected, will
be completed by 1940. Russia alone, among the great
Powers, is temporarily out of the picture, for while
scrapped, but with which no Power, in
development of air warfare, seems
the amount of
if the large program
If naval armaments were to
accustomed forms, a
exchange) in the principal European banks as of
reported
(Friday); comparisons
respective dates of jnost recent statements,
to
by special cable yesterday
us
shown for the
are
corresponding dates in the previous
ried
1935
1934
1933
£
£
Germany b_
Spain
Italy
Netherlands
1
Nat. Belg..
Switzerland
Sweden
314,278,185
482,869,937
1,906,850
c87,323,000
a42,575,000
55,800,000
106,582,000
82,534,000
25,453,000
200,662,220
530,377,191
3,064,650
90,202,000
42,575,000
52,710,000
98,903,000
46,743,000
22,080,000
6,555,000
6,602,000
6,552,000
6,603,000
__
Norway
192,788,779
656,986,134
2,877,900
90,679,000
64,361,000
70,170,000
71,515,000
69,393,000
15,822,000
7,396,000
6,582,000
191,686,728
615,562,263
17,038,750
90,449,000
76,595,000
76,711,000
77,900,000
67,516,000
14,426,000
7,397,000
6,573,000
120,593,672
664,956,001
37,982,050
90,336,000
62,947,000
86,053,000
74,217,000
88,963,000
11,443,000
7,399,000
8,014,000
1,212,476,972 1,100,474,062 1,248,570,813 1,241,854,741 1,252,903,723
Prev. week. 1,202,908,713 1,097,907,795 1,250,154,650 1,236,674,631 1,252,854.598
Total week.
a
Amount held Oct.
Bank of Germany are
29, 1935; latest figures available,
b Gold holdings
exclusive of gold held abroad, the amount of which
reported as £1,413,600.
c
of the
Is now
of the so-called
exchange of the French franc cannot be exactly
yet, since the legislation enacted Sept. 26, 1936 empowers
the franc's gold content somewhere between 43 and 49
increasing apprehension of a general war
from the
Europe. A particu¬
by the approaching
expiration, on Dec. 31, of the London Naval Treaty,'
with its limitations upon the naval strengths of the
lar
impetus has also been given
States, Great Britain and Japan. Under
"escalator"
so-called
over
were
Naval Armaments and American
any
one
must
On Dec. 17 Sir Samuel Hoare,
same.
who has been
following the events of the past few months, the
is ending with naval competition in full swing.
According to the standard English authority on the
naval tonnage has been authorized
subject, more
than in
any year
since the World War.
Great Britain is credited with 99 war vessels
rious
kinds
United
under
construction
or
of
planned,
States with 83, Italy with 66, France
43, Germany with 39 and Japan with 38.
First Lord
Admiralty, told^jthe House of Commons that
view of the deterioration of the general inter¬
of the
any
obviously not a moment
serviceable
five
scheduled to
Power would wish to scrap
vessels," and he accordingly announced that
cruisers
which, under the treaty, were
be*discarded would be kept in
service. To this ar¬
had offered
acquiesced.
States, which under the London Treaty
rangement, he said, the United States
objection, and Japan has since
no
apparently
a
In addition to
intending to impair its position.
is being re¬
offset a
further 19,000
destroyer excess which
40,00'0-ton
tained, in accordance with the treaty, to
action
similar
by Great Britain, a
tons, it was made known on Dec. 17,
will be provided
permitted exchange for tonnage in the light
cruiser class.-The United States already leads all
as
a
the Powers in submarine
tonnage, and the construc¬
tion of two 35,000-ton battleships,
authorized by the
Congress, will begin in 1937 if the
decides.
which
was
A White House
battleships
were
conference,
nage
President so
Dec. 18, at
on
said to have been discussed,
by reports that the decision of the
followed
would
probably be affected by British
This, presumably, does not mean that the
Great Britain to set the
but that substantial increases of naval ton¬
pace,
year
this year
signatories would authorize them to do
United States will expect
\
have foreseen
for reasons of
it necessary,
might do so, and notice of its action
age
to the other
the
the
provision of the treaty, any
security, to retain in service vessels that
national
action.
As
deemed
Power which
President
Defense
the development
"pocket" battleship, and still more
involving the Far East as well as
last
Amount held Aug. 1, 1936; latest figures available.
determined, as
the Government to fix
milligrams. However,
calculated on the basis on which the Bank of France has revalued Its gold holdings,
the parity between francs and pounds sterling is approximately 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.
Note—The par of
has come in part from
rearmament of Germany and
the
£
£
France
The particular inducement to
enjoyed parity "with Great Britain, is
1932
£
construction of im¬
replacements, having been car¬
building, however,
recent
not
England
Denmark
since 1922.
on
The United
1936
of—
large building program was due
portance, except for
four years:
Banks
be continued in their
matter of course, no new
a
national situation this is
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
doubts
that has been talked of is being
actually carried out.
when
of
Russian tonnage building or planned
definitely known, the authority cited
is not
"in
Gold Bullion in European Banks
Disarmament
times suggested should
Conference, it was several
United
Japan.
of battleships, a type
which, in the days of the
vessel
of
as
E'XCHANGE on the Farcurrenciescountries is generally firm
these Eastern follow the lead
in the list is the tonnage
ous
be
<
i
quotations, at 32.75 for bankers' sight bills, against
32.75 on Friday of last week; cable transfers at 32.75,
was
Dec. 26, 1936
Financial Chronicle
4062
anywhere will be met by the United States
order
that
its
be exceeded
of the
in
aggregate naval strength may not
by that of any other Power. The plans
Navy Department are understood to contem¬
four
observation
of colliers, supply vessels and hos¬
plate also a large increase during the next
years
in the number of fighting and
va¬
planes as well as
the
pital ships.
with
Conspicu-
As far
naval
as
the United
States is concerned, these
increase^ and adjustments represent
only a
Volume 143
wise
Financial
precaution.
Less
than
ever
the
can
United
States afford to be
unprepared, and its geographical
situation devolves upon the
navy
sibility for national
defense.
No
the first
respon-
change of national
policy is implied by the present plans for naval
building. It is still
to hold aloof from
interests
can
with
cern
are
the
the
policy of the United States
foreign troubles in which Amerinot
involved, and it has
alliances
through
which
no con-
European
nations attempt to alter the balance of
power.
No
Chronicle
4063
responsibility for defense is accompanied by some
effective responsibility for internal policy as well,
the United States will find itself entangled in Filipino politics and used to support whatever faction or
party happens for the time-being to be in power,
There is much reason for suspecting that some of
the
Filipino leaders
United
and
States
into
would
such
like to
be insufficient for defense without naval aid would
play directly into their hands.
Aires that add to either the
strictions
or
the naval
responsibilities
of this country; on the contrary,
repudiation by the Conference of inter-
the general
vention in the domestic affairs of the American
publics may be regarded
tralization.
made to consult
from
a
as a
It is true that
in
the
kind of political decenan
of
even
danger
attack
or
in the very remote
possibility of a war which called for joint defense,
a
joint responsibility has also been assumed in which
the United States would
If the
building
constitute
ers
the
programs
a
only take its
proper
share,
of the leading naval Pow-
"race," it is
a race upon
which all
participants have felt compelled to enter, and
which the United States is unable either to avoid
to
or
stop.
There
points, however, at which American
War
concern.
The proposals of
Department for the fortification of the
Philippines raise the whole question of American
policy in the Pacific. On July 4, 1946, if the terms
laid down by
Congress are fulfilled, the Philippines
will become
independent. For the intervening period
the United
States assumes some
responsibility for
islands, particularly for their defense, and the
right to establish a permanent naval base is reserved,
the
After
July 4, 1946, however, the Philippines will be
free.
The
Filipinos
tained
a
question is whether,
may
by that time, the
reasonably be expected to have at-
political development and stability suffi-
cient to enable them to maintain their
independence,
end,
an
Now that naval
re-
agreement with Japan
to offer
seem
a
possible
of extri-
means
eating the United States from what will otherwise
be
serious embarrassment.
a
The other point has to do with American neutral-
ity policy.
The decision of the Supreme Court
on
Monday, upholding the United States in laying
an
embargo
draws
for Bolivia during the Chaco war,
on arms
clearly the line between the limited
powers
of the President in domestic affairs and his
large
discretionary
powers
while it is true, as
in international relations. But
the Court remarked, that "Con-
gressional legislation which is to be made effective
through negotiation and inquiry within the internaoften
must
accord
to
the
President
a
degree of discretion and freedom from statutory
re-
strictions which would not be admissible
do-
mestic affairs alone
were
involved," it still remains for
Congress to determine the conditions under which
discretion shall be exercised.
tions
Now that
war
everywhere being hastened, it is
are
prepara-
than
more
important that Executive discretion should be
ever
carefully guarded.
The whole question of American
neutrality, in particular, needs to be carefully reexamined, not only to recover for the United States
the
neutral
rights in international law which the
present neutrality Act has largely sacrificed, but
also
make
to
strictions
sure
that, in removing arbitrary
the President's
on
re¬
action, the fundamen-
tal control of foreign policy by Congress is not sur-
and, if they have, whether the elaborate fortifica-
rendered.
tions which it is proposed to build will
prove to be
of any value.
.
about to
and* Great Britain for the neutralization of the is-
tional field
two
are
policy gives occasion for
the
are
lands would
agreement has been
event
foreign State, but
re-
position,
gift of expensive fortifications which would
a
commitments appear to have been made at Buenos
military
the
maneuver
unfortunate
an
authority
to
gress
Executive
are
see
leadership and
discretionary
not the same thing, and it is for Con-
that they
not confused.
are
The
expiration of the London Naval Treaty will
release Japan as well as the United States and
Great Britain from the restrictions which the
imposed, and there is
every reason to
expect that
Japan will take advantage of the opportunity to
Japan has repeatedly denied
strengthen its navy.
that it covets the
c
Philippines, but there is
a
wide-
country is
wages
of the
Philippines
appears to
be
a
naval rather than
a
military problem, and since the Philippines cannot be expected to
develop a navy able to cope with
Japan, and without a navy the islands could easily
be
appear
causes
It
pointed out with much force, in the debate
independence bill, that unless the United
was
the
States
to continue to assume some
responsibility for the Philippines, and particularly for their
defense, a grant of independence would amount to
was
burning the islands adrift and inviting Japan, or
any other Power that felt able to do so, to add
them
ultimately to its possessions. Unless, however,
hours,
although
shorter hours,
are
disputes
attempts to
union
on
^
and
peace
season
are
The majority of the strikes, statis-
or
demands
form
or
of
displace
union
as
over
over
higher
The
more common
collective bargaining and
company
organization.
recent
a
for
both, usually find place
in the stated list of grievances.
devolve upon
•
•
to show, are not caused by disputes
and
wages or
added,
;
•
pointed reminder that the
a
and employees.
blockaded, the defense of the islands, if their
independence is to be assured, would apparently
the United States.
n
still far from universal in the relations of employers
foreign policy. To the
in the street the defense
n
goodwill associated with the Christmas
tics
man
n
The epidemic of strikes that is spreading over the
spread fear that, however genuine the denial may
it may not continue to represent Japan's
be now,
j
otrikes and LollectlVe Bargaining
treaty
unions
To
by another
these
phenomenon,
are
revolts
to
be
against
leadership, and the declaration of "outlaw"
"rump"
claim to
strikes
by
dissenting
groups
which
represent the real interests of the workers.
The expulsion from the American Federation of La¬
bqr of the unions adhering to the Lewis Committee
for Industrial
Organization has given
new
ground
for labor unrest, and efforts of the Committee to
bring about the unionization of plants
on
vertical
rather than craft lines have been accompanied by
Financial
4064
clearly mean that, if the efforts
threats which
through refusal of employers to
fail
make satisfactory
<
The most
of the menaces
facing American
serious, in some respects,
union
which
labor is
now
United Automobile
Workers, a Lewis organization, for a collective bar¬
gaining agreement with the General Motors Cor¬
poration. According to Mr. Lewis, who made the
announcement at Washington on Dec. 18, relations
industry is the demand of the
Chrysler Motor Corpora¬
between the union and the
Motors is
"antagonistic." "The company," he was quoted by
the Associated Press as saying, "practices wide¬
tion
are
"fairly satisfactory," but General
of the union.
Automobile Workers
spread discrimination against members
is the
It
hope of the United
that General Motors will
and work out these
ance
of
should
now
do
agree
to meet peacefully
questions without any disturb¬
production.
the law of the
Collective bargaining is now
land, and we think General Motors
a
little collective bargaining.
dustry is prosperous.
General Motors last year are
The union hoped,
won't be any
to affect its
Close
on
a
outlined
he added, that "there
necessity for a General Motors strike"
200,000 employees.
the heels of this demand
nouncement that the
present
The profits of
well known and a mat¬
Obviously this year's will be better
of record.
than last."
The in¬
Orders now on file more than
equal last year's total production.
ter
came
the
an¬
Lewis Committee would shortly
similar demand to the steel industry. As
on Dec. 19 by Elmer J. Maloy, employee-
Carne¬
of
Mr. Lewis, thfe demands were expected tb include a
national wage agreement, to be drawn up under the
supervision of the Steel Workers Organizing Com¬
gie-Illinois Steel Company and a right-hand man
of the
Lewis organization,
providing for a
five-day thirty-hour week and a new pay
formation of a collective
scale, the
bargaining agency for the
discrimination against
employees for joining a labor organization "of their
own
choosing." On Dec. 20 these demands were
unanimously approved, in substance, by a meeting at
Pittsburgh attended by some 250 delegates from
company unions representing 42 plants.
A Com¬
mittee for Industrial Organization Representatives'
Council was formed, and a "declaration of prin¬
ciples" embodying the foregoing demands with minor
additions, and condemning company unions, was
adopted. "All steel workers," the declaration an¬
nounced, "shall be thoroughly informed by employee
representatives who know from experience that the
company union is a device of the management and
totally unable to win any major concessions for the
steel workers."
Employee representatives of the
Lewis
Committee, the declaration significantly
added, "shall remain inside the company union for
industry, and the abolition of
reasons
obvious to all."
Collective
a
on
of
the two
bargaining and exclusive recognition
particular union organization, then, are
issues
which Mr. Lewis proposes to
eral Motors and the steel
bring Gen¬
industry to terms.
He in¬
collective bar¬
with the
particular union which his Committee for Industrial
Organization has promoted and for which he as¬
sumes the right to speak.
He does not want union
organization as such, but only the kind of organiza¬
sists, not only that there shall be
gaining, but that the bargain shall be made
tion that he thinks the industries
Corporation offers an essentially
union or¬
Committee began
recruiting members. The steel industry's employee
representation plan, on the other hand, is not the
open
field, since there was no important
should have. The
Lewis wants, and the plan,
kind of union that Mr.
accordingly, is to be destroyed root
the
rectly reported, be satisfied to
have the various units
"Obvi¬
saying, "one
of General Motors cannot bargain against an¬
plant of General Motors. Obviously the inter¬
corporation
the
of
and branch. In
if he is cor¬
of General Motors he will not,
case
separately organized.
ously," he was quoted on Wednesday as
plant
other
ests of all the
workers of General Motors are
linked."
is the weapon with
collective bargaining
Since
win the battle in which
which Mr. Lewis hopes to
consider what
in es¬
tablishing cooperation between workers and employ¬
ers, involves. Many, perhaps most, employers would
probably be entirely willing to make such a bargain
if there were any assurance that the terms of the
engaged, it is worth while to
he is
collective
bargaining, if it is to be successful
agreement would be observed by the union or, if they
not observed, that damages could be obtained
for breach of contract. Unfortunately there is no
were
such
general assurance. There are
their honor be it
ments that
representative of the Duquesne plant; of the
mittee
Motors
General
ganization there until Mr. Lewis's
terms, strikes will be called.
with
Dec. 26, 1936
Chronicle
others which, domi¬
self-seeking leaders, are lit¬
The multiplication of outlaw
they make; there are
by dishonest and
nated
tle
unions which, to
said, scrupulously keep the agree¬
than rackets.
more
that, even in unions
strikes, moreover, has shown
promises have in general been
whose
honored, union
not strong enough
to prevent serious revolt. Collective bargaining, ac¬
cordingly, must go on in many cases under unequal
conditions, the employer being liable to a strike if
union leaders assert that a contract has not been
leadership and union morale are
observed, at the same
time that he has no practical
if the union itself is
recourse
leaders and full
the offender.
is taken in hand by
Unless this situation
legal responsibility for the
union
perform¬
of contracts frankly
assumed, the demand of
employers and the public
for the incorporation of
American labor unions
ance
unions will continue to grow.
have
long since ceased to
zations of workers with
rights and economic
ment of the
their primary
ers as
tions
be mere voluntary
organi¬
the protection and advance¬
conditions of work¬
aim, and have become
organiza¬
public interest. They
large funds derived from
clearly affected with a
administer
and
collect
membership dues, maintain large
salaried staffs, and
strikes by paying strike benefits. They
maintain lobbies at Washington and at every State
support
exert
capital,
throw
pressure
their weight
in labor legislation, and
for or against candidates
for
They are no longer,
in short, private associations, but quasi-public bodies
which
seek, partly through political activities,
elective
or
appointive offices.
partly through mass pressure, and partly with the
aid of funds for which there is no regular public
accounting, to prescribe the terms on
shall be
As
which labor
employed.
long as such conditions
continue, collective
bargaining will be the hopelessly one-sided arrange¬
ment that we now have. Well-managed unions, with
effective
their
standards
members
and
of
an
ability
agreements they make, will
gains
with
and discipline for
honorable regard for the
conclude collective bar¬
fair and equitable basis and cooperate
employers in making industry prosperous, but
on
a
Volume 143
Financial
Chronicle
their reputation will be clouded and
their influence
overborne
rection
by
of
personally
which, under the di-
ambitious
leaders,
issued
The denunciation with which spokes-
experience of the next few weeks will be used in
upper hand.
device for
as a
use
giving labor the
Committee for Industrial
Organization greeted the
declaration of the Republican
shaping the provisions of the proposed
platform that labor
should be allowed to
bargain collectively "without
was resented.
ers
those
menting"
The
real
Lewis, having decided that
is what he
issue
is
whether
the great industries which he has chosen to
to
the exclusion
workers may
of
prefer, and with the
trous strike if the
is
other which
any
suit will be the
is
called,
"credit
in
It is merely
provide for "imple-
"new"
the
control."
But
banking
definite
a
ance, or at least is
Meantime, there
upon
new
measure
makes its appear-
definitely outlined in detail.
few plain facts relating to
are a
the situation that should not be lost to sight.
Per-
of the
haps the most important of the latter is the fact
of adisas-
menace
that the foreign investment interest in the United
companies refuse to yield.
States is
There;
The only re-
perpetuation of the spirit and
tice of industrial
bill shall
new
be formed until the
Mr.
attack,
many
industrial peace along that line.
no
banking
shaping it
opinion regarding the working of their plan cannot
that form of organization
wants, shall be allowed to force it
what
phraseology,
agitation which is being directed at
industries.
new
in
of the world, and have been said to desire to put
indicated that the
type of organiza-
the
work
at
are
their plans to an experimental test.
^
tion for workers in motors and steel is
not the main
in
who
apparently lay claim to a knowledge of banking
methods not heretofore available to the central bank-
Whether the vertical
organization which the Lewis
Committee champions is the best
issue
Those
measure.
interference from any source" showed how
widely
the implied criticism of labor
pressure in bargain-
ing
planned have been afforded by the orders
Dec. 21 with reference to the treatment of
on
for the American Federation of Labor
and the
organization
the
4065
such new gold importations. Just how the new plan
will be put into practice, and what will be the derivative effects of it, are still to be shown. No doubt the
union
men
pressure groups
of what is
now a
large one—rendered such
in part at least, of
the dollar."
prac-
from
war.
To whatever due, it should be exempt
hasty attack, not only
but of
_
result,
as a
policy in "overvaluing
our own
our own
grounds of justice
on
self-interest.
Secretary Morgenthau,
in his investimations of the
The New
Banking Legislation
the total
ably about
By H. Parker Willis
wlo+
What
jj
ma
.
e
i
to
seems
___
in
a new
been projected and that the
duced
by
announcement
^
mgton that
®
investment interest out of the country, or to deprive
,
.
Banking Act has
will be
measure
Senator Carter Glass
of
information is not
unexpected.
quarter billions of dollars.
a
.
authentic
.
m
as
and
seven
It would not be wise to drive this
large element of
is.
*
be
past autumn, found that
figure representing this interest was prob-
intrp-
Virginia.
The
^
.
,
,
„
^
x,
,
,
opportunity equal to that enjoyed by
investors.
holders
Were
of
legislation to
our
American
securities; to
our own
lead
seek
foreign
realize
to
Ever since the de-
their titles to ownership in gold, and to withdraw
feat of the proposed sections embodied in
Part II
the latter in large amounts, the Treasury might have
of the Administration draft of the
iqqk
i
19J5, there has been
.
,,
secure
.
e rem
^1
,,,
uc
endeavors, but there is
by the Senate Com-
a
group
no
earnest
as ever
in Washington which
books; and they
to carry
.
The
reason
jj?
the demand
a
new
in
one
their notions 4
are
doubt
no
as
j.
•
or more
.j.
|
t
.
|
banking
which has not
9
Apparently the Admin-
opinion that stock market
activity is greater than is wholesome, and that it
ment field less attractive to
foreigners than
seems
,
to be the
that
onr
J
case
.
at the moment.
banking system be
used
as
credit less accessible and to make
any
of
gold unavailable
There
is,
power
to raise the
as
of course,
reserve
attain the much-desired
,.
,
parts of the
the
,
,
usual
to
render
acquisitions
reserve
demand
for
desire to
of
tal
_
#
.
.
.
use some new
to
_
.
"technique" for the
"sterilizing" the gold that
the United States.
may
about
discrimi-
our own
The owners of such capi-
and discriminations
It is far
governments.
find
means
adopted by
some
other
to be desired that
more
we
of relieving them of their present disa-
we inflict like sllfferinS uPon for"
eign capitalists who have domiciled their holdings
*
.
1X1 tH6
A
purpose
be imported into
Already premonitory indications
.+
+
vJ nitGCl Ol8'T6S«
Scarcely less significant than the phase of the
just mentioned is the fact that our security
Case
market \would
such
a
unavoidably
"selling movement"
capital.
Prices
level haa
severely
from
might be inspired in
are now
sums
of
high, and their high
investment holders and others,
especially country banks,
T£y might
or
so
m
vulnerable position,
a
be aWe to „get out,, in the event of the
adoption of such
plated,
suffer
as
of the withdrawal of large
consequence
"peace,"
situation in
money
,
#
a
already find themselves hard-pressed by regula-
tions
we are
clearly
a
capital in other countries.
more
which every deposit shall have an
equal amount of
*»«.
H
reserve credit behind it.
In addition, there is
_
worry
Such
retaliatory action, perhaps directed against
base,
requirements—perhaps
"100%"
„
'
.
Hence, the suggestion
so
beset it.
„
be repressed by rendering the American invest-
may
now
natmg policy, moreover, would give good ground for
lepslation is, however,
previously been heard of
congressional discussion.
istration has reached the
something much more substantial to
than the fears which
bilities than that
their point.
assigned at present for recommencing
.
j
j
in these
success
has, all along, been determined to force
statute
.
disputed points then
e
Thus far there has been
into the
,
A
t
ion o
enumerated and later laid aside
mittee.
ojf
j
repeatedly-renewed effort to
,
r
Banking Act of
a
policy
they might not.
as
is apparently contem-
Theoretical interests of
strongly advocated at the
laying down
a new
same
time that
and large battleship con-
struction program, could hardly be deemed
a
valid
counterpoise to the harm certainly to be suffered
were
we
to embark upon some
P
x
hare-brained project
m
*
t.
x/
of "credit control" impounding foreign short-term
fun(jg
case
0f war, as
authenticate any such
be well to look
proposed.
When asked to
questionable scheme, it will
carefully before
we
leap.
We have
encouraged foreign investment here, have used the
Financial
4066
funds it has
have
and
brought
in our process of recovery,
us,
into
covered
great gold hoard
our
We cannot afford
metal which has resulted from it.
otherwise than give
to do
the
it equal and fair recog¬
Dec.
Chronicle
was
There is another matter
that
tion
rubber, copper, lead and
zinc.
There were, however, a considerable number of price declines, in¬
cluding cotton and cotton products, beef, pork, corn, cocoa and tin.
hogs and lamb, butter and eggs, wool, tobacco,
THE ANNALIST WEEKLY
INDEX OF WHOLESALE
before
thoughtful attention
place on our statute book anything fur¬
we
ther in the way
of
new
enactments.
For
a
long time,
have been adopting and urging piece after
now, we
piece of new legislation that has not been fitted into
a structure that is already top-heavy and hopelessly
best authorities that our Bank Acts be revised
The structure of legislation is full
our
and harmonized.
of
inconsistencies, obsolete
or
half-obsolete enact¬
ments, provisions that are out of harmony with later
the stress of
under
supposed emergency and with¬
study sufficient to bring them into line with
out
what has been done in
of
made law
enactments
half-baked
and
measures,
past years.
It
was
this state
things which led to the announcement, last sum¬
mer,
to
that Mr. Landon, if elected, would be disposed
name a
banking commission of non-partisan ex¬
perts to take under advisement the
the entire
and
codification of
banking law, with the intent of improving
by
Dec.
many
the part
on
associations interested in
It is
banking system.
that should be
of banking
129.0
130.2
134.2
X125.8
118.2
167.3
170.3
Metals
120.7
119.6
111.4
Building materials
111.8
111.8
111.7
97.9
97.9
91.7
x90.9
Chemicals
,
Miscellaneous
the development of
wise precaution—one
a
given due study before any further
There is much that ought to be done in
at
improving
strengthening the banking situation.
Moody's Commodity Index Makes New
present, from a practical standpoint—given our
system of Treasury finance and our budget
But
further
is
there
not
the
require¬
slightest call for a
plunge into experimental and hazardous ex¬
pedients bottomed upon the doctrine that has pro¬
duced
prolific
so
since the days
a crop
thought that
credit
on
of
prosperity,
our
can
a
the banks'
forbid the
of
errors as
of devaluation.
of the
use
or
has been grown
This is the outcome
limitation of the quantity of
books
determines the
degree
the correlative notion that we
of such credit for certain purposes
The only way to accom¬
render it harmless.
so
plish the latter object is to prevent or discourage the
If "a stitch in time saves
issue of such credit at all.
nine," it is equally true that a single thorough pro¬
hibition of the creation of unsound or unnecessary
credit
on
as
compared with 202.0
banks' books such
sugaf.
;
...,
- ;
.
• V'--.
■ ••
; •
Index during the week, with com¬
..
The movement of the
parisons , is as follows:
--Dec. 18
Dec. 19
Dec. 21
Tues.
Dec. 22
Wed.
Dec. 23
Thurs. Dec. 24
Fri.
Dec. 25
202.0
202.2
.—202.6
--202.9
204.6
206.5
..Holiday
Fri.
Sat.
Mon.
-
as
results from present
of excessive bank credit that ought not
The subject ought to
considered before any further
and half-baked
settled
are
to have
be carefully
commitments to un¬
theories of "credit control"
undertaken in Washington.
decline
week's
for
ber
been
United
secutive Week During
Week Ended Dec. 22 Accord¬
ing to "Annalist" Index
A minor advance of 0.2
Commodity
Prices
during the
week
of rising
The index increased to 134.6 on Dec. 22 from 134.4
on Dec. 15, "thus making a new high since 1930."
(revised)
The "Annalist" further noted:
prices has been more pro¬
in new lows since Septem¬
States
High-grades de¬
Governments have
which was
in any section of the bond
market,
when most bonds rallied.
in mid-week,
arrested
was
High-grade bonds have been steady
this week. Baltimore
Burlington &
1948, at 108% were up %; Chicago
& Ohio 4s,
% to 113.
Quinc.v, 111. Div., 4s, 1949, advanced
Lower-grade
unsettled as a result of the Inter¬
railroad bonds have been
disallowing extension
Baltimore &
Ohio 5s, 1995, lost 1%. selling at 90 on Thursday: New York
Central 4%s, 2013, declined % to 94; Southern Railway 6s,
1956, at 100 were off %.
Among the defaulted section, the
action of the New York New Haven & Hartford bonds has
been outstanding due to court authority permitting partial
Commission decision
state Commerce
surcharges beyond
the
of
6s 1948 gained
and
scale
investment grade this week over¬
tendencies
reactionary
the
in
narrow
a
of
recent
the
and
past
Bonds lower in the investment
good fashion.
fluctuated
The 4%s 1967, 6s 1940,
2%, 3% and 1%, respectively.
Utility bonds of prime
came
the end of 1936.
several issues.
interest payments on
but
range,
issues
of more
soft.
International
Hydro-Electric 6s, 1944, sold at 81% on Thursday, down 2%
from last Friday; International Tel. & Tel. 5s, 1955, at
speculative
73%
off %;
were
tended
character
be
to
Interstate Power 6s,
1952, declined %
to 67%.
recede moderately, frac¬
Industrial bond prices tended to
& Co. 4s, 1955,
up
cisco
particular, lost ground, Wilson
moving down 1% to 102%.
Sugar 7%s, 1942
(ctfs.),
were
steels resisted the general trend, and
advances
among
the
oils,
bonds.
the
The sugars gave
there have been some
Oil
Skelly
119 Fran¬
The
off 7% at 119.
4s,
1951,
closing at
Building supply, coal and paper company
Brazil,
Cuban
Pack¬
recorded over a wide list.
substantial portions of their recent gains; at
points
point in the "Annalist" Weekly
ended Dec. 22 marked the ninth successive week
prices.
__162.7
The declining tendency,
fractionally lower.
of large proportions
Fairbanks Morse 4s, 1956, were off
Noticeable progress has
Wholesale
148.4
—206.5
1936 High—Dec. 24
Low
May
12
bond
in
and
moderately,
clined
102, up %.
Wholesale Commodity Prices Increased for Ninth Con¬
of
1935 High—Oct. 7 & 9--^
Low—Mar. 18.
speculative groups.
of the
some
drifted lower.
Index
189.5
166.2
175.3
Year apro, Dec. 24
nounced than last week's, resulting
ing company obligations, in
all.
196.8
2 weeks ago, Dec. 11--Month ago, Nov. 24
The Course of the Bond Market
number of cautions intended to avoid the hazardous
at
on
Thursday's close represents the high for the
tional declines having been
existed
ad¬
Friday last week. This
last six years. t
The prices of silk, cocoa, rubber, corn, hogs, steel, copper,
lead, cotton and wool showed net gains. There was a decline
for silver, and no net change for wheat, hides, coffee and
Thursday,
Treasury financing, is likely to obviate an unlimited
use
.
closing at 206.5 on
vanced to new high levels this week,
recovered in
and
High
Daily Index of Staple Commodity Prices
Moody's
Some of
things, perhaps, cannot be seriously considered
ments.
xRevised.
*Preliminary.
not
and
77.2
X79.4
79.5
old dollar basis
All commodities on
98.4
85.3
129.9
xl34.4"
134.6
All commodities
book.
these
125.3
167.3
experts
hasty legislation is allowed a place on the statute
,
137.6
*125.4
This
our
24,
1935
1936
Fuels...
others, and is the subject of current
recommendations
and
Dec. 15,
22,
1936
138.7
products
Food products
Textile products
Farm
This suggestion has been re¬
systematizing it.
newed
r
Dec.
During years past, it has been urged
inconsistent.
by
COMMODITY PRICES
(1913—100),.
,
,
policy.
affecting banking legisla¬
ought to be given
with
Wheat, rye, and oats were higher, along
fairly mixed.
•
nition in all future formulations of
week the general
That the increase was small was due to the fact that this
trend
1936
26,
been made this week by
foreign
Sao Paulo, Chile and Colombia bonds,
Public Works
during
loans
% at 104.
also
2
5%s, advanced fractionally to
the five-day period,
with those of Austria,
Italy rising
Argentina, the Dominican Republic, Japan and
fractionally to one point.
man
7s,
1949
On the downward side the
(stamped), declined, as did the Great
solidated Electric Power (Japan)
Moody's
are
computed
6%s, 1950.
bond prices and
given in the following tables:
Ger¬
Con¬
bond yield averages
Volume
143
Financial
MOODY'S BOND PRICES
(Based
V. S.
All
1036
Govt.
Bonds
(REVISED)
(Based
tic
120
120 Domestic Corporate *
Dec. 25- Stock
Exchan ge
Aa
A
Baa
P. U.
RR.
AVERAGES
(REVISED)
All
Indus.
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Domes-
ticCorp.
Dec. 25- Stock
Clofi ed
YIELD
Individual Closing Prices)
1936
Corporate* by Groups
Aaa
on
Daily
Averages
120 Domestic
by Ratings
Corp.*
4067
MOODY'S BOND
Average Yields)
Domes¬
Daily
Averages
on
Chronicle
80
For-
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
eigns
■<'
Exchan ge Clos ed
3.11
3.30
3.79
24— 112.34
105.60
117.29
113.27
103.74
90.75
110.18
1C5.41
111.43
24..
3.69
4.57
3.99
3.70
23- 112.23
105.41
117.29
113.07
103.74
90.75
100.18
105.41
112.23
23
3.70
3.11
3.31
3.79
4.57
3.99
3.70
3.40
22-
105.41
117.29
113.07
103.74
90.59
100.00
105.41
111.23
22..
3.70
3.11
3.31
3.79
4.58
4.00
3.70
3.40
113.07
112.30
21- 112.31
—
105.41
117.29
103.74
90.59
100.00
105.41
111.23
21
3.70
3.11
3.31
3.79
4.58
4.00
19- 112.30
105.79
117.50
113.27
103.93
91.05
100.53
105.41
111.64
19-
3.68
3.10
3.30
3.78
4.55
3.97
18- 112.35
105.98
117.50
113.48
104.11
91.35
100.88
105.41
111.64
18—
3.67
3.10
3.29
3.77
4.53
3.95
17- 112.39
105.98
117.50
113.68
104.11
91.61
100.88
105.60
111.04
17—
3.67
3.10
3.28
3.77
4.52
3.95
10- 112.56
—
3.70
3.39
3.40
3.70
3.38
3.70
3.38
3.69
.
5.64
3.38
106.17
117.72
113.68
104.30
91.66
101.06
105.98
112.05
16—
3.60
3.09
3.28
3.76
4.51
3.94
3.67
3.30
15- 112.62
106.17
117.72
113.68
104.30
91.81
101.06
105.98
112.05
15..
3.66
3.09
3.28
3.76
4.50
3.94
3.67
3.30
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
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
3.07
-
-
3.30
11- 112.08
•
5.65
3.36
....
«...
...
5.65
112.08
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
4.60
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—
3.00
3.10
3.28
3.77
4.50
3.95
3.68
3.36
mm*
8„
112.78
100.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
8—
3.66
3.10
3.28
3.77
4.50
3.95
3.68
3.36
mmm
7-
112.80
100.17
117.60
113.89
103.93
91.81
100.88
105.79
112.05
7-
3.00
3.10
3.27
3.78
4.50
3.95
3.68
3.36
,5-
112.81
100.17
117.50
113.89
104.11
91.81
100.88
105.79
112.25
5—
3.66
3.10
3.27
3.77
4.50
3.95
3.68
3.35
4-
112.77
105.98
117.50
113.68
103.74
91.81
100.70
105.60
112.25
4..
3.67
3.10
3.28
3.79
4.50
3.96
3.69
3.35
3-
112.74
105.98
117.60
113.89
103.74
91.66
100.53
105.60
112.25
3-
3.07
3.10
3.27
3.79
4.51
3.97
3.69
3.35
2-
112.61
105.98
117.29
113.89
103.56
91.00
100 53
105.60
112.25
2-
3.67
3.11
3.27
3.80
4.51
3.97
3.69
3.35
1ww
109„
'
112.74
105.79
117.29
113.68
103.66
91.66
100.53
105.41
112.05
1
3.68
3.11
3.28
3.80
4.51
3.97
3.70
3.36
3.81
4.52
3.99
3.71
3.30
3.72
...
---
Weetly
owijn*
Nov. 27-
—
...
...
6.68
112.64
105.00
20- 112.62
105.60
13-
112.25
105.22
116.04
6-
111.63
104.85
116.00
112.45
116.80
112.05
Nov. 27-
3.09
3.13
3.28
105.04
112.05
20-
3.69
3.14
3.29
3.82
4.52
4.00
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
111.23
0—
3.73
3.17
3.34
3.88
4.52
4.01
sL78
3.40
6.60
103.38
91.61
100.18
113.48
103.20
91.51
100.00
113.27
102.66
91.35
99.83
102.12
91.51
99.83
103.93
113.68
116.64
105.22
5.64
Oct. 30..
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
23..
110.85
104.48
115.78
112.05
101.76
91.06
99.31
103.74
110.83
23„
3.75
3.18
3.36
3.90
4.55
4.04
3.79
4.42
6.61
10-
110.91
104.67
115.67
111.84
101.94
91.51
99.83
103.66
110.83
16..
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
6.64
9..
110.82
104.67
115.78
111.04
101.94
91.51
99.83
103.56
110.83
3.18
3.38
3.89
4.52
4.01
3.80
3.42
5.65
2..
110.83
104.11
116.57
111.23
101.41
91.05
99.48
103.20
110.43
2..
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
6.68
Sept 25..
110.68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
Sept.26—
1
1811-
3.78
3.18
3.41
3.93
4 58
4.06
3 83
3.45
6.08
3.78
3.17
3 41
3.94
4.61
4.09
3 82
8.44
6.68
3.79
8.17
3.41
3 93
4.63
4.10
3.82
8.44
8.81
8.18
3.42
3.95
4.07
4.13
3.84
3 45
6.70
18..
9-
3.74
...
110.86
103.93
116.00
101.06
90.14
98.45
103.20
110.43
11-
111.04
103.74
116.00
111.03
10123
89.84
98.28
103.20
110.43
4..
111.13
103.3"
115.78
110.83
110.88
89.25
97.78
102.84
110.24
Aug. 28..
110.91
102.84
115.35
110.43
100.35
88.51
90.94
102.66
109.84
Aug. 28..
3.84
3.20
3.44
3.98
4.72
4.18
3.85
3.47
5.71
21..
110.71
102.66
114.93
110.43
100.18
87.93
96.11
102.06
109.64
21_.
3.85
3.22
3.44
3.99
4.76
4.23
3.85
3.48
6.76
14..
110.69
102.68
114.93
110.43
100.00
88.22
96.44
102.84
109.44
14-
3.85
6.75
731..
110.42
102.60
114.93
110.43
100.00
88.07
96.28
102.66
109.64
7_.
110.13
102.48
114.93
110.24
99.83
87.78
95.78
102.48
109.44
109.92
102.12
114.72
109.84
99.48
87.49
95.29
102.48
109.70
101.70
114.72
109.64
99.14
87.07
94.97
102.48
ly
24..
17..
10..
111.03
4.
6.67
3.22
3.44
4.00
4.74
4.21
3.84
3.49
3.85
3.22
3.44
4.00'
4.75
4.22
3.85
3.48
—
3.86
3.22
3.45
4.01
4.77
4.25
3.86
3.49
6.75
109.05
24-
3.88
3.23
3.47
4.03
4.79
4.28
3.86
3.51
5.76
108.66
17-
3.90
3.23
3.48
4.05
4.82
4.30
3.86
3.53
5.77
3.48
4.06
July 31
5.82
110.05
101.58
114.93
109.64
98.97
86.50
94.49
102.48
108.66
3.91
3.22
4.80
4.33
3.53
5.82
3..
110.04
101.23
114.93
109.44
98.62
85.79
94.01
102.12
108.40
3_„
3.93
3.22
3.49
4.08
4.91
4.36
3.88
3.64
5.80
June 26..
109.88
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
98.62
3.56
6.86
19..
10..
3.86
109.93
101.06
114.30
108.85
80.07
94.49
101.58
108.08
19..
3.94
3.25
3.52
4.08
4.89
4.33
3.91
12..
110.01
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..
109.99
100.88
114.30
108.85
98.28
85.65
93.69
101.23
108.46
5..
3.95
3.26
3.52
4.10
4.92
4.38
3.93
3.64
6.06
May 29..
110.01
101.06
114.51
109.05
98.45
85.65
93.85
101.58
108.46
May 29_.
3.94
3.24
3.51
4.09
4.92
4.37
3.91
3.54
6.91
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..
6.96
109.98
100.88
113.68
108.85
98.45
85.65
93.69
101.06
108.46
15..
3.95
3.28
3.62
4.09
4.92
3.94
3.54
5.89
8..
109.70
100.35
113.48
108.46
98.11
84.90
93.06
100.53
108.27
8-
3.98
3.29
3.54
4.11
4.97
4.42
3.97
3.55
5 84
1-
109.69
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
1-
4.01
3.31
3.57
4.13
5.02
4.46
3.99
3.59
5.96
4.38
ADT. 24..
109.80
100.18
85.10
92.90
100.35
107.88
Apr. 24..
3.99
4.96
4.43
3.98
17.,
109.96
100.53
113.48
107.88
98.11
80.07
93.85
100.63
108.08
17-
3.97
3.29
3.57
4.11
4.89
4.37
3.97
3.56
6-83
9-
109.76
100.88
113.68
108.08
98.11
86.50
94.49
100.70
107.88
9..
3.95
3.28
3.50
4.11
4.80
4.33
3.96
3.57
6.83
3..
113.27
107.09
97.78
3.58
3.30
4.13
5.86
3.57
109.64
100.70
113.89
108.08
94.33
100.53
107.88
3-
3.96
3.27
3.56
4.12
4.88
4.34
3.97
3.67
27..
109.68
100.53
113.48
107.88
98.11
85.93
94.01
100.35
107.88
Mar.27—
3.97
3.29
3.57
4.11
4.90
4.36
3.98
3.57
5.85
20..
109.61
100.70
113.68
108.27
98.28
85.79
93.85
100.53
108.27
20..
3.90
3.28
3.55
4.10
4.91
4.37
3.97
3.65
6.80
13..
Mar
109.11
100.53
113.07
108.27
98.11
85.79
94.01
100.18
108.08
13..
3.97
3.31
3.55
4111
4.91
4.36
3.99
3.50
5.94
6-
86.21
97.95
5.83
109.46
101.41
113.48
108.66
98.80
87.64
96.11
108.27
6-
3.55
6.87
28..
109.03
101.23
113.07
108.46
98.45
87.64
95.46
100.53
107.69
Feb. 28..
3.93
3.31
3.54
4.09
4.78
4.27
3.97
3.68
6.03
21.
108.95
101.41
113.07
108.27
98 45
88.22
95.95
100.35
108.08
21-
3.92
3.31
3.55
4.09
4.74
4.24
3.98
3.56
6.92
14..
108.48
101.00
113.07
108.08
97.95
87.78
14-
3.94
7-
108.21
100.53
112.86
108.08
97 45
80.78
94.17
100.85
107.88
108.03
100.00
112.26
107.88
96.94
85.93
93.06
100.18
107.49
24..
107.89
100.00
112.25
107.88
97.28
86.93
93.06
100.00
17..
108.34
99.66
111.84
108.27
96.78
85.10
92.43
99.83
10- 108.02
3_. 107.94
High 1936 112.81
98.97
111.64
107.49
96.11
83.87
91.20
97.95
111.03
100.22
95.13
82.40
89.84
Feb.
Jan.
31
—
100.63
95.13
3.92
3.29 •
3.53
3.31
4.78
4.07
.
4.23
3.97
3.56
4.12
4.77
4.29
3.97
3.58
0.07
7-
3.97
3.32
3.56
4.15
4.84
4.35
3.98
3.57
6.10
31..
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.59
6.18
107.88
24..
4.00
3.35
3.67
4.16
4.90
4.42
4.00
3.67
6.11
107.88
17-
4.02
3.37
3.55
4.19
4.96
4.46
4.01
3.67
0.17
99.14
107.11
10-
4.06
3.38
3.59
4.23
5.05
4.54
4.05
3.61
6.26
98.80
105.98
3-
4.12
3.41
3.62
4.29
5.16
4.63
4.07
3.67
100.53
108.08
Jan.
6.23
100.17
117.72
113.89
104.30
91.81
101.06
105.98
112.25
Low
1936
3.66
3.09
3.27
3.70
4.50
3.94
3.07
3.35
5.58
1936 107.77
97.01
110.83
100.73
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
High 1936 109.20
97.45
110.83
100.73
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
Low
88.07
103.66
95.78
86.92
68.17
79.70
82.79
94 17
High 1935
4.75
3.80
4.25
4.83
0.40
5.37
5.13
4.35
6.97
Low
1
1936 105.00
Yr. Ago
1
Dec.24 35 107.70
97.11
110.63
106.36
94.33
80.96
88.51
98.28
105.22
87.49
103.56
95.46
86.50
69.99
86.50
82.53
94.01
2 Yrs.Ago
Yr
,
Ago
Dec.24 35
4.17
3.43
4.79
3.80
■
3.65
4.34
5.27
4.72
4.10
3.71
6.41
4 27
4.86
6.22
4.86
5.15
4.36
6.42
2 Yrs.Ago
Dec.24 34 105.46
Dec.24 34
•Tbeee prices are computed from average yields on the basis of one 'typical" bond (4% coupon, maturing in 30 years) and do not purport to show either the
average
or the average movement of actual
price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
leld averages, the letter being the truer
picture of the bond market.
level
Indications of Business
i
THE
STATE
'
1
TRADE—COMMERCIAL
OF
"
EPITOME
Thursday Night, Dec. 24, 1936.
Notwithstanding the labor situation, which appears to be
taking on More serious proportions,
business continues
highly active in most lines.
ing up well, especially
course,
The
year
The
been
has
feeling the
are
hold-
The automotive industry, of
effects of labor disturbance,
volume of steel ingot production
at this season of the
has seldom been equaled in the records of steel activity,
"Iron Age" reported that, based on a five-day
week,
the rate for the country
go
The heavy industries
steel.
is about 78% of capacity, and may
higher next week, when there will be
ance.
Steel
circles
are
no holiday observpredicting that production in 1937
may exceed 1936 by as much as 15%, barring unfavorable
price conditions and labor controversies.
The Edison Elec-
trie Institute reported
ended
Dec.
19
that
power
production for the week
totaled
2,274,508,000 kilowatt hours, which
is 13.6% above the comparative 1935 week.
All major geographic regions shared in the advance over last year.
A
heavy wave of foreign buying, largely speculative, together
with
persistent
domestic
demand,
fears
of
Activity
war
and
cur-
tailed stocks of many
weather
prevailing
in
many
sections
of the country.
In
most of the Northeastern section temperatures have not
been of the real winter variety, especially in and around
New York.
However, latest advices state that the New
York City area may get a belated taste of traditional Christmas weather this year, after all.
Decidedly unsettled
weather is the forecast for Christmas Day, with lower temperatures. The weather today in New York has been very
pleasant. Today it was fair and cold here, with temperatures ranging from 29 to 47 degrees. The forecast was for
fair» warmer tonight; Friday increasing cloudiness, followed
by rain or snow and colder by night. Much colder SaturdaYOvernight at Boston it was 28 to 32 degrees; Baltimore, 28 to 40; Pittsburgh, 30 to 42; Portland, Me., 24 to
28 i Chicago, 36 to 46; Cincinnati, 30 to 50; Cleveland, 42
46 5 Detroit, 36 to 40; Charleston, 38 to 54; Milwaukee,
38 to 46 J Savannah, 38 to 60; Dallas, 50 to 66; Kansas City,
42 to 541 Springfield, Mo., 42 to 54 ; Oklahoma City, 46 to
^1 Salt Lake City, 32 to 54; Seattle, 42 to 50; Montreal,
24 t°
and Winnipeg, 4 to 40.
~~
~
^
staples, shot commodity orices sharply
higher today (Thursday).
Rubber futures skyrocketed #c.
to new peaks since August, 1929.
Export copper made new
six-year highs, with quotations rising to 11.78c. a pound.
Still'Further Increase in Wholesale Commodity Prices
During Week Ended Dec. 19 Reported by National
Cotton spurted
Continuing the upward trend of the past eight weeks,
wholesale commodity prices during the week ended Dec. 19
are at the highest level since October, 1930.
Last week the
dollar
a
bale.
and rye shot up the 5c. limit.
lar
in
the
weather
news
the
Wheat jumped 3c.
There
past
a bushel,
nothing spectacuweek, relatively mild
was
Fertilizer Association—Continue at Highest Point
Since October, 1930
Financial
4068
weekly index compiled by the National Fertilizer Associa¬
tion—based on the 1926-1928 average of 100%—registered
82.8%, as against 82.3% in the preceding week.
A month
ago it stood at 81.0% and a year ago at 77.5%.
The Asso¬
ciation's announcement, under date of Dec. 21, further
Dec.
Chronicle
their
on
lines,
own
with 352,423 cars in the
compared
preceding week and 285,824 cars in the seven
Dec. 31,1935. A comparative table follows:
REVENUE FREIGHT LOADED AND
1936
26,
days ended
CONNECTIONS
RECEIVED FROM
(Number of Cars)
stated:
11 principal group indexes
Nine of the
Loaded
advanced last week, while only
advance to the highest
period; 13 items included in the group
There was also a slight upward
trend in the farm product index, due primarily to advances in the prices
of grains, wool and cattle.
Such items as cotton goods, woolen goods,
hemp and silk took the textile price index to a new high point.
A lower
quotation for sodium phosphate was responsible for a slighit decline in the
price index of chemicals and drugs.
The metal index continued to climb,
due to rising prices for steel scrap, copper, tin, lead and zinc.
The indexes
representing the prices of mixed fertilizers, building materials and miscel¬
Dec.
point yet reached in the recovery
rose
week.
included in the index advanced during the
preceding week there were 45 advances and
series
price
Forty-seven
declines;
preceding week there were 49 advances
In the second
Chicago MIlw. St. Paul <fc Pac.Ry.
Chicago & North Western Ry
15,793
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
—
3,185
2,237
4,763
Gulf Coast Lines
International Great Northern RR.
and
Missouri Pacific RR
16,671
New York Central Lines
44,860
New York Chicago &
5,015
23,384
66,140
St .Louis Ry.
Norfolk & Western Ry
Pennsylvania RR
14 declines.
COMMODITY PRICE INDEX
(1926-1928=100)
Association.
Compiled by the National Fertilizer
Wabash Ry
Latest
Preced'g
Month
Year
Each Group
Week
Week
Ago
Ago
19, Dec.
Dec.
Group
Bears to the
21, Dec. 21,
1935
Nov.
1936
83.5
89.3
80.2
96.0
81.6
71.3
67.2
100.4
TOTAL
LOADINGS
11,848
18,420
54,092
44,056
4,790
6,496
5,783
7,036
5,011
23,239 xlO.076
10,730
5,188
5,939
9,877
47,066
11,581
4,714
45,073
6,547
7,005
X9.916
10,437
6,459
6,832
7,000
9,445
1,415
1,955
2,618
8,100
35,178
8,785
3,559
33,215
5,095
4,168
x6,681
8,426
S. P. Co.-Pacific Lines and Texas
& New
RECEIPTS
AND
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
Dec. 19,
78.4
78.7
Fuels
79.9
79.9
79.7
Miscellaneous commodities.
80.9
80.1
71.8
Chicago Rock Island <fc
1936
Dec.
12, 1936
Dec.
21, 1935
76.5
82.4
Livestock
10.8
4,179
7,480
77.5
83.3
83.4
products
Cotton
17.3
1,503
2,026
3,186
36,289
1,425
2,184
3,165
10,322
46,211
14,214
17,495
13,128
3,016
2,022
4,812
14,642
4,853
74.7
79.0
8,789
9,717
9,302
12,112
20,612
64.2
104.7
13,209
8,839
9,409
8,327
12,539
18,841
24,841
75.1
70.1
107.8
17,344
22,269
33,556
6,910
29,515
Excludes cars interchanged between
101.7
Grains
1935
6,311
16,841
6,418
346,580 352,423 285,824 220,215 222,003 166,993
i
79.7
105.1
84.7
-
Fats and oils
Cottonseed oil
x
12 Dec. 21
1936
Orleans RR. Co.
81.0
83.9
90.4
107.3
Foods._
Farm
12,
1936
1936
Total Index
Total
19 Dec.
1936
25,654
17,985
20,831
15,699
3,344
2,358
4,707
17,204
43,968
5,204
22,848
66,952
7,013
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Per Cent.
23.0
Connections
Weeks Ended—
1935
7,105
28,096
5,937
Pere Marquette Ry
WEEKLY WHOLESALE
25.3
Rec'd from
12 Dec. 21 Dec.
1936
21,791
33,760
25,253
17,148
20,429
Santa Fe Ry -
Atchison Topeka &
Missouri-Kansas-Texas RR
week and 19 declined; in the
19 Dec.
1936
and 8 declined.
during the week
laneous commodities were also higher last
14
Lines
Own
on
Weeks Ended—
The food price index continued to
three declined.
-
Textiles.-
75.8
75 A
71.7
70.6
15,243
Illinois Central System
7.1
Metals
90.8
89.9
87.6
83.6
St. Louis-San Francisco Ry
6.1
Building materials
83.5
83.3
83.1
Chemicals and drugs
96.3
96.5
96.5
94.8
0.3
Fertilizer materials
69.2
69.2
68.3
Fertilizers
75.9
74.7
74.7
72.9
0.3
Farm Machinery
92.7
92.6
92.6
92.4
82.8
82.3
81.0
62,310
64.4
0.3
77,196
77.2
1.3
20,266
29,151
12,893
77,316
Pacific Ry.
8.2
26,427
35,889
14,880
26,619
77.5
35,454
Total
The Association of American
week ended Dec. 12,
combined
All groups
100.0
reported
Loading of revenue freight for
as
Railroads, in reviewing the
follows:
the week ended Dec. 12
totaled 738,-
747 cars.
Dec. 19 Below
Year Ago
The Edison Electric Institute in its weekly statement
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 19, 1936, totaled 2,274,508,000 kwh., or 13.6%
above the 2,002,005,000 kwh. produced in the corresponding
"
Electric
Week
in
Output
Ended
Preceding Week, but 13.6% Above a
week of 1935.
This
increase of
was an
with the corre¬
27.3% above the corresponding
3.5% above the corresponding week in
122,097 cars, or 19.8% compared
sponding week last year, 158,545 cars, or
week in
1934, and 24,882 cars, or
1930.
the week of Dec. 12 was a decrease of
the preceding week.
Miscellaneous freight loading totaled 295,066 cars, a decrease of 5,535
cars below the preceding week, but an increase of 53,294 cars above the
Loading of revenue freight for
6,210 cars or 8-10ths of 1% below
corresponding week
98,028 cars above the
corresponding week in 1935, and
in 1934.
Electric output during the week ended Dec. 12 totaled
2,278,303,000 kwh.
This was a gain of 14.9% over the
1,983,431,000 kwh. produced during the week ended Dec. 14,
1935.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS
Dec. 19,
1936
Dec.
12,
Week Ended
Week Ended
Week Ended
Week Ended
Major Geographic
Regions
YEAR
Dec.
1936
5, 1936
Nov.
28,1936
10.2
New England
12.4
11.8
11.1
13.3
carload lot freight totaled 166,618 cars,
but an increase of 10,373
in 1935, and 12,217 cars above the
same week in 1934.
*
Coal loading amounted to 170,664 cars, an increase of 2,577 cars, above
the preceding week, 38,484 cars above the corresponding week in 1935,
and 21,761 cars above the same week in 1934.
Grain and grain products loading totaled 35,863 cars, a decrease of 404
cars below the preceding week,
but an increase of 6,627 cars above the
corresponding week in 1935, and 5,490 cars above the same week in 1934.
In the Western districts alone, grain and grain products loading for the week
ended Dec. 12 totaled 20,810 cars, a decrease of 209 cars below the preceding
Loading of merchandise less than
a
decrease of 1,988 cars
cars
above
below the preceding week,
the corresponding week
Middle Atlantic
11.4
13.7
13.8
Central Industrial
15.6
17,3
16.8
West Central--
11.0
11.7
10.3
8.0
18.8
18.1
week this year,
1,073 cars
above the same
week in 1935.
It was, however, a decrease of 1,563 cars below the same
week in 1934.
In the Western districts alone, loading of live stock for the
week ended Dec. 12 totaled 12,829 cars, a decrease of 712 cars below the
preceding week this year but an increase of 2,080 cars above the same week
inJ1935.
/
Forest products loading totaled 34,285 cars, an increase of 551 cars
above the preceding week, 6,789 cars above the same week in 1935, and
16.3
Southern States
16.1
17.1
Rocky Mountain
Pacific Coast
15.9
13.8
12.3
10.8
7.7
7.3
8.2
9.2
13.6
14.9
13.9
13.7
Total United States
.
DATA
Weekly Data for Previous Years
Oct.
3...
Oct.
10...
Oct.
17...
Oot.
24...
Oct.
31...
7...
Nov. 14...
Nov. 21...
Nov. 28...
6...
Dec.
of Kilowatt-Hours
Ch'ge
1934
1933
1932
1931
1930
1929
2,169.442 1,863,483 + 16.4
2,168,487 1,867,127 + 16.1
2,170,127 1,863,086 +16.5
2,166,666 1,895,817 + 14.3
2,175,810 1,897,180 + 14.7
2,169,480 1,913.684 +13.4
1,659
1,657
1.668
1,646
1,619
1,619
1,622
1,583
2,169.715 1,938,560 + 11.9
2,196,175 1,953,119 + 12.4
2,133,611 1,876,684 + 13.7
2,243.916 1,969,662 +13.9
1,691
1,705
1,684
1,743
1,767
1,788
1,650
1,506
1,508
1,628
1,533
1,625
1,521
1,532
1,653
1,656
1,647
1,652
1,628
1,623
1.655
1,600
1.671
1,711
1,724
1,729
1,747
1,741
1,728
1,713
1,722
1,672
1.747
1.748
1,770
1,617
1,819
1,806
1,799
1,824
1,816
1,798
1,794
1,818
1,718
1,806
1935
1936
Nov.
in Millions
P. C.
of
Dec. 12...
Deo. 19...
but 3,184 cars above the same
week, but an increase of 2,664 cars
13,495 cars above the same week in
1,677
1.669
1,676
2,278,303 1.983,431 + 14.9
2,274,508 2,002,005 + 13.6
1,847,264
Dec. 26...
DATA FOR
1,617
1,617
1,608
1,554
1,619
1,644
1,657
1,539
1,475
1,510
1,519
1,563
1,554
1,416
1.672
1,676
1,565
1,524
1,841
1,860
1,638
amounted to 8,158 cars a decrease of seven cars
and
+11.6
August.
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
9,275,973
Sept
9.262.845
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
Oct
9,670,229
8,388,495 + 15.3
Jan
Feb
March.
April...
May...
June
July
—
Dec....
Total.
+13.9
+11.7
+ 12.9
+ 13.1
+ 16.7
+ 17.5
+ 14.8
+ 18.8
8,197,215
8,521,201
93,420,266
Nov
1934
Ch'ge
1933
1932
1931
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
85,564,124 80,009,501 77,442,112
86,063,979
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
7,160,766
7,538,337
6,480.897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,370,687
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
based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
Note—The monthly figures shown above are
Loading of revenue
and in 1930 follows:
Above
a
Year Ago
major railroads to report for the week ended
Dec. 19,1936 loaded a total of 346,580 cars of revenue freight
The first 18
1935'
1934
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
744,353
713,865
Four weeks in April
Five weeks in May
Four weeks in June
Four weeks in July
Five weeks in August
Four weeks in September
Five weeks in October.
Four weeks in November
Week of Dec.
5..
Week of Dec. 12
Total
44,572.927
2,169,146
2,927,453
2,408,319
2,302,101
638,518
616,650
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,072,864
2.501.950
3,147,988
2.229.951
551,485
580,202
34,771,393
Four weeks in March
2,353,111
3.135.118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
3,701,056
3.061.119
4,095,623
3,013,474
744,957
738,747
Five weeks in February
30,436,780
29,872,078
2,887,975
2,465,735
2,224,872
3,098,001
2,628,482
3,565,051
2,504,477
In the following table we undertake to show also the load¬
ings for separate roads and systems for the week ended
Dec. 12, 1936.
During this period a total of 121 roads
year.
Week Ended Dec. 19
loaded with revenue
corresponding weeks in 1935 and 1934.
freight in 1936 compared with the two previous years
freight, compared with the
increases when
showed
based on about 70%.
Carloadings of Larger Roads in
1934.
in the number of cars
1936
P. C.
1935
1936
607 cars above the
4,048 cars above the same week in
All districts reported increases
Four week in January
of—
1934.
below the
corresponding week
injl935, and 5,069 cars above the corresponding week in 1934.
Coke loading amounted to 11,315 cars, a decrease of 331 cars below the
preceding week, but an increase of 3,259 cars above the same week in 1935.
Ore loading
preceding week, but an increase of
REfcENT MONTHS (THOUSANDS OF KWH.)
Month
week in 1935.
16,778 cars, a decrease of
loading amounted to
Live stock
below the preceding
FOR RECENT WEEKS
(In Thousands of
Kilowatt-Hours)
Week
>
compared with the same week last
The most important of these
roads which showed
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.
increases
were
the
Volume
Financial
143
FROM CONNECTIONS (NUMBER OF CAR8)—WEEK
REVENUE FREIGHT LOADED AND RECEIVED
Total Revenue
from Connections
Ann
1,248
539
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West.
1,365
1,685
7,773
1,363
283
247
11,800
2,602
10,582
2,109
12
24
80
70
1,254
5,957
9,591
Chicago Indianapolis & Louisv.
577
1,855
7,538
1,441
26
Boston & Maine
630
1,783
8,636
1,947
Arbor
Bangor A Aroostook
923
912
4,938
5,762
10,598
2,338
8,604
7,155
2,271
6,928
6,177
8,564
84
345
Lehigh A Hudson River...
Lehigh A New England
Lehigh Valley...
Maine Central..
113
1,935
376
230
13,547
5,488
Erie
Grand Trunk Western
196
2,715
382
Detroit A Toledo Shore Line...
203
3,095
Detroit A Mackinac
Detroit Toledo A Ironton
10,939
11,471
2,458
1,889
4,709
17,125
9,687
1,843
1,523
8,689
2,874
14,144
8,045
1,751
1,207
335
187
48
42
47,046
37,714
13,543
1,902
11,581
6,845
6,547
11,896
1,862
9,044
4,746
1,871
164
....
Montour
b New York Central Lines
;
N. Y. N. H. A Hartford
New York Ontario A Western..
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette..
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
153
130
1,553
8,579
4,971
6,250
1,944
8,470
2,943
3,693
1,534
34,199
10,181
2,087
4,159
4,167
4,643
307
356
26
22
273
166
1,290
8,701
3,220
2,960
3,908
1,410
36,864
10,397
2,055
4,301
524
395
330
315
1,350
880
984
656
576
587
3,702
2,604
4,435
5,266
5,939
4,020
Wabash
Wheeling A Lake Erie
....
Total
5,286
3,682
5,017
3,030
1,625
1,104
10,437
3,862
164,644
Rutland
139,342
133,393
187,853
155,307
967
590
Buffalo Creek A Gauley
529
420
952
26,993
2,122
25,305
1,212
16,841
2,235
13,895
1,433
397
Baltimore A Ohio
316
269
8
6
21
14
12,531
10,616
74
67
1,449
1,275
Central RR. of New Jersey...
Cornwall
6,783
5,565
1,081
6,509
62
734
293
Cumberland A Pennsylvania..
372
340
388
Llgonler Valley
Long Island
242
252
179
618
760
767
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co.
987
956
66,952
14,721
15,263
56,970
12,693
9,031
1,015
52,228
14,333
4,305
Cambria
Union
Indiana
A
(Pittsburgh)
93
Maryland...
79
3,176
Pocahontas
46
31
2,700
1,634
45,073
19,531
3,025
Central System
Louisville A Nashville
2,812
1,384
34,682
16,379
1,960
121,791
111,250
7,497~|
6.179
90,298
112,201
25,654
22,848
Norfolk A Western
18,557
20,552
15,904
8,879
4,714
1,240
7,196
3,814
20,565
963
674
3,539
3,457
2,770
895
12,066
5,370
9,876
18,238
4,071
361
483
166
163
185
370
180
135
116
374
251
1,946
1,481
1,762
2,497
1,950
2,754
1,462
Mississippi Central
Mobile A Ohio
2,646
2,813
Nashville Chattanooga A St. L.
Tennesaee Central
2,045
464
406
425
756
572
66,048
52,200
50,597
33,739
26,650
110,005
Total.
Grand total Southern District
Northwestern
Belt Ry. of
Chicago
Chicago
Chicago
Chlcago
90,316
88,066
71,036
55,363
District—
Chicago
833
720
511
2,161
1,788
15,346
2,566
20,831
4,433
13,520
2,004
18,140
10,847
3,565
9.302
3,029
10,008
2,890
3,927
12,959
2,171
17,521
3,646
872
594
392
143
...
A North Western
Great Western
Milw. St. P. A Pacifio-
St. P. Minn. A Omaha
Duluth Mlssabe A Northern
Duluth South Shore A Atlantio
152
633
503
370
367
356
5,744
3,757
8.303
5,819
378
...
250
251
177
154
10,547
9,109
10,006
3,136
2,331
599
Great Northern
510
618
678
Green Bay A Western
461
377
244
237
73
93
1,727
5,368
10,947
1,553
4,589
1,795
4,629
9,282
8,398
2,044
2,548
3,948
1,693
2,059
2,407
Lake
Superior A Ishpemlng..
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern
7,544
2,705
7,585
Elgin Jollet A Eastern...
Ft. Dodge Des Moines A South.
Paclflo..
133
87
111
290
235
1,891
1,862
1,039
1,753
1,045
85,066
72,638
68,411
52,364
41,785
22,269
3,309
18,906
2,715
17,681
6,311
2,727
4,811
2,760
301
Spokane International
Spokane Portland A Seattle
Central Western District—
Atch. Top. A Santa Fe System.
Alton
343
192
115
75
14,314
1,624
10,766
3,114
9,717
1,389
10,108
2,885
7,279
859
1,420
3,287
2,934
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
A Illinois Midland
Rock Island A Paclflo.
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth A Denver
Illinois
City
Terminal
1,346
10,929
2,886
1,401
3,745
2,069
859
7,023
2,147
1,141
2,232
838
483
13
29
1,325
1,083
2,070
1,169
1,490
1,008
1,158
2,062
Peoria A Pekin Union
114
121
787
810
470
407
283
33
Northern
North Western Paclflo
Southern Paclflo
14,592
17,985
2,282
12,450
3,374
1,669
4,379
1,002
1,130
2,177
1,802
Burlington A Qulncy..
A Eastern Illinois
Colorado A Southern
55
79
91
97
14,277
6,738
4,417
1,049
8,286
,
1,667
17,221
21,155
(Pacific)
in U.
P.
a
System
365
12,672
12,057
1,318
9,674
595
704
640
7
16
1,691
1,588
1,562
2,251
1,526
114,335
96,146
87,683
60,878
45,626
180
Western Pacific
341
15,636
Union Paclflo System
Utah
758
53,821
Virginian
986
4,288
1,297
702
4,356
Norfolk A Portsmouth Belt Line
511
670
St. Joseph <fe Grand Island..... Included
310
Toledo Peoria A Western
District—
Chesapeake A Ohio
303
1,396
19,277
Macon Dublin A Savannah....
Nevada
3,111
148,982
Total.
28
33
•
105
3,952
West Virginia Northern
Western
1,663
329
1,593
19,685
19,038
963
812
33,566
2,945
Akron Canton A Youngstown.
Bessemer A Lake Erie
1,273
627
379
1,608
24,492
25,383
Gulf Mobile A Northern
Total.
Allegheny District—
1935
1936
3,855
1,554
10,281
3,343
5,020
2,540
43,988
10,687
1,839
5,204
7,070
7,480
Monongahela
Group B (Concluded)—
Georgia
Georgia A Florida
Illinois
from Connections
1934
1935
1936
Eastern District—
Total Loads Received
Freight Loaded
Railroads
1936
1936
1934
1935
1936
ENDED DECEMBER 12
Total Revenue
Total Loads Received
Freight Loaded
Railroad!
4069
Chronicle
43,335
40,615
15,513
13,065
Total
Total
Southwestern
Group
Atlantio
112
121
4,990
178
130
159
276
Fort Smith A Western...
A—
Coast
Line
256
185
263
285
230
2,712
2,215
1,503
2,026
1,380
2,164
1,111
1,270
1,892
Norfolk
8,51,8
1,087
8,628
4,853
3,933
Gull Coast Lines
1,063
1,596
International-Great Northern..
333
329
2,144
1,191
847
Kansas Oklahoma A Gulf
87
....
106
190
338
341
Kansas
97
90
1,078
1,023
Louisiana Arkansas A Texas
272
140
100
393
338
Litchfield A Madison
389
402
433
1,007
728
3,029
Midland
880
656
723
303
192
172
146
322
205
4,707
17,204
4,668
4,221
14,369
3,186
9,877
2,741
36
51
43
968
967
1,105
1,258
413
Midland
Southern
398
392
330
Southern SyBtem
Winston-Salem
Southbound...
288
7,291
18,893
7,338
17,945
4,630
16,405
3,704
12,367
179
Seaboard Air Line..
323
8,925
21,123
Northern
A
Richmond Fred. A Potomac...
1,194
4,240
149
148
947
705
43,957
Piedmont
2,895
1,993
379
469
Charleston A Western Carolina
Durham A Southern
Southern
10,141
1,286
....
Cllnchfleld
Gainesville
District—
Burlington-Rock Island
Alton A
Southern District—
38,116
37,469
37,297
28,733
3,344
2,358
A
172
105
2,046
1,665
1,609
1,535
1,372
1,241
203
City Southern...
Louisiana
Arkansas
Valley
Missouri A Arkansas*
Missouri-Kansas-Texas
Missouri
Lines.
Pacific
...
14,191
911
230
8,044
13
18
33
45
68
Natchez A Southern
952
1,488
Quanah Acme A Pacific
116
116
106
104
132
St. Louis-San Francisco
Total
8,715
7,857
7,120
3,681
Louis Southwestern
2,542
8,360
5,455
2,650
2,344
6,675
4,798
2,012
4,627
2,601
3,178
4,569
St.
Texas A New Orleans
Group B—
Alabama Tennessee A Northern
208
210
218
169
132
Atlanta Birmingham A Coast..
700
620
671
713
1,177
2,374
6,740
2,007
2,462
3,823
15,989
2,201
20,735
225
184
68
57
15
38
31
30
35
61,893
Terminal RR. Assn. of St. Louis
4,707
1,434
228
Texas A Paclflo
53,082
50,784
64,753
51,895
299
816
722
576
Central of Georgia
Columbus A Greenville
4,500
3,521
3,277
1,001
1,531
2,838
386
266
229
322
Florida East Coast
1,025
715
819
965
Atl. A W. P.—W. RR. of Ala..
Note—Previous year's figures revised,
and
the
Michigan
*
Previous figures.
Below Year
Last
Sales of
Weatherford M. W. A N. W.
Total
779
a
b Includes figures for the Boston A Albany RR., the C. C.
Not available.
C. <fc St. Louis RR •
Central RR.
Life Insurance Sales in United States During
4%
Wichita Falls A Southern
November
Ago—Canadian Sales 8%
Year
Business
Canadian
End
Above
of
Level
October,
14% This Year to
Montreal Reports
Gained
Bank
of
The Canadian business level has risen
ordinary life insurance in the United States at the
the beginning of 1936 to the
beginning of the last month of the present calendar year were
the
4% less than at the same time in 1935, according to the Life
Insurance Sales Research Bureau, Hartford, Conn. The
roughly 14% from
end of October, according to
Montreal, which said:
Bureau has
of
sales
completed its monthly State-by-State analysis
companies having more than 90% of the
among
ordinary life insurance in force in the country.
The report
97% of those for
November, 1935. Taking the sales for the 12 months ending
Nov. 30, 1936, the total is 4% below that for the year ending
Nov. 30, 1935.
The general trend for sales in Eastern sec¬
tions of the country to be less and those in Western sections
to be more than during the correspondong period a year ago
continued through November, the Bureau states.
In its summary of sales of life insurance in Canada during
November, the Bureau said:
shows that November sales this year were
8% ahead of the sales of November, 1935.
Canada during November
Except for the Province of
Colony of Newfoundland,
this increase was general,
Ordinary life Insurance sales in the Dominion of
were
Manitoba
and the
with Alberta and Saskatchewan showing
of the 11
the highest ratios.
Comparison
months' sales in 1936 with sales for the same period a year ago
shows an increase of 2%.
business
The outlook for the coming months is
summary
propitious.
of the
Bank of
Nothing resembling a
spectacular boom is in progress but improvement has been visible in
every
line of economic activity and it is significant that business
in the first nine months of this year
almost
failures
16
fell to the lowest point of the past
years.
The purchasing power of the public has
been materially
increasing employment and by a substantial number of
panies
augmented by
important com¬
the
making itself
paying increased dividends to their shareholders and raising
wages of
their workers.
The additional purchasing power is
felt in trade and retail merchants report that their
higher than it was
a
year
ago.
business is markedly
A feature is a widespread
demand for
luxury goods.
Among additional favorable Canadian business conditions,
the Bank states that most manufacturing firms
orders in hand which promise to keep
have ample
plants well employed
throughout the winter; primary iron and steel industries'
operations
are
maintained at
duction for November
was
a
good level; autompbile pro¬
than October;
5,451 units more
commodity prices remain remarkably stable but the ten¬
Newfoundland also showed a
dency is slightly upward, chiefly as the result of a further
Sales of the last 12 month's period were also 2%
greater than sales for the preceding 12 monthr .
monthly
This year the only Province to fall behind last
year's production was Quebec; the Colony of
production decrease.
current
sharp rise in the price of wheat and other grains.
Financial
4070
Living Costs Increased Slightly During November,
According
to
National
Industrial
Conference
Chronicle
1928
were
level,
as
Dec,
compared
with
53%
only
also registered in Great Britain,
1935.
October,
in
1936
26,
Increases
Canada, and Belgium.
Wholesale
prices were substantially unchanged in the United States, Germany, and
Board
Japan from September to October.
The cost of living of wage earners rose
0.1 % from October
to November, according to the monthly survey of the
National
Industrial
Conference
Board.
Although food
prices declined, the cost of the other groups of expenditures
rose during the month interval.
Living costs in November
averaged 2.9% higher than in November, 1935, and 19.7%
higher than in April, 1933, the low point during the de¬
pression, but they were 15.0% below the level of November,
1929.
Under date of Dec. 14 the Conference Board also
stated:
Security prices on the leading world exchanges averaged higher during
the first three weeks of November than in October.
In the last week of
November and the first week of December, however, a recession occurred
practically all important security exchanges.
on
Employment
Pennsylvania
in
Collieries
Anthracite
Increased 3% From Mid-October to Mid-November
—Payrolls Declined 17%
of workers on the rolls of Pennsylvania
companies increased 3% but the amount of wage
disbursements declined 17% from the middle of October to
the middle of November, according to indexes compiled by
the Federal Reserve Bank of Philadelphia from reports to
the Anthracite Institute by 32 companies employing some
71,900 workers whose earnings approximated SI,636,000 a
number
The
anthracite
Food
0.4% from
declined
prices
Bents
continued
advanced
higher than
their
steady
climb,
upward
0.7%
increasing
from
Since November,
1935, rents have risen 11.5%
January, 1934, the low i>oint during the depression, they have
29.8%.
In November of this year rents were 11.5% below the
level of November,
Clothing
0.3%
due entirely to a
declined
prices
October
Although
slightly.
to
clothing prices
have risen
21.9% over the low point of 1933, they were in November of this year
lower than in November of last year, and 25.1%
0.7%
lower than in
November, 1929.
Fuel
and light
costs increased
0.3%
October to November, in
from
Fuel and light costs in
seasonal increases in coal prices.
consequence of
November, however, were 0.2% below those of November, 1935, and 8.3%
below those of November, 1929.
The cost of sundries rose 0.2 % from October to November, chiefly because
of
increases
the
in
Since November,
of housefurnishings.
prices
the cost of sundries has increased 1.0%, and since
In
November,
a
decline of
14% in November as compared with
decline in wage payments
below
the
month before.
a
The
and employee-hours reflected in pan the effect
of holidays.
The index of employment rose from 49%
of the 1923-1925 average in
October to nearly 51 in November, while that of payrolls dropped sharply
from about
41
to 34 in the same interval.
Compared with
a
year ago,
however, both indexes were higher by 11 and 41% respectively.
Detailed
comparisons follow:
■
^
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average=100
1935,
Employment
the low of 1933 5.4%.
averaged only 5.0%
sundries
1936,
Employee-hours actually worked in the collieries of 27 companies showed
November.
This
rise in men's clothing prices, since women's
from
The Reserve Bank added:
week.
1929.
increased
prices
was
clothing
They were,
1935, and 38.0%
1933, although still 22.7% below the November, 1929, level.
October to November.
and since
increase
October to November.
1.9% higher than in November,
however,
in the spring of
level
of
Payrolls
1933
1934
1935
1936
1933
1934
1935
1936
51.1
62 3
61.1
57.9
36.3
59.4
48.1
45.8
57.2
November, 1929.
The purchasing value of the
dollar was
116.6 cents in November,
as
119.9 cents in November, 1935,
compared with 116.7 cents in October,
and 100 cents in 1923.
January...
May
Cost
Importance
in Family
Budget
Item
Per Cent Increase (+)
Decrease (—) from
of Living
1923=100
or
a
Nov.,
October, 1936, to
November, 1936
Oct.,
1936
1936
to
84.3
_L
Gas and electricity
Sundries
69.0
85.3
+0.3
+ 0.6
88.0
30
95.1
94.9
85.7
116.7
—0.1
a
prior to July,
entitled, "The Cost of Living in the United States, 1914-1936," price. $2.50.
World
in
During October Reported
Industrial, Production
by|-National Industrial
v
Conference Board
World industrial
production continued to advance during
October, according to the monthly statement on foreign
economic conditions made public Dec. 16 by the National
Industrial
Conference
Board.
Increases
in
output
in
Canada, Netherlands, France, Germany, Norway, and
the leading South American countries were sufficient to
than offset isolated declines in
few minor countries.
a
activity in
October.
Germany was well maintained during
An intensive drive for raw material self-sufficiency within four years
been
undertaken.
41.8
47.5
50.3
28.8
44.7
55.5
35.3
48.5
47.5
32.0
35.4
31.6
31.3
37.9
40.4
39.0
33.3
23.8
26.4
55.4
45.2
46.8
39.4
32.2
29.3
56.9
57.7
49.0
51.6
40.4
47.1
40.8
59.4
-
55.6
52.2
48.2
59.0
45.7
50.6
40.1
42.8
23.9
33.8
59.8
56.3
37.2
43.9
46.7
60.4
-
56.0
58.0
52.0
38.4
46 7
89.9
50.9
The expansion necessary to carry out this
Factories
has
program,
the rolls bf Pennsylvania
disbursements decreased
1% from the middle of October to the middle of
November, according to indexes compiled by the Federal
Reserve Biank of Philadelphia from reports received from
2,284 manufacturing plant s employing some 512,100 workers
whose payroll averaged $12,324,000 a week.
Employeehours actually worked also showed a decrease of nearly 1 %
in this period, according to the reports of 2,047 establish¬
ments.
The decline in wages was substantially less than the
usual seasonal change, owing in part to wage increases.
In
an announcement issued Dec.
18 the Philadelphia Reserve
Bank also had the following to say:
about
The November index of employment was 87, relative to the
average, or over
stood at about
10% higher than
a year ago;
1923-1925
that of payrolls, which also
87% of the base period, showed
compared with November of last year.
as
Activity in the United States and Great Britain remained
at about the same level as during the preceding month.
The Conference Board's report continued:
Industrial
53.7
The Dumber of wage earners on
factories and the amount of wage
Revised series.
Figures on revised basis for dates
1936, may be found in the publication of the Conference Board
more
25.2
+0.1
116.6
Advance
53.9
Noted in Employment and Payrolls in Penn¬
sylvania
Factories
from
Mid-October
to
MidNovember-—Employment Slightly Lower in Dela¬
Based on food price Indexes of the United States Bureau of Labor Statistics
Further
52.4
Decrease
+ 0.2
85.8
Purchasing value of dollar
for Nov. 17 and Oct. 13,1936.
62.0
64.7
53.0
—
ware
*
24.1
53.9
55.3
------
Average
JO
100
-
Weighted average of all items.
35.9
42.0
55.2
—0.1
86.2
88.0
5
—
Coal
32.7
43.3
+0.5
85.8
Women's
Fuel and light
+0.7
+0.3
78.6
86.5
Men's
73.8
68.9
12
80.8
74.0
20
69.2
31.3
*—0.4
81.4
79.0
Food*
Housing
Clothing
40.9
48.9
55.2
October
------
November
84.6
47.7
51.5
51.5
42.7
——————
.1.
July
August
September
December....
33
60.1
50.0
46.4
June
Indexes of the
Relative
62.7
56.6
38.5
------
65.7
42.0
——————
April
61.4
53.1
50.3
February
March
an
increase of nearly 27%
According to estimates made
from current reports and the census data, some 956,000 wage earners were
employed
in
Pennsylvania
payroll approximating
The
most
employment
factories
during
November,
with
a
weekly
$22,300,000.
pronounced departures from the usual seasonal changes
were a
much smaller decrease than customary in the
lumber products and a
case
in
of
gharp decline, reflecting some labor difficulties, in
however, may place a serious strain on the financial structure of the country.
the stone, clay and glass products group.
A renewal of attempts to enforce price control measures occurred during
group were maintained well
October, with the establishment of the office of Reich Commissioner for
ber; this also
Price Supervision.
makers of transportation equipment and textiles and clothing.
Reports from Great Britain indicate that the volume of activity is now
about 8.5%
on
higher than the average 1935 level.
broad
increasingly
an
Building
front.
Recovery is continuing
activity,
declined
however,
Improvement in France is based to
to
a
considerable extent
on
the desire
replenish low raw material stocks before their prices increase further.
trade
advanced
seasonally
in
a
lesser degree, in several other lines, including
Employment and payrolls in the durable goods industries showed virtually
change from October to November, while small declines occurred in the
no
lines
average,
durable
included
the
in
the
general
November indexes
goods stood
at
76
and
of
These groupings include most of
indexes.
Relative
employment and
84%,
respectively.
to
1923-1925
the
payments
in
Similar indexes
of
wage
consumers' goods stood at
Building activity in France is the lowest in many years.
International
Payrolls in the iron and steel
above their customary seasonal level in Novem¬
true, but to
industries producing consumers' goods.
the
dining September and October.
was
and
September
reached
101 for employment and at 94% for payrolls.
Compared with
the number of workers employed in the durable
a year ago,
38.4% of the 1929 average, according to the combined index of the value
goods industries in November
of trade in 75 countries, computed in terms of gold.
consumers' goods showed an increase of only 4% in the interval.
compares
1935.
The September figure
with 36.4% in the preceding month, and with 33.9% in September,
A part of the increase in value was due to higher
commodities, but there has also been
a
unit prices of
fair increase in the physical quantity
British exports in October were the highest since November, 1930, and
imports were the highest since November,
rose to
the highest level for 1936.
there is
a
1931.
French
foreign
trade
Export activity in Italy has risen, and
possibility that import quotas will be advanced
as
increased
20% greater, but in lines producing
The following is also from the Bank's announcement
regarding employment conditions in Delaware factories:
Reports
of world trade.
was over
from
employment but
79
a
Delaware
factories
showed
a
fractional
decline
in
gain of 2% in wage payments from October to November;
employee-hours worked in 74 manufacturing plants increased over 1% in
the period.
Compared with
a
year ago
employment registered a gain of
12% and the amount of wage disbursements was nearly 29% greater.
foreign exchange becomes available.
World
prices
of
important
raw
materials
entering
into
International
trade declined slightly during October for the second consequtive
month.
They remained about 7% higher, however, than the average for the first
half of
tea
1936.
The decline
and cotton remained
Wholesale
most of the
unchanged.
commodity prices continued to advance during October in
leading countries.
where currency
structure.
due primarily to recessions in sugar and
was
Wheat, coffee, rubber, silk, and tin prices advanced; copper
prices.
The
The rise
was
devaluation is still producing
French
index for
particularly sharp in France,
a
marked effect on the price
October stood at
73%
of the average
Decrease in Number of
Unemployed Workers in October
Reported by National Industrial Conference Board
The
total
number of unemployed workers in October,
8,673,000, according to estimates of the National
Industrial Conference Board.
This is a decrease of 309,000,
or 3.4%, from the revised estimate for the preceding
month;
and a decrease of 1,999,000, or 18.7% from October, 1935,
the Board said, adding:
1936,
was
Volume
143
Employment in
1936,
or
all types of enterprise in the
44,100,000 workers.
was
0.8%
Financial
September,
over
October, 1935.
This
and
was
an
increase
an
Chronicle
Lumber
United States in October,
increase of
of
360,000 workers,
2,605,000,
6.3%
or
over
The increase in the number of employed workers has been
wood
the
feet,
greater than the decrease in the number of the
unemployed because of the
addition of
workers to the labor force.
new
number of workers employed in October, 1936, was 3,056,000,
6 ;5% below the
average of 47,156,000 workers employed in 1929.
or
fc-From
were:
90,000;
service,
291,100,000
Shipments
above
106
12,560,000 feet,
or
Manufacturing,
54,000;
mining,
utilities,
4,000; agriculture,
dustry decreased 17,000.
Ifc.Compared
7.5%
in
185,000;
trade,
17,000;
distribution
transportation,
4,000. Employment in
the
and
finance,
12,000;
public
construction
in¬
with October, 1935, employment in October, 1936, increased
manufacturing;
40%
in
construction;
8.5%
transportation;
in
5.8% in the public utilities; 4.4% in trade, distribution and finance; 4.0%
industries, and 2.8% in agriculture.
feet,
or
production.
week's
57%
give
production
of
474
the
week
business
for
of
185,951,000
were
feet.
13,497,000 feet,
as
the
Production
soft¬
production
185,170,000
was
new
14% below production.
1936, by 502
above
reported
as
12,
same
Production
mills
.Shipments
Identical Mill
Last
Dec.
reported for the
as
hardwood
8% below production.
September to October, 1936, increase in employment, by industrial
groups,
mills.
0.4%
or
reported for the week ended
totaled
Reports from
or
i*The
mills
same
4071
orders
week
same
was
were
14,617,000 feet.
Reports
identical softwood
mills was 181,032,000
188,329,000 feet; shipments were, respectively,
182,332,000 feet and 158,390,000
fet, and orders received, 285,868,000
feet and' 189,923,000 feet.
In the case of hardwoods, 75 identical mills
feet, and
reported
a
year
ago
it
production
9,025,000
was
last
week
feet; shipments,
9,970,000 feet and
andi
9,204,000
a
year
feet
11,340,000
ago
and
7,179,000 feet,
feet
and
and
orders,
7,806,000 feet.
in the service
The
following table prepared by the Conference Board
of employed workers in the various in¬
shows the number
Farm Income for 1936 Estimated to Be
Above
dustrial groups in 1929; October, 1935;
September> 1936 and
cultural
October, 1936:
The
NUMBER OF EMPLOYED
WORKERS
Last
Year,
According
a
Billion Dollars
Bureau
to
of
Agri¬
Economics
income from agricultural production for 1936
approximately $9,530,000,000, the Bureau of Agri¬
cultural Economics, United States
Department of Agri¬
culture reported Dec. 19, in
making public its preliminary
year-end estimates of income. * This figure is 12% larger
than the 1935 income of $8,508,000,000, and it
compares
with $7,276,000,000 in 1934 and with
$5,337,000,000 in 1932,
the low point of the depression.
The foregoing figures in¬
clude the gross income from products sold or to be
sold, the
estimated value of products consumed by farm families and
all agricultural adjustment
payments.
The Bureau further
reported:
■
:•
-•
y
' ; .•
gross
will be
1929
Agriculture
Forestry and fishing
October,
September,
Average
Group Division
1935
1936
10,452,000
267,000
10,628,000
October,
1936
10,924,000
711,000
725,000
9,144,000
1,649,000
1,722,000
892,000
6,785,000
8,542,000
1,266,000
9,649,000
2,327,000
1,857,000
940,000
6,996.000
8,832,000
1,331,000
10,928,000
160,000
742,000
9,834,000
2,310,000
1,869,000
944,000
7,086,000
8,886,000
1,340,000
41,495,000
43,740,000
44,100,000
155,000
Industry—Mining
Manufacturing
1,087,000
11,073,000
Construction
2,841,000
Transportation
2,415,000
Public utilities
1,167,000
Trade, distribution and Finance._
7,321,000
Service industries
9,156,000
Mlscell. industries and services...
1,377,000
159,000
•
Total employed
47,156,000
♦
■
years.
The actual cash income from 1936 products sold or to be sold
is estimated
Automobile Sales in November
at
The Bureau of the Census has issued the
figures in the
table below of
factory sales of automobiles manufactured in
the United States
(including foreign assemblies from parts
made in the United States and
reported as complete units
of vehicles) for
November, 1936.
Canadian production
figures have been supplied by the Dominion Bureau of
Statistics.
Figures for months prior to those shown below
were
reported in the issue of the "Chronicle" of Nov. 28,
1936, page 3386.
v_
NUMBER OF VEHICLES
-
It thus appears that the gross income of American farmers
has risen by
an
average of more than $1,000,000,000 a year during the past four
approximately $8,100,000,000 compared with
1935
These figures represent cash sales and do not
and $4,377,000,000 in 1932.
include any value of products used on the farms.
The 1936 income available for the farmer's
labor, capital and amnagewill reach about $5,300,000,000.
This figure is arrived at by de¬
ment
ducting from the
gross
income the estimated expenditures of about $4,230,-
000,000 for goods used in production,
wages, interest, taxes and rent, as
allowance for depreciation on buildings and
equipment.
This
exceeds the 1935 comparable figure of $4,538,000,000
by 17%.
It is
well
as
an
only
7%
less than the comparable
1929 income of $5,669,000,000.
The gain in gross income in
Income
penses.
increased
1936
about
greater than the increase in
was
12%,
than is indicated by the gross income alone.
Canada
Sales)
Total
(Production)
Passen¬
Trucks,
(AU
ger
Trucks
&c.
Passenger'
Vehicles)
Cars
&e.
Cars
Vehicles)
The
ex¬
actual
year
If the difference in the level
paid by farmers for commodities used for family living is taken
into account the purchasing power of the 1936 income
available to farm
operators
Total
(AU
6%.
during the last
more
of prices
United States (Factory
Year and Month
only
expenses
position of the farmers, therefore, has improved
(INCLUDING CHASSIS)
$7,201,000,000 in
1936—
actually exceeded that of
1929
and
is
the
highest for
any
of
the past
13 years for which these farm income estimates are vailable.
In general the increase in the 1936 gross income over
1935 is due princi¬
pally to a higher level of farm prices, since the total volume of
agricultural
October
224,628
33,940
53,434
10,812
4,592
10,086
production this
394,890
190,688
341,456
769
November
726
was
3,955,814
3,250,044
705,770
141,911
114,766
27,145
58,733
58,145
8,273
13,491
6,803
395,059
213,310
336,914
3,542,406
2,909,222
633,184
159,088
Tot. 11 mos. end. Nov
5,361
potatoes and tobacco.
1935—
current
than
October
272,043
November
f.
Tot. 11 mos. end. Nov
year was
only 3% larger than last year.
smaller than last year as
result of shorter crops of grains, apples,
Prices of all crops for the first five months
of the
marketing seasoh averaged 14% higher than
offset
1,470
The
10,916
2,575
products
124,896
34,192
the smaller
was
crops
well
as
the largest
October
131,991
83,482
November
84,003
47,988
34,462
49,020
3,780
1,697
and
more
and livestock
Income from cotton and from
increase
1935,
over
poultry products showed only minor gains.
1954—
year ago
from livestock
as
larger this year than last.
showed
a
production.
income from
gross
animals
meat
a
Crop production
while
tobacco and
The small apple crop this year
caused the fruits group to show a smaller gross income.
2,125
1,052
1,655
Government payments to farmers in 1936 under the
Conservation pro¬
and as rental and benefit payments on the 1936 winter wheat
645
gram
Tot. 11
end. Nov
mos.
2,599,487
2,066,858
532,629
114,158
90,204
23,954
crop
will approximate $480,000,000, compared with rental and
benefit payments
of $498,000,000 in 1935.
This year's government payments amounted
to 9
Weekly
Report
of
Lumber
Movement,
% of the income available to farm operators after deducting production
1935 they represented 11%.
expenses, whereas in
Week
Ended
Dec. 12, 1936
The lumber
industry during the week ended Dec. 12, 1936,
55% of the 1929 weekly average of production and
stood at
56% of 1929
shipments.
reported
business increased
These
50%
new
orders
above
in
the
For the
week
production
consecutive
the
Dec.
ended
and
fifth
over
12
shipments,
week
preceding week.
were
which
than
more
still
are
re¬
stricted
by the maritime strike.
National production re¬
ported during the week ended Dec. 12, by 2% fewer mills,
was 3% below the
output of the preceding week; shipments
were 4% below, and new orders 5% above that
week, accord¬
ing to reports to the National Lumber Manufacturers Asso¬
ciation
of
from
regional
associations
covering
the operations
important hardwood and softwood mills.
Reported new
12, 1936, were 52%
shipments were 1% below output.
Reported new business of the previous week was 42% above
production; shipments were 1% above output.
Production
in the week ended Dec. 12 was shown
by all reporting mills
(hardwood and softwood) 3% below the corresponding week
of 1935; shipments were
16% above, and new orders 50%
above shipments and orders of the
corresponding week last
business during the week
in excess of
production;
During the
of
week
hardwoods
orders
new
orders,
All
output.
reported
hemlock
in
ended
Dec.
softwoods
304,597,000
feet
production,
291,102,000 feet.
the
regions
week
but
ended
12,
587
combined;
601;
softwood
duction
but
and
of
Mills,
were:
feet;
Dec.
Revised1
199,787,000
198,511,000
figures
feet;
feet;
feet
booked
for the prceding week
shipments, 207,843,000
hemlock
reported
Hardwood
orders
orders
wre
above
pro¬
reported below
All regions except Southern pine, Western pine and Northern
pine
shipments below output.
All reporting regions but Northern
showed
West
Coast
orders
and
above the
Northern
corresponding week of 1935.
hemlock
but these two reported production
situation.
Marked advance in wheat prices and moderate
increases
more
in potatoes, hogs, cattle, wool
than offset the slight declines in
reported
All regions
shipments above,
above similar week of last year.
and all
and cotton much
corn and butter,
lambs,
the Bureau
said; it added:
,
Domestic wheat prices have followed world markets
upward since earlyNovember, largely as a result of increased buying by Europe.
In other
years,
more
or
less similar to the present one, domestic wheat
prices in
January usually have been higher than in December.
Whether
will be the case this year, with the present level of
prices, will
the extent and the rapidity with which reserves are
or
not this
depend
upon
accumulated by Euro¬
pean
importing
countries.
-
With normal weather conditions and with
demand not much different
from the present level, feed grain prices are
expected to fluctuate at, or
slightly above the present level, with
influenced by
1937
crop
no
large changes likely until they
are
prospects.
Domestic flaxseed prices have advanced
sharply since June, influenced
Potatoes, of which the supply this winter
comparatively short, have shown
some
gain in price.
Flue-cured tobacco
markets reported prices in November higher than those for
the same time
last year.
Cotton
cotton
prices
mills
are
rose
strongly in the first
active, and indications
of American cotton will be maintained
12.
Reports Advance in
Prices
The general level of prices of farm
products rose substnatially during the last month, the Bureau of Agricultural
Economics, United States Department of Agriculture re¬
ported on Dec. 16, in its mid-December review of the price
is
produced
shipped
205,039,000
Northern
Dec.
mills
Farm
chiefly by the reduced 1936 crop.
The Association further reported:
year.
i
ended
Bureau of Agricultural Economics
part
are
of December.
that
the
through this
world
season
Domestic
consumption
at
a
level not
greatly different from that of last year.
Livestock
markets
have
shown
considerable
strength
preices advanced fully 25 cents in early December,
supplies reached new high figures for the current
in nearly three years.
During the next two
or
even
season
this
fall.
Hog
though slaughter
and
were
three months,
the largest
marketings
of h#gs are expected to be less than usual and therefore cause the
seasonal
rise in prices now under way to
be greater than average.
Financial
4072
Prices of the better grades of
beef steers
continued to strengthen during
Chicago reached
the highest figures since the middle of last February.
Cattle supplies are
expected to continue large during December with most of the remaining
supply of long-fed cattle cleaned up by the end of the year.
The average
quality of cattle for slaughter during the first half of 1937 will be much
below that of the first half of 1936, but prices are expected to be considerably
November, and early in
December choice and good cattle at
higher than year earlier.
have declined slightly
Butter prices
outlook for relatively light
it is
during the last month
production of dairy products
expected that these prices will
but, with the
during the winter,
remain fairly high compared
with those of
winters.
recent
Wool prices are
higher and the demand for
wool is strong throughout the
world.
products in
This was
one point lower than in
October and compared with an index of 108 in
November, 1935.
The index of prices paid by farmers for commodities
bought in November stood at 127 which was the same as in October and
compared with 122 in November, 1935.
The ratio of prices received to
prices paid by farmers was 94 in November, one point lower than in October,
general index of prices
The
received by farmers for their
mid-November was 120, compared
but compared
with 89 in November,
1936-37 Argentine
249,866,000 Bushels
at
100.
1935.
Places
Estimate
First
with the pre-war base fo
Wheat Crop
Argentine wheat crop is estimated at 249,855,000 bushels, according to the first official estimate re¬
ceived Dec. 17 by cablegram to the Bureau of Agricultural
Economics, United States Department of Agriculture, from
Agricultural Attache P. O. Nyhus of the Buenos Aires office.
The
1936-37
This estimate compares
the 1935-36 crop
with the latest revised estimate of
and with an average
of 141,021,000 bushels
production of 243,932,000 bushels for the five years ended
1934-35 crop.
The following is also from the an¬
nouncement issued by the Department of Agriculture:
with the
In transmitting this
estimate, Mr. Nyhus
be somewhat less because
Cordoba and Santa Fe.
Aires, yield prospects are
province early drought did consideralbe
damage, but late rains were helpful and yields are only slightly below
average.
The wheat crop in the Tree Arroyos region has rarely had better
stand and early yield prospects, but severe damage from early November
frost is now apparent with yield prospects reduced fully 50% on a con¬
siderable acreage and at least 1,250,000 acres injured to some extent.
In the central part of
the Province of Buenos
In the western part of this
good.
barrels daily set
the like 1936
Jury
Crude oil
production established a new daily average high
for the second successive period.
in the week ended Dec. 19
Daily average output of 3,145,700 barrels, disclosed in the
Petroleum Institute report, w^s 26,200 barrels
the
and
actual
All
major
oil-producing
States with
In setting the
organization.
suggestions of the Federal
the
higher allowables, oil control authorities in all three States
argued that the Bureau of Mines was consistently under actual,
demand in its estimates.
Their arguments were given force
in the statistics showing that the steady drain upon crude
stocks in recent months have carried them off to a 15-year low.
expected to meet the 17-cent advance
Oil Co. in crude oil prices when
Jan. 4.
Whether or not they
will meet it in full in all fields affected by the initial markup
is not definitely known but, generally speaking, it is unoffici¬
ally known that the advance will be met.
The two consecu¬
tive weeks of record high petroleum outturn are seen of little
basic importance in that, although output was above demand,
the excess crude is moving into storage to replensih in¬
Major companies are
instituted by the Continental
the latter becomes effective
ventories.
in Federal Grand Jury probe
Further developments
of the
oil industry in the Mid-West broke during the early part of the
week.
Press dispatches from Madison on Dec. 22 disclosed
impaneled last week, returned
virtually the same defendants as in
the indictments returned on July 28 and Nov. 26 by a pre¬
vious Grand Jury. The new Jury was a result of argument
advanced by the defendants that the original indictments
were non-effective as the legality of the first Grand Jury was
that the second Grand Jury,
new
indictments naming
doubtful.
There
were no
price changes.
Price* of
Typical Crudes per Barrel at
(All gravities where A. P. I. degrees are
Wells
not shown)
$2.45 Eldorado, Ark., 40
1.16 Rusk, Texas, 40 and
.......
1.4? Darst Creek
Bradford, Pa
Lima tOhlo Oil Co.)
Corning, Pa...
$1.10
1.15
over
.......
1.28 Central Field, Mich........ ......
....
1.28 Sunburst, Mont
Mld-Cont't, Okla., 40 and above.. 1.18 Huntington, Calif., 30 and over
Winkler, Texas
...
.85 Kettleman Hills, 39 and over......
Smackover, Ark., 24 and over... .75-.80 Petrolla. Canada
Illinois
Western Kentucky
PRODUCTS—KEROSENE
REFINED
MOTOR
STOCKS
FUEL
IN
.97
1.32
1,16
1.22
1.40
2.13
ADVANCED-
PRICES
GAIN—INCREASE OF
RECORD
DEMAND FORECAST
heating oil prices featured the
in the refined products with the largest seven-
IN JANUARY GASOLINE
7 2%
Advances in kerosene and
news
day gain in gasoline
stocks thus
far this season sharing
of the trade.
interest
Co.
The Sinclair Refining
on
Dec. 23 announced a boost of
gallon in tank car lots of kerosene and No. 1 heating
oil at New York,
Boston, Philadelphia, Tiverton, and
Providence, R. I., Charlestown, Wilmington, N. C., and
Norfolk, effective Dec. 24.
The company posted an increase
of 34 cent for these products at Jacksonville, Tampa and
34 cent
a
other Gulf Coast
ports.
the exception of
competing companies operating in the affected areas are
expected to meet it promptly.
An increase in the price of
Diesel oil at Norfolk to $1.89 a barrel from $1,785 was
production in the like 1935
2,850,050 barrels.
•
running about
period of
previous week. The total compared with estimated
2,930,300 barrels set by the Bureau of
December demand of
Mines
and Kansas already
Socony-Vacuum Co. on the same day announced an
advance of 34 cent a gallon in the tank-car and tank-wagon
price of kerosene throughuot its New York-New England
marketing area with the exception of the Buffalo and Roch¬
ester areas.
This markup is effective Dec. 24, and other
American
over
of 240,650
out-put in
5% above the Bureau of Mines recommendations, it was
thought likely that the latter two States would for the second
month follow the Texas Railroad Commission in ignoring
week's
Products—Crude Oil Output
Again Sets Record High—January National Allow¬
able Lifted—Texas Quota Exceeds United States
Figures—New Indictments Voted by Federal Grand
Its
and
Petroleum
1936
month.
With Texas, Oklahoma
he has obtained
but that the final outturn may
26,
The Louisiana January allowable
Dec. 23 is 71,950 barrels above
barrels daily.
indicates that the crop figure
through field investigations,
of frost injury
in the South, which is becoming more apparent daily.
Excellent yields of
wheat are being harvested in the northern part of the Argentine wheat zone
with the probability of new records in high yields in the Provinces of
in in line with information
Dec.
Chronicle
California contributed to the increase. Oklahoma producers
597,400 barrels, up 5,200 barrels from the
The
posted
Dec. 20 by Standard of New Jersey.
Soconytank ear prices of gasoline 34 cent a
on
lifted operations to
Vacuum
comparing with market demand of
Bureau of Mines. An increase of
16,150 barrels in Texas boosted the output to 1,212,200
barrels, against the Bureau's recommended figure of 1,145,200
barrels.
Kansas and Louisiana also showed modest gains,
both exceeding the Federal recommendations.
California,
despite a cut of 500 barrels, was substantially in excess of the
gallon throughout New England, with tank wagon moving
up 0.03 cent, all changes effective Dec. 28.
An increase of 1,190,000 in stocks of finished and un¬
previous
week
and
567,000 barrels set by the
Federal level at 593,500 barrels.
the January estimated
market demand for crude oil over the December forecast was
recommended by the Bureau of Mines which put- next
month's production level at 2,998,400 barrels.
The rec¬
ommended level, incidentally, is more than 91,000 barrels
under the actual average for October, last.
In announcing
the increase, the Bureau pointed out that it was due in part
to the lower gasoline yield from crude normal at this time
of year as refiners stressed heating oil outturn.
The Texas Railroad Commission, in fixing the January
allowable, again set a figure far above that suggested by the
Bureau of Mines for the State.
The new schedule, an¬
nounced on Dec. 22, set the maximum quota for the first
month of 1937 at 1,248,907 barrels daily.
This is 72,907
barrels above the Bureau of Mines estimate of January
market demand for Texas crude and 44,000 barrels more
than the Dec. 1 allowable set by the Commission.
Comple¬
tion of several new wells lifted the December allowable in
Texas to 1,234,435 barrels daily at mid-month.
The allowable in the East Texas field was lifted moderately,
the bulk of the increase being scattered among other fields.
Under the revised schedule, the East Texas quota is lifted
from 444,034, as of Dec. 12, to 447,861 barrels.
The allow¬
able in the Panhandle area was boosted 10,000 barrels daily,
for the Conroe field it was increased 3,000 barrels and for
the Texas side of the Rodessa field it was lifted about 7,000
An
increase
of 68,100 barrels in
advanced
largest for any week during the current
lifted total motor fuel stocks at the close of the
Dec. 19 week to 59,207,000 barrels, according to the Amer¬
ican Petroleum Institute.
Stocks at refineries rose 1,023,000
finished gasoline, the
season,
barrels, at bulk terminals 49,000 barrels
and holdings of
gained 118,000 barrels during the week.
Refinery operations gained one point over the previous
week, refineries running at 77.9% of capacity, against 76.9%
a week earlier.
Daily aveiage runs of crude to stills gained
35,000 barrels to 2,990,000 barrels.
Production of cracked
gasoline gained 20,000 barrels to 690,000 barrels.
Further
seasonal expansion in demand for gas and fuel oils brought a
dip of 981,000 barrels to 107,288,000 barrels.
A 7.2% increase in domestic demand for gasoline during the
first month of 1937 over actual demand in January this year
unfinished gasoline
by the Bureau of Mines which placed indicated
34,900,000 barrels.
No change from the Decem¬
ber figure of 2,300,000 barrels in export demand for motor
fuel was seen by the Bureau but the latter is 272,000 barrels
under actual foreign demand during January, 1936.
Representative price changes follow: :
Dec. 20—Standard of New Jersey increased the price of Diesel oil at
was
forecast
demand at
Norfolk to $1.89 from
$1,785.
Dec. 23—Sinclair Refining
heating oil
M
ports, effective Dec.
Dec.
1 heating oil
with the exception of
and No. 1
cent at Gulf Coast
and tank-wagon prices
throughout its marketing
effective Dec. 24.
advanced tank car prices of
Conn, and Mass., R. I., Maine and N. H.
effective Dec. 28,
cent a gallon in eastern
and tank wagon prices
tank-car
cent a gallon
the Buffalo and Rochester areas,
Dec. 24—Socony-Vacuum,
gas
and
24.
23—Socony-Vacuum increased
of kerosene and No.
area
increased tank car prices of kerosene
cent at all Atlantic Coast ports
0.03 cent.
Volume
143
Financial
U. S. Gasoline (Above 6A
Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
-.05^
.06H-.06M
.05M
.05H
.06
-.0634
Chicago
Standard Oil N.J.$.06^
Socony-Vacuum__ .07
Tide Water Oil Co .07^
Colonial Beacon._$.07H
New
Texas
Los
Richfield Oil (Cal.) .07H
Shell Eastern....
.07}4.
Gulf
$.05
Orleans.
Ang.,
ex.
Gulf ports
Tulsa
07
.07
Warner-Qulnlan__ .07H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
(Bayonne)
| North Texas.$.03J4-.033tf. New Orleans.
1 Los Angeles.. .0334-.05
J Tulsa
$.05
$.0334
-.03
03
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
Bunker C
...11.15
Diesel 28-30 D
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. 19, 1936, is estimated
at 3,069,000 barrels.
The daily average output for the week
ended
$ .95
I Chicago,
I
Brooklyn
..$.167
I Tulsa M G I.$.02$4-.02$4
and receipts in bond at
use
Cincinnati
.17
$.195
Cleveland
Denver
There
..$.201
Minneapolis
.195
New Orleans—
.23
.21
Philadelphia
.19
were no
a
daily average of 126,571
12 and 152,750 barrels daily for the four
receipts of California oil at Atlantic and Gulf Coast ports
for the week ended Dec.
.175
....
principal
19 totaled 1,341,000 barrels,
daily average of 191,571 barrels, compared with
barrels for the week ended Dec.
Further
weeks ended Dec. 19
$.02H-.02Hl
MG1
.167
Newark
21, 1935, totaled 2,850,050 barrels.
reported by the Institute, follow:
as
United States ports for the week ended Dec.
a
Gasoline, Service Station, Tax Included
New York
z
Dec.
Imports of petroleum for domestic
1.05
Gas OH, F.O.B. Refinery or Terminal
x
4073
26,200 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
details,
California 24 plus D
I New Orleans C
$1.00-1.25 Phlla., Bunker C
1.65
N. Y. (Bayonne)—
27 plus.,..$.04
Chronicle
Dec.
19
12 and 16,536 barrels
as
against 27,571 barrels, for the week ended
daily for the four weeks ended Dec. 19.
Reports received from refining companies owning 89.9% of the 3,954,000
Boston
.17
Detroit
Buffalo
.175
Jacksonville.
.20
Pittsburgh
San Francisco
.195
.18
barrel
Houston
.18
St. Louis..
.194
indicate that the industry as a whole, ran to stills, on a Bureau of Mines
Los Angeles
.175
Chicago.......... .175
a
estimated
basis, 2,990,000 barrels of crude oil daily during the week, and that all
Not Including 2% city sales tax.
companies had in storage at refineries,
pipe lines
Production
of
Ended
Bituminous
Dec.
The United
Coal
Higher
Slightly
12—Anthracite
States
Bureau
of
for Week
Lower
in its
weekly coal
Mines
report stated that the total production of bituminous coal
during the week ended Dec. 12 is estimated at 10,477,000
net tons.
daily potential refining capacity of the United States,
of the end of the
as
week,
bulk terminals, in transit and in
59,205,000 barrels of finished and
unfinished gasoline and 106,288,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 690,000 barrels
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
Compared with the preceding week, this shows
(Figures in Barrels)
increase of 219,000 tons, or 2.1%.
Production in the
week of 1935 corresponding with that of Dec. 12 amounted
an
to
B. of M.
Actual P roduction
Average
Dept. of
Week Ended
4 Weeks
8,274,000 tons.
Int. Cal¬
Anthracite
production in Pennsylvania declined in the
week ended Dec. 12.
The total output is estimated at
1,188,000 net tons, as against 1,251,000 tons in the preced¬
ing week, a decrease of 63,000 tons, or 5.0%.
Production
in the
corresponding week of 1935 amounted to 1,096,000
Oklahoma
tons.
North Texas
During the calendar year to Dec. 12, 1936 a total of
405,438,000 tons of bituminous coal and 48,465,000 net tons
of Pennsylvania anthracite were
produced.
This compares
with 348,970,000 tons of soft coal and 48,480,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
statement follows:
Dec. 19,
1936
{Dec.)
Kansas
Panhandle Texas
COKE (IN NET TONS)
Week Ended—
Dec. 12 1936
c
Bituminous coal—Total for period...
a
b
Pennsylvania
Daily
1,212,200
79,400
1,185,200
1,070,000
78,850
78,850
162,050
161,000
160,050
39,150
128,350
204,800
241,450
239,850
238,900
167,500
26,800
110,600
29,300
40,200
Total Texas
28,000
116,000
27,500
48,450
18,200
28,200
27,950
114,450
28,800
29,500
107,850
46,050
46,400
38,900
1,145,200
Coastal Louisiana
d Dec. 5 1936
Total Louisiana....
Dec. 14 1935
—
1,251,000
1,096,000
208,500
182,700
57,700
62,300
27,200
Montana
14,300
9,617
10,383
4,533
Colorado
4,500
Arkansas
Eastern
Calendar Year to Date—
1936
e
Bituminous coal—Total for period...405,438,000
b
Pennsylvania
Daily average
65,400
1,196,050
Coastal Texas
1,188,000
198,000
a
62,350
64,900
33,400
160,950
82,950
444,450
33,600
166,700
84,250
'
anthracite—
average
56,900
493,100
148,250
175,400
160,800
East Texas
8,274,000
1,379,000
Daily average
167,900
444,900
177,100
167,600
East Central Texas
Southwest Texas....
1,710,000
Beehive coke—Total for period
571,700
172,500
65,000
21,
1935
55,650
25,400
160,350
49,550
436,850
112,300
164,500
West Texas
10,258,000
Total for period...
Dec.
592,200
64,150
32,900
166,800
86,750
445,800
179,200
169,600
10,477,000
1,746,000
Dally average
Ended
Dec. 19,
1936
12,
1936
67,000
West Central Texas
North Louisiana
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
Dec.
597,400
173,600
567,000
155,900
.
Week
Ended
culations
348,970,000
1,195,000
509,784,000
1,737,000
48,480,000
70,087,000
242,100
6,262,800
21,087
■
1,390,000
.
113,550
28,250
47,000
18,500
3,750
18,200
3,550
12,950
4,100
78,300
3,750
85,650
85,650
84,300
57,350
2,376,900
2,552,200
2,525,500
2,487,350
2,175,550
553,400
593,500
594,000
581,650
674,500
2,930,300
3,145,700
3,119,500
3,069,000
2,850,050
New Mexico
1Q2Q
1935
Michigan
Wyoming
Total east of California.
anthracite—
Total for period
48,465,000
167,400
1,661,400
5,594
Dally average
Beehive coke—Total for period
Daily average.
167,500
871,800
2,935
a Includes
lignite, coal made into coke, local sales and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel and coal
shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e Ad-
Justed to make comparable the number of working days in the three
California
Total United States
Note—The figures Indicated above do not Include
might have been surreptitiously produced.
any estimate of any oil which
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC.
years.
19, 1936
(Figures in thousands of barrels of 42 gallons each)
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
(The current estimates are based on railroad carloadings and river
shipments
and are subject to revision on receipt of monthly
tonnage reports from district and
State sources or of final annual returns from the operators.)
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
Finished
Poten¬
Week Ended—
Dec. 5
Nov. 28
1936 p
1936 p
Alaska
Dec. 7
1935
r
Dec. 8
Dec. 7
1934
1929
1923
(8)
(8)
2
2
1
1
235
217
187
83
81
76
78
185
158
175
193
2
1
1
1
1,281
1,167
1,144
432
391
397
76
66
86
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
.
Total
P.
Oper¬
At Re¬
age
ated
fineries
C.
C.
Gas
and
Terms., Nap'tha
dbc.
Fuel
Distil.
Oil
Aver.
255
Alabama
Aver¬
Rate
P.
Unfln'd
in
Daily
Reporting
tial
Dec.
State
Stocks
of
District
427
349
160
299
83
East Coast..
612
Appalachian.
Ind.,111., Ky.
Kan.,
154
146
475
457
612 100.0
539
88.1
94.8
102
96.2
428
4,507
8,667
953
69.9
897
645
4,483
1,039
3,445
227
93.7
864
5,487
476
3.211
1,754
7.212
1,851
10,179
Okla.,
453
384
84.8
258
67.2
3,134
2,110
Inland Texas
330
160
48.5
108
67.5
202
732
610
97.0
627
88.3
1,548
5,713
112
Texas Gulf..
253
212
1,776
La. Gulf
169
163
96.4
184
82.2
914
309
245
90.0
42
58.3
203
78
45
61.9
42
70.0
882
90
759
92.6
488
61.9
9,123
2", 245
1,188
63,409
89.9
2,768
77.9
31,404
18,217
1,882
865
Mo
*
(s)
(s)
1,098
1,744
1,535
368
474
514
No. La.-Ark.
80
72
96
116
121
97
60
188
159
Rocky Mtn.
California...
852
789
3,553
Kansas and Missouri
176
156
168
173
Kentucky—Eastern.
911
873
687
535
982
584
237
204
185
224
368
204
32
29
38
39
62
37
Michigan
14
14
16
19
19
21
Montana.
78
75
71
82
82
64
xEst.tot.U.S.
New
37
34
519
Western
_
Maryland
..
..
Mexico.
31
61
—
xDec. 19*36
58
59
59
27
xDec.12'36
3,954
503
416
593
2,365
1,967
1,598
2,796
2,818
103
94
93
113
103
15
15
17
18
69
98
90
143
100
288
265
.
Texas.
Utah
Virginia
.
.
Washington
Northern
Wyoming...
........
.
.
Pennsylvania
total.
&
O.
in
2,041
1,132
686
611
514
447
716
692
129
136
114
156
173
1
1
s5
8,379
7,403
11,942
9,900
1,004
1,147
704
1,852
1,806
10,572
9,526
8,107
13,794
11,706
*
Kanawha, Mason and Clay counties,
b
Rest
of
State,
including the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
California, Idaho, Nevada and Oregon,
p Preliminary,
r Revised
Alaska, Georgia, North Carolina and South Dakota included with "other Western
Less
than
1,000
tons.
daily
Dec.
Petroleum
Quarter of
Tonnages
1937
to
100%
of
Standard
b
participating in the International
Agreement exported during November 11,977 tons of
which compares with 13,639 tons exported during the
vious month, it is learned from an announcement by
International Tin Committee, issued Dec. 22 through
New
office
York
of
the
International
Tin
Tin
tin,
pre¬
the
the
Research
&
The announcement follows:
The monthly statistics as to exports are as follows:
Rises 26,200 Barrels
-Tons-
Institute
October
:
Netherland East Indies
estimates
that
Nigeria
crude oil production for the week ended
19, 1936, was 3,145,700 barrels.
This was a rise of
:
Bolivia
Reduced
The five countries
the
average gross
December 1935 dally average.
Exports of Tin During November Under International
Tin Agreement Below October—Quota for First
in Week Ended Dec. 19
American
5,932 105,866
Development Council.
Daily Average Crude Oil Output
The
18,906
z
57
s
*
30,056
Estimated Bureau of Mines basis,
s5
9,568
147
60
cludes Arizona,
States."
x
193
40
1,214
*
anthracite
the B.
on
260
41
1,445
..
c
bituminous
Grand
189
35
1,251
_
1,913
10,258
a..
1,977
11,509
b
Other Western States
Total
209
38
West Virginia—Southern
6,837 106,288
6,719 108,269
21
105
19,082
19,033
xDec.19'35
16
33,286
32,263
2,262
U.S. B.of M.
123
2,990
2,955
771
599
2,444
bituminous
Tennessee
3,954
3,954
3,954
58
519
222
z2,742
56
62
Ohio.
Pennsylvania
6,066 105,026
401
571
North and South Dakota
and
36
Reported
Est. unrepd.
Malaya
Slam
-
-
-
November
2,526
3,080
942
673
1,963
7,128
5,361
1,080
1,095
1,768
Financial
4074
International
The
decided
to
Committee
Tin
at
100% of standard tonnages for the first quarter of 1937
from the 105% rate prevailing for the present quarter.
The following communique of the
Committee as issued
on Dec.
12 by the New York office of the Reseacrch &
Development Council:
to
The International Tin Committee met at London on
2.
The Committee agreed to recommend to the signatory
that the quotas
labor
troubles in
widespread shutdowns
that
some
governments
are
Copper and Lead Higher on Sharp Advance
in London
Dec. 24 stated
again centered in the action
speculative purchases as well
of the London market, where
hedging operations swept prices to new highs for the
movement.
The advance abroad resulted in rising the price
as
during the last week in copper, lead, and zinc.
welcome the abruptness of the present
admitted that larger
supplies will have to be made available before the markets
can again return to what h&y be regarded as normal.
The
publication further reported:
without
July 1, 1930.
As one producer put it, the
domestic supplies of copper for the domestic
Demand for the metal was moderately active all week, with pro¬
market.
ducers reluctant sellers because of
The sales
dition of the market.
up,
the domestic quotation for
preliminary notice,
cent, and the highest price since
Labor troubles at steel plants are not expected to develop
All open-market sales
on
closed on that day were put through at the higher
turned away because of
the tight situation in nearby metal and uncertainty
what the future holds in store
over
week totaled 20,780 tons, and
Domestic sales of copper during the last
business booked so far this month amounted to 101,185 tons.
London market was in a highly excited condition throughout
The
the
delivery were com¬
Offerings of copper by producers for near-by
week.
London Metal Exchange
forced prices well above the point that even the bulls visualized for this
year.
On Dec. 23, electroytic copper at the first call was quoted £52 15s.
per ton.
Sales in the export market reported here ranged in price on Dec. 23
from 11.570c., to 11.750c., c.i.f. European ports, with our average for the
the
heavier
Other
New York, and 5.45c., St. Louis.
sellers continued at 5.50c., New York, and our quotation for
that day shows
Monday (Dec. 21) however, the price was
6c. basis in all directions.
Demand was quite active last week,
of 10 points.
raised to
Early
on
Smelting &
American
including
tonnage
more
this
bars, with
a
An
equipment.
railroad
Dec. 23 deadline
large tonnage in this product.
a
Shipments against much of the building work, for which protection is being
obtained
bars, shapes and plates, probably will not be completed for
on
several months.
As
an
'
indication
■*"r
th&lfthe
heavy buying of the past few weeks has been
speculative only to a small degree, many customers have come Into
market for additional tonnages of sheets and strip, paying the
the
higher prices
quoted for the first quarter.
Railroad
buying
was
again
a
feature
the week.
of
buy 100 to 200.
300,
Ishpeming may
The Missouri Pacific has asked court permission to ex¬
pend about $9,000,000 for
track supplies.
&
The Bessemer
new
equipment, and $2,500,000 for rails
and
The St. Louis-San Francisco has been authorized to spend
The Norfolk
$5,357,353 for equipment and $1,160,297 for track work.
& Western has ordered 40,000 tons of rails.
The
world-wide shortage
accentuated abroad by the feverish
of steel,
activity in rearmament, is having marked repercussions in this country.
Imports of finished steel and pig iron
lessening; some steel importers
are
trying to obtain supplies from domestic mills without much success.
are
Foreign inquiry for pig iron totals
trading
company
amount
of
in
100,000 tons,
than
more
Seattle having alone broadcast
an
Japanese
a
inquiry for that
Within the past week
basic, foundry and malleable grades.
orders for 25,000 tons or more of pig iron for shipment to Japan have
taken by American producers.
bars
brought
been
a
a
been
A Japanese order for 6,000 tons of sheet
price higher than the
new
Russia has
domestic quotation.
large buyer of sheets.
very
Added to coke and pig iron shortages that have given the mills trouble for
some
50c.
weeks is another runaway market in scrap, with further
ton at
a
"Iron
advances of
Chicago and Philadelphia, and 25c. at Pittsburgh, bringing the
Age" composite price to $17.75, highest since Jan. 13, 1925, when
was
$20.83.
Pig iron shipments to foundries and non-integrated steel
are
the heaviest of the year and are reducing makers' stocks to a
A Cleveland producer has sold 20,000 tons for first quarter at
the $1 a ton advance recently announced.
THE
"IRON AGE" COMPOSITE PRICES
Finished Steel
Dec. 21, 1936, 2.274c. a Lb.
Based on steel
One week ago
2.274c.
One month ago
2.197c.
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represenl
One year ago
2.130c.
85% of the United States output.
Low
High
1936
2.274c.
Dec.
8
2.084c.
1935
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr. 24
2.008c.
Jan.
2
1933
2.015c.
1.977c.
Oct.
1.867c.
Apr.
18
1932
3
Mar. 10
8
Dec. 21—6.00c.
15—5.50c.
Dec
Oct.
4
1.926c.
Feb.
2
2.037c.
Jan.
13
1.945c.
Dec.
29
Jan.
7
2.018c.
Dec.
1929
2.273c.
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
Refining Co.'s New York contract settling
Dec. 14—5.40c.
Dec. 11.-5.30c.
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
Jan.
4
2.212c.
Nov.
1927
Lead Co., as in some time past, obtained a premium on its own
brands sold in the East.
One week ago
During the last week close to 10,000 tons of zinc were sold.
of the business was booked on the basis of
The bulk
9
1
Pig Iron
Dec. 21, 1936, $19.73 a Gross Ton
Zinc
10 points.
booking
instances
1931
basis has been revised on four occasions so far this month as follows:
St. Joseph
some
This is accounted for by the many coverages
projects,
1930
with total sales of about 9,500 tons.
The
in
19, the leading producer advanced his quotation 10
to the basis of 5-60c.,
range
booked
here to remain on the 6c. basis.
On Saturday, Dec.
a
are
protection at the old price, has driven in
on
products
companies whose finishing capacity runs largely to
construction
responsible for the uplift
Yesterday's (Dec. 22)London
quotation was equal to 6.17c. per pound, but the decision on the part of
St. Joseph Lead Co. to release larger supplies to domestic consumers
points
heavy volume of business in bars, shapes and plates
advance of $4 a ton in concrete reinforcing
in the United States market.
caused the price
products
identified
taking advantage of the temporary
shortage in spot and near-by metal, was directly
in quotations
Steel
The continued
New York, the highest level since March 5, 1930.
rise in London, where speculators are
Work¬
low point.
the advance in the price to the basis
was
very
month than in November.
for
plants
Lead
lead market
a
November.
in
it
day's business 11.700c., equivalent to 11.400c. f.o.b. refinery.
The feature in the
statements by the Steel
press
evidently issued to impress industry, the
are
is being piled on the almost unprecedented tonnage of other
paratively light and the heavy operations on the
of 6c.,
Threatening
Organizing Committee
Dec. 22, the day the price was marked
Inquiry yesterday continued active, but numerous inquiries were
level.
immediately,
public and the Government with its pretended strength.
the already heavily "overbought" con¬
held down to a minimum, transactions totaling only 5,006 tons.
were
automobile
and
being put on sheet
the Great Northern 500 ore cars, and the Lake Superior &
advanced to 11.625c., Connecticut basis, a gain of five-eighths
step was taken to conserve
While the steel industry
the delays in rolling
with anxiety,
Lake Erie ordered 2,000 cars, the Union RR. 900, the Western Pacific
Copper
22,
The
the
24.
parts supplied on
strip mills.
upturn in prices, but it is generally
Dec.
on
Some mills have received instruc¬
shipments of sheets and strip.
watching the situation
Meanwhile,
Quotations
attention in non-ferrous metals
On
announced
several days; unofficial re¬
although the automobile industry's situation points to methods that may
"Metal and Mineral Markets" in its issue of
copper was
Ford Motor Co. has
occur.
outside for Plymouth and Dodge cars.
tions to postpone
is
ers'
Few in the industry
speedily settled,
automobile industry are
Chrysler Corp. has issued indefinite hold-up orders
eventually be pursued.
level here
the
likely to
of its branch plants will suspend for
ports state that the shutdowns may last 10 days, starting Dec.
be fixed at 100% of standard tonnages for the three months
January to March, inclusive, 1937.
Domestic
1936
26,
Dec.
steel may afford some relief in the intense pressure
Dec. 11, 1936
1.
Unless
meeting
recent
a
the export quota for the five countries
reduce
Chronicle
—.$19.73
| Based on average of basic Iron at Valley
furnace and foundry irons at Chicago,
One month ago
19.73
Philadelphia,
One year ago
18.84
Southern Iron at Cincinnati.
Buffalo,
and
Valley,
5.45c., St. Louis, an advance of
As in copper and lead, the strength of the London market was
Low
High
1936
$19.73
1935
18.84
Nov.
5
17.83
direction to hold at 5.50c., with some business at that figure for
May 14
1934
17.90
May
1
16.90
Jan.
basis
1933
16.90
Dec.
5
13.56
Jan.
1932.
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
1929
18.71
May 14
18.21
Deo.
17
1928
a
18.59
Nov. 27
17.04
July
24
1927
19.71
Jan.
4
17.54
Nov.
Late in the week there
factor in bringing in buyers.
least
one
was a
tendency in at
near-by positions, but other operators reported sales on the 5.45c
UP
inside.
with
On second-quarter business, however,
the close.
to
appeared
5.55c.
Zinc concentrate was advanced $2 per ton in the Tri-State
district,
purchases the largest in more than a year.
Tin
Domestic business in tin was
were
somewhat
easier
on
moderately active last week, though prices
unsettlement
in
closed at 51.900c., which compares with
The
International
Tin
London.
52.875c.
Committee reports
that
a
Straits
tin
on
Dec. 21, 1936, $17.75 a Gross Ton
One week ago
India ex¬
ported 3,080 long tons of tin in November against 2,526 tons in October;
5,361 tons against 7,128; and Siam, 1,095 tons against 1,080.
99%,
was
nominally
as
follows:
Dec.
17th, 52.000; 18th.
51.625c.; 19th, 51.575c.; 21st, 51.375c.; 22d., 51.375c.; 23d, 51.250c
$17.33
One month ago
16.17
One year ago
4
Aug. 11
27
3
16
1
_
Based
on
No.
1 heavy melting Bteel
quotations at Pittsburgh, Philadelphia
13.33
Nigeria, 673 tons against 942; Bolivia, 1,768 tons agains 1,963; Malaya,
Chinese tin,
Scrap
$18.73
spot
week ago.
Netherlands
Steel
Nov. 24
and Chicago.
High
Low
1936
$17.75
1935
13.42
Dec.
1934
13.00
1933
12.25
Deo. 21
$12.67
10
10.33
Apr. 23
Mar. 13
9.50
8
6.75
Sept. 25
Jan.
3
Aug.
June
9
1932
Automobile Industry Strikes Offer Steel Threat—Some
Orders Held Up
The "Iron
Age" in its
is^ue
of Dec. 24 stated that, despite
the threat to motor car production in labor troubles at plants
of parts and materials suppliers and interruption in steel
making caused by Christmas holidays at the week-end, steel
ingot output is maintaining a volume seldom equaled at this
time of year.
Based on a five-day week, the rate for the
country is about 78% and may go higher next week, when
there will be no holiday observance.
Although steel pro¬
duction is off slightly in some districts, the reverse is true
in the Ohio Valleys, where the rate has risen from 80 to 84%.
The
"Age" further reported:
8.60
Jan.
12
6.43
July
1931
11.33
Jan.
6
8.60
Deo. 29
1930
15.00
Feb.
18
11.25
Dec.
9
1929
17.68
Jan.
29
14.08
Deo.
3
1928
16.50
Dec. 31
13.08
July
2
1927
15.25
Jan.
11
13.08
Nov. 22
The
American
Iron and Steel Institute
on
Dec.
21,
5
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 77.0% of capacity
beginning Dec 21 calculated on the basis of five
working days, because of Christmas Day, compared with
79.2% one week ago, 74.3% one month ago, and 49.5% one
year ago.
This represents a decrease of 2.2 points or 2.8%,
from the estimate for the week of Dec. 14. Weekly indicated
rates of steel operations since Dec. 2,
for the week
19^5, follow:
Volume
143
Financial
1935—
Dec.
2
Dec.
1936—
9
56.4%
55.7%
.1.54.6%
49.5%
46.7%
Deo. 16
Dec. 23
Deo. 30
1936—
Jan.
Jan.
13
Jan.
20
Jan.
27
49.2%
49.4%
49.9%
49.4%
50.0%
Feb.
3
Feb.
9
55.8%
60.0%
53.7%
62.0%
64.5%
67.9%
70.4%
71.2%
70.1%
69.1%
69.4%
Mar. 16
Mar. 23
Mar. 30
Apr.
6
13
Apr. 20
Apr.
6
10
Feb.
Mar.
1936—
17
52.0%
51.7%
Feb. 24.....52.9%
Mar. 2
53.5%
"Steel" of
markets,
Apr. 27
May
4
May 11
May 18
June 22.
70.2%
Oct.
5
75.3%
June 30
74.0%
67.2%
Oct.
12
Oct.
19
Oct.
26
75.9%
74.2%
74.3%
July
6
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
13
69.0%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
20
27
3
10
17
24
31
Dec. 21
77.0%
2
Nov.
9
Nov. 16
Nov. 23
Nov. 30
Dec.
7
75.4%
of the iron and stee
summary
Dec. 21, stated:
on
Steelworks operations increased 2 points to 79)4% last week, with pro¬
ducers under pressure to meet required deliveries and with
only a month
and
half remaining in
a
which to turn out the vast tonnage booked at
fourth-quarter prices before the Feb. 1 deadline.
Operations in the Pittsburgh district made
to
80%; eastern Pennsylvania
was
drop because of the Christmas holiday.
Some mills
are
The higher steel prices have undergone tests already in certain
materials,
notably in manufacturers and merchant wire products. Reinforcing bars
will be advanced $3 a ton on all specific jobs which are closed after
Dec. 23.
An announcement
skelp prices still is awaited.
on
The plate backlogs average around one month on cold-reduced material
and about two weeks on hot-reduced plate.
Operations currently are at
about 98% of capacity.
a heavy buyer of
American sheets recently, with purchases estimated at 25,000 tons and
understood to have been placed at the new price levels. It is also said that
Japan has purchased 40,000 tons of pig iron.
Steel ingot production for the week ended Dec. 21 is
placed at 81% of capacity according to the "Wall Street
Journal" of Dec. 29.
This compared with 80% in the
previous week, and 77% two weeks ago,"the "Journal"
further reported:
f
S.
Steel
is
estimated
unable to accept additional business for delivery before
preceding weeks.
Probably the most spectacular flair in the markets has been provided
by the great demand for scrap and the swiftly advancing prices. "Steel's"
$17.21, highest level in
the result of
years,
a
58-cent
rise last week.
Pittsburgh district
than two weeks.
quotations
quotations have risen $2 in
scrap
No. 1 steel is
now
quoted at $18-75-$19.25.
a
little more
The foUowing table gives a comparison of the percentage of
production
with
the nearest
corresponding week of previous years together with the
district
will
be operating,
By the middle
compared to 3,040 at present and only
a year ago.
Automobile production increased by 2,400 units to 121,038.
With labor
striking at vulnerable spots in the ranks of some suppliers of auto¬
motive materials, the
assembly rate may not be able to maintain
had been hoped for.
steady
as
Heavy commitments have been made by the
automobile industry for steel for the early months of 1937.
The
+ 1
70
89
+2
1935..
54
—2
46
—1
61
—3
37
+3
30
+2
42
+4
1933.
33
30
35
railroad
equipment
1932
14^
1931
24
—1
25
—1
23
1930
34
—3
41
—3
30
63
1928
83
+3
85
+3
81
+2
1927.
67^
+4
7oy2
+5
65
+3
15
64
H
—
14 H
—1
—3
62)4
X
-
markets
experienced
a
Silver Production of the World
The
Demand for coke is still heavy and prices have increased.
pace as
Independents
81
December
of next month it is expected that 3,500 beehive ovens in the western Pennsyl¬
a
u. S. Steel
Industry
1936
the highest levels in more than 11 years.
are now at
is expected to set a new peak for the year in deliveries.
unions
ago.
approximate changes, in points, from the week immediately preceding:
In the Chicago
The scrap situation has strengthened the position of pig iron.
410
two
credited with 89%, against
are
1929.
scrap composite is at
vania
which is unchanged from the
1934
nonintegrated mills facing diffi¬
culties in arranging for their supplies and shipments.
area most
70%,
87% in the week before, and 82)4% two weeks
Withdrawal of several integrated producers of semifinished
steel from the open market has left some
In the
at
Leading independents
Feb. 1, and on new orders the higher prices scheduled for first quarter are
being named.
The finished steel index is unchanged at
$53.90.
sharp advance of 5 points
78; Birmingham, 2 to.76; Cincinnati, 4 to 96, and St. Louis, 12 to 80. New
England was down 14 to 77. Other districts were unchanged. The rate this
week will
steel prices is up 10 cents to $35.18.
U.
a
1 point to 50 H; Cleveland, 2H to
up
4075
Because of the advance in the scrap composite, "Steel's" index of iron and
From New York it is reported that Russia has been
72.5%
74.4%
70.0% Sept. 28
Cleveland, in its
Dec. 14
74.7%
74.0%
74.1%
74.3%
75.9%
76.6%
79.2%
Nov.
71.5%
68.2%
May 25.....67.9% Sept. 7
1
68.2% Sept. 14
June
8
69.5% Sept. 21
June
June 15
Chronicle
1936—
following accounting for silver production which is
furnished by the American Bureau of Metal Statistics is
theoretically on the basis of commercial bars as actually
produced by the refineries, and for the United States and
Canada that principle strictly obtains.
The production of
American refineries, which treat a great deal of foreign ma¬
terial, is split up as to origin, although this cannot be done
precisely.
(In Thousands of Ounces)
comparatively
quiet
week after the heavy buying which featured late November and the early
June
Aug.
July
Oct.
Sept.
Jan.-Oct.
part of this month, but large purchases of freight cars are expected in the
near
future.
cars were
bringing the total pending to between 18,000 and 20,000
►►.Machinery sales generally
issued last week,
slight decrease from the November levels.
scheduled to advance around Jan.
Shipments
Shape awards for
are far
Many machine tool prices are
1, but most users are reported to feel
behind.
the week
down
were
Inquiries have been coming out
more
rapidly
expiration of the price protection period.
13,000 tons to
about
as a
4,616
1,662
6,457
1,350
1,077
5,524
1,726
7,078
1,525
1,450
1,375
1,097
Japan
848
837
823
(c)810
487
490
485
500
505
Other Asia
270
260
260
260
265
Mexico
that the price situation at present is secondary to the question of obtaining
deliveries.
4,733
5,293
1,450
7,157
1,580
1,375
1,315
1,134
Canada
cars.
active, although some lines have shown a
are
United States
Burma.
Inquiries for about 15,000 freight
13,667.
result of the approaching
Among the pending business is
Peru
Other America
Europe
Australia (a)
1,543
7,854
1,515
1,425
1,392
1,425
1,325
1,108
6,391
2,083
(d)
51,116
15,742
(d)
1,495
1,450
1,375
1,230
(c)835
15,336
13,595
13,360
10,629
7,820
4,927
2,630
92
91
90
90
90
902
320
320
320
320
320
3,200
33
33
33
33
35
336
21,354
19,988
21,508
21,788
South Africa
Belgian Congo (b)._
Other Africa
.
-
25,000 tons which will be required by the Pennsylvania RR. for electrifica¬
tion of its main line west to Harrisburg, Pa.
last week were up to
Reinforcing steel bar awards
2,705 tons, compared to 2,495 in the previous week.
Among the plate awards
was
2,500 tons for
12 sand and gravel
barges.
Totals
a
Includes New Zealand,
b Estimated on basis of 1935 output,
Conjectural,
c
d Not yet reported.
Increase
The Week with the Federal Reserve Banks
(+)
or
Decrease
(—)
Since
The
daily average volume of Federal Reserve Bank credit
outstanding during the week ended December 23, as re¬
ported by the Federal Reserve banks, was $2,507,000,000,
an
increase of $11,000,000 compared with the preceding
week and a decrease of $12,000,000 compared with the
corresponding week in 1935. After noting these facts, the
Board of Governors of the Federal Reserve System proceeds
as
increase
of
$59,000,000 for the week.
cash
and
deposits with
Federal
Reserve
banks
$74,000,000 in Treasury
and $30,000,000 in
non-
member deposits and other Federal Reserve accounts, offset in part by a
decrease of $167,000,000 in member bank reserve balances and an increase
of
$7,000,000 in monetary gold stock.
Member bank reserve balances
on
1936 Dec.
$
16,
1936
Dec. 24, 1935
$
$
6,680,000,000
Member bank reserve balances
6,507,000,000 —167,000,000
+128,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
2,593,000,000
+689,000,000
+1,078,000,000
+74,000,000
—563,000,000
+30,000,000
—3,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
of
522,000,000
Member
Banks
in
New
Chicago—Brokers'
$2,542,000,000,
This increase corresponds with
increases of $128,000,000 in money in circulation,
23,
Money in circulation
Returns
follows:
On December 23 total Reserve bank credit amounted to
an
Dec.
York
City
and
Loans
Below is the statement of the Board of Governors of the
Reserve System for the New York City member
Federal
also for the Chicago member banks, for the
week, issued in advance of full statements of the
member banks, which latter will not be available until the
banks
and
current
December 23 were estimated to be approximately $1,880,000,000 in excess
coming Monday:
of legal requirements.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
Relatively small changes
discounted,
purchased
were
bills,
reported in the System's holdings of bills
industrial
and
advances,
United
(In Millions ol Dollars)
States
New York
Government securities.
parison with the preceding week and with the corresponding
date last year, will be found on pages 4106 and 4107.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Dec. 23, 1936 were as follows:
Increase
(+)
or
23,
1936 Dec.
$
Bills discounted
—
Bills bought
advances
1936
$
(not
-•
Dec. 24, 1935
$
$21,000,000 commitm'ts—Deo. 23)
2,430,000,000
Loans and investments—total..
Monetary gold stock
Treasury currency
2,542,000,000
11,229,000,000
2,531,000,000
1936
1936
1935
$
$
$
$
$
Dec.
16
8,800
8,777
7,955
2,114
2,096
992
980
895
1
Dec.
24
1
1,816
Loans to brokers and dealers:
In New York City
Outside New York City
75
76
59
43
41
25
"719
726
746
139
141
148
Accepts, and com'l paper bought
142
141
170
14
14
15
Loans on real estate
130
130
128
14
14
49
27
42
6
6
6
Loans
on
securities
to
others
(except banks)
Loans to banks
15
Other loans.
1,559
1,529
1,150
408
397
251
U. S. Govt, obligations
3,647
3(661
3,378
1,124
1,118
1,025
452
447
382
96
98
Obligations fully guaranteed by
+58,000,000
—8,000,000
+27,000,000
Other securities
Reserve with F. R. Bank
Total Reserve bank credit
Dec. 23
1935
$
Assets—
United States Government—
25,000,000
75,000,000
Chicago
Dec. 24
+2,000,000
including
Other Reserve bank credit..
City
16
1936
—2,000,000
—1,000,000
+1,000,000
3,000,000
U. S. Government securities
Industrial
9,000,000
16,
Dec.
1936
(—)
Decrease
Sines
Dec.
23
Dec.
The statement in full for the week ended Dec. 23, in com¬
+59,000,000
+7,000,000
—1,000,000
+19,000,000
+1,114,000,000
+67,000,000
Cash in vault
Balances with domestic banks..
Other assets—net
90
1,035
1,060
1,005
269
266
241
2,465
2,582
2,264
581
623
608
69
61
63
41
38
41
88
87
79
200
206
204
503
480
472
75
75
83
Chicago
New York City
The foregoing
J3 D?nJ6 ^oo?4 ^QQfi23 ^QOA16 DfaJ4
6,445
614
203
deposits—adjusted—6,452
614
203
Time deposits
United States Govt, deposits...
DomScdbfSs!l
«
S
$
S
W Liabilities—
Demand
Dec- 26, me
Financial Chronicle
4076
5,769
568
197
.
1,587
451
72
1,614
449
72
1,432
414
98
634
639
534
5
4
5
2,428
2,498
2,125
387
411
403
Foreign banks.....
5
5
original and continuous owner of the
controlled mark credits used, or of the American vendor of the American
exports sold in Germany, and that in no case will the German funds -of
made for the actual account of the
such owner or vendor be used to
any
purchase German products for the account
and likewise that the German products
other person or organization;
exchanged for American goods in any permitted barter transactioniwill be
received for the actual account of the person or organization for whose
actual account the American exports were
26
Borrowings
364
313
26
Capital account
1,452
1,451
....
1,458
236
x
24
236
364
Other liabilities
-
—
228
+
Bulgaria to increase Interest Payments! During 1937
and 1938 on 7% Settlement Loan 1926 and 7Y2%
Settlement Loan 1928
Complete Returns of the Member Banks of the. Federal
Reserve System for the Preceding Week
As
the N™ Y„k .ad
explained above
Chicago member banks are given out on Thursday, simul-
taneously with the figures for the Reserve banks themselves,
week, instead of being held until the
and covering the same
following Monday, before which time the statistics covering
hoHv
tbA
member banks in 101 Clties
banks m 101 cities
member
rfmnrtiW
of
P0
mg
In°he
Following will be found the comments of the Board
System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
of Governors of the Federal Reserve
Speyer & Co. and J. Henry Schroder
the American member, that the Bulgarian
Government, which since April, 1936, has been making remittances at the rate of
has agreed to increase its
Wads worth,
.
.
.
....
.
..
member banks in 101 leading
Dec. 16 shows increases for the week of
$281,000,000 in total loans
32H% of the current interest on these bonds The payment of coupons at; this rate^will be in fuU settlement for
a+
,S
date of Dec. 23 the fiscal agent also announced.
.
Loans
brokers
to
loans
on
securities to others
»6,000,000, and
•'Other loans" increased
$70,000,000 in the New York district, $16,000,000
$13,000 000 in the Chicago district, $10,-
Francisco district,
San
member banks, real
~ in the Cleveland district and $119,000,000 at all reporting
lilted
Holdings of
districts except New
net increase at all
declined
N
and
district
$137,000,000
at
banks.
all reporting member
Time
$19,000,000
Chicago
$9,000,000 in the New York district.
^
*
$308,000 of State of New South^ Wales 5%JGold Bonds
v
i
being $250,-
Deposits credited to domestic banks declined $28,000,000.
A summary
Chase National Bank, New York, successor fiscal agent,
notifying holders of State of New Sou th| Wales, Australia
externaj 3§_year 5% sinking fund gold bonds due Feb. 1,
js
1957. that-it has drawn by lot for redemption for the.sink-
these bonds. Bonds SO drawn will
be redeemed on Feb. 1, 1937, at their principal amount, at
the corporate trust department of the bank, 11 Broad Street,
IBg tund, $308,uUU OI
New York.
+
Protective Committee to Apply for Registration Under
Securities Act of Cerfificates of Deposit for Ex-
im
f
ternal Dollar Bonds of Columbia
t>
„ji.
u
•++
r>
£
it
*
-
^
The Bondholders Committee for the Republic of Columbia, it was announced on Dec. 22 by ^Lawrence E. de S.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 16, 1936, follows:
J
.,.
T
Jncrease
_
(+)
or
Decrease
..
(—)
since
is,
LoansCand
l1
iokt
$,Due reb. 1, l»Di, Drawn ror^Keaemptlont r eb. 1
Government deposits
increased substantially in most districts, the aggregate increase
000,000
itkitliaLa.
CTpected shortly by tbe Amcrlcan (lBcai agents.
reporting member banks, and increased $12,000,000 in the
district and
been received here, but are
San Francisco district, $19,000,000 in the Cleve¬
deposits declined $28,000,000 in the San Francisco district and
at all
Ifr W
deposits-adjusted increased $82,000,000 in the New York dis-
trict, $37,000,000 in the
land
Holdings
reporting member banks being $118,000,000.
Holdings of "other securities" increased $13,000,000.
$7,000,000.
Demand
York, where there was a reduction of $55,000,000, the
fully guaranteed by the United States Government
of obligations
member
states Government direct obligations increased in ail
acceptance"of this
*
Hold-
member banks.
imi
exchange.
Loans Committee, London, recommends
FUn details of the agreement have not yet
$1,000,000, and loans to banks increased $1,000,000.
estate loans declined
Government when the 32H%lof the
to the
(except banks) increased $25,000,000 in the
theNew York district and $11,000,000 at all reporting
the
The League
New York City declined$5,000,000,
New York district and $26,000,000 at all reporting
in
which will be returned
interest has been transferred in foreign
offer
and dealers in
brokers and dealers outside New York Increased
to
non-interest bearing leva Treasury
to the League Loans Commissioner
$137,000,000 in demand deposits-adjusted, and $250,-
000,000 in Government deposits.
loans
foreign exchange during 1937 and 1938 to
remittances in
For the balance of the service in each year, the Government will hand
J
and investments,
been informed
through EUot
garia
Stabihzation Loan 1928, have
by the League Loans Committee, London,
*
The condition statement of weekly reporting
on
Banking Corp.,
g^l^EeM ££ S'"and '&SS?
clo^e of business Dec. 16:
cities
shipped to Germany.
.
•
41
;
,
German goods will be
contemplates that the purchase of
investments—total
1936
22,875,000,000
Dec. is. 1935
Dec. 9,1936
+281,000,000 +1,905,000,000
SJifAJe L?'r dePOSit for
doUa^ bonds of the Republic of Colombia with
i
Securities and Exchange Commission under the uro*
o
.^7 ?
f Vnoo
j
j
p
visions of the Securities Act of 1933 as amended,
Accordingly, Mr. Hoover said, the Committee has temporarily
the
•
•
*
i
suspended the issuance of Certificates of Deposit pending
registration of such Certificates of Deposit under the
^iKew
cft?„„!?;
quirements of the Securities Act of 1933
as
amended.
re-
The
228,000,000
+6,000,000
+114,000,000
+51,000,000
(except banks)
2,048,000,000
Accepts, and com'l paper bought341,000,000
Loans on real estate
1,153,000,000
+26,000,000
+11,000,000
—70,000,000
—16,000,000
been issued will be held in safekeeping for the depositors, if they
"'"Jonrn'mn
until such time as registration has been completed and we have been able
4,219;000:000
Tbnn^'nnH
+119:000:000
+809',000:000
to send them a Prospectus and a new Letter of Transmittal.
9,310,000,000
+118,000,000
+667,000,000
The Committee, on Oct. 26, 1936, having advised the bondholders to
the effect that in view of the opinion of competent Colombian counsel
Yort
1,023,000,000
outside New York city
Loans
securities
on
others
to
Other loans
U. S. Govt, direct obligations
fully
guaranteed
by
United States Government-—-——
Other securities
Reserve with Fed. Reserve banks.
Cash in vault
Bldomestlc bants....
'
United States Govt, deposits
Borrowings
—
1
Restrictions
+815,000,000
+42,000,000
+205,000,000
of the various Departments and Municipalities and Mortgage Banks, when
+137,000,000 +1,782,000,000
—19,000,000
+163,000,000
+250,000,000
5,000,000
F>ec. 31, 1936, which time limit has unfortunately been shortened),due to
—28,000,000
450,000.000
3,000,000
+3,000,000
+854,000,000
+12,000,000
+3,000,000
+2,000,000
a -ainot
r„„aj
•
th0 (lm0 llmlt
t
whereby American owners of credit
or currency impounded in Germany may use the funds to
buy German goods for importation to the United States
for his own account is provided in a ruling issued by the
Treasury Department on Dec. 23
The ruling, in effect,
it is said, eases trade restrictions between the two countries.
It tohows.
Treasury Department announced today that, under the circum-
stances stated below
the following procedures in connection with imports
from Germany would not
involve the payment or bestowal of any bounty
grant within the purview of
or
Section 303 of the tariff act of 1930.
Payment of the purchase price, in whole or in part, with the use of
controlled mark credits, provided that the credits so used have been, from
1.
became subject to German governmental control, continuously owned by the person for whose actual account the merchandise is
purchased for direct or indirect shipment to the United States.
2. Payment of the purchase price, in whole or in part, with the proceeds
of the sale in Germany of merchandise exported from the United States,
the time they
T„_
*
1Qo7
unui Jan.
lyd/.
The Committee will take this legal action on behalf of the bondholders
whose bonds have been deposited with the Committee and for which Cer...
The Committee hopes that registration will be completed by Jan. 21
and that the issuance of the certificates of deposit may be resumed as of
that date.
■_,.
Propose
A
Refunding
by Mexico
of
Foreign
Reported Mexican Loan
Debt-
the part
of the Mexican Government to negotiforeign debt of some $267c(M)f000 was indicated in a Mexico
eablegram
V0
tiie New York 4'Times" which said that action appeared
likely after the Chamber of Deputies had that night voted to
president Cardenas special powers in Treasury matters.
r
,
/tw
oo\
.1
J
ate
move on
settlemeilt of its funded
a
De(+21
eify
+
0
j
cablegram (Dec. 22) to the Same paper it was
saia. tnat til6 retunding was planned to be effected on the
•
+
r
basis of
+
reduction of nearly 25% of the present debt
a
fuaf +rp rMnmntinn nf
t
nQumonto
TOb0
and
ni„.
tne resumption 01 interest payments was also among the
proposals,
.
from this later cablegram
.
,
,,
.
...
.
,
,
.
W6 quote:
x
,,
_
,
Mexico s foreign debt is held largely by investmentLhouses in New York,
London and Paris and totals about $267,500,000. Under the new arrangenumber
to
!
:
♦
ment it would be converted from dollars to
Combinations of the foregoing two procedures.
4. Exchange of merchandise between single German and American parties without any monetary transaction actually taking place.
pnnrtA
Wej have now
been informed, however, that the Colombian courts will not be reopened
Srovided that such whom the until so used, have been is sold in Germany
the person for proceeds, American merchandise continuously owned
3.
pnin*mhinvi
which COHld be r0present0d In this action as of
on
and the German goods are purchased in that country.
y
thn
the suspension of the issuance of the certificates of deposit.
Rarffl,
B
Treasury Ruling
in
in
properly supported by duly legalized copies of the LoaniAgreements, set
tificates of Deposit have been issued.
Against Germany Eased
Arrangement Contained in
nroceeding could be RurcfiRsfiillv iTistitutori
regai Proceeaing couia De successfully instituted in the Colombian courts
for the collection of the matured unpaid coupons detached from the bonds
A barter arrangement
The
fa,
—10,000,000
—7,000,000
+41,000,000
+
Trade
desire.
5,307,000,000
429,000,000
2,498,000,000
6,190,000,000
Domestic banks
so
legal
„nH1
Foreign banks
,
+110,000,000
+247,000,000
Inter-bank deposits:
rr
,
7,000,000
+13,000,000
5,031,000,000
700,000,000
Time deposits
*
Bonds heretofore received for deposit for which certificates have not
1,239,000,000
3,267,000,000
15,625,000,000
Demand deposits—adjusted
announcement continued in part:
.
-
Obligations
~5,ooo,ooo
the
doliar
,
or
rfiHiippj
tp
nhnnt
an
eaual
«i^n nnn nnn
Bar o rwluced to about $130,000,000.
of nesos at 3 6
Th0
v.
The interest would be
resumed on the basis of about 4% of the latter sum and another 1% added
annually for amortization.
Volume
143
This action
Financial
revealed
was
following the action of Mexico's Lower House
yesterday when, in the bill granting to President Cardenas virtually a free
hand over the nation's finances ad
interim, it was stated "a notable better¬
ment in the national finances
may
the foreign debt."
make it possible to settle the question of
-.
'
While the reduction in the size of the debt would be
considerable, under
this arrangement it
.
,
,
noted
was
abroad at about one-tenth
here that
of their face
Mexican
bonds
now
are
value and the interest
listed
been
has
suspended nearly three years due to Mexico's declared
inability to pay.
The funded debt had already been reduced from
nearly $486,000,000 to its
present level by an agreement made in New York in 1930.
The present negotiations are between the Government here and
George
Rubles, representing the International Committee of Bankers on Mexico.
The administration pushing the radical
agrarian reform program of appro¬
priating landed estates and dividing them up among the peasants, is reported
to be anxious to settle the debt
question in an attempt to get further loans
abroad to carry
-
Chronicle
4077
mercial
policy and political economy.
The statistical
portion embodies data pertinent to Swiss economic condi¬
tions such as:
population, agriculture, water power, factories,
labor questions, cost of
living, banking, foreign trade, fin¬
ance
is
and taxation.
The most
important part of the volume
devoted to special
reports in the individual branches of
trade
and industry,
on
traffic, insurance and banking,
production and distribution of electric energy and technical
and commercial education.
The report consists of 270
pages
and is published in
French and in German editions which
may be obtained at
the price of 7 Swiss francs
(plus postage) from
tariat of the Swiss Federation of Commerce
Borsenstrasse
the
and
Secre¬
Industry,
17, Zurich.
this and the rail and road development program un¬
on
impeded.
From the Dee. 21
Final action
cablegram to the "Times"
we
Short Interest
quote:
taken today on a loan of
$5,500,000 from a group of
banks in New York to the Mexican Government
for irrigation purposes in
connection with its land program.
„
The Senate voted
calling the loan "beneficial for Mexico."
similar action
The loan
2% for the first
While
last
on
approval
The Chamber of Deputies took
Friday [Dec. 18].
secured by taxes on oil companies.
was
unanimous
rising to 4% in the fifth
year,
ratification
by
the
It calls for interest of
year.
Senate
and
Chamber
the
of
proposed loan was made known as above, special advices
from Mexico city to the "Wall Street Journal" of Dec. 23
said that negotiations for the loan have been
underway with
Kuhn, Loeb & Co. for several days but arrangements have
not yet been
completed.
These advices stated that Aguila
Oil Co., Mexican branch of
Royal Dutch, is understood to
have
guaranteed
repayment
through
the
Exchange from its members, was 1,230,579
shares, or 164,395shares above the Oct. 30 figure of 1,066,184
shares, it was announced by the Exchange on Dec. 21.
As
compared with Nov. 29, 1935 the short interest
existing at
the latest date is
197,791 shares higher.
In the
following tabulation is shown the short interest
existing at the opening of the last business day of each
month since the
Feb.
1935—
31
*
28
Mar. 29
June 28
May 31
July
31
Aug. 30
Finds
One-Fifth
All
of
Full
than one-fifth of all Latin-American govern¬
ment State and
city obligations outstanding in the United
States is receiving interest in
full, exclusive of amounts which
are understood to have been
repatriated, it was announced
on Dec. 16
by Max Winkler.
The aggregate par value of
such
bonds
outstanding in the American market, Mr.
$1,646,748,800 of an original amount of
Of the remainder, about half is receiving
interest in part and the other half is in
complete default.
Details were presented
by Mrf Winkler as follows:
Winkler noted, is
$2,006,644,256.
Amount Issued
Am't rec'd partial int
In per cent of total
♦
13,100,000
402,700,000
7.37
7.89
20.15
212,447,500
168,200,000
61,300,000
441,947,500
30.47
Fair
72.99
55.72
39.77
672,951,300
68,750,000
60,400,000
802,101,300
45.13
to
19.64
36.39
40.10
Be
Held
in
Switzerland
in
1938—
First of Its Kind Since 1914
Switzerland will hold
1938, according
Commerce
national exposition at Zurich in
to a report received in the United States
a
Department's
Regional
Information
Division.
This fair, it is pointed out, is the first of its kind
to be held in
Switzerland since 1914.
Plans of the
organizing committee
include presentation of native life and folk
lore, home and
industrial activities, intellectual
,scientific, and artistic
attainments, including such features as workshops in
opera¬
tion and electrical power stations
operated by Alpine torrents,
it
was
stated.
special events
Incident
of
international music
exhibition
of
to
the
celebration, there will be
character, such as the
festival, automobile show, international
an
Feb. 28
Mar. 31
international
modern
art, aviation show, international
rowing regatta and horse show, according to the
report.
to Be Held from
Feb. 28
to
Will Be the 1,977th Session of the
Historic
The next
Feb.
record
March 8—
The monthly list
to
hibits gathered from 26 of the
including the United States.
•
leading producing countries,
It is expected that the business
turnover of the fair will better its
average
record of $400,000,000 exclusive of reorders.
The approaching fair will be the
1,977th session of the historic exchange which is much
the
oldest, as it is the largest world market.
+
Report
The
on
Swiss Trade and Industry in 1935
"Swiss Federation of Commerce
and
Industry" has
recently published its annual "Report on Swiss Trade and
Industry Covering the Year 1935." It presents a mass of
economic facts and
figures enabling an insight into Swiss
economic conditions.
Having been written before the de¬
valuation of the Swiss franc this
report shows bow Switzer¬
was
forced by different circumstances
land
currency to the devaluated currencies.
to
adapt its
As in the
past, the
general part of the report contains a succint statement
questions concerning prices, depreciation of
Their
on
Own
Stock
New York Stock
of companies listed
Reacquired
Exchange
the New York
on
Exchange reporting changes in the reacquired holdings
their own stock was issued
by the Exchange on Dec. 17.
of
A
previous list was given in these columns of Nov. 14,
page
3071.
The following is the list made available on
page
Dec. 17:
The following companies have
reported changes in the amount of reac~
quired stock held
as
heretofore reported by the Committee
on
Stock List:
Addressograph-Multlgraph Corp.,
Shares
Previously
Reported
Per Latest
common...
Allis-Cbalmers Manufacturing Co., common..
Archer-Daniels-Midland Co., common
Report
13,900
23,227
6,650
22,542
1,767
...
725
Preferred
29
Armour & Co.
(Illinois),
common
16
7% preferred
17
4,945
12,471
15,113
5,000
Atlas Powder
Co., common
Bristol-Myers Co., common
Brown Shoe Co., common
Century Ribbon Mills, Inc., preferred
Cleveland Electric
IUuminating Co.. $4.50 preferred.
Commercial Investment Trust
Co., common.
Curtiss Publishing Co., preferred
Detroit Edison Co., capital
Food Machinery Corp., common
♦Gimbel Brothers, Inc., $6 preferred
M. A. Hanna Co., $5 preferred
A. Hollander & Son, Inc., common
4,955
12,771
14,963
5,500
326
328
12
42
189,735
188,535
33,642
33,643
1,547
1,522
48
2,248
.
206
"6,316
Corp., capital
McGraw-Hill Publishing Co., Inc., common
*
National Mailable & Steel Castings
Co., common..
♦Remington Rand Inc., $4.50 preferred
Revere Copper & Brass, Inc.,
7% preferred
Safeway Stores, Inc., common
W. A. Sheaffer Pen Co., common
Shell Union Oil Corp., 5y^%
preferred.....
Standard Oil Co. (Indiana),
capital
Superheater Co., common
Texas Corporation, capital
13,975
164,407
48,443
37,960
31,018
Madison Square Garden
3,800
14,475
International Harvester Co., common
Kelvinator Corp., capital
164,413
45,470
38,360
24,000
16,215
14,889
4,824
21,061
21,062
3,129
25,198
33,128
100,400
512,389
512,382
39,759
39,763
3,329
.
United Drug, Inc., capital
Utilities Power & Light Corp., class A
Webster Eisenlohr, Inc., preferred
32,998
22,929
99,550
13,070
13,073
"l~,443
Wheeling Steel Corp., preferred
"V.396
Co., preferred
6,020
II
«Initial Report.
Exchange
Leipzig (Germany) Trade Fair will be held from
March 8, inclusive,
maintaining its unbroken
through seven centuries.
There will be 8,000 ex¬
28
1,132,817
1,117,059
1,138,358
996,399
974,338
1,011,670
1,066,184
1,230,579
Stock
Yellow Truck & Coach Mfg.
Class B
Leipzig Trade Fair
of
$
165,863,000 2,006,644,256
134,800,000*1,646,748,800
Exclusive of repatriated amounts.
National
31
Total
%
24.40
Am't In complete default
In per cent of total...
31
1936—
Name
palities
$
349,811,500
262,750,000
25,800,000
_.
Dec.
by Companies Listed
Munici¬
Provinces
.
1,490,969,756
1,249,198,800
363,800,000
In per cent of total.
Nov. 29
Jan.
1936—
913,620 Apr. 30
930,219 May 29
1,032,788 June 30
927,028 July 31
Aug. 31
,...1,103,399 Sept. 30
....1,246,715 Oct. 30
..1,175,351 Nov. 30
31
Shares
Federal
Government
Amount outstanding
Am'treo'd full interest..
Sept. 30
Oct.
Changes in Amount
more
8
764,854
741,513
760,678
772,230
768,199
840,537
870,813
998,872
Latin-American
Obligations in United States Receiving Interest in
Slightly
beginning of 1935:
1935—
Jan.
Apr. 30
Winkler
Exchange Increased
During November
The total short interest
existing as of the opening of busi¬
of Nov. 30, as
compiled from information secured by the
New York Stock
of
Max
New York Stock
ness
1,800,000 pesos of annual taxes to the bankers rather than to
the government, for the retirement of the debt.
assignment
on
164,395 Shares
was
as
to
currency, com-
Securities
Effectively Registered Under Securities
July 27, 1933, to Oct. 31, 1936
Act
from
The
Securities
and
Exchange Commission published on
recapitulation of monthly statistics of securities
effectively registered under the Securities Act of 1933 from
Dec. 22
a
July 27, 1933 (the earliest effective date) to Oct. 31, 1936.
The tabulation classifies the registrations
by types of regis¬
trants and types of securities
registered, and supplies the
first statistical summary for the months of
July, August
and
September, 1933.
Revisions of the figures
previously
published have been incorporated where necessary and cer¬
tain data
been
that
did not
appear
imthe earlier releases have
included, said the Commission, which added:
The tables cover all securities registered under the
Securities
the
exception of amounts registered in
connection
with
Act, with
exchange plans
of companies in reorganization or in connection with the issuance
of certi¬
ficates of deposit and voting trust certificates.
The
the
figures
represent
registrants in
have
become fully
their
the
aggregate
registration
effective.
gross
proceeds,
statements,
These totals,
of
as
estimated
the securities
by
which
however, should not be
con-
9~
Financial
4078
they include registered
convertible features;
securities reserved against options and warrants and for future issuance,
and securities proposed to be offered in exchange for other securities, for
claims, services, properties and other assets.
Moreover, there are included
securities registered for the account of the issuers or of others, part of
which may not have reached the point of public offering.
Finally, the
figures measure only the volume of registrants' intentions to issue securities
requiring registration under the Securities Act of 1933, but do not measure
the amounts of securities which have actually been sold, nor do they give
strued
actual security-offerings,
represent
to
as
securities exempt from registration
indication of offerings or sales of
under the Securities Act.
any
.
IfcThe tabulation has been derived from the monthly analyses of effective
Act, published by the Federal Trade Com¬
mission to August, 1934, inclusive, and by the Securities and Exchange
Commission thereafter.
Since statistics were taken from the monthly
securities under the Securities
published, they do not make allowance for
subsequent withdrawals and stop-orders.
reports as
from
CLASSIFICATION,
(Estimated Gross Proceeds in Thousand
Trans-
Electric
cial
portat'n
Light tfc
&
&
Power,
Invest¬
Com¬
facturing
tive
munica¬
regarding acquisitions of certain limited classes
by registered holding companies and their sub¬
That paragraph of the rule, as previously in
of securities
sidiaries.
securities received by
The amendment en¬
larges the exemption so as to include other types of securi¬
ties, as well as stocks, that are issued or delivered to such
exempted the' acquisition of
companies as stock dividends.
effect,
such
companies as dividends.
Paragraph 10 of Rule 9C-3, as
amended, follows:
(10) Any such company may acquire any security issued or delivered to
as
a
dividend payable in stock of other securities, or as a partial or
change in the par value of,
reduction in the number of shares of stock or share#
liquidating dividend, or as a result of a
total
split-up of,
a
a
or
outstanding.
has
the issuer
and
SEC ^Announces Changes in
Rules AN-9
Under Securities Exchange Act
CB-3
CB-3 under the Securities Exchange Act
Rules AN-9 and
amended by the Securities and Exchange Com¬
of 1934 were
tion
paragraph 10
Act of 1935
Water
Total
Other y
and Exchange
9C-3 under the Public Utility Holding Company
Gas &
ment
Manu¬
Dec. 18 of an amendment to
of its Rule
which
of Dollars)
Finan¬
Extrac¬
Announcement was made by the Securities
it
SECURITIES AND EXCHANGE COMMISSION
as
Holding Companies
Registered
by
Commission on
deductions resulting
OF SECURITIES x EFFECTIVELY
BY INDUSTRIES,
REGISTERED WITH THE
Month & Year—
Dividends
1936
26,
Received
Rule Exempting Securities
SEC Broadens
conversion of issues with
securities reserved for the
Dec.
Chronicle
with certain changes hereto¬
AN-8 and AN-11, and to eliminate refer¬
mission on Dec. 21 to conform
1933—
$770 $161,961
$925
July
August..
October
November
December
34,628
4,272
12,940
66,816
31,152
1,443
40,957
19,525
39,155
76,130
25
62,542
556
66,769
75,940
24,717
115,569
1,674
12,814
4,655
1,652
1,465
5,594
5,874
September
$163,656
17,130
12,277
22,991
$787
$542
850
$6,228
~
2~500
6,174
3,606
5,381
6,117
February
March
April
May
June
July
19,610
5,051
5,394
461
-
5,390
21,291
1,379
4,164
1,424
1,017
m 600
2,748
1-
August
1,282
September
803
1-
October.
November
150
December
54,187
29,101
12,413
78,898
5,910
48,611
51,445
13,851
30,783
4,500
12,982
34,938
11,057
8,627
6,160
969
3,861
3O"666
2,038
2,538
3,013
~8~667
602
3,346
1,750
January
525
880
March
6,603
April
3,827
45,136
18,589
89,033
52,260
210,669
54,303
150,532
70,594
68,604
36,954
February
May
892
June
5,341
1,518
July
15,616
5,060
2,883
5,322
28,784
August--
September
October
November
December
36,004
330
43,500
~2~374
lb"391
425
34,547
40,241
1,730
104
11,044
875
50
52,175
72,755
20,415
123,382
199,034
32,182
153,269
163,011
193,422
35,553
1,845
36,843
130,016
154,597
1,884
3,925
75,056
1,125
7,121
7,800
45,250
27,810
95,675
237,182
204,400
79,003
197,350
158,605
49,516
46,713
14,850
105,109
43,501
5,671
16,827
10,561
60,605
275,696
212,089
79,998
755
12,129
150
59,026
18,802
9,764
95,695
76,905
9,888
10,089
110,441
14,384
52,037
19",634
240
18,709
46,835
163,121
28),754
2,720
February
60,703
177,998
263,893
128,500
232,075
61,402
55,473
116,052
425
March
36,190
49,910
71,822
95,818
69,348
106,654
114,140
56,456
90,347
April
May
12,221
—,
10,327
6,372
3,701
3,521
June
July
August
2,958
3,238
September
Octoberx
109,923
400
977
700
12,767
155,176
1,467
22,002
2,767
3,861
190,918
registered in connection with exchange plans
Exclusive of securities
140,208
192,631
530,475
254,062
319,874
406,087
289,772
212,085
583,391
751,013
319,319
523,439
362,925
286,022
526,330
deposit
SECURITIES
and
""""
x
and
interest
of
functions
the
hereby
I.
EFFECTIVELY
AND
SECURITIES
REGISTERED WITH THE
Common
Stocks
Interest,
Preferred
Stocks
Deben¬
Warrants,
Secured
Bonds
Total
Short-
Term
such owner or lessee.
$16,158
5,238
3,794
6,147
4,063
4,927
20,325
61,927
53,412
November
December
$18,812
6,417
5,980
8,805
1,829
28,183
11,514
1
of
j
the words "Rules AN-7, AN-8
from the title of the Rule and from paragraph (a) thereof, and
Rule CB-3 is amended by striking out
II.
and AN-9"
inserting instead the words "Rule AN-8, AN-9 and
AN-11."
(a) of Rule CB-3, as amended, reads as follows:
Paragraph
applicable to any security which was
exemption was granted and which con¬
such exchange became effective, with the
though such registration had become effective on or before
(a) Rules AN-8, AN-9 and AN-11 shall be
tinued to be so listed until registration of
same
force and effect as
June
30, 1935 and temporary registration of
3,412
2,866
2,550
3,650
$163,656
$1,500
1,699
3,075
6,086
such security on such exchange had
expired on June 30, 1935.
The
Dec.
shall
action
foregoing
be
at the
effective
close
business
of
on
1936.
31,
♦
Obsolete
Certain
Rules
Act
Securities
The
and
Exchange
Securities
Under
Repealed by SEC
Exchange Commission announced on
Dec. 21 the following action to
repeal certain obsolete rules
Exchange Act of 1934:
under the Securities
and
Securities
Exchange
Commission,
deeming
it
necessary
and
of investors so
to do, pursuant to authority conferred upon it by the Securities Exchange
Act of 1934, as amended, particularly Sections 3(a)(12), 12(b) and (e),
13(c), 15(b), and 23(a) thereof, hereby repeals the following Rules and
in the public interest and
for the protection
,
Paragraph
$127,186
October
Rule AN-11, if such security had been a security
cable under Rules AN-8 or
AIM.
1933—
September
by property which, or a leasehold Interest in
parts of Rules:
Notes
cfee.
August
"Rule AN-7 or
words
and inserting instead the
which, is now owned by a person who was not the original issuer of such security,
shall be exempt from the operation of Section 12 (a) to and including the respective
dates indicated below, and for such longer period, If any, as would have been appli¬
The
tures &
Beneficial
July
the
out
said: Rule,
(a) of Rule AN-9, as amended, reads as follows:
Paragraph
(a) Any security which is secured
appropriate
Year
striking
by
paragraph (a) of
or Rule AN-11."
Repeal of Certain Obsolete Rules
of Dollars)
Certificates of
Participation
&
in
"Rule AN-8
EXCHANGE COMMISSION
(Estimated Gross Proceeds in Thousands
Month
amended
is
AN-9
AN-8,"
words
to the Securities Exchange
3(a)(12) and 23(a) thereof,
following action:
the
takes
Rule
Rule
it, acting pursuant
in
vested
1934, as amended, particularly Sections
of
Act
and Rule CB-Z
of Rule AN-9
deeming such action necessary and appropriate in the public
for the protection of investors and necessary for the exercise
SEC,
of com¬
panies in reorganization or in connection with the issuance of certificates of
and voting trust certificates,
y Includes securities of foreign governments
municipalities.
The
listed on such exchange at the time such
6,578
3,971
—
by
260,080
119,775
9,600
1936—
January
the Commission was
Francis P. Brassor, Secretary:
29,567
20,100
7,310
34,513
24,257
_
41,236
186
2,385
187
1935—
_
19,463
54,983
101,537
The action
announced as follows by
been repealed.
Rule AN-7, which has
to
ence
taken
Amendment
1934—
January
fore made in Rules
$1,450
""500
305
4,577
6,109
5,240
1,481
553
40,957
19,525
39,155
76,130
62,542
(d) of JB-2.
JB-7.
JE-1
to
JE-10,
inclusive.
KC-1.
Paragraph (e) of MB-2.
The
foregoing action shall be effective immediately upon
publication.
1934—
58,653
51,635
January
February
14,948
March.
191,050
April
264
250
700
2*246
May
14,055
June
21,469
July
i 20,304
3,052
August
135,302
985
25,579
746
2,500
November
3,435
4,537
December
7,608
1,632
4,849
7,337
2,578
10,250
12,759
January.
5,742
1,367
83
2,380
*'32,505
| 21,828
fe2,767
1
205
115,569
Approximately
19,463
54,983
101,537
41,236
Corporations Listed on National Securities Ex¬
changes as of Dec. 31, 1935, According to SEC
100
3,935
February
6,000
"
14,444
3,300
7,110
34,531
2,008
20,717
15,000
66,769
75,940
24,717
September
October
,
300
187
150
"5", 500
43,500
100
~~2,342
9,600
20,200
9,860
36,004
29,567
34,547
18,237
5
40,241
*m 875
1,000
96,675
74,764
81,229
"7^515
""*854
March
10,744
768
April.
37,235
May
27,690
¥32,316
1 2,034
June
November..
35,247
77,427
24,986
62,151
25,425
55,309
December
41,286
20,873
B|4,777
123,382
352,253
102,181
157,026
182,357
194,092
89,930
27,278
27,113
81,519
168,638
88,913
3,125
31,464
28,794
53,974
| 11,027
214,916
19,350
13,708
98,679
334,715
130,921
120,487
84,066
92,750
77,317
July...
August...
September
—
4,514
24,547
r25,550
■ 25,961
11,502
6,235
83,700
§16,713
*
7,080
i 31,047
!fcl,505
>
*
29,050
29,488
49,284
90,846
1 77,749
*83,558
131,786
55,219
11,044
36,843
130,016
154,597
140,208
192,631
February
April
May
June
July
August
September
October
x
in
All
of
Equity
Securities
of
Analysis.
Approximately 21% of all the equity securities of the 1,736
corporations with equity securities listed on a national secu¬
...
76,140
112,777
Exclusive of securities
31,505
15,131
35,728
29,270
55,643
7,442
35,373
13,713
1,300
32,898
4,660
17,212
29,245
379,435
79,118
159,700
170,987
45,634
127,919
104,752
113,593
106,070
164,635
59,843
107,250
9,539
223,913
Commission said,
is based
on
the individual
with it pursuant to Section 16(a)
319,874
Act of 1934 and published in
406,087
Commission
289,772
212,085
275,696
212,089
583,391
751,013
319,319
523,439
362,925
286,022
260,080
526,330
registered in connection with exchange plans of companies
reorganization or In connection with the issuance of
voting trust certificates.
41,125
31, 1935, were owned by officers,
of the companies, it is
shown in an analysis issued yesterday
(Dec. 25) by the
Securities and Exchange Commission.
The analysis, the
directors and principal stockholders
530,475
254,062
1936—
January
March
21%
rities exchange as of Dec.
1935—
October
Officers, Directors and Principal Stockholders Owned
certificates of deposit and
reports filed
of the Securities Exchange
their essential details by the
July, 1936, in the "Official Summary of
Holdings of Officers, Directors and Principal Stockholders."
In summarizing its analysis, the Commission also said:
As at Dee.
registered
2,500
on
in
31, 1935, there were 1,736
a
individual
securities
national
issues
of
corporations with equity securities
They had! outstanding nearly
common stock for which reports
exchange.
preferred
and
Reports covered by
Since some
reporting persons were principal stockholders (a), officers, directors, trustees
or
voting trustees in more than one corporation with equity securities
listed on a national securities exchange, the total number of individual
reports received aggregated 19,959.
Furthermore, inasmuch as the same
were
received
aggregating about 2,054,000,000
shares.
this study
reflect the holdings on that date of 15,277 persons.
individual
often reported
holdings of
more
than
one
class of equity securi-
Volume
tie
the
of
totaled
Of
about
the
reflected
of
the number of actual
not
directors,
trustees
they hold
or
almost 458,000,000
18,400
shares.
cases
partnership,
a
the shares
sented
holdings
represented
Of these,
fiom
the
total,
This
of shares
Curb
all
leaving
as
study,
about
volume in the same week,
total round-lot
Exchange,
and warrants).
The
following
the data issued Dec. 23 by the SEC:
are
Week Ended Nov. 28, 1936
nearly 408,300,000 shares reported
owned indirectly, e. g.,
were
cases
which
Total for
shares
reported
should be
net
so
as
holdings
1. Initiated
of
over
.
751,970
694,310
approxi¬
421,947
552,479
Initiated off the floor—Bought
2.
Sold
430,000,000
approximately 21% of the aggregate number
Total
transactions
Round-lot
Commission's
be obtained upon
Commission,
4.54
974,426
-
at the end of 1935 in the issues of all registered
in
specialists
of
In
stocks
which
959,910
registered—Bought
may
6.74
1,446,280
Total
therefore eliminated
corporations.
The
a
of
the floor—Bought
on
Sold
estimate indicates
or
transactions
except
members
of
specialists and odd-lot dealers in stocks in which registered:
exactly from
owned' indirectly,
transactions
Round-lot
the
part of the reported! indirect
ascertain
allocated and
unduplicated
Per
Cent
Week
120,732,200
Total volume of round-lot sales effected on the Exchange
trust.
or a
Commission's
but the
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
FOR ACCOUNT OF MEMBERS * (SHARES)
STOCK
YORK
showed total "inside" holdings
is not possible to
total represents
outstanding
3,100
Commission
25,000,000 shares,
shares.
over
duplication,
one-half of
that about
mately
It
the
to
the
indirect holdings, a considerable portion repre¬
as
duplications. (b) •
available
York
NEW
subsidiary corporation
a
reported
material
New
owned directly by the persons reporting, while
were
49,600,000 shares reported in
through
in
securities.
remaining 21,800 security positions
in almost
Of
5,600
This occurs because Section 16(a)
voting trustees to file reports
covered
holdings of equity securities.
or
security positions reported
4079
Chronicle
2,860,924 shares, exceeded by 11.8% the ticker volume (exclusive of rights
positions
security
officers,
whether
The
issuer,
27,300.
27,300
no
requires
Financial
143
same
Sold
analysis comprises nine tables which
request from the "Securities Exchange
Washington,
D.
958,870
-
Total
C."
8.94
1,918,780
-
transactions
dealers in stocks In which registered—Bought-
Total round-lot transactions of members, except
Sold
2,133,827
2,205,659
Total
4,339,486 >.
of odd-lot
(a) A principal stockholder is defined in Section 16(a) as "Every person who is
or indirectly the beneficial owner of more than 10% of any class of any equity
security (other than an exempted security) which is registered on a National securi'
directly
ties
exchange.
of duplication occurred in the automobile industry, where
a block of about 10,733,000 common shares of General Motors Corp. held by Gen¬
eral Motors Securities Corp. was reported by General Motors Securities Corp. as
direct owner and again by E. I. du Pont de Nemours Corp. and by some of the officers
of General Motors Corp. as indirect beneficial owners by virtue of their ownership
of the stock of General Motors Securities Corp.
Numerous other duplications
occurred in such instances, for example as where more than one partner of a partner¬
ship holding a block of a corporation's securities was an officer, director or principal
case
Transactions for account of odd-lot dealers in stocks in which
r^ist6r6d*
288,000
1. In round lots—Bought—
Sold
✓
odd-lot transactions of specialists):
2. In odd lots (including
Examination By
-
Total
NEW
2,623,401
ACCOUNT OF MEMBERS *
FOR
Week Ended Nov. 28, 1936
,
| I. That the Securities and Exchange
'
Per
for
Cent
Week
»
Round-lot
members,
of
transactions
transactions of
except
specialists In stocks in which registered:
1. Initiated on the floor—Bought
134,625
122,645
Sold
Total
108,617
119,825
2. Initiated off the floor—Bought
Sold
y
'• J;
^ •
<
j
Commission~establish and"pro-
Total-
—
4.49
257,270
—
-
a
2,860,924
Total volume of round-lot sales effected on the Exchange
special provisions might be for the investment companies
themselves, I suggest the following:
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
(SHARES)
CURB
YORK
Total
Milton, President of the Equity Corporation
testified, over a period of several days on the operation of
the Corporation and its subsidiaries, at the hearings before
the Securities and Exchange Commission in Washington.
On Dec. 23, at the close of the day's session, he presented a
statement embodying recommendations for the control of
investment trusts; his proposals were submitted as follows:
what
1,304,534
—
-
Control
to
1,318,867
-
Sold
David M.
532,000
-
-
Bought
SEC of Investment Trusts and Invest¬
ment Companies—Recommendations By David M.
Milton, President of Equity Corporation For Trust
244,000
-
Total
stockholder of that corporation.
As
20.22
..."
(ft) The largest
3.99
228,442
-
-
scribe standard accounting practices.
III. That they be required to file reports with the Commission and make
III.
these reports available to their stockholders.
such quarterly reports be certified by
That
Round-lot transactions of specialists in stocks In
which regis¬
Sold
public
332,200
351,855
'
tered—Bought
independent
-
accountants.
IV.
Total
That such reports include:
A statement of management cjosts, including—
1. brokerage commissions,
2. fees and charges.
(a)
(b)
575,462
Bought
Sold
(d)
A report of direct transactions between the investment company
and those associated with its management or sponsorship.
A statement of its portfolio investments, showing both cQ_st and
current market prices.
|
:
I
;
I ) !
:
,:
Balance sheets and income statements in form prescribed by the
Commission.
Bought
(e)
A report of underwriting activities, including the results of such
594,305
Sold
(c)
11.96
684,055
-
-
Total round-lot transactions for accounts of all members:
-
20.44
1.169,767
Total
Odd-lot transactions of specialists In stocks In
which registered:
175,998
-
141,692
-
-
activities.
Total
Another
week
shall
we
refer
further
to
Mr.
Milton's
♦The
"members"
term
includes
all
exchange
members,
and their
their firms
partners, Including special partners.
statement.
total Exchange transactions.
In
calculating 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
the
week's
hearings
Louis
H.
Seagrave
also
testified.
of
Percentage
a
During
317,690
members'
transactions
to
only sales.
Member
on
New York Stock and New York
Exchanges During Week Ended Nov.
28
Above Previous Week, According to SEC
Trading
Curb
New Clause in
trading to total transactions on both the New York Stock
Exchange and the New York Curb Exchange increased over
the previous week, while the member trading and total
volume was lower, due in part to the Thanksgiving holiday
on Nov. 26, it was announced by the Securities and Exchange
Commission on Dec. 23.
Trading on the Stock Exchange
for the account of all members, except off-lot dealers, totaled
4,339,486 shares, in 100-share transactions, which amount
was 20.22% of total transactions on the Exchange of
10,732,200 shares.
This compares with member trading dur¬
ing the previous week ended Nov. 21 of 5,931,743 shares,
or 19.28% of total trading of 15,381,540 shares.
On the New York Curb Exchange member trading during
the week ended Nov. 28 of 1,169,767 shares was 20.44%
of total transactions of 2,860,924 shares; during the preced¬
ing week trading for the account of Curb members amounted
to 1,487,085 shares, or 20.37% of the total volume of 3,650,-
lation
week ended Nov. 28th Commission stated:
The figures
Exchange
all
and
the
from the volume
the week
New York
of stock
28
on
Curb Exchange represent the volume of
The total round-lot volume for
the New York Stock Exchange,
shares, was 12.1% larger than the volume reported on the
Reserve
System
Q
to
1, 1937.
non-member insured banks would be adopted by the Fed¬
eral Deposit
powers,
feeling
has adopted less rigid rules than those of the Re¬
The Board, therefore, has decided to put into
Board.
serve
its
effect
the
Insurance Corporation. However, it is stated,
restricted by its more limited legal
FDIC,
the
interest
own
Previous
definition.
Board's Regulation
Reserve
Q
reference
made in our
was
to
issue
of Jan. 4, page 35.
following is the
announcement
of Governors of the Federal Reserve
During the
latter
Reserve
System
member
banks
form
in
was
(f)
effective
become
should
interest
made effective
Subsection
made
its
revised
of
Jan.
1,
effective
Q
and
1
relating to. the payment by
the regulation in its revised
the
until
deferred
date
of intrest
of Regulation Q
such revision
but
Dec. 21:
of the Federal
However, the definition
1936.
of
on
Board! of Governors
deposits,
1,
1936,
was
the
Regulation
on
Jan.
Section
of
on
of 1935
part
issued by the Board
System
was
not
which such subsection
on
further action
of the Board of
Governors.
effected on those exchanges as distinguished
reported by the ticker.
ended Nov.
Federal
Dec. 21 that the clause in its amended Regu¬
on
defining interest is to become effective as of
Other sections of Regulation Q, which regu¬
lates the payment of interest on deposits by member banks
of the Reserve System, were put into operation on Jan. 1
this year, but the effective date of the definition of interest
was deferred in the expectation that similar rules applying
Feb.
During
given for total round-lot volume for the New York Stock
round-lot sales
Governors of the
of
Board
announced
The
by the SEC on Dee. 23 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 Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended Nov. 21 were given in these columns on
Dec. 19, page 3920.
In making available the data for the
De¬
on
by Board of Governors of Federal Reserve System
Tlie
738 shares.
The data issued
Regulation Q Defining Interest
posits to Become Effective Feb. 1—Announcement
"During the week endecTNov. 28 the percentage of member
10,732,200
ticker.
On the
the
consideration
taken
action
Section
1
contains
in
the
of
current
to
this
Regulation
the definition
same
year
form
as
the Board
subject,
and
as
of
a
Governors
result
has given exhaustive
of such
consideration
has
on
which Subsection (f) of
Q. shall become effective.
This subsection, which
fixing Feb.
1,
of
that
1937,.
as
the date
interest, will become effective
contained
in Subsection
(f)
on
Feb.
of Section
1,
1937,
1 of
the
4080
revision
Financial
of
Regulation
other provisions of
The
Q
sent
member
the
to
which became effective
following is Subsection
banks
Jan.
on
in
all
1935,
of the
1, 1936.
tion Q defining interest:
The
which
value
the
of
"interest"
term
is
funds
made
means
furnished
or
constituting
by
bank
a
deposit
a
and
ory
service
payment, credit,
a
other thing of
consideration for the
as
the
involves
which
use
payment
or
absorption by the bank of out-of-pocket expenses (i. e., expenses arising out
of specific transactions for specific customers and definitely attributable
such
to
transactions
expenses),
distinguished
as
regardless
of
whether
thing of value varies with
The
and
the
of
amount
"interest"
term
the
premiums
under
bank
of
depositor
taxes
Dec. 21.
Time,
the
nor
payment
bonds
such
this
applied
to
Only
of
of
or
part
the
friction
utilize the
bank
the
the
examine
the
absorbed
by
advantage
bank
it,
customers
and
makes
dates
for
items
to
customers
not
be
deemed
will
in good
basis for
a
available
showing
such
the
or
were
be
to
faith and
authorized
such
of
absorption,
items
a
Bills
in
bills announced this week will be
new
of
amount
$50,000,000, or thereabouts.
One
series will be 78-day bills, maturing March 18, 1937, and
the other 273-day bills,
maturing Sept. 29, 1937.
Bidders,
Secretary Morgenthau said, are required to specify the par¬
series
for
which
tender
each
made.
is
the
latter
this
annum on
their respective maturity dates.
announcement of the offering Secretary
on
Morgen¬
$1,000,
$10,000, $100,000,
on
the printed forms and forwarded in
tender
for
amount
an
less
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g
,
99.125.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and
ment securities.
recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for4 unless the tenders
accompanied by an express guaranty of payment by an incorporated
are
the closing hour will be opened and public announcement
of the
as soon
probably
Secretary of the Treasury
the following morning.
on
The
as
possible thereafter,
price
average
the
and
of
bills
Treasury
of
is about 0.225%
rate
average
18 by Secretary
Dec.
announcement on
the right to reject any or all tenders or parts
reserves
respect shall be final.
particular series
will
of tenders,
Any tender which does not specifically refer to
be
subject
rejection.
to
Payment at the
other immediately available funds on Dec.
30, 1936.
The treasury bills will be exempt, as to principal and interest, and any
gain from the sale
other disposition thereof will also be exempt, from
or
all
taxation,
except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
No loss from the sale or other disposition of the Treasury
the gift tax.)
bills shall be allowed
as
a
deducion,
poses of any tax now or hereafter
otherwise recognized, for the pur¬
or
imposed by the United States
or any
of
its possessions.
Treasury Department Circular No.
418,
as
prescribe the terms of the Treasury bills and
1936.
The new series
16,
18 continued:
1936.
Savings bonds
classes
and
are
purchased by mail
Washingtoh,
they
fiscal
as
the
of
agents
also be
may
application to the Treasurer of the United States,
upon
In addition, certain Federal
to any Federal Reserve bank.
or
class;
the fourth
offices of
post
Savings and Loan Associations and Federal Credit Unions
act
of
sale at post offices of the first, second and third
on
selected
at
Morgenthau's announcement
Secretary
United
States
authorized to
are
applications
accepting
in
for
savings bonds from their members.
United
being
$75
their
redeemable
are
issue
of the first
bonds
bonds
are
sold
discount basis, the issue price
on a
$100 maturity value payable
for each
They
ings
year
maturity
10
from the issue
years
(but
within
not
fixed redemption values which
date) at
held
before
60
six months thereafter to maturity.
and each
days
at
increase
the
If sav¬
maturity the investment will increase one-third,
1/3%, which affords an investment yield of about 2.9% per annum
33
or
States savings
are
to
semi-annually;
before
redeemed
if
maturity,
the
investment
yield is less.
Savings bonds
and
and
$100,
the
name
maturity
the
of
issued in convenient denominations of $25, $50,
are
$1,000,
address
and
value,
recorded at the Treasury Department.
be
be
may
of
names
with
registered
in the
individuals
two
as
designated
single
a
registered in the
of
name
single
a
in
in
the
of
death;
of
case
individual,
name
of fiduciaries, corporations,
and
the
any
value.
amount
one
during
and
year,
any
calendar
one
year
is limited by law to a maximum
limitation
This
calendar
issued
person
separately
applies
accordingly
may
one
bonds
to
hold
the
the
in
or
individual
an
they
also
may
associations, &c.
United States savings bonds are offered primarily for the small
by
and
Savings
not transferrable.
are
or
co-owners,
bond
face of each
the
on
They
beneficiary
names
only in registered form,
inscribed
being
owner
which
investor,
may
be held
$10,000 maturity
of
issued
each
during
maximum
amount
for
each year.
Nov.
sale
30,
of
1936,
$506,782,000,
000,000.
ers
savings
cash
bonds
receipts
representing
During the
same*
inaugurated
was
the
from
bonds
with
sales
a
March
these
of
maturity
1,
1935,
bonds
value
of
and
to
aggregated
about
$675,-
period cash redemptions at the option of
own¬
aggregated $22,248,000.
Previous reference to the sale
made in
our
the
of
savings bonds
was
issue of Dec. 19, page 3923.
a
price offered for Treasury bills allotted must be made at the Federal Reserve
or
Dec. 31,
on
by Treasury Department Circular No. 571, dated
♦
Those submitting tenders
advised by the acceptance or rejection thereof.
banks in csh
for the bonds of Series B, the sale
as
same
ex¬
and to allot less than the amount applied for, and his action in any such
ibe
The
99.830,
will terminate
Dec.
The
acceptable prices for each series will follow
will
is
an
Dec.
trust company.
Immediately after the closing hour for receipt of tenders on Dec. 28,
1936, all tenders received at the Federal Reserve banks or branches thereof
pressly
rate of
a
Only part of the amount bid for at
bank discount basis. 1
a
is governed
Fractions must not be used.
to
accepted.
equivalent to
99.922,
from
total
the
was
to 99.811, equivalent to a rate of about 0.249%
accepted.
issued
Series C is the
of which
bonds
than
tender must be in multiples of $1,000.
up
price
of which $50,025,000
The new series is desig¬
G, to differentiate these bonds from those sold
to Jan. 1, 1937.
The issue price of the bonds of
prior
$500
or
in
22, 1937
thereabouts,
or
Series
nated
$500,000, and $1,000,000 (maturity
branches upon application therefor.
bank
and'
99.982,
is
beginning Jan. 1, 1937, a new
series of United States savings banks, or so-called "baby
end
the special envelopes which will be supplied by the Federal Reserve banks
of
ranged
According to
payable without
of the bills of each series will be
It is urged that tenders be made
on
accepted.
of the Treasury Morgenthau,
date.
value).
No
$103,035,000,
was
was
be
to
$50,000,000,
bank discount basis.
a
price
series
after
The bills will be issued in bearer form only, and in amounts or denomin¬
or
basis.
The
discount
was
series to be issued
of this
for
was
per annum,
on
compounded
of
which
bids
0.103%
annum
face
The
thau noted:
ations
price
the latter
at
bank
a
on
bonds," will be offered for sale.
series of the
In his
series,
applied for
per
total
the
the latter being
99.965,
to
par
annum,
per
amount bid for
1937
of which $50,057,000 was accepted.
from
price
Treasury bills
of
accepted
about
to Amount
Tenders, to be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard
Time,
Monday, Dec. 28, were invited on Dec. 23 by Henry Morgenthau, Jr., Secretary of the Treasury, to a new offering
of two series of Treasury bills to the aggregate amount of
$100,000,000, or thereabouts.
Bids will not be received at
the Treasury Department, Washington.
Both series of
the bills, which will be sold on a discount basis to the
highest
bidders, will be dated Dec. 30, 1936.
There is a maturity
of similar securities on Dec. 30 in amount of $50,028,000.
interest
in
0.150%
of
17,
thereabouts,
or
Treasury to Offer New Series of "Baby Bonds" Jan. 1—
Will Be Designated Series C
r
amount
The
per
$100,000,000—To be Dated Dec. 30, 1936—$50,000,000 of 78-Day Bills and $50,000,000 of 273-Day
ticular
$50,000,000,
rate is about 0.076% per annum on a bank discount basis.
this
amount
or
to
Each
ranged
the
for
was
names
absorbed.
or
For
to
paid
the
and
New^Offering of Treasury Bills in Two Series
offered
to 2 p. m., Eastern Standard
bids to the two issues of
the
$105,207,000,
was
rate
a
price
average
does
soliciting accounts
further, that
examiners
paid
would
provided
amounts
payment
items
the
to
isolated
regularly
a
items
such
as
of
and not of
the bank acts
of such
whom
absorption
or
competitors; and
over
record
a
the
of
misunderstanding,
or
maintains
payment
charging
absorption of such
an
for
bids
accepted
average
which
series,
The
required by
of
.84-Day Treasury Bills, Maturing March
For
equivalent
absorption
or
are
Details
bills, as issued by Secretary Morgenthau, follow:
does
deposits whether levied
upon
trivial amounts
in
interest, provided that
obtaining
the
foregoing,
expense
nature,S where
of
payment
of
the branches thereof up
and
to the
not
was
The tenders to the offering were invited on Dec. 17 by
Secretary Morgenthau, as noted in our issue of Dec. 19,
page 2923.
They were received at the Federal Reserve banks
exchange
of
but
expenses,
securities, maturing
273-day bills, maturing
84-day
was
273-Day Treasury Bills, Maturing Sept.
the
out-of-pocket
undue
cause
the
the
absorption
or
1936
26,
Sept. 22, 1937.
authority of law.
of
recurrent
not
payment
out-of-pocket
bonds securing deposits where
on
Notwithstanding
items
or
the
bills
the
17, 1937, and the other
other
or
Dec.
of
series
amount
absorption
or
service
substantially direct relation
a
which insolve
or
general operating
credit,
payment,
balance.
includes
charges
payment
the
against
bears
or
depositor's
collection
include
from overhead and
such
One
March
of Section 1 of Regula¬
(f)
Chronicle
amended,
govern
and
this
notice
Gold
Receipts
Week
Ended
Mints and Assay Offices During
Dec. 18—Imports Totaled $5,926,392
by
A total of
$9,090,502.84 of gold was received during the
by the various mints and assay offices
Treasury announced on Dec. 21. It said that $5,926,392.49 of this amount was imports, $253,835.45 secondary
and $2,910,274.90 new domestic.
The gold, the Treasury
made known, was received as follows by the various mints
and assay offices during the week ended Dec. 18:
week ended Dec. 18
the
RECEIPTS OF GOLD
BY THE
MINTS AND
ASSAY
OFFICES
the conditions of their
issue.
Imports
Secondary
New Domestic
♦
Philadelphia
Tenders of $208,242,000
000,000
of
Two
Received to Offering of $100,Series of Treasury Bills Dated
Dec.
23—$50,057,000 Accepted for 84-Day Bills at
Rate of 0.076% and $50,025,000 for 273-Day Bills
at Rate of 0.225%
Secretary
nounced
were
on
of
the
Dec.
21
Treasury
that
tenders
Morgenthau
Jr.
an¬
aggregating $208,242,000
received to the offering of $100,000,000, or thereabouts,
of Treasury bills dated Dec.
two
Henry
series
Secretary
of
$50,000,000
Morgenthau
23, 1936, which
each.
said,
Of
the
were
tenders
$100,082,000
were
offered in
received,
accepted.
$12,097.40
New York
5,625,600.00
245,607.02
42,737.20
San Francisco
Denver
New Orleans
260.87
Seattle
Total for week ended Dec.
18,1936 $5,926,392.49
$88,670.77
94.528.00
33,391.04
7,770.86
17.823.01
11,651.77
$1,397.66
397,600.00
1,766,662.55
516.193.48
$253,835.45
$2,910,274.90
473.72
227.947.49
We have been informed by the Treasury that the receipts
of new domestic gold by the Seattle mint during the week
ended
Dec.
$204,608.32
11
should
have
been
$240,608.32
instead
of
reported in its announcement of a week ago.
The total receipts of new domestic gold by all mints during
that week is the same as previously announced, $3,142,as
Volume
205.51.
143
The
Dec. 11
were
Financial
Treasury's figures covering the 'week ended
our issue of Dec. 19, page 3922.
given in
»
Silver Transferred
zation Order During
to
Nationali¬
Under
Week Ended Dec. 18 Amounted
1,375 Fine Ounces
^Announcement
was made by the
Treasury Department on
Dec. 21 of the transfer of 1,375 fine ounces of silver to the
United States during the week ended Dec. 18 under the
Order of Aug. 9, 1934, nationalizing the metal.
Treasury said that 112,992,650.27 fine ounces of the
Executive
The
metal have been transferred since the issuance of the Order
of
Aug. 9, which
page 558.
From the
given in
was
our
issue of Aug. 11, 1934,
Treasury's announcement of Dec. 21 the follow¬
ing is taken:
SILVER TRANSFERRED TO UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended Dec. 18, 1936—
a
Production of gold in South Africa continues to increase,
report to the United States Commerce Department from
the commercial attache at Johannesburg shows.
The gold
output of the Transvaal in October reached the record value
of £6,915,282
($33,890,000), the previous highest figure
having been £6,703,351 ($32,846,000) in July, said an an¬
nouncement issued Dec. 3 by the Department.
Whereas in
July gold production amounted to 967,993 ounces, the
October output advanced to 977,425 ounces.
Compared
with September, with its shorter working month, the October
output showed an increase of 10,097 ounces and £289,085
($1,416,000) in value, the report states.
The October production, it i3 pointed out, is the highest
since the suspension of the gold standard at the end of 1922
and is only 13,897 ounces short of the record of 991,322 ounces
established in August, 1932.
Fine Ounces
242.00
562.00
Philadelphia
New York
....
San Francisco
571.00
President
Roosevelt
to
Seek
Permanent
Neutrality
Legislation—Advocates Further Powers for Execu¬
Denver
New Orleans
tive
Seattle..,..
Total for week ended Dec.
"Chronicle'' of Dec.
19, page 3922, reference was
the silver transferred during the week ended Dec. 11.
made to
+
Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,612,121.92 Fine Ounces During Week Ended Dec. 18
Receipts
of
During the week ended Dec. 18
total of 1,612,121.92 fine
by the Treasury Depart¬
offices, it is learned
from a statement issued
the Treasury.
The
silver was purchased by the Treasury in accordance with the
President's proclamation of Dec.' 21, 1933, which author¬
ized 1 he Department to absorb at least 24,421,410 fine ounces
of newly mined silver annually.
Since Dec. 21, 1933, a
tdtal of 119,045,925.46 fine ounces of metal have been turned
over to the mints and assay offices.
Reference to the procla¬
mation was made in the "Chronicle" of Dec. 31, 1933, page
4441.
The Treasury's statement of Dec. 21 follows:
of silver
ounces
ment
turned
were
a
over
the various mints
and assay
Dec. 21 by
to
RECEIPTS
OF
SILVER
BY
THE
MINTS
AND
OFFICES
ASSAY
President
abroad, it
520,505.10
8,005.87
Representative McReynolds, Chairman of the House
Foreign Affairs Committee, on proposed neutrality legisla¬
coming session of Congress. The President is
expected to renew his request for permanent legislation
giving most of the power to regulate neutrality to the
executive. At his press conference on Dec. 22 Mr. Roosevelt
said that a new and permanent neutrality law would be an
important part of the program of the new Congress. His
remarks were noted as follows in a Washington dispatch of
tion at the
Dec. 22 to the New York "Herald Tribune":
Representative Mc Reynolds, who favors the President's view that the
proclamation of most
neutrality legislation,
once
a
state of war abroad
exists, should be discretionary with him rather than mandatory on him,
emerged from his conference with the President with the announcement
that he would back the
same
by the White «House.
year
such
neutrality
strong
bill of his this year, which was favored last
The
with violent opposition from
measure met
the
in
men
Senate
as
Clark,
Champ
Bennett
Democrat, of Missouri, and Gerald P. Nye, Republican, of North Dakota,
Among other
1,612,121.92
119,045,925.46
credits to the
The
Representative McReynolds
which
Spain.
belligerents in such
The
permissive
or
a
plans to
exports and
European civil war as is now going on
discretionary feature runs all through the
McReynolds bill, except in the clauses covering arms embargoes and em¬
bargoes
receipts of newly mined silver during the week ended
were noted in these columns Dec. 19, page 3923.
Dec. 18
things
new
give the President discretion to do is to lay embargoes on
in
The
plans to ask Congress for greater
belligerent nations, in case of war
on Dec. 22 after he had conferred
with
revealed
was
temporary law expires May 1, 1937.
Denver
Total for week ended Dec. 18, 1936
Total receipts through Dec. 18, 1936
Government
with
1,074,610.95
San Francisco
Roosevelt
deal
to
powers
Fine Ounces
Philadelphia
of
Reorganization
and the present temporary legislation was adopted as a compromise.
(Under Executive Proclamation of Dec. 21, 1933, as Amended)
Wee k Ended Dec. 18, 1936—
Plans
-—
Agencies
1,375.00
112,992,650.27
18, 1936
Total receipts through Dec. 18, 1936
In the
4081
South^African Gold Production During October Remmmmm
ported at Record Level
«
United States
to
Chronicle„
credits to belligerents, which it made mandatory.
on
After talking with the President, Representative McReynolds is
to fight for a
permissive bill.
He
gave
prepared
much importance to the Supreme
decision.
Court
Proper Person to Make Decision
Gold
Production
Reached
Canada
in
New
Monthly
High During October of 334,080 Ounces
During October, Canadian gold output reached a new
monthly high of 334,080 ounces, which is 3,260 ounces above
the 330,820 ounces produced during September, the previous
record month.
At the average price of $34.99 an ounce,
Canadian funds, in London, October production had a value
of $11,689,459, it was stated in Canadian press advices from
Ottawa, Dec. 8, to the Montreal "Gazette" of Dec. 9, which
added:
For
production was 3,080,611
10 months of 1936
the first
14.8% from 2,683,985 ounces in the same period last year.
erators reported an output of
Columbia 42,337,
British
vance
204,764
has been
7,446
18,691 ounces.
steadily mounting since February.
277,554;
January,
February,
266,422;
an
ounces.
299,102;
April,
discretion was clearly put
before the public by the recent Supreme Court
decision," Representative
McReynolds said.
year:
299,269;
May, 308,492; June, 316,670; July, 319,505; August, 328,697; September,
330,820 and October, 344,080 ounces.
Estimate
This
Places
Year
Gold
Production
in
Russia
48% Above Year Ago
It
was
only guesses are possible.
that it cannot be less than
$200,000,000
It ie» considered certain, However,
a year
and some estimates approach
$500,000,000.
and now is exceeded only by the Transvaal.
as a
gold producer
Officials openly assert that they
will soon surpass that.
of the
been
one of
the most sensational
Soviet's drive under the Five Year Plan to make itself
entirely independent of the outside world.
In the past eight
years it has
been the President's since
on
Dec. 22 that the President
now."
plans
committee
administrative
on
management
working
conjunction with the fByrd committee of the Senate and the Buchanan
committee of the House,
and assisted by experts of the
Hrookings Insti¬
A report to the President
tution, already has made preliminary studies.
week, and on the basis of it he is expected to
Omnibus Reorganization Bill to be presented to Congress early
in the session.
Roosevelt's primary purpose
executive
administrative
or
at this time is to group all agencies
functions
under the
President.
He
takes the view that when the framers of the Constitution set up the legis¬
lative, judicial and executive as the three branches of government, they
meant
that
the
should
President
be
in
sole
charge of the executive es¬
tablishment.
Further,
it
is
his
view
that
most
of
the
quasi-judicial commissions,
nearly 100 in number, created by Congress during the last thirty or forty
years,
have taken on administrative functions not originally contemplated,
and are
a
sort of "fourth estate."
commissions or
His purpose is to distribute either these
their executive functions throughout the executive
estab¬
lishment so they may be more directly under his charge, leaving
independ¬
only the judicial functions to be redescribed by Congress.
Thus he
would draw the line
definitely between judicial and administrative
more
activities.
No
The development of the gold industry has
features
also revealed
President's
The
in
ent
and Canada
In recent years Russia has passed America
ambassadors and min¬
him, and in other ways he is the proper
The right has
a
drastic realignment of independent agencies and quasijudicial commissions to include them in departments headed
by Cabinet officers.
Mr. Roosevelt said that his prime
purpose in intensifying reorganization studies was to make
of the Government a well-managed business concern, not
primarily for economy but for greater efficiency. A Wash¬
ington dispatch of Dec. 22 to the New York "Times" com¬
mented on these plans as follows:
having
The Soviet guards the actual sum almost as carefully as it guards military
our
George Washington's time, and I don't see why we should change it
Mr.
gold production in Soviet Russia
this year exceeds last year's production by 46%, said cable¬
gram advices from Moscow, Dec. 12, to the New York
"Times" of Dec. 13. In stating that this increase has caused
new speculation among foreign observers in Moscow as to
the Soviet's actual annual gold output, the advices said:
so
decision.
is expected some time next
The official estimate of
secrets,
make the
to
person
frame an
Official
"Much information from
isters abroad is available only to
Output
Totals by months this
March,
ad¬
Alluval gold production
Nova Scotia reported 952
ounces.
up
op¬
in October, Quebec 59,882 and
ounces
Manitoba and Saskatchewan registered
of 10.8% in the month with
in the Yukon was
ounces,
Ontario
"The necessity for the President to have the
particular agencies or commissions were mentioned as those
which
the President has in mind.
He is said to hold that all of the 100 or more
quasi-judicial
realigning
bodies
need
and
their functions
more
clearly
defined.
multiplied gold production fifteen times, lifting itself from eleventh place
among
world producers.
Thousands of miners and prospectors, including private individuals, are
Treasury to "Sterilize" Gold Imports—Secretary Mor-
The industry has been extensively
genthau Announces New Policy Designed to Curb
Excess Reserves—Gold Inflow to Be Purchased by
digging up wealth in 144 gold fields.
mechanized according to American methods.
The huge
gold production is one of the most important means by which
the Soviet has
obviated the necessity of borrowing abroad for purchases of
machinery, &c., and naturally will be a. strong factor in the Soviet's favor
should war come
Borrowing—Comments
Secretary
of
the
Treasury
Dec. 21 that the Government
By M.
S. Eccles
Morgenthau
announced
on
would seek to "sterilize" the
4082
Financial
Chronicle
of gold by purchasing outright newly mined and
imported gold and not allow it to become a basis for new
excess
bank
credits
the Federal Reserve
through
System.
The
Secretary of the
whenever it is
Treasury,
Federal
the
of
deemed
after
Reserve
advisable and in
with
conferring
System,
Con¬
stitutionality of Amended Frazier-Lemke Farm
Mortgage Moratorium Act—To Consider Appeal
Filed by Representative Lemke Acting as Attorney
for Robert P. Wright
The
Board
the
that
announces
•'
of
The United States
Supreme Court consented on Dec. 21
the constitutionality of the amended FrazierMortgage Moratorium Act.
Attorneys for
Robert Page Wright of Bedford County, Va. on Nov. 16
filed an appeal in the matter in the Supreme Court—one of
the attorneys acting for Mr. Wright being Representative
William Lemke, recent Presidential candidate of the Union
Party and co-author of the Act.
Reference to the appeal
appeared in our Nov. 21 issue, page 3243.
The amended
Act was passed by Congress after the original Act had been
declared
unconstitutional
by the Supreme Court.
As
amended the Act (noted in these columns Oct. 17, page 2454)
was held unconstitutional in October by the United States
Fourth ^Circuit Court of Appeals at Richmond, Va. in
deciding six appeals from the Western District of Virginia
basing its conclusions on the decision of the Supreme Court
he proposes,
the public interest to
do so, to
to
take appropriate action with respect to net additional acquisitions or re¬
accomplished
by the sale of additional public debt obligations,
the proceeds of which will be used for the purchase of gold, and by the
purchase
or
ments in
the reverse direction.
The
redemption of outstanding obligations in the
of move¬
case
^
policy is expected to relieve the Federal Reserve
System of the problem of excess reserves created by heavy
gold imports, and thus enable the System .to handle other
aspects of the problem with the powers and facilities already
at its command.
Marriner S. Eccles, Chairman of the
Board of Governors of the Federal Reserve System, pointed
out that by again increasing reserve
requirements or by
disposing of Government securities the Board can handle
present excess reserves.
In a dispatch from Washington
new
Dec. 21
the New York "Times" it
to
in the
stated that the
was
a
continuing tide of gold flowing to the United States was the
thing that caused the most concern, and the action taken
that was to enable the Treasury to buy this gold and render
it inactive, so that it may not add its value to the
already
swollen bases of bank credit. In part the account also stated:
Secretary
Morgenthau
open market
said
that
the
Treasury
the money needed to buy the gold.
borrowing would be
weekly basis.
conducted
would
borrow
in
the
through issues of discountable bills
The public would be amply informed of these steps,
on
as
volume of gold purchases made by the
Treasury would be shown from
to day in the daily financial statement.
a
the
The amended
well
as
the
as
approval
of
Roosevelt,
before
Reserve System would be able to deal
adequately with the
Congress.
Morgenthau agreed that the plan would have
no
"This should
reserve
excess
repercussions
Ifc
not be construed as a
Eccles declared.
"There
adequate
are
i*;'
policy away from
(
on
easy
It
the
Treasury
and
dealing
the
now with
A
To-day's action
Securities
study by the Federal Reserve
Exchange
Commission,
Mr.
effects rather than causes."
Second Major Step
an excessive credit boom before
On July 14, under powers granted by
Congress, the Reserve
Board announced an increase in reserve
requirements of member banks of
50%, leaving another 50% to
were
$2,900,000,000.
The
but
Was
are
the board should decide that
On Aug.
announced
the
excess
reserves
15, when the order took effect,
$1,800,000,000.
excess reserves
they
go if
a
further
needed later.
the increase
dropped to
.
.
at this time are estimated at around
expected
to
$2,500,000,000, when the
shoot
up
currency
stood
about
at
excess
reserves
.
to
$2,300,000,000,
$2,000,000,000,
perhaps
or
even
This factor is believed to have
Contributed to the timeliness of
"The spirit
reserves
new
importations or
domestic offerings of gold, since the Treasury will set the metal aside.
Governor Eccles said to-day that the Federal
Reserve System undoubtedly
could have handled the entire situation
alone, at least for a while. "But,"
he added, "we don't want to use
up all our powers.
We should hold some
in reserve."
Money and Banking Legislation Proposed
Session of
at
Coming
CongressM|
Following recent conferences between Secretary of the
Treasury Morgenthau, Marriner S. Eccles, Chairman of
the
Board
of
Governors
of
the
Federal
Reserve
Leo T.
System;
Crowley? Chairman of the Federal Deposit Insurance
Corp., and J. F. T. O'Connor, Comptroller of the Currency,
it was reported by the
Washington correspondent of the
"Wall
Street
Journal"
a
the paper indicated said:
are
being considered for inclu¬
2.
Consolidation
of
the
bank
chartering
and
examining
powers
now
Reserve, the FDIC and the Comptroller of
Currency.
3.
Extension
which
are
Court in
a
petition
of
the
stabilization
fund
and
dollar
revaluation
powers
due to expire on Jan. 31. j
In its Dec. 16 issue the "Wall Street Journal" stated that
Senator Carter Glass of Virginia agreed on Dec. 15 to
sponsor
Administration proposals for extension of the life of the
$2,000,000,000 Treasury stabilization fund, this develop¬
following an hour long conference between Secretary
Morgenthau and the Virginia Senator.
ment
the new law made a Supreme
Representative Lemke insisted.
United States Supreme Court in 7-1 Decision Upholds
Powers of President Under Neutrality Legislation
—Opinion
Arms
In
7
to
Given
Involving Shipment of
Case
in
Combatants in
to
Chaco
War
1
decision, the United States Supreme Court
upheld on Dec. 21 the powers conferred on the President
under neutrality legislation.
The opinion holds valid the
1934 arms embargo resolution which authorized President
a
for the
use
the
of munitions
sale
in the recent Chaco
war
in
this
country
between Bolivia and Para¬
That resolution was given in these columns June 2,
1934, page 3691, along with the President's proclamation
Arguments were heard by the Supreme
Court on the validity of the embargo legislation in Novem¬
ber, as was indicated in our issue of Nov. 28, page 3400.
The Supreme Court's decision was delivered by Justice
Sutherland; Justice McReynolds was the one dissenter ? and
at the conclusion of the findings of the Supreme Court the
following notation appeared:
guay.
issued at the time.
Mr. Justice McReynolds does not agree.
He is of opinion that the court
below reached the right conclusion and its
judgment ought to be affirmed.
No part was taken
in the decision by Justice Stone, who
is still ill.
In
the
Supreme Court decision the case is cited as the
of America vs. Cuitiss-Wright Export Cor¬
poration, Curtiss Aeroplane and Motor Company, Inc., and
Barr Shipping Corporation, et al.
As to the action the
Supreme Court in ruling explained that on Jan, 27, 1936,
an
indictment was returned in the court below, charging
that beginning May 29, 1934, conspiracy "to sell in the
United States certain arms of war, namely, 15 machine guns,
to Bolivia, a country then engaged in armed conflict in the
Chaco, in violation of the joint resolution of Congress
approved May 28,1934, and the provisions of a proclamation
issued on the same day by the President of the United States
pursuant to authority conferred by Section 1 of the resolu¬
United
States
tion."
It
was
New
noted
York
in
Washington dispatch Dec. 21 to the
a
"Herald
Tribune"
attacked the indictment
That
President
the
Congressional
ments
power;
was
that
on
that
the
three main
concerns
indicated
grounds viz:
exercising an unconstitutional delegation of
the President had failed to take the required
were
not
brought
until
after
the
President
had
revoked
his
The Federal Court in the Southern District of New York held the statute
Increased credit controlls for the Board of Governors of the Federal
Reserve System; this provision will not take the form of
enlarged powers
to raise member bank reserve requirements.
scattered between the Federal
on
proclamation.
sion in the proposed bill are:
the
and intent of the Radford decision has been met by the
preliminary steps before promulgating the embargo, and that the indict¬
Banking and monetary provisions which
1.
taken to protect the rights of the
as care was
Court ruling absolutely necessary,
that
although the meeting made
monetary and banking bill with
Administration backing, the exact nature of the
legislation
to be requested remains uncertain.
The same advices, by
Eugene S. Duffield, and published in the Dec. 15 issue of
that there would be
sure
constitutional bank¬
moratorium in favor of "distressed debtors"
a
long
so
Conflict between lower court decisions
to-day's announcement, since the sudden
after the holidays will be
particularly noticeable.
The upswing will be lessened now to the extent
of
new
declare
amended Frazier-Lemke Act," Mr. Lemke said to the
drawn into circulation for the Christmas
trade finds its way again into the banks.
upswing of
to
Roosevelt to forbid
Taken
the second major step taken by the administration
was
with the last six months to put a curb on
When
deny to Congress the power, under the
creditor.
money," Mr.
it gets started.
increase
trust."
clear, the North Dakota Representative said, that the Court did
was
system to take
Eccles said:
are
but that it denied
domestic
v !
excess reserves in the
As to the capital import
problem now under
"We
found
the property and to become a bidder at
discretion could not be exercised for the protection of the
of all needs of the country's credit."
System,
as
He and Secretary
did they believe that it would divert the administration from
its policy of "easy money."
care
Act,
"was not that the first Act
submitted for the Virginia farmer.
situation without asking further powers from
nor
through Justice Brandeis,
denied to the mortgagee his right in the specific property,
Mr. Eccles said that with the Treasury's plan in
operation the Federal
credit,
Lemke asserted,
him the right to call for a sale of
not intend to
adopting it.
On Dec. 21
such sale and that the Act, further, tied the hands of the Court so that its
during the depression
President
Radford.
Act, Mr. Lemke insisted, has been brought "in harmony
Radford case," Mr.
in the
ruptcy clause,
Mr. Mongenthau insisted that the plan was to be carried out
strictly by
vs.
"The gist of the element of unconstitutionality of the first
the Treasury and that he had the advice of several economists and
govern¬
experts,
of the Louisville Bank
case
dispatch from Washington to the New York "Times" said:
with the spirit and ruling" of the Supreme Court
day
President Roosevelt Approves Step
ment
on
Farm
in the Radford case of 1934.
•
He explained that the
pass
Lemke
leases of gold by the Treasury Department.
This will be
26, 1936
United States Supreme Court Agrees to Pass on
brief Treasury statement read:
Governors
Dec.
invalid
on
the first
ground.
The Supreme Court today upheld the Govern-
ment on all three points.
In March
last Federal Judge Mortimer W. Byers ruled
Congress has no power to authorize the President to
forbid the shipment of arms and ammunitions to belligerent
nations; that ruling (referred to in these columns March 28,
page 2087) held that President Roosevelt's proclamation of
May 28, 1934, outlawing the shipment of arms to Bolivia or
Paraguay, then at war was unconstitutional.
From thedecision of the Supreme Court, we quote:
that
It is important to bear in mind that we are here dealing not alone with
an
authority vested in the President by
but with
such
an
an
exertion of legislative power,
authority plus the very delicate, plenary and exlusive
Volume 143
Financial
power of the President
the sole organ of the Federal Government In the
as
Chronicle
4083
tended that the law would expire with the passing of
the time fixed in
field of international relations—a power' which does not require as a basis
for Its exercise an act of Congress, but which, of course, like every other
respect to offenses committed during the period.
<
The judgment of the court below must be reversed and the
governmental power, must be exercised in subordination to the applicable
manded for further proceedings in accordance with the foregoing opinion.
It is so ordered.
provisions of the Constitution.
cause
re¬
It is quite apparent that if, in the maintenance of our international rela¬
tions, embarrassment—perhaps serious embarrassment—-is to be avoided
and success for our aims
achieved, Congressional legislation which is to
be made effective through negotiation and inquiry within the international
field must often accord to the President a degree of discretion and freedom
from
Suit
stautory restriction which would not be admissible were domestic
time of war.
He has his confidential
sources of
He has his
information.
Secrecy in respect of information gathered by them
be highly neces¬
may
and the premature disclosure of it productive of harmful results.
sary
Practically
more acts or
.
.
.
every volume of the United States Statutes contains one or
joint resolutions of Congress authorizing action by the Presi¬
dent in respect of subjects affecting foreign relations, which either leave
exercise of the power to his unrestricted
judgment
or
provide
the
standard
a
far more general than that which has always been considered requisite
regard to domestic affairs.
The result of holding that the joint resolution here under
and unenforceable
with
...
attack is void
constituting an unlawful delegation of legislative power
as
would be to stamp this multitude of comparable acts
order
Congress, however
all rational doubt it finds them to be so, an
such
as we
have
declare acts of
•
•
accordance with precedent, we conclude there is
principle and in
to operate
proclamation to
prescribe
exceptions to which the enforcement of the resolution shall
limitations and
be subject.
and to make proclamation accordingly; and to
...
The demurrer in the present case challenges the
validity of the statute
If the Court below had sustained
upon three separate and distinct grounds.
the demurrer without more, an appeal by the Government
brought here for
necessarily would
determination all of these grounds, since in that
our
the record would not have disclosed whether the Court considered the
statute invalid upon one particular ground or upon all of
the grounds alleged.
The judgment of the lower Court is that the Statute is invalid.
Having
held that this judgment cannot be sustained upon the particular
ground
which that court
not
also
assigned, it is
the judgment
now open to
be sustained
can
this court to inquire whether
the rejected grounds which
upon
challenge the validity .of the statute and, therefore, constitute a proper
subject of review by this eofart under the Criminal Appeals Act.
States
case
dismissed
was
on
technicality.
a
The
Kroger company insisted that the amount in controversy
the value of the milk business involved, but the Supreme
The
was
really
Court, in
a per
curiam opinion said today:
"The question is not the value or net worth
of the business
value of the right to be free from the regulation, and this may be
but the
measured
by the loss, if any, that would follow the enforcement of the rule."
United
vs.
Hastings, 296 U. S. 188,
192|
In Langnes vs. Green, 282 U. S. 631, where the decree of a
district court
had been assailed upon two grounds and the Circuit Court of
sustained
the attack upon
United
Court Postpones
Test of
Act—Will Hear Argu¬
ments
on
New Deal Law Feb. 8, When Justice
Stone Is Expected to Rejoin Tribunal
|
Appeals had
Supreme
Labor
Relations
Arguments before the United States Supreme Court on
constitutionality of the Wagner Labor Relations Act
not be heard until Feb. 8, when it is believed that
Justice Stone, who is now ill, will be able to return and
participate in the Court's decision.
It had been expected
that the validity of the law would be argued in January,
but it was indicated in press accoun s from Washington
Dec. 22 that the postponement was granted by Chief
Justice Hughes at the request of Solicitor General Stanley
Reed.
The case is regarded as one of the most important
affecting New Deal legislation before the Court. Justice
the
will
Stone is
member of the so-called "liberal bloc" which has
a
sustained many
of the Administration's key policies in recent
years.
A Washington
dispatch of Dec. 22 to the New York "Herald
on the postponement of this case as
Tribune" commented
follows:
of such grounds only, we held that a re¬
one
States
Wagner
beneficial effect upon the reestablishment
a
bring the resolution into operation; whether and when the resolution shall
or
The
"Tiiries":
sufficient warrant for the
of peace in the affected countries; whether he shall make
have
an
Indiana Milk Control Board Eliminating the
between
cash-and-carry and delivered milk
jurisdiction.
The Supreme Court's ruling was noted as fol¬
lows in a Washington dispatch of Dec. 21 to the New York
broad discretion vested in the President to determine whether the enforce¬
ment of the statute will have
case
Dec. 21 dismissed
•
•It is enough to summarize by saying that both upon
cease
on
Board
Court—
business in that area, worth $30,OCX) annually with a net
profit of $2,000, was being ruined.
A Federal Court decided
that profit was the only test of the suit, and that since the
profit was below $3,000, Federal Courts could not assume
impressive array of legislation
just set forth, enacted by nearly every Congress from the
beginning of our national existence to the present day, must be given unusual
weight in the process of reaching a correct determination of the problem.
Court
Control
Supreme
Board had issued the order on. the ground that an emergency
existed in Fort Wayne, while the company charged that its
and resolutions as
times repeated, to be unconstitutional if beyond
many
of the
differential
likewise invalid.
And while this Court may not, and should not, hesitate to
Milk
petition by the Kroger Grocery & Baking Co. against
prices.
agents in the form of diplomatic, consular and other officials.
Indiana
of
by
The United States Supreme
a
conditions which prevail in foreign countries, and especially is this true in
Order
United States
Technicality Outlaws Case
affairs alone involved.
Moreover, he, not Congress, has the better opportunity of knowing the
Against
Dismissed
If the right of Federal Government to protect collective bargaining not
spondent in certiorari might nevertheless urge in this court in support of
only in interstate transportation but in factories doing an interstate business
the decree the ground which the intermediate Appellate Court had
rejected.
is
consideration of the second and third grounds
is
That principle is
applicable here.
We proceed,
a
then, to
1.
The
executive
countries
between those countries, and that I have
peace
consulted with the governments of other American republics and have been
assured of the
as
cooperation of such governments as I have deemed necessary
contemplated by the said joint resolution."
This finding satisfies
every
requirement of the joint resolution.
There is
no
suggestion that the resolution is fatally uncertain or indefi¬
The delay in hearing arguments
Stone.
on
the finding
That
there
the record,
Justice
Stone
delayed
so
been
has
any
on
the Wagner case is attributed by
actual
postponement
for no formal order by the Court has
himself is
too
himself decid d that these
important to be considered by anything less than the full
Court—especially in view of the possibility of
were
sitting.
•
•
a
4-4 split if only eight
.
The Court has six labor cases, which will bev argued in sequence.
the words which we have
italicized
is insufficient because the President
above,
does
not
first
the
is
Then
Virginian Ry.
there
But
In other
that he could hear it and participate in the decision.
were
justices
does not show
been issued.
reported to have asked that the argument be
quarters it is reported that the Chief Justice
well be challenged as insufficient.
But appellees, referring to
labor
close observers of the Court to the illness of Associate Justice Harlan F.
cases
nite; and a finding which follows its language, as this finding does, cannot
contend that
fade rapidly from view.
generally expected to lead the fight for curbing the Court or amending
the Constitution.
and munitions of war in the United States to those
engaged in armed conflict in the Chaco may contribute to
now
reestablishment of
the
rejected.
"I have found that the prohi¬
proclamation recites:
arms
may
If the Wagner Act is thrown out or closely circumscribed, organized
of the demurrers, which, as we have said, the court below
bition of the sale of
upheld by the Court, the constitutional issue
five
are
The
which involves the Railway Labor Act.
case,
involving the Wagner Act:
cases
The Washington
declare that the cooperation of such governments as he deemed necessary
Virginia
included
Steel Co., Fruehoff Trailer, and Harry Marks Clothing Co. cases.
American
any
republic,
and
therefore
the recital
The
criticism
that
seems
he
to
wholly wanting in substance.
us
consulted
has
with
the
governments
deemed
he
as
These recitals,
American
2.
necessary
construed
as
contemplated
by
fairly include
together,
Maryland Coach
Co.,
Associated Press,
Jones & Laughlin
The President
of other
American
republics and that he has been assured of the cooperation of such
ments
&
joint resolution.
affirmative showing of compliance in this respect with the
recites
contains no
the joint
Federal
Judge Signs Temporary Decree Forbidding
Expansion of TVA Power Program—Early Appeal
Expected on Injunction Granted 19 Utilities
govern¬
resolution.
within their meaning
Federal
republics.
The second proclamation of the President, revoking the first procla¬
mation, it is urged, had the effect of putting an end to the joint resolution,
Judge John J. Gore of Knoxville, Tenn., on Dec.
decree temporarily enjoining the Tennessee Val¬
ley Authority from expanding its power program.
Judge
22
signed
a
well-settled rule no penalty could be enforced or
Gore's decision in the
punishment inflicted thereafter for an offense committed during the life
referred to in the "Chroni¬
cle" of Dec. 19, pages
on
the request of 19
and in accordance with
a
of the joint resolution in the absence of a provision in the resolution to that
effect.
There is
no
doubt
as
to the general rule or as to
saving clause in the joint resolution.
the absence of
a
But is the case presented one which
makes the rule applicable?
It
was
not within the power of the
President to repeal the joint resolu¬
tion; and his second proclamation did not purport to do so.
The happening
...
of the designated events—namely, the finding of certain
conditions and the proclamation by the President—did not call the law
into being.
It created the occasion for it to function.
tion did not put an end to the law or affect what had
of the law.
The second proclama¬
been done in violation
The effect of the proclamation was simply to remove for the
a
different
case if
the Middle Tennessee District.
as
by its own terms upon the issue of the second proclamation.
Its operative
force, it is true, was limited to the period of time covered by the first procla¬
mation.
And when
ceased to be
a
the second
proclamation
rule for the future.
antecedent period of time.
was
President
was
of May, 1934, to the 14th day of November,
in force from the 28th day
1935.
plicitly that, at any time between May 28, 1934, and Nov. 14, 1935, it
in armed conflict in the Chaco, it certainly
could not be successfully
con¬
was
outlined
as
of
Dec.
12,
injunction become
1936, provided the 19 power companies filed a
$100,000 bond within 10 days from to-day.
The bond had not been filed
tonight.
James
Lawrence Fly, solicitor for the
TVA, said that an appeal would
be filed with the Federal Circuit Court of
ity's
as
Appeals at Cincinnati.
injunction
a
serious blow to the Author¬
program.
"We
If the joint resolution
should be unlawful to sell arms or munitions of war to the countries engaged
The decision
dispatch of Dec. 22, to the New
Mr. Fly termed the temporary
had in no way depended upon Presidential action, but had provided ex¬
Knoxville
order filed in Federal Court stipulates that the
effective
issued, the resolution
It did not cease to be the law for the
a
"Times":
York
...
The first proclamation of the
follows in
An
the joint resolution had expired
vras
tions not already begun and to service new power customers
except in circumscribed rural areas.
The suit originated in
the Federal Court at Knoxville but was later transferred to
future a condition of affairs which admitted of its exercise.
We should have had
case
3925-26.
His injunction was granted
utilities operating in the Tennessee
Valley, following a hearing at Nashville.
The decree forbids
the TVA to construct new transmission lines and substa¬
are
working
on an
possible," he said.
The Authority is
appeal now and will prepare it as expeditiously
'
permitted under the injunction to -complete $3,158,932
being built, but it is not
worth of transmission lines and substations now
allowed to serve customers not already using power
generated by the TVA.
Chronicle
prevented from
Challenging the constitutionality of the Com¬
modity Exchange Act.
A Supreme Court review had been
sought by the Exchange without waiting for a ruling by the
Circuit Court of Appeals.
Such a procedure, it is pointed
out, is rarely permitted by the Supreme Court.
The filing
Memphis, under this provision of the injunction, will be
obtaining TVA
"We
power.
complete
can
Memphis,
but
an
transmission line from Pickwick Landing Dam to
build
cannot
we
"The in¬
substation," Mr. Fly said.
a
junction also prevents the Authority from starting service to new
cus¬
City of Memphis."
Rural cooperatives served by the Authority are permitted, under the
injunction, to acquire additional customers if an extension of main lines
tomers, which would apply to the
■
is not
required.
Commonwealth & Southern
affected by the decree.
Power Co. and the Mississippi Power Co. is not
"We have the right
&
so-called ceded areas of Mississippi
1934, contract with Commonwealth
to operate in
Alabama set out in the Jan.
Southern territory up to 4,000
4,
"This, how¬
kilowatts," Mr. Fly said.
would not be sufficient to take care of a large city."
ever,
of the
in the latter court
case
referred to in
was
Nov. 28
our
issue, page 3399.
,
;;
A contract between the Authority and the
1936
26,
members.
J
>
.
Corp., Alabama Power Co., the Tennessee Electric Power Co., Georgia
and
Dec.
Financial
4084
+
Rate
Rail
ICC Authorizes Transcontinental
Increase
freight rates, which in effect
will virtually offset the loss of the emergency surcharges
on that traffic, were authorized on Dec. 23 by the Interstate
Commerce Commission.
The rate increases received ICC
sanction when the Commission refused to suspend tariffs
Increases in transcontinental
The new rates became effective
The "Wall Street Journal" Dec. 24 further states:
proposing the changes.
United States Supreme
Court Urged to Render Prompt
Unemployment Insurance Tax Levied
Social Security Act—Case Involves Suit by
Decision
Under
on
Stockholder of Boston & Maine RR.
The
-
case
was
summarized
follows in
as
Wash¬
a
correspond roughly to tariff changes made by ship lines
The increases
on
Both ship and rail carriers had
inter-coastal traffic last fall.
cut
Government spokesmen on Dee. 21 asked the United States
Supreme Court to return an early ruling on the constitu¬
tionality of the Federal unemployment compensation tax im¬
posed under the Social Security Act.
The request, as re¬
ported in these columns Dec. 19, page 3926, was submitted
incident to a suit by George P. Davis, a stockholder of the
Boston & Maine RR., who sought to enjoin payment of. the
taxes by the railroad.
The Federal District Court in Massa¬
chusetts upheld the validity of the tax, and the case was then
taken to the Supreme Court.
Solicitor General Reed urged
that it is proper for the Supreme
Court to pass on the
case
immediately, when "the public interest will be pro¬
moted."
Dec. 24.
rates in
effort to get business from each
an
called transcontinental carriers, which include among
Pacific, Union Pacific, the Northern's
will be the soothers the Southern
and the St. Paul.
proposing base rate increases on traffic generally in a
effort to combat losses from the emergency
The fact that these
surcharges.
revealed by the
had been filed was not generally known, but was
which
order
Commission's
1937.
placed them under suspension until July 24,
■
■
.
-
.
■
emphasized the precautions
further
revelation
This
>;.
-
the
-
railroadsThad
The Western roads
extended.
taken in the event the surcharges were not
apparently filed the tariffs under a misapprehension,
because they subse¬
American
quently were parties to the petitions filed by the Association of
Railroads outlining permanent rate
revision proposals.
Transcontinental rates, because of competitive
conditions, have in recent
years
The
base
the Boston & Maine RR., which is expected to
of Davis vs.
case
been cut considerably below rates generally and at present are
than
ington dispatch of Dec. 21 to the New York "Times":
lation
to
Mr.
unemployment
insurance
taxes.
,
.
Davis's lawyers assert that the Act is not a
4
compensation
unemployment
The government brief, filed
valid exercise of the
property of one class for the benefit of another, points out that there is no
Federal system of unemployment insurance.
a
but
persons,
persons are
The
are
made available to unemployed
are not
covered into the Treasury, and no benefits to unemployed
paid directly or indirectly with Federal money, the brief states.
tax
also
conforms
the
to
constitutional
only
provision
affecting
discrimination, the Government declares, by being levied with geographical
uniformity.
In
support
of the contention
that this is a genuine revenue measure,
it is asserted that it will produce estimated receipts of from
$225,000,000
the first year to $900,000,000 after several years.
Court decisions refusing to invalidate a tax because Congress may have
had other non-fiscal results in mind
cited.
are
The tax does not tend to destroy State rights, or to coerce either States
or
employers, or to interfere with the relation between employers and em¬
ployees, the brief asserts, but merely allows States to adopt such unemploy¬
ment
compensation laws
among
as
they
desire without fear of competition
may
♦
United
States
Supreme
Court
Dismisses
Associated
Press
Complaint Alleging Pirating of Its News by
Radio Station at Bellingham, Wash.
The United States Supreme Court on Dec. 14 ordered the
dismissal of litigation in which the Associated Press sought
a
to
enjoin Radio Station KYOS, of Bellingham, Wash., from
broadcasting
action
1935,
was
page
San
at
Court
The
collected by the Associated Press.
news
referred to in these columns
a
year ago
(Dec. 21,
3948) when the Ninth Circiut Court of Appeals
on Dec. 16 last year directed the Federal
Francisco
at
Seattle to
issue
a
restraining injunction.
Previ¬
ously the injunction had been denied by the District Court
at Seattle.
The conclusions this week of the Supreme Court
were
indicated
from
Washington, Dec. 14:
In
unanimous
a
the
court
the
Federal
held
amount in
station
that
was'
the
bill
of
Press,
"pirating"
which
filed
The
the
press
Circuit
and
Supreme
Court
in
amount
from
Federal
by
some
of
time
ago,
Commission
decision
is
expected
Station
States
carriers
on
the
in
large part
a
continental
bf the basic freight
United
States
of
which are now
rates of rail and water
subject to the Interstate Com¬
Act pending our consideration of proposals which have been made
these carriers to make increases in their basic freight rates
to some extent such loss of revenue as
by
intended to offset
the emergency charges.
the
complaint
was
KVOS
failed
should
case
to
have
been
its contention
support
$3,000 and
was
dismissed
that the
therefore within
might result from discontinuance of
These emergency charges are described in our original report in this pro¬
ceeding, 208 I. C. C. 4, and the report
on
further hearing, 215 I. C. C. 441.
Commission
KVOS.
is
considering whether to
on
the application were
now
Hearings
and recently the trial examiner submitted
rcommending
the
waiving certain tariff publication rules prescribed under Section Six of the
Act, granting
necessary
fourth-section relief, and suspending the operation
of outstanding maximum-rate orders previously entered in other proceedings.
In the original report the charges were
station's
application
be
a
report
denied.
A
June
30,
Dec. 31,
authorized for
1936, but in the second report this period
1936, and
a
of various emergency
basic rates
be in
as
excess
soon.
number of modifications
charges.
were
a
period to terminate
was
extended until
made in the amounts
In each report we made a finding that the
increased in the amounts of the emergency charges would not
of just
and reasonable rates for the periods covered by the
reports.
Ruling of July 30 Cited
Supreme
Court
Declines
to
Review
Bill of Complaint of Kansas City
Board of Trade Challenging Validity of Commodity
Exchange Act
The United States
On
July 27, 1936, most of the Class I railroad companies filed
asking for
a
recently dismissed the bill of complaint filed
by the Kansas City, Mo., Board of Trade and a group of its
a
petition
blanket order modifying outstanding orders and granting certain
other relief necessary
to permit them to publish and file, subject to sus¬
pension, tariffs which would have the effect of incorporating the emergency
charges into the permanent rate structure by consolidating them with the
basic rates.
Suprpifig Court on Dec. 21 declined to
review the action of the Federal District Court for Western
superimposed
members
Dismissing
Missouri which
further argument is whether we shall
Herald,"
Action of Western Missouri Federal District Court
in
on
authorize the continuance of the present emergency charges
all
Times,"
♦
United
Report of the Commission
question here presented
Bellingham
"The
Dismissal
the
the Federal Court.
Communications
license
the
the
of
Commission relative to the continuation of the emergency
freight charges follow:
merce
contended
action,
Seattle
"The
controversy involved more than
jurisdiction
The
Hearings on the proposal for a general readjustment,
increasing some rates and reducing others, will start Jan. 6.
The petition for extension of the emergency charges was
filed by the railroads Nov. 21.
In it the railroads contended
that they were in no position to absorb loss of revenues which
elimination of the surcharges would occasion.
They esti¬
mated this loss at $10,000,000 a month.
They argued that
prices of materials and supplies were rising and gave figures
to show increasing taxes.
The loss might require curtailment
or
abandonment of proposed improvement programs, the
petition asserted, and force a reduction in employment.
The texts of the majority and the minority reports of the
They originally went into effect April 18, 1935, under authority of orders
the
held
been dismissed
the ground that the
on
original
the
association.
had
to
have
Court.
saidi
renew
Washington
dispatches
news
Post-Intelligencer"
because the Associated Press
the
should
complaint
by the Federal District Court for western Washington, but it was
by
Dec. 19 denied the plea
on
,
The
Court for western
cooperative
ordered
reversed
Interstate Commerce
Com¬
of Class I railroads that
emergency freight charges, which will expire Dec. 31, be
continued until 60 days after the Commission's decision on
the proposed general freight-rate adjustment.
Those dis¬
senting
were
Chairman
Mahaffie
and
Commissioner
McManamy.
The Commission majority cited expanding
national recovery and declared that the conditions which led
to the original authorization of the emergency charges no
longer existed.
The Commission promised that the proposal for a general
readjustment of freight rates would receive "the promptest
possible consideration" and declared that "such considera¬
tion" would be "simplified and expedited if the emergency
charges are definitely out of the way." It added that "our
present conclusions 'are wholly without prejudice" to any
mission
decision" the
9-to-2
a
following Associated Press account
controversy did not give the Federal court jurisdiction.
Seattle
the
of
the
decision, delivered by Associate Justice Owen J. Roberts,
Associated
The
."The
in
District
Freight Charges
By
future rate decisions.
another.
one
ICC Denies Railroads Petition to Continue Emergency
by Solicitor General Reed and a large num¬
The taxes collected under Title IX
will have the effect
offsetting the loss of the surcharges on that traffic.
of virtually
laws.
ber of other government lawyers, in arguing that the Act does not take the
establishment of
lower
authorized in¬
.
taxing power by Congress, but an attempt to coerce the States into adopt¬
ing
The
without the surcharges.
generally,
rates
will not raise the rates above rates generally, but
crease
provide the first court test of the Social Security Act, is limited by stipu¬
tby
direct
Commission suspended tariffs filed
At the same time, however, the
Western roads
tariffs
previously
other in the Atlantic-to-
Chief beneficiaries under the rate increase
Pacific trade.
The
same
We denied that petition July 30, 1936.
petitioners Oct. 31, 1936, filed another petition outlining certain
rate increases which
they desired to make in their basic rates for permanent
application, these proposed increases largely being equivalent to existing
emergency charges
but embodying certain important departures, limitations
Volume 143
And exceptions.
Financial
,,
In this petition there
in which maximum-rate orders
cases
were
listed nearly a thousand prior
are now
prayed
file' tariffs
in effect, and it was
that each of these orders be modified to enable the
petitioners to
publishing the proposed increased rates, and that
fourth-section
necessary
relief be granted.
Petitioners pointed out that the proposed rates would be
subject to protest and to suspension.
Upon consideration of this petition
orders
prayed, but entered
as
declined
we
to modify the
outstanding
order reopening the instant proceeding for
an
Chronicle
4085
Much larger sums have been spent for maintenance in
and purchases
it
proposed in the petition that they should be increased.
was
charges continue in 1937, their program for improvement of their facilities
may have to be abandoned or revised.
They also suggest that another
alternative might be a reduction in railway employment, which in
ber, 1936,
about
was followed in order to avoid the necessity of duplicating much
evidence already in the exhaustive record in this proceeding which doubtless
will be relevant to the issues raised
by the
new
petition.
men.
The carriers stress the rising trend in their taxes.
in the first
orders
are
in effect, has been filed, and the lawfulness of such
similarly be heard in this proceeding.
and ocean-rail lines
have asked for similar treatment,
will be heard in the
same
proposals will
The short-line railroads and lake
and their petition
The initial hearings on reopening
proceeding.
above recited, they filed a petition Nov. 21, 1936, calling
attention to the
expiration date of Dec. 31,
1936, governing the emergency charges, and
pointing out that the newly proposed increases could not be passed upon
within
a
considerable period of time after the opening hearing thereon.
In this petition it is alleged that, despite their expanding traffic
reductions in general property taxes levied against the railroads.
stand the loss in revenue which would follow the elimination of the emerg¬
charges while the
is under consideration.
new proposal
It is further stated that there has been
no
unit
prices of materials and supplies used by the carriers have increased slighlty.
new
Petitioners therefore ask that
we enter
orders permitting
charges
in Its
essential step toward the restoration of railroad credit, which
an
opinion is dangerously low because of the small margin of net railway
years.
Continuance of the emergency charges is opposed
ciation of Railroad and Utilities Commissioners
State regulatory commissions,
to be heard early in
commercial
organizations
well
as
as
1937,
basic rates
For the most part
been filed.
vanced against the
opponents of the petition reiterate contentions ad¬
original establishment and subsequent continuance of
the emergency charges.
before stated.
as
Deeming it impracticable
In some instances the opposition centers on certain
as
well to call for additional evidence on the
for oral argument, which has been held.
sioners sat with
us
upon
beyond
A cooperating committee of State commis¬
the argument.
the current volume of freight traffic, is approximately
on
they freely concede that increasing
Although
month.
at
was
pronounced and widespread
the time of either their original
establishment or later ex¬
tension.
There
charges
are
were
many
shippers who have felt that the resulting transportation
unreasonably high
as
well as prejudicial because of the varying
application of the emergency charges, but have nevertheless maintained
a
Petitioners estimate that the yield in net revenue from the emergency
per
than it
The matter now stands for deci¬
sion upon the application for a continuance of the emergency charges
the end of this calendar year.
It definitely appears, however, that
resistance to the emergency charges is more
petition for continuance of the emergency charges, we assigned the petition
passive attitude because of the transitory character of the charges.
the
case
of
some
shippers this attitude also
the carriers' financial
was
plight during the earlier stages of the period of re¬
At present, however, shippers appear to be
substantially unanimous in
they, nevertheless, consider their financial condition to be so critical as to
the view that, whatever the original justification for the emergency
be
may
seriously affected by the loss of
revenue
from the emergency charges.
It is urged that the further continuance of the charges
in accord with the provisions of Section
would be entirely
15A (2) of the Interstate Commerce
Act for the following reasons:
way
As
passed or is rapidly passing,
indicating
the
that
charges
emergency
The emergency charge was
decision in the
15%
may
not
are
retarding traffic,
and that further continuance pending dis¬
their rate structure is both
unjustified
as
matter and
emergency
an
would distinctly increase the diversion of traffic from the rails.
charges would adversely affect the adequacy and efficiency of rail¬
transportation service; (3) petitioners continue to be in need of suffi¬
cient revenue to enable them to provide this service.
charges
been, the emergency which they were designed to meet has
have
position of the carriers' proposal to make changes of a permanent nature
in
(1) They would not retard the movement of traffic; (2) discontinuance
In
due in part to sympathy with
covery.
industrial activity is having a favorable effect on their traffic and earnings,
of the
Na¬
A number of
individual shippers.
Expanded Resistance Found
continuance of
Aided by State Commissioners
$10,000,000
by the National Asso¬
behalf of its constituent
written replies in opposition to the petition have also
particular aspects of the charges.
charges, based
on
certain individual State commissions, the
tional industrial Traffic League, the Southern Traffic League and numerous
1936, until 60 days
decision upon their proposal to make increases in their
our
companies,
representing insurance
The association considers continuance of the emergency
resulting from the Social Security Act are also referred to.
taxes
such emergency charges as may be in effect Dec. 31,
after
Association,
Owners
of the carriers.
National Bituminous Coal Commission, the Consumers Council, the
reduction in the unit costs of
railroad labor since the emergency charges were authorized and that
The
Security
savings banks and other investors in railroad securities supports the petition
operating income in recent
with¬
were
period in 1930 by $43,267,709, apparently
same
reflecting the fact that in the intervening period there have been important
and con¬
sequent financial improvement, petitioners are not in a position to
ency
provisions of the Social Security Act will be $35,000,000 in 1937.
Despite these increases the accruals for the first 10 months of 1936
The
denial of the general petition of the Class I railroads as
our
valid, the cost to the carriers will be $58,000,000
lower than those for the
have been assigned for Jan. 6. 1937.
Shortly after
The increase is said to be
well as social security taxes, and
The railroad's share of taxes assessed under the unemploy¬
per annum.
ment
as
for the railway pension tax.
If the latter tax is held
in which outstanding
cases
Railway tax accruals
$259,959,157, compared with $204,-
were
due in part to higher income taxes,
Additional Petition Filed
specifying other commodities and listing other
10 months of 1936
000,000 in the corresponding period of 1935.
reserves
Since the filing of the petition on Oct. 23, 1936, an additional petition,
Novem¬
greater than that in the corresponding month of 1935 by
was
100,000
Taxes Hold Lower than in 1930
This
procedure
an
The carriers voice the fear that, unless the emergency
further hearing on the question of the lawfulness and propriety of the rates
as
1936 than in 1935f
of cars, locomotives and rails have also increased to
important extent.
be regarded
been
devised
as
as
an
a
unknown in rate terminology prior to our
1931, 178 I. O. C. 539.
case,
As
a
form of rate it
phenomenon of the economic depression, having
expeditious
of increasing freight
means
rates
tem¬
petitioners point to the fact that in respect of some of the more important
porarily under circumstances deemed not to warrant or require permanent
commodity
increases.
shown
embracing articles subject to the charges, traffic has
groups,
tendency to increase to
a
a
with
Comparisons of Loadings
to forest products
groups are
Generally speaking the commodities in these
hand, the increase in the loadings of coke has been 40%,
and in those of coal
emergency
As to livestock, the increase has been 5% and
21%.
12.5%.
Miscellaneous freight,
some
of which carries
charges and other does not, has increased 18%.
of ore the increase has been 50%.
In the
charges
In support of the view that the
emer¬
charges have not had a deterrent effect on industry, the carriers
call attention to the Federal Reserve index of industrial production, which
September, 1936, was 109 (based on the 1923-1925 average), compared
with 90 for 1935
as a
whole.
was
filed Aug.
basic scales which had been in effect since Feb. 1,
a
comparison between economic conditions today and those
prevailing in
wage
level
The
was
completely restored.
prices of commodities constituting railway supplies and materials
had also been
rising for about
in
a
based on the fact that now,
as
Freight traffic,
on
observe in this connection that the current rise is part
period in which there had been no reduction in the general level of
The rise in prices in 1920 climaxed the rising trend caused by the World
year
railroad freight rates had not kept
pace
a
a
time
whole in that year was 2.3% lower than it
in 1933.
material
costs
increasing traffic to keep pace with the rise in wage and
presented
situation calling for
a
We
protect railroad operating income.
increases
were of
and inadequate
needs the carriers point to net income of $88,-
As the estimated yield of the
10 months of 1936.
period
was
be authorized
as
a
emergency charges in
charges they would have fallen short of earning their fixed
The six-months
extension
of the
emergency charges
deficits without the emergency charges.
to
earn
their fixed
charges,
In the
case of
others, which failed
the deficits would have been considerably
In the first ten months of 1936 the rate of return on recorded property
whole
was
(without
2.36%.
deduction
for
depreciation)
for
the railroads
as
a
The estimated rate of return without the emergency
It is stated that the revenue from
certain carriers to discharge their
and
otherwise
maintain their
the emergency charges has enabled
indebtedness to the Federal Government
credit
This
revenue
is
also
considered
by the carriers to permit them to increase their expenditures for
maintenance,
which
objections to the emergency
mented upon in our prior reports in this proceeding, and
peated.
tain
re¬
I
applicable rates.
Point to Loading
Increase
In numerous instances the emergency charges have either
or
need not be
They produce tariff complications and make it difficult to ascer¬
the base rates have been
so
been eliminated
reduced that the total charge is less than
before the imposition of the charges.
That
many
of these reductions
were
necessary
and proper is beyond
give one carrier or group of carriers a temporary advantage over
the solicitation of traffic.
other
cases
others in
Such reductions make for undue prejudice.
In
competing commodities are differently treated.
Although freight traffic has been on the increase throughout the current
charges is 1.92%.
necessary
authorized in
question, but others apparently serve little or no purpose other than to
greater without the revenue attributed to the emergency charges.
investment
was
second report on a showing that the railroads were still going through a
difficult and trying period of readjustment in which their financial needs
charges by
Many important railroads, it is asserted, would have incurred
$10,727,186.
temporary measure for the
immediate relief of the railroads.
they express the belief that without the
$99,521,000,
to
dangerous
charges which are accentuated by long duration, which have been com¬
793,814 over fixed charges for the Class I railroads as a whole in the first
that
a
remedy for the condition then existing, but that emergency
might properly
We have fully recognized a number of valid
Revenue Arguments Reviewed
In urging their revenue
measures
emergency
the view that the general
proposed by the carriers for permanent duration were
continued to be pressing.
movement in commodity prices was in progress.
recovery
as a
1934, the total net railway operating
Emergency Measures Required
our
Furthermore, in 1922 we required a reduction in freight rates at
when
was
with
commodity prices.
•
income for the rail carriers
charges
that emergency charges were in effect in that period.
and up to that
the other hand, had recovered only moderately from
Despite the increased traffic in
The failure of
freight rates in a corresponding degree, but on the contrary, an increase
War
prior to the date of the petition and
depression levels, and passenger traffic was only slightly in excess of the
then, commodity
broad movement of recovery from an unprecedented drop in prices
to the extent
a year
further rises were expected.
rising.
It is pertinent to
of a
1935, when the pre-depression
actually paid in the period from July 1,
1920 at the time of the authorization of the general rate
rates are
1932.
The effect of the agreement was to produce a gradual increase in wages
Although petitioners disclaim any contention that the general level of
increases of that year,
establishment of the present
1934, shortly after the railroads had agreed
27,
record low level of 1933.
freight rates should reflect the trend of rising and falling industrial activity,
they draw
authorization of emergency charges was linked
with their employees to terminate the temporary deduction of 10% from
case
gency
in
last cited the
companies.
The petition of the carriers which led to the
exempt from emergency charges.
On the other
case
plan for pooling and redistributing the proceeds in aid of the weaker
Wage Increase Is Cited
with grain and grain
products in the first 48 weeks of 1936 represents an increase of 14% over
as
a
railroad
For example the number of revenue cars loaded
the similar period in 1935.
In the
greater extent than in respect of other
of commodities not subject to the charges.
groups
during
the
depression
were
drastically
curtailed.
year,
the principal expansion has taken place in the latter months
second report in this
since our
proceeding.
In the final quarter, up to the present
time, the carloadings have been
consistently higher than they were for the corresponding
and in certain weeks have
period of 1931,
approached or surpassed those in 1930.
<
Financial
4086
w
higher
The cumulative loadings for the first 49 weeks of 1936 are 16%
than those in the
and but 4.5%
period of 1934, when this case was in its first stage,
same
lower than those for the same
Shippers' Views Considered
and
indicate
charges their programs for
income for the first 10 months of 1936 was
It has
shortage
total for any entire calendar year since 1930.
these figures is that the emergency
of 1935, and greater than the
The unmistakable conclusion from
which
undertook to meet in our original decision in March,
we
and no sharp general increase in operating
further increase in traffic,
a
is immediately in prospect.
expenses
Ml Shippers and receivers
the
light
express
previous
of our
it is at present and, due to deferred maintenance
of both locomotives
riers'
not be
$10,000,000 per month.
a
It is
loss of revenue will follow.
not convinced that so great a
charges,
uncertainty.
unquestionable that in certain cases the charges have
restrictive effect on rail traffic,
removal may result in some increase
and it is to be expected that their
depression maintenance expenditures were cut to the
in our accident records.
effect, we are not called on to find that all existing
mum
basic rates will be maxi¬
reasonable rates in the light of present conditions.
On the other hand, we cannot
find
on
the present state of the record that
existing basic rates, plus the emergency charges already
authorized for a
1937.
belief that
Per Cent Case, 1931," Supra, we stated our
considerable number of rates could reasonably be advanced
a
substantially.
The
opinion
same
stated
was
somewhat
differently
at
63 of our original report:
page
equally desirable to subject the
detailed analysis, for the purpose of discovering
In this process of gradual change, it is
rate structure to the most
where it
repels or impedes traffic, where reductions can be made which
now
will by their effect on traffic increase aggregate revenues,
creases are
and where in¬
possible which industry and traffic can bear without harm.
The only evidence of compliance
was
with this suggestion in the period of
charges indefinitely when the first extension
sought and later in July of this year.
pointed out, the plan proposed in the petition of Oct. 23, 1936,
As before
is somewhat different.
consideration
We
that plan.
to
difficult.
thfe
We believe that such consideration will be
of the lawfulness of individual rates or
aggressively their program for maintenance
and improvement of their properties so that they may be in condition to
render service during the Winter than it is to suspend the emergency charges.
Instead of taking any action which will in any way reduce expenditures for
maintenance of way and equipment, carriers should be encouraged,and,
For reasons above given, it is my view
Rate
omit quotation of extended statements in
In the interest of brevity we
prior reports concerning the necessity for elimination of competitive
greater degree of cooperation between carriers.
argument we conclude that the present emergency charges
should be per¬
business Dec. 31, 1936, as required by the
orders entered at the time of our last report.
No orders are necessary.
MAHAFFIE, CHAIRMAN,
DISSENTING
traffic and earnings are showing improvement.
That improvement has not yet gone far
restore the deferred maintenance
enough to permit the railroads to
incurred during the depression period, nor
enable them to acquire the new equipment
handle safely and promptly any
and facilities necessary to
Annual
To insure it the carriers must have earnings sufficient not
only adequately to maintain their properties, but to furnish a basis for
credit.
The possession of credit enables facilities to be acquired not
to meet the needs of
on
further, improvement are,
will not be helped by the action of
now
sufficient
Credit is
earnings and the prospect of earnings.
Prospects of
2.36%
at present, excellent, but they
the majority in this proceeding.
being earned on property investment is a low return.
make
to
only
shippers more adequately, but in ultimate effect, by
reducing costs, makes possible the legitimate lowering of rates.
dependent
possible the rehabilitation
The
It is not
and improvement of the
railway plant that is required to meet the demands of commerce.
railroad rates.
In the long rim
that character of service can be furnished only by carriers operating at a
consider
charges have not hurt business.
They
are
helping
We
and
are
asked to permit them to be continued until we can
act
on
the
revised
basic rate structure
recently proposed.
Subject to the limitation that resulting rates may not
exceed the rates
proposed for permanent application, the application should be granted.
MR.
The
McMANAMY, COMMISSIONER,
ency
DISSENTING
C. 439, which in effect
then found to exist would disappear on Dec. 31,
emergency rates
Kin view
should
in my
was
that the emerg¬
1936, and that the
authorized in that proceeding must expire on that date.
in the case, fixing at
cease
9,1936, therefore could not appear in the record
that time a date upon which the emergency charges
could only be a prediction or the expression of a hope which
opinion, was not then justified and has not since been realized.
The records show that more than 28%
of the total railroad mileage In
the United States is now in the hands of trustees or receivers.
shown
that
It is also
during the first eight months of 1936 almost one-half of the
total Class I railroad mileage in the United States failed to earn fixed charges
with $8,508,000,000
report to the President, made available Dec. 16.
The report
income, in line with the trend since
the gross
the farmers
have left after paying production expenses, rent, interest,
taxes and the wages of hired labor, and allowing for the
depreciation of buildings and equipment, it is pointed out
show proportionately more gain than
1933, will
Explaining that net income is what
income.
1933
since
that
th&i production
have had
ers
1935
a
the
prices
commodity
farm
risen more
have
and other charges, so that farm¬
widening margin between costs and prices.
expenses
available
income
net
to
farm
operators
was
though the
figures for 1936 have not yet been compiled they will un¬
doubtedly better the showing of the previous year.
From a production standpoint, says the report, the year
1936 ranked next to 1934 as the most disastrous season in
times
than three
more
the history of
large as in 1932, and
as
Records going back to the early
comparable seasons of general crop failure.
the country.
1860's include
no
Geographically, the drought of 1936 closely resembled that
of 1934.
stated:
It is further
In 1936, how¬
of hay and
roughage.
Hay production was only about 10% below the average, the
supply of old hay on hand was rather large, and the number of livestock
Both
on
droughts greatly reduced the production of grains.
farms
Farm
to
income
from
most
of
corn,
income
farmers
some
under
extent
generally
in
was
as
crop
buying
wage
States
correspondingly
was
Conservation
insurance.
the States that
In
Domestic
and
small.
small.
Payments to
Act served
Allotment
Outside the worst drought areas farmers
good prices.
that
years
the agricultural improve¬
has promoted the welfare of
He likewise observes:
has risen with farm incomes,
power
earner
peak of prosperity
distributed.
South Dakota, Nebraska and Missouri,
as
Wallace notes
non-farm groups.
employed
acute shortage
hogs and other farm products for sale was very
Soil
the last three
Consumer
no
was
unequally
very
had good yields and
of
there
drought, such
these
the
Secretary
ment
areas,
relatively small.
was
farm
the supply
limited
in
except
suffered
of the fact that conditions which might exist on Dec. 31, 1936,
could not be known on June
production of 1936 will prob¬
production of 1935 and $5,337,000,000 in 1932, says
Secretary of Agriculture Henry A. Wallace in his annual
majority here affirms the conclusion reached in its supplemental
report of June 9, 1936, 215 I. C.
Long-Time
Urgent—Cites Need
ably approach $9,200,000,000 as compared
The
the carriers.
$8,508,000,000
of
Development
Gross farm income from the
1936 Estimated
in
with
Compared
Policy for Great Plains Areas
for Crop Insurance
profit.
The present emergency
Production
1935—Declares
in
Agriculture—^-Gross
of
Secretary
Income from
$9,200,000,000,
at
ever,
Efficient railroad service is more important to the shippers and to the
country as a whole than is the exact level of
of
Report
Farm
In
considerable additional traffic.
Prompt and efficient railroad service is essential to the commercial welfare.
of the country.
here reached by the majority.
the conclusions
indicates that the net
Upon consideration of the matters brought to our attention in the further
to
will,
industry in general and on
the railroads in particular than the continuation during the period of adjust¬
ment of the emergency charges now in effect.
I, therefore, disagree with
from the
1933," 195 I. C. C., 5, 55.
As the majority state,
probably a year or
least six months and
have a far more serious effect on
in my opinion,
adjustments
1931," Supra, P. 585; "General
"Fifteen Per Cent Case,
MR.
should
commission of this proceeding
pending consideration of this matter
Decreasing carriers' revenues
prejudice to such determination
groups of rates as may be warranted
only one of the possible means of bringing about enhancement of net
mitted to expire at the close of
that the emergency charges
during the consideration by
be continued
do for the sake of caution, that
It is of the utmost importance also to bear in mind that rate
waste and a
required to increase them.
if possible,
by the record to be made at further hearings of such issues in this proceeding.
our
depression in their history.
worst
important for them to continue
present conclusions are wholly without
Level Investigation,
the railroads are emerging from the effect
To my mind, it is far more
Along with industry in general,
prepared to give the promptest possible
are
It should be unnecessary to add, as we
revenue.
1.57%
employees as compared with November
injured, i
were
way.
are
number of
1935. For
all classes of persons the records show that during the nine months ended
with September 1935, 3,796 were killed and 20,408 were injured, while
during the corresponding months of 1936, 3,882 were killed and 25,306
simplified and expedited if the emergency charges are definitely out of the
our
be accounted for by increases in the
record for October 1936, shows a decrease of
employees, because 010:
in the total number of
which at the best will require at
made is to be found in the two proposals by the
carriers to apply the emergency
was
September 1935, 397 employees on duty were
more.
Prompt Study is Promised
18 months after it
killed
corresponding months of 1936,
473 employees were killed and 16,002 injured, and this record is sure to
increase during the Winter when both maintenance and operation are more
ended with
11,885 were injured, while during the
and
of
Five years ago in "Fifteen
bone
ended with September
4,704 train accidents, while during the corresponding
6,099. They further show that during the nine
there were
months
and
temporary period, will be just and reasonable as maximum rates on
after Jan. 1,
1935,
that during the nine months
These increases cannot
charges will put in effect rates lower than those now in
emergency
In car¬
proceeding
will also be adversely affected by a reduction
It has been well known throughout this entire
revenues.
Our records show
in traffic.
While the immediate result of our refusal to authorize a continuance of
the
times
have not been shown to
months of 1936 there were
and estimates obviously have in them many elements of
Furthermore it is
period of severe Winter weather will
and the results are now becoming apparent
difficult to calculate accurately the real amount yielded by these
had
in good condition.
Safe Operation Called Factor
The question of safety
expressions under existing conditions, they
that their margin of net revenue is so slender that it should
are
cars
the amount of the emergency charges which so far
that during the
We
and
Under such conditions the result of a
be disastrous and will cost the business interests of the country many
pointed out, the carriers' and those supporting their petition
reduced to the extent of
during the years
supply
the railroads will go into the Winter with an inadequate
of depression,
elimina¬
$10,000,000 Cut Is Questioned
urge
country has been as close to a car
been many years since the
as
end of this year, and an extension,
the opinion, would amount almost to a breach of faith.
As before
be lightly brushed aside.
have injured any one.
of freight have every reason to expect the
tion of the emergency charges at the
in
1935, does
likely to result in
A continuing revival of industry appears
not now exist.
their facilities will have to
There is too much support in our records for
be abandoned or revised.
these statements to permit them to
$636,148,283, nearly 28% greater than the sum earned in the first 10 months
that their net railway operating
$60,000,000 to
during the first eight months of 1936.
their fixed charges
maintenance of equipment and improvement of
Statistics of which the carriers ask us to take official notice
net.
1936
by including the emergency charges, and that without the emergency
even
The carriers state that without the emergency
This increase in traffic is reflected in improved earnings, both gross
26.
charges Class I railroads would have failed by more than
earn
period of 1931.
Dec.
Chronicle
in
and the average
could buy more food in 1936 than he could at the
1929.
Effects
of
the 1936 drought on the cost of
living will probably be similar to those produced by the drought of 1934,
but the resulting small
by
recovery
tremendous
rise in the cost of living will be substantially offset
in urban buying power.
that
recovery
from
This country's farm productivity is so
comes quickly.
Our farm produc¬
drought
tion, despite the influence of the 1934 drought, was only 10% less in 1934
and
also
in
1935
than
it
hadi
been
in
1930.
Industrial
production,
after
Volume 14?
Financial
falling in 1932 to 56% of the 1930 level, recovered in 1935 only to 82%
of the 1930
volume.
4087
Chronicle
Governor
of the FCA, which listed total loans at $508,Over 574,000 loans to grow crops and raise live¬
stock were made during the period, making an average-size
700,000.
Describing action taken under the Soil Conservation and
Domestic Allotment Act of 1986,
loan of about
from land
tion credit
the report says the shift
exploitation to soil conservation in this country
is the logical outgrowth of changing economic and social
conditions.
As
out of
tive
It adds:
proceeded the expansion program ran
in
overcropping,
crop
and forest devastation.
adjustment
power
soil
unbalanced
destruction and
adjustments
positive attack
a
on
cropping andi will
produce some crop
by-product.
as a
The Federal Government made grants to farmers who
conserving and soil building
United States
cooperated in soil
As required by the decision of the
programs.
in the Hoosac Mills
Supreme Court
into contracts with individual farmers, but ^merely
with the
though
Adjustment
the dual problem
The new law,
old Agricultural
the
than
Act, has the great merit of launching
it
case,
did not enter
checked their compliance
requirements.
Secretary Wallace says the farmers' response was gratify¬
ing.
In general, he indicates, the cooperation was about the
same as under the AAA in areas where corn, cotton, wheat
and tobacco are the major crops,
and much greater in the
the dairy regions
of Wisconsin and New England and the mixed farming sec¬
tions of California.
In setting up the new program, the
Administration took into consideration a great diversity of
regional conditions, crops, and types of farming and treated
of general farming, as for example
areas
each farm
unit
as a
The report also says:
in the Great
suffering from mistaken
suited only to humid
areas.
Wrong public policies, notably the Federal Homestead laws, have
fostered unwise cultivation, and have condemned the cultivators to poverty.
Over a tremendous aggregate area the outstanding results have been bank¬
ruptcy, tax delinquency, absentee ownership, and excessive tenancy.
Re¬
Development of
Plains
is
efforts
to
introduce
long-time policy for the critical areas
This
necessity,
into
it
type
a
be undertaken to
properly support.
to
a
urgent
an
search should
In
region
is
determine
how many
people the region
can
...
excessively high
are not
rates
These,
of tenancy.
the report
the unavoidable results of private ownership
be minimized, as the experience
can
tries
of some other
coun¬
amply proves.
The report emphasizes the need for some form of crop
insurance, and says the government probably must assist if
is to be made generally available to the
Secretary Wallace would combine crop insurance
with the principle of the ever normal granary, so as to level
insurance
crop
farmer.
off
the
that
amount
individual
farmers
tend
to place on
words, he would
combine crop insurance with the storage of surpluses in an
effort to deal simultaneously with the problem of both the
the
Wisconsin, Michigan, Minnesota^ and North Dakota.
Com¬
on the factors responsible for the success of the
new type of short-term cash lending to farmers, the Farm
Credit Governor said' production credit had grown most
rapidly in
market
in
various
lean and the fat years.
In
years.
other
This
provement that took place in our export trade
whole last
as a
tends
to
tive enterprises
disprove
volume
bank
of
only in times of financial difficulty.
business
credit
of the
While these
short-term lending cooperatives
basis thousands of farmers who
agricultural imports
of
the
decade
proportion of
tion
revived
again
as
a
1936
result
a
as
was
1934
a
Governor
Myers
the
depression
yet the
high
as
and
the imports fell off.
as
competitive
the annual average
represented
normal output of similar products.
in 1935,
value of
As
an
insignificant
our
farm produc¬
Temporarily they
may increase
result of last year's drought.
Secretary
Wallace
says,
from agreements concluded under the
Reciprocal Tariff Act.
possible fully to test
He states, however, that it will not be
the advantages of this measure until agreements have been
$503,700,000
our
leading foreign markets.
Loaned
Farmers
Collections of
on
these short-term
As
of
Loans
loans
to
Through
Cooperative
farmers
through the cooperative production
credit system organized under the Farm Credit Administra¬
tion
less than three years ago
mark,
according to
a
that
in
the matter
of
short-term
are
interest.
outstanding at this time last year amounted to about $90,000,000.
$200,000,000,
about $105,-
advances since then have amounted! to more than
outstanding
now
000,000,
not
show
substantial and reliable customers of lending institu¬
such, they deserve credit on good business terms at reasonable
financingf^farmers
tions.
of
adding:
loans, practically all of which are made
livestock security,
and
crop
repayment record
the
of
most
fall
after
which
repayments
represent
livestock
down
are
and
to
general
farming
loans
yet due.
Farm Acreage Urged—Report of
Says Cultivation Should Be
50,000,000 Acres Below
1928-1932
Large Reduction in
Four Federal Bureaus
15,000,000
Average
to
Following an analysis of economic and social factors basic
agricultural production adjustment policies in future years,
four Administration farm agencies recommended on Dec. 11a
reduction in harvested crop land from 15,000,000 to 50,000,000 acres below the average harvested crop acreage for the
5-year period 1928-32 of 365,000,000 acres.
This recom¬
mendation was contained in a special report of the Bureau of
Agricultural Economics, U. S. Department of Agriculture,
prepared by the Bureau with the assistance of staff members
of the Agricultural Adjustment Administration, the Soil
Conservation Service, and the Resettlement Administration.
As to the report, which is entitled "Looking Ahead on
Agricultural Policy," an announcement by the Department
of Agriculture had the following to say:
to
The report surveys future farm production with relationship to
these
The well-being of farmers; the needs of consumers; the require¬
yardsticks:
ments of soil conservation and
demand for American farm
products.
From the standpoint of the
levels of 1928-32 is not
now
future, the report states.
desirable land use; and prospective foreign
well-being of farmers
a return to
production
and does not appear justified in the immediate
It
was
noted, however,
that "there is
level
a
below which it is not in the interest of society or the farmers themselves to
reduce agricultural production."
indicates 'that
The report
a
shift from harvested crops to other uses
equivalent to 15,000,000 to 25,000,000 acres at average yields as a minimum
compared with
50,000,000 acres as
acreages
The well-being of farmers
acreage
is
was
can
farm output.
farm
1928-32.
only be increased to
The
average
as
har¬
a
certain point by
It emphasized that when this point
further increase in returns to farmers
a
increased industrial production rather
for
maximum appears necessary
365,000,000 acres.
adjustment, the report said.
reached
a
which prevailed in
1928-32
than through
must come through
a
further decrease in
Increased industrial production would mean greater demand
products and larger supply of industrial products available to
farmers at
more
favorable prices in relation to the prices received by farmers.
the first effort of its kind to
bring together into
one
brief discussion the
elements essential toa consideration of future agricultural policies relating
to
production.
The report is an attempt to supply a preliminary answer to the question
of how many acres of the various crops would be needed, employing various
yardstocks
as
criterions for determining desirable production goals.
the 1928-32 average crops acreages and the
livestock
as
1929-33
average
Using
numbers of
representing the capacity of the American farm plant,
the
report concludes that:
1. With parity income as defined in the Soil Conservation and Domestic
Allotment Act—the ratio between per capita farm income and per capita
non-farm income which prevailed in the 1910-14 period—as the only con¬
sideration,
as
much
as
50,000,000 acres in such crops as cotton, corn, to¬
we normally produce a surplus as compared with
bacco and wheat of which
the 1928-32 average, might be necessary.
2. With per capita domestic consumption of farm products the same as
it was in the 1920-29 period, the country would need to reduce the farm
Production Credit System of FCA
Loans
cash-credit
The report, prepared as a part of the Bureau's outlook service, represents
however, that the agricultural
problem is not how to stop a moderate flow of competitive
imports following crop failure, but how to plan for our nor¬
mal conditions, which are those of a surplus country.
Nor¬
mally, American agriculture meets its chief competition
abroad, because it produces largely for export, and an import
exclusion policy would react adversely n the export trade.
Agriculture is beginning to benefit, the Secretary says,
concluded with
praised
also
farmer-members of the associations,
domestic shortage of certain farm
drought,
less than two-thirds
was
preceding
our
there
of the
a
on
by the proven record of production credit service.
vested crop acreage for
the fiscal year
on
time or were recipients
government seed loans, the outstanding factor of their development over
the past two years has been the adherence of substantial farmers attracted
It is further noted:
In
have placed
formerly bought
of
and of 35,000,000 to
products
due to the scarcity of commercial
first,
but since then, production credit financing in
country has grown steadily.
though neither the exports nor the imports of farm
products were near the level maintained from 1920 to 1929.
year,
very
The production credit
a heavy
of the Western States attracted
some
from the
in those areas;
other sections
He continued:
popular notion that farmers patronize coopera¬
a
associations in the South and
Any plan that is offered should be
optional with the farmers, he says, and he adds that the
Administration is committed to no single plan.
Discussing our foreign trade in farm products, the Secre¬
tary notes that agriculture participated in the general im¬
where agricultural recovery from depres¬
areas
sion has been most pronounced.
Although
appropriate measures, the report suggests the public
acquisition of certain lands that are not suited to ranching
or farming and a
coordinated program involving Federal,
State and local cooperation with erosion control and water
conservation the basic aim.
Especially important for this
area, the report declares, is action to enable competent ten¬
ants to purchase and operate their own farms.
Secretary Wallace deals extensively in his report with
the tenancy question as a whole.
Development of better
land use methods will depend largely on the improvement of
land tenure systems, he says.
Widely established practices
in thfe country stimulate soil mining, destructive grazing,
South At¬
the
in
most numerous
were
menting
rates
As
insists,
the associations
of
lantic States and the tier of North Central States including
of agriculture
depopulate the region but to make it permanently habitable.
but
$93,000,000 being advanced in Montana, Washington,
Oregon and Idaho in the three-year period.
The Pacific
Southwest was second in dollar volume.
Farmer patrons
over
dealing with the Great Plains the fundamental purpose should! not be
and
$203,000,000 in the first 11 months of this year compared
$176,000,000 for the corresponding period of 1935.
The largest amount was loaned in the Pacific Northwest,
to
land, and forced the land-hungry into submarginal farming, destruc¬
grazing,
weaker
of
Governor Myers said the 552 produc¬
serving agriculture have increased
their business for the third consecutive year, lending farm¬
ers
^
the occupation of the continent
$870.
associations
has passed the $500,000,000
statement Dec. 20 by W. I. Myers,
plant by only about 15,000,000 or 20,000,000 acres.
This estimate assumes
exports about the same as in the 1930-34 period, though they are at present
less than two-thirds of that level.
3. The condition of the Nation's farm land demands a shift of around
20,000,000 to 30,000,000 acres from soil-depleting to soil-conserving drops
or other uses, in order to prevent further deterioration through erosion and
to maintain the
fertility of the soil.
In arriving at the
needs for soil conservation, the report cites results of a
study made by agricultural college specialists in estimating this
reduction
4088
as
well
Financial
work done by the Soil Conservation Service.
as
It also referred to
Chronicle
accords
69
Dec.
26, 1936
approving the sessions which were opened by
county planning studies conducted on a nationwide basis in which farmers
President Roosevelt
themselves made recommendations of adjustments needed from the stand¬
Dec.
Because of the
point of soil
conservation.
»
'■
•+
.
Loans by Institutions of FCA During
for Any Previous
and' their
Farmers
obtained
October Largest
Month of 1936
cooperative
organizations
business
credit from institutions of the Farm Credit
more
Administration in October than in any previous month of
1936, according to
statement issued Dec. 11 by the FCA.
a
statement continued:
Borrowing
the lowering
a
Short-term production and marketing loans for individual farmers
the
exceeded
month
the
during
$8,000,000 but showed a
September figure by
slight decline compared to October, 1935, because of a smaller volume of
short-term
lending.
emergency
They are persuaded that a flourishing commerce is a strong link
to
to
improve standards of living and to add to the material happiness of their
peoples.
In his
organized production
permanently
The
cannot
September,
farmers'
marketing
1936, and with
largest
associations
amount
loans
of
to
and
extended by the 13 banks for cooperatives.
was
during the month, aggregating $18,500,000, were the largest of any similar
Business of these banks has
period in the three years of their operation.
grown
The
highway program to relieve unemployment adminis¬
by the Bureau of Public Roads of the United States
tered
Department of Agriculture resulted in the construction of
38,220 miles
of
the close of
road at
fiscal year,
the last
of
with funds apportioned to all States, was 13,789.
At
the beginning of the present fiscal year, on July 1, there
year,
was
approved for construction 17,862
estimated cost of $357,283,044, of which $270,-
under construction
miles
at
336,054
an
Federal
was
contained in the
Other data
funds.
Department of Agriculture:
projects approved or
eliminations, the recon¬
struction of 198 existing structures, and the protection without elimina¬
tion
of
322 crossings,
at a total cost of $133,524,019, of which the
Federal share was $130,681,697.
Although just getting under way, this
Under
under
the
included
1,407
new
program,
crossing
structures and
resulted in the completion of 66 new elimination
program
the
grade-crossing
emergency
construction
of
reconstruction
10
existing structures.
and that carried on
under other appropriations in Federal areas of various kinds has provided
nearly 6,000,000 man-months of direct employment, or an average rate
of
2,000,000 man-months per year, which is approximately double the
During the last
average
the
of
years
this road construction
of employment furnished in the two years preceding the
fiscal
forest
natural
in
beginning
and during
235 miles of
national parks and
Federal
436 miles in public
miles of road in
1936 completed
road,
and
203
year
monuments.
/
areas
lands,
the report says:
more
provements
And
his
in
so,
this
welfare
common
last
reason
much
whatever
substantially
work
to
of work
large amount
a
that
traffic
already
should
exists
include considerable
highways
of the
assume
improvement of
inadequate.
that
kind described
the
The
main
need
is necessary,
highway
for
further
system,
on
close, and when each of us is about to return to
a
improvement
whole,
exists
a
ing the work of past years as a whole,
the system of highways created is
mined to
our
forward
carry
our
problems and
world the beacon of
pledging that
duties
Let
a
us return
to our
will, individually and
we
Let us hold out to a darkened
just and permanent peace, which we pledge ourselves
to maintain on this American continent.
May the spirit and the example which we have consecrated here be of
avail throughout the world.
•
•«
.
The final plenary session
of the conference, held on Dec. 21,
adopted 37 projects, many of which were designed to formu¬
late a new economic policy for American Nations.
The
economic measures included gradual reduction and eventual
abolition of high tariffs and other trade barriers, equality
of treatment in international trade, stabilization of curren¬
cies, abolition of exchange control and creation of an interAmerican economic and financial institute.
(
Proceedings on Dec. 21 were outlined as follows in a
Buenos Aires dispatch of that date to the New York "Times":
The session approved two treaties and one
lutions
and
United
designed
States
reso¬
work
the
on
One Project
on
abstained from voting on
delegation
expedite
to
convention, adopted 20
13 recommendations and one declaration.
passed
United States Abstains
The
coordination
of
the
a
resolution
Kellogg-Briand
League of Nations covenant.
The other delegations unanimously approved it.
The
resolution
of the
recommences
American
all
to
States
that
members
are
League and also signatories of the Kellogg-Briand and Saavedra
to
Designed to Promote
Stability—Neutrality Convention Ap¬
Accords—Many Projects
proved—Secretary Hull's Address
The Inter-American Conference for the Maintenance of
Peace was concluded at Buenos Aires on Dec. 23. Addresses
of Secretary of State Cor dell Hull, Argentine Foreign Minis¬
ter Carlos Saavedra Lamas, and Carlos Concha, head of the
Peruvian delegation, featured the closing ceremony.
The
addresses reviewed the peace achievements of the conference
urged their continuance in the next Pan-American con¬
held in Lima, Peru, in 1938. After
hearing the addresses, the delegates of 21 nations signed the
League in studying projects designed, to
cooperate with the
coordinate, these two peace instruments with the covenant.
but
are
ever
non-American
on
States that
The resolution
members of the League,
not
are
signatories of these treaties to cooperate with the League In what¬
measures
it may
adopt for preventing
war
or
settling international
conflicts by peaceful arrangements.
Felix Nieto
committee
with
seven
on
del
Rio
of
Chile,
rapporteur of the conference's standing
the organization of peace, in reporting this resolution along
other projects, said that the United States
cided to abstain from voting on this resolution.
delegation had de¬
After the plenary session
the United States delegation explained its position in a formal statement.
"Freedom9of Action"
Stressed
"With regard to the statement of Rapporteur Nieto in the plenary session
that
Unitedf States abstained
the
from
voting on the resolution to co¬
ordinate the various peace instruments with the League of
man t,"
Nations
cove-
the statement said, "the policy of the United States has been and is
to aid in
promoting and preserving peace by the fullest international co¬
operation practical and consistent with its policy of non-involvement or
non-entanglement
The
Inter-American Peace Conference Ends After Adopting
in
political
affairs
entire freedom of action.
seven
on
abroad.
doing
In
so,
however,
it
In these circumstances the United States
the pending motion."
other peace projects
adopted at today's session
were:
Inter-American Treaty to Prevent Controversies.
on Good Offices and Mediation.
Declaration of Inter-American Solidarity and Cooperation.
Inter-American Treaty
Resolution
on
Resolution
on
the Definition of
f*Resolution
on
the Coordination of Treaties of Conciliation and Arbitra¬
a
Code of Peace.
an
Aggressor,
tion.
Recommendation
on
the American Circle of Friendship.
First Pact
a
Brazilian Plan
Pffrhe treatyTon"good offices and mediation, which originally
duced by Brazil, sets up a permanent panel of
be*on file
at the
Pan-American Union and who
and
ators whenever any
ference, which will be
in conflict shall agree upon one of
and to emblazon upon the banners
program
collectively, reject the counsels of force.
delegation withheld its vote
Economic
Let us each go our way, deter¬
hemisphere.
republics the spirit in which it was conceived.
reserves
remarkably adequate.
69
toward the establishment
We here have witnessed significant advances
of a permanent peace for this
there is no
as
limited mileage of heavily-traveled highways, especially
near
large cities in industrial sections and on those roads which, because
of their early importance, were the first to be improved and were therefore
constructed according to lower standards than have since prevailed.
View¬
principally
cooperative efforts here for the
when our
hour,
are at a
country, let us do so with a continued faith and hope.
own
separation of grades at intersections of heavily-traveled highway routes.
Although
is
main
the
on
for
reduction of grades, and elimination of railroad grade-crossings
alinement,
and
future
adequate
the
Such qualities
the betterment of their
relations and for the consolidation of peace.
also calls
be done in
those highways
deliberately improved under a policy of stage construction to a degree
known to be less than that ultimately desirable.
There is also a need for
the further extension of improvements to the more useful secondary and
land-service roads, many of which still await improvement.
Needed im¬
immediate
the
of obligations, of full faith in
4n the conduct of nations are essential conditions for
members
In
world-wide reaffirmation of the
a
and of fair dealing between equal partners.
Lamas treaties that they urge other American countries that are not League
•
for further improvement of roads,
In discussing the need
making
moral isolation and intensified nationalism.
by encouraging
and Saavedra Lamas anti-war pacts with the
enlarged emergency program.
Bureau supervises road construction
The
the
three
do
These conditions
or
report was summarized as follows in an announcement by
the
hemi¬
but to chart lour
We must diminish the dangers
honorable maintenance
principle of the
given word,
which $571,276,033 was
paid by the Federal Government, says Thos. H. MacDonald,
chief of the Bureau.
The mileage completed during the
$636,622,561,
seek to
we
has been obstructed.
and remedy.
require prompt attention
of
cost
In a close-knit, inter-dependent
the entire international order has suffered severe dis¬
years
and chaotic, and human progress
particular
roads
limed by the mirgae of self-
are not
location; the relations between nations have become increasingly confused
according to the annual report, of the Bureau, issued Dec. 12.
These
a
...
recent
This
Emergency Road Construction Program Resulted in
Employment for Many, Says Annual Report of
Bureau of
Public Roads—38,220 Miles of Road
Constructed During Fiscal Year Ended June 30
toward
and thereby set a practical example to other parts of
peace,
attendant upon conditions of
steadily in recent months.
I
republics.
own
not to isolate this continent,
Our purpose is
path to
In
purchasing
Their loans
our
world, we see the folly of seeking to build a Chinese Wall around a
the world,
October, 1935.
We
containment; we are aware of its perils.
own
compared with
the peace of
preserve
emphasize too strongly that we are in no sense moving
sphere.
The
that, in our labors here, we have done more than to co¬
policy of continental isolation.
credit associations and Federal intermediate credit banks, however, showed
as
concluding remarks Secretary Hull said in part:
I keenly feel
substantial increases
both
together, that a freer interchange of goods and services
bind nations
inevitably operates to relieve economic distress, to increase employment,
ordinate the machinery to
figure.'
third the October, 1935
the economic policies which alone afford the firm foundation for
to pursue
peace.
tember, but due to the decline in refinancing operations, only a little more
than
of tariff barriers obstructing trade. He added:
They have emphasized their will for peace by manifesting their intention
land mortgage security was slightly higher than in Sep¬
on
1.
Seace than for equality their unanimous and unequivocal
eclaration by making of commercial treatment and for
Loans and discounts
during the month amounted to $68,900,000 compared to $57,300,000 in September and $78,100,000 in October, 1935.
Of the total amount loaned in
October just past, $33,300,000 consisted of short-term credit
for farm operations and production, $23,900,000 of loans to
cooperatives, and $11,700,000 of farm mortgage loans. The
on
inability of Secretary Hull to deliver his
speech in peison (as the result of a cold), Sumner Welles,
Assistant Secretary of State in charge of Latin American
Affairs, read the paper. In his address Secretary Hull stated
that "the 21 Republics could have taken no more signifi¬
cant step in promoting conditions of both regional and world
jurists whose
can
international controversy threatens.
these jurists
as
was
intro¬
names are to
be called upon as medi¬
The two countries
mediator.
ment is not reached the nations In conflict shall then
If
an agree¬
be obligated to submit
Volume
Financial
143
the question to the conciliation and arbitration procedures
provided for in
already existing treaties.
on
as
follows:
A'neutrality
a
common
(
in
as neutrals
case
American countries.
'
films.
favors
■
A resolution postponing consideration of the proposed
American League
A resolution of homage to international lawyers who have been working
the codification of American international law.
all
women
the rights and duties of citizenship.
A resolution urging the Pan-American Union to give preferential atten¬
particularly for "moral
the revision
to
texts
eliminate
A resolution urging the elimination of matter offensive to other countries
type of banking is out of date.
books, magazines,
Three resulutions regarding radio transmission.
newspapers, etc.
H
3924.
.
\
/
„
referred to in the "Chronicle of Dec. 19,
*.•;>?;*
•
'
.
^
•
.
*
i
.
time
Work
Coast maritime strike
early settlement of the
an
refused
Association
came
to
standstill this week, when
a
to
vote
the
on
tentative
agreement
reached last week with the
ship-owners until proposals were
ready for the other five striking unions.
Reference to the
tentative agreement between the two unions appeared in
issue of
Dec.
19, page 3936.
Following the deadlock
negotiations, Secretary of Labor Perkins, on
Dec. 23, sent telegrams to the heads of the seven striking
unions, and to the Chairman of the ship operators' negoti¬
ating committee, urging the. seamen and ship-owners to
settle all further problems "by the
simplest and quickest
formula, even if some sacrifice is necessary."
The text of
the telegram follows:
peace
public interest demands
difficulties.
of the greater
an
It is desirable that this
early settlement of Pacific maritime
be
binding character of such
negotiated
a
procedure.
settlement,
because
Great patience has
but the public interest
as
extensively
with
values rest.
as we feel like
of
the
Federal
We must, instead,
purchase these
doing, and proceed with our undertakings
view to future contingencies of
a
possible reaction or change in
our
existing rates of exchange and all that
Put this in
a
bonds,
or
government will be able to sustain
nutshell and it really amounts to the substitution on the part
of the banker of
an
unquestioning confidence in "managed currency" and
developed in lieu of the older idea of
safe
a
competitive situation for the
bank in which it is prepared to meet its
obligations and to stand on its own
feet, come what may.
By many the decision between these two policies
undoubtedly be reduced
a
to a question of profitableness. - Is it not a
bank which holds its funds idle in order to be
prepared for some
future contingency is bound to "lose
money."
refusal to take advantage of the
And does not conservative
"opportunities" held out by recent legisla¬
tion
mean
practically
a
"flying in the
face either of Providence" or of those
congratulate both parties
on
the progress made toward
an
understanding,
if some sacrifice is necessary.
The Pacific Coast strike, affecting
nearly 40,000 men and
to have cost $385,000,000 (to
estimated
quote Associated
Press advices from
Washington Dec. 23), was called nearly
two months ago, and resulted in
sympathy strikes along the
Atlantic and Gulf Coasts by several insurgent unions.
The
walkouts at the Atlantic and Gulf ports are
opposed by the
International Seamen's Union and the International
Long¬
shoremen's Association; last week two longshoremen unions
in Baltimore, locals of the ILA, joined 1>he
insurgent strike,
but at a meeting Dec. 21 voted to return to work that
day.
This has been the first walkout by dock workers on the At¬
depositors on its own responsibility and without
either counting upon, or
expecting, assistance in case of difficulty from any
government or reserve system, no matter how wise or how friendly.
The
experience of past years has shown, moreover, that this obligation, faith¬
fully carried out, results in great enhancement of the prestige of the bank,
and the attainment of
a high
standing in the community, which eventually
brings to the institution corresponding profit.
Behind this transparent
and obvious fact, there is the basic
consideration that we have no reason
whatever for expecting the present
type
ful.
of
management
to
be
...
a
great deal of the
success¬
'
.
We have heard
'
'
of what is called "credit control,"
use
for the purpose of preventing the attainment
of excessive values in the
market and for the purpose of
stock
preventing banks from making excessive
advances
to
persons who wish to borrow with a
speculative motive.
I
believe that all of these endeavors take their
origin from the wrong source.
If
wish to get a sound stabilized condition in the
market, we shall not
we
succeed
by permitting the creation of wild or unsound credit, following up
policy by subsequent limitations upon the conditions under which such
credit
can
be put to use;
we
but
we
shall
be much
more
reasonable in our
seek to prevent the growth of such wild and
credit in the first place.
unsound
The banker ought to devote himself to supporting
all efforts at stabilization of
prices, both in the securities market and else¬
where and his first endeavor
ought to be to oppose or antagonize the intro¬
duction of conditions which thus
lead to unsound or unstable conditions.
The profits which can be made
by the banker though operating in govern¬
ment bonds in the
and command
successful in
belief that each successive issue will be more valuable
higher quotation than its predecessors, may be temporarily
a
skimming off
some
profits, but cannot long continue to do so.
In every period of bond inflation
there is
always
a
temptation on the part
bankers to undertake
unregulated types of business in the belief that
profits may be made in that way and that it would be time
enough to change
of
when danger signals are sent
up.
The trouble is that such danger signals
never are sent
up—certainly not at the time when they would do any good.
The banker, therefore, who allows
himspif to step outside the path
marked by
safe experience in
banking is like the traveller in an unknown country who
allows himself to wander
away from what appears to be an uninteresting or
dull trail, and who soon finds
himself lost and unable to recover his bearings.
There is another phase,
however, of the question of stability in which
the banker is deeply interested
from a practical standpoint.
It has for a
long time
'
has a duty to fulfill with
It ought to try to maintain its own position to
meet the demands of these
expectations if
but urge that all further problems be resolved by the
simplest and quickest
lantic Coast.
The bank and its management, first of
all,
respect to its depositors.
re¬
quires that these negotiations be completed promptly now.
Further pro¬
longation is costly to wago-earners and the public as well as to ship owners.
R?A substantial agreement has been reached and definite gains made. I
even
Governor
values, but in the confidence that
our
a
been shown in waiting for such an agreement,
formula,
the
depends thereon.
Pacific
members of the Sailors' Union of the Pacific and of the Pacific
Coast Marine Firemen, Oilers, Watertenders and Wipers'
The
by
politicians who have taken its place in many minds?
Negotiations toward
the
We must allow our
type of banking.
financing of investment operations and real
recommended
as
all of our financial
bonds
fact that
Negotiations in Pacific Coast Ship Strike Dead¬
locked—Longshoremen at Baltimore * Return to
in
transactions,
In place of it we must adapt ourselves to the
inflationary
it,
engage in the
community
Reserve Board in recent addresses, and we must not question the prevalence
will
i
Peace
our
as some put
our
The old-fashioned
in the management of our
currency, which is now in the process of being
Four resolutions regarding writers and newspapers.
page
and,
new
Institutions to
glorifying war from theatrical productions and motion picture films, t.
Four resolutions on the exchange of
was
We have thus in
the price of government
school
of
matter offensive to other American countries.
The conference
banker, giving him a chance to undertake
"old-fashioned" banker.
or
number of bankers who react somewhat in this way:
not
disarmament," in preparing programs for future conferences.
recommending
"modern"
of stability of the value of our government bonds upon which at the present
tion to topics relating to intellectual cooperation,
resolution
unsystematized banking condition and that such a situation
or
the shrewd
estate
A resolution recommending that all governments extend to
point of view more or less
fact today that a good many
a
operations and to do pieces of business that are out of the question for the
a
of Nations to the eighth Pan-American conference in Lima, Peru, in 1938.
I think it is
disposed to feel that they are making a profit out of an un¬
are
"conservative"
;:
A convention facilitating art exhibits in all American countries.
or
public opinion changes.
bankers
regulated
the interchange of publications.
A convention fecilitating the interchange of educational motion-picture
A
affected by appearances and is prone to shift his
as
texts.
on
address of Dr. Willis:
The banker, like every other human being, is more or lees influenced or
A convention by which the signatory States agree to teach peace in school
A convention
in
In part, we quote as follows from the
of war in the Americas.
A convention providing for the interchange of professors and students
on
cannot
help feeling that the restoration of private
every field of finance, including mortgage
banking, must be our next forward step in the normalization
and stability of business in the United States,Dr. Willis
told the conference.
'
convention that obligates all the American nations to adopt
joint attitude
among all the
"I
enterprise
JR Another dispatch from Buenos Aires to the "Times"
Dec. 19 summarized the projects adopted on that date
4089
Chronicle
been axiomatic that the basis function of the banker, In all
of doubt, should be that of
confirming the conservative
circumstances
element
in
the
community,
restraining
borrowers from
adopting
extra
hazardous projects and
Restoration
of
Essential
Stability of Valun
Sound
to
ei
Bank
Portfolios
Market
Condition, According
Addressing Conference
of Society for Stability in
Money and Banking—
"Managed Currency" Not Likely to Be "a Com¬
to
H.
Parker
Willis
in
mercial Success"
the creation
of
wild
or
unsound
policy by subsequent limitations
which such credit
more
can
reasonable in
credit, following
upon
expectations if
our
the conditions under
be put to use; but
our
up
shall be much
seek to prevent
we
we
the growth of such wild and unsound credit in the first
place."
A restoration of some kind of
stability of value in bank
portfolios is more urgent than any other change that can be
described, according to Dr. Willis, who declared that the
safety and solvency acquired by the bank through the main¬
tenance of such a portfolio
policy promises better for the
future than any amount of
transitory bond market profits
or than the sporadic incomes which
may be realized through
trading out and in on the basis of values that are
constantly
changing and shifting.
prudence.
One of the bad effects of the period of unsettlement in business
we have been passing in recent
years, has been the minimiz¬
ing of these wise counsels, and the admission, in lieu of
them, of a philosophy
through which
of speculation which has tended to induce
a great many business houses to
operate along lines which their bankers would never before have sanctioned
but
Speaking at the conference in New York on Dec. 18 held
under the auspices of the Society for
Stability in Money and
Banking. H. Parker Willis, Professor of Banking at Columbia
University, asserted that "if we wish to get a sound stabilized
condition in the market, we shall not succeed
by permitting
endeavoring to support with loans only those who
able to confine their
operations within the limits of soundness and
were
which
are
defended on the ground that they are in line with
political expediency or hold out chances of
profit that cannot be gained by
any other route.
The uncertaity of
foreign exchange, for example, has
led many business men to allow
themselves to accept the role of speculators
now
in foreign
currency by making commitments in sterling, francs, or other
unitsiwhich they liquidate at times when it seems likely that their prospects
of profit are better
The elimination of these elements of
uncertainty or
irregularity in business should undoubtedly be
management, but equally certainly has not been
a
prime factor of banking
so; for today we find many
institutions allowing themselves to
trade in exchange futures, and other¬
wise, to assume and carry risks, which
may result in losses to themselves but
which in any event, facilitate the
defended by any
margin of doubt
taking of risks in business which cannot be
circumstances, since they ultimately result in making the
or
uncertainty in trade larger than it would otherwise be,
in these troublesome times.
even
The banker, of course, cannot be held
responsible for the existence of the doubts and difficulties that grow out
of political tinkering with our
monetary mechanism.
He must, however,
andYl
think should, be held to account, if in his loans to other operators he
should show any inclination to the
financing or accommodation of specula¬
tive
operations which would tend
At the present time,
vary unstable situation.
and again to
now
responsible than might otherwise be the
make business less
case.
the portfolios of
our
banks
are
undoubtedly in
a
A slight advance In interest rates might easily
Financial
4090
considerable decline in quoted values of bonds,
result in bringing about a
with
the result
that
falling off in the value of portfolios might occur
a
which could theoretically go far
would easily
of their portfolios
them to the point at which their surplus
carry
capital
or
would be endangered.
today, a restoration of some kind of stability of value in
As things stand
be described;
urgent than ay other change that can
bank portfolios is more
and solvency acquired by the bank through the maintenance
while the safety
policy promises better for the future than any amount
of such a portfolio
bond market profits or than the sporadic incomes which may
of transitory
stantly changing and shifting.
will make
more
do better for his stockholders—as well as for his
money,
depositors—if he adheres closely to the tenets of what we have been in
the habit of calling
Whatever we think of "managed
"sound" banking.
currency" or "managed credit," or "controlled banking" we cannot believe
that it is
likely to be. In its efforts to direct
and when it does partially reach the
frequently does so at a cost which has not been
yet a commercial success, or
as
prices, it seldom attains its objects,
ends that it has in view, it
the bank and its customers.
reckoned and which frequently reacts upon
.
United
the
States
observers
sincere
the past three or four years in
I think that the experience of
,
the
that
to the minds
clearly have demonstrated
must
new
regime
advocated
strongly
so
of all
both
in
England and in the United States by the arrogant economists of the "New
Deal," has not yet made a practical success, and by this I mean a success
who still has to live in a real
the standpoint of the ordinary man
from
world,
The banking profession has
living and pay fixed expenses.
earn a
gradually become during the past 75 years the chief conservator of the
regime which involves the saving and investment of capital,
and the sale of
goods at prices that will enable the continued existence of such capital.
I regard the maintenance of our banking structure sub¬
For this reason,
stantially in its present form as a case which is identical with the whole
conception
and reasonable maintenance of
reasonable individualism
of
banking system free of legal restraint and authorized to sustain
to urge a
favorites and familiars in the business world,
the undertakings of its own
be an instrumentality for the
application of economic theories whose soundness is still unproven or of
political
doctrines whose feasibility and practical character are to be
but I
equally persuaded that it must not
am
It is clear to my mind that a continuation, perhaps and
demonstrated.
which the essential international
of the present regime in
amplification,
banking functions are carried and performed by the Treasury of the United
and for
States and in which the domestic market for securities
When we speak of the mitigation
banking prosperity, what we are really dis¬
banking.
strong growth of private
a
of inflation in its relation to
cussing is the mitigation of the present conception of a socialistic banking
Those
who regard the subject from this point of view must, accordingly,
of this mitigation of inflation, or of Government intervention, as
system which is tending to take the place of a
of us
think
involving
competitive system.
withdrawal of our Government from banking operations.
a
I cannot help feeling
.
.
of
The introduction of this change, as
exert
can
if
avoided
problems
if
He
The
Federal
the
of
creation
banking
in
together in
the states had worked
representatives of
the
uniformity
about
bringing
practice.
Deposit
Corporation,
Insurance
the
mem¬
bership of which embraces state banks locatedi in all of the states, has given
substantial impetus to
of
Even
the development of
uniform practices.
more
significance, however, is the general belief among the
greater
State banking systems that uniformity in legislation
and practice should be encouraged.
To bring
about a realization of the hopes of the supervisors, the
Executive Committee of that association has been charged with working
of
supervisors
out
our
definite
a
program.
According to the New York "Times" of Dec. 19 Mr.
Harr warned against what he believed to be the unncessary
functions of the Federal Home Loan Bank Board in char¬
tering savings and loan institutions. He expressed a fear
might lead to banking difficulties such as
characterized the depression.
Dr. Harr said the "Times" suggested that the insurance
that this function
associations, both State and
to the Federal
of shares of savings and loan
Federal, be transferred from the FHLBB
Depositors Insurance Corporation.
that
It is likewise learned from the same paper
that there be coordination of
mendation
New York State laws to solve the
a recom¬
the Federal and
problem arising in 1938
System will no
when member banks of the Federal Reserve
longer be permitted to pay the interest that State officials
are required by law to collect on public funds or on unin¬
vested trust funds was made at the hearing by William R.
White, New York State Superintendent of Banks.
The members of the executive committee
Association
Harr is
of
Supervisors of
of the National
of which Dr.
Banks,
State
chairman, are:
1—Boston:
District
Henry
Commisioner
Pierce,
H.
,
District
blew
Massa-
Banks,
of
chusettes.
York:
2—New
R.
William
Superintendent
White,
Banks,
of
York.
3—Philadelphia:
Luther
Dr.
A.
Secretary
Harr,
Banking,
of
Pennsylvania.
District
4—Cleveland:
S.
District
5—Richmond:
Gurney
H.
Superintendent of Banks,
Squire,
Ohio.
Banks, North
Hood, Commisioner of
P.
Carolina.
District
6—Atlanta:
District
7—Chicago:
powerful impetus toward the restoration of individualism in
a
serious
to
banking grief of the period from 1920 to 1933 could have
of the
Much
but the forward looking public man, if he will,
tion of it three years ago,
lead
state may
chartering
opposition on the part of special interests, as did the inaugura¬
much
as
the
likewise stated:
step in the normalization and stability of
and
large
uniformity of practice and procedure does not exist."
.
business in the United States.
I have said, will involve much friction
States has in
United
banking system," "but" he said "the fact that the several
can charter banks which operate within the borders
including mortgage banking, must be our next forward
field of finance,
of the
development
states
District
that the restoration of private enterprise in every
General
to the
recommendations
our
part been made possible by this country possessing a dual
is
money
wholly dominated by the deficit policy of our Government, is inconsistent
with
presentation of
26, 1936
Secretary Harr earlier in his remarks observed that "the
I have never been one of those who were disposed
private liberty of action.
Dec.
the
/
economic
been
the general question of the banker from the
standpoint. I think that in the years now to come, he
I have spoken thus far of
for
comes
Assembly.
and in on the basis of values that are con-1
be realized through trading out
technical business
time
enough to put not a few of our smaller
bankers into a situation where depreciation
country
Chronicle
sin
banking and the elimination of inflation and over-lending and the termina¬
tion of Government subsidies in every field of finance.
8—St.
District
District
White, Bank Report Analyst, Florida.
George C.
Commissioner of Banking, Wiscon¬
Schafer,
N.
S.
of the Assn.).
(President
Louis:
Rex
Peel,
Robert
9—Minneapolis:
Bank Commisioner, Arkansas.
Deputy
D.
of
Banks,
Bank Commissioner,
Kansas.
Commissioner
Beery,
Minnesota.
District
District
Development of Uniformity of State Banking Legisla¬
tion and Practice Urged by L. A. Harr, Secretary
of
Banks
for
Pennsylvania—Would Also Have
Closer
National
and
State
Between
Co.operation
Systems
procedure among
Secretary of Banking of
Pennsylvania and as spokesman for the Executive Commit¬
tee of the National
Association of Supervisors of State
ity of promotion of banking uniformity and
capacity
as
address before the Joint Legislative Com¬
Banks at the
Biltmore Hotel in New York City.
Secretary Harr pointed
out that the Committee of which he is Chairman
(and is
Banks, featured
composed of one state supervisory official from each of the
ington agreed
districts), at its recent meeting in Wash¬
greater coordination
state legislation and banking practice;
agencies having contacts with
Federal
cooperation
uniformity of
objectives:
three main
upon
our
and practice
in procedure
banks; and
between the
state and national systems.
Secretary Harr went on to say:
It
is
not
committee
its
chance that
by
is
firmly
and
the
materially
strengthened
and
banking
that the
and
stockholders,
depositors,
proved
cedure,
placed first in that list.
Our
system of the nation—
uniformity is
convinced
communities
by
it
be im¬
serves—can
uniformity
law,
in
practice.
Our
committee
We
in
For
we
are
further
granting of
some
we
witness
have
the
by
adoption
for
quirements
lowed
lest
Accordingly
1930's.
banks.
promiscuous
be curtailed
should
tutions
early
greater
advising
insti¬
repetition of the 1920's and
chartering
a
recommended
various
similarity
of
certain
banking
minimum
re¬
states for the chartering of
in the procedure to be fol¬
a
committee promoted the
adoption of uniform examination forms by the state supervisory authorities
so
that
today
by
the
the
48
state
supervisors
Committe
Executive
is
are
following
working
now
our
toward
double
coverage
and
uniform
state
liability
on
insurance,
legislation
bank
and
covering
stock,
mergers
appointment and
such
and
release
surety
tenure of
We
toward
believe
can
state supervisory
studied by a number of the members of our committee.
that your committee and similar committees of the other
be
of
uniformity
the
utmost
and
we
assistance
solicit
your
to
our
interest
committee
and
in
support
its
Bank
Commissioner,
Texas.
Commissioner of Finance,
Diefendorf,
issue
the Executive Committee of
of Supervisors was referred to in
3922.
page
Important Trends in Finance Voiced at
Conference Under Auspices of Society
for Stability in Money and Banking—Dr. Goodbar
Says
Society Seeks
Legislation to Strenghten
Banking—Reinarks of Edmund Piatt
on
Economic
the National
At
Economic
Conference held
in New
York
Dec. 18, sponsored by the Society for Stability in
Money
and Banking, leading economists and bankers gave their
opinions on important trends in finance. The general theme
of the conference was "Securing Stability and Avoiding De¬
pressions."
Presiding at the conference was Dr. Joseph E.
Goodbar, President of the Society, which called the National
Economic Conference for the purpose of recommending re¬
forms in banking to Congress for their legislation.
Declaring that it is difficult to understand the aloof atti¬
on
tude
of
view
bankers towards problems of the business cycle,
of
in
the
complete disaster that overtook some 12,000
banks, Dr. Goodbar suggested that "wisely drafted legisla¬
tion guiding the banking practices of all bankers, but
touch¬
from
practices that exploit prosperity," would seem to be the
only effective solution.
Dr. Goodbar declared that careful
lightly, if at all,
those who
voluntarily
abstain
analysis has established the belief that the development of
inflation
in the past
has depended on the common banking
as
distinguished from sav¬
ings, for financing the construction
of
capital goods.
new
He said:
The
which
the
as
absorptions,
subjects
authorities is being
states
19
Dec.
Opinions
recom¬
adoption
Supervisors of uniform examination procedure.
Additional
from
of
38
The
mendations.
Ben
practice of lending bank credit,
charters after minimum requirements are met.
the Association has through
years
pro¬
Haines,
A.
Gossett,
National Association
ing
that
agreed
Zeta.
The Washington meeting of
the
an
12 Federal Reserve
City: Roy
Francisco:
Idaho.
Interstate Cooperation of the State
on
closer
12—San
our
the several states, in his
of
11—Dallas:
District
Dec. 18 of the advisabil¬
Discussion by Luther A. Harr on
mittee
10—Kansas
gains
the
so
bankers
able to
are
.
depression
capital, and
were
.
by
as
a
banking practice has done
they
prosperity.
of
suffered
losses
common
.
-
realize
Taking
wiped
out
our
class
so
from
from the
banking
virtually
all
a
disorder
economic
thoughtless
system
of
impaired its aggregate assets that
required to restore it to
the
much to induce greatly exceed
its
as
a
exploitation
whole,
surplus,
more
the
much
of
of
cost
its
than $8,000,000,000
solveiit condition.
efforts
Speaking of the need of control in the matter of estab¬
the
lishing branch banks, he urged that head banks be required
when
Votmmt 14$
to obtain
Financial
certificate of necessity and convenience, to estab¬
branch banks, just as is
lish
a
required for unit
Rhode
Island and
the
importance
and
industry,
Massachusetts.
of
greater
the
on
Dr.
economic
banks
Goodbar
stability
discussed
business
to
hand, and to the bankers
one
in
the
on
other, and said:
Chronicle
considerable advantage in nation-wide branch banking.
He
opinion that the plan advocated by former
Comptroller John W. Pole for trade area branch banking
expressed
another
and
an
questionnaire,
include
was
even
a
sensitive
more
of which
copy
point.
The
have, reads
you
first
question
follows:
as
the
on
"Do you believe
greater economic stability either important or essential to the
preservation
of political freedom?"
An analysis of the
replies, from bankers, econo¬
mists and business
Many
have
men
gone
entire
our
political
shows
far
so
realize greater economic
them' almost
to
as
unanimously in the affirmative.
that, in their opinion, failure to
write
stability
result in
may
andi economic
system,
popular revulsion against
a
and
bring about
might perhaps
a
dictatorship of the Right or the Left.
Improving the stability of our
machine, at a higher level of general prosperity, therefore, is
regarded by many as of the utmost importance to the preservation of the
economic
individual
freedom
In part,
Let
us
American
citizens.
.
.
.
Dr. Goodbar added:
for the
assume
Committee
of
forum
open
tomorrow and
definite
some
the
and valuable
conclusions
as
to the fundamental
principles they wish Congress to adopt
guide in formulating prospective new legislation intended to provide
greater economic stability and prosperity.
Are we likely to receive a
its
as
friendly welcome
Basing
ments
actions
underlying
and
all
to
of
If
as
economic
this
thought
are
economic
business
tangible
more
Washington
activities
in
to
necessary
then
correct,
activities
employment has absorbed
in
the
than
the
I
past,
Washington
state¬
two
are
assure
continuance
a
not
are
most
the
of
to
major
of
workers
who
want
the
financing will
longer
no
seem
problem of control
is
necessary.
no
more
.
than it whs in
1918—and at that time the
very
was
denied.
in need
virtually
<^f
problem
country.
control
It
is
is
in
encouraging
the
minds
to
of
of
and
Needed
When
the
immediate
effective
economic
need
for
anti-skid
vision
are
dangerous
(a)
powerful
road
and hills ahead.
curves
a
problem
the
wind-shield
(d)
road
hill,
we
will
have
four-wheel brakes;
wipers
that
markers
(b)
give wide and1
to
give warning of
Previous experience indicates that such a
rapid1 climb is likely to result in a headlong rush into depression.
But it
significant that in previous experience we have had most
inadequate
Some
legislative attention
provisions
in
further
the
the
We
has already
Banking Acts of
Acts
that
improvement,
is
and
good,
these
present
seriously
the
the
equipment
defective.
other
And
than
language
the
of
There
the
1933
I
and
of
find
ought
the
to
time
judgment
wipers
of
of
and1
the
contraction
of
road
Reserve
the Banking Acts indicates a
business demand for loans
and
for
room
attended
the
to
safety
its functions,
control,
of
and
on
deposits.
markers
far
so
Board
I
as
continuance
attainment
degree
of
finance
the
of
of
American
least
at
a
prosperity.
speculation,
common
and
of
source
political
The
.
to
freedom
of
measure
.
.
finance
inflation,
goods is the most persistent clog
these columns today.
Chairman
success
practice
the
and
is
ing by Government—Expects Balanced Budget by
1939—Regards Prevention of Deflation as Impor¬
all
are
in
year
these
dependent
lending
of
resulting
predicted that by June
measures
on
was made by Marriner
S. Eccles, Chairman of the Board of Governors of
the Fed¬
eral Reserve System, that "it is
just
that
ers
same as
"but if measures
they
are
a
upon
more
the
stable
sity
bank
credit
to
goods,
is
capital
inflation
in
capital
depression.
or
July of the
com¬
in 1929," Dr. Goodbar asserted,
taken in advance to
exploiting prosperity, there is
ization
can
be
attained
at
a
reason
to
keep finance from
believe that stabil¬
prosperity level."
In
conclu¬
sion, he said:
This
that
have
will
strengthen the weak spots in
been
brought
here
out
possible the channels through
A
defense of
branch
today,
Congress proposals for legislation
banking system, some of which
particularly
to
close
as
far
as
which inflation develops.
ment
it
a
of
the
came
from
Edmund
Marine
"stabilizing
good management and with their risks spread over a terri¬
sufficiently wide to cover a variety of industries so
that a temporary depression in one
industry may be com¬
pensated for by increased prosperity in another."
tory
Mr.
Piatt
admitted
that
small
banks
are
well
frequently
as
managed as large ones, "but it must be admitted, I
think, that the chances are against them."
Declaring that
he thought the case for branch banking had been
practically
won, Mr. Piatt said the "only real question
remaining is
how
to
limit
it."
He
did
not
hand and
for
think
to
me
if
understand."
anything,
is
He
added:
destructive
bankers than inflation.
twin evils and both should be prevented, if possible.
The volume
money—that is, the means of payment including bank credit, as repre¬
sented by deposits and)
currency—and the velocity or turnover of funds are
more
to
are
of
a
of
a
of
measure
stability
national
our
income.
.
.
If
.
we
expect
maintain
to
reasonable
or
stability of business, we must find ways and means
maintaining a more uniform availability of money and of encouraging
more uniform flow or
velocity than we have had in the past.
point which in itself would
a
inflation
that
had
we
in
have caused
1929."
there
the
"Between
speculative
$5,000,000,000
and $6,000,000,000," he
said, "went into the stock market
through loans by others to brokers.
The speculative infla¬
tion
outside
was
of
the control
of the bankers."
In
part,
he continued:
was
maldistribution
a
and
I
don't
in
buying
consumer
couldn't
you
most
when
of
national
consumer
credit, because there
the
this
the
credit
whole
could
duced,
no
when
buying
was
outside
was
point of saturation
longer
they
longer
no
resulted
forever
the
in
credit.
on
banks.
reached, when the
was
get
which
productive capacity,
our
power
great deal of other credit;
a
of
buy out of current
,
coula
income
out of relation to
power
maintain that
bank
mean
fact,
And
of
income
what
people
was
as
being
a
pro¬
credit to keep
on buying
on the
what was being produced, and we were
unwilling to take
savings and continue to loan them abroad andi thus give the
foreigner buying power to buy what we produced, we found that the
market for what we produced
began to disappear.
With its disappearance
we saw prices
tumble, and with the tumbling of prices and the disappear¬
basis
of
credit
surplus
the
or
reduction
of
the
market
for
the
sale
of
our
vfie
goods,
saw
unemployment increasing.
And
we
which
is
created
loan
is
that
money
paid off
bankers
of
therefore,
saw,
by the
and
banks
that much
created
that
began
had
men
there
of
to
credit.
spiral
which
natural
a
was
the
time
money
be the
where
bank
a
disappearance of
self-accelerating.
to
bottom
supply of
Every
And
what I conceived
was
This
disappear.
disappears.
money
downward
a
business
believing
contraction
a
false
Many
philosophy
this
thing would
stop—that government should not interfere with the operation of "natural
and that deflation should be permitted to take its course.
They
law,"
felt
that
to
confidence,
have
and
would
to
should
the
that
the
fetish
contract
else
was
all
at
to
maintain
the
government
in
and
that
by
budget
would
destroy
gold
convertibility of
Therefore, we continued
like
was
times
expenditures—that
hazards,
its
the
confidence.
expenditures
contracting
standard
fail
destroy
that
its
unbalance
government
to
further
of
we
deflation
should
doing
so
individual,
an
when
adhere
to
that it
everybody
to
somehow
our
the
gold
some
in
way
business
Piatt,
Midland Group, Inc., who
influence," and added:
"The ad¬
vantages of genuine branch banking are usually
recognized,
I think, even by its opponents—banks
large enough to afford
Vice-President
called
instruments
one
our
banking
important to bank¬
is that inflation be
as
it
as
of government preventing inflation
object to the intervention by govern¬
to stop the processes of deflation on the other
hand is
adhere
and
prevented
"Why bankers," he said, "recognize the neces¬
for government or for public bodies
are
the
money
conference seeks to recommend to
be
desirability
or
which
our
will have nearly restored the level
in 1929.
The average cost to the
were
deflation
prevented."
guide
of deposits that existed
public in interest on the debt that supports the deposits
will be perhaps not more than half the 1929
payments, he
said.
"The possibilities of future disaster are
probably
about the
That of Inflation
as
recent address the statement
a
getting
Governors.
infallible
an
securing
of
recovery from
on
In
...
construction
the
Eccles of Federal
Reserve System Expresses
Belief That There Will Be
Very Little More Borrow¬
ance
Dr. Goodbar
ing
principal speaker at the luncheon session was Professor
Willis, whose remarks are noted elsewhere in
Parker
is
can
legislative reliance
that
expansion
be
when
find
Satisfactory business and industrial activity, banking profit and
probably
the
H.
There
standards
no
much
to
among
While I
1935.
nevertheless
closely
wind-shield
are
banking
of
deceptive idea
to
The
According to Mr. Eccles, "bank credit did not expand to
to the brakes,
Nation depends on how well it
performs
skilfully it is employed.
tell,
the conference, those of Roy L. Garis and Thomas C.
Bonshall, were referred to on page 3935 of the same issue.
control.
improvements
approaching
are
of
been given
entire
The
as
of
these
forthwith.
how
at
They
the
new
Extracts from Mr. Harwood's address were
Dec. 19 issue, page 3932.
Two other speeches
our
Deflation,
the crest of
equipment, and little skill, in the exercise
much
Inflation.
given in
difficult
i3
the
deposits, plus capi¬
purchasing power, which is in
excess of that needed to
represent goods purchased en route
to market.
This, he said, is the basis for the Harwood Index
tal, surplus, &c., creates
same
throughout
men
high
as
inflationary
an
extent than is warranted by its savings
on
this
today
disposed to ignore it.
and quick-acting
(c)
ahead;
that
today
of Stability
machine reaches
equipment;
the
of
Elements
is
solution
existence of such
note
thinking
I do not believe that Washington
of
detect
Mr. Harwood explained why the
acquirement of investmenttype assets by a commercial banking system to a greater
.
.
urgently
of inflation such
to
are
early stages, E. C. Harwood, Chairman of the
American Institute for Economic Research, declared that a
tangible clue to inflation could be found in an examination
of the sources of the excess
purchasing power leading to it.
high
a
level
work
prosperity
trend in its
government to
until
cease
boom
that
employable quality.
In view of the fact, however, that business
activity is increasing, and that spontaneous activity in heavy construction
has begun to develop, we
may be nearing the crest of the hill, when deficit
perfect
and
tant
the efforts of the
likely
industry."
♦
feel
an
The
or
prices
activity.
interpretation be
stimulate
of
from
could be set up to
Mr. Piatt
areas
of
of the observed effects
power
our
finance
level
the
nothing
on
emanating
diversification
formerly Vice-Governor of the Federal Reserve Board.
out how
inadequate analysis
of purchasing
First, it is intended, if possible, to restore a nearly full employ¬
workers.
Second, to establish such new controls over business
purposes.
ment
interpretations
my
and;
Capitol Hill?
on
"providing the trade
sufficient
Pointing
of
that the
moment
Legislative Proposals will reach
on
the
is a good one,
This
problem of attaining greater economic stability, howver, is not one
affecting our pocketbooks only, but it touches the American spirit at
4091
would
be
any
people, those with money and those with credit, would undertake
to go out and to build new
plants and to produce more goods andi thus
put people back to work.
It was not reasonable, to my mind, to
expect
individual
that
and
to
investors
or
business
concerns
would
make
invest¬
new
at
ments
a
time when
everything they had was becoming less valuable
profitable every day.
The individual or corporation is not going
invest money and
put people to work unless there is a reasonable
less
expectation of profit.
And
turn
so
we
bank
turnover of
we
deflation,
destroyed
or
call
to
turn
it,
extinguished
credit contraction
money
"confidence," what
failed
and
what it
the supply
of money
closings,
was
in the
we
we
one-third
bank
compared) to
and
of
depended
kept
our
and
late
on
upon to
to
had
point
a
money
supply
reduced
twenties
the
by
more
its
turn¬
60%.
The
over
of
had
we
through
than
found what
the tide
where
reduction
was
in
reflected
in
a
reduction
of
the
times the reduction
national
income
in
from
$83,000,-
000,000 to approximately $40,000,000,000 from 1929 to
1932, and a
plete collapse of the credit structure.
No other country in the world
com¬
even
Financial Chronicle
£5,4092
approached the degree of credit contraction and deflation that this country
be
went.
ment
through.
In Great Britain the contraction during the depression
as I recall it, about 10%.
In. Canada the contraction of the volume
.was,
bank money was less than half of
of
With
the
large ^Treasury
liquidated bringing
is my
it
Federal Government."
the
which
assets
Treasury, together
being
are
additional
issues
of
with tax revenue,
believe thoroughly that a
I
that
and
1939,
Now
have
the
mine
experienced
budget,
far
so
having
as
to .the
to go
that
forces
chance
make
inflation
for
deflation
influence of
.
and
for
better,
a
minimum
a
and
deal
them,
with
we
further, continuous inflow of foreign capital which
huge and possibly unmanageable volume both
our banking system.
This is our most
immediate problem from the standpoint of the Federal Reserve System as
well as from the viewpoint of the Treasury.
The President has called
attention to this problem and has requested the Treasury, the Reserve
of
have
orderly functioning of our economic system,
encroachment upon the field of private
more
government
initiative.
enterprise and
The
of
government's field, it
to me, is broadly this:
seems
As deflation
starts, as evidenced by unemployment, it is in the interests of all of us
the Unemployment problem be met; when private business cannot
profitably employ people, and therefore lays them off, it seems to me that
must be willing to have them employed on socially beneficial public work
by a public body, and thus stop the process of deflation in its inception. The
we
is-relatively small.
In fact, it is negligible if action is taken before
to diminish greatly.
.
,
.
. If for any reason we get out of balance again and unemployment starts
to develop, surplus Federal revenue should be promptly diverted into the
spending stream and away from the stream of the reduction of Federal
debt.
If that isn't sufficient to meet the unemployment situation and stop
credit contraction in its inception, we should be ready to incur a budgetary
the
national
deficit.
income
In other
is
for
desire
I
for
individuals
be looked upon
as
a
Management Conference of the
Council in Boston, it is stated that since he
had not had sufficient time to prepare in advance a formal
Seventh New England Bank
New England
address, and hence at the time no publicity was given to
his remarks.
The speech is now made available in the form
of
You
just
not
are
do.
The latter
Statement
about the Government debt and unbalanced
that
it
would create
the value of your
Now
You
inflation
an
and
are
You have been worried
date.
budget, and you have hadi fear
destroy the value of your money,
investments.
have answered
I
one of your questions,
and that is the one with
a balanced budget.
Inflation comes not only from a continued
budgetary deficit, financed by the banks, but inflation can come through
an expansion
of private credit.
I believe that that can be met.
It can
bi met first, as I stated a moment ago, by diverting surplus Federal
revenue to retiring Federal debt as private debt expands.
It can be met
by the powers which have been given to the Federal Reserve Board, by
extinguishing excess reserves, and even going so far, if need be, to force
the banks to borrow.
That, of course, would stop the process of private
reference to
credit
I
expansion.
think
.
the
powers
that
the
in
are
Federal Reserve Board,
ccupled with the right fiscal policy by the Government, first by balancing
the budget, and then by using surplus income in times of prosperity to
reduce the Federal debt, we can stop inflation.
Foreign funds coming
to this country are an undesirable development, and create a problem that
I think can be met, but which must be carefully and closely watched.
The excess reserves of our banks today are due almost entirely to foreign
funds coming into this country.
If it were not for the foreign capital,
that has been transferred into this market, because foreign investors had
confidence in America's future than in their
more
excess
whatsoever.
reserves
We
own,
we
would have
no
would
really have a deficiency, taking
into account present
reserve
requirements which the Board prescribed
recently. Those funds came in here in the form of gold, and that gold
was
.
perfectly worthless to
us
so
only costs us money to store it.
which
they invested
paying them
are
invested.
so
they
choose to
far
as
It
need for it is concerned.
our
We gave to the foreigners dollar credit,
in our stocks, bonds and properties.
And we are
and dividends and rents on those funds while they
interest
And
will
we
those
convert
likely
funds
them
pay
their
into
substantial
a
own
profit if
and
currencies
take
the
$2,000,000,000
stabilization
which
fund,
is
neither
in
the
with the present
excess
reserves
of more than $2,000,000,000, together with the power of
the Board to reduce reserve requirements back to "where they were, which
market
money
would restore
reflected in
nor
a
billion and
000,000 available that
member banks
to
give
you
of
movement
our
idea
half of reserves,
a
gold.
and
have
we
a
total of $5,600,-
could lose, theoretically in gold, without causing
we
of
rserves,
excess
to borrow from the Reserve
an
the
And
available
resources
that,
mindl
System.
I merely mention that
to meet any
would be
you,
without
great
out-
increasing further the price of gold.
That gives to the Federal authorities broad powers, if intelligently used,
affecting domestic stability as well as international stability.
What other
it
might do that
cannot control.
we
at
was
for
the
abcve
bottom
time
further
could
upset
The Federal
of
today,
Treasury balances
used
the
debt
the
Government
bank
the national equilibrium, of
is
about
depression,
holiday,
would
if
the
entire
to
the
debt
amount
of
assets were
would not
increase
the
$21,000,000,000 debt at the
total debt $34,000,000,000.
It is about
The cost of serving the British
make the
Now, the cost of servicing that debt is not
1%
and
expenditures,
course,
$13,000,000,000 more than
the entire amount of liquidation of
$13,000,000,000, which, added
of
of
a
serious problem.
$80,000,000,000 national income.
about 3% of their present income, which is the highest income
they have ever enjoyed.
debt
is
(
A
is
a
two
$13,000,000,0.op increase in the debt for
small
cost
months
of
to
pay
for recovery.
pre-depression
a nation with our wealth
A $13,000,000,000 debt is less than
income.
It is equal to the
but one year of the World War. However, we have
something to show for the $13,000,000,000 now.
Moreover, $4,000,000,000
of it hasn't yet been spent, and' we paid a bonus which was a liability to
our
Federal deficit during
A
and
Commercial Banks
Between
Statement of Principles of
by
American
the
New York
public in
and
Commercial Banking,
Association,
Bankers
20 in
Dec.
on
was
spon¬
made
announcement
an
by
Tom K.
Smith, President of the Association.
The aim of
the statement, which was prepared by the Bank Management
Commission and approved by the Executive Council of the
Association, is declared to be to summarize the fundamental
relationships and responsibilities which exist between
commercial
banks
and
the
public.
the
statement, it is
declared in an introduction to it, presents the collective
opinion of leading bankers throughout the country.
The
The
text of the statement says:
For the full development of its usefulness and dependability, commercial
banking calls for the intelligent cooperation of three importtant groups,
namely, the governmental authorities, the great body of citizezns and the
bankers
The
themselves.
national
executives
and! directors of commercial banks naturally assume the
major share of the responsibility for the proper conduct of the commercial
banking system.
The
for
statement
their
of
principles has been prepared, it
guidance and for
the
says,
information of the public
and its governmental representatives.
"The bedrock upon
which every policy and action of commercial banking should
be founded is the principle of stewardship," says the state¬
ment.
A commercial bank is declared to be responsible to
the
depositors whose funds it holds, the borrowers to whom
advanced credit, the stockholders who provide the
capital, the community served by the bank and to its
officers and employees.
As to the statement, it is further
it
has
announced:
The
to
statement
places
safety of
funds
the
discusses
investment
for
a
bank's obligation to
entrusted to
policies,
compensation
for
ment of
it
the
The
services.
its
depositors in respect
objective and
paramount
new
accounts and a
question
proper
of relations
with
topics of the purpose of loans, pay¬
loans, rejection of loans, liquidity, local factors, capital loans, per¬
sonal connections of officers and loans
of
as
investigation of
its
bank borrowers is discussed under the
on
mortgage security.
The obligations to the banks' stockholders are
presented from the point
view of the vital contribution of capital to the
protection of deposits
and
fair return upon the investment
a
by stockholders, while the obligation
"Legal Provisions" and
the community is presented under the captions
"Public Information."
to
The question of the bank officers and employees is discussed under special¬
decreasing
further the gold value of the dollar or
countries
American
Public
basis
them somewhere else.
With
by
Relationship
•
.
that with
Enunciated
Principles
Association—Defines
Responsibilities
sored
word! about what I suppose is uppermost in your
a
with recovery up to
of
Bankers
necessarily motivated by the
are
worrying today, Of course, about deflation.
pretty well satisfied
stenographic transcript.
a
com¬
The former must be motivated by social obligation.
want to say
minds.
dealing with it.
permitted
words, the Government must
profit.
Securities Exchange Commission to study it thoroughly
recommending such ways and means as may be appropriate
the
view to
a
of reserves upon
Although Mr. Eccles's address from which we quote above
delivered more than a month ago
(Nov. 13) at the
•
pensatory agency in this economy to do just the opposite to what private
business and
and
System
with
a
superimpose another
deposits and
was
that
cost
unmanageable
We have adequate means at our disposal to
deposits.
of
volume
would
,
means
with
inward movement.
we
of preventing
way
of
.
reversal of the
a
with the present volume of reserves and of deposits, but we have no
cope
on
approaching successfully the problem of maintaining a
greater degree of stability than we have been able to achieve in the
I firmly believe that with far-sighted leadership on the
past.
part of the bankers and the business men, it is possible to devise ways
some
the
to
concerned, will be reached by 1938.
the
should be
there
have reached the stage in recovery at which ft is no longer
desirable to have additions either to our banking reserves or substantially
However,
the banking
system.
We have seen an example of the influence of reflation on the
banking system and on our'economy as a whole. If we can determine the
forces that make for deflation and deal with them, and pgain can deter¬
we
if
problem.
technically balanced budiget will be reached
balanced
a
market for additional funds is
funds
of
Therefore, the present volume of reserves does not present an
budget is hot technically balanced.
by
•
...
for the problem of excess reserves,
drawals
an. opportunity to take
securities, even though the
government
on
which, as I have said, are almost
entirely the result of the inflow of foreign funds, we are in a position
to deal with the present volume of reserves and to meet very heavy with¬
belief that the market will not be given
substantial
the banks.
of
As
with
balances,
funds into the
It is
overseas.
gone
quote:
we
>
$13,000,000,000 hasn't left the country. It hasn't
deposit in the banks, and it is that Increase in
the means of payment and the increased velocity of that fund which has
made it possible to bring about the increase in national income, which
is yielding the revenue to balance the budget; to bring about the increased
well-being of the people, and the increased safety and increased! security
what .it was in this country.
Chairman Eccles indicated it as his belief "that there will
From his further remarks
before that wasn't
:'
words, the
other
In
France
•be very little more borrowing by the
future date—at least, we, put it in the form of a govern¬
some
bond, and put it on the books—it was a liability
the books.
on
And
during the long period! of time that they have attempted
to adhere to the gold standard, while deflation continued, their contraction
does not approach what we had in this country.
in
even
paid it
Dec. 26, 1936
ized
and
training, educational facilities of the American Institute of Banking
Graduate School, and other educational opportunities.
its
The^ need of
caTe in the granting of new charters and of competent
supervision
by governmental authorities 14 particularly treated.
As to
charters the statement says:
"The following principles may properly
applied:
Will the proposed new institution fill a definite need for
new
be
improved
general
or
additional
character
and
bank
facilities
in the
banking experience
of
community?
the
What
is the
proposed management ?
Is its proposed
such
as
to
capital structure adequate and! are its future earning assets
justify such investment?"
The
responsibilities of citizens in regards to chartering new banks are
given as follows:
"The public has a direct interest in the character and
qualifications
of
seek a new charter for a new bank.
public cooperattion with the chartering
limiting the granting of new charters to
only those groups who can meet the requirements as outlined above.
"In common with every other form off business, banking must operate
at a reasonable profit, after the creation of reserves sufficient to safeguard
the public.
If this is to be accomplished, every citizen in the bank's com¬
munity has a deeper interest in the soundness of that institution than
Therefore,
authorities
there
to
any
group
should
assist
be
them
who
active
in
Volume
-
Financial
143
merely to demand banking service
policy that
on
price basis.
a
principles
Herman
H.
was
are:
Griswold,
G.
First
National
Bank
Trust
&
1
Berger, Treasurer Norristown-Penn Trust Co., Norristown, Pa.
W.
Ellsworth,
Vice-President
Hibernia
National
Bank,
New
Nashville,
of
the
Board,
American
W.
York,
Simmonds,
Deputy
Manager
American
Association,
Bankers
Secretary.
anti-child labor
advocated
workmen's compensation, workmen's insurance,
laws for
.
A paragraph in the New York "Times" of Dee. 24
-
Bank,
National
ardent supporter of national prohi¬
was an
He also championed women's rights,
8-hour day, a minimum wage and similar proposals.
an
Senator Fess
Tenn.
Frank
New
Chairman
Houston,
public officer Mr. Fess
a
legislation and
...
D.
As
bition.
•
Orleans, La.
P.
He
r
except for the brief periods when he was doing research work in the Con¬
Co.,
Fred
Fred
particularly bitter toward the AAA.
After his defeat he busied himself with his home, his garden and writing,
gressional Library in Washington.
President
Elmira, N. Y„ Chairman.
4093
winning small home owners' votes through its mortgage activities.
bank should be adequately compensated."
a
The members of the committee which prepared the state¬
ment of
Chronicle
He should support the
was a
said:
vivid example of the Old Guard Republican—earnest,
hard-working, but intolerant of
new-fangled
''diplomatic
Russia he regarded as a
The
ideas.
recognition of
blunder"; he deplored the League of
Nations, the advent of Franklin D. Roosevelt and the passing of Herbert
Hoover.
Unveiling at Tokio of Memorial
to
Townsend Harris,
First United States Minister to
Thomas
Japan
Qualters New Bodyguard of President
Roosevelt
A
memorial, in the form of a bronze plaque, to Townsend
Harris, first United States Minister to Japan, was unveiled
at Tokio on Dec. 19 by Ambassador Joseph C. Grew, who
stated that Thomas Qualters took up the post
said:
to
When
the
the memory
Japanese loyalty to tradition is given expression by honoring
of foreign guests there is created
which
will
extends
far
beyond
the
a
place
of international good¬
wave
commemoration
such
where
held.
is
To
stand
here
to
successor
his memory
ready
1
.
my
oh
is held
response
the
site
famous
the
of
countryman
fills
American
first
and
with pride.
me
Legation
I know your
President
State
which
action will find a
Senator
of
Norbeck—Represented
House for 15 Years
Redfield, S. D.,
on
Dec. 20 after
South
long illness.
He was
held on Dee. 22.
His
He had served in the
Senate for the last 15
given below,
A brief outline of his
years.
contained in
as
career
is
Redfield, S. D., dispatch of
a
Dec. 21 to the New York "Sun".
5,
3560.
page
As
Massachusetts
a
bodyguard to the Presi¬
The services at the White
referred to in these columns
were
A.
h
a
week ago, page
Aires,
3937.
J
*1
r
Rushton
i
Reelected
ciation of Stock
Da¬
a
66 years old.
Funeral services were
death was caused by epitheloima.
W
of Dec.
•
Senator Peter Norbeck of South Dakota died at his home
in
issue
of grateful appreciation among Americans at home.
kota in Upper
22.
Dec.
on
trooper, he was, it is said,
was
of bodyguard
House for the latter, whose death occurred at Buenos
J.
Death
Roosevelt
Washington, Dec. 22, it
dent's son, James Roosevelt.
The death of the former body¬
guard of the President, August A. Gennerich, was noted in
our
in Japan as
witness the esteem in
to
In United Press advices from
Chairman
of
Chicago Asso¬
Exchange Firms
Joseph A. Rushton, a partner of Babcock, Rushton &
Co., Chicago, was reelected for his second term as Chair¬
man of the
Chicago Association of Stock Exchange Firms
at a meeting of the Board of Governors of the Association
Dec.
16.
Other
officers
elected
were:
Vice-Chairman,
William T.
Bacon, Bacon, Whipple & Co.; Treasurer,
James A. Cathcart, Harris, Upham & Co., and Secretary,
Charles F. Duvall, The Chicago Stock Exchange.
Senator Norbeck was a member of the city council for two terms and
then, for three consecutive terms, he
In
county.
1914
he
elected
was
was
elected State Senator from Spink
Lieutenant-Governor
and
served
The first native of South Dakota to be elected Governor
terms.
or
M. E.
two
Sen¬
Merle E. Selecman has been
United States Senate served for fifteen years.
Republican, Senator Norbeck
consistently independent of party
was
In the Congressional Directory he allowed
policies.
asfhis biography—"Peter Norbeck,
Redfield, S. Dak."
Theodore
In the Senate he
one
line to be printed
Republican, of
Roosevelt
aligned with the LaFollettes of
was
Wisconsin, Frazier and Nye of North Dakota and Norris of Nebraska.
As
Governor
started
he
several
State
One,
enterprises.
the
Rural
Credit Board, which he advocated collapsed with a debt of about $40,000-
000.
In the spring and summer of 1932 Senator Norbeck as Chairman of the
Senate
Banking
Committee,
opened
a
stock-market
investigation,
but
Congress adjourned with the investigation incomplete.
Largely responsible for the establishment of the Custer State Park in
South Dakota's Black Hills, where he had a summer home, Senator Nor¬
beck did much for
the
Indians.
native
He
was
an
Sioux tribe with the title of Chief Charging Hawk.
adopted
son
of the
tive
Manager.
On March 1, he will assume the place made
by the resignation, effective on that date, of Henry
E. Sargent who will become editor of "Trust Companies
Magazine."
Mr. Selecman has been associated with the
Trust Division for about nine years, during which time his
efforts have been largely devoted to the Advertising Ser¬
vice which he will continue to supervise.
He attended the
University of Missouri, Northwest Missouri State, College,
and took his Master's degree at Northwestern University,
Chicago.
.
.
vacant
♦
F.
K.
He endorsed the Agricultural Adjustment Act and criticized the Supreme
Court for invalidating the AAA.
Named
Chairman
Banquet
of
A.
B.
A.
Committee—Banquet
Trust
to
Be
Held in New York Feb. 11
the ground that it neglected the farm problem.
party on
Houston
Conference
He supported the McNary-Haugen farm relief bill, and he often criti¬
own
appointed Deputy Manager
of the American Bankers Association and Secretary of the
Trust Division, it is announced by F. N. Shepherd, Execu¬
In 1920 he went to
Iceland to represent the United States at the millennial celebrations there.
cized his
Appointed Deputy Manager of Ameri¬
Association—Also Named Secretary
Bankers
of Trust Division
ator, he served from 1917 to 1921 in the former office, going thence to the
A
Selecman
can
President Blaine B. Coles of the Trust Division, American
Bankers
Association,
has
appointed Frank K. Houston,
Co., New York, as Chair¬
banquet which will conclude
President Chemical Bank & Trust
Death of Simeon D.
Former U.
Dec.
23
as
S. Senator Simeon D. Fess died
the result of
Carlton
the
Fess, Former U. S. Senator
a
suddenly
on
heart attack at his quarters in
Hotel,
Washington, D. C.
Mr. Fess, who
the House and twelve years in the Sen¬
ate, was defeated for re-election in 1934.
He served as
Chairman of the Republican National Committee and in
1928 delivered the keynote address at the convention which
served ten years in
nominated President Hoover.
Mr. Fess, who was 75 years of age, was born on a small
County, near Lima, Ohio, on Dec. 11,
1861.
Sketching his career, the New York "Sun" of Dec.
23 stated that, fighting an uphill battle from a penniless
Mr.
Fess
became
noted educator
a
ana
then
a
commanding figure in the councils of the National Repub¬
lican party, i In part that paper said:
Battling against odds at all times, he won his
University, worked his way there and
was
Ohio Northern
to
way
graduated with honors in 1889.
The fact that he was 27 years old before he had finished college testified
to the bitterness of his
Inured to his lot
In
1891
he
given LL.B. and LL.D. degrees.
United States.
Stewart
The members of the committee
Baker,
are:
Chairman of Board, Bank of the Manhattan Co.,
New York, N. Y.
Leroy W. Baldwin, President Empire Trust Co., New York.
S. Sloan Colt, President Bankers Trust Co., New York.
W. Palen Conway, President Guaranty Trust Co. of New York.
Artemus L. Gates, President The New York Trust Co., New York.
Harvej^
D. Gibson, President Manufacturers Trust Co., New York.
S.
William
Gray Jr., President Central Hanover Bank &
New York.
/
.
Trust
Co.,
,
George V. McLaughlin, President Brooklyn Trust Co., Brooklyn.
James H. Perkins, Chairman of Board, The National City Bank of New
York.
earned
a
J. C. Traphagen, President Bank of New York & Trust Co., New York.
degree.
J. H. BacheUer, President Fidelity Union Trust Co., Newark, N. J.
master's
Later he
Thus fortified, he went to the Uni¬
He returned to his alma mater
as
Charming H. Cox, President Old Colony Trust Co., Boston, Mass.
C. S. "W. Packard, Chairman of the Board, The Pennsylvania Company
Vice-President and
few years later,
a
in 1907, reached the height of his educational career by being elected Presi¬
of Antioch
February.
The trust banquet, the 26th annual
this kind, will be held at the Waldorf-Astoria,
Feb. 11.
The annual mid-winter trust conference brings
together leading industrialists, business and professional
men, as well as bank and trust officers from all parts of the
of
teacher, Mr. Fess
a
versity of Chicago as a student lecturer.
dent
in
affair
Lewis E. Pierson, Chairman of Board, Irving Trust Co., New York.
struggle.
by this time and wishing to be
continued his studies.
was
the Division's annual mid-winter trust conference to be held
here
J.
farm home in Allen
childhood
of the committee for the
man
College at Yellow Springs,
Ohio,
a
school noted for its
for Insurances on Lives and Granting
Annuities, Philadelphia, Pa.
Henry E. Sargent, Secretary Trust Division, American Bankers Asso¬
ciation, New York, Secretary.
system of combining classroom work with practical application of studies
in shops,
mills and stores.
After six years at
L. F. Sailer to Leave New York Federal Reserve Bank—
Antioch, Mr. Fess felt the urge of
a
public
career.
—Will
He had taken part in the Ohio constitutional convention when, in 1913,
he ran for Congress and was elected to his first term.
until his election to the Senate in 1922.
He
won
then by 50,601 votes.
An
outspoken critic of the New Deal, Mr. Fess
sought his third term in 1934.
tirement
after
three
terms
as
was
defeated when he
Vic Donahey, coming out of political
Governor
of
Ohio,
won
a
re¬
three-cornered
Democratic primary race and swept on to take Mr. Fess's chair in the Sen¬
ate.
Mr.
Fess attributed his defeat to the Agricultural Adjustment Ad¬
ministration and the Home
Owners Loan Corporation.
He accused the
first of influencing the farm vote through benefit payments, tne second of
Louis
Bank
His 1928 majority was 505,853.
Retire
as
Vice-President
Dec.
31
Under
Age Ruling
He continued there
of
F.
Sailer, Vice-President of the Federal Reserve
York, will retire on Dec. 31, 1936, having
New
reached the retirement age—65 years—under the Retirement
System of the Federal Reserve Banks in August, 1936, it
was
announced
on
Dec. 21.
Mr.
Sailer's record
of
service
to the Federal Reserve Bank of New York covers almost the
whole
period
Cashier
of
of
the existence of the Bank.
He became
June, 1915, a little more than six
the Bank in
Financial
4094
months after it was
had
Prior thereto Mr. Sailer had
opened.
long experience in commercial banking in New York
a
City.
In
National
he entered
1891,
January,
York
Bank of New
Park
most
position of Assistant Cashier, in which office he had
to the
charge of the general organization of the bank.
Mr. Sailer
bore a large part of the burden of organizing the handling
subscriptions for Liberty Loans in the New York Reserve
District.
He was appointed a Deputy Governor of the
Federal Reserve Bank in January, 1918, the title of this
to Vice-President in March,
22 years during which he has been
officer of the Federal Reserve Bank, Mr. Sailer has, at
being changed, by law,
office
1936.
an
the nearly
In
of cash and collections, loans
and discounts, accounting, government bonds and safekeep¬
ing, administration and personnel, and head office super¬
vision of the Buffalo Branch of the Bank.
In addition,
he was the officer of the Bank directly responsible for all
various times, been in charge
operations in connection with the erection of the bank
building completed in 1922, and the addition to the easterly
end of the bank building completed in 1935.
Mr. Sailer is a
native of New York
City.
Commercialea at the
age
of 20.
business career were spent successively in Ger¬
of the Comptoir National
agencies
with
time
20
For
New
Bombay and London,
Paris,
the
of
Bank
National
American
German
New
of
also the German
Orleans and
& Trust Co.
These banks were consolidated with
Canal-Louisiana Bank & Trust Co. in 1914 under the name of Canal
Savings Bank
American
the
&
Bank
Trust
the
became
of
Etudes
Hautes
1936
26,
and finally in New Orleans,
d'Escompte de
years Mr. Breton was prominently identified with banking
Orleans, where, shortly after his arrival, he helped organize the
Paris.
in
ds
of his
years
Japan,
many,
of the
and he
departments of the bank and advancing
the various
all
in
10
first
employ
nearly 24 years, working
remained with that institution for
The
Ecole
the
from
ated!
messenger,
the
as a
Dec.
Chronicle
He
and
Co.,
First Vice-President and director Mr. Breton
of the combined institution.
Central and South American business, and
as
active officer
senior
interestedi
also
was
in
the^ Banco Atlantida, which had branches in the
centers of Honduras.
He was prominent in New
Orleans banking and business organizations, serving in executive capacities
at various times in the Association of Commerce, the New Orleans Clearing
1913
in
commercial
Vice-President and later President of the Louisiana Bankers
Breton became associated with the Guaranty Trust Co. of
Vice-President in 1916, and was placed in charge of the
House, and as
Mr.
Association.
York
New
in
active
was
principal
as
the
Since February, 1926, he had been in charge
branches.
1917.
foreign department in
of
company's European
4—
of New York & Trust Co., New York, has an¬
The Bank
R. McAllister
nounced the following official appointments:
Lloyd, formerly Assistant Vice-President, has been made a
Vice-President; Stewart L. de Vausney, formerly Assistant
Secretary, has been named an Assistant Vice-President;
€. Bench, formerly Assistant Treasurer, has been
Edward
Class C Director of Federal
Federal Reserve Bank of Philadelphia
J. David Stern Resigns as
of Governors of the
18 that J. David Stern has
resigned as Class C director of the Federal Reserve Bank
of Philadelphia.
Mr. Stern was named to the post a year
ago, and his term would have expired on Dec. 31, 1936.
He
It
made
was
known by the Board
Federal Reserve System on Dec.
the
succeeded
issue of Nov.
as was
noted in our
2, 1935, page 2828. According to United Press
Washington, Reserve Board officials said
from
accounts
Mr. Stern,
that
Johnson,
B.
Alba
late
in resigning, pointed out that he was com¬
pelled to spend much of his time in New York.
Mr. Stern
is a New York and Philadelphia newspaper publisher.
appointed an Assistant Vice-President, and James Carey,
formerly Assistant Comptroller, has been made Assistant
Secretary.
William J. Hare Jr., Leonard J. Schmelz and
Edgar C. Geiger have been made Assistant
J. Lenox Porter, Assistant Comptroller.-
Court
District
in
Washington
to
a
of Philadelphia to
Federal
Reserve notes was dismissed on Dec. 18 by the Federal Dis¬
trict Court for the District of Columbia.
The earlier dis¬
action
restrain
missal
by
John
by
Montgomery
D.
Federal Reserve System from issuing
the
the same
court of a similar action brought by
Mr, Montgomery was noted in our issue of Nov. 21, page
3242.
It is stated that the court's latest edict was on an
In his suit Mr. Montgomery contended
coin and control money was constitu¬
tionally assigned to Congress and could not be delegated to
the Federal Reserve System.
amended complaint.
that
the
power
COMPANIES,
&c.
of a
ABOUT
TRUST
BANKS,
previous transaction was at $115,000, on
The
Dec. 17.
will
trust
$34,000,
$1,000 from the previous sale arranged Tuesday, Dec. 15.
the Com¬
sold Dec. 19 to Leroy Moses,
$150 from the previous sale.
membership of Donald Brandon on
extra
modity Exchange, Inc., was
another, for $950, up
#
;
E. C. Kaus sold his membership
by
will
hove
$120,000 of
common
a
and
one
stock
one-quarter
$3,450,
The
continued:
paper
view
18, one
on
the
of
the bank,
of
ment
published June 30, 1936, showed preferred stock $450,-
stock $550,000, surplus, undivided profits and reserves $636,-
common
$12,195,000.
deposits
and
4
Pennsylvania State Department of Banking on Dec.
15 declared "holiday dividends"
aggregating $350,639 for
16,500 depositors in four closed banks in the Western part
of
State, according to the Philadelphia
the
Dec.
The
State
Bank
Secured
of
10%;
Bank,
of
Bank
People
Savings,
$2,500, no
change from the last previous sale.
♦
Vice-President of the Guaranty Trust Co.
New York since 1916 and for the last 12 years in charge
Albert Breton,
company's European branch offices, died at the
Hospital in Paris, Dec. 22, from complications
following an attack of pneumonia.
Although 70 years old,
he had been in good health prior to his last illness and had
returned to Paris only a few weeks ago after a visit to the
United States.
He had planned to retire next March from
his active duties with the bank, but to maintain an office
in the bank's Paris office and continue to give the company
the benefit of his long experience in an advisory capacity.
Mr. Breton was widely known in banking circles throughout
the world.
Last March he wTas tendered a banquet in Paris
the
American
his
banking
1936,
associates in celebration of his seventieth
of
was
a
naturalized
American.
He
was
born
and received his early education in France,
10%, Coraopolis
Pittsburgh, 8%;
ending Nov. 30,
reported by Girard Trust Co. of Philadelphia, Pa.
in
Paris
on
being gradu¬
profits totaled $2,281,407.26, an increase
ernmental
regulations
necessitate
a
constantly
enlarging
machinery of operation and consequent additions to the staff
needed to meet the demands upon banking institutions of
this day, while the restrictions
which hedge about the use of
It is
your management to build up the company's
reserves to care for contingencies that cannot be foreseen but
may arise at any time."
Mr. Jackson further said that the
securities owned by the company are carried on the books
funds
make
the desire
profitable results increasingly difficult.
of
at less than
their present
institution's annual report
say
is
1866,
pay
Co.
Albert A. Jackson, President of the company,
in his report to the shareholders at the annual meeting on
Dec. 21, called attention to the steadily increasing expense
of transacting the various branches of the company's activ¬
ities.
Mr. Jackson said, "New laws and a multitude of gov¬
Guaranty Trust Co.:
Breton
will
Trust
$363,384.92.
and
24,
are
the year undivided
service with the
Guaranty Trust Co. and his completion of 50 years in bank¬
ing.
His career is further summarized as follows by the
Mr.
&
Net profits of $1,990,496.94 for the year
birthday, the twentieth anniversary of his
March
Pittsburgh,
Pennsylvania Bank
Greensboro, 5%.
$1,600,000 was paid to shareholders during the year in four
regular quarterly dividends of $400,000 each.
At the end of
completed Dec. 21 for the sale of a
membership in the Chicago Stock Exchange at
by
"Inquirer" of
named the institutions and their proposed
16, which
4
—4
were
*
past three years'
The
the
previous transfer was $4,800.
of
subscription
and
-4
Arrangements
by
Stock not taken
record of earnings and the increased
deposits, the directors' propose, if the preferred stock is to be
retired, to consider increasing the semi-annual dividend in January from
2% annual basis to a 4% annual basis.
After the completion of the change in the capital, the common stock
will
have
a
book value of approximately $75 a share. The last state¬
In
and
Chicago Board of Trade were
at $4,900 and the other at $5,000.
Last
Two memberships
of
shares.
by the directions and a banking house for distribution.
will be underwritten
payments as follows:
$100 from the previous sale.
sold Dec.
their benefit.
preferred stock out of reserves will be ac¬
dividend of like amount.
Upon com¬
pletion of the plan, the capital of the bank will be $1,000,000, repre¬
sented by 20,000 shares of common stock.
The holder of one share of
common
stock who exercises his subscription rights will have two shares.
The holder of one share who
does not exercise his subscription rights
in the New York Coffee
Exchange Dec. 19 to Harold L. Bache for
and Sugar
stockholder will have the right
distributed.
be
of
Retirement
companied
000,
♦
up
common
Exchange membership was sold Dec. 19 at
A Curb
for
each
that
in a trust which holds 1,000 Bbares for
rata interest
pro
This
000,
•
The
plan provides
to
Arrangements were made Dec. 19 for the transfer
New York Stock Exchange membership at $125,000.
up
at
purchase at par, $50, new stock on the basis of three-fifths of a share
each share of stock now owned.
Common stockholders at present have
loans
ITEMS
Mass.,
follows;
The
for
of Federal Reserve Notes
An
Bank of
their annual meeting on Jan. 12 will
vote on a plan, recommended by the directors, to retire
the $450,000 of preferred stock of the institution through
the sale of $330,000 new common stock and the applica¬
tion of $120,000 of the reserves.
The Boston "Transcript"
of Dec. 14, from which this is learned, outlined the plan
Dismisses
Restrain Issuance
Amended Complaint Seeking to
of the Webster & Atlas National
Stockholders
Boston,
as
Federal
Secretaries, and
4
in
The
part;
now
of
Penn
nine
Co.'s
Square,
floors
under lease.
During the
been
—~—
Girard Trust
South
extent
market value. A resume of the
(which is its 100th), went on to
year,
by
30-story office building, corner of Broad
the company,
Street
utilized to the
and 95% of the remaining space
adjoining the banking
house,
is
...
Curtis Bok, a member of the Board of Managers, having
appointed a Judge of the Orphans'* Court of Philadelphia County,
felt
Volume
that he should not
continue to sit upon the Board! of the company,
caused by his resignation was filled by George W.
vacancy
Governor
of
Manager
Federal
the
Reserve
March 12, 1930.
on
Dividend
been
Financial
143
checks
mailed
of
Philadelphia, who
elected
was
a
The staff of the company now numbers 814.
totaling
the
to
Bank
and the
Norris, former
approximately $1,100,000
18,000
of
depositors
have
Commerce-
the
Guardian Savings Bank & Trust Co. of Toledo, Ohio, ac¬
cording to advices from that city, printed in "'Money &
Commerce"
The
Pleas
mon
Dec.
of
dividend
was
Judge
12, which
condition
a
James
henceforth will be
S.
of
controlled
become
date.
Hazard,
recently approved by Com¬
which liquidation of the bank
by the Associated Depositors, Inc.,
private
a
The Bank
of
its
of
stock, provided in a
announced on Dec. 20 by the
preferred
plan of capital revision, was
National City Bank of Cleveland, Ohio. Capitalization now
consists of capital stock only, amounting to $7,500,000, and
surplus and undivided profits of $3,832,000, excluding re¬
of
serves
The plan
increases
375,000 of the
preferred
common
of
new
held
for
shares
10
book
approximate
by
offered
were
stock from
common
the
to
of
Finance
Reconstruction
common
of six shares
ratio
previously held at $30
shares
New
Corp.
stcokholders in the
common
their
share,
per
value.
One of the direct results of the revised capital revision, it was explained,
be an increase in the bank's dividends from $1 to $1.20 per annum,
will
subject to future declarations.
rate of
double
than
more
Earnings
the
far this year have been at the
so
proposed amount.
the
Similar payments were made on the same date in 1934 and 1935 to
the
total
to
when
the
he
who
lauded
the closed
The
Mr.
approved by Judge Earl R. Cox, of the Circuit Court,
Hack
for
salvaging "sqme money"
for the depositors of
bank.
dividend
current
of
$72,026
will
bring the amount
distributed to
$237,374.
Karl E.
Wehrly and
G.
Nelson
L.
been
have
appointed
of Chicago,
111., and Floyd I. Egan has been named a member of the
bank's official staff, according to the Chicago "News" of
Dec. 18, which went on to say:
Vice-Presidents
All
three
Chicago,
formerly
where
President
of the
with
were
Mr.
and
Central
Wehrly
Cashier.
Halsted
Bank
Exchange
Vice-President
was
Mr.
National
Egan
Assistant
was
Bank
National
and
of
He first
of
.
at
In
.
.
Bank,
was
he
promoted to
was
and
on Feb. 1 next to some 43,000 depositors of the defunct
Fidelity Savings Trust Co. of Kansas City, Mo., it is learned
from the Kansas City "Star" of Dec. 16.
We quote the
paper, in part:
Before
getting in
trustees,
Herbert V.
collect
to
Finance
Jones,
through
The
due
amount
to pay this initial
Howard
liquidation
Corporation loan
$2,100,000.
that
position
a
that
of
the
is
to
amount.
former
The dividend
dividend the liquidating
McCutcheon and
$3,000,000
.
.
Harry E. Minty, had
off
pay
time
sum.
Last
month
the
dividend
to
National
Bank &
The
the
Trust
of
assets
savings
liquidating
certificate
the
two
institution,
carried
by the
on
trustees
who
There
were
banks,
the
initial
an
depositors
were
9,500 in
this
former National
but
separate,
were
paid
holders
Co.
the
two
10%
in
liquidation
the
Fidelity
group.
bank
and
liquidations
the State
being
are
trustees.
same
position
National
First
wood
Bank of San
Mateo County, at Red¬
Calif,
City,
(capital $200,000), and the San Mateo
County Bank of Redwood City (capital $100,000) were con¬
solidated
of
at
the
close of
The
former.
the
business
Dec.
16
under
the
title
enlarged institution is capitalized at
$200,000, with surplus of like amount.
its 70th
fiscal year ended Nov.
First
National
the
Bank
State
of
Bank
COquille.
of
The
the First National
Ashland,
present
and
the
personnel
of all three institutions will be retained and they will con¬
tinue to operate as individual banks for the present.
We
in part, below from the Portland "Oregonian"
12, from which the foregoing in taken:
quote,
Dec.
Resources
862; of the
Bank
of
ident ;
ment
the
W.
is
First
I
annual
30, 1936.
was
•
It
and
of
the
This
sum
allocated
was
follows: $2,400,000 to take
as
of four quarterly dividends at the rate of
$259,004 transferred
num;
to
be carried
loss
forward to
has been
First
formerly
is
of
on
the
National
individual
Ashland
the State
the
and
Bank of
J.
W.
Ashland,
E.
of
George
W.
Dunn, pres¬
McCoy, cashier.
W. E.
the current
Bank
the
will
of
Ashland
be
Ashland.
First National
institution
for
the
banks
conducted
.
.
Bank of
present,
in
will
of the institution
resources
situation
existed.
The
volume
of
the
it
business
new
was
sur¬
In addition 20 other offices have been closed and
bank.
As
that
of adjacent branches
result, at the close of the bank's fiscal
a
the number of its operating branches stood at 593.
year
Sir John Aird is President and S. H. Logan, General Man¬
of the bank.
ager,
The statement will be submitted to the
shareholders at their annual meeting in January.
The New
York Agency of the Canadian Bank of Commerce is at Ex¬
change Place and Hanover Street.
The annual report
of the Royal Bank of Canada (head
Montreal) was released this week and makes a very
satisfactory showing.
The statement, which covers the
office
fiscal
year
taxes
and
ended
Nov.
30,
1936,
appropriations
shows net profits,
contingency
to
after
of
reserves,
$3,504,241 (as compared with $3,302,749 in the previous
year), which were allocated as follows:
$2,800,000 to pay
dividends at the rate of 8% per annum; $200,000 transferred
cers'
pension
and $200,000 contributed to offi¬
leaving
fund,
balance
a
$304,241
of
be
to
carried forward to the current
which
tion,
year's profit and loss account,
stands at $1,913,795.
Total assets of the institu¬
now
the
report
$55,000,000
an
increase of
shows,
$71,000,000.
might be expected under
exceptionally
the
during
sented!
crease
strong,
year
by cash
increase
of
on
the
of
The
holdings
this
public, which is,
than
of
of
says:
Of
this
$513,230,273,
amount
an
is
increase
$179,280,978 is
repre¬
is represented by Dominion and Provincial Gov¬
change
in
other
course,
bonds,
represented
Total
liquid
a
in
securities
government
heading is
of
being
assets
outstanding
of
deliberate
reflection
liquid
of
assets
an
and
in¬
an
stocks.
The
short-term,
high-
and
altogether in
66.07%
of present
is
$53,000,000
debentures
assets are
of
liabilities to
monetary conditions
policy.
The thirty-sixth annual report
(head
gain
a
deposit with the Bank of Canada and other
on
or
grade corporation bonds.
rather
$855,000,000,
The report
$90,000,000'.
$18,000,000
under
at
existing conditions, the liquid position
liquid
total
hand
securities.
in
increase
the
stand
last year, while deposits by the public show
over
office
of the Provincial Bank of
Montreal)
covering
the
ended Nov. 30, 1936, has just been published.
profits for the period of $402,678
fiscal
year
It shows net
(as against $400,843 the
to
Mr. Butler
be
present
credit
of profit
also
expected
and loss brought forward from the pre¬
ceding 12 months, made $660,262 available for distribution.
From this amount the
merged!
shortly
quarters
of the
$240,000 to
will
continue
that
this bank will
as
an
pay
following appropriations
were
made:
four quarterly dividends at the rate of 6%
$98,325 to pay Dominion and Provincial taxes;
$40,000 written off real estate, and $50,000 to provide for
contingencies, leaving a balance of $231,937 to be carried
per annum;
is
of
previous year), which when added to $257,584, the balance
.
Coquille
shown in the state¬
are
$637,737,903
as
though active manage¬
both
the
fiscal year's profit and
Butler, since the death
O. Eubanks, pioneer banker and cashier.
that
an¬
(comparing with $629,530,512 at the
end of the preceding fiscal year) of which $394,791,368 are
liquid assets, while total deposits (including both public and
Government deposits) are given at $542,808,272, a gain of
approximately $8,420,000 over last year.
The institution is
capitalized at $30,000,000 and has a rest or reserve fund of
$20,000,000.
During the year, the report tells us, the bank,
by arrangement has closed 19 branches at,s places where the
volume of business, present and prospective, was inadequate
to maintain existing banking facilities, and has transferred
its business to local competitors.
Conversely, it has absorbed
the business built up by other banks at 15 points where a
First National
the staff of the First National Bank of Portland.
business
per
account.
Total
approximate $1,393,-
and of the
are:
temporarily in the hands of J.
understood
Though
of
McNair, vice-president,
H.
of Ashland
$350,000,
8%
fund, and $200,000
balance of $715,516 to
pension
written off bank premises, leaving a
...
National
First
president
that
Bank
covering the
statement
It shows net profits for the
profit and loss brought forward from the pre¬
fiscal year, made $3,574,519 available for distribu¬
Canada
$1,000,000.
short time ago of G.
a
National
State Bank of Ashland,
Coquille,
Officers
Blake
of
his
of
credit of
to
ceding
banks, while $241,639,440
Ashland;
date
to
paid (including tax on note circulation) amounting to $823,919, of $2,909,124, which when added to $665,395, the balance
ernment
are
held
he
of which fund full provision for bad and doubtful debts was
made, and after deducting Dominion and provincial taxes
the transactions.
The banks involved
the
to
Secretary to
period, after making appropriations to contingent fund, out
Announcement of the purchase of three Oregon banks by
the Giannini interests of San Francisco, Calif., was made
on Dec. 11 by D. O. Hood who represented Mr. Giannini in
of
of
The Canadian Bank of Commerce (bead office Toronto),
As
Bank
position
♦
to bank premises account,
The
the
to
Reconstruction
a
depositors
is
approximately
the face of certificates representing
on
Superintendent's
Secretary
7
.
savings
10%
the
in
appointed
gained by these exchanges has equaled that which
paid
serv¬
preliminary
a
transferred to the Head
was
was
Head Office—a
at
after
similar
amounting to about $210,000, is to be
,
This position he retained until 1928,
this
promoted!,
Manager
city to enter the
and
position
a
1923
in
their business consolidated with
dividend,
.
1922, when the Bank of Montreal took over the
Winnipeg,
again
rendered.
10%
this
to
Canada,
same
the
1901.
Ont. has spent the greater part
came
Bank
Merchants
of
Cashier
H.
Cashier,
office Montreal,
Vice-
institution.
A
Webb,
Nelson
Mr.
L.
appointment.
ment
was
(head
native of Walkerton,
a
Montreal.
former
General
present
bring
15%.
The dividend
E. D.
future
a
are
The bank was organized! in
Superintendant of Western Branches.
tion.
According to the Indianapolis "News" of Dec. 15, the third
5% dividend was to be mailed Dec. 18 to the 6,500
depositors of the closed City Trust Co. of Indianapolis, Ind.,
by Oren S. Hack, the receiver.
The paper also said:
Portland at
announcement
Vice-President;
training in the Montreal branch of that bank
care
annual
this
of
Dec. 14 the appointment
recently published
$20 par value
235,000 shares of
It completely retires the $4,600,000 par value
same par.
shares
of
in
career
of
approximately $2,000,000, according to the Chicago
"Journal of Commerce" of Dec. 21, which further said:
to
Sanford,
0..
Montreal
of
on
Fox, who is
his
ice
department
entire
time
Canada)
of E. A. Fox as Assis¬
tant to the General Manager of the institution.
In outlin¬
ing his career, the Toronto "Globe" of Dec. 14 said:
announced
Merchants
Retirement
O.
the
at
Maury, Assistant Cashier.
Office staff.
organization.
bank
Bank of
First National
of the
the
of
Presidnt;
Bess
and
4095
branch
a
Officers
Mr.
plan,
by
Martin,
also
further quote:
we
the
Chronicle
Financial
4096
forward to the current fiscal
Total
resources
are
year's profit and loss account.
the statement as $51,513,910
Nehi Corp. 3points to 37^.
and Sherwin-Williams 3 points to 139.
Trading was fairly active during the early dealings on
Thursday, but quieted down as the day progressed.
Spe¬
cialties were in demand and a number of substantial gains
America 5
(comparing with $49,746,720 last year), of which $36,257,081
consists
of
liquid assets.
Total deposits are given in the
$42,749,131 (as compared with $40,640,615), of
which $36,716,014 are interest-bearing deposits.
The Bank's
paid-up capital is $4,000,000, while reserve fund and surplus
total $1,231,937.
The annual general meeting of the share¬
holders will be held on Jan. 21, 1937.
report
We
Bank
as
in
are
of
the fiscal
year
The statement, which
1936.
presented to the shareholders at their annual general
meeting on Dec. 17, sho^s net profits, after deducting ex¬
was
penses
189
office, and
of management at head office, London
branches and sub-offices,
allowing for rebate, interest,
all bad
&c., and after making provision for
and doubtful
added £80,825, repre¬
senting balance brought forward from the preceding fiscal
year, making together £353,265 available for distribution.
debts, of £272,441.
To this
sum
was
.
From this amount the following
£134,200 to
(this
being
added to
appropriations
were
recorded
others Aluminum Co. of America
(head office Edinburgh), covering
Ltd.
ended Oct. 31,
points to 138
during the forenoon.
These included among
5)4 points to 144, Alum¬
inium Ltd. 6 points to 90, Nehi Corp. 2)4 points to 39)4,
Pittsburgh,, & Lake Erie 2)4 points to 88)4 and Youngstown
Steel Door'2)4 points to 68 J4As compared with Friday
of last week the range of prices was toward higher levels,
Aluminium Co. of America closing on Thursday night at 144
against 132 on Friday a week ago, Carrier Corp. at 29%
against 27)4, Cities Service at 4)4 against 3%, Creole Pe¬
troleum at 38)4 against 35, Hudson Bay Mining & Smelting
at 33 J4 against 33)4, Humble Oil (New) at 79^4 against
74% and Newmont Mining Corp. at 119)4 against 113.
The New York Curb Exchange, the New York Stock
Exchange and commodity markets were closed on Friday
in observance of Christmas Day and will not be open today.
were
receipt of the annual report of the National
Scotland,
TRANSACTIONS
->A1L*
THE
AT
EXCHANGE
CURB
YORK
NEW
made:
dividend at the rate of 16% per annum
of income tax of £41,800; £50,000
fund; £30,000 applied in reduction of cost
a
pay
heritable property and of alterations; £50,000 contributed
to officers' pension scheme, and £5,000 to staff widows'
fund, leaving a balance of £84,065 to be carried forward to
the current year's profit and loss account.
Bonds (Par Value)
Stocks
(Number
exclusive
reserve
26, 1936
gainsTwere Aluminum Co.Cof
Other! noteworthy
23
to
in
shown
Dec.
Chronicle
Week Ended
Foreiffn
of
Shares)
Dec. 25, 1936
Foreign
Oovernm't
Domestic
Corporate
Total
of
The institution's total
£44,374,039
as
and
and
deposit
(as
are
with
compared
receipts,
other creditor
resources
savings
has
last
current
year),
is
Governor
been
of
$13,000
Monday
459,105
Tuesday
393,331
527,940
1,743,000
1,867,000
124,000
39,000
1,784,000
89,000
55,000
$1,642,000
1,887,000
2,030,000
1,928,000
2,132,000
191.000
46,000
2,369,000
Wednesday
same
increased
the
526,315
Thursday
$16,000
54,000
90,000
HOLI DAY
HOLI DAY
Friday
2,227,746
Total
$210,000
$507,000
$9,139,000
$9,856,000
(as against £35,as
from
institution:
New York Curb
Sir
Marquis of
1935
1936
1935
1936
Exchange
last year, but
and £84,065 carried forward/ The Most Hon. The
Lothian
$1,613,000
accounts,
£1,550,000 to
£1,600,000 by the addition of the £50,000 mentioned above.
The amount of the reserve fund, the report tells us, is ex¬
clusive of £134,200 set aside to meet dividend requirement,
reserve
321,055
The paid up capital of the in¬
stitution, at £1,100,000, remains the
fund
in the report
£42,731,897
accounts,
balances, at £36,532,163
213,428 the previous year).
the
shown
Saturday
2,227,746
2,020,408
132,480,116
74,527,849
$9,139,000
Stocks—No. of shares.
$15,220,000
Bonds
507,000
government
$780,460,000
18,630,000
12,920,000
$1,132,624,000
17,592,000
150,000
$9,856,000
Foreign
474,000
210,000
Domestic
$15,844,000
$812,010,000
$1,163,239,000
..
Foreign corporate
Total
13,023,000
Alexander
Grant, Deputy-Governor, and John Taylor Leggat, General
Manager. The bank was established on March 21, 1825.
MARKET—PER
FINANCIAL
ENGLISH
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Dec. 19
Dec. 21
Dec. 22
Dec. 23
Dec. 24
Dec. 25
THE CURB EXCHANGE
Curb market trading has been very quiet this week, and
while the trend of
prices
toward lower levels on Monday,
there was a moderate amount of improvement
apparent as
as
the week progressed.
Public utilities and mining and
metal shares were moderately firm and recorded some gains,
specialties were reactionary at times and oil shares were up
was
and down.
Lower prices prevailed on the New York Curb
Exchange
during most of the brief period of trading
on Saturday.
exceptions among the slow moving stocks
but the market, as a whole, was
generally lower at the close /'
Public utilities attracted considerable attention on the
buy¬
ing side though the low priced issues did most of the business.
American Superpower was the feature of this
group as a
There
were
some
10,000 share block was transferred at 2]/2 and a 17,000 lot
changed hands at 2.
The principal changes on the side of
the decline were Pepperell
Manufacturing Co., 5 points to
135; Jones & Laughlin Steel, 2y2 points to 95 lA\ Chesebrough
Manufacturing Co., 2 points to 106; Duke Power, 2 points
to 70; and Gulf Oil of
Pa., 2%, points to 107^.
Weakness was again apparent as the market opened on
Monday.
There were some exceptions, particularly in the
specialties group and the mining stocks, but in the general
list the changes were small and
usually on the side of the
decline.
Low priced stocks were active and some gains were
registered as the day progressed.
Public utilities failed to
maintain their advances of the preceding session and with
few exceptions moved on the down
side, Montgomery Ward
A closing at 154 with a loss of 2
points and Sherwin Williams
was
down 3% points at 136.
Singer Manufacturing Co.
sagged 15 points to 355 and General Investment Corp. pref.
slipped back 15 Vs points to 78 %.
Stocks were in better demand on
Tuesday and moderate
gains were in evidence all along the line.
Public utilities
were
stronger and oil shares and mining issues were active
at higher prices.
Industrial specialties were somewhat mixed
though the tendency for the group as a whole was toward
higher levels.
The transfers for the day were down to
393,000 shares against 459,000 on Monday. New peaks for
the year were reached by a number of the market favorites
including United Milk Products pref., Eagle Picher Lead,
Draper, Horn & Hardart, Pittsburgh & Lake Erie, Tubize
Chatillon and Nehi Corp.
Numerous other gains were re¬
corded throughout the list as the market closed.
Advancing prices and a larger volume of transfers fea¬
tured the trading on Wednesday.
Oil shares attracted a
goodly part of the speculative attention and a number of
the more active issues in this group registered substantial
gains.
Prominent among these were Humble Oil 3% points
to 79^2, Gulf Oil of Pa. (new stock) 3%
points to 57K, and
Creole Petroleum 1 point to 38)4.
Mining and metal shares
also were in demand, Newmont Mining Corp. advancing
3 lA points to 118 and Eagle Picher Lead climbing \ l/2 points
21 5-16d.
21 %d.
Silver, per oz..
20%d.
21%d.
141s. 6d.
141s.8%d. 141s. 7d.
21 l-16d.
141s.6%d.
Gold, p. fineoz.1418. 7d.
Consols, 2 %%_ Holiday
British 3%%
War Loan... Holiday
105%
105%
105%
105%
British 4%
1960-90
116%
116%
116%
116%
The
Holiday
85 5-16
84 7-16
84 %
84 5-16
price of silver per ounce (in cents)
the same days has been:
States
Holiday
in the United
on
45%
45%
44%
45%
50.01
50.01
50.01
50.01
50.01
(newly mined) 77.57
77.57
77.57
77.57
77.57
Bar
N.Y.(for'n) Closed
IT. S. Treasury.
U. S. Treasury
COURSE OF BANK
CLEARINGS
Holiday
;
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 to-day (Saturday, Dec. 26)
Bank
exchanges for all cities of the United States from which
possible to obtain weekly returns will be 29.1% above
corresponding week last year. Our preliminary
total stands at $6,523,373,722, against $5,052,713,204 for
the same week in 1935.
At this center there is a gain for
bank
it is
those for the
the week ended
mary
Friday of 38.6%.
for the week follows:
Our comparative sum¬
Per
Clearings—Returns by Telegraph
26
New York
Chicago..
Philadelphia
Boston
.
..
Kansas City
St. Lntilfi
San Francisco
_
$2,198,004,636
192,038,274
230,000,000
129,280,477
79,801,626
72,530,074
49,018,150
Detroit
.
1935
115,000,000
I
Pittsburgh
Cleveland
1936
$3,046,026,516
254,589,629
293,000,000
187,142,000
71,735,558
69,200,000
Week Ending Dec.
.
Baltimore
149,000,000
64,868.483
Cent
+ 38.6
+ 32.6
+27.4
+ 25.6
+ 10.6
57,100,000
90,380,000
+21.2
82,839,146
+ 56.1
+ 27.2
80,643,204
—1.0
49,835,114
+ 45.5
39,506,369
+24.1
38,975,000
New Orleans
Twe've cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week
33,972,000
+ 14.7
$4,406,299,030
732,399,948
$3,268,187,226
+34.8
592,998,425
+23.5
$5,138,698,978
1,384,674,744
$3,861,185,651
1,191,527,553
+ 33.1
$6,523,373,722
$5,052,713,204
+ 29.1
+ 16.2
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.
In the elaborate detailed statement, however, which we
able to give final and complete
previous—the week ended Dec. 19.
For that week there was an increase of 31.1%, the aggregate
of clearings for the whole country having amounted to
present further below, we are
results
for
the
week
Volume
143
Financial
$8,922,991,402, againstl$6,804,085,059 in the same week
in 1935.
Outside of this city there was an increase of 28.4%,
the bank clearings at this center
having recorded a gain of
32.8%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
Chronicle
Week Ended Dec. 19
ClearlngslatInc.
1936
this
city) the totals register a gain of 33.1%, in the Boston
Reserve District of 14.8%, and in the Philadelphia Reserve
District of 29.8%.
In the Cleveland Reserve District the
totals show an expansion of 43.1%, in the Richmond Reserve
District of 33.2%, and in the Atlanta Reserve District of
23.8%.
The Chicago Reserve District has managed to
enlarge its totals by 33.0%, the St. Louis Reserve District
by 26.6%, and the Minneapolis Reserve District by 26.9%.
In the Kansas City Reserve District the increase is 13.4%,
in the Dallas Reserve District 15.0%, and in the San Fran¬
cisco Reserve District 23.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY
OF
BANK
$
,:
or
Dec.
1934
%
$
Seventh Feder al Reserve D istrict—Chi cago
Detroit-
Grand Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute
—
Wis.—Milwaukee
Iowa—Ced. Raps.
Des Moines
476,587
147,223,796
4,223,572
2,047,557
1,315,466
99,356,150
2,762,459
1,429,326
21,023,000
1,882,997
6,196,621
24,219,127
14,487,000
1,232,109
5,047,817
18,355,036
1,047,717
8,209,504
3,205,172
296,681
309,362,565
719,256
+ 14.4
+32.4
1-27.7
(-61.6
3,493,498
+49.1
829,866
1,006,718
(-83.6
(-39.5
584,458
2,666,263
626,472
845,000
198,874,402
495,997
2,540,374
519,391
819,908
472,259,994
+ 33.0
386.174,339
302,893,009
1,169,055
10,180,344
3,667,553
—
-
_..
.
Decatur
Peoria
Rockford.
S
—
485,583
Sioux City
111.—Bloomington
Chicago--.
1933
*
Mich .-Ann Arbor
I Springfield
'
1935
$
that in the New York Reserve District (including
appears
4097
.
392,679
394,959,943
1,162,485
5,209,436
1,523,302
1,404,583
+ 1.9
+48.2
+52.9
+43.3
+39.6
+45.1
942,533
+52.8
+22.8
+31.9
"
438,582
84,822,185
2,035,910
1.092,114
'
'
466,294
60,796,754
1,006,000
547,996
10,085,000
690,982
4,171,427
12,844,434
335,161
772,536
13,070,000
674,147
4,381,152
14,588,614
+ 11.6
733,484
+ 24.0
9,450,180
.2,464,926
572,288
246,356,028
1,445,360
4,937,329
2,047,609
268,591
CLEARTNOS
Total (18 cities)
628,287,099
Inc. or
Week End, Dec. 19, 1936
Federal
Reserve
1st
Boston
2nd
New York
12
.
1935
Dec.
1934
1933
S
$
%
S
t
Eighth Federa
Dists.
12 cities
..
1936
"
+ 14.8
243,732,604
209,073,722
4,363,019,895 +33.1
4,382,992,904
3,096,242,550
355,914,095
309,969,414
5,809,200,402
3rd
Philadelphia 9
"
510,126,763
393,031,944
+29.8
345,846,624
268,318,299
4th
Cleveland
6
"
399,070,727
278,860,511
+ 43.1
218,848,224
180,383,632
6th
Richmond
6
"
172,763,341
129,684,302 +33.2
111,479,583
93,329,576
6th
Atlanta
10
"
184,305,955
148,825,145 +23.8
131,724,264
104,551,020
7th
Chicago
18
8th
8t. Louis
"
628,287,099
472,259,994
+33.0
386,174,339
"
187,146,238
147,831,070
+26.6
120,594,185
96,634,953
"
"
127,042,252
100,094,586
+26.9
85,888,032
77,493,034
162,959,064
143,679,395
+ 13.4
122,279,238
95,617,873
Uth Dallas
6
"
76,702,868
66,720,947
+ 15.0
50,544,685
48,033,612
11
'•
309,472,598
250,007,856 +23.8
210,055,572
153,928,517
8,922,991,402
6,804,085,059 + 31.1
2,561,282,812 +28.4
6,410,160,254
4,731,499,797
.
Tenn.—
Memphis
111.—Jacksonville
Qulncy
Total (4 cities)
.
1 Reserve Dis triet—St. Lo uis—
114,100,000
43,438,156
28,858,082
b
r
+21.0
+36.0
76,200,000
26,386,126
+37.0
94,300,000
31,951,221
21,056,849
17,617,059
b
b
b
62,000,000
20,350,273
13,967,680
>b
*750,000
523,000
+ 43.4
391,000
317,000
187,146,238
147,831,070
+ 26.6
120,594,185
96,634,953
2,461,496
54,987,322
534,170
432,174
3,388,446
2,900,044
50,955,807
19,174,723
1,444,917
470,688
299,966
2,246,889
85,888,032
77,493,034
302,893,009
4
Minneapolis 7
10th KansasCity 10
Mo.—St. Louis..
Ky.—Louisville.
9th
12tb San Fran
Total
_.
__.109 cities
Outside N. Y. City
Canada
3,289,762,119
32 cities
We
add
now
our
345,149,107
2,134,187,502
1,722,521,585
354,830,779
262,171,018
—6.0
367,363,973
Ninth Federal
Minn.—Duluth—
Minneapolis...
St. Paul
N.
Dak.—Fargo-
S. Dak .-A b erdeen
Mont.—Billings.
Helena
Total (7 cities).
years:
Tenth Federal
Neb.—Fremont
_
Hastings....
Week Ended Dec. 19
Clearings at—
Lincoln.,
Inc.
1936
1935
S
Federal
Reserve Dist rict—Boston
677,834
2,420.092
Mass.—Boston
Fall
.
.
River
545,716
2,064,327
310,411,756
Portland.
eapolis
+ 19.0
2,174,975
716,148
751,496
2,956,343
+35.0
+8.3
127,042,252
100,094,586
+26.9
—
+27.0
+ 32.3
+8.3
22,369,658
1,714,767
-11.0
1934
1933
271,981,399
+24.2
+ 17.2
+ 14.1
+ 32.8
551,358
414,900
1,674,299
211,661,732
2,675,146
180,131,438
155,706
131,807
3.115,477
157,523
103,473
2,717,133
33,585,854
1,998,243
as
City
,
—1.2
93,887
70,493
1,982,615
+27.4
86,253
3,615,548
+28.9
Colo.—Colo.Spgs.
96,985,878
3,206,438
671,533
+ 14.9
3,631,063
697,609
Pueblo
+3.9
502,716
737,972
—0.3
1,706,130
Total (10 cities)
886,406
667,708
632.196
636,126
Lowell
420,093
435,969
—3.6
282,026
995,851
787,875
+26.4
761,282
162,959,064
143,679,395
+ 13.4
122,279,238
95,617,873
3,612,876
2,839,956
+27.2
2,742,878
2,259,631
1,402,098
+69.4
—1.1
1,339,389
11,334,749
3,706,480
+25.2
3,184,561
9,211,900
1,476,724
9,304,815
3,431,738
Texas—Austin
14,417,415
7,423,000
Galveston
356,234
484,535
+7.3
26,511,831
2,673,198
2,620,278
82,965,335
"3,098,755
+23.1
+ 13.2
540,380
2,375,355
14,259,954
4,532,682
111,452,277
295,289
New Bedford..
2,459,464
+ 14.7
b
1,808,709
24,002,575
1,901,527
1,911,919
62,361,024
2,614,076
445,162
486,628
36,047,052
Kan.—Topeka..
Mo.—Kans. City
St. Joseph
_%
Reserve Dis trict— Kans
..
735,927
Omaha
or
Dec.
Wichita
First
.
Minn
3,129,018
65,724,501
25,142,844
2,007,516
804,472
556,465
2,729,770
3,722,956
83,465,581
33,254,753
detailed statement showing last week's
figures for each city separately for the four
Me.—Bangor
Reserve Dis trict
Springfield
Worcester
Conn.— Hartford
New Haven...
R.I.—Providence
N.H.—Manches'r
4,638,973
13,951,200
1,263,705
9,862,200
1,258,271
+41.5
+0.4
Eleventh Fede ral Reserve
__
Dallas.
Fort Worth
Wichita Falls
—
La.—Shreveport
Total (12 cities)
355,914,095
309,969,414
+ 14.8
Feder al Reserve D istrict—New
N. Y.—Albany..
Binghamton
Elmira
...
Jamestown
New York
Rochester
Syracuse
12,678,785
1,388,302
44,700,000
697,583
889,009
7,943,059
+59.6
7,678,903
1.062,503
+30.7
H(-19.4
+3.2
2,126,742
2,206,027
76.702,868
66,720,947
+ 15.0
50,544,685
48,033,612
1,120,893
27,400,000
23,086,117
653,209
603,498
Spokane
+ 77.5
531,261
430,895
Yakima.-.
Newark
70,123,366
Conn.—Stamford
J.—Montclalr
Total (12 cities)
+32.8
+2.7
3,887,457
+21.4
a2,702,982
i-8.8
3,344,225
350,000
+ 32.4
19,905,672
+ 37.9
40,690,781
+ 72.3
5,809,200,402 4,363,119,895
+ 35.9
776,468
,275,972,752 3,008,978,212
6,204,072
5,636,188
3,284,554
al,839,520
2,996,128
500,682
20,028,419
36,622.031
3,259.548
al,239,013
2,733,745
537,092
16,791,847
26,061,438
+ 33.1 4,382,992,904 3,096,242,550
Federal Reserve Dist rict—Philad elphia
Pa.—Altoona
Bethlehem
Chester.
,
Lancaster
Philadelphia...
Reading
Scranton
509,370
*8600,000
348,599
1,699,561
493,000,000
1,414,282
N. J.—Trenton..
3,374,274
1,269,081
1,896,596
6,615,000
Total (9 cities).
510,126,763
Wiike8-Barre..
York
435,780
Cincinnati
Cleveland
b
73,209,094
120,147,674
Columbus
17,399,900
Mansfield
2,429,430
Youngstown...
Pa.—Pittsburgh.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Richmond
S.C.—Charleston
b
185,884,629
399,070,727
+ 16.9
318,473
314,081
b
419,810
—8.1
300,370
+ 16.1
+53.7
258,185
314,363
1,089,005
37,071,368
5,661,986
2,325,000
b
+29.1
331,000,000
b
1,110,257
3,598,784
+26.2
1,424,297
+33.2
2,551,800 + 159.2
1,076,926
1,486.994
5,908,000
2,096,921
1,355,412
1,057,640
3,444,000
345,846,624
268,318.299
1,005,821
393,031,944
+29.8
b
b
11,426,800
1,644,961
+ 52.3
10,659,500
+47.7
1,095,195
b
120,182,473
278,860,511
b
+54.7
+43.1
Macon.
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
b
97,597,552
b
36,543,334
53,613,015
8,600,700
911.424
b
80,715.159
218,848,224
180,383,632
1,715,603
b
179,517
total
1,801,426
2,605,766
309.472,598
250.007,856
4-17.6
2,536,473
126,241,695
1,880,809
1,318,235
1,386,549
19,319,439
4,985,000
435,542
17,737,801
12,389,308
2,706,509
2,562,902
95,181,250
1,539,664
986,162
10.84,940
+23.8
210,055,572
158,928,517
25,061,427
1-22.2
9,021,000
609,652
24,853,269
(-23.4
+26.0
+20.5
14,080,079
3,066,384
+22.9
+41.6
+24.1
-12.3
+4.4
(109
8,922,991,402 6,804,085,059
cities)
+ 31.1 6,410,160,254 4,731,499,797
3,289,762,119 2,561,282,812
+ 28.4 2,134,187,502 1,722,521,585
■/
j
Outside New York
,
Week Ended Dec.
Inc. or
1936
1935
Dec.
1934
$
Canada—
S
%
S
115,034,679
108,397,438
123,859,202
92,771,290
39,656,997
68,465,318
Winnipeg
Vancouver
18,121,377
16,639,843
Ottawa
16,904,950
4,630,104
16,972,571
4,352,364
.2,216,628
Quebec
Halifax
2,353,357
5,154,502
Hamilton
Calgary.
...
Victoria
Edmonton
5,223,569
1,578,733
1,678,189
Medicine Hat—
198,362
Peterborough—^
641,263
618,469
13,251,918
47,700,000
1,235,287
1,038,712
17,506,000
18,327,541
+ 5.9
1,066,359
+ 13.1
14,896,000
+ 25.7
1,327,027
+29.3
19,788,320
1,154,787
b
b
b
b
120,478
La.—N ew Orleans
41,481,790
Total (10 cities)
184,305,955
148,825,145
—6.5
+ 1.0
—4.6
670,062
597,163
+38.0
1,660,993
3,206,701
4,331,540
—6.9
1,010,307
681,902
Fort William
New Westminster
+26.7
—24.6
963,416
Brantford
1,285,968
4,823,743
6,928,007
1,695,374
+2.7
93,329,576
16,423,153
4,825,068
4,395,606
2,319,538
+6.4
+6.2
+6.9
686,236
111,479,583
55,400,000
—0.4
704,687
115,714
3,161,000
28,544,033
856,599
48,015,938
13,636,292
4,116,075
9,799,338
40,000,000
1,297,263
763,880
12,187,000
12,555,025
909,479
104,642,445
53,163,686
16,711,048
—11.6
32,267,774
968,973
58,003,340
16,888,131
2,906,660
130,412,455
4,484,237
323,963
532,853
1,634,154
143,365
3,208,000
+29.2
+54.4
+20.0
—7.1
+ 16.8
+42.1
+8.9
2,997,263
4,300,367
3,964,118
345,970
536,766
1,484,842
+88.7
+28.5
3,436,848
17
Clearings at-
222,451
2,846,000
112,029
33,967,867
Total (11 cities)
London
—0.7
3,653,216
5,685,419
1,785,157
1,389,699
2,830,720
5,170,076
Prince Albert
364,364
Moncton
895,985
Kingston
905,014
572+86
—1.0
532,616
682,752
506,142
954,720
659,794
524,657
806,395
+3.5
+ 18.4
4,331,284
356,669
467,687
1,634,795
585,929
964,348
739,946
518,331
248,783
666,866
720,735
1,011,788
2,097,697
327,616
884,134
584,298
592,598
452,661
660,481
345,149,107
367,363,973
—6.0
354,830,779
Regina
Brandon
Lethbridge.
Saskatoon
Moose Jaw
Sherbrooke.
Kitchener
1,141,060
Windsor
3,314,825
Chatham
Sarnia
582,075
279,300
708,882
593,339
1,167,878
2,935,607
341,320
+6.8
+0.7
—9.1
—1.7
+2.6
—29.0
—9.5
+4.2
—2.3
+ 12.9
+6.8
—7.0
—4.3
1933
$
94,526,874
80,139,537
31,590,870
13,948,327
4,087,231
3,982,272
2,074,370
3,604,126
4,108,743
1,508,335
1,344,288
2,431,487
3,776,424
2,921,255
305,103
333,679
1,218,731
512,426
837,359
605,462
396,287
193,520
674,829
577,026
1,099,892
2,161,878
253,407
798,172
462,741
656,788
452,587
585,992
136,746
'
Vlcksburg.
Santa Barbara.
Stockton
St. John
Reserve Dist rict—Atlant
19,705,978
70,200,000
1,774,235
*1,100,000
19,803,000
23,037,971
.
38,088,802
1,029,004
66,923,582
+ 33.2
Augusta
b
45,218,670
64,277,307
129,684,302
Nashville
Francisco
Montreal.
+26.9
+36.6
172,763,341
Ga.—Atlanta
San
San Jose
4,697,083
179,815,000
2,790,441
Toronto
57,679,421
87,926,856
Total (6 cities).
5,307,861
Pasadena
28,742,024
15,893,269
4,060,969
3,318,032
144,913,000
3,182,808
1,726,268
2,215,665
SCO—
+25.8
-
977,887
+ 12.7
20,574,463
Tenn.—Knoxville
4,991,807
-
Franci
b
+ 16.5
92,685,334
25,500,150
Sixth Federal
Calif.—L'g Beach
Ore.—Portland
34,965,058
10,070,000
921,763
258,000,000
382,000,000
1,213,473
2,994.540
D.C.—Washing'n
Md.—Baltimore.
Utah—S. L. City
12,306,000
1,137,324
36,203,592
19,149,404
757,995
1,105,863
+24.2
+38.5
+23.9
1,278,493
43,974,755
■
a652,622
Reserve Dist rict—Richm ond—
3,656,000
49,223,554
Wash.—Seattle-
Grand
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
Va.—Norfolk
Twelfth Feder al Reserve D istrict—San
+ 31.9
+ 11.6
Northern N. J.
Westchester Co
Fourth
3,116,312
1,791,015
38,701,037
7,320,502
33,900,000
4,718,850
a2,940,421
4,546,171
463,251
27,444,617
Third
-13.4
5,225,891
2,700,000
•
209,073,722
625,123
506,442
5.633,229,283 4,242,802,247
8,321,185
8,102,386
Buffalo
N.
769,231
H(-12.4
H -16.C
H (-13.9
8,261,814
3,902,000
al,077,943
York-
243,732,604
Total (5 cities)Second
District—Da lias—
1,167,978
51,835,408
7,255,029
3,442,000
a902,923
3,020,532
1,312,466
60,110,276
+60.2
4-22.1
29,604,455
22,786,214
+ 23.8
131,724,264
Sudbury
104,551,020
Total (32 cities)
a
Not included in totals,
b No clearings available.
* Estimated.
262,171,018
Financial
4098
Chronicle
Imports
Japan
Canada
We
act as
New York correspondent
Belgium....
Germany
for
.....
New Zealand
Windward Islands..
Other countries
of the world.
commercial banks in all parts
1936
Dec. 26,
Exports
£9,475
35,930
*9,302
United States of America—
£39,936
19,796
16.504
3,938
2,208
*8,150
5,082
British India
New Zealand
Germany
11,933
—
2,100
Sweden..
Norway
1,369
Denmark
1,410
2,880
1,664
3,251
Austria
France
Other countries
MANUFACTURERS TRUST COMPANY.
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT:
55
BROAD
*
STREET. NEW YORK
Coin at face value.
Quotations during the week:
FOREIGN
-Bar Silver per Oz.Std.Cash
2 Mos.
Insurance Corporation
Dec. 3
Dec. 4
Dec. 5
of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
record for the week just passed:
a
RATES
EXCHANGE
FOREIGN
BY
CERTIFIED
21%d.
21 3-16d.
21 5-16d.
21 5-16d.
21 3-16d.
21 5-16d.
21 5-16d.
21 %d.
21 1-16d.
21,229d.
7
Dec. 8
Dec. 9.
21 Md.
21 1-16d.
21.229d
Average
exchange'on
Dec. 5
Dec. 7
Dec. 8
-
46
cents
45% cents
New York recorded during the
period
from Dec. 3 to 9 was $4.91 and the lowest $4.89%.
The London Bullion Market will be closed in Friday and Saturday,
Jan, 1
The"highest
rate of
and 2. 1937.
FEDERAL RESERVE
1930
Noon Buying Rate for Cable Transfers in
Value in United States Money
AUCTION SALES
The following securities were sold at
of the current week:
New York
auction
Wednesday
on
By Adrian H. Muller & Son, New York:
Unit
Dec.
19
Dec. 22
Dev. 21
I Dec. 23
i
Dec. 24 | Dec. 25
Shares
$ per Share
Stocks
4 Ocean Beach Ferry
5
.169088
.186928*
.168842
.168726
.035132
.035132
.035096
.035009
216 Eddie Dowling Pictures Corp.
.219100
.219262
.219262
.219229
908750
:.912541
.912500
.911958
.021637
.021606
.021600
.046679
.046721
.046722
.402335
.402303
.547361
.547457
5 Chester & Becket Ry. (Mass.) par $100
74 Kent-Costikyan,
.052610
.052611
.052609
.197875*
.052614
.246740
.246591
.246791
.246825
.246722
.188325
.188500
.188500
.188700
.044558*
.044583*
.044591*
.044545*
.044579*
.007341*
.007291*
.007208*
.007241*
.072500*
.007325*
.188700
Spain, peseta—
Sweden, krona
.074000*
.073500*1
.073125*
.073375*
.253172
.253045
.253250
.253218
.253183
HOLI¬
Switzerland, franc
.229866
.229858
.229857
.229857
.229842
DAY
Yugoslavia
.023050*1 .023066 *j .023020*
dinar
$1.80
(N. Y.) 2d pref., par $100
inc.
$10 lot
$80 lot
50 Spanish River Land Co. (Fla.)
—$100 lot
15 Chalis Realty Corp. v. t. c., with 80-lOOths warrants, and $600 20-year
6% income debenture bond
$20 lot
35X Anglo-American Holding Corp., no par, and 55 class A
$6 lot
Non-negotiable receipt for certificate for 75 shs. capital stock Midtown
Bank of New York, in liquidation
$30 lot
50 Realty Assets Corp. (N. Y.) $6 cum. pref., no par
—$93 lot
38 Budd Lake Development Corp. common, no par, and 150 pref., par $100--$65 lot
200 48 Vesey Street Corp. (N. Y.) common "stamped," par $100
$25 lot
1% Ruhlman & Co., Inc. (N. Y.), par $100
5 Maidstone Club of East Hampton, Inc.
.052609
.197750*1 .197750*, .197750*1
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu...
$85 lot
$9 lot
$2 lot
50 Hartman Corp. (Va.) class B, no par
.547450
.197750*
.547532
$5, together with 5 57-100ths
i
warrants
.008978*| .008978*1 .008967*
.547471
$38 lot
5 57-100ths Middlewest Corp. of Delaware, par
.402339
.008978*1 .008985*
Greece, drachma
Holland, guilder....
together with option for
53 % shs. at $5 per share, no par
.021650
.046712
.402342
(Del.), no par
56 Bon-Air Radiator Corp. (Mass.) class B common,
.035016
.219227
Denmark, krone
England, pound sterl'g| 4.911000
.021645
Finland, markka
.046708
France, franc
Germany, relchsmark! .402346
$45 lot
$35 lot
par $100
.012750*1 .012750* .012750*1 .012750*1 .012750*1
koruna.
$82 lot
Corp. (N. Y.) 7% pref., par $100
Harrison Rye Realty Corp. (N. Y.) class B pref., no par; and 1 common;
.186914*1 .186928*1
.169076
.186942*| .186985*1
.169125
S
$
$
$
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Czechosl kla,
(Per Ounce .999 Fine)
Dec. 2
46% cents
Dec. 3
46% cents
Dec. 4
46
cents
'
BANKS TO TREASURY UNDER TARIFF ACT OF
DEC. 19. 1936 TO DEC. 25, 1936, INCLUSIVE
Country and Monetary
21 %d.
Dec.
EXCHANGE RATES
Pursuant to the requirements
giv6 below
IN NEW YORK
LONDON
IN
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit
£79,314
£95,614
.022980*! .023000*
160 48 Vesey Street Corp.
$25 lot
$50 lot
(N. Y.) pref., par $100
598 48 Vesey Street Corp. (N. Y.) common
Asia—
-
(N. Y.)
"stamped," par $100
(Del.) common, no par
$50 lot
400 units 244 North Bay Shore Drive Inc. (N. Y.), each unit consisting of 1 sh.
400 Consolidated American Royalty Corp.
China—
(yuan) dol'r
.294000
.294000
.294000
.294333
.294166
Hankow(yuan) dol'r
Shanghai (yuan) dol
.294166
.294166
.294166
.294500
.294333
.294166
.294166
.294166
.294333
.294166
165 General Cap Co. Inc. (Del.) class
Tientsin (yuan) dol'r
.294166
.294166
.294166
.294500
Hongkong, dollar..
.294333
.305500
$10
$9 lot
200 Mavis Bottling Co. of America (Del.) class A common, par $5
$4 lot
102 Kanawha & Hocking Coal & Coke Co. (W. Va.) common, par $100, and
Chefoo
.305666
.305375
.305375
.304791
India, rupee
.371200
.371055
.371300
.371331
Japan, yen
Singapore (S. S.)
.285683
.285794
.284902
.285813
.371383
.285780
.575875
.575875
.576125
.575875
.575750
dol'r|
$50 lot
$45 lot
$10 lot
$50 lot
200 Joseph Fahys & Co. (N. Y.) common, par $100
—
$13 lot
27 Grlgsby-Grunow Co. (111.) common, no par
$4 lot
25 Hutto Engineering Co. Inc. (Mich.) common, no par
$3 lot
10 Homer Engineer Co. Inc. (N. Y.) par $100
$21 lot
103 Penn Petroleum (Del.) class A common, no par
-$32 lot
25 Ocean Front Realty Corp. (Fla.) no par
—$97 lot
200 North & South American Products Inc. (Fla.) class A com., par $10
$12 lot
62X Greater New York-Suffolk Title & Guarantee Co. (N. Y.), par $100
$10 lot
19 De Forest-Sanford Realty Co. Inc. (Fla.) no par.--..
$5 lot
Bonds—
Per Cent
$2,000 Ahnapee & Western Ry. 1st mtge. 5% 30-yr. gold bond, due Sept. 1
1936
$330 lot
$750 28 E. 39th St. Corp. bonds, due Aug. 1, 1953
$35 lot
32
Africa—
America—
1.000877
.000985
1.000982
1.000872
1.C00468
.999000
.999166
.999200
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.998437
.998526
.998549
.998459
.997910
.327383*
.327250*
.086955*
.087088*
.327450*1 .327460*1 .327460*1
.087088*1 .087088* .087088*!
.059750
.059750
.059625
.059687
.059625
.051725*
.051725*
.051725*
.051725*
.573900*
.573900*
.573900*
.573900*1
.051725*
.573900*
.800000*
.800000*
.800000*1
.800000*
.800000*
dollar|
America—
Argentina, peso
Brazil (official) milreis
(Free) milreis..
Chile, peso
Colombia,
peso..
Uruguay, peso
*
$100
-
(Mich.) stamped, par $25
(Ohio) common, no par..
46 Eastern Box & Lumber Co. Inc. (N. J.) pref., par $100
South Africa, pound.. 4.858214*4.855000* 4.858750* 4.856607*,|4.857187*
South
par
10 Southeastern Coal Co.
3.911562*3, 911250* 3.913125* 3.915208* 3.914479*
Australia, pound
New Zealand, pound- 3.940729*3. 942291* 3.940446* 3.943660* 3.941428*1
North
preferred,
50 Quincy Mining Co.
Australasia—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
,
.
6X% bonds, due 1943
Corp. 5s 2d mtge. bond, due Jan.
$3,000 Camden Rail & Harbor Terminal
$5,000 Broadway Temple Building
1975, registered.
Nominal rates* firm rates not available.
$10,000 ctf. of deposit covering Straus
certificate series B 6s, 1932
THE
ENGLISH
GOLD
AND
SILVER
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 9, 1936:
$248,660,346
on Dec. 2, showing no change as compared with the previous Wednesday.
In the open market about £1,800,000 of bar gold was disposed of at the
daily fixing.
Conditions have been quiet, but demand has been more
general and prices have included a small premium over dollar parity,
Equivalent Value
of £ Sterling
lis. ll.80d.
lis. 11.80d.
lis. 11.63d.
lis. 11.50d.
lis. 11.80d.
lis. 11.84d.
lis. 11.73d.
Ounce
Dec.
141s.
4
141s.
142s.
141s.
141s.
Dec. 5
7-
Dec. 8
Dec.
9
:
9%d.
9%d.
11 %d.
Id.
9%d.
9d.
141s. 10.33d.
Average.
The following were the United Kingdom imports and exports of gold
registered from midday on Nov. 30 to midday on Dec. 7:
Exports
Imports
British South Africa
British India
British Malaya
£2,011,932
280,149
14,544
4,762
Australia
Machinists National Bank,
2
National
BYance
Germany.
Netherlands
Sweden
512,728
6,750
France
34,550
Germany
805
17,965
2,053
17,768
18,290
Switzerland
Morocco
Other countries
The SS. Maloja which sailed from Bombay on
$1 lot
,
$2%
$2%
$10: 13 Ribault Corp., par $100: 1 Jean
10 Wardner Farm Trust, par
Club part,
Dec. 5 carries gold to the
There have been only small fluctuations in prices and the market has
The higher prices reached at the end of last week attracted
there has been selling on China account, offerings being
speculative buying.
following a decline in
the New York and Bombay rates and, with buyers hesitating, prices
declined 3-16d. to 21 1-16d. on China selling and speculative resales.
No
important change is expected in the near future, but prices may ease further
if Indian demand slackens.
The following were the United Kingdom imports and exports of silver
registered from midday on Nov. 30 to midday on Dec. 7:
bear sales and
offset by continued support from India and a little
A slightly easier tendency was apparent to-day,
RIbaut
ctf.; 1 Jean RIbaut Club proprietary membership
$1
$25; 11 Cab & Taxi Co., N. Y.; 459 conditional
Credit Co.; 41.905% of 1 sh. Compania Salitrera
lot
100 Bohemia Mining Co., par
Commercial
Anglo-Chilena; 80-558,700 ctf. of ben. int. of Continental Bank &
Co. of N. Y.; 16 Cuban Dominican Sugar Corp.; 81.627% of 1 sh.
Trust
of the
Laundries Inc. common
(old stock); 885 San Francisco Bridge Securities Corp. com., par lc
$95 lot
345 Keene Mica Co. common
—$15 lot
Co.,
Nitrate
Lautaro
Ltd.;
187
New England
10 Shoe Lace Co., par $1
$3 lot
.--$7 lot
250
-
$100
$100
120 Inter-Southern Life Ins. Co., Louisville, Ky.,
7 Andover Co. preferred, par
25
York
covery
315
&
Co.,
Whitney
par
par
$1;
100 Coal Re¬
$2 lot
Corp. of Delaware
Franklin
Process
31%
Co
preferred, par $100
30c.
240 Mason Inc. preferred, par $100
$50 lot
100 Mason Inc. common, par $100
$5 lot
100 Burnham Chemical Co., par $1; 200 Great Eastern Natural Gas, par $1;
200 Atlas Gold Mining Co., par $1; 100 Western Empire Gold Mines, par $1 $12 lot
54 Wayposet Mfg. Co. prior preferred
10%
108 Wayposet Mfg. Co. common, par $1
1
150 Kreuger & Toll American ctfs., par 100 kronen
$3 lot
50 Nowell Associates Inc. common A, par $10
$25 lot
Central
States
Edison
certificates of
ctfs., par 100 kronen
common; $2,000 Island
Inc.
deposit
$3 lot
Refining Co. 7s,
$40 lot
—
$10 lot
20 Newton Real Estate Trust
£3,982,910
been quiet.
3%
9
par
15 Waltham National Bank preferred B, par
1929,
£296,000.
Marblehead, par $100
Co. common, par $10—
Co., Lynn, par $100
15 Waltham National Bank common,
100
SILVER
some
Bank,
100 Kreuger & Toll American
£8,505,097
value of about
5,712
10,226
108,704
Belgium
Grand
26 Sagamore Trust
-
25 Old State Corp.
United States of America .£3,412,139
Netherlands
21,208
Switzerland
6,000,072
Other countries
7,650
New Zealand
Bank, par $12%
Taunton, par $100
Shawmut
5
warrants
Per Fine
141s.
$ ver Share
29% ex-div.
236
155
23X
Stocks
National
100
Quotatioqp:
Dec. 3-.-.
Land Corp., Ltd., guar.
4%%
1,
$50 lot
1st Farm Loan
$450 lot
By R. L. Day & Co., Boston:
Shares
3 Worcester County Trust
GOLD
The Bank of England gold reserve against notes amounted to
Dec.
$405 lot
$16 lot
pref. (par $100) and 1 sh. common, no par
A, no par, and 100 class B, no par
30 Fuel Oil Motor Corp. (N. Y.) common, par
$40 lot
$1% lot
$61 lot
54%
41
33
26%
$50 lot
1,524 Kreuger & Toll American certificates, par 100 kronen
Self Feeding Carburetor Co., par $100
60 Stoughton Lumber Co. common, par $100
2 Oliver Farm Equipment Co
50
100
Southern Pacific Co.,
par
129 Boston <fc Maine RR. prior
300 Northern Pacific Ry.,
55 The Frink Corp. prior
$100
preferred, par $100
par $100
pref., and 20 common
1
100 Associated Gas & Electric Co. class A
10 Palo Verdi Fruit Co. class A and 70 class B
Corp. of Boston, par $100
Book Cover Co. pref., par $100
110 Lawyers Mortgage Investment
47 Holden Patent
180 J.
8
Dickerman Co., Inc.,
Reed Prentice Corp..
A.
units
preferred
20 Old Colony Trust Associates
65
S.
W.
Straus
Investing Corp. common
-
3
$6 lot
1%
14
$500 lot
16%
13%
$2 lot
Volume 143
Shares
Financial
Stocks
Chronicle
60 Kreuger & Toll Co. American
certificates, par 100 kronen
*_-$2 lot
86 General Cotton Corp.; 12 American Electric
Share Co., pref.; O.American
Electric Share Co. common
$325 lot
10 Kreuger & Toll Co. American
Corp. common,
par
$3
-
Bonds—
Per Cent
$1,000 Salem Country Club 2d mtge. 5s, 1955; $500 Salem County Club
deb. 5s, 1941; $1,000 North Shore
Country Day School deb. 5s, 1960
$10 lot
$1,000 Hotel Pierre 6%s, certificates of deposit
$17 lot
$25,000 New York New Haven & Hartford RR. 6s, 1940
53% flat
$25,000 Chicago & N. W. Ry. 6%s, March 1936
50 flat
$5,000 Chicago & Eastern Illinois RR. 5s, May 1951, ctf. of deposit
32 flat
$1,000 Cuban Cane Products 6s, Jan. 1950, coup. Jan. 1932 & sub. on
$3 lot
$1,000 Lords Court-Exchange Place Corp. 1st mtge. 5%s, Dec. 1942 rets. .18% flat
$4,000 City of Woburn 4%s', July 1942, reg. tax-exempt
111 & int.
Copley
Square
Trust
4%s,
1941__._»_.
COMMON CAPITAL
STOCK
Ami. of
from $100,000 to $200,000
-
Dec. 18——'The
Bryn
Mawr
10
Dwight Mfg.
Co.,
par
National
from $50,000 to $125,000
Bank,
18—The Union National
from $50,000 to $75,000
25,000
preferred,
par
1
$100
69%
24%
22% ex-div.
1%
Electrol, Inc.,
20c.
Corp
$3 lot
25c.
preferred,
par
10 Merrimac Mutual Fire Insurance
Corp. of
15 National Electric Power Co.
Terminal Trust, par $100
15 National Electric Power Co.
7%
20 Springfield Ice Co. pref
$100..
102
par $100
$2 lot
par
par
$100
$2 lot
$5 lot
$18 lot
3%
$2.50 lot
27
$5 lot
$100
$55 lot
7% preferred, par $100
State
National
Bank
of
None
$50,000
1,000 shs.
$25,000
P
'
C
Bank
of,
100 shs.
100 shs.
P
Peterson, Iowa
10-24-36 The Midway National Bank of
$10,000
$10,000
C
75,000
15,000
35,000
175,000
100,000
Petersburg, 111
First
National
St. Paul, Minn
P—Preferred stock.
1,600 shs.
250 shs.
'[
P
$25,000
C
C—Common stock.
DIVIDENDS
Dividends
grouped in two separate tables.
In the
bring together all the dividends announced the
are
we
we
show
the
Then
follow with
we
second table in which
a
dividends
previously announced, but which
have not yet 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
declare^:
The dividends announced this week
are:
Per
$10 lot
$2 lot
$100-..
50
$3 lot
1%
$5,994 6% notes, Dec. 1, 1932
....$10 lot
10 class A
$2 lot
A; 30 Hydrope Process Co. common; 7 Bos¬
ton Railroad Holding
preferred, par $100
$100 lot
50 Motor Development preferred
12
common
$11,500 Guanajuato Reduction & Mines 6s, July 1944 (Jan. 1, 1935 & sub.
coup, on); 2 shs. Rand Avery Supply Co.; 3
Holyoke Water Power Co.,
Par $100
$1,600 lot.
100 The Atlantic
Works, par $100; $2,366.67 Central Assets Trust share ctf..$35 lot
By Barnes & Lofland, Philadelphia:
Stocks
10 Jenkintown Bank & Trust Co
25 Burlington City Loan <fe Trust
Co., Burlington, N. J.
80 Hatboro Trust
Hatboro,
$ per Share
Affiliated Fund, Inc. (new) (quarterly)
Air Associates $7 preferred
Alabama Fuel & Iron Co. (quar.)
15c
h$ 1
$1
Albany & Susquehanna RR. Co. (special)
Albemarle Paper Mfg. Co., 7% preferred
Allied Stores Corp. (initial)
$1%
h$ 1%
American Auto Insurance Co. St. L. Mo.
American Beverage Corp., pref. (quar.)
pf
"75c"
(qu.)
50c
8%c
$3
America Cast Iron Pipe Co., 6% pref. (s.-a.)
American Chain Co., Inc
$3
5% preferred (quarterly)
American General Equities.
American Hair & Felt Co. 6% 1st pref. (quar.)_$5 preferred (quar.)
American I. G. Chemical Co., class A
Class A (extra)
4
ic
_
Pa
$1 lot
$1 lot
preferred
22
30 Octavia Hill Association
2
31
U. S. Electric Power Corp
3 2-10 Schuylkill Trans. Co. class B common and
$400 1st mtge.
15 Cleveland Ice Cream common
„..$1 lot
3s, 1980
$17 lot
36%
...
16 Keystone Telephone Co. of New
Jersey preferred
53 Southern Tran. Co.
(Del.) common v. t. c.
4
$5 lot
350
Intercontinents Power Co. common, class A
180 Whitemarsh Memorial Park Cemeteries Co.
preferred
200 International Match preferred
$2 lot
$5 lot
35c.
200 Nation Bancservice Corp
6 Citizens Utilities Co
$460 lot
$6 lot
Bonds—
per Cent
$2,000 No. 1424 Walnut Street 6s, 1935, partic. ctf
$14 lot
—
NATIONAL
BANKS
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Capital
Dec. 15—The First Nat'l Bank of Claremont,
Claremont, Calif._ $100,000
Effective Nov. 17, 1936.
Liquidating
Agent, W. C. Marshall,
550 Montgomery St., San Francisco, Calif.
Absorbed by
Bank of America National Trust &
Savings Assn., San Fran¬
cisco, Calif.
Charter No. 13044.
50c
60c
Dec.
16—First National Bank of Pelham, Pelham, Ga
Dec. 8, 1936.
Liquidating Agent, W. C.
Effective
Pelham, Ga.
Dec.
40,000
Cooper,
Succeeded by Pelham Banking Co., Pelham, Ga.
17—The Hancock National Bank,
Hancock, Minn
Common Stock
Preferred stock
Effective Dec. 12, 1936.
Liquidating Agent, C.J. Bordewick,
Hancock, Minn.
Succeeded by Hancock State Bank, Han¬
BRANCHES AUTHORIZED
Dec.
16—Bank of America Nat'l Bank & Savings
Assn., San Fran., Calif.
All in the City of Los Angeles, Calif.—Sixth and
Spring, 6601 Hollywood Blvd., 819 Santee St., 5501 Wilshire
Blvd.,
3143 Wilshire Blvd.
Certificates Nos. 1298A to 1302A, inclusive.
Location of branches:
Dec.
16—The Merchants National Bank of Indianapolis, Ind.
of branches; Both located in the
City of Indianapolis—815
Massachusetts Ave. and 2355 Station St.
Certificates Nos. 1303A
and 1304A.
Location
Dec.
18—The First National Bank of Baltimore ,Md.
Localtion of branches: Both in the State of Maryland—"D"
and
5th
Sts., unincorporated community of Sparrows Point, Baltimore County
35
Shipping Place, unincorporated community of Dundalk,
Baltimore County^
Certificates Nos. 1305A and 1306A.
and
CONSOLIDATION
Dec.
16—The First National Bank of San Mateo County at Redwood
City, Calif
County Bank, Redwood City, Calif
San Mateo
Consolidated to-day under the provisions of the Act of Nov.
7,
1918, as amended, under the charter and corporate title of
"The First National Bank of San Mateo County at Redwood
Capital
*»
$200,000
100,000
15 Jan.
Jan.
1 Dec.
Jan.
2 Jan.
Jan.
Dec.
Jan.
22
2
1 J an.
5
23
2
5
2 Dec.
24
28 Dec.
23
2 Dec. 24
Dec. 24 Dec.
23
Jan.
1 Dec.
15
Dec.
Dec.
Dec.
Dec.
16
Jan.
Jan.
Dec.
16
16
Dec. 17
Dec. 31
Dec. 31
Jan.
Jan.
Jan.
Jan.
Dec. 22
Dec. 22
Jan.,
Jan.
Mar.
Feb. 20
Dec. 18
Dec. 28
Dec. 21
Jan.
Jan.
Jan.
55c
Jan.
Dec.
2
21
Jan.
Dec.
15
Dec.
Dec.
28
Jan.
Jan.
37 %c
37 %c
Feb.
25c
Feb.
Dec.
31
Dec. 31
5
Dec. 19
Feb.
Jan.
Carolina Clinchfield & Ohio Ry.
(quar.)
Stamped certificates (quar.)
Century Electric Co
Jan.
20
Jan.
20
Jan.
15c
Capital City Products
Jan.
Feb.
Feb.
Jan.
Dec. 15
Dec. 28
$1
$1X
$3
(quarterly)
Feb.
$1%
37 Kc
(quarterly)
Jan.
Jan.
Jan.
Jan.
9
Dec.
Dec.
15
Payable in series A debenture notes.
Champion International Co. (quar.)
$1%
h$3.06
Chicago Railway Equipment, pref
Cincinnati Advertising Products Co. (quar.)___
25c
Cincinnati Postal Terminal & Realty Co., 6%%
preferred (quarterly)
Citizens Wholesale Supply Co. 7% pref. (quar.).
87 Kc
75c
6% preferred (quar.)
Clark Controller Co. (new initial)
$1
—
Cleveland Cincinnati Chicago & St. Louis
Preferred
28 Dec.
Dec. 21
75c
(interim)
Canadian Silk Products A
Dec.
Jan./
Feb.
9
31
30 Dec. 31
Jan.
Jan.
26
30 Dec.
h$3K
7% preferred
Preferred
cock, Minn.
2 Dec.
Dec. 21 Dec.
Jan.
$1
California Packing Co
California Water & Telep. Co., 6% pref. (qu.)__
Canadian Bronze Co., Ltd., common
Common
Jan.
7i$6
$1
h$ 3
Butler Mfg. Co. 7% preferred
Calhoun Mills
Calif .-Oregon Power Co., 6% pref
50,000
35,000
15,000
18
Dec. 29 Dec. 28
Dec. 29 Dec. 28
Dec. 29 Dec. 28
Dec. 21 Dec. 15
Dec. 31 Dec. 15
50c
,
17
18
10c
(interim)
$2.20 preferred (quarterly)
Burger Brewing 8% pref. (quar.)
2 Dec.
28
-
Mills
Jan.
Dec. 24 Dec. 22
Mar. 15 Mar.
5
Dec. 24 Dec. 19
29 Dec.
$1
Burkhart (F.) Mfg. Co. (quarterly)
21 Dec. 15
Dec. 21 Dec. 18
Dec. 31 Dec. 21
24 Dec.
Anglo-American Corp. of South Africa ordinary.
30%
6% cum. pref. (semi-annual)
3%
Anheuser-Busch, Inc. (special)
$5
Appleton Co
$2
Preferred (quarterly)
$1%
Armour & Co., III., 7% preferred
h$ 31K
Atlanta Gas Light Co., 6% cum. pref
$1K
Atlantic City Sewerage Co. (quar.)
25c
Atlantic Refunding Co., pref. (quar.)
$1
Atlas Thrift Plan Corp. preferred (quar.)
17Kc
Auto line Oil Co. (initial)
20c
Preferred
20c
(quarterly)
Aviation Capital, Inc. (initial)
$1%
Avondale Mills, A& B (quar.)
25c
Batchelder & Snyder Co., Inc.—
$2.40 non-cum. preferred
Birmingham Electric Co. $7 preferred
h$ 1%
$6 preferred.
wiv*
Border City Mfg
50c
Brewing Corp. of Canada $3 pref. (quar.)
37%c
$3 preferred
h37Kc
British-American Tobacco Co., Ltd. (final)
8d.
lOd.
Ordinary (interim)
$1
Brooklyn-Manhattan Transit (quar.)
Brooklyn Teleg. & Messenger Co. (quar.)
$1%
Brown-Forman Distillery Co., pref
$1H
Bruck Silk
9
Dec.
24 Dec.
,
The
1 Dec. 26
20 Jan.
9
20 Jan.
Dec.
12Kc
$3
common
American Motorists Insurance Co. (Chicago)
American Screw Co. (extra)
Jan.
Dec.
5c
__$2 lot
Jan.
Dec.
20c
$225 lot
Jan. 15 Dec. 31
1 Dec. 28
Dec. 28 Dec. 17
Jan.
9 Dec. 23
Jan.
$2
Class B
;
Holders
$1K
$1%
Class B
(extra)
American Lace Mfg. Co
American Manufacturing Co.
When
Payable of Record
Jan.
20c
Stock div. at the rate of l-100th a sh. of 5%
American Arch Co. (special)
35%
103% Alden Park Corp. class A
...
Share
Company
__.$2 lot
_
(old stock)
90 Mineralite Corp. v. t.
c., class B
30 J. M. Sons Bldg. Co. 2d
pref
10 Keystone Telephone Co. $3
...
Name of
$1 lot
Sons
70 Palo Verde Fruit Co. class B and
.
146,250 A
50,000 B
50,000
$3,750 "A"
$2 lot
10 National Electric Power Co.
7% preferred, par $100
$3 lot
60 North & South American Corp. common class
A, par $1; 50 Columbian
Holding Co. pref. (first dlv. 55c. in liquidation paid)
$13 lot
6 Commonwealth Corp. common and
Co.,
C $400,000
P
$10 lot
33 Palo Verde Fruit Co. class A and 132 class B
Shares
•
current week.
30 Kreuger & Toll Co. American certificates
100 Railroad Shares Corp
40 Hydrope-Process Co.
12- 1-36 The
11-10-36 The
first
3%
preferred,
10 National Service Cos.
common, par $1
320 Winthrop Building
par
$50,000
125 shs.
C
$10 lot
3,500 Etna Lead & Zinc Corp., par $1
Factory Building Trust., par $100--.
15 National Electric Power Co.
7% preferred, par $100
35 Punta Alegre Sugar Corp
&
P None
5,000 shs.
of,
port, Pa
$11 lot
26
Co.,
Bank
1%
__134%
South
Lawley
National
Norwood, Ohio.
$4 lot
Andover, Mass
7% preferred,
63 Central Public Utility
Corp. class A
256 Pure Cheese Corp
George
First
Outstanding
7%
15 International Match Corp. pref. ctf.
dep., par $35
600 Lawyers Mortgage & Investment
Corp. of Boston, par $100
7 United States Envelope Co.
40 The Whittemore
After
Changes
11-14-36 The National Bank of McKees-
6
65
33 Moxie Co. class A
548
12-10-36 The
28
$4 lot
4
Trust,
Capital
No. of Shs.
Par Value
$25 lot
par $1
121 Pure Cheese Corp
15 National Electric Power Co.
50 National Surety Co
Com. by Div.
Name and Location
9
1,000 Aco Mining Co., par $1
...
5 Saco Lowell Shops 2d
pref., par $100
75 Self Feeding Carburetor Co
40
Income in
Pref. Stock
No. of Shs.
Par Value
Change
$5
10 units U. S. Bond & Mortgage
Pa.
Oxford, Oxford, N. C.
CHANGES IN CAPITAL STOCK AS REPORTED BY NATIONAL BANKS
Date of
100 Moxie Co. class B
21 New England Power Association $2
preferred
58 Costilla Valley Farms Co
25
Mawr,
75,000
Bank of
Retirement
$12.50
par
Bryn
2,800,000
-
Dec.
UK
par $50
179 Hamilton Woolen Co. ($40 paid In
liquidation)
15 Saco Lowell Shops common
2,273 Egan Mines, Inc.,
Increase.
100,000
Dec. 17—The National City Bank of
Cleveland, Cleveland, Ohio
from $4,700,000 to $7,500,000
8
25 Merrimack Manufacturing Co.
28 Farr Alpaca Co., par $50
INCREASED
Dec. 16—The Southbridge National Bank, Southbridge,
Mass.,
$ per Share
Bedford,
of
81% & int.
Slocks
1 First National Bank of New
6 Hill Manufacturing Co
stock
16, 1936.
By Crockett & Co., Boston:
Shares
capital
The consolidation became effective at the close of business Dec.
$15 lot
9%
$2 lot
Capital
City," Charter No. 7279, with common
$200,000, and surplus of $200,000.
certificates, par 100 Kronen; 10 The Georgian
Inc. class A preference, par $20
3 Bancamerica-Blair Corp.,
par $1
250 American & Dominion
$1,000
4099
$ per Share
(quarterly)
Cleveland Union Stockyards (quar.)
Cohen (Dan.) Co. (quarterly)
Colon Development Co. 6% redeem, conv. pref.
5% redeemable income stock
Columbus Ry., Power & Light Co.—
6 % first preferred A
6K% preferred B (quar.)
Jan.
Dec.
Jan.
2 Dec.
20
9
18
19 Dec.
18
2 Dec.
24
Jan.
4
15 Jan.
Dec. 30 Dec.
Dec. 30 Dec.
29
Dec.
28 Dec.
29
24
Jan.
30 Jan.
21
$1%
12%c
Jan.
30 Jan.
Dec.
31
25c
Jan.
$5
1K%
1%%
21
Dec. 21
2 Dec.
23
Dec. 31
Dec. 31
$1%
Jan.
$1.62
Feb.
2 Dec.
1 J an.
15
15
Financial
4100
\
Share
of Company
Commercial Discount Co. (Los
Extra
Detroit Gasket &
25 J an.
23
15 Jan.
15 Jan.
30
5
Marshall
20 Jan.
5
Feb.
Jan.
2 Dec.
Jan.
20 Jan.
15 Jan.
Jan.
31
18
Dec.
18
$1
h$ 7
Dec.
18
Dec.
21
/i50c
Dec.
23
Dec.
17
25c
Dec.
21
15c
Dec.
15c
10c
Dec.
18
18
19
50c
40c
Dec.
h$llH
Dec.
31
Dec.
preferred (quar.).
$6 preferred (quar
17
Dec.
75c
Massachusetts Lighting Cos
31
31
15
20
Dec.
Jan.
Michigan Bakeries, Inc. (special)
Prior preferred
Jan.
Jan.
18
Dec.
(quar.)
31
Dec.
31
Dec.
31
8
Middle States Telep. Co. of 111. 7% pref
Dec.
20
1
Mill Creek & Mine Hill Nav. & RR.
Jan.
$7 preferred (quar.)
4
15 Dec.
10
Dec.
15 Dec.
15 Dec.
10
(s.-a.)
Milwaukee Electric Ry. & Light Co., pref
Mississippi Power Co., $7 preferred (quar.)
$6 preferred (quarterly)
Montana Power Co. $6 pref. (quar.)
Montreal Light, Heat & Power Consol. (quar.)-.
Montreal Tramways (quar.)
Morris, Philip & Co.. Ltd., Inc
Murray Ohio Mfg. (increased)
Nash (AO Co
Nashua Gummed & Coated Paper Co
Dec.
19
10
National Fire Insurance Co. of Hartford
Dec.
24
2 Dec.
19
National Rubber Machinery (initial)
New Brunswick Light, Heat & Power
Dec.
22
New England Power Co., 6% pref.
New Jersey & Hudson River Ry. &
Dec.
192
Dec.
31
Jan.
31
Dec.
22
Dec.
10
Dec.
Dec. 30 Dec.
4 Dec.
Jan.
Dec.
30
23
31
2 Dec. 31
Jan.
2 Dec. 31
15 Dec. 31
2 Dec. 22
Jan.
Jan.
Feb.
1 Jan.
9
Jan.
2 Dec.
19
Jan.
2 Dec.
25 Jan.
19
Jan.
Jan.
15 Jan.
15 Jan.
11
4
4
$1H
Jan.
25c
Jan.
4
15 Jan.
2 Dec. 31
2 Dec. 31
10c
Feb.
10 Feb.
10c
4
May 11 May
Aug. 10 July 27
Jan.
Extra
Equitable Investment Corp., capital stock—.
Capital stock
Capital stock
Capital stock
50c
3
80c
Dec.
$1.20
Jan.
28 Dec. 21
2 Dec. 31
15c
Dec.
29 Dec.
15
Dec.
21
Dec.
21
Jan.
11
Dec. 31
5
Jan.
4
Jan.
Dec.
23
Dec.
21
21
Dec.
Co
(quar.)
Ferry Co_-
6% preferred (semi-ann.)
New York Auction Co
Nicholson File
Jan.
—
(quar.)
10
Dec.
Extra
Dec.l
Nonquitt Mills (increased)
Norfolk & Western Ry. Co., pref. (quar.)
North American Finance A (quar.)
7% preferred (quar.)
Northern Central Ry. Co
19 Jan.
1 Dec.
8
30
24
1 Dec. 24
15 Dec. 31
(quar.)
$1lf
tJpA
Filtrol Co. of California
(initial)
First Management Corp. (special)
First National Corp. (Portland, Ore.) class A—
Fyr-Fyter Co., $1 partic. A (quar.)
15c
25c
5c
Extra
$4
Gardner Electric Light Co
N. J. (s.-a.)
—
>c
25c
(quar.)
25c
16
Ohio Loan Co
23 Dec. 23
22 Dec.
17
15 Dec.
26
Dec.
22 Dec.
16
Dec. 24 Dec. 22
15 Dec. 31
Jan.
21 Dec.
21 Dec.
Gimbel Bros., $6 pref. (quar.)
Goodman Mfg. Co. (extra)
preferred (quarterly)
& Dudley Co. (quar.)
preferred (quar.)
Telep. Pay Station (quar.)
Great Lakes Power. A preferred (quar.)
Group Corp. 6% preferred
7%
Gray
7%
Gray
22
Dec.
15
Dec.
21
Dec.
24
Hatfield-Campbell Creek Coal Co.—
5% preferred (quar.)
Hartford Gas Co. 8% pref. (quar.)
Haverhill Gas Light (quar.)
Haverty Furniture Qo.,pref. (quar.)
Hecker Products Com., vot. trust ctfs
Hershey Chocolate Corp. (quar.)
—
Preferred (quar.)
Preferred (participating dividend)
Hilton-Davis Chemical Co. (initial)
—
$1H preferred (quar.)
Holeproof Hosiery Co., 6 2-3% preferred
Holly Development Co. (quar.)
Holyoke Water Power Co. (quar.)
Home Dairy Co., Inc. (class A)
Home Telep. & Teleg. Co. (Ft. Wayne, Ind.)__
7% preferred (semi-ann.')
Horn & Hardart Co. (N. Y.) (quar.)
How ay Gold Mines
Humboldt Malting & Brew. Co. 8% pf. A (qu.)
1 Jan.
12
Dec.
Jan.
$1H
$2H
$10
Jan.
Dec.
15c
International Milling 5% preferred (quar.)
Jan.
Jan.
21
2 Dec.
21
15 Dec. 31
15 Dec. 31
1 Dec.
31
15 Dec. 31
15 Dec. 31
2 Dec.
31
21 Dec.
16
2 Dec. 23
23 Dec.
16
50c
Dec.
Jan.
2 Dec.
28
37 He
Jan.
1 Dec.
21
15c
Feb.
1 Jan.
9
75c
Feb.
15 Jan.
25
Feb.
25
Feb.
15 Jan.
15 Jan.
Dec.
21 Dec.
19
25c
37Hc
h50c
lc
Jan.
Jan.
Jan.
Jan.
/i50c
87 3^c
$1M
31
10 Dec. 31
15 Dec. 31
2 Dec. 18
15 Jan.
Dec. 22 Dec.
2
Jan.
Jan.
2c
Feb.
20c
Jan.
1 Dec.
Intertype Corp. first pref. (quar.)
Iowa Electric Light & Power Co. 7% pref. A— /i87Hc
ftSIHe
6H % preferred B
/i75c
6% preferred C
Iowa Power & Light Co., 6% pref. (quar.)
$1»
7% preferred (quar.)
2%
Joseph Dixon Crucible Co
25c
Johnson Service Co. (quar.)
$1
Extra
Feb.
25
2 Dec.
1 Jan.
1 Dec.
50c
lHc
$1H
Income Foundation Fund
Jan.
23 Dec.
30c
10c
Illinois Oil Co
11
Feb.
25c
Guenther Publishing (increased)
Hale Bros. Stores, Inc. (extra)
2
12
Jan.
—
2
1 Jan.
h37Mc
(Montreal, Que.)
9
Feb.
Jan.
5
19
12
31
20
23
Dec. 23 Dec. 21
5
Jan. 15 Jan.
Dec.
Apr.
1 Mar. 15
Jan.
20 Dec. 31
Jan.
20 Dec.
20 Dec.
31
Jan.
Jan.
2 Dec.
15
Jan.
2 Dec.
152
31
Dec.
23 Dec.
21
Dec.
16
Dec.
23 Dec.
23 Dec.
19 Dec.
Jan.
2 Dec.
15
Jan.
2 Dec.
15
30c
20c
Dec. 28 Dec.
Dec. 28 Dec.
18
18
25c
Dec.
24 Dec.
15
$1H
Feb.
15
Kahler Corp. (increased)
Kansas Power & Light Co. 7% preferred (quar.)
$1H
6% preferred (quar.)
Kendall'Refining Co. (quar.).'
Extra
Key Co
Dec.
16
15
33c
:
Extra
Dec.
1 Jan.
23 Dec.
50c
Jan.
15 Jan.
6
50c
Lane Bryant,
Jan.
15 Jan.
6
19
-
7% preferred
Lincoln Telep. Securities, cl. A & B (quar.)-
25c
Dec.
20 Nov. 30
58 l-3c Dec. 28 Nov.
Jan. 10 Dec.
50c
Jan.
10 Dec.
$1H
1 Jan.
Feb.
24
30
15
Dec.
31
9
Dec.
31
Dec.
15
Dec.
Dec.
31
15
Dec.
21
Jan.
14
Dec.
18
Rhode Island Insurance
Dec.
15
Dec.
24
Dec.
24
Jan.
15
Mar. 31
(initial)
Rickel (H. W.) & Co. (semi-ann.)
Extra
Sagueney Power Co., pref. (quar.)
St. Croix Paper Co. (quar.)
St. Joseph Stockyards Co. (quarterly)
Sarah T. Realty Corp
Schenley Distillers Corp. (quar.)
Corrected: previously reported as 25c.
Scott Paper Co., common one for one
Seattle Brewing & Malting (increased)
Second National Investors, $5 preferred
Security Investment Co. of St. Louis, (extra)
Security Storage (quar.)
Shasta Water Co. (quar.)
Shasta Water (quar.)
Extra .:
12
Dec.
23
Dec.
17
Jan.
Dec.
--
Dec. 31
Dec.
12
Dec.
22
Jan.
6
21
Dec.
21
Dec.
10
Dec.
(extra).
10
28
Dec.
Silver King Coalition Mines Co
Simon (H.) & Sons, Ltd. (resumed)
Dec. 31
Dec. 31
PreferredSix-T-Jones
5
Dec.
Dec.
Signal Royalties class A (quar.)
Class A
Jan.
Dec. 21
Dec. 21
Extra
Dec.
Corp
19
Dec.
19
Dec.
31
Dec.
18
Extra
Dec.
Preferred
Dec.
18
18
Jan.
20
Extra
Smith Howard Paper Mills, pref. (quar.) Smith (L. C.) & Corona Typewriters, Inc
(quarterly)
Sorg Paper Co., 6% pref. (quar.)
Southern Calif. Edison (special)
Quarterly
Original preferred (special)
Southern Canada Power (quar.)
Springfield Fire & Marine Insurance
Special
Standard Fruit & Steamship Corp., $7
$13 preferred
Steel Co. of Canada (quar.)
Jan.
20
Mar. 20
—
Jan.
Dec.
Preferred (quar.)
Sterling Aluminum Products (initial)
Stetson (J. B.) Co. (resumed)
Preferred
Taylor Markets, Inc. (extra)
Taylor-Colquitt Co., common
Preferred
22
22
Dec.
24
Dec.
Jan.
24
7
Jan.
7
Jan.
7
Jan.
1
Jan.
1
Dec. 28
Dec. 19
Dec.
19
Jan.
(quarterly)
Extra.
30
Dec.
pref
Extra
Tuckett Tobacco Co., pref. (quar.)
28 Dec.
28 Dec.
Dec.
Jan.
Puget Sound Power & Light ,$5 pref
Railway Equipment & Realty Co
Reading Co. (quar.)
;
Rex Hide, Inc
31
16
Dec.
Nov. 30
Premier Shares, Inc. (increased -.
Provincial Paper 7% preferred (quar.)
312
Dec.
-
preferred
Pennsylvania Industries, Inc. 6% prefPeoples Telep. Corp., 6% pref. (quar.)
Common (increased)
Philadelphia Co.. common (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
,Piedmont & Northern Ry. Co. (quarterly)
Plymouth Rubber Co., Inc., 7% pref. (quar.)_-
Telautograph Corp. (quar.)
Telluride Power 7% pref. (quar.)
Common (resumed)
Three G Distillery Corp., 6% pref.
Time, Inc. (increased)----
24
12Hc
37 He
Lima Cord Sole & Heel Co. (quar.)
Extra
2
Dec.
Dec. 21 Dec. 21
Dec. 21 Dec. 21
Jan.
13
Jan.
Penna Gas & Electric Co., 7%
Jan.
15c
Extra
Jan.
16
15 Jan.
15 Jan.
25 Jan.
25c
21
17
17
29 Dec. 24
h$ 1
$1H
pref
Dec.
12
Dec.
25c
11
Dec.fll
20
Jan.
40c
Quarterly
11
Dec.
1
Jan.
Dec. 24 Dec.
1 Jan.
Feb.
Jan.
31
Pacific Lighting (increased)
Pacific Southwest Realty Co., 5H% Pref
Paterson & Hudson River RR. (semi-ann.)
$ih
(2-months period)
15
Dec.
Jan.
50c
75c
75c
General Refractories Co
15
Dec.
$5 preferred A (extra)
Pacific American Fisheries, Inc
Extra
Dec.
22
Dec.
Dec.
31 Dec. 29
Dec. 21 Dec. 17
Dec. 21 Dec. 17
Dec.
23
Dec.
O'Sullivan Rubber Co. (resumed)
Otis Co
Dec.
25
Dec.
Old Dominion Fire Ins.
$5 preferred A (quar.)
21
1 Jan.
Orchard Farm Pie Co. "B"
21
Dec. 24 Dec. 22
2 Dec. 21
Jan.
5c
19
31 Dec.
30c
75c
(extra)
26 Dec.
(quar.)
Noyes (Chas. F.) Co. 6% preferred
8% preferred (quar.)..,
(Virginia) (quar.)
Old Joe Distilling Co. (increased)
Participating preferred
Oneida, Ltd. (extra)
Jan.
5c
Common (extra)
Class A (extra)
Northwestern BeJLl Telep. Co
16
Dec. 26 Dec. 19
2 Dec. 21
Jan.
$2
5% preferred
26 Dec.
2 Dec.
28
Jan.
$5
Class B
Dec.
1 Jan.
20 Dec. 30
Dec.
15c
First Cleveland Corp. A (quar.)
Special
Feb.
Northern Securities Co
Northwestern National Insurance
(Toronto) (s.-an.)
(initial)
Fairchild Aviation Corp.
preferred (quar.)-
31
Dec.
18
15 Jan.
5 Dec.
Jan.
6% preferred (quarterly)
Dec.
Dec.
Massachusetts Utilities Assoc. pref. (quar.)
Jan.
Ely & Walker Dry Goods (extra)--.
1st preferred (semi-annual)
2d preferred (semi-ann.)
Ensign Insurance Co. (increased)
Lincoln Service (extra)-
20
Dec. 312
15
20 Jan.
Jan.
Inc.. 7% pref. (quar.)
Lehigh Power Securities Corp
Lerner Stores Corp. (quar.)
1 Jan.
Dec.
$3
8.699c
Electric Household Utilities
Guarantee Co. of No. Am.
Feb.
McCall Carp., common (quar.)__
McCrory Stores, preferred (quar.)
McLellan Stores Co., pref. (quar.)
15
5
Dec.
Gotham Silk Hosiery Co., Inc., 7%
Holders
5
2 Dec.
Jan.
When
Payable of Recora
4
29
Jan.
Special
6H % preferred (quarterly)
Elder Mfg. Co. (quarterly)
5% participating A (quarterly)
8% 1st preferred (quarterly)
General Shoe Corp. A
Series B
19
14 Dec.
Dec. 21 Dec.
2 Dec.
Jan.
Jan.
pref. (quar.)—;
Boston
Edison (T. A.) Inc., (quarterly)
General Fire Extinguisher Co.
General Mills, Inc. (quar.)
$3H
Maritime
Jan.
Duquesne Light Co., 5% 1st pref. (quar.)
General Acceptance Corp. common
Class A (quar.)
Share
Company
preferred (quar.)
preferred (quar.)
o preferred (quar.)
ow Typograph Co. $6 pref. (quar.).
preferred (extra)
Common (resumed)
Ludwig Bauman & Co., 7% preferred
Lyons Magnus, class A
M-A-C Plan, Inc. (R. I.), preferred
MacMillan Co., extra
Managed Investments, Inc. (extra)
Marine Bancorporation, initial stock (special) _Fully p
Jan.
Edison Electric Illuminating Co. of
Payable in 5% one-year notes.
Fibreboard Products, Inc., 6% pref.
Per
Name of
1 Jan.
Feb.
Eastern Steel Products,
16
15 Dec. 31
15
Jan. 15 Dec. 31
2 Dec. 17
Jan.
2 Dec. 17
Jan.
Dec. 26 Dec. 23
2 Dec. 20
Jan.
Extra
Lord & Taylor, 2d
1 Feb.
Jan.
(Toronto) (s.-an.)
Gas & Electric Co. of Bergen Co.,
Gellman Mfg. Co. (special)
1 Jan.
15
15
Jan.
50c
Discount Corp. of New York (quar.)
Diversified Trustee Shares series O
Excelsior Life Ins. Co.
15
1 Jan.
Feb.
25c
Diamond Ranch, Inc. (initial)
Diamond State Telep. (quarterly)
Dominion Fire Insurance
1 Jan.
Mar.
26, 1936
,
7% gtd. preferred (semi-annual)
Feb.
Jan.
Mfg. Co. (quar.)
(semi-ann.)
vli
Louisville Gas & Electric Co. (Ky.)—
Feb.
Detroit River Tunnel Co.
%
'
Louisiana & Missouri River RR.—
1
10 Jan.
1
26 Dec.
1
10 Jan.
Dec. 28 Dec. 23
Mar.
1 Feb. 15
Dec.
Jan.
"
i
Payable of Record
Jan.
Angeles) (qu.)--
8% preferred (quar.)
Commodity Corp. (increased)
Connecticut River Power 6% pref. (quar.)
Oonsol. Chemical Industries, Inc., A & B__
Class A & B (extra)
Consolidated Cigar Corp. prior pref. (quar.)
7% preferred (quar.)
—
Consolidated Car Heating Co., Inc. (quar.)
Consolidated Royalty Oil (quar.)
Consolidated Traction Co. (N.J.) (s.-a.)
Continental Gin Co., 6% preferred
6% preferred (quarterly)
Cooper-Bessmer Corp., preferred A__
Cottrell (C. B.) & Sons Co. 6% pref. (quar.) —
Crowell Publishing Co. 7% pref. (semi-ann.) —
Crown Cork & Seal, Ltd. (quarterly)
Cudahy Packing Co. (quar.)
Cunningham Drug Stores (quar.)
6% preferred A (semi-ann.)
6% preferred B (quarterly)
Darby Petroleum Corp. (semi-ann.)
Dayton Rubber Mfg. Co. "A"
Denver Union Stockyards
Des Moines Gas Co., 8% pref. (quarterly)
7% preferred (quarterly)
»
Holders
When
Per
Name
Dec.
Chronicle
15
Nov."30
(s.-a.)
Nov. 30
Dec.
18
Dec.
18
15 Dec. 31
Volume
Financial
143'
Per
Name
Share
of Company
Twin State Gas & Electric
2 Dec. 15
Dec. 31 Dec. 21
Dec. 28 Dec.
Dec. 28 Dec.
14
Dec.
18
Babcock & Wilcox (quarterly)
Dec. 21
15 Dec. 31
15 Dec. 31
Backstay Welt Co. (increased quar.)
Dec. 24
(quarterly)
Preferred
(quarterly)
Dec. 24
Extra
Jan.
Jan.
2 Dec.
21
Badget Paint & Hardware Stores (quar.)
Dec. 26
15c
10c
Dec.
31 Dec.
Baldwin Co
Dec. 21
Dec.
31 Dec.
18
18
Dec.
31
3c
Dec.
28 Dec.
24
Baldwin Co. .preferred A (quarterly)
Bancamerica-Blair Corp. (semi-ann.)
Dec.
18
25c
Feb.
Dec.
18
15
1 Jan.
Special
Bancohlo Corp. 'quarterly)
2 Dec.
Jan.
Dec.
31 Dec.
16
19
Jan.
4 Dec. 26
Jan.
4 Dec.
West Coast Oil
pref. (quar.)
Western Electric (increased)
Jan.
Western Massachusetts Cos. (quar.)
Westvaco Chlorine Products 5% pref. (quar.)..
White Villa Grocers, Inc. (quar.)
Dec.
Dec.
Feb.
Dec.
Extra
26
5 Dec. 28
28 Dec. 24
28 Dec. 18
1 Jan.
29 Dec.
Jan.
Willys Overland Motor, Inc., pref
At the rate of 6% from Sept. 15 on shs. given
holders of $2,000,000 bonds, from Oct. 5 on
shs. held by those exercising stock subscr.
rights, and from Oct. 15 on shs. held by
Woodward & Lothrop, Inc. (quar.)
1
11
22
Dec.124
Dec.
29 DecJ
22
29 Dec.
22
Dec. 28 Dec. 22
Dec. 21 Dec. 19
Dec. 22 Dec. 19
7% preferred (quar.)
Wrisley (A. B.) Co
7% preferred (quar.)
Young (J. 8.) Co. (quar.)
7% preferred (quar.)
Jan.
2 Dec.
18
Jan.
2 Dec.
18
'
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Per
Share
Holders
When
Payable of Record
Jan.
2 Dec.
12
50c
Jan.
2 Dec.
12
20c
Jan.
2 Dec.
12
$1
Casualty & Surety Co
Quarterly
Aetna Life Insurance Co. (quar.).
Extra.
Dec.
(quarterly)
Dec. 21
Dec. 15
Dec. 21
Dec.
(quar.)
Dec.
(quarterly)
Beech-Nut Packing Co. (quarterly)
Dec. 12
Dec. 12
Dec. 15
Extra
(quar.)
Dec.
15
Belding-Heminway Co
Dec.
8
Bell Telephone of Canada (quar.) —
Bell Telep. of Penna., preferred (quar.)
Dec. 23
15 Dec.
19
Dec.
4
Bethlehem Steel, 7% pref. (quar.),
5% preferred (quarterly)
Bickford's, Inc. (increased quar.)
Preferred (quarterly)
Binks Manufacturing Co. (extra)--Black & Decker Mfg. Co. (resumed)
Bliss & Laughlin, Inc. (quar.)
Dec.
Jan.
Extra
75c
Jan.
2 Dec.
19
Borg-Warner Corp. preferred (quarterly)
Boston Elevated Ry. (quar.)
Boston Herald Traveler Corp. (quar.)
15 Dec. 31
15 Dec. 31
26 Dec.
Dec. 26 Dec.
3%
Feb.
4%
Preferred (extras)
Alabama Power Co., $7 pref.
i\i
(quar.)
$6 preferred (quarterly)...
Albany & Susquehanna RR. Co. (s.-a.)
Allegheny Steel Co. (extra)
Allegheny & Western Ry. gtd. (semi-ann.)
Allied Mills, Inc
Allied Products Co., preferred (quar.)
Allied Stores, 5% preferred (quar.)
Amalgamated Leather new pref. (quar.)
Aluminum Co. of America, 6% preferred..
Aluminum Industries, Inc. (quar.)
Aluminum Manufacturing, Inc. (quarterly)
7% preferred (quarterly)
_
*4M
25c
11
11
17 Jan.
Dec. 26 Dec.
11
6
Jan.
30 Dec. 26
Brewers & Distillers of Vancouver.
Feb.
_
Brillo Mfg. Co., Inc., class
Common (quar.)
A (quar.)
Jan.
Jan.
2 Dec.
(quar.) —
Jan.
2 Dec.
15 Jan.
21
2 Dec.
14
Jan.
2 Dec.
21
1 Dec.
2
Jan.
Jan.
1 Dec.
10
Jan.
15 Dec.
31
Dec.
31 Dec.
16
31
23
Dec.
15
Dec. 28 Dec. 21
Jan.
1 Dec. 15
Jan.
2 Dec.
8
75c
25c
Jan.
4 Dec.
24
1M%
Jan.
2 Dec.
18a
SIM
Dec.
American Cigarette & Cigar—
Jan.
Dec.
Dec.
15
19
Jan.
Dec.
19
Jan.
Dec.
18
Jan.
18
Jan.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
4
12
18
14a
15
15
15
_
Bridgeport Gas Light Co. (quar.),.
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred
(quar.)
Jan
Jan.
Bucyrus-Monighan Co. class A (quar.)
pref. (quar.)
1st preferred (participating dividend)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Preferred (quar.)
Building Products, Ltd., class A and B (quar.) —
Class A and B (extra)
Bunker Hill & Sullivan Mining (extra)-Burco. Inc., preferred (quar.)
Burt (F. N.) & Co., Ltd. (quar.)
Preferred (quarterly)
Butte Copper & Zinc (resumed)
Calamba Sugar Estate (quarterly)
—
Jan.
2 Dec.
Canada Northern Pow.Corp.,
Canadian Canners, Ltd. (quar.)
Preferred (quarterly)
Extra
Jan.
Dec.
10
Canadian Celanese Ltd., common
Preferred (quarterly)
Dec.
10
American Steel Foundries preferred (quar.)
Jan.
Dec.
Dec.
15
American Stores Co. (quar.)
American Sugar Refining (quar.)
Preferred (quarterly)
Jan.
Dec.
Jan.
Jan.
Dec.
15
5
7% cumul. partic. preferred (quar.)
Canadian Cottons, Ltd. (quar.)
Prefered (quarterly)
Canadian Dredge & Dock.
Dec.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
15
Feb.
Dec.
28
Jan.
Dec.
15
-V
Canadian Fairbanks Morse Ltd. pref. (quar.)
Canadian Foreign Investment
Preferred (quar.)
Dec.
7
Dec.
15
Nov. 30
Canadian General Electric Co.
Dec. 10
Canadian Industries, Ltd., A &
Jan.
—
18
Dec.
19
20
Carolina Power & Light, $7
2
Dec.
2
Dec. 15
Dec. 20
Dec. 20
Dec. 20
Class B
$6 preferred
(Del.), 7% pref. (quar.)
Armour & Co. (111.), $6 prior pref. (quar.)
7% preferred
Arrow-Hart & Hegeman Electric Co.pref.(quar)
Arundel Corp. (quar.)
Asbestos Mfg. preferred (quar.)
Associated Dry Goods Corp. 6% 1st pref
6% first preferred (quar.)...
Associates Investment Co. (quar.)
...
7% cumulative series prior preferred (quar.)
7% cumulative 1st preferred (semi-ann.)
Central Aguirre Assoc. (quar.)
Extra
Atchisod Topeka & Santa Fe, pref. (s.-a.)
Atlanta Birm. & Coast RR. Co., 5% pfd.' (s.-a.)
Atlantic Gas Light Co., 6% pref. (quar.)
Atlantic & Ohio Teleg. (quar.)
Autocar Co., $3 preferred (initial)
2
2
15
15
Dec. 31
Dec. 12
Dec. 23
Dec. 17
Dec. 19
14
5
Dec.
Dec.
19
Dec.
22
*1 M
Dec.
20
Dec.
-
12
12
Dec.
19
Dec.
16
Dec.
16
Co. (quar.)
(quar.)—.
$6 preferred
6% preferred
Central Power Co., 7% preferred
6% preferred
Central Republic
Certain-Teed Products, pref. (quarterly)
6% prior preferred
Chemical Bank & Trust Co. (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)
6M% pret. (semi-ann.)
Dec.
15
Dec.
Central Hanover Bank & Trust
20
15
Dec.
50c
Extra
Central Illinois Light Co., 4M% Pref.
Central Maine Power, 7% preferred
Jan.
Jan.
Dec.
Dec.
21
Dec.
15
Jan.
Dec.
Dec.
2Hc
(s.-a.)
15
Dec. 10
Dec. 10
Dec. 10
Dec. 21
Dec. 21
50c
15
SIM
preferred
$6 preferred
Cayuga & Susquehanna RR. Co,
Celanese Corp. of America—
Dec.
Arkansas Power & Light, $7 preferred
Dec.
Dec. 15
Dec. 31
Dec. 31
75c
,
Dec.
Armour & Co.
Dec. 31
Dec. 15
Jan.
/i37Hc
Co
Preferred (quar.)
Carnation Co
7% oreferred (quar.)
Dec.
(quar.)
r
Carnation
19
Dec. 20
18
Jan.
Jan.
Capital Administration Fund—
Series A, preferred (quarterly)
Cariboo Gold Quartz Mining Co. (quar.)
Dec.
15
Jan.
r$ IX
Dec.
(quar.)
15
Dec.
Jan.
Ltd. (quar.)
A
Dec.
Appalachian Electric, $7 pref. (quar.)
|
$6 preferred (quar.)
Apponaug Co. (quarterly)
Dec.
Jan.
40c
Canadian Wirebound Boxes, class
19
Dec. 26
June 19
Jan.
$1
SIM
(quar.)
B
Dec.|26
Anheuser Busch, Inc., (quarterly)
16
Dec.
Dec.
$2
June
Apex Electrical Mfg Co., 7% pref.
Jan.
7% preferred (quarterly)
Canadian Westinghouse,
15
16
18
Dec.
Dec. 31 Dec.
Dec. 31 Dec.
(quar.)
Jan.
15
Jan.
Extra
Jan.
Jan.
Extra
A. & K. Petroleum, class A
Extra
Canada Packers,
Canada Permanent Mtge. (quarterly)
Canada Southern Ry. (semi-ann.)
Jan.
Angostura-Wuppermann (quar.)
15
15
2 Dec. 15
2 Dec. 15
25 Dec. 31
15 Dec. 31
Jan.
10
(quar.)
2 Dec.
2 Dec.
2 Dec. 21
Jan.
7% cumul. pref. (quar.)
Ltd. (quarterly)
29
(semi-ann.)
18
Dec. 28 Dec. 22
Jan.
Ltd., com. (quar.)
Dec.
Preferred (semi ann.)
10
2 Dec.
Jan.
Feb. 27 Jan.
Anchor Cap Corp., preferred
10
Jan.
Jan.
Jan.
:
15
19
Dec. 30 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Olfltss B preferred
American Smelting & Refining (quar.)
14
15
2 Dec.
15
Jan.
American Snuff Co. (quar.)
Dec.
15
2 Dec.
Jan.
California Ink Co., Inc. (quar.)__
Canada Bread Co., class A pref
15
American Wat6r Works & Electric Co.—
1st $6 preferred (quar.),
Amoskeag Co., common
2 Dec.
Jan.
Jan.
Jan.
American Tobacco, pref. (quar.)
17a
17a
Jan.
Extra
1
(Del.), 1st pref—
(semi-annual.)
16
19
Dec. 31 Dec.
Dec. 31 Dec.
Feb.
1 Jan.
Budd Wheel Co., 1st
16
American Telp. & Teleg. (quar.)
American Thread Co.. preferred (semi-ann.)
1
2 Dec. 21
2 Dec.
15
American Surety Co.
2 Dec.
Jan.
Dec.
American Superpower Corp.
2 Dec. 24
Jan.
Jan.
Dec.
5
10
2
1
15
Brunswick-Balke-Collender, pref. (quar.)
Bucyrus-Erie Co., preferred (quar.)—.
Jan.
American Shipbuilding (quar.)
16 Apr.
2 Dec.
Jan.
—
Jan.
Feb.
(increased)
io Jan.
Apr.
.....
Brooklyn & Queens Transit, pref
Brooklyn Trust Co. (semi-ann.)
Brooklyn Union Gas Co. (quar.)
15
Dec. 15
Jan. <$2 Dec. 15
Jan. 15 Dec. 31
Dec. 29 Dec. 15
British Columbia Power, class A (quar.)
Jan.
American Republics Corp.
15
British-American Oil, Ltd.
Extra
Dec.
American Rolling Mill Co. (quar.)
Preferred (quarterly)
Nov."25*
2 Dec.
15
Dec. 28 Dec. 22
50c
...
Dec. 31
Dec. 31
Jan.
12
Jan.
50c
Boston Storage & Warehouse Co. (quar.)
Brandywine Corp
Brazilian Traction Light & Power, pref. (quar.)
Brazilian Traction Lt. & Pr. Co., Ltd. (ord.)._
12
Dec.
Jan.
SIM
10
14
1
10c
6% pref. (quar.)
American Crystal Sugar
Preferred (quarterly)
American Express Co. (quarterly)
American Felt Co., preferred (quar.)
American Gas & Electric Co., common (quar.)..
American Hardware Corp. (quar.)
American Hide & Leather, pref. (quar.)
-American Home Products Corp. (monthly)
American Machine & Metals
American Mfg. Co., common
2 Dec.
2 Dec.
75c
(quar.).
15
2 Dec.
Jan.
2 Dec.
SIM
Co
2 Dec.
Jan.
Jan.
Jan.
S3M
Jan.
Jan.
*3
(semi-ann.).
American Bank Note, preferred (quar.)
(increased)
Jan.
50c
Asphalt Roof Corp., 6% pref. (quar.)
18
1 Dec. 29
2 Dec. 15
43Mc
SIM
American Bakeries Corp., 7% pref.
4
Dec.
Dec. 26 Dec. 18
Dec. 26 Dec. 18
Jan.
Dec. 15
Jan.
Dec. 15
Dec. 26 Dec. 19
Preferred (quarterly)
Birmingham Fire Ins. Co. of Ala. (quar.)
Birtman Electric Co.
Jan.
Dec.
12
Dec.
24
Dec. 24
15
Jan.
4
Dec.
2 Dec.
Jan.
14
Dec. 14
Dec. 15
Preferred (quarterly)
Beech Creek RR.
2 Dec.
25c
14
15 Dec. 31
Dec. 14
Jan.
2%
14a
18
Dec.
Extra
Bel ding Corticelli, Ltd.
Preferred (quar.)
10
Dec.
Bankers Trust Co. (quar.)
Barker Bros. 6M % preferred
Jan.
4%
Ordinary (extra)
Preferred
»
Nov. 25
Dec. 10
Dec. 21
SIM
25c
Extra
Alabama Great Southern RR., ordinary stock—
1 qiiHr
Bank of Yorktown
30c
Agnew Surpass Shoe Stores ,j>ref. (quar.)
l,
Agricultural Insurance Co. (Watertown N". Y,
Air Reduction Co., Inc. (quarterly)
American Can Co., preferred
Nov. 25
Extra
Aetna
American Box Board
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)
Bayuk Cigar Co. pref. (quar.)
Beatrice Creamery (quarterly)
Extra
Dec.
Name of Company
Dec. 21
Bastian Blessing Co. preferred
i
Preferred
18
18
Dec.
29
Class B
gtd—
SIM
Series B
Common
12
Dec.
2
Dec.
Wayne Knitting Mills, 6% pref. (s.-a.)
Weeden & Co. (quarterly)
Wehle Brewing
Preferred
19
12
Dec.
Jan.
underwriter.
American
Dec.
Dec.
Automatic Voting Machine (quar.)
Automobile Insurance Co. (quar.).
Extra
87 He
(quar.).
Upson Co. 7% pref. (quar.)
XJtah-Jdaho Sugar Co., class A (quar.)
Common (increased)
Walway Co. (extra).
Warren Foundry & Pipe Corp. (quar.)
we
Holders
When
Payable of Record
Avon, Geneseo & Mt. Morris RR., 3M%
Axton-Fisher Tobacco, class A (quar.)
Jan.
Stk. div. pay. M in ser. A & M in ser. B notes.
United Pacific Insurance (quar.)
United States Smelting, Refining & Mining
Below
Share
Name of Company
14
15 Dec. 31
Dec. 23 Dec. 21
Dec. 23 Dec. 21
7% preferred (quar.)
United Bond & Share Ltd. (quar.)
United Drill & Tool (semi-ann.)
Preferred
Per
Holders
When
Payable of Record
Jan.
preferred (quar.)
Union Stockyards of Omaha (quar.)
Union Telep. Co. (Kansas) (quar.)
4101
Chronicle
15
Dec.
17
Dec.
15
Dec. 31
Dec. 31
Dec. 31
Dec. 18
Dec. 18
Dec.
15
Dec.
15
2
2a
15a
31a
Dec.
Dec.
Dec.
Dec.
$25*
Jan.
2 Dec.
Jan.
2 Dec.
15
3
$15*
Dec. 26 Dec.
2 Dec.
Jan.
15
&
Dec. 26 Dec.
4
Dec.
26 Dec.
4
$6
Jan.
31 Jan.
$1.12
Jan.
50c
pref. A (quar.)__
Cincinnati New Orleans & Texas Pacific (s.-a.)_
Cincinnati Gas & Electric, 5%
$23
Extra
Cincinnati Northern RR. Co. (s.-a.)
—
(quar.)
(quar.)
Cincinnati & Suburban Bell Telep.
Cincinnati Union Stockyards
Cincinnati Union Terminal Oo.—
28
Jan.
2 Dec.
21
2 Dec.
19
Feltman & Curme Shoe
1 Dec.
18
Jan.
2 Dec.
16
Jan.
2 Dec.
16
Dec. 30 Dec.
21
1 Dec.
5
Dec. 30 Dec.
1 Dec.
Jan.
24
21
$2
21
$134
$15*
Jan.
1 Dec.
Jan.
1 Dec. 21
25c
Jan.
2 Dec.
/234 %
Feb.
23 Feb.
18
9
25c
Jan.
2 Dec.
18
Jan.
1 Dec.
5
Jan.
1 Dec.
5
(quar.)
(semi-annual)
Commercial Investment Trust Corp. (quar.) —
Conv. preference $434 series of 1935 (quar.) — $1,065*
$2
Commercial National Bank & Trust (quar.)
75c
Commonwealth & Southern, $6 preferred
$134
Commonwealth Teleph. Co. (Wis.), 6% pf. (qu.)
Commonwealth Utilities
6% preferred B (quarterly)
634% preferred C (quarterly)
Connecticut Gas & Coke Securities, pref. (qu.)__
Connecticut General Life Insurance
Confederation
Life
Association
11
15
Jan.
2 Dec.
15
Jan.
2 Dec.
15
SI %
Jan.
2 Dec.
15
Class B
75c
Jan.
2 Dec.
Class B
20c
Jan.
15
19
Dec.
Extra
28 Dec.
16
30 Dec.
16
Jan.
2 Dec.
15
Fuller Brush Co.,
Jan.
2 Dec.
15
Fulton Trust Co.
1 Dec.
30
Jan.
15
15
of Can(s-a)
50c
Dec. 31 Dec.
14
General Cigar Co., Inc.,
$1
Dec. 31 Dec.
14
(quar.)
.
General Fireproofing Co. preferred
General Mills, Inc., 6% cum. pref.
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)_.
6% preferred (monthlyL_
6.6% preferred (monthly).
Continental Assurance (Chicago. 111.) (quar.)..
Continental Bank & Trust Co. of N. Y. (quar.).
Continental Gas & Electric, pref. (quar.)
Continental Insurance Co
1
Jan.
2
$15*
$15*
$1.65
$15*
Jan.
2 Dec.
15
Jan.
2 Dec.
16
Jan.
2 Dec.
15
Jan.
2 Dec.
15
50c
Jan.
2 Dec.
15
55c
Jan.
50c
Dec.
20c
Jan.
1
Jan.
«•
—
Dec.
$15*
e2.59% Dec. 28 Dec.
12
11 Dec.
31
11 Dec.
Jan.j
1 Dec.
1 Dec.
15
Jan.
15 Dec.
31
Jan.
2 Dec.
19
25c
10a
2
2 Dec.
14
Jan.
Jan i
2 Dec.
21
Jan.
2 Dec.
15
Jan.
2 Dec.
Jan.
2
Jan.
2 Dec.
21
Jan.
2 Dec.
21
31 Dec.
31
Dec.
Jan.
15
—
-
Extra.
Jan.
Jan.
15 Dec.
26
Jan.
5 Dec.
19
Special
Great North.
Jan.
Jan.
Jan.
1 Dec. 21
2 Dec. 21
2 Dec. 21
2 Dec.
21
Jan.
15 Dec.
9
Jan.
2 Dec.
2 Dec.
Jan.
11 Dec.
Jan.
Apr.
38c
Jan.
2 Dec.
$15*
2 Dec.
15
$15*
Jan.
$15*
$15*
$15*
Dec.
Jan.
Apr.
Apr.
Jan.
Jan.
15c
Feb.
$15*
10
15
2 Dec.
15
21
(quarterly)
Duncan Mills 7% pref. (quar.)
Duplan Silk Corp. (semi-ann.)
Preferred (quarterly)
du Pont de Nemours (E. I.) deb (quarterly)
Eagle Picher Lead Co. (quarterly)
Early & Daniel Co. preferred (quar.)
Eastern Gas & Fuel Assoc., pref. (quar.)
(quarterly)
-—
(s.-a.)
Kodak Co. (quarterly)
East Tennessee Teleg. Co.
■
.
Preferred (quarterly)
B (quar.)
—
Drug
Stores
6% prior preferred (semi-ann.)
6% preferred (quarterly)
Electric Auto-Lite preferred (quar.)
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
El Paso Electric(Del.), 7% pref. (quar.)
$6 preferred B (quarterly)
El Paso Electric (Texas), $6 pref. (quar.)
El Paso Natural Gas (initial, quar.)
Emerson Drug Co. preferred (quar.)
Empire Safe Deposit Co. (quar.)
Empire Trust Co. (quar.)
Investing Co.
Railroad
(regular)
.
i
Jan.
Utilities
Jan.
2 Dec.
5
Jan.
2 Dec.
5
Tobacco
(regular)
2
4
1
Jan.
Dec.
26
Dec.
26
26
Dec.
26
Dec.
26
2.2c
Dec.
26
334c
Dec.
26
1.2c
7c
Dec.
26
Dec.
26
1.4c
Dec.
26
6c
26
Dec.
26
(regular)
Dec.
26
12c
Dec.
26
50c
Jan.
3%
Jan.
Hazel-Atlas Glass Co
Hawaiian Sugar Co
Heller
Heller
50c
Jan.
Dec. 26
5c
Co. (N. S.) (s.-a.)
Theatres, 7% preferred
(quarterly)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas, 7% pref. (quar.)
Harris, Hall & Co., pref. (quar.)
19
Dec. 26
Dec. 26
2.2c
Harbauer Co.
31
Dec. 26
Dec.
(regular)
Hamilton United
15 Dec.
Dec. 26
Dec.
Halifax Fire Insurance
29 Dec.
Dec. 26
Dec. 26
3.4c
Guaranty & Fire Insurance (s.-a.)
Guaranty Trust Co. of New York (quar.)
Hackensack Water Co.. preferred A (quar.)
Dec.
18
2
Jan.
Extra
Jan.
2 Dec.
2
Jan.
4c
Extra
Jan.
Jan.
60c
Extra
40c
25c
30c
2.4c
(regular)
25c
15*%
Jan.
3.8c
7c
Extra
5
15
75c
5c
Extra
17
19
1
26
Dec.
Wo
(regular)
Railroad Equipment
15
2 Dec.
Jan.
3.1c
Extra
2 Dec.
28 Dec.
1
Jan.
28c
Merchandising (regular)
Dec.
Dec.
2
35c
26
1
Jan.
2
Jan.
26
*
Extra
2 Dec.
6
15
Jan.
26
Jan.
1 Jan.
625|c
Dec.
(regular)
Industrial (regular)
Jan.
15 Dec. 31
15 Dec. 31
26
3.6c
Food
:
Feb.
Dec.
Jan.
26
Steel (regular)
Jan.
63c
Dec.
19
6
Dec. 26
Dec. 26
2.6c
15
14
S4X
26
1 Dec.
1 Jan.
2
Dec.
.
v.
31 Dec.
2 Dec.
Jan.
1
9c
Extra
Dec.
Feb.
10
26
15
Jan.
1
Jan.
Dec.
11
5
Jan.
4.8c
Distillery and Brewery (regular)
Electrical Equipment (regular)
Extra
19
1
Jan.
26
Jan.
2 Dec.
2
Jan.
Dec.
—
20 Jan.
2
2
Jan.
2.4c
Extra
$1,125
$15*
$1.44
$15*
Jan.
Jan.
Jan.
26
Jan.
Jan.
1
Dec.
Jan.
Jan.
1
Feb.
5c
Chemical (regular)
$2
$3
Jan.
26
$134
$134
$15*
$134
$15*
$15*
$15*
$15*
$134
$15*
1
10c
Dec.
Petroleum
21
15
Jan.
2.6c
15
26 Dec. 21
5
20 Jan.
2
Jan.
2
Jan.
26
2 Dec.
26 Dec.
Jan.
40c
1
Dec. 31
Dec.
Jan.
Dec.
1
Jan.
6.3c
Mining (regular)
Dec.
Jan.
65c
Extra
$134
1234c
1234c'
3734c
2
$15*
$15*
534c
Extra
21
8
1
Jan.
Building (regular)
5
2 Dec.
1
Feb.
75c
25c
26
2 Dec.
2 Dec.
30
Feb.
Dec.
Jan.
25 Jan.
2
Dec.
3.3c
13c
Jan.
Jan.
Jan.
50c
25c
26
$15*
$15*
$15*
1
SIX
75c
Extra
—
2
Dec.
5
—
2
Jan.
19c
Jan.
—
Jan.
25c
(regular)
5 Nov. 28
5 Nov. 28
2
1
SIX
26
2 Dec.
15 Feb.
Jan.
Dec.
Jan.
Feb.
2
Dec. 26
67c
Dec.
Jan.
Jan.
1
2
Dec.
Jan.
50c
1
Mar.
11c
60c
Duke Power Co.
2
Dec. 26
1.5c
18
15 Dec. 31
4
15 Feb.
2
Jan.
$1
Extra
$2
(quar.)
._
ctfs.)
Electro-Chemical Co., 6% pf. (qu.)
$2
Drive-Harris Co., 7% preferred
Jan.
50c
Extra
2 Dec.
1
Jan.
2X%
six
six
SIX
3734c
Extra
Aviation
31 Dec.
1
Feb.
hSl^X
Automobile (regular)
1 Mar. 10
26
1
$15*
Steamship Co
Iron Ore Prop, (beneficial int.
60c
;
2
Jan.
$1
Sugar Co. (quar.)
(quarterly)
Griggs Cooper & Co. 7% pref. (quar.)
Group Securities Inc., Agriculture (reg.)
2 Dec. 10
1 Mar. 10
20
2
Jan.
60c
Preferred
15
Jan.
Jan.
2
Jan.
50c
Great Western
20 Dec. 31
Mar. 31
Great West
15
50c
Dodge Manufacturing Co
Dome Mines (quar.)
Dome Mines, Ltd:
Dominion Coal Co., 6% pref. (quar.)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
Dominion Rubber Co., preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quarterly)
Dow Drug Co. (quar.).7% preferred (quarterly)
Draper Corp. (special)
Quarterly
Draper Corp. (quarterly)
Jan.
$15*
$15*
3734c
6234c
3734c
6234c
25c
Dixie-Vortex Co. (quar.)
Class A (quarterly)
Economical-Cunningham
Great Lakes
21
50c
-_
Dixie-Vortex Co. (quar.)
Class A (quarterly)
Easy Washing Machine A &
21
1 Dec.
30c
Diamond State Telep., pref. (quar.)
Di Giorgio Fruit Corp. $3 pref. (semi-ann.)__
Extra
1 Dec.
Jan.
$15*
634 % preferred (quarterly)
6% preferred (semi-ann.)
Jan.
$15*
(quar.)
2
Jan.
40c
- •• •»
75c
Diamond Shoe Corp
15
Jan.
-
25c
(quar.)
Dec. 28
Jan.
56 Xc
(quar.)
Preferred
26
2
15
Dec. 31
SIX
—
Razor pref., (quar.)
Insurance
50c
Devoe & Raynolds A & B
A & B (extra)
June
S2X
(quarterly)
Gorton-Pew Fisheries Co. (quar.)
Grant (W. T.) Co. (quarterly)--..
2 Nov. 15
15 Dec.
$1
$2
—
2
2
Ian.
$1>*
SIX
SIX
SIX
(quar.)
Goodyear Tire &Rubber Co., $5 conv. pref.(new)
Goodyear Tire & Rubber (Canada) (quar.)
$1
Extra
Detroit Hillsdale & Southwestern RR. (s-a)
15
$1
Dentists Supply Co. of N. Y. 7% pref
Deposited Bank Shares of N. Y. (.semi-ann.)
Detroit Edison Co. capital stock (quar.)
15
2 Dec.
$15*
$15*
$1
$15*
€25* %
Extra
15 Dec.
Jan.
30c
(quar.)
Jan.
—
Jan.
Jan.
SIX
(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.)
$1
M
31
Jan.
Glidden Co.
Preferred
5
15 Jan.
Gillette Safety
Glen Falls
20c
Rayon Corp. 7% pref. (quar.).
11 Jan.
Jan.
50c
Delaware RR. Co. (semi-ann.)
(extra)
2 Dec.
Jan.
25c
Extra
De Long Hook & Eye
Jan.
10c
Davega Stores Corp., (semi-ann)
Dayton & Michigan RR., 8% pref. (quar.)
Dejay Stores, Inc
2
Dec.
(quar.)
(quar.)
Extra
h$ 15*
A (quar.).
Jan.
June
Rubber Co., pref. (quar.)
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
—
Georgia RR. & Banking Co. (quar.)
Gibson Art Co. (quar.)
-
15
Jan.
1
Mar.
Jan.
General Tire &
31
Jan.
20
preferred (quar.)
General Telephone Corp. $3 conv. pref.
General Time Instrument Corp. (quar.)
Preferred (quar.)
8
1
2
Jan.
15
General Stockyards
Preferred (quar.)
18
2 Dec.
11
Jan.
Jan.
Jan.
Advertising, pref
General Paint Corp., conv. pref. (quar.)
General Print. Ink Corp. $6 cum. pref. (quar.)
General Railway Signal
Preferred (quarterly)
General Reinsurance Corp
15
Jan.
Jan.
Jan.
General Outdoor
«
50c
Wilamette Paper, 1st pref
Crum & Forster Co. (quarterly)
A & B
-
$15*
Crown
Extra
—
15
20c
Crown Drug Co
$6 preferred
—
2 Dec.
25c
(qtiar.)
Cosmos Imperial Mills, 5% pref. (quar.)
Preferred
Preferred
—
$15*
(special)
Continental Steel
Cream of Wheat Corp (quar.)
Crown Cork International Corp., cl.
—
31 Dec.
80c
Continental Insurance Co. (s.-a.)
12
Jan.
Dec. 28
II
Jan.
Preferred
15
Dec.
$2
35c
•
(regular).
15 Jan.
Feb.
20c
(quar.)
2
Jan.
2
Gannett Co., $6 preferred (quar.)
General American Investors preferred (quarterly)
General Cap Corp. (Boston, Mass.)
Consumers Oxygen Co., 7% preferred
Consumers Power Co., $5 preferred (quar.)
1
2
Dec. 31
15
.•
2 Dec.
Consolidated Oil Corp., com.
1
Jan.
Jan.
preferred (quar.)
of N. Y. (quar.)
2 Dec.
Consolidated Retail Stores, Inc., pref
1
Jan.
i\n
Feb.
$15*
2
Apr.
$1,125
Jan.
Bonus
2
Apr.
Jan.
90c
Preferred (quarterly)
Eastman
15
Dec.
1
31
Jan.
25c
Fox
$15*
Consolidated Mining & Smelting Co.
Delaware
(quarterly)
(extra)
Foster & Kleiser
26
Dec
Dec
Jan.
50c
12Xc
12Xc
ic
preferred (quar.)
Co. of Bait. (qu.)_
Consol. Gas, Elec. Lt. & Pow.
Year-end
SIX
S2X
25c
Dec.
Jan.
20c
Consolidated Edison Co.,
lei*
Class A (extra)
Dec.
75c
75c
75c
2 Dec.
31
1
Dec. 31
1
Jan.
871?
6% class A pref. (quar.)
(Peter) Brewing Co. (quar.)
Food Machinery Corp. (quar.)
Preferred (quar.)
Free port Texas Co., preferred (quar.)
20c
(quar.)
Consolidated Bakeries of Canada (quar.)
Consolidated Aircraft Co. preferred
,
23
2 Dec.
(quar.
Connecticut Light & Power Co. (quar.)
Consolidated Aircraft Corp., $3 pref. (quar.)..
„
2 Dec.
2 Dec.
Jan.
$1
Corp., 7% pref. (quar.)
Jan.
Jan.
$15*
2
I
Jan.
(quar.)
Stores, pref. (quar.)
Fidelity & Deposit Co. JMd.) (extra)
50c
Fidelity & Guarantee Fire Insurance
Fidelity-Phenix Fire Insurance
(«)-- 1.2306%
80c
Fidelity-Phenix Fire Insurance Co. (s.-a.)
20c
Year-end (special)
$6
Fifth Avenue Bank (quarterly)
$2X
Finance Co. of Penna. (quar.)
50c
Firestone Tire & Rubber
SIX
Preferred (quar.)
First National Bank of Chicago (quar )
SPJ
First National Bank of Jersey City, quarterly.-.
$25
First National Rank (N
Y ) (quarterly)
62 34c
First National Stores, Inc. (quar.)
—
87 He
First National Bank (Toms River. N. J ) (qu.)
50c
First Security Corp. of Ogden(Utah), ser A (s-a)
$15*
First State Pawners Society (Chic., 111.)
50c
Fishman (M. H.), Inc. (extra)
$15*
Preferred (quar.)
25c
Florsheim Shoe Co., class A (quar.)
15
2 Dec.
Jan.
$1
Common
$15*
SIX
Feb.
Jlxtra..
Jan.
40c
Columbia Pictures Corp. (quar.)
Jan.
Faultless Rubber Co.
Jan.
$15*
$154
—
2
20c
28
5 Dec.
25c
B
2
Jan.
50c
5 Dec.
Jan.
75c
Cumulative preferred $7 series
Columbia Pictures Corp. common
2
Jan.
5ftc
Jan.
75c
(quarterly)..
(quarterly) __
Jan.
10c
$2X
19
Jan.
$1,125 Jan.
(quarterly)
75c
Extra
$15*
Extra
Cluett, Peabody & Co., Inc.. pref.
Colgate-Palmolive-Peet, preferred
Collective Trading, Inc., class A
Dec
$15*
$15*
City Investing Co
Preferred (quarterly)
Citizens Water Co. (Wash., Pa.), pref. (quar.).
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland Electric Illuminating pref (quar.) —
Clinton Trust Co. (quar.)
Colonial Ice Co. common
Cumulative preferred series
19
1
$11*
$1
5% preferred (quar.)
Olorox Chemical Co.
18
Payable
c$l X
(quar.)
Equitable Office Building Corp
—
Eureka Vacuum Cleaner (quar.)
.i.
Fair (The) preferred (quar.)
Fairmont Creamery Co., 6X% pref. (quar.) —
Falconbridge Nickel Mines (quar.)
Famise Corp., class A (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)..
Farmers & Traders Life Insurance (quar.)
21
2 Dec.
Dec. 26 Dec.
40c
When
Share
Company
Endicott Johnson Corp.
Preferred (quar.)
15
SIX
Stockyards
Chicago Junction Rys. & Union
6% preferred (quarterly)
Chicago Mail Order Co.*, extra
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
1936
26,
Dec.
Chronicle
Financial
4102
(W. E.) & Co., pref. (quar.)
(W. E.) & Co. (quar.)
Extra.
Hepburn & McTavish
Preferred
(quarterly).
2
2
435*c
Dec.
45c
Jan.
31
2
hS IX
Dec.
31
25c
Jan.
2
$1
Jan.
20
$1
Jan.
15
six
Jan.
six
Jan.
2
60c
Jan.
15
435*c
10c
5c
1
Dec. 28
Dec.
28
Dec.
28
3c
Dec. 31
2c
Dec.
31
Volume 143
Financial
'
Per
Name of
Share
Company
2 Dec. 11
Jan.
Jan.
_Preferred (quar.).
Jan.
Jan.
—....
.
-
Hickok Oil Corp., 7% pref. (quar.)
Extra...
Holland Furnace preferred (quar.)
......
2 Dec. 19
Dec. 31 Dec. 14
Dec. 31 Dec. 14
2 Dec. 18
Jan.
2 Dec. 18
Jan.
Dec. 26 Dec. 11
Dec. 26 Dec. 11
2 Dec.
5
Jan. 15 Dec. 31
Jan. 15 Dec. 31
——————
Jan,
Par tic. preferred (quarterly)
Humble Oil A Refining Co. (quar.)......
Extra...
Hunter Steel Co., 6% pref. (quar.)
Hygrade Sylvania (quarterly)
Preferred (quarterly)
2 Dec. 22
Jan.
Houdaille-Hershey, class A (quar.).
—
Household Finance Corp., A & B (quar.)
Dec. 26 Nov.
Dec. 26 Nov.
Dec. 26 Dec.
2 Dec.
Jan.
-
Jan.
2 Dec.
Financing Assoc., $8 preferred (quar.)—
Jan.
$2 convertible preferred (quarterly)
Illinois Commercial Telep., $6 pref. (quar.)
Illinois Commercial Teleph. (Wis.). So pref....
Jan.
Jan.
2 Dec.
2 Dec.
2 Dec.
Jan..
2 Dec.
Ideal
Dec. 30 Nov.
2 Dec.
Jan.
Imperial Chemical Industries, ordinary shares..
Imperial Life Assurance of Canada (quar.)...*
Imperial Tobacco Co. of Canada (quar.).....
Indiana General Service Co., 6% J>ref. (guar.).
Indiana A Michigan Electric Co., 7% pref. (qu.)
6% preferred (quarterly).
liai
~
Indianapolis Power A Light, 6% pref. (quar.) —
6 H % preferred (quar.)
Indianapolis Water Co. 5% cum. pref. A (qu.).
Industrial Rayon Corp
......
——
Ingersoll-Rand Co., pref. (s.-a.)
Insurance Co. of N. A. (semi-ann.)
Extra..
—Intercolonial Coal Co
—
8% preferred (semi-annual)——
International Business Machine
International Harvester (quar.) —
......
Internat. Nickel Co. of Canada, Ltd., pref. (qu.)
...
Dec. 31 Dec.
2 Dec.
Jan.
Jan.
2 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
.
Jan.
2 Dec. 21
1 Mar. 15
15 Dec. 19
1
2 Dec.
15
Jan.
Jan.
2
Dec. 26 Dec. 16
Jan.
2 Nov. 30
2 Dec. 14
Dec. 28 Dec. 22
2 Dec. 24
Jan.
I
Dec. 26 Dec. 19
2 Dec. 18
Jan,
Dec. 18
Jan.
Dec. 15
Jan.
Dec. 15
Jan.
Jan.
—
Dec. 28 Dec. 15
Dec. 28 Dec. 15
Dec. 10
Dec. 10
Jan.
Jan.
6% preferred (quar.)
Jan.
Jan.
Jan.
Dec. 10
Dec. 18
4 Dec. 22
Jan.
7% preferred (quar.)
Johns-Manville Corp. pref. (quar.)
Joliet A Chicago RR. Co
Kahn (E.) A Sons.......
Preferred (quar.)
Kalamazoo Vegetable Parchment Co. (quar.)—
Kansas City Power A Light 1st pref. (quar.).—
Kansas Electric Power, 6% pref. (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.) —
Kaufman (Chas. A.) Co. (resumed)
Kaufmann Dept. Stores, Inc
Dec*. 21
Dec. 21
Dec. 31 Dec. 21
Jan.
1 Dec. 14
Dec. 15
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
28 Jan.
2 Dec. 10
31 Jan.. 11
31 Jan. 11
2 Dec. 10
2 Dec. 10
15 Dec. 26
2 Dec. 15
2 Dec. 12
2 Dec. 12
1 Dec. 15
1 Dec. 15
1 Dec. 15
1 Dec. 15
28 Dec. 21
1 Jan. 20
28 Dec. 22
2 Dec. 12
2 Dec. 11
31 Dec. 23
Jan.
—
Jan.
70c
Jan.
25c
Jan.
$1
Jan.
$1
$1
$1
$1..
.1
Jan.
SIX
62 He
'ft
—
Lackawanna RR. of N. J., 4% gtd. (quar.)—..
Laclede Steel Co. (increased)
Lambert Co. (quarterly)
Landers Frary A Clark
(quar.)
—
Lang (John A.) & Sons, Ltd. (quar.).L
Lawyers Trust Co. (quar.).
Layton Oil Co., Inc., 8.4% pref. (monthly)
Lehigh Portland Cement Co. preferred (quar.).
Lehman Corp. (quar.)
Special
.
...
...
45c
50c
Jan.
Jan.
Jan.
Dec.
Feb.
Dec.
Jan.
Jan.
Dec.
11
_
2 Dec. 21
Feb.
1 Jan. 20
Jan.
2 Dec.
4
Dec. 26 Dec. 16
Jan.
2 Dec. 17
Jan.
37Hc
Jan.
17 He
60c
70c
Jan.
$1
75c
SIX
25c
25c
Dec.
15
Dec. 26
Dec. 15
Dec. 14
Dec. 24
Jan.
Jan.
Jan.
Jan.
Dec. 24
Feb. 15
Jan.
Mar.
June
May 15
Aug. 15
25c
....
Quarterly.
...
Lexington Teleph Co., 6H% pref.
Liggett A Myers Tobacco preferred
Lincoln Stores, Inc. (special)
......
Sept.
25c
Decl'37 Nov. 15
15 Dec. 31
Jan.
1 Dec. 10
Jan. 21 Jan. 14
SIX
(quar.)
(quar.)
....
$1E
....
SIX
«JP X
:
SIX
$1X
Jan.
25c
—
65c
10c
j
Little Long Lac Gold Mines, Ltd—
Little Schuylkill Navigation EE. & Coal Co
Lock Joint Pipe Co., 8% preferred (quar.).
Loew's, Inc. (quar.)......
$1.10
$2
...
Extra...
50c
$1
(quar.)
Long Island Lighting Co. 7% pref. A (quar.)
..........
6% preferred B (quar.)
Long Island Safe Deposit (s.-a.)
Loose-Wiles Biscuit Co., 5% preferred (quar.)..
Lord & Taylor (quarterly)
Ludwing Bauman & Co.. 7% pref
Lunkenheimer Co., preferred (quarterly)
Lykens Valley RR. A Coal Co. (s-a)
Lynchburg & Abingdon Teleg. (semi-ann.)
MacAndrews & Forbes, Inc. (quar.)........
......
Mar.
1
Jan.
2
Dec. 26
Jan.
2
Jan. 15
Dec. 17
Dec. 26 Dec. 21
Jan.
Preferred (quarterly)
Manischewitz (B) & Co. 7% pref. (quarterly)
40c
Jan.
$3
50c
Jan.
50c
Extra
_
Jan.
Feb. 15
Dec. 15
Dec. 22
Dec. 17
Dec. 28
Jan. 15 Dec. 11
Jan.
2 Dec. 31
Dec. 31 Dec. 11
Dec. 31 Dec. 11
Jan.
2 Dec. 18
Jan.
Dec. 15
Dec. 15
Jan.
Jan.
Dec. 23
Dec. 18a
Jan.
50c
i
Dec. 21
Dec. 18
Jan.
Jan.
E**r;»
.
Dec. 15
Dec. 14
Dec. 14
Dec. 19
Dec. 19
Jan.
Jan.
Jan.
Jan.
Kentucky Utilities, 6% pref. (quar.)
Keystone Public Service, $2.80 pref. (quar.). . —
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Kings County Lighting Co. common (quar.)....
7% preferred B (quar.)
—
6% preferred O (quar.)
5% preferred D (quar.)
Kinney, (G. R.) & Co., pref. (resumed)
Klein (D. Emilj Co. preferred (quar.)..
Knapp-Monarch Co., $2H Pref. (quar.)
Koppers Gas & Coke, preferred (quar.)_
Kresge (S. S.) Co. (quar.)..,
Kroenler Mfg. Co., class A preferred (quar.)-..
Kroger Grocery & Baking Co., 6% pref. (quar.)
London Packing Co.
_
Jan.
(quar.).......—..........
Liquid Carbonic Corp. (quar.)
_
Jan.
Kellogg Switch board & Supply Co
—
Preferred (quar.)..
...—......
Kelvinator Corp. (quar.)
(quar.)
2 Dej. 17
Feb, 15 Fet.
Jersey Central Power & Light 5H% pref. (qu.)_
Preferred (quarterly).
Lion Oil Refining Co. (quar.)
1 Dec. 12a
2 Dec. 14
7
2 Dec.
15 Dec. 31
15 Dec. 31
2 Dec. 21
Jan.
$5 class A preferred (semi-annual)
Jeannette Glass Co. (quarterly)
Preferred (quarterly)
Link Belt Co.
2
6
5
2
1 Jan.
Feb.
1
Dec. 31 Dec.
Jan.
2 Dec. 31
2 Dec. 15
Jan.
-
.
2
Jan.
...
Quarterly
...
Quarterly...........
25
25
21
10
10
15
15
15
15
27
31
11
2
Apr.
Common
Le Tourneau, Inc. (quar.)
1 Dec.
Jan.
International Ocean Teleg. (quar.)
International Shoe Co. (quar. -.——-—
-International Teleg. of Me. (semi-ann.)...—..
Interstate Hosiery Mills (quar.)
Intertype Corp. first preferred
—
Second preferred
—
Irving Air Chute (quarterly)
Irving (John) Shoe Corp.
Irving Trust Co. (N. Y.) (quarterly)
Island Creek Coal Co., com. (quar.)
Preferred (quar.)
Jacobs, F. L. Co..
Jamaica public Service, Ltd. (quar.)
Preferred (quar.)
1
Jamestown Telep. Corp., 6% pref. (quar.)
7% preferred (quarterly)
2 Dec.
1 Dec.
Jan.
Jan.
Jan.
——
Preferred
11
11
24
24
Jan.
Extra
Holmes (D. H.), Ltd. (quarterly)
Extra
Horn A Hardart Baking, N. J. (quar.)..
Hoskins Mfg. (quar.)..
Extra
2 Dec.
2 Dec.
2 Dec.
2 Dec.
Jan,
Hollinger Consolidated Gold Mines
Jan.
118
Jan.
4103
Holders
When
_
2 Dec. 21
2 Dec. 15
2 Dec. 15
15 Dec. 31-
Jan.
15 Dec. 31
15 Dec. 31
Jan.
1 Dec. 20
When
Per
Payable of Record
Helme (Geo. W.) Co., common (quar.)
Extra
,
Chronicle
Share
Name of Company
Manufacturers Trust Co. (quar.).-......*.—Preferred (quar.)..,
.................
Mapes Consol. Mfg. Co. (quar.)..........
Margay Oil Corp
Marine Midland Corp. (quar.)...
Extra..
Marsh (M.) A Sons, Inc.
(quar.)—....
......
Master Electric Co. (quar.)——
McGraw-Hill Publishing Co. (resumed)..——
McKee (A L) Co., class B (quar.).
——
Extra...
McKeesport Tin Plate (quarterly)
Mead, Johnson A Co. (quar.)
—
Extra.
Preferred (semi-annual)
—
Memphis Natural Gas Co. preferred (quar.)
Mercantile-Commerce Bk. A Tr. Co. (St. Louis)
6c
...
...—
25c
$1
Jan.
Dec. 30
Dec. 30
Dec.
$1
Dec.
Dec. 17
Dec. 11
Dec. 11
35c
Jan.
Dec. 15
$1X
Jan.
Dec. 19
SIX
$1X
$1
Jan.
Apr.
Dec.
Mar. 20
,
Dec. 20
Dec. 21
Dec. 21
$1
Dec.
40c
Dec.
Dec. 14
60c
-——
Dec.
$1H
Jan.
Dec. 14
Dec. 22
zw5%
SIX
...——
$5 prior preferred (quar.)
$7 preferred (quar.)—
$6 preferred (quar.).
$5 preferred (quar.)
common
-—
8% preferred (quarterly)
—
—
$2 non-cumul. preferred (quar.)
—Milnor, Inc
Minneapolis-Honeywell Regulator Co.—
6 % preferred (final)
Minnesota Power & Light $7 preferred.
$7 preferred (quar.)
—....-—
6% preferred
—-——....
6% preferred (quar.)
.
Dec.
Jan.
50c
Jan.
$2
50c
.
....—.
Nov. 30
$1X
75c
-—-—...
—-
....
Nov."30"
Dec.
Dec.
Dec.
SIX
-—
Jan.
Dec.
SIX
SIX
$1*4
—
Jan.
Jan.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
-—
$6 preferred
$6 preferred (quar.)
Mississippi River Power, pref. (quar.)
Mobile & Birmingham RR., 4% gtd, (s.-a.)
Monarch Knitting Co., 7% preferred
....
Monongahela West Penn Public Service, pref
Monroe Chemical Co preferred
—
(quarterly)
Dec. 11
Dec. 11
Dec. 15
$1H
$2
Dec.
1
Dec. 17
hSIX
Dec. 15
43 He
87 He
—-
Dec. 14
31
30
15
15
SIX
40c
$1!
...
-
Dec. 11
Dec. 11
Dec. 11
Dec. 11
A50c
$1H
h50c
SIX
25c
25c
50c
$2.90
*
^
Dec. 15
Dec. 15
Dec. 15
Dec. 15
31 Dec. 15
Dec. 15
Dec. 15
Dec. 15
(extra).
(quarterly).
Morrlstown Securities Corp., common—...
Special..!
....
$5 cum. pref. (semi-ann.).
Motor Finance Corp. $5 convertible pref (quar.)
Mueller Brass Co. (quarterly).
....
Extra-
—.. — -
—
Dec.
Dec.
.28 Dec.
Dec.
mm*
Mumingwear, Inc
Stock div. of X ah. of Wayne Knit. Mills for
each sh, of Munsingwear held
Murphy (G. O.) Co., preferred (quar.)
Murphy (G. C.) Co. (extra)
Mutual Chemical Co of Am. 6% pref (quar.)..
Mutual System, Inc.. common (quar.)
Preferred (quar.)
Myers (F. E.) A Bros. Co. (quar.)
National
National
Battery Co., preferred (quar.)
Bond & Share Corp
Dec. 24
Dec. 17
Nov. 30
Dec. 31
Dec. 15
^
25c
National Sugar Refining Co. of N. J
National Tea Co. (quar.)
Natomas Co. (quar.)-.
—
—-
Navarro Oil Co. (extra)—.—
Nehi Corp., 1st preferred (quar.)
(quar.)
Dec.
Assoc., 6% pref,
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
6% preferred (quarterly)
$2 preferred
$2 preferred (quarterly)
New Hampshire Fire Ins. Co. (quar.)
New Haven Clock Co. (resumed)
$6 pref. (quar.) -
-
$5 preferred (quar.)
New York Hanseatic Corp. (extra)
New York A Harlem RR. Co. (semi-ann.)
Preferred (semi-annual)
New York A Mutual Teleg. Co. (semi-ann.)
New York Power A Light, 7 % pref. (quar.)
6 % preferred (quar.) —
New York Steam Co., $7 pref. (quar.)
$6 preferred (quarterly)
New York Telep.. 6H% pref. (quar.)
New York Telephone 6H % pref. (quar.)
New York Trap Rock Corp.—
$7 preferred (payable in $6 pref. stock)
New York Trust Co. (quar.)
6% preferred (quarterly)
15
18
28
22
15
1
14
14
14
23
16
24
24
15
15
Dec. 15"
Dec. 15
Dec. 31
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 18
Dec. 18
h$6
5%
Niagara Shares Corp., preferred (quarterly)
Niagara Wire Weaving Co. (quar.)
North American Co. preferred (quarterly)
Northern Pipe Line Co
Northern States Power of Del., 7% pref. (quar.)
—
North A Judd Mfg. Co. (quar.)
(semi-ann.)
Nova Scotia Light A Power Co. (quar.)
Norwich A Worcester RR., 8% pref. (quar.)—_
Ogilvie Flour Mills (quar.)—
——
Ohio Edison Co., $5 preferred (quar.)——..
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.) —
Ohio Public Service Co. 7% pref. (monthly)
6% preferred (monthly)
—
5% preferred (monthly)
———Northwestern Teleg Co.
15
15
12
12
30
15
15
15
12
24
16
Nov. 30
Nov. 30
Preferred
A"Light Go.
Dec. 18
15 Dec. 31
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
National Standard Co. (quarterly)
New Jersey Power
..
Nov. 28
31
B pref (quarterly)
National Power A Light Co.. $6 pref. (quar.)—
National Rubber Machinery (resumed)
New England Power
T
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
National Grocery Co., Ltd., preferred
National Lead Co. Class B (quarterly)
Newark Telephone Co. (Ohio). 7% pref.
New Britain Machine Co. (quarterly),
10
10
15
Dec. 21
National Candy Co. (quarterly)
1st A 2d pref. (quarterly). . ..
National Cash Register
National Casket Co. preferred (quar.)
Extra
14
Dec. 23
National Breweries (quarterly)
Preferred (quarterly).
National Dairy Products A A
National Fuel Gas Co
Mar. 15
June 15
Dec. 22
Dec. 22
Dec. 18
Dec. 10
Dec. 10
Jan
2
Class B
7% preferred
30
30
30
30
16
15
15
15
1
Dec, 21
351«
—-
Montgomery (H. A.) Co. (quar.).
Quarterly..
Montgomery Ward Co. (quarterly)...
Special
—
Class A (quarterly)
Moore Corp.—
.
—
Preferred A & B (quar.)
Moore (Win. R.) Dry Goods (quar.).
Morris Financing Co. (quarterly).
Class A (extra).
Class B
4
Jan.
75c
—
Mesta Machine Co
Midland Steel Products
4
15
19
11
11
Dec. 15
Dec. 15
Jan.
Merchants Bank of New York (quar.).———
Extra....
Merchants & Miners Transportation Co....—-
Merck & Co., Inc., (quar.) —
.........
Metal Box Co. (interim)
.————...
Metropolitan Edison Co. $7 prior pref. (quar.)-.
$6 prior preferred (quar.)
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
—
Extra
Jan.
25c
12He
25c
-
Quarterly
Quarterly
Dec, 19
Jan.
Jan.
Jan.
Jan.
Jan.
40c Jan.
........
...
Holders
Payable of Record
50c
50c
50c
25c
10c
——
———————
'
$1X
40c
75c
35c
$1X
$1H
37He
SI X
Nov. 25
Dec. 19
Dec. 10
Dec. 22
Dec. 15
Dec. 11
Dec. 31
Dec. 31
Dec. 22
Dec.
15
Dec.
SIX
$1H
$1.65
$1A
$1.80
58 l-3c
50c
41 2-3c
16
Dec. 15
Dec. 19
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Financial
4104
Per
Share
Name of Company
Ohio Leather Oo. 7%
Feb.
Jan.
Jan.
Jam.
Jam.
15
2 Dec.
15
26c
.....
$1.75
2 Dec. 22
Jan.
Feb.
1 Dec.
15 Feb.
Jan.
2 Dec.
10
Feb.
Mar.
2 Dec.
15
Jan.
2 Dec.
8
Jan.
2 Dec. 21
2 Dec. 20
Jan.
Jan.
Jan.
Jan.
2 Dec.
1
1 Dec.
1 Dec.
10
Jan.
Jan.
Jan.
Jan.
15
10 Dec. 31
2 Dec. 24
4 Dec. 10
Jan.
4 Dec.
10
Jan.
2 Dec.
2 Dec.
5 Dec.
1
10
Jan.
Jan.
2 Dec.
15
Jan.
10
20 Dec. 31
20 Dec. 31
Dec. 28 Dec. 21
Jan.
2 Dec. 24
Jan.
Jan.
Extra
Plymouth Fund, Inc. Class A (special)......—
Pneumatic Scale Corp., 7% pref. (quar.)
Pocahontas Fuel Co...
Preferred (semi-ann.)
Pond Creek Pocahontas Co. (quar.)
— Power Corp. of Canada, Ltd., 6% cum. pf. (qu.)
6% non-cum. preferred (quar.)
Premier Gold Mining Co. (quar.).—-—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2 Dec.
2 Dec.
19
19
2 Dec. 24
25 Dec. 31
15 Dec. 31
15 Dec.
15 Dec.
18
15 Dec.
18
24
15
15
15
31
Jan.
2 Dec
21
Dec.
26 Dec.
16
Jan.
19
2 Dec. 19
2
30 Jan.
2 Dec. 15
Jan.
—
Jan.
pref. (quar.)....—...
7 % pref. (mo.)..
Jan.
Public Service Co. of Colorado,
Jan.
6% preferred (monthly)
6% preferred (monthly)
Jan.
Jan.
preferred (quarterly)
Co. (quar.)
Publication Corp. common (increased._—._—Public Service Co. of Oklahoma—
7% prior lien stock (quarterly)—
6% prior lien stock (quarterly)-.—
Public Service Corp. (N. J.), 6% pref. (mo.).._
Puerto Rico Power Co., Ltd., 7% pref. (quar.).
Pure Oil Co., 5)4% preferred (quar.)
6% preferred (quar.)
8% preferred (quar.)
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares
Prudential Investors,
Public National Bank & Trust
Jan.
Jan.
Jan.
15 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
Jan.
1 Dec.
Jan.
1 Dec.
1 Dec.
Jan.
Feb.
27 Feb.
1 Jan.
Feb.
1 Jan.
Jan.
1 Dec.
Feb.
—
Queens Borough Gas & Electric Co., 6% cumul.
preferred (quarterly)
Radio Corp. of Amer., $3cum. conv. 1st pref.
Railway Equip. & Realty Co., Ltd., 1st pf. (qu.)
Railway & Light Securities Co., pref. (quar.)..
Rand Mines, Ltd. (semi-ann.)..
Rath Packing Co. (quarterly)
Ray-O-Vac, 8% preferred (quarterly).
Reading Co., 2d preferred (quar.)
Reliance Manufacturing Co. pref. (quar.)
5 Dec. 21
1
2 Dec.
Jan.
Philadelphia Electric Power, pref. (quar.)
Phillips Packing Co.. Inc., pref. (quar.)__— —
Phoenix Finance Corp., preferred (quarterly) ..
Phoenix Securities Corp., pref. (quar.)
Pie Bakeries, Inc. 7% preferred (quarterly)...
Second preferred (quarterly)
Pioneer Gold Mines of British Columbia
Pittsburgh Ft. Wayne & Chicago Ry. Oo. (quar.)
7% preferred (quarterly)
Plough, Inc. (quarterly)
Plymouth Cordage Co. (quar.)
•Si
Dec. 26 Dec.
10
10
15
9
Jan.
2 Dec.
19
50c
Dec. 28 Dec.
15
50c
Jan.
UK
el%
Jan.
Jan.
1 Dec.
15c
(quarterly)
Jan.
1 Dec.
Jan.
Jan.
1 Dec.
2 Dec.
4s.
Retail Stores Corp
60c
Opt. div. of one sh. for each 14 shs. held or—
Reynolds Metals Co..—
534 % cum. conv. preferred (quar.)
Reynolds (R. J.) Tobacco Co. (quar.)
Rice-Stix Dry Goods, 1st & 2d pref
Rich's Inc., preferred (quarterly)
—
Richman Bros. Co. (quarterly)
Richmond Federicksburg & Potomac (s.-a.)
Non-voting common (semi-ann.)
90c
(semi-ann.)
Dental Mfg. Co. (quar.)
Dividend obligation
Feb.
Jan.
Jan.
(quarterly)
Robert's Public Market, Inc.
(quar.)
pref. (quar.)
preferred (quar.)
Russeks Fifth Ave. (extra)
Safeway Stores—
6% preferred (quar.)....
Root Petroleum,
(quar.)
St. Louis Bridge Oo. 1st pref.
2d preferred (semi-annual)
—
(semi-ann.)
3% 2nd preferred (semi-annual)
St. Louis, Rocky Mtn. & Pacific Co., common._
Extra
Preferred (quarterly)
San Francisco Remedial Loan Assoc.
15
1 Dec.
14
Jan.
15
31 Dec. 19
Dec. 31 Dec. 19
Dec. 31 Dec. 19
Dec. 28 Dec. 15
Dec.
15
15
19
1 Dec. 19
2 Dec. 19
1 Dec. 19
5
25 Jan.
28 Dee.
Dec. 31 Dec.
1 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
1 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
15
15
15
16
Jan.
1 Dec.
15
Jan.
1 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
15a
15a
Dec. 31 Dec.
15a
Jan.
31 Dec
2 Dec.
Jan.
2 Dec.
Jan.
(quar.) —
8% deb. A (qu.)
10
21
5
1 Dec.
Dec. 31 Dec.
Jan.
Extra
10
10
12 Dec. 21a
2 Dec. 18
Jan.
Dec.
Extra
14 Dec. 24
2 Dec. 22
1 Jan.
2 Dec.
Dec.
IP
Feb.
1 Jan.
Extra
Feb.
1 Jan.
10
10
10
10
21
26
15
15
Extra
May
1 Apr.
15
Savannah Electric & Power Co.,
7
2 Dec.
Dec. 30 Dec.
7 Dec.
Jan.
Jan.
debenture D (quarterly)
Seaboard Surety Co. (special)
Sears Roebuck & Co. (extra).
Seeman Bros., Inc., com. (quar.)
6H %
Servel. Inc., 7% cum. preferred
Schenley Distillers Corp.
(quarterly)
(quarterly)
Co., $6 pref. (quar,)—
Corp.—
preferred (semi-ann.)
5M % preferred
Scranton Electric
Jan
2 Dec.
19
Jan.
Jan.
1 Dec.
2 Dec.
16
2
J an.
2 Dec.
10
Shamrock Oil & Gas
6% conv.
Sharon Steel Corp. (quarterly)
Special
...
(quar.)
Jan.
(quar.)..
Feb.
2 Dec.
15 Jan.
14
20
15
2 Dec.
9 Dec. 31
Feb.
2 Jan.
Jan.
5
2 Dec.
2 Dec. 10
2 Dec. 10
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
5
15 Dec. 31
15 Dec. 31
2 Dec. 15
2
15 Jan.
2
15 Jan.
19 Feb.
10
2 Dec. 10
2 Dec. 10
15 Dec. 20
15 Dec. 20
15 Dec. 19
Dec. 29 Dec. 15
Dec. 29 Dec. 15
Jan.
2 Dec. 15
Dec. 28 Dec. 12
Dec. 31 Dec. 15
Feb.
1 Jam. 15
Jan.
Jan.
2 Dec. 15
2 Dec. 21
Jan.
2 Dec.
4
2 Dec.
15 Jan.
Dec. 26 Dec.
Dec. 26 Dec.
Dec. 26 Dec.
4
15
21
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
21
22
15 Dec. 31
2 Dec. 15
1 Dec.
2 Dec.
15
19
Feb. 15 Jan.
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
30
18
18
18
15 Dec.
26 Dec.
Dec. 26 Dec.
Dec. 26 Dec.
Dec. 31 Dec.
Jan.
Preferred (quarterly)
Stecher Traung Lithograph (special)
Extra
-
15
Dec.
State Street Investment (quar.)
Stearns (Frederick) & Co.,
Extra
22
22
22
19
19
Dec. 31 Dec.
Dec. 26 Dec. 18
Dec. 18
Jan.
Co. (special)
(quarterly)
Stix Baer & Fuller Co., 7% pref. (qu.).
Stokely Bros. & Co
Conv. preferred (quar.)
Non-conv. preferred (quar.).
Storkline Furniture Co. (quar.)_
Straw bridge & Clothier, 7% preferred.
Sunray Oil Corp. 534% preferred (quar.)
Superheater Co. (quarterly)
Supertest Petroleum Corp., ord. bearers (s.-a.)—
Common bearer (semi-ann.).
Preferred B (semi-ann.)
Tacony-Palmyra Bridge (quar.).
Class A (quar.)
5% preferred (quar.)
Technicolor, Inc. (initial)
Talcott (James), Inc
New (initial)
534% partic. pref
Tamblyn CO.) Ltd. (initial, quarterly).
Quarterly
Quarterly
Quarterly.....
Teck-Hughes Gold Mines
_
_
Dec. 31 Dec. 15
Dec. 18
Jan.
Jan.
Dec.
Jan.
Dec. 18
Jan.
Dec.
Dec. 21
Dec. 16
8
Dec.
Jan.
Jan.
Dec.
18
5
Jan.
Jan.
Jan.
Dec.
"ii"
Dec.
Dec.
15
Dec.
Dec.
Jan.
15
Dec. 17
Dec. 18
Dec. 18
Jan.
Nov. 24
Jan.
Dec.
Feb.
Dec.
15
Jan.
Apr.
July
Oct.
Jan.
Dec.'
Jan.
Dec.
Jan.
10
10
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec.
la
Texas Electric Service Co. $6 pref. (quar.)
Jan.
Dec.
Thermoid Co., $3 preferred (quar.)
Pref. stk. div. payable at tne rate
Dec.
Dec. 21
Bonus
Jan.
Jan.
Jan.
Jan.
Jan.
Jam.
of 1 sh. of
com. as part payment on old 7% pref. accumul
Thompson (John R.) Co. (extra)
Thompsons Products preferred (quar.)
Tide Water Assoc. Oil, 6% prefferred (quar.) ..
Tilo Roofing Co. preferred (quarterly)
Tlmken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.)
Preferred
(quar.)
15
Dec. 21
Dec. 24
Dec. 20
4
Dec.
Dec. 21
Feb.
20
May 20
Aug. 20
_
_
Tobacco & Allied Stocks, Inc
Toledo Edison Co. 7% pref. (monthly)
Dec.
24a
Dec.
15
6% preferred (monthly)
5% preferred (monthly)
Torrington Co. (quar.)
Dec.
15
Dec. 15
Dec. 18
Dec.
18
Towne Securities Corp., 7% cum. pref
Dec.
18
Traders Finance Corp. 6% pref. A (quar.)
Dec.
15
Dec.
15
Extra
7% preferred (quar.)
Travelers Insurance Co. (quar.)
Trico Products Corp. Preferred (quarterly)
Dec.
16
Dec.
11
Tubize-Chatillon, 7% preferred (quar.)
Tubize Ohatillon Corp., 7% pref.
Twin Disc Clutch (quar.)
208 S. La Salle Street Bldg. Corp. (Chicago)
Quarterly
Union Carbide & Carbon Corp
Union Electric Light & Power Co. (111.) pref
Union Electric Light & Power Co. (Mo.) pref
6% preferred (quar.)
Union Sugar (resumed)
United Biscuit Co. of America (quar.)
Preferred (quarterly)
United Chemicals, Inc., preferred
United Corp. preferred (quarterly)
United Dyewood Corp. common (quar.)
Preferred (quar.)
United Fruit Co. (quar.)
United Gas Public Service Co., $6 pref. (qu.)
United Light & Railways, 7% pref. (mo.)
6.36% pref. (monthly)
6% pref. (monthly)
United Loan Industrial Bank (Bklyn, N. Y.)
Dec.
......
________
Jan.
10
9
Dec.
18
Jan.
Dec.
19
Jan.
Dec.
4
Jan.
Dec.
Jan.
Jan.
Dec.
15
15
Dec. 15
Dec.
Dec. 22
15
Mar.
Feb.
Feb.
Jan.
15
Dec.
Dec.
18
Jan.
Dec. 18
Dec. lla
Dec. 11
Jan.
Jan.
Jan.
Jan.
Dec. 21
Dec. 19
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec. 21
Jan.
Dec. 21
Cumulative participating preferred (quar.)
United New Jersey RR. & Canal Oo. (quar.)
Jan.
Jan.
Dec. 24
Dec. 21
United Paperboard Co. prefer
United Shoe Machinery Corp.,i bommon.
Preferred
Dec.
Dec.
15a
Jan.
Dec.
15
Jan.
Dec. 15
Dec. 21
4
Dec.
.
Extra
United Milk Products Co.—
United States Co. (quar.)
United States Gypsum Oo. (quar.)
United States Hoffman Mach. Co., pref. (quar.)
United States National Corp. (liquidating).
United States Playing Card Oo.
Extra
Preferred (quarterly)
Shawmut Assoc. (quar.)
Shawinigan Water & Power Co.
(quar.)
Standard Products Co. (quar.)—-j
Standard Steel Construction, $3 class A
Standard Wholesale Phosphate and Acid Works
Stanley Works 5% preferred (quar.).
Starrett (L. S.) Co
....
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texas Corp. (quar.)
$1,125
Remington-Rand, Inc
Quarterly
Standard Oil Co. of Kansas
Standard Oil of Ohio Preferred
Stein (A.) &
Preferred
20 Dec. 31
2 Dec. 15
Dec. 31 Dec. 24
1 Dec. 21
Spencer Kellogg & Sons (quar.).
Spiegel May stern Co.. preferred (quar.)
Springfield Gas & Electric Co., pref. ser A (qu.)_
Staley (A. O.) Mfg. Co., 7% pref. (s.-a.)
Standard Brands (quarterly).
Preferred (quarterly)
Standard-Coosa-Thatcher Co., 7% pref. (quar.)
Standard National Corp
Preferred (quarterly)
Preferred
Jan.
Jan.
...
1
15
15
60c
xw
Extra
Tennessee Electric Power Co., 5% pref. (quar.).
1
1 Dec.
1 Jan. 26
Jan.
6% preferred (quar.)
5% preferred
South Porto Rico Sugar Co., common (quar.)..
Preferred (quar.)
Southern Calif Edison Co., orig. pref. (quar.)..
Series C 534% preferred (quar.)....
...
Southern Canada Pow. Co., 6% cum. pref. (qu.)
South Penn Oil Co. (quar.)
Extra
Holders
Jan.
10
Feb.
$1*4
...
Skelly Oil Co., 6% preferred (quar.)
S. M. A. Corp. (quar.)
Sonotone Corp.. preferred (quarterly)
South Acid & Sulphur Co., Inc., 7% pref. (qu.).
South Calif. Gas, 6% pref. A (quar.).
6% preferred (quar.)
South Carolina Power Co., $6 pref. (quar.)....
South Pittsburgh Water Co., 7% pref. (quar.)..
21
Jan.
Jan.
.....
Jan.
Southwestern Gas & Elec., 7% pref. (quar.)—°.
South West Penna. Pipe Lines.
Jan.
Jan.
Sherwin-Williams of Can., pref
Simms Petroleum Co. (liquidating)
When
1936
Payable of Record
Jan.
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
Shell Union Oil Corp., 534 % pref. (quar.)
Southwestern Bell Telep. (quar.).
Preferred (quarterly)...
15
15
2 Dec. 15
2 Dec. 15
2 Dec. 19
1 Jan. 20
1 Feb. 20
2 Dec. 15
Jan.
Share
Name of Company
15
5
1 Dec.
2 Dec.
Jan.
—
Extra
1 Feb.
2 Dec. 23
Jan.
Peoples Drug Stores, Inc. (quar.)
—
Peoria Water Works Co., 7% pref. (quar.)—.
Pfandles Co. (quar.)
Pfeiffer Brewing Oo. (quar.)
—
Philadelphia Co., $6 cumulative pref. (quar.)..
$5 cumulative preferred (quarterly)
7% preferred
15
17
Max.
(quarterly)
Rochester Telephone. 6J4%
15 Dec. 31
Jan.
(quar.)
6.60 preferred (monthly)
t6.60 preferred (monthly)
Preferred
15 Dec. 31
15 Dec. 31
5
Jan.
(increased)
$7 preferred (quarterly)
Penna. Power Co.. $6.60 pref. (mo.)
Ritter
2 Dec. 15
15 Dec. 31
Jan.
Jan.
;
2 Dec.
8
15 Jan.
2 Dec.
Jan.
$6 preferred (quarterly).
Preferred
26
15
10 Jan.
Dec. 26 Dec.
Dec. 26 Dec.
7% preferred (quarterly)
Pennsylvania Gas & Electric Corp.—
7% & $7 preferred (quarterly)
Penna. Glass & Sand, preferred (quarterly).—
Pennsylvania Power & Light, $5 pref. (quar.) —
Extra
15
Jan.
Pathe Film, $7 preferred (quar.)
Peninsular Telephone (quarterly)
Procter & Gamble, 8%
15
Jan.
preferred
Parker Rust Proof Co., common
Penna. water & Power
Preferred (quarterly)
19
19
1 Dec.
Dec. 31 Dec.
2 Dec.
Extra
2d preferred
Parke Davis Co.
2 Dec.
2 Dec.
Jan.
ParaffineCo.. Inc. preferred (quar.)
Paramount Pictures, Inc., 1st
Jan.
Jan.
8% preferred (quar.)
Ohio Service Holding Corp., $5 non-cumul. pref.
Oklahoma Natural Gas, 6% preferred (quar.)__
Old Colony Insurance Oo. (quar.)
Old Dominion Co., irregular dividend—
Omnibus Corp., preferred (quar.)
»
Otis Steel new conv. preferred
Pacific & Atlantic Teleg. Oo. (s.-a.)
Pacific Gas & Electric (increased)
Pacific Lighting Corp. 6% pref. (quar.)
Pacific Telephone & Telegraph pref. (quar.) —
Packer Corp. (quar.)
Page-Hersey Tubes, Ltd. (quar.)
Per
Holders
Payable of Record
Jan.
$1 %
preferred (quar.).
When
Dec. 26,
Chronicle
iquar.).
United States Tobacco Co. common.
Preferred (quar.)
Jan.
Dec.
Feb.
Jan.
Jan. 21
Dec. 23
Jan.
Dec.
Dec.
16
16
Jan.
Dec.
14
Jan.
Dec.
14
Jam.
Volume
Financial
143
Per
Chronicle
4105 2
Holders
When
Per
Holders
When
"
Name of
Company
Share
U. 8. Sugar Corp.—
Stock dividend of X share Clewiston Realty &
1 May
Feb.
Preferred (quarterly)....
1 Jan. 14
2 Dec. 24
1 Jan. 26
2 Dec. 16
Jan,
Victor-Monaghan Co., 7% preferred (quar.)
Virginian Railway..
Preferred (quarterly)
Vogt Mfg. Co., Stock dividend
Vulcan Detinning Co. Preferred (quarterly)...
Preferred (quarterly)
Preferred (quarterly)
Jan.
Dec. 26 Dec.
Jan.
Feb.
...
1 Jan. 16
Dec. 28 Dec. 16
Jan. 20 Jan. 11
Oct. 20 Oct. 11
Dec. 30 Dec. 24
Jan.
2 Dec. 19
Walgreen Co. preferred (quar.)
Walt ham Watch, prior preferred (quar.)
Prior preferred (quar.)
26
2 Mar. 20
2 Dec.
Jan.
Apr.
July
Prior preferred (quar.)....
Prior preferred (quar.)
Ware River RR. guaranteed (semi-ann.)
V\ aukesha Motor Co.
(quar.)
2 June
19
2 Sept.
Oct.
18
2 Dec.
1 Dec.
Jan.
2 Dec.
Jan.
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 31 Dec.
2 Dec.
Jan.
Jan.
Wayne Pump Co. (initial)
Wellington Fund (quar.)...
.....
West Kootenay Power & Light Co., pref. (qu.)..
West Point Mfg. Co. (quar.)
Extra
2 Dec.
Jan.
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
Western Pipe & Steel Co. (quar.)..
Jan.
Jan.
Jan.
Jan.
.....
%.
weekly statement issued by the
Clearing House is given in full below:
OF
THE
NEW
FOR THE WEEK ENDED
New
Dec. 22
Extra.
Jan.
Special interim dividend
Feb.
Jan.
Dec.
6
19
Feb.
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co., 7% pref
Youngstown Sheet & Tube, preferred (quarterly)
a
The following corrections have been
t
22
21
18
14
14
Jan.
20
Mar.
Feb.
20
Apr.
Mar. 20
Jan.
Dec.
Dec.
Dec.
7
11
Jan.
Dec.
19
Transfer books not closed for this dividend.
e
Payable in stock.
f Payable in
ulated
common
dividends.
1
p
stock,
made:
Payable in scrip,
g
Payable in
h On account of
accum¬
preferred stock.
American Chain Co. pref. stock, called for redemption with above
accumulated dividend.
Payable in Canadian funds, and in the
r
reduction of
a
tax of
case
of non-residents of
Canada
5% of the amount of such dividend will be made.
Deposited Insurance Shares, series A & B stock div. of 2)4% payable
s
Holders have option of dividend in cash based on liqui
dating value of shares.
Caterpillar Tractor, extra div. of 60c. or 1-200 sh. of 5% pref. stock,
t
u
Payable in U. S. funds,
w
Less depositary expenses.
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
15
Jan.
15
3-31-37
6-30-37
9-30-37
12-31-37
Dec. 21
Dec. 16
Dec.
Jan.
Wright Hargreaves Mines. Ltd. (quar.)
In trust shares.
4-30-37
7-30-37
10-30-37
1-30-38
....
MEMBERS
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
15 Dec. 18
30 Dec. 31
Jan.
Dec. 21
Jan.
a
Jan.
16
15
Jan.
Dec.
Woodside National Bank of New York
2 Dec. 21
15 Dec. 18
2 Dec. 15
2 Dec. 15
Jan.
......
OF
Jan.
Dec. 22
15
15
21
Extra
Western Union Teleg. Co
We8tinghouse Air Brake (quar.)
ASSOCIATION
Jan.
5
5
15
Jan.
Jan.
15
2 Dec.
Jan.
17
Jan.
...
15
5% preferred (initial)
Western Tablet & Stationery Corp., extra
Western Union Telegraph Co
Wesson Oil & Snowdrift Co., Inc
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec. 22
15
23
Dec. 26 Dec.
Dec. 26 Dec.
Extra
Western Tablet & Stationery Corp.—
STATEMENT
Dec.
Feb.
Feb,
Dec.
Dec.
31
15
15
15 Dec. 20
15 Dec. 20
Jan.
19
Jan.
Extra
Apr. 20 Apr. 10
July 20 July 10
Preferred (quarterly).
"Waitt & Bond, Inc., class A (resumed)
18
19
Dec.
15
6% preferred (quar.)
$5 prior preferred (quar.)
Will & Baumer Candle Co., Inc., pref
10
2 Dec. 20
2 Dec. 16
Dec.
Dec.
Jan.
-
Feb.
Valley RR. Co. or N. Y. (s.-a.)
Van de Kamp's Holland Dutch Bakers pref. (qu.)
:
15
Dec.
Jan.
Preferred (quar.)
r
Whitman (Wm.) Co., Inc., 7% pref. (qu.)..
Wieboldt Stores, Inc. (quar.)
Jan.
Upper Michigan Power & Light Co.—
6% preferred (quar.)
,
Jan.
Jan.
-
June
Preferred (quarterly)
Preferred (quarterly)
United Stockyards Corp.preferred
Universal Cyclops Steel Corp. (initial quar.)
Universal Insurance (Newark, N. J.) (quar.)..
Quarterly ...
Universal Leaf Tobacco Co., Inc., (quar.)
Payable of Record
Weston Electrical Instruments, class A (quar.).
Weston (Leo), Ltd. (quar.)
Extra
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)
—
7 % preferred (quarterly)
West Texas Utilities $6 preferred
West Virginia Pulp A Paper Co. (quar.)
West Virginia Water Service Co., $6 pref
Whitaker Paper Co. (resumed)
White (S. S.) Dental Mfg. Co. (special)
...—
20 Dec.
15 Dec.
Jan.
Quarterly
Quarterly..
Quarterly
Quarterly
Share
Westmoreland, Inc. (quar.)
1
15
Jan.
Apr. 15 Mar. 15
July 15 June 15
5
Jan. 16 Jan.
Dec. 29 Dec. 18
Mar.
1 Feb. 15
Development Co.. common
Preferred (quarterly)..
Extra
Name of Company
Payable of Record
New
City
York
The
York
following shows the conditio^ of the Federal Reserve
business Dec. 23, 1936,
Bank of New York at the close of
YORK
HOUSE
CLEARING
SATURDAY, DEC. 19, 1936
in
comparison with the previous week and the corresponding
date last year:
*
Clearing House
Net Demand
Time
Deposits,
Average
Surplus and
Deposits,
Undivided
Capital
Members
Profits
Dec. 23, 1936 Dec. 16, 1936 Dec. 24,1935
Average
5
5
Bank of N. Y. A Tr. Co.
6,000,000
11,191,300
25,431,700
Irving Trust Co.
Continental Bk. A Tr.Co
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
Chase National Bank...
/100,270,000
3,911,600
/121.233.300
500,000
25,000,000
10,000,000
5,000,000
69.954,500
2,702,200
8,494,300
Bank of Manhattan Co..
National 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
Fifth Avenue Bank
Bankers Trust Co
Title Guar. A Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Public N. B. A Tr. Co..
•
12,898,000
31,092,000
178,920,000
836,531,800 10,169,351,000
607,512,000
*53,577,400
52,738,100
178,070,700
35,132,900
64.217,600
16,866,400
90,750,600
59,220,600
3,440,600
12.500,000
7,000,000
5,775,000
Com'l Nat. Bk. A Tr.Co.
Totals
144,433,000
406,293,000
al,440,630,000
494,415,000
61,533,025,000
486,332,000
742,562,000
252,587,000
508,467,000
513,545,000
66,151,000
c2,058,134,000
48,042,000
d883.435.000
16,659,000
86,936,000
320,672,000
82,171,000
84,862,000
23,129.200
7,873,900
8,595,100
522,480,000
29,039,000
35,505,000
91,132,000
46,352,000
22,949,000
3,500,000
355,000
1,332,000
51,499,000
28,YiT,66o
578,000
3,076,000
23,304,000
1,431,000
46,339,000
As per
official reports:
National June SO, 1936; State, Sept. 30. 1936; trust
companies, Sept. 30, 1936.
e As of Aug. 1, 1936.
/As of Sept. 30, 1936.
Includes deposits in foreign branches as follows: (a) <245,933,000; (6)
592,839,000;
$
5
A9&6&—
Gold certificates on hand and due from
3,400,897,000 3,471,784,000 3,175,704,000
1,435,000
1,680,000
1,920,000
55,903,000
62,478,000
45,911,000
United States Treasury x
Redemption fund—F. R. notes
t
Other cash
3,458,235,000 3,535,942,000 3,223,535,000
Total reserves
Bills discounted:
Secured
by
direct and
U. S. Govt, obligations,
(or) fully guaranteed..,
-
Bills bought in open market..
Industrial advanoes
United States government securities:
Bonds
Treasury
notes
Treasury
bills
.,
Total U. S. Government securities
3,261,000
1,173,000
2,323,000
4,592,000
4,434,000
4,739,000
1,100,000
6.282,000
7,754,000
129,985,000
357,682,000
157,576,000
129,985,000
357,682,000
157,576,000
55,842,000
498,307,000
645,243,000
645,243,000
741,817,000
656,986,000
Total bills discounted
3,387,000
1,205,000
1,100,000
6,051,000
Other bills discounted
657,059,000
756,091,000
85,000
5,667,000
185,870,000
84,000
10,011,000
255,210,000
10,866,000
29,707,000
277,000
4,990,000
140,314,000
12,173,000
2,416,000
1,781,000
187,668,000
(C) $118,119,000; (d) 549,876,000.
The New York
are
of
Times"
publishes regularly each week
number of banks and trust companies which
not members of the New York Clearing House.
The
returns
following
are
INSTITUTIONS
NOT
IN
CLEARING
NATIONAL
AND
WEEK
STATE
and
Including
Investments Bank
Manhattan—
5
Grace National
Notes
855,000
Trade Bank of N. Y.
Brooklyn—
Peoples' National—
4,749,000
TRUST
Disc,
102,800
Federation
Fiduciary
Lawyers
United States
-
18,
OF
Dep.,
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
5
'
5
306,944
112,000
755,000
488,000
5,592,000
Res.
and
F. R. notes in actual circulation
Deposits—Member bank reserve aco't.
Foreign bank
Other deposits
....
Dep.,
Dep. Other
Y. and
Banks and
Gross
Deferred availability items
Trust Cos.
62,713,900
9,469,465
11,986,678
21,055,900
29,882,000
66,851,676
5
5
♦8,745,200
227,971
♦1,093,631
♦5,015,400
*9,111,000
17,867,204
169,621,000
50,435,000
50,825,000
7,744,000
8,849,000
9,474,000
245,766,000
50,271,000
60,825,000
7,744,000
8,849,000
9,177,000
130,087,000
51,001,000
49,964,000
7,250,000
7,500,000
10,958,000
Deposits
5
——
N.
All other liabilities
4,348,132,000 4,498,879,000 4,165,273,000
Total liabilities.
5
924,419,000
899,426,000
814,388,000
2,891,216,000 3,023,932,000 2,552,621,000
115,237,000
77,196,000
351,694,000
24,587,000
22,723,000
12,677,000
95,725,000
102,970,000
177,133,000
3,126,765,000 3,226,821,000 3,094,125,000
Total deposits..
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies....
Elsewhere
Cash
27,893,000
4,348,132,000 4,498,879,000 4,165,273,000
...
U. S. Treasurer—General account...
29,838,700
29,605,000
6,994,508
'
30,423i000
Liabilities—
2,916,000
368,425
2,267,100
10,866,000
All other assets
Total assets
FIGURES
5
—..
1936
Y. and
Elsewhere
Federal Reserve notes of other banks...
Bank premises
CLOSING
5,801,900
7,700,000
2,636,624
Invest.
Empire
THE
COMPANIES—AVERAGE FIGURES
Loans,
Manhattan—
Res.
N.
5
25,481,600
21,352,000
4,669,322
Sterling National...
WITH
FRIDAY, DEC.
BANKS—AVERAGE
Other Cash,
Loans,
Disc,
HOUSE
ENDED
Due from foreign banks
Uncollected items
the figures for the week ended Dec. 18:
BUSINESS FOR THE
Fulton
Total bills and securities
a
$
11,065,000
1,497,478
1,837,179
2,949,000
520,200
429" 600
2,340,412
3,664,600
16,721,453
76,101,600
11,571,243
12,743,394
22,441,900
40,871,900
71,793,616
to deposit and
F. R. note liabilities combined
Commitments to make industrial ad¬
Ratio of total
reserves
vances
f "Other cash" does not
85.4%
85.7%
82.5%
8,665,000
8,893,000
9,997,000
Include Federal Reserve notes
or a
bank's
own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
♦
86,221,000
35,370,396
4,059,000
2,447,444
40,056,000
10,024,453
127,000 121,838,000
Includes amount with Federal Reserve as follows: Empire,
ciary, 5766,764; Fulton, 54,764,500; Lawyers, 58,318,900.
42,647,421
$7,191,700; Fidu¬
Px These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to 59.06 oents, 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.
Financial
4106
Dec- 26> 1936
Chronicle
the Federal Reserve System
Thursday afternoon, Dee. 24
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
Weekly Return of the Board of Governors of
The
returns
following
was
issued by the Board of Governors of the Federal Reserve System on
for the latest week appear in our department of "Current Events
COMBINED RESOURCES AND
Three ciphers (000)
and Discussions.**
CLOSE OF BUSINESS DEC. 23. 1936
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
Dec.
omitted
23,
Dec.
1936
1936
8,851,876
12,741
199,574
Redemption fund (Federal Reserve notes)
Other cash *
9,
232,753
Dec.
2,
Nov. 25,
Nov.
18.
11,407
9,098,510
9,068,774
9.068,785
9,027,703
9,002,282
7,029
1,853
5,856
1,828
3,994
2,005
4,351
1,987
4,211
1935
1
S
8.635.831
12,273
7,553,849
243,801
8,650.837
11,354
249,355
265,825
219,896
8,981,991
8,911,546
8,913,929
7,791,308
4,142
2,935
3,421
3,782
2,686
3,373
247,458
8,768,838
11,407
246.357
24,
Dec.
28,
1936
S
$
8,726,337
8,811,021
Oct.
4,
1936
8,730,839
12,585
258,858
8,809,324
11,986
247,464
9,064,191
Total reserves
Nov.
10,
1936
S
8
$
Nov.
1936
1936
1936
S
8,853,624
12,133
t
Dec.
1936
S
S
ASSETS
Gold ctfs. on hand and due from U. S. Treas.x
16,
1
.
11,853
3,345
1,900
17,563
Bills discounted:
Secured
by U.
S.
direct and (or)
Government obligations,
'
fully guaranteed
•
Other bills discounted
1.854
4,128
2,738
*
8,882
7,684
5,999
6,338
6,065
5,245
6,866
7,077
6,107
7,155
3,088
3,089
25,313
3,088
25,493
3,087
25,696
3,086
3,086
26,037
8,086
26,281
3,087
26,474
3,087
26,299
32,600
408,326
1,417,283
604,618
381,326
1,449,163
599,738
1,449,163
379,960
1,443,363
606,904
379,960
1,443,363
606,904
216,172
1,641,597
599,738
379,960
1,443,363
606,904
378,077
1,443,363
593,488
489,576
1,347,163
593,488
608,787
572,958
2,430,227
2,430.227
2.430,227
2,430,227
2,430,227
2,430,227
2.430,227
2.430.227
2,430,227
2,430,727
Total bills discounted
Bills bought in open market
24,999
Industrial advances.
489,576
United States Government securities—Bonds.-
1,347,163
Treasury notes—
Treasury bills
Total U. S. Government securities
25,980
381,326
,
'
/
4,657
181
Foreign loans on gold
2,464,807
2,465,348
2,465,358
2,464,595
2,466,460
2,465,720
2,466.865
2,475,320
2,467,196
2,466,313
"""221
""220
""220
""22I
""221
"""22I
"""220
"""220
""220
""665
23,834
747,244
48,082
40,147
26,646
895,842
48,082
39,468
26,074
582.369
48,078
46,200
23,823
651,945
48,066
43,285
25,464
615,194
48,066
26,926
718,925
48,066
602,470
41,725
24,852
556,847
48,067
40,255
24,720
573,806
48.062
42,673
23,289
573,938
48,067
40,988
39.116
38,732
12,390,915
12,575,081
12,236,522
12,301,473
12,224,679
12.302,740
12,134,953
12,048,652
12.065,573
10,980,900
4,350,488
6,507,490
4,268,972
4,232,669
4,202,799
4.169,201
4,134,270
4,142,981
4,134,747
4,086,242
3,768,480
6,693.359
94,549
46,778
153,316
6.732.003
99,903
65,479
154,170
7,051,655
Total bills and securities
Gold held abroad.
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
LIABILITIES
Federal Reserve notes in actual circulation
22,010
50,395
5,429,284
614,255
165,803
United States Treasurer—General account.
74,383
181,428
_
Foreign banks
65,198
163,415
152,320
53,955
152,525
143,893
7,073,565
250,560
Deposits—Member banks' reserve account
6,824,565
54,589
48,804
142,440
7,052,683
7.096,589
7,080,209
7,097,732
7,070,398
6.988,002
879,317
130,390
145,501
27,088
34,246
16,002
578,938
130,283
145,501
623,656
130,247
145,501
720,127
130,224
27,088
34,290
27,088
14,487
13,503
570,910
130,219
145,501
27.088
34,291
13,565
575,644
130,232
145,501
27,088
34,237
35,111
650,064
130,275
145,501
27.088
34,251
14,906
13,201
13,302
17,970
12.224,679
12,302.740
12.134.953
12,048,652
12,065,573
10,980,900
6.674,157
172,826
6,730,989
6,775,236
6,794,650
6,850,652
93,081
79,079
50,485
60,779
109,628
59,405
52,702
Other deposits
6,309,629
7,013,861
*.
Total deposits
672,619
130,624
145,501
27,088
34,248
16,486
Deferred availability items.
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
—
Reserve for contingencies
All other liabilities
—
27,088
34,249
32,850
233,240
145.501
34,295
677,408
*■
555,054
130,241
145,501
27.088
130,469
34,236
30,698
144,893
23,707
12,390,915
12,575,081
12,236.522
79.8%
Total liabilities
12,301,473
80.2%
80.4%
80.3%
80.3%
80.1%
80.1%
80.1%
80.0%
77.3%
22,040
22,138
t 22,436
22,574
22,790
27,745
5,130
4,592
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
21,064
21,371
21,491
21,544
7,757
6,297
4,568
5,082
4,832
4,054
5,250
4,262
189
230
495
272
542
479
511
565
564
246
268
311
504
386
860
788
594
94
81-60 days bills discounted
176
421
564
148
145
144
317
319
525
61-90 days bills discounted
209
Over 90 days bills discounted
339
347
520
528
43
9
156
155
162
1,041
1,221
8,882
7,684
5,999
6,338
6,065
5,245
6,866
7,077
6,107
7,155
1,615
1,944
1,950
134
163
220
141
83
31
584
545
1,895
99
158
204
264
154
656
174
285
1,609
Commitments to make Industrial advances—
Maturity Distribution of Bills and
Short- erm Securities—
1-15 daystbills discounted
16-30 days bills discounted
-
Total bills discounted
M
i
1-15 days bills bought in open market
16-30 days bills bought in open market
J
513
207
302
31-60 days bills bought in open market
...
61-90 days bills bought in open market.......
Over 90 days bills bought in open market.....
412
326
158
587
204
116
227
548
235
435
471
2,620
2,592
2,514
2,566
2,617
2,090
bills bought in open market.........
3,088
3,089
3,088
3,087
3,086
3,086
3,086
3,087
3,087
4,657
1,212
938
928
1,022
1,017
991
852
1,035
1,092
1,529
Tota
1-15 days industrial advances....
339
16-30 days industrial advances
270
647
647
407
334
348
433
457
301
565
468
522
668
819
780
880
677
608
653
31-60 days industrial advances
853
805
962
713
797
721
949
984
927
61-90 days industrial advances
734
22,218
22,407
22,591
22,637
23,097
23,121
23,395
23,356
23,314
29,152
32,600
29,675
Over 90 days Industrial advances
25,313
24,999
Tota lindustrial advances
1-15 days U. 8. Government securities
31-60 days U. 8. Government securities
...
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
.....
25,696
25,980
26,037
26,281
26.474
49,968
139,372
34,319
37,521
42,362
184,628
28,951
120,384
2,150,548
2,136,765
2,189,300
2,430,227
2,430,227
2,430,727
2,282,662
99,674
16,011
43,749
137,175
2,133,618
121,372
29,281
26,739
151,028
2,101,807
44,586
135,042
28,951
148,587
2,073,061
2,065,069
42,362
44,586
156,053
43,749
2,143,477
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
12,940
51,985
61,374
29,281
3,240
50,855
64,189
2,292,917
...
18-30 days U. 8. Government securities
25,493
26,299
2,430,227
11,011
32,521
143,297
49,968
168,653
26,739
27,750
63,618
1-15 days other securities
16-30 days other securities
31-60 days other securities.
61-90 days other securities
181
Over 90 days other securities
181
Total
other securities...
Federal Reserve Notes—
Collateral Held by Agent as
Notes Issued to Bant—
United States Government securities
Total collateral
"Other cash" does not Include
These are certificates given by
be
4,472,196
303,995
4,466,513
4,443,261
332,243
300,280
4,397,757
263,010
4,388,746
302,504
4,062,539
294,059
4,268,972
4,232,669
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4,086,242
3,768,480
4,616,838
4,535,838
4,492,338
4,290
4,464,838
4,695
4,437,838
4,395
4.437,838
3,534
4,395,838
5,147
4,369,838
5,289
90,000
88,000
85,000
84,000
93,000
93,000
4,365,838
4,361
93,000
3,976,843
6,143
95,000
4,636,981
4,586,628
4,557,533
4,530,233
4,525,372
4,493,985
4,468.127
4,463,199
4,109,542
Federal Reserve notes,
provisions of the Gold Reserve Act of
1934.
5,199
127,500
t Revised figure.
the United States Treasury for the
31, 1934, these certificates being
4,497,999
295,200
4,719,235
Gold ctfs. on hand and due from U. 8. Treas..
oents on Jan.
4,538,157
305,488
Security for
By eligible paper
*
4,576,604
307,632
7,397
95,000
In actual circulation
4,646,501
296,013
4,350,488
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
worth less to the extent of the difference, the difference Itself having
59.0(1
been appropriated as profits by the Treasury under
Volume
143
Financial
Chronicle
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OP
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
Gold
%
%
%
S
certificates
hand
on
from United States
and
4107
of the Federal Reserve
System
Cleveland Richmond
*
Atlanta
Chicago
%
S
%
due
Treasury
8,851,876
12,741
Res. notes..
Total reserves
...
Bills discounted:
8ecured by U. S. Govt,
obligations,
direct and (or) fully guaranteed..
500,509
194
978
199,574
Redemption fund—Fed.
Other cash *
553,720 3,400,897
1,449
1,435
15,223
55,903
19.852
13,487
9,064,191
570,392 3,458,235
520,555
679,214
30
......
46
22
254
309,970
Louis Minneap. Kan.
%
98
46
664,749
St.
$
.....
San Fran.
%
t
1,570
915
666
198
11,905
12,529
5,615
10,991
5,962
629,301
1,480
16,705
322,215
257,440 1,696,481
277,773
187,209
267,056
180,135
647,486
10
1
33
58
45
12
340
}
1,035
37
3,387
1,205
493
8,882
Bills bought In open market
Industrial advances
Dallas
263,674
1,072
4,592
539
76
22
352
68
225
1,100
317
294
121
108
385
180,679
46
3,088
Total bills discounted
City
%
244,679 1,674,324
857
2,659
10,102
21,300
7,029
1,853
Other bills discounted
(Concluded)
BUSINESS DEC. 23. 193*
86
255,399
173,975
1,902
40
75
18
35
45
75
1,920
75
60
87
87
218
24,999
Bonds
...
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other
banks....._
Uncollected Items
Bank premises
2,888
6,051
4,748
1,214
2,684
485
1,435
459
1,071
'795
1,346
1,823
489,576
1,347,163
593,488
35,091
42,101
115,851
51,038
49,512
57,199
23,329
157,395
69,339
64,198
60,019
54.983
24,223
18,272
50,283
25,355
136,238
25,285
69,574
30,651
19.982
42,539
129,985
357,682
157,576
43,192
118,847
28,282
32,152
30,735
20,273
55,787
24,577
2.430,227
174,190
645,243
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,396
2,467,196
U. S. Government securities:
178,375
656,986
214,594
247,353
128,337
100,133
285,821
116,400
91,883
126,812
103.990
216,512
221
17
85
21
20
10
8
26
4
3
6
6
15
23,834
747,244
321
5,667
185,870
1,937
27,375
3,609
1,533
883
2,193
609
109,298
35,020
39,144
2,284
4,835
2,453
19,640
1,534
27,822
1,526
3.345
48,014
3,580
1,404
563
218
288
96,560
69,765
52,357
57,598
2,919
1,697
1,212
286
378
414
824,261 4,348,132
804,552 1,001,294
513,924
390,581 2,100,633
433,401
301,440
438,865
314,466
919,366
366,729
924,419
319,800
432,230
212,914
195,497
975,943
187,290
138,012
163,107
95,372
339,175
6,507,490
250,560
74,383
349,910 2,891,216
9,125
115,237
5,803
24,587
2,184
95,725
376,269
427,335
216,321
222,586
167,026
463,125
10,761
935,744
39,072
110,276
27,822
149,446
2,112
189,236
14,157
5,680
8,000
7,214
2,745
9,097
1,882
2,274
2,274
12,836
3,450
4,835
3,647
2,353
10,092
7,293
2,329
5,196
1,847
7,664
4,447
214
3,259
4,855
5,411
40,892
7,013,861
Total resources
1,633
65,140
6,525
181,428
All other resources
1,345
60,751
4,350,488
...
759
367,022 3,126,765
400,048
475,207
235,367
159,499
985,760
202,900
135,697
230,754
180,559
514,283
66,439
169,62?
62,097
50,711
32,956
18,258
35,183
27,450
50,435
50,825
12,662
42,056
4,716
22,137
4,271
94,528
9,381
9,902
51,183
12,211
12,282
3,777
2,943
3,960
3,826
13,406
10,160
14,371
21,350
4,655
3,149
3,613
3,783
4,231
9,645
1,007
754
1,391
546
1,003
1,513
7,744
8,849
5,186
3,448
5,616
2,874
1,142
1,252
3,000
3,110
1,315
2,557
7,573
898
9,474
673
1,408
848
401
610
1,328
1,696
1,849
267
250
1,806
379
970
258
896
502
804,552 1,001,294
513,924
390,581 2,100,633
433,401
301,440
438,865
314,466
919,366
1,125
72
333
489
4,096
12,390,915
LIABILITIES
71,572
48,082
40,147
F. R. notes In actual circulation
.
3,113
10,866
5,079
471
30,423
2,793
3,368
Deposits:
Member bank
reserve account
U. S. Treasurer—General account.
Foreign bank
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other
liabilities..............
Total liabilities
Commitments
to
12,390,915
make
824,261 4,348,132
'
V
Industrial
advances
*
672,619
130,624
145,501
27,088
34,248
16,486
21,064
"Other cash" does not Include Federal
2,093
252
8,665
1,280
2,334
FEDERAL RESERVE NOTE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Federal Reserve notes:
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral held by Agent as
security
for notes Issued to banks:
Gold certificates on hand and due
from United States
Treasury....
Eligible
paper
F........
U. S. Government securities
Total collateral
294
31
Reserve notes.
Total
Boston
New York
Phila.
%
$
$
$
STATEMENT
Cleveland Richmond
$
Atlanta
Chicago
%
%
$
St.
Louis Minneap. Kan. City
$
%
Dallas
S
I
San Fran,
S
4,646,501
296,013
387,544 1,017,414
20,815
92,995
332,358
12,558
456,004
225,454
12,540
217,030 1,009,495
21,533
33,552
196,878
9,588
142,460
381,101
4,448
174,377
11,270
106,386
23,774
11,014
41,926
4,350,488
366,729
924,419
319,800
432,230
212,914
195,497
975,943
187,290
138,012
163,107
95,372
339,175
4,616,838
406,000 1,025,706
1,035
3,508
332,000
457,000
226,000
176,000 1,030,000
171,632
492
30
105,500
1,906
389,000
107,406
389,040
7,397
95,000
4.719,235
128,000
170,000
30,000
295
15.000
5,000
201,634
143,033
175,046
10
2
45,000
407,035 1,029,214
332,492
457,030
226,000
221,295 1,030,010
46
40
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 principa
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 banns in 101 leading cities, as it did prior to the
banking holiday in 1933, instead of 91 cities, and has
so as to show additional items.
The amount of "Loans to banks" was Included heretofore
partly In "Loans on securities—to others" and partly
In "Other loans." The Item "Demand
deposits—adjusted" represents the total amount of demand
also been revised further
deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, <fec., minus the amount of cash Items
reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been
changed In two respects In accordance with provisions of the Banking Act of 1935:
First, It Includes United States Government
deposits, against which reserves must now be carried, while previously these
deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to
banks, as was required under the old law.
These changes make the figures of "Net demand
deposits" not
comparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a relatively small
amount of time deposits of other
banks,
which are now Included in "Inter-bank
deposits."
The Item "Due to banks" shown heretofore Included only demand balances of
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
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise
specified, less cash Items reported as on hand or in process
of
collection which have been deducted from demand
deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN 101 LEADING CITIES, BY
DISTRICTS, ON DEC. 16, 1936 (In Millions of Dollars)
Federal Reserve District—
Toted
Boston
New York
Phila.
ASSETS
I
%
$
S
S
1,204
9,677
1,185
1,891
Loans and investments—total
22,875
Cleveland Richmond
Atlanta
Chicago
St.
Louis Minneap. Kan. dig
Dallas
San Fran.
%
659
$
602
3,117
4
1
4
6
46
3
16
52
200
691
411
699
523
2,216
Loans to brokers and dealers:
In New York
City
14
990
9
1
34
78
18
12
2,048
149
858
145
223
1,023
Outside New York City
on securities to others
Loans
228
,
(except
banks)
70
73
30
341
48
47
150
23
5
10
6
33
10
10
24
1,153
87
2
241
62
20
180
26
26
72
44
6
57
18
3
28
2
23
368
3
1
Other loans
10
7
4,219
308
1,684
185
216
"118
U. S. Government direct obligations..
175
555
145
"123
147
9,310
391
3,901
344
"157
406
920
295
213
1,637
233
181
268
202
725
Acceptances and com'l
Loans
on
paper
bought
real estate
Loans to banks
43
2
158
1
Obligations fully guar, by U. 8. Govt.
1,239
18
495
93
55
56
38
166
Other securities
64
12
48
3,257
152
40
1,252
154
304
276
80
85
394
109
47
141
53
364
5,307
258
263
345
134
121
66
Reserve with Federal Reserve Bank.
Cash in vault
2,700
86
800
149
103
282
429
127
79
20
40
19
11
Balance with domestic banks
73
13
5
12
2,498
139
217
10
183
20
240
171
139
449
Other assets—net..
136
97
283
1,352
86
553
188
256
88
110
40
42
108
24
18
24
29
230
15,625
5,031
1,011
7,042
820
1,130
432
340
2,349
415
278
494
277
382
932
1,008
267
702
194
178
831
179
121
146
700
121
11
233
72
62
31
1,007
39
111
13
3
17
41
67
6.190
239
2,564
325
374
242
226
866
281
132
416
450
9
224
413
4
301
1
1
1
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
6
1
2
1
904
30
378
""24
17
"33
"""36
"~5
3,558
235
6
1,587
227
~~358
340
90
354
57
79
325
3
14
1936
26,
Dec.
4108
Stock and Bond Sales—New York Stock Exchange
YEARLY
DAILY, WEEKLY AND
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are
account is taken
the New
United States Government Securities on
York Stock Exchange
• Below
furnish
we
a
Transactions at the New York Stock Exchange,
Daily, Weekly and Yearly
daily record of the transactions in
and Federal Farm Mortgage
Treasury, Home Owners' Loan
Corporation bonds on the New York Stock Exchange during
the current
of
week:
32ds
Quotations after decimal point represent one or more
a point.
Prices
Daily Record of U. S. Bond
Dec. 25,
1936
Monday
121.11
121.15
121.12
121.11
121.8
121.10
121.10
121.8
121.10
Close
121.15
121.8
93
4
23
7
1
[High
109.25
109.24
109.22
109.20
109.18
Low-
109.21
109.22
109.20
109.19
109.18
109.23
109.24
109.20
109.20
56
37
115
5
[High
Low.
115.22
115.22
115.21
115.20
115.17
115.19
115.21
115.20
115.18
115.17
Close
115.22
115.21
115.20
115.18
U5.17
$1,000 units...
36
10
30
5
~
.—. .
_
114.8
376,428,547
$3,916,000
$5,858,000
9,011,000
49,429,000
5,842,000
45,794,000
$314,563,000
348,400,000
2,845,624,000
2,260,401,000
$62,356,000
$57,494,000
$3,508,587,000
$3,306,429,000
Railroad and industrial
......
Total
110.22
110.20
110.16
lio'io
110.19
110.18
110.12
110.10
110.20
110.22
110.19
110.12
110.10
25
190
10
1
11
*
106
106
106
105.30
105.29
105.29
105.29
105.28
105.29
105.29
105.30
105.30
18
5
10
8
4
107.22
and
Stock
105.30
105.29
Unofficial.
105.30
Low.
Close
$1,000 units..
Below
are
the
Bond Averages
daily closing averages
stocks and bonds listed on the New
107.23
107.21
107.21
107.20
107.18
107.19
....
107.22
107.20
107.18
107.20
$1,000 units.—
25
117
183
100
(High
Low.
107.26
107.24
107.24
107.22
107.24
107.23
107.22
107.22
Close
107.24
107.24
107.24
of representative
York Stock Exchange
....
107.21
Close
107.22
(High
Low
3s, 1946-48
3%s, 1940-43
Total sales in
(High
Low.
Total sales in
as
10
10
Total
90
3
25
30
20
20
Total
10
First
Second
10
108.26
108.23
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
108.25
108.24
108.24
108.21
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
108.26
108.26
108.21
108.25
71
5
108.18
108". 18
108.19
Low.
108.18
108.18
108.17
108.18
....
7
108.19
108.18
108.18
o
Date
108.19
Close
105.35
Dec. 24.
1
4
85
14
....
(High
Low.
107.28
107.30
107.28
107.30
....
107.28
107.27
107.28
107.30
107.27
107.28
6
55
5
108.26
108.22
108.23
108.20
108.23
108.20
108.23
94.09
106.28
•113.31
93.84
106.31
105.23
107.39
113.33
93.51
106.33
105.14
Dec. 21.1
175.85
51.96
33.83
62.44
107.33
113.31
93.65
106.33
105.15
177.61
52.70
34.44
63.21
107.54
113.26
94.16
106.45
105.35
108.18
108.24
113.44
107.46
62.82
108.18
108.24
107.59
63.21
34.32
107.30
5
63.45
34.55
51.68
....
107.28
$1,000 units...
34.65
52.01
177.30
Dec. 19.
108.19
$1,000 units...
52.58
178.36
Dec. 22.
HOLI¬
178.60
Dec. 23.
51
....
Close
Total sales in
Bonds
Stocks
108.26
7
•
(Close
$1,000 units...
(High
8^8. 1946-49
compiled by Dow, Jones & Co.:
108.25
$1,000 units...
SHb, 1941-43
108.18
3Hs, 1949-52
Total sales in
(High
Low.
8Mb, 1941
.......
Close
DAY
_
United States Treasury
Rates
59
103
1
2
(High
Total sales in $1,000
109.23
109.21
109.21
109.21
109.19
109.19
quoted
Low-
109.19
109.21
109.20
109.19
51
7
92
2
17
(High
103.22
103.22
103.23
103.26
103.27
Jan.
|LOW.
103.19
103.20
103.20
103.21
103.24
Jan.
13 1937.
103.21
103.22
103.23
103.26
103.27
Jan.
20 1937.
Jan.
27 1937.
rob.
3 1937.
(Close
70
$1,000 units...
(High
] Low.
(Close
2^8, 1945-47
Total 8ales in
16
181
15
52
106.4
106.8
106.4
106.1
106.3
106.1
106.4
106.4
Feb.
10 1937.
106.1
106.3
106.3
106.8
106.4
Feb.
17 1937.
Feb.
24 1937.
•
3
*
«•
•»
—
5
82
36
103.25
103.25
103.29
103.30
Mar.
103.25
5
103.24
103.28
103.30
Mar. 10 1937.
3 1937.
m
103.25
103.25
103.29
103.30
Mar. 16 1937.
units...
J.
5
31
189
2
Mar. 17 1937.
(High
Low.
102.20
102.22
102.19
102.20
102.25
Mar. 24 1937.
102.19
102.19
102.18
102.18
102.25
Mar. 31 1937.
Close
102.19
102.22
102.18
102.20
102.25
$1,000 units...
70
14
138
10
1
2^8,1951-54
■
m
m ^
(High
102.5
102.5
102.9
Low.
102.4
102.3
102.2
102.3
102.7
102.4
102.4
102.4
102.9
102.10
7 1937.
Apr.
102.11
Close
2^8. 1956-1959
102.4
Apr.
14 1937.
Apr. 21 1937.
Apr. 28 1937.
5 1937.
May
$1,000 units...
15
2
29
7
Asted
100.27
100.29
100.27
100.30
0.18%
May 19 1937.
May 26 1937.
0.18%
0.18%
June
2 1937.
0.22%
June
9 1937.
0.22%
June 16 1937.
0.22%
June 23 1937.
0.22%
June 30 1937.
0.22%
July
7 1937.
July
14 1937.
0.24%
0.24%
July
21 1937.
0.24%
July
28 1937.
0.24%
4 1937.
0.26%
Aug. 11 1937.
0.26%
Aug. 18 1937.
0.26%
Aug. 25 1937.
0.26%
1937.
0.28%
8 1937.
0.28%
Sept. 15 1937.
Sept. 22 1937.
0.28%
Aug.
Sept.
Sept.
I
0.28%
16
(High
May 12 1937.
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.18%
6 1937.
106.5
(High
| Low.
(Close
Total sales in $1,000
Total sales in
0.16%
0.16%
0.16%
Deo. 30 1936.
106.1
$1,000 units...
2^8,1948-51
Total sales in
Bid
Asked
109.18
units...
2%s, 1955-60
Total sales in
for discount at purchase.
Bid
109.19
Close
Total sales in $1,000
are
109.18
Bills—Thursday, Dec. 24
109.18
109.21
units...
3>£s, 1944-46
100.29
100.27
100.25
100.24
100.26
100.28
Close
100.27
100.25
100.24
100.30
100.29
Total sales in $1,000 units...
20
140
164
109
(High
105.18
105.23
105.24
105.27
....
Low.
105.18
105.23
105.24
105.27
....
Close
105.18
105.23
105.24
105.27
2^8. 1949-1953
(Low.
Federal Farm Mortgage
3^8, 1944-64
38, 1944-49
I Close
Total sales in
1
104.27
105
104.29
104.26
(High
| Low.
104.27
104.26
104.29
104.27
104.28
104.31
28
6
164
1
105.10
105.15
105.14
105.16
Low.
105.10
105.15
105.14
105.16
26
Close
105.10
105.15
105.14
Total sales in $1,000 units...
1
1
15
.
-
_
_
_
1
•
•
Maturity
-
Deo.
15 1941...
15 1939...
1
Deo.
<
1
1
1
June 15 1941...
1
1
1
1
Mar. 15 1939...
Mar. 15 1941...
June
$1,000 units...
3s, series A, 1944-52
.
_
Low.
Home Owners' Loan
Int.
Int.
_
(High
2^ 8, 1942-47
Total sales in
more]^2ds'^of
Figures after decimal point represent one or
point.
105.14
3a, 1942-47.—
Federal Farm Mortgage
a
....
104.29
2
(High
$1,000 units...
Federal Farm Mortgage
Quotations for United States Treasury Certificates'of
Indebtedness, &c.—Thursday, Dec. 24
11
25
1
104.31
Total sales in $1,000 units...
Federal Farm Mortgage
15 1940...
104". 16
104.16
104". 16
104". 18
104.21
Deo.
104.13
104.12
104.12
104.15
104.18
Mar. 15 1940...
104.13
(High
(Low.
(Close
104.16
104.16
104.17
Rate
1H%
IH%
IX %
IX %
IX %
IX %
IX %
IX %
Maturity
Asked
Bid
Rale
Bid
26
16
28
16
102.25
103.6
103.8
102.15
102.17
101.1
101.3
Sept. 15 1938...
100.26
100.28
Feb.
101.8
101.10
June
15 1938
101.8
101.10
Apr.
15 1937...
3%
101.3
101.5
101.7
101.9
Mar. 15 1938...
3%
103.6
103.8
3X%
102.11
102.13
100.20
June
15 1939...
1 1938...
Sept. 15 1937—
103.15
102.21
102.20
102.21
102.19
102.17
102.18
102.20
102.21
102.20
102.21
102.22
4
43
101.24
102.20
(Close
101.9
101.22
102.22
102.18
101.7
3
102.20
15 1940...
Total sales in $1,000 units...
(High
13
Total sales in $1,000 units
Home Owners' Loan
2 Ma,
1942-44
(High
*
mmmm
102.19
102.20
102.17
.....
102.19
5
10
above
.121.5
Treasury 4^s, 1947-1952
4
Treasury 33^s, 1944-1946
2
Treasury 2Xs, 1955 1960
.
FOR
Bid and asked prices; no
102.20
....
1
table includes only sales of
.Transactions in registered bonds were:
Note—The
FOOTNOTES
NEW
YORK
28
102.25
102.17
jLow.
Total sales in $1,000 units...
bonds.
11
102.19
102.17
X Companies reported in
a
Deferred delivery,
n
New stock,
r
Cash sale.
coupon
to
121.8
x
Ex-dividend.
y
Ex-rights,
.109.17 to 109.17
.103.15 to 103.15
Asked]
102.23
2X%
2X%
2X%
2X%
100.18
104.21
2Jis, series B, 1939-49. J Low.
Home Owners' Loan
9
$671,818,000
374,210,000
2
110.20
(High
Total sales in
488,013,736
Bonds
110.20
$1,000 units...
Total sales in
9,192,023
State and foreign
Close
Total sales in
1935
8,118,778
Government
(High
Low.
3s. 1951-55
Jan. 1 to Dec. 25
1936
1935
114.7
IJ
$1,000 units..
3^8, 1943-47
$62,356,000
......
114.7
114.8
Close
Total sales in
$3,916,000
HOLI DAY
1936
Stocks—No. of shares.
10
114.7
114.9
....
(High
Low.
3^8, 1946-56
$9,011,000
Week Ended Dec. 25
Exchange
26
Total sales in
1,751,000
841,000
237,000
1,830,000
Stock
York
New
109.18
$1,000 units...
4s, 1944-54
12,459,000
13,359,000
13,703,000
12,435,000
504,000
2,521,000
1,779,000
$49,429,000
8,118,778
Sales at
Close
Total sales in
Sales
121.6
$1,000 units...
3^s, 1943-45
Bond
*$583,000 *$10,400,000
*$1,292,000
1,589,000
*$8,525,000
10,366,000
9,778,000
10,341,000
10,419,000
Total
States
Bonds
121.6
121.8
United
State,
Miscell. Municipal &
For'n Bonds
Bonds
HOLI DAY
Total..'.
121.6
Low.
4^8, 1947-52
Thursday
Friday
High
Treasury
and
*1,214,520
1,761,846
1,667,250
1,867,782
1,607,380
Saturday
Tuesday
Dec. 21 Dec. 22 Dec. 23 Dec. 24 Dec. 25
19
Dec.
Railroad
Stocks.
Number of
Shares
Week Ended
Wednesday
Total sales in
No
disregarded in the day's range, unless they are the only transactions of thelday.
of such sales In computing the range for the year.
sales on this day.
receivership,
STOCK
PAGES
103.17
Abbott,
Proctor
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
Volume
Boston
•
Montreal
•
New York Stock
143
LOW AND
Buffalo
•
HIGH
SALE PRICES—PER
Toronto
•
Cleveland
•
Indianapolis
•
Record—Continued—Page
Sales
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Dec. 19
Friday
Dec. 21
Dec. 22
Dec. 23
Dec. 24
Dec. 25
$ per share
$ per share
*60
75
$ per share
*60
75
$ per share
$ per share
$ per share
75
65
14%
*25%
34
65
14%
65
65
14%
14%
14%
25%
26
3434
78s4
4%
26%
34%
3%
78%
4%
14%
*2534
34%
26%
34
3%
♦60
3
*34
3%
3%
3%
76%
78%
4
4
76%
4%
77%
4%
75
*60
65
64
64
14%
24%
35%
3%
14%
24%
3434
3%
14%
26
14%
24%
35%
3%
35%
*3%
75%
76
600
16,900
105
1414
*172
♦68
14%
180
4%
46%
48%
48%
43%
37%
105
14%
*68
14%
4%
46%
48
7,400
50
1,200
50
900
46
44
46%
44
44%
42
44
*37%
37%
37%
38
45%
15
226%
31
3184
31
31%
17
17%
86%
17
84%
18
17
17%
85
85
71%
2934
71
72%
2934
5%
36%
2834
29»4
4%
5%
35%
100%
83
35%
98% 100
83
39
31%
6,300
17%
17,300
17
30%
29%
75%
29%
484
5%
4%
5
5
5
*34%
36%
100%
35%
102%
*31%
84%
102%
84%
5,300
85%
38%
38%
40
6,100
65%
67%
65%
35%
100
83
83%
37%
37%
65%
65%
65
65
67
31%
74%
83
140
228"
2984
36%
67
67%
*139
*65
68
66
67%
140
*139
68
140
a84
84
74
101
139
119
118
101% 101%
*30% 35%
118
*115
99% 101
2634
*30%
14%
2634
26%
27
*9784
*30%
14%
26%
26%
99
*97
99
*97
6%
12%
*12%
15
15
26%
2634
28
99
6%
12%
*156
7
6%
12%
300
7%
56%
*12%
*156
35%
15%
2734
300
7
6%
*156
27
*2634
27
99
*97
98«4
7%
12%
300
14%
27
6%
12%
*156
21%
1934
56%
21%
56
20
45
45
45
44%
1834
6%
19
38
4834
2%
17%
13%
43
118
18%
6%
57%
55
18%
49%
2%
17%
14%
4434
6%
6%
*37%
40%
48
49
2%
17%
13%
13%
43
44%
234
17%
119
22%
11%
49%
♦118
*113% 118
2234
22% 22%
12%
12%
11%
4934
49% 5084
126
*66%
68
*118
66%
126
18
18%
6%
3784
6%
3784
49%
2%
17%
13%
49%
2%
17%
13%
42% 44
117% 117%
22% 22%
11%
12%
50
51%
*118
66%
66%
11%
80%
67%
12
11%
11%
11%
80
81
78%
78%
67
68
67
66%
24
2434
2334 24%
24%
♦160% 182
*160% 182
*160%
33% 34%
33% 34%
3384
32
33% 33%
33% 33%
23
23%
2234 2334
22%
40
41
41%
40% 40%
91
92%
91%
90%
92%
148% 148% *146% 148% 146%
*106% 107
106% 106% *106%
66
66
6584
6584
*64%
*143%
*143%
*143%
56"
57%
55%
54%
55%
111% 111% 110%
*111% 114
25% 25%
25% 25%
25%
53
54
5384
53%
53%
136% 136% *13634 137% 137%
23% 23%
23% 23%
23%
184%
95
180
93%
95%
181
183%
7
7%
122
66%
1134
81%
68%
19%
1734
*30%
15%
26%
26%
*97
7%
12%
7%
56%
20%
44%
2,300
200
900
100
69
1,700
10
15,800
7%
12
12
800
Stock
5,300
100
500
55%
19%
*44
7%
56%
20%
47
5,600
1,800
10
6,300
500
8,900
120
122
118
*66
68
*66
82
1134
8284
80%
68%
6984
118
68
68%
11%
11%
11%
80%
300
2,700
50,400
3,400
44%
43%
45
93%
45%
9484
43%
95
94
95%
18,700
*146
148%
300
*106% 107
107
107
6484
65
6484
65
*143%
*143%
58
5584
57
58%
all0% 110%
III84 III84
25%
25
25%
25
53%
53%
53
5314
*136
13934
13934 13934
24
24%
24%
24%
183% 185%
185% 186%
94
94%
9334
9484
96
96%
9584
96%
*146% 147
14584 146%
300
16%
I684
16%
17
4,530
500
150
25%
9%
64%
1%
7%
6%
25%
103
9%
65%
1%
7%
6%
45
*81
19%
107
*31%
*5
25%
24%
103
101
45%
51%
9%
65%
1%
7%
1%
1%
1%
7%
7%
634
7%
7
9%
64
34
5%
10%
25%
101
25%
101
24%
*100
25%
103
9%
64%
1%
1%
7%
7%
7%
7%
7%
7%
7%
7%
7%
34,100
48"
"""566
53%
95,300
*83
10%
65
45%
45
45"
53%
52%
54%
46%
53%
46%
5434
86
86
86
19
18%
1834
107
32%
5%
42%
*105% 107%
34
34
5%
42%
*5
36
*45
53%
87
8684
I884
18%
18%
107% 10734 *107
10734
36
33
35%
35%
18%
5%
*5
*5
5%
5%
41S4
42
41%
42%
4234
119% *119
119% *119
119%
♦107% 108% ♦107% 108% *107% 108% *107% 108% *107% 108
7
6%
7
7
6%
7%
6%
684
7
6%
82
82
81
81
82
82
8I84 8I84
82%
82%
*42%
♦119
128
57%
14%
44
119%
128
57%
14%
119
*128
135
58%
14%
For footnotes
41%
119
*119
*125
5884
14%
see page
58%
14%
135
*121
133
*121
133
59
59%
5984
59%
5934
14%
15
15
15
16
600
2,100
100
2,000
200
Jan
70
Am Brake Shoe &
Fdy.No par
5 H7o conv pref
21
Mar
42%
l00
124
American
25
110
110
Jan
149%
168
Can
1.100
40
No par
American Chain
No par
31
100
111
American
Amer
100
conv pref
Chicle
.No par
(Alleg Co)..25
Colortype Co
10
Am Comm'l Alcohol
Corp__20
American Crystal Sugar
10
6% 1st pref
100
Amer Encaustic
Tiling new__l
Amer European Sees
No par
Amer Express Co
100
Amer <fe For'n Power...No
par
Jan
Jan
Apr 28
~
May
Dec 12
162%May 29
30
Apr 30
57% Apr 27
American Car <fc Fdy
Preferred
Amer Hawaiian SS Co
Amer Hide & Leather
6%
6%
10
69
140
Nov 20
Nov 20
Dec 24
Nov
15184
Jan
59% Dec 17
10
Mar
98% Dec 24
25% Mar
78% Dec 15
12034 Dec 15
8
87%May 11
113% Oct 26
66
Feb
30
Mar
27
Jan
Nov 16
7% July 10
20% July
16% Jan 9
34
Jan
3
16% Dec 17
35% Nov 20
32
Apr 8
3% Apr 30
984 Jan 2
2
175
175
Oct
Sept 12
784 Dec 15
Deo
9% Aug
3
Oct
Jan 27
28
Oct
51% Nov 18
No par
2% Sept 24
3% Mar
Jan 14
Mar
8% Apr
5% Jan 14
/29% Apr
1%
Oct
42
Aug
Aug
17
38% Aug
15% Oot
6% Nov
40
Nov
38% Nov
4% Jan
..100
16% Sept 24
No par
9% Apr 30
15% Nov 12
4% Mar
11% Nov
American Locomotive. .No
par
23% Apr 28
66
Apr 28
48%. Dec 17
9
Mar
122% Nov 30
29% Jan 14
32
Mar
2734 Nov
75% Deo
33% Nov
Corp
Preferred
100
Amer Mach & Fdy Co. .No
par
Amer Mach & Metals
No par
Amer Metal Co Ltd..
No par
6%
conv
Corp..No
Amer Power A Light
27
May 9
Apr 28
Apr 30
118
Deo 24
134
July 16
72
par
z35% Jan
3
69
Nov 30
z24
No par
$6
preferred
No par
$5
preferred
..No par
Am Rad & Stand
San'y .No
10
7% Feb 20
43
I884 Apr 30
157
American Rolling Mill.....25
Amer Safety Razor new.18.50
31
American Seating Co.-No par
Amer Shipbuilding Co .No par
7
2334 July
7
Deo 14
18
6% cum
Snuff
Apr 30
25% Jan 2
6684 Jan 7
136% Jan 3
100
Preferred
2d preferred
Jan
100
Smelting A Refg.No
American
Feb 20
36% Feb 20
par
100
Amer
14%
100
preferred
Amer News N Y
21
104
par
25
Jan
9
100
6
7
20% Apr 30
10734 Jan 4
2434 Sept 1
48% Apr 30
100
129
100
Amer Steel Foundries. .No par
Preferred
100
Stores
No par
Sugar Refining
Preferred
57% Mar
133% Jan
15
Feb 13
54% Nov
7
14% July 28
87% Sept 2
74% Sept 3
27% Jan 4
165% Aug
37
Nov
4
9
39«4 Oct 21
2884 Nov 18
46% Dec 23
103
Nov 10
36
6
Jan 29
Mar 13
102% Feb
6
6
20% Mar 21
Tobacco
25
87
Common class B
25
88% Mar 13
104
2
150
Mar 17
8% June 30
18
Jan
36% Nov
% Mar
.
9% Nov
49% Aug
10% Mar
8% Mar
10% Mar
134% Mar
1584 Mar
Jan 11
27»4
Oct 30
41% Aug
25% Deo
Sept
32% Nov
159
Mar
21%
26%
31% Apr
64%
4% Mar
20
Feb
144
Jan
143
12
Mar
88
Feb
113
32% Deo
50% Dec
43
18% Jan
98% Mar
72% Apr
7484 Mar
129% Jan
Jan
Deo
May
76
Feb
Dec
Deo
117% Aug
63
125
124
Deo
June
July
25% Nov
.
Deo
Jan
70% Feb
140% May
27% Nov
160% Nov
104% Nov
Deo 14
35
12%
Feb
32% Deo
130% Nov
101% Dec
145% Nov
3784
Jan
13% Mar
108%May 28
73% Jan 22
145% Dec 7
61% Deo 4
149% Apr 30
6
18% Mar
4% Apr
121
29
23
28
27
Jan
Oct
152% Mar 11
63% Aug
145
Sept
26% Jan
190% Nov
Preferred
100
Am Type Founders mo
10
100
Am Water Wks A Eleo.No par
1st preferred
American
No par
Woolen
No par
Preferred
100
$Am Writing Paper
Preferred
1
No par
Amer Zinc Lead A Smelt
1
136
Jan
20
May
19% Apr
92*4 Jan
7% Sept
5284 Sept
84May
4% Apr
3% July
13
28
3
25
25
19
30
3
Feb
10934 Sept
11% Feb
7034 Feb
2
10
9
Mar
7% Mar
2
1
48
Mar
4% Mar
1
35% Mar
6
% Mar
Jan 10
2% Mar
Feb
107
Nov
141
Nov
38%
2284
94%
1084
6884
2%
Dec
Deo
Nov
Sept
Nov
Deo
Mar
1134 Deo
5% Dec
31
Mar
49
Aug
8
Mar
30
Deo
16% Apr
10% Sept
37
96% Oct
3% Mar
1% June
109
7
36
Jan 13
117
52
Aug
122% July
784 Mar
2
3
25
44
2
78
Deo 10
$5 prior pref
25
24
May 18
50
Dec 15
Anaconda Copper Mining..50
Anaconda W A Cable. .No par
28
Jan 20
35
Jan
Jan
Anchor
8
15% Jan
Cap
No par
$6.50 conv preferred .No par
Andes
A P
Copper Mining
W Paper Co
.No
20
par
97
43
3
July 1
Apr 30
May 11
122
37
118
Armour of Illinois new
$6 conv pref
100
Preferred
5
...No par
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
1
111
9
preferred
100
ArmourACo (Del) pf 7% gtdlOO
700
87
105% Jan
3
4%June10
7
60
5
Jan 30
Nov
5
Nov 28
Jan
110% Jan 20
7% Jan 25
2
84
Jan 28
Aug 18
128
Dec 19
66% Jan
104
5
Nov 12
2684 Mar
June
Archer Daniels Mldl'd.No par
7%
2
May 13
65% Nov
9
10
3,100
1.400
19% Deo
9234 Deo
Deo
Mar
24
June
9%
14
Jan
96
3%
12
37
Deo
Deo
84 May
234 Apr
60% Dec 12
22% Dec 14
50% Dec 14
21% July 20
8s8Mar 6
46
65
33%
2
2
non-cum pref
Feb
Aug
Mar
4% Oct 30
Dec
3584 Nov
6%
72
2
31% Oct 29
Oct
May
33%
22% Mar
984 Mar 23
1
1
Jan
6% Apr 30
12
Deo
34% Aug
9% Deo
14% Feb 17
Oct
Feb
Nov
2% Mar
Aug 29
101
89
Dec
5784
47% Nov
5
137% July 17
169% Sept
Nov 23
50
conv pref
4108.
_
43
1,000
95" 700
Oct
73
75
Preferred
86
18%
107
5,200
4,700
5,500
2,700
*83
45%
51%
Oct 28
65
American
1%
Oct
125% Mar 29
Am Sumatra Tobacco. .No par
Amer Telep
T
100
10%
6484
Nov
6
50
2,600
9,500
200
Deo
9
75%
3184Novl4
4
1
new
3,700
7,000
18", 300
24%
50
Amer
9%
64%
1%
7%
66%
*83
86
19%
107%
25%
101
9%
63%
*80
*80
50
2484
*101
22% Dec
3% Mar
/49
June
37%
Preferred
*100
Nov 17
20% Nov 13
90
Nov 24
80
American
500
Sept
48% Jan
41%June
13% Jan
1,600
6,000
Dec
173 /
55% Apr 15
2,300
400
32
Mar
2284 Nov
Preferred
16", 600
JaD
125
Mar
Preferred
2l",300
-
Mar
Jan 20
17,600
2,800
34
Aug
12
13
400
21
Dec 21
5%
Deo
14
2
Apr 30
Apr 30
2,400
23%
7
Jan 31
2934 Jan
2384
18234
Aug 14
684 Jan
69
25
32
94
93%
96
96%
9584
96%
146% 146% *145
147% *144% 147%
16%
16%
16%
16%
16%
16%
23
No par
No par
23%
147
245
No par
32
147
7
14%
14% Deo
14% Deo
33% Deo
36
Amer Internet
22%
12%
51%
Jan
3% Deo
111% Dec
157
6% Apr
Jan
Apr
187
10
1,000
5,600
12
54% Nov 19
40% Oct
Mar
I84 Mar
z20%
Dec
Sept
773« Deo 14
American Bank Note
Preferred
18
51
Nov 10
Nov
2%
74
89
17
22%
60
173
July 17
1,100
117%
2
60% Nov 17
37% Nov
24% Deo
Deo
8% Feb
20%
49
Amer Home Products
American Ice..
117
Mar 25
5% Nov 19
61% Nov 18
7
preferred
8,800
1,000
4,600
4,000
8,800
17% Sept 24
195
6% Sept
104% Mar
84 Apr
74
Sept
13% Oct
186
Apr
84 Mar
2% Mar
Deo
34% Nov 12
584 Dec
39% Dec
No par
1,800
1334
45%
115
117%
22%
22%
12
12%
53
51%
Mar
6% Apr 1
103
Nov 18
11%
19a4May 31
AgrlcChem (Del)..No
48%
2%
13%
44%
9
86% Nov 10
4% Mar
Oct
7484 Nov
par
Am
49
18%
1384
4484
Jan
8
preferred
23%
9434
Amerada Corp
49
44%
June
8
4% Mar
52% Nov
116
35% Jan 21
Amalgam Leath Cos Ino
6% com preferred
17%
6%
*17%
13%
28
Feb
$6
1,500
3534 Feb 14
37% Oct 13
21% Jan
98
Preferred
5,300
400
►
Jan
June
No par
38
2%
Apr 28
Apr
51
No par
1784
6%
2%
Jan
2d
32%
53%
139%
100
Jan
32
110
Feb
Highest
$ per share $ per share
7434 Feb 10
15a4 Nov
26% July
No par
38
48%
2%
27
2
2
2
Jan
600
22%
25%
No par
Corp
5% preferred
Allls-Chalmers Mfg
Alpha Portland Cem
_
2%
12%
12%
12%
2
3,900
32%
111%
Allied Mills Co Ino
Allied Stores
Jan
4,300
32%
23%
56%
No par
1734
6%
2484
25%
2434
25%
*160% 182
*160% 182
34%
34%
34%
34%
34%
65
pref .No par
Allegheny Steel Co
41
6%
25
107
100
Alleg & West Ry 6% gtd__100
Allied Chemical &
Dye.iVo par
*38%
182
146%
100
warr
Pref A with $40 warr....
100
Pref A without warr
2 H % prior conv
Am Coal of N J
"2", 300
300
7%
No par
Preferred
"6,556
Exchange
35%
15%
Closed
27%
27% Christmas
9934
7%
Day
*156
300
54%
7
15
27%
45
7%
25%
1,300
119
*98%
*30%
20,100
139
*116
35%
1434
27%
7%
57%
2034
38
95
119
49
20%
*45
184
119% *115
500
36
110% 112% 111% 112% 111% 112% 112% 114% 114%
11534
*169%
*169%
*170%
*170%
*170% 175
55% ~57~
5334
55%
54%
56%
56% 59"
58%
6884
96
96
*94
95
9334
9434
95
95
96%
98%
75
77%
*70%
72%
72
71%
72%
72%
72
73
*114
"2" 100
226%
226% 227
75
38%
*139
68%
140
2,200
29%
36
65%
3,500
38
17%
84%
7584
*83%
72%
29%
100
83
44%
37%
*105
225
74
47
4%
43%
3734
_
30%
86
*81
43
37%
*105
223%
30%
100
42
*105
222
July 17
Aug 5
Apr 28
*45
44
46
43%
13
178
t Allegheny Corp
Pref A with $30
*45
47%
46%
45
46
38%
Alaska Juneau Gold
Mln___10
Albany & Susque RR Co.. 100
4%
49
17%
68
lb",700
24",000
14%
48
17%June 9
22% Jan 21
arl% Jan 14
7% Jan 2
58
Apr 28
Mar 25
15%
118
Apr 28
9% Apr 30
91
4%
46
Way El Appliance. .No
3
$ per share
70
Nov 12
59
Vloksburg RR Co.. 100
1434
48
Air
Ala &
...
4%
49
Corp
10
Advance Rumely
No par
Affiliated Products Ino.No par
Air Reduction Ino new^No
par
Mar3l
110% Aug
2
14%
48%
No par
No par
$ per share
42
Lowest
Highest
par
14%
4834
*85%
*139
2,800
4%
*68
4%
4634
4584
225i8 226*"
30
30%
3834
65%
*68
3~000
76"
*4
100
__25
Adams Mlllls
4%
*105
*32%
"75%
4%
No par
Address Multlgr
1,700
*172
4%
*105
5%
105
4
Abraham & Straus
Preferred
Acme Steel Co
Adams Express
1,500
"
♦68
Par
Year 1935
100-Share Lots
Lowest
1,800
Range for Previous
Ranoe Since Jan. 1
Shares
75
*64
65
4109
On Basis of
Week
65
Norfolk, Va.
EXCHANGE
Saturday
*6134
•
2
STOCKS
for
SHARE, NOT PER CENT
Richmond, Va.
•
47% Feb 24
7% Jan
9
62% Mar 23
18% Nov 17
Jan
Aug
97
Apr
3% Apr
65% May
85
Jan
25% July
4
Mar
17%
Deo
Jan
Apr
12%
Deo
4
Deo
109
6%
70%
110
50%
9%
Deo
Jan
Jan
Jan
Deo
De
HIGH
AND
Saturday
Dec. 19
Monday
Tuesday
Dec. 21
Dec.
$ per share
$ per share
*102
106
8 per
*100
105
*96
16
15
106
100
2238
105
*117
120
*117
120
67i2
Week
$ per share
14i2
*
100
5,500
225g
2134
105
*102
103
*117
120
116
117
6834
68%
103i2 10334
4378
4412
*25U
26
6712
"""266
23,800
7034
68i2
103% 103i2
1,200
44i8
45i8
26
26i4
26
41
42
42
41l2
4H2
2912
30
2934
30%
30%
3178
2914
2934
30
*11514 121
*11514 121
*115'4 1181s *11514 1181s *115t4 122
17,400
4214
*25
26i2
*41l2
29'4
43%
44%
43-'%
26
47
41
*103i8 103i2
104
104
104
*103
26l2
*2512
4412
4112
*42'8
4412
77
77
*75
79
*75
78
*74
76
73
135
129
129
129
129
*129
135
130
17
4% eonv pret ser
Atlas Powder
140
31
98
1534
16
*15%
1612
1,600
Atlas Tack Corp
29U
31
Auburn
*634
7
3912
39i2
39i2
6l2
31
678
393s
6%
95s
4,700
7
30U
678
*3914
638
9i8
15,000
Avia'n Corp of
21,000
38%
*3838
638
38%
0l2
0i4
(
0l4
938
938
9i8
t
9is
758
8
734
8
734
8
7,700
87
758
*83i2
7%
87
87%
800
Preferred
*80
90
700
914
938
778
9%
8
9178
85
9014
*8612
91i2
90
90
87
87
87i2
87i2
21
2214
2014
2138
203s
21i8
20'2
21
3434
42i2
36U
33 3S
35
3234
3334
33
3378
33%
4212
42
4234
*4034
4U2
4034
41
41
10934 10934
10934 noi8 *10978 110
%
%
34%
3S
35
34
25
2558
25i8
*
120
120
%
22i8
"21%
I8I4
18i2
18%
36i2
25
24%
25i2
22%
18i8
%
%
35is
36
122
2138
*
-
116
3558
119
"21%
23%
1734
I8I4
110
2334
J8
33%
7,200
1,000
.
100
'
16
15,200
36%
14,700
r'64
*25i2
27
"27"
118%
28%
*
2558
..
110
3512
2634
35,100
1%
36i8
119
30
20%
20t2
10934 10934
2434
122
2,500
■
.
.
.
N
86,700
3,900
10258
10212 10212 *102
*102l2 10278 *10212 10278
110
110
110
109
109
10812 10812 *109
112
13
13%
1314
13is
13l8
13%
13%
1314
1314
8358
8358
*8358
*833s
*83%
26
26
26i2
26%
2534
25%
25%
26i2
26i2
22
22
22
22
22
2134
2178
2134
2218
63
61
61
61 Is
62i4
*62%
6212
62
6118
7558
753s
7378
7378
74%
72U
74t4
7158
7458
100
1,400
40,000
1934
2,700
1778
18i8
113i2
112
112
2534
25
25
20
1,000
*10212 103
1314
*8338
2618
2178
6OI4
73
19i8
_
19i8
32
3234
2
2%
2234
2134
*30i8
1912
*19i4
*126i2 127i8
63
63i4
3212
3H2
2
2i8
21U
2214
3U2
*30i2
116
117
3U2
116
1914
1912
19l2
1958
128
128
12734 128
63
63i2
64
3U2
3158
32
3212
r
2214
3112
23i8
2i8
2158
223g
*3012
3U2
*9012
99l2
32I2
413s
33
3134
33U
315s
4214
41i4
42l4
4034
32
32
3258
4078
26
2584
75i2
7658
7512
778
858
8I4
312
334
3i2
3%
173s
17%
17%
55
*41i4
634
*35i2
36l2
678
52i2
54i2
5312
54l2
54
55%
47
48
47i8
47l8
48
49%
4278
42i8
42i8
6i2
*4134
*612
*35
*iou210214
43
*4218
6i2
6i8
638
34l2
35
34
34U
34
Closed
52l2
5134
5134
5134
5134
102U 10214
48
48i2
47
47
47
47
47
47
19
1938
1812
19
1834
9914
10134 10134
1,300
4,100
1,700
Day
3,700
300
2,400
48
700
14,200
19%
33
2934
30i8
7
714
27l2
*27i2
27l2
28
14i8
1334
2978
30
514
5
5218
3U2
2934
25iS
27
1334
1358
14ls
30
5i2
*26
14*8
29i2
<28
14l2
2934
240
Butler Bros
10
29%
30
6,100
3,000
5% conv preferred.
Butte Copper & Zinc
Byers Co (A M)
30
558
24,100
12,400
340
2834
2834
400
46i2
47i2
47
48%
10,200
California
2i2
238
2i2
238
2%
13,700
Callahan Zinc-Lead
1618
1534
16l2
15%
155s
77,100
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy..No par
34i2
3334
34
1,700
29
76,600
1438
52,800
...
14
*58
60
*59
60
60%
62
500
Cannon Mills
15
15
15
15
1534
300
5234
*52
53
*52
53
*52
1338
1338
-
-
53
-
-
.
10334
7%
90
3,900
14634
127%
88%
3,500
26%
7,700
930
5,500
109
300
37
2,300
60
77
77
*7518
77
*75i8
77
76%
76%
33i2
33i2
34
34
3334
35
34
34%
3,100
77s
8U
8
838
40
36i4
37i2
36
3714
83s
37%
17,400
3614
8%
36%
8
3634
83S
37
IOI4
1012 *10
10%
107s
10i8
1012
107s *10is
*10i8
*10314 108i2 *10314 108i2 *10314 108i2 *10314 108i2 *103% 108%
74
2
73
73
71
7314
70
7184
71i2
6958
1314
1334
63
-
63
1312
14
1334
*3512
36
4834
63
63
*63
110
*10834
3614
110
110
3512
35l2
35i2
14i4
65
14
14%
*62
IIOI4 *110
36i4
35
4912
*40
65
49
*40
49l2
83
83
82
82l2
82i2
82i2
85
86%
6U2
6212
6134
62
62
6418
64%
*2i8
234
258
258
*218
258
*2i8
258
2
65%
2%
6
7i2
6i2
612
658
634
658
658
6%
31
2
1134
2
13
*8
9%
218
2ig
12
1234
*8
9i2
30i2
31
2
134
2
3038
134
30i2
218
1214
*8
*30
17S
4i8
2i8
434
4I8
438
4i8
414
338
3i2
314
3i2
3U
33s
934
11%
10i8
10i2
2214
10l2
2134
22
6178
178
6134
6178
2
2
178
6
6i2
578
2734
2214
2158
*6138
6178
6138
2
2
178
5
714
6
5%
2514
634
55s
2514
2514
638
534
2514
5l2
*25U
For footnotes see page 4108.
ILs
11
134
4l8
3i8
IOI4
2134
6178
2i8
2
70
6&s
22%
62%
1%
6I4
6%
5i2
534
25l2
par
7% preferred
JCelotex Co
100
No par
par
5% preferred
100
Central Aguirre Assoc..No par
Central Foundry Co
1
Central RR of New Jersey. 100
Century Ribbon Mills..No par
Preferred
100
1
6% prior pref
100
ChampPap & Fib Co 6% pf 100
Common
2
1,400
12,700
9%
16,200
115
Nov
Deo
May
20% Nov
95
Sept
1484 .Nov
117i2 Mar
24i2
2234
Oct
Deo
67i2 Nov
1484 Mar
27i2 Sept
167s Apr 30
Dec 23
40 3s
June 30
5
63% Mat
7
4784 July
Mar
2784 Nov
2
323s Aug 10
21
Jan 21
90 % Nov 18
28%
Jan
7012
Deo
1U2 Jan 30
384 Mar
87s
Deo
5% Nov 25
% June
234
Deo
64
6
4% Jan
4
9734 Feb
85
187s Feb 13
6478Mar 6
69
Apr 4
50% July 24
12% Mar 5
51% Mar 5
58% Sept 22
4
Apr 27
2% Jan 2
8% Jan 2
14i8 Apr 29
13i8 Deo 21
2938 Dec 21
2% Jan 2
16% Apr 29
54i8June 15
22
Apr 30
SOU Apr 30
5s Jan 2
25
6
Jan
6
30
Jan
6
103$ Apr 30
10% Jan 20
Apr 30
1234May 8
4534 Jan 8
37
6%
4,700
5%
4,700
255s
2558
500
7% preferred
6% preferred
Chicago Yellow Cab
100
100
No par
May
Oct 20
43
Mar
6558 Jan 15
53
Mar
57
217s Nov 9
2134 Dec 24
115
Sept 25
1578May
5
115% Sept 16
14
Mar
5
595s Dec 10
34l2Nov 18
3418 Oct 7
Mar 23
9
3312 Dec
1
9
1634 Nov 25
33% Nov 28
3134 Nov
658 Mar 20
29
Dec 17
8678 Dec 17
33s July
4% Mar
3U Mar
Mar
23
Oct
55
Oct
42
Deo
38
Deo
Dec
4684 Aug
100
Aug
7D2 Aug
6334 Aug
11%
87s
Dec
Dec
984 Nov
Deo
143s Nov
97i2
Mar
May
Mar
Mar
1
Apr
5U Apr
3i8
Jan
°10%
Jan
Mar
22i2
Jan
2i2
384
8U
13U
10
li8 Mar
1434 Nov
24i2 Nov
28
Nov
3i2 Nov
113s Mar
205s
Jan
32
66
Deo
Mar
3384 Oct 22
48% Dec 24
3
30% Aug
Nov 25
16% Nov
Apr
40 %
5
2
29
Dec 24
16
Feb 19
6884 Nov 18
18% Feb 24
U July
2i2 Mar
7i2 Mar
8U Sept
~42% "Feb
lis
684
Oct
June
8%
30
Jan
Oot
333s Nov
17%
1384
40U
Deo
Jan
Oct
43s Mar
14
Nov
Feb
Feb
48
Nov
88
Aug
95
July
53
Nov
4
32i2
Oct
8
82 U
4 xlOO
Jan
4
10334 Dec 24
85
Mar
934 Feb 19
7
Dec
186
June 22
45®4 Mar
8% Dec
lllU Nov
7
143
July 15
83i2 Apr
126i2 Nov
5434 Jan 16
2134May 22
x91
Nov
6
36i2
Jan
60
32% Jan
6
19i2
Apr
353s
Jan
106
Dec 21
110
19
Apr 30
May 1
37
Deo 24
16% Nov
"2U4
Nov
86
Sept 26
116
54
Jan
253s Jan
6
4
35
Apr 28
0i2 Apr 29
65s Nov
97%May 2
4734 Jan 21
8%June
57% Sept
101
4
19
8
Mar 13
Aug
3
13sMay 19
278 Jan 4
1U Apr 28
63s
534
14
36U Mar
Jan
6
par
512
634May 22
92i2 Jan 6
4
Conv preferred
No par
tChic Rock Isl & Pacific... 100
Apr
13s
Jan1
6
171s Nov
553s
91
100
Chicago Pneumat Tool.No
Apr
87
100
4,200
8i2
24i2 Feb
23 >s
Jan
30% May
90
Oct
106
Dec
Jan
2
May 12
22U
57
Feb 21
34
12
Nov 28
74
2
Nov 10
19% Mar 24
71
Oct
7734
3U
8%
25s
1334
12
Nov
4
Nov
4
13
10
5
19
Jan
Dec
Feb
Dec
Jan 31
3378 Nov 13
1% Apr 30
278 Feb 11
27
29
1
30
4
23
24
28
1934 Jan 2
Feb
Mar
6U July
96% Mar
6284 Nov
29
May
62% Aug
123s Jan
Jan
653s
Jan
Deo
3% Mar,
153s
Dec
43g Mar
21
Dec
3858
109i2
7
2538May 13
278 Apr
2i2 Apr
034May
12% Apr
4034May
U2 Apr
3% Apr
3% Apr
Nov
55
35U Mar 13
9i8 Dec 14
108% Oct
Nov
14
100
1,000
3,000
Jan
Dec
2
2
Dec
July
38
2
22%
100
Deo
Nov 18
47
2
62%
5978
Jan
Jan
100
22i2
90
Jan
Preferred
90
100% Apr 13
51
.100
Nov
237s Aug
Apr 27
1% July 16
1/12% July 2
4314 Apr 30
255s Jan
tChic Ind & Louisv pref
100
Chicago Mall Order Co
.5
tChic Mil St P & Pac._No par
Preferred
373s Dec
59
Preferred
17
165s June
28% Mar
6i8 Mar
395$ July
Oct 30
120
22U Jan
Chicago & North Western. 100
1034
1484
Jan
9% Mar
2312 Dec 18
38% Nov 12
14i2 July
18%May
77% July 11
25
6,100
2,600
338
15% Nov
88
1
No par
Cab
Chesapeake Corp
Chesapeake & Ohio
100
13
Dec
110% Dec 23
3834 Dec 15
69% Apr 17
No par
100
7,700
2
100
6% preferred
Chicago Great Western
1%
458
62
100
Preferred certificates
Caterpillar Tractor
No
Celanese Corp of Amer. No
tChic & East 111 Ry Co
I84
22%
1
1,700
900
10%
100
2,200
3134
10l2
Stamped
Carriers & General Corp
Case (J I) Co.
Checker
3134
438
3%
10
7,200
32
17S
414
Preferred A
Certain-Teed Products
12%
*8
1
Cerro de Pasco Copper.No par
12i2
9i2
314
25l2
---
1,200
22,400
*40
6438
958
300
1,800
83
238
25
No par
8,400
35%
49%
6012
*40
3,900
110
■
83
1334
5
Carolina Clinch & Ohio Ry.100
-
773s
65
1
Capital Admin class A
*52
1334
No par
Canada Dry Ginger Ale
Canadian Pacific
*1234
34
22
Packing.
No par
1534
*3314
8%
31
Byron Jackson Co
1318
*75
2i8
1118
100
60i2
15i2
838
5
No par
Preferred
13
*1234
-
*8
pf otfs.100
85
*99
*99
*99%
*99
*99l2
10214 IO2I4 *10214 10334 *102U 10334 ♦102&8 10334 10334
7
7
7i8
7%
678
678
714
738
714
143
145%
14278 14412
142i4 14434
146i2 142i2 143
127%
127U 12714 *12714 130
*12714 128
*12714 128
88
88
87
87%
87i2
88l2
87%
8738
87ig
27
27i2
2658
2658
2634
2714
265s 27i8
26i8
106
106
*104
110i8 *108
10712 10734 *108
107i2
36
36
36
3658
3534
35i2
35l2
34i2 35
*45
gu
2734
13&8
53
36%
Bldg
60
13i8
—
100
14%
28
Deo
Dec
Dec 17
8
25%
3378
25U
49% Aug
116
212 Dec 17
1U2 Jan 10
2034 Apr 28
Debentures
20
34
138 Dec
2
14
2558
15i8 Mar
2834 Dec
83s Apr 30
25%
26i4
ll7s Mar
Dec 18
Jan
100
Bush Term
34U
Sept
34
Nov 10
65
No par
273s
25i2
13i8
72
Jan
23
9>s Jan
No par
preferred
538
2534
-
7%
84
15ls
3414
7
Budd Wheel
26%
1534
34%
6
Jan
2
8
8214
28i2
1458
33i2
24i2
48
878 Jan
534
2i2
Oct
"72" "Feb
Dec 24
25% Oct
215s Jan 20
20
Jan 18
107% Sept
2738
4534
14
283s Nov 12
July 30
Jan
IDs Mar
5
7% preferred new
Budd (E G) Mfg
5l2
2i4
10734
79
100
Bucyrus-Erie Co
26i8
82i4
28l2
4634
44i2
Dec 16
5
7
8i8May 19
534
238
Feb
June
57s Mar
4
Bruns-Balke-Collender.No par
2714
46%
3%
32
16% Mar
44i2May 11
45
Sept 21
2934
27l2
9% Mar
3618 Mar
106% Mar
89i8May
323s Oct
No par
Brown Shoe Co
5U
20i4
28%
1312
$6 preferred series A .No pat
Brooklyn Union Gas...No par
2958
8312
Sept
5
June
40% Jan
600
27i2
Deo
18
105
110
33% Jan
1,400
13i8
2938
40
Dec 22
13
83
115
8
No par
634
67s
27
2
Feb
No par
Preferred
Bklyn Manh Transit
.283s
634
27
Apr
7i2 Mar
28% Dec 24
22 »4 Nov 10
Aug 18
85
Jan 17
31%
658
283S
7
27
Jan
18
100
Dec 22
3058
30i2
8
41
No par
634
May
47
No par
27
110
No par
Bullard Co
2978
Jan
Jan
Feb
7%
6
7
28
2
28
14
20
Dec 15
131
6
1634June26
14i8 Jan
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
Briggs & Stratton
Burroughs Add Mach_.No par
tBush Terminal
No par
28l8
*63
100
Bulova Watch
28
*10834
15
10
Corp
1,500
*27
15i2
Borden Co (The)
9,300
7
283a Nov
39
32%
26l2
78 Nov
38i2 Dec
No par
Class B
32%
30l8
49i2 Feb
July
118
80i8June 12
32%
7
41% Oct
Apr 30
No par
Bon Ami class A
53
8312
27%
4514
214
64
5
3278
84
*52
,..5
32
83
2478
100
5312
83
*60
No par
3234
83
3378
Blaw-Knox Co
53l2
273s
15
Rights
3258
26i2
27i2
Jan
Dec
7634 Dec 17
53
4,100
5%
658
135% Nov 18
32
53%
275s Nov
10i8 Apr 28
107% July 8
5214
z5%
2534
1414
*3334
2234
1278
10,500
63
2
97s Dec
4534 Apr 30
3238
27
214
17,900
......
Oct
14
li2
(Del)...No par
5%
7%
53
26i8
44
.
45%
35% May
234 July
preferred
20
preferred
100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Beth Steel new
tBotany Cons Mills class A.50
2134
20l2
1934
1958
21%
1978
19l8
1978
1914
11U2 *11014 11D2 *110% 111%
111% *110
11U2 *110
13
1234
1234
13%
1318
125«
1234
1338
"12% 13%
104
*100
♦lOOU 103
*100% 103
*10014 103
*9514 105
10
10
IOI4
10%
934
10
934
934
1018
10l8
5314
No par
Best <fe Co
Bridgeport Brass Co...No par
Brlggs Manufacturlng.No par
48
4734
*47
1938
32
5
Aviation
Beneficial Indus Loan..No par
29,700
3,600
5212
No par
20
Beldlng Hemlnway Co .No par
Belgian Nat Rys part pref
Boston & Maine
1934
19
Creamery
$5 pref ww
Beech-Nut Packing Co
Borg-Warner
100
34%
5134
IO2I4
10178 10178 *102
49U
4814
4814
4914
1st preferred
4,900
12,200
6% Christmas
6%
634
5278
47
4812
5
1,300
Exchange
44
3578
19i2
48i2
100
No par
100
25
Bayuk Cigars Inc
6,800
56%
48is
5212
53
16,000
Stock
3%
1678
334
48is
*4114
50
*4634
8%
1678
*312
16U
6 Yi % conv preferred
Barnsdall Oil Co..
Deo
Mar
Nov
Sept
9478 Dec 15
243s Nov 4
13% Jan 6
82% Jan 10
No par
Barker Brothers
19U
115
5% May
9478 Dec 15
4034 Dec 23
10
Bohn Aluminum & Brass
77
2534
79
Rights
Boeing Airplane Co
26%
26
76%
8^
Mar
15
Feb 14
Mar 5
Jan 15
Jan 24
734 Mar 18
1134 Dec 2
5
~48%
4
Nov 30
30i8
64%
10i8
46%
9
21
50
Barber Co Inc
Bendix
131
100 z10984 Nov 24
i16 Dec 23
9,800
758
2558
79i2
838
Preferred
Oct
Apr
10684 Jan
32%
Nov 18
3334 July 8
1578 Apr 30
100
100
Preferred
Mar
84
23s July
Bangor & Aroostook
Mar
6
29% Apr 30
100
Baltimore & Ohio
3
20%
118% Dec 18
2% July
Assented
Beatrice
3D2 Oct 19
5434 Nov 10
35% Apr 10
Apr 22
29%June 30
3
Apr 9
Del(Tbe)new.3
5,500
41
40%
7638
26i8
79i2
A
Bloomlngdale Brothers.No par
2558
2558
„
Prior
Blumenthal & Co pref
878
45
5514
19% Apr
53s June 30
20
7612
88
*44i2
43
Dec 10
2058June
40
33
26
88
45
16i2
16,900
23%
100
90
45
1534
23
*92% 102
3234
32%
87%
88l2
3i2
3,000
-
44
90
44
16i2
2,900
-
-
86%
90
44
3i2
400
1,300
44
91
16%
5434
3,700
160
44
50
49
'
*2934
4038
*88
77s
14,900
3334
33
-
*92i2 102
*4314
7l2
*3i2
195s
2i8
t2
42
53
100
*127% 128
63%
63%
63
325s
714
300
1,200
._
*12612 128
6U2
6112
*114
70
1858
18%
*11134 115
25%
25%
*112
113i2 *112
113i2 *112
25
2534
2434
2434
2434
*108i2
665s Mar
11
Pref assented
39%
6l4
88
9034
Oct 14
13% Apr 24
2058June 4
109
Sept 17
48
Jan 2
No par
No par
7
*90
107
Baldwin Loco Works..No par
Automobile
Austin N'^hols
Dec
92% Deo
37% Jan
17i2 Deo
197s Deo
28
May
8
2
215s Apr 24
No par
No par
16l8
Deo
60
2
Jan 17
30%
Sept
100
Jan
88% Aug
Oct
Nov
1834 Nov
109
Jan
June 26
16
48
35'4 Mar
14
2934
800
Oct 30
97s
90
Mar
807s Apr
Oct 30
124
100 zll2
Preferred
17
678
39i8
6%
112
59
No par
30i2
W6%
7
Apr
7% Mar
9034
100
A
334 Mar
70
108
Feb 21
Dec
102
25
Atlantic Refining
7
*
1
Highest
$ per share % per share
share
per
2218 Feb 27
May 13
2778 Nov 19
3
Jan 20
123s Apr 30
6% 1st preferred
100
7% 2d preferred
100
Atch Topeka & Santa Fe-_100
Preferred
100
Atlantio Coast Line RR—100
Atl G & W I SS Lines. .No par
Preferred
__100
1638
30'4
6%
17
30
Associated Dry Goods
""*200
130
8% Jan
95
100
Preferred
Lowest
Highest
$
share
per
No par
Artloom Corp
25,400
73-
*129
700
500
I
Previous
Year 1935
of 100-Share Lots
Lowest
Par
4,000
15U
107
2318
On Basis
Shares
$ per share
153s
100
22%
Dec. 25
*100
120
6712
6934
6712
70
2258
*98i8 105
*117
Dec. 24
$ per share
share
15
2212
2134
2234
21%
106
Friday
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Thursday
23
Dec.
*100
16%
15i2
151s
15:%
*102
22
NOT PER CENT
SHARE.
Wednesday
Sales
for
SALE PRICES—PER
LOW
1936
26,
Dec.
New York Stock Record—Continued—Page
4110
Mar
36
6U4 Nov
37is Mar
5314
Deo
Apr
2%
314
214
Jan
Dec
Jan
1
78 June
5g
Feb
158, Feb
558
Dec
I Mar
9
Deo
19% June
z35
Nov
3
Jan
434
558
1
14
34
13s
358
Mar
2058
Jan
Jan
Jan
Deo
Mar
5434
Dec
3
Feb
8
84 July
8
Jan 11
15s Mar
258
414
Jan
Dec
8
July 15
114 July
914 July
578 Feb 11
478 Feb 21
1258 Oct 19
243s Dec
65% Dec
325g Oct
4
1
7
Mar
June
July
1058
458 Mar
20
4
Jan
1984
Dec
Volume
LOW
New York Stock
143
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
Dec.
Dec.
Dec. 22
19
$ per share
21%
12i8
1234
46% 46%
11784 121
18i2
18i2
20 78
123s
13
50
47i2
10'2
3234
1078
37
*89
__
50
50'4
700
120'2
18
18%
65,700
4,600
10i2
183S
86
*85
10
IOI4
33
33
978
-
Ill's Ill's
IIII4
3714
37
36 J8
89
10
2,700
3234
3212
2,900
*97
3714
*89
200
377s
2,000
*89
*47
Hl'4
10
625s
*11212 113
*21
25
62
60i2
*11212 113
*21
59i2 6034
60
112l2 113
*113
25
*21
25
45'4
4612
44U
4534
45'g
22 '8
2214
2H2
21l2
21
26'2
*197g
*115
*22
26l2
26l2
27
*1934
11712 11712
317g
3214
39i2
4012
16'S
1712
27
120
32
32%
39'2
39l2
17'4
17i2
107
107
*25
113
25
118%
41
1,000
21,200
*21
25
«.
-
—
119% 120
*120
122
-
-
800
3478
35%
41%
41
42%
2,600
177g
17%
17%
45,400
6,156
107
105
105
105
1,100
99
100
99i2
9934
98
98
*92
98
70
6558
673J
68
6978
114l2 114'2 *114i2 125
1778
1838
17'8
1834
338
3i2
314
3%
6734
68%
68I4
68%
131.1
13%
133.1
13l2
36
361.1
37%
37%
183.!
*16'2
17%
*78i.i
88I4
*80
115%
116
78%
116
13,400
1153s 1153g
120
7634
70%
300
7834
*118% 125
400
20
85,000
183g
19%
18%
19%
19%
314
3%
3%
6834
3%
3%
68
6884
14
70
701}
71
14%
14%
14%
*14%
15
1,000
37%
37
377g
3734
38
12,200
*181-1
19
18
18%
18
19
1,200
17i2
1734
*16i2
17i2
*17i2
19%
*17%
19%
17%
17
17
17%
1778
17%
78%
17
17%
17%
19
*78%
80
80
78
88I4
78
88i2
*80
5
16'2
16%
44
165g
90
*8812
*8058 110
5
165g
42i8
43%
10758 107%
9
*87g
14%
1434
1414
*10434 106
*10434
9'2
9'2
9i2
1'8
1'4
1
75s
6i2
291.1
21ig
313g
2134
2078
22
29
2934
29
29%
314
3
103i2
6412
65lg
21
20i2
103
3'g
*103
27g
40l2
278
5
17
423g
43%
10712 107'8
9
834
21
80
43
43'8
107% 107"8
*9
47g
1634
2,200
900
44
30,700
108
43%
108
1,000
9%
6434
21
41
234
278
21%
21%
21%
30%
297g
31%
3%
3%
3034
3%
3
64
*21
403j
116,200
"1,200
65%
21%
41%
103% 103%
66
6484
657«
21%
41%
41
4278
28's
41
4134
2834
26%
27
27
27%
63i2
63
62%
63
63
63%
63
68i2
6
6834
68-%
46
41%
46
3534
357g
3534
25'2
25i2
7334
*54
*47
378
*105
5%
6
6634
67%
*168%
*168i2
6U
4634
«.«««.
5%
57S
578
12434
38
13
in2
38'4
120
38%
14
12%
383g
*46
4978
"46"
81
8H2
81
81
18
18
17i2
1712
80
46i4
108U IO8I4
IO8I4 108%
100% 102i2
101
103
31U
30
30
27i2
28
45
27i2
421,1
28ig
42
18i2
17
44
177g
7
7
7i2
7's
147U 14714 *14612 14812
11
10
*8*8
*85g
20
603.i
*30i2
31
*39
40
*16
*59
3034
*39
20
267s
93 lg
93%
22
49 ig
*207g
49
22
$6 preferred series...No par
Conde Nast Pub Inc
No par
Jan
9
IOOI4 July
7
55
Jan
97
Jan 10
9
14U June 26
2U Apr 30
2%
13%
1134
*116
3884
2%
15
14%
10,500
300
300
10,700
*72
16", 000
7,000
1178
121}
117g
600
15
12
12%
120
383t
80
41
18%
110
6%
121
120
39
38%
1834*
110%
6%
19%
1934
80
80
2%
3,300
360
9,300
120
190
39
Gio
19%
*75
6%
34,900
8,600
10
*41%
49'g
*41% 49'8
82%
83%
8234
83%
17
17%
17%
18
16%
107% 108
*107% 108% *108
108%
100
103%
104
104% 106%
105%
30%
30%
30%
30%
301}
30%
29
28%
29
29%
29
28%
421; 43
42%
43%
4234
4334
17
17%
17
167g
17%
17%
7
*6%
*61,}
6%
6%
6%
*85S
*16
11
20%
60%
31
39%
X\45
*8%
*16
145%
1078
par
16
2
2534 Mar
4
9
Feb
Connecticut Ry & Ltg pf.,100
Consolidated Cigar
No par
15
33i2 Jan 3*
1934 Dec 14
24
Nov'
7
Mar
Preferred
100
Prior preferred
100
pref ex-warrants.. 100
Consol Film Industries
1
Preferred
No par
Prior
Consol Ed Co of N Y_.No par
$5 preferred..
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Preferred
No par
Jan
Aug 28
8
20%
16%
5% preferred vtc
Class B
par
...No par
Preferred
100
Motors
1
Continental Oil of Del
5
Preferred
3
6584June
7214 Jan
7312 Feb
4i8 Sept
15U Apr
2714 Apr
24
85
Nov
62
Mar
27
95
Nov 14
69
Nov
13
94
Nov 12
72i2 Oct
3U May
102
28
30
30
Jan
3
378 Apr 28
11% Apr 30
101
Jan
2
June 18
1% Jan
67% Jan
3
6334 Dec 21
$2.25
pref
2% Apr 30
28i8June 6
Mar 20
44
Dec 24
84 Jan
15'8 Mar
25
46
Apr
Dec
1
55U Apr 30
635s Aug 22
Aug 20
35
Mar 27
July
60
44
Deo
1
8
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh v t c.No par
102
Crucible Steel ol America..100
Preferred
100
28
(The)
Cuba RR 6% pref
Cuban-American
No par
100
Sugar
10
Preferred
100
Jan
7
50
No par
No par
99% Mar 13
Packing
1
A
1
Cushman's Sons 7% pref._100
8%
Sept 26
6'8
63i2 Jan 7
35%May 26
Curtiss-Wright
Class
Jan 27
7%May 4
Apr 30
9512 Apr 29
1U Sept 28
9
preferred
No par
1678June
4
4
Jan 15
8,900
700
2,300
Deere & Co
No par
..20
Preferred
Diesel-Wemmer-Gllb
Corp. 10
10,900
Delaware <fc Hudson
18,700
Delaware Lack & Western..50
800
Denv & Rio Gr West pref. .100
2,200
100
16%
100
Detroit Edison
Det <fe Macklnao Ry
107
Jan
7
107
Jan
2
3238 Nov
6
19
191* Apr 28
3634 Jan 20
1478 Apr 30
33'2 Nov
4
1878 Dec
23i2 Mar
438 Jan
4
100
128
Co... 100
4
May 12
Apr 29
391.}
500
Participating pref erred... 25
27
27%
14,100
Distil Corp-Seagr's Ltd No par
93%
93%
1,100
5% pref with warrants.. 100
20%
2034
20%
2034
*20%
4934
21
400
Co
No par
Dome Mines Ltd
.No par
Dixie-Vortex
33
19
Oct
7
25
41
Jan
2
61i2June 4
12% Deo 11
34
34
34
Dresser(SR)Mfg oonv A No
29
33%
33%
600
*17g
258
2%
25g
*17g
2%
*17g
2%
*17g
21"
*73g
734
"""700
7'2
7i2
7%
7%
7%
7%
7%
7%
1,600
14%
200
>
*14%
120
16
120
14%
*112
120
17434
174
134
134
134i8
135
134
134
116
116
116
116% *114
115
170%
170% 172
163
162
112
5'g
171%
134
134
*133%
115% 115% *114
11
1214
117g
11%
1178
11%
172i2 172
172i2
170% 17134
16 934
163
*160'2 163l2 *160% 163% *162
3414
33%
34i8
3334
34%
35%
13
12U
127g
12%
1234
12%
42
40
41i4
40
40'8
4034
112% *112
5'g
514
11%
5%
For footnotes see page 4108
112% *112
12
5%
12
117g
1747g
12%
162
30
14,300
1,100
150
14,100
2,400
60
Duplan
No par
100
Jan
5% Jan
%May
Ha Jan
478 July
13is Aug
114
Feb
6
10
20
6
10
27
8
43
Deo
Nov 16
82U
Oct
51
Dec
9
36I4 Deo
7
6
34%
Jan
684
17i2
13'2
63g
May
Mar
Mar
Mar
184 Jan 15
>4 June
3
U June
834
18%
120
Jan 15
Oct 13
Jan 17
Dec 23
2
June
1284 May
103
Mar
Du P de Nemours(EI)A Co.20
18434Nov 21
6% non-voting deb
Duquesne Light 1st pref
13612 Dec 16
86*8 Mar
I267g Feb
116
104
133
Apr 30
129
Feb
7
100
100 xlll%June 12
Eastern Rolling Mills..
.5
Eastman Kodak (N J).No par
6% cum preferred
35%
5,300
Eaton Manufacturing
12%
13
7,100
Eitingon
41
40
20
1
Silk..
Preferred
35%
15,900
100
Dunhill International
13%
4034
100
Preferred
35%
113
par
Convertible class B__No par
Duluth S S & Atlantic
Oct
6
34
1,400
5is
4
7% Apr 28
60% Jan 6
-
Dec 15
2
Douglas Aircr Co Inc..No par
1%
213s Jan 31
Aug
Dominion Stores Ltd..No par
12
Aug
34*8 Jan
700
11212 *112
2
95'2 Dec
24,900
51
Feb
Mar
117g Oct 24
37% Oct 28
I8I4 Apr 30
93's Dec 21
10%
2,900
Mar
li2
35i2 Aug
26% Jan
343g Jan
50
50%
11
Jan
65
40i2 Jan 25
50
in2
7
2284 Mar
Feb 17
63
5
50
*112
93s Feb
Oct
50
12U
514
2318 Feb 20
153
Jan 10
50
12
5434 Oct 13
June 12
No par
50
4034
Dec 15
13
Match
June
52
42
172% 174
Mar
27
30'8
3434
Mar
6U Mar
73
5% non-cum prefened_.100
*1
2
Jan 21
Diamond
3434
89i2 Mar
IO8I4 Dec 19
6934
112
4
Dec 14
10%
1238
9U Mar 11
Mar
Dayton Pow & Lt 4>£ % pf.100
68%
3334
Mar
4
June
11
160'2
Dec
15
Deo
6
69%
1112
172
37
24U Apr 13
16
11
134
4412 Jan 14
114
Devoe & Raynolds A..No par
*49%
Jf.n
Jan
61
120
8%
1%
40i2
1978 Nov 19
6 734
*114
Dec 14
70i2 Jan 27
39
16
129
Jan
8312 Dec 24
39%
120
5i8 July
7!% Apr 27
27%
93%
*14%
5
9
36i8May 17
4314 Jan 6
93%
*114
4
5
10 3j
1634
Dec
1414 Mar
20
60
34%
Mar
1
400
51
14
47i2 Apr
4
2,800
*1
74i2 Mar
3i2 Mar
No par
7078
118
Dec 14
338 Dec
32%
33%
Jan
II84 Sept
2312 Mar
Inc
4934
17112 175i2
125
5
60%
*49%
357g
Davega Stores Corp
10%
68%
118
Nov 12
19is Dec 14
5634 Oct
317g
1%
Oct
9
31%
50%
Oct
4'8 Mar
9
60
50%
60
Cutler-Hammer
4934
*1458
110
90
1078
15
1
9
4184 Mar
14814
514 Dec 14
9
7134
120
353s Sept
9H2Nov
58I4N0V
49% Nov
59
Sept
6
50'2 Dec 2
3778 Nov 18
2178 Dec
49i2
17514 177
7% Mar
6
1034
*14%
Dec 23
10% Jan
69
*118
82i2June 18
170
Jan
1,900
26%
*1
8
6912 Oct 19
1
3l8 Dec
Cuba Co
Jan
4
Oct 26
No par
Jan
7
2878 Mar
41
w..No par
46%
62%
Feb 11
...25
w
conv
Nov 18
Dec
4i2 Mar
58 Apr
46
4
Pref ex-warrants
109
22
3512 Apr 30
No par
Rights
9
Nov 18
31%
*39
10012 Dec
2i2 Jan
38 Aug
87U Jan 13
2438Mar 5
158
Crane Co...
26% Mar
Feb
li2 Mar
6i2 Mar
17%June 30
11
1'4
95s Nov 30
60
*59
14U May
1578 Feb
7218
15'2 Dec 24
4
71
*1
July 14
106i8June 30
11
1'4
2018 Feb 13
48% Oct 30
109
6
69i2
*1
7i8 Feb 13
S^Sept 23
38 May
100
Coty Inc
Mar
June
Consol RR of Cuba pref
100
fConsolidated Textile..No par
Consol Coal Co (Del) v t 0. .25
26%
93%
*93
Feb 17
2,100
146% 147
8%
9778 July
16i2 Oct
84 Mar
29% Jan
57S Mar
Curtis Pub Co (The)
Prelerred
19%
82%
147
5i2 Feb 17
27
Cudahy
600
17%
146
Nov 18
24% Feb 21
8
1,100
80
Feb
15i2 Dec 17
5,000'
18%
1834
109% 110%
41%
82
120
*38%
2%
Jan
56 U
82
Continental
9,700
123
14%
2%
9184 Nov 17
136
Mar
Nov 21
4412 Jan
510
2%
14%
128
35i2 Mar
31
39i2
7
15% Mar 16
*118
July 28
Oct 5
Aug 24
8478Sept 30
3
435s Jan 7
46'4 July 22
*121% 123
Dec
59U Apr 28
par
123
40%
48'2 Dec
338 Mar
7
July
3078 Aug
No par
122
Jan
Jan 22
Jan 23
par
Congoleum-Nalrn Inc. .No
Congress Cigar
..No
No par
59
26'4
par
par
44
Feb
7
103
No
30%
39.%
26%
94U
*35.No par
ser
Commercial Solvents..No
Commonw'lth & Sou
No
2
2
6
Crown Cork & Seal
31
27
4J£ % conv pref
100
Comm'l Invest Trust..No par
Jan
14
Cream of Wheat ctfs
6034
40
10
4
13612 Aug 11
90i2 Jan
8034 Jan
Crosley Radio Corp
19
19%
1812
187g
18%
111
1107g *110
*110% 11078
612
6%
612
634
6%
6%
20
19'g
19i2
1934
19%
1934
*
100
Mar
*45%
5II4
2318
10834
900
19
80
preferred
Commercial Credit
31
May 20
39i2 Dec 19
5,400
*110
*78
5%
3,600
200
*53
54%
56%
47%
467g
47%
4
r3»4
*110
112
*109% 112
*109% 112 "
183g
1734
18%
1734
18%
17'8
18%
51
62%
52%
51%
53%
5234
537g
121
7
6,900
54%
12'8
Jan
6778
47%
14
94
63%
4%
11'2
V
65S Mar
10 No par
v
3778 Mar 11
36
Continental Steel Corp.No par
47
"1084 "Feb
2
2
3,100
47%
14
Oct 29
Dec 16
36i4 Feb 20
Jan
Dec 22
7634
r33i
23g
30
48
8I4
3534
*4634
*214
6
21
Jan
Corn Exch Bank Trust Co. .20
Corn Products Refining
25
578
Mar
6934 Mar
684 Jan
lOig Jan
3,000
5%
Jan
9
11612 Nov 16
16
Continental Can Inc
20
Continental Diamond Fibre. .5
Continental Insurance...$1.50
28,000
170
101
5
28% Sept 17
25%
47%
4%
*121
*2012
4878
67
*169
6684 Nov
100
9,700
278
112
123
39i2 Apr 30
IO714 Jan 3
2478
74%
7334
54
123
106i2 Feb 28
72i2 Nov
5338 Apr
15i8 June
2D4 Dec 14
Aug 14
74%
74%
123l2
238
2-38
June 30
25%
26
7334
*123
13
100
3584
53%
17'8
2614
9414
68
170
July 28
100
Columbia Gas & Elec. .No par
6% preferred series A... 100
pf
Nov 17
_No par
Col Pict Corp v t c....No
par
$2.75 conv pref
No par
conv
Nov 16
58
46%
25%
51
*59
2%
Columbian Carbon
134
353.1
56i2
1734
Aug
129
Jan 31
Jan 16
__
47
7434
334
110
Jan 15
84
6558
44
74
*4634
124
par
No par
No par
36
253g
*105
July
44%
*54
4
June
42%
3534
74ig
53
*16
3
578
56i2
471.1
16
17i2
66%
170
3534
25%
51i2
*29i2
42%
3534
2534
112
48
20
8
353s Nov 18
700
27%
6258
673g
*168i2
Mar
Oct 13
Dec
Continental Bak class A No
800
44
27
43%
2734
43
28
42%
80
51
90
1534May 14
103s Jan 6
29,600
Day
275s July
7714 Dec 22
12'4June 18
Christmas
41%
23.}
47i2 Oct 10
Dec
11134 Dec 12
7
100
11,800
21%
4084
4
5,200
67
21%
27g
107U Jan
33
July
Container Corp of Amerlca.20
Closed
103% 103%
21%
80
Oct 31
3,900
10,100
3,130
Exchange
3%
234
4()7g
42
Colonial Beacon Oil
$4.25
314 Apr
1214 May
98
Feb 10
1234 Nov 25
15s Jan 16
9U Dec 9
3684 Dec 9
13,700
Stock
31
314
600
21%
*103% 104
-
—
47g
1634
*63
\
20
160
88%
88%
*807g 110
2134
2912
33g
103
6334
*2012
4li2
434
*165g
*78%
88%
88%
*8078 110
434
478
17
16%
20
4,650
9%
9%
14
1434
1434
148,4
15%
15%
15i2
106
*10434 106
*10434 106
*10434 106
9io
934
934
9%
9%
9%
934
1
l's
1
1%
1
1%
1%
7
7%
684
7
6%
7
67g
3112
29U
30%
30
28%
2834
29%
684
29
36%
78U
89
110
47g
43
.
3,600
19
107'2 107'2
9
834
I
66,700
3%
*18'4
5
I
9,600
78%
19
110
40'2
115
*114
69%
1312Nov 17
46'8 Mar 24
90
Colo Fuel & Iron Corp.No
par
100
-
Oct
Feb 26
4% 1st preferred
4% 2d preferred
»
4
Apr 28
..100
170
-
7
6984 Sept
35
Nov
2384 Jan 21
Colorado & Southern
27
Oct
8934 Nov 17
50
Mar 30
Preferred
480
26%
Feb
Mar
12
82
100
3,600
*193.i
9
31
Nov 17
48
No par
21%
26%
26
Dec 22
23
48
preferred
45%
34%
76%
Colgate-Palmolive-Peet
Collins <fc Alkman
21
27
Sept
3i2 Mar
13834 Nov 12
4
484 Jan
share
25
...100
Class A
45%
26
51
per
6
9
No par
Coca-Cola Co (The) ...No
6%
Nov
share
per
50
21%
41
112
60
5
46%
17
17's
17%
10478 106
*104
75'2
100
100
Cluett Peabody & Co
Preferred
200
35
112
8
Clev Graph Bronze Co
(The) .1
Clev & Pitts RR Co
7% gtd.50
200
8,200
61%
*106
99i2
Jan
85% Jan 21
15U Jan 2
7278 Jan 2
No par
C C C & St Louis
Ry Co pf 100
Clev El Ilium Co pref. .No
par
200
66
6512
643.1
*108'2 112
*10812 112
76
75'2
76
7434
99'2
64%
25
Preferred
21
3438
3912
30
113
*23%
32%
25
5
Year 1935
Lowest
30'4 Jan
1434 Dec
3
No par
45%
26%
27
60%
113%
*21
45%
21%
*23
116
60%
Jan
Special
5,700
$
173s Sept 19
7
City Investing Co
City Stores
Clark Equipment
*47
74
69%
70'8
74
77 '4
73
7534
76
76%
*12534 127
*12534 126'2 *12534 126'2
126
126
*12534 126
122
122
121i2 122
*122'4 125
123
123
*123'8 124
*56'2
*5678
69
*58
59
58
58
«57
57
185s
1958
18 ,58
1834
19%
19 f
19'4
1978
19'2
203g
*103'4 104
*103'4 104
10314 103 4
10314 103U *10312 10412
$ per share
10
Range for Previous
Highest
No par
Chile Copper Co
Chrysler Corp
City Ice & Fuel
230
86
*51
*97
—
2234
14'4
14
86
*47
...
Chickasha Cotton Oil
Cbllds Co
118
34i2
89
*47
._
Par
2,800
9,700
4938
*51
>
♦ill's
35i2
...
Shares
22i8
18
86
1018
33i8
$ per share
4938
...
*97
...
$ per share
4111
Lowest
11738 1183s
I8I4
3334
*97
Week
22
3'4
51
11778
*51
Dec. 25
13
18
*85
...
Dec. 24
4
Ranoe Since Jan. 1
On Basis of 100-Share Lots
STOCK
EXCHANGE
the
69
62
STOCKS
NEW YORK
Friday
23
2038
*
116
1151.1 119
18
1858
85 '
86
111% Hi's *111'8
37
36'2
36%
*47
CENT
Thursday
$ per share
21
1278
32i2
..
*89
8 per share
2078
123s
*47i2
1078
3238
*97
Wednesday
Dec.
20'2
*51
86
...
1034
21
$ per share
*1978
*51
NOT PER
Sales
for
Saturday
86
SHARE,
Record—Continued—Page
Elec
Schild
.100
Co
Auto-Lite (The)
Preferred
4
No par
5
...100
II84
1284
12%
12%
22,800
Electric
5%
5%
5%
5%
12,300
Elec A Mils Tnd Am shares
Boat
..3
5% July
1
Apr 28
156
152
July
28i2 Jan
584 Apr
30S4 Apr
UOU Jan
10
Apr
24
6
28
27
23
30
5'* Sept 22
Dec 21
123g Dec 17
185
Aug
166
Mar 13
8
40i2Nov 16
157g Nov 16
47i2Nov
115
6
Feb
384 Mar
110i2 Jan
141
Jan
165g
Jan
314 Mar
193g June
Nov
6
17% Feb
4
378 Mar
734 Feb 21
5*8 Sept
107
Jan
STOCKS
fnr
NEW YORK STOCK
EXCHANGE
JOT
Dec. 23
Dec. 24
Dec, 25
Weet
$ per share
$ per share
$ per share
$ per share
Shares
share
24i8
2378
25
24ia
25
2384
88
89
87
9038
89
89U
82i2
84
39i2
40
114
Ik
6V
538
273s 2914
8312
3978
1*4
5*4
39i2
a» 1J4
#
5i8
jt
28*4
5538
553s *5512 58
*110i8 114
*11018 114
14
14
*1414
15
263g
83*2
42
,
U4
5U
5i8
538
2734
2834
2678
275s
28U
55
55
55U
55i2
5414
5514
*11018 114
*110i8 114
*110*8 114
15
15
15
15U
14l4
15
70
70
*70
7212 *68 || 72l2
2,200
Us
5U
75
*68
74
72
72
72
*71
79
*70
80
1214
|29
28i8
285s
5
47s
5*
2858
H 434
334
2038
67i4
334
334
3i2
26
126i2
21U i22i2
12i8 11214
2558
1278
29i2
29
28
M
15
4
»312
'21
1934
21
66i2
68
*66i2
55*4
26*4
98
98
79
00
4U
^43*4
3358
*105
1,700
4,200
Eureka Vacuum Cleaner
458
434
4.400
Exchange Buffet Corp.No par
438 Jan
334
334
730
25
100
2^8June
670
5038
3958
A 5038
3&S
Fairbanks Co.—
Preferred
2,300
8i2
3434
122i2
315s
1834
Fairbanks Morse & Co.No par
100
2534
25
25l2
98
98
98
98
340
79
*74
79
100
Federal Min & Smelt Co.—100
115
*108
115
2,900
4,700
8U
914
4,500
84
5i2
5^
4,700
Federal Screw Works.-No par
42l2
2,800
1,200
Federal Water Serv A.-No par
106l2 10612
800
50
50
42
45
1,900
Fidel Phen Fire Ins N Y
33U
33l2
5,400
1053s
*105
50
50
1,300
First National Stores..No par
40
4058
9,500
Flintkote Co (The)
46l2
46t2
300
No par
Florence Stove Co
No par
49
48
48
*46l2
,*17
18
175s
3258
714
18
16
16
16
16
600
Stock purchase war's No par
33
7i2
17i2
3258
*16
J32h
17*8
*3178
323s
3138
30l2
313s
400
Florsheim Shoe class A .No par
7i2
7i2
714
3138
73s
714
3,100
X Follansbee Bros....-No par
7*8
47
47
46
116
*116
*45i2
116
46l2
4612
80
119
119
120
1,700
47i2
47l2
48
46l2
118
*116i2
7
»26i2
♦111
112
73
73
44U
6,000
43
43 !2
42
43l2
4078 4212
4038
42i2
42
125
*115
*115
125
*115
125
*115
125
125
44
4514
4434
43U
44
44l2
4458 4434
4434
75l2
76
78
75i2
*75i2
78
*75l2 78
78
26
275s
2678
2612
26i8
2734
26iS
2658
2634
4138
*12218
443g
*75l2
44i4
*5
5U
75
*70
75
20
45
43
44
320
73
*70
73
44
44l2
5i8
5ia
5'8
5
5i8
26
26
105
240
105
*100l2 105U
1578
155s
1558
1278
1278
13i8
15U
1578
1558
15U
15i2
15l2
16
1234
1234
1234
12i2
13
1258
13
105
*104
105
*103i2 107i2 *103i2 107i2 *10312 107i2 *104
73
72U
73
73U
7178
72i2
72is
73
7314 75
173s
17
17l8
173s
17i8
1784
17
17ia
171a
17l2
*145
145
145
878
25
884
24i2
265s
5712
58
57
123
123
5084
50
50
*152
154
150i2 152
5034
5158
5U2
52U
3958 4014
3984 40i8
2i2
25S
25g
234
152
152
121
121i8
*50
51i4
65
*62
68I4
79
68I4
*7412
60
60
*118
120
4978
*62
*67
78
61
11834 *118
65i2
67i8
121i2 12U2
56i2 58
125s
13
66
66
*106
108
4&s
3938
11834 *118
*
438
*106
108
4i8
4i2
51l8
51
414
4212
44
108
414
525s
5212
41i2
65l2
42
66U
79
81
77
78
76l2
68
7914
2984
31
2934
3058
293s
303s
*35U
1514
3612
15i2
*35U
15i8
37
153a
86&S
86
418
40"
36
155S
8318
2234
89
40i4
55
55
*35l2
15l2
83 i8
223s
*8838
578
678
3Us
8II4
275s
*114
*58
11512
96
51
57
5484
114
114
100i2 10U2
12
*94i8
12i8
96
578
634
3178
8278
275s
2314
883a
4034
54l2
6
108
418
5212
438
4i8
53
412
44
44
6878
80
3014
£6712
7914
29i2
37
37
15i8
1514
88
23
88l2
87i2
2218
*87
3978
41
54
5414
578
67s
684
3212
8278
3284
815s
283a
275s
II484 11434
101
10U2
1178
12
*94i8
96
115
101
*
618
634
33
8I84
2814
115
10134
II84
1134
*94i8
3U
6l2
438
43i2
96
33s
684
458
2234
39i2
4378
17,900
300
6712
*66i2
*107l2 108
43s
43a
52
52i4
50
37l2
15i8
37l2
1514
8678
200
Gen Time Instru Corp.No par
5,600
5,000
Gillette Safety Razor..No par
Conv preferred—....No par
2278
8,400
Gimbel Brothers
*83
22l2
*8578
37l2
53
578
100
89
67s
4,200
18,800
8278
800
2878
21,700
8234
27«4
*116
500
117
3,100
IOI84 103
115s
II84
*9414
3i8
2,300
66,200
33s
65s
18i2
18i2
19
1914
1934
9,300
3914
40
393s
40i4
39
385s
41i4
395s
21,700
39
40
39i2
1534
35g
56
55
338
35;
5678
12
12i8
49
50
12l2
53
5812
56
57
5734
12938
1293s *129
*3258 3584
3534
*3378
3584
*3378
3534
13l2
1358
1334
13l2
27
2714
F*2634 2714
*3258
10412 104i2
51
*12784 130
50i2
17
10612 10612
10412 10412
*10134 103
5018
80
1512
*52i8
12i4
5012
*10184 103
343a
5512
5234
13
33l2
*75i2
1478
50 s8
*12734 130
,
129
*3258
*3378
5884
129
3534
3534
1358
1418
27
27
3412
*77
15
3l2
52
51
52l2
*12784 130
For foot notes see page 4108.
145
6212
35i2
80
1538
378
53
1234
51l2
*58l2
60
12918 129l8
*3258
3584
*12l4
5112
*34l2
1334
2634
10412 10434 *10434
*10184 103
*19184
*16l2
17
16l2
I684
10612 10612 *106i2 108
145
52l2
*12734
16i2
107
6I4
438
*223s
10,400
2,200
4i2
23
1,000
40
40U
1,400
43
43
1,400
393g
*140
*50i2
36
*73i8
15
2,500
70
145
7,200
36i2
40
80
153s
20,600
384
4,700
$6
preferred
No par
...No par
Goodrich Co (B F)
$5 preferred
18ia Nov
19
Mar
76
7012 Jan
Deo
3
Jan 21
3412 Apr 30
333g Feb 18
7g Jan
1
1
No par
No par
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel.....No par
Grant (W T)
No par
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar..No par
Preferred
100
100
10
2,500
1,100
190
240
1
Nov 10
46is Nov
12712 Jan
20I2 Jan
Sept
30
<4
43g Feb
Feb
2
3
1451a Oot
407g Nov
3778 July
Ua Aug
15ia Aug
Oct
8
Oct
Oct 30
11
Mar
18
81
Oct
15»4
597g
Jan
18
70ia Jan
123
77
Aug 24
Nov
Feb 17
72
105
Jan 17
110
Deo
June 20
63a Feb
Aug
Apr
72ia Oct
Jan £l20ia Deo
116
598g Nov
26&S Mar
Feb
5
Dec 11
£10712
Jan
120
Nov
10
Mar
21
Deo
3
Aug
6U Deo
175s
123i8 Nov 28
59i2 Dec 17
15U Deo 24
38
312 Apr 28
Nov
6414 July
71
Feb
425g Nov
93la
Us
Mar
4ia Nov
15&8 Mar
41U Deo
Jan
109
Oot
July
634 Jan
84
Oct 15
Apr
Mar
3918 Deo
Deo 24
1634
Jan
33ia Deo
89
Dec
90
92
9
Jan 24
No par
100
Preferred
100
Gulf States Steel......No par
Preferred
100
Hackensack
Water........25
7% preferred class A
25
6
preferred
12
Mar
70>2 Jan
218 Mar
61
Nov
I9ia Aug
93
Aug
Nov 19
"235s
Feb
49ia Deo
7ig Feb 28
10U Feb 17
"lijs
Apr
""484 Jan
13&8 Jan 21
74
Sept 11
35i2 Dec 15
"71*2
Mar
"l4ia
Deo
1684 Mar
267b
Jan
92
Jan
218a July
8
Jan
2
87
Jan
6
June 30
158 July
6
3ig Apr 30
16
Apr 29
24i2Aug 4
2812 Jan 16
86i2Nov24
3178 Apr 15
116
Dec 18
14^8 Dec
1
96i2 July 18
44 Feb 19
11U Mar 20
638 Jan 15
X25&8NOV 9
43
Dec 10
Jan
2
3214 Jan
6
463s Oct 14
6
1491a Aug 14
SOigMar 9
Apr 28
16
31
Jan
41
Jan
136
May 21
1434 Dec 21
70
Apr
10578 Deo 12
52i4 Nov 30
223s Oct 17
65
Nov 28
Oct 17
Jan 23
1778Nov
434 Deo
212 Apr
20
Apr
1>4
5U
2U
143g
June
Mar
Mar
May
10ia Deo
85
4ia
Deo
Oot
135g Nov
5
Jan
2984
Jan
1818 Mar
3588 Nov
26
38I4 Sept
Mar
914 Mar
16
95s Mar
Deo
35ig
265s
Jan
Deo
347g May
119
Jan
140
May
21
Apr
50
Dec
255s Nov
34
Feb
28®8
Deo
95
Deo
6
158 July
July
Feb
234 May
66
Dec
19
Feb
4314 May
9U Jan
1934 Mar
4
Mar
IU2
Deo
30i2 Jan
283g Jan
62i2 Oct
63
Aug
6
Apr
3414
Deo
12
Mar
33i2 Nov
129i2Sept
48
Mar
24
105
30
33
6
Printing
10
Hamilton Watch Co...No par
14
Preferred
100 £104
Hat Corp of America cl A
Apr
5514 Jan 14
65
July 27
Hall
Harbison-Walk Refrac.No par
14
3712 Dec 24
52USeptl8
378 Jan 2
6UNov 2
95
Mobile & Northern.. 100
Deo
84
1484
70
65
100
Greyhound Corp (The)-No par
3>8
478 Deo 15
48i2 Deo 15
Greene Cananea Copper
Preferred
1,200
44
397sNovl8
Hanna (M A) Co $5 pf.No par
4,300
Deo
63ia Nov 10
22
12l8
34
152
Green (H L) Co Ino
58i4
129
Jan 27
534 Jan
2
5U2
34
6
77
58l4
129
3
.100
5U2
390
Oct
537g Jan
Graham-Paige Motors..
.1
Gr'by Con M S & P 2d stpd 100
Guantanamo Sugar
Preferred
1,500
19ig Jan
July 29
18&S Jan
59i2June 20
63a Nov
77
3
$5 preferred........No par £100
Dec 17
Gotham Silk Hose
No par
812 Apr 28
Gulf
3534
3534
3584
14
14i4
1414
27
27
27
10512 105l2 105l2
*10134 103
103
53
53U
53
*12784 130
130
16l2
16i2 *16i4
*306
10878
109
50
Goodyear Tire & Rubb. No par
$7 2d preferred
No par
900
1,500
1038 Nov
Mar
27ia Nov 18
210
|
Oct
Aug
146
Mar
6
54
334
Deo
£1338
5U Mar
4418 Nov 10
193g Oct 2
12
54
Deo
4
30i8 July 7
l35sJune 25
70
Aug 21
Green Bay & West RR Co. 100
62i2
Jan
1078
4812
3184 Dec 18
Preferred
96
lOOig Sept
2
6
4H% conv preferred
Gobel (Adolf)
%
Goebel Brewing Co...
33i2
13U Deo
1184 Jan 11
17
Glldden Co (The).....No par
684
Mar
73g Mar
Gen Theat Equip Corp.No par
1
...No par
1,400
331s
Deo
538 Nov
115
General Refractories ...No par
Gen Steel Castings pf. .No par
preferred
7,200
7,200
Nov
55
512 Mar
8484 Jan
3258 Mar
4
55
$6
54
6i8
Dec
32i2 Apr 28
2
Apr 28
26l2May 25
33U Apr 30
32i2 Apr 30
Gen Realty & Utilities
3712
3934
1914
*50i2
No par
80
70
19
62l2
$6 preferred.
Gen Publio Service—..No par
Gen Railway Signal
No par
30i2
69
I884
14758
General Printing Ink.-No par
79
4^g
4434
3812
*5012
No par
293s
438
*435s
1938
*145
Common
305a Nov
125
5834 Dec 24
12834 Nov 27
140
....
Nov
70
27&s Dec 23
100
General Mills......
Deo
36i8 Nov
Oct
...No par
No par
No par
Deo
30
111
Jan
preferred
Gen'l Gas & Elec A
Jan
638
7984 Deo
534 Jan
7
17
General Electric
7%
303s Deo
47ia Deo
7
Oct 24
49
General Foods
6878 Aug
7a May
Nov 17
General Cigar Ino.....No par
1,800
3,400
27,600
1,100
3,900
6,210
8,800
4012
3934
1475g
62l2
1453s 1455a
*5012
62i2
33U
343g
8058
805g
1434
1534
33s
312
100
Deo
Deo
Deo
25i2
10278
484 Mar
20
118
441g
3812
7% cum preferred
Mar
15
155
116
44
39i2
No par
17U Mar
Jan 23
141
100
22
22
5
Class A
Preferred
39t4
4384
4l2
No par
preferred....
General Motors Corp..
10
$5 preferred
No par
Gen Outdoor Adv A ...No par
1514
Mar
14&8NOV 18
1041a Apr 21
3
58
14
97s Mar
603s Mar
Feb 17
76
No par
No par
1,300
Jan
20U
42i4 Apr 30
10»4 Apr 28
$8 pref class A
23
6
$8
Jan
97
6
5
451*4
105l2 Aug 27
1778 Nov 30
4
Jan
58
2U Mar
6312 Feb 29
73s Aug 6
30
Nov 17
1514 Deo 21
8i2May 20
3
No par
Gen Am Trans Corp..
General Baking
Nov
100
Jan
57
Feb
19
9
2
44i2 Dec 17
lli2Mayll
No par
Gannet Co conv $6 pf. .No par
19
3834
4i2
33a
6i8
412
3U
108
GamewellCo (The)
14
2212
31s
558
*129
1612
54
88
*6412
1134 Mar
473s Jan 17
31*2 Apr 30
334 Jan 6
No par
38i2
81
*12
89
40U
5484
3912
2214
883S
3978
412
44
133a
3234 Dec
11212 June
Gabriel Co (The) cl A..No par
Aug
25
5634 Deo 14
26
Dec 14
Deo 12
$7 pref class A
33a
6i2
412
2212
3914
4378
1878
*73i8
3i2
*8838
63g
34
15i2
2312
678
3234
81U
2838
335s
56
2258
584
2378
39
4414
*145
84
65s
*2218
19
6584
65i2
315g
8U4
2738
3i8
534
412
375g
3912
65i4
418
63a
27s
6i2
43s
38l4
44U
378
7
3214
8D4
2878
10U2 102
12
12ia
*94
50
41
5634
1438
67l2
5634
6883 Nov 30
413g Dec 16
4
Apr 14
Conv pre! series A ...No par
900
1
36U Dec
10534 Nov 10
78
30
113,600
16i8 Mar
28ia Mar
1318 May
84i2 (Apr
4435 Nov
355s Feb
July
40
10
9
9
4934 Nov 10
Nov 13 zl35
Bronze....
1,500
Feb
Deo 23
5,800
78
412 Jan
318 Aug
July
7s
127
234
6034
8i2 Deo
2
120
61i2
77i2
334 Mar
Oct 15
Aug 21
2l2
*
78
6
Dec 23
6U2
6034
6038
6078
II884
II884 *118
11834 *118
67l8
66l2
65i2
6678
121l2 12U2
121l2 121i2
65
66
6412 66i2
12134
12034 12114 *121
54i2 56i2 *5414
5684
125s
13i8
1284
133s
*64i2 67i2
6478 6478
*106
70
*64
7412
Aug
Apr
May
48
56,400
8,400
*
72
95
June 26
3978
25S
Apr
Apr
46UNov
525s
60
£85
54
231* July 15
Cable........No par
140
152
Jan
40
108
No par
Dec
21&8 Nov
48
Mar
...100
pref.No par
391* Deo
125
6
92
1934
3014 Apr
$6 2d preferred
Deo
12312Nov 30
1214 Mar 4
578 Mar 6
1
General
800
2734 Deo 18
1153s Nov
3938
*6014"
60
Day
49U
53s Mar
7
Fuller (G A) prior
„
Dec
35s
15
101i2 Dec 15
3
2
9
52
523g
40
2l2
60
71
74l2
412
5038
378
#
513s
65
*66
71
*74i2
60i2
1251s
49U
152
154
*152
258
258
50l2
*493a
40
39l2
*60
65
58U
58U
Dec
9784 Oct
General
3,300
1,000
Jan
115
47 78 Deo
Preferred
Deo
Nov 30
5
6,900
5834
17
Oct 13
59
3
12,300
93s
27i2 Christmas
123l2 123i2 *121
5178
5078
9i8
27i8
Mar
63
Preferred
9i2
9
27
4
9
3018June
1
F'k'n Simon & Co Ino
Gen Amer Investors...No par
60
Dec
7%pfl00
Free port Sulphur Co
10
Fourth Nat Invest w w
Gar Wood industries Inc
5,100
5,000
Nov
24is Apr 30
9534July 1
2,600
Exchange
6
106
10
No par
3,600
Stock
2758
9
85s
56i2
121
66
55
40
Closed
150
*145
150
*145
148
2578
858
2614
8i2
2478
56
148
148
1,500
26
26
26
105
5^
518
5ig
26
105
27
26
*103i2 107i2
40
45
112
43
26
26
9,100
112
*70
112
73
*100l2 105
110
*110
*110
43l2
2,600
112
112
*110
------
Apr
32
new..10
preferred... 100
Preferred
Deo
2
7134 Dec 24
25^2 Mar 21
378 Aug 29
Food Machinery Corp
4^% conv
Foster-Wheeler
4018
205
Apr 30
z247g Jan 2
100i2 Feb 26
40
Apr 30
30*2 Sept 25
46l2 Dec 24
16
Dec 23
100
49l2
50ls
40l2
47
501s
39l2
*4514
May
i>8 Mar
38
Firestone Tire & Rubber... 10
100
105
105
3934
49
45
Preferred series A
1312 Deo
1478 Aug
15
Dec 19
105
100
% preferred
33i2
33*8
Jan
2i2 Jan
20^2 Jan
Federated Dept Stores.No par
45
*44
50
39
43S
4U
438
4*4
IOI2 Mar
Oct
25
Aug 10
37
Federal Motor Truck..No par
534
4214
42*4
10634 107
Jan
Deo
3
Apr 29
Jan 7
Jan 7
Feb 24
Apr 30
738 Jan 9
3
Apr 28
858
5
42
14
19i2
7
7l8 Mar
8i2 Mar
684 Mar
1578 Aug 10
6978 Mar 30
8*2
IO6I4
8
6
29
100
Preferred
712
551a Nov
y\
25*s
*108
3934
4978
3858
1
5 4
12
6% conv preferred
100
Fajardo Sug Co of Pr Rlco_20
Federal Light & Traction... 15
Preferred
No par
44
45
4314 4338
44l2
3278
3314
3258 34
3414
10534 *105
10534
10534 *105
¥ 3834
1*46
8U. Mar 19
2,800
1278
412
42
106
4134
8
107s Dec 11
7
Apr 30
Apr 29
lis4 Jan 3
2834
5
4U
4i2
42i4
106i2 106i2
105
1105
4078 Jan
Nov
4i2 Aug
97
14
89i2June 30
4
2234
Evans Products Co
14i2 Feb
1512 Mar
55
June 30
6
Jan
5i4 Apr
8i2
8i2
478
878
fii8
434
4%
42
458
f *40*2
115
8i2
5is
00 JP
*5
'
115
*107
115
*108
7
2
3
preferred
Second preferred
First
Deo
8U Nov
Nov
Jan
2838
79
*108
Jan
23*8 July
4,800
Sept
134
li8 Mar
50
55
*1212
27I8
99
98i2
2212
A
178 Aug
66
Jan
Jan
Mar
48
par
par
par
*74*2
2412
*75
27
$5 conv preferred
2138
2034 21
7134
69i2
67is
69
220
200*4 200*4 *210
56
5634
55*2
5638
55i2
76
76
100
100
5
6
34i2 Oct
Erie
21
200
553a
55i2
26
27i8
*9812 100
18*4 Sept
16
8,000
2612
1238
29U
12i8
2034
6634
1912
6634
5434
56
27
*75
2112
*197
200
*197
200
*198
912
5284
12534
16i8 Deo 14
8434 Oct 13
11
2,500
200
*
i4 Mar
63 Apr
July 22
116
6884 Nov
78 Jan
Mar
39
Deo
3184
2i2 Mar
7
100
9l2
1414
100
1,000
81
14
Feb
69
par
75
80
958 b 958
1378
14U
2584
2678
22
2212
14
100
1
Mar
3
0i4 Deo 11
2914 Dec 21
2234Nov 4
5312 July 25
110
Aug 18
7i2 Jan 3
45i2 Jan 14
60
Corp
No
$5H preferred
No
$6 preferred
No
Equitable Office Bldg.-No
74
9i2
14i2
2658
2278
123s
9U
914
9l2
1414 ' 1434
Endicott-Johnson
5% preferred
80
*7638
Battery.-No par
X Elk Horn Coal Corp. No par
6% part preferred
60
El Paso Nat Gas Co
3
712 Aug
34&8 Deo
li8 Mar
2578 Deo 17
94i4 Deo 9
8758 Dec 14
55i4 Jan 7
158 Feb 5
2
Jan 2
Jan 2
Deo 18
Jan 2
Jan 4
Engineers Public Serv
174
*65
81
«
900
Elec Storage
$ per share $ per share
share
1,200
.
74l2
*12
2,500
,,
72i2
9*2
4 15i2
2612 J 2712
22 J, 22h
1U
28
♦76
914
$6 preferred
2,300
3234
29*2
393u
i2
1*2
..-No par
No par
$7 preferred
2,900
4,600
84
41l2
4078
6% Jan
Electric Power & Light-iVo par
5,000
83i2
8312
*70
14
90
per
Highest
Lowest
Highest
$
$ per share
Par
71,700
2438
90
2434
4138
Us:
iu
5381
538
84
40U
1U
8312
3958
*69
..
235j}
89i2| 90*2
100-Share Lots
On Basis of
Lowest
Dec. 22
$ per share
23i2
; 82
the
Friday
Thursday
Wednesday
Dec. 21
19
Dec.
S per
Tuesday
Monday
Range for Previous
Year 1935
Range Since Jan. 1
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
Saturday
26, 1936
Dec.
New York Stock Record—Continued—Page 5
4112
100
Jan 24
Jan
4
June 10
1
21U
Jan
3084 Deo
30
Jan
35
4
Mar
9
1512 Dec 11
Jan
2
32
June 22
30i8 Jan
3
Jan
3
100
120
1
12
Jan 20
100
104
Nov 24
Deo
3478 Dec 16
37
Aug 4
Jan
Dec 15
108
Nov 18
12512nov 17
105i2 Mar 18
5314 Dec 24
135i2 Dec 1
I8I4 Nov 24
115
Jan
9
6'a Apr
8
Deo
Oct
1412 Nov
Jan
112
Deo
IOOI2 Sept
105
Nov
63
16
Mar
303s
121
9984
Jan
5i2
Feb
1418
Feb
11312
81
Deo
Deo
Deo
De
Volume
143
New York Stock
Record—Continued—Page
LOW
AND
^Saturday
Dec.
19
684
SALE PRICES—PER
Dec. 24
Dec. 25
$ per share
13%
*121% 130
165
*160
34i2 35
*144% 147
34
165
6
584
47
165
34%
*160
3584
64
63
45
45%
121
121
25%
2484
1%
'S16
4038
39%
*11234
425
141
121
2434
2434
1
1
40%
39%
*11284
...
I 68
1
12
*
55
424
407
42
42
*42
25%
75%
24%
*75%
25%
75%
24%
75%
42%
25%
75%
*6634
68%
12%
67%
68
12
12%
57%
4%
12%
57
59%
19%
18%
1%
1%
22%
23
45%
45%
1134
55%
65
*4%
12
4%
4%
*11%
18%
1%
12
18%
>1%
21%
46%
19%
1*8
"l5%
12%
22
48
44%
68
68
15
4%
23%
45%
68
*
24%
15
15%
125g
37l2
133
133i8
140
140
140
15%
16%
133
135
5
4%
17
16%
62% 63%
•132% 13534
16%
1934
10%
13%
6
7
93
97%
44
45
*110% 111%
884
834
*7%
8
52% 52%
*27% 29
*47% 47%
*30
31
*85%
12%
87%
12%
32%
32%
29
*25%
26
25
7%
25%
115
*105
20%
18%
21%
19%
1784
*132
44
11%
5%
16%
5%
2,300
70
3,100
135
...
11%
500
20
2,400
107,500
1,300
7,900
11%
5
5%
17
17%
43
4,600
38,500
3,900
5
4%
45
4384
1,900
187% 187%
00
99
99% 101%
100%
160
*15584 160
*155% 160
9%
9%
984
9%
9%
7
7
7%
7%
7%
14%
14%
1434
14%
15
64
64
64%
64%
64%
13584 *132% 13534 *132% 13534
17
17
18%
18%
17%
12
12%
11%
12%
12%
6
6%
6%
584
6
95
93
9484
92%
93%
45%
4584 46
*45% 46%
IIO84
111% 111% ♦111
9
a8%
8%
Stock
8%
8%
7%
7%
7%
*7%
834
54
54
52%
52%
53
Exchange
29
27
26
2684
26%
48
48
48
*4784
Closed
48%
32
*3084
3134 *3034
32
2434
*108
.'.2,200
*86
12%
33%
89
88
88
1134
12%
100
19
33
II84
3234
19
88
*28%
*120%
2l" 500
11,300
31,400
18,700
1,300
"""leo
20
140
1,200
33%
105
19%
29%
Christmas
Day
70
19%
2834
20%
40%
20%
29
2484
24%
41
*109
110
109
2134
19%
20
380
1,200
"3"500
500
900
1,200
10
19
131
131
135
45%
*45
48
22
22%
22
24%
40%
18%
16%
24%
40%
22%
*24%
27
*39
40%
18%
18%
1834
16%
16%
16%
17%
17%
17
17%
40
40%
40
40%
'
170
*156
17%
19%
1784
278
2%
16%
27g
16%
121
18
♦5784
73%
934
*26%
*104
121
21%
18%
3
17%
121% 122%
18
18
18%
59%
73%
56%
7084
9%
57%
10
27
106
105% 10534
*168
17
170
170%
22
26%
*104
7284
97g
27
22%
8,900
5,600
21,900
30
105% 106%
*168
*21
*26%
104
170% *168
22
48%
48%
2734
28%
*9934 100%
13
*127g
46%
277g
*21%
27%
105
105
170%
2178
5984
26%
*104
26%
26%
105% *103
104% 105
10434 105
172
170% 170% *168
59
5934
2134
60%
59%
60%
52%
52%
52
52
53
53
44
4434
43%
44
52%
43%
44
6234
63%
62
63%
62%
6278
44%
62%
44%
63%
43%
62%
43%
6334
107
*106
107
*106
2%
52%
2%
5334
6%
6%
6
40%
40
40
40
♦105
110
*105
40%
♦105
110
'22%
22%
*142
142%
30
30%
*25
2534
94%
9434
29% 3034
36
*35%
45
43%
*54_
2%
52%
234
53%
2%
5278
6%
6%
22% 2234
14234 14234
28
22%
142
107
2%
55
6%
40%
110
22%
143%
*21%
59%
21
58%
52%
*106
900
290
June
5
Leased
100
58
Jan
6
RR Sec ctfs series A
100
Indian Refining
10
Industrial Rayon
No par
Ingersoll Rand
No par
11
lines
6% preferred
100
Inland Steel
No par
Inspiration Cons Copper
Insuranshares Ctfs Ino
11
Dec 23
Interlake
Internat
Iron
No par
Agrlcul
..No par
Prior preferred...
100
*106
107
2078
*106
"""760
110
""8~2o6
100
20
6,100
300
700
1,700
2,000
8,100
8,800
4"4o5
100
700
1,800
800
2,500
9,800
107
Preferred
100
Preferred
100
....
..No par
1
6%
40%
6%
40%
6%
7,000
40%
no
22%
143
1
Jewel Tea Ino
No par
Johns-Manvllle
No par
Preferred
100
Jones A Laugh Steel pref.. 100
Kalamazoo Stove Co
10
Kan City P A L pf ser B No par
Kansas
City Southern.... 100
6% Mar
78
Nov 16
19% Dec
338
6% Mar
49
z70%Nov 12
1378 Dec 14
63
Nov 10
20
Jan
3084 Deo
11
Jan
Feb 14
Dec 19
6
21% Dec
77g Jan
187g Jan
5% Dec
1784 Dec
57gMar
23
Deo
73
Nov
Nov
Dec
6% Mar
5%
1384
Deo
6% Mar
34 Apr
17%
37g
Jan
9% Mar
15
Apr
40
Mar
Jan
Oct
22% Deo
38% Deo
69% Dec
15
Deo
6% Deo
36% Oct
121
Nov
Jan
130
July
46% Mar
2% Feb
108
Nov
109
18
4
11
884 Mar
14
17
11
4% Mar
2% July
47% Dec 12
July
7
2% Mar
23% May
60% Mar
Nov
Deo
42
31%
60%
4% Mar
140
495
Jan
Oct 19
122
Deo
Feb
284
15% Nov 10
41% Nov 12
147
"22%
1% Mar
42
57g Jan 23
17% Feb 6
22% Nov 5
3% Feb 19
29% Oct 17
54% Sept 2
73% Oct 4
Feb
307g Mar
4
Keith-Albee-Orpheum pf._100
Kelsey Hayes Wheel conv cl A1
Class B
Kelvlnator
Kendall
1
Corp......No
Co'pt pf
par
A .No par
Kennecott Copper
No par
Keystone Steel A W Co No par
Kimberly-Clark
...No par
Kinney Co....
...No par
ser
Preferred
No par
Mar
8%
26
June
Oct
7% Deo
23% Sept
3
1% May
Apr 28
56% Jan 8
148% Jan 23
284 Apr 30
4% Jan 2
13% Dec 21
43%May 8
125% Feb 6
3«4 Apr 30
2% Jan 6
1% Jan 9
20% Apr 30
37 May 22
107
Apr 27
384 Jan 7
3
Jan
9
19% Jan
9
47
Apr 28
Oct
8
Apr 29
June
8
11% Sept 21
10% Apr 30
82
Jan
2
15
Jan
2
24% Aug 14
113
Apr 29
58% Jan 18
88 May 7
121«4 Feb 5
75%May 27
39% July 15
116
13
Nov 24
194
3
Deo
Jan
13% Deo
5
Jan
104% Dec 15
160
Apr 3
42*4
Jan
10% Dec
8
17
80
Jan 27
Jan
7
19% Dec 22
17% Dec 22
1484 Jan
87
2
Feb 28
28% Jan
17»4June
4
18% Jan
7
7
378May 11
30
190% Deo
65% Nov
135
154
7
Nov 20
22% Jan
1237g July
23% Dec 11
1478 Dec 11
8% Dec 11
98% Deo 18
4884 Nov 18
112
Sept
9
Jan
1% Mar
17g June
Feb 21
15% Dec 11
66% Nov 18
136
149% Jan
34% Mar
4% Mar
21% Jan
98% Jan
2
11% Oct 20
10% Oct 20
61% Nov 12
28
93
Nov 25
56%
Dec
78
Oct
5% Mar
87g May
14
Deo
19% Feb 17
377gNovl8
107
Oct 16
2284 Apr 2
31% Nov 12
126
Sept
93% Nov 14
146% Dec 16
126% Dec 5
133
Dec
60% Deo
Apr
121
110
Apr
Deo
70% June
9% Mar
Oct
24%
110
Jan
49
Mar
Mar
6
Jan
6
3% Mar
10% Aug
Lane Bryant..
...No par
5
Preferred
50
Lehman Corp (The)
No par
Lehn A Fink Prod Corp
5
29
2
15
30
Mar
Oct
Nov 30
32% Nov 18
110% Feb 10
18% Nov 13
135
Dec 21
51
Mar
19*4 Mar
96
Nov
6% Deo
41
Deo
27*4 Nov
Apr
6% Nov
113
Jan
80
Oot
32
Aug
6
17
16
10
Mar
5
May
8% Mar
10% Mar
Feb
6
1% Mar
Oct
1
5% May
67% Mar
10% Oct
22
Oct 19
12384 Nov 20
2134 Nov 10
Jan
2
4
65
47% Jan
2
80% Nov 10
Life Savers Corp
5
25
97
13
27% Deo
46
Aug
28%
Jan
9
Jan
14% Deo
17% Jan
Nov 10
387gMay
7
Oct
90% Oot
31% Nov
22% May
19
May
Deo
May
9% Apr 29
89
May 11
May 19
30
2
4
7
14% Deo
22
20% Nov
42
180
12
Nov
Nov 13
No par
Llbbey Ownes Ford Gl-No par
Libby McNeill A Llbby No par
Lerner Stores Corp.
23
103% Apr
6
July
93
21
2%
30
2
2
Aug
10
12
June 10
37
1384 Mar
Mar
19% Mar
21% Oct
157b July
7% Jan
12
July
15% Apr
94% Apr
8% Jan
Jan
120% Apr
28% Nov
18% Jan
July
30% Deo
84
13
32
par
Nov
3
46% Deo 12
7% Jan 8
61
Aug
16
120% Deo
34
63% Nov
24% Oct
90
36
116% Mar
384 Mar
6% Mar
7% Feb
1584 Jan
Nov 18
Oct 28
16% Sept
99% Nov
126% Deo
28% Jan 2
247g Jan 2
25% Mar 20
107
Jan
38% Mar
117% Mar
50
• Apr
31
(The)..—No
Jan
July
33'g Jan
50% July
2634 Feb
18% Nov
18s4 Deo
45% Nov
100
preferred
Jan
5
16
25
20% Apr 27
5%
Deo
4%
42% Mar
Oct 30
8
Lambert Co
110
Nov 17
Jan
No par
Laclede Gas Lt Co St Louis 100
3% Deo
2% Deo
287g Deo
4284 Deo
53% Feb 21
28
100
Deo
35
30
19%June30
Preferred
Deo
Nov
5
20% Deo
36% May
49% Nov
Kroger Groc A Bak
10
7% preferred
100
Kresge Dept. Stores..-No par
47%
130
Oct
I84 Oct
9% May
Deo
484 Aug
6% Oct
1% Mar
% July
% May
Apr 28
20% Apr 28
9984 Deo 3
4% Apr 29
7478 Feb 26
3584 Aug 31
Kresge (SS) Co
Series B
25
•
Preferred
900
10
5,400
150
100
...
5
Mar
11% Jan
3% Aug
1584 Nov
9584 Nov
17%
Jan
Nov 17
Nov 17
Lily Tulip Cup Corp...No
par
31% Jan 29
9784 Mar 13
160
19
Oct 28
Apr 29
115
116%
170%
23%
63%
Jan 16
Jan 15
Dec 23
Feb
5
Lima Locomot Works..No par
257g Jan
2
No pa,r
36
July
3
55
Liquid Carbonic...
No par
32%June
3
Loew's
No par
43
46% Dee 4
6584 Dec 15
Inc
No par
Loft Inc
Lone Star Cement
No par
Corp No
par
Long Bell Lumber A...No par
Loose-Wiles Biscuit-.
25
35% Jan
3% Jan
z38S4
107
7% preferred
100
{ Louisiana Oil preferred. .100
140
preferred
(P) Co
25%
25%
400
Louisville Gas A El A..No par
91
91%
1,500
Louisville A Nashville.—.. 100
30%
29%
30%
297g
35%
31%
36%
44%
31%
31%
11,900
35
35
600
4234
44
5434
5334
54%
3,300
8,100
Ludlum Steel
MacAndrews A Forbes
1
10
Apr 21
104% Feb 28
2
Apr 23
100
10
5%
Lorillard
91
1,480
Marie
Link Belt Co
26
43%
5334
160
24% Sept 28
5
8984
Mar
Kayser (J) A Co..
*25
4108
8
33
26
91
page
118
6
44% Feb 20
48% Aug
36% Nov 17
33% Feb 25
25
see
4
2
90 34
For footnotes
Dec
2
25
54%
Jan
584 Mar
Jan
July
lsi6 Dec 16
42
Jan
25
5334
104
3384 Oct 30
19% Jan
92
5434
5
8134
Dec 16
Preferred
100
Kaufmann Dept Stores.S12.50
25
54
2% Jan 2
9% July 1
278 July 10
2234 July 10
..No par
Preferred
6%
*142
Certificates
*89*4
29%
*35%
55
Feb
49% Deo 11
Liggett A Myers Tobacco.__25
900
"
16,100
142
par
30%
36
Deo
73% Apr
36% Deo
21% Mar
6% Sept
49% Oot
10% Nov
29% Nov
21
Mar
94%
9384
151%
15%
13%
17%
24%
31%
Apr
Apr
120
Jan
Oct
Mar
167% May
2884 Nov
t
"4", 400
22%
Corp. .No
Preferred
100
Internat Rys of Cent Am.. 100
4% conv preferred.!..—100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
234
*105
..No par
....100
20
11,300
8,600
3,000
5734
22%
142%
Class C
Preferred
Int Printing Ink
Lehigh Portland Cement.—25
2%
110
...
Lee Rubber A Tire
567g
22%
Inter Pap & Pow cl A ..No par
Class B
No par
1,600
234
5634
39%
100
3,300
2%
55%
110
Int Business Machines.No par
Internat Harvester
No par
29
44
6
t Interboro Rap Tr v t o.-lOO
Intercont'l Rubber
No par
30
43 %
6% Jan
Oct 27
29
36
Aug 24
88% July 7
5
29
44%
125
1
27%
36
May 12
2
25%May 21
106 May 12
4% Jan
20
30
44
Oot
131
Kress (S H) A Co new. .No par
6,500
26%
105
51%
*
1
7,300
1,100
47
51%
158%
60
47,000
28
28%
28%
*99% 100%
*9934100%
13
*12
13
127g
135
135
135
132% 132% *130
*45
*45
*45
47
47
47%
22
22
217g 22%
21%
21%
24% 24%
24%
24%
*22% 26%
*39
*39
*39
40%
40%
40%
18
18%
177g
18%
18%
18%
15%
15%
*15% 16%
*15%
167g
17
17%
17%
17%
17%
1784
39
40
39
3978 40%
3884
*156
170
158
155% 155% *153
18
177g
18%
18%
18%
19%
3
3
3
3
234
2%
17%
16%
16%
16%
16%
16%
121
121
*117
120
120% *118
18
18
1784
18%
18%
1834
59
58
55
58%
5784
5734
72
74
7078
72%
73%
72%
978
978
9%
10%
10%
10%
105% *103
30
Preferred
109
22%
*42
2
100
Intertype Corp
2,000
18
131
Jan
18% Apr 30
6% pref series A..
Island Creek Coal..
145
20%
28%
1
10
i.100
Illinois Central
1,300
145
18
28
Hupp Motor Car Corp
1,300
*123% 126
129% 130
45
45%
45%
*11684
20%
20% 21%
41% *40%
4278
29
29%
2984
25
2478
2478
20%
*9984100%
12% 13
No par
7
3%June10
8% Apr 27
13%May 4
50
144
17%
28%
*9934 100%
*12
1234
Hudson Motor Car
6% Jan
4834 Jan 21
7% preferred
100
Inter Telep A Tel eg
No par
Interstate Dept Stores. No par
"""600
*11634
49
100
4
15
86
19%
49
Preferred
54%June
23
86
18
51
Household Fin partlc pref__50
..100
2,600
{105
I884
2884
*120%
20%
4984
No par
International Salt. _...No por
International Shoe
No par
70
58
51
90
Feb
Oct
B
June
Mar
Feb
Class
June
162
71
Jan 13
115
3978June 5
22% July 2
65% Jan 14
International Silver
42,900
106
50%
28%
i'i6 Dec 8
19% Jan 13
141
Jan
122
119
2
Jan
142%
149% Dec 11
Apr 17
124
Jan
Oct
Jan
108
9
127
6%
11
80
600
19%
22
2OS4 21%
20%
21%
21%
2134
22%
105% *103% 106
♦103% 104% ♦103% 104% *103% 104%
58%
62
61
58% 60
59% 61%
6O84
61%
19%
19
19%
18%
19%
I884
1984
19%
187S
19%
*40
43
43
44
43%
42% 43
45%
44%
44%
6
584 1.534
16
584
*5%
5%
5%
5%
5%
20%
1
1% Mar
Oct 14
135
800
86
45
111
Jan 27
Aug
544
Preferred
*123% 126
130% 131
46
141
Feb 17
Int Nickel of Canada..No par
143
142
126
Nov
Dec 22
Preferred
100
Int Hydro-El Sys cl A
25
Int Mercantile Marlne.No par
Internat Mining Corp
1
*84
131
Deo
22
108
51,100
12
32
103% *104% 105
2834
120
407
16,700
9,300
19,800
.
88
Jan
14% May
5
r
188% 188%
29
*28
111
11,500
11,200
18,100
100%
14
14
13%
61% 63%
63%
*132% 13534 *132%
19
17%
17%
12%
11%
11%
6%
5%
6%
93
96%
93%
44% 44%
44%
111% 111% 110%
*8%
884
*8%
*7%
8%
7%
*52% 54%
52%
27% 27% *27
4734 4784
4784
30% 30%
3084
87
*85% 86
12
12
12%
32% 33%
32%
29
18
5
44%
103
*103
105
103%
•19
19
19
19%
*1834
*29%
29% *29% 2984
2884
*122
*12184
*122
87% 87%
88
87%
87%
143% 144% 141% 143% 141%
126
126
*123% 126
*123%
*126
129
129% 129% 129%
46
> 47
47
46
46%
•II684
♦II684
♦11684
20
19% 22"
20%
20%
42
42
♦40% 41%
40%
20
4%
16%
5
18984f
156% 156% *155
10
9%
9%
29
1934
2
*130
11
18934
103
•105
584
41
29
12%
300
116% 116% *115
116%
20%
21%
20%
20%
5%
5%
*5%
534
16%
7%
135
*130
*4%
16%
4%
14
23%
45
2
1,800
37%
1678
7
22%
44%
6,500
4%
37%
1638
4%
734
60
85
100
Common stock new..No par
*414
12%
19%
1%
22%
44%
6
6
100
Houston Oil of Tex v 10 new 25
Howe Sound Co
5
Hudson & Manhattan
100
59
Mar
par
900
100
Mar
Aug 13
June 13
Highest
9
Homestake Mining
40,900
37%
6
73s
13%
preferred
Lowest
$ per share $ per share
21% Jan
Houdallle-Hershey cl A .No
13%
410
5
*15434 156%
9%
10%
No par
68%
77%
1
.
133
5878Sept24
102
Sept 16
30% Jan 2
5
Rights
Holly Sugar Corp
*66%
12%
2,600
98
Hollander A Sons (A)
13%
60%
4%
12%
19%
1434
11%
4%
41
No par
68
11,900
13%
37%
117%
17%
20%
99
No par
preferred...No par
conv
25%
70
5%
98
$5
25%
*75%
22%
44%
117
41
preferred
Holland Furnace
25%
77%
59
*130
18984 190%
Conv
500
14%
13%
3634
1134
99
Jan 23
126
"""200
70
5%
42
84
100
No par
cum
42
14
4%
No par
preferred
$7
7%
....
14%
484
Hercules Powder
Hershey Chocolate
415
72
*5%
11%
41
42
*68
11%
189
4,300
37%
17%
164
25% Apr 30
415
4%
*11%
18%
1%
1%
534
98
3,300
26,500
13%
133
100
12%
19
11%
189
300
9 per share
...No par
Hercules Motors
42
*75%
4%
5%
*4034
2,600
Year 1935
Highest
9 per share
4% Apr 30
99% Deo 24
12% Aug 17
117 May 14
150% July 8
68
1134
434
200
14%
140
16%
120
400
1434
13%
II684 118
117% 118
.2
25
71
1434
*37
600
130
13
12%
12%
37%
37%
133% 133%
Hayes Body Corp...
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No par
Helme (G W)
..25
420
*407
12
*68
130
....
Lowest
Par
Preferred
~6~,200
Range for Previous
On Basis of 100-Share Lots
41%
407
12
100
165
35%
36%
145% 146
....
*403
1258
3,600
1,000
19,700
66% *63
66%
113
*107% 112% *107% 112%
453s
45% 47
47% 47%
122
120
122% 122
120
25%
24%
25%
2484
25%
1
%
1
r%
1%6
40
40
40
40%
40%
*113%
*113%
68
25
1*75%
6
*63
4234
*42
*160
3534
143
*12834
N
64
*107%
165
35%
J
...
43%
121
5%
100
100
99% 100
13%
12%
13%
12%
13%
*121% 130
*121% 130
*121% 130
144
144% 146% *139
12884 129
64
5%
100
12%
*160
1109% 109% *107% 113
*402
584
100
35%
*129
45%
Range Since Jan. 1
STOCK
Shares
*160
*
4113
EXCHANGE
Week
$ per share
13
64%
NEW YORK
the
Friday
Dec. 23
13%
25%
m
,S16
W 40%
»11234
Thursday
$ per share
121
121
Wednesday
Dec. 22
5%
6%
101% 102%
*129
STOCKS
for
Tuesday
$ per share
121
It
Sales
Dei21
102i2 102i2
64%
SHARE, NOT PER CENT
$ per share
6%
13
HIGH
Monday
$ per share
4
6
>»
-
Nov 30
Dec
9
2
1087g July 17
3% Feb 11
6178 Dec 1
2
8% Mar 24
Oct 15
45
May 19
113
21% Apr 28
Jan 17
Sept
Mar
Mar
Feb
102
Feb
1
Mar
227g Mar
1% Mar
33
Apr
1
10784 Nov
26% Jan 27
18% Mar
122
Aug
Aug
27% Nov
43
37%
65%
10884
2%
367g
4%
Oct
Dec
Nov
Oct
Oot
Nov
Deo
41% July
112
Deo
26% Nov
Dec
3
151
Jan 30
124
13
Jan
3
16
Deo
May
4
10% Mar
23
Aug
57% Jan
22% July
2
5l%May 25
30% Oct 7
102% Oct 19
4% June
20
34
Mar
64
Deo
Sept
33
Apr zl49% Deo
8
35
Feb 19
12*4 Mar
28
Oct 16
42
Jan 21
377, Nov
46
3084
Mack Trucks Ind
No par
27% Jan 30
49% Oct 30
18% June
Macy (R H) Co Inc
No par
40% Apr 30
65% Nov 12
30%
Apr
67
Feb
Deo
Nov
New York Stock Record—Continued—Page 7
4114
Dec.
Monday
Dec.
19
1434
15
21
1478
5334
5334
5312
5%
5%
53g
PRICES—PER
Tuesday
Dec.
SHARE,
Wednesday
22
Dec.
$ per share
$ per share
$ -per share
25
SALE
HIGH
AND
NOT PER
Thursday
CENT
Friday
STOCKS
NEW YORK STOCK
EXCHANGE
the
Dec. 25
Week
$ per share
Shares
Par
1478
1538
15
15%
14%
14%
2,900
56i4
56%
56%
57
6%
2,900
2,200
8% Jan
10
100
34% Jan
Magma Copper
6%
2734
56%
6%
534
26
6%
6%
t Manati Sugar
1% Jan
25
1512
*12i2
15i2
*13i2
1514
15
15
*15
15%
100
Mandel
*33
35i2
*33
35%
33
33
33
33
33
34
400
14%
1414
14
14i2
1334
14
13%
22
22
2134
2134
21l2
22
13%
21%
13%
2134
1334
24
*4%
4lg
434
10
10
1018
*21
418
414
412
10i8
2i4
9?8
10%
*2i4
2i2
4%
9%
*2%
26%
27
.5%
234
214
214
2ig
*1614
19*8
*16i4
195s
I6I4
16%
*16
*3734
38i2
3714
3734
37
37
*37
38%
*4f>s
*50
*4i2
512
52i2
,
20A
*50
20%
20%
9*8
834
9%
39
*50
9
62
6134
62l2
61%
14
1412
14ig
143g
14
45
*44
19
34i2
104
18i2
*834
38%
*4%
20%
9%
39%
63
14%
14%
50
34%
18%
1834
1834
*101
41i2
41l2
4214
4214
4134
42
2314
23l2
2312
24
23%
24%
1,200
2,700
*41
42
"""566
1,600
24%
23 % Feb
3
13%
Mar
30
24% Dec
4
10
Mar
19% Nov
1
Feb
2334 Mar
33% Nov
43%May
35% Mar
57% Nov
Department Stores...10
13% Apr 30
21% Feb 28
44% Dec 18
55
ex-warr'ts.No par
No par
McCall Corp
No par
McCrory Stores Corp new—1
6% conv preferred
100
103
9
17i2
39
3834
39
6,500
Mclntyre Porcupine Mines__5
84%
85
86
8634
88
4,000
12%
1234
12%
1234
9,300
McKeesport Tin Plate-No par
McKesson & Robblns
5
12%
12%
*45%
4534
17%
17%
45%
,98
98
98
*96
98
*96
*80
81%
80
80
80
1134
Ills
*95
8II4
81
11
11%
11
11%
11
11%
104% 10534
104
105%
*38
40
105
106
*37
200
45
45% *44%
17%
17%
17%
17%
104ig 104i8 *104% 106% *104% 106% 106% 106%
26
27%
27%
25%
26%
26%
26%
25%
1734
41
103i2 105l2
40
*37
40
*37
4.60Q
70
9,200
$6 pref series A
*96
81%
98
82
82
"lilOO
Melville Shoe
11%
11%
10,200
Mengel Co (The)
105
780
106
,*38
40
60
61l8
60
60%
59%
59%
59
60
"2",900
Mesta Machine Co
12%
1334
1338
14%
14%
15%
15%
15%
14%
15%
68,700
Miami Copper
29%
30
28i8
29
28%
29%
29
29%
39%
4034
393g
40%
39%
4034
123
123
*103
105
*102
105'2
122i2 123l2
*103
105
^03%
104
119
Midland Steel Prod
122
120
105
105
103% 106
104%
104% 104%
120
120
10%
84%
80
To%
16,600
10%
10%
10%
10%
82%
82%
*83%
1%
1%
*1%
1%
1%
134
400
*3%
334
3%
3%
*3%
3%
100
*5%
5%
5%
5%
5%
500
25%
26%
27%
28%
3,400
634
634
26%
6%
27%
67g
6%
6%
634
8,000
23%
2434
2334
2434
24
24%
24%
3
26%
*278
3'8
98l2
653s
6
25i2
634
3
2%
2%
2%
2%
5%
7
23i2
6%
2958
800
87
25%
6
2534
7%
61i
3034
30l4
234
6%
6%
6%
6%
32%
31%
*9734
33%
32%
98
57%
98%
55%
2%
98%
57
98i2
98%
59%
2U)6
57%
58%
2%
2%
67%
67%
43
2%
2916
*63
Exchange
2%
42
41%
42
*42
66
*62
66%
Closed
112
134
1%
134
1%
3312
35ig
34%
35
35
36%
36%
36%
2234
2178
22U
21%
22
22
2238
2234
1%
134
,
1%
34
3314
3378
33%
3434
3434
22%
34%
*96%
97%
96%
96%
*96%
97%
97%
97%
*27is
30
3012
3012
*73
74
73
73%
3384
*106
*106l2
16%
"l734
16%
5934
5934
*58%
9,900
73
16i8
15%
16
37i2
3712
1734
3812
15%
16%
16%
3734
38
38
*36%38%
18%
18%
180
1234
13%
13
32%
31%
32%
31%
32%
30
29
29%
29%
29l2
23
22%
23%
23i2
2334
110
1101
110
110% *110
10812 108i2 *107% 108%
*10712 108%
20
19%
19%
1934 20%
20%
28
28
29
28%
2878
28>2
23-%
30
3378
34%
30
35
30%
34%
*168
"
150
54
30%
3514
29%
2234
150
*143
55
"
1934
56
30%
5,200
22%
20,400
20
30%
1112
11%
11%
11%
1®4
*ll4
134
*1%
1%
1%
84
34
34
34
%
7318
1214
5534
*56
68
66%
68
133
*107g
7134
67
129
129
11
10%
*12
1214
11
12%
56
56
*56
5534
60
59
♦
11%
11%
*1%
1%
100
*%
%
1,900
35%
39%
3,100
76%
80%
2,500
10
11%
1,370
*130% 133
*130% 132%
20%
24%
130% 130%
41,200
1,100
1,920
20
1%
134
134
1%
134
1%
1%
5,700
5%
6%
5%
6
5%
578
32,300
16%
16%
18%
1634
17%
16%
61,400
5
4%
4%
4%
16%
4%
4%
2,400
11%
434
434
434
*434
4%
434
*4%
11%
*70%
11%
73
11%
74
12%
12
12%
*70%
*70%
74
72
72
*70%
74
10
95%
95%
*97
98
98
98
*97
991
90
98
98
*108
109
108
108
11%
434
*108% 109
4%
434
*4%
12%
434
600
12%
8,000
108% 108% *108% 109
2 '
1%
1%
*1%
40
65% May
1% May
28% Apr 30
43% Oct 19
31«4
Dec
7% Mar
No par
70
May
9% Aug
62
Sept
8184 Nov
Ino
21
Jan
13% Mar
26%
No par
4
3
Apr 30
14
Jan
43
No par
15
Acme
1
Corp
No par
....10
Biscuit
pref
100
20%May
12% Apr 30
9% Apr 30
Oct 6
Jan
153
30% Dec 21
10O
102% Dec 22
5% pref ser A
Nat Cash Register
No par
Nat Dairy Prod
No par
7% pref class A
100
7% pref class B
100
t Nat Depart Stores.i.No par
Nat Distil Prod
..No par
Nat Enam & Stamping.No par
Lead............10
22%
164% Dec 18
37«4 Dec 8
107% Dec
32% Nov 30
Apr 28
Oct
28
5
26%June 30
%
Jan
8
May
32% July
150
Jan
162% May
121%
Jan
140% July
4% Mar
14% Aug
36% Nov 30
61% Dec 14
14% Feb 17
Feb 11
% July
1 %
Feb 11
% Mar
84 Nov
Dec
4
403$ Mar
8334 Nov
75% Nov
7
9
Mar
20% Aug
Dec 14
36
Mar
77% Aug
25
57% Apr 29
19% Jan 2
78
6
133
Newport Industries
100
100
1
100
N Y & Harlem
Jan
2
53%
Mar
19
Deo
2
95
Sept 29
9% Mar
39
Deo
15
Nov 30
2
Mar
6%
Dec
29% Nov 30
4
Mar
16%
Dec
!0%May 16
Jan
6
1
Jan
2
Shipbldg Corp part stk.. 1
7% preferred
.100
N Y Steam $6 pref
$7 1st preferred
No par
No par
Api 21
7% Apr 28
4
July
9
2% Jan
7
800
55%
55
55
55
55
12
12%
12
12%
12%
12%
32,100
103% 103%
26%
26%
103% 103%
27%
26%
400
*52
*52
30,600
3%
"~3%
"l",706
29%
29%
30
15%
15%
15
15%
15%
15%
1534
16%
16%
16%
46,600
5334
54
52%
54
53
53%
5334
55%
54%
5434
9.200
Preferred
North Amer
50
Aviation
1
No Amer Edison pref
Mar
% May
Oct
16% Aug
2% Mar
6% Nov
7% Feb 24
5% Feb 24
% Mar
6% Mar
79
May
2
23% Apr 30
5234
F*b
6%
Jan
6
6
Jan
2
23% July
7
No par
Northern Pacific......... 100
Northwestern Telegraph...60
98
Norwalk Tired: Rubb__No par
Prrf erred
60
2
50
19
Aug lx
Jan
6
Aug 28
Ohio Oil Co
No par
12% Aug 26
Oliver Farm Eg new
No par
24%
Jan
6
Dec
5%
109% Aug 12
Jan
Juno
1814 Dec 22
June
May 12
1%
8%
Oct
69
93% Apr 23
1 % Aug 27
139
2%
Nov 16
30%
*55
112
5
104
30%
12%
5
Feb
36% Nov
2934 Dec
6% Dec 22
Mar 17
83
30%
54%
Oct
6
51
30%
12
2%
5
Sept 16
3034
54%
150
Oct
99
30
12%
49% Oct 13
9% Apr 27
May 21
57
105
No par
Deo
36% Jan
3% July
3
N Y
10%
4% Mar
119
N Y Ontario & Western... 100
N Y Railways pref
No par
Dec
Dec
18% Mar
12% Mar
60
100
61%
"il%
Drc 14
t N Y Investors Inc...No par
1NYNH4 Hartford
100
preferred
Jan
3% July
43%
Dec 14
17%
Preferred
Deo
Oct
83
Jan
100
4134
40
27«4
100
5534
Apr 30
Jan
13%
21% June
7%
8
2
9
32% Jan
No par
100
9
Apr 14
11%
Jan
*8% Mar
Nov 23
43
No par
Preferred series A
64% Nov
110
New York Central
N Y Chio & St Louis Co... 100
Nov 24
4
N Y Air Brake
New York Dock
60
7
104% Apr
10% Feb
Adjust 4% pref..
North American Co
12
Jan
1% Nov
3
% Jan 10
74%
Jan
34% Nov
21
100
100
4%
1% Mar
23% May
Dec 15
9% May 11
Dec
Aug
6
37% Apr 14
Nov 16
Dec 19
54
22%
24% Nov 18
33% Mar
171
Preferred.
Dec
10
25%June 11
147
25
23%
108
Jan 21
.
13% Mar
12% Mar
Sept
Oct 29
National Steel Corp
National Supply of Del
Dec
*106
137%
No par
158%
4
June
155
4% pf.100
141% Mar
Dec
Dec
36% Nov
8
100
preferred
Apr
112
70
634
9
Jan
107
114
For footuocos see p ute 41J *
9
Jan
100
National Power & Lt
4% Mar
Feb
15% Mar
Oct
Jan
27%
14%
14%
113% Nov
*111
29
19% Dec 17
3834
47%
19%
Sept
111
*28%
Mar
108
111
29
14
47% Oct 22
21% Nov
7
2
111%
*28
Apr
28% July
111
3%
Jan
11
1 1234 Mar
114
111% *111
2934
30%
30%
52%
30
Oct 19
Dec 24
111
3%
7
Apr 30
210
"3%
6
62% Nov
B
Nat Rysof Mex 1st
434 Mar
2234 Mar
21% Feb 19
A
Nat Mall & St Cast's Co No par
Deo
1
Apr 30
ion
3%
79% Aug
107% Dec 17
21
100
*50%
101% Nov 23
3634 Dec 5
1534 Nov
21
IO784
t Norfolk Southern
2634
9
Nat Bond & Invest Co.No par
Norfolk <fc Western
25%
4
2834
600
103% 103%
2
Aug 12
300
*103% 103% *103% 103%
25%
26%
25%
26%
*50%
56%
*50% 53
3%
3%
3%
3%
30
30
29% 29%
7
44%May
No par
Nashv Chat & St Louis... 100
1
102% July
266
*54%
Deo
Nov 18
3934 Nov 18
2
Apr 30
266
32,800
Deo
15%
27
11
265
30
33%
15% Jan
263
2
6
1
...6
Co class B
266
*1%
Feb
Dec
266
2
Dec
66
Apr
269% 269%
*1%
94% Nov
%
272
1%
Dec
Nov
40%
60
272
1%
Jan
23
2% Nov 30
Nash Motors Co
Conv
Dec
Dec
71
Jan
No par
35%
3
2
34
Newberry Co (J J)
5% prefseries A...;
t New Orl Tex & Mex
35%
Feb
55
6% Nov
2134 Mar
60% Jan
56%
120
Dec
41%
7
Feb 25
No par
","56
Deo
5934 Feb
Bros
58%
4%
1734
41% Dec 23
Neisner
5%
1%
5%
15%
6
800
14
21
Mar
Nov 28
68
13% Jan 24
14
Dec
July
2i3|6 Dec 21
12% Nov 10
38
21%
103
7% July 10
77
20%
7
!0%June 18
3234 Apr 29
41
Apr 15
20
9%
Jan
No par
39
9%
2034
May 19
79
3534
No par
75%
934
33% Dec 23
National Tea Co
37%
9%
Feb, 7
Natomas Co
76
10%
50
4
19% Aug 24
Jan
700
109
4
Apr
1038
2,200
*56
58%
107% *107
Nov
2%
1% Mar
8
2934 Dec 15
2,400
38
76%
9
1
7% Feb 11
Myers F & E Bros
2d
7% Nov
68
Apr
Mar
s4
5% Feb 10
6% Feb
Mar
31
11
75%
39%
75
No par
Wheel
National
Deo
7
3
3%
Mother Lode Coalltlon.No par
cum
Nov
150
3% Mar
Dec 24
2% Feb
12%
37
39
33%
5% Jan
2% Dec 24
Morrel (J) & Co
Morris & Essex
7%
5
2
85
Jan
Dec 23
12% Mar 23
87
133
71,300
31%
2% Aug
234 Jan
120
Nov
58
12
79
*16
10
Rights
National
6
67% Jan 17
1% July 14
Oct
116%
85
Nov 12
10%
41%
10
1634
4%
1,000
77%
79
14%
4%
67%
40%
41
1%
*66
80
10
5%
69
40%
79
1»4
71%
5,800
40%
39i2
5%
71
*78
41%
130% 130% *130% 133
72
79
77l2
4018
22%
*55%
*56
58%
107-% *107
14,600
40%
7712
4314
2034
3,300
79
80%
213g
*66%
119
112
Preferred
40
3134
4034
21
71
60% Mar
8
Dec 22
Preferred
*11
30%
77'2
32%
4,200
~
27%
33%
20
3l"
56%
34%
150
%
57%
56%
500
1%
56
20
27U
11
130
*56
6,700
13,900
60
131
129% 129% *126
10%
1034
10%
10%
12
12
12%
12%
107% 107% *107
*10758 109
20%
29%
31%
59%
%
68
80
11%
Hi's
71
*143
59
h
72
loY"
*168
150
11%
*ll4
71
28%
*30
34
35
*143
55
*125
19%
29%
5414
68
40
30%
5714
72
300
22%
28%
34%
300
4,800
t7
30
107"
100
20
Mont Ward & Co Ino_.No par
Nat Aviation
33%
107% 107%
131% Mar 30
109
Sept 16
9
Dec
24% Sept
4%
preferred
National
21,800
29%
57
150
103
110
*168
*168
*143
163% 163% *161% 164%
33
32
33%
33%
110
Feb 21
20%
1% Mar
10®4 Mar
100
Mohawk Carpet Mills
Monsanto Chemical Co
8,700
13
3134
103% 103% *102
8% Mar
Dec
Oct
16%
Pacific
1,700
1234
18%
1234
18%
127g
2938
31
17,266
400
163%
163l2 163l2 *162
30%
31%
3078
3134
103
102% 102%
48% Sept 10
30% Nov
Deo
6®4
5% May
1
July
Murphy Co (G C)
No par
5% preferred...
100
Murray Corp of America.. 100
39,400
103
5
9
33%
42%
33% Oct 16
Munsingwear
17%
Jan
2% Mar
9% Mar
14% Jan 2
2
Sept 15
700
61%
Apr
22
24%
1534 Dec 23
100
300
17%
20®4 Mar
Oct 19
Nov 17
2% July
30
61%
8% Nov
6O84 Oct
9% Feb 21
72%
*106%
17
18%
°onv
65% Nov
Mar
6
Preferred series A
t Missouri
97%
Jan
3
l634June 10
Preferred..
61%
18
100
Dec
Dec
41
No par
No par
40
32i2
18i2
4% leased line ctfs
Mission Corp
Mo-Kan-Texas RR
3,000
"l7%
*36%
100
97%
61%
17
preferred
35%
16
"17%
7%
Motor Products Corp..No par
60
1634
*110
*143
*71%
Minn St Paul 4SS Marie. 100
Dec
97%
65
6% Jan
No par
Mulling Mfg
1234
105
34
73
Preferred
Motor
3134
17i2
18%
12%
1314
3234
32's
*160i2 164%
31% 3134
*168
*29
30
*106%
100
Minn Mollne Pow Impl No par
1434
9
Oct
45
Jan
Dec
Dec
Dec 18
9
Jan
110
100
4% conv pref ser B
Nov 30
106% Dec 18
May 13
21% Jan
4,500
1534
60
16
31
*29
*71%
30%
*96%
12
Jan
115%
11
6
5% Jan 3
*17% Apr 30
4,100
Day
60
"mi
37i2
*100
30
*71%
*106%
35
160
Christmas
1%
36
22
128,100
1,000
43%
66
1,100
41,200
57%
3514
1%
6,600
18,300
66%
41%
69
*67
Stock
33
98%
42i4
6%
634
J/57%
43%
1,300
2%
31%
6%
66%
_43%
14,000
25
32
98%
212
5
91
15%
85% Mar
Apr 23
122
Apr
82i2
1%
3%
634
1
Nov
Apr
8%
2884 Dec 14
Jan 31
Mar
10
6
Dec
88
*78
25%
2
*65
10
*314
1
Minn-Honeywell Regu.No par
83
338
Dec
108
Dec
Mllw El Ry & Lt 6% pref.. 100
9%
*n2
40
10
82%
*1%
*314
1%
38% Dec
21%Nov 18
40%
No par
pref
cum 1st
Dec
49% Nov 17
700
*119
10%
84
8%
1084
3
31%
.10
Mld-Con%nent Petrol
3,100
120
122
119
104
119
5,800
40%
104
122% 122%
*10334 105
103U
39%
Deo
1934
45% Sept
131
30
5
29's
7% Mar
3334 Nov
118% Jan
6%May 22
6
40%
Nov 18
Jan
5% May
55%
Merch & Mln Trans Co.No par
6134
29
35% June
90%
*95
1
100
61l2
40%
7
12% Jan
No par
preferred
7%
Mar
Oct
3
1434 Nov 18
*95
100
..No par
No par
Corp
June
Nov
11% Apr 29
1
6% conv preferred
Mead
Oct
37% Jan
No par
$3 conv preferred
Stores
McLellan
103
24% Dec 22
83% Dec 22
8% Apr 30
1278
Oct
Jan
49% Jan 24
39%
*104is 106i2
26%
25i4
*95
46
6
June 16
16
55
101% Dec 12
40% Nov
MCGraw-Hlll Pub Co ..No par
54
Jan
28
20
23% Nov 12
June 19
2%May
92
Deo
Jan
32%
84%
8
110% Oct 30
37
Dec 2
2
Feb 24
29
5
Co
Eleo
Jan
11
Jan
5%
33
Feb 28
50% Apr
Nov 20
June
4
5
No par
44
McGraw
4
634 Mar
..No par
Preferred
83%
45
45% Deo
14% Nov
Nov 18
Mar
12
39
173g
Mar
70
843S
1214
20
42% Nov 17
No par
39
45
Deo
Mar
25%Nov 19
8334
18
Dec
1
11% Jan 22
6% Apr 28
27% Apr 27
3878
45I4
Dec
3%
8
56% Nov 23
38%
13
1234
Deo
Dec
2334
Nov 30
Oct
5
May
84l2
*45
9%
1%
334 Mar
2%
7% Dec
May
3
10
Nov 30
45
39
3834
84%
% June
23
*23%
38%
24%
5% Apr
Dec
Oct
Sept
41
No par
Marshall Field & Co..-No par
Prior preferred
19
24%
preferred
Preferred
34%
41%
2d
Maytag Co
104
9
Marlin-Rockwell
May
19
34%
41%
100
100
2,100
*101
12%
66%
1%
100
4,000
19
Apr
Jan 7
6% July 27
18% Jan 10
2% July 7
preferred
May
Jan
Apr
_.100
Prior
10
4
3
634 Mar 17
Preferred
Deo
Deo
2% May
29
Nov
1234 Aug 7
3% Mar 19
Market Street Ry
11%
3784
13% Deo
Mathieson Alkali Wks.No par
104
3434
18%
104
*101
35
7
18
3
Martin-Parry Corp
50
35% Dec
share
per
9
Jan
4
14%
*44
%
8% Apr 30
2,400
100
7
2% Jan
2,300
44
Dec
17%May
6334
44%*
18%
Marine Midland Corp (Del).f
16,400
39
5
Maracalbo Oil Exploration..]
9%
9
Nov
9
June 30
7
No par
Bros..
21%
20%
39
64
*44
50
200
51
14
44%
140
5%
*49
62
62%
14%
50
*34
34%
104
'101
20%
40
37%
37%
434
320
20%
*16
50
39%
2%
108% 109% *108% 109%*108% 109%
'108% 109l2
19
*101
*44
50
*44
50
21%
44
4634
*108i2 109l2
35
3514
434
50
9%
39%
60
*
5%
5134
19%
9%
40
39
3914
*4i2
5i2
51%
2138
3,100
7,400
14,500
5
2%
20%
4,700
10%
14%
10
10
730
27
Jan
Jan
Feb
5%
57
;
57% Jan 10
7%
t Manhattan Ry 7% guar.100
Modified 5% guar
100
Manhattan Shirt
25
26%
2
6
2
2
Highest
Lowest
$ per share
share
16% Dec 12
per
32%May 27
100
Preferred
25%
*13
Lots
Highest
$
% per share
0.No par
Madison Sq Gard v t
55
1514
5434
534
26%
On Basis of 100-Share
Lowest
Dec. 24
$ per share
23
S per share
Range for Previous
Year 1935
Range Since Jan. 1
Sales
for
LOW
Saturday
1936
26,
Dec.
15% Mar 13
2%
Oct
84 Aug
Jan 14
Jan
3«4
Dec
16%
Jan
87
Jan
92% July
102%
2%
Dec
Dec
158
Mar
218
Dec
2
99
Jan
108
June
35% July 27
9
Mar
'28
Nov
310%
Oct 30
115
Oct
June
9
13% Deo
4
2
Mar
106% July 21
57
Jan
59
36»4
67
Feb 20
Mar 24
4% Mar
32
6
Nov 30
17% Jan 15
69% Dec 16
35% Mar
65
7%
102
Deo
Dec
Nov
13% Mar
25%
Deo
35%
1% July
52%
2%
Dee
Jan
Mar
32%
*20
Jan
Jan
9% Mar
14%
Dec
Oct
27%
Deo
16%
Volume
LOW
New York Stock
I4j
AND
SALE
HIGH
PRICES—PER
SHARE,
NOT
PER
Record—Continued-Page
Sales
CENT
STOCKS
for
Saturday
Dec.
Monday
Dec.
Dec. 22
I
19
S per share
19
Tuesday
S per share
191s
*107
110
*14%
18i2
37
3710
3714
3634
*130'2
*13012 133
164)
1734
'*.___ 12012
*--..
*14%
1612
119
82
*79
67
*65
65
|
*155
157
2014
1934
12
12
11
I
156
""
19%
24l2
26
25
12%!
26
I
21
21
20
21V
|
81%
19%
15
300
28%
27%
23%
23%
3,600
$5.50
40
7
2
8
Jan
2
115% Feb 24
19%Nov 17
2
80
Mar
8
22
Dec
8
14
Jan
2
15
Dec
4
1
8% July
8
Jan
3
32% Dec
29% Dec
3
3
10
30
30' 2
30
30
32%
33
36
37U
36't
36%
36
36%
36%
7,700
49
50%
50
51%
51%
52
51%
52
5,000
Pacific
41%
39%
41
40
42
3,700
Pacific Mills
148% 149
20
19%
10%
20
16
*2.i4
3'.,
*52
143
18%
35
41.,
44%
15%
21%
10%
17%
10%
*3
3%
62
21%
2734
6%
6%
59
61
60
76%
76%
22%
78
78
21%
22%
23%
81,900
147
150%
162%
193,
4%.
*43%
19%
34
33%
410
1503, 155
35
434
;r
•
156
20%
35
4%
20%
27%
44
44
441,1
441,
271"
273,
27
27
6%
9%
*6
9%
14%
151,1
44%
27'.,
6%
27%
6%
6%
93,
9',
93,
910
14%
15%
14%
7%
7%
21%
49
*5
5%
38
*35%
Ptnney (J/C)
Penn Coal & Coke
4,200
Penn-Dixie
7%
71.,
63
643,
21%
38%
*493,
39
39%
39%
52%
51%
49%
493,
50%
11334 *113
11334 ♦113
11334 *113
48%
49%
48%
48%
48%
48%
481,
5
434
*434
5%
*4-%
5%
*43,
*34
37
*34
35%
35%
36
36
1,600
28,100
39%
53
500
1133,
2,400
48%
89
*81
89
*81
89
100
86
86
*86
93%
*86
90
24
23%
23%
24
24
300
15%
153,
16%
16%
16%
11%
113,
11%
11%
11
11%
11
11%
11
11%
55
55%
52%
55
56
55%
56%
56%
563,
55%
56
52
52".,
52%
52%
52
52
521,
521,
99
99
983,
9834
9,700
*52
*97% 100
*97% 100
7
6%
13
2%
13
2%
74%
73%
*97% 100
6'o
6%
13
13%
2%
12%
2%
69".,
*12%
71%
13»4
69%
*12%
871.,
47%
*85
87%
*85
9%
*9
133,
*85
46%
871,
47%
9-%
93,
*8
75%
72
72
15
15
15%
2%
12%
12%
463.,
471,
48%
.
-
87',
.
49%
9
9
*68
16
14%
73%
1534
2%
283,
2%
28%
2%
2834
2%
28%
2%
2%
2834
28%
50%
50%
4934
50
28%
52%
15
15%
15
15%
15
*68
73%
*71
75
12%
....
108
108%
12%
1234
24%
23%
106
*3%
334
3%
25%
2534
24%
3%
3%
3%
109% 10934
34
32%
2%
22%
74
13
13%
24%
*3%
334
*22
3%'
3%
106%
32
3%
32%
2%
22%
*20%
2%
2%
2%
2%
23%
22%
22%
23%
233,
26%
*20%
25%
22%
25%
*20%
25%
9io
10%
9%
9%
2%
10%
2%
2%
*11%
3
3
11%
11%
11%
26
27
25%
26%
25%
27
*25%
27
25%
69%
53%
261"
26
69
54
53%
118% *118
4734
47%
70
54
118%
47
48
18
108
*112%
61%
18%
1734
108
108
97%
9734
18%
18%
18%
17%
17%
17%
11
11%
10%
*100
78%
7%
•
_
79
734
97%
*100
-
-
-
-
*100
78%
-
75%
734
43%
43%
42%
34%
42%
I
49%
49%
4634
3%
12
99%
*26
27
3%
*21%
27
19
19
19
19
21%
2134
213g
22%
8234
S3
*9534 108
5%
5%
27%
28%
125
125
*97
99
33%
35%
3%
*81
823}
*9534 108
5
2634
5%
28%
*108% 117
9834
35
9834
3538
72
*67
72
*126% 128
128
130
*67
951.1
95%
2634
27
*9038
95%
26%
2634
*112
*112
*3034
56%
31
56%
*11%
11%
24
360
300
2%
24%
22%
*20%
26%
1,800
21%
26%
263,
25
14.400
5
27%
*110
98
35
0
8
par
100
100
.
Corp
100
Pittsburgh United
Creek
Jan
..5
Pocahon_.No par
Poor & Co class B
No par
106
118
1,400
13734 *130
200
560
1/ ,200
5,300
200
46
3%
27
18
18%
21%
22
81
8234
*95% 117
77
78
112
....No par
preferred
100
No par
*2%
30
3
27
18%
18%
21%
22
*81
82%
*95% 117
300
1
6,900
700
Remington-Rand
1
Preferred with warrants. .25
Motor Car
.....5
No par
6% conv preferred
100
6% conv prior pref ser A.100
Revere Copper & Brass
5
20
10
100
514 % preferred
100
Reynolds Metals Co...No par
■
5 H % conv pref
30"
29%
31%
~i~666
56'4
56%
553.1
56%
5534
56
56
56%
6,300
Reynolds (R J) Tob class B.10
"100
Rhine Westphalia El & Pow_.
*59
67
12
*11%
12
*59
11%
67
*59
67
*59
67
11%
*11%
12
*11%
12
Reynolds Spring new
Class
A
10
Feb
17%
14% Jan 17
108%June18
4
Oct
Mar
13%
Dec
Dec
35% Mar
92
2
10% Nov 17
1% Mar
6
Oct
16% Mar
29% Mar
36
Apr
30%
Dec
43%
Jan
33
Apr
38
Apr
Apr
11
Aug
72
Nov
2
80
47
9% Jan
12%May
I634
7
16
Aug 21
17% Aug 21
81
Deo 23
99% Sept
2
4% July
16% Apr 30
77
May
4
78%May 4
10
Apr 20
24%June 9
90
Apr 28
95
July 15
Nov 30
Jan 30
Dec
4% Dec
31
Dec
9
3%
20%
43% Nov
Dec
9
1
Mar
3
Oct
2
8
Mar
18
Nov
7
June
24% Nov 17
25
Nov 18
90% Nov
114
Dec 17
104% Oct
1
39% Dec 23
78
138
Dec 21
98
117
34
20%
Dec
7
Apr 15
8% Mar 25
29% Dec 15
128
22%May 25
Apr 25
50
29%
June
8%
Jan
25
30%
Jan
5
1
30%
July
52%
Dec
105
31%
113
103
68% Apr 28
100
*30%
Jan
29%
65
100
100
Dec
99
Oct 27
Jan
No par
148
19%
65% Oct 13
1% Apr 28
No par
Mar
20% Nov 16
37
Reis (Rcbt) & Co
100
117% Mar 27
50
Reliable Stores Corp
Dec
Dec
9
3
100
117
132
73
4
Dec
.....5
Dec
Mar
85% Mar
2
50
Hosiery
Nov
Dec
7
preferred..
104%
Dec
Jan
Silk
Feb
4634 Nov
17
39
Preferred
62%
53% July
121
119%
934 May 12
83% Jan
Jan
49% Mar
9%May
Oct
Jan
20% Mai
24% Mar 20
91% May
16%
42%
115
I3334 Apr 17
50
Real
Jan
1
Aug 21
May
3
1
2% Nov
16%
Oct
5% Mar
Oct
Republic Steel Corp
2,100
Dec 17
5034
Preferred
26%
66
383s Nov 14
660
95
2
3
130
26%
114
Jan
6
Reo
*113
7
July 14
Apr
1
Jan
129% «128% 128% *128
95
*90%
95
95%
*90%
26%
164
Jan
Class A
*113
July 14
28%
10,200
600
130
144% July 14
35%
91,700
7,700
July 15
par
Rensselaer & Sar RR Co... 100
100
113
.50
1st preferred
TV, 700
No par
50% Nov 30
Reading
1st preferred
5% Nov
Feb
73% Dec 18
Raybestos Manhattan.No
2d
~i~300
12%
90
*21%
$3.50 conv 1st pref..No par
500
26%
103
Purity Bakeries
t Radio-Keith-Orph
%
4% June
Dec 17
Jan
16
100
3
Apr 4
Apr 14
36%
No par
conv preferred
12,000
49
~*2%
par
pf $5.No
"2,500
♦42
*21%
146
8
*48%
12%
100
Radio Corp of Amer...No par
Preferred B
No par
46
12
preferred
118,700
49
103% Feb 21
113% Apr
11%
3,000
Apr 29
128
Quaker State Oil Ref Corp.. 10
*42
90
8%
6%
39
100
600
700
11%
No par
Pure Oil (The)
,
41
*
57% Oct 23
100
Pub Ser El & Gas
Doc
28% Dec. 23
28
preferred
85,300
*100
76%
Oct 23
Oct 27
76%
.
•
76 >8
17%
preferred
Pullman Inc
1234 Nov
1% Mar
3
Pub Serv Corp of N J..No par
16,000
6% Mar
334 Dec 15
13% Dec
4,600
6%
7%
8%
13
11% Dec 15
55% Dec 14
100
2% Aug
3
122% Feb 26
100
Mar
6% Mar
29% Deo 12
40%May 12
200
16% Dec
3% Sept
Nov
116% Nov 27
138
2% Nov
Apr
Dec 24
1734
50
preferred
Mar
Nov
No par
$5
< >ct
1
25
5% pf (ser of Feb 1 *29). 100
800
Dec
1
10
*106% 1063,
*118% 119
10
55
Feb
1
5% conv 2d pref
5% Mar
22% Mar
62
334
5
Procter & Gamble
Aug
6% June
26% Mar
1,600
5,400
12%
4434 Aug
1% Mar
24% Apr
2
19,200
79
For footnotes see page 4108.
9% Apr 11
Jan
27%
1st pref
Mar
41% Apr
20
28%
conv
Jan
7
26% June
Nov
112% Nov
25
27%
5%
76%
10%
30% Dec
,
*27%
Pressed Steel Car Co lne
38
Aug
13% Nov 16
7
May 18
Dec
1%
Apr
65%
24% Dec 23
2
28
% July
31
Dec 21
1% Apr 24
11% Jan
12
Dec
Nov
8
234 July
Oct
Oct 30
Jan
No par
78% Nov
4% Dec 14
2
34%
—
2%
58%
21
July
108% Dec 19
June 20
100
50
Jan
77
Jan
100
Dec
10%
3
1 % May
25
Preferred
Pittsburgh & West Va
Dec
Mar
1734 Dec 11
_
Jan
41
—
7%June
14
85
40
Dec
3
62% Aug 26
35% Apr 28
1
;..
preferred
Apr
13% Mar
17% Dec 15
,
4934 Dec 22
49
Jan
Dec
1
37%
1% Jan
28% Dec 24
100
Preferred
Jan
Nov
4%
Feb 21
84
July 13
Jan
34%
-
11% Dec
4-% Nov
10
/68%
14%
53%
50% Dec 24
70
25
Pittsburgh Coal of Pa
*75
-
6
3
100
*
5
Jau
1%
41
26%
Mar
May 29
5% July
4%
128
26%
88
68
38%
6%May 21
7%
74
5% Mar
t Postal Tel & Cable 7% pf 100
5
5
5%
5%
5%
28i.|
28%
28%
28%
28%
114
115% *112
115% *110
98
98
99
9834
*98%
37%
38
3734
39%
37%
70%
Nov 12
Porto Rlc- Am Tob cl A.No par
Class B
No par
35
8234
16
7% Apr 29
par
900
4,500
34%
40%
*48%
21%
35% Mar
2,000
91"
8
*9534 107
10134 July 2t
Mar 13
3
3
*82
3% Jan 13
11%
7%
18%
1% July
Pirelli Co of Italy "Am shares'
Pond
;4,9()()
Dec
1% July
3% July
134 Mar
11%
27
*2%
*21%
18%
21%
Mar 13
16% Mar 13
*2%
76
97
12
5
Pittston Co (The)
Plymouth Oil Co...
19%
85% Nov
102%
Jan
9%
*100
1134
*
*113
67
*59
4,000
4634
*42%
3%
3%
34
Dec
38% Mar
Jan
Jan
7% Apr 30
~ 109%
*31%
2%
14
28% Dec
45% July
8%
Oct 19
Dec
19% May
Oct
3%
FO
Pitts Term Coal
Nov
Feb
81%
Preferred
6%
11
1234 Mar
23
23% Dec 21
49
49
*42%
11%
*
43
49%
*92%
»
734
*41%
4634
I23g
31"
*109
4
7% Mar
19%Mer
No par
110
Nov
Dec
54% Aug 19
No par
100
Aug
4
54
Oct
5634 Dec 22
Pittsb Screw & Bolt
3%
43 %
34%
64%
Mar
Jan
Pittsburgh Steel Co
26
Apr
13
13%
50
Pierce Oil Corp pref
7% cum pref
Dec
39%
16% Mar
Oct 16
Jan
7
32%
II634 Mar
Feb
I0%June30
1,100
360
6% Aug
9% Mai
45%
8,300
106
Oct
25%
23,
27
35
*49
97
500
2%
5
2
111%
'28%
26%
77
34
*42%
*12%
97
-
7%
34
1,800
*3%
Feb
100
Plerte Petroleum..
16
13%
24%
18
112
Feb
17s4 Mar
9
Pillsbury Flour Mills
77
1234
24.%
Nov
No par
8,700
151,
106
89
31
Hosiery
2,300
110
152% *151% 154%
113.
*112% 113
*11212 113
112% 112%
61
62%
63
62%
62%
62%
64%
18%
18%
18%
18%
19%
19%
20%
108
109
106% 108
110
108% 108%
97%
98
98
97%
97%
*97%
98%
18%
18%
18%
18%
1884
18%
18%
1738
17%
17%
17%
17%
17%
17%
11
11%
10%
11%
11%
10%
7%
35
3
53
*50%
71
72
70%
69%
72
72%
54
533s 53%
543s
54%
54%
118% 118% *118
118% *118
118%
46% 48
4734 48%
48%
48%
78%
35
28%
5,800.
17% Mar
30
Nov 18
6
66
July
8434 Sept
5% Aug
7% Feb 19
23,
107
107
106
106% 106%
107
106%
*118% 119% *118% 119% *117% 119
118
136
*136% 138
*136% 13734
136% *132
*1521" 158'"
*151% 155
*151"% 155
152%
*112% 113
64
6214
283S
10
16%
81
3034 Nov
46% Aug 10
3
10
Dec
Nov
l»4
Mar
108%
Oct 24
58
Apr 27
2
No par
Dec
May
Mar
50
7% preferred
Phillips Petroleum
Phoenix
11634June
25% Apr 28
11%
27
*641"
200
8%
3
Oct 19
59% Nov 12
9
5
9
2%
11-%,
25
v
38,100
Day
4%
15
18
No par
Phillip Morris & Co Ltd..
Phillips Jones Corp
No
Christmas
45
Feb 19
12%June
Apr
2734 July 17
28% Apr 29
Jan 13
preferred.....
Phlla & Read C & I
200
73
15%
234
3%
32%
2%
9%
"
27
9%
*68
preferred
Fei»
57% Apr
2% Mar
2
Jan
No par
9.600
Closed
Dec
16
5
5,800
50 %>
8%
*20
110
31%
9lo
26
*118
26
110
106% 106%
32
3%
*3%
26
*
75
24%
24%
*104% 107
106
*23
3%
31%
2%
23
22%
*20%
3%
15%
74
12%
12%
106
26
106
15%
52%
15%
74
24
108
87%
49%
*6
74
64% Jan
1 Phlla Rapid Tran.Co
7%
64%
10% Mar 24
2
56
Phelps Dodge Corp
25
Philadelphia Co 6% pref ...50
740
13
*85
*8
15%
53%
71
Petroleum Corp of Am
Pfeiffer Brewing Co
300
760
21,
13
13
Stock
Exchange
■
2%
70%
48%
2%
28%
12%
71
1,100
7
13
2%
72%
*
6%
12%
9%
*50%
*68
6'"
13
2%
*85
14%
61"
13
12%
2%
2%
73%
71%
*12%
*72
6''
6%
1
4,700
21,700
Feh 21
10f
No par
6
Oct
2
Jan
14% Sept
21% Nov
May
8% Feb
34 July
6% Jan 28
4
Dec
Sept
101 a4 Sept
2% Mar
112% Nov 30
June 30
12
Apr
73
Dec
Nov
80%
9% Aug
11
s4
Mar 13
Mar
Nov
4%
3% June 23
17
20
6% Ma
Dec
8
Aug
71%
Ocr
Dec
1%
% June
67
Dec
7%
21
Jan
1
69
4% Jan
2834 Jan
14
6«4 July
3% Mar
1034
5
100
Preferred
Pet Milk
Dec
Dec
8
60
38
400
*20
123
142%
2
17% Nov 7
3% Nov 27
2
Jan
Jan
Jan
*
lot
86
Nov
5% Jan 23
47% Mar 10
Jan 2
Aug 17
1%
People's G L & C (Chic)... 100
10C
Dec
56
21
Jan
8
21% Dec
6% June 20
110
Eastern
24
15%
4%
..100
Pere Marquette
Prior preferred
Dec
170
3
Apr 28
30
Peoria
86
15%
50
June
32% Nov
10
Apr
11% Apr
No par
31%
Mar
70
37% Dec 17
No par
200
*81
15%
c
300
5%
36
*20
15%
100
Preferred
87
15%
No par
Corp v t
Pennsylvania
Peoples Drug Stores
+
87%
24%
*81
10
Cement
Penn GI Sand
Dec
June
4
10%May 20
No par
Corp
Preferred series A
200
22%
87
89
74% Apr
Parmelee Transporta'n. No par
5,400
7%
Dec
Dec
5%
111%
97% Feb 13
23% Dec 8
23
2,300
87%
*21
3
Apr 28
8% Aug 19
2.50
10,300
5%
10
19
6
17% Jan 13
2% July 7
4034May 4
No par
Parker Rust Proof Co
6%
*111% 11334 *113
49
4% Apr
59
1
2,200
63
7
18% Jan
1
3,200
22%
39%
Jan
13%
7% Aug 22
10%
3%
Apr
Mar
12
9
10
Inc
Utah C M
Parke Davis & Co
Nov
1734 NO\
13% Mar
7
20% Jan
67
100
99
*60
21%
Oct
4
I
5%
7%
63
21%
3834
Park
2
1%
No par
1st preferred
2d preferred
Park-Tllford
129
3%
1
4
Jan
6%
100
Inc
981"
5
*59
8% conv preferred
Paraffine Co
1134 Apr 30
Ref.No par
Paramount Pictures Inc
Dec
July 16
2234 Dec 15
12% Aug
5
5
99
43,
66
300
1,300
Amer Petrol & Transp
100
09%
4%
22%
152
Panhandle Prod
115% Mar
Mai
3%
July 20
152
1.300
9934
21%
38%
*491,
3
8
3,400
9934 100%
4%
5%
*61
Jan
Jan
15%
3%
65
118
Pan
114% Mar
5834 July 22
47% Dec 10
140
9
61%
22%
J4%May 15
3%
3%
61%
22%
39%
*49%
No par
61%
3%
613,
*61
41
,<8
39% Nov 10
Jan 11
61
3%
7%
Dec 12
44% Dec 11
Pathe Film Corp
No par
Patlno Mines & EnterprA'o Par
Peer It R8 Corp
3
Peniek
Ford
No par
6134
7
30
3034
No par
l.tg Corp
143s
3io
7%
52%
6%
93,
15
62%
3%
62
800
48,000
4%
Nov 25
July 22
164% Mar 4
100
12,900
21%
41"
114
preferred
100
Pac Western Oil
Corp..No par
iackard Motor Car
Nr. par
160
600
35
*33%
4%
/
62
4%
6%
5,200
19
15%
40%
3%
300
75%
9.%
7%
2,600
21%
14%
31®
3%
62%
62%
9934 101)1,
4%
43,
35,900
21
44
2634
6%
5,100
10%
18%
3
1
27%
22%
10%
173,
3U
No pat
Pacific Telep «fe Teles
30
150
75%
1
35
4%
j-44
203,
14%
60
7434
21%
145% 147
18%
19%
35%
4
*44
60
74-I4
20%
146
18%
35
20%
10%t
*3
3% I
60
77%
21
20-%
*149
150
preferred
70
July 22
3%
2d
*150% 153
*149
20
10%
14%
,
10%
1434
*2%
66
*74%
20
10%
*14%
*150% 153
150
149% 149% *149
10%
*1+%
'15014
153
17% Sept
Aug
32
4012
Dec
Jan
37-8
40'2
41%
*15011 153
"55"
July
49%
42i2
4112
1 >ec
Mar
13
4812
*150'1 153
92
128
840
2,900
Jan
7
Jan
Jul>
2234
114
37
30%
26%. Dec
125
Mar
12034 Nov 7
83% Dec 16
82% Dec21
preferred
No par
Pacific Finance Corn (Cal) 10
Pacific (;as & Electric
25
i
Jan
Nov
4%
5
.
28%
24%
32
36%
*3012
11%
106
Der
Nov
11%
2
25
13
18!
2034 Mar
107
Apr
Apr
100
Preferred
410
7
July
9
June 12
136
434
47
I-acifir Amer Fisheries Ino
Pacific Coast
760
2
70
3934 Nov
2
Jan
share
per
2034
3% July
75
..No par
Owens-Illinois Class Co...
27%
Jan
12%July
1st pref.-No par
MOO
23%
24% Apr 27
123
Highest
share $
per
25% Mar 30
Jan
IOP
....
9,20(1
23
%
share
par
22
*25
per
July
100
cotiv
$
share
17
No par
Outlet Co
~
per
107
No par
steel....
Prior preferred
100
70
$
par
Preferred
Otis
200
81%
Year 1935
Lowest
Highest
100
..
Oppenheim Ooll& Co..No
j
*115
A
Otis Elevator
1M00
17%
*79%
Preferred
2114
*12%
13
20%
Omn|busCorp(The)v t cNo
154% 155%
21%
12%
13%
Par
8,700
3738
Range for Previous
Basis of 100-Share Lots
Lowest
100
*60%
68
....
11%
2534
18%
17%
On
Shares
$ per share
*116% IIS
155% 15534
19%
25
110
37
Range Since Jan. 1
STOCK
Week
*130% 133
118
-..-*115
156
2018
1834
Dec.
YORK
EXCHANGE
15
17»4
,*117
*115
19%
17
24
NEW
the
Friday
*100
1434
37%
37
*80
68
18%
*130% 133
17%
119
82%
*115
15412 155
37%
133
IJec.
8 per share
110
1434
*113
68
68
*115
18%
15%
16%
119
82's
82>2
*65
17%
I
$ per share
1*100
107
107
i
14i2
Thursday
Dec. 23
19
1834
110
14i2
*13012 131
I
§ per share
\
1938
*107
15
371,
21./ I
Wednesday
4115
8
98% June
2% Mar
9
5%
Dec 23
13
Oct
75
1
Mar
28% Mar
78% Oct
Apr
Apr
Apr
110
5%
Mar
Dec
2034 Nov
97
Nov
95% Nov
16
Dec
37% Nov
115
Nov
32
Dec
113%
Dec
Nov 23
Feb
5
Jan 13
17%
101
Apr
June
3
36% Nov 18
Apr 29
60% Nov 17
~43%
Mar
58% Nov
58% Sept 16
65% Feb 10
55%
Apr
67
13%
11%
Dec
13% Mar
July
884 Nov 23|
Jan
9
Nov
678
7»s
4534
2i4
414
66
47U
68
7i8
46i4
538
*11
1234
13i2
34
*2214
26i2
415g
4158
11034
*111
11184
153g
4512
44
4534
9578
96
2i4
214
284
7,100
53g
534
14,300
34
5i8
1U8
*2214
43
43
*lll8
*2214
43
4214
96l4
955s
1434
97
98
4538
95
50
1412
1,000
14l4
44
4414
9558
238
*9434
2ig
238
*17i8
83i2
18*s
86*2
12,100
9412
4434
9412
2i8
1712
23g
3,800
I8I4
84
86
83
85
8434
158
1«4
158
178
614
714
4078
678
40l2
738
4178
7
7
578
63g
618
37l2
38i2
9558
134
38
3714
7
7
96i2
92ig
9558
9278
4i2
414
412
7
43g
634
412
90
a90
1634
17i8
2984
3038
934
1038
10i8
60
*4012
42 58
4134
2D4
48i4
25
5158
958
*73i2
958
74
99i2
3934
3934
1538
15U
*122i8 123
ID4
ID4
15i8
11
51i2
105
40i4
153g
123
1D2
3234
*9
33
3214
*
155
"29"
458
3D8
159*4
29l8
4034
*
42
2338
2334
4838
4914
*54
5512
100
Southern Railway
100
433g
24
50,400
48ig
50
16,500
*50
55l2
10
800
74
*10212 104
104
104
778
8
8
8is
21
*22
85
85
3334
3334
2084
2D2
2034
2D2
2D8 «213g
*2912
3D2
2914
29i2
30
1518
11
938
87g
914
834
25i2
267g
56i2
2558
57i2
3iS
3934
43U
4018
4414
31
31
663s
*3514
39
4234
*29U
4058
43i2
31
40
3934
3934
15
1538
15*4
127i2 *123*8 127*2
11
1D2
lli2
9i8
2658
5712
884
2578
800
90
1,900
Day
3984
397g
800
15
15U
46,000
60
9*s
26*2
834
87g
25*8
2614
20,100
5712
5734
577g
1,000
68
67i4
68
6,100
3l8
314
1,700
4078
4134
45
45l2
6812
3
3
3
39i4
3978
4412
3912
4034
4334
45
31
30*2
31
4258
*29l4
13,700
1231s 123lg
IDs
*30l2
ID4
34
6512
35»s
6634
6534
6634
66*2
6 784
6778
6884
37i2
3514
35
3514
34
3434
34
34
72
72
67
Closed
Christmas
2,000
14,300
3
,
"16
1,000
30
5118
56*2
6712
67
Exchange
10434
40
9,300
2378
93
5934
3i8
20
Stock
72
458
34
37l2
*32
34
*1U2
13i2
33
*1U2
34
*33
33i8
13
*1U2
13
33
*1U2
33*s
13
3238
33
*1D2
100
99
Mar 12
4
1212 Sept
122*8 June
212 Mar
5i8 Apr 30
97s Feb 17
27?8 Dec 18
134 Mar
1138 Aug
Dec 14
434 Mar
26'8
2878
t Stand Gas & El Co. ..No par
Prefeired
No par
$6 cum prior pref
No par
Oil of
No par
Indiana
Standard Oil of Kansas
65
1,500
50
3,200
16,800
14,500
1,300
10
Stewart-Warner
5
Stone & Web&ter
No par
t Studebaker Corp
(The)... 1
Sun Oil
14i4
1414
1458
14*8
1458
3,700
10
1014
938
103g
10U
11
11
1134
11*8
12&8
4912
50i2
4934
50i2
4978
517g
52
5334
53i2
53l2
75g
8
8
8*4
3934
3914
8i8
3914
40i8
1234
1234
13*2
1034
10*8
113s
1200 *1000
1200 *1000
44i2
4478
*36i2
45
*4314
45
*44
4412
3934
39
*36*2
3858
*3612
*63
65'g
*63
65i8
*63
65*s
*63
1,200
Texas & Pacific Ry
Thatcher Mfg
12i8
*12l8
12i2
*12i8
*94
96
*94
5
Tennessee Corp
Texas Corp (The)
5
..25
Texas Pacific Land Trust... 1
400
1D2
12i8
*1134
95
95
*93
1058
10*2
10*8
1078
IDs
5,400
*6U
658
6U
63g
*6U
6l2
6i8
6*4
6I4
6I4
800
*37i2
39i2
*38
40*4
40i4
40U
300
12
*1D4
12
12
500
2734
26i2
27h
27l2
6I4
27"s
65«
6I4
6i2
6U
32i2
3138
3138
3D2
19
1934
•1045s 10434
27U
6*8
32
1934
19*8
19i8
1918
10412 1045g *10412 10434
Preferred
_ioo
l
100
26
20
2078
16,000
Tidewater Assoc Oil.......10
105
10518
1,400
Preferred
ioo
.No par
Timken Detroit Axle.;
10
237g
24l2
7134
72
17
1714
16i2
17i8
1634
167g
167g
1714
17
17U
173s
177S
1714
134
18
17ig
1778
17U
18*4
18&S
18,800
17,300
158
2
2i8
45,600
19
20i2
1918
178
2038
19i8
2i4
1934
20*8
20
205g
9,000
Transue & Williams St'l No par
9i2
914
9i2
938
9*2
9l2
8,900
Tri-Continental Corp..No par
6% preferred
No par
Truax Traer Coal
No par
Truscon Steel
10
107
200
2,700
834
834
8*8
9i4
834
884
834
2012
20i2
24
24
24
2414
900
3514
3434
35k
35
24l8
3538
*23i2
3534
2134
343s
2434
353s
3514
3534
5,500
45
43l2
4458
44
44
44
4412
1,000
1412
1418
1414
14
143s
14
14
1,400
102
412
10412
4i2
1414
101
103i2
98
98
63i2
65
6434
IOI84 IOI84
100*4 102*2
412
414
414
1023s
9784
9914
99
67
66I4
67
66*2
4U
96
8*8
*4ig
43g
100
6634
1861s
86l2
230
43g
438
2,100
98i4 100
6534
6734
478 Jan 21
Apr 30
1434 Jan
Feb 28
5
9i2 Feb 18
6
3
7
60
12ig Jan
6
2778 Dec
Transcont & West'n Air Inc. 5
1478 Jan
Rights..
11
Apr 27
Apr 30
2
is8 Dec 16
20th Cen Fox Film
Corp No
par
No par
Rap Trans..No
Preferred
par
100
Ulen & Co
8,300
.No par
Under Elliott Fisher Co No par
2,500
Union Bag <fe Pap
Corp No
par
1038May 19
2
3934 Feb 25
21*8NOV 17
106i2 Mar 3
Oct
48
50
Preferred
Nov 17
12*8 Mar
lOOSg Jan
Timken Roller Bearing.No par
Transamerlca Corp
No par
Twin City
16
110
3234 July 31
8i2Mar 23
245g Jan
107
9
2
Thompson Prods Inc ..No par
Thompson-Starrett Co .No par
43.50 cum pref
No par
7D2
*43
Oct
8i2May 23
800
2438
14i2
834June 16
85
2,200
1081s
Apr
314
Jan
8I2
Jan
14
5,300
105i2 105i2 *105i2 108i8 *106
2834
1050
2
3 684
Dec 1075
Apr
61i8 Jan
212 Mar
Oct
Oct
IOI2 Dec
2
June
5
Jan
16
Mar
29
Nov
5'8
Jan
1338 Mar
878 Nov
2634 Nov
1*8 Mar
5
Deo
Apr
28
Deo
1578
Deo
17
7*8 Mar
84
Jan
104i2 Nov
8
74i2 NOV 12
45? Mar
283s Mar
1318 Deo
7212 Nov
18i8 NOV 23
4
478 Mar
7U Mar
27*8 Apr
2'4 Dec 16
22i8 Dec 17
12
Feb
4
6
110
Oct
8
478 Jan
6
938NOV 25
28
Dec 10
5i8 Mar
3*s
Oct
312 Mar
Aug
4734 Nov 16
1712 Dec 4
24^
7
70
Dec 11
Deo
8I4 Nov
313a Apr 27
Dec
16
97i8 Nov
67a May
8U Nov
13
8*8 Jan 20
1023g Dec 21
Deo
1514 Nov
Apr
38*8 Nov 17
109
14
Deo
178 Mar
69
1
834May 20
65i4 Jan 22
278June 30
743sJune 29
38i2May 21
125s
100
Deo
Deo
Nov
48
3
22i2June
61
Deo
2634 Mar
Jan
7i8 Apr 30
514
May
Feb
914 Oct
1212 May
Mar 11
Jan
7i8
93
Jan
834 Deo
3014 Deo
Feb 18
684
914
978
Mar
July 21
3314
3,500
0i4 Sept
4
49
Jan
267g
16*400
Sept
10i2 Mar
July 15 1375
6i2
71
46
28
33U
2334
14l2
6
13*8 Nov 18
71
*44i2
6
41i4 Deo
23
87g
Jan
9UJune 30
24
24
7
13
29
6
3
70l2
*834
Nov 23
7i2 Jan
12*8 Dec
5412 Deo
878 Dec
4434 Nov
15U Feb
143gMar
8I4 Jan
1
22
*10512 109i2
684May 14
55g Apr 27
2878 Jan 6
25
7158
134
Nov
2
5
2234
9U
15
314 Jan
2384June
71
978
3312 Deo
Deo
9
50
22
20 s4
3212 Dec
25
6318 Oct 24
72U
9i2
22'4 Deo
Oct
Mar 25
2384
19U
3U Mar
Sept
59
7158
2
15
4438
23
2
4
28i2
Thermoid Co
Tide Water Oil
2
05g Jan
6*8
19'4
1934
10434 105
Mar
312 Deo
1284 Aug
5
3234
2634
Mar
Nov
305s Deo
1778
6i2
2634
Jan
77
121
41i2 Dec 17
32 *2
26*2
1*8
Jan
Apr
Apr
Thompson (J R)
*29i4
6OI2 Mar
11512
zll
Nov
1878 Dec
15i8 Deo
1034 Nov
1318 May
Third Nat Investors
1112
39i2
*11^2
40i4
IDs
*1114
68
Jan
6*8 Mar
212 Mar
2U Apr
487sNov 18
Third Avenue
1178
634 Mar 12
6884
3378 Apr 27
100
Novar
12i2
40
2
32i2 Nov
No par
43.60 conv pref
The Fair
95
*1H2
Jan
Feb
623s Deo
12i2 Mar
3778 Oct 15
ioo 1000
IOI4
20
Dec 17
32
3584 Mar
No par
Co
1034
*37i2
Deo
8
6
10J2
12ig
Deo
3
33
IDs
'95
Mar
6
Jan
Apr
12»2 Deo
914 Aug
Jan
Produc'g Co No par
10i2
12i8
*93
Nov 25
60
958 July
Gulf Sulphur
No par
Texas Paciflo Coal & Oil... 10
Texas
Old
65l8
98
Without warrants
Telautograph Corp
39
65l8
Swift Intemat Ltd
1,100
52,700
44,000
26,000
9,400
20,600
15,200
1200
44
Mar 12
125
15i2 Dec 17
938 Jan 8
14i4
*3712
112 Mar
19i8
130
2038 Dec 17
1434
39
91
2
Jan 11
Jan
3578 Jan 30
135g
44
Dec 18
2
1434
1200 *1000
78i2Nov 9
2412 Apr 16
2914 Dec 24
1578 Oct 13
123g Nov 24
14i2
734
4U2
5
9
28i2 Apr 28
Symington-Gould Corp ww__l
*37i2
*62i8
3
Dec 15
70^ Nov
4034 Oct
20U Apr 28
14,400
*1000
6
31
25
10,300
4,000
1914
117g
62
No par
3D2
13&8
18i8Nov
129
13i2 NOV 20
2638 Nov 18
25l8
113g
1200 *1000
9*8 Jan
23
1834
13ig
2
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
313g
1038
7
146g Jan
27
247g
1258
Jan
161* Apr 30
Superheater Co (The).-No par
Superior Oil
1
Superior Steel
...100
3134
1914
1034
9
70
2478
123g
2434May
118
3D2
18*2
IOI4
6
100
Texas Gulf
Mar 27
Jan
No par
Preferred
2458
1034
2
Sterling Products Inc
1914
10i2
9i2 Jan 3
2434 Apr 28
1,400
32
8i2
4384 Nov 10
2134 Apr 27
Feb 24
2514
4038
1051s Nov
1334 Mar 17
18i2
7i2
38&8
1238
Oct
Oct
9i2 July 29
3D2
39
84
1
Stand Comm Tobacco
2458
7i2
4378 Mar
10is4 July
Deo
1438 Apr 19
19U
3858
Nov
15i2
12078 Jan 10
3238
734
48
No par
253g
39i8
1234
8I2 Mar
Feb
No par
Preferred
18k
7l2
18i8
33U
No par
.
3D2
38i2
1258
Oct
36'4 May
Square D Co
2434
8
Deo
8I2
Standard Brands
1,600
52,900
13
77g
8U
7i4 Mar
4
Nov 19
114i2 Dec 4
109*8 Nov 12
1934
8
37
2
Mar 13
32
*77g
133g Jan
63
25i8
8
24i8 Aug
157g Apr 30
Nov
31
3 684
1
par
Co .No
Spiegel-May-Stern
6X% preferred
185g
8-
29»4May
5384 Mar 20
32
8
3U June
Jan 22
25
*77g
5
92i2 Oct 24
Jan 25
73 s8 June 10
44
Swift & Co
8
934 Mar
27
Oct
4
333s Deo
22,200
434
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
Conv preferred A
No par
678 Jan
Oct
5,400
65,200
*123l2 125
*12312 125
12334 12334 *123l2 125
55
56
55
57
56i8
54U
54U
5312
5
434
434
434
412
47g
4i2
5lg
37
38
35
36
37l2
3634
4038
38*2
6
11434 Nov 24
534 Apr 30
Mar
I8I4
*123l2 12334
56i2
5514
10 D2 Mar 18
42
Oct 15
20
2914
13*8
7012 Nov
107
Deo
1178 NOV 17
82
23
177g
75
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear &Co
1
45.50 preferred
No par
5518
28l2
1338
8»4 Nov
Apr
59'2 Apr
3i8 Mar
8
63i4June 12
I6I2
25
I8I4
75
Mar
634 July
7
10
283g
1338
Dec
5
59
25
1734
75U
Jau
Deo
3334
3
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
27*s
13
21*8
July
26i2 Dec 15
5414 Dec 17
Jan
100
Nov
512 July
7
July
Jan 21
1st preferred
Deo
27
2512 Dec
15
19
34
Oct
152
Standard
600
18
7412
Feb
10*8 Mar
1234 Mar
477g Oct 13
20,000
2738
133g
132
32i2 July 28
2
1234 Apr 27
2734 Mar
7178
74
Mar 26
160
7
Feb 20
25
23i2 Jan
Oct
283s May
47*8 Feb 8
45UNOV 12
2678
13
Jan
Aug 21
3234 Jan 2
7D4
1758
*72i8
Jan
20
1
Nov
1634 May
35
18
1338
Jan
107i2
July
30
112
Standard Oil of Calif
267g
71
4
37s July 29
Apr 27
26
150
10*8 Aug
7i2 Feb 29
3512 Aug 28
114
Dec
41,200
7034
13
Mar
110
Apr
15i4
30l2 Dec 23
17i2Nov 5
1
Deo
7012 Nov
68I2
212 Nov
4078 Deo
17i2
25i2
70l4
Mar
78 July
7034
1358
Mar
334 Jan 17
18l2
71
6512
13
4638 Nov
Jan 31
Jan
Feb 26
26
1314
Deo
7214 Dec 14
70
70
116U
2634 Apr 30
17l2
71*8
Jan
47 cum prior pref.. ..No par
Stand Investing Corp..No par
25
70
Dec
60
100
Spalding (A G) & Bros .No par
30
*20
2012
Mobile & Ohio stk tr ctfslOO
10
9*2
25
Preferred
"
74
9i8
*73
100
Southern Pacific Co
42i8
233s
33
*123
T referred.
Southern Calif Edison
6,500
38,400
33
5DS
So Porto Rico Sugar...No par
50
2938
*84
27i2
6612
4,100
325S
33
104
South Am Gold & Platinum. 1
15914
"29"
93
3258
Solvay Am Invt Tr pref... 100
74
10
73i2
87g
56i2
6734
100
9,400
484
Jan
24
12i2May 20
484
1834
6I2
1
21
112
Oct
Nov 27
Socony Vacuum Oil Co Inc. 15
4l2
434
72
Snider Packing Corp...No par
112
Dec
6
85
9,000
434
1038 Apr
2012
Oct 19
118i2 Dec
60,000
4l2
Deo
Nov
111
Jan 15
April
Sept
July
I6I2 Dec
4434 Dec 24
29*s
58i4
314
100
10
534 Nov
50
3414
634
40i4June 30
..100
Sloss-Sheff Steel & Iron.. .100
2,700
Mar
2534 Nov
4878
19i2 Jan
Preferred
9
14i2 Jan 25
7
2
z3i2June
7% preferred—
Smith (A O) Corp
5
132
10
25
10
Nov
4012 Nov
29*8 Dec
512 Mar
63'8 Mar
8»8 Feb
5
3
975g Dec 24
54
Sept 29
6578 Jan 2
Slmms Petroleum
Skelly Oil Co
97*8
Nov 12
127i2Nov
16
1534
*11H2 11212
*84
69i2
834 July
1934 Jan
3i4 Mar
July 12
28
29i2
73i2
95g
74
234
ID4 Dec 11
60
Dec 23
102
Mar
45
1534
2558
67
3
5,600
60
55l2
3934
Jan
3,500
2,200
4938
123
104i2 Dec 17
3
8
1434 Apr 30
100
8434
2334
5112
3278 Dec 10
8
30i2
48
104
3
434
Silver King Coalition Mines.5
Simmons Co
No par
40
Dec 18
July
37g
*5D8
5D2
*5D8
5D2
103
10514
104I2 10512
*10634 108l2 *10634 108l2 *10634 108i2 *10634 108i2 *10684 108l2
52l2
Dec
9
1512
23
3078
*5112
Dec
1278
2878
*51
57
2134
10412 106j8
Nov
17
1534
4912
21
70
7*4 Mar
28i2
24
*29l2
Apr
7*8 Mar
4434
*82
4i8 Nov
1934 Nov 17
51
475g
93
217g
99
6978 Nov
3138 NOV 16
43*8 Jan
30U Apr
No par
Conv preferred
Mar
92
89
Sheaffer (W A) Pen Co.No par
Shell Union Oil
Jan
478
1558 J&n
1 0 par
A.No pai
Conv preferred ser
Dto
3
3678 Dec
li8 May
31
7
IDs Jan
2034 Jan
No par
No par
No par
Sharpe & Dohme
Nov
li4 Deg
6D4May 13
7
3
Dec
Oct
4i8 Nov
Jan
91
5
378
8434
*8 Aug
278
June
June
Deo
Nov
234May 25
1
1
98*2
4118
33l2
30
2034 Mar
2
4312
4
9814
*10212 104
*10212 104
*10212 104
8
8l8
734
8
8U
778
23
*20
*21
*22
2438
25i2
2914
8,000
Apr 23
10D2NOV 12
$r conv pre!
20'8
Jan
14 June
5958 Jan 21
Sharon Steel Corp
Apr
Apr
134
Dec 15
2
Seagrave Corp...
No par
Sears, Roebuck & Co..No par
Second Nat'l Investors
1
3,100
36,000
8
65
86i2 Dec 23
778 Nov 18
Preferred
Jan
Mar
6
2
5014
40i8
*84
1334
45
6
22
4
78 Jan
Jan
46
11314
11412
13*8
56U
75gJune
5D2
4D8
*33
;
138May 26
2312 Nov
Dec
53i2 Jan
4812
3938
93
102U
44U
4314
*82
29l2
33i2
7,300
94i2 Dec 24
Mar
10434 Mar
109
Oct
9
1778 NOV 18
557sNovl8
10184Mar 7
414 Feb 7
20»2 Feb 7
49
29i8
*84
Zl3*8
102
______
Nov
114i2Mar 11
3778 July 15
*108*4 11278 *10814 11278
8434
32
*3258
■2114
14
44*2
378
109
155
912
267g
43
2938
*73i2
42*g
2612
114
■81* Dec 15
4358Mar 12
200
1314
4
32
*54l2
56
*54
8,100
44
2258
39i8
1078
6012
12
Dec 24
98
110i8 Sept 22
11
June 8
Jan
3158
Oct 24
4958 Nov 18
5
Nov
14
1
3i2 July 24
200
*40i2
102
*112
"29"
29
10l2
Aug
Jan
Apr
Apr
3
6
30i2 Aug 22
3,200
*59
37
Jan 24
Dec 18
2
Oct 13
63g Mar
July 29
Servel Inc
3,700
15
18
Shattuck (F G)
30l2
2
96
100
20
102
778 Jan
2584 Deo
s4 June
4
4
358Mar
27
Preferred
4,800
167g
23g Jan
2
2
108
10U Mar
50
7
Seaboard Oil Co of Del.No par
28
4D2
2678
10212
263s
42
155
*
157
265g
44
1,500
Deo
1
July
$ Seaboard Air Line... No par
90
10*2
60
*4012
28,600
458
Deo
10i2 Feb 19
Dec 15
10
2712
1538
4.34
3134
3214
3114
*2812
71s
88
102
Apr
4712
1558
4l2
458
412
10V
60
42
Scott Paper Co.
2778
1534
17
17
Preferred
*8712
2778
10i2
109
28
1514
90
2712
5912
*82
*11U2
*11112
*87i2
17
2778
99
997g
84
2738
2858
1534
90
4D4
110
110l2 *109
49 J8
47l2
50i4
5014
15i2
4*2
4*8
43l8
*109
2758
873g
10238 10234
1338
1258
4
84
89i4
26
41l2
2:9914
82
7
J/8612
412
378
4
4058
125i8 1251s
18,900
1,200
Schulte Retail Stores
13,400
94U
438
978
5912
*4012
10l8
4258
*4012
26*s
26i8
102l2 10234
13
1214
4434
43i8
2678
2634
10258 10278
12*4
1178
44
4438
4
378
41 s8
40 84
714
42i4
30
2934 30i4
30*2
30i8
102
*100
10034 10034 *100
60
*5834
*5884
82
31
10034 10034
*10034 103
7
41
1634
17
29i2
20,600
*8712
27l2
28
1658
Vs
7
67g
90
*87l2
2758
28
2734
15s
3,430
Nov
3
D2 Jan
No par
.5
..100
1
..100
No par
5H% preferred
600
82
538June
Schenley Distillers Corp...
800
1734
86I4
Deo
70ig Dec 23
22
100
7% preferred
Savage Arms Corp
33
117&S Feb 19
100
5% preferred
6% pre/erred
60
share
2012 Deo
Feb
2178
3
Jan
No par
100
100
Safeway Stores
5U Mar
MarlO
35
2
Highest
per
share
per
7484 Apr 28
32
Antelope Copper Mines
Rubcr'dCo(The)capbtkNo par
Rutland RR 7% pref
100
St Joseph Lead
10
t St Loule-San Francisco.. 100
1st preferred
100
t St Louis Southwestern... 100
Roan
790
11112
14l4
19i2 Feb
No par
Preferred
"7", 600
110U HOI4
111*2 *111
14U
4434
450
12
Ritter Dental Mfg
34
43*8
9634
110»4
2U
37i8
634
\
13
17U
158
10,100
5ig
2i2
134
6,400
834
50
214
79
*
800
2,100
8i2
17i2
238
2,200
73
49i2
17
238
158
-
9i8
18
238
*1712
7478
23l2
$
share
per
Lowest
Highest
Lowest
$
Par
Year 1935
100-Share Lots
On Basis of
Week
Shares
115
llo
4934
34
14i2
4334
9614
*9578
*70i4
83S
13
*14i2
15
15
45
70*8
48&8
97
97iS
9712
11034 *110
10934 110i2 *110
111
111
11134 III84 *111
97i2
x97iS
*110
2312
25
Previous
EXCHANGE
538
*22i4
417g
9634
4184
4112
Dec.
$ per share
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
2U
*11
*2214
!
858
5l8
*11
Dec. 24
24*2
70ig
Friday
nursuuy
$ per share
10978 110
50
4914
214
212
5
6
73s
738
49
2i8
2i2
24
115
66
110
110
1
23
$ per share
2414
24U
SHARE, NOT PER CENT
CUriGSUUy
Dec.
$ per share
11034 *110
*65
63l2
63i2
rr
Dec. 22
21
Dec.
$ per share
24
*23
$ per share
*24
25
110
Tuesday
Monday
19
Dec.
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Saturday
1936
26,
Dec.
New York Stock Record—Continued—Page 9
4116
Oct
212 June
18
Mar
2478
Deo
Deo
125s Nov
3312
73
Deo
li8 June
5i8 Nov
5334 Mar
87U Deo
5012 Jan
29
May
For footnotes see page 4108
31
Volume
New York Stock
143
Record-Concluded—Page
LOW AND
HIGH
Saturday
Monday
Tuesday
Dec.
Wednesday
Dec. 22
Friday
the
Dec. 21
Thursday
Dec. 23
Dec. 24
Dec. 25
$ per share
$ per share
Shares
$ per share
$ per share
10134 102*2
23*2 2334
126
128
98*2
26*2
2758
18*8
98*2
26*2
100
23*8
2334
123*2 126
18%
18
2634
28
S per share
122
123
124*2
9734
99
2638
2738
2638
*26*2
28*2
30
*29
30
30*4
30*4 30*4
*113*2 115
*113*2 11434 *113*2 11434
85
8634
8634
85
8634
85
*31*8 32*2
*3178
32*2
31*2 31*2
6%
634
6*2
67g
6*2
634
44
44*8
44%
443g
43*2 443g
14
14*8
14*4
14*8
1378
14
18
19*2 20
,19*2
*18*4
19
*100
102
*100
738
4678
4678
80*2
81*2
102
7%'
7%
*100
97
*3
19
19*8
30*2
31
46
46
46
8134
81
815s
3%
19
*166
17*8
17
17*4
55*8
55*8
*54
57%
37*2
39
37*2
38%
6*8
13l2
6*8
13*2
13*4
6%
13%
93
93
9134
92
59*2
1638
60
59
61*2
1634
16*2
17%
45
4658
95*2
85*s
*7278
7578
144
96%
86
6
43%
95
7734
86*2
73
75
77
3%
13%
59%
17%
44
94*4
85%
*72%
75%
7*4
92
2
2
*48
26*2
40
7*4
90*4
5134
28*4
40%
*113*2 116
95*2
88*4
96
87%
96%
8834
*90
113*2 113*2
42
4134
*84
8834
*90
94
7
7%
6%
52%
*11338 11412
12
11*2
5034
35*4
*128
76
35*2
76
'
38%
7
51%
38
118
11*4
4634
10%
46*2
19*2
*19%
*116
11%
10%
47%
47
19%
41
19%
41
6*4
*41
6%
*94
6*2
98%
16*2
*62
17
*94
16*2
*63
66%
1%
1%
1%
1%
978
10*8
9*2
9%
32
32
34
34
3534
36*4
8*4
8*4
*81
*184
47*4
*83
*97
8334
100
*10458 106
93
98
400
143
132
78*4
85,800
3,200
1%
170
8
734
7%
5534
56
8%
5734
7%
130
*127
2
*116
19%
43%
684
101
17
66%
1%
*116
67
67
2%
4834
8334
8384
*81%
100
""500
1,100
2
2
48%
83%
50%
83%
*97
100
*97
100
106
106
105
106
800
200
60,800
100
10%
10%
9,000
33
38
8%
*81
*1%
50*2
3834
8%
....
1%
52
*81
83%
*97
600
4,300
11,700
3,000|
100
21,700
100
105% 105*4
200
"""170
95
95
96
96
96
96
95
96
96
96
120
100
120
121
121
*120
121
*120
121
121
121
50
*114
115
114% 114%
9
884
834
9%
173s
17%
2*4
2*4
17*4
2*4
6*4
114
884
17*4
114%
9
17*4
2%
*6*4
17*4
2%
6*2
77
78
144
79*8
48%
145%
2*4
6%
7534 78*2
45*4
47%
14134 145
46*8
47*2
143*2 14434
155
155
155
152
6%
77
46
7*8
*25
25*4
*37*2
*23*4
3212
38
24
32%
155
25
25*4
*37*2
23%
3234
2334
38
*37%
24
23*2
3234
3234
154
24%
38
24*2
33
114% 114% *11414 116
8%
884
8*2
9
1734
*16*4
17*4
1734
*2%
2%
2*4
2*4
6*4
6%
6*2
6%
78%
79%
79% 81
47*2
48%
47*2
48
144
145
151*2 152
24%
24%
38
*37%
24
2334
33
33%
14434 145%
152
24
*37*2
24%
*32%
152
130
8,500
500
1,000
2,900
22,400
19,700
15,400
100
2534
38
2,600
24%
33%
~i~66o
*80
90
*75
89
*75
90
*75
90
*75
120
*110
120
*110
120
*110
120
*110
1,300
120
103
2412
15*2
5*8
37*4
4*4
884
79
3734
103
25
15*2
5*8
38*4
4*4
9
79
3534
101
10234
24%
15%
5%
36*4
6334
63%
34%
120
82%
76*4
115
7412
73*2
50*2
50*2
21%
49*4
20%
154
154
4*4
9
63%
35*4
83%
7734
119
*73*2
20*4
5*8
79
35*4
83*2
79*2
*7784
15%
37
4%
834
3412
120
25%
79
62*2
83
3634
153
73*2
4934
2134
153
35%
103
24%
15%
3634
103
36*2
103
36%
103*2
25
25%
15%
24%
16
16*4
5
5
3634
3634
4*4
8%
5%
36%
38
4%
8%
*78%
79
4%
834
*77%
63%
3434
81%
75%
78%
63%
35%
83*2
75%
64%
82*2
73
73
*72
48%
49
157
2184
158
884
34%
82%
7434
117
21
434
6334
119
117
5*8
4984
35
75*2
119
36*2
36%
1,900
103% 104
24%
24%
15%
16
5*8
5*8
10,300
*38
4%
834
79
900
1,300
1,700
39*2
900
4%
8%
3,400
9,000
79
6234
6334
*3414
.81%
75*2
3434
*115
81%
75%
500
13,400
3,000
880
1,000
119
110
3284
3384
*784
8
33%
7*2
34%
For footnotes
<e*
734
oagt
33%
7%
34%
784
4108
X184
3334
7*2
Dec 11
Dec 17
100
Vulcan Detinning
100
100
X Wabash
100
Preferred A
100
100
Waldorf System
6M% preferred
X Walworth Co
23%
34
7*2
34
7*2
34%
734
2834Aug
6
109
7
Mar 24
4
Apr 27
14
May
4
Jan 16
70
Aug 8
120
Aug 31
2*4 Aug 21
5
Jan
4*8 June 29
9*8 Jan 7
Apr 30
Dec 17
5*2 Jan
3
No par
1078 Jan
No par
Class B
26*8 Apr 17
1778 Apr 17
4
$3.85 conv pref
t Warner Quinlan
No par
2*8 Apr 29
4738 Jan 2
9*4 Apr 30
44
Apr 29
No par
*2June 18
Warren Bros
No par
45s Jan 2
1578 Jan 7
Apr 30
19*2 Apr 28
6*8June 9
83 May 26
Preferred
,100
Warner Bros Pictures
Convertible
5
pref
Is 0 par
Warren Fdy & Pipe
Waukesha Motor Co
No par
Webster Eisenlohr
No par
5
Preferred
100
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
West Penn El class A ..No par
21
1
Aug 21
33%June 30
78
116*2 Jan
111^4 Jan
6
6
100
178 Nov
100
5*8 Aug 26
100
72*2May 4
3434 Jan i3
9412 Jan 6
123*2 Jan 7
22%June 8
35*2 Oct 22
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod.
11,000
_9~ 400
7,200
4*2 Mar
15
Nov
65*4 Mar
5s June
96
Nov
18*2 Nov
Nov
11*4
Dec
5
July
3*2
203s
11
Mar
3938 Dec
412 Mar
Oct
Oct
87
Nov
165
Dec
143
Jan
5
Feb
10*8 Nov
35*8 Mar
505s Nov
9*2 Sept
16*4 Sept
3*8 Mar
7*2 Mar
53
Jan
1434 Mar
3
Mar
9*8 Mar
24*2 Mar
9184
6278
Dec
Jan
73
Sept
22% Deo
11*2 Dec
17*4 Jan
48
Dec
124*2 Apr
7334 July
8*8 Apr 27
15
Apr 30
6
51
784 Mar
19
Nov
133*4
29
*2 Mar
19*4 Apr
11*4 Apr
11*4 Feb
73
Dec
Nov
4*4 Aug
2
Nov
56*2 NOV
2134 Jan
33
Nov
114
Nov
91
Feb
34
May
63
Dec
63
Deo
68
Dec
70
Aug
212 Mar
17*2 June
72*2 Jan
44*8 Dec
478
37
Dec
Dec
112*2 Dec
734 Nov
Nov
May
5
3
184 Mur
6
6
Jan 16
20
Nov
52
Nov 10
1
May
4*8 Mar
26*4 June
114
1*4
Jan
Feb
11734 Dec
3*4 Nov
534 Deo
4% Dec
978 Nov
33*4 Dec
120
Apr
638 Nov
9
758Nov 17
Nov 19
183s Dec 14
69
Feb *159*2
Aug
Mar
Jan
Oct
83
123g Dec 11
4934 Nov 18
105
7*2
78
73*2 Nov
63*2 Mar
109*4 Feb
1
Apr
39*4 Dec 16
118
Mar
33
Feb 19
4*2 Feb
103gMar
Dec 16
27s Feb 29
1234 Dec 8
38% Dec 8
363s Dec 24
39*2 Dec 22
11*4 Feb 6
5
Mar
1*4 Feb
28*2 Jan
2*4 Mar
14*2 Mar
% Mar
2*2
778
2058
25*8
Mar
11
Dec
3
Dec
47
Dec
1038
Deo
52
Deo
15s Dec
6*8
Jan
Mar
17
Aug
Aug
32
Sept
Dec
4
Mar
30*4 Deo
734 Nov
June 23
85
Apr
90
Feb
2s4 Jan 13
1
Jan
3
Nov
85
52
Dec 24
8334 Dec 18
Sept
9
124*2 Sept 18
11634 Dec 10
12ig Feb 21
23*4 Sept 11
4
Feb
7
978 Feb
7
30*2
Jan
72
Jan
34
Mar
84*4' Oct
Dec
99*4 NOV
36
92
104*2
95
Mar
NOV
Jan
1203s Dec
Jan
11434
Deo
5*2 Mar
7*2 Mar
10*8
Dec
1934
Dec
1*8 July
23s Feb
3%
Jan
778
Jan
2058 Mar
160
Oct 16
55*2 Nov
91*4
3978 Mar
96*8 Nov 5
49*2 Dec 17
153i2 Oct 17
18
Mar
32% Mar
77*4 Nov
3534 Deo
9834 Nov
90
Feb
3334 Jan 25
10
Mar
33*8
Deo
39
29
Jan
38*4
Deo
No par
19»4June29
32
5% preferred
110
Feb
137*2June 10
30
_
9*4 Mar
87*2 Mar
2*8 Jan
June
Sept 10
100
Westingh'se Air Brake-No par
Westinghouse El <k Mfg
50
1st preferred
50
Jan
2
102
Western Pacific
Western Union Telegraph
7*2
9234 May
15
'Feb20
Jan
Western Maryland
2d preferred
Preferred
Oct
15
Apr 21
87
100
Dec
Dec
15
26
110
100
100
86
12
15
2
6% preferred
100
6884 Dec
114i2May
1334 Dec
41*2 Dec
131*2 Aug
107
96
6% preferred
2
7
100
West Penn Power pref
Feb 25
Sept
8*2 Dec 12
9134 Jan
Preferred
Jan
3
July 29
3184 Nov 28
35*4 Oct
34
91
Nov 17
July 21 *120
Wheeling Steel Corp...No
par
2112 July
100
84
1684 Mar
126
Dec
25*2 Nov
Oct 23
Preferred
White Motor
50
White Rk Min Spr otf__No par
White Sewing Mach...No par
Conv preferred
Wilcox Oil & Gas
No par
Wilson & Co Inc
No par
$6 preferred
Woolworth (F
5
100
W) Co..
99
Jan 14
July
183s Feb
13»4 July
393s Dec 17
8
109*4 Feb 19
3
2838 Nov 12
17% Nov 17
634 Nov 17
7
3*4 Apr 28
Apr 28
284 Jan 7
6%June 19
16
70
June 20
100
4484 Apr 23
2318 Apr 30
56
Apr 30
Preferred B
100
47
..10
100
Preferred
^
100
Rights
Young Spring & Wire. .No par
Youngstown S <fc T
No par
5H% preferred
Zenith Radio Corp
Zonite Products Corp
100
No par
Jan
4
62% Jan
6
63
6
1
Preferred A
Worthlngton P & M
Yellow Trurk & Cosch cl B..1
5*8
84
114
145,200
22%
2
No par
Preferred
Ward Baking class A
5
Sept
4*8 Jan
84
100
..No par
493s Nov
116
6
30
Walk (H) Good & W Ltd No par
3*4 July
60*2
6*2 Mar 18
2=8 Oct 28
May
72
No par
No par
Walgreen Co
115
Aug 8
48*4 July 21
80
Aug 20
100 *114*2
900
158
Aug 7
Apr 24
57
200
5%
9
30
50
22*4
21*2
156*2 157
Nov
9
73
700
5
165
Nov 28
9
50
45
*44*8
4438
4234
45
4334
44%
44%
77
77
78
78
78*s
79%
78%
79*4
77%
79%
*10634 IIII4 *10684 110*2 *10684110% *10634 110*2 *10684 110*2
4%
44%
Mar 23
8»4 Nov 17
July
100
96
July 10
3
Apr 30
June
No par
1334
20*2 Dec
Mar
168
Oct
5
1
6% preferred
Va El & Pow $6 pref
834 June
4*2 Mar
65
160
16*4 Apr 30
2834 Jan 16
-.100 *110*4 Feb 17
5
40
Apr 30
100
24*4 Dec
784 Nov
4584 Nov
50% Nov
30
No par
Oct
119*4 Nov
14034 May
165
Aug
7
pref
17*2
1*2 Feb
2084 Mar
27*2 Mar
100
Ohem
Nov
7358 Mar
119*8 Jan
14934 Feb
3*2 Apr
46
Apr
2
*71%
360
5
Nov 28
Jan
73
70,600
4*2
4234
101
10334 Nov 10
75*8 Apr 9
3*8 Jan
50
5*2
4%
Sept 21
No par
non-cum
Va-Carolina
Aug
78
July 30
Vanadium Corp of Am.No par
Van Raalte Co Inc
f
7% 1st pref
118
144
50
Vick Chemical Co
Jan
Oct
Jan
7978 Dec 17
153
Preferred
Dec
15434 Nov 28
100
Vadsco Sales
26*2
115*2 Jan 7
131
Apr 27
Universal Plctureo 1st pref-100
Utilities Pow& Light A
1
Wright Aeronautical ...No par
Wrigley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
158*2
4*2
Preferred
Jan 23
Wheeling & L Erie Ry Co..100
5M% conv preferred —100
90
*110
37
100
Preferred B
33
36%
*2
6,500
1,800
3434
8%
Preferred
Preferred
~3~606
1%
10%
48
40
200
39
No par
Virginia Iron Coal & Coke. 100
7,800
8%
U S Tobacco
5% preferied
Virginia Ry Co pref
1934
38*4
100
100
110
100
47*2
7*8
7%
100% 100%
31%
4834
80
*19*2
1734
2
68*2 Jan
46% Jan 21
790
19%
3434
47*8
Day
12,200
5,400
81
Corp
Preferred
5%
18,300
27~506
10%
8
1,300
1134
34
38%
7%
Stock
48%
30
2
*96
100
118
10*4
2
*81
30
Exchange
17*8
Jan
72*4 July 30
92
5,600
8
47*2
47
50
Preferred
U S Steel
•
50
Vicks Shr <fc Pac Ry Co comlOO
34%
39%
*81
100
Smelting Ref & Min
57% Apr 29
11%
1%
1st preferred
U S
Nov
63*4 Deo 12
19*4 Dec 11
48% Nov 30
No par
47%
100% 100%
1634
17%
67
*66%
1%
1%
No par
8
Dec
NOV
46
Feb 17
104
Jan
2112 Jan 6
7% Apr 30
163s Jan 2
Universal Leaf Tob
11*4
7%
20
No par
102
49%
47
100
Pipe & Foundry
1
11
1
Prior preferred v 10
8
71
No par
No par
6734May
48%
*19%
43%
634
11*4
48
118
t c
v
May
8% Jan
49
Aug 18
31*4 Aug 28
pref
50
U S Industrial Alcohol_JVo par
ClassAvtc
5
80*4May
conv
U S Leather
Nov 19
2334 Nov 28
3938 Jan
125*4 Nov 28
169*4 Feb 18
206s Nov 18
62*4 Nov 18
69
Apr 2
978 Jan 27
183g Jan 28
160
20
111
8
20
Jan
24*4June
Deo
Jan
July
July
Mar
20*4 May
9
412 Oct
10
Aug 17
No par
__20
100
U S Hoffman Mach Corp._.5
Jan 11
2
100
Apr 29
19
193g Jan
No par
60
*75
76
75*4
75%
135
*122*2 135
*122% 135
3
2%
2%
2%
3%
8
8
8*4
8*2
8*4
*6
*6
634
7*4
684
17
17
*1634
1634
17
38
38
37%
3734 3734
10
7
113*4 July
13*2 Dec 16
No par
28,300
2,900
40*2
130
2
100
4*2 Mar
16
7
8*4 Dec
Preferred class A
30
49%
30
105*4 105%
,
29
'
118
No par
Freight.:
U S Gypsum
7% preferred
18
7534 Nov
24
111*2
90*2
26*2
30s8
1334
5034 Nov 25
United Stores class A
9,100
55*2
57
Closed
113% 11414*113% 114%
12
13
12%
12%
Christmas
*35
3984 *35
40
*127
Corp
Preferred
Jan
Feb
26
June
87
300
103%
4%
43
91
100
Jan
Jan
1434
16*2 Feb 4
2912 Aug 10
Nov 14
Apr 30
Apr 30
44
82*2 Mar
79*2 Mar
20*4 Oct
978 Mar
35*8 Nov 21
9*4 Feb 17
48% Aug 4
105
Highest
$ per share $ per share
June 10
9684 Nov
100
16212
30
8%
100
5,600
83
34
38
36%
100
7*8
88%
34
33*4
100
*114
*42%
No par
US
5H%
14*8
109
6*8
13
100
Foreign Secur
117
July 10
June 18
66*2 Jan 2
No par
Preferred
23,300
2,600
8,600
98%
4
No par
Jan 15
1 32*8
United Paperboard
U S Distrib
9
Jan 21
93
No par
U S Realty & Impt
U S Rubber
74
10
100
No par
U £ &
Oct
share
31% Feb
3238 Feb
25*2 Sept
37*4 Nov
33% Nov
2
22% Jan 6
5% Apr 30
40*4 Apr 29
1084 Apr 27
15
Jan 9
5
.
United Electric Coal
U S
87%
68
United Eng & Fdy
United Fruit
47*2
.
111
No par
10,300
*120
43
Preferred
30,900
77%
78
100
No par
United Drug Inc
United Dyewood Corp
Preferred
Jan
per
100
16*2 Apr 27
24*4 Mar 18
United-Carr Fast Corp.iVo par
United Corp
No par
18*2
85*4
*73*8
13
No pai
United Carbon
2
2
205sApr30
No par
United Biscuit
63
10
*81
2%
49*8
1,900
2,500
31
*30
11,100
6
13*2
*90
76
10*2
67
*90
*90
*75
7734
100
39
13%
94
38
46*2
*19*8
♦40*2
*66
38
10
*84
128
38
17%
1,600
*84
38
*116
1658
166*2 166*2
17%
17*2
*54% 56%
119
8884
128
38
634
320
2,700
2,300
*84
38
*75
100
1834
31%
120%
*90
7%
5234
3*4
18%
30%
*42
130
118
44
*3
*113
38
38
101
100
141% 142%
132%
72%
132
113% 113% *113*2 114%
12
12%
12%
13*4
*115
6*2
17
98
42
*12212 135
*122% 135
*122%
3
*234
3
*2%
*234
734
884
712
8*4
8*4
*5*4
634
*6
*5*4
6%
17
I684
1634
17%
*1634
*94
17
62%
1734
46*2
18
142
600
12
90*8 Jan
225g Jan
6
United Gas Improve
Preferred
800
1,200
1,700
116
41%
*128
130
30,700
12
170
113
41%
5034
1
14%
14%
110% 110%
584
46%
7634
3,600
6
13%
9234
45%
72%
76%
8134
7*8
95
*84
38*2
63
74
1,700
77«
4734
734
*71
8834
4178
50,400
19*4
81*4
*161*2 170 *161%
7*4
7%
7*4
7*8
88
88
*75
90*8
84
84
83
83
*79*2 83%
*8234
16412 164% *163
16434 *162*2 163% 162%
102
102
101
101
*101
*100
103*2
4
3%
334
334
3%
3%
334
2
2
2
2
2
2%
1%
*48
47
47
49
49
5134
47%
29
26%
27
28
28*2
2734
28%
40
39%
39
39%
39%
39%
39%
7*8
*70
84*4
8414
*162is 16478
*102
103*2
4
378
*165
*90
57
6134
17%
167
7
13*2
17*4
61%
18%
45%
*162
*70
*54*2
37%
5%
38%
5%
13*2
9234
14434
14334 144
142% 143
132% *120
132% *125
132%
167
17*4
17%
57
37*4
5%
300
105*4 Nov 18
28*2 Feb 7
14934 Aug 12
Corp...5
Preferred
1,600
*91
98
3%
*18*2
19%
31
30%
119*2 120
20
*120
167
14%
12%
16%
*166
*54
10
102
*46
*3
30%
119% 120
*90
46%
96*2
85*4
*72%
74
*91
30*8
17*4
1,100
71% Jan L
2084 Aug 26
108*2 Jan 7
100
United Aircraft Corp
Lowest
$
No par
Un Air Lines
Transp
United Amer Bosch
500
~8~306
734
111
12%
16%
*166
175s
.
1412
111
97
3%
18%
19
30*4
120%
120
*166
14%
1434
11034 110%
12%
12%
1634
17%
1834
*100
46
30*4
120*8 121
18*2
102
Preferred
Union Tank Car
35,500
7,000
7*2
Year 1935
Highest
$ per share
Union Carbide & Carb.Ao
par
Union Oil California
25
Union Pacific
100
22,400
4,400
81
*3
3*2
700
14
81*4
97
1,000
44ag
81
97
6,600
1384
46
*90
13,900
6,900
44
18*2
Range for Previous
On Basis of 100-Share Lots
Par
14
*100
Range Since Jan. 1
STOCK
Lowest
4438
8
YORK
4117
EXCHANGE
1378
102
734
STOCKS
NEW
44
8*4
46*2
1412
14%
14%
1434
*110*2 11034 *110*2 110%
1212
12%
11%
12*4
17
17*2
17
175a
*89
125
101*4 10234
24l2 2478
124l2 125
98*2
98*2
265s
2658
26*4
2612
2758
283S
27*2 2778
1834
20*4
1958
20*8
*26*2 28*2
*26*2 28i2
29*2 29*2
2912
29*2
11434 11434 *113*2 II434
*83*4
85
*84i8
85
32
32
*31*8 31*2
6*2
658
6*2
634
28*4
18*2
17*2
Sales
for
101*2 102
235s 2478
28*8
1834
28
SHARE, NOT PER CENT
10034 10134
23*2 24
99*4
2634
27*8
PRICES—PER
$ per share
101*4
*98*2
*26*4
28*4
28
j
10
Week
19
SALE
43
Nov 17
5*4 Mar 30
11
Jan 14
87
Jan 15
71
Nov 18
3634
8634
80'4
14034
Jan
6
6
11*8 Jan 28
584 July
19*2 Deo
2412 Jan
484 Dec
6
Jan
20*8 Dec
1
Mar
378
58
Apr
Apr
51
Jan
3*8
Deo
9*4 Nov
79
Nov
65*4 June
25*4 Nov
61
Deo
8284
Apr
23*8 Dec 24
163*2 Dec 11
5*2 Dec 24
55
Apr 6
8734 Oct 10
122
Aug 7
423g Nov 17
93s
1*4 Mar
Nov
68
Feb 10
105
102*2 Nov
35*2
7384
1734
2^8
31*2
Oct 23
Sept 16
Nov 17
1
Jan
678 Mar
12% Oct
H84 Mar
79
6
46*2
25*2 Mar
20
Apr
51
3
35*2 Sept
*32*4
Dec 17
Aug 21
884 Jan
Jan
Dec 17
33% Apr 28
83*2 Jan
2% Dec
42*4 July
4184 Jan
18
14*4 Mar
Jan
4
Mar
Mar
Apr
Nov
5158 Nov
June
35*4 Nov
9*4 Dec
May
96
18
Mar
13
Mar
53*8
4678
38*2 Apr
1*4 May
25g June
105
Nov
Deo
Deo
Deo
1434 Nov
784
Dec
Brokerage Service
Bond
Complete
WHITNEY & CO.
RICHARD
Membar*
New
York
New
York
Curb
BROAD
15
NEW YORK
STREET,
A
1909 the Exchange method of quoting bondx wax chanqed and
On Jan. 1,
£
BONDS
STOCK
disregarded In the week's range,
the week In whlcl they occur. No
Hanoi
Last
©
Dec. 25
Cs
03 tc
No.
Low
28
121.15
128
\ 15 3
109.25
239
105 24 110
TTeuPury 4s
115.17 115.17
115.22
91
Treasury 3%s
lio.16
114.9
110.10
110.22
1955
15 1946-1948
Treasury 3%s.._June
15 1940-1943
15 1941-1943
Treasury 3%s
Mar
109
237
106
107.26
125
108.21
108.26
134
108
108.17
108.19
104
103. 24 109 3
Dec 15 1949-1952
107.27
107.30
71
16 1941
108.18 108.18
108.26
165
15 1944-1946
15 1955-1960
15 1945-1917
109.18 109.18
Treasury
2%s._.Sept 15 1948-1954
1951-1954
23/4s.__Sept 15 1956 1959
Treasury 2%s
Dec 15 1949-1953
103.30 103.24
103.30
227
Treasury 2% a
102.25 102.18
102.55
233
Treasury
102.10 102.2
102.11
69
100.29 100.24
100.30
444
Treasury 3 %s
3%8____
Treasury 3%s
Aug
Treasury 2%s
Apr
Mar
Treasury
Sept
2%s
109 23
19 108
103
108 5
109.23
169
103.27
334
100
106.8
131
104.19
7
3%s
May
3s.
104.26
15 1942-1947
Mar
_
8
2% s series B._Aug
2%s series G
Foreign
105.16
100 26 105 9
43
100 15 104 7
.
104.21
100 .17 104 30
102.17
102.22
99 16 103 10
102.17
102.19
99
20%
8
21%
55
8%
20%
German Govt
112
7%
20
26
17%
26
24%
25%
5
17%
25%
98%
98%
3
96% 10il%
20 %
14%
20%
67
'21%
14
21%
115
f 7s series C....1945 J
20
14%
20%
1945 J
20
14%
20
16%
12
16%
89
12
16%
39
7%
7%
12%
16%
72
7%
♦Sink furd 6s Apr roup on
.
s
"98 %
J
J
.1945
1945 J
♦External s f 7s series B
♦External
♦External s f 7s series D
A
f 7s 1st series ...1957
♦External
8
♦External
see s i
♦External
see s
O
M N
1963
♦Antioqula (Dept) coll7s A..
26
A
A
.1948
7s 2d series. 1957 A
16%
A
f 7s 3d series. 1957
97%
4
102%
32
97%
102%
102%
102%
74
97% 102%
102
102
102%
61
97% 102%
102
102
102%
54
97%
102%
102%
18
97%
103
Argentine Govt Pub Wks 6s
1960
A
"102%
Argentine 6s of June 1925
1959
J
f 6s of Oct 1925...1959 A
s
1957 IM
External s f 6s series A
,..1958
External 6s series B
Extl
s
f 6s of May
External
1926.
|j
1960
Ry).__1960
Extl 6s Sanitary Works
1961
Extl 6s pub wks May 1927... 1961
M
Public Works extl 5%s
F
.
1955
103
24
97% 103
102%
43
97% 102%
102%
102%
102%
28
al02%
102%
102%
24
102%
102
102%
21
102%
97% 102%
94% 102%
110%
110
110%
22
109%
1956 MN
External g 4 %s of 1928
7
102%
82
98
102%
J
1957
109%
102
1957 MS
External 5s of 1927
Austrian (Govt) s f 7s
102%
102
A,
j!
1962
Australia 30-year 5s
101%
102%
S
A!
M N
94
102X
M N
f 6s (State
s
1945
F
98%
6
1949
M
S
*19
A
Belgium 25
extl 6%s
Externals f 6s
1955 J
1955
J
D
"108%.
108%
J
External 30-year s f 7s
yr
Bergen (Norway) ext
♦Berlin
(Germany)
s
s
f 5s....I960
f 6%s. ...1950
1958
1941
M
A
*
97 %
104% 111%
104% 111%
98% 103%
90% 100
♦External
s
f
s
♦6s July 1
1935
F
1950
J
D
C-2
s
f 6s
ser
C-3
181
22%
38%
37%
38%
180
102%
♦6s stamped
♦6%s stamped....
1961
1961
i05%
100%
Extl
Extl
M
S
f 4%s-4%s
1975
1984
"~85"
78
22%
21%
110%
A
100%
114%
Aug 15 1945
10-year 2 %s
103 %
25-vear 3%s
♦Carlsbad (City) sf 8s
1961
1954
♦Cent Agrlc Bank (Ger) 7s
1950
♦Farm Loan s f 6s..July 15 1960
100%
85
M
S
J
"34"
J
"85%
~13
85%
1
78%
103
78
80%
9
59%
61 %
66%
7
20
22%
10
20
110%
21%
22
110%
29
114%
114%
14
101%
21
103
103%
14
34
61%
34
27
27
25
26%
•-
♦(Cons Agrlc Loan) 6%s
♦Greek Government
J
D
32
38%
102%
101%
100
86%
86%
81%
81%
80%
83%
39%
67
13
22%
21%
13
105%
111%
S
16%
16
16%
105
S
16%
16%
35
16
16%
129
116%
104%
13%
16%
13%
16%
13%
Loan—|
Hungarian Cons Municipal
J
♦7s unmatured coupon on... 1946iJ
J
♦Hungarian Land M Inst 7%s.l96l M N
Sinking fund 7%sser B
1961 M N
♦Hungary (Kingdom of) 7%s .19 44 F A
♦7%s unmatured coup on... 1945 J
s
61%
73%
26
61%
21%
78%
78
78
70
41%
71%
106%
21
I
1 127%
*
III III
30%
70%
114
93
98
106%
3
105
109
21%
97
98
21
15
18
27
QQ
122% 183
116% 172%
6
128%
122%
128%
128%
10
128)4
122%
190
182%
365
20%
19%
29%
29
27
39%
22%
34
*123%
20%
20%
21%
20%
20%
27
27
29
371
94'
24%
24%
34
25
25%
6
25
45%
30
30%
5
30
35
25%
26
25%
31%
99
99%'
25%:
Italy (Kingdom of) extl 7s
sec s
f ser B
1951 J
D
M S
...1947iM S
Italian Public Utility extl 7s...
J
F A
1965 M N
1952 J
Japanese Govt 30-yr s f 6%s__1954
sinking fund5%s
Jugoslavia State Mtge
1947 F
O
A
(Province of)—
7 %s June 1 1935 coup on
1950 J
*15%
19%
105%
105%
1957 A
f 7s
110
6
104
21
20%
21
6
17
30
21%
21%
21%
5
18%
22
22
1
32%
25%
22
2
17%
16%
48
4
22
48
*113^
83%
38
112%
126
85
84
60%
131
83%
*97%
"75%
74%
"75%
~~9
53
26
51%
115
87%
100
83
77
66%
63%
67%
66
51%
96%
95 %
96%
22
91%
79%
79%
80
30
78
89%
29%
30
31
25
35
24
24
2
D
s
100
19%
26%
15%
24%
93%
Bank—
♦7s with all unmat coup
♦Leipzig (Germany)
25
22
22
Italian Cred Consortium 7s A..1937
24
22%
100%
31%
Austria
D
♦Medellin (Colombia) 6%s
1954 J
♦Mexican Irrig assenting 4%s_.1943 M N
*91 %
16%
13
£.1945
-.1945
1954
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
8%
1954
8%
8
♦Assenting 4s of 1910 small
♦§Treas 6s of '13 assent('arge) '33
9
10%
7%
7%
2
7%
10%
5
6
4
6%
9
141
9%
10%
9%
10%
45
10%
1958
1959
1952
6%s
M
8%
248
4%
4%
72
6%
12
12
151
5%
12
64%
66
55
50
77
22%
22%
23
13
15%
23
10
23
23
66
10
7
M
S
22%
♦6s series A
D
65%
..1959 M N
♦Montevideo (City) 7s
104%
14%
47
*61%
J
9
8%
8%
7%
12
S
a
4%
73
64%
Milan (City, Italy) extl 6%s...1952
Minos Geraes (State)—
f 6%s
7%
12%
12%
12
s f
17
4
1
54
10%
♦§ Small
s
7%
55
7%
9
5
10%
10
♦4s of 1904
♦Sec extl
101
64
17
5%
9
..."
95%
104%
10%
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
External
s
f 5s
Norway 20-year extl 6s
5s..l957
A
Apr 1958
New So Wales (State) extl
o
A
16%
1965 A
Municipal Bank extl s f 5s.. .1970'J
♦Nuremburg (City) extl 6s
1952 F
Oriental Devel guar 6s.
.1953 M
Extl deb 5%s
1958 M
Oslo (City) s 1 4 %s
1955 A
Panama (Rep) extl 5 %s
..1953 J
♦Extl s f 5s ser A
1963,M
s
f
4%s.'
16%
16%
12%
14%
Pernambuco
12
14%
12
14
A
43
S
13%
14
14
13%
14%
30
O
13%
13%
14%
27
1962 M N
13%
13%
12%
14
11%
13%
49
49
40%
53%
21
22%
19%
27%
12%
104%
100%
8%
67
61%
-
^
108%
101
100%
101
103%
102%
103%
101%
110
104% 109%
51
100%
105%
104%
-
9
108%
203
100
26
99%
96%
1
104%
103%
101%
102 %
104
"21% "l8
18%
27
73%
28
72%
86%
69%
70
15
69%
98%
99%
*102%
21%
72%
105%
82%
96% 100
9
3
104
106%
2
67
90%
40
58
81
44
12%
22
18%
39
13%
19
16%
230
10
16%
220
10
16%
8
37
80%
73%
48
44
111%
53%/
51
106
81
81
71
75%
20%
22
18%
17%
16
16
16%
16
54%
58
71
51%
"75%
105%
101
10
104%
107%
108
N
♦Stamped
5
104%
*107%
104%
O 101%
D
A "21%
73%
S
70
N
993%
O
105%,
D
♦7s Sept coupon off
♦Peru (Rep of) external 7s
Nat Loan extl sf 6s 1st
13%
37
48%
66%
73%
*23
1960 M N
f 5s
14
D
60
37
74%
I
1958 J D
.1964 M N
1968 F A
1952 A O
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl 7%s '50 J
J
Helsingfors (City) ext 6%s
I960.A O
13%
34
13%
106%
24%
O
17%
113
105%
100% 102%
93% 100%
112%
96% 101%
99%
106
89
104%
20%
D
1949 A
1919
17
152
90
10
73
.....
39%
M
12%
f ser 7s.
(State of)
♦Nat Loan extl
s
f 6s
1947 M S
1959 M S
ser. .I960 J
D
2d ser.. 1961 A O
♦Poland (Rep of) gold 6s
♦Stabilization loan
s
f 7s
♦External sink fund g 8s
N|
13%
Jan 1961
1961 M
4123.
99%
J..ul
14
144
For footnotes see page
J
26%
16%
S
99%
S
18
16%
M
J
M
M
74
16
1951
♦Cologre (City) Germany 5 %s 1950
42
J
J
1956JM S
16
♦Chilean Cons Munlc 7s
100%
71%
1983
16%
♦Chinese (Hukuang Ry) 5s
100%
M N
External
16%
1960 M S
J
D
4
Haiti (Republic) 8 f 6s ser A
Lower
6«
73
External sink fund 4%s
J
1961
1
105%
*44
External sink fund 5s
A
.1961 A
105
73
36
Feb 1961 F
1926
106
99%
36%
17%
6s.
55%
105%
100%
42%
17
16%
s
♦Sink fund secured 6s
Extl
98
103%
37%
759
German Prov & Communal Bks
External
34%
92
100
2
103
61%
100
99% 105%
99
101%
"
•
105
25
30
J
40
105
25%
2
21
16%
♦External slnkli g fund 6s
loi"
101
61%
29
"l6
16%
1963 M N
1957 J D
23
105%
20-year external 6s..
29
1962
70%
2
103
50
17
♦External sinking fund 6s
7
26%
*97%
32%
17
♦Ext) sinking fund 6s. .Sept
97%
26%
1943
1944
30
♦Guar sf 6s
57%
18
O
♦Chile Mtge Bank 6%s
58
27
1960 A
♦Ry ref extl s f 6s
55%
80%
J
♦Extl slnklrg fund 6s
55
83%
"26%
1938
1942
95
93
70
M N
♦Farm LoaD 6s ser A Apr 15
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s..
25
92% tOl
77%
*47%
Oct 15 1960
♦Farm Loan s f 6s
15
....
100%
1952 M N
5s
e f
4
26
101%
102%
79%
O
I960
"l
38%
38%
21%
95
104%
95
104%
101% 105%
22
65
♦Sink fund 7%s May coup offl968 M N
♦Guar
25%
101
of)—
Canada (Dora of) 30-yr4s
97
7
26
*103
1965 J
♦7s unstamped
♦Sec extl
J
97
..1965i
♦German Rep extl 7s stamped.
♦Mexico (US) extl 5s of 1899
81%
J
♦Sink fund 6%s of
105%
82%
J
(Kingdom
5
105%
80
♦Sink fu^d 7s July coup off..1967 J
3% external s f $ bonds
Bulgaria
37
11)3%
85%
"77%
1976
1976
re-adj 4%s-4%s
s
38%
103
*91
1977
.
4%s-4%s.
Refunding s f 4 % s-4 Ha
36%
102%
*102%
*100%
1961
Extl s f
46%
38%
101
1960
♦Buenos Aires (Prov) extl 6s
27%
37%
...1960
External
28%
19
139
25%
1962
coupon on
ser
19
27%
9
46%
•
Buenos Aires (City) 6Ha B-2..1955
f 6s
22%
"22
109%
118%
97% 102%
22%
A
s
109
41%
38%
S
M
External
31
38%
1952
20-year sf 6s
Budapest (City of)—
101%
116
32
110%
38
1957
1958
f 5s
Sinking fund gold 5s
105%
105
22
1926
1957
6%s of 1927..-1957
♦7s (Central Ry)
Brisbane (( lty)
22%
8
10
46
f 6 %s of
s
23
108%
100
"22"
O
♦External sinking fund 6s
♦External
105%
115%
Il5%
S
♦Br.-izil (U S of) external 8s
99%
International—
♦5%s of 1930 stamped
♦5%s unstamped
Irish Free State extl
♦Bavaria (Free Stale) 6%s
21%
98%
102%
102%
97%
J
External
16%
16%
»6%
102
1958
Antwerp (City) external 5s
1
21%
101
30 1945
1951
1942
Denmark 20-year extl 6s
.1952
External gold 5%s..
1955
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6s.
1932
§*Stamped extd to Sept 1 1935...
Dominican Rep Cust Ad 5%s..l942
1st ser 5 %s of 1926
..1910
2d series sink fund 5%?
1940
♦Dresden (City) external 7s... 1945
7%
15
24%
F
♦Sink fund 6s Feb coupon on. 1947
17%
97%
1949
1918
Estonia (Republic of) 7s
1967
Finland (Republic) ext 6s
1945
♦Frankfort (City of) s f 6%s. ..1953
French Republic 7 %s stamped. 1941
7%s unstamped
1941
External 7s stamped
194 »
7s unstamped
1949
30
23%
23%
17%
21%
92% 100%
88%
98%
3
98%
1919
♦El Salvador 8s ctfs of dep
Agricultural Mtge Hank (Colombia)
Akershus (Dept) Ext 5s
22%
17 103 5
& Municipals—
Govt.
21%
..
101 20105.20
30
17
1
98%
Sinking fund 8s ser B
102 20 106
104.12
1939-1949
1942-1944
1
173
108
21%
Czechoslovakia (Hep of) 8s
100 26 101
55
30
22%
♦Public wks 5%s_..June
104.18
100 23 103.6
100 30 102.24
*103.29 104.4
Mar
1 1942-1947
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952
234
105
105.10
15 1944-1964
15 1944-1949
Jan
3s
105.27
28
Jan 15 1953
Sinking fund 5%s
Federal Farm Mortgage Corp—
105.18
120
A
High
19
19
30
—
External loan 4%s_
100 31 106.27
101
(Republic of)
Rica
FJxternal 5s of 1914 ser A
105 12 110.15
103.19
F
1
Low
No.
28
♦7s Nov 1, 1936 coupon on_.1951
Cuba (Republic) 5s of 1904
1944
17
109 25
106.1
103.27
Costa
High
30
Copenhagen (City) 5s
107 19 109
107.22 107.22
108.21
Treasury 3%s__.Jur.e 15 1946-1949
Since
Jan
30
1947
..1952 J D
25-year gold 4%s
1953 M N
Cordoba (Prov) Argentina 7s..1942 J
J
1927
Range
is
.4 sktd
&
Low
1935 coup on..Oct 1961
♦Sir king fund 7s of
102 20 106.19
Rid
(.ConeI )
& Mun.
(Republic of)
or
Thursday's
Price
25
Jan 1961
♦Colombia Mtge Bank 6%s_. 1947
♦Sinking fund 7s of 1926
1916 M N
102 29108 7
Rany
Salt
Sale
♦6* July 1 1935 coup on
17,111.3
105
425
Dec.26.m6
Week's
Thurs.
EXCHANGE
Govt.
♦6s Apr 1
114 21
.
107.23
107.18
Sept 15 1951
Treasury 3s
Colombia
16
106
105.30 105.28
June
Treasury 3s
121
116 9
111
9
114.7
15 1946-1956
June 15 1943-1947
Mar
Treasury 3%s__
121.6
Foreign
High
109.18 109.18
121.6
STOCK
Week Ended Dee
Treasury 4^s
Oct
Treasury 3% s__ Oct
15 1947-1952
15 1943-1945
Dee 15 1944 1951
Y.
o
.4 skea
&
Low
Government
S.
N
gS
O
High
Rid
| Price
£-5)1
BONDS
or
Thursday's
EXCHANGE
Week Ended
Treasury
Yearly
and defaulted bonds
unless they are the only transactions of the week, and when selling outside of
account Is taken of such sales In computing the range for the year
Week's
Thurx.
*
1 WSJ
V
N
prices are now "and interest"—except for income
NOTICE—Cash and deferred delivery sales are
the regular weekly range are shown In a footnote In
U.
Teletype TWX
T. & T
New York Stock Exchange—Bond Record, Thursday, Weekly and
4118
Y
Exchange
*-*600
Telephone BOwllng-Green
N
Exchanges
Stock
Memben
1940 A O
1947'A O
1950 J
J
21
..7...
52%
j
40
16%
96
Volume
143
New York Bond Record
Thurs.
BONDS
N.
Y. STOCK
Last
Inter st Period
EXCHANGE
Week Eruled Dec. 25
Range
Sale
Foreign Govt.. &Munic. (Concl.)
Porto Alegre (City of)—
♦8s June coupon off
Bid
or
Range
Sol
Bonds1d
Asked
High
No.
25 4
Week's
254
1
23
23
BONDS
N.
Since
Y.
Jan. 1
Low
STOCK
feS
Bfe
EXCHANGE
Week Ended Dec. 25
Last
Range or
Sale
Price
23
J
M
f 68
*93
S
A
Queensland (State) extt 8 f 78..1941 A
25-year external 6s
1947 F
O
•»
♦Rblne-MalD-Danube 7a A
204
M
46
18
113
6
109
1134
113%
4
109
S
114
28%
1952 M
1944 J
General unified 4 4a A
28 4
*25%
-------
Atl Coast Line 1st cons 4a July
23
904 101 4
18
294
15
1034 1104
105% 1144
..1964 J
LAN coll gold 4a
1
J
114%
1144
104%
1044
105
97%
964
98
M N
104%
974
104%
J
61%
59 4
..Oct 1952 MN
10-yr coll tr 5b
Atl A Dan 1st g 4s
May 1 1945
1948 J
2d 4s
244
38
1948
1959
83
15
26
Atlantic Refining deb 5s
1937
♦6%a Aug coupon off
1953 F
Rio Grande do Sul (State of)—
♦88 April coupon off
1946 A
♦6s June coupon off
1968 J
A
214
214
23
132
14
23
Auburn Auto
Austin A N W 1st gu g 5a
16'
Baldwin Loco Works 1st 5a
Bait A Ohio 1st g 4s
53
544
Atl Gulf A W 1 SS coll tr 5a
11
O
6
27
27
28
D
20%
204
21%
43
14
1966 M N
23%
224
29
144
23
22
23 4
23
304
21%
234
19
15
24
J
D
1952 A
O
674
1964 M N
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
1959 F
♦Saarbruecken (City! 6s_.
1953 J
A
1124
*25
54 4
110
30
•Extl 64» May coupon off.. 1957 M N
1995 J
1995
O
D
1084
108%
90
88%
115
O
1154
D
July 1948 A
1004
994
108%
34
91%
129
36
1154
130
1004
PLE&WV'a ays ref 4s...,1941 M N
103 4
103%
104
Z9
106%
104%
106%
49
994
36
884
90%
88
17 4
224
12
144
Ref A gen 5a aeries D
Conv 448
24 4
224
37
22 4
ser
994
894
2000
...1960
76 4
75
78 4
36o
1996
894
88
904
34
F
Bangor A Aroostook 1st 5a
364
J
1154
4
110%
110%
1
114
114%
1154
1943
♦External 8s July coupon off. 1950 J
J
♦External 7s Sept coupon off 1956 M S
♦External 6s July coupon off. 1968 J
J
30
29
31
71
24%
244
25
23
154
264
24
23
24
38
14
24
4a stamped
1951
Battle Creek A Stur 1st gu 3s-.1989 J
D
77
Secured
934
92
934
29
814
93 4
Beech Creek ext 1st g 34s
1951 A
O
*104
254
35
1948
J
f 7s
s
1940 A
1945 J
♦Saxon State Mtge Inst 7s
O
D
-
—-
♦Sinking fund g 0 4a._
D
1946 J
Serbs Croats & Slovenes
(Kingdom)
♦8s Nov 1 1935
coupon on
1962 M N
*7s Nov 1 1935
coupon on..
1962 M N
28
Con
32
Sydney (City)
s
4
24
32 4
Bell
1960
11
23
294
24
244
484
10
22 4
29
47%
*30
17
36
33
514
External
a
Trondhlem
-
A
f 5 4a guar
City) 1st 54s
"104%
J
1952 M
S
1961
F
8
694
29
_
♦External
s
f 6s
I960 M N
8
68%
70
12
684
♦External
a
f 6s
1964 M N
68%
Venetian Prov Mtge Bank 7a.. 1952
Vienna
(City of)—
6s Nov coupon on
(City! external 7s
Yokohama (City) ext' 6s
67%
F
J
1st M
39 4
374
37 4
53 4
39
704
704
D
74
23%
23
24
18
O
23
23
5
J
105%
1044
105%
169
99%
332
S
"83%
82%
"844
183
1955 M N
85%
o
1966
1967
5a series IT
M
88
9
864
97
47
24
33 4
714
Bklyn Qu Co A Sub
73%
75%
18
72 4
con
gtd 5s. 1941
984
99%
*112
D
.1944
_
89
10
23
i{♦Botany Cons M111h6 4s.... 1934
1st
"24% "16
23
45
4
75%
....
23%
A
♦Certificates of deposit
Brooklyn City RR 1st 5a.
1941
Bklyn Edison eona mtge 3 4a.. 1966
Bklyn Manhat Transit 4 4a._ 1966
90
14
O
1st g 44s series J J
1961 A
{♦Boston ANY Air Line 1st 4a 1955 F
71
16
24
88
"46
A
1961
694
*81
JA O
195N
69
824
994 1024
123
67%
1952 M N
Warsaw
70
25
102
-
-
„
_
71
1014
76 4
1204
131
1955
Cone mtge 34s ser E
Big Sandy 1 st 4a
Boston A Maine lat 5e A C
83
68 4
~70~"
70%
A
68
714
-
102
1957 M N
♦Uruguay (Republic) extl Rs..l946
104%
68
*
-
954
1004 1064
80
68
A
284
254
29
124
O
J
354
344
J
N
N
80
35
100
10
105%
83
103 4
104
M
1950
F
104
63
SI
2
SO
1945
m
94
J
A
26
34
1044
105%
M
1941 J
stamped
Bklyn Un'on El 1st g 5a
Bklyn Un Gas 1st eons g 5a
35%
36
100
35
M \i
*
5s
58
79
834
774
85%
O
A
"I"l4%
Ha"
121%
8
121%
1214
1st Hen A ref Os series A
1947 M N
131%
131%
1950 J
D
1054
1054
109
109
5
106
6
5s
lat Hen A ref 5s series B
•» IA Pit* hi Pow
J
Paper Is; 5a.
Adams
Express coll t.r g 4s....
Cod trust 4s of 19i>7
10-vear deb 4 %a..
Adriatic Elec Co extl 7s.
Ala Gt Sou
1st COPS A
1st cons 4s series
.......
97
97
70
*114
D
A
*1034
O
— -
—
—
1946
O
F
I»
A
O
A*
O
1912 M
S
97
63%
65%
------
Allied Stores Corp deb 4 4s
1950 A O
A Ills Chalmers M fg conv deb 4s 1945 MN
92%
66 4
*102%
*1124
Am A
Foreign Pow deb 5s
American
Amer
Am
1
Ice
a
f neb 6*
G ("hem
5 4s
conv
233
1004
212%
93%
4
814
209
"804
S
1953 J
934
286
6
D
784
J
1054
1054
1940 J
1943 M N
ctfs
1942 A
O
5s A
1962 A
O
con« gu
Canadian Nat guar 4 43
1184 219
984
90 4
Guaranteed
gold
gold
5s__
834
Guaranteed
28
66
874
1174
35
1014 1064
66 4
1104
1104
1124
81
1124
113%
32
♦Am Type Founders conv deb. 1950 J
J
170
162 4
170
35
1094 1194
107 4 180
Canadian Pac Ry
Coll trust 4 4a
5s
Amer Water Works & Electric—
S f Income deb
.
{♦Ann Arbor 1st
A
"166"
Armour A Co (III)
1st M a f 4a
ser
1st 448..-.1939
B (Del)
J
1955 F
-
-
-
-
J
J
4
67
2
96
1044
1034
1034
A
984
984
Armstrong Cork deb 4a
1950 J
J
1995 A
O
Adjustment gold 4a
1995
Stamped 4s
Conv gold 4s of 1909
1995 M N
Conv 4a of 1905
1955 J
1154
1)
Nov
1965 J
D
*1104
1114
------
1084
*.
_
1084
-
-
-
-
-
-
-
-
-
3
rllO
Conv g 4a Issue of 1910
1960
J
D
Corv deb 4 4s
1948 J
D
Rocky Mtn Dlv 1st 4a
1965 J
J
Trans-Con Sbort L 1st 4s
1958 J
J
113
113
1
Cal-Arlz lBt A ref 44a A
1962 M
S
113
113
1
-
-----
110%
*108
111
1104
195
1114
*106%
-
-----
-
-
1154
35
1184
15
120%
1204
120%
18
1184
117%
116""
1164
115%
115%
1274
121
1184
1164
116
128
994
243
1014
102%
15
J
115%
1154
1154
D
J
J
1938 J
D
1054
1094
2^
1054
*70%
106
2y
g
5s..Nov 1945 F
Io54
A
90%
2
35%
1
82
30
20
204
314
17
20
1074
1034 1064
1094
102 4
75
954
108% 116
84 4 105
100% 1054
99 4
108
88
100
74%
95
61%
844
954
74
113% 1164
1034 1104
109% 118
77 4
68%
98% 1004
119
122
125
1314
234
22%
324
30
20 4
29
23
33
1024
106%
984 99%
109% 111%
934
714
73
94
68
89%
194
17%
43%
174
31%
434
88
1014
102
105%
1004 104%
69
85
954
109
1154
122%
119%
124 4
131%
104
106%
108
110
160
160
106%
106%
1
1044
"30
110 4
1941 M S
Gen mortgage 5a
114
1941 M S
Cent Hud G A E 1st A ref 3 4»-1965 M
Cent III Elec A Gas lat 5a
1951 F
4s
Member*
—
Now York
1044
A
—
A.
T.
&
T.
103%
9%
111%
Teletype
CMcoqo. Indianapolis and St. Louis
1-911
424
108%
1164
U9%
115
122
1154 1214
112%
120
110%
1174
1104 117%
1224 129
87%
1014
994
106
113% 1164
1054
109%
100%
106
49%
1054
108%
70
1!»
102% 1084
73
944
27
42
52
81
23
36%
114
20)
12
205
29
126
20
133
95 4
28%
180%
107)
1054 1085
99 4 105)
564
J
86
85
87%
46
85
J
744
744
774
68
744
NEW YORK
NY
105 4
120
113%
64
J
Curb Exchange
....
2 7900
3
*108
S
BROKERS
—
107 4
J
1961
67
1034
1987 J
gu
4a
774
102%
1987 J
{♦Cert New Engl 1st
1104 1134
50
92 4
24
3
Central Foundry mtge 6a
48%
90
23
10
1074
30
15
26
114
304
17
20
22 4
108
19
80 4
21
224
..1946
*
95
24
♦Mobile Dlv
109
65%
26%
110
1054
111
1024 104%
204
184
lat g 6a
106%
103%
174
184
102 4
Wire* to
61
223
105
*22 4
Vilas & Hickey
<(SSi
87
113
*24%
1959
Railroad, Public Utility and Industrial Bonds
Priwate
~23
184
105
HAnever
13
90%
35%
*78%
110
106 4
BOND
Telephone
1
♦Chatt Dlv pur money g 4a_. 1951
♦Mac A Nor Dlv l8t g5a
1946
♦Mid Ga A Atl Dlv pur m 5a. 1947
1134
Exchange
10
109
For footnotes see page 4123.
Stock
6
984
102%
1949 J
♦Ref A gen 5a series C
1134
104 4
49 WALL STREET
9
"96"
1960 J
General
York
8
S
1954 J
Dec 1
4a
guar g
Central N J gen g 5a
Ni«
3
14
J
♦Consol gold 5a
1945 M N
♦Ref A gen 5 4a aerie? B....1959
1044 1074
1104 1174
104 4
13
111%
109%
115%
118%
126%
{♦Central of Ga lat
1054
-
1114
7
105
1004
116%
115%
,
104%
94 4
li
18
38
119%
Carriers A Gen Corp deb 5sww J 950 M N
Cart A Ad latgu g 4s
D
1981 J
♦Cert Branch U P lat g 4a
1948 J D
103 4
97
42
424
844
1044
71
107
107
107
754
60
9
102% |
1054 --104 4
y
1944 J
Caro Clinch A O 1st 5a
79
182
.
99
3
28
109%
274
70
6
22 4
1946 M
1st A cons g 6s aer A. Dec 15 3952 J
1074
73 4
32%
119%
25
24
89
109%
99 4
364
104%
38
119%
J
4% deb stk perpet
574
*1034
A
S
73
101
A
D
1956 F
4
D
48
104 4
754
60
J
1955 J
eaulp trust ctfs
{♦Car Cent 1st
22 4
88
113
914
1054
1064
35
D
Atch Top A 8 Fe—Gen g 4a
70
1084
109
88%
106"" "15
32 4
104 4
364
-
J
O
M
trust gold 5a.
Collateral truPt4 4s
1114
79
5
73
1054
J
S
g
32 4
734
J
1995 Q
Ark & Mem Bridge A Term 53.1964 M
97
38
73
71%
O
32
1104
71
714
__
1967 J
4a
109% 109%
J
24
N
1951
1946
Col!
1975 M N
..1970 F
gold 434a
June 15
Guaranteed gold 44s
Guaranteed gold 4 4s. Sept
Canadian Northern deb 6 49..
1104 115
1124
Anaconda Cop Mir a f deb 4 4a 19u0
♦Anglo-Chilean Nitrate—
Oct 1969 A
Guar
108
J
Deb g 6s series A
58
103
103
1937 M N
1957 J
July 1969 J
6s
( onvertlble debenture 4 49.. 1939 J
{♦Am Writing Paper 1st g 0S..1947 J
♦Certificates of deposit
109
90%
I
♦Camaguey «ugar 7s
Am
Telep A Teleg—
20-year slnkli.g fund 5 4?
J
O
Canada Sou
734
1054
108
Internal f'orp conv 5,4a... 1949 J
1
10
1034
22
1124
1014
98
129
87
1084
O
1945 M
109%
86
------
1949 M N
A
1034
99
*
1952 AO
By-Prod Coke 1st 54s A
Cai G A E Corp unlf A ref 5s
Cal Paek conv deb 5s
36 4
90
1084
45
1957 M N
...
1024
994
484
-----
1004
S
2060 M
106
106
1981 F A
1937 M S
4 4s
Guaranteed gold 5s
M
109
J
♦Consol 5s....
1955 J
♦Bush Term Bldgs 5c eu tax ex.1960 A
1044
78
103%
A
1938 J
5l*Burl C R A Nor 1st A coll 5s 193-1
80
87 4
128
97
1950 F
♦Certificates of deposit.
{♦Bush Terminal 1st 4a
82
101
80
100%
95%
*85
stamped
Ailegh & West 1st gu 4s...
Allegb Vai gen guar g 4s
53
55
f deb 3% a.
...
Consol
1034 109
994
100%
80
....
s
Brurs A West 1st gu g 4s
Buffalo Gen Elec 4 4s ser B
Buff Roch A Pitts gen g 5s
114
3
77
784
*104 4
A
J
1944
...
53
109
*67
A
10
764
77
—
83
404
1014 102 4
-----
*109
—
1948
Brown Shoe
1044
N
61
1044
5
A
♦< 'oil A conv 5s
♦rts
8!
O
J
5s
104 4
1044
O
H
Susq 1st guar 3 4a
Alleghany Corp coll tr 5s
105
80%
77%
1044
1044
---
-
F
J
warr asspr rc<
conv
L
1952 A
5«
Alh A
Coll A
80
S
D
J
♦Albany Perfor Wrap Pap 6s..1948
♦6s with
D
M
1957 M
sri
334
1024 1064
75
114%
9
Debenture gold
COMPANIES
984
954 1074
65
40%
*104
D
♦Berlin Elec El A Undergr 6 4s 1956
Beth Steel cons M 44s 9er D..1960
904
104
69 4
----
O
A
92
*894
1204
1959
♦Deb sinking fund 64s
♦Debenture 6a
75
33
....
Telep of Pa 5a series B
1st A ref 5a series C
5
130%
J
24
Belvldere Delaware cons 3 4s.-1943
♦Berlin City Elec Co deb 64?—1951
2
77
1204
O
25%
A
1971 J
114%
24
A
1955 F
f 54s
Taiwan Elec Pow s f 5%a
Tokyo City 5s loan of 19"2
1951
25
D
F
1946
4a
24
Styrla (Province of)—
♦7s Feb coupon off
ref
25%
...
Silesia (Prov of) extl 7s.
1958 J
♦SUeslan Landowners Assn 6s__1947 F
*23
-
164
954 1064
76
994
814
103
*1054
July 1948 A
1204
1004 1064
Southwest Dlv 1st 3 4-5a..-1950 J
Tol A CIn Dlv 1st ref 4a A... 1959
15
36%
1
30
24%
35%
36%
*106%
.1940
Ref A gen M 5a
J
4
864
1941
864
*106%
"864
Refund A gen 5a aeries A
San
1936 J
22
84
284
22%
24%
13
544
83
25
....
21
1952 M N
38
43
102%
1st gold 5a
Ref A gen 6s aeries C
814
1224
61%
22 4
15
25
244
J
34
584
674
*108
68
98
106%
1940 IVI N
5s assented
62
140
1024
deb 44a...1939
conv
17
114 %
S
D
26
Paulo (State of)—
{♦8a July coupon off
High
118
*110
24
8ao Paulo (City of Brazil)—
♦8s May coupon off
Low
*119
J
26
1967
No.
D
1944
O
♦7s May coupon off...,
High
Since
Jan. 1
1946
,.1946 A
♦7s June coupon off.
Rome (City) extl 64a
Rotterdam (City) extl 6a
Asked
Atl A Charl A L 1st 4 43 A
1st 30-year 5s aeries B
254
15
16
21%
21%
204
1114
1134
A
16
994
214
....
O
Rio de Janeiro (City of)—
♦8s April coupon off
A
Low
High
Range
kS
Thursday's
Bid
Atl Knox A Nor 1st g 5a
D
M N
a
&
Low
1961 J
J
♦External
4119
Page 2
-
Thurs,
Thursday's
Price
Continued
-
Week's
434
774
1034
934
Week's
Thurs.
BONDS
N. Y. STOCK
cBennett
1980
Colo & South 4Ms ser A
Apr
15
1961 J
1948
A
1955 F
A
1965 M
N
Commercial Invest Tr deb 3 Ms 1951 J
Connections
eDIgby 4-5200
Ttiurs.
<0
N. Y. STOCK
fc-S
EXCHANGE
K
Week Ended Dec. 25
£
Sale
Thursday's
Bid
«fe
Low
1949 F
A
Through Short L 1st gu 4s__1954 A
O
Cent Pac 1st ref gu g 4s
Guaranteed g 5s
1960 F A
Cent RR & Bkg of Ga coll 5s..1937 IV1 N
Central Steel 1st g s f 8s
1941 M N
Certaln-teed Prod 5%s A
1948 M S
Champion Pap & Fibre deb 4%sl950 M S
Chesap Corp conv 5s.
1947 IVI N
10-year conv coll 5s
1944 J D
Ches & Ohio 1st
1939
5s
con g
M N
General gold 4%s
_—1992 M S
Ref & impt mtge 3%s ser D..1996 IVI N
1996 F
Ref & impt M 3%s ser E
A
May 1940 J
111 34
111%
*108%
1989 J
1941 M
Chic & Alton RR ref g 3s
1949 A
Chic Burl & Q—111 Div 3 %s„.1949 J
104
95
126
2
91
27
107
8
148M
140 M
127
148M
44
130
36
130
10934
9
109
127M
101M
101M
5
102 M
100
118M 12834
9954 102 M
10234
131
*110M
*1UM
*11854
*115M
HIM
10954
109
113
113
115%
114M
113M
118%
*98M
36
32M
33
30 M
124M
*102?4
43 34
47M
11254
10854 11134
110
11134
11234 119
10834 11534
110
111M
111M
57 M
109
IVI N
128
55
J
1982
61
8
113
38
114
36~
33M
124M
126
5
J
41
41
41
33 M
35
4
1966 IVI N
Chic L S & East 1st 4%s
1969 J
4734
19M
2134
43
2134
49
*105M
*11034
11134
21M
J
60 M
64
♦Geng 3%s ser B__May 1 1989
♦Gen4%s series C__May 1 1989
♦Gen 4%s series E__May 1 1989
♦Gen 4%s series F
May 1 1989
{♦Chic Milw St P & Pac 5s A.. 1975
60 %
64 M
5834
J
54 M
63 M
64
93
4734
65%
42
67
67
67 M
9
47 M
49 M
2554
8M
30 M
41
42
45
3334
44 M
45 M
46
3534
gen g
A
30 M
O
Jan 1 2000
3 34s. .1987 M N
9M
1987 M N
5s
"45 %
♦General 4s
♦Stpd 4s non-p Fed inc tax 1987 M N
♦Gen 4%s stpd Fed inc tax..1987 M N
♦Gen 5s stpd Fed inc tax
1987 M N
43
|
43
*43 M
"ji7M
1987 M N
♦4%s stamped
{♦Secured g 6%s
4634
1555
2120
43
5
48
48M
4034
~205
*37
"bih
50
D
30 M
27
31
D
29
26
29
♦1st & ref 4%s ser C.May 1 2037 J
D
♦Conv 4%s series A
1949 M N
29
26
29
15
14
15M
82
82
37M
3934
36 M
3734
19
1734
0
30
16%
16
1734
1952 M. S
18M
18M
20
mtn
"9%
"17M
♦Certificates of deposit
3J4s
Memphis Div 1st
Inc
gu
4034
1034
1734
10M
all3M C113M
95
9454
*9534
97 M
106
106
10754
11234
110M
10834
10734
H2M
11134
10834
10834
105
10434
105
1st mtge 4s series D
1963 J
112M
1st mtge 3Ms series E_
3 Ms guaranteed
1963 J
110M
M
,
1943 A
92M
n
1952 IVI N
104M
1943 J
Ref & impt 6s ser C
Ref & impt 5s ser D
Ref & impt 4 Ms ser E
Cairo Div 1st gold 4s
108M
10354
107
10
106% 109%
99% 108%
74
22
42
104M
6
104M
*11934
*10534
103
101M
96M
95%
10554
10654
101M
104M
103
100
108 M
1963
1977
1939
1940 M S
1940 J
108%
108% 113
100
109
104
105
*103
J
12
90% 107
111%
97 M
39
176
89
78%
105
96
104
105%
100%
107 M
101%
*111
112
108%
Cleve & Pgh gen gu 4Ms ser B.1942 A
*113
1942 A
O
1942 J
J
111%
104%
105%
105%
107%
112%
112%
*113
1977
111% 113
110% 110%
110M
1st s f 4mb series C
Coal River Ry 1st gu 4s
1977
10534
1945
113
112
1973
105% 106
*11534
1972
105M
*110
Cleve Union Term gu 5 Ms
1st s f 5s series B guar
i
106%
*11034
*109M
105M
F
Gen & ref mtge 4Ms ser B...1981
Cleve Short Line 1st gu 4 Ms.-.1961
Colo Fuel & Ir Co gen s f 5s... 1943
♦5 income mtge
.1970
99
*10454
1948 MN
Gen 4M8 ser A
103%
93% 102%
*10734
O
119
103% 105%
103
Cleve-Cliffs Iron 1st mtge 4Ms. 1950 M N
Cleve Elec Ilium 1st M 3MS--.1965 J
J
...1950 A
Crown Cork & Seal
100%
103%
s
see
page
4123.
F
A
63%
42
20
42%
102
90
"55
loik
101
101%
106
106
105%
1950 M N
f 4s
106%
105%
"58""
"63" "49
14
113
105% 114%
105% 113
11034
11234
10534
104J4
*106
90
95
105%
110% 112
98% 108
107
91M
113
100% 112%
*112
90
J
J
J
J
99% 103
103% 107
103% 100%
D
♦Certificates of deposit
1936
B
j
♦Certificates of deposit
Cumb T & T 1st & gen 5s
1937 J
Dayton Pow & Lt 1st & ref 3 Ms 1960 A
101% 103%
66%
53%
49%
76%
1
69%
74
73
4
40%
73
71%
99%
—I
5|
71% 71%
99% 104%
107%
42;
104% 108%
90%
101%
182;
90 m
87%
101
105%
102%
J
1969 J
J
s1
98
102%
104% 107%
102%
4
100% 105
106%
106%
106%
1
30%
32%
145
33%
26
45
32
J
J
A
"l7m
16%
17%
17%
15%
17%
28 %
27m
29%
*43
116
ink
109M
115%
109%
110%
108%
106% 108%
105% 108%
29%
29%
38
13%
20%
114
13
20%
177
23
32%
6%
J
110
105
107%
32
IVI N
91
78%
105%
*103%
*107
1951 IVI N
J
66
99%
J
1936 J
6
*65
107%
1951
73
71%
106%
J
O
1969 J
...
49%
73
"73"
D
1971 J
f 5s
7
70
73
1943 IVI N
4%s..
61
58
1937 IVI N
s
1
71m
{♦1st ref 7 Ms series A
ser
61
D
1952
.1936
Cuba RR 1st 5s g
{♦1st lien & ref 6s
J
S
1942
Cuba Nor Ry 1st 5Ms
38%
9%
3%
66
109%
71
113
06%
116
.117
108
110%
111%
108%
112%
109%
108% 109%
45%
50%
*50
1995 J
60
45
*35
D
70
*50
1995
45
35
35
15%
40
*35
1995
*117%
118%
103%
112% 117%
103%
4
68
73%
76
109
109%
45%
7
35
44%
187
68 %
*45%
41
39%
44M
O
*106%
1956 M N
115%
*107%
*138%
115%
107%
*114
50
115"
103% 107
62%
107
12%
10%
80%
109%
47%
49
104% 108
1939 J
J
1995 J
J
103% 115%
106% 108
128% 138%
110
114%
103%
104
10
103% 104%
158
173
66
137% 173
101% 111%
*110%
*108%
(
100% 110
*107
*107
90% i
105% 107}
105%
106%
28
88%
105%
90%
91%
86
105%
3
92%
91%
14
74%
95%
90
33
75
95%
90
\ 105%
a
1996
105% 107}
108
90
1
74
84%
84%
87%
260
70
92
87
200
69%
91%
99% 107%
94
77%
A
O
91
1953
O
90%
1953
O
1967 IVI N
85%
1975 A
O
85%
1955 J
J
J
1957 J
1947 IVI N
*114
111
113%
1938 IVI
S
*103
103
104%
1954 F
A
61
1956 J
D
Ernesto Breda 7s
Fairbanks Morse deb 4s—
Federal Light & Tr 1st 5s
,,.
5s
19
81
94%
1942 IVI
International series
118
105
100%
94
116% 119
*118%
118"
116% 119%.
S
104
102%
102%
S
S
102%
S
103
1954
D
*101%
1946
J
*79%
J
♦Certificates of deposit..
2-4s
76
2
60%
81)
16%
18%
236
7%
16
17%
93
7
18}
17}
10%
8
11
4%
3%
4
M N
1982
4%
3%
.
1938 A
Gas & El of Berg Co cons
g 5s. .1949
Gen Amer Investors deb 5s A. .1952
Gen Cable 1st s f 5
Ms A
1947
♦Gen Elec
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6Ms
1940
107%
O
J
0%
0%
105
106
107%
107
110%
128
35% 138
118%
120
79
96%
97
75%
140}
97}
*122%
A
J
102
102
105%
105%
5
101% 104)
100}
42}
41 j
30%
43}
104
104}
103% 104}
21
101
J
J
41
41
41
1
29
J
D
41
41
41
4
41
J
Goodyear Tire & Rub 1st 5s... 1957 IVI N
Gotham Silk Hosiery deb 5s w wl946 IVI s
Gouv & Oswegatchle 1st 6s
1942 J D
Gr R & I ext 1st gu g
J
10
104
104%
79
104
103%
104
56
30
102
*102%
"96"
"42
104
96
42%
41
'«%
"97%
*40
41%
32%
"13
20
30
36
105%
100%
104%
61
104
106
66
100
100%
41
103%
106
*
A
J
41
i04"
J
1956 J
1941
*117
96%
D
F
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
Gen Pub Serv deb 5
Ms
1939 J
Gen Steel Cast 5 Ms with warr. 1949 J
{♦Ga & Ala Ry 1st cons 5s
1945
{{♦Ga Caro & Nor 1st ext 6s
1934
♦Good Hope Steel & Ir sec 78—1945
Goodrich (B F) conv deb 6s.—1945
3%
*107
{♦Francisco Sug 1st s f 7Ms.-.1942 IVI n
♦Certificates of deposit
4%s
87%
81%
17%
Fort St U D Co 1st
g 4 Ms
1941 J
Framerican Ind Dev 20-yr 7 Ms 1942 J
1st mtge
104
62%
81%
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Glav Hous & Hend 1st 5
Ms A.
60%
10
76
1952
claim filed by owner.
cons
96
82
17
S
101%
97% 103%
101% 104%
102%
75
D
1974 M
Fonda Johns & Glov 4
Ms
99
103
101%
{♦Fla Cent & Penin 5s
1943
{♦Florida East Coast 1st 4 Ms. .1959
74
101% 105%
98
103%
102%
1942 IVI
♦1st & ref 5s series A
42%
104%
102%
1942 Ml
s f 5s
stamped
1st lien 6s stamped
30-year deb 6s series B
Flat deb s f g 7s
(Amended) 1st
61
1942 IVI
1st lies
4Ms
For footnotes
D
Crown Willamette Paper 6s
1951 J
Crown Zellerbach deb 5s w W..1940 IVI
{{♦Proof of
Spr & Col Div 1st
Series C 3 Ms guar
Series D 3Ms guar
47
103% 104%
100
108M
*10534
*10534
101M
*102M
*105M
Series B 3 Ms guar
Series A 4 Ms guar
111%
102% 105%
73
95%
35
"44
22
1990 M N
W W Val Div 1st g 4s
108% 112%
108%
Bt L Div 1st coll tr g 4s
4s
9
32
101
104M
..1941
20
102
l02~
D
J
30%
20%
"33% "26
105% 108%
108 M
Cin Wabash & M Div 1st 4s.1991
g
9334
6
*10854
J
Cieve Cin Chi & St L gen 4s...l993
General 5s ser B
1993
102
107%
M N
J
34
Genessee River 1st s f 6s
N Y & Erie RR ext 1st 4s
3d mtge 4Ms
2
38
n
1st mtge guar 3 Ms series D_. 1971 IVI N
Clearfield & Mah 1st gu 4s
105
101%
*100%
1943
Copenhagen Telep 5s.Feb 15 1954
Crane Co s f deb 3 Ms
-—1951
34
19%
Ref & impt 5s of 1927
Ref & Impt 5s of 1930
Erie & Jersey 1st s f 6s
1
12
Cincinnati Gas & Elec 3%s
1966 F A
Cin H & D 2d gold 4 Ms
J
1937 J
Cin Leb & Nor 1st con gu 4s._. 1942 M N
Cin Un Term 1st gu 5s ser C_. 1957 IVI N
103
20
13
Series B
Gen conv 4s series D
'""9
5s.
11
78
34
Penn coll trust gold 4s
1951
Conv 4s series A
.......1953
135
8834
cons
104%
1946
1st consol gen lien g 4s
62
9M
1944 J
{♦Choc Okla & Gulf
104
Container Corp 1st 0s
15-year deb 5s with warr
1965
Erie & Pitts g gu
3Ms ser B... 1940
Series C3Ms
1940
Erie RR 1st cons g 4s
prior
1996
94
97 M
1962 M
108
103% 108%
1965 A
9754
4s... 1952 J
104
106%
73
El Paso & S W 1st 5s...
5s stamped
87 M
con
16
108
East T Va & Ga Div 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
42
9
s
1st & ref M 4%s ser D
107
107%
34
32
1951
1946
D
Childs Co deb 5s
2
106%
99% 106
3834
Chicago Union Station—
Chic & West Indiana
109
107%
D
Consumers Power 3Ms.May 1 1965
1st mtge 3 Ms
May 1 1965 IVI N
1st mtge 3Ms
1970 IVI N
El Paso Nat Gas 4
Ms ser A
Conv deb 4Ms
1960 J
1951
108
33%
66%
110%
105% 109%
30
*32
Elgin Joilet & East 1st g 5s.—1941 IVI K
D
Guaranteed 4s
62%
10
D
Dec 1 1960 IVI
30
63 m
109
10
1951 J
5s
~33%
J
84
D
Chic T H & So East 1st 5s
O
213
601
1951 J
4s
g
30
22%
1956
f 5s
17
June 15 1951 J
Gold
11
1955
s
61
16M
i960
62
183
1960
♦Debenture 4s
♦Consolidation Coal
East Ry Minn Nor Div 1st 4s.. 1948 A
199
♦Certificates of deposit
{♦Secured 4%s series A
♦Conv g 4%s__
22%
107%
105%
34
J
Duquesne Light 1st M 3%s._. .1965 J
{♦East Cuba Sug 15-yr s f 7 Ms. .1937 M S
♦Certificates of deposit
329
1934
Ch St L & New Orleans 5s
22%
106%
104%
J
Detroit Term & Tunnel 4Ms.. 1961 M N
Dul & Iron Range
,1937 A O
lstj5s
Dul Sou Shore & Atl g 5s
J
,1937 J
36
17M
"51M "72
♦Certificates of deposit
{♦Refunding gold 4s
Ol
103% 1073
J
♦2d 4s assented
211
38 M
A
104% 107 J
34
D
♦1st 4s assented
8 {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd.
{♦Chic R I & P Ry gen 4s..___1988
45
106%
1955
♦Second gold 4s
37
IVI N
1936
5s
May 1 2037 J
♦1st & ref 4%s stpd.May 1 2037 J
♦1st ref g
106%
106m
deb 4s_.1954
non-conv
♦Debenture 4s
Gen & ref mtge
3Ms ser G.. 1966 M S
D
♦Detroit & Mac 1st lien g 4a.
1995 J
43
65M
J
54 M
65M
6554
10
J
adj
105% 110%
105% 108
22 %
{♦Des Plains Val 1st gu 4%s_. 1947 IVI s
Detroit Edison Co 4 Ms ser D_. 1961 F A
Gen & ref 5s ser E
1952 A O
Gen & ref M 4s ser F
1965 A O
J
♦Conv
104% 105
105m
33%
{♦Des M & Ft Dodge 4s ctfs... 1935
♦Chic M & St P gen 4s ser A. .1989
{♦Chic & No West
104%
107%
♦Assented (subj to plan)..
♦Ref & impt 5s ser B___Apr 1978 AO
806
2054
D
J
113%
107% 109%
103% 105%
105%
1936 J
{♦Consol gold 4 Ms
{♦Den & R G West gen 5s.Aug 1955 F
2
J
J
110%
108%
104%
106%
Stamped as to Penna tax
{♦Den & R G 1st cons g 4s.
2
1966 J
1956 J
*113%
107%
103m
104%
*109%
107%
*106%
99% 105%
98% 106%
112%
110
J
1st mortgage 4Ms
Den Gas & EI 1st & ref
514
40
♦1st & gen 6s series B.May
Chic Ind & Sou 50-year 4s
87
D
Gold 5Ms
57
40
♦1st & gen 5s series A
15
104%
D
Del Power & Light 1st
lst & ref 4Ms
17
118M
40
1947 J
1947 J
105
104
Hioh
81%
105%
1951
Del & Hudson 1st <fc ref 4s
25
115M
J
1937 J
{♦Chicago Great West 1st 4s__1959 M S
J
{♦Chic Ind & Louisv ref 6s
1947 J
♦Refunding g 5s ser B
♦Refunding 4s ser C
59%
99
Low
9934 10234
10234
J
♦Certificates of deposit
100
109
10234
s
Ch G L & Coke 1st gu g 5s
8954
10234 10734
11534 176
110M 15534
127M
1958 IVI
Chicago & Erie 1st gold 5s
12134 127
109
1949 J
A
10934
67
General 4s
F
102
89
57
1971
High
10334 11234
2
89%
S
1977
Low
"45
107
O
{ {♦Chicago & East 111 1st 6s. .1934 AO
{♦C & E 111 Ry (new Co) gen 5s.1951 IVI N
44
95
90%
J
A
No.
12
44
1951
Consol Gas (N Y) deb 4 Ms
Consol Oil conv deb 3 Ms
{♦Consol Ry
104
No.
75%
104%
106%
334S-1946
♦Debenture 4s
High
11234
10934
107
J
F
Since
Jan. 1
103
Illinois Division 4s
1st & ref 4^s serB.
1st & ref 5s ser A
ii
125M
J
2d consol gold 4s
Warm Spring V 1st g 5s
Asked
Range
101 %
95
"102%
J
Potts Creek Branch 1st 4s___1946 J
R & A Div 1st con g 4s
1989 J
Craig Valley 1st 5s
Consol Edison (N Y) deb
1961
3 Ms debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956
Range or
Price
1951
Stamped guar 4Ms--s f 3Ms A
Conn River Pow
Week's
Last
108""
J
Conn Ry & L 1st & ref 4MS---1951
Randolph 7711
Jan. 1
*112%
1943
Conn & Passum Rlv 1st 4s
La Salle St.
SN.. Y. 1-761 -4« 'Bell System Teletype ->~ Cso. 543
BONDS
104%
O
Col&Tol 1st ext 4s
Since
ii
BQtO
104m
J
Col A H V 1st ext g 4s
Chicago, III.
104
15 1952 A O
Jan
Columbus Ry Pow & Lt 4s
135 So.
75
May 1952 IVI N
Columbia G & E deb 5s
%AILROAD 'BONDS
"Private Wire
A
Asked
High
Bid
IVI N
Debenture 5s
°riev York, °N.. Y.
Thursday's
Low
( "Kew York Stock exchange
{ ^ew Tmrk Curb €xchange
Debenture 5s
One Wall Street
Range or
Sale
Price
Johnson
cMembers
Range
Last
?!
Week Ended Dec. 25
.sor
&
r
si*
EXCHANGE
1936
26,
Dec.
New York Bond Record—Continued—Page 3
4120
'105%
101
104%
105%
105%
100
104%
105%
105%
70
12
98
*103%
100
*111
108
98}
40}
41%
108
104%
111%
Volume
New York Bond Record—Continued—Page 4
143
Week's
BONDS
N. Y.
Range
STOCK EXCHANGE
Bid
gu
5S-..19471J
1st & gen s f 6Ms
Great Northern 4 M s series A
General 5 Ms series B
High
J
1961 J
1952 J
General 5s series C
*82
1950 J
_
.
A
J
1973j J
General 4Ms series D
1976
General 4Ms series E
1977
General mtge 4s series G....1946
Gen mtge 4s series H
1946
♦Green Bay & West deb ctls A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
117 *4
117
118M
4
19
22
115M
21
107
107 M
22
106 M
115
107M
35
J
106*4
118M
118*4
384
J
108 M
108
108*4
146
*i07M
J
J
J
J
Feb
J
79
115M
114M
J
J
| Feb
Stamped
Gulf States Util 4s
J
94*4!
78
*62 M
75
10*4
11*4
"l5
*108*4
102 M
99*4
103%
"~9
100M
100M
23
O
O
.
"11%
,.1940 M N
4>$s
No.
98 M
41
104*4
104*4
24
104
104 M
99*4
104 M
21
O
1949 J
J
Hocking Val 1st
1999| J
J
125M
125M
125M
2
19441A O
93M
92 M
93 M
10
72
81
80
Houston Belt & Term 1st
!_1937;M N
110
27
27
80
27
1937 J
J
5s.__1937jJ
J
"6
*102
1949 M N
102
50 M
103*4
96 %
96 %
L09M
99 M
109
103 %
104
106*4
106M
27
116
44 M
37 %
126
95M
64 M
89
105
105 M
100 %
103 M
16
113
38M
61H
1
119 %
124%
77 *4
77*4
81
77
72%
89 %
31M
31M
32 H
123
26 M
39 %
Illinois Bell Telep 3 Ms ser B...1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3Ms
1951 J
O
109*4
110M
109M
110M
7
104
110%
4
105 %
112
Refunding 4s
J
J
.
106M
O
1951 IVI S
A
1952 ~ O
1955 M N
Purchased lines 3 Ms
1952 J
Collateral trust gold 4s
1953|M
Refunding 5s
1955'M
40-year 4Ms
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Div 1st gold 3s...1951 J
78 *4
76
Mi.
108
'
96
97 %
*
97 *4
*100*4
100*4
87
88
83 *4
107*4
*105
O
7% notes
1932
M'S
A..July 1952 A
♦1st 5s series B
1956 J
♦1st g 5s series C
Internat Hydro El deb 63
s
O
J
1944 A
O
95 M
90 M
108 4
44
107
93
48
68
44 M
44 M
17
95
95
95
..1941 A
..1955 M
93
100*4
101
149
163M
171
34 %
12
140
69
31M
31M
81*4
33
29
84
130
71M
101*4
Int Rys Cent Amer 1st 5s B...1972 IVI N
1st coll trust
6% g notes
1941 IVI N
1st lien & ref 6 Ms
1947 F A
Int Telep & Teleg deb
20
31M
J
74
114
101 %
98 M
98*4
102 %
3
42
99%
70
95
96
11
102
103
7
99
99 M
4
203
J
68*4
68M
Conv deb 4Ms
1952 J
1939 J
J
80 a
80 M
70%
81%
Debenture 5s.
1955 F
A
73*4
73*4
74 M
219
S
3*4
2*4
3M
18
g
4 Ms.
.
{♦Iowa Central Ry 1st & ref 4s. 1951 M
James Frank & Clear 1st 4s... 1959 J D
Jones «fe Laughlin Steel
4Ms A__ 1961 M S
Kan & M 1st gu g 4s
1990 A
{§*K C Ft S & M Ry ref g 4s. 1936
♦Certificates of deposit
Kan City Sou 1st
gold 3s
1950
Ref & impt 4s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas & Electric 4MS---1980 J
♦Karstadt (Rudolph)
J
D
258
100
42
104 %
104
57
al08
a 108
2
57
61
65
57 *4
O
A O
A O
A O
J
J
J
98 M
104*4
58 M
23
93
94M
98*4
89
109*4
109*4
9
103 M
*40
103 M
22
"60M
~94~"
98*4
95M
109 %
103 M
1st 6s.-.1943 M N
62
44
♦Ctfs
w w
stmp (par $645)..1943
♦Ctfs
w w
stmp (par $925)..1943
30
30
30
(par $925)__1943
24
24
24
♦Ctfs with
warr
*24
Keith (B F) Corp 1st 6s.._.__1946 M S
Kendall Co 5Ms
1948 M S
Kentucky Central gold 4s..._.1987 J
Kentucky & lud Term 4Ms,—1961 J
Stamped..
1961 J
Plain
28
98 M
103 M
J
1997 A
O
1949 F
1954 J
1954 J
A
J
J
Kinney (G R) & Co 7 M % notes 1936 J
Kresge Foundation coll tr 4s..l945 J
D
First and ref 6 Ms
J
108 %
*115M
116M
44*4
99
63 M
66%
59
66%
51
A
Coll & ref 4 Ms series D
Coll tr 6s series A
1960 F
A
64 M
63*4
Coll tr 6s series B
*161*4
101 %
A
J
1941 J
J
Lake Sh & Mich So g 3 Ma
1997 J
D
J
Lehigh C & Nav
s f
4 Ms A
Cons sink fund 4 Ms ser C
Lehigh & New Eng RR 4s A
""
178
35*4
35 M
38M
100
38M
75
*108
J
105
104*4
105%
14
1954 J
1965 A
J
O
104
103 %
104
17
*
.
"92"
91
76
13
100
4
1st & ref s f 5s
1964 F
A
77 M
75
1st & ref s f 5s
.1974 F
A
75
1938 J
1954 F
J
100
A
104
For footnotes see page 4123.
"26
77 M
A
Secured 6% gold notes
Leh Val Harbor Term gu 6s
92
100 %
1954 F
s
105M
*99M
f 5s
Is & ref
Guar ref gold 4s
1949 IVI
99 %
103 M
40
109
8
1951 F
-
135*4
125*4
100*4
64%
-
-
----
-
26
2
125*4
-
ioom
64*4
-
-
—
106
,
-
36
6
65
----
----
*103*4
--
100*4
*106
------
No.
135*4
*108
104m
5s
105 M
101
106*4
93
10254
99 %
107*4
-
-
-
27
118
125
55
84
100
95*
31*4
9
31
31M
36 M
65 %
90 M
75 M
80
88 M
53
107*4
96*4
97 m
111*4
111*4
1952
99*4
99 m
2
10
—-
----
-
13
99*4
114*4
1
1
90
105*4
104
104
104
6
106
104*4
104 m
44
103
------
80
81*4
12
84
76
84
75
84
76
84
46
53 m
52 m
54
91
49*4
50*4
31*4
32*4
*92 m
----
D
O
4s.l990 AO
♦Certificates of deposit
50*4
2013 J
32*4
D
Manila Elec RR & Lt
Manila RR (South Lines) 4s
{♦Man G B & N W 1st 3M3—1941 J
J
Mfrs Tr Co ctfs of partic in
A I Namm & Son 1st 6s
1943 J D
Marion Steam Shovel s f 6s
1947 A O
s
98,
V
f 7MS---1942 A
♦Second 4s
-
90
deb 5s 1951 IVI N
cons g
5
12
103
96
114*4
------
A
♦Certificates of deposit-
{♦Manhat Ry (N Y)
1.
111
107*4
102 m
South Ry joint Monon 4s
Atl Knoxv & Cln Div 4s
f 5s...1953 IVI
s
------
19
34
25
107 M
135*4
1\2%
101M 105 %
107 M 109*4
107M 111*4
103 M
U0M
101U
104%
98%
96M
105
81
111%
96*4
114
111 M
86
100*4
108 %
114*4
88
99
103M 106*4
102 % 104?4
99% 104%
76
86
23
98*4
97*4
71*4
22
50%
48 M
30M
....
91
68
50*4
100
1939 IVI N
*82*4
90*4
....
74
1959 IVI N
1st ext 4s
*71
76*4
....
61
89*4
*34 m
37
84%
37
95 M
78 M
100
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr..1945 IVI N
Metrop Ed 1st 4 Ms ser D
1968 IVI S
Metrop Wat Sew & D 5Ma
1950' A O
§{»Met West Side El (Chic) 4S.1938 F A
♦Mex Internat 1st 4s asstd
Mlag Mill Mach 1st
s
*96 m
97*4
98 *4
98*4
102*4
98*4
102*4
3
102*4
------
105*4
106*4
44
------
108*4
109*4
14
103*4
104*4
104*4
12
f 7s.
1956 J
D
Michigan Central Detroit & Bay
City Air Line 4s
...1940 J
Jack Lans & Sug 3 Ms
1st gold 3 Ms
68
Ref &
1
1
f
1
•
•
•
1
—
-
-
-
-
—
-
107*4
89*4
1961
104*4
1971
Mid of N J 1st ext 5s
71M
107 m
Milw El Ry & Lt 1st 5s B
1st Mtge 5s
104*4
91*4
104*4
104*4
10
J
2
J
92
3
87
33
36
37*4
37*4
62
*55
------
12 m
1934 M N
65
----
12*4
10
S
4%
4*4
5*4
26
F
3*4
3*4
3*4
3
4s int gu.1938
J
36*4
35*4
36*4
74
1938
J
29
29
30 m
4
1938
J
------
40
40*4
13
1946
J
28 m
28 m
28 m
20
26
29*4
41
91*4
92 m
23
*94m
----
....
♦1st & refunding gold 4s
♦Ref & ext 50-yr 5s ser A
1949 IVI
1962 Q
to Int..
1949 IVI s
J
1978 J
1941 M N
-
28*4
------
47
47*4
2
93 m
96*4
46
85
85
87
67
72
74
43
76m
77*4
25
J
D
93*4
74
1959 J
J
1962
ser
197 >
Jan 1967
A
.
------
70*4
68
71*4
190
1965
39m
38 m
40 m
111
37m
37m
7
1975
15
14
15m
284
^..1977
40
38 m
40 m
325
38
37*4
38*4
37
40
38*4
40*4
62
37
38m
6
11m
38m
12*4
150
40*4
173
1978 M N
♦Certificates of deposit
38 m
♦Conv gold 5 Ma
♦1st & ref g 5s series H
♦Certificates of deposit
1949
11m
1980
39*4
♦1st & ref 5s series I
1981
F
A
39 m
------
♦Mo Pac 3d 78 ext at 4% July 1938
♦Ref «fe Impt 4 Ms
1977
♦Secured 5% notes
1938
Mohawk & Malone 1st gu g 4s. 1991
38*4
38
a99*4
*99*4
F
40 m
171
39m
22
a99*4
1
100
48
32*4
26
29
73
29
27 m
29*4
26
96 m
97
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
U
1M
18*4
3M
3
29*4
104%
90
94
104 %
98 M
109*4
67 M
97M
105*6
101 M
101 %
107*1
106
111
~71%
95
60 %
88
32
49 %
59 M
79
5
14
1%
2 M
7M
32 M
46 %
29
42 M
38
62
23M
18%
81%
83
5
39
31 %
94M
83
36
50M
70
97
59*4
91M
49 M
79
52 M
83
30*4
27*4
74*4
26*4
10M
43M
17*4
27
45*4
46
26 M
43%
27*4
45%
26M
44
7*4
14*4
27*4
26*4
43*4
27
27
82
40
46
43*4
100
----
39
29
A
106*4
108
110*4
100 % 106*4
----
86
S
87
92
Con ext 4 Ms
1939
{♦Mil Spar & N W 1st gu 4S...1947 IVI
{♦Milw & State Line lst3Ms.-1941 J
{♦Minn & St Louis 5s ctfs
10
*86
§{*Milw&No 1st ext 4Ms(1880)1934
1st hxt 4 Ms
1939
99*4
103
102
102 %
-
....
8
1979 j
96*4
23 M
*94
*108m
100
3
•
CO ©«
I
...1940
79 M
cons 5s gu as
1
11
21
*105m
1951 M
1952 M N {
impt 4 Ms series C
M St P & SS M con g
1st cons 5s
1
1
1
*
3
3m
3m
1977 M S
...
12
11*4
1977 M S
♦4s (Sept 1914 coupon)
8
10
111*4
~U~%
40*"
9
30*4
9M
30M
85*4
98*4
105*4 U4*4
4Ms
1960
107 m
107
107 m
18
100 M 108*4
6s debentures
1965
108
107*4
108
53
107
108*1
102 m
102 m
102
10
102 M
102
105*4
102
105
105«32
38
105
108*4
104
104*4
18
99*4
39
1st mtge
1st guar gold 5s
25
5
109*4
96
81M
1M
101*4
109*4
*115m
96 %
115M
112
101*4
------
s
1
112
------
------
60 M
97
80 M
96 %
97*4
------
§{*Manatl Sugar 1st
98
124*4
-
97 m
1980
D
106
103M
41
-
131
1946
1960 J
104 M
106m
111
1945 J
111
34
St Louis Div 2d gold 3s
Mob & Montg 1st g 4M3
A
127
101*4
45%
74*4
96
28
97*4
ser
137
121*4
108
134*4
124 m
98 m
2003
Gen mtge 4 Ms ser A
131
105*4
1st & ref 3Ms series E
Paducah & Mem Div 4s
s f
130*4
134m
------
McCrory Stores Corp
IG9M
115
105 m
2003
F
90%
103 M
105*4
2003
1955 IVI N
75%
81%
8
2003
♦Lowej; Austria Hydro El 6 Ms.1944
High
101m
J
1945
Low
101m
A
1940 J
Jan. 1
------
O
Louisiana & Ark 1st 5s ser A
1969 J
J
Louis & Jeff Bdge Co gu 5 4s... 1945 IVI S
Louisville & Nashville 5s
1937 IVI N
Mont Cent 1st guar 6s
76 M
104M
26
*129
S
1944 A
Lorillard (P) Co deb 7s
{♦Mobile & Ohio gen gold 4s...1938
♦Montgomery Div 1st g 5s_.1947
*106%
38 M
deb 5s
N
♦Certificates of deposit
75
102 %
1954 J
Lehigh & N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st & ref s f 5S.1944 F A
_
*60
38*4
♦Certificates of deposit
34
68
A
1937 J
♦Lautaro Nitrate Co Ltd 6s.-.1954 J
91
99
1942 F
O
♦Certificates of deposit
44%
99%
65*4
1942 F
p m
♦1st & ref 5s series G
O
Lake .Erie & West 1st g 5s
2d gold 5s
20-year
A
1937 IVI
♦1st & ref 5s series F
111M
44
60
84
ttjcc
High
,
109
♦Certificates of deposit
Ioom
110M
74*4
81*4
A
1950
♦General 4s
*119
*99*4
73
33 %
34
1938 J D
1949 IVI s
....
{♦Mo Pac 1st & ref 5s
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 5s. 1939 A
Coll & ref 5Ms series C
1953 F
Unified gold 4s
Prior lien 4 Ms series D
♦Cum adjust 5s ser A
162 M
108 M
Iio*4
Long Dock Co 3Ms ext to
Long Island gen gold 4s
40-year 4s series B
162*4
108M
81% 103%
99
O
F
1951
{♦Mo-Ill RR 1st 5s series A
*103
Purchase money 6s
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
55
69*4
109
Little Miami gen 4s series A...1962 M N
Loews Inc s f deb 3 Ms
1946 F A
Lombard Elec 7s ser A
D
1952 J
Mo Kan & Tex 1st gold 4s
1990 J
Mo-K-T RR pr lien 5s ser A...1962 J
*107
O
103*4
66*4
O
1944 A
5s
Since
102*4
82
O
1965 A
Liggett & Myers Tobacco 7s
1st Chicago Term s f 4s
*109M
J
1937 A
1961 J
-.1961 J
1941 A
Range
Asked
67 m
73 m
2003 IVI N
1st ref 5 Ms series B
116M
108
Kings County El L & P 5s
4 Ms unguaranteed
5s
25-year 5Ms
101 %
108M
108
4 Ms
cons
1st & ref 6s series A
98*4
100 M
J
cons
General
Leh Val Term Ry 1st gu
g 5s
Lex & East 1st 50-yr 5s gu
1st
103 M
*115M
J
J
General
1?
&
102*4
J
1940 J
2003 IVI N
2003 IVI N
65 M
7
13
101
31 %
11
Rid
Low
Leh Val N Y 1st gu g 4Ms
Lehigh Val (Pa) cons g 4s
McKesson & Robblns deb 5 Ms. 1950 IVI N
108
3
163
O
S
94 M
101
Range or
Thursday's
Price
Si
Maine Central RR 4s
105*4
7
46 M
101
Week's
Last
Sale
||
"I
105
1
47 M
82 %
73 *4
T3
107*4
50M
"~26
40
95
~32M
88
91M
82
97%
100*4 101
87
10024
74
11
Week Ended Dec. 25
72 %
75
97
49
94%
32 *4
<U
EXCHANGE
91M 103
I 87
104
107 M
J
1956 J
A & B...1947 J
f 6s series A
"7
93 M
92 %
93
♦Certificates of deposit.......
Interlake Iron 1st 5s B
1951 M N
Int Agric Corp 5s
stamped 1942
M N
Internat Cement conv deb 4s__1945 M N
{♦Int-Grt Nor 1st 6s ser A
1952 J
J
Ref
~25
92*4
1932 A
♦Certificates of deposit
ser
97 M
44 M
$♦10-year 6s
Internat Paper 5s
1
6
3
85%
107*4
STOCK
Unified gold 4s
1st & ref 5s series B
1st & ref 4 Ms series C
1st & ref 4s series D..
105*4
107
94*4
Int Merc Marine s f 6s
10
105 M
86
64%
103 % 108
*106
107M
ser
90
71
87 M
90 %
100 *4
Y.
108*4
106 %
40
1956
108
101 %
90
83*4
106*4
1950
79
96
87M
1951
♦Adjustment 6s
23
104M
103 M
A
JInterboro Rap Tran 1st 5s.-.1966
♦Certificates of deposit
conv
89M
90M
N
Ind Union Ry 5s series B
1905
Ref & imp mtge
3Ms ser Bi_l986
5*10-year
96
69 M
68 %
88 M
89
D
Inland Steel 3*4s series D
81M
10
53
86*4
103 M
D
4s
44
87 M
1963 J
gu
95
J
N
YORK
89 M
79 M
4
93 M
1st & ref 4 Ms series C
1963 J
Illinois Steel deb 4Ms
1940
Ind Bloom & West 1st ext 4s..1940
Ind 111 & Iowa 1st
g 4s
87 M
"91 k"
92
*88*4
{♦Ind & Louisville 1st
107 M
91*4
St Louis Div & Term
g 3s...1951 J
Gold 3Ms
1951 J
Joint 1st ref 5s series A
101*4 106%
102 % 102%
*92 M
93
101M
1st g 3Ms—1951
Western Lines 1st g 4s
1951
111 Cent and Chic St L & N O—
106 M
106M
*106M
Loulsv Dlv & Term g
3MS-..1953 J
Omaha Dlv 1st gold 3s....1951 F
Springfield Div
NEW
A. T. A T. Tele. N. Y. 1-1598
107*4 110M
O
1951
St.
BONDS
N.
A
A
Wall
Thurs.
83
98 M
A.1957 F
Extended 1st gold 3 Ms
1st gold 3s sterling
Collateral trust gold 4s
63
Telephone Whitehall 4-2900
106 % 109
90
106
52 M
124
Co.
&
&fembers New York Stock Exchange
124%
100*4
60
75M
7M
14%
♦Adjustment income 5s.Feb 1957 A
ser
D. H. SlLBERBERG
115*4
109*4
102 M
50
124
124
DEALERS
99
102M
101*4
*102 M
Houston Oil sink fund 5*4s A..1940.M N
Hudson Coal 1st s f 5s ser A...19621J D
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
*107 M
J
BONDS
FOR BANKS AND
81M 102
75 M
77 M
O
{♦Housatonic Ry cons g 5s
H & T C 1st g 5s int
guar
IN
107 M 116
107 M 119
69
1946 A
♦Hoe (R) & Co 1st mtge
99
*83
1966 A
1952 J
88 H
78
*83
1961 A O
4 Ms
99
J
C
cons g
BROKERS
High
J
10-year deb 4Ms
Hackensack Water 1st 4s
♦Harpen Mining 6s
ser
Jan
Low
90
115*4
J
Gulf Mob & Nor 1st 5 Ms B... 1950 A
1st mtge 5s series C
1950 A
Gulf & 8 I 1st ref & ter 5s Feb 1952 J
Gulf States Steel s f
bince
oqco
*99
1944 F
Gt Cons El Pow (Japan) 7s
D
Range
Asked
&
Low
Grays Point Term 1st
£
| |2
or
Thursday's
Week Ended Dec. 25
4121
|
Montana Power 1st 5s A
Deb 5s series A
1937
1937
..1943
1962
Montecatlnl Min & Agric deb 7s '37
------
105
--
99*4
99
4
1
104*4
97*4 104*4
60*4
99*4
R
Week Fnried Dec. 25
"Q
5
Last
V —
EXCBANGE
Range
Price
sa.
<
Low
Montreal Tram 1st & ref 6a——1941 J
J
1955 A
Gen & ref s f 5s series A
O
1955 A
O
Gen & ref
s
f 6s series B_
Gen & ref
s
f 4*s series C..1955 A
-
-
-
-
*83*
*83*
-
O
J
1939 J
2000 J D
M N
Constr M 5s series A
1956
Constr M 4Hs 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
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt <& St L 4s ser A
197* F A
Nash Flo A 8 1st gu g 5s
1937 F A
J
Nassau Elec gu g 4s stpd
1951 J
Nat Dairy Prod deb 3*8 w W..1951 M N
Nat Distillers Prod deb 4 54s—1945 M N
Nat Ry of Mex pr Hen 4 54s
1957
J
♦4*8 Jan 1914 coup on
1967 J
♦454» July 1914 coup on
1957 J J
J
♦454s July 1914 coup off
1957 J
Morris A Co 1st s r 4*s
—
95*
warr
& rets No 4 on '57
♦4s April 1914 coupon on... 1977 A
♦4s April 1914 coupon off...1977 A
♦Assent warr & rets No 5 on *77
Nat RR of Mex prior
5
85
Low
N.
5
83
8654
103i,6
A
♦4s April 1914 coupon on... 1951
♦4s April 1914 coupon off... 1951 A
tAssent warr & rets No 4 on '51
94*
93*
118
118
38
46
8
118
*111*
97*
102*
62*
96*
*102*
60
60
30
161
106*
106
105 H
90
90
f.Orc
Q
105*
31
106
23
*3
1954
Newark Consol Gas cons 5s
J
111*
J
109*
J
J
109*
"""4*
57*
7354
101* 108*4
103
10654
1st A ref 6s ser B
1961 A O
Ref mtge 5s
1964 M N
J
Northwestern Teleg 4*8 ext.. 1944 J
Norweg Hydro-El Nit 5*s—1957 M N
3 ;
254
2*
2*
45*
Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
654
2*
2*
254
254
48
-----
5*
3*
4
16
J
5*
5*
6
42
*2*
O
4
254
6*
354
6 54
61
4*
1937
1943
Ohio River RR gen g 5s.
Ontario Power N F 1st g
"454
3*
1947
1st A ref 7s series B
-----
*2*
J
1948 J
1943 MS
1965 MN
Ohio Indiana A West 58—Apr 11938 Q J
Ohio Public Service 7*s A.. -.1946 A O
"454
D
1948 J
NO A NE 1st refA impt 4 54s A. 1952 J
New Orl Pub Serv 1st 6s ser A. 1952 A
1955 J
—
—
—
—
-
J
J
80
*122*
123*
69
14
66*
18
-
-
—
-
-
-
-
-
125*
-
17
124*
27
*104
-----
—
254
6*
A
O
1954
A
O
at
5s series C
♦
1st 4 54s
♦
1st
_____
-
1956 F~
1956
1954
series D
514s series A
F
1946 J
O
1961 J
J
Oslo Gas A El Wks extl 5s
1963
M
A...1941
IVI
Otis Steel 1st mtge 6s ser
Pacific Gas A El 4s serie
♦2dexte
Y
Pad'10 Tel A Tel 1st 5s
8i
73
14
49
26
32*
55
1st M
Paramount
33*
N
64 54
47*
38
30
53
{•Park-Lexington 6*8 ctfs
51*
48
88
32 54
5754
Parmelee Trans deb 6s
1944 A
48
53
Pat A Passaic G A E cons 5S..1949 IVI
109
111
III* ~729
A
104
103
104*
95
<
103 ■ 4
101*
103*
157
94*
99
10 T*
161
C
O
93
94
100
______
60
98
1
100
94*
98*
178
93
1998
1998
1937
F
A
97*
97*
A
C
Refunding 554s series A
O
Ref 4 54» series
1974
1978
Oct 1 1938
A
M
S
A
O
1953
F
A
108*
1953
1951
F
A
*108*
-----
F
A
66*
64*
66*
34
1938
196f
1966
A
O
65
63*
65
19
A
O
105*
A
O
105
4s
C
3-year 6s
N Y Connect 1st gu 4 54s A
1st guar 68 series B
N Y Dock 1st gold 4s
Serial 5% notes
N Y Edison 3 54s ser D
1st lien A ref
3*s
E
ser
F
A
______
102*
102*
96*
102*
101*
23
5
96*
7
102*
90
82
7054
91*
93*
265
100*
43
7
109
10854
96*
99
88
107
96
IOO54
10554 109
52
33
41
10254 10554
125*
125*
126*
15
A
117*
117*
117*
9
122* 126*
113* 117*
11
92* 101*
F
1946
2000
1973
IVI N
1973
IVI N
ser
E trust ctfs
N Y A Harlem gold 3*s.
N Y Lack A West 4s ser A
4 54s series
B
IV! N
101
-
M N
-
-
-
--
102*
_
_
_
_
_
_
101
*106*
102*
-
*106*
*108*
....
D
♦1st A ref 4 54s ser of 1927.. 1967 J
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
June 1992 M S
1955 J D
N Y O A W ref g 4s
General 4s
{♦N Y Providence A Boston 4s. 1942 A
N Y A lutnam 1st con gu 4s... 1993 A
A Rlchm Gas 1st 6a
Y
1st mortgage
5s
1st mortgage 5s
N Y Susq A West 1st ref 5s
2d gold 4 54s
General
gold
5s
Terminal 1st gold 5s
A.. 1951 M N
1951
1966
1937
1937
..1940
1943
IVI N
M N
J
J
F
A
F
A
M N
N Y Telep 1st
M N
N Y
J
6s
D
Penn-Dlxle Cement 1st 6s A...1941
J
{♦N Y Westcb A B 1st ser 145481946
Niagara Falls Power 3548
1966 M S
A O
Nlag Lock A O Pow lst5sA—1955
IVI N
Niagara Share (Mo) deb 554s.. 1950
Nord Ry ext sink fund 654s
1950 A O
{{♦Norfolk South 1st A ref 5s..1961
♦Certificates of deposit
_
_
IVI N
-----
111
-
-
-
-
"l
105* 108*
100* 100*
39
25*
43*
40*
27*
43
474
28
109
59*
58*
105*
105*
*106*
------
53
45*
41*
117
93*
17
12
109
1
60
76
106*
6
105*
_
_
108
------
106*
107
106*
_
108
106*
4
93
11
93*
88
84* 101
36
32*
-
16*
108*
96*
15*
108
66*
49*
103*
95
82*
104* 109*
31*
61*
10454 105*
105* 108*
108
111
105* 107*
106
107*
54
96*
93*
69*
-
55
3
93*
68*
*105*
109*
109*
91*
91*
.
37*
83
95
94*
------
15
4
~
-
-
-
-
45
46
104
41
109
91*
2
80
98
35
80
350
22
"38
22*
12*
105* 109*
103*
106
106
106*
8
105*
21
16
21*
90
12*,
16
20*
56
12*
63
59*
63*
25
51
121*
60
115
105*
58
103* 107
102* 1055
103* 106
105*
121*
105*
104*
104
S
A
North Cent gen A ref 6s
Gen A ref 4 54s series
A
1974 IVI
1974 IVI
8
8
104*
104*
104*
*126*
*118*
-
-
-
100* 104
78*
55
-
109*
110*
39
106* 111
107*
102*
68
105* 108*
1
99* 102*
93
102*
100* 104
102* 105*
105
108*
36*
61*
34*
69*
_
103*
*100
100*
*107
-
19
105
104*
-
-
-
49
54*
67
49
55
92
71*
72*
18
73
55
101*
151*
39
6
O
72
73
3
8
*122*
37*
J
123*
1
82*
82*
8
32*
49*
119*
60
42
77
123*
87
102*
S
*101*
102
101
A
*106*
107
104* 107*
105* 107*
*107*
__V
______
105*
L
107*
107*
106*
105
87
24
98*
J
—
-
-
------
"l05*
105*
1
104
-
"lot
99*
105*
S
104
2
*108*
__
102*
66
105*
115*
116
116*
25
116*
116*
102*
127
101*
124*
114*
"1I5
107*
108*
101* 107*
90* 100
104* 105*
103* 107*
108*
105*
*110*
"IIo*
104
102*
110
*108*
A
2
2
124*
108*
106* 107*
110* 115*
111* 116*
111 * 116*
100* 103*
118* 125*
115* 123*
1981 A
1984 J
General 4*s sertes D._
Gen mtge 4*8 series E
O
110*
110*
36
J
110*
110
111
65
105* 111*
A
O
121*
116*
121*
5
116*
13
115* 121*
106* 110*
Peop Gas L A C 1st cons 6s...
Refunding gold
♦Income
cons
4s
-----
116*
1947 M S
5s.._
A
4s...
April
1990
1st 4s series B
..1956 J
1st g 4*s series C
1980 IVI
;
14*
15*
112*
112*
1
J
106
105*
106*
41
100
—
—
17
104
25
89
113*
1
111
1
120
101*
104*
113*
130*
113
118
A
*117
D
4*8—.1967
1st A ref 4s.
1971
Conv deb 6s
129
129
J
D
F
121*
....
116*
116*
5
105*
105*
106*
66
M N
105*
105*"
106
F
103*
103
104*
1949 IVI
19*
9
100*
J
1981
99
76
108* 112*
98* 106*
103
__
"l03
—
1977 J
-.1974
General g 4*s series C
General 4*s series D
105* 111*
113*
J
8
115*
99* 108
52
112*
1967 J
General 5s series B
6
99
98*
14*
A
1943 M N
Phlla Bait A Wash 1st g 4s
98*
O
Apr
Peoria A Pekln Un 1st 6*s_„ 1974 F
Pere Marquette 1st ser A 6s— .1956 J
89
116*
110
103* 107*
6
105
109
108*
39
103
J
46
44*
47
166
37
55
S
24
21*
24*
144
15*
32*
19*
18*
19*
136
18
34
A
J
Philippine Ry 1st s f 4s.
1937 J
Plllsbury Flour Mills 20-yr 6s.. 1943 A O
PlrelU Co (Italy) conv 7s
1952 IVI N
Pitts C C A St L 4 *s A
Series B 4*s guar
1940 A
-
-
8
104*
104*
7
105*
15
-
121
-
-
-
2
107
107
107
93*
*82*
*111*
O
-
-
-
-
3*s
113*
113*
113*
1
M N
Series E
113*
1942 M N
*113*
1942 A
Series C 4*s guar
1949 F
guar gold
O
M N
Series H cons guar 4s.
Series I cons 4*a
1960
F
A
*114*
*114*
1963 F
A
124*
Series J
1964 IVI N
cons guar
4 *s
D
u
*124*
122
123
General M 5s series A
1970 J
D
General mtge 5s sertes B
General 4*s series C_.
1976 A
O
1977 J
J
106*
M N
*110*
Pitts Va A Char 1st 4s guar...
Pitts A W Va 1st 4*s ser A...
122*
D
A
G
A
O
J
D
—
-
-
-
....
—
—
—
113*
111
109
114*
108* 115
-----
19
124*
16
122*
106*
16
3
-----
96*
115*
126
118
124*
123
*112*
-
114
111
111
'
*95*
J
111
113*
105* 106*
*112
I
J
1957
85
112*
111
110
*105*
A
1953
Series F 4s guar gold
Series G 4s guar
105* 109
70
1
1st M 4*s series C.
105*
108
5s series C
125
115* 124*
116
123*
106* 110
109* IIO
73
96*
1
94*
75
74
95*
112*
95
93
18
110
95
A
*122
D
*119*
D
*115
Port Arthur Can A Dk 6s A...
F
90
A
M
6s. .1
124
Pressed Steel Car deb 6s
1951
{♦Providence Sec guar deb 4s.. 1957
{♦Providence Term 1st 4s
1956
Pure Oil Co s f 4*s w w
1950
S
J
J
J
J
101* 107
120
127*
112* 120*
s
f deb 5s
1
-
_
_
-
-
-
-
---
-
-
-
105*
3
105*
105*
12
72*
62
70*
1
106
106
_
"41*
------
106
81
81
4
40*
*104*
42
222
97*
98
31
16
16*
18
85*
87*
9
120
114*
120*
261
J
105*
29
99*
105*
99*
105*
J
100
20
IVI N
IVI
8
J
J
J
Purity Bakeries
"7I*
J
J
__
J
1
conv
J
J
1st 5s 1935 extended to 1950.
Porto Rican Am Tob
119* 123*
-
_
-
105*
A
F
155
21*
63*
-
1
gen
96* 104
22*
-
"93*
1974 J
F
1st
J
D
•
"86*
D
J
Nov 16 1969 M N
21
101*
83
J
Deb 6s series C
77
98* 103*
109
99
18
103
121*
102
95
95
*107
A
123*
108*
*100*
100*
111*
109*
103
A
105
106*
110*
73
100
108*
107*
O
123
119
39
43
96
391
103
93
______
118
L
107
123
104*
Phlla A Reading C A I ref 5s. .1973 J
43*
11
123
106*
105*
38
15*
113*
O
25
142
116*
109
A
24*.
91*
113*
36
16
301
103*
115
20
32
39
29
111*
110
114*
123*
42
41
*
115*
38
23*
26*
35*
-
113*
101
6
115
113*
121*
-
-
110* 113*
122
37*
96
101*
*113*
-
112
123*
37
41*
2
D
36
27*
-v" -
D
38
55
-
J
------
23
111*
J
Phlla Elec Co 1st A ref
49*
_
A
38*
38*
26
113
110*
*100*
72
O
24*
55
-
*112
39*
101
A
30
35*
*104*
24
109* 109*
104* 108*
94
F
1970
35*
44
43
24
1.1948 IVI N
33
33*
....
107
lOi
1943 IVI N
1948 IVI N
Phlla Co sec 6s series A
39*
37
-----
100*
O
Consol gold 4s
4s sterl stpd dollar May
Gen mtge 3*s ser C._
109
107
99* 104
101
4*s sertes B
19S1 J
Pennsylvania P A L 1st 4*s._1981 A
Pennsylvania RR cons g 4s
107*
107
2
54*
'
37
42*
_
D
24
35
7
____
106
100*
O
18
35*
104* 107*
100*
A
1977
36*
_
Amer Co deb 6s..——.1961 F
No Am Edison deb 5s ser A....1967 IVI
Deb 5 54s series B
Aug 15 1963 F
109
•
103
100* 103*
104* 106*
-----
20*
A
...
{{♦Norfolk A South 1st g 5s...1941
N A W Ry 1st cons g 4s
1996
North
F
2
107
94* 104*
M
Penn Glass Sand 1st M 4*s...l960 J
Pa Ohio A Det 1st A ref 4 *s A.
35
_
98
...
J
_
"105
D
33
_
IVI N
A gen ■ f 454s—1939
Trap Rock 1st 6b
1946
stamped
1946
_
103
103* 107
34
33
27
103
102*
D
36*
_
O
1947
N Y Steam 6s scries A
_
102
-
O
354s 1965 M N
{•NY RyB Corp lnc 6s
Jan 1965 Apr
J
Prior lien 6s sertes A stamped 1958 J
N Y Quet ns El Lt A Pow
N
_
_
-
111
*102
J
N Y L E A W Dock A Impt 58.1943 J
N Y A Long Branch gen 4s
1941 M S
_
-
103
111
N Y L E A W Coal A RR 6548.1942 M N
{♦N Y A N Eng (Boat Term) 4t 1939 A O
{♦N Y N H A H n-c deb 4s
1947 IVI S
♦Non-conv debenture 354s.. 1947 IVI s
♦Non-conv debenture 3 54®--1954 A O
J
♦Non-conv debenture 4s
1955 J
♦Non-conv debenture 4s__..1956 IVI N
J
♦Conv debenture 354s
1956 J
J
♦Conv debenture 6s
1948 J
♦Collateral trust 6s
1940 A O
♦Debenture 4s
—1957 IVI N
-
F
1963 F
28-year 4s
Peoria A Eastern 1st
N Y Greenwood I. gu g 5s
1941
10154 105*
105
D
1949
4s
Purchase money gold
Guar 3*s coll trust ser B
Guar 3*s trust ctfs C
75
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 5s_. 1948 J
1942 IVI
1st ref s f 7s
Penn Co gu 3*8 coll tr A— ..1937 M
10654 109
59
7754
105*
104*
104*
Ry
103
16
101*
*109
110
19
108*
-----
101*
99*
107* 108
-
105
86*
97*
10154 104*4
136
104
99*
93*
------
7454
-
103*
103*
105*
*102*
__
1952 IVI N
8054 102*
47
102
1942 J
1944 J
104*
93*
109*
106
J
Guar 4s
96
110
S
Guar 3*s trust ctfs D
105
113
100
106*
A
74 54
108*
O
N Y Chic A St L 1st g
"IIo*
J
9754 105*
89
108*
A
4 54s ser A
Lake Shore coll gold 3 54s
Mich Cent coll gold 354s
1'08* 124
102*
104
J
J
99*
2013
Ref A Impt
J
48*
F
10-year 3*8 sec s f
1946
Ref A lmpt 4 54s sertes A... 2013 A
Ref A lmpt 6s series C
2013 A
Y Cent A Hud River M 354s. 1997 J
Debenture 4s_
......1942 J
1955
1955
Pictures deb 6s
1968 IVI
1953 J
108*
107
10
55
F
Paris-Orleans RR ext 5*s
2
93
89
Broadway Corp—
f g 3s loan ctfs
s
47
A
1998
Consol 4s series A
"lOl
♦Certificates of deposit
Paramount
63
49
*111*
"l09*
------
D
47*
64
*75*
"l06*
J
O
73
104* 112*
74 *
85*
96
123
------
J
{{♦Pan-Am Pet Co (Cal) conv 6s '40 J
10154
10054
8054 100*
24 54
49*
76
109*
103*
105*
108*
•
-
112*
115
A
J
44*
J
1944 M N
RR eonv 6s
------
------
D
1937 J
1938
gold 5s
95
8
Ref mtge 3*8 series B
1966 A
Paducah A 111 1st s f g 4*s.._1955 J
48
Bdge gen guar 4*s.-_:i945 J
Cent
d
75
♦Paullsta
A C
N
"111*
D
D
1964 J
G
1st A ref mtge 3*s ser H...1961 J
Pac RR of Mo 1st ext g 4s
1938 F
52
50
♦Certificates of deposit
N
1946 J
Pacific Coast Co 1st g 5s
S
89
"46*
"48*
------
------
J
Ore-Wash RR A Nav 4s
88 54
-
46*
A
A
-
-
A
106*
A
31
♦
♦Certflcates of deposit
102
O
37
48
♦ i
100
10554 10854
A
F
Ontario Transmission 1st 5s... 1945 IVI N
Oregon RR A Nav com g 4s—1946 J D
J
Ore Short Line 1st cons g 5s...1946 J
100*
100*
99*
lf*N O Tex A Mex n-c Inc 5s..1935
♦1st 5s series B
-
9
82*
100*
------
-
14
10354 10754
6154
77*
12054 12354
58
8354
77*
4554
122
12754
11954 12454-
A
100*
100*
*80
------
-
-
107*
94*
107*
93*
107*
-
126*
124
O
J
.
66
66*
125*
D
New Orleans Term 1st gu 4s—1953 J
...
66
69
99*
99*
45*
First A ref 6s sertes B
36
107
*69*
-
D
1983 J
New Orl Great Nor 5s A
106
106*
F
32*
------
-
106
105*
111*
108*
108*
*107
------
Ohio Edison 1st mtge 4s
*2*
O
105*
High
82
103*
.
-
111* "49
111*
80*
-
.
103*
Ref mtge 4*s ser B
254
254
"4*
-
O
1941 A O
1941 A O
Nor States Pow 5s ser A
*2*
3*
*2*
{♦New England RR guar 5s.-.1946 J<5 J
J
♦Consol guar 4s..
1945 J
New England Tel A Tel 5s A—1952 J D
1st g 454s series B—
196i IVI N
A
N J Junction RR guar 1st 4s... 1986 F
N J Pow A Light 1st 4 54s
1960 A O
106
J
J
J
*2*
O
M N
{♦Naugatuck RR 1st. g 4s
81*
•
F
J
Guar stpd cons 5s
1966 J
_
Q"j HI*
-
88
65
-
64
69
-
"84*
*81*
■
u
9654
98
Since
Jan. 1
Low
-
*81*
...
♦Stpd as to sale of April 1 •:
April 1 1935 incl coupons
North Pacific prior lien 4s
1997
101
86
No
High
*87
10951 11854
10854 1H54
84
Range
Bonds Sold
Asked
dk
{Northern Ohio Ry 1st guar 5s-
97
10254 10454
106*
106
*>
Nat Steel 1st coll s f 4s.
Bid
Price
A
100*
O
4 on. 1925 J
25
Sale
High
10054 104 J4
87
8354
88
8554
84
49
Range or
Thursday's
1936
26,
Week's
Last
Inter st Period
EXCHANGE
Week Ended Dec
80
103',6
96*
101*
94*
STOCK
Y
I
lien 4 54s—
♦Assert warr & rets No
■
No
86*
82*
1031,6
95*
100*
------
Jan.
85
*
Morris & Essex 1st gu 3*s
'Assent
......
BONDS
Range
Since
>
104
*83*
-
■8^
High
104
------
O
A
1955
Gen & ref s f 5s series D
1
h Tursday's
Asked
Hid
<&
Sale
3 fe
Thurs.
Week's
Thurs.
V
BONDS
STOCK
Y
N.
Dec.
New York Bond Record—Continued—Page 5
4122
__
_
_
.
77* 100
79* 100
06*
80*
104* 108
04*
82*
27* 44*
104* 106*
91
9
78*
99
21*
92*
110* 131*
102* 106
91* 103
{♦ Radio-Kelth-Orph pt pd ctfs
For footnotes see oage 4123.
*100
"l'lb"
115
116
158
260
.
9
03
275*
122
Volume
New York Bond
143
Thurs,
ll
BONDS
N. Y. STOCK EXCHANGE
si
Week Ended Dec. 25
Thursday's
Bui
103
C en & ref 4 Ha series A
103
1997
Gen & ref 4Ha series B
1997
Asked
No,
75
107
6
108
Remington Rand deb 4Ha w w 1956
Rensselaer A Saratoga 6s gu... 1941 M N
lie %
109H
110%
"~79
S
130
125"
131H
151
F
A
M
N
98%
108H
1956 M
N
99
J
105
98H
108H
98%
104H
ser
A. 1950 M
Gen mtge 4 Ha series B
1961
Purch money 1st M conv 5%s '54
Gen mtge
4%s series C
Revere (. op&Br 1st mtge 4 Ha. 1956 J
♦Rbelnelbe Union
f 7s.1946 J
a
♦Rhine-Ruhr Water series 6s.
♦Direct mtge 6s
.
Low
a30
J
*21 %
80
135
99%
102% 106%
34
27%
28%
21%
24%
~23"
24
♦Cons M 6s of 1930 with
23
24%
23
A
23
23
24
23
Range
Since
§1
Asked
dk
High
No.
69%
36%
38%
101%
Low
59
101%
Jan.
32
36%
16
67
67%
..1937
1
High
57%
73%
22 %
43
100% 103%
Ltd—
1953 J
71
72%
D
60
73
*108
-
71
86%
99% 108%
96% 103
-
5
102%
*110%
102%
106%
106%
7
~
w
*
.
•
M
-
-
-
-
-
»
101% 107
120% 122
*122%
119%
~
11
101%
2
90% 101%
88%
*88%
conv 6%s
1943 M N
♦Tyrol Hydro-Elec Pow 7%s_.1955 IVI N
120
101%
Truax-Traer Coal
33%
1953 F
Bid
Toronto Ham & Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s..
1949 M S
Trl-Cont Corp 5s conv deb A.. 1953 J
J
34
2
or
Thursday's
101%
..I960
5s
1st 6s dollar series.
111
14
1st g
Tol A Ohio Cent ref A Imp 3%s 1960 J
D
Tol St LA W 1st 4s
1950 A O
Tol W V A Ohio 4s ser C
1942 M S
95% 100%
25
1
1st ref 4s
Tokyo Elec Light Co.
113%
189
128
Price
♦AdJ lnc 5s tax-cx N Y.-Jan 1960
112
1952 M N
.
♦Cons mtge 6s of 1928
Third Ave Ry
Third Ave RR
106
Range
Sale
Low
108
106
106
Las 1
STOCK EXCHANGE
Week Ended Dec. 25
96 H 104%
105% 108%
99
105%
Y
High
109
a30
N
N.
1
112
J
1953 J
_.
♦Rhiue-Westphalla El Pr 7s... 1950 M
Jan.
105%
Republic Steel Corp 4 H8
BONDS
Since
£3
104
106%
*107
Range
Is
High
dfc
Week's
Thurs,
Range or
Sale
Low
Reading Co Jersey Cent coll 4s. 1951
4123
Weeks
Last
Price
Record—Concluded—Page 6
88%
1
84%
98
79
93%
115
130
33%
♦Guar
sec s
f 7s
1952 F
A
90
O
23 H
23
24%
23
33%
Uijigawa Elec Power
1945
*80
|{*Rlchfleld Oil of Calif 6s...
♦Certificates of deposit
1944 IVI N
62 H
58 H
63 H
37
65%
106%
104% 107 H
58
63%
35%
65
Union Elec Lt A Pr (Mo) 5s... 1957
Un E L & P (111) 1st g 5%s A..1954
*106
63 h
*105%
21%
106
104
Rlchm Term Ry
1952 J
J
1955 F
A
warr
"55 A
IVI
N
{i^Unlon Elev Ry (Chic) 6s...1945
1st gu 6s
♦Rlma Steel 1st s f 7s
{♦Rio Grande Juno 1st
5s._. 1939 J
gu
Roch G A E 4 Ha series D
J
45%
S
8
f t#R 1 Ark A Louis 1st 4 Ha.-.1934 IVI
S
61
91%
90
94%
80%
76%
90
44 H
1949
37 H
4Ha.. ..1941
Saguenay Power Ltd 1st m4%sl966
...1996 A
J
1955 J
stpd...
{♦St L-San Fran pr lien 4s A...1950 J
♦Certificates of deposit
S
U N J
43
30 H
38%
24%
42%
106%
112%
107% 112%
101% 105%
♦Un Steel Works Corp 6 %s A.. 1951
♦Sec s f 6%s series C
1951
♦Sink fund deb 6%s ser A... 1947
26
26
26
26
33 H
26%
26%
26%
2
26%
33
27%
28%
8
27
33 H
Utah Lt A Trac 1st A ref 5s... 1944
"163"
~
85
92
78
103%
*100H
82
'
79 %
*75
41
40
101
83 H
82
83
40
11
J
86
15%
14%
33%
I^Vera Cruz A P 1st
32 H
29 H
32%
74
17%
32%
28
30
45
15
31
26H
29%
401
27%
142
14%
13%
30%
29%
Virginia El A Pow 4s
24%
100
99 H
100
28
*68
70%
57
59%
"33
49 H
51%
80
100%
*105%
*24
20
103%
30
21%
104
*101%
26
101%
*106%
123%
38
107%
102
103
108
109%
114%
114%
*42 %
43
34
43
25%
1946 A
44
28
25%
41 %
*120%
()
*28%
O
30
F
A
11 H
1969 A
O
S
ertlficates of deposit..
♦1st & cons 68 series A
1949
..
1946
M
♦Certificates of deposit
17%
19
565
16%
32%
18%
147
6%
13%
3%
51
3%
1952 J
♦^Siemens A Halske
1935 J
8
113
100%
D
99%
*..
113%
13
100%
156
80
J
*102%
S
58%
58%
A
23
23
1946 F
68%
69
9
Skelly Oil deb 4s...
1951
J
101%
102
34
Socony-Vacuum Oil 3 Ha
1950
South A North'Ala RK gu 5s.. 1963
O
106%
106%
29
A
68%
O
1
*128
"9
106%
10
97%
99%
99
66
80%
98
99%
208
93%
95%
49
87%
76%
S
s
94
93
94%
156
94%
71
1st
216
32
106%
103%
11
"
"99
103% 106%
100% 101 %
99% 108%
103%
*103%
107%
107%
J
111%
111
108
O
80%
Devel A gen 6s
1956
O
100
1956
O
102%
..1996
J
St Louis Dlv 1st g 4b.
1951
J
East Tenn reor Hen g 5s
1938
M
S
Mobile A Ohio coll tr 4s
1938 M
S
77%
99%
101
111%
80%
208
Standard Oil N J deb 3s
1961
D
1943
D
♦Studebaker Corp conv deb 6s. 1945
J
114"
1950
R
106%
1956
A
1956
R
122""
104
Island Ry 1st 4Hs
Swift A Co 1st M 3%a
Symington-Gould
-
lnc
conv
w w
Without warrants
Tene cent 1st on a ut b
1947
O
Tenn Coal Iron A RR gen 5s.. 1951
S
Tennessee
Corp deb 6s
ser
1944 IVI
C
D
Term Assn of St L 1st g
4Ha.. 1939 a
o
1944 F
;..
Gen refund s f g 4s
1953 J
J
Texarkana & Ft S gu 5%s A.. 1950 F
D
1951 J
Tex & N O con gold 5s
1943 J
2000 J
Gen A ref 6s series B
1977 A
(>
1941 IVI
3%s..2000 F
"76
s
86
55
85
28
59
4
41%
84
21
41%
83%
77
83
72
76
72
75%
81
A
-P.
—
102 1
103
8
110%
110%
3
*112
.
-
__
—
-
109%
109%
5
126%
1
122%
122%
109%
109%
109%
1966
108%
108%
109
1952
105%
79
107
105%
106%
106
1977
107
34
106
1961 J
S
J
1
6
10
West N
Y
A Pa
1st g 6s
84
1937 J
1943 A
O
1946 IVI
s
Gen gold 4s
{♦Western Pac 1st 5s
ser A
♦5s assented
99%
J
111
)"j
Wheeling A L E Ry 4s
RR
ser
White 8ew Mach deb 6s
104
107
111%
21
103
112%
107%
106%
107
48
103%
108
108%
45
104
23%
11
22%
99%
16
85
100
94%
3
81
96
J
22%
98%
98%
J
93
F
*106
S
_
_
-
113
113
113
102
101%
102%
104
104
4
102%
2
90
104
{♦Wick wire Spencer St't 1st 78.1935
♦Ctf dep Chase Nat Bank
Wllk A
East
conv 7s A.
1st gu g 5s
D
1938 J
Will A S F 1st gold 5s
35
36%
65%
36%
1942 J
17
36%
36%
1935 M N
35%
*60
J
J
18%
18%
-
J
36
7
100%
100%
101
115"
30
106%
103% 106%
14%
38%
104% 107%
98% 101
115
31
33
31%
|*Sup A Dul dlv A term 1st 4s '36 MN
23
24
^Certificates of deposit
{♦Wor A Conn East 1st 4%s__1943
21%
21%
*10%
25%
"24"
21-%
j"j
107
141
31
~32%
68%
105% 107%
99% 104%
7
♦Certificates of deposit
,
40%
40%
45
23
-
1949 J
97% 104%
67%
93%
104% 110%
114
99
{♦ Wis Cent 50-yr 1st gen 4s
105%
101%
107%
107%
43
85
78
33%
104
p.
S
1940 M N
112
'
A
1949 M
42%
2
22%
D..1966 M
1st consol 4s
44
104%
106%
J
Wheeling Steel 4%a series A... 1966
111%
32%
32%
108)4
J
2361 J
Registered.
116
111%
2361 J
West Shore 1st 4s guar
106
50
35
104
Funding A real est g 4%s_..1950 IVI N
25-year gold 5s
1951 J
D
30-year 5s
1960 IVI s
♦Westphalia Un El Power 6s..1953
36
32%
34%
1
34
109
99% 104%
25
111
33%
1946
Western Union coll trust 5s... 1938
5
99%
31
106
110%
109% 112
121% 126%
119
123%
107% 110
107% 109%
96% 106%
105%
101%
98
100%
94% 103
105% 110%
-
109%
126%
1939
87
71
99%
89
103%
112
105%
81 %
1J 5
15%
15%
2
35
21
9
32%
25%
6
9
23
21
25
Yount§stown Sheet A Tube—
Conv deb 3%s
I
1951
1st mtge s f 4s ser C
1961 IVI
A
F
128%
127%
130
79
N
104
103%
104%
99
105% 140
98%
105
128
29
105
al56
5
136
119%
122
5
113% 126%
104
104%
15
74
125%
2
120
104%
14
103
100%
109%
100%
101%
"22
94
107%
163%
0
Cash sales transacted during
105
r
Cash sale only transaction during current
102%
current
at
1979 A
O
106%
Gen A ref 6s series D
1980 J
D
107%
109%
1
109%
112
119
6
116
and
not
included
in
the
yearly
111%
111%
108%
19
104%
105%.
91
130
"
"8
105%
106%
10
98
106%
107%
26
97
108
107%
108
15
97
108%
during
week.
ourrent
week,
n
week
Under-the rule
} Negotiability impaired by
maturity,
a
Deferred delivery sale only
only transaction during
sale
t Accrued Interest payable
121
105%
128%
106%
109%
108
105%
week
No sales
126%
118%
111%
the current
range;
iu5
transaction
Gen A ref 5s series C
S
52%
99%
70
21
'
105%
104%
D
53
125%
J
Texas A Pac 1st gold 5s
Tex Pac Mo Pac Ter 6Ha A.. 1964 M
92% 112
104%
A
Texas Corp deb 3 Ha
97
102%
112%
1C6
al56
A
1st cons gold 5s
118
s
Tenn Elec Pow 1st 6s ser A... 1947 J
95%
98%
103% 111%
*104%
J
Tenn Cop & Cbem deb 6s B...1944 IVI
100%
97
102%
21
32%
O
105%
28
33
.43
J
106
106
85%
J
109%
J
74
84
D
105%
A
109%
85%
1960 J
109%
1946
107%
O
Wilson A Co 1st M 4s series A. 1955 J
D
5s... 1965 J
36
Wluston-Salem S B 1st 4s
S'western Gas A Elec 4s ser D.. 1960 M N
g
40%
25
71% 104^4
103
{♦Spokane Internat 1st
26
68% 101
93%
Staley (A E) Mfg 1st M 4s
.
61
92%
93%
.
*
91
2
J
35
37%
25
100%
104%
3%sser B...1964
24%
102%
104%
S'western BeU Tel
26
10
37
*36
O
75%
1st ref gu g
♦Ctfs for col A ref
90
*104%
100
RR
1st A ref 5%s series A
105%
Devel A gen 6 Ha
1st g 5s
27
w
1955 A
&
Plot deb 6s
Bros
1st mtge 48 ser H
76%
95%
97% 102%
101%
108%
103%
1956
26
27
...
1955 A
1st mtge 3%s series 1
Western Maryland 1st 4s
95%
100%
1955
Devel A gen 4s series A
77
108
J
1980 A
Westchester Ltg 5s stpd gtd.__1950
West Penn Power 1st 5s ser E.1963 IVI
96
101%
J
1994
-p.
35
33%
Wash Water Power a f 5s.
90
106%
129%
108%
107%
99%
100%
108%
1937 J
5s
cons g
15%
14%
J
1955 J
1st 4s stamped
42%
38%
40%
37%
40%
13
-P.
36
39%
"34"
35
O
Washington Cent 1st gold 4s. .1948 Q IVI
Wash Term 1st gu 3%s
1945 F A
1st 40-year guar 4s
1945
35%
O
6s. .1937 M N
1st ref guar 4s
66
108%
D
6s debentures
96% 103%
103%
108
93
So Pac Coast 1st, gu g 4s
1978 A
Walworth Co 1st M 4s
31%
106%
93%
So Pac of Cal 1st con gu g
Ref A gen 4 %s series C
99
26%
72
77
89
7
.
33%
36
*
♦Deposit receipts
23
108
93%
1950 A
39
82%
.
60
71
72%
106%
1981 M N
...1946 J
38
*34%
A
♦Certificates of deposit....
Walker (Hiram) GAW deb 4%sl945
122%
42%
J
....1969 IVI N
1st 4a
1976 F
♦Ref A gen 5s series D
94% 101%
80
89%
J
Gold 4 Ha
10-year secured 3%s
98
36%
38
S
♦Certificates of deposit
105% 115
114%
106%
102%
Gold 4Ha
San Fran Term
"97%
S
♦Certificates of deposit
♦
80
*
1941
B
67%
85
100% 103%
-
72
*76
1939
3%s
19
-
109
98% 104%
84%
97%
*102"
Toledo A Chic Dlv g 4s
1941 IVI
{♦Wabash Ry ref A gen 6 %s A. 1975 IVI
•< ertlficates of deposit
59% 103%
15
♦Silesia Eleo Corp 6 Ha
Silesian-Am Corp coll tr 7s
1968 IVI
1st g
103%
46
88%
112%
100%
81
179
97
*
Warren
4%
7%
30
(Oregon Lines) A... 1977 IVI
1st g 4s
96%
96%
1941
♦Warner Bros Co deb 6s
57
214
1951
Gold 4 Ha
107
1939
72
104
103%
..1954
42%
58
"10
99%
106
1st 58
11
106% 110
115
99%
103
17%
21%
20%
158
16%
13
So Pac coll 4s (Cent Pac coll). 1949 J
*112
13
45
17%
15%
13%
1947
J
O
3%
5%
12%
15%
16H
18%
33%
Bell Tel A Tel 1st s t 5s. 1941
S
s
17 H
1951 IVI N
Southern Colo Power 6s A
65%
4
{♦Warner-yulnland Co deb 68.1939 IVI
12
1941 F
86
21
31%
11%
M
37%
109%
S
Omaha Dlv
107% 110%
2%
6 H
5%
65
11%
30%
12
1951
31%
109%
*5
s
12
Shinyetsu El Pow 1st 6 Ha
f 7s
36%
109%
105
A
Shell Union OH deb 3 Ha
s
D
1955 M N
1939 IVI
O
Sharon Steel conv deb 4 Ha
f 6 Ha
_
26
5
1942 J
A
Warner
A
w
.
3%
J
32
1935 F
♦Series B certificates..
ser
85%
98%
106% 111
*113
13
28%
10%
1st g 48..^.__ 1933 MS
{♦Seaboard All Fla 6s A ctfs.,1935
s
114%
"33
18
Oct
|»Refundlng 4s
*113
.1958 A
Des Moines Dlv
66
O
1989 M N
1950 A
A
95% 104%
105%
97%
66
43%
14
J
1st lien g term 4s
66
4i%
41%
1946 J
t 6 Ha series B
98%
off
Det A Chic Ext
62 'Ti
42%
96%
O
N
109% 110%
112
115%
J
75
98%
A
1939 IVI
112%
112
109%
60
J
♦2d gold 5s
124%
112%
110
1966 IVI
103%
J
66%
{Wabash RR 1st gold 6s
107%
S
78
65%
Virginian Ry 3%s series A
31
89
64
66%
4%s..l934 J
gu
♦Ref A gen 5s series
102
69
1955 F
4s series A
1st cons 58
27
16%
102% 107%
101% 104%
104%
117%
123%
75
39%
68%
28%
56% 4
100% 102%
100% 102%
105
107%
17%
45
68%
Va Iron Coal A Coke let g 6s..1949 IVI
Va A Southwest 1st gu 4s
2003 J
76% 100
50
coupon
104%
66%
5s. 1941
♦Vertientes Sugar 7s ctfs
29
IMuly
103%
68%
1959
Cons s f 4s series B
30%
cons g
103
104%
1957 M N
75
1965 IVI N
|{»Seaboard Air Line 1st g 4S..1950 A
Staten
Vandaila
2
5
103
1944
conv
83
♦Stamped
Mem Dlv
Vanadium Corp of Am
291
J
1st 6s.. 1942 M
Scioto V & N E 1st gu 4s
Southern Ry
51%
32%
♦Stamped
RR
34%
84%
103%
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s_.1952 J
So Pac
86
14
1947
Power A Light 1st 6s
Utll Power A Light 5%s
Debenture 5s
29%
J
1st 4Ha
87%
26%
20 H
1940 J
1972 J
South
67%
71
69
30 H
A
J
♦Debenture
ser
32
D
6Ha
38
149%
103 H 107%
A.. 1947
.....
1943 J
San Diego Consol G & E 4s
55
114%
25
108
U S Rubber 1st A ref 5s
*
1937 J
guar...
111
-
11
35
106%
106%
v
102%
102% 105%
102%
J
Mont ext 1st gold 4s
tPaclflc ext gu 4s (large)
14
-
148%
37
35%
148%
118
99
106% 109%
98
103%
44
-p-
-
•p
109
5
105
*100
D
St Paul Minn A Man 5s
*113%
3
113
103H
51 H
{♦St Paul E Gr Trk 1st 4 Ha...1947 J
{♦St Paul A K C Sh L gu 4 Ha. 1941 F
|*Atl A Blrm
"37"
United Drug Co (Del) 5s
35
"~59~~
St Paul A Duluth 1st con g 4s. .1968 J
♦(
103
"103"
25%
1937
|♦Gold 4s stamped
♦Adjustment 5s
102
1953
RR & Can gen 4s
1944
I {♦United Rys St L 1st g 4s... 1934
U S Pipe A Fdy conv deb 3%s_.1946
13
1937
Guaranteed 6s
s
108
24
J
♦1st terminal A unifying 6s.. 1952
♦Gen A ref g 5s ser A
..1990
♦Guar
113%
100%
107%
27 H
1978 M
1989 M N
11 Paul City Cable cons 5s
guar
100
1971
deb 6s..1950
30
j""j
1950
♦2d g 4s lnc bond ctfs._.Nov 1989 J
{♦Schulco Co
112%
.June 2008
Biscuit of Am
29H
J
♦Certificates of deposit
Phen
113%
100%
1st lien A ref 5s
35-year 3%s debenture
United
23%
J
Santa Fe Pres A
111 %
Utah
{♦St L Peor A N Wist gu 6s... 1948 J
Dep 5s
116%
107 H
19
O
St L Rocky Mt & P 5s
St Paul Un
111%
36
33%
J
4s ...1933 M N
tH 1 SW 1st, 4s bond ctfs
123
21
110
23%
♦Certificates of deposit
•
25
122%
116
54
109
St Louis Iron Mt A Southern—
♦Con M 4 Ha series A
♦Ctfs of deposit stamped
103
112H
1996 J
♦Prior Hen 5s series B.
119
115%
109%
18
Ry Lt Ht & Pr 1st 5s... 1937 M N
1st g
17%
5
202
all5%
109%
23 H
St Joe A Grand Island 1st 4s... 1947
♦IRlv & G Dlv
5
21%
121%
106r
121%
105
99%
107%
Union Pac RR 1st A Id gr4s
1947
1st lien A ref 4s
June 2008
29H
103%
89%
105%
122%
107
i6§%
deb
85
0.
1947
conv
18%
O
con
St Lawr A Adlr 1st g 5s
2d gold 6s
46
112%
*108%
108%
12-year 4s
36
1948 A
RUt-Canadlan 1st gu g 4s
Rt Jos
35
33 %
♦Ruhr Chemical s f 6s
1st
Union OH of Calif 6s series A..1942
107%
48
"79 H
80 H
1962 M
....
102
103%
*45
O
1977 M
Gen mtge 6s series E
102%
*
D
♦Rio Grande West 1st gold 4s.. 1939 J
♦1st con & coll trust 4s A...
1949 A
Rutland RR
f 7s
s
*109
36
105% 112
87% 109
101%
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Aut, or securities assumed by suoh companies.
106
99% 107
117% 130%
•
Friday's bid and asked price.
No saleB transacted during current week.
♦Bonds
selling flat.
106%
105% 110
exchange rate of $4.8484.
<
In
Deferred
deUvery sales transacted
during
the current
week
and
not
Included
the yearly range:
No sales.
»
-
NOTICE—Cash and deferred delivery sales are disregarded In the week's range,
regular weekly range are shown In a footnote In the week
n whloh they oocur.
following extensive list we furnish
In the
week
beginning
a
No account Is aken of such sales In computing
Last
Par
Week's
Sale
of Prices
Low
High
Price
Range
Shares
Low
May
49%
Adams MUUs 7%
1st pf 100
99
June
113%
15
Jan
1,400
,2%
Apr
100
9%
Aug
Mfg ol A
4%
13
13
Agfa Ansco Corp com
20%
Alnsworth Mfg new com.
20
28%
preferred
73%
81%
74
"72>i
$6 preferred
72
23
Allen industries com
"4%
Alles & Fisher Inc com...
Alllance Invest com
Mar
3%
3%
5%
19
Oct
25
75
82%
73%
25%
225
'is
37%
Jan
83
180
67%
Feb
84%
Oct
860
58
Feb
76
Feb
4,500
19
Apr
29%
2,300
2
Dec
4%
Nov
Deo
Jan
4%
Feb
Dec
2% June
Oct
2%
Oct
24%
Dec
4%
Mar
35
Feb
1%
Mar
Nov
Jan
2
15
June
25
21
Jan
87
Jan
%
Common..
$3 conv pref
Allied Products cl A com 25
100
6% preference
129
144
Aluminum Co common.
17%
27%
13%
Jan
90
Dec
Jan
117
Dec
8,400
27%
3
1
100
900
30
10c
95.50 prior pref
7%
37%
Dec
May
48%
13%
Nov
31
Mar
Dec
10%
12%
1,900
9%
Nov
26
26%
200
24%
Oct
9%
46%
10%
1,800
6%
Aug
47
150
39%
Jan
50
24%
24%
300
23%
Apr
26%
Oct
98%
166%
4%
*
Jan
107*
June
Jan
100%
Deo
100
Warrants..
4
1%
Jan
%
6%
Jan
33%
400
Jan
1,700
%
%
3%
1~225
25
4%
38
38
*
Oct
Jan
51%
103
"
100
10%
Oct
Feb
40
%
Apr
4
7%
7%
200
2%
7%
Mar
7%
Dec
8%
Nov
1
1
1%
2,500
%
Jan
2%
Mar
36%
100
I %
Jan
Jan
9
Feb
•u
Jan
2
Feb
27
Jan
86%
39%
40%
44%
1,000
1,300
38%
43
0%
6%
2,200
5%
Cyanamid class A .10
10
Class B n-v
6%
Jan
36%
91 %
Mar
Feb
"35%
131% 131%
26",660
25
3
Amer Foreign Pow warr...
20 %
Amer Fork & Hoe Co com*
*
39%
*
111%
American General Corp 10c
10%
Amer Gas & Eleo com
Preferred
92 preferred
34
1
1
92.60 preferred
23%
Amer Hard Rubber com.50
Amer Invest (111) com
Amer Laundry Mach
*
20
Amer Lt A Tr com
25
100
6% preferred
23%
26%
2,900
1,800
17,500
300
5,200
Jan
47%
Sept
"24%
"24% "25%
Feb
29%
Nov
Jan
40%
Feb
Jan
116
2%
19
133
Jan
7
Nov
Jan
Sept
Feb
6
Feb
25%
7%
Apr
47%
Jan
33%
108
114%
Jan
450
30 %
Jan
36%
23%
Sept
450
T.Ioo
9
38%
Dec
12
39%
43%
46
"§3"
1%
July
Jan
Amer Meter Co
21%
2,300
28%
200
25%
Feb
30%
14
Jan
46
30%
1%
34%
925
1%
7,000
800
49
•is
18
Jan
Jan
Amer Pneum Service com
1 %
May
Amer Potash A Chemical
21 %
Apr
10%
Am Superpower Corp com
10
10%
1,500
2%
American Seal-Kap com..
2
2%
59,000
8%
2
Nov
Jan
Jan
Oct
19%
17%
45
49
Jan
Mar
Jan
28%
Amer Maracatbo Co
Aug
July
Feb
20
20
Oct
30%
28%
25%
27
25
Amer Mfg Co com
2%
3%
20%
21
38%
40%
111% 112%
10
10%
33%
34%
48%
May
Jan
3%
Equities Co com—1
Dec
Nov
41
31
"34" "33"
Amer Dlst Tel N J pref 100
Dec
Apr
Mar
American Thread pref
4%
Anchor Post Fence
Wupperman..
Apex Elec Mfg Co com...
"37"
Appalachian El Pow pref.
107%
36%
Deo
Feb
100
Oct
Jan
4%
4%
100
4
June
800
1%
Jan
5
6
500
4%
Jan
7% June
Arcturus Radio Tube
1%
1%
Arkansas Nat Gas com
6%
6%
7%
6%
9%
9%
Common class A
Preferred
10
80
1%
7%
7%
10
10,300
5,100
5%
Nov
Dec
44
Oct
112
Aug
%
Jan
4
Feb
3%
3%
7%
Jan
7%
Deo
8
Deo
83
Arkansas P & L 97 pref..
Feb
Jan
3,500
6,500
63%
Mar
13
104%
Jan
Jan
June
10%
Dec
Oct
97
6%
13%
6%
14%
900
9%
Jan
17%
Nov
6%
5,000
6%
Dec
7%
Nov
12%
14%
Art Metal Works com...
Ashland OH & Ref Co
12%
100
10 %
Jan
13%
Aug
Industries
Amer deposit rets
.£
Assoc Gas & Eleo—
1%
Common
3%
Class A
1%
32
5,800
15,600
30%
2,700
5,100
""260
Sept
5%
316
1%
54%
316
Option warrants
26%
1%
3%
3
30%
95 preferred
150
31<;
Assoc Laundries of Amer.
5%
Associated Rayon com
54
54
Associates Investment Co
10%
10%
1,400
Atlantic Coast Line Co..50
46
49%
200
16%
16%
50
50%
28,100
1,000
4,600
1,400
16%
5
50
preferred
"3%
Atlas Plywood Corp
18%
*
Austin Silver Mines
3
1
Automatlo Products
6
Mach.*
Jan
Jan
""7%
3%
18
3%
19%
2%
7%
7%
40
40
10
common
*
130%
Baldwin Locomotive warr.
2%
Stainless Steel
1
Barlow A Seelig Mfg A
®32
%
Jan
Jan
6%
62%
3
44,600
7%
100
7%
800
4
41%
129
131
2%
3%
5
3
4%
18%
6% preferred
B
100
non-voting
Convertible class A
*
11%
Jan
1%
Ju'v
2%
Feb
1%
14% £15%
2,400
2%
24,500
1%
1%
600
1st preferred
Cent Hud G & E
Jan
102
10
75
Apr
Apr
95
""8% ""9%
6*500
105% 105%
10
10%
700
400
t 0
*
Cent A South West Utll__l
Cent States Elec com
1
6% pref without
7% preferred.
warr 100
100
10%
40
18%
"19%
42%
Cherry-Burrell Corp
♦
Chesebrougb Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
Chief Consol Mining
Chi Ids Co pref
100
*
com
"""♦
Preferred B
Preferred BB
11111*
"I""*
37"prefI*
18%
100
75
600
"17265
Apr
Oct
20
51
July
5%
3,000
2
Aug
Columbia Oil A Gas
1
Columbia Pictures com..*
Commonwealth Edison 100
100
142
Jan
121
89
Oct
Deo
Deo
2
8,700
1%
Jan
20
18%
21
700
44
44
44
150
16%
31%
Nov
Jan
56
Aug
23
23
44
Feb
19
20%
75'
325'
5%
2,000'
1%
6%
15
15
100
"72%
72
72%
108%
106
110%
50,
450
20
Jan
17
May
£4% May
15
4%
57
Deo
Mar
1,350
38
100
24
1%
400
3%
50%
5%
4%
4%
58
5%
71%
65%
13%
55
34%
3
58
Jan
34%
Jan
Jan
66%
71%
64
13%
Jan
600
3%
M&y
June
40
Apr
Nov
Jan
41 %
70
Nov
Jan
%
9,500
49
55
46,700
Jan
72%
124%
55
275
Nov
Oct
28%
81
Feb
7%
22
May
1%
78
30%
58
28%
80
Jau
105
54
55
Dec
Feb
86%
7%
Nov
Feb
June
06
6%
Feb
June
63
200
43
14%
2,100
11
3%
Jan
Dec
65%
July
Jan
42%
65%
71%
May
300
19%
Apr
6%
Oct
3,200
916
9%
,516
9%
Jan
Oct
200
7%
Nov
10%
Nov
1,000
4,900
Aug
%
%
"i% "2%
37800
Feb
May
52%
8%
2%
Aug
Sept
16%
Feb
7%
Dec
1%
May
3%
41
Jan
6%
Aug
10
Nov
Sept
12
Mar
2%
87
3
1,900
4%
3%
4%
1,900
3%
1,100
17%
18%
4,300
9%
52
3%
17%
6%
2%
3%
3%
55
2,500
86%
9%
89%
10
1,775
20,200
42
3%
Oct
4%
Deo
Oct
3%
Sept
Nov
19%
Deo
May
87%
Dec
Sept
Dec
Jan
73
116%
July
Dec
Commonwealth A Southern
pf.100
Jan
Deo
Nov
sb
"93""
Jan
19%
4%
3%
31%
10%
Columbia Gas A Eleo—
Conv 6% preferred.. 100
14%
102
90
Cohn & Rosenberger Inc..*
%
2V
Jan
Aug
Sept
Apr
Apr
29%
21
47%
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms 25
Jan
16%
55
Apr
9%
Development... 1
116*
Sept
9
Feb
45%
5% Income stock A___£l
6% conv pref
99% May
Dec
9%
Colon
Mar
1%
46~"
Oct
Oct
10%
17
*
6%
58
Nov
7%
42%
Corp._ioo
7%
Apr
Nov
75
Cleveland Tractor com...*
Dec
Oct
Deo
40%
4,900
19%
87%
Clinchfleld Coal
Mar
v
4
18%
Jan
3
July
29%
3%
1%
l
Preferred
18
86%
"1%
5%
10
Aug
82
Conv preferred
100
Conv pref opser '29..100
Centrifugal Pipe
Charls Corporation
16
Deo
Nov
68
105%
♦
v
7%
40
10
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent P A L 7% pref
100
Cities Service
Jan
29%
7% 1st partlc pref...100
Celluloid Corp com
15
$7 div preferred
•
8%
36%
Maj-
15 %
86
31%
11
Jan
Feb
Deo
27
10
*
Dec
July
Jan
Feb
Mar
4%
Aug
500
6,300
July
40
1%
33
Feb
Jan
22
Oct
100
31%
100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
12 %
12 %
2%
32
*
Carrier Corporation
Products
Casco
Cities Serv P A L
Nov
14
16 %
91
17
18%
'."93"
100
1
com
Bell Tel of Canada
Benson A Hedges com
5%
5%
2%
1%
Purchase warrants
Blckfords Inc com
*
pref
2%
1%
2%
1%
6,200
*
15
16
19
18%
20%
Blue Ridge Corp com
1
3
3
93 opt conv pref
*
400
48
3%
4,400
21,000
47
48
400
*
36
39
1,600
Bohack (H C) Co com
•
10
11%
51
14%
%
%
_»
5%
Bower Roller Bearing
6
29%
Bowman-Blltmore
»
com
7% 1st preferred
100
Braslllan Tr Lt A Pow...*
Bridgeport Gas Light Co.*
For footnotes see page 4129
5%
28%
2%
32%
100
2d
54
15%
.
Bourjois Inc
Warrants
Commonwealths
31
1%
_
6
17%
6
15%
%
5%
29%
2%
33
6%
17% £17%
Oct
Compo Shoe Mach vtc.
1
16%
Oct
13%
Jan
New v t c ext to 1946
Consolidated Aircraft
Consol Cigar warrants
1
"23"
Consol
6
July
120
34
May
350
12
Apr
1,500
400
2,600
Jan
3
1,100
300
Aug
20% May
%
9%
34
9
87%
Consol Royalty Oil
10
Cont G A E 7 % prior pf 100
Continental Oil of Mex__.l
Jan
Cook Paint A Vara com..*
Dec
34
preferred
Dec
%
Feb
Jan
62$
Dec
Sept
33%
%
Apr
1% June
31%
200
28
1%
1%
1,500
1%
Jan
15%
16%
400
11%
Jan
16
22
23%
8,000
%
9%
800
94,200
87%
1,700
84
Jan
10
112
Oct
%
7%
87
114
100
...
Deo
16
14%
July
Dec
%
3% June
Oct
3%
Oct
Mar
19
Nov
16%
24%
Nov
Deo
Deo
9$
Dec
94%
Nov
116
Mar
80%
9
350
600
"2%
2%
2%
"""800
80%
Deo
11%
Nov
Jan
Deo
2
May
122%
3%
88
8%
May
90
79
8%
.100
Jan
101%
June
53% June
3%
i—
Cont Roll A Steel Fdry
*
Continental Secur Corp..5
Aug
Jan
119
13
114
100
Sept
2
900
1,200
Oct
*
10%
45
Jan
75
%
com
Consol Min A Smelt Ltd..5
Consol Retail 8toree
6
8% preferred
Jan
Dec
97
16
Copper Mines
Consol G E L P Bait
5% pref A
300
31%
Oct
5
27,700
60
July
700
16
1%
1%
59%
%
2%
Apr
43% June
14% July
Il9~" "17166
%
'16
1%
13
%
34
116%
Distrlbll
Community P A L 36 pref *
Community Pub Service 25
Community Water Serv. I
6,700
(S) A Co
7% 1st preferred
100
Borne Scrymser Co
25
Botany Consol Mills Co. *
Feb
July
9%
35%
15
*
com
Aug
Jan
3%
11
*
Berkey & Gay Furniture. 1
Nov
3%
*
Conv pref
July
29%
33%
100
7% 1st pref
preferred
5%
7%
91
Cleveland Elec Ilium..
70
Baumann (L) A Co com..*
Bell Tel of Pa 6 % %
6%
7
26%
Dec
21%
Deo
500
Aug
Oct
29%
17%
May
Deo
75%
37%
Carolina P & L $7 pref...*
36 preferred
*
May
1
Nov
Mar
240
»
com
May
7%
Nov
12
29%
Oct
74
*
Class B
Carnation Co
2%
4%
14
Nov
70
2%
11%
50
55
Nov
74
25c
Dec
Nov
7
Nov
10%
11%
14%
Feb
29%
14%
16%
8%
Dec
Carman A Co—
Nov
Nov
Jan
32%
28%
»
52
97%
100
29%
1%
June
Apr
Jan
30%
225
!
,
Capital City Products
Carib Syndicate
Nov
Dec
5 H
*
Canadian Marconi..
28
98
625
5,200
Nov
9ig
Nov
Jan
7
Canadian Indus Alcohol A*
June
Jan
Aug
270
8,000
Oct
Nov
Nov
Feb
July
4%
24%
Canadian Hydro Elec—
36 preferred
*
City Auto Stamping
*
City A Suburban Homes. 10
Claude Neon Lights Ino
1
Clayton A Lambert Mfg..*
26%
Axton-Fisher Tobacco—
Babcock <fc Wilcox Co
2%
4%
33%
92
Atlantic Coast Fisheries..*
Warrants..
Jan
1
88
Atlanta Blrm Cst RR pflOO
Atlanta Gas Lt 0% pref 100
Atlas Corp common
1
5%
'u
Canadian Car & Fdy pfd 25
Jan
4%
%
200
*
2%
10%
Dec
8,200
*
com
Canadian Canners pref
63%
Oct
»i6
%
4%
Canada Cement Co com..*
Castle (A M) & Co
May
300
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canada Bread Co
500
1
%
%
£1
Catadn Corp of Amer
1
Celanese Corp of America
32
37
Am dep rets B ord shs
Oct
1,100
107%
106
%
4%
30%
Am dep rets A ord sh.£l
Feb
45
Deo
Cables & Wireless Ltd—
Nov
82
45%
4%
4%
5%
*
v t c
1%
47%
1st preferred
Preferred
Blumenthal
Jan
28
Burry Biscuit Corp.. 12%c
44%
W) A Co
Jan
Burma Corp Am dep rets..
40 %
conv
3%
Jan
1
92.60
1
$3 convertible pref
Oct
Dec
Deo
26%
9%
Buckeye Pipe Line
Burco Ino com
25
1,100
32%
Dec
Jan
25
Bliss (E
.*
Distillery
37%
43%
33%
4%
25
Bellanca Aircraft
Brown Forman
37%
40
43
Jan
Mar
28
12
Brown Fence A Wire com.l
Class a pref
800
£32%
77%
Lt—
Class B
Barium
Apr
27%
26% June
Dec
Class A
A
29%
Jan
Jan
Dec
Clas A with warr
Class
Mar
16%
21%
Sept
100
36%
*
*
$3 preferred
Automatic-Voting
100
23
Apr
29
2%
4%
10c
Common class B
6%
Mar
55%
16%
65
Capital—
Class A com
Eleo
Nov
Feb
Cable Elec Prod
American Beverage com..
American Book Co
Associated
100
Mar
Sept
Feb
Jan
Dec
26%
*
pref
Bunker Hill & Sullivan.. 10
9%
American Airlines Inc—10
Am Cities Pow A
Am dep rets ord reg
British Col Pow cl A
Dec
87
8%
55%
13%
2%
Sept
45
Jan
28%
18%
100
3
32
125%
T266
7,200
1,150
*
Jan
116% 116%
22
27%
2%
3%
65
66%
7%
Tobacco—
Feb
"74% "96"*
90
100
6% preferred
6%
4%
7%
dep rets ord bearer £1
Am dep rets ord reg._£l
British Celanese Ltd—
15
Mar
Jan
50
52
Am
109
162
1%
23
Registered
Amer
1,100
•
200
Aluminum Industries com
Aluminum Ltd com
Feb
6%
British Amer Oil Coupon
British
Aug
Aug
1,500
3%
*
Class A
21
108
17%
97
50
Buff N1ag A East Pr pref25
$5 1st preferred.
*
3,950
115
17%
Nov
25%
100
7% preferred
Brillo Mfg Co com
450
145
113
115
Aluminum Goods Mfg—'
Nov
»
Jan
Mar
13%
16%
2%
*
class B
High
Low
Shares
100
Preferred
Brown Co 6%
Allied Internet Investmen
Price
17%
Bridgeport Machine
Class A
100
300
Week
Deo
1,200
4%
3%
for
of Prices
Low
High
Brill Corp
2,000
Warrants
Alabama Gt Southern—50
Ala Power $7 pref
Nov
3%
28%
23
Week's Range
Sale
Par
22
3
3
Air Investors "om—
5%
Last
Nov
26
1 1936
Range Since Jan.
STOCKS
High
40
Class B
Sales
Thurs.
corn...20
Angostura
include every
(Continued)
Range Since Jan. 1 1936
for
Week
Acme Wire v t o
Amer
New York Curb Exchange for the
1936). It is compiled entirely
security, whether stock or bond, in
complete record of the transactions on the
Sales
Thurs.
Amer
elllng outside of the
the range lor the year.
Saturday last (Dec. 19, 1936) and ending the present Thursday (Dec. 24,
on
STOCKS
Aero Supply
,Dec- 26>1936
only transactions of the week, and when
dealings occurred during the week covered:
which any
American
unless they are the
daily reports of the Curb Exchange itself, and is intended to
from the
Conv
and Yearly Record
New York Curb Exchange-Weekly
4124
19%
17%
10%
19%
18%
11%
19%
% May
1,400
100
500
2
Jan
Feb
19%
Deo
Jan
12
Deo
16%
Oct
21%
60
Oct
62
U.B
Sept
Deo
Nov
Volume 143
New York Curb
Thurs.
STOCKS
Last
{Continued)
Cooper Bessemer
com.
Low
31
*
Cord Corp
Corroon & Reynolds—
Common
12 %
6
4%
1
$6 preferred A
Preferred
3%
36%
1,200
7,200
4%
100
31
£1
3%
36%
14
32
Jan
64%
6%
Jan
12%
3%
Aug
34
38%
*
12%
33»*
12%
1
916
%
Crowley, Mllner<& Co
8
Feb
103
Nov
1%
Jan
4%
Feb
6%
Jan
3634
Dec
11% May
1
2
.
3%
Grand Rapids Varnish
Jan
July
5%
Feb
7% 1st preferred
23%
24%
400
22%
June
Feb
Gt Northern
Paper
400
%
Aug
51%
300
4%
37 %
105
i
17
16
17
19%
19
19«^
27,600
3,500
z31.
15%
14%
%
Sept
17%
Dec
Dec
1%
Apr
*9
Mar
17%
Dec
"'5% "5%
5%
♦
77
Detroit Gasket & Mfg coml
15%
17%
6% pref ww..
20
Detroit Gray Iron Fdy_._5
Detroit Paper Prod
1
Detroit Steel Products
*
18%
19
13%
13%
8%
~51%
48
Jan
16%
Apr
400
10 %
June
22
May
15%
Dec
21%
32%
18%
Dec
100
16.
Feb
73
1
Jan
"i!io6
50
1,400
400
14%
1,200
8%
100
51%
2,400
%
25%
15%
18%
8%
7%
34%
Mar
1034
Dec
12%
200
23%
Mar
35%
36%
1,100
27%
May
31%
38%
Dec
Nov
46
Sept
53 %
Dec
11%
12
*
'36%
DomlnlonTar&Chemcom
12
300
4% June
*
8
Julv
6% % pref
100
Douglas (W L) Shoe Co—
108
Nov
7% preferred
.100
Dow Chemical
*
15%
131
_!!!!!*
Co__!!!"Io
131%
96
Corp.l
3%
100
68%
Common...
97
150
65%
30
200
25
i
3%
68%
3%
72
"moo
400
1%
1%
1%
7
7%
23%
1,500
34,200
6%
3,100
23%
19%
%
6
Dec
39
Jan
July
111
Sept
Jan
6
Mar
85
Aug
10%
Jan
Jan
23%
Dec
4
Jan
11%
66
67%
325
69%
Jan
85
Jan
56%
59%
600
41 %
Jan
83
Mar
26
29
525
22
Dec
42%
Feb
6%
Dec
------
5%
Easy Washing Mach "B"_*
12%
4%
73
100
36
*
78%
69%
78%
1
10
10
7%
A.!!!!*
7%
1,500
3%
1,800
22% 105,800
70%
1,600
80%
3,300
10
4,600
8
69
Apr
Feb
27
Apr
Mar
Mar
9%
83%
13%
July
2
Jan
5%
i
5%
5%
400
5
May
95%
95%
200
88
Elec Shovel Coal $4
pref..*
May
15
15
150
10
Jan
Electrographlc Corp oom.l
17%
17%
600
*
ww
Elgin Nat Watch Co
preferred
Dec
Feb
Nov
29%
Jan
65
Jan
66
Jan
69%
60
71
66%
800
47
Jan
72
July
27
27%
18%
2%
100
21
Jan
31
Sept
Equip..6
"l8%
Corp com
10c
Pipe Line
60
European Electrio Corp—
Option warrants
2%
Equity
18
2%
1,000
12,700
Falstaff
%
Candy"!!]
Metallurgical!._*
Fidello
Fire Association
First
National
18
19
$6
100
l
preferred
Am
*
650
com
20%
44%
7%
Interstate Power $7 pref
Royalty
7%
1%
1
v 10
~10
...I
Superpower A
Jeannette Glass
!
Co._!!!!*
%
Jan
Feb
Jonas A
July
89
Feb
Jones A
Apr
117
Jan
7%
575
61%
450
7%
2,000
21
7%
22%
23%
275
2%
2%
100
10%
10
5,700
7%
19
May
July
22% June
2%
1%
3%
23
Jan
2,000
2
Sept
23
1,100
3
20%
500
18%
12%
13
1%
78%
%
90
1%
79%
%
90
10,200
200
1,200
"l9%
100
85H
86
•
50%
17%
100
100
600
800
67
Jan
34%
Dec
June
80
% Sept
9% Aug
13% June
2%
Feb
40 %
Feb
30
Apr
Dec
3,500
Jan
9%
2%
Jan
7%
Jan
May
52%
Nov
Oct
54
2,100
36%
Jan
60
Sept
55
200
38%
52%
Jan
69%
Sept
Feb
69
Dec
Jan
11
Deo
20%
20%
44%
7%
1%
24%
34%
32
20%
3,500
19%
Dec
24%
20%
1,600
20 %
Jan
24%
Feb
Apr
14%
Mar
Dec
44%
300
37
Mar
500
8
Jan
44%
9%
Feb
40
14
June
48
Oct
101
Dec
5%
1%
450
1%
"75"
""800
68%
1,200
26
33%
35%
2,400
%
33%
34%
7,200
7%
6
7
2,700
Jan
6%
Jan
Jan
3%
Jan
May
21%
Sept
84
24%
Dec
34
Sept
3%
Apr
36%
7
Feb
Jan
Feb
Dec
%
Dec
%
Dec
Feb
16%
Nov
32%
Dec
39%
38%
Apr
Aug
May
3%
64
'"!% '"!%
""406
14%
1%
%
2,000
%
16
6%
-
35
716
»!•
5
15%
Dec
2%
96
Dec
Jan
%
Sept
100
27%
21
150
20
500
%
22%
Feb
Mar
Sept
%
May
Dec
31%
Feb
Jan
26%
1%
Mar
716
25%
17
%
900
14%
14%
7%
15%
1,800
la'if
9%
600
sx
88%
93%
100%
7%
7%
93% 95%
25
70%
92
90
70
Jan
100
240
80
May
88%
92
----
7%
88%
%
22
%
%
15
800
1,900
300
%
3%
3%
113% 113%
20% 22%
1,300
%
1%
30
2,800
%
1%
100
111%
1
7%
5%
7%
5%
8,600
Kirby Petroleum
1
Klrkld Lake G M Co Ltd. 1
Klein (D Emil)
*
Klelnert Rubber
10
7%
4%
100
May
Dec
Dec
Nov
Jan
Jan
Jan
500
1,800:
Mar
Jan
Jan
12,400
10
11%
400
1
Feb
Feb
Aug
9%
Dec
93%
Aug
Aug
97%
105
8%
98
1%
6%
114
Aug
Dec
Dec
Mar
Mar
1%
Aug
Dec
Dec
ti?
25%
106%
3%
Mar
15%
4%
Deo
Jan
Nov
4
Dec
Dec
70
"20% "26% ~"~!6o
%
17
July
10
92
100
Apr
33%
May
16%
%
Feb
Nov
23
500
9%
Feb
37
16%
%
1,400
Jan
Jan
24
----
Jan
2%
Jan
1,500
2,400
35
20%
—
July
Fet
Nov
Sept
87
16
7%
Jan zl03
300
1%
2%
Knott Corp common
6%
33%
34%
2%
7% pref series B
Oct
Oct
Oct
400
2%
5% pref series D
Kingston Products
Feb
5%
7% pref. 100
July
2 %
Jan
7j« May
18%
Jan
8
Jan
3%
20
Mar
90%
Apr
12
12
200
10% May
18
18%
200
14
57%
58%
7%
1,900
2,500
51
6%
Jan
70
94
Lake Shore Mines Ltd...l
Feb
Lakey Foundry A Mach..i
Lane Bryant 7% pref..100
Nov
%
Feb
Sept
Jan
2%
Jan
12%
Jan
24%
47
Jan
62%
Aug
Apr
Class A
Nov
Lehigh Coal A Nav
Mar
Leonard OH
19
Dec
Jan
6%
106%
200
Jan
Jan
6%
70
*
1
102
58
106
Deo
Sept
Mar
Langendorf United Bak—
Lefcourt Realty com
Preferred
Dec
106
1
Oct
2%
11
3%
•
9%
3%
18%
9%
Develop....25
"16
%
Lerner Stores 6 % % pref 100
Lion OH Refining
*
"14%
Lit Brothers com
For footnotes see page 4129.
22 %
9,500
Kreuger Brewing
10034
93%
13%
10,500
Kress (S H) A Co pref...10
"ti May
40
Apr
*t« Jan
85
Dec
Nov
Jan
60
Dec
Sept
67
100
40
109
21
30
8,200
Feb
Jan
Apr
Dec
23
June
50%
4%
22%
29%
Jan
71
20%
Mar
Aug
108%
Jan
25
"20% "21% "moo
Dec
Nov
12%
10
Kobacker Stores Inc com.*
Koppers Co 6% pref...100
1
85%
20%
Feb
19
16
22%
19%
28%
Kimberly-Clark 6% pf.100
Kingsbury Breweries.....l
Kings County Ltg Co—
Feb
14% May
Jan
16
1%
25
A.!!!!!*
Feb
Dec
350
V t c preferred
9%
11%
11%
18%
3%
9%
2.50
Kansas G A E
Dec
500
Naumburg
Ken-Rad Tube A Lamp A*
32
50
Mar
1,350
9
Laughlin Steel. 100
Oct
Nov
300
9%
100
Oct
Feb
10%
preferred
64%
4%
9%
10
Nov
Jersey Central Pow A Lt—
5%% preferred
100
6% preferred
100
79
Sept
18%
9%
12%
500
17%
150
"74% "74"
Kansas City Pub Service—
Common vto
*
75
15%
13% Dec
6% June
Feb
48
Warrants
Jacobs (F L) Co.
74%
74
2,400
*16
Iron Fireman
50
59%
Dec
13%
5%
3%
3%
21
3,400
"ei"
5
14
International Vitamin!!"!
Interstate Hos Mills
Nov
Apr
46
May
40% May
Jan
40
10
...
Sept
4%
65
Feb
13%
1%
36%
42%
112
3
Nov
21%
9%
■
80%
10
July
39
250
52%
53%
55
!!!!!!!!..
700
5,300
1%
300
47
"54"
prior preferred!!!!!*
New warrants
39%
1316
113% 113%
10%
11%
Nov
$7
%
1%
5%
"!%
38%
113%
11%
Nov
19%
6
*
%
80
Dec
19
100
"39 %
79%
%
Telephone com.20
$3 convertible pref
»
General Tire A Rubber...5
6% preferred A*
100
preferred..
Internatl Safety Razor B
Internat'1 Utility—
Jan
Jan
14%
Jan
*
11% Nov
23% June
28%
Jan
Dec
Dec
*
300
*
General
6%
Oct
July
%
50
A stk purch warr
IntI Metal Indus A
400
17
Jan
Mar
10%
300
1%
16%
2%
6%
10 %
*
200
1
Warrants
Holding A Inv
Internal Hydro-Eleo—
Pref $3.50 series.
13%
»
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
•
Gen Rayon Co A stock.. •
Internal
Nov
Jan
Jan
1%
15%
Apr
Oct
14
9%
16%
A pi
Nov
700
40
19
8%
25%
72%
Oct
200
1%
40%
36% 40
108% 108%
32
34%
72% 80
Oct
9,400
lOO
10%
24%
4%
13%
..*
preferred..
1
preferred
Jan
Sept
Gen Gas A Electrio—
$6
V t c common
7%
Insurance Co of N Amer. 10
International Cigar Mach *
23%
10%
Apr
4%
19
Dec
Sept
Aug
Italian
14%
14%
16%
1
Nov
15
Dec
Dec
|
2%
97
3
Mfg
Irving Air Chute
3,800
Jan
2%
Feb
2,400
13%
"♦
33
Froedtert Grain A Malt—
Conv preferred
15
$8 preferred
Gen Investment
Feb
14
1,200
1,500
Feb
Apr
700
Dec
2,300
23%
Am dep rets ord
reg..£l
Gen Flreprooflng 00m
*
%
500
Dec
Nov
Sept
Aug
9%
5%
400
28
6%
1%
»
""
Jan
1%
6
1%
117
58%
88%
3%
class A
21%
American dep rots 100 fos
General Alloys Co
Gen Electric Co Ltd—
Jan
Aug
8%
Ford Motor of France—
(Peter) Brew Co
6
Franklin Rayon Corp coml
•ie
%
5
Dec
Finance^"""
12%
21%
Fox
Dec
54
3%
Non-voting
32%
dep rets ord reg..£l
Ford Motor of Can cl A.
Class B
47%
5%
21%
13%
100
Florida P & L $7 pref
Ford Motor Co Ltd—
July
8
(Phila)!!o
Corp
Feb
1,000
Stores—
7% 1st preferred
Fisk Rubber
Nov
19,100
58%
5%
Jan
Jan
class b
3%
6,800
19%
x5%
»
Corp com..*
Brewery
i
*16
1%
24
8
Ferro Enamel
%
21
Brewing
Fedders Mfg Co com
%
1%
21
Fanny Farmer
Fansteel
22
Jan
%
92 %
Investors
»
l
Jan
72
50
Class A
July
500
3,300
100% 100%
Feb
1%
June
%
fnl,po"IS p A L 6%%pfl00
July
38%
Eureka
Falrchild Aviation
15
July
.
1%
800
Apr
Indian Ter Ilium Oil—
Julv
43%
4%
July
""!6
63%
44
4
Feb
24%
6%
"33% "33%
preferred..
Jan
43
Nov
Feb
124
100
7%
42
800
3
Ireland._£1
Indiana Pipe Line
10
Indiana Service 6
% pref 100
Products!!!*
275
100
and
Petroleum!!*
66%
preferred
Ex-cell-O Air & Tool
Britain
Registered
International
60
Nov
z41
10%
100
800
Imperial Tobacco of Great
International
52%
57%
7%
Imperial Oil (Can) coup..*
Registered
~*
Imperial Tob of Can!!!!!s
Feb
66%
Jan
16
Industries
Apr
60
Evans Wallower Lead
loo
Nov
6%% preferred
100
7% preferred
100
8% preferred
100
Empire Power Part Stk..*
Emsco Derrick &
Chem
__.*
19%
225
Jan
130 %
130
cl A.
45%
60
32%
Mar
300
54
Deo
Sept
Apr
July
66%
79%
Jan,
54
27%
4%
Oct
Jan
22
33%
Jan
60
July
110%
5%
*
15
100
May
2%
76
..*
30%
15
Empire District El 6%. 100
Empire Gas & Fuel Co—
6%
9%
99
Deo
16%
81
*
Class B
Julv
Deo
17
deposits rcts.._£l
industrial
12
Jan
700
Oct
Amer
Mar
88%
18%
160
12%
'"57%
*
Illinois P A L $6
pref
6% preferred
Julv
4%
79
Apr
77%
Mar
Jan
6%
11%
Sept
Apr
1,100
76
"11%
Jan
2%
15%
64%
74%
9%
Shareholding—
pref
Dec
61%
70%
Common
Dec
6%
Jan
15% June
61%
3%
Option warrants
81
375
20%
Eleo P A L 2d pref
Jan
12%
21%
"i
23
22
"3%
.*
_
1% May
24%
Jan
20
Edison Bros Stores com
Elsler Electric
preferred
100
80%
15%
23%
r21
Eleo Power Assoc com
Class A
2,600
11
Economy Grocery Stores.*
Corp
l
Elec Bond <fe Share
com..5
*5 preferred
!_*
5%
73
Mar
7%'
38%
1,200
*
Hardart
Imperial
July
7%
2%
Jan
18% June
480
%
preferred.."!!! 100
Illuminating Shares
6%
Iron.25
6
Hud Bay Mln A
Smelt
Humble OH A Ref
Dec
56%
Malleable
conv
Oct
1%
Feb
10
9
19
5%
Oct
Oct
sie
300
38
Holophane Co com.._.._*
Horn A
104
Jan
107% 111%
*
7% pref stamped!!!! 100
7% pref unstamped.. 100
Hydro Electric Securities *
Hygrade Food Prod......6
Hygrade Sylvania
Corp..*
67%
6%
""4%
io
.
Nov
97
Nov
%
126
38
Holt (H) & Co cl A..
Hormel (Geo A) A Co
*
...
(CE) Cool A..
Hollinger Consol G M
41%
142%
Dec
1,600
3,700
8%
Huylers of Delaware Inc—
Common
j
•
100
Eastern States
Corp
*
$7 preferred series A...*
$6 preferred series B
*
$6
Oct
Feb
66
'"§8""
15%
17%
1%
39%
38%
13%
14%
Nov
June
105%
%
100
7%
Aug
Apr
Jan
Dec
112% 117
18%
108
preferred! 100
preferred
Electric
*94%
29
Durham Hosiery class B._*
Duval Texas Suplhur
♦
Eagle Plcher Lead
10
East Gas & Fuel Assoo—
16
300
!ioo
7%
Eastern
131
12%
10%
26%
3%
13%
18%
14%
15%
com
Chemical
30%
25%
3%
12%
17%
*
Rubenstein
30%
7,100
60
1
Hey den
Oct
1,600
Co!!""25c
Mining
Helena
May
6%
35
1%
Hires
Jan
15
""760
3
Dec
50
*16
1%
Aug
Apr
400
Feb
45%
32%
Nov
Jan
2%
10%
11
18%
Jan
1%
51%
30%
28
Apr
8
2%
Aug
19%
13%
1
Hazeltine Corp
Hecla
Aug
Deo
24
*
Aug
10%
*
Dominion Steel <fc Coal B 25
Duke Power Co
Oct
July
28
.....
Dominion Bridge Co..
preferred
DubiHer Condenser
Hartman Tobacco Co
Harvard Brewing Co
Hat Corp of Am cl B
18%
Sept
800
14%
!"
5
Electric" Light*25
Oct
£1
Amer deposit rets
Doehler Die Casting
Driver Harris
Haloid Co
21% June
Dec
1,400
126
Gypsum Lime A Alabast.
Hall Lamp Co...
*
Hartford
Dec
47 %
Gulf States Util $5.50
pf_*
56 preferred
Dec
Dec
Jan
114%
100
Corp of Penna.25
Cora ex
100% stk div.25
Dec
5
Distilled Liquors
Corp
Distillers Co Ltd—
*
stock
Oct
6%
81
"18%
Gulf Oil
400
z31
75
Draper Corp
1Q9
50
x31
1
Dennlson Mfg 7% pref. 100
Derby Oil <fe Ref Corp com*
com
Apr
Dec
Jan
Feb
Dec
Non-vot
25
Greenfield Tap & Die
*
Grocery Sts Prod com__25c
Guardian Investors
1
Oct
July
Great Atl & Pao Tea—
Dec
2%
12
%
Dejay Stores
*
Gray Telep Pay 8tation.l0
2%
51
Diamond Shoe Corp com.*
26%
Grand National Films Inc 1
Feb
1634
Dayton Rubber Mfg com. *
_
V t c agreement extended
Feb
Oct
6
35
Dec
16
25
40
Apr
30%
6
39
Jan
500
Apr
100
Jan
Jan
2
5
60
.
35
1%
15%
400
94%
74%
11%
41
%
»
3%
2
High
Apr
Mfg Co—
11%
Darby Petroleum com...5
Davenport Hosiery Mills. *
6%
Gorharn incol A
Gorham
400
14%
9
Low
79%
68%
42
$7 preferred
*
Goldfleld Consol Mines..1
Feb
Nov
250
13%
39%
Apr
Sept
May
94%
29
14
Class B
4,000
Mining..50c
Preferred
34
Range Since Jan. 1 1936
Shares
41
3,000
2
100
'Class A.
Preferred..
4%
*
rred
Mexican
9
5,400
*
oin
i
92%
for
Week
High
8%
Glen Alden Coal
I.*
Godchaux S mars class A *
13%
*
«..
*
Gilbert (A C) com
Jan
234
Week's Range
Low
$5 preferred
4%
26
com
Curtis Mfg Co of Mo
4 % % prior
15
Georgia Power $6 pref
1%
12%
~4%
25c
com
19 %
4,000
5
Internat A__*
Crown Drug Co com
Preferred
Cuban Tobacco
18,300
13%
%
.*
Crown Cent Petroleum
Crystal Oil Ref
39
4125
Sales
of Prices
Price
$3 preferred
Croft Brewing Co
Cusi
July
% June
Crocker Wheeler Elec
6%%
Mar
& Sons Ship
6
Cuneo Press
8
Dec
Nov
2,100
Engine Bldg Corp... 100
Creole Petroleum.
Crown Cork
Dec
Jan
4%
65
Sale
Par
27,400
200
Last
High
Jan
9%
700
94
3
13%
100
Courtaulds Ltd
12%
400
7%
94
1
STOCKS
(Continued)
Low
4,800
6%
♦
Cosden Oil com....
Range Since Jan. 1 1936
Shares
32
64%
2
Thurs.
Week
High
26%
61%
11%
4%
64 %
*
Copper Range Co
for
of Prices
Price
_
$3 preferred A
Cramp (Wm)
Week's Range
Sale
Par
Exchange—Continued—Page
Sales
•
13%
Aug
Jan
3%
19
300
1%
Nov
100
3,800
2,800
July
Jan
25
9%
1
11%
6%
%
Jan
2
Feb
107%
7%
Feb
113%
Deo
Jan
16%
3
Mar
7%
Sept
Nov
14%
6,000
12%
Jan
Oct
!
New York Curb
4126
Sales
Thurs.
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Par
,_5
Locke Steel Chain
Price
13k
Lockheed Aircraft.
1
10
Lone Star Gas Corp.
*
11 J*
13X
10 k
Ilk
Nov
May
Jan
14 k
Mar
12 k
Nov
3,600
6k
4,200
9 k
Dec
Common
78~ ~
6
Louisiana Land & Explor. 1
5k
6,600
3 k
Apr
7
Sept
72 k
Jan
96
July
6% Prior
77 k
79
12k
125
6k
700
14,100
14
64
84
Jan
5%
9k
July
8k
Oct
16k
Jan
Feb
preferred
May
Mapes
Marconi
38 k
—
-
8k
76k
preferred
conv
Consol Marine..*
InternatlMfg
38 k
100
21k
1,800
9
78
21k
20
100
Amer dep rights
*
Corp com
...
Securities
Oil
5
011 com—1
Ind Pub Ser 6% pf. 100
No Am Utility
Nor N Y Utll
Nov
Dec
Aug
27H
Feb
July
9 k
Jan
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..
6
22k
Mar
12
June
700
5
Apr
19k
Dec
1,300
44
Oct
64 k
Dec
3
500
lk
4
Aug
Feb
4
Jan
7k
Jan
Mead Johnson & Co
32 k
Memphis Nat Gas com..5
700
14k
Oct
21
Nov
100
42
Feb
55
Dec
30k
Deo
79k
Feb
11
33
6,100
10
"~6k
119k 119k
6k
6k
700
5k
20 k
89k
5k
Feb
Merchants & Mfg cl A..
6k
7k
1,200
27
Participating preferred.*
Scott *
6k
7k
2,900
preferred... 100
58%
lk
58 k
59 k
75
7K;
9,500
1
5ik
Metal Texrlle Corp com..*
5k
5k
900
*
Met Edison $6 pref
Jan
Apr
May
3k
Jan
k
13k
43k
8k
Jan
8k
32k
10
1
.*
1st pf.25
Oldetyme Distillers
Securities....
Sept
Overseas
Pacific G & E 6%
Apr
5k % 1st preferred—25
pref
*
pref. 100
Nov
lk
Pacific Ltg $6
Jan
Dec
Dec
Dec
*
Pacific Public Service
preferred
*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
$1 30
7k
102
49k
Jan
500
Jan
6k
8k
316
3,500
May
Dec
Pantepec 011 of Venez
1
Paramount Motors Corp.l
Parker Pen Co
Feb
25
106k 106k
8
8k
400
36 k
2,600
35
36
27
17
200
37
37
37
200
2%
2
2k
900
4k
Mar
3k
5,30C
Aug
3k
Dec
Pender (D) Grocery A
1
Michigan Steel Tube..2 60
Michigan Sugar Co
*
3
1,700
lk
Jan
4k
Mar
..*
-
Michigan Gas & OH
2k
1,100
lk
lk
700
7k
15
7k
1C0
14k
10
Preferred
3k
16k
14k
k
Dec
18k
Nov
Sept
ik
8k
Dec
6k
Dec
Feb
Feb
Pa Gas & Elec class A
Middle States Petrol—
Class Avtc
*
5%
ik
.
2k
July
8k
Dec
2,700
150
Ian
13
19
*
$2 non-cum dlv she
3?<
Can
5 k
3k
Oct
Pa Water A Power
Dec
Dec
Pepperell Mfg Co
Perrect Circle Co
pref
600
3k
Sept
3k
7001
lk
May
22
Jan
43k
91k
200
42
Jan
92
Jan
109
lou
Nov
116
Nov
1.2.60
Common
2d
13k
Hud Pow 1st pref. *
*
Molybdenum Corp
1
Monroe Loan Society A..*
preferred..
114k
*
575
81
Jan
109k
Dec
118
1,075
41k
Jan
118
Dec
Ltd com
6,900
6 k
Julv
3k
3k
3k
800
3k
July
5
May
June
Nov
Aug
152
156
230
142
Jan
160
33
33
100
30
May
15
152
15k
200
50
43
110k
100
12
11
13k
5,400
9k
Nov
27 k
32 k
1,600
26k
June
5k
30 k
8k
28 %
107
28 k
1,800
600
5k
5k
June
9 k
1,700
29k
Jan
32k
100
26k
104k
Jan
29 k
300
108
106
1~600
"44k
"i"6oo
Mueller Brass Co com
1
Nachmau-Sprlngfilled
49
Oct
Jan
45
Nov
6
June
150
6k
Dec
..*
Nat Auto Fibre Avtc
Corp
Apr
106k
59 k
1,200
45k
Jan
66k
9k
5k
87,800
!. 3k
Jan
9H
4
May
20
Apr
7H
29k
Feb
67
200
35
National Gypsum cl A...6
Investors com..l
Dec
Pitts Bessemer & L
6k
Aug
Pittsburgh Forglngs
8»/g
Feb
10
43 k
3,100
Feb
138
National Refining Co
"33 k
SL000
._*
Oct
Pleasant Valley
Oct
Plough
8k
Sept
Powdrell A Alexander
ik
Jan
3k
Nov
Power Corp of
VI ay
55 k
Nov
300
12k
17k
Nov
14 k
Nov
12k
Feb
Dec
6,700
1,100
3k
5,200
m16
1,100
ik
ik
200
33 k
9
33 k
500
100
25 k
84k
86k
400
74
k
May
92
5k
Jan
9k
June
13k
2k
8k
84 k
12k
12
"25 k
*39 k
200
25
25k
2,400
30
5.400
40
89
25
89
4k
500
23k
4k
500
23 ik
21
80 k
79 k
82
1,750
3k
5
4,400
112k 120
1,525
5
119 k
27
5k
28
29
100
27
5k
200
103 k
*
9
1
29
400
44 k
100
105 k
100
Hudson
114 k
114 k
Hor footnotes see
Dec
12 k
8 k
7 k
8k
4,800
7k
Jan
18k
88k
10,300
7H
Jan
590
66k
May
96
Jan
115
150
13k
140
36 k
128
125
•
1,200
1 k
700
98
k
Apr
June
1
42
18 k
3
k
16k
*28 k
4k
3,400
iok
4k
nk
2,100
23
28 k
250
3k
Oct
20 H
?k
Nov
6k
8
Aug
Ilk
100
*35
k
3%
Jan
Sept
"35 k
"34"
3k
"560
29 k
Oct
3k
3,000
ik
37k
May
Jan
12k
28 k
102
37 k
3k
41
lk
Apr
16 k
Jan
9H
Apr
Ilk
July
36 k
Nov
Ilk
12k
500
102k 105k
800
2
Oct
Dec
12k
23
May
Jan
Aug
•t*
June
July
Dec
Dec
59
3()k
Aug
10
Dec
ok
Feb
2
Feb
3k
Jan
113k
Aug
1
Producers
Providence
Prudentla
$6
Gas
34 k
*
Investors
*
preferred
k
23,400
k
Jan
400
1,400
38k
Aug
98
May
Sepi
12k
108.
6%
100
100
1st preferred
7%
1st preferred
104
104
104
1,000
100
Jan
105k
Oct
111
Oct
103k
Mar
37k
14k
Jan
Jan
71k
45
Oct
*
48
Apr
85
Dec
60
48
Apr
81
Dec
100
111
Apr
119
Sept
6%
prior lien pref—100
92
Jan
101
Sept
7%
prior Uen pref... 100
pf... *
98
Jan
110
Public Service of Indiana—
*
*
$7 prior pref
$6
preferred
Pub Serv of Nor 111 com.
Common
6% preferred
62
31 k
62
80
31 k
33
310
Oct
Pub Service of Okla—
ik
Jan
40
Dec
Oct
1 15
Apr
Pub Utll Secur $7 pt
12»/»
July
19
Feb
Feb
Puget Sound P & L—
85
85
88 k
375
50k
Jan
48k
575
22
Jan
50
18k
20
125
14
Jan
July
Mar
Nov
Jan
96k
4k
Apr
138 k
Nov
6%
Apr
23 k
Dec
Quebec
6k
69
k
lk
74k
23
2k
Jan
Jan
Jan
Aug
Feb
preferred
$6
preferred
Ry & Utll Invest cl A
Dec
Rainbow Luminous
Jan
Oct
Jan
105k
July
6k
14k
May
Ilk
'an
112
Apr
21
Dec
Nov
125
July
Aug
6
Feb
Feb
Aug
152
Jan
23k
17
Jan
24
Jan
2
21k
7k
1
13
1
k
900
600
k
Prod—
*
Feb
Jan
14k
B
52
141
150
Class
38
60
200
22 k
Oct
113
June
147k 147k
*
Jan
115
20k
A
Jan
22k
9k
137 k
50
19k
Class
Aug
Jan
21k
Dec
36
5k
*
1
Ry A Light Secur com
Feb
28k
7k
100
*
Power Co
k
120
8k
122k 123
8k
*
100
Quaker Oats com..
6k
23
96k
$5
Mar
92
July
92k
45k
74
Dec
7k
46
Dec
2k
June
*
Feb
4 k
24 k
May
lk
preferred
»
Pyle-Natlonal Co
5
Pyrene Manufacturing.. 10
18k
Oct
Jan
9
16
lH
H
2
Sept
5k
Feb
Feb
Feb
19k
Feb
46
4,200
k
16
Aug
Raymond Concrete Pile—
Common
*
18 k
*
50c
"~3k
...
$3 conv preferred-
Raytheon Mfg v t c
*
Rued
Roller Bit Co
Reeves
(Daniel)
com
*
9
33 k
17k
18k
38
39
32k
33k
34 k
9 H
7k
6k
July
•k
1,400
*i«
Jan
ik
5k
6,300
4k
Jan
7
2 k
2k
3,100
lk
12 k
600
5k
1,400
6k
3k
Jan
May
July
104k
Apr
106
Nov
Sept
113
Sept
*
12 k
12
1
5k
5
k
4,900
Sept
k
Deb
I
May
3k
Aug
13
13 k
3,500
7
Jan
15k
Aug
6% pref class D_.__.100
RochesterTel6k % lstpf 100
Rogers-Majestic A
*
46
Apr
July
52k
Nov
3k
Jan
Jan
U H
Dec
100
Rochester G & E Corp—
500
20
7 k
""lis
Rad com
2 k
k
Jan
June
2k
5is
7
3
Reynolds Investing
17k
Jan
21
1
1
Apr
2k
600
*
Sept
25
5k
*
7k
k
75
100
16,200
9
Reiter-Foster (Ml
47k
650
3k
19k
3k
Reybarn Co Inc
25,100
16k
300
2 k
2 k
2k
'800
1
10k
10k
10k
1,700
4129
34 k
Pub Serv Co of Colo—
17k
"48"
6
page
Dec
10k
Metals of Amer..*
43 k
17k
*
Electric
4 J4
Aug
Pressed
2k
Nlles- Bement-Pond
Nlplsslng Mines
*
1
*
Mining
Prentlce-Hall Inc
10
"48"
warr
5
Noma
Premier Gold
k
75k
5,.
common
B
13,600
9k
8k
Niagara ShareClass
Jan
3k
5k
100
4k
Class A opt warr.
B opt
Sept
k
Rice Stlx Dry Goods
15
5k
10k
Power—
Common.
Class
100
5
N Y Water Serv6% preflOO
Niagara
9
*
6k % pref.. 100
Apr
4
I k
100
Red Bank Oil Co
York Transit Co
k
19k
Dec
Jan
2k
50
10 k
Shipbuilding Corp—
Y Telep
63
7k
100
*
105
>
44 k
>
pref.. 100
Y Steam Corp com
Jan
Sept
Dec
123
Co 100
N
Feb
92
8k
Feb
56
Apr
Dec
100
18
3k
7k
40
24k
June
85
18
Jan
500'
lk
5
N
Ja»
Sept
9k
5k
6
5
*
Pratt A Lambert Co
11
*
New
Can com.
6% 1st pref
107 k
100
Founders shares
4k
34
14 k
10k
7k
*
N Y
700
k
Dec
100
preferred
400
k
k
100
$6
1,300
21k
14 k
6k
16k
Pr & Lt 7%
6k
39
k
Jan
16k
Y
6 k
38 k
14k
Jan
55
*
N Y & Honduras Rosarlo 10
16k
1
9i«
Neptune Meter class A
N Y Merchandise Co
June
Hos'y *
*
3%
Nestle-Le Mur Co cl A... *
N Y Auction Co com
i6k
9k
Royalty
300
100
New Process Co com
1,500
14
13k
Prosperity Co class B
1,400
13k
Mining Corp. 10
13 k
36
Propper McCallum
10,100
13k
1
18
June
Jan
S16
3k
pref.. 100
Nelson (Herman) Corp...5
25
41
i
Apr
12k
Neisner Bros 7%
Zinc
Apr
Dec
Mar
Jersey
Apr
2k
nik
Mex <fc Ariz Land..
12
112k
33k
ink
lk
Jan
New
300
Jan
k
New
16
Dec
9k
*
Apr
Aug
1,100
1,700
New England T & T
31k
k
1,000
New Haven Clock Co
33 k
100
lk
lk
Bradford Oil
99 k
149k
Feb
lk
preferred.
179
May
55
4V»
iok
Nev Calif Elec com
111
Jan
Jan
65k
k
..
Jan
114k
Sept
lk
*
103
June
10 k
.
40
330
44k
k
ik
Nehl Corp common..
111k
1 k
45
ik
100
22 k
Jan
65k
3k
5k % pref. 10
Nebraska Pow 7% pref.
Dec
106k
Dec
10k
N
Jan
18
65 k
NebeHOscar) Co
Newmont
23
17k
k
*
Sugar com
42k
3k
.
Potrero
100
k
12 50
Dec
16k
90
*
100
lk
8k
5k
77
100
33 k
Wine Co. 1
Inc
18,800
Nat Union Radio Corp... 1
New
Mar
47
June
725
Glass..25
Pittsburgh Plate
46
2o
Aug
3k
68k
Jan
200
125 k
Jan
32
112
July
88 k
131 k
14 k
Apr
64
National Steel Car Ltd... *
7%
Dec
158
Jan
5k
136k
87
134 k
85k
3k
3k
com
14,400
k
7k
x3l
87
18 k
7k
1
National Sugar Refining... *
16k
110k
160
159
88 k
51k
13
preferred...*
Nat Service common
110'4
Erie.50
1
2k
25
Nat Rubber Mach
4k
40
Feb
41k
16 k
110
Pittsburgh & Lake Erie.50
23k
17k
4
*
100
4k
1
*
Jan
64
Mfg A Stores com... *
National P & L $6 pref..
5k
20 k
Ltd..l
51k
""2 k
10
National OH Products
5k
17k
110
"~5k
10
Meter
Jan
Warrants
Leather common
30 k
150
Aug
June
4
Pitney-Bowes Postage
Dec
.1
$5 60 preferred.
100
28 k
29
—
Winterfront
Pioneer Gold Mines
3I6
"33k "~32~
12 k
*
Transit
Pines
5
k
National Fuel Gas.
26 k
6
6
100
3k
154
5ik
8k
5k
Ry—100
*
300
42 k
83/|
June
85
Pierce Governor com
1,100
k
32k
57 k
9 k
6k
.....
preferred
7%
Piedmont & Nor
Ilk
*
.
Natl Container new com..]
National Tea
—
Bakeries Inc com
2,100
7k
1
Nat Bellas Hess com
part
...
pref ser A..
conv
6k
154
43 k
National Baking Co com.l
National
Apr
May
Common
Pie
4k
2,700
92k
25k
Phoenix Securities—
5k
6k
...»
Conv
Aug
28
108
May
Apr
5k
20
"43"
Jan
May
77
■""8 k '""7k ~~8k
"44 k
9
July
6
8k
31k
28 k
5k
'"31'""
»
pref...25
Phillips Packing Co
17 k
14k
33k
Dec
12
12k
*
Philadelphia Co com
Phila Elec Co $5 pref
48
114k
109k
15k
100
10k
k
6 k
k10
Mountain Sts Tel & Tel 100
Nat
Oct
30 k
Oct
Jan
12
12
*
Co
4k
6k
Rights
Mountain Producers
Nat
35k
149
•
Mtge Bk of Col Am shs
National
14k
34
43
Distillery.. 1
Nat Bond A Share
13k
20
..100
Preferred A
Moore (Tom)
Feb
9k
*
Moody Investors pref
13k
8k
Montreal Lt Ht A Pow___»
Moore Corp
15k
107
112
1,000
Dec
9 k
Utll.. 10
Montana-Dakota
Montgomery Ward A
14
Sent
103 k
14
Jan
Jan
Phlla El Pow 8%
Mock, Jud., Voehrlnger Co
Moh A
*
109 k
104k
31
50 *159"
Penn Salt Mfg
47 k
Jan
Jan
Feb
90
109 k 109 k
Apr
Nov
May-
39
Jan
110
1
*
preferred..
Co
28k
9k
June
101k
i09k
112
*
Lt $7 pref..
77 k
3k
100
$6
—
preferred
July
3k
41 k
Minnesota Mlnlne A Mfg
Minn P & L 7% pref...
$2.80
Jan
39 k
3
Mld-V\ est Abrasive com50c
Pow
50
72
71
Mining Corp of
Mex Fuel Co—
110
4k
21k
98k
16k
33k
26k
104k
109k
112
Preferred
Pa Pr A
Mldvale Co
River
1,200
lk
9
5k
Products-
Midland Steel
Miss
6
lk
8k
...
Class Bvtc...
Midland Oil conv pref...
Peninsular Telep com—.■_*
Penn
Jan
103
100
109k
*
100
1
Penn road Corp vtc
1
Penn Cent L & P $5 pref..*
Feb
101 k
101k
*
—
B
2°/»
Nov
5
Class
Apr
275
Patchogue-PlymouthMills*
3
ik
2k
Aug
3
Mexico-Ohio <>11.. '
Apr
107k 107k
10
Michigan Bumper Corp_.l
716
97
71
77 k
100
91
90
90
1st
Feb
k
Dec
100
Pacific P & L 7%
Apr
65
Nov
Sept
Oklahoipa Nat Gas com 16
S3 preferred
.50
Sept
47k
105
Aug
40
Apr
100
3k
5k
North Penn RR Co
Nov
125
Dec
k
4k
100k
100
lk
Warrants
-
Aug
500
42
100
Mesabl Iron Co.
Jan
300
30 k
42 k
*
Mercantile Stores com...*
2,5C0
18k
55
6k
10k
Mfg B...»
*
7k
18
May Hosiery Mills pref—
Merrltt Chapman &
Ilk
78
55
McWillJams Dredging
preferred
Apr
Dec
17
39k
48k
k
—10
cl A.. 100
74k
19k
4
Dec
7% 1st pf 100
Northern Pipe Line.
40 k
3k
5k
100
preferred
7%
5k
66
Apr
48k
3k
Nor European
Nor Sts Pow com
62
7k
A
8eb
16k
Massey-H arris common
Master Electric Co.. —1
6 k%
Mar
65 k
58 k
3
3
7%
2k
Jan
16k
Mass Utll Assoc v t
MeCord Rad &
Oct
34 k
62
*
Margay Oil Corp
Marlon Steam Shovel
Masonlte
Feb
4,200
2,200
66
High
Low
Shares
*
preferred.-.50
7k
Mangel Stores
$5
Sept
1k
Lucky Tiger Comblnat'n 10
6
1
Range Since Jan. 1 1936
for
Week
Dec
Nor Cent Texas
Nor
102
May
94
Lynch Corp common
3k
3%
59k
66
Class B com
20
5k
14
3k
—--
preferred
SO
Price
Range
Pow—
Common
91k
5
Louisiana P & L Co—
$6
Nor Amer Lt &
91k
5k
100
100
of Prices
Low
High
North Amer Rayon cl A.
Long Island Ltg—
7% preferred
6% pref class B
Loudon Packing
Week's
Sale
Par
15k
Ilk
2,100
•
Last
High
Low
Shares
14k'
9k
11
STOCKS
(Continued)
Range Since Jan. 1 1936
Week
1936
26,
Sales
Thurs
i
for
Range
Dec.
Exchange—Continued—Page 3
k
28 k
2k
3k
Richmond
Roosevelt Field Inc
Root Petroleum Co
$1.20
conv
pref
113
6k
3k
5
1
20
14k
13k
18
17k
3k
14k
18
600
5,300
600
2
4k
14k
3k
12k
6k
Jan
8k
4k
Feb
Jan
19k
Apr
Jan
23
Apr
Sept
Oct
Volume
New York Curb Exchange—Continued—Page 4
143
Thurs.
STOCKS
Last
Par
Sales
Week's
Sale
(Continued)
Range
Price
how
High
Royal
Typewriter.
Iron
Steel
A
90
*
13 4
114
*
4
115
Ryan Consol Petrol
Lawrence Corp
St
Reals Paper com
100
14
70
5
Schlff On common
4
Schulte Real Estate
117
Dec
984
Oct
394
Nov
Jan
Jan
Apr
94
X
Aug
34
21,800
Jan
117
Max
55
300
60
34
36
1
4
4
25
500
384
1
Sept
14
26
1,200
134
44
123
Nov
2,200
16
84
116
34
384
*
Manufacturing
Mar
June
2 4
94
*
com
Savoy OH Co
Scovllle
34
1,906
75
16
5
nre'erred
Sanford Mills
8,900
Ltd-..*
St
7%
134
44
115
14
504
Mar
8
Safety Oar Heat A Lt..lOO
St Anthom Gold Mines._1
JaD
May
1,700
*16
Aug
'»•
Seeman
Bros
lnc
34
"24
*
54
.
Selby Shoe Co
4
'54
4
614
1,800
84
7
Nov
104
164
94
114
184
64
4,800
2,500
10
Dec
16U
Feb
*
94
114
174
5,600
114
A or
184
Dec
*
1184
Dec
64
54
Feb
Union Gas of Canada...
Dec
Sept
400
2X
Jan
6
Dec
114
14
Apr
49
Nov
3,300
2
Tar
294
Nov
2,400
150
Mar
6
Dec
40
Mar
Common
1
*
$5 50 prior stock.
34
7)8 "
34
984
984
2,700
44
Jan
78
300
97 4
Jan
81
4,600
96
25
Allotment certificates
3 4
Jar
98 4
99
2<4
Feb
Oct
Oct
Selfridge Prov Stores—
£1
Araer
dep rec
Sentry Safety Control
Seton Leather
1
*
com
Shattuck Deun Mining
6
4
10
10
44
44
174
174
254
8hawlnlgan Wat & Pow
Williams
.25
com
5% cum pref ser AAA 100
Oct
2
Seversky Aircraft Corp.__l
Sberwin
4
1,500
4
900
7 4
Jan
24
Mar
14
Feb
Apr
104
54
184
254
8,700
34
44
184
8,100
300
Oct
Feb
July
15
Apr
54
Sept
204
Dec
137"
136
140
1,310
117
May
18%
1454
112
112
112
90
110
JulJ)
116
16
June
Sherwin-Williams of Can. *
Nov
Apr
Apr
254
Nov
Shreveport El Dorado Pipe
Line stamped.
25
4
1,800
4
4
4
Dec
834
Sept
Aug
Slmmons-Boardman Pub—
Conv pref
Oct
35
Simpsons Ltd 64 % pfd 100
Singer Mfg Co
100
Singer Mfg Co Ltd -
634
335
335
328
10
Sept
Aug
Oct
40
427
Nov
€1
34
Ian
714
July
Sioux City G & E7% pflOO
Smith (L C) & Corona
96 4
Dec
98 4
Oct
Typewriter vt ccom
*
Smith (Howd) Paper Mills*
So no tone Corp
Southern
28
24 4
28
64% pref series C
25
28 4
*264
Southern Colo Pow cl A.25
7 % preferred
Southern N E Telep
264
44
27
5
1
Jan
64
Jan
..25
42
42
1,100
324
Jan
434
So'west Pa Pipe Line
Oct
60
40
100
34 June
100
50
Feb
dep rets ord bear..£l
Am
dep rets ord reg...£l
Spencer Chain Stores
Square D class A pref..
Stahl-Meyer lnc com
4
1,400
1,100
300
300
374
39 4
600
...»
Standard Oil (Neb)
Standard Oil (Ohio) com 25
194
*374
100
Dec
Dec
July
44
Jan
14
Feb
Jan
414
Fe*
4
400
34
124
174
114
74
100
11
364
2,600
"54
4 4
Preferred
50
5
5 4
2,900
44
4 4
1,900
214
97
Mar
July
Apr
July
Jan
65
68
150
25
23 4
234
600
194
15
"234
I
4
Starrett (The) Corp
74
Steel Co of Can Ltd
716
5 4
4
74
9,900
42
*4
Jan
68
Jti'y
Jan
374
Nov
Jan
664
Dec
r
374
6,800
24
300
914
500
24
5,800
90
*
♦
.
"24
24
"74
10
"74
59 4
8
.
64
8
*
5
19
United Stores
*
1
3,700
United Verde
Exten...50c
United Wall Paper.
Universal Consol Oil
3
com
..6
Utility Equities Corp
Priority stock
Utility A Ind Corp com.
*
May
Aug
Jan
94
94
114,
Jar
27
June
Feb
24
July
44
Jan
164
Nov
224
4
Api
32
Jan
24
Jan
46
Jan
774
Aug
14
14
3,100
64 4
654
225
24
May
4
104
93
May
34
734
May
600
1,900
14
44
"""20
4
Jan
24
64
1,200
44
Mar
900
18
87
Fph
Feu
Jan
34
74
44
Dec
Mar
3
9,100
14
Dec
5
44
64
8,700
l6l""|
Dec
84
14
14
34
44
72
Dec
Jar.
44
85 4
Jan
Feb
Nov
Feb
44
101"
244
34
96
Nov
3
44
Dec
34
34
14
28
374
94
44
*
Utah Apex Mining Co
Fe b
Dec
4
10
*
Feb
4
Jan
Aug
Jan
X
'
Jan
May
1
90
716
24
14
Sept
14
1,000
*
tc
May
May
24
2,000
716
U 8 Stores Corp com
$7 conv 1st pref
v
42
Sent
Aug
14
70
325
74
64
•
U 8 Rubber Reclaiming
Nov
Sept
July
24
1,666
Dec
May
Jan
26
100
.
.
*
Nov
34
Apr
14
10
11
Jan
June
944
4
600
24
Sept
X
14
257
Jan
83
1
164
1st pref with warr
U 8 Lines pref
Sept
Jan
14
30
24
May
54
96
Jan
Feb
Nov
Oct
Nov
Jan
14
.
7 % preferred
Venezuela Mex Oil Co
10< 1
Venezuelan Petrol
..1
144
FpO
Va Pub Serv 7%
40
Oct
Vogt Manufacturing
1,400
3
May
14
6,200
Feb
900
14
14
3
3
Sept
34
Dec
23
2,950
Jan
334
July
"22 4
214
74
14
74
14
94 4
*
Waco Aircraft Co
44
14
3
Conv preferred
Util Pow & Lt common..
18
*
....
10
74
1,200
24
July
8
14
5,400
14
Aug
3
944
344
10
81
Apr
200
18
May
11
11
100
8
600
14
14
54
44
Wahl (The) Co common.. *
Waltt & Bond class A
*
Class R
*
Jan
33
pref..100
Dec
2
2
24
June
954
35
104
Jan
Dec
Feb
S9pt
Dec
Mar
May
54
Feb
Mar
134
Dec
Oct
Feb
June
24
24
Oct
694
264
2d preferred
•
Dec
Walker Mining Co
1
24
2 4
24
500
1
334
32 4
344
6,900
19
Jan
384
Dec
Oct
204
Dec
Wellington OH Co.
1
11
104
114
1,700
104
Dec
114
Dec
Went worth Mfg Co
-.6
27
25
274
1,000
Jan
Nov
Mar
94
40
39 4
104
40
800
20
300
204
1084
Oct
124
Nov
29
June
64
800
44
Jan
44
4,800
34
Sept
Sept
214
20
22 4
750
154
1
Jan
264
25
264
24
650
18
Feb
5
*
Stutz Motor Car
24
Sullivan Machinery
25
-
204
15
100
24
254
44
...
conv pref
50
Sunsnlne Mining Co___10c
34
4 4
214
124
94 4
1
Teck-Hughes Mines
1
14
4
204
54
Tenn El Pow 7% 1st pf. 100
Tenu Products Corp com
12
Jan
5
Apr
Dec
x49
8eot
Wilson-Jones Co
Jan
Mar
Ian
"2,300
374
14
34
20
54
44
11,600
2,200
"l"4 ""24
"54 "~6~~
2,500
Jan
Mar
May
m66
124
"13"
"""960
34
34
34
2,600
Tlshman Realty & Const
Tobacco and Allied Stocks ♦
Nov
Wolverine Tube
Oct
Youngstown Steel Door..*
64
July
Yukon Gold Co
94
Feb
504
Dec
114
July
144
Nov
12
69
54
Am dep rets def reg
£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Ltd
.*
5
Oct
504
1946
1st A ref 5s
.......1951
Ocr.
1st & ref 58
1st A ref 5s
1968
Dec
44s
Aluminum Co
f deb 5s '52
Apr
Apr
1024
Nov
107
Mar
113
4
4
700
14
800
May
May
Mar
June
88
54
1
8
Dec
10
300
10
Dec
164
500
1
Apr
700
3
Feb
Jan
s
Aluminium Ltd deb 5s
5s
called
1948
2028
Feb
Dec
15.4
154
100
15
Dec
174
Nov
5
12
74
64
24
■
124
84
21
300
1,300
Dec
Oct
4
Feb
97
Jan
7
Jan
Dec
14
Nov
11
Mar
34
12
400
Jan
100
214
Dec
74
Oct
364 Sept
14 June
74
19,400
684
3
3,800
3,900
1044
1074 1084
1044 105
Oct
*224
94
73
44
Dec
Feb
Dec
Feb
104
14,000
Apr
107
Feb
1024
Jan
1084
Dec
Feb
105
Dec
96
Feb
984
24~666
84
Mar
92
93
45,000
794
May
1034
1004
944
Oct
97
54,000
1054
1034
134
Dec
1084
Mar
107
Nov
J103
"97"
106
29,000
104
964
1064
36
36
1,000
Jan
374
Dec
108
107
108
73,000
106
Jan
106
106
3,000
106
Dec
1084
1064
Nov
1034
June
11,000
Feb
l"614
101X 1014
1034 104
16,000
924
1024
1034
24,000
103
June
105
106
3,000
102
May
1074
1044
1034 1034
106
1064
1044 105
1064
1064
Am Pow & Lt deb 6s..2016
Feb
Amer
Radiator
Oct
Oct
1054 106
1064 1064
2008
Feb
Debenture 6s
448--1947
86,000
Jan
Aug
1054
Mar
Jan
Mar
Feb
Oct
29,000
1044
Apr
107
1064
4,000
1084
6,000
1064
1134
Dec
1194 1194
2024
Feb
121
Nov
1014
Dec
102 4
Dec
Feb
1044
Sept
Ark-Louisiana Gas 4s 1951
102""
1014 1024
11,000
Arkansas Pr A Lt 5s..1956
Feb
154
454
Appalachian El Pr 5s. 1956
Appalachian Pov 5s. 1941
For footnotes see page 4129
Apr
Aug
Amer Seating 6sstp... 1946
4
14
Feb
July
July
64
Am Roll Mill deb 5s..1948
'is June
4
Oct
Dec
30
J104
1084
1044
Am El Pow Corp deb 6s '57
Amer G A El deb 5s
106
14
3
..1967
Dec
54
324
50
Tonopah Mining of Nev..t
74
684
...1956
A11*
54
100
7% preferred A
100
Tonopah Belmont Devel.l
104
Dec
74
94
300
84
1942
1st A ref 5s
Jan
Oct
51
31
May
Alabama Power Co—
Mar
106
106
24
Jan
May
BONDSAbbott's Dairy 6s
194
44
214
154
74
94
Dec
1st A ref
£1
Sept
Oct
Aug
Jan
Dec
1124
454
21
(uew)_.
Wright-Hargreaves
4 June
114
Apr
80
Petroleum
..1
(F W) Ltd—
Amer dep rets
Mar
81
June
Woolworth
May
34
1124
Mar
10
44
12
com
64
324
Sept
Apr
Sept
24
2,800
B..
Mar
Tobacco Securities Trust
Am dep rets ord reg
Woodley
Feb
Sept
3
Winnipeg Electic cl
Wolverine Portl Cement. 10
1004
54
65
44
Wise Pr A Lt 7% pref..100
164
124
*
174
44
66
"
6
Exports
154
44
4,300
214
54
34
8
Dec
Dec
1024
Nov
Nov
424
*
Dec
40
2,400
Jan
7
Conv preferred
Mar
154
554
100
2
44:
14
100
134
66
4
10
Wilson Products
52
90
20
*
45
130
124
64
88
Wil-low Cafeterias Inc..
650
12 4
100
64
*
Williams (R C) A Co
Nov
244
77
West Texas Util $6 pref.
West Va Coal A Coke
294
July
104
Jan
"
Feb
124
54
Jan
374
.*
154
24
9,400
sept
44
1,300
•
Westmoreland Co
Williams Oil O Mat Ht.
*
Tllo Roofing lnc
Western Tab & Sta
Westmoreland Coal Co
Apr
100
Teion OH A Land Co
Thew Shovel Coal Co
Jan
Nov
June
294
184
300
84
71
1
10(
1st preferred
44
100
100
374
12
1
Technicolor lnc common.*
54
30
Oct.
8
70
20
10!
100
Tampa Electric Co com..*
Taylor Distilling Co
254
Nov
Nov
7%
84
71
Jan
Ry—
Jan
Taloott (J) lnc 54% pf-50
Tastyeast lnc class A
5
Western Maryland
14
12,400
45
204
154
74
Nov.
Western Grocery Co
900
26
45
43
Nov
1
3,000
Syracuse Ltg 6% pref.. 100
Taggart Corp common...*
Western Auto Supply A .*
West. Cartridge 6% pf.100
Jan
64
Co
Western Air Express
Jar
May
4 4
B) Co com...
Dec
Dec
44
Stroock
Jan
common...
Dec
4
64
Stinnes (Hugo) Corp
4
74
75
34
Sterling Ino
Tobacco Prod
414
154
Dec
Sterling Brewers lnc
7% Pref
41&
24
Jan
6
10
50
Texas P & L
43
450
164
An*
1054
100
Swan Finch Oil Corp
Swiss Am Elec pref
July
1,200
24
94
1
5
4
13
1st preferred
54 %
94
8
24
U S and Int'l Securities..*
U 8 Foil Co class B
54
Apr
59
common
Sunray Oil
Jan
June
12
1074
34
12,100
•
Sterohl Bros Stores.
(Si
54
294
64
2554
4
12
Apr
Wholesale
Standard silver Lead
Stetson (J
July
Wayne Puran
Products Co.._l
Phosphate & Acid Wks20
64% Pref
Aug
«4
"""866
"i"4 ~~I~4
12
64
Dec
Mar
24
944
Jan
100
l«4
234
Julv
Oct
Dec
Jan
54
2
May
Apr
123
Jan
Jan
100
*
U 8 Finishing common
Preferred
Jan
•24
24
6
92
Utlca Gas A Elec 7% pf 100
Sept
194
1054 1054
1
*
L
Common class B
Stein (A) A Co
25
Feb
104
Jan
Dec
Jan
U S Dairy Prod class A...*
Class B
*
Feb
384
33
6,700
10
...
.
United Shipyards com B._ 1
United Shoe Mach com..25
Utah Pow A Lt $7 pref...*
Utah Radio Prod.
*
Ian
114
25
Standard
Preferred
14
Universal Products
Jan
194
*
10
P &
United Profit Sharing
Dec
Ma»
Jan
814
X
864
34
United N J RR & Canal 100
1
Dec
f
1,900
8
4
24
62
6
£1
...
Universal Insurance
84
29
118
'664
Class B."
Conv preferred
5% preferred
Am deo rets ord reg
Universal Pictures
Dredging Co-
Common
standard
5
94
374
*
Standard Oil (Ky>
Standard
9
374
Standard Brewing Co
*
Standard Cap & Seal com. 6
Standard
S16
16
94
*
4
50,600
July
Oct
United Molasses Co—
4
4
Feb
118
""94 "164
664
Feb
Mar
Spanish & Gen Corp—
Am
94
50
Apr
2,800
14
Dec
14
8,300
July
July
July
July
Aug
44
24
134
104
644
294
284
9
Oct
Apr
1,700
14
634
414
444
9
July
8
*
Feb
Mar
74
*
6
Royalty Co
Mar
104
52 4
*
344
274
254
24
44
14
10
Southland
22
Feb
*
1st pref
$3 preferred
U S Playing Card
Oct
Southern Pipe Line
conv
United Milk Products
U S Radiator Corp com.
May
Apr
Apr
1,400
Oct
75
12
900
84
Feb
141
Mar
74
34
100
Auk
74
84
164
64
764
1554
74
24
114
944
..*
Common class B
344
Jan
May
Aun
Aug
33,700
Jan
1,600
300
164
84
Jan
100
Jan
74
Oct
390
394
284
Dec
74
19
100
Southern Onion Gas
Penn Oil
384
Oct
5
24
Option warrants..
16
194
14
United G & E 7% pref. 100
United Lt & Pow com A.
7% preferred
394
7
1204
24
24
164
14
Mar
10
July
*
2,200
....
Edison—
5% original preferred.25
6% preferred B
25
South
....
Oct
' Oct
2,500
164
184
...
1st $7 pref non-voting .*
Feb
54
4 4
19
1
144
4
24
84
*
United Corp warrants.
United Elastic Corp
Ian
Dec
500
1,000
*
pref
2",700
.....
1
Calif
cum & part
Preferred
*
Amer dep rec ord rec
$3
Dec
614
234
Union Stock Yards....100
Union Traction Co
50
United Chemicals com
164
600
54
4
154
United Gas Corp com
Industries Ino—
Selected
64
54
34
10
United Aircraft Transport
Warrants
beb
13
May
74
354
Ulen & Co 74% pref...25
5% preferred
Unexcelled Mfg Co
«5
39
Sept
6
944
Oct
Ocl
2
Mar
8
Apr
Jan
54
Dec
614
42
30
214
Jan
Feb
1
50
54
100
54
54
Jau
Jan
Feb
74
294
Am dep rets for ord reg..
Trunz Pork Stores
*
1
44
34
14
16,400
52
Jar
8,300
164
Apr
4
4,900
24
39
30
34
14
39
50
""24 "24
4
24
|124
464
*
1
Segal Lock A H'warp
Selberling Rubber com
High
Low
164
74
Securities Corp general.._*
44
80c dlv pref
Twin Coach Co
14
193*
Week
Shares
1
Apr
464
*
1
Common
Tung-Sol Lamp Works
64
Range Since Jan. 1
for
|
High
Tri-Contlnental warrants..
Dec
71
Range
of Prices
Triplex Safety Glass Co—
Dec
41
Week's
Low
Trans Lux Pict Screen—
104
7
Price
Tublze Chatlllon Corp
Class A
Dec
Dec
Scranton-Sprlng BrookWater Serv $6 pref
Sale
Par
Jan
Jan
264
3*4
200
*
Russeks Fifth Ave
Rustless
90
Last
('Concluded)
9,400
*
*
—
STOCKS
1936
High
Lon
Shares
International—._*
Roh«4h
Royallte Oil Co
Range Since Jan. 1
for
Week
of Prices
4127
Sales
Thurs.
104
1034 104
22,000
98
lan
New York Curb Exchange—Continued—Page 5
4128
Thurs,
Sales
BONDS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Associated Eleo 4%s_.1953
Associated Gas & El Go—
Conv deb 5%s.
1938
Conv deb 4%s C...1948
61 %
61)4
73%
72
62
1977
61%
Assoc Rayon 5s
1950
Assoc T & T deb 5%s A *65
Atlanta Gas Lt 4%s__1955
100 X
86%
104 %
73 X
53 X
51%
53 X
51%
56 %
58 X
56%
58X
63
61)4
99)4 100%
84 X
86 %
104% 104%
Atlas Plywood 5%s_.-1943
Baldwin Locom Works—
105
105
with warrants... 1938
158
165
6s stamped w W..1938
160
165
Conv deb 5s
1950
58 %
Debenture 5s
Conv deb 5%s
1968
58
Conv deb
4%s
6s without warrants 1938
6s stamped x w. ..1938
14,000
36,000
60,000
76,000
82,000
35%
Jan
28%
27%
Mar
61
2,000
40,000
24,000
156
150
156
156)4
147
157
214,000
115
116
26,000
*123% 123%
1960
123
uy
R0%
Price
Oct
July
Mar
61
Oct
Glen Alden Coal 4s
Jan
66
Oct
29
Mar
65%
Oct
Gobel (Adolf) 4%s...l941
Grand Trunk West 4s. 1950
33
Mar
75
Jan
78
Jan
100% May
96%
Jan
70
100%
91%
106%
105%
Oct
Nov
77%
1956
103%
111 %
104 %
1960
1956
Guaptanamo A West 6s '58
Guardian Investors 5s_ 1948
103 %
166
Nov
Apr
166%
Nov
Hamburg El Underground
A St Ry v5%s
1938
Houston Gulf Gas 6s.. 1943
*
*104
Oct
117
Mar
6%s with warrants. 1943
102
Deo
1st 5sseries A......1963
1,000
134
Jan
145%
Dec
105%
Feb
Jan
107%
98%
8ept
89%
1st 4%s series D
1978
1st 4%s series E
1981
Hygrade Food 6s A...1949
76
Jan
12,000
4,000
1,000
89%
105%
"3",660
102%
Mar
105%
18,000
17,000
109%
Apr
116%
Mar
Deo
Nov
Mar
104
90
Nov
Oct
"78%
161%
109
Jan
Illinois Central RR 6s. 1937
Apr
108
Feb
III Northern Util 5s... 1957
Aug
HI Pow A L 1st 6s ser A '53
i66~%
1st A ref 5%s ser B_ 1954
1st A ref 5s ser C...1956
104%
Jan
105%
Jan
114%
107%
8 f deb
102%
5%s—May 1957
Indiana Electric Corp—
6s series A
.....1947
Jan
105%
Mar
50,000
94
Jan
24,000
99%
Jan
93%
Jan
Deo
Sept
Deo
Dec
101%
Indiana Gen Serv 5s1948
101% 102
104%
104%
102%
104%
Indiana A Mich Elec 5s *55
90
96
5%s ex-warrants
1954
Cent States PAL 5%s '53
69
68
69
115,000
Chic Dist Elec Gen 4%s '70
68 series B
1961
57,000
74
74
75%
105)4
105% 105%
tl04% 106
22,000
14,000
100%
96
May
99.
95
Feb
Sept
61
Apr
75%
Feb
62% May
78%
80%
Jan
Feb
Ind'polls P L 5s ser A. 1957
Jan
Intercontlnents Pow 6s '48
65
Apr
Apr
8ept
99
Dec
164%
106%
106
June
*109%
101% 101%
81%
77%
77%
102%
109%
101%
2,000
32,000
17,000
103% 103%
77%
75%
1,000
23,000
80%
101
1955
99%
Dec
75
81%
78
101% 102%
411,000
39,000
101%
67
86%
Jan
Apr
Apr
Jan
93
Jan
69
Nov
68%
97%
Nov
Jan
111%
*102% 104
73%
73%
53%
1st M 5s series A... 1953
1st M 5s series B...1954
3%s series H
..1965
Com'wealth Subsld 6%s '48
Community Pr A Lt 6s *57
Community P S 5s.
1960
Connecticut Light A Power
...
7s series A
71%
71%
53%
102
74
95,000
74
110,000
53%
2,000
*110% 110%
*110% 111%
111
110% 112%
106%
106% 106%
106
106%
103
103%
'163""
85%
100%
1962
Mar
25,000
5,000
45,000
83% Deo
101% Dec
104% Deo
86% June
85% June
103% July
Interstate Power 5s...1957
105
105
104% 105
May
Iowa Pow A Lt
July
Iowa Pub Serv 5s
66%
Jan
80%
July
Isarco Hydro Elec 78.1952
Feb
65%
113
Dec
June
110%
110%
Mar
113%
Jan
Jan
113%
Mar
110
July
113%
108%
Deo
Nov
2,000
1,000
11,000
94
108
Nov
Feb
Oct
Kansas Power 5s..... 1947
98%
Oct
101
Dec
109
Jan
Deo
109
Jan
5e series I
Pow3%sl966
Lehigh Pow Seour 6a..2028
Lexington Utilities 5s. 1952
Llbby McN A Libby 5s '42
Long Island Ltg 6s... 1945
95
Aug
Apr
Louisiana Pow A Lt 6s '57
101%
88%
104
108% 108%
102% May
4,000
27,000
8,000
8,000
107% May
99% Jan
105%
Jan
102%
Jan
109
11% 122,000
10%
27,000
4% Jan
4% May
106% 106%
105% 105%
Manitoba Power
3
106
Apr
110
Jan
105
Sept
108
May
Apr
3%
4
25,000
3%
28,000
8,000
%
%
101%
186,000
33
108% 108%
92% 93% 136,000
108%
3%
102
"93%
108%
93
102
93
94
*109
74
Jan
Jan
5%s.l951
Feb
103%
Aug
107%
106%
July
Mar
Memphis P A L 6s A.. 1948
Metropolitan Ed 4s E. 1971
Middle States Pet 6%s '45
Midland Valley 5s
1943
Mllw Gas Light 4%s
1967
*101% 102%
102%
102% 103%
104
94
105%
99%
104%
94
104% 105%
Mississippi Rlv Fuel 6s '44
101
103
Deb gold 6s. June 151941
Deb 6s series B
1941
100%
Nov
94%
Nov
Missouri Pow A Lt
5%s '55
Dec
108%
Dec
Missouri Pub 8erv
5a. 1947
Jan
Dec
Dec
105%
Aug
Munson SS
Jan
104
July
80%
Jan
7,000
40%
105%
Jan
Jan
July
5%s
.1944
6%s
ctfiL.1937
Deo
Nassau A Suffolk Ltg 6s '45
Nat Pow A Lt 6s A...2026
69
June
Nat Pub Serv 5a otfs.1978
108
June
Nebraska Power
31
Nov
92%
General Bronze 6s....1940
General Pub Serv 5s.. 1953
166%
103%
Gen Pub Util
6%s A. 1956
General Rayon 6s A..1948
New Amsterdam Gas 5s '48
Feb
Feb
N E Gas A El Assn 58.1947
102
July
105%
102%
July
Mar
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
New Orleans Pub Serv—
Jan
100
Jan
106%
95%
105%
Jan
Deo
101
23,000
25,000
7,000
88%
Jan
101
Deo
92%
83%
Jan
103%
101%
100%
Deo
Dec
102%
Mar
100
100%
103%
94%
70%
28
*24
*
Neisner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
91
26%
Jan
9,000
2,000
82
Jan
96
2,000
98
July
May
79
Jan
30
Jan
18,000
22% June
£0
June
103%
96%
Deo
Dec
Deo
71
Nov
27%
July
27%
Nov
78
99%
-----
-----
102%
32%
Jan
107%
July
103%
Oot
Dec
108
Mar
Dec
107%
Mar
Dec
107
Aug
Jan
82
58
Jan
81%
Feb
107
Mar
109%
Sept
Jan
102%
Dec
15,000
1,000
45,000
82%
109
106%
106%
Nov
95
Jan
104%
Deo
86
Jan
99%
96
Jan
104
Jan
1,000
5,000
100
*18*666
Feb
Jan
Jan
101%
99
137666
Feb
Jan
106
19,000
33,000
Dec
Oct
Dec
105%
Sept
86%
Jan
97%
Sept
106%
Nov
108%
Apr
Jan
101%
Feb
91
104% May
27,000
16,000
108
Oot
108%
24,000
18,000
2,000
2,000
74
"17666
90%
111%
84%
Feb
Dec
65
Jan
63
Jan
69
Sept
Jan
104%
4%
Jan
84
96%
106%
17
Oot
Oct
Jan
Oct
Feb
60
54
91
11,000
85%
25,000
105%
21,000
2,000
85%
*105% 105%
105% 105%
64% 65%
50
53%
Feb
107
Jan
98%
Aug
69%
Aug
69
Aug
9~,666
4,000
75
51%
81%
Apr
78
Apr
104%
Nov
93
87%
106%
103
Dec
106
104%
106%
Oct
Jan
July
Jan
Feb
367000
Apr
Jan
107
Deo
44
Jan
75
June
65
~
3,000
54%
54%
*104% 105%
104
105% 106%
121% 121%
8,000
37,000
1,000
5,000
102% 103
98
97%
106% 106%
100% 100%
97
97%
103%
103%
101%
May
90
Feb
39%
Jan
71
June
47%
105%
May
Aug
61
Jan
108
Jan
103%
103%
116%
100%
Apr
Jan
Jan
.
Feb
27,000
90
Apr
3,000
101
1,000
19,000
4,000
9,000
101
110%
104%
98%
106
Mar
106%
Mar
122%
103%
Deo
Sept
38*666
9,000
6,000
*4*666
21,000
42,000
Feb
100%
108%
95%
Feb
103
90
Apr
Oct
99%
July
Aug
Sept
104%
Apr
106% June
103%
103%
100%
108%
Jan
Dec
Dec
101%
Feb
112% June
102
Nov
103%
102%
105
103%
75%
Dec
105
Sept
Aug
Jan
106
Feb
Apr
104%
107%
Mar
Jan
106%
May
Jan
98%
Deo
24
*40
101% 101%
103
103%
*105% 106
98% 99%
no
93%
106% 106%
101% 102
105
105%
93%
92%
98
98%
105% 105%
107% 107%
105% 105%
78
78%
Oct
"2^660
23,000
22,000
4,000
June
58
1,000
10,000
June
94%
Jan
101
Feb
103%
Feb
91%
Jan
78
Jan
102% May
98%
Jan
23,000
10,000
3,000
1,000
105 %
4,000
67%
Dec
Jan
6,000
18,000
Conv deb 5s
45%
1950
-----
97%
-----
77%
5s stamped
1942
Income 6s series A.. 1949
77%
100%
101%
92%
4%s stamped. .1950
108
93
*124% 129
109
109%
97%
96%
*120
120%
76%
77%
76%
76%
76% 77%
100% 100%
101
101%
92%
93%
109%
89
89%
Apr
85%
Apr
18
Jan
4,000
72,000
64%
Apr
109%
*
*7*666
91,000
45*666
88,000
85
Jan
20,000
88%
Jan
20,000
8,000
74%
104%
109
93% Jan
5% July
102% May
97
61,000
47% 549,000
2,000
108%
*104
------
N Y Central Elec 5%8 '50
New York Penn A Ohio—
Ext
14
105%
101% 102%
92
1948
Conv deb 5s
13
93
108%
8,000
2,000
11,000
3,000
99% 100
105
46%
2022
Oct
100
101
4%s_1981
Aug
Apr
Gen Vending G rp 6s. 1937
For footnotes see page 4129.
Feb
97%
68 series A
2030
102
90%
*68
Certificates of deposit.
Jan
194,000
103%
43%
21% June
103% May
97%
Jan
Montana Dakota Utilities
99% 100
100%
102%
100%
99%
100%
103%
93%
105%
Miss River Pow 1st 5s. 1951
Jan
Gary Electric A Gas—
103
1957
Oct
Aug
Mar
99%
101%
93%
Miss Pow A Lt 5s
7%
104
6s
98%
21,000
6,000
1,000
76,000
May
103%
101%
103%
56%
*15
105%
Oct
99%
75%
98%
1965
Mississippi Pow 5s
8
102%
23,000
Oct
Jan
12,000
1,000
31,000
2,000
4,000
8,000
71
76
104%
*104% 105
105% 106
105%
105% 106%
1955
Oct
31,000
30,000
28
14,000
74
70%
103%
103%
*100%
110%
110%
103%
104%
1978
4%s
Oct
15
Deb 5s series B
58%
60
*105% 106
*29%
90%
91
103"
93%
106%
101%
16
93%
110%
113
*103% 104
102% 103%
91%
92
91%
103%
91
Jan
76
75%
83%
83%
104% 105%
13%
12%
104
105%
7s without warrants. 1941
Minn PAL
4
1942
Lone Star Gas 5s
MoCallum Hosiery 6%s '41
MoCord Rad A Mfg 6s '43
105%
Jan
Jan
72
25
427600
Mansfield Mln A Smelt—
"9",066
70
Nov
102% June
83% Apr
"9",066
102% 102%
Erie Lighting 5s
..1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv 6% 8 '54
Finland Residential Mtge
Lake Sup Dist
104% 105%
6%h series A.......1953
5s ex-warr stamped. 1944
Gatineau Power 1st 5s. 1956
1943
Koppers Co deb 5%s.l950
125
Jan
Aug
Jan
8%
Fla Power Corp 5%s.l979
Florida Power A Lt 5s. 1954
112% May
Jan
85%
8%
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 6s '42
First Bohemian Glass 7s '67
Deo
120
Jan
10
Banks 6s~5s stpd.._1961
109
101%
101% 101%
*104% 106%
95
94%
*107%
98%
99%
*104% 105%
*108% 111
76
76%
97
128%
Dec
Feb
Jan
105
%
...1969
May
105
110
105% 106%
104% 105%
102% 102%
96%
96%
*65
"51%
98
H..1961
0% s series D
1948
5%s series F...
1955
Deo
56%
108%
Kentucky Utilities Co—
48
11%
Empire Oil A Ref 5%s_1042
Ercole Marelli Eleo Mfg—
1961
Jan
Detroit Internet Bridge—
6%s
Aug 1 1962
1952
4%s series C...
Sept
105%
105%
65%
Kansas Gas A Elee 6s.2022
88
1950
Jan
27
101% 101%
103% 104%
80
79%
79%
78%
107% 108
101% 101%
106% 106%
105
54%
Stamped
105
104%
Sept
July
103% 103%
85%
Jamaica Wat Sup 5%s '55
Jersey Central Pow A Lt—
6s series B
.....1947
Jan
*78% 80
107% 107%
*105% 106%
108%
91
1942
Italian Superpower 68.1963
1942
Jan
Apr
Jan
Nov
Apr
44
3,000
2,000
Jacksonville Gas 5s
28
98%
7,000
31%
5,000
93% 94% 117,000
102% 102%
3,000
99
96%
5,000
Derby Gas A Elec 5s..1946
Det City Gas 6s ser A. 1947
Empire Dist El 5s
Isotta Fraschlnl 7s
1957
103%
102%
63%
Sept
Jan
64
*107% 107%
101" 100% 101% 51 "066
72%
70%
72% 190,000
67
66%
67% 29,000
4%s..l958
105%
86%
Aug
90
105%
*74
70%
'~74~~
...1961
98
...1952
Elec Power A Light 5S.2030
Elmlra Wat Lt A RR 5s *56
El Paso Elec 5s A
1950
1958
80%
Apr
12%
1957
31
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
Dallas Pow A Lt 6s A. 1949
Eastern Gas A Fuel 4s 1956
Edison El Ill(Bost)3%s '65
4%s series F
Iowa-Neb L A P 5s
124
6,000
Gonsol Gas Util Co.—
Certificates of deposit.
Deb 7s
..Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 6%s..l93?
...1956
6s series D
Kimberly-Clark 5s
109% 109%
124% 124%
1981
5s 1st series B
.1952
Debenture 6s
Jan
34
85
79
Interstate Public Service—
105
130
*104% 105%
1939
Delaware El Pow 5%a_1969
Denver Gas A Eleo 6s. 1949
.1952
International Sec 5s-.1947
105
105
.....1957
65%
110%
43,000
15,000
85% 126,000
100% 100%
7,000
*128
105
Gen mtge 4%s
1954
Gonsol Gas El Lt A P (Bait)
1st A coll 68 ser A.. 1943
Conv deb 6%s w w_1943
Cont'l Gas A El 5s....1958
Crucible Steel 5s
1940
1955
7s series E
June
104
Apr
May
International Power Sec—
International Salt 5S..1951
Gonsol Gas (Bait City)—
5s
1963
1st mtge 5s ser
1956
5s series D
111
110%
1951
4%s series C.
1st lien A ref 5s
Indianapolis Gas 5s A. 1952
Aug
Commonwealth Edison—
1st 4%s series C
1956
1st 4%s series D
1957
1st M 4s series F...1981
1950
6s series B
1943
Cities Serv PAL 5%s.l952
5%s.__
1949
Commerz A Prlvat 5%s '37
3,000
"99%
1957
5s
Indiana Service 5s
7s series F
Cincinnati St Ry 5%s A '52
Conv deb 5s
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Indiana Hydro-Elec 5s '58
97
105
111
...1940
1966
99
.1953
1951
5s series O
6%s series G
Midland Ry 4%s A1956
Chic Jot Ry A Union Stock
Chic Pneu Tools 5%s_1942
Chic Rys 6s ctfB
1927
6%s series B...
88% June
Jan
82%
Chicago A Illinois
5s series O.
1949
.1947
6s series B
104
94%
67%
f 4s
103%
Idaho Power 5s
Dec
Mar
79
7,000
103% 103%
103% June
98%
111%
95%
Houston Light A Power—
Jan
Apr
104
May
297666
103
Dec
90
4,000
8,000
105
114%
99
103% 103%
157*666
89
73%
80
29
103% 104
*106% 107%
"93%
86% 93%
61
61%
69% 70
109% 109%
105%
*105
98%
98% 98%
25%
75
124%
95%
68)4
Line 6s
88
High
Low
34,000
66,000
1,000
104
Hamburg Eleo 7s
124
7,000
104% 105%
85% 85%
*.... 34%
85% 86%
Range Since Jan. 1,1930
%
93
Nov
85
104%
92
175
79
1947
1935
Jan
1,000
for
Week
High
Hall Print 6s stpd
Jan
1 4,000
Low
Nov
116%
Cent Pow & Lt 1st 5s. 1956
Cent States Elec 5s
1948
6s series B
85%
Range
of Prices
173
103% 103%
103% 103%
Cent Ohio Lt & Pr 5s. 1950
Cent Power 5s ser D..1957
Cities Service 5s
104%
1936
Sales
Week's
Apr
Apr
Apr
116
16,000
7,000
5,000
82,000
s
...1977
1981
4%s series H
lstr ef
Haokensaok Water 5s. 1938
1968
ser F.1967
5s series G
Yards 5s
Git Nor Pow 5s stpd—1950
Grocery Store Prod 6s. 1945
Nov
Oct
Centra) 111 Public Service—
4%s
1965
Mar
84%
103% 104
112
112%
104% 105
112% 112%
104
105%
93
....1953
30
"3",000
107% 107%
107
tl05
Canadian Pac Ry 6s.. 1942
Carolina Pr & Lt 5s... 1956
Cedar Rapids MAP 5s.'53
1st & ref
Georgia Power ref 5s..1967
Georgia Pow A Lt 5s..1978
Gesfurel 6s
98
84%
Canada Northern Pr 5s *53
6s series E_.
Gen Wat Wks A El 58.1943
Oct
98
Buffalo Gen Elec 5s... 1939
Cent Ariz Lt A Pr 5*
145
Sale
2*666
~
J105% 107
98
Broad River Pow 5s. .1954
Gen A ret 5s
123
145
1998
Binghamton L H & P 5s *46
Birmingham Elec 4%s 1968
Birmingham Gas 5s -.1959
Last
High
55% May
12,000
21,000
46,000
1st M 5s series B...1957
Bethlehem Steel 6s
Low
54,000
9,000
1,000
BONDS
(Continued)
5s series A
Bell Telep of Canada—
1st M 58 series A
1955
5s aeries C
.
Range Since Jan. 1 1936
$
105
1949
53 %
53
6s
Thurs.
Week
Price
Dec. 26,
Jan
95%
Jan
92
97
18,000
69
May
105
105
July
110%
Dec
Nov
Oot
Mar
Volume
New York Curb Exchange—Concluded—Page 6
143
Thurs.
BONDS
Last
Sales
Week'8^Range
Sale
(Continued)
Corp lat 4%s '67
N Y State E A Q 4%s_1980
1st 5%s
1962
Low
10534
N Y PAL
10534 10634
102% 10334
J106% 10734
*103
104%
103
N Y A Westob'r Ltg 4s 2004
Debenture 5s
1964
105
48,000
10234
Jan
105%
Mar
8634
8634
5,000
Apr
101%
Aug
111%
Apr
105% May
8434 Mar
107%
104
Oct
July
Starrett Corp Inc 5S..1950
Jan
Feb
Nor Cont'l Utll
9534
95%
6634
3%S—1948
No Indiana O A E fts_1962
9534
6734
2,000
10,000
1107% 108%
9034
113
Dec
Feb
53
106%
Mar
Jan
Apr
72
108
Jan
5s series C
1966
Ogden Gas 5s
1945
Ohio Edison 1st lis
1960
10434 10534
105
10534
103 %
102% 104
10334
10334 10334
1104% 10534
89
""8734
8734
104%
104% 104%
111
1110
10534
10534 10534
Ohio Power 1st 6s B..1952
1st A ref 4%s «er D. 1956
10534 10534
104% 104%
.
5s series D
1969
4%g series E
No States Pow
1970
6%s
1940
N'western Elec 6u stmpl94o
N'weetern Power 6s A_ 1960
N'western Pub 9erv 6s 1957
10,000
15,000
39,000
14,000
~
2~66O
102%
102%
98
10234
100%
51
106
Jan
106%
Sept
Jan
104%
104%
Nov
Aug
Mar
Jan
106
89%
Oct
2d stamped 4s
1953
5s series D
1954
6%s series E
1961
Okla Nat Gas 43
5s conv debs
104
Oswego Falls 6s
1941
Pacific Coast Power fie '40
Pacific Gas A El Co—
1st 68 series E
Pacific Invest 5s
119
;1941
ser
Palmer Corp 6s.
Penn Cent L A P
101%
A. 1948
Pacific Ltg A Pow 5s
Pacific Pow A Ltg fie
1942
1955
1938
"87%
"
Penn Ohio Edison—
101%
97%
Dec
Oct
86
Apr
9934
10434
94%
Nov
99
9334
Jan
103
Nov
105%
Apr
108
Dec
12134 Mar
10234 Mar
11634 May
94%
Feb
98
Apr
114
Jan
80
Mar
10134
Oct
19,000
10134
98%
Mar
Mar
28
10634 10634
Pledm't Hydro-El 6%s '60
Piedmont A Nor 68...1954
62%
61%
105
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
1106
105"
105
Portland Gas A Coke fie '40
Potomac Edison 5s E. 1966
10834
1961
Potrero Bug 7s etpd—1947
Corp(Can>4%8 B '69
1949
Dec
18,000
5,000
104
10634
10434
Feb
Jan
107
15*666
111
Dec
114%
Jan
108% June
62%
105
2,000
104 34
Dec
Oct
July
Aug
20,000
19,000
9,000
34,000
2,000
1st A ref 4%s
4%sseries I
100% 101
23
23
19,000
132%
Jan
146
5,000
7,000
108%
Jan
112%
104
10334
101%
Nov
10734
Oct
104
104
17,000
6,000
103% 10334
10534 10534
85,000
8,000
Puget Sound PAL 6%s '49
9434
104% 105%
94
94%
9,000
48,000
1st A ref fie series 0.1950
9134
91
92
22,000
1st A ref
87
8634
87%
37,000
<5,000
1966
102
Dec
Jan
106
Jan
10534
Sept
July
July
Dec
10334 10334
1968
*105
106
10334 10334
Reliance Manag't 5s.. 1954
Rochester Cent Pow fie '63
Ruhr Gas
84%
Falls 5s
25%
25%
*
107
1734
St Louis Gas A Coke 6s '47
San Joaquin L A P 6s B
85
2534
1734
106
San Antonio PS 5s B..1968
Sauda
84%
Corp 6%s__1953
Ruhr Housing 6%s. —1958
Safe Harbor Waler 4% a *79
*132%
52
125
Saxon Pub Wks 6s... 1937
108
1734
106%
36
4034
6s ex warrants
39
33
Shawlnlgan WAP 434s *67
4%s series B
1968
1st
*162%
1948
434 e series D
1970
1*04
Sou Carolina Pow
Ref M
Sou Indiana Ry 4s
Stand Gas A Eleo 6a.. 1935
Certificates of deposit.
Convertible 6a
1935
1951
Debenture 6sDec
1
1966
89
Standard Investg534s 1939
Standard Pow A Lt 6s. 1957
'88%
105%
Aug
110
Mar
107% May
107% Sept
117% Dec
*106%
105
105
105% 105%
117% 117%
60%
61%
25%
25%
26
25%
6134
3,000
105
2,000
104%
Apr
1,000
113%
Jan
12,000
1,000
Dec
Jan
Feb
45%
Jan
25%
Dec
25% June
72
10,000
86%
45,000
76
92
June
94
92%
106% 106%
17,000
97
July
85
91
4,000
80
Jan
Jan
June
32%
33%
Jan
Jan
91% 120,000
100%
81%
Jan
106% May
96% Sept
16,000
104%
Jan
115%
75%
90%
92%
Jan
1*1*666
90%
July
Jan
103%
July
Jan
113
113%
*85
86%
100% 101%
101%
101
101
*104% 106
107% 107%
*99%
99%
*102%
101% 102*"
101%
100
99% 100
98
98
10,000
105
"5",000
12,000
Mar
June
105%
Apr
96%
Jan
100% May
95%
Jan
9,000
7,000
91%
Jan
83%
Jan
Oct
102
Oct
106% May
107% Dec
100% Aug
104
Apr
104%
Dec
101 %
98
Sept
43%
101%
101%
*107%
*106%
*105%
44%
45%
102%
77,000
10,000
Dec
49%
Dec
107
Jan
108%
108%
Deo
106%
107%
Nov
105%
71
J
101
Feb
105
40,000
105%
Sept
111%
97%
70%
105%
107%
105%
97%
107%
105
112
112
97%
4,000
52,000
Dec
97%
71%
15,000
9,000
107%
105%
6,000
107%
107%
107%
45,000
Dec
Sept
77%
105%
102%
101
100%
*106% 107
1,000
Nov
Nov
Oct
Nov
Sept
104
6834
69
85
Dec
26%
26%
Deo
Buenos Aires (Province)—
7s stamped
1962
85%
85%
4,000
55%
Jan
85%
Dec
67%
Jan
82%
Nov
7%
May
Apr
106%
Mar
Jan
25
103% 10334
10234 103
103% 104
9934
9934
105% 10534
89
8934
89
89%
8934
90
88
89%
87%
89%
1100% 101%
88%
87%
104%
10534
10,000
10,000
101%
Jan
12
107%
24%
534s
26%
*86
18%
90
16
13
18
*94*.000
23
23
23
17,000
23
Dec
10,000
23
Dec
95%
89%
Jan
Jan
101%
Aug
July
Feb
102
Jan
23
23
*101
1955
23
102%
101% 101%
1953
"moo
18
Deo
33%
Mar
34
Jan
July
-
Dec
Danzig Port A Waterways
62
62
21%
21%
22%
14,000
18% May
21%
22%
14,000
18% May
22
21
22%
13,000
21
20
20
20
16,000
Lima (City) Peru 634s.1958
Maranhao 7s
1958
Jan
124
Prov Banks 6s B...1951
6s series A
...1952
27
Hanover (City) 7s....1939
Hanover (Prov) 6348—1949
22% June
39*666
734s stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State A
16%
15%
22%
16%
11,000
23%
3,000
External 634s
1952
German Cons Munio 7s '47
Secured 6s
1947
May
21%
2,000
73
Apr
Feb
May
2851
28}1
3251
19% May
2651
Jan
May
16%
Dec
Jan
23%
Nov
60
Aug
9
Feb
Jan
Medellln 7s series E..1951
18
15
18
65,000
13%
9%
Jan
18
Mendosa 4s stamped.
91
91
91%
13,000
63
Feb
92
Dec
21%
2,000
18
Jan
22%
22%
14%
12%
99%
23%
Deo
.
1951
Dec
Mtge Bk of Bogota 7s. 1947
Sept
21%
*21
13%
*13%
Issue of May 1927
July
Issue of Oct 1927—
Mtge Bk of Chile 6s...1931
6s stamped
1931
18,000
13%
Parana
(State) 7s
1958
Rio de Janeiro 6348..1959
Russian Govt 6348—1919
22%
22%
23%
25%
1%
30
1921
1%
1921
Santiago 7s
1%
...1949
7s. L
Mar
—
-
-
1.
13
13%
*13%
1961
12
Mar
Jan
12%
92%
Sept
Jan
'7,000
10%
Jan
60,000
12%
Jan
May
1%
32,000
1%
1%
44,000
1%
10,000
65
13%
1
Jan
Oct
Dec
Dec
Jan
% May
17,000
4,000
30
Dec
Sept
Jan
June
Jan
Sept
Jan
1
%
49
14,000
16
11%
11%
June
65%
Dec
Jan
13%
Dec
Jan
12%
Oct
Oct
Jan
1%
1%
1%
64%
1%
Santa Fe 7s stamped.. 1945
"2*666
30
1%
17%
"10",000
14
14%
99
1919
634s certificates
534s
534s certificates
22
99
Mtge Bk of Denmark 6s '72
Dec
30,000
Dec
Dec
Oct
103%
87
"~99~~
109
27
103
Jan
104
89
89
84%
Jan
2,000
89
Certificates of deposit.
Debenture 6s
95%
Jan
1947
5s
101
89%
Jan
May
Danish
103%
10534
8934
Mar
17
Jan
16,000
So'west Pow A Lt 6s..2022
S'weet Pub Serv 6s...1945
Mar
108
20
Feb
54,000
103%
10234
103%
S'western Assoc Tel 5s 1961
34
Apr
3,000
Feb
*15*666
1103
Southern Nat Gas 6s__1944
Dec
12,000
8,000
8934
H0434 105
S'western Lt A Pr 5S..1957
Dec
98%
23%
106%
27
9634
9334
105%
86
104%
6,000
75,000
21%
Jan
106% 107%
10634
106% 107%
110
1109
1951
Jan
15,000
24
Jan
Dec
26%
Sept
29,000
434»-1961
Sou Counties Gas 434s.1968
Dec
25%
25%
21%
Jan
74
10434
104
107
1st A ref mtge 4s... 1960
July
1951
20-year 7s
Baden 7s
Jan
9934
Sou Calif Gas Co
Ry A Elec 4s.. 1951
Agricultural Mtge Bk (Col)
20-year 7s
1946
78%
105
3%s
1945
3%s.May 1 1960
3%s B.July 1 '60
'90
"*5*,000
Sou Calif Edison Ltd—
Ref M
54,000
99
86%
8334
106%
Debenture
Jan
99
10634
110,000
10134 102
6,000
102*32 102*32
4,000
110734 107%
9934
10634
104
Dec
July
105%
Dec
106
5s. 1957
Southeast PAL 6s...2026
Deo
1,000
106%
115%
104%
106
76%
105%
104%
1,000
5,000
1,000
6834
Sheridan Wyo Coal 6s. 1947
40%
Apr
37%
111%
106
6,000
4,000
10434 10434
*104
19541
Ward Baking 6s
1937
Wash Gas Light 5s...
1958,
10434
41
Servel Inc 6s
78 with warrants
Jan
98% May
29
39
Second Int'l Sec 5s... 1948
Mar
104%
Feb
June
Waldorf-Astoria Corp—
Apr
1,000
—
6s with warrants... 1935
Scripp (E W) Co 534s. 1943
1st ref 5s series B ..1950
6s
1946
102
Sohulte Real Estate—
1935
1962
Valvollne Oil 7s
1937
Vamma Water Pow 5348 '57
Va Public 8erv 534s A. 1946
103
J10834 HO
1955
29
11*666
Feb
74%
40,000
1952
5s series E
103%
Queens Boro Gas A Eleo—
1962
6s series A
Sept
'10534
5%s series A
32,000
Jan
Jan
AND MUNICIPALITIES—
111
103% 10334
Quebec Power 5s
90
FOREIGN GOVERNMENT
6,000
14,000
14334 146
111
D. 1950
Feb
98
May
United Lt A Rys (Me)—
1937
ser F. 1981
eer
Oct
Jan
77%
41%
99%
9,000
5,000
64,000
Wheeling Elec Co 5s..1941
Wlsc-Mlnn Lt A Pow 5s '44
'Wise Pow A Lt 4s
1966
Pub Serv of Oklahoma—
434s
89
Jan
94
91%
York Rys Co 5s
1978
4s series A
*9*666
Jan
Jan
50
106%
6,000
10434 10434
..I960
105}
106}
106%
106%
110%
109%
~~i",66o
144
1980
4,000
Apr
Apr
93
1974
78
77%
H0834 109
10834 10834
77
176
110034 10134
.1966
4%s series D._
4%s series E
Apr
104
49
West Newspaper Un 6s '44
West United G A E 534s '55
9*666
45
104
7,000
Apr
93%
...1959
Wash Water Power 5s. 1960
1,000
Dec
49
534s *52
634s
5348
3,000
19,000
103
107% 107%
107%
West Penn Elec 5s
2030
West Penn Traction 5s *60
West Texas Utll 5s A. 1957
6,000
1,000
23%
2334
85%
92%
1941
1958
6e series C
103
103
1945
Yadkin Rlv Pow 5s
23
1st A ref 5e..._
f 6s
Un Lt A Rys (Del)
Wash
Public Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois—
s
United Lt A Pow 6s... 1975
July
106%
105
1st
Dec
106% June
Nov
107%
*107% 107%
95%
95%
95%
81
80%
61
60%
""60%
105% 105%
105%
40
*38%
105% 105%
115% 115%
103
102% 103
United Industrial 634s 1941
Jan
106%
108%
108%
107
1967
434s
1957
United Elec N J 4s... 1949
United El Serv 7s ex-w 1956
8,000
101
Electric 6e..l954
5s series B
104% 105%
105% 105%
104%
105%
1954
22%
22%
6s..1953
Power Securities 6s
9834
11034 111
109% 111
9734 9734
109%
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 4H *57
4%s series F
111
26
27
11034
5s series A
434s
1944
Utica Gas A Elec 5s D. 1956
27,000
9734
Peoples Lt A Pr 5s
1979
Phlla Electric Co 58..1966
Phlla Elec Pow 5%s—1972
Co 6s stpd.1937
Tide Water Power 5s.. 1979
Tietz (Leonard) 7348-1946
Sept
Apr
105%
10734
103
10534 10534
.19811
Thermold"
6s series A
1973
Utah Pow A Lt 6s A—2022
Jan
106%
2022
May
Jan
4%s series B
1968
Peoples Gas L A Coke—
I
4s series B
6s
104
Apr
107
1957
Texas Elec Service 5s. 1960
Texas Gas Utll 6s
1945
Texas Power A Lt 5s..1956
Aug
119
10434
97%
111
Dec
1954
58 series B
May
100
107
Prussian
Feb
107
1,000
19,000
*106
Power
112
Dec
32*666
Penn Water A Pow 58.1940
Elec
July
Nov
Penn Pub Serv 6s C—1947
6e series D
1954
46
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
Terni Hydro-El 6348—1953
Jan
104
Pomeranian
104
Feb
104
Dec
6s 3d stamped
1944
Union Elec Lt A Power—
Feb
Pennsylvania Power 5s '56
46
Mar
105% 10534
10434 10534
105%
x-w
1950
Deb 5%s series B...1959
45
.1970
Mar
'
6s series A
Mar
107
107
105
Dec
60%
10734
105
1971
46
Aug
Apr
10434 105%
105
1979
Dec
43
Apr
10234 103
104%
4%s.l977
6e
Penn Electric 4s F
3,000
21,000
45
50
104
10734
14,000
46
48%
10334
105
29*660
45
Dec
Dec
101% 101%
111634 118
86%
87%
1102% 103
66
Toledo Edison 5s
1962
Twin City Rap Tr 534s *52
Ulen Co—
105
6,000
Dec
Jan
103% June
120
48
Nov
119
99'
1951
1946
Okla Power A Water 5s *48
9,000
Nov
108%
106
10134
49
107
1,000
1,000
48
111
21*600
103% 103%
101% 10134
9,000
99
9834
27,000
100% 10434 186,000
93
93 34
7,000
101% 102
6,000
105% 106
2,000
"i03%
1940
6s series A
104
1105
1950
Okla Gas A Elec 5s
104
44%
105
3,000
1109% 11034
104
Oct1
Jan
Ohio Public Service Co—
6s series C
29%
38%
1946
434s
Syracuse Ltg 634s
Oct
Dec
High
41% 126,000
Jan
9834
10334
10534
2,000
20*666
June
Jan
Low
37%
Super Power of 111 434» '68
Oct
Mar
Northern Indiana P S—
Range Since Jan. 1 1936
$
1946
2d stamped 4s
Jan
90
for
Week
1940
7-4% stamped
97
of Prices
High
Low
1936
7-4% stamped
109
June
70,000
12,000
6,000
56%
101
Jan
Jan
Dec
Jan
92%
Jan
Nov
13,000
5,000
99
Jan
Sept
91
Jan
June
10,000
100
May
Oct
16,000
69
Jan
Dec
10,000
10,000
6734
May
Dec
69
May
May
Dec
66
64
May
Dec
63%
May
Dec
24,000
20,000
26,000
97
148*000
Dec
Jan
Dec
♦
No par value
the
rule
range,
sales
r
not
a
Deferred delivery sales not Included In year'*, range,
n Under
in year's range,
r Cash sa es not inoluded In year's
Included
Ex-dlvtdend.
* Friday's bid and asked price
e
No sales were transacted dunng current week.
Cash sales transacted during the ourrent
week and not Inoluded In weekly or
yearly range:
No sales
Feb
6234 May
I
Stlnnes 'Hugo) Corp—
10834
105%
1st
__1956
Sale
Price
No Amer Lt A Pow—
6%s series A
Week's Range
Last
High
34,000
110434 107
1963
BONDS
(Concluded)
Low
%
111234 114
Niagara Falls Pow5sA1959
Nippon El Pow ft%8
for
Range Since Jan. 1,1936
Week
of Prices
High
Price
4129
Sales
Thurs.
V
Under-the-rule sales transacted during the ourrent week and not Inoluded In
weekly or yearly range:
No sales.
•
Deferred delivery sales transacted
during the ourrent week and not laoluded
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 stook.
c," voting trust certificates: "w 1," when issued
"w w," with warrants
"v
.
"x-w." without warrants
J
r
Dec.
Chronicle
Financial
4130—
Other Stock Exchanges
Sales
Thurs.
Week's
Last
New York Real Estate Securities
Exchange
Sale
Stocks (Concluded)
Closing bid and asked quotations, Thursday, Dec. 24
New River Co
Bid
Unlisted Slocks
Ask
Bid
Unlisted Bonds
Ask
Oliver Cromwell ctfs
54
Lincoln Bldg Corp vtc...
33%
30%
4%
7
mm
7,664
21%
23
1,472
mm
Pacific Mills Co
16%
Established 1853
Louisville, Ky.
Hagersiown. Md
Members
and
York
New
75c
250
56c
Jan
1*4
Apr
148
14%
May
47%
Dec
939
28%
Apr
45%
Oct
"5%
3,005
1%
Oct
5%
Dec
6%
4%
6%
850
4%
Dec
6%
Dec
25%
25%
14%
29%
II
Jai
I5l«
1,795
14 %
Feb
29%
Dee
3%
3 %
75
1%
Jan
6%
Sept
97%
80
90 *
"14%
14%
25
29
3%
Union Twist Drill Co
26
10
..1
United Shoe Mach Corp_25
9%
91
91
41%
25
Preferred
Utah Apex Mining
1%
5
Utah Metal & Tunnel
...
84c
85c
1
1st
2%
2
*
7%
7%
pref v t c.
Black
Rights
-
CoQ8o! Gas E
Finance Co of
Am
Guilford Realty pref
Houston Oil pref
30c
Apr
1 %
Dec
9*
Jan
19%
906
4%
Jan
12%
*
34%
15
21
Mar
37%
Nov
Dec
Oct
91
94
83,350
70
.Tan
94
Dec
Mfrs Finance
915
16%
Apr
22%
26%
July
51%
Dec
%
June
779
2%
Jan
19%
July
1%
Dec
9%
33%
2%
96
84
Jan
94%
41
2%
88%
2,262
SECURITIES
CHICAGO
Feb
6
Listed and Unlisted
Dec
Dec
Dec
Aug
Pa a I H.Davis & (30.
July
Jan
40%
Dec
17
Jan
48%
Dec
New
York Stock Exchange
122
121%
123%
117
88
Jan
Oct
New
York Curb (Associate)
12%
12%
99
25
25
54%
19%
54%
21%
1%
11%
2%
12
..*
..100
*
v t
com
_
21%
2d preferred
25
M ar Tex Oil...
Monon W Penn P S 7 % pf25
Dec
25
61
22%
%
7%
May
6
1%
38
2%
24
3%
175
26%
5
5
205
3
15%
16
1,843
Distillery
Mills
16
1%
.1
109%
'
Phillips Packing Co pref 100
.
_
26
4,670
5
101
Penna Water & Pow pref-5
U s Fidelity & Guar
102% 104
1
1%
«
2
26%
Western National Bank.20
......
109%
101%
55
25
26%
2,249
36
36
17
Feb
1%
13
Dec
Nov
Chicago Stock Exchange
Nov
%
May
%
Fen
4
Dec
23%
Feb
28
Aug
I
1 %
June
40
Apr
9%
Apr
95
3%
Deo
17%
104
Dec
2
Dec
110%
June
102
Nov
A pr
30
Nov
Jan
36%
Apr
Jan
43
Dec
Jan
52
Deo
May
95
Dec
13%
34
Week's Range
for
Sale
of Pr ices
Low
High
Shares
Price
Par
Stocks—
5s
flat
1975
.
-
45
*.
*
46%
3,100
94
„
Georgia Marble 6s flat 1950
39
94
1,000
§13,000
15%
17
55%
Common (new)
19
to
Sales
Thurs.
Week's Range
Last
Class
16%
110
15
June
6
7%
8%
1,700
5
Nov
300
5%
19%
300
11%
"
Sale
Par
Stocks—
Week
of Prices
Low
Price
High
Low
High
w
-
8%
~
19
-
.25
conv
"22%
22%
22%
41%
41%
43
69%
70%
7%
3%
54%
13%
pre!
100
..5
..1
Mfg Co
com
6%
3%
-
-
Athey Truss Wheel cap.. .4
Product* com
xutuinatlr
conv
«
-
.
3%
13%
13%
7%
7%
o
&
6%
51
-
2%
14.%
pref *
Backstay Welt Co com...*
Barlow
Shares
„
pref-..*
\
Altorfer Bros
Automatic Wash
Range Since Jan. 1, 1936
for
IK
6% non-cum pref
50
5%
1st preferred
50
Amer Tel & Tel
100
Boston & Albauy
100
Boston
Elevated
Boston
Herald Traveler
100
185%
67%
30
1%
5%
1%
1,060
600
6
30
31%
180% 186%
139% 145
68%
65%
30
28%
1%
July
2
July
2%
6%
31%
Nov
Dec
19 %
May
149%
Apr
190
Nov
117 Hi
Jan
157
Oct
Brach & Sous (E J) com
Feb
Brown Fence & Wire
744
65
May
28
Oct
70
33%
Nov
100
-
..100
-
Preferred stamped
Prior preferred
Class
A
100
100
1st pref stpd. 100
CI A 1st
......
4%
20
4
Jan
6
5
55
3%
Jan
8%
1,196
17 Hi
July
41
1,147
4 %
July
14%
Feb
1214
Feb
Jan
Central
10
9%
35%
10%
9%
14%
160
5
252
6% May
Apr
5
June
15
14%
15
160
8%
June
21
16
16%
325
12 »4
May
17%
3%
59
2%
July
16%
1,642
5%
Jan
*
Brown-Durrell Co
*
ilecla
..25
Cliff Mining Co
3
16%
.26
*
14%
.12
178
1%
...25
Range
East Boston Co
V2~~
1%
200
11%
12%
1%
2,570
75c
1
2,038
%
0%
50c
Feb
7
16%
2
Sept
Feb
100
100
Feb
Sept
Dec
Jan
Nov
Nov
Jan
12%
Nov
Sept
1%
Feb
Mass
6%
80
66%
67%
214
St
57
I
Preferred
Mar
Preferred B
com
*
..
in
_
5% conv preferred....30
52
Jan
A pr
15
16%
62 %
18
53%
20
20
8%
Feb
200
3
Feb
8
Dec
241
53%
*
8%
Jan
15
July
50
June
60
Jan
10
'
„
Edison
Elec tllum
100
151
Employers Group
...*
23
Common
1
Conv preferred
...»
Cent 111 Pub Serv pref...*
Central S W —
.
.
Common
1
General Capital Corp
*
Georgian lnc(The)A pref 20
Gllcdrlst Co
^
21%
14%
30
Gillette Safety
May
Preferred._
com
Jan
Jan
Jan
14%
July
33%
1,000
7%
22%
A pr
Nov
77%
600
37%
90%
107%
.
Helvetia Oil Cote
Maine Central
5% cum pref
Mass Utilities
v
t e._
...»
Mergenthaler
Linotype .*
Narragansett Racing Ass'n
Inc
100
National Service Co.
1
New England Tel Ar Tel 100
For footnotes
3
53%
6%
....
see
132
page 4141
~
40
Jan
5
Jan
Sept
17
Feb
73%
Oct
3%
3%
Apr
4%
Dec
Jan
100%
1%
13
750
4
3,850
100
99
62%
330
49
64
500
20%
Chicago Flex Shaft
Chicago
Chicago
Chicago
Chicago
70
10
160
1%
May
2%
Feb
Nov
23
68
Dec
Sept
Jan
22%
Feb
35
Jan
73
Dec
40%
Jan
8
72% Dec
%
Dec
6%
55%
Nov
5
com
Jan
Apr
55
54%
55
350
33%
Jan
58%
Nov
2%
%
4%
Feb
5
& N W Ry comlOO
Rys part ctfs 1.100
Riv & Mach cap.*
Towel conv pref.*
3%
1
1
28%
%
200
5%
10,700
%
%
28
105
118%
60
2%
800
3%
18%
1,726
26% May
40c
July
16
Common
2%
Jan
11%
Sept
6% prior pref 4
7% cumul pref
2%
3%
Dec
Nov
Jau
60
Jan
19
Nov
12
212
7%
Jan
18
Mar
38%
100
18%
Jan
45
Mar
817
1 %
Jan
3 H
Feb
125
38 %
Jan
57%
Nov
1,015
300
685
Aug
7%
%
Nov
8c
117»4
Mar
t41%
Nov
Dec
6
< In com
Feb
19%
%
9%
%
Dec
Nov
3%
1
28%
105
50
4
Aug
Feb
Jan
Mar
1%
180
25
Jan
34%
Apr
20
100
Jan
106%
Aug
70
Oct
Consumers Co—•
10
6%
Nov
JaD
1%
Nov
132
Dec
Jan
~"4%
Dec
6%
29%
July
*
May
....H
650
30
1
('lues Service
July
3
Jan
12
Club Aluminum Uten Co.*
Coleman Lp & Stove com.*
13*4
53%
7%
13%
Apr
Nov
1%
37%
Nov
5,450
11
%
2%
5
...100
Nov
30%
23%
16%
33%
25
43%
Consolidated Biscuit com.l
200
100
com
13%
Oct
July
50
800
67
Mar
Jan
1%
2%
18%
10%
36%
2%
52%
Nov
%
650
50
Compressed Ind Gases cap*
205
1%
3%
9%
12%
25%
22%
14%
11%
25%
21%
1,500
Dec
1%
5%
1
Aug
46
Nov
Feb
1
562
Isle Royal Copper Co. ..25
Loews Theatres (Boston)25
Nov
23
260
Mar
5%
50
112
Jar
44
44%
23%
169
40
50
Dec
Feb
16%
5
36% May
7
15%
50
Jan
107 %
45
Feb
15
*
64
10
100
■23
*
.
27 %
15
Preferred
22%
Oct
♦
commou
A pr
55
1%
Nov
6%
21%
1%
15%
64%
*
Chain Belt Co
Nov
42%
1%
5
2,400
1%
15%
67%
64
May
13
"5%
Dec
1%
15%
68%
100
16
13
*
Dec
60
*
20
13
Class A
18%
2%
14%
preferred..^.*
145
42%
1%
Hathaway Bakeries cl B__*
Jan
300
18%
20%
20%
700
2%
Prior lieu
734
*
Razor
Dec
14
Preferred
260
*
..
13%
Central States Pr & Lt—
50
150% 154
22%
23%
Dec
29%
12
„
Commonwealth Edison. 100
Economy Grocery Stores.*
13%
ret)
Chic City & Con Ry com.*
52
2d preferred
750
111 Sec—
Chicago Corp
50
Nov
7%
July
Mar
Apr
7%
Jan
62%
5
83
3%
11
5%
Jan
11
15%
Jan
7
July
27%
18
72%
Jan
10%
June
2%
950
Dec
69
1%
15
Jan
4%
1,800
Nov
14%
41%
"ml
18,200
Feb
May
71
85
*
Dec
1%
69
150
100
73%
7%
.*
3%
com
May
13%
Cherry Burrell Corp com.*
57%
100
Adjustment
20
20
Jan
3
33
Oct
190
*
200
11%
57
75
47%
360
85
100
i
25
Jan
3
Jan
Ry—
Common
Eastern ss Lines
3%
Jan
40
8
14%
Jan
60
100
6% cum pref
Eastern
L)
Brothers
Preferred
6%
66%
.♦
..
Bruce Co (E
Burier
21
20
Feb
East uas & Fuel Assn—
4% % prior pref
-
Canal Constr conv pref...»
Central Cold Stor com. .20
17
31%
100
Personal Prop Tr
*
4%
10%
14
-
1
Apr
100
1st pref stpd..
100
Jan
5%
10%
Nov
300
~~
—
Common
68
CI D
Common
*
9
13%
11%
Copper
_..100
8%
35
pref.......ICO
Calumet <v
preferred
4%
m
Class B 1st pref stpd
CI C 1st pref stpd
Boston
10
Borg Warner Corp com
Class A.
Common
Preferred
.1
Laughlin Inc cap.5
70
426
8ept
107 %
*
com
125
Boston <fc Maine—
9%
23%
2,100
25%
Bliss &
June
11%
19%
26%
11%
32%
7%
May
11%
31%
75%
20%
Aviation
Berghoff Brewing Co..
1,558
Dec
Aug
Sept
7%
18%
22%
32%
18%
Bendix
25
Jai
57%
21
■
18%
5
Basuau-Biessltig Co com.'
Common
50%
Seelig Mfg A—
Common
Amer Pneumatic Service—
Oct
52%
16
7
10
Associates Invest Po com.*
25, both inclusive, compiled from official sales list
Dec.
.
Products Corp—
Common
Asbestos
Exchange
1,450
50%
16
"
Armour & Co common
Dec.
High
51%
*
Adams (J P) Mfg com
*
Adams Royalty Co com.. *
Ainer Pun rierv Co
Boston Stock
Low
Abbott Laboratories-
Allied
36%
flat.. 1975
4s
Week
,
Advance ,\lum Castings-.5
Transit
Range Since Jan. 1, 1936
Last
Aug
Nov
101
Sales
Thurs.
Oct
Oct
109%
25, both inclusive, compiled from official sales lists
19 to Dec.
Dec
Jan
l
Dec.
Oct
5%
80
Bonds—
Bait
CHICAGO
Mar
Aug
71
5
Ch'cago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St.,
Dec
F"eb
14%
5
..50
Members.
Oct
12%
50
71
Amsterdam Cas_.
North Central Ry
139
25
100
com
Preferred..
Feb
5
100
Mt Ver-Wdb Mills
Jan
9%
116
5
1,206
3%
3%
1
.
113% 115
40%
37%
26%
....
50
1%
Jan
936
11
25
Owings
91
1948
5s
111
1st preferred
New
Series B
105
—
1 %
325
678
Georgia Sou <fc Ida 1st pflOO
Feb
A ug
2%
Jai
17
1,312
12%
Feb
Jan
10%
1%
46%
A..*
ci
%
9%
34%
20
Deposit
200
14,916
Dec
Oct
42
16%
44%
40%
Aug
%
"16
High
2,500
32%
88
37
™
10%
46
Preferred
&
V'*.
„
94%
"16%
1
Eastern Sugar Assoc com.l
Fidelity
m
88
100
preferred
6%
„
L & Power.*
Low
Shares
.
2%
7%
31%
1%
*
Decker com
&
50
45%
vtc..*
com
■
Jai
740
Eastern Mass St Ry—
Range Since Jan. 1, 1930
for
17%
44%
(Conn)..50
Atl Coast Line
Transit
High
17%
Dec
83
94%
4,1%
1%
Week
17%
*
Arundel Corp
Bait
Low
Price
Par
Stocks—
Range
of Prices
Sale
Nov
28%
10%
Bonds—
Sales
Week's
Last
50c
Jan
4
Warren (S D) Co
25, both inclusive, compiled from official sales lists
Thurs.
\lar
Jan
15c
21 %
295
95c
104
June
400
225
10
I
July
*
Warren
Baltimore Stock Exchange
Dec.
to
Jai
Nov
26
Bros Co
Waldorf System lno
19
32c
Jai
15 %
*
Venezuela Holding Corp..*
Dec.
100
940
27%
32c
32c
26%
6
United Gas Corp
Chicago Board of Trade and Commodity Exchange, Inc.
Mar
41%
40%
5%
Union Copper Ld & Min.25
Exchanges
Stock
Baltimore
70*
75c
Torrlngton (Jo
39 Broadway
NEW YORK
York,Fo.
Nov
40%
Suburban Electric Secur.
HAlTIMOlfE, MD.
Dec
85c
38%
3%
Reece Buttonhole Mach.10
6 S0 CalvertSh
6%
"41%
r*
50
..
Stone & Webster
STEIN BROS. &> BO YCE
Dec
10%
i"
vOct
25c
25
Old Dominion Co
•
Baltimore Stock Exchange
*
Oct
2 *
75c
96%
•
Shawmut Assn tr ctfs...
on
Mar
5%
71c
Qulncy M (Jan ass'tunpd)25
Jan. assessment paid..25
Executed
794
5
62c
22
100
Pennsylvania RR.
Orders
164
6%
High
Low
6
Butte
Old Colony RR
39 Bway Inc units
8%
..
Pennsylvania Bldg ctfs.
..1950
Rway Bldg 5%s
10%
10
1, 1936
Range Since Jan
for
Week
Sahres
High
Low
100
com
Range
of Prices
Price
Par
NYNH&HRtt (The) 100
North
61
32
Dorset ctfs of deposit..
A
1936
26,
Dec
4%
8%
%
800
30
119%
46%
9%
8%
117
.100
"~3%
%
6%
3
9,450
2
34
45%
5
100
3%
1%
34
%
6%
3%
1,700
100
1,450
2%
Mar
1%
May
30
Sept
4%
3%
38
Jan
Feb
Jan
119%
Dec
Sept
72%
Aug
Dec
11%
Aug
% June
1%
96%
41
8%
11,050
Feb
50
5%
Jan
12%
Feb
370
2%
Jan
7%
Feb
Continental Steel—
Common
100
6
.
Preferred
25
.
Cudahy Packing Co pref 100
Cungham Drug Stores.2%
Curtis Lighting Inc com.. *
Dayton Rubber Mfg
Cum class A pref
4%
46%
100
.
com
.
.
.
•
.35
Decker (Alt) <4- Gnhn cemU)
28%
150
25
Nov
102% 102%
4%
4%
20
97%
Aug
117%
4,900
3%
Aug
8
\pr
26-V
*
Preferred
Cord Corp cap stock
Crane Go common
42%
120
107%
22%
"19%
32
Apr
Jau
47
550
24
Apr
50
Dec
120
30
120
Jan
141
Nov
110
107% 108
22%
21%
5
47
5
50
103%
Oct
400
21%
Dec
40
3%
Jan
22%
9
Jan
Dec
Mar
18%
19%
850
10*
Jan
21%
Dec
31
32
100
19%
Jan
33
Nov
11%
12%
650
4 V
Ten
'14
Dec
Volume
143
Financial
Thurs.
Week's Range
for
Sale
Par
of Prices
Week
Price
4131
Sales
Last
Stocks (Concluded)
Chronicle
Low
High
Range Since Jan. 1, 1936
Shares
Members Cincinnati Stock Exchange
High
Low
Active
Dlxle-Vortex Co
*
com
Class A
21
-
-
25
10
10%
15%
16
64%
17
10^
1534
21%
89%
64%
*
Elec Household Utll cap.6
Fltz Sim & Son(D&D)com*
20%
39%
25
*
Eddy Pa per Corp (The)
17
300
1834
100
3834 May
50
23
$3 cumul
conv
pref
20
Gen
*
4%
Goldblatt Bros Inc com..*
Great Lakes D & D com.-*
9%
40%
24%
Nov
1834
1534
Dec
23
Horders Inc
40%
24
14%
10
13%
9%
*
A
com
17
*
com
Hormel & Co
8
19
Houdallle-Hershey clB..*
25%
Illinois Brick Co
25
111 North Utilities pref. 100
Indep Pneu Tool
25
14%
109
t o
v
Jan
Jan
Apr
62
Oct
6534
Jan
20
Nov
1,700
4%
Nov
5%
12,000
734
Dec
14%
22 34
46
Sept
1,050
24
Dec
14%
100
6
Jan
10%
2,350
834
Jan
17%
19%
25%
100
11
150
1634 May
400
2234
15
350
8
110
50
100
*
23%
21 %
1
Jan
3334
BLDG.
Cincinnati Stock Exchange
Nov
Apr
19 to Dec.
25, both inclusive, compiled from official sales lists
13 H
Apr
Thurs.
17%
Dec
Last
Week's Range
for
22
Jan
Sale
of Prices
Week
Stocks-
3234
Mar
May
1834
U034
Dec
Aluminum Industries
Amer
Sales
70
60
July
83 34
Dec
17
20
14
Sept
2434
Mar
2334
25
700
22 34
Dec
31
21%
43%
1,200
18 %
Feb
26
Nov
200
3134
June
45
16
1,400
1534
Dec
1634
Nov
400
4%
Apr
13%
Oct
10
Apr
Feb
26%
4334
334
Nov
34%
Price
*
Low
9%
24%
7%
High
9%
25%
7%
Kellogg Switchboard
com
Ken-Rad T & Lamp comA*
Ky Utll Jr cum pref
50
1
"~2%
La Salle Ext Unlv com...5
1%
cap
Lawbeck 6% cum pref. 100
Leath & Co com
*
Cumulative preferred..*
Libby McNeil & Llbby._lG
93
22
38
2%
1%
40
"~7%
Laundry Mach...20
Baldwin
Champ Paper & Fibre
*
25
8
23
1%
43
1,900
60
*
Cln Ball Crank pref.
Cin Gas & Elec pref
*
100
C N O & T P....
100
35% 36
108% 10934
12%
1334
6
5%
107
10734
40234 412
100
120
Preferred
Dec
134
Jan
400
134
Sept
Jan
Cincinnati Street Ry
Cincinnati Telephone
280
2834
334
Feb
43
Dec
Coca Cola A.
Jan
9
Nov
Cohen (Dan)
*
$3% preferred
Lindsay Light com
im
*
10
Lion Oil
7%
7%
300
26%
26%
40
21
334
Mar
Low
High
Oct
1334
Mar
Oct
1934
534 May
2834
834
Mar
10
15
1934
Aug
3834
10934
Dec
20
9
Nov
9%
10%
1,600
7
11%
H%
800
7
Jan
1334
July
43
100
3534
Jan
50
July
3%
1354
5%
4
15
100
334
734
Oct
634
Jan
1,100
Jan
Sepi
5%
"14%
McCord Rad & Mfg A.._
McGraw Electric com
6
46%
41%
JA
2%
107%
50
8%
834
"14%
10034
1434
50
96
145
83
102
85
1234 May
Jan
1%
Jan
10034
105
423
Feb
634
10834
Dec
Oct
273
Jan
412
Dec
11034
534
1
8 34
Dec
1734
229
10
120
Apr
Oct
Jan
120
Dec
Jan
934
98
54
85
Jan
100
102
30
44
Jan
Nov
102
1434
10
2334
36
810
Mar
1134
1434
Nov
Dec
July
Jan
3534
1234
Apr
May
Refining Co com.*
Loudon Packing com
._*
"13"
*
1,300
Eagle-Picher
10
Lead
Early & Daniel
♦
3634
100
Preferred
Aug
43
"io
Lincoln
Printing Co—
Common
15%
8%
19%
37
10
Shares
Feb
21
Par
Churngold...
15%
9%
21%
Range Since Jan. 1, 1936
Nov
Feb
May
83%
42%
1
CO.
&
CINCINNATI
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel. CIn. 291
Apr
20
Drug Co—
Common
Kingsbury Brew
TRUST
Aug
1,600
UNION
Dec
9%
41%
24%
5
17
*
Jeflerson Electric com
BALLINGER
Dec
1134
83
Interstate Pow $6 pref...*
Iron Fireman Mfg v t c
Jarvls (W B) Co cap
Cincinnati and Ohio Listed and Unlisted Securities
Dec
100
50
Trading Markets In
Nov
Dec.
Hall Printing Co com
10
Helleman Brew Co G cap.l
Katz
4%
30
934
500
Household Util—
Common..
Apr
24%
41%
5,150
Gardner Denver Co.—
General Candy Corp A...6
General Finance Corp coml
July
Formica
20
*
Preferred..
100
Insulation
_*
Gibson Art
1954
3534
110
Dec
2334
1734
Jan
36
Dec
3
10534
May
114
June
July
25
Jan
35
Dec
Jan
9
Nov
18
28
180
7
2134
34
10
20
2134
*
Goldsmith
Jan
8
36
110
34
Jan
com..*
Marshall Field common..*
Mer & Mfrs Sec cl A com.l
0%
300
Dec
Feb
Hatfield.*
Hobart A......
Manhatt-Dearborn
6%
1534
834
*
47
47
38
40
Mar
50
Aug
46%
46%
20
33
Apr
54
Dec
Jaeger
*
2234
24
13
1234
Feb
25
Dec
41
42
350
27
Jan
46
Nov
Julian & Kokenge
*
2834
2854
400
23
Jan
30
Oct
2%
21%
6%
3,000
8,450
1
July
334
Jan
1134
Jan
2534
Nov
Kahn common
*
11
11
13
10
Dec
14
July
1,200
534
Apr
22
1934
3,200
25,900
4,350
234
Jan
14%
134
2234
334
1434
134
30
4
1334
5%
44
44
20
6%
3%
Middle West Corp cap___5
13%
5%
Common
10%
6%
100
7% preferred A
100
Miller A Hart conv pref
Modine Mfg com
12
4%
6
%
9%
5%
5%
3
"~7%
45%
7%
44
Monroe Chemical Co—
7%
Natl Gypsum cl A com..5
National Leather com
10
7%
45%
1,200
Feb
Oct
Jan
Oct
1
Mar
34
1534
Mar
12
Sept
1034
Sept
23%
66
8
50
1%
34
50
250
Jan
55
Feb
634
July
1034
Jan
100
4834
Dec
53
Oct
17
Jan
28 34
Jan
66
3834
100
134
37%
66%
38
180
68
160
25
7
Nov
Convertible preferred.. *
29
29
2%
33%
"i%
3%
354
154
2%
35
4
3%
1%
4
»
Process
*
*
com
22%
33%
com..*
Potter Co (The) com
Prima Co com
600
2?4
334
e
Common
»
60
*
10
Printing...
.'.
*
Preferred
Western
Oct
Jan
10
Feb
Jan
84%
J00
84%
83%
118
88
S334
119%
»
Preferred
119
100
10
com
Dec
34
26
Bank
t c
60c
5
10
Rollins Hosiery Mills pf..*
Ross Gear & Tool com...*
33%
4%
118% 121%
148% 148%
33
33
3%
m
30%
17%
3%
lH
30%
Jan
Apr
1%
45
27%
27
*
Schwltzer-Cummlns cap. .1
Slgnode Steel Strap com..*
Preferred
com.
354
Jan
7%
June
100
1534
Jan
3034
Jan
49
Convertible preferred..*
Stein & Co
(A)
Storkline Fur
com
conv
*
pref. .10
Swift International
16
Swift & Co
25
Sundstrand Mach ToolCo*
25
Utah Radio Products com
7634
8ept
10
104
Apr
11534
12
Feb
2334
10
27
Mar
800
300
1,500
134
32
400
234
234
134
100
134
350
Jan
Apr
Mar
30
334
41
July
Jan
Dec.
19 to Dec. 25,
Apr
6
Mar
Last
5
Oct
Sale
Jan
450
49 %
50
49
30
103
8834
May
Dec
Jan
120
Aug
Apr
Airway Elec Appli pref. 100
450
10
50
115
14134
22
Price
June
140
Jan
Oct
151
Dec
May
34
Dec
Clark Controller
(Montg) & Co A..*
151%
Willlams-Oll-O-Matic com*
"10%
Wisconsin Banksharescom*
7%
13%
34%
Wood all Indust
com
2
Zenith Radio Corp. com..»
39
Nov
34
5
434
2034
1,207
85
546
9
Jan
Feb
834
2834
Feb
Dec
9
Sales
Week's
Range
Low
Range Since Jan. 1, 1936
for
Week
of Prices
High
Low
Shares
High
1434
50
12
Sept
18 34
10
1534
Jan
23
21
Oct
35
35
100
40
1434
Mar
Dec
Nov
Dec
95
Oct
74
July
54%
60
490
5434
Dec
73
July
1%
34%
34
35
1
Nov
1,548
17
July
134
35%
Dec
35 %
30
30 34
545
Feb
3034
Dec
75
Dec
Ctfs of dep.
100
Cleve & Buffalo Transit.
800
1834
234
July
Apr
30
Nov
Halle Bros
-.5
Nov
Harbauer
June
Feb
Cliffs Corp v t c._
Dec
Commercial Bookbinding.*
1734
Mar
Jan
7 34
Nov
25
Jan
334
35
20
54
..*
Jan
Nov
May
26
26
61?4
Foote-Burt.
934
Exchange
25
Elec Controller & Mfg
134
565 & 566
448
Dec
660
234
11
A. T. A T. GLEV
89
Nov
100
250
*
35
1
Dec
Dec
15
50
30%
4%
60
2634
234
Aug
33
Oct
10
Apr
7
July
104%
20
99
Feb
106
Sept
Leland Electric
88%
10
61
Feb
93
68
Mar
19
72
140
45
May
30
60
25
July
18%
19
100
10
Jan
28
*
28
10
1934
Mar
3034
Nov
.Dec
35 34
22
Jan
Dec
Aug
86
634
29 %
Jaeger Machine
Lamson & Sessions
24
1634
20
7934
Jan
91
2,200
334
Mar
7
300
12 34
June
50
1634
Oct
750
5 34
June
450
2834
Apr
2,550
1,000
2034
18
1834
McKee (A
11
2%
1%
4%
39%
5
15134
21%
10%
7%
13
33
Nov
Cum 7% pref
1034
Jan
Murray Ohio Mfg
35s-4
22
100
8
Apr
2634
Nov
Aug
28
Dec
350
234
34
234
Mar
434
Sept
40
30
3934
Mar
10
450
4
250
30
230
142
300
16
Apr
100
10
Mar
*
Nestle Le Mur
May
May
Apr
Apr
Jan
Jan
100
182
8
425
76
40
40
Dec
May
15
434
46
Dec
Mar
2034
46 34
Dec
May
834
Dec
16
8%
Jan
Dec
Packer
Corp.
cum
*
Patterson-Sargent
Corp
Peerless
Richman....
Jan
13
Dec
1534
Dec
11
Jan
4234
Nov
8034
Nov
934
Dec
834
7%
7%
834
315
5
734
152
4)4
July
50
1%
134
110
34
Aug
1034
154
10 34
20
cl A.. *
—
j.. *
Aug
134
Nov
30
30
80
2934
Nov
45
45
82
27
15 %
16
350
934
Jan
25
25
26
175
17%
July
.*
*
3
*
6
"45
134
2
Jan
700
3 H
"54%
334
100
53%
54%
856
5 34
163
2
5334
Apr
Oct
12
4 34
20
434
30 34
47
2134
27
334
Dec
Jan
Feb
Feb
Feb
Jan
Nov
Oct
Jan
Nov
Dec
68
Feb
Jan
6
Dec
Jan
45
Nov
Nov
July
700
Mar
3434
25
Nineteen Hund Corp cl A *
Dec
Apr
1,355
Ohio Brass B_.
Dec
1834
30 34
Jan
10
76
27 34
Jan
41
Apr
"2834
534
3934
15734
2434
62
*
2
2,900
7034
44
41
7%
Dec
2334
100
National Tile
2,350
$2,000
734
40
74
40
Nov
1034
......*
National Refining
7% cum pref
8034
44
*
Dec
5
2
Seiberling Rubber
.._*
/
8% cum pref
SM A Corp
.100
39*4
1
*
1834
18 34
50
14
May
1934
32 34
32 34
14 34
100
3034
June
35
30
5 34
Jan
834
740
8
Nov
10
Oct
1334
245
9
May
17
Ott
Stouffer class A
*
Upson Walton
8034
22
—*
Mar
30 34
Jan
20
Nov
534
334
G) class B
1334
2,550
10
356
Medusa Portland Cement
Jan
3834
152%
22%
10%
7%
1334
3434
134
9
Metropolitan Pavg Brick.*
834
850
14%
25
8%
Apr
800
11%
2%
1%
4%
335
24%
9
Mar
June
15
25
26
Jan
14%
*
.*
...
Feb
Bonds—
For footnotes see page 4141.
Feb
60
Union Metal Mfg
Chic City Rys 5s ctfs.1927
Sept
5
88
27 34
38
Wleboldt Stores lno com.*
102
60
77
1034
32%
25%
25%
5
AUg
Dec
134
2634 Sept
Oct
334
1334 Sept
514 May
*
Jan
8%
31%
24%
40
AUg
10
100
Jan
9%
31%
25%
25%
*
25
18%
33%
*
....1
Cleve Cliffs Iron pref
Cleveland Railway
Viking Pump Co—
Ward
4
151
100
14%
26
*__.._*
Akron Brass--
17
19
»
Nov
Dec
87
Par
35
19
*
Dec
55
5
134
Thurs.
Sept
May
50
19
Preferred
1234
4834
both inclusive, compiled from official sales lists
Sept
100
15
Walgreen Co common
4% June
102
Cleveland Stock
Feb
534
534
71%
27%
3%
15%
Wahl Co com
457
Apr
71%
26^
3%
4%
1134
120
334
40% June
Dec
Union Trust Building, Cleveland
Dec
20
86
Convertible pref
Dec
GILLIStrJWOODca
27%
15
Utll & Ind Corp
Dec
134
45
Feb
May
Jan
Sept
8834
11%
2%
Mar
34
29
98
June
National Tool.
Thompson (J R) com
200
Sept
Apr
734
7 34
14
400
104
St Louis Natl Stkyds cap.*
Standard Dredge com
*
Dec
Members Cleveland Stock Exchange
15
.25
Feb
18
Feb
29%
4%
30
South Colo Pow A
Southern G & E 7% pref 100
South w Lt & Pow pref
*
27%
434
Feb
Nov
4%
1%
31%
17%
27%
13
Jan
7
Ohio Listed and Unlisted Securities
Faultless Rubber
Sangamo Electric Co
34
2034
7%
10
Dec
5,950
Raytheon Mfg—
6% preferred vtc
Reliance Mfg Co com
134
...50
City Ice & Fuel....
Common..
2
77
Dec
26 34
5334
2834
Quaker oats Co—
v
S
102
100
Stocks-
Common
Jan
300
Jan
18
150
1,050
Jan
July
5%
3234
200
Public Service of Nor 111—
Common
Sabin Robbins pref
Telephone GHerry 6050
22%
July
Dec
234
Aug
134
Dec
550
12%
25%
*
'
Dec
50
6%
13%
Perfect Circle (The) Co..*
Pines Wluterfront com
6
32
11
31%
U S Playing Card.
70
*
11534 11534
_--.-*
1034
3134
United Milk A
1%
39%
6%
13%
26
11534
1134
5434
Rapid...
Jan
1%
39%
7% pref...100
54
_._.._*
1134
~39%
68
1134
25
5
11
*
Jan
com..*
38
1%
45
54%
G.
Jan
oOO
6
&
Randall B
Feb
28%
Ontario Mfg Co com
Oshkosh Overall—
Packing Co
P
34
26%
7% preferred
...100
7% prior Hen pref
100
*
25
3
"15"
:
134
28%
Northwest Utii—
Rath
Moores Coney B
334
3834
440
Northwest Bancorp com..*
*
Nash
80
8%
52%
com
22
2.50
*
40
8%
51%
..10
48
8:
234
Sept
1
13
6% preferred
734
290
200
Northwest Eng Co com..*
Corp
July
1.500
15
National Union Radio coml
Peabody Coal Co B
7
334
15
Nat Rep Inv Tr conv pfd. *
Natl-Standard Co com
*
Okla G & E
6
3%
7%
48%
23%
1%
Natl Presure Cooker Co.2
North A mer Car
%
10%
6%
65
Preferred
Muskegon Mot Spec cl A.*
Nobiltt-Sparks Ind
Manischewitz
U
Common
Capital stock
Kroger
Dec
National Pumps
Conv preferred A
Midland Utll 7% prllenlOO
6% prior lien
Jan
434
1354
8
Magnavox...
__i
Stock purchase warrants
Midland United Co—
.
2
Apr
Mlckelberry's Food ProdCommon..
834
1
Vlchek Tool
*
-
834
1434
834
1334
40
85
834
1434
Feb
Apr
Nov
4132
Dec. 26,
Chronicle
Financial
1936
st. louis markets
Watling, Lerchen & Hayes
I. M. SIMON & CO.
Members
New York Stock
Detroit Stock
Exchange
Business Established 1874
New York Curb Associate
Exchange
Enquiries invited
Chicago Stock Exchange
Buhl Building
all
on
Mid-Western and Southern Securities
DETROIT
MEMBERS
New York Curb
Chicago
Board
New York Stock Exchange
Telephone, Randolph 5530
Louis
St.
Stock
Exchange
Louis, Mo.
315 North Fourth St., St,
Detroit Stock Exchange
Dec. 19 to Dec. 25, both
Sales
Last
Week's Range
for
Sale
Par
Telephone Central 3350
inclusive, compiled from official sales lists
Thurs.
Stocks—
of Prices
St. Louis Stock Exchange
Week
Price
Low
High
Range Since Jan. 1,1936
Inclusive, compiled from official sales
Dec. 19 to Dec. 25, both
Shares
Low
Auto City Brew com——1
1
com
10 H
Feb
Last
Week's Range
July
14
Apr
Sale
63
Mar
472
46
30%
383
1
100
3%
25% May
19
Apr
Jan
2%
Dec
2%
% Aug
23%
2%
2%
2%
2%
916 "16
„145
6%
Detroit Paper Prod com - -1
8
*
%
100
315
3,985
7%
8%
%
Federal Mogul com
*
20**
9%
Federal Motor Truck com *
*
com
General Motors com
10
GoebeKBrewing com
Graham-Paige com
1
1
*
Hall Lamp com
Houdaille-Hershey B
Hudson Motor Car
com.
65%
6%
3%
3
5%
25%
*
*
-
19%
8%
5%
Feb
4
Apr
Coca-Cola Bott
152%
Feb
Dr Pepper common
Jan
7%
Oct
Aug
10%
Apr
Mar
100
%
Dec
4
991
9%
325
180
Jan
9%
760
Jan
7%
3% June
Jan
54%
Oct
6%
2
July
5% Aug
732
23
1,741
1,172
11,517
19
19
740
28%
716
6%
6%
450
4
Common
*
4%
15%
May
14
Apr
12
5%
Michigan,Sugar com
15%
21
Aug
38%
10
31
N ov
32%
Jan
30
57
Jan
100%
Deo
42
25%
Dec
26%
Dec
122
17
July
2
74
Mar
105
8%
Jan
%
Jan
343
47%
47%
48
29
16%
11%
16%
Feb
Internat'l Shoe
Feb
Johnson-S-S Shoe com...*
*
com
Knapp Monarch pref
Common
June
Oct
53%
Mar
50
11%
Jan
17%
Feb
8%
32%
14%
Feb
Dec
32%
Nov
Apr
23
12
70
32%
32%
74
23
23
37
Jan
8
14%
200
6%
Jan
26
70
22%
July
30%
Oct
8%
Mar
54
54
55
30
52
July
61
July
250
Jan
6%
Feb
McQuay-Norris common.*
Meyer Blanke common.
*
15
15
25
13
Aug
June
15
Dec
300
15%
Dec
1
1,116
1,700
'3i6 Jan
3
Aug
35
100
32
Feb
21%
21%
17%
345
15%
Jan
*
com
..
■>
9%
50
31%
8%
Mar
7%
Feb
7
Jan
5
*
-.1
.
Univ Cooler B
7%
*
*
5%
7%
10
*
8%
6%
5%
5%
5%
7%
10%
8%
6%
152
1,235
530
3,370
5%
Jan
11%
445
7%
6%
2%
Jan
12%
Jan
10
230
975
Jan
Jan
116
Jan
100
—*
Warner Aircraft com
7%
1%
5%
»16
12%
1
Wayne Screw Prod com..4
Wolverine Brew com
1
*
com
8
1%
435
400
Dec
7%
i5|6 Jan
5% Sept
% July
175
12%
2,410
815
6
%
12%
Philadelphia Stock Exchange—See
page
Oct
20
1
1
Feb
9%
55c
10
Oot
Nov
Deo
15
Dec
May
1%
Mar
Jan
102
Dec
Oot
5%
Dec
Feb
13%
7% June
250
2
45
50
Feb
12%
575
11
20%
119%
Dec
100
12%
5%
5
5
290
100
12%
3%
Dec
11
25c
Mar
8
Nov
30c
400
345
15c
Nov
1
Nov
13%
14
350
2%
*
Scruggs-V-B D G com..25
Scullin Steel pref
S'western Bell Tel pref-100
Wagner Electric com
.15
—
14
2%
21
19%
123% 122%
16%
Dec
3%
May
480
1%
Mar
24%
Dec
151
122%
28%
Dec
127%
Mar
Apr
44%
Nov
40
41
634
87%
87%
95%
$9,000
69
July
88
95
31,000
22
Jan
105
Dec
32
33
11,000
28%
Jan
36
Nov
Bonds—
87%
St Louis Car 6s extended..
Oct
Dec
3
1
100
12%
Common
Oct
8
12%
*
1941
1934
t Scullin Steel 6s
Walker & Co units
118% 118%
12%
13%
118%
*
St L Pub Ser pref A
Apr
Mar
7%
25
5
St L Bk Bldg Eqpt com..*
St Louis Car com
10
Oct
5%
50
Common
Feb
23% June
4% July
Oct
4%
4% July
40
50
Nicholas Beazley Air com 5
Rice-Stix D G 2d pref—100
Sept
41% May
194
5
com
13%
1,133
27
2
United Shirt Dist com
Univ Cooler A
Jan
6%
10%
45
18
50
*
00m
Natl Candy 1st pref
Common
Feb
Oct
5%
Oct
43%
25% Nov
22% Mar
10%
Rlckel H W
com
847
Apr
1%
17%
Natl Bear Metals
Apr
44
Reo Motor com
River Raisin Paper com.
1,085
15
20
27
44
*
com
Deo
14
26
35
Parker Rust-Proof com 2.50
15
14%
Laclede-Christy Clay
*
Packard Motor Car com.. *
Dec
26
3%
16%
Oct
47%
Laclede Steel common..20
1
10
Dec
16
4
Nov
5
Murray Corp com
3%
32%
Motor Wheel
com
Deo
18
Jan
*
*
Key Co common
Nov
3%
*
Mar
Mar
Nov
6%
15
Nov
4%
2
14
10%
4%
8%
31%
22%
Dee
53
15
76%
31%
20
Hydraulic Pr Brk com. 100
Preferred
100
3%
Nov
760
4
17
Hussman-Ligonler
Mar
3%
10%
Aug
16
Mar
Deo
Deo
110
Jan
4%
335
27
26%
Deo
Apr
Motor Products com
Wolverine Tube
660
.20%
1 6%
3%
3%
*
Mid-West Abrasive com50c
TivoliBrewing
3%
17
com..*
Nov
31
13%
Mo Portland Cem com..25
...2.50
Parke-Davis
27
Hamilton-Brown Sh com.*
Oct
23%
8%
25%
Jan
100
100
100
Griesedieck West Brew..
V
MoAleer Mfg com
Mioh Steel Tube Prod—
*26"
Falstaff Brew common... 1
Jan
High
Low
Shares
28%
38%
100% 100%
25% 26
26
26%
1
com
7%
28
Kresge (S S) Co com
10
Lakey Fdy & Maoh com.. 1
32
2%
5%
66
6%
3%
6
*
32
4%
for
32
38
*
625
128
High
(new)_l
Preferred 4
2,040
20%
25%
Low
Price
28%
33%
Amer Inv common
Burkart Mfg com
Kb
Federal Screw Works
Par
Stocks-
Oct
33%
26% Nov
3% Mar
*
Ely & Walker D^G com..25
Emerson Electric pref.-lOO
66
147
Detrolt-Mlch Stove com.-l
475
Range Since Jan. 1,1936
of Prices
Oot
54
23
10
Dolphin Paint B
1,635
i
Sales
June
1%
9%
1,000
30
Continental Motors com.l
Det Cripple Creek
Detroit Edison com
1%
10%
54
Briggs Mfg com
*
Burroughs Add Mach.
*
Consolidated Paper com. 10
Det & Clev Nav com
1%
m
lists
High
Thurs,
Baldwin Rubber
(Associate)
of
Trade
Deo
Mar
11%
Mar
1%
Mar
14%
t United Rys 4s
Nov
Wm.Cavauer&Co.
4141.
MEMBERS
New York Stock
Los
H. S. EDWARDS & GO.
523 W. 6th St.
Los
Angeles
Teletype L.A. 290
{ Pittsburgh Stock Exchange
|
York Ourb Exchange (Associate)
MamWi
Members
UNION BANK BLDG.,
Tel
Exchange Chicago Board of Trade
Angeles Stock Exch. San Francisco Stock Exch.
Oourt-6800
120
PITTSBURGH, PA.
A. T. Sc T. Tel. Pitb-391
Los
Angeles Stock Exchange
.
Dec. 19 to Dec. 25,
BROADWAY, NEW YORK
both inclusive/ compiled from official sales lists
Sales
Thurs.
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Last
Par
Stocks—
Pittsburgh Stock Exchange
Week's Range
Sale
of Prices
Price
Bandlni Petroleum Co...1
Low
RangeJSince Jan. 1,1936
for
Week
High
to
Dec. 25,
Thurs.
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1,1936
Shares
31c
30o
31o
2%
2%
2%
18,000
6,200
1,000
1.25
800
7%
600
1.15
Bolsa Chlca Oil A
*
Carnegie Metals Co
1
2%
Central Ohio Steel Prod
*
Clark (D S) Candy Co...*
"5%
21%
Electric Products
17%
10%
32
35
2%
18
Columbia Gas & Elec Co.*
Duquesne Brewing com..5
23%
2%
20%
5%
17%
18%
10%
5%
16%
17%
*
329
6,214
204
503
903
10
Low
High
July
2
July
9
July
3a% June
13%
14
23%
4%
Preferred
Dec
Jan
v
v
16o
July
17c
lie
11c
lie
10c
June
300
*
46%
46%
29%
June
46%
Chapman's Ice Cream Co. *
Citizens Natl Tr & S Bk.20
Oct
Claude Neon Elec Prod..*
10
Consolidated Oil Corp
.*
15%
3%
17%
15%
69%
1
60c
12%
Nov
33%
1%
Harb-Walker Refrac com.*
Hoppers Gas & Coke pf 100
Lone Star Gas
*
11%
2
McKinney Mfg Co.
Mesta Machine Co
Mountain Fuel
1%
50% 52%
106
106%
11
11%
40
Mar
5
Supply Co.
Nat Fireproof'g Corp com *
6%
8
59%
6%
7%
180
15%
Jan
1,122
1
July
210
31
Jan
90
97
Jan
10
Jan
270
1
Apr
61%
250
41
Jan
6%
8%
1,785
1,624
2
2,019
4%
1%
July
Jan
1%
100
*
Preferred
Jan
14%
2%
64%
7%
*
creamers of Amer v t c...
52% Deo
107% Sept
Douglas Aircraft Inc
Exeter Oil Co A
Mar
Gladding McBean <fc Co..*
18%
Nov
Globe Grain & Mille Co.25
Nov
Golden State Co.
fc9
Feb
...*
9c
2%
33%
Pittsburgh Brewing Co pf *
Pittsburgh Forging Co...l
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt. *
Pittsburgh Steel Fdy
*
Plymouth Oil Co
...5
Rund Mfg Co
—.5
1,600
1,800
3%
17%
5%
69%
17%
5%
69%
55o 62% c
18% 18%
9
8%
7%
7%
28
21%
22
90c
90c
90c
.
Shamrock Oil & Gas
Preferred
2c
Jan
9c
Dec
Jade Oil Co
10c
8c
8c
8c
500
4c
Jan
10c
Dec
43c
40c
49c
13%
33
6%
13%
30
32
45%
United States Glass Co..25
46%
3
1
1
*
Waverly Oil C1A
500
6
*
Standard Steel Spring
United Engine & Fdy..
Victor Brewing Co
9c
90
33
3
Westlnghouse Air Brake.. *
Westingh'se Elec & Mfg.50
183
25
955
7%
98%
56
545
110
146
255
84
17
Aug
22% May
262
60c
185
1
25
500
47
24%
1
375
10
108
20
Oct
175
10
108
1%
6%
14%
33
Nov
Dec
Los
Dec
Mascot Oil Co
80c
Menasco Mfg Co
Mills Alloys Inc A
3%
Mar
Nov
Natl Funding Corp
Nordon Corp.
Dec
1%
Sept
Jan
3%
49%
152%
Occidental Pet Corp.
Oceanic Oil Co.
NOV
Jan
Dec
34%
Jan
97
Jan
Angeles Investment-10
.1
Mt Diablo Oil Min & Dev 1
Nov
50%
4%
Oct
4%
7%
Nov
Deo
Oct
Pacific Lighting Corp..
Preferred
Unlisted—
Jan
Oct
16c
Nov
95c
25c
Dec
6% June
105
Pennroad Corp v t c
see
*
page
.....
4141.
4%
4%
18
3%
Jan
5%
Oct
Apr
Feb
Feb
jo Sept
11%
Jan
July
116%
Jan
3,500
2%
Jan
5%
Nov
1,800
1,400
5
Jan
8
Nov
900
330
55c
July
1.00
Apr
2%
1%
Jan
Dec
6%
Mar
4
Feb
65c
65c
100
32o
Jan
82% c Mar
12%
200
12%
Dec
12% Nov
18c
18c
Sept
44c
25c
Jan
70c
80c
1,000
1,300
5,800
lie
42c
75c
50c
Jan
28c
Apr
57% 0 July
85o
Feb
1
19c
18c
19c
4,000
80
Jan
31c
Feb
10
10
32%
30%
51%
30%
29%
51%
32%
30%
51%
1,600
18%
18%
Jan
39%
Nov.
Mar
100
48
Dec
30
105
Jan
*
106
106
106
300
Republic Petroleum Co.. 1
1
1.50
7c
36o
44c
5
_
Olinda Land Co
4%
7%
f 80c 82% c
3%
1%
46c
12%
k, 18c
F 65c
12%
Pacific Finance Corp
Pacific Indemnity Co
32c
4%
7%
m
Jan
22% July
18% |Jan
1,100
2,800
7,300
14,000
10
Jan
Jan
Dec
108
25o
Deo
July
87% 0 July
20% Nov
7% |Dec
Los Ang G & E 6% pref 100
Los Ang Industries Inc...2
Jan
3%
11%
7%
100
Lockheed Aircraft Corp—1
15
11%
300
2,100
Oct
12%
100
Feb
Apr
26c
6%
79
20o
Dec
24
1,450
100
5,500
16%
3
Jan
100
200
36%
140
13%
300
45%
142% 142%
Jan
Jan
400
Kinner Alrpl & Mot Corp. 1
Lincoln Petroleum Corp.
7% May
3
3%
48%
Aug
400
200
P 500
28
21%
9c
15
16%
127% 127%
12%
13
20
20%
22% 24
18%
18%
Feb
Dee
200
10%
15%
3%
28
*
31
207
2%
9c
com
Preferred
For footnotes
7%
100
32%
9%
14%
Goodyear Tire & Rubber.*
Holly Development Co..
Phoenix Oil
r
27
Hancock Oil A com
10% Sept
Feb
Jan
5c
Oct
Apr
Apr
6c
1
t 0.
Nov
July
104%
400
Oct
3
1.50
10
Jan
98
5,000
3,000
July
100
Deo
6C
6%
23
Dec
31c
3% Nov
6c
23%
Jan
Jan
6c
Jan
7%
45
104
5c
1% Sept
57%o Oot
5% May
9
6c
46%
29%
2%
33%
540
7%
Aug
6c
Calif Packing Corp
Central Investment
22
1.15
104
High
Low
2%
1
t c
Consolidated Steel com..*
Follansbee Bros pref—100
Fort Pittsburgh Brewing.l
7%
.
Broadway Dept St pref. 100 1104
6C
Buckeye Union Oil com—1
Common
Blaw-Knox Co
...
.
m Warrants
Week
Price
7%
Barnhart-Morrow Cons—1
both inclusive, compiled from official sales lists
9
Berkey Gay
Dec. 19
9
Shares
8%
8%
8%
3,200
2%
Jan
Rice Ranch Oil Co
25c
25c
33c
570
10c
Jan
1
35% Nov
58% July
108
Sept
13% July
40o
Apr
Volume
Financial
143
Sales
Thurs.
Ryan Aero Co
6% preferred
Secur Co units of ben Int.
44
Security-First Natl Bank20
5234
52
Signal Oil & Gas A
Feb
75c
July
Jan
334
54%
Feb
Apr
Pao Pub Ser (non-vot)com*
60
Jan
Pacific Tel & Tel com—100
Dec
34
50c
430
1*4
500
44
July
*
k
33c
33c
33c
100
5034
1134c
Jan
com
Jan
37*4 o Nov
Signal Petroleum Co__
1
f 20c
20o
20c
1,000
20c
Dec
25c May
1434
2934
2834
2634
1,400
Sontag Drug__
Sou Calif Edison Co
1334
2934
2834
2634
10734
25
6% preferred-
25
5*4 % preferred. 1
25
Sou Cos Gas 6% pref—100
Southern Pacific Co
100
Standard Oil of Calif
*
,4034
i 4134
13
2534
2734
Jan
Mar
400
26
900
10
Preferred
-
,
Taylor Milling Corp
*
*
Transamerlca Corp
Union Oil of Calif
■
6134
8334
10634
(Non-voting) pref
July
Feb
47
46
47
280
29
834
905
1134
2634
378
534
Oct
234 May
1534 Apr
B
Nov
63
Nov
5,500
1,400
Preferred
*
100
4
Signal Oil A
34
Nov
Southern Pacific Co
2834
Aug
So Pac Golden Gate A
Jan
July
5%
Feb
Mar
Dec
Dec
Feb
Tide Water Assd Oil com.*
Aug
6% pref
100
Transamerlca Corp.—
*
Apr
17%
2434
13
1,100
734
Weber Showcse & Flc pref*
8
12 34
8
8
9C
20*4
Mar
18
1
1034
934
10 34
1,400
434
Jan
____
1034
1034
1134
3,800
1034
Dec
1034
11%
11%
25c
9,500
22c
Jan
63c
6734 c
Dec
1.45
100
2
134
134
Spring Valley Water Co—*
9
9
Standard Oil Co of Calif—*
4134
1334
334
2034
10434
1734
2434
*
Supermold Cal
25c
f 25c
1 [6734c
Cardinal Gold Mining
75c
7,000
134c
1,000
lc
Jan
45c
200
31c
July
48c
Sept
16,050
4o
Oct
15c
Jan
6734c
Imperial Develop Co.-25c
a.l34c
134c
TomfReed Gold Mines.--1
45c
I 45c
I lie
,1k 80
Zenda Gold Mining
Unlisted—
1
•
11c
.
4c June
Amer Rad & Stand San
24
25
100
18334
5
634
200
25
634
20*4 May
150
May
400
4%
Jan
3%
434
500
3%
Jan
334
3%
3%
200
2*4
5134
1234
5134
1234
1234
5134
Commonwealth & Southern
General Electric Co
Internatl Tel & Tel Corp..
North Amer Aviation Inc-1
181
171
184 34
6 34
434
Aviation Corp (Del)
Cities Service Co
12 34
Dec
25%
152
152
Apr
Jan
7
Nov
45
25
45
60
603
1,491
1,350
200
138
4134
1334
334
2034
13
3,102
585
200
426
20
1043410434
Union Sugar com
5
Universal Consol Oil
10
3334
3434
4%
Oct
Yellow Checker Cab A..50
60
60
61
1334
1434
1034
Dec
Oct
93
5334
4734
1334
1534
Dec
Dec
July
2731
12534
3834
4734
Nov
Dec
Oct
Oct
5
Sept
234
934
4734
1434
434
2034
10634
Oct
Oct
Feb
Oct
Feb
Dec
Mar
Nov
Apr
18
Nov
2834
2834
2034
Oct
Aug
28
July
734
Jan
5034 June
290
Apr
2634
2334
Jan
Jan
65
327
3834
6434
Feb
Nov
Apr
Sept
Nov
Nov
Jan
90
86
July
13
467
Dec
Aug
1,350
3434
Agricultural
1934
11
1334
1234
1334
Feb
1534
Jan
Dec
2034
Nov
8
53
101
14
175
Apr
1134
Oct
234 June
1934 Dec
944
63
Dec
Aug
18
308
7%
Jan
2034
63
12
35
Dec
Jan
308
37
Jan
May
134
634
10
63
100
2
Apr
659
308
100
2334
2334
2334
2034
Wells Fargo Bk & U Tr. 100
Western Pipe & Steel
10
700
Dec
22
Waialua
12 34
102
25,223
2,531
Nov
12 34
May
17
2434
Mar
Apr
May
Jan
1634
2334
7%
734
190
Dec
Dec
Jan
22
Union Oil
United Air Lines Trans
Amer Tel & Tel Co
Jan
Jan
9
334
1934
Sept
Dec
Sept
2
134
39
July
119
181
234
,
1
Thomas Allec A
Mining—
Blk Mammoth Cons M.lOc
4034
2
B
834
2634
13934
125
9
12
2634
102
10234
3234
34
4034 41
102
108
5
15034 15034
534
534
1934
1934
8534 86
1134
2634
5834
5
15034 15034
9
Shell Union Oil com—
28
11
1634
23
Jan
Jan
Jan
350
55
13
709
10434
434
1834
52
79
Dec
20
8534
I 900
2434
4,750
51
Schlesinger & S (B F) pf 100
14*4 May
834
High
Dec
8534
Republic Pete
jf® 100
10634 107
734
834
2234
2334
107
Low
45
52
Oct
83%
1,515
5134
86
Feb
£8334
5134
8534
Nov
6134
50
Range Since Jan. 1,1936
Shares
100
6% (new)
6% (old)
Rainier Pulp & Paper com*
47
6134
Price
1934
8534
8034
3434
*
47
'
Week
*
100
Oct
Jan
for
of Prices
Low
High
2334
15034
15034
534
1934
*
6% pref
Pig'n Whistle pref
Ry Equip & Rlty com
July
2834
10934
4634
*
Aug
24
900
1734
Wellington Oil Co
(Del)
6% pref
July
29
Aug
35*4
45
2434
.
13234
*
28
i
41%
Universal Cons Oil Co.-10
25
Dec
'
Jan
I 800
39
42
Superior Oil
1534
Dec
30C
1334
2834
,2834
t 2634
10734110734
.*40
41%
Pacific Lighting com
Nov
2%
90
Par
3%
200
4534
5234
Stocks (ConcludedI)
High
Low
Week's Range
Sale
Shares
234
234
8234 c 8234 c
334
334
45
*
_
Last
Week
234
8234c
334
*
10
ann
for
of Prices
Low
High
Price
Par
Samson Corp B com
Week's Range
Sale
Sales
Thurs.
Range Since Jan. 1, 1936
Last
Stocks (Concluded)
4133
Chronicle
Dec
Oct
Packard Motor Car Co
1034
1034
10%
300
7
Radio Corp of America
1134
734
1034
1134
600
734
534
734
100
0% May
5 % July
1534
5034
100
15
Aug
1734
Oct
200
38
634
100
May
5034
834
Dec
6
^ (Sept
1734
1634
14334 143 34
400
Apr
934
114% June
1834
Dec
CSince 1880)
14334
Deo
Members: New York Stock Exchange—San Francisco Stock
Radio-Kelth-Orpheum
Standard Brands Inc
1534
Texas
Corp
United Corp (Del)
50
25
50
6%
634
Warner Bros Pictures Inc .5
1734
Westlnghse El & Mfg...50
14334
100
s
STRASSBURGER & CO.
Jan
Nov
MONTGOMERY
133
SAN
July
Curb
Francisco
Exchange—San
STREET
FRANCISCO
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
Dean Witter
Members: New York Stock Exchange, San Francisco Stock Exchange,
Oakland
San
Dec. 19
to Dec.
Francisco Curb
Seattle
Fresno
Stockton
Sacramento
NewYork
Portland
Tacoma
Chicago Board ofTrade
Beverly Hills
Honolulu
Long Beach
Par
Stocks—
25
Alaska-Tread well
Week's Range
for
Sale
of Prices
Low
High
Week
Price
0San Francisco Stock Exchange
Thurs.
Last
Week's Range
Sale
Par
Stocks—
Price
of Prices
High
Low
7o
Low
1434
1434
1434
115
1334
Anglo Cal Nat Bk of S F.20
24
24
24
110
17
Assoc Insur Fund Inc... 10
6
Alaska-Juneau
Gold
10
534
1,275
6
5
1,149
186
410
200
-
950
1,695
100
1734
2534
Oct
Dec
26
Nov
Aug
Sept
Jan
Oct
Preferred
3234
Nov
2
134
Mar
100
3034 June
4734
Deo
10
16
Feb
103
103
20
Feb
Curtiss-Wrigh tICorp
35
35
797
29
July
36
Deo
11134 11134
1734
1834
U334 114
85
100
Apr
112
Aug
Dec
Electric Bond & Share
Dec
2
c—*
v t
1834
114
Preferred A
11334
10 Ail 134
Preferred B
1,979
40
9134
Apr
Apr
11334
Dec
Great
334
Jan
2334
Jan
75
Aug
Aug
2
3234
22
Dec
3034
Feb
14
Mar
85
1134
48
2234
Emporium Capwell Corp.*
2234
2334
2234
2334
1,055
Emsco Derrick & Equip. .6
Ewa Plantation Co
20
1834
5634
Fireman's Fund Insur-..25
1,9234
1834
5634
9234
Food Mach Corp com
Foster & Kleiser com
*
10
A preferred
4734
434
17J4
Galland Merc Laundry
*
39
General Motors
6634
Gen Paint Corp B com—
Preferred
3634
14
6634
1334
3634
734
Nov
Feb
22
Nov
2
Dec
6334
Aug
9334
160
86
Oct
Feb
4734
434
799
32 34 June
334 June
55
1534
3734
6634
736
5434
97
1734
39
.
Honolulu Oil Corp Ltd—
20
July
1434
Oct
Dec
Sept
734
4,874
Dec
3734
1134
30
30
34
Leslie-Calif Salt Co
Jan
3434
Jan
33
July
634
2034
734
2034
1,165
1,153
44
44
44
100
27
12 34
1234
575
11
234
3934
34%
29J4
234
490
*
3934
Letourneau
36
Rights.
Libby McNeill & Libby...
30
Lockheed
10
1034
3934
125
3634
2,218
1,928
3134
1034
1034
140
2,883
12c
Oct
25c
Feb
25c
Dec
75c
33c
Oct
75c
Aug
Aug
68c
77c
1434
121
I22J4
74
11634
Jan
273!
Nov
Jan
5
Oct
Apr
3.50
Apr
734
57%
734
100
Apr
7*4
Deo
5734
200
36*4
Jan
65*4
Dec
Preferred.
10
Montgomery Ward
Oahu
Sugar.
_
Preferred
3.45
_
*
*
Paauhau Sugar
15
Pacific American Fisheries5
Pacific Can Co
Pacific G & E com
6% 1st pref
534% pref...
*
25
-.25
25
For footnotes see page
31
28
4141
24
834
1634
2134
1534
Silver King Coal
So Calif Edison.
5 34% pref
Nov
6% pref..
2.55
Dec
Jan
12.75
Nov
7%
Jan
13
50
27%
Jan
44
45c
f1,800
21c
Jan
54c
July
Jan
July
1934
19 34
1334
50
3.35
3.50
2,930
2134
1034
434c
2134
640
10
1534
15 34
600
4.00
100
18
50c
43
1334
13 34
365
2934
2634
1,038
1.50
2.00
634
654
70c
Texas Co
2.60
Jan
United Corp
6 54
17
110
1234
Jan
U S Petroleum
98c
2134
1534
375
1334
1534
July
28
814
31
Feb
Jan
4034
3234
2934
July
W
Jan
Oct
July
Victor Equipment
634
5
Western Air Express
Dec
37
Oct
May
Sept
5.50
19
51c
46
Jan
Nov
Apr
Jan
Nov
Dec
14%
Jan
32*4
July
Feb
28*4
28*4
Aug
Jan
66
Aug
Sept
1.50
Nov
2.20
3,035
75c
Nov
2.15
Dec
100
5%
Apr
8*4
July
98c
22,445
25c
Jan
95c
Dec
734
1,305
3.10
Jan
8*4
16*4
Nov
18*4
Deo
16
454
100
10% May
9 %
1734
1734
20
20
60
15
Jan
1
9
9
100
5
Jan
1734
Nov
Feb
5
Warner Bros Pictures
West Coast Life Ins
6%
1534
Mar
May
Mar
3,860
Jan
17
27%
35
2.10
Aug
14*4
703
2834
Aug
50c
Dec
Nov
Dec
21*4
13*4 Sept
5*4c Mar
Jan
Aug
49 34
534
17
31
5
52*4
Apr
Dec
9*4
24%
25%
49
19
9
3.75
462
2834
1,470
1,281
1,577
10
28 34
5,873
37
100
26 34
5
10
31
50
50c
25
26
36
1834
43
25
25
2.00
Preferred
May
11
2.05
z
13
4.00
1134
1534
So Pac Gold Gate 6 %pf 100
z
Feb
Jan
Stearman Hammond
Dec
Apr
July
Feb
July
3.10
41
6*4
Mar
23
3.90
2%c
1934
2134
150
23*4
22*4
Aug
0%
8
25
3334
3234
1434
Dec
12
44
June
2.50
300
Jan
375
50
1034
Dec
Sept
1
434c
1134
28
20
5
.1
59
3034
28
Jan
Dec
4.10
5
Preferred
Nov
2.55
425
52 34
Corp of Amer..
Nov
205
9,855
12 34
39
62 34
Riverside Cement A
13
2.55
12 34
100
Schumacher Wall Board
22
Deo
11
13 34
1934
20
Pacific Western
Radio
Dec
Mar
1234
40c
Packard Motors
Park Utah Mines
•
39
20
.
z
1234
1234
Occidental Pete
Sugar
7
12
Feb
2.55
Rights
Mountain City Copper
North American Aviation.
1034
B
95c
3.50
630
Oliver United Filters A..
Julv
10
99
Jan
37c
Feb
3.20
1234
2134
123
Dec
3.20
12
65
4.80
6.50
97
100
Jan
28*4
20
1,105
Feb
1.60
Jan
97
93
75o
Apr
1234
2134
1334
2834
Jan
Mar
Natomas Company
13
Feb
22c
2.65
Shasta Water
92
2.95
19
Jan
10%
1
Sears Paint Co
2834
Nov
Nov
Sept
21%
Aug
93
7.25
85c
25
Mar
1334
2834
2534
934
1634
2134
1534
3634
3.15
11%
100
Nov
10
3,611
3,530
200
4334
10
July
3.85
2734
Occidental Insur Co
Apr
16.25
12
4734
Nortb Amer Oil Cons
59c
Jan
2834
Jan
10034
9934
1.35
1234
121
3.85
Dec
Jan
Nov
1.55
1.05 May
12
Bancorporatlon.
Menasco Mfg Co
Monolith Ptld Cement-
32
Jan
1.20
McKesson & R
20
June
75
Feb
283*
Marine
2
100
9
Jan
50c
Feb
785
80
59
Deo
33
65
H95
Apr
58c
38
*
Jan
37c
2334
Aug
July
17
26*4
26*4
Jan
32
1934
Jan
Jan
38
100
100
75
Oct
4 120
IL330
17
15c
2234
100
*74
Nov
1.15
13o
33
6% pref
534% pref
23
Jan
Jan
700
38
No Amer Inv com
f 21
12234
21
80c
1,580
2334
2,594
31
36c
Market St Ry prior preflOO
com
lb 80
^*150
29c
Natl Automotive Fibres.-*
Marchant Cal Mach
553
1.10
32c
Nov
Nov
Mar
634
4534
Feb
Feb
26c
Nov
July
9*4
46
634
14534
11.10
"34c
M J & M & M Oil
76
2
Dec
3,055
4034
16
15*4
52c
Dec
10534
11% May
Jan
4%
1134
Pacific Coast Aggregates
Pacific Ptld Cement..-100
300
250
700
634
Olaa
2,126
1534
1.35
International Cinema
O'Connor-Moffatt
3
10734
Oct
4.50
Jan
24
234
60c
*
Jan
23
107
325
1334
634
Deo
3
78c
1334
634
534
24
107
21*4
7%.
Dec
Jan
1.05 May
1634
*
Aug
Jan
3
1,300
44
Jan
1.45
16
50c
2
Dec
Dec
30
1,273
44c
Dec
Nov
4,100
2134
434
45c
July
1134
77c
2134
334
Kinner Airpl & Motor.-1
Kleiber Motors
10
734
1234
Dec
500
fc* 25
z
1934
3134
Nov
95
4.60
July
Dec
22*4
Jan
m
4.30
Mar
634 June
634 May
Dec
May
63
90c
Jan
2934
13*4
12
42
4.50
Aug
June
Jan
25
5,238
MM
1.30
Apr
3934
Mar
85c
234 May
25
Dec
7%
1
Dec
Nov
16*4
Jan
1.30
^Preferred
434
2 34
pref
Magnavox Co Ltd
Magnln (I) & Co com
1034
934
Deo
Nov
Nf-85
1,460
2,905
Nov
2734
134
534
234
25
2034
4334
2134
850
B
Apr
15
334
Jan
June
1,155
234
634
1834
12 34
Preferred
Langendorf Utd Bak A
Nov
10
30
8
7634
Jan
36
26
Hutchinson Sugar Plant-15
Island Pine Co Ltd com .20
Jan
Sept
100
333
334
4834
834
885
*
com
20
1334
1834
1834
4334
Oct
Oct
3634
4334
Hawaiian Pine C & S Ltd25
Gladding McBean
May
Oct
Mar
600
ltale Petroleum
434
Dec
Nov
3,200
International Tel & Tel¬
100
4%
1
2734
1434
56
Mar
15
15*4
60
20
1
30
4734
95
119
110
1
200
112
Feb
5
1834
1834
4334
3334
734
Los Ang Gas
434
1734
3734
WestJEleo-Chem. .20
Holly Development
5634
325
734
1434
*
Hunt Bros A
45
5
Holly Oii;co
Honokaa Sugar Co
Idaho-Maryland
34
Golden State Co Ltd.i
Honolulu Plantation
23
91
25
1034
48
$3 pref
.-.-100
Eldorado OilWorks
5%
25
12c
634
General Metals
470
112 34 114
48
D1 Giorgio Fruit com
114
10
Jan
45c
Dominguez OlljFleldS—
DumbartonjB ridge
10
Crown Zellerbach
53*4
Mar
46c
*1534"
Crown Willamette pref— *
1834
July
10%
12c
1
Cst Cos G & E 6 % Istpf 100 il03
Cons Chem Indus A
♦ • 35
Jan
3934
15*4
300
Feb
Dec
25c
434
10
734
100
1,155
Feb
Nov
70c
Claude Neon Lights—
Consolidated Oil
10634
5334
2334
1134
634
1634
5034
634
1034
2034
24c
190
40c
Cities Service
10034 June
1.10
Apr
12c
10
11134
Jan
5c
150
46c
—
Cardinal Gold
Feb
Dec
39c
9334
1034
10
Claude Neon Elec Prods.
8,600
634
934
Chanslor & Lyks
45
Jan
93c
50
Central Eureka Mln
34
25
98
11
Calif Art Tile A
203
3334
100
23
3
Calif-Ore Pow|1927
Calif-Pacific Trading
Jan
7c
634
1634
Bancamerica-Blalr
2
Nov
Feb
75c
5334
5334
2334
5
Arkansas Nat Gas A
7
1534
2334
500
..
Anaconda Corp
Anglo Natl Corp
Apr
High
Oct
87c
89c
Sept
Sept
17
20
21
2034 120
19234 119234 193
2834
Byron Jackson Co
2834 a 28
Calamba Sugar com
3034
3034 JL.3034
20
34
California-Engels Min—1 .**•34
m%
Calif Cotton Mills com .100 *35
3634
135
45
California Packing Corp. * *4834
4834
July
Jan
334
80
Atlas Imp Diesel Eng
Bank of Calif N A
High
Low
15c
20
1
Atlas Corp
^Preferred
Aviation Corp
Week
Shares
300
18234 18634
'18634
Argonaut Mining
Range Since Jan. 1,1936
for
40c
5
100
American Toll Bridge
Sales
Shares
30c
40c
American Tel.& Tel
tolDec.i25,iboth inclusive, compiled fromAofficial sales lists
Range Since Jan. 1, 1936
Last
Alaska United Gold
Dec. 19
Sales
Thurs
Los Angeles
Pasadena
Exchange
26, both inclusive, compiled from official sales lists
(Asso.), San Francisco Curb Exchange, Honolulu Stock Exchange
NewYork Curb Exchange
San Francisco
Co.
8c
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
May
20
9*4
Dec
Nov
Jan
Feb
Dec.
Financial Chronicle
1936
26,
Canadian Markets
LISTED
Provincial and
Province of
Alberta—
Bid
6s
Jan
1
1948
4%s
Oct.
1
1956
July
4%s
Oct
Province of
12 1949
1
1953
Manitoba—
4%s
1 1941
Aug
6s
June
5s
Deo
15
1954
Province of Ontario—
2
Apr
1959
11960
of Prices
Week
5s
Oct
1
1942
113
100%
113%
60
Sept
120
5s
May
15 1943
1 1959
119
99% 101
121
4s
June
1962
109
110
4%s
Jan
15 1965
96%
98% Province of Quebeo—
98% 100
4%s
Mar
2 1950
116
117
Sales
122
99
97%
99
1
4s
101
111
Mar
for
Sale
75
Feb
1
May
1 1961
1958
6s
June
15 1943
5%s
Nov
15 1946
4 %s_
112
111% 112%
Oct
1 1951
Stocks (Concludes)
Par
Carnation Co pref
113% 114%
110
111%
113% 114%
Low
104
100
3,315
11
10%
11
21
21
21%
80%
Smelters..25
92%
95%
89%
94
4,500
208
208
15
27
429
100
50
50
5
Distillers-Seagrams
26%
27%
20%
12%
11%
18%
4%
*
Dominion
91
Dominion Steel A Coal B 25
Coal
20
"l2"
*
*
*
*
Famous Players.
33
Fanny
22
Nov
80%
Dec
ifray
Jan
27%
Sept
30
Apr
56
June
18%
14
Apr
May
4% May
8
May
45
10
Mar
33
30
15
40
25
10
1%
20
Apr
Dec
Nov
Dec
Jan
24%
28%
9%
Nov
Jan
90
Sept
Mar
22
1,395
13%
4,792
18% July
*
Preferred
13%
Gypsum L. A A
Hamilton Un Theat pref 100
30
10
13%
14
2,276
63
50
Great West Saddlery pf 100
90
30
90
63
5%
Harding Carpets
*
Hinde A Daucb
*
20
19
Imperial Oil Ltd.—
*
20%
20%
Ixitl Milling pref
100
103
"64"
*
435
120
June
64%
56%
53%
5%
20
20%
10
Deo
Feb
59
Mar
Jan
30
Nov
June
15
Dec
Nov
13
5%
Dec
Nov
19
22%
3
Nov
5%
25
21%
505
20
Dec
33
21
7%
86%
56%
Jan
Nov
Aug
22
7%
34%
22%
12%
12%
Aug
May
7%
18
22
*
Nov
„
Jan
1,300
50
209
17%
*
Goodyear Tire
Co•, Inc
295
7,835
Dec
10%
Apr
*
Farmer
A
General Steel Wares
14 Wall St.
6,285
14
14
*
Ford
10%
10%
18%
4%
25
60
English Electric B
Gundy
27%
26
pref
Easy Washing
Economic Investment
Bonds
"208"
Nov
104
Aug
189
24
100
Cosmos
June
5%
15%
*
Gas
Consumers
97
Canadian
78%
510
High
Low
101
51
Eastern Steel Products
&
20
*
Consolidated
Range Since Jan. 1 1936
Shares
104
*
Dominion Stores
New York
High
Cockshutt.
Crow's Nest
118% 119
Wood,
Price
Consolidated Bakeries
Prov of Saskatchewan—
Provlnoe of Nova Scotia—
5s
Week's Range
100
4%s
15 1952
Last
3 1937
15 1961
Apr
Thurs.
Jan
113% 114%
Sept
Exchange
Ask
5 %s
15 1960
4%s
Toronto Stock
Bid
76
/74
/73
Prov of New Brunswick—
4%s
4%s
UNLISTED
Municipal Issues
Ask
Prov of British Columbia—
5a
AND
Mar
70
2%
Jan
6
495
12%
May
8,275
19%
Dec
22%
24%
Apr
June
105%
Feb
475
103
8
50
101
Oct
Oct
43% May
66
33
39%
Apr
15
Dee
com
*
Petroleum
*
*
34%
14%
62%
33%
14%
34%
14%
5,111
Internatl Utilities A
305
3%
Jan
Internatl Utilities B
*
1.50
1.50
1.65
1,650
400
Jan
2 25
27
25%
106% 106%
650
6%
Jan
27
Dec
5
42%
Aug
108
Nov
11
Jan
46
Dec
13%
Oct
17
Nov
Jan
78
Nov
Internatl Nickel
Private vires to
Toronto and Montreal
Internatl
Kelvinator
Railway Bonds
Bid
Canadian
Pacific
Bid
Canadian
Paolflo
4%s
6s
5s
Deo
1
4%s
July
1 1960
..Sept
Dee
5s
99
99%
15 1942 /112% 113 %
102
15 1944
103%
1 1944
--July
Sept
I 1946
1954
102 % 103
109
109%
105
106
115% 116
Bid
National
Ask
.
Bid
Canadian
Sept
1 1951
4%s
June
15 1955
4%s
4%s
Feb
6s
July
5s
Oct
1
1969
68-.
Feb
1
1970
1 1956
1 1957
1 1969
July
115% 116%
118% 118%
116
Ask
Northern Ry—
July
6%s
1
1946
127% 128 %
115% 115%
4s
118% 119
3s
Jan
1
Jan
I
Corp common
A
1962
101% 102%
12%
*
8%
19%
_*
1.60
6%
*
*
101%
Photo Engravers
*
Sale
Stocks—
Par
Abltlbt
*
6% preferred
Alberta Grain.
100
Price
of Prices
High
Low
Week
4%
4%
33%
5,59S
1.25
Jan
33%
32
*
1,520
6%
Jan
5%
S70
100
26
26%
80
American Cyanamid B._ 10
34
34
17%
18%
7%
16%
Preferred
Batnurst Power A
B
*
3%
18
7
*
Beatty Brothers
Preferred
*
100
16%
102%
'
Beauharnols
*
Bell Telephone-
Blue Ribbon
pref
Brazilian
100
*
18
5
2,080
85
225
16%
102% 104
6%
6%
158% 160%
45
3,188
New
Brewing Corp
240
British American Oil
*
22%
22
*
57
56
880
57
A
B
50c
7%
26
"44"
*
8%
8
preferred
preferred
100
Canada Cement
Preferred
Canada Packers
*
100
*
Canada Wire A Cable A__*
B
50
13%
100%
4,560
245
Aug
7%
Dec
9% June
16%
Dec
3%
93
Jan
1% June
107
7%
Dec
160%
Dec
99%
1%
11
Dee
1.45
Nov
100
•
Canadian Cannere 1st pref
2nd preferred
*
Canadian
Car
Preferred
Canadian
26
Dredge
Cndn Industrial Alcohol A*
11%
20%
29%
44%
7%
B.
Canadian Locomotive
Canadian Oil
Preferred
Canadian Pacific Ry
Canadian Wallpaper B
Canadian Wineries
*
*
21%
14
100
26
•
10
Nov
July
22
Nov
10
1.00
Dec
4%
Dec
1.60
12
475
102
265
9
8,920
10%
8%
Jan
9
Deo
10
3%
21%
30
82
2,220
765
June
27
July
100
Oct
11%
Jan
23
Dec
19
Jan
38%
*
»
Winnipeg Elec pref
100
Zimmerknlt pref
5%
36
Dec
46
July
25
Nov
15
12
235
4
June
570
70
Aug
905
67
Jan
88
79%
16%
565
49%
Jan
79
860
16
10%
15
7%
46%
19%
11%
17%
5%
5%
89
-100
Nov
Jan
Aug
88
30
30
Jan
Sept
99%
107
100
Dec
Nov
11%
76
17%
Deo
110
98
105
"17%
pf__100
preferred
6%
Jan
78%
72%
11%
99%
19%
Can Flour
1.60
79
10%
♦
11
250
107
7%
8ept
12
Nov
108
102
Jan
9
Jan
49
3,055
17%
Mar
65
4%
Apr
95
1,595
10
5%
5%
31%
2% May
26%
Apr
715
18
1,110
5
45
5
89
Deo
Nov
60
79
Deo
16%
8,840
2,090
107
Nov
Nov
Nov
17%
8%
19%
12%
100%
36
May
13%
98
Apr
Mav
1%
2%
19%
Sept
17%
9%
49%
20
12%
Nov
Dec
Nov
Dec
Nov
Dec
79
Dec
21
Nov
109%
Nov
6%
Dec
Nov
5%
Oct
35%
60
Feb
90
Nov
51%
Jan
Dec
Dec
Banks—
60
Nov
100
188
178
191
143
149
Jan
191
Deo
Dominion
100
235
230
235
14
190
Jan
235
Dec
Imperial
100
237
235
237
43
197%
July
237
Dec
Montreal.
100
222
220
222
110
182%
Apr
222
Deo
Nova Scotia
100
310
310
315
28
271
Jan
315
Royal...
100
203% 204
Toronto
100
250
Canada
50
Commerce
-
59%
58
55
59%
Deo
26
164
Jan
205
Deo
255
109
220
July
255
Dec
148
39
Loan and Trust—
120
Oct
Erie
100
73
51
70
July
90
Mar
Feb
National Trust
.100
210
210
2
196
Apr
214
Sept
18%
Mar
Toronto General Trust. 100
114
114
4
75
Nov
114
Dec
16%
Jan
27%
33
Jan
58
73%
Feb
160
Apr
6%
Aug
9%
Sept
Jan
47%
Mar
4%
Apr
m
104%
Dec
90
Jan
30
May
6
Jan
144
58
Jan
103
Nov
80
May
14%
148
100
Nov
37%
50
A
Toronto Stock
Dec.
19 to Dec.
Exchange—Curb Section
25, both inclusive, compiled from official sales lists
Nov
Sales
Thurs.
Dec
Last
Week's
Nov
Sale
of Prices
Low
High
Stocks—
Par
87
80
91
130
Jan
60
Dec
20
185
9
Feb
22
Oct
Biltmore Hats pref.
Bissell
60
60
15
40
July
62
Dec
Bruck
10
4
May
Price
Range
Range Since Jan. 1 1936
for
Week
Shares
Low
High
Nov
60
102
10%
18
28%
44%
6%
6%
17
11%
122
14%
Nov
June
16%
30
♦
50
8%
102"
182
Jan
300
676
28%
Western Can Flour
19
60
Jan
5
8%
20
10
49
20%
8%
104
11%
20%
29%
45%
7%
6%
21%
14
122
12%
14%
30
30
2%
I
55
455
88%
5
Jan
June
9%
105
12%
20%
29%
110
20
*
4
5
170
2
Jan
»
Silk
110
8%
8%
50
7
Dec
16%
Mar
8%
485
6%
Mar
10%
June
790
30%
May
37%
19%
Dec
27%
Jan
21
Jan
26%
June
13%
Dec
109
*
8%
8%
Nov
Canada
*
35%
34%
35%
Nov
Canada Vinegars
Canadian Wire Box A
*
19%
20
Dec
♦
24%
24
24%
185
Nov
Consolidated Press
*
13
12
13%
55
5
Aug
89
89
10
77
Apr
91
Malting
55
Apr
1,610
13%
May
340
37%
Jan
3,720
6%
Sept
12%
Feb
DeHaviland
»
17%
18%
97
6
July
11
Jan
Dominion
*
56%
54%
56%
330
*
15%
14%
15%
240
4
134
1,760
20
Jan
11%
Dec
18
Jan
Dec
140
Sept
120
9,011
10%
Jan
25
24%
Sept
700
June
1%
2
Sept
24%
Dec
15%
Feb
32
Corrugated Box pref
100
Bridge
Dom Tar & Chemical
Preferred
11%
Feo
•No par value.
'Flat price.
2
34%
Dec
Nov
Dec
Jan
21
Oct
Apr
58
Nov
Jan
16%
109
90
56
Jan
11%
12
155
4
May
62
62
50
30
Jan
107
100
Hamilton Bridge
*
Hamilton Bridge pref.. 100
Deo
3%
5
Canada Bud
6%
50
110
Nov
12,855
85
Jan
Dec
100
.
Canadian Bak pref
Canadian Cannere
146
50
180
10
*
87
"55"
*
Deo
4%
Aug
10
101
46
Huron
31
13%
Jan
Canada Permanent
718
50
29%
Feb
Dec
8
Oct
Feb
1,030
Dec
17%
Dec
Dec
40
103
«
70c
90%
51%
105
Dec
150
8%
13
9%
72
Sept
475
44
103
50
490
7%
44
Bread
Burt (FN)
Nov
18%
665
Building Products A
Canada
18%
Jan
5,021
8
2%
14%
22%
Burry Biscuit new
Oot
14
36
18
2%
Feb
Jan
85
of Canada..
Jan
40%
27
7%
2%
13%
Preferred
39
Jan
40
17%
Jan
Sept
Apr
80
Nov
Sept
2%
19
29%
141
*
Nov
Dec
65
*
B
6
162
5
Brewers A Distillers
4%
36%
33
33
50
High
83%
35
100
com
Winnipeg Electric A
Low
10
83%
42%
20
Westons (Geo) common..*
Shares
Jan
111
84
Nov
Jan
Sept
20
*
Dec
>18 Oct
8
12%
111
*
New
Aug
97
35%
16
Gas
Western
Range Since Jan. 1 1936
for
Apr
3%
28
34%
Walker (Hiram) com
Preferred
Sales
2
35
35
25
Preferred
Range
35
5,800
3,465
1,003
29
»
United Steel
Week's
Jan
13
23
*
Preferred
Last
Nov
Nov
1.00
100
28
100
Tamblyns Lts
Tip Top Tailors
Thurs,
33
22
34
B
Exchange
Jan
Mar
*
Stee lot Canada
Toronto Stock
18%
17%
100
Simpsons Ltd pref
25, both inclusive, compiled from official sales lists
7%
51%
*
Russell Motor pref.
Feo
145
23%
96%
Riverside A
19 to Dec.
65
Nov
855
*
Metals
40
Dec
435
96
100
Simpsons A
Dec.
101
8%
23%
1
Porto Rico pref
Power Corp
Union
12%
180
*
Preferred-,
Pressed
11
7
83%
42%
*
Page-Heraey
Pan tepee Oil
120% 121
120% 121
76
21%
100
100
Orange Crush
15%
5
22%
20%
6%
45
50
100
National Sewer Pipe
109
7%
100
National Grocers
1962
10
..*
Monarch Knit pref
170
10
6%
100
Preferred
43%
74
76
*
McColl-Frontenac
Moore
Grand Trunk Paolflo Ry—
116%
15%
*
Preferred
Ry—
4%s
*
Groo A
B
Maple Leaf Milling
*
Maple Leaf Milling pf.100
Massey-Harrls com
•
Dominion Government Guaranteed Bonds
Canadian
(John)
*
Laura Secord
Loblaw
43
*
Sons Ltd.
Lang A
Lang Co.)
Ry—
4s perpetual debentures.
4%s
Ask
27
100
Lake of tbe Woods
Ask
Ry—
*
Preferred
10,750
110
12%
65
Dec
Dec
Nov
Oct
Volume 143
Financial
Chronicle
4135
SEE
Canadian Markets—Listed and Unlisted
Tliurs.
Sales
Last
Par
West's Range
for
Sals
Stocks (Concluded)
of Prices
Week
Price
Low
High
Range Since Jan. 1, 116
Toronto Stock
Exchange—Mining Section
Shares
Thurs.
Int Metal Indust
*
15%
100
100
Montreal Lt Ht <fe Pow
National Steel Car
15%
Last
Week's Range
for
90
Sale
56
of Prices
Low
High
Week
56
Int Metal Indust pref._100
Langieys pref
Mercury Mills pref
Sales
14 %
88
Stocks (Concluded)
20
*
33 H
51H
Model Oil
57
1,600
22c
Mar
49o
Dec
1.53
1.63
Jan
1.93
Nov
69c
39,015
7,725
61,800
13,250
21,500
8,375
3,150
4,275
11,600
11,100
84,415
15,900
67,463
10,369
14,060
69.822
38,160
3,610
20,140
7,825
31,500
11,650
24,660
6Ho
66c
1.60
i
64c June
85c
*
1.90
2%
M orrls-Klrkland...
5
4%
4
Murphy Mines
1
"5Hc
4Mc
5%c
•
4
4
Nay bob Gold
*
71c
70c
72c
5Hc
4Hc
5Hc
Rogers Majestlo Corp Ltd.
7%
Shawlnlgan
*
25
l"
%
New Golden Rose
5H
1
Niplssing
25H
4H
__1
Newbec Mines
8
7H
*
Standard Paving
Preferred
6
*
~74%c
55c
55c
58c
13c
12c
14c
7c
8c
1.30
30
40
Noranda
*
37
38
Toronto Elevators pref.100
United Fuel pref-100
111
Toronto Elevators
WalkerVllle Brew.
55 X
111H
56 %
55
*
2 %
Olga OH A Gas New
Omega Gold
2%
BONDS
11 KING ST. W.
__1
'""65c
56Hc
66c
*
4.15
3.60
4.20
Toronto
\
Ottawa
/
2.02
2.30
60c
65c
7.75
7.30
7.95
5.10
Pickle Crow
1
4.95
5.10
25, both inclusive, compiled from official sales lists
Sales
14c
c
14,200
7c
6Mc
8c
12,300
44c
46c
1,800
3Mc
4c
"~S%c
Alexandria Gold
Algoma Mining
Anglo Huronlan—
1434
4o
18 Ho
May
11,500
1 He
Jan
Feb
88o May
40o June
70c
10c
Feb
Aug
5c
534 c
30,400
3 Ho
Jan
6.50
6.70
Jan
7.60
Aug
1.13
Sept
88c
92c
Apr
65c
Apr
6 Ho May
2Ho
Jan
1.75
90c
2,728
10,285
14,200
8,100
64,300
138,215
58,800
45,592
7,400
6,100
29,516
15,550
22,600
4.10
1.05
1.20
Aug
July
5%c
Arnt field
9c
Ashley Gold
Astorla-Rouyn
1
*
8%c 934 c
834 c 1034 c
10Hc
Aldermac.
1.68
1.58
8%c
Bankfleld Cons Ltd
Base Metals
1.55
253^ c
*
1.73
8c
1.65
Bagamao Rouyn
934
c
1.81
2534c
27c
..*
1.25
1.22
1.25
1
1.65
1.51
1.75
57c
Beattle Gold Mines
54c
58c
Bldgooe Kirk
Big Missouri
19c
—
19c
20c
7.95
Bobjo Mines
B R X Gold Mines
7.60
8.10
8c
50c
""l2c
Buffalo Ankerlte
Buffalo Canadian
4%c
*
13c
Bunker Hill
934 c
1134c 1234c
434c 4J4c
1234c 1234c
Calgary A Edmonton—
Calmont Oils
2.74
2.60
2.90
1
39c
35c
3934 c
Canadlan-M alartlc
*
1.86
1.63
1.89
1.57
Cariboo Gold
1.57
2,395
4,500
4,796
18,500
4,890
20,540
16,000
61,850
1.00
12 Ho May
31o
12
Dec
88c
Oct
1.83
Dec
5 Ho
Jan
11 Ho
Feb
1.40
Oct
2.15
Nov
14o June
42o
Sept
1.20 June
1.84
Feb
1.25
Oct
2.00
46c
Oct
76c
13o
Apr
36 Ho
Aug
5.55
Jan
9.00
Dec
25 Ho
3.80
Jan
12 H
2o
Jan
12c
Jan
18o
Jan
2 90
Dec
5c
Jan
45o
95 Ho
Mar
1J85
Jan
2.10
1.15
1.18
Oct
1.69
Mar
4.95
30c
33c
60,100
30o
Oct
59o
76o
Sept
1.60
Feb
1.10
Dec
2.46
July
3o
Jan
4%o
27 o
Clericy Consolidated
*
6c
7c
Commonweath Petroleum *
23c
26c
2.13
2.68
Dome Mines
6Mc
4134c
1
24,432
5,015
18,700
83c
2 25
120
Nov
4 30
Mar
6.70
July
Dec
Dec
39c
42c
34,400
80,300
6,640
3,872
82,300
20,350
87,900
27,300
45,800
1,000
10,800
30,050
4,966
4,200
23,300
1,500
2.39
1134
1.37
1434 c
16c
99c
1.10
2234 c 2234c
1134c
18c
10c
12c
47c
21c
24c
27c
29c
634c
7c
40c
36c
40c
Jan
61H
4Hc
Jan
9Ho Sept
32c
Dec
Jan
2.95
Nov
Jan
5.10
Sept
43c June
52o
82c
June
2.12
Nov
8Ho
Feb
8C
Jan
80c
Deo
18H0
Jan
950
Dec
15o
Nov
38 Ho
Feb
3.00
Jan
6.40
Nov
Jan
47c
Dec
Mar
2.50
Sept
Mar
3.65
Texas-Canadian
6,830
*
2.26
2.20
2.25
22,000
1.45
Toburn Gold
Sept
4.90
1
3.50
3.65
820
1.20
Jan
4.45
1.24
1.35
20c
Jan
1.40
Deo
25c
Apr
80c
Nov
3.15
Nov
Towagamac
Exploration. 1
1.29
2.20
1
70c
60c
70c
Ventures
»
2.99
2.80
3.00
Walte-Amulet
*
3.01
2.25
3.10
1.00
Jan
3 10
Consolidated.50c
Eagle
*
6c
6c
6Hc
30,800
5Ho
Nov
20Ho
Apr
2%c
3c
33,400
2H
Dec
6c
Sept
3c
Jan
12H0
Dec
7.60
Oct
9.00
30c
Dec
71c
Jan
48c
Dec
57c
Dec
Wayside
White
Wiltsey-Coghlan
Wrlght-Hargreaves
1
9Hc
9c
10Hc
»
7.60
7.50
7.65
Ymir Yankee Girl
»
35c
35c
37c
Wood-Cadillac
*
53c
48c
57c
1.60
48,200
17,650
1,900
3S.185
Toronto Stock
Jan
See
19 to Dec.
Exchange
25, both inclusive, compiled from official sales lists
Thurs.
Sales
Last
Par
Agnew-Surpass Shoe
Alberta Pacific Grain A..*
Dec
2.22
19o
Nov
40o
Aug
July
9Hc
Oct
23Hc
Feb
4 Ho
Jan
52c
Dec
10c
Dec
54c May
6o
Jan
26Ho
Feb
3H0
Jan
27o
Deo
17c May
40o June
5Ho
Jan
15o
July
21o
Mar
86o
16c
Sept
Jan
Jan
Hard Rock
1
2.72
2.70
2.90
30o
Jan
3.63
July
Harker Gold
1
1534 c
14c
16c
7o
Jan
26o
Sept
55c
60c
1334
1434
1,445
""43c
40c
49c
2.01
2.25
Klrkland-Lake
I
74c
1
"5834
Laguna Gold Mines
66c
97c
58
19c
15c
80c
Lava Cap Gold
Lebel Oro
1
83c
1
1634c
Lee Gold Mines
1
6c
_*
7.35
60c
29,695
2.31
15,100
75c 185,230
99c
7,850
5834
2,166
20c 192,650
98c
9,500
1634c 1834c
23^905
a*
6c
7.15
a i/«
634c
7.45
Lowery Petroleum
*
45c
45c
50c
Macassa Mines
1
7.95
7.20
8.00
MaoLeod-Cockshutt
*
4.65
4.70
5.00
Manitoba A Eastern
*
1334c
13c
13c
Maple Leaf Mines
1
May Spiers Gold Mines...
19c
20c
30c
30c
35c
6
3934c
McKenzle Red Lake
1
1.80
McMillan Gold
1
15c
M o Vittie-Graham
1
McWatters
*
Th¬
3834 c 3934
1.80
1.95
n
cs\r\
9,600
8,345
3,900
56,265
30,922
53,600
20,700
2,700
3,036
43,550
l4c 1534c 100^000
1734c 1834
80
85
Merland Oil
*
11
12
Mining Corp
*
3.25
2.76
3.40
Mlnto Gold
*
20c
19c
20c
10Ho
13H
Dec
llo
Oct
10Hc June
31c
June
17H
Dec
Jan
81o
May
55Ho Mar
12%
Oct
1.00
July
.100
Can Forglngs class B
*
Can North Power Corp..
Canadian Steamship
Canadian Bronze
*
Preferred
Canadian Celanese
*
14
Jan
29
Nov
20
51H
Jan
55
July
11H
105
9H
July
15
17H
2H
18H
11,656
10 H
Mar
18H
Nov
2H
125
1.00 Sept
4.50
Jan
182
17 H
18
37 H
218
8H
1,367
8H
7
33
Jan
.13
13H
2,453
6
May
100 H
99 H
14
14
~26H
25H
26H
548
22 H
2%
105
1.25
6H
20
110
2%
6
20
~60'
~2l"
29H
26%
55 H
60
108
108
18
21
28 %
29H
25H
26%
Apr
6% June
15H
Feb
25
9
Jan
20
Deb
1,030
31
Jan
60
Deo
1C
14,492
3,272
307
Feb
73 %
1,901
6H
7%
6,638
6
6H
615
20
16
20 H
1,269
14H
10H
12H
10H
14H
6,632
10 H
1,125
80
78 H
80 H
5,910
51
May
17H
18
30
15
Mar
26
27 H
56
1,405
20 H
420
Crown Cork & Seal Co
*
*
_
.
*
*
"27 H
Corp Seagrams
Aug
May
Jan
29 Ho
Mar
Dominion Glass
15o
Aug
Preferred
*
56
20 %
54
810
May
May
6H May
5% June
1
Aug
10 H
Jan
75
Dec
5%
Aug
12H
Feb
14H
Jan
25%
Dec
15H
Feb
10H
80H
21H
Dec
Deo
Oct
18 H
32
Apr
34 H
Jan
Jan
58%
Nov
14 H
Apr
110
HOH
15
106
Jan
100
116
150
Nov
150
45
136 H
Jan
155
June
4%
May
July
May
July
50c
Dec
Dominion Steel A Coal B 25
Dominion Textile
*
Deo
Dryden Paper
*
3.50 June
5.40
Dec
Eastern Dairies
*
Aug
Electrolux Corp
5 Ho
Jan
30c
Aug
Dec
60c
Sept
12
10H
12H
72 H
125
13
13H
2%
630
24 H
220
2%
1
English Electric B
20 H
72
"l3H
Enamel & Heating Prod..*
30o
24
4
*
15%
4
6,211
14%
4%
28 H
1
Jan
6
4
June
19
365
13
Mar
27
525
3
June
185
5
Aug
5H June
14H
4
13
Oct
49 %
Jan
Foundation Co of Can
*
24 H
23 H
2 24
July
General Steel Wares
*
7H
7%
7H
20c
Nov
42o
Jan
Gurd, Charles.!
*
Gypsum, Lime A Alabast.*
Hamilton Bridge
*
Hollinger Gold Mines
5
13 H
13H
14H
1,365
12
12 %
265
13H
13H
1.700
"l3H
Jan
12H
79
25
Mar
7
19%
22
150
2 Ho May
7
60
20
15H
24H
*
34
100
7.60
Dec
Jan
100
Jan
Mar
Dec
71
Mar
1.00
Nov
31 %
6H
12c
Jan
July
29H
71H
7H
100
Class B
2Hc
7 Ho
108 H
21
Oct
1.38
Feb
May
Apr
May
25 H May
5H
13
Feb
23 %
26
Bridge
Dominion Coal pref
24c
102 H
3.25
15
Dlst
3.40
Nov
July
25
Dominion
Nov
Nov
14H
27 H
25
Nov
10c
103
Jan
Jan
Canadian Foreign Invest.*
Can Hydro-Elec pref
Canadian Ind Alcohol
July
1.10 May
Nov
Nov
47 o
1.78 June
14H
131H
62%
Dec
Jan
2
Jan
Nov
106 %
Jan
Dec
58
Nov
16
58
Jan
Jan
17o
3H May
July
515
350
Nov
May
6o
71o
Nov
97
51%
580
Dec
18H
38H
8%
112
25
1.22
160 H
Jan
9
5
Jan
Jan
57
933
Jan
Mar
9H
28
8H
101
*
10
Con Mln A Smelt new
38
141
4,960
38H
104
1.04
30c
10
54
Sept
104
Aug
Jan
26
21%
113
Dec
5 Ho
Jan
126
2 31
Feb
I Jan
126
Jan
7.75
6
100
Canadian Cottons pref.100
30o
Aug
July
56%
7%
25
7o June
Oct
2
36 H
100
Canadian Car A Foundry
Preferred
25
Canadian-Pacific Ry
Cockshutt Plow
3.12
110
50
2H
Canadian Locomotive
5.70
10
Jan
27 H
6H
Dec
70o
(Nov
July
100
550
159H 160 H
18
*
Aug
Deo
is
*
15%
94o May
7%
5
54
Steamship pref.100
Can Wire & Cable cl B
80 Ho
55c
220
107
26
TTh"
Jan
41c May
High
21
4H
8H
Preferred
Preferred
Low
14 H June
26
*
29c
17,100
1,500
60,470
11,100
1.20 May
Mills
Canada Cement
Canada
8H
5
4
"Th
Bruck Silk
18
8H
107
100
Building Products A
Aug
Feb
Telephone
B
Nov
19o
Oct
8c
16c
Bathurst Pow A Paper A.*
Bawlf (N) Grain
12%
Jan
2o
1
8H
Range Since Jan. 1.1936
Shares
11
Jan
3o
75o
75c
Kirk Hudson Bay
18
Breweries
6.90
18,750
59c
Price
*
Brazilian Tr, Lt A Pr
*
British Col Power Corp A.*
4c
48c
Week
*
Preferred
Dec
1.10
Homestead Oil
for
of Prices
Low
High
Acme Glove Works Ltd..*
Dec
1134c
Howey Gold
Week's Range
Sale
Stocki
1.33
4c
1334
Feb
Page 4141
Montreal Stock
Dec.
2.45
11c
1434 c
1334
4634 c
Dec
Exchange—M i ni ng Curb Section
Aug
1.04
15c
Oct
Tread well-Yukon
July
L07
1334
Nov
68c May
19,816
2,500
22,590
68,504
Bell
334 c
4,500
23,125
29,800
12,500
3,360
18,300
41,400
Deo
3Hc
5.25
Nov
1
~
Oct
5.15
55c
1
1.00
2.87
Jan
97o
5.25
Gold
Associated
1
Mclntyre Porcupine
Jan
*
Teck-Hughes
Ang-CanT pf 7% Can reg50
Halcrow-Swayze
Little Long Lac
56o
1.15 June
3.45
Dec
10c
Lamaq ue-Contaot
Apr
20H 0
Nov
42
4.25 June
Grull-Wlhksne
Lake Shore
750
17c
2.75
12
*
Intl Mining ctfs
J M Consolidated
Aug
2.00
3 30
22c
5
Dec
60
3.35
Sept
1,485
2,000
11c
High wood Sarcee
Aug
1
17c
Aug
Gunnar Gold
Hollinger Cons
Sept
75o
2.13
1.10
2.35 145,633
2.75
30,350
5034
634 c
43c
Greene Stabell
2.46
50 H
3.45
3.40
1.22 May
1.85
2.50
1
Grandoro
Jan
Mar
1
Preferred
..100
Amal Electric Corp pref .50
45c
Graham-Bousquet
21c
50c
6Hc
26H Sept
1
Apr
4834
634 c
Jan
1
Goldfields
2.75
50c
Granada Gold
Dec
Sullivan Consolidated
Sylvanlte Gold
Jan
""lie
i
fyOO
Tashota
Dec
1.20
15c
Goldale
Jan
60
1.60
2.15
25c
Goodfish
1.40 May
68,700
2.80
16c
Golconda Lead
July
3.25
Oct
6.25
710
1.07
Glenora Gold
2.26
Dec
24Hc
6.15
40Hc
6.038
1.32
Francoeur Gold Mines Ltd
Mar
20c
*
1.69
2.30
Federal-Kirkland
21o
1.15
5.35
1
1
3.40
12
*
Dec
3SHc 43Hc
88c
St. Anthony Gold
1.60
1.60
Eastern Malartio Gold M .1
Nov
3.80
95c
2.10
3.35
Conlagas...
Jan
1.72
Jan
87c
5.05
14o May
Jan
1.38
Falconbridge
12
Oct
July
8,450
32,520
22,975
23,400
1.40
Eldorado
Dec
95c
1.80
*
2.94
4.50
July
1.25
1
4.95
Stadacona-Rouyn
S4c
2.63
Jan
2.41
1.25
Dominion Explorers
Dorval-Siscoe
Dec
80c
83c
"
5.00
Dec
500
1.30
1
Feb
2.12
50c
2~88
Oct
24,537
20,695
1.33
Darkwater Mines Ltd...
70c
,7.95
3Hc
80c
1
Dec
1.45
*
Cons Chibougamau
Jan
Mar
65c
2.35
76c
1
May
6o
73o
1.65
*
Conlaurum
60c
3.95
Dec
4.45
_*
May
1.62
2.27
77c
Mar
1.32
Chromium Mining
Nov
25
3 He
2.36
*
Oct
8o
4.15
30c
Central Porcupine
Chemical Research
Dec
46c
Jan
1.40
1
Central-Patricia
2.35
12
*
49% c
July
4.40
Castle Trethewey
Gold Bolt
9Ho June
1
Jan
1
*
33c
48c
Sudbury Basin
Sudbury Contact
High
"l"l6
—*
Argosy Gold Mines
Bralorne Mines
Range Since Jan. 1 1936
Week
14c
*
Oct
Jan
1
20c
Slscoe Gold
Exchange—Mining Section
1
5.20 June
30c
S laden Malartic
1.38
33c
48Hc
1
Sherritt- Gordon
Acme Gas A Oil
Dec
Dec
South Tlblemont
Southwest Pete
Roche-Long Lac
Shawkey Gold
Sheep Creek
Alton Gold
3.10
14
50H0
1.44
San Antonio
AJas Oil A Gas
85c June
4.65
1.34
Low
Mar
59c
Royallte Oil
Shares
15o May
40c
490
Canadian Commodity Exchange(Inc.)
Chicago Board of Trade
High
63o May
Jan
1,600
5,465
28,585
241,150
1,969
15.823
19,550
4,400
74,839
72,845
230,410
11,000
8,400
105,465
78,200
14,795
Bourlamaque
of Prices
Sept
Aug
75c
North Bay
Low
Jan
Aug
6c
1.31
Sarnla
Sale
1.40
34c
1.31
OWen Sound
Timmins
Price
28 He
75c
4.40
Par
Oct
1.25
1.45
Stocks-
Nov
9c
74 H
18c
1.23
4^65
for
Jan
1.31
Read Authier
Week's Range
Jan
44 H
1.31
"
Red Lake-Gold Shore
Last
7o
3.05
1.62
Montreal Curb Market
Thurs.
Nov
Jan
July
July
3.80
Winnipeg Grain Exchange
19 to Dec.
Dec
2c
1.53
*
72c
1.00
3.60
1
Oct
8Hc Sept
2.30
1.57
Kirkland Lake
Dec.
Dec
3.80
Prospectors Airways
Quebec Gold
The Toronto Stock Exchange
Toronto Stock
Jan
70c
Powell-Rouyn Gold
Sudbury
„Hamiltoi^
He
Premier Gold
TORONTO
MEMBERS
Noranda
36c
1.13
Petrol Oil & Gas.
Preston (new)
Cobalt
\
32c
1.05
2.20
1
Pioneer Gold
OFFICES
Montreal
33c
1.13
Perron Gold
GRAIN
WAverley 7881
72Hc 74%c
9c 10Hc
9c
PauloreGola Mines
Paymaster Consolidated._
STOCKS
1.33
2.70
*
Pamour-Porcupine
F. O'HEARN & CO.
1.12
2.51
Norgold Mines Ltd.
Northern Canada Mining. *
O'Brien Gold
i
100
High
43c
North Star
Prairie Cities Oil
Low
43c
...1
M one ta-Porcu pine
North
Star pref
Range Since Jan. 1 1936
Sahres
20
33
33 H
55 H
cons
Price
Par
13H
May
Dec
$
17H
Nov
Dec
Jan
Nov
Nov
Feb
Nov
Oct
Dec
Nov
Nov
Dec
Nov
Oct
No par value.
5
Financial
4136
1936
26,
Dec.
Chronicle
Canadian Markets—Listed and Unlisted
Montreal Stock
18 34
*
Howard Smith Paper pi 100
Howard Smith Paper
334c
61c
49c
62c
55c
55c
57c
61c
55c
66c
6c
6c
10c
Dec
6634
3334
Nov
Oct
22
Deo
9434
15
27
Jan
94
Dec
534
20
3
July
33
Jan
Dec
634
3734
Nov
Nov
Oct
15
385
14
Oot
1634
4334
755
1634
Jan
48
Dec
70
7X
1534
4234
70
40
Jan
70
Oct
20
734
6%
12%
13
4
4,807
Aug
Nov
8
Falconbridge Nickel M._*
Francoeur Gold Mines Ltd*
preferred
Preferred
500
Oct
1.69
1.90
"2". 15
2.35
58,400
1.10
Apr
3.36
Jan
61
4834
160
1.35
1.18
1.35
2.30
2.13
2.40
12
1134
12
22,950
28,375
1,200
12,300
4834
1.00
1.05
1.10
43
July
Nov
6.90
Jan
10c
July
2.24
2234c May
51c
49c
49c
600
40c
39c
40c
44c
40c
50c
70,600
38,400
255
85
Apr
103
Jan
Lake Shore Mines
1
5834
5834
635
1,595
5,228
39
Jan
45
June
Lamaque Contact
G M__*
18c
20c
13
May
5934
13c
29
1
1
1
5634
Deo
Lebel-Oro Mines
310
July
43
Dec
Lee Gold Mines Ltd
75
3,374
4434
Jan
75
Nov
37
19934
6
Jan
255
Nov
15c
14
14
14
25
27 34
23
29
8,528
29
Dec
19%
21
951
1134
1434
Jao
20
Jan
24
Nov
295
434
May
934
9
(
100
19%
1934
24
24
60
100 H 101
179
634
634
Feb
1234
24
Dec
9934
Nov
1.5
May
71
71
65 34
65
6634
2634
3,767
5
1834
July
35
16
May
20
114
June
425
9
Oct
30
85
Oct
1534
60
38%
3.33
200
1.24
Aug
3.33
Dec
25c
1,700
25o
Nov
2.05
Sept
Aug
17c
1534
Jan
1.04
Nov
1.35
35c
Jan
1434
Oct
5.00 June
"24c
23c
28c
2.50
2.05
2.25
97,550
15,650
1.12
7.55
7.40
7.55
1,300
'3.95
71c
71c
700
59c
Oct
1.40 May
4.70
4.45
4.70
4,050
1.43
Jan
5.05
Dec
77c
80c
Ltdl III
5.00
4.55
5.00
July
Sept
1
1
1
Quebec Gold
Sladen Mai
1
2.05
1.60
2.11
Nov
Sullivan Cons Mines Ltd.l
2.15
2.05
2.22
Teck-Hughes G M Ltd
5.15
5.15
5.20
1.80
!
1
Thompson Cad
1
Towagamac Exploration. 1
13
13
1334
676
11
June
16
Nov
85
7834
90
1,300
57
Jan
90
Dec
Wayside Con Gold
25
73
84
655
4934
Jan
84
Dec
Wright-Hargreaves
100
Tobacco pref.. 100
20
20
6
10
Aug
25
157
50
150
Jan
160
Nov
Sept
Jan
2.34
Deo
Mar
7.60
Dec
750
Oct
1.16
2.88
Mar
5.00
4234c
Mar
2.11
Deo
83c
Mar
2.47
Sept
4.30
Mar
6.65
July
37 34c May
2.87
1.30
1.30
2.55 410,727
200
1.30
24o
May
1.32
Deo
2.95
2.90
2.95
500
1.00
Jan
3.15
Nov
634c
634c
60
Nov
21o
Feb
7.50
7.60
1,500
1,055
7.15
Dec
8.90
Feb
4c
434c
JaD
11340
Aug
2.12
Deo
Nov
157
Deo
4634c
18c June
445
Deo
Aug
3.17
Nov
Dec
Jan
140
4634
Jan
100
4,200
21,130
61,350
39,021
100
29c
Apr
Dec
3c
100
1.22
Nov
2834
2534
130
Jan
73,400
ShfiwlrPV
24
634c
25c
13
Read-Authier Mine Ltd._l
Siscoe Gold Minoi
Aug
July
3934
6c
1.22
Nov
Deo
46 340
Aug
Nov
3.65
Gold..
Dec
81c
63
1434
Perron Gold Mines Ltd
6834
Dec
3.65
Pickle-Crow
71
52
Dec
Aug
Deo
12
Aug
Nov
Jan
130
100
Dec
10134
Jan
23
15
Dec
Jan
Dec
Nov
3.22
1
Ltd*
Parkhill Gold Mines Ltd._l
Pamour Porcupine M
6j34
25%
130
100
25
Dec
O'Brien Gold Mines Ltd..l
40
509
2434
934
1934
Jan
Jan
Nov
June
6c
""6c
1
Montague
New Golden Rose
JaD
8
"n"
Nov
20
2034
5,905
742
23
22%
Jan
93c
23o
28340
Jan
Deo
29,200
1,800
7,900
17c,
Mining Corp of Can Ltd.. *
245
2.45
15
Sept
3934
Mclntyre-Porcup M Ltd. 5
249
58
1.35
52c
1.79
1
Goldale Mines
43
*
100
*
*
Simon (H) A Sons
Jan
1.23
Greene Stabell Mines Ltd.i
7234
24
2c
100
J-M Consol G M Ltd
51%
26
Sept
138,350
Oct
Feb
37
2734
46c
1.33
Deo
41
100
Shawinlgan W & Power. _*
Sherwln Williams of Can.*
Preferred
100
620
30
38c
8.33
45c
36
7454
St Lawrence Paper pref.
Jan
May
1734
6534
St Lawrence Flour MlllslOO
40c
30
4134
*
50
Nov
3,822
4034
101
Deo
5c
105
40 34
25
Preferred
Saguenay Power pref
St Lawrence Corp
700
Jan
92
Rolland Paper voting trust
Oot
Jan
9C
9
Jan
34o
1234
92
*
75o
86
3334
Canada...*
59c
Nov
16
33
245
10c June
Mar
334c
1,442
43
Quebec Power
Regent Knitting
2834
Dec
30c
48o
1,000
19,550
1,700
64,840
11,900
13
"~33 34
OgUvle Flour Mills
*
Ontario Steel Products—*
30
High
Low
106
105
*
Nov
28
20
36
36
4334 May
1,1936
Range Since Jan.
for
334c
1
1434
*
*
*
Southern Can Power
Steel Co of Canada
Preferred
Tooke Bros pref
Tuckett
1
Beaufor Gold
Big Missouri Mines Corp
Bouscadlllao Gold Mines. 1
Bras11 Gold A Diamond Ml
Bulolo Gold Dredging Ltd 5
Cartier-Malartlo G M Ltd 1
Castle-Trethewey Mines. 1
Consol Chibougamau
1
Dome Mines Ltd
*
East Malartlo
1
Eldorado Gold Mines Ltd 1
25
36
Montreal LHAPr Cons.*
Montreal Tram ways... 100
A
Barry-Holllnger Gold
Mar
1734
5
Montreal Cottons Pref. 100
Power Corp of
Dec
Mar
14 H
10
33
210
Price
20
3234
1734
Massey-Harrls
Niagara Wire new
Noranda Mines Ltd
Dec
934
Par
(Concluded)
Week
of Prices
Low
High Sabres
119
62 34
Ltd...
100 "is"
70
Lindsay (C W) pref
100
Nat'l Steel Car Corp
Apr
Mar
1834
9434
Ltd—*
National Breweries..
88
33
John A Lang A Sons
Lake of the Woods
McColl-Frontenac Oil
15
3,950
4,000
5,000
64
*
International Power
'■*
9%
6434
934
954
934 June
1,090
14
Stocks
Hihg
Low
Week's Range
Sale
W®
Shares
102
13 34
Sales
Last
Range Since Jan. 1. 1936
for
ww
19
1834
102
*14"
Imperial Tobacco ol Can.6
Int Hydro-Elec Sys A—25
Int Nickel of Canada
*
Industrial Acceptance
Internatl Paper A Pow A.*
Preferred
100
Jamaica Public Ser
of Prices
Low
High
Price
Par
Stocks (Concluded)
Week's Range
Sale
Market
Thurs
Sales
Last
Curb
Montreal
Exchange
ThUT8,
434
Preferred
5
122
7%
*
...100
Viau Biscuit new
8
1,395
28
25
28
Wabasso Cotton
Dec
10
Oct
Nov
50
Nov
May
32
Jan
434
50
20
*
2
234
37
75c
Aug
100
8
8
30
4
Apr
Windsor Hotel
Preferred
Winnipeg Electric A
Nov
12
1
1
Stadacona-Rouyn
534c
634c
68,850
60c
6c
*
Sylvanite G M Ltd
60c
100
25c
75c
400
38o
8.00
3.18
Jan
8.00
Deo
1.00
Jan
3.00
Nov
1734o
Jan
950
2.35
Mar
1
90
Oct
100
800
1
Macassa Mines
May
50
6,600
9,650
6834c
1
Sherritt-Gordon
32
355
1.90
4.40
1
Duparquet Mining
Howey Gold
Kirkland Lake Gold
1.65
4.25
434c
1
Dec
Oct
85
Cndn Malartlo Gold
Dec
Aug
1734
81
_.*
Arno Mines Ltd
Central Patricia Gold
Ddo
Sept
234
12
30
7*60
Unlisted Mines—
634
2
207
30
*
50c
534
1,313
534
6
Winnipeg Electric pref. 100
Woods Mfg pref
Nov
634
5%
534
*
B
234
Ventures Ltd
IP
1
7.15
7.85
2c
98c May
1.90
Deo
Mar
4.80
Dec
4o June
1034 c
Jan
Feb
93c
Sept
Dec
234
Deo
2.49
86c
95c
5,420
18,785
99,710
3.35
3.45
600
434
3134
4 34
34
12,965
34
634 June
3634
Nov
3334
3234
3334
395
634
Jan
35
Nov
48
6034
12
16 34
Apr
Dec
70
Nov
2.05
2.92
88c
2.92
6
Deo
Nov
Banks—
59
Canadienne
Nova Scotia
Royal
100
'
Montreal
143
18734 190
Nov
Jan
60
133
Jan
142
Dec
148
57
59
142
188
100
100
100
Commerce
58
143
50
100
Canada
Apr
190
Dec
Dec
100
Ctf of deposit 6% pf 100
7% preferred
5134
9
101
220
187
184
May
317
25
271
Jan
317
Dec
201
202"
222
317
220
222
203
138
164
Jan
203
Dec
Unlisted Stocks—
Cum 6% pref
100
Brewers & Dlst of Van
80c
*
Brewing Corp of Canada.*
Preferred
*
Burt Co Ltd
434
*
Abltlbi P & P Co
234
1334
234
14
4
25
(FN)
Canadian Government
Municipal
INCORPORATED
ESTABLISHED
56
Donnaconna Paper A.
330 Bay St., Taraita
Sparks St., Ottawa
*
50c
1,225
2134
425
9
12 34
17
2234
31
4534
both inclusive, compiled from official sales lists
100
100
Preferred
Sales
Thurs.
Range Since Jan. 1 1936
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Bathurst Pr A Paper ol B.
Price
110
116
7
7
634
734
„
0%
Beauharnols Power Corp.
10
-
—
10
2234
4
7534
Nov
Dec
9
Feb
Nov
Jan
82
27 34
Apr
Dec
1634
Feb
2234
11234
20
20
100
1934
Dec
27 34
44
46
60
37
Jan
49
234
1134
1.10 June
3
Nov
13
—
-
1234
1934
234
46
935
234
234
115
834
834
1
1.50
1.20
1.50
75
334
334
4
3
3
1.00
B
1.00
60
Works Ltd
Ltd
pf 100
East Kootenay P cum pf 100
15
Fraser Cos Ltd
30
60
726
8
May
Aug
Jan
Apr
1634
July
234 June
334
1234
Nov
Sept
3.00
434
Dec
2
Jan
4
Feb
Abltlbi P A Pap otfs 5s '53
50c
Feb
Feb
Alberta Pao Grain 6s
1.00
Inter Utll Corp class
1.25
60
3134
39
2634
Jan
434
Feb
1634
Jan
10934
60
5034
Mar 1 1960
32
5
Jan
16
9
Jan
33
Nov
Burns A Co
3,685
8
Jan
33
Nov
Calgary Power Co 5a __1960
25
37
Nov
60
Feb
Canada Bread 6s
5s
5348-3348-1948
1941
Dec
------
------
234
97 34
Manitoba Power
5348.1951
9734
Apr
3434
1,406
33
Dec
3934
1434
102
4
Jan
15
1.50
106
50o
Jan
2.50
May
1234
1234
536
9
June
1434
150
234
Aug
534
Feb
Dec
9634
---
—
-
-
9734
Dec
20
9734
Mar
1834
10634
Nov
434
50
334
Nov
7
Nov
1034
75
434
Aug
12
12
75
6
105
106
36
98
90
95
500
17
106
9
234
4634
1934
18 34
106
234
49
1,410
6
50c
Jan
16
Jan
116
Apr
Deo
Oct
1.60
1.71
29,700
92c
Sept
1.87
Dec
1
93c
90c
93c
9,100
90c
Dec
1.10
Dec
---
5034
87
88
112
11234
par
value) 3s
Certificates of deposit
Dom Gas A Elec
634s. 1945
9434
9534
Donnaconna Paper Co—
3
s
83 34
1956
East Kootenay Pow 7s 1942
1949
Eastern Dairies 6s
Fraser Co 6a...Jan
1
100
8134
___
---
-
1950
102
--
103
89
5a '56 f88
10334
Int Pr A Pap of Nfld 5a '68
Lake St John Pr A Pap Co
634a
Feb 1 1942 /10834 10934
634s
Feb 1 1947 /12634 12734
Gt Lakes Pap Co 1st
...
•
No par value.
1 Flat price.
Nova Scotia LAP 58.1958
10334
Ottawa Traction
7034
105
1.68
/50
10434
/6934
10334
1
55
Cedar Rapids M & P 5s '53
Consol Pap Corp 634a. 1961
104
2034
105
88
103
Nov
/5434
1945
534s '57
93
General Steelwarea 6a. 1952
Deo
Minn A Ont Paper 6s.
Montreal Island Pr
91
Gatlneau Power 5a.-.1956
4934
82 34
8134
94 34
9534
10434 105
87
Dec
2634
1734
261
Massey-Harrls Co 5s ..1947
MoColl Frontenac Oil 6s '49
Northwestern Pow 6s. 1960
Nov
334
--
New Brunswick Pr 58.1937
1.15
Sept
Apr
July
1.75
1934
1034
Feb
675
85
Apr
-
9834
Montreal L H A P ($50
111
Deo
334
74
110
---
Maple Leaf Milling—
2J4s to '38—5348 to '49
Ask
10134 103
9934 10034
Oct
------
Bid
97 34
64
Canadian Lt <^Pow 5sl949
Canadian Vlckere Co 6s '47
Apr
9%
3334
106
Utility Bonds
Canadian Inter Pap 6s '49
2434
Apr
------
2-6363
.1939
Montreal Tramway 5s 1941
Dec
16
Corporation
10334 103 34
10134 10134
1924
234
6
•
MaoLaren-Que Pr 634s *61
106 34
Mlm
Dec
80 34
11534 116
3,510
Walker-Good A Worts pf.
Arntfield Gold
Dec
Montreal and Toronto
Ask
Brit Col Power 5348--1960
2034
Walker-Gooderh A Worts
Aldermac Copper
Apr
New York • HAnover
NY 1-208
Bell Tel Co of Can 5s. 1955
2034
6
•
Deo
CanadaNorthPow 5s ..1953
1034
Walkervllle Brewery Ltd.
May
2634
Jan
25
101
SECURITIES
Municipal
•
Deo
Mar
Dec
434
Co Ltd A
234 May
27
1,086
1,973
9634 101
4934
48
/63 34
3.28
17
United Distillers of Can..
10,125
Beauharnols Pr Corp 6s '73
Jan
1234
Southern Can P pref. .100
25
Nov
1.50
pref. 100
Deo
104 34
f80
9634
__
70o
B
Power of Can cum
Dec
5134
Jan
1946
1434
Mitchell A Co (Robt) Ltd
35
Sept
2334
101
Bid
38,015
3434
Quebec Tel & Tel
Reliance Grain Co Ltd...
Sept
Industrial and Public
3.20
A...
B—
Melchers Dlst Ltd A
"2434
15
2834
96 34
Feb
334
Inter Utll Corp class
Nov
80
Feb
55c June
2
2.90
------
Int Petroleum Co Ltd
Nov
Bell System Tele.
1
2034
Imperial Oil Ltd........
Feb
90
2234
Dec
1.50
2.98
Home Oil Co Ltd
Jan
Royal Securities Corporation
30 Broad Street
462
12
3034
38
pf6%100
5
256
31
29
55
291
15
1134
3134
970
108
1434
108
Dom TarAChem cm
Int Paints (Can) LtdA..._
June
19
1,300
Private wire connection between New York,
July
------
..
45
Jan
10734
——————
Dom Tar A Chemical
Government
Deo
386
—
—
Deo
Nov
2834
625
CANADIAN
Dec
8
734
1.95 June
2,380
1,424
2234
1834
David A Frere Ltee A
Sarnia Bridge
Mar
120
44
City Gas A Elec Corp Ltd
Commerical Alcohols Ltd
Frelman (A J) cum
25
75 34
75 34
3
Jan
------
Catelll Food Products B__
Voting trust ctfs.
165
4,721
17 34
111
19
Canadian Wineries Ltd...
Dom Eng
3,653
110
2234
pref.10
Canada Vinegars Ltd
Can Dredge A Dock Ltd..
Cndn Pow A P Invest Ltd
Can Nor Pow Ltd
14
21
High
Low
Shares
------
Brit Amer OU Co Ltd
B C Packers Ltd
Canadian Vlckers Ltd
4
4
Bright (T G) & Co Ltd...
Preferred
Jan
Sept
July
Week
115
Asbestos Corp voting tr__
Oot
9934 100
4834
Royallte OU Co r »d
Deo
10
5134
Price Bros Co Ltd
Oct
934
1434
834
1834
70
33
5834
Oct
Apr
Apr
1,515
2234
32
Massey-Harris Co pref. 100
Oct
76o
22
21
75
MacLaren Power A Paper*
2
232
2234
75
Oct
Nov
8034c
Jan
1534
6,039
17
2134
6934
37
15o Sept
9,839
1334
1 334
17
Loblaw Groceterias Ltd A*
Dec. 19 to Dec. 25,
Nov
Dec
2234
MeColl-Frontenac OilpflOO
4334
Mar
64c
8
General SteelWares preflOO
Montreal Curb Market
Feb
57
115
Ford Motor of Can A
*
41
30
234
Eastern Dairies pref... 100
Industrial Bonds
Feb
Mar
Apr
1334
Jan
4.50
1834
3034
834
1334
1234
1.40
Nov
Aug
111
45c
4.75
Sept
11
25
4
21
Consolidated Bak of Can.*
B
255 St. James St., Montreal
70o
1.75
90
5634
35
*
Claude Neon Gen Ad Ltd.*
»
*
125
560
234
35
Cndn Westlnghouse Co
Consol Paper Corp
Public Utility and
IMS
Canada Malting Co Ltd..*
80c
2%
14
3434
5634
Canada & Dominion Sugar*
HANSON BROS
1.30 May
1,975
534a .1955
Ottawa Valley Pow 534s '70
Power Corp of Can 434s'59
102
88 34
-
--
---
-
—
—
8934
100 34 10134
10334
1 1957
102
534s '47
Quebec Power 5a
1968
Saguenay Power 4348.1966
Shawinlgan WAP 434* '67
Smith H Pa Mills 434s '51
102
Southern Can Pow 5e.l956
10434
Steel of Canada Ltd 6a '40
112 34
United Grain Grow 5a. 1948
95 34
97
United Secure Ltd
7934
8034
5s
Deo
Provincial Pap Ltd
534s '52
Wlnnlpge Elec 6a. Oct 2 '54
-
— —
103 34 104
10434 10534
104
10434
102
99
103
---
---
Volume
143
Financial
Quotations
Bid
[b July 11975
>8
is Nev
123 % 124%
June 11974
125% 126%
126% 127%
113 % 114%
Feb 151976
127% 127%
113% 114%
115% 116%
Jan
11977
H9% 120%
119% 120%
11954
Mar
127% 128%
128% 128%
129% 129%
113%
113
July 11975
May 11957—
Nov
Apr 11966
Apr 151972
11958
Nov 151978
11981
125% 126%
126% 127%
May 1 & Nov 1 1957
May 1 l')5r
May 11077
119% 120%
Mar
11963
122% 122%
June
11965
Oct
123% 123%
123% 124
July
11967
11080
is Sept
Par
Ask
Bid
112% 113%
.is Mar 11960
a3%s Jan 151976
Is
New York Trust
City Bonds
Ask
109% 110
May 11954
11060
4137
Over-the-Counter Securities—Thursday Dec. 24
on
New York
Chronicle
127% 128%
.127% 128%
129% 130%
Deo 151971
(s Mar 11062
123% 124%
Deo
11979
131% 132%
is Mar
123% 124%
Jan 251937
Bid
Banca Comm Italians. 100
Bk of New York A Tr__100
Bankers
10
Bank of Slollly
Bronx County
20
Brooklyn
Colonial Trust
25
Continental Bank A Tr.10
Corn Exoh BkATr
20
Bid
Ask
Empire
473
478
Fulton
64
66
Guaranty
10
12
Irving
10
14%
15%
Kings County........100 1665
1715
Lawyers
25
51
55
8%
100
Par
115
7
Central Hanover
20
Chemical Bank A Trust. 10
Clinton Trust
50
Companies
Ask
105
121
113% 116%
56%
58%
85
28%
265
100
310
315
......
Manufacturers....
20
Preferred
50
25
52
54
20
New York
89
16
27%
250
...
9%
116
...10
..........100
56
127% 130%
15%
16%
18
Title Guarantee A Tr„.20
16
17%
Underwriters
100
62%
63%
United States
100 1960
80
90
2010
100% 100%
11064.
Chicago Bank Stocks
New York State Bonds
Bid
Ask
Ask
Bid
8s 1974
b 2.30
less
1
World
3s 1981
b 2.40
less
1
4%s April 1940 to 1949. b 1.80
Highway Improvement—
4s Mar A Sept 1958 to '67
129
Canal Imp 4s JAJ'60 to *67
129
Canal A Highway—
5s Jan A Mar 1946 to '71 b 2.70
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
4%s 1965
Can A Imp High
mm —
136%
mmm
136%
War
Port of New York
Bid
106% 106%
Inland Terminal
107
4%b
107%
1937-1941
104%
1942-1960
\
MAS
4%s
112
1952
Feb
MAS
60.30
MAS
115
1952
Ask
Honolulu 5s
d3.50
111%
U S Panama 3s June 11961
119% 121%
114%
114
116
d3.00
3.00
Govt of Puerto Rioo—
4%s July 1958
112
5%8 Aug
1941
4%s Oct 1956
HawaU
d3.75
5s July 1948
112
113%
113% 114
U S conversion 3s 1946
2.75
3.50
Conversion 3s 1947
113% 115
Insurance
Aetna Casualty A Surety 10
Aetna Fire
10
Aetna Life
10
JAJ
8s 1956 opt 1946
MAN
3%s 1955 opt 1945
MAN
4s 1946 opt 1944
JAJ
103%
103%
103%
105%
113
Bid
48 1957
opt 1937.
103
MAN
1958 opt 1938
4s
Ask
MAN
104% 104%
Called Jan 1 1937
100
4%s 1957 opt. 1937..MAN
4%s 1958 opt 1938—MAN
100%
101*16 101»16
106% 107
Ask
Bid
101
Lincoln 5s
Atlantic 5s.
100
102
Louisville 5s
Burlington 5e
California 6s
100
102
Maryland-Virginia 5s
Mississippi-Tennessee 5s.
/7
Dallas 5s
7%
100
95
100
Ask
97
102
102
100
102
100
102
New York 5s
99
100
North Carolina 5s„
........
Chicago 5s
99% 100%
99
100
64
67
.
Denver 5s
87%
89
First Carollnas 5s
Ohio-Pennsylvania 5s
Oregon-Washington 5s
91
93
Pacific Coast of Portland 5s
100
First of Fort Wayne 4%s._
First of Montgomery 5s.._
98% 100
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
100
89
92
101
m
mm
97
Pac Coast of San Fran 5a._
100
100
Pennsylvania 5s
100
100
102
Phoenix 5s
109% 110%
Potomac 5s
100
Chicago 5s..
100% 102
86
87
Greenbrier 5s
100
Greensboro 5s
100
Illinois Midwest 5s
/28
30
San Antonio 5s
100
102
102
Southwest 5s
84
18%
2%
Re-Insurance. 10
31%
55%
31%
8%
25
10
2%
89
99
101
97
99
100
...
Southern Minnesota 5s....
Tennessee 5s
Union of Detroit 6s
mtmm
99
/19
5
12%
13%
76%
79%
33%
57%
Maryland Casualty
1
Mass Bonding A
Ins..12%
Merch Fire Assur
com.2%
Merch a Mfrs Fire New'kS
33%
National
9%
98
102
670
National Union Fire
22
24
27%
29%
10
29
30%
New
20
Fire Assn of Philadelphia 10
Firemen's of Newark
5
Fireman's Fd of San Fran25
Franklin Fire
•30
5
6i
51*
48%
5
10
32%
28
5%
6%
45
48
119% 123
80%
82%
Hampshire Fire
13%
20%
67
9%
New Jersey
129
2
15
10
20
22%
101
2.60
10
6
Providence-Washington. 10
94%
Republic (Dallas)
Rochester American
10
5
31%
33%
General Reinsurance Corp5
42%
44%
Rossla
Georgia Home
10
25
27
5
43
45
St Paul Fire A Marine..25
Seaboard Fire A Marine..5
20%
22%
Seaboard
Glens Falls Fire
Globe A Republic
5
Globe A Rutgers Fire...15
27%
128
132%
130% 133%
93%
89%
20
22%
38%
40%
24%
26%
25
Phoenix
26
105
26%
National. 26
Preferred Accident
36
43%
46%
45
2
Pacific Fire
16
34
12.60
North River
10%
133
41%
.10
13
11%
92%
11%
18%
New York Fire
Northern
Northwestern
61%
2
10
31%
7
58
20
Carolina
--2%
5
64
65
National Liberty
655
New Amsterdam Cas
New Brunswick Fire
Eagle Fire
4
6%
60%
10
5
Connecticut Gen Life... 10
Continental Casualty
5
8%
10
Casualty
National Fire
25
Camden Fire
6
5
Lincoln Fire
7%
24%
10
6
10%
205
10%
12"
210
13%
75%
79
Surety
10
Security New Haven...10
35%
37
15
86
89%
Southern Fire
...10
29
31
5
27
28%
9%
Springfield Fire A Mar..26
Stuyvesant
5
Sun Life Assurance
100
129
132
625
655
Travelers
472
482 m
Halifax Fire
10
Hamilton Fire
8%
10
21
22%
33
9
100
35
10
Hanover Fire....
10
36"
38"
Harmonla
10
29
30%
U S Fidelity A Guar Co..2
US Fire
4
25%
53%
10
74
76
U S Guarantee
62
66
72%
74%
Westchester Fire
33%
35%
...
Hartford Fire
10
26%
101
99
100
Virginian 5s
Hartford Steam Boiler.. 10
55%
Surety Guaranteed Mortgage Bonds and Debentures
102
99% 100%
Bid
35
40
All series 2-5S—
Ask
Par
Lincoln
Bid
Ask
1953
81
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s *63
Bank Stocks
Ask
Atlanta
2.60
21
100
98
Virginia-Carolina 5s
Joint Stock Land
Bid
..10
Knickerbocker
Allied Mtge Cos Ino—
Par
Fire
100
B 08 ton
10
87
87
97
101
102
Iowa of Sioux City
La Fayette 5s
mm
101
St Louis 5s
Illinois of Montloello
4%s.
4%s
Kentucky of Lexington 5s.
75
16%
Security
15
37%
12%
Great Amer Indemnity... 1
100
94
98
Fletcher 3s
74
American of Newark
Great American
First of New Orleans 5e
First Trust of
Importers A Exporters
5
Ins Co of North Amer. .10
24%
40%
2d preferred...
First Texas of Houston 5s.
Fremont 5s
Homestead
10
Fidelity A Dep of Md
Bid
28%
American Equitable
American Home
10
41%
26%
87%
American Reserve
Ask
39%
6%
22%
Home Fire
85%
American
Bid
5
52%
23
5
Home
50%
10
Excess
100
Par
103% 107 %
25
Federal
Bonds
Atlanta 5s
Companies
Ask
American Alliance
Employers Re-Insurance 10
Bank
Hartford 35
—
City of New York
103%
4%s 1957 opt 1937...JAJ
Joint Stock Land
Bid
Agricultural
Baltimore Amer
Ask
103%
103%
103%
105%
112%
HARTFORD
A. T. T. Teletype
Bankers A Shippers
Bid
JAJ
York Stock Exchange
5-0151
American Surety
Automobile
Federal Land Bank Bonds
3s 1955 opt 1945
38 1956 opt 1946
QUOTED
1.50
101%
104
Tel.
116
Bid
111%
—
CENTRAL ROW
Par
Ask
102
830
ser E
1942-1960—
110
.
SOLD
113
1937-1941
115
1.75
110
April 1955
5s
—
Members New
6
60.50
100
5s
790
199% 203%
PUTNAM & CO.
V
107
United States Insular Bonds
1959
292
435
Hartford Insurance Stocks
—
Ask
106
ser D
MAS
Holland Tunnel
4%s Oct
4% a July
Ask
287
420
...
Bid
Gen A ref 3d ser 3%s '76
Gen A ref 4th ser 3S.1976
4s 1946
33 1-3
BOUGHT
Bayonne Bridge 4s series C
1939-53
JAJ 3
Bid
Trust
Bid
100
Harris Trust A Savings. 100
Northern Trust Co
100
Authority Bonds
109% 110%
Phllllpplne Government—
Par
First National
...
117%
Gen A ref 4s Mar 11975.
Gen A ref 2d ser 3%s *65
114
Ask
...
115
Ask
Port of New York—
George Washington Bridge
4%s ser B 1940-53.MAN
...
Barge C T 4%s Jan 11945
mmm
Bid
270
Continental Illinois Bank A
Bonus—
Barge C T 4s Jan '42 to *46
134
Par
American National Bank A
Trust
100
81
mmm
55
m
Associated Mtge Cos Ino—
Debenture 2-6s
1953
'
mmm
mm
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
Series B 2-5s
1964
Potomac
Bond
Issues) 2-5s
Corp
Ask
57%
80
(all
1953
77
ioo
6
Atlantic
10
54
38
43
North Carolina
Potomac Cons Deb Corp—
Dallas
...100
27
30
Cont'l Inv Bd Corp 2-5s '53
78
76
80
1953
Pennsylvania
47
49
...100
16
Denver
20
10
14
Contl InvDeb Corp 2-6s'53
47%
49%
Potomac
47
42
49
Dee Moines
....100
46
72
Empire Properties Corp...
80
San Antonio
Potomac Deb Corp 2-6a '63
Potomao Franklin Deb Co
100
55
60
1945
48
51
47
49
40
43
First Carollnas
4
8
Fremont,
2
5
Virginia
Virginia-Carolina
......
5
1100
2-3 s
25c
76c
Interstate Deb Corp 2-5s'55
45
53
52
2-6s
Mortgage Bond Co of Md
Inc2-5s
1953
80
ture Corp 2-6s
Nat Bondholders part ctfs
Federal Intermediate Credit Bank Debentures
(Central Funding series)
1953
1953
70%
Potomac
/35
37
Realty Atlantic
Debenture Corp 2-6s '63
Realty Bond A Mortgage
Bid
77
47
...
49
47
49
1953
47
49
Unified Deben Corp 5s '55
Ask
Nat Cons Bd Corp 2-6s '53
Nat Deben Corp 2-68.1953
Bid
2-6s
Potomao Maryland Deben¬
41
43
deb 2-6s
Ask
[
FIG l%s
Jan
F I O l%a—.Feb
15
1937 b .25%
i
a
15 1937 b .30%
FIC 1%8_„Mar 15 1937 b .35%
F I O 1%8__.Apr 15 1937 b .35%
FIO l%s
May 15 1937 b .35%
1
i
1
a
i
1
i
i
1
i
a
1
a
F1C l%s—June
15 1937 5.35%
l%s
July 15 1937 5 .35%
FICi%S—.Sept 15 1937 5.40%
FIO
Telephone and Telegraph Stocks
FIC 1 %s
Oct 15 1937 5 .45%
FIC1%S—.Nov 15 1937 5 .45%
FIC l%s__-Deo
15 1937 5 .50%
mmm
Par
Am DlstTeleg (N J) com.*
New York Bank Stocks
Bid
Ask
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
30%
32%
58
64
Bensonhurst
65
National..50
Chase
13.55
City (National)
12%
Commercial National.. 100
46%
100
•
48%
17
19
Penn
13
15
Exchange........10
Peoples National
50
40
Public National
1010
Sterling Nat Bank A Tr.25
Trade Bank..
12%
65
42
Ask
39
203
2085
Bid
100
National Bronx Bank
50
National Safety Bank. 12%
38
990
.100
First National of N Y..100 2045
Flatbush National
37
100
National
*
197
Fifth Avenue
Kngsboro
•
Par
Merchants Bank
25
95
110
68
57
59
39%
41%
20
30
Bid
Ask
128
132%
100
132
135%
Bell Telep of Canada.. 100
Bell Telep of Pa pref.. 100
Clnoin A Sub Bell Telep.50
158
161
121
123
96
98
Cuban Telep 7% pref—100
44
Par
Bid
Ask
48
Preferred
Emp A Bay State Tel.. 100
65
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
43
101
95
104
26
29
106
108
19
21
28%
30
Pac A Atl Telegraph
26
Peninsular Telephone oom*
Preferred A
100
109% 111
47
99
New York Mutual Tel. 100
N'west Bell Tel pf 6% % 100
Llnooln Tel A Telegraph.*
Mtn States Tel A Tel-100
New England Tel A TellOO
115
Roch Telep $6.501st pf 100
mmm
152
131
115
22
24
158% 160
Wisconsin Telep 7% pf.100
115% 117
121% 123%
156
129
111
So A Atl Telegraph
25
Sou New Engl Telep... 100
S* western Bell Tel pref. 100
■
•
For Footnote see
page
4140.
Financial
4138
1936
26,
Dec.
Chronicle
Quotations on Over-the-Counter Securities—Thursday Dec. 24—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
Joseph ttlalkers Sons
DUNNE&CO.
Members T<lew York Stock Exchange
Members New York Security Dealers Ass'n.
Dcalera in
120 Broadway
Tel. REctor
JOhn 4-1360
20 Pine Street, New York
GUARANTIED
NEW YORK
2-6600
STOCKS
[Since1855J,
\niWWII
RAILROAD
ll,l.lll«ll*r
II ■
Bought — Sold
Guaranteed Railroad Stocks
BONDS
Quoted
—
Earnings and Special Studies
on
Request
(Guarantor in Parenthesis)
John
Dividend
Par in Dollars
Urr».'J ('
»•»
100
6.00
98
103
Albany & Susquebana (Delaware A Hudson)
..100
10.50
175
..100
6.00
107
HAnover 2-2455
.
110
&
Co.
York Security Dealers Association
•
BrII System Teletype NY
180
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Sloane
E.
Members ?{ew
Asked
Bid
Alabama A Vlcksburg (Illinois Central)
Bonds
Railroad
50
2.00
40
.,100
8.75
138
142
.100
8.60
150
155
..100
York Central)
Carolina Cllnchfield & Ohio (L A N-A C L) 4%.. -100
3.00
57
60
4.00
100 M
102M
100
5.00
102
104
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
50
Cleveland & Pittsburgh (Pennsylvania)
5.00
97
101
3.50
89
91
Birmingham Terminal 1st 4s, 1957
Boston <fc Albany 1st 4 Ms, April 1, 1943
2.00
50
52
Boston A Maine 3s.
(New York Central)
Boston & Providence (New Haven)
Boston A Albany
Canada Southern (New
Common 5% stamped—
50
Betterman stock
42
47
2.00
49M
Prior lien 4s,
5.50
93
96
197
203
4.00
75
78
50.00
950
1100
97
York Central)
Western)
Michigan Central (New
65
67
97 M
99M
4.00
Oswego & Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
Northern
(Pennsylvania)
Central
—
103
105
4.50
69
73
1.50
43
45
1942
1952
Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995
61
102
103
99 M
100 M
69
101
91
;
—
71
98
1978
Hoboken Ferry 1st 5s, 1946
91M
f57
—.
Georgia Southern & Florida 1st 5s, 1945
Goshen A Decker town 1st 5 Ms,
105
90
Cincinnati Indianapolis A
50
94
103
Choctaw & Memphis 1st 53,
5.00
M
86M
90
Chateaugay Ore A Iron 1st ref 4s,
3.875
—50
86
85
1944
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
(D L A W)._ -.100
New York Lackawanna A Western
71
84
1942..
108
68
1950
103
106
...
99
102
1953..
Prior lien 4 Ms,
10.00
Morris & Essex (Del Lack &
76
73
6s, 1945
25
Fort Wayne & Jackson
75M
73%
5 Ms, 1945
Augusta Union Station 1st 4s,
100
pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack & Western).. -100
Delaware (Pennsylvania)
Asked
Bid
Akron Canton & Youngstown
93
50
3.00
84
88
Pittsburgh Fort Wayne A Chicago (Pennsylvania) -100
7.00
172
178
Kansas Oklahoma A Gulf 1st 5s, 1978
Mi
104H
100
7.00
188 M
191
Little Rock A Hot Springs
/30
6.90
102
108
Macon
108 M
,100
6.00
148
153
105 M
78
100 M
57
102
Preferred
—
Preferred..
—
Rensselaer A Saratoga (Delaware A
St
Hudson)
Louis Bridge 1st pref (Terminal RR)
100
3.00
74
77
100
Second preferred
Tunnel RR St Louis (Terminal RR)
3.00
148
153
252
257
rH o O
10.00
Susquehanna (DL&W)
100
6.00
93
96
Valley (Delaware Lackawanna A Western)
-100
5.00
100
107
Central). -100
5.00
86
89
100
5.00
91
95
50
3.50
49
53
50
3.00
67
69
United New Jersey RR A Canal
Utlca Chenango &
(Pennsylvania)..
Vlcksburg Shreveport & Pacific (Illinois
Preferred
Warren RR of N J (Del Lack A Western)
1
1
.
(Pennsylvania)
West Jersey & Sea Shore
Kanawha A West Virginia
104
102
1st 5s, 1955
103
Western 1st 4s, 1939...
Terminal 1st 5s, 1965
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s. 1955
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 <fc Hoboken Ferry general 5s. 1946
Piedmont and Northern Ry. 1st mtge. 3?*s, 1966..
32
80
59
97
99
104 M
103 M
77
82
99
77
93
96
97 '
Consolidated 5s, 1945
Rock Island Frisco Terminal 4M9, 1957
100
75
Portland RR 1st 3 Mb, 1951
99
95
98
Shreveport Bridge A Terminal 1st 6s, 1955
88
94
Somerset Ry 1st ref 4s, 1955
65
70
St Clair Madison A St Louis 1st 4s,
1951
92
Union Pacific
EQUIPMENT TRUST CERTIFICATES
114
100
102
100
Toronto Hamilton A Buffalo 4 Ms,
95
112
Southern Illinois A Missouri Bridge 1st
102
4s, 1951...
Toledo Terminal RR 4 Ms, 1957
1966
3%s, 1970
65
63M
Washington County Ry 1st 3 Mis. 1954
Quotations-Appraisals Upon Request
SERVICE CORP.
NEW YORK WATER
$6 CUMULATIVE
Stroud & Company Inc.
Private Wires to
Bmtell Brothers
Philadelphia, Pa.
New York
-
members
Railroad
Bid
Baltimore A Ohio 4?*s—
6a
Bid
Ask
61.50
Line
1.00
62.50
2.00
1.75
Ask
63.75
63.00
2.00
5^8
63.00
2.00
3.00
63.25
2.25
New Orl Tex A Mex 4Ma..
63.75
63.25
2.50
New York Central 4Mb—
62.40
2.00
3?*s Dee. 1 1936-1944.
63.00
2.25
62.40
2.00
62.50
2.00
62.50
2.00
6s
N Y Chic A St. L 4 Ms
Canadian
—
Paeifio 4?*s
Cent RR New Jer 4?*s—
62.60
2.00
62.60
2.00
62.50
National 4Mb.
6s...
Canadian
2.00
61.70
1.25
58
63.75
3.00
63.75
3.00
Northern Pacific 4Mb
61.50
1.00
Pennsylvania RR 4?*s
61.35
1.00
N Y N H & Hartf 4 Mb
5s
6s
Chic Mllw a St Paul 4 Mb.
5s
61.00
0.60
5s
62.20
1.25
4s series E due
1.00
63.85
3.00
3.00
65.00
4.00
Pere
65.00
Chicago & Nor West 4 ?*s.
0.50
63.85
6s
61.00
61.75
Chesapeake A Ohio 6 Us.
6MB
4Hs
4.00
Reading Co 4Mb
6s
84
87
84
Chicago R I A Pac 4?*8—
87
<21.25
0.75
1936-49
62.50
2.00
call Dec. 1 1936-50
62.25
1.90
Jan A July
2 Mb series G
non
62.50
4 Mb.
3.25
64.25
...
.
3.25
64.00
3.00
61.50
6s
5?*S
Erie RR 5 Mb
64.25
1.00
1.80
61.50
5s
2.00
62.30
Marquette 4Mb
0.75
/96
/97
/98
St. Louis-San Fran 4s
4Mb
Denver A R G West
6s
99
99
100
5s
62.50
2.00
61.25
0.75
62.00
—
Union Pacific 4Mb
6s
Virginian Ry 4Ms
61.50
1.00
Internat Great Nor 4Mb.
63.75
2.50
Long Island 4 Mb
62.40
1.75
62.25
1.50
61.20
0.75
5 MB
61.20
0.75
6s
63.10
2.50
5MB
6s
Loulsv A Nash 4Mb
5s
Maine Central 5s
5 Mb
Minn St P A 88 M 4s
63.10
2.50
63.75
2.75
>
For footnotes see page
4140.
61.10
0.50
0.50
61.25
0.75
0.75
101
5s
Western Pacific 5s
102
102 M
103
100
Maryland 4Mb—
100
100 M
6s
5 MB
1.00
61.25
5s
Wabash Ry 4 Ms
Western
1.00
62.00
61.10\
4 Ms
1.00
62.00
Texas Pacific 4s
5s
1.00
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag A E pr pref
25
Carolina Pr & Lt $7 pref..*
6% preferred
*
133
Cent Maine Pow 6% pf 100
$7 preferred
100
Cent Pr & Lt 7 % pref. .100
101M
62.10
1.75
62.10
1.75
64.00
3.00
64.00
3.00
$7
...
6% pref.100
79M
24%
preferred
Nassau A Suff Ltg
Nebraska Pow 7 %
100
pref.100
pref.100
102
90
92
New EngCA E5M%
85
pf.*
N E Pow Assn
85 M
86 M
97%
New Eng Pub Serv Co—
$7 prior lien pref
*
New Jersey Pr A Lt $6 pf.*
62
62%
65"
66%
103 %
104%
U4M
6% pref.100
105% 106 %
pf..*
Pow A Lt $6 cum pf.*
106 %
7% cum preferred... 100
N Y A Queens E L P pf 100
106%
Nor States Pr $7
pref..100
*
preferred
*
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G A E 7% pref...100
Paeifio Pow <fc Lt 7 % pf 100
Penn Pow A Lt $7 pref...*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
0% preferred
100
Ohio Edison $6 pref
$7
Continental Gas A El—
97%
98 M
_
_
81
195
--
Federal Water Serv Corp—
preferred
$6.50 cum preferred....
$7 cum preferred
Foreign Lt A Pow units..*
...
Gas A Elec of Bergen.. 100
Hamilton Gas Co v t o
Hudson County Gas
100
Idaho Power $6 pref
7 % preferred
100
53 M
54%
55 M
57
57%
61
95
123
78
78
Interstate Power $7 pref..*
110
112
100
Sioux City G A E $7 pf.100
Sou Calif Edison
Tenn Elec Pow
Kan Gas & El 7% pref.100
Kings Co Ltg 7 % pref. .100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref
113
99 M
101
0% pref 100
7% preferred
100
Texas Pow & Lt 7% pf.100
Toledo Edison 7 % pf A 100
United G A E(Conn)7% pf
77
78 M
United G A E (N J) pf.100
Utah Pow A Lt $7 pref...*
89
91
Utica Gas & El 7%
86
76
90
79?*
98%
108%
112
113%
95 %
110M 113
103?* 105?*
108
109
114% 117?*
84
86
109% 110?*
91
92?*
109M 111?*
83
85
Virginia
Ry
105 M 106?*
98
96
28
South Jersey Gas A E1.100
32
21%
107 M
193
54 M
30 M
20
54
*
pref B.25
52 M
Jamaica Water Sup pref.50
Jer Cent P A L7% pf._100
113
Rochester Gas A Elec—
6% preferred C
195
109M 111?*
Illinois Pr & Lt 1st pref..*
Interstate Natural Gas
*
...
50
88 M
105 %
105 %
cum
37?*
122
87
100
$6
57
86 M
100
100
53
95
Consumers Pow $5 pref..*
Gas
mm
36?*
112
100
Newark Consol Gas
100
N Y
Essex-Hudson
82 M
7
107 M 109 M
66
63
100
81
114M
18
New Orl Pub Serv $7
preferred..
81M
5M
108 M 111
7%
71M
77
16 M
preferred A
100
$6.50 preferred B
100
Consol Traction (N J). 100
6% preferred
6.60% preferred
Ask
67
pref...100
7%
78
24%
Columbus Ry Pr & Lt—
1st $6
Bid
Mountain States Pr com..*
114
2.00
5MS
1.75
Atlantio City El $6 pref..*
76
1.00
61.75
27?*
Mo Pub Serv $7
113
1.75
62.30
Miss Riv Pow
29
Derby Gas A El $7 pref..*
61.50
6s
28
Dallas Pr & Lt 7 % pref 100
62.25
Illinois Central 4?*s
26?*
1.75
5s
1.00
12
preferred
Mississippi P A L$0 pf...*
62.50
5s
Southern Ry 4 Ms
Mississippi Power $6 pref..
93 %
14
1.75
1.75
0.75
»
;.*
Par
Ask
82
2.00
1.00
61.25
pref *
$6.50 preferred
$7 preferred
Utility Stocks
92
62.20
4Mb
62.50
61.50
Assoc Gas A Elec orlg
Y.
Teletype N.Y. 1-1146
80 M
2.25
61.50
5s
Alabama Power $7 pref—*
Arkansas Pr A Lt $7 pref.*
Bid
63.00
4HS
Hooking Valley 5s
Par
62.20
5 Ms
Southern Pacific
ONE WALL ST., N.
exchange
62.75
St Louis Southwestern 5s..
6s
Great Northern 4 Mis
stock
Public
3.00
5s
Missouri Pacific 4 Mis
5a
Boston A Maine 4 Mb
Tel. DIgby 4-2800
EST. 1908
n. y.
and n. y. curb exchange
Equipment Bonds
62.25
Atlantio Coast
PREFERRED
pf—100
100
28?*
199
65%
67
72
73?*
110 H 112
110M 112
91
64 %
93
65?*
100
101?*
141
145
Volume
143
Financial
Quotations
Chronicle
4139
Over-the-Counter Securities—Thursday Dec. 24-Continued
on
Securities of the
OFFERINGS WANTED
Associated Gas & Electric
System
S. A. O'BRIEN
First Mortgage Bonds of Subsidiaries
American Water Works & Electric
Co., Inc.
CO.
Consumers Water Co. (Maine)
Members Neto York Curb
Exchange
ISO
BROADWAY, NEW YORK
75
COrtlandt 7-1868
Direct Private
FEDERAL ST., BOSTON
HANcock 8920
Amer States P S 6 %s_1948
As*
Bid
89%
91%
102% 102%
102% 102%
Amer Tel Tel deb 3 Ms 1961
Debenture 3Ms w 1.1966
Amer Wat Wks & El 6s '75
103
1948
104
88
Federated Utll 5 Mb—1957
Green Mountain Pow 6s '48
Houston Lt & Pow 3 Ms 66
Iowa Sou Utll 5Ms.-.1950
1945
94
96
Kan City Pub Serv 3s.1951
Kansas Elec Pow 3 Ms.1966
Ark Missouri Pow 1st 6s '63
87
89
Kan Pow & Lt 1st
Associated Electrlo 6s.1961
66%
67%
Assoo Gas & El Co 4Mb '68
Assoc Gas A Elec Corp—
50
90
4Mb '66
Keystone Telep 5 Ms. 1955
101
Water Works Securities
Complete Statistical Information—Inquiries Invited
103
49%
51%
100% 100%
109% 110
103
SmRT.BRENT&Co.
104%
INCORPORATED
40
105% 105%
104% 104%
40%
Metrop Edison 4s
43%
48
49
Missouri Pow & Lt 3 Ms 66
Montana Power 3Ms. 1966
40
EXCHANGE PLACE, NEW YORK
108% 108%
101% 102%
99% 100%
40
42%
Income deb 4Mb—1978
86
Los Angeles G A E 4s 1970
Louisville Gas & El 3 Ms '66
Income deb 4s
39
G '65
ser
Conv deb 4s
1973
78
Mtn States Pow 1st 6s 1938
Conv deb 4 MB
Conv deb 6s
1973
80%
1973
86
Conv deb 5 Mb
1973
Sink fund Income 4s 1983
Sink fund lnc4Ms—1983
96%
46
99
Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
New Engl Pow 3Ms.-1961
Tel.
HAnover 2-0510
53%
58%
-
-
m
4s
Water Bonds
63%
mmm
Old Dom Pr 6s May 15 *51
Okla Gas & Elec 3 Mb.1966
Debenture 4s
1946
Parr Shoals Power 6s. 1952
110%
Pennsylvania Elec 5s 1962
...
106% 106%
106
^ <2
H*
I-*
101% 102
102% 103%
Sink fund lnc 5 M-6 Ms 86
Participating 8s *w?.1940
77
78%
102% 102%
101% 102%
—
series
I
98
100
Peoples LAP 5Ms—1941
102% 103%
102% 104
105
105%
106% 107%
103
/101
105% 106%
84
85
Public Serv of Colo 68.1961
86
1st lien coll tr 6s
1946
Cent 111 Light 3 Mb
1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s ser G '60
87
Pub Serv of N H 3Mb D '60
Pub UtU Cons 5 Mb
1948
106% 107
100% 101%
107% 107%
55%
57%
108 M 109
95
97
85
106
Sioux City Gas & El 4s 1966
Sou Calif Gas 1st 4s..-1965
Sou Cities UtU 5s A...1958
104% 105%
Colorado Power 6s
1963
Conn Lt A Power 3 Mb 1956
3 Ms series F
1966
3 Ms series G
1966
Conn River Pr 3%s A. 1961
Consol E & G 6s A...1962
Sinking fund 4Mb.-1951
Tel Bond A Share 5b..1958
106% 107%
59
60%
66
67%
6% secured notes.-1937
Cons. G E L A P
1971
Edison El 111 (Boat) 3 Ms '65
Federal Pub Serv 1st 6s '47
99% 100%
87
85%
Utlca Gas A El Co 56.1957
WashA Suburban 5 Mb 1941
Western Mass Co 3Ms 1946
126
Western Pub Serv 5 Mb '60
Wisconsin G A El 3 Ms 1966
104% 104%
102% 103%
101% 102
Consumers Pow 3Ms. 1966
Oumberl'd Co PAL 3%b'66
83
Southn Nat Gas Pipe Line
108% 108%
104% 105%
106% 106%
92
Wise Mich Pow
ICO CO
—
3%s—1961
1st mtge 4s
127
102
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
Citizens Water Co
105% 105%
106
106 M
1961
106% 106%
Public
102
103
.1941
150
...
100% 103%
City W (Chat) 5s B.
105
101%
5s series C
1947
103
104%
Community Water Se
Bid
Jan 1 1941
36%
/40
B'way Barclay 1st 6s. 1941
B'way A 41st Street—
42
Broadway Motors Bldg—
6s stamped
1948
/69
71
69M
71%
68
70
99
100%
Court A Remsen St Off Bid
Apr 28 1940
1st Aref 5Mb
f50
/35M
-1947
/9M
88 M
Eqult Off Bldg deb 5s 1952
Deb 5s 1952
Legended..
53
6 Ms unstamped
1949
602 Park Ave 1st 6s...1941
53
38M
11
89%
85
60 Bway Bldg 1st 3s lno '46
600 Fifth Avenue—
46
56"
Bell System Tel.
NY 1-588
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
75
/42
/15M
/47%
77
76
45
6Ms double stpd._.1961
Realty Assoc Sec Corp—
16%
79
1943
103
105
107
99% 101%
85
Richmond W W Co 5S.1957
Roanoke W W 5s
1950
105
99
Roch A L Ont Wat 5s. 1938
St Joseph Wat 4s ser 19A'66
Scran ton Gas A Water Co
4%s
105
107
102% 104
102% 103%
104%
1960
1952
102
1952
103%
Scran ton
103
104%
102% 103%
102%
Sou
104
Pittsburgh Wat 5s '55
105
81%
5s series A
1960
1960
Terre Haute Water 5s B '66
102
102%
6s series A
1949
Texarkana Wat 1st 5s. 1958
Union Water Serv 5 Ms '51
Water Serv Cos lnc 5s '42
103%
103%
W Va Water Serv 4s..1961
Western N Y Water Co—
Ask
34
98
1957
Kokomo WW Co 5s_.1958
104M
104%
99%
Lexington Wat Co 5 Ms '40
Long Island Wat 5 Ms. 1955
93
95
100
102% 103%
1950
1951
6s series C._.
6s series A
1960
104%
1949
103%
1950
104%
Joplln W W Co 5s
mmm
mmm
101% 103%
1st mtge 58
1st mtge 5 Ms
100
103
mmm
103
6s series B
5s_
1958
Interstate Water 6s A.1940
Jamaica Water Sup 5 Ms '55
mmm
100% 102%
102
102
mmm
mmm
105
104
104% 106
mmm
83
103%
68 series B
Spgfleld City Wat 4s A1956
1962
1966
107
102% 104
1954
Illinois Water Serv 5s A *52
mm
101% 103
105
Sedalla Water Co 5 Ms *47
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s *60
105
109
mmm
■
97%
Spring Brook
Water Serv 5s...1961
1st A ref 5s A
1967
101% 103
B '54
1958
95
99
101
99
101%
102
103%
102
101"
104% 105%
103
105
99
1st fee A l'hold 6 Ms. 1940
89
54
6s
1st
1945
5Ms...May 15 1948
(Newark) 6s '37
73
69
78
97 M
London Terrace Apts 6s '40
Ludwig Bauman—
53 M
1936
I
34%
/32M
34%
80"
98%
Chicago
NEW YORK
-
-
Boston
57 William St.
/60
62
/49M
f58
/50
53
51
Chain
60
Store
Securities
/30
f8
Chain Store Stocks
70 M
Par
57%
66%
*
100
/60
61%
*
$2.50 conv pref
Bohack
Bid
18M
•
(H C) common. _•
Ask
20
103
5
Bickfords lnc
53%
/30%
/30%
Borland Shoe Stores
7% preferred
B/G Foods lno com
/51%
32%
Syracuse Hotel (Syracuse)
1st 6 %s
Oct 23 1940
6% pref
5%
*14%
*36%
10%
38
50
53
16
6M% preferred
Bid
Ask
11%
*
100
12%
16
20
49
Murphy (G C) $5 pref. 100
Neisner Bros pref
100
Reeves
54
106%
108
112
114
U%
7% preferred
100
Diamond Shoe pref——100
104
Flshman (M H) Stores
Preferred
100
105
*
105
110
*
17
22
*
21%
(Daniel) pref
100
Schiff Co preferred
100
United Cigar Sts 6 % pf. 100
23%
6% pref ctfs
U 8 Stores preferred...100
107%
20H
19%
4%
22%
22%
7
37
49%
Par
Kress (S H)
Miller (I) Sons com
32%
47%
/34
/55
f70
36%
57
1958
49%
1939
97%
67%
Katx Drug preferred
Kobacker Stores
7% preferred
100
99«
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
69
Trinity Bldgs Corp—
1st 5 Ms
2 Park Ave
1st 6 Mb
Oct 19 1938
/30
Westlnghouse Bldg—
73 M
73 M
BURR & COMPANY INC.
101% 103
/35%
60 Park PI
Textile Bldg 1st 6s
/50M
1942
/32%
61 Bway Bldg 1st 5 Ms 1950
55;
616 Madison Av 1st 6Ms'38
66 M
81
36%
Sherry Netherlaod Hotel—
66
1936
79
/35%
Roxy Theatre—
Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1945
1947
(Bklyn)
5 Ms series Q
19th A Walnut Sts
(Phila)
1st 6s
July 7 1939
87
Lincoln Bldg lno 5 Ms. 1963
Loew's Theatre Realt Corp
1st9 Mb( LC)
.
50%
81%
70%
80M
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
Lewis Morris Apt Bldg—
1st 6s
/32
Prudence Co
Kelth-Albee Bldg (New
1
5 Ms series BK
5 Ms series C-2
5 Ms series F-l
68 M
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s... 1950
1st 6s
1st mtge 2s stmp A reg'55
1st A gen 6s.
1946
N Y Eve Journal
6M8.1937
N Y Title A Mtge Co—
5s Income
1944
Apr 15 1937
S f deb 5s
1945
Munson Bldg 1st 6M8.1939
N Y Athletic Club—
Oliver Cromwell
(The)—
15 1939
80
Fuller Bldg deb 6s
6 Mb unstamped
1st 6 Mb
1948
1947
2nd mtge 6s
1951
103 E 57th St 1st 6s...1941
165 Bway Bldg 1st 5 Ms '51
Fox Theatre A Off Bldglst 6 Ms
Oct 1 1941
Rochelle) 1st 6s
6s
6s
/41
/50M
1939
1949
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
Bid
1st 6s
Nov
1 Park Avenue—
1400 Broadway Bldg—
1st 6Mb stamped... 1948
101
103%
108
99
1942
...
103
95
1942
97%
100% 102
99% 101%
Unlpn Wat 5s '61
Indianapolis W W Securs—
Mortgage Certificates
/35
62d A Madison Off Bldg—
6s
95%
102
105
Plalnfield
100
Davenport Water Co 5s *61
E St L A Interurb Water—
102
Metropol Playhouses lno—
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s..1948
1st 6s
1948
93
91
108
6s
Majestic Apts 1st 6s__1948
Metropolitan Chain Prop—
Chanln Bldg lnc 4s...1945
Dorset (The) 1st 6s... 1941
East Ambassador Hotels—
1940
95
100
83
Consol Water of Utlca—
58 series B
Metropolitan Corp (Can)
1st leasehold 6Ms.. 1944
101
Pittsburgh Sub Wat 5s *68
196
«...
98
99
81
Huntington Water 5s
Ask
/47M
/51M
/35 H
97
83
6 Ms series B
1st mtge 3 Ms
Broadmoor (The) 1st 6s '41
93
5s 1953
1st consol 5s
105
—
—
Prior lien 5s
1948
Phlla Suburb Wat 4s. .1965
Pinellas Water Co 5 Ms *59
Commonwealth Wat (N J)
Indianapolis Water—
Alden 1st 6s
105
5s
Broadway, N. Y.
Real Estate Bonds and Title Co.
94
Peoria Water Works Co—
1st A ref 5s
1950
1st consol 4s
1948
101
Hackensack Wat Co 5s '77
5 Ms series B
1977
INCORPORATED
BArclay 7
2360
104
92
Penna Water Co 5a
6s series A
BAKER &, CO.
102
6%b
1951
New York Wat Serv 5s '51
105
Greenwich Water A Gas—
Utilities—Industrials—Railroads
AMOTT,
104%
104%
M uncle Water Works 5s *65
New Jersey Water 5s. 1950
New Rochelle Wat 6s B '51
Ohio Cities Water 5 Ms '53
1951
4Mb
...
103
Morgan town Water 5s 1965
106
Ohio Valley Water 5s_1954
Ohio Water Service 5s .1958
Ore-Wash Wat Serv 5s 1957
Penna State Water 5 Ms '52
5 Mb series A
5s series D
Reports—Markets
1950
103 M
1951
68 series B
Estate Securities
5 Ms
104% 105%
5s
5 Ms series A
100%
Monongahela Valley Water
i
i
(Wash)
6s.
Ask
106
Newport Water Co
102%
105% 105%
95
II
105
6s series A
Real
i
101
Wisconsin Pub Ser
1
i
103
1966
Penn Telep Corp 1st 4s *65
Cent Ark Pub Serv 6s 1948
Central G A E 5Ms...1946
.o w£1c*oi-o
Middlesex Wat Co 5 Ms *57
Monmouth Consol W 6s '66
i
»
104
Pacific Gas & Elec Co
3Ms
rH o iri
^
mmm
Bellows Falls Hy El 6s 1968
Blacks tone V G & E 4s '65
Bid
«.
103% 104%
1965
Northern N Y Utll 6s. 1955
46%
53%
58%
63%
102% 103
102% 104
Sink fund lnc 4 M-5 Ms 86
Sink fund lnc 6-6S..1986
(Bait.) 3Mb
»mm
Teletype: New York 1-1073
101
N. Y. State E & G Corp.
Sink fund income 5b 1983
* Sink fund lno 5Ms„ 1983
* Sink
fund lnc 4-5S..1986
Tel. 2-3761
Specialists in —
Ask
84
102% 103%
103% 104%
...
Income deb 3 Ms—-1978
Income deb 3%s—1978
1978
PORTLAND, MAINE
Utility Bonds
Bid
1st 6s series A
Est. 1854
.
Public
Aria Edison 1st 6s
H. M. PAYSON fit CO.
Telephone between New York and Boston
System Teletype—N.Y. 1-1074
Bell
1st fee A leasehold 4s '48
90
50%
Sugar Stocks
Par
Haytlan Corp Amer..
Ask
38%
44%
Eastern Sugar Assoc..
Preferred
Bid
40
Savannah Sug Ref
46
West Indies Sugar Corp..1
%
1
*
/76
For footnotes
see
page
4140.
Par
com
Bid
Ask
38
39%
6%
6
Financial
4140
I
1936
26,
Dec.
Chronicle
Quotations on Overthe Counter Securities—Thursday Dec. 24 -Continued
SYLVANIA INDUSTRIAL CORP.
.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
NEW YORK
BROAD STREET
30
DISTRIBUTORS GROUP. Incorporated
Members New York Curb Exchange
BOwling Green 9-1420
Street, New York
63 Wall
Telephone HAnover 2-9030
Kneeland 8C Co.—Western Trading
Am. Writ.
Dainty Maid Slippers
Com.& Pref.
Electrol, Inc:
Correspondent
Paper, New
United Cigar Stores
Investing Companies
Inquirie* Incited
Amer
ST., N. Y.
25 BROAD
1.38
15.61
15.93
Keystone Cust Fd Inc B-3.
554
Major Shares Corp
*
Maryland Fund Inc oom.
Mass
Investors
Trust.. 1
24.94
27.29
10.07
11.01
Mutual Invest Fund
1
28.72
30.47
Nation Wide Securities..1
16.63
18.17
Voting trust certificates.
4.74
4.84
k Trust Shares...
2.07
5
Am Insurance Stock Corp *
Investors Fund C
7)4
8
Bankers Nat Invest Corp *
4)4
454
*
1
5.32
Shares..2
Assoc Stand Oil
Climax
Basic Industry Shares
Molybdenum Co.
British Type Invest A
.59
Members
No Amer Tr Shares 1953..
6854
6454
2.90
6
9
Series 1955
28.81
Series 1956
3.76
10)4
1754
1154
Series 1958
3.71
Continental Shares pref
Corporate Trust Shares.
New York
2.23
354
No Amer Bond Trust ctfs
63
3)4
26.80
3.10
*
Class B
|Commodity Exchange, Inc.
61 Broadway,
5.05
48
Century Trust Shares..
Oonsol. Funds Corp cl A.
(New York Security Dealers Association
.
NYBa
24
4.65
Central Nat Corp cl A..
UNTERBERG & CO.
E.
37.34
22 H
Bullock Fund Ltd
Canadian Inv Fund Ltd.l
C.
".79
34.91
Broad St Invest Co Inc..
Sylvania Industrial Corp.
1.86
1.90
46
43
1.25
1.12
Amer General Equities Inc
Group Shares
1.76
13
12
Amer A Continental Corp
Teletype N Y 1-1397
Tel. HAnover 2-8780
Bank
1.72
31)4
1.20
*
Business Shares... 1
11.83
30)4
Corp
Amerex Holding
New York Security Dealers Assn.
Ask
Bid
20.32
10.85
Affiliated Fund Inc......
1919
Established
Members of the
19.10
*
Administered Fund
Ask
Bid
Par
M. S. Wien & Co.
Northern
1854
100
Securities
Paclflo Southern Inv pref.
■mmm
3.73
*
mmm
75
-mm
Series AA
2.99
Class A
*
38
41
Accumulative series
2.99
Blass B
*
15
16
Plymouth Fund Ino A. 10c
3
Series
3.75
mod
AA
Representative Trust Shs.
111
100
7% preferred
37)4
35)4
10
Common B shares
18.78
20.57
Republic Investors Fund.6
Royalties Management
116
100
8% preferred
1.07
14.49
14.99
New
33)4
31)4
Crum A Foreter Ins com 10
in the
Over-the-Counter Market
3)4
.96
Quarterly Ino Shares.....
3.75
Series ACC mod
COMPREHENSIVE SERVICE
stock
5.30
5.00
Cumulative Trust Shares. *
Bell System
Selected American Shares.
15.30
16.70
3.80
Selected Cumulative Shs..
4.19
""
3.57
Selected Income Shares
1154
5.10
Selected Industries conv pf
5.57
27)4
2854
22.23
22.92
4.35
4.60
.99
State Street Inv Corp
»
Super Corp of Am Tr Shs A 104.33
1.07
8.50
Spencer Trask Fund
»
Standard Am Trust Shares
25c
1.99
2.14
Standard Utilities Inc...*
Eqult Inv Corp (Mass)..5
Equity Corp conv pref.._l
35.77
38.43
Fidelity Fund Inc
28.47
C
7.70
D
Teletype NY 1-1493
Dividend Shares
Industrial Stocks
51
63
66
17)4
1854
1
Amer Box Board com
6%
100
preferred
American Hardware
25
*
Preferred
109
105
100
3654
31
32)4
82
American Republics com.*
1054
Corp—*
Art Metal Construction. 10
Bankers Indust Serv cl A*
47)4
22)4
2354
Beneficial Indus Loan pf_*
5154
■»»
6
*
5%
preferred
New Haven Clock pf
52
9)4
29 H
95
105
87
92
5
45
4654
*
19)4
2154
14)4
Pharmacal
Leather.....
100
29
34
Ohio Match Co
*
13)4
*
..100
25
27)4
Pathe Film 7% pref
Petroleum Conversion
*
97
128
125
33
Northwestern Yeast... 100
Hotels
Preferred
10)4
Norwich
7)4
53)4
Ohio
Canadian Celanese com
2354
110
•
100
100
1
100
2)4
1%
Climax Molybdenum....*
Publication Corp oom
48
50
Columbia Baking com
37 1st preferred
Remington Arms com
112
118
*
100
*
Scovill Mfg
25
Singer Manufacturing. 100
Standard Cap A Seal
6
39)4
3754
13)4 115)4
*
26
preferred
..* * 24
5354
52)4
Columbia Broadcasting A *
$1
cum
5154
*
Class B
*
Crowell Pub Co com
_
55)4
57)4
Standard Screw
58
Preferred
1Q)4
17)4
41
43
*
Welch Grape Juice pref. 100
West Va Pulp A Pap oom. *
33 conv preferred
_
«...
7)4
Good Humor Corp
*
9
West Dairies Ine oom vto 1
100
62
Great Lakes 88 Co oom..*
37
40
*
White (S S) Dental Mfg.20
Great Northern Paper. .25
42)4
45
White Rock Mln Spring—
Preferred
Kildun Mining
Corp
Lord A Taylor com
1st 0%
2d
preferred
8% preferred
100
i H
4
,
33
*
20)4
254
100
*
46
30)4
154
Wllcox-Glbbs common..50
*26
Willys Overland Motors.-1
37 1st preferred
ft 5)4
10 nil)*
6% preferred
..
«...
11
12
32
WJR The Goodwill Station
6.57
7.25
Trustee Standard Invest C
6.02
71)4
mmm
15.68
14.42
3.24
7.07
7~.71
K
3.17
1.78
1.93
1.47
1.60
Trusteed Amer Bank Shs B
7.25
Building shares
2.15
2.33
Trusteed Industry Shares.
.90
1.00
Chemical
1.78
U S El Lt A Pr Shares A..
1.53
1.70
...
1.64
1.05
B
19)4
2054
....
Voting trust ctfs
3.14
3.24
1.07
1.17
General Investors Trust.
_
Automobile
shares
shares
Food shares
1.15
1.94
Un N Y Tr Shs ser F
1.58
Wellington Fund..
1.61
1.75
1.76
1.91
1.10
Tobacco shares
Un N Y Bank Trust C3__
1.45
shares..
1.72
1.60
1.79
shares
RR Equipment
Steel shares
7.76
B
1.47
shares
Mining Shares
Petroleum
...
1.58
Investing shares
Merchandise
D
Trustee Standard Oil Sh
Group Securities—
Agricultural shares...
1.27
1
Guardian Inv Trust oom.*
Preferred
154
25
23
...
Huron Holding Corp.....
1.20
1.50
Incorporated Investors..*
25.48
mmm
mmm
354
154
4)4
2)4
20.25
22 H
First Boston Corp
1054
Schoelkopf, Hutton A
Pomeroy Ino com
4154
1154
43)4
6)4
7)4
Investm't
Banking Corps
Bancamerlca-Blalr Corp..
27.46
Young (J S) Co com
7%
J 59
100 '113
Miscellaneous Bonds
6
21)4
554
11)4
103
104
Chicago Stock Yds 5s. 1981
Comm Credit 3)4s
1951
Cont'l Roll A Steel Fdy
w
oo ©
1st
conv
104)4
101)4
v*
1940
f 6s
conv s
Cudahy Pack
1st 354s
...
>t-->• O ©
48.1950
1955
TH
©O
Aug
15
Aug
15
l)4s
June
Kopper Co 4s ser A... 1951
Martin (Glenn L)
conv 6s...
1939
<N
1937
1946
N Y Shipbuilding 5S..1946
95
/93
Reynolds Investing 5s 1948
100.28 101.2 Scovill Mfg 5)4s
1945
Std Tex Prod 1st 8)48 as'42
t
/18)4 20)4 Struth Wells Titus 0)4s '43
1-*
to
r—i
Merchants Refrig 6s
CO
__
Nat Radiator 5s
Deep Rock Oil 7s
1937
Federal Farm Mtge Corp—
1 1939
Goodrich (B F) 4)48—1956
Haytlan Corp 8s
1938
Sept
Wltherbee Sherman 6s '44
Woodward Iron 5s.-.1952
34
101.2
100.28
1937
102.6 102.14
1938
1 1939 100.28 101.2
92
87
Journal of Comm 6)*s 1937
Kelsey Hayes Wheel Co—
99 )4 10054
Conv deb 6s
1948
154a
2s
100
1953
l)4s
29
Home Owners' Loan Corp
114
Bear Mountain-Hudson
River Bridge 7s
Ask
Bid
Ask
Bid
111
American Tobacco 48.1951
preferred.
.100
118"
126
*
No par value,
d Coupon,
selling
on
e
a
Interchangeable,
/ Flat price,
Ex-rlghta.
102)4 103
151)4 155)4
99)4
...
70
/68
98
...
92
94
107
109
30
/29
94
...
38
/36
/90
—
on New
ROBINSON, MILLER & CO.
w. i
—C.
D.
Registered coupon (serial)
x ex-dividend,
y Now
bond equivalent to 77.4234 grams of pure
CURRENT
Knapp, Jr.
been appointed local
c
When Issued,
York Stock Exchange.
t Quotations per 100 gold rouble
Signal Company
b Basis price,
2 Now selling ex-coupons,
New York Curb Exchange.
t Now listed
Submarine
mmm
8.30
Supervised Shares
100
Worcester Salt
68)4
D
36
?ioo
154
^37)4 w3 9)4
260
5.60
26.24
2554
•
>28)4
$3 oum preferred
65)4
100 ',110
100 120
Macfadden Publlca'n oom *
IkPref erred
142)4
2H
1
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
2554
254
100 1104)4 106)4
Preferred
8)4
7
*23 54
I
Warren Northam—
*
21H *22)4
Gen Flreprooflng 37 pf.100 1105
45
Golden Cycle Corp
10 *42
mmm
8.30
5.30
Am Wire Fabrics 7s.. 1942
1103)4
2H
..100 ..23%
Preferred
10)4
854
38)4 '41)4
mmm
2.89
24.84
20)4
*
oom
United Piece Dye Works.*
9)4
4.41
Foundation Trust Shares A
43)4
24)4
r
Gen Fire Extinguisher
Graton A Knight com
42
United Merch A Mfg com *
14
[854
*
*
*
*
Trlco Products Corp
.*
Tublze Chatlllon cum pf. 10
154
H
mmm
BB
17
Steel
i.98
354
160~~ 166"
100
16
,34
95
Foundation Co, For shs..*
_.._*
American shares
Gair (Robert) Co oom
«...
76
31
Douglas Shoe preferred. 100
Draper Corp
*
Flour Mills of America.._*
47)4
305
Sylvania Indus Corp
Taylor Milling Corp
Taylor Wharton Iron A
58
ID!
172
100
46)4
355
Stromberg-Carlson Tel Mfg
61
54)4
..._*
Preferred
Dixon (Jos) Crucible... 100
4)4
3)4
.
100 *109)4
37 preferred..
Dentists' Supply Co of N Y
Dictaphone Corp
53)4
mmm
2.89
C
B
mmm
4.21
B
11.25
B
mmm
AA
30.67
13.65
*
Fundamental Tr Shares A
48
*
Nat Paper A Type com
Fixed Trust Shares A
44
41
Fundamental Investors Ino
97
22 H
Preferred
49
Andlan National
100
National Casket
1154
preferred
2
29
113)4
Muskegon Piston Ring
3754
American Mfg 5% pref. 100
1st
27
Mock Judson A Voehringer
8% cum preferred
Bowman-Biltmore
Ask
154
1
Merck & Co Inc com
American Hard Rubber—
Amer Maize Products
Bid,
Maytag warrants
*
..100
American Arch
American Book
Par
Ask
Bid
Par
10.64
Deposited Insur Sh ser B.
Tel, BArclay 7-0700
N. Y.
l'l6
2.34
Diversified Trustee Shs B
Members New York Security Dealers Association
115 Broadway,
9I6
Deposited Bank Shs ser A.
1920
Established
Selected Amer Shs new...
Deposited Insur Shs A
Bristol & Willett
6.53
gold.
NOTICES
& Co., Huntington, L. I. investment
house, has
correspondent for Ernstrom & Co., Inc., New
York.
INO.
HA™Zh2?m2 52 William Street, N.Y.
Nie'Sl
—Scherck,
bulletin
on
Bldg., St. Louis, have issued a
Hardware & Paint Co., common stock.
Richter &
Simmons
Co., Landreth
—Colyer, Robinson & Co., Inc.,
has issued
ROBERT GAIR
$3 Cumulative Preferred
Allendale Corp $3.50 pfd.-com.
Bought—Sold—Quoted—Analyses
&
NORVIN
GREENE
Incorporated
30 BROAD
HAnover 2-0077
current list of
1180 Raymond Blvd., Newark, N. J.,
New Jersey municipal bonds.
—Lord, Abbett & Co., Inc. announce
In quarter ended Sept. 30, 1936 earned over twice
preferred requirement .30 per share on Common
LANCASTER
a
STREET
Bell Tele. N.Y/1-1786
of Hoffer & Co., has
that Alfred B. Kennedy, formerly
joined their trading department.
—Amott, Baker & Co., Inc.,
150 Broadway, New York City have pre¬
pared^ statistical report on Waldorf-Astoria 7s.
—O.
D.
Griffin, formerly an
Vice President of Lord,
Assistant Secretary, has been
—WilliamJP. Green and Martin W. McGrath have been made
secretaries of Lord,
elected a
Abbett & Co., Inc.
Abbett & Co., Inc.
'
assistant
Volume 143
Financial
Chronicle
4141
IF
Quotations
THE BERLIN STOCK EXCHANGE
Over-the-Counter Securities
Thursday Dec. 24—Concluded
on
Foreign Unlisted Dollar
Bid
Anhalt 78 to
1946
Antioqula 8%
1946
Argentine 4 Hs—
1971
Bank of Colombia 7 % 1947
Bank of Colombia 7 % 1948
Barranquilla 8s'35-40-46~48
Bavaria 6Hs to..
1946
Bavarian Palatinate
Clt 7% to
8s
22 H
change Bank 7s
Ilseder Steel 6s
99H
23 H
23 H
/21
24
f22
24
/16
/20
/20
1945
18
Koholyt 6H8
21H
21H
Land M Bk Warsaw 8s '41
..1946
Bolivia (Republic) 8s.l947
/9H
f8X
f8X
1958
78
1969
6s
1940
1948
8H
24H
/30
pest, 7s
"
1953
145
145
144
Hamburg Elektrlzltaetswerke..
Hapag
145
145
147
146
f22
/23H
/69
/21H
/20H
1946-1947
16H
7Hs
1962
71
Mtge 7%
1948
North German Lloyd 6s '47
4s
7
1947
Oberpfals Elec 7%—1946
Oldenburg-Free State 7%
16
71
16
to
/87
/85
/30
/30
/97H
/.___
/20H
...
Members
...
22
PHILADELPHIA
42
/21
22
Thurs.
23
X
Last
Week's Range
for
22 X
131
Sale
of Prices
23 H
22 H
/21
/35
Dulsburg7% to
Saarbruecken M Bk 6s '47
Salvador 7%
1957
7s ctfs of dep
1957
f22X
24 H
/22H
24 H
Protestant
m
"
many)
54
"
60
22 H
23 H
23
/70
"
;
"m
•
,
/25H
„
^
/22H
/21
State
-
7
Gt Brit A Ireland 6 Ha *37
11H
«...
39
...
...
42
7s unstamped
126
114
1946
Certificates 4s
1946
Toho Electric 7s
/41
■
-
-
Wks
1955
Tollma 7s
1947
Tucuman City
/21
X
...
/68
7s
7% gold ruble
--
United
1943
/30
/30
Wurtemberg
100
1945
to
H
91.16
24 X
23
23
X
Quotations of representative stocks
day of the past week:
as
Dec.
19 Dec. 21
Francs
Francs
Bank of France
7,800
Cle Generale d'Electric!tie
Dec. 22 Dec. 23 Dec. 24 Dec. 25
Francs
Francs
Francs
Francs
7,800
1,330
7,800
1,348
17
June
138 H
24 H
Nov
231
41H
876
41H
Dec
55H
Jan
77 H
Nov
67
2,380
140
50
38 H
54
Jan
118H
465
Apr
30
Apr
Apr
140
Nov
39 H
Oct
9H
9H
374
6X
Jan
12
Oct
18 H
268
8H
Jan
Oct
3H
138
H
Jan
2\X
8H
1,406
1H
9H
3H
28 H
410
3,937
2,572
Apr
Mar
8
Mar
14H
Feb
5%
45H
Feb
122
113H
Feb
Apr
Oct
177 X
112
117
Nov
May
112
33 H
Jan
970
2H
8X
1H
10H
Jan
12 X
Mar
Jan
28 H
May
2 X
100
12 H
348
5H
18H
5 X
30
21H
21H
3,325
85
83
87
70H
He
.50
Jan
Feb
Jan
300
2M
11X
5
Salt Dome Oil Corp
Scott Paper
1
..*
Sun Oil Co
13
144
35H
Sept
July
3H
Jan
Jan
19 H
May
7H
30 H
Apr
Apr
87
Dec
231
5,900
70H
'l6
Dec
He
1H
Jan
90 H
1
220
H
Oct
IX
Feb
4H
6H
5H
1,732
Nov
44 M
86
Apr
8H
9H
48 H
Apr
43 H
July
14 H
14 H
6,540
3X
5X
40X
14H
Nov
19 H
Feb
110H 111H
12 H
13
10
9%
337
108 X
Nov
9H
7H
Apr
Apr
113H
86
4H
*
*
*
Westmoreland Inc
Mar
75H
1
50
United Gas Imp com
Preferred
July
57
*
United Corp com
Preferred..
4H
16H
427
1
*
*
14 H
111
*
667
6X
•
Phila Elec (Pa)
136
Jan
Apr
Jan
Mar
Jan
Feb
15
Feb
10
Oct
535
12
capital stock for
c
new
Cash sale,
Stock dividend of 100%
Cash
•
543
12,500
9
Nov
20
Mar
111
1,000
110
July
113
Feb
National Standard Co. split
up its old no par
a 2-Ior-l basis.
capital stock of $10 par on
g
Listed,
sale—Not
e
13
111
1st 5s. 1966
No par value,
r
7,700
paid Sept.
Included
In
range
1, 1936.
tor
294
294
304
26,300
968
1,290
1,300
x
Ex-dividend,
y
Ex rights
reorganization
26,300
958
or
305
26,200
958
year,
t In default
$ Company in bankruptcy, receivership
26,000
Canal de Suez cap
Cle Dlstr. d'Electric!tie
Mar
19
Phil A Rd Coal A Iron...*
*
532
Canadian Pacific
14H
Jan
12 H
Elec A Peoples tr ctfs 4s '45
received by cable
1,330
.
Apr
Bonds—
PARIS BOURSE
each
Dec
Aug
15H May
86
50
Westmoreland Coal
7s
113 X
50
...
52
92
103
/22H
/20
/2IX
Oct
38
272
4H
3H
11H
11X
4H
4H
38 H
159H 160H
113H
115H
34 H
35H
6H
6H
39
Penna Salt Mfg
50
Phila Elec of Pa $5 pref.. .*
Phila Elec Pow pref
25
Reo Motor Car Co
4140.
Banque de Paris et Des Pays Bas
Banque de 1'Union Parisienne..
50
.
42
127 X
2H
4H
Philadelphia Traction.
Jan
Dec
11H
17 H
4H
11H
7% preferred
386
990
10H
120H
38
*
Union Traction
J86.56
Jan
9H
Tonopah-Belmont Devel-1
Steamship 6s. 1937
Jan
Nov
64 H
1
Tonopah Mining
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
1947
24 X
24 H
119H
9H
8X
140
PennroadCorp vtc
Phila Rapid Transit
Nov
50
39 %
41H
Mitten Bank Sec Corp.-25
Preferred
25
99
/21H
THE
*
Electric Storage BatterylOO
General Motors
10
Horn A Hard (Phlla) corn.*
190
590
9X
com
Jan
Apr
July
415
H
116 X
18 H
Curtis Pub Co
36
35 H
36
33
*
16H
99H
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs '32
23 H
35
High
Sept
122 H 123 H
12 X
13H
122
*
98 H
Housing A Real Imp 7s '46
9%
Low
52
■
Union of Soviet Soc Repub
•
(EG) MfgCo
98
98
Prov
2H
5
---
23
75
Chrysler Corp
1951
Tucuman
/52
1939
/21H
/58
/48
/58
/48
/S7H
/15H
...
-
490
24 H
149 H
Budd Wheel Co---
1950
7s
22 H
94
H
690
9H
-50
Pennsylvania RR
41
25X
*
Natl Power & Light
...
295
Shares
25 H
100
-
Range Since Jan. 1, 1936
High
179H 184 H
*
American Tel & Tel
Baldwin Locomotive-
Budd
Sales
Price Low
.
41
1936
Par
Y) com.*
Lehigh Coal A Nav
*
Lehigh Valley
50
43
36
38
Certificates 4s
Stocks—
inclusive, compiled from official sales lists
Horn & Hard (N
42
1956
'
page
24 H
1956
Stinnes 7s unstamped-1936
99
124
1967
see
25
Oct 1932 to April 1935 /50-60
Oct 1935 to Oct 1936/ 36
13H
112
1960-1990
Haiti 6%
1953
Hansa SS 6s stamped. 1939
For footnotes
16 X
22 H
-
Coupons—
m
17H
flOX
fl2X
f 93
Guatemala 8s 1948
6s unstamped
/15H
/21
/23H
f22X
/25
H
-
Mtge Bk Jugoslavia
Stettin Pub Utll 7s. —1946
1954
6%
73
5s
mm
/6H
f8X
/16H
Dec 1 '34 stamped
Hanover Harz Water
24
2d series 5s
•
Dec. 25, both
10
Bell Tel Co of Pa pref— 100
/71
/75
_
to
Bankers Securities pref
Barber Co.
75
65
/22H
Siem A Halske deb 6s.2930 /265
7s
1940
/98
.
/ 24
June 1 '35 to Dec. 1 '36.
H
13
Nov 1932 to May 1935 /50-60
Nov 1935 to Nov 1936
/34
m
/27
(Austria) 8s
36
/35H
/IIH
/65
/55
Philadelphia Stock Exchange
Dec. 19
American Stores
40
Coupons—
/36
July to Deo 1936
1951
Saxon State Mtge 6s. 1947
Serbian 5s
1956
2d series 5s
1956
/56
....
1947
6Hs
—
H
(Brazil)
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 78.1945
24 H
/22H
German scrip
German Dawes Coupons
Dec 1934 stamped
Apr 15 '35 to Oct 15 *36.
German Young Coupons
4s
1948
Scrip
■mm
/27
Graz
1948
Catharlna
Santa Fe 7s stamped. 1942
/51
Jan to June 1935
1946
8%
/21
120 H
123 H 127 H
July to Dec 1935
Jan to June 1936..
80 Broad Street
(Ger¬
8s ctfs of dep
;
/26
Church
7s
48 scrip
8s
Santa
July to Dec 1934
1518 Walnut Street
'
78
European Mortgage & In
Jan to June 1934.......
YORK
Week
f2lk
bank 6H%
1948
German defaulted coupons
July to Deo 1933
NEW
32 H
22 H
/20H
/20H
/21H
German Atl Cable 7s.. 1945
German Building A Land-
New York Stock Exchange
Philadelphia Stock Exchange
H
66
128
-■..1937
Established 1874
DeHaven & Townsend
/20H
/20H
/38
1945
Mln 6s. 1934
199
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
Royal Dutch 4s
6s
197
22
17
Gelsenklrchen
194
23
/16H
1945
180
Siemens A Halske (7%)
f22
1968
Cundlnamarca
French Govt 5 Ha
1937
French Nat Mail SS 6s '62
187
225
180
50
/21H
f20X
1966
187
224
182
'
R C Church Welfare 7s *46
7 Ha
Frankfurt 7s to
184
218
180
Rhelnlsche Braunkohle (8%)
/20H
/63
/21
1945
Panama 5% scrip
Porto Alegre 7%
35
vestment
185
..220
Salzdetfurth (7H%)
...
/32
1953
16
93
Rio de Janeiro 6%
1933
Rom Cath Church 6Hs '46
6Hs
119
16
day
16
120
15
93
36
East Prussian Pow 6s. 1953
Eleotric Pr (Germ) 6Hs *50
16
119
15
day
24 H
26
27
1945
H
22 H
National Hungarian A Ind
15H
15
..117
Norddeutscher Lloyd
Relchsbank (8%)
26
23
15
Mannesmann Roehren
26
/22H
/24
/23
6 Ha. .1959
Dortmund Mun Utll 6s *48
Duesseldorf 7s to
1945
146
142
Costa Rica Pac Ry 7 Ha '49
1949
146
27 H
—
7s stamped
1957
Costa Rica funding 5% '51
6s
145
109
/_
/24H
/30
/76
/53
/66
/58
/33
Colombia Bcrip issue of '33
Issue of 1934 4%
1946
Cordoba 7s stamped.. 1937
110
127
Hungary
12
/15
fl5
110
170
(C & D)
1948-1949
Nat Central Savings Bk of
17
/69H
...
78 assented
108
109
Deutsche Bank und Dlsconto-Gesellsohaft.109
Deutsche Erdoel (4%)
144
106
(A A B)
1953
Chile Govt 68 assented
108
127
6Hs '38
Natl Bank Panama 6H %
Brown Coal Ind Corp—
Chilean Nitrate 6a
1968
City Savings Bank, Buda¬
107
170
Nassau Landbank
/4
108
(7%)
106
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
22 H
/16H
165
109
127
1945
Munlc Bk Hessen 7s to '45
/15
/II
124
165
108
168
Munich 7s to
Call (Colombia) 7% —1947
Callao (Peru) 7H%—1944
Cauca Valley 7 Ha
1946
Ceara (Brazil) 8%
1947
123
165
108
105
23H
116
Holi¬
123
165
167
75
8H
/16H
Holl-
40
Farbenindustrle I G (7%)
/83
/25
Buenos Aires scrip
/67
Burmeister A Wain 6s. 1940 /113
Caldaa (Colombia) 7 Hs *46
Dessauer Gas
40
..124
Handels-Gesellschaft (6%)
Berliner Kraft u. Llcht
(8%)
^
Commerz'und Privat-Bank A. G
39
Gesfuerel (6%)
f21X
1962
25
39
Deutsche Relcbsbahn (German Rys) pf
7% 127
DresdnerBank
105
/74
7Hs
39
Dec.
24
60
Brazil funding 5%. 1931-51
6 Ha
36
Dec.
23
.
Leipzig O'lahd Pr 6Hs *46
Leipzig Trade Fair 7s 1963
Luneberg Power Light A
11
/22H
/18H
---
43
Dec.
22
25H
Brazil funding sorlp
Bremen (Germany) 7s 1936
Dec.
/23H
/45
1943
Water 7%
1948
Mannheim A Palat 7s. 1941
Meridlonale Elec 7s—1957
6s, 1940
British Hungarian Bank
'
42
received by cable
Per Cent of Par
Berliner
/30
/23
Nov 1932 to May 1935 f 50-60
Nov 1935 to Nov 1936
f 34
9H
f9
Brandenburg Elec 6s. -1953
21
Allgemelne Elektrlzltaets-Gesellschaft
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 6S..-1956
Coupons—
Cons
78
1936
98 H
Dec.
19
Ask
Hungarian Discount A Ex¬
/22
as
day of the past week:
Dec.
Bid
/21H
/23H
Bogota (Colombia) 6 Ha '47
each
Bonds
Ask
/20H
Closing prices of representative stocks
*
1,320
26
26
26
521
780
789
800
Coty 8 A
Courrieres
120
120
110
203
205
206
585
592
595
1,580
1,280
1,600
1,270
1,290
308
309
308
561
571
583
Exchange—Mining Curb Section
525
Comptoir Natlonale d'Escompte
Toronto Stock
1~330
26
520
Cle
GeneraleTransatlantlque...
Citroen B
Credit Commercial de France..
Credit Lyonnalse..,
Eaux Lyonnalse cap
Energle Eleotrique du Nord
Energle Electrlque du Littoral..
Kuhlmann
L'Alr
Llqulde
Lyon (P L M)
Nord Ry
Orleans Ry 6%
Pathe Capital
"i
Holl-
day
1,620
647
642
1,310
1,340
655
656
688
695
377
377
375
18
19
1,610
1,290
18
Pechlney
1,729
1,745
75.25
74.50
74.20
74.20
73.40
72.90
Rentes 5%, 1920
Royal Dutch
Saint Gobaln C & C
Schneider & Cle
375
Soclete Francalse Ford
Soclete Generale Fonclere
Soclete Lyonnalse
73.40
72.90
72.70
79.25
78.75
78.40
78.30
77.60
77.30
76.90
97.50
97.25
97.35
96.25
4,780
4,810
1,556
4,840
4,860
1,580
1,140
57
55
55
151
151
152
1,280
1,276
1,290
Soclete Marseillaise
533
Tublxe Artificial 811k, pref
Union d'Elec trlcltie
142
144
146
404
403
408
82
83
86
Wagon-Llts
72.70
533
533
Price
llHc
22 He
10Hc 12 He
15c 25Hc
5c
6c
Low
21,800
67,350
2c
llHc
Jan
16,550
3c
Nov
2.25
Mar
lHc
5.25
1.40
11 He
6.00
2HC
1,619
13,060
1.32
1.40
40,965
Foothills Oil
2.00
11c 12 He
1.65
2.60
Home Oil
2.96
2.90
3.20
Range Since Jan. 1,1936
Shares
2c
Dalhousie Oil
High
Jan
14Hc
57c
July
July
9Hc May
8.00 Nov
Jan
4c
38o June
1.50
13,300
6Hc May
3,000
30o Sept
24,105 72 He
Apr
22 H
14,491
Jan
8,000
Jan
14Ho
53,750
3c
Jan
14o
Deo
2.60
Deo
3.27
Deo
Mar
Dec
33 H
23c
32 H
23 o
34 X
25c
Lake Mar on
6Hc
6c
7c
Malroblc Mines
3MC
3Hc
4Hc
38,500
7
Jan
45c
35o
50c
78,250
12c
Jan
50c
Deo
3c
3 He
17,600
31,300
1H
Jan
6H May
10c
Aug
July
...
Kirkland-To wnsite
-
Mandy Mines
Night Hawk
Nordon Corp
18c
16c
5c
5c
500
24c
23c
28c
2Hc
3c
71,700
10,300
Oil Selections
Parkhill
Pawnee-Kirkland
59
Week
Cobalt Contact
Hudson Bay
73.90
79.75
1,110
day.
for
of Prices
Low
High
Churchill Mining..
Coast Copper
East Crest Oil
74.10
1,555
1,125
-.
-
Central Manitoba..
Holi¬
1,780
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4Ha, 1932 A....
Rentes 4H%. 1932 B
Brett-Trethewey
Par
Week's Range
Sale
Stocks—
1,330
Sales
Last
120
645
697
inclusive, compiled from official sales lists
Thurs.
656
1,310
Dec. 19 to Dec. 25, both
.
.
.
.
Ritchie Gold
Robb Montbray...
No par value.
I
18c May
2o Nov
26c
Apr
70
Jan
48c Sept
lOHc May
3.10
7c
6Hc
7Hc
36,300
4o
Jan
15o
Mar
8Hc
3Hc
8Hc 281,400
lc
Jan
Mar
Sept
Sept
10c
9Hc
2). c
"l8c
17c
Sudbury Mines
Temiskaming
*
4c
Feb
3*90
Pend Oreille—:
Porcupine Crown
18c
1H
34 H
Deo
31c May
21c June
4.30 135,640
11c 139,910
3c
18c
25,900
9,900
70c
July
4.30
4c
Apr
13Hc
HHo
2Ho
Dec
9Hc
2c
Jan
27o
Deo
Deo
Financial
4142
General
Dec.
Chronicle
26,
1936
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
evidencing the right to subscribe for the stock will be issued and
be exercised within 15 days after the effective date of the registration
Specialist* in
Scrip
MCDONNELL & CO.
/New York Stock Exchange
York Curb Exchange
Men»ber^N<)w
120
TEL.
RECTOR 2-7815
STATEMENTS UNDER
REGISTRATION
OF
FILING
NEW YORK
BROADWAY,
ACT
SECURITIES
Commission on Dec. 18
additional registration statements
(Nos. 2706-2727, inclusive) under the Securities Act.
The
total involved is $66,281,628, of which $66,240,911 repre¬
The13Securities
and
Exchange
announced the filing of 22
sent
new
issues.
Total
No. of Issues
Type
19
Commercial and Industrial
2
1
$61,491,211
4,749,700
40,717
Investment trust
Securities in reorganization
The following issue,
for which
a
release has been published,
is included in the total:
Ohio
Co.—$26,834,000 of first mortgage 3%% bonds, series
(See details in V. 143, p. 3852.)
(Docket No. 2-2721,
Filed Dec. 10, 1936, included in Release No. 1187.)
Edison
of 1937, due 1972.
Form A-2,
Other securities included in the total are as follows:
Puritan Mills, Inc. (2-2718, Form A-l) of Chicago, 111., has filed a
registration statement covering 550 shares (no par) common stock to be
offered at $100 a share.
The proceeds are to be used for the manufacture
and merchandising of a prepared pie and pastry mix.
Leroy Baumgartl, of
Chicago is President.
Filed Dec. 9, 1936.
Mount Baker Chromium Corp. (2-2719, Form A-l) of Seattle, Wash.r
has filed
Penney Co. (2-2706, Form A-2), of N. Y. City, has filed a
registration statement covering 75,000 share (no par) common stock to
be offered to "active eligible associates," which the company states in¬
cludes executives, store managers,
buyers and employees holding positions
of resonsibility in the company who are actively engaged in the operation
of its business on the date when the offering is made.
The proceeds are to
be used for working
capital.
E.G. Sams, of New York City, is President.
Filed Dec. 3, 1936.
Mohawk
Liqueur Corp.
(2-2707,
Form A-l)
of Detroit, Mich., has
a registration statement covering 164,000 shares
($1 par) common
stock, of which 94,000 shares are presently outstanding.
The initial offer¬
ing will consist of 15,000 of the outstanding shares which will be offered
publicly at $3.50 a share.
The remaining 149,000 shares may be offered
from time to time at the market.The proceeds to be received by the com¬
a
200,000 shares (10 cents pa0
registration statement covering
value) class A voting common stock and 300,000 shares (10 cents par valu
class B non-voting common stock.
The stock is to be offered at 25 cent
a share.
The proceeds are to be used for the development of property*
and for working capital.
.
Filed Dec. 9, 1936.
the purchase of new equipment
ford Jr., of Seattle, is President
Joseph Craw¬
(The) Rath Packing Co. (2-2720, Form A-2) of Waterloo, Iowa, has
filed a registration statement covering 30,000 shares ($100 par) 5% cumu¬
lative preferred stock, of which 1,884 shares are presently outstanding.
The remaining shares are to be offered in exchange to holders of the com¬
pany's outstanding 6% and 7% cumulative preferred stock in connection
with the call for redemption of said 6% and 7% preferred stock.
The
shares of 5% preferred stock not required for the exchange will be offered
publicly at par.
The use of the proceeds is to be furnished by amendment
to the registration statement.
J. W. Rath, of Waterloo, is President.
Filed
Dec.
10,
1936.
Anglo American Mining Corp.. Ltd. (2-2722, Form A-l) of San Fran¬
cisco, Calif., has filed a registration statement covering 300,000 shares
($1 par) common stock, to be initially offered at $2 a share.
The proceeds
are to oe used to
acquire stock of Carson Hill Gold Mining Corp. to dis¬
charge indebtedness, for the development of property, the purchase of
machinery and equipment, and for working capital.
Cohu Brothers of
N. Y. City is the underwriter.
Walter L. Brown of San Francisco is Presi¬
Filed Dec.
dent.
(J. C.)
must
state¬
be sold through under¬
writers at $15 a share.
The proceeds are to be used for additional machinery
and equipment, for the discharge of indebtedness and for working capital.
The Lehman Corp. of N. Y. City, Boettcher & Co. of Denver, Colo, and
Laurence M. Marks & Co., of New York, are the underwriters.
Robert
March Jr., of Lamon Grove, Calif., is Preseident.
Filed Dec. 9, 1936.
United Securities Co. of Missouri (2-2717, Form A-2) of Kansas City,
Mo., has filed a registration statement covering optional annuity invest¬
ment certificates: Series L, 10-year maturity, $5,000,000; series L, 15-year
maturity, $7,500,000; series G, 10-year maturity, $1,000,000, and series G,
15-year maturity, $1,500,000.
Franklin E. Reed, of Kansas City, Mo.,
is President.
Filed Dec. 9, 1936.
All shares not taken by stockholders are to
ment.
All Rights and
.
Transferable warrants
held.
the ratio of one share for each three shares
1936.
10,
(2-2723, Form E-l) of Buffalo , N. Y., has
registration statement covering $122,150 of 4% mortgage income
bonds and 1,221 shares ($1 par) capital stock to be issued in exchange for
certificates of deposit representing Stratford Arms Corp. first mortgage
Buffalo Stratford Corp.
filed
a
serial
6%
gold loan
certificates.
The basis of exchange is as follows:
4% mortgage income bond and one share of capital stock for each
$100 principal amount of Stratford Arms Corp. 6% serial gold loan certifi¬
cate represented by certificates of deposit.
Filed Dec. 10, 1936.
one
Financial
Independence
Founders,
Inc.
(2-2724,
Form C-l),
of
filed
N. Y. City, has filed a registration statement covering $4,000,000 of trust
certificates as follows: $2,160,000 of series D, $1,440,000 of series DN, and
to be used as working capital.
Inc., of N. Y. City, is the underwriter.
dent.
Filed Dec. 4, 1936.
has filed a
pany are
Underwriters and Distributors,
Philip Simons, Detroit, is Presi¬
Sunset Mines, Inc. (2-2708, Form A-l) of Forbestown, Calif., has filed
registration statement covering 100,000 shares ($1 par) common stock
be offered at par.
The proceeds are to be used for the development
of property and the purchase of machinery and equipment, to discharge
indebtedness, and for other corporate purposes.
Gibbs & Co., of N. Y.
City, is the underwriter.
Brice Vestal of Forbestown is President.
Filed
Dec. 4, 1936.
a
$400,000 of series DP.
Westgate-Greenland
Oil
Co.
(2-2709,
Form A-2)
of San Antonio,
Texas, has filed a registration statement covering 228,742 shares ($1 par)
stock and rights to subscribe for the stock.
The company will
offer the stock to stockholders of record Nov. 30, 1936, at $1 a share in
the ratio of 3-10 of a share for each share held. Transferable subscription
rights expiring Dec. 30, 1936, will be issued to stockholders.
The proceeds
are to be used for the payment of bank loans and other interest-bearing
.obligations, and to increase working capital.
is President.
Filed Dec. 4, 1936.
Edison
Mich.,
Sault
has
filed
Electric Co.
a
registration
J. H. Reveley of San Antonio
(2-2710, Form A-2) of Sault Ste. Marie,
statement covering $1,042,800 of first
Oct. 1, 1961.
The pro¬
mortgage 4H% sinking fund bonds, series A, due
ceeds are to be used to discharge indebtedness.
Campbell, McCarty &
Co., and First of Michigan Corp., both of Detroit, are the underwriters.
Thomas Chandler of Sault Ste. Marie, is President.
Filed Dec. 5, 1936.
National Unit Corp. (2-2711), Form C-l)
a
of Boston, Mass., has filed
registration statement covering 595 National Unit
with insurance.
Filed Dec. 5, 1936.
Tri-Metal Mining Corp. of
Industry Management Corp. (2-2712, Form A-l) of Buffalo,
N. Y., has filed a registration statement covering 164,000 shares ($5 par)
class A stock having a 45-cent dividend cumulative after Jan. 1, 1938.
The stock is to be offered publicly at $7.50 a share.
The proceeds are to
be used to equip offices, to complete the working organization, for making
loans in connection with management contracts and for general corporate
purposes.
Virgil H. Clymer of Syracuse, N. Y., is President.
Filed
Small
Dec.
5, 1936.
J., has filed a regis¬
collateral trust 5% bonds
with non-detachable stock purchase warrants attached, and 143,500 shares
($1 par) common stock, of which 73,500 shares are reserved for issuance
upon exercise of the warrants.
The proceeds to be received from the sale
of the bonds and the stock are to be used to discharge indebtedness.
Van Alstyne, Noel & Co., of N. Y. City, will underwrite the bonds, and the
common stock will be underwritten by Fuller, Cruttenden & Co. of Chicago;
S. L. Reinhardt of Chicago; Schluter & Co., Inc. of N. Y. City, and Van Al¬
styne, Noel & Co. of N. Y. City.
Fredric E. Schluter of Princeton, N. J.,
Thermoid Co. (2-2713, Form A-2) of Trenton, N.
tration statement covering $2,450,000 of first lien
is President.
The
Filed
Dec. 7,
1936.
Brooklyn Daily Eagle Properties Corp.
(2-2714, Form A-l) of
New Mexico (2-2726, Form A-l) of Albu
N. M., has filed a registration statement covering 100,000 shares
($5 par) class A common stock to be offered at par.
The proceeds are to
be used for buildings, machinery and equipment and working capital.
Victor deVilliers Co. of N. Y. City is the underwriter.
William Beacham
of Santa Fe., N. M., is President.
Filed Dec. 12, 1936.
querque,
(2-2727, Form A-l) of Wabash, Ind., has
registration statement covering 800 shares of $500 par value 5%
1,000 shares (no par) class B
common stock.
Of the stock being registered not more than 1,000 shares
of class B common and convertible preferred combined will ever become
outstanding at one time, it is stated.
The company will offer 300 shares
of preferred stock to certain building material dealers and the remaining
500 shares of preferred are not presently to be offered.
Of the class B
stock being registered, 200 shares are to be offered to officers, directors,
stockholders and employees, and the remaining 800 shares are reserved for
conversion of the preferred stock.
The proceeds are to be used for the
erection and equipment of a plant, and to discharge indebtedness, and for
working capital.
The company states that the stock not presently to be
offered will be held unissued until further expansion of plant facilities is
necessary.
Michael Luery of Wabash is President.
Filed Dec. 12, 1936.
American Rock Wool Corp.
filed
a
cumulative convertible preferred stock and
cumulative investment
certificates
A-l) of Baltimore, Md.,
registration statement covering 750,000 shares ($1 par) common
stock to be offered at par. The proceeds are to be used for the purchase,
lease, and development of gas wells, and for working capital.
Clifford H.
Newell of Washington, D. C., is the underwriter.
Dr. F. S. Robertson,
of Baltimore, is President.
Filed Dec. 11, 1936.
to
common
Filed Dec. 10, 1936.
Eastern Consolidated Gas Co. (2-2725, Form
Prospectuses
were
filed for
15 issues
under Rule 202,
from registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of
these filings is given below:
Civil Service Underwriters Society, Inc. (File 3-3-877), 1007-8 Cour®
which exempts
Square Bldg., Baltimore, Md.
Offering 11,100 shares 7% cumulative
preferred stock ($5 par) and 7,400 shares common stock ($1 par) at $5 per
share, in units of 3 shares preferred and 2 shares common at $25 per unit
V. Howard Ford, University Parkway and Roland Ave., Baltimore, Md.,
is
President.
No
underwriter
is
named.
Inc. (File 3-3-878), Suite No. 327, 1421
H St., N. W., Washington, D. C.
Offering 13,332 shares 7% cumulative
preferred stock ($5 par) and 6,666 shares class A common stock ($1 par) at
$5 per share in units of 2 shares preferred and 1 share class A common stock
at $15 per unit.
V. Howard Ford, University Parkway and Roland Ave.,
Baltimore, Md., is President.
Civil Service Underwriters Society, Inc.,
Civil Service Plan Bankers,
named
as
underwriters.
Brooklyn, N. Y., has filed a registration statement covering 40,000 shares
($25 par) 6% cumulative convertible preferred stock.
The stock is pre¬
sently held by the company's parent. The Brooklyn Daily Eagle, it is
stated, and will be offered publicly at $25 a share plus accrued dividends.
The proceeds to be received from the sale of the stock by the Brooklyn Daily
Eagle are to be applied to the purchase of certain assets of the Brooklyn
Daily Times, Inc., publisher of the "Brooklyn Times Union."
Falvey,
Waddell & Co., Inc., of N. Y. City, is the underwritter.
M. Preston
Goodfellow, of Brooklyn, is President.
Filed Dec. 9, 1936.
Claymont Court, Inc. (File 3-3-800), 900 Market St., Wilmington,
Offering to brokers and security dealers 20,000 units, each unit
consisting of 4 shares preferred stock ($1 par) and 1 share common stock
$1 par) at $5 per unit.
George S. Blackburn, St. Hilda's Hall, Charles
Town, W. Va., is President of the corporation.
No underwriter is named.
Brooklyn Daily Eagle (2-2715, Form A-2) of Brooklyn, N. Y.,
has filed a registration statement covering 1,075,000 shares ($1 par) common
stock.
Of the stock being registered, 300,000 shares are to be offered
publicly for the company, and 375,000 shares are to be offered for M. Pres¬
ton Goodfellow, President of the company.
The remaining 400,000 shares
are owned by the Brooklyn Daily Eagle Properties Corp. and are being
reserved for conversion of its 6% preferred stock.
The proceeds of the com¬
pany's stock are to be used to discharge indebtedness and for general
corporate purposes.
Falvey, Waddell & Co., Inc. of N. Y. City, is the
principal underwriter.
Filed Dec. 9, 1936.
Granada Mining Co. (File 3-3-882), 204 Keystone Bldg., Pittsburgh,
Pa.
Offering 30,000 shares $1 par value common stock at $2 per share.
The
(2-2716, Form A-l) of Denver, Colo.,
has filed a registration statement covering 66,667 shares (no par) common
stock and warrants to subscribe for the common stock.
Company will
offer the stock to stockholder^-bf record Dec. 24, 1936, at $15 a share in.
Potash Company of America
Del.
Miller-Dionne Mining & Development Co. (File 3-3-8^1), 31 Brennan
Ave., North Bay, Ont.
Offering 100,000 certificates of interest at par
value of $1 per share.
John Miller, North Bay, Ontario, Canada, is
President.
No underwriter is named.
Blair F. Gunther, Law and Finance Bldg.,
No underwriter is named.
Pittsburgh, Pa., is President.
American Motorists Insurance Co.
(File 3-3-883), Sheridan Road and
Lawrence Ave., Chicago, 111.
Offering 3,333 1-3 shares common stock at
par value of $30 per share.
James S. Kemper, 945 Sheridan Road, Winnetka, 111., is President.
No underwriter is named.
Smart & Final Co.,
Ltd. (File 3-3-884), Wilmington
Calif.
Offering
2,000 shares common stock (no par) at $30 per share.
A. W. Lutz, 4244
Chestnut, Long Beach, Calif., is President.
No underwriter is named.
28
(The) Eagle Warehouse & Storage Co. of Brooklyn (File 3-3-885) i
Fulton St., Brooklyn, N. Y.
Offering to stockholders 540 shares a
/
Volume
143
Financial
Chronicle
parTvalue of $30 per share.
Stephen L. Porter, Milbrook, Greenwich,
Conn.,|isJPresident.
No underwriter is named.
Gold
Resources
Syndicate
(File 3-3-886), no address.
Offering
$90,000 Syndicate Participation certificates of face value not exceeding
lOiin number.
A. W. Margileth, Cincinnati, Ohio, is syndicate Manager.
4143
OUTBOARD & MARINE
MFG.
No underwriter is named.
City Properties, Inc. (File 3-3-887), 829 Tower Bldg., Washington,
D. O.
Offering 10,000 shares common stock at par value of $10 per snare.
Carlisle R. Stephenson, 89 Tower Bldg.,
Washington, D. C., is President.
Noiunderwriter is named.
_
MDHWa & (B®.
Phon« Daly 5892
Combustion Products Corp. (File 3-3-888), 900 Market
St., Wilming¬
ton, Del.
Offering to brokers and security dealers 20,000 units, each con¬
sisting of 4 shares class A 7 % cumulative preferred stock and 1 share class B
common stock, each of $1 par
value, at $5 per unit.
G. P. Hickle, 1123
North Alameda, Glendale, Calif., is President.
No underwriter is named.
American Hard
D.
H.
Grant
Manufacturing Co.,
Inc.
(File 3-3-890),
Smith
1101
Tower, Seattle, Wash.
Offering 1,000 shares preferred stock of $100 par
value at par.
D. H. Grant, 903 15th Ave., Seattle, Wash., is President.
No underwriter is named.
Kaustine Co., Inc. (File 3-3-891), Perry, N. Y.
Offering 10,000 shares
stock of $5 par value at par.
John B. Mollnow, 94 No. Main
St., Perry, N. Y., is President.
No underwriter is named.
common
payment made
since May 15,1931, when 50 cents per share was distributed.—V. 143, p. 418
American
a dividend of 20 cents per share on the com¬
stock, par $10, payable Dec. 26 to holders of record, Dec. 16.
This
compares with 10 cents paid on June 30, last, Dec. 30,1935, and on June 10,
1935, this latter being the Initial dividend on the common stock.—V. 142,
p. 3154.
American Rock Wool
list, the Commission said:
In no case does the act of filing with the Commission
give to any security
itslapproval or indicate that the Commission has passed on the merits of
thejssue or that the registration statement itself is correct.
The last previous list of registration statements
issue of Dee. 12, p. 3829.
was
given
our
n
Corp.—Registers with SEC—
See list given on first page of this department.
American
named.
In making available the above
Republics Corp.—Dividend Doubled—
The directors have declared
mon
Carbon Monoxide Eliminator Corp. (File
3-3-893), Pittsburgh, Pa.
Offering 12,000 shares common stock (no par) at $8 per share.
John T.
Ryan, 201 No. Braddock Ave., Pittsburgh, Pa., is President.
No under¬
writer is
Rubber Co.—Resumes Common Divs.—
The company paid a dividend of $1 per share on the common stock, on
Dec. 24 to holders of record Dec. 11.
This was the first
De Luxe
Tourist Cottages, Inc. (File 3-3-889), 314
Dwight Bldg., 1004
Baltimore Ave., Kansas City, Mo.
Offering 50,000 shares common stock
of $1 par value at par.
Lloyd S. Deighton, Kansas City, Mo., is President.
Nojunderwriter is named.
MILWAUKEE, WIS.
Teletype Milw. 488
Rolling Mill Co.—Subsidiary's New Facilities—
Construction of a new blast furnace of 500 tons daily capacity at the
Hamilton Coke & Iron Co. of Hamilton was announced Dec. 23 by Calvin
Verity, Vice-President of the American Rolling Mill Co., of which the
Hamilton company is a wholly-owned subsidiary.
The company already operates one furnace of 700 tons daily
capacity,
which was completely modernized last summer.
The Hamilton Coke &
Iron Co. will now have a capacity of approximately 1,200 tons of pig iron
per day.
Because increased demands
much
at Armco's Middletown plant absorbed so
of the production of the present stack, it was felt advisable to con¬
struct an additional stack to take care of the
Abraham & Straus, Inc.—New Director—
The board of directors on Dec. 21 elected to
membership Fred Lazarus
Jr. of Columbus, Ohio.—V. 143, p. 3457.
mated.—V. 143, p. 2989.
A. & K. Petroleum Co.—Extra Dividends—
W The directors have declared
tion to
an
American
extra dividend of 5 cents per
thejregular quarterly dividend of 8% cents
share
per
share in addi¬
the class A
on
stock, both payable Jan. 1 to holders of record Dec. 20.
x'he directors also declared a dividend of 5 cents per share on the class B
This dividend also bears the above dates.—V. 143, p. 3457.
stock.
Adams-Millis Corp.—Preferred Stock Called—
The directors at a meeting held on Dec. 14, voted to call for
redemption
Feb. 1, 1937, 5.000 shares of this company's
on
7% 1st pref. stock at $110
per share.
The particular shares to be redeemed will be determined by lot
the list of the preferred stockholders at the close of ousiness Dec. 24.
The transfer books for such stock will close on Dec.
24,1936, and will reopen
on Jan. 2, 1937.—V.
143, p. 2663.
Halsey,
issued
The
directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 50 cents
per share on the capital stock,
par $10, both payable Jan. 2 to holders of record Dec. 12.
Similar pay¬
ments were made on Jan. 2, 1936; an extra of 50 cents was
1935; 40 cents
p. 3494.
Jan. 2, 1934 and 20 cents extra
on
on
paid on Jan. 2#
Jan. 3, 1933.—V. 142,
i
Aetna Life Insurance Co.—Extra & Larger
The directors have declared
addition to
a
an
per
on
Air
Investors
Co.—Initial
Preferred Dividend—
The company paid an initial dividend of 60 cents
per share on the $2 nonconv. partic. pref. stock, on Dec. 23 iio holders of record Dec.
17.
—V. 142, p. 4010.
cumul.
Alabama
Power
Co.—Earnings—
Oper.
exps.
Prov. for retire't reserve
Int. & other fixed chges.
Dividends
on
pref. stock
Balance
-V. 143, p.
1936—12 Mos.—1935
$1,451,018 $18,546,401 $16,540,487
668,999
8,386,257
7,388,999
116,175
1,732,055
1,355,770
411,363
4,817,038
4,936,753
195,178
2,342,138
2,342,156
834,611
167,500
398,011
195,178
$140,074
$59,303
$1,268,911
have
Chicago,
American Thermos Bottle
Co.—Pays $1 Dividend—
The company paid
a dividend of $1 per snare on tne common stock
Dec. 24 to holders of record Dec. 16.
A regular quarterly
dividend of 25 cents per snare was paid on Nov. 1 last.
An extra dividend
of $1 was paid on Oct. 10 last.—V. 143, p. 2038.
value,
on
American Water
Works & Electric
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Dec. 19, 1936 totaled 50,201,000
kilowatt hours, an increase of 10.7% over the outupt of 45,349,000 ldllowatt
hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1936
1935
1934
1933
1932
Nov. 28
44,832,000 42,434,000 33,317,000 30,030,000 29,454,000
Dec.
5
47,357,000 44,253,000 35,363,000 32,793,000 29,113.000
Dec. 12
49,479,000 44,254,000 33,799,000 33,240,000 29,542,000
Dec. 19
50,201,000 45,349,000 38,198,000 33,687,000 28,894,000
November Power
Output—
The power output of the electric subsidiaries of American Water Works
& Electric Co. for the month of November totaled 198,107,070 kwh., against
190,330,845 kwh. for the corresponding month of 1935, an increase or 4%.
For the 11 months ended Nov. 30,1936, power output totaled 2,190,513,kwh., against 1,875,098,061 kwh. for the same period last year, an
increase of 17%.—V. 143, p. 3990.
771
$516,809
American Writing Paper Co.,
Inc.—Asks Confirmation
of Plan—
Allegheny Steel Co.—2L-Cent Dividend—
Dec. 15 declared
manager,
share payable thereon Dec. 19, 1936.
conv. 6H% debentures are entitled, in part, to receive
class A stock and the dividend of $1 per share payable thereon Dec. 19,
no par
3457.
The directors
Exchange Date—
reorganization
1936.
1936—Month—1935
$1,735,375
and taxes
Co.—Final
Inc.,
All unexchanged old securities, accompanied by letter of transmittal
properly executed should be forwarded to the reorganization manager for
exchange on or before Dec. 31, 1936.—V. 143, p. 2989.
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Nov. 30—
Gross revenue
Co.,
Holders of the old
new
extra dividend of 30 cents per share in
quarterly dividend of 20 cents per share
$10, both payable Jan. 2 to holders of record Dec. 12.
&
a
for old securities will be canceled.
Holders of the old 1st mtge. bonds, series A and series B, and conv. 7%
notes are entitled, in part, to receive new pref. stock and the dividend of
69 cents per share paid thereon March 31, 1936, and to the dividend of $3
Regular Div.
the capital stock,
Previously,
regular quarterly dividends of 15 cents per share had been distributed.
In
addition an extra dividend of 20 cents was paid on Jan. 2, 1936 and an extra
of 10 cents per share was paid on Jan. 2, 1935.—V.
142, p. 2486.
par
Service
Stuart
notice calling attention to the fact that the final decree entered by
U. S. District Court tor the Western District of Missouri on Dec. 6, 1934,
it is provided that all new securities not issued at Dec. 31, 1936 in exchange
rrom
Aetna Casualty & Surety Co.—$1 Extra Dividend—
rapidly growing number of
concerns purchasing pig iron from the Hamilton Coke & Iron Co.
Construction work will be started this month.
Erection of the new stack
will provide jobs for approximately 150 men for six months, it was esti¬
dividend of 25 cents per share on the
common stock, no par value, payable Dec. 28 to holders of record
Dec. 22.
This compares with 50 cents paid on Dec. 10, last; 25 cents
paid each three
months from March 15, 1935 to and including Sept. 16,
last, and 15 cents
The company has filed in the U. S. District Court at Boston, a
for confirmation of the reorganization plan.
Hearing has been
Jan. 28.
paid
received
on
a
on Dec. 15, 1934, and on Aug. 15, 1934.
In addition, an extra divi¬
dend of 15 cents per share was paid on Sept. 16, 1936.—V.
143, p. 3303.
American Bakeries Corp.—Extra Dividend—
to
The company paid an extra dividend of 25 cents per share in addition
a quarterly dividend of 50 cents
per share on tne cumulative class A
on Dec. 24 to holders of record Dec.
15.
A quarterly dividend of
60 cents and
an
additional dividend of 25cents per share were
paid on
being the first distributions made since April 1,
when a dividend of 25 cents per snare was
American
Brake
Shoe
&
Foundry
Co.—Extra
by the Court; first mortgage bonds $3,512,000, or
68% of bonds outstanding; preferred stock, including voting trust certifi¬
outstanding (other than treasury
shares); common stock, including voting trust certificates, 99,868 shares,
or 53 % of number outstanding (other than
treasury shares or shares held in
escrow).—V. 143, p. 3990.
Oct. 1
1932,
distributed.—V. 143, p. 1385.
and
Larger Dividend—
The
The petition sets forth that up to Dec. 16, 1936, acceptances had been
as follows:
Unsecured claims $228,928 or more tnan 92% of total
amount of claims allowed
cates, 46,849 shares, or 52% of number
stock
last, these latter
Amoskeag Mfg. Co.—Payment of Dividend Held
Objection was filed with Referee in Bankruptcy Black by attorney,
Lothrop Withington on behalf of Thomas B. Donnelly of Manchester,
N. H., holder of 1,200 shares of common.
Specifically, complaint was made
against distribution to holders of shares "which represent the profits made
by Frederick C. Dumaine and Robert Winsor out of the operations of the
Sool in stock of the Amoskeag Co. should be paid to Dumaine's,
>onnelly contends that
dividends conducted by them in 1927."
no
to
Kidder,
Peabody
Colortype Co.—Plan Voted—
at
plan
recent
special meeting approved proposed plan for
capital readjustment.
The plan provides for authorization of $2,000,000
of new 5% bonds, of which $1,500,000 will be issued in exchange for
present
6% bonds.
The new bonds will be accompanied by 10 warrants for each
$1,000 bond entitling holders to purchase one share of American Colortype
common stock for each warrant on a sliding scale beginning at $10 a
share.
The plan also contemplates issuance of a new 5% pref. stock which will be
exchanged share for share, plus two shares of common stock, for each share
of the present 7 % pref. stock on which dividend accumulations amount to
approximately $35 a share.
In addition, it is expected that the outstanding
pref. stock of a subsidiary, American Art Works, will be retired.—V. 143.
p. 2512.
American
a
Mr.
trust;
Trust, all
taken under advisement.
It is possible that a
dividend will be paid to stockholders
In the meanwhile, the final dividend in liquidation on the
6% bonds of
Amoskeag Mfg. Co. has been authorized for payment on Jan. 2, 1937.
approximately $45 per $1,000 bond, less $3.52 per bond
to cover expenses in connection with the unsuccessful attempt to reorganize
the company, and less a further 97 cents a bond in case of all bonds except
those held by Amoskeag Co. to cover expenses of suit to establish priority
of these bonds.
Previous payments had totaled $1,029 per bond, repre¬
senting par and interest accrued from July 1, to Dec. 24, 1935.—V. 143,
p. 3990.
Anglo American Mining Corp., Ltd.—Registers with SEC
Angostura-Wuppermann Corp.—Extra Dividend—
The directors
paid
Investment
See list given on first page of this department.—V. 143, p. 2990.
Dec. 23, 1935, and 10 cents paid on Dec. 22, 1934.—V. 142, p. 4327.
American Motorists Insurance
Consolidated
This will amount to
The company paid a dividend of 22 M cents per share on its common stock
Dec. 22 to holders of record Dec. 15.
This compares with 15 cents
Co.—Registers with SEC
See list given on first page of this department.—V. 140, p. 1817.
and to
can be worked out whereby the
other than the three named above.
Equities Co.—Larger Dividend—
on
on
a
& Co.;
stockholders.
The objection has been
American
Up—
Due to objection filed to the pian to distribute an initial dividend in
liquidation of $2 per share on the company's common stock, this dividend
was not paid Dec. 21, as was authorized by the referee in
bankruptcy on
Dec. 9.
paid an extra dividend of $1 per share in addition to a
quarterly dividend of 50 cents per share on the common stock, no par
value, on Dec. 21 to holders of record Dec. 14.
Tnis compares with 40
cents paid on Sept. 30 and June 30 last; 30 cents paid on March 31
last;
25 cents paid on Dec. 31, Sept. 30 and June 29 1935; 20 cents in each of the
five preceding quarters, and 15 cents per share paid each three months
from June 30 1932 to and incl. Dec. 30,1933.
In addition an extra dividend
of 25 cents was paid on Dec. 31, 1935, and an extra dividend of 5 cents
per
share on March 30, 1935.—V. 143, p. 3989.
company
Stockholders
petition
set for
n
on Dec. 12 declared an extra dividend of 15 cents
per share
addition to the regular quarterly dividend of 5 cents per share on the
capital stock, both payable Dec. 28 to holders of record Dec. 19.
An extra
dividend of 5 cents was paid on June 29, and April 1, 1935, and on Dec. 31
and April 2, 1934.—V. 143, p. 3305.
Financial
4144
Ann Arbor
RR.—Earnings—
November—
Gross from railway
Net from railway
Net after rents
1933
1934
$349,531
88,810
50,717
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1936
-
$364,067
74,113
37,357
$272,400
58,037
30,426
$254,141
53,583
19,570
3,610,077
686,117
361,445
3,630.624
836,828
463,568
3,052,006
684,172
345,428
2,750,713
565,527
209,109
—V. 143, p. 2824.
A. P. W.
Paper Co., Inc.—Listing—
The New York Stock Exchange has authorized the listing of 20,800
additional shares of common stock (no par) on official notice of issuance
upon conversion of 25-year 6% convertible gold notes and 31,400 additional
shares of common stock on official notice of issuance upon conversion of
3H% 10-year registered convertible notes, making the total amount ap¬
plied for 364,400 shares.—V. 143, p. 3137.
„
Co.—Earnings—
Appleton
Nov. 2 '35
Years Ended—
Oct. 31 '36
Profits from opera, of the mill at Anderson, S. C.—
714,065
Prpfot from opera, of the property at Lowell, Mass.
15,134
$94,133
1,843
Chronicle
1936
26,
Dec.
(3)I$596,694 to reimburse the company's working capital for the purchase
price paid by it for two packing plants located at Los Angeles and South
San Francisco, Oalif., respectively, acquired in August 1936, from Armour
& Co. (N. J. and a wholly owned subsidiary of the company's parent), said
sum being equal to the depreciated cost of such plants to Armour & Co.
(4) $369,784 to reimburse the company's working capital for a like
amount paid in connection with the acquisition of the properties and assets
of J. K. Mosser Leather Corp., a subsidiary of the company. Company has
purchased all such properties and assets for the consideration of $22,487,890
in cash and the assumption by the company of all the obligations of that
corporation.
Company owns 98.35% of all the outstanding capital stock
of that corporation, and the amount of such cash consideration (before
deduction of certain expenses and taxes in connection with the sale) alloc¬
able to the outstanding minority stock interest is $369,784.
The properties
and assets acquired by the company through such purchase include, among
others, the leather properties and 63.9% or the outstanding capital stock of
Winslow Bros. & Smith Co.
'
(5) Any remainder of such net proceeds for additional working capital
and other corporate purposes.
.
History and Business—Company was organized Dec. 27, 1922 in Dela¬
ware.
Armour & Co. (111.) is the owner of all of the outstanding common
stock.
general character of the business done and intended to be done by the
and its subsidiaries is as follows:
Purchasing and slaughtering live stock and processing meats and
animal products and by-products.
These operations are conducted from
20 packing plants located as follows: 13 in the United States, one in Canada
The
company
(1)
$729,200
108,270
129,172
166,000
-
Profit for the year
Dividends paid on preferred stock
...
$95,976
140,078
31,900
$325,758
139.846
Total profit
...
Res. for aeprec. of property at Anderson, S. C
Res. for deprec. of property at Lowell, Mass
Res. for Fed. & State inc. taxes for 1935-1936.
loss$76,002
69.923
Balance Sheet
Cash...
$124,527
1,600
1,288,027
539,570
Notes rec.—trade.
Accts. receivable.
.
Inventories
Prepd. Ins., rentals,
taxes & interest.
8,740
x Real est. &mach. 2,622,297
Organization exp
Liabilities—
Oct. 31, '36 Nov. 2 *35
Assets—
_
$.104,944
1,300
427,958
927,503
Oct 31, '36
Accts. pay.—trade
$17,763
Notes payable
Cloth claim acot.
.
Nop. 2'35
$25,571
200,000
2,000
_
Fed. inc. tax 1932,
1933, 1934 add'l.
13,174 S. C. license fur
2,849,650 Accrued payrolls..
10,121 Acer, taxes (State
and county)
1,989
10,751
18,253
18,418
37,988
33,356
Aco. uemploy.
ins. taxes
8,613
52,442
...
Dividends payable
Res. for Fed. and
State inc. tax...
166,000
Prepaid rents and
storage charges.
699
Fed.proc. rax accr.
64,010
Def. credits
117,370
18,428
Nitekraft claim ac¬
count
.....
Preferred stock
998,900
Common stock..
600,000
Surplus
2,587,622
y
Total..
$4,584,760 $4,334,652
Total
2,000
998,900
600,000
2,338,335
$4,584,760 $4,334,652
x After reserve for depreciation of
$2,652,098 in 1936 and $2,414,656 in
1935.
y Represented by 30,000 no-par shares.—Y, 143, p. 3990.
Arkansas Louisiana Gas
Co .-Admitted to
Listing and
RegistrationThe New York Curb Exchange has admitted to listing and registration
thefirst mortgage bonds, 4% series, due July 1,1951* Interest dates
&
—V. 143. p. 3305
Arrow Distilleries, Inc.—Dividends Resumed—
paid a dividend of five cents per share on its common
The company
stock, par $1 on Dec. 22 to holders of record Dec. 15.
This was the first
payment made since Feb. 15, 1935 when an initial dividend of 2^ cents
per share was distributed.—V. 140, p. 791.
Associates
Investment
Co.—Transfer Agent—
The Chase National Bank of the City of New York has been appointed
transfer agent of the no par value common stock.—V.
143,
p.
3990.
Armour & Co. of Delaware—$20,000,000 Bonds
Offered—
Kuhn, Loeb & Co., the First Boston Corp., Brown Harriman & Co., Inc., Edward B. Smith & Co., Blyth & Co.,
Inc., and Lee Higginson Corp. on Dec. 22 offered at 98^2%
and accrued interest, to yield 4.11%, $20,000,000 first mort¬
gage 20-year 4% sinking fund bonds, series C, due Jan. 1,
and six in South American countries.
(2) Manufacturing butter and cheese, and purchasing and processing
butter, cheese, eggs, poultry and other dairy products.
(3) Manufacturing soap, toilet articles, glue, glycerine, curled hair, sand
paper and other by-products and carrying on ammonia cylinder filling
operations.
(4) Extracting and processing vegetable oils and manufacturing mar¬
garine, salad oil and shortening.
(5) Distributing the above mentioned products and maintaining and
operating numerous branch houses, and other facilities, for the distribution
of such products of the company, its affiliates and others and, in the case of
some branch houses, for the conduct of meat processing operations.
(6) Maintaining and operating facilities for the storage and refrigeration
of
products of the company, its affiliates and others.
(7) Tanning and preparing hides and skins, manufacturing and dis¬
tributing and marketing leather products and preparing and distributing
and marketing wool.
(8) Manufacturing or preparing and distributing and marketing fer¬
tilizers, including the mining of certain component materials thereof.
The wool operations are carried on by Winsolow Bros. & Smith Co.
and its subsidiaries, of which company the company owns 63.9% of the
voting stock.
Frigorifico Artigas, S. A., 88.225% of the voting stock of
which is owned by the company, owns and operates a packing plant at
Montevideo, Uruguay.
With the exception of the subsidiaries mentioned
above and of Nathan Schweitzer Co., Inc., which conducts a fancy poultry
and meat business in and from New York, and Ft. Worth Poultry & Egg
Co., Inc., which conducts a produce and creamery business in and from
Texas, none of the other subsidiaries of the comnany, less than 100% of
the voting stock of which is owned, is a unit materially important to the
total enterprise represented by the company and its subsidiaries. Company
and its subsidiaries are affiliated with Armour & Co. (111.), and the other
subsidiaries of such parent, the combined facilities and operations of the
company and its subsidiaries, such parent and the other subsidiaries of
such parent constituting the enterprise generally known as "Armour."
Funm Debt ani OapUatmUm taivin,, Effea^Prcsen,
Authorized
1st mtge. bonds (issuable in series)
1st mtge. 20-year 4% sinking fund bonds, series
Unlimited
B, due Aug. 1, 1955
1st mtge. 20-year 4% sinking fund bonds, series
C, due Jan. 1, 1957
7% guar, cumul. pref. stock (par $100)
Common stock (par $100)
$48,000,000
$47,520,000
20,000,000
20,000,000
a Does
not include 6,701 shares owned by the company which are
deposited under contracts of guarantee. Such shares are treated as held in
Of the shares shown as outstanding the company's parent
owns 10,733 shares,
b All owned by the company's parent.
Underwriters—The names and addresses of the several underwriters, and
the several principal amounts of series C bonds underwritten by them,
respectively, are as follows:
Kuhn, Loeb & Co., New York-$6,100,000
First Boston Corp., New York 4,100,000
Co., New
Brown Harriman &
York-.i
1, 1957. Interest payable J.-J.
Company
agrees to reimburse to the owners resident in the respective States, upon
application in the manner specified in the indentures, the following taxes
paid with respect to these bonds, or the interest thereon: any Penn. personal
property taxes, not exceeding in the aggregative five mills on each dollar
of assessed value in any year; any securities taxes in Maryland, not exceed¬
ing in the aggregate 45 cents on each $100 of the assessed value thereof in
any year; any personal property or exemption tax in Conn., not exceeding
4-l0ths of 1% of the face amount thereof in any year; and any Mass. tax
assessed or measured on income, not exceeding 6% of the interest thereon
in any year.
Series C bonds are redeemable, other than for the sinking
fund and other than out of moneys received from property releases, at the
company's option, in whole at any time upon 60 days' notice, or in part,
selected by lot in amounts of not less than $5,000,000, on any semi-annual
interest date upon at least 30 days' notice as follows: at 105% on or before
Jan. 1, 1947, and thereafter and prior to Jan. 1, 1955, at such premium
reduced by
for each 12 months or part thereof elapsed between Jan. 1,
1947, and the redemption date, and on or after Jan. 1, 1955, without any
premium; in each case with accrued int.
Bonds of all series at the time
outstanding and subject to redemption may, at the option of the company,
be redeemed (by lot) out of moneys received upon the sale of properties
released from the indentures, all as provided therein.
Series C bonds are
red. out of such moneys on any Jan. 1, at the then applicable sinking fund
redemption price.
Sinking Fund—An annual sinking fund payable on Nov. 20 in each year,
commencing 1937, of (o) an amount sufficient to redeem, at the applicable
sinking fund redemption price, 1% of the aggregate principal amount of
series O bonds theretofore issued, plus (6) 4% or the principal amount of
bonds theretofore retired through the sinking fund, and (c) the accrued
interest to the redemption date on the principal amount of bonds redeemable
out of the amount referred to. in (5) above; payable in cash or at the option
of the company in series O bonds at the applicable sinking fund, redemption
price, or partly in cash and partly in bonds.
The series O bonds are re¬
deemable for the sinking fund at the principal amount thereof plus a pre¬
mium of 2M % if redeemed on or before Jan. 1, 1947, and if redeemed there¬
after and on or before Jan. 1, 1954, plus such premium reduced by H %
for each 12 months elapsed between Jan. 1,1947, and the redemption date,
and on or afcer Jan. 1, 1955 without any premium; in each case with ac¬
.
crued interest.
Listing—Company has agreed to make application in due course for the
listing of these bonds on the New York Stock Exchange and their registra¬
tion under the Securities Exchange Act of 1934, as amended.
Application of Proceeds—Estimated
net proceeds
($18,938,500) will be
applied by the company, as follows:
(1) $9,326,655 to pay the aggregate purchase price of three packing plants
located at South St. Paul, Minn.; Memphis, Tenn., and Tifton, Ga.,
respectively, and a branch house located at Baltimore, Md., acquired from
the company's parent, Armour & Co. (111.), said sum being the fair value of
such properties as of Oct. 31, 1936, as determined by Amer. Appraisal Co.
(2) $7,453,080 to repay a loan of a like amount made by the company's
parent to North American Provision Co. (111.), a wholly owned subsidiary
of the company, to be applied (together with cash of such subsidiary) to
the redemption on Jan. 1, 1937, of $8,390,000 (incl. $1,154,000 in treasury
of the company) of Morris & Co. 1st mtge. sinking fund 4H % gold bonds,
due July 1,1939, at 103 %, which bonds and loan have been assumed by the
company in connection with the liquidation of North American Provision Co.
1,200,000
Edward B. Smith &
Rollins
H.
Sons,
&
Inc.,
New York
$375,000
—
J. &. W. Seligman <&
Co., New
75,000
York
375,000
375,000
Speyer & Co., New York
White, Weld & Co., New York
A. G. Becker & Co., Inc., New
750,000
Blyth & Co., Inc., New York.
Lee
Higginson Corp.,
New
York
E.
750,000
750,000
Estabrook & Co., New York..
200,000
Hallgarten & Co., New York..
200,000
Co., New
York
-
200,000
York
Sachs & Co., New
i
700,000
F. S. Moseley &
Field, Glore & Co., New York.
375,000
Schroder
York
Dated Jan. 1, 1937; due Jan.
928,643 shs. a546,003 shs.
600,000 shs. blOO.OOO shs.
the treasury.
Goldman,
1957.
^
Hayden,
Stone &
Co.,
375,000
Stone
Ladenburg, Thalmann &
&
Co.,
Brothers, New York.
Co., Inc.,
200,000
Webster &
Blodget,
Dean
Witter
&
200,000
Co.,
San
Francisco
Inc.,
New York
Lehman
&
Inc., New York
375,000
Freres
&
Chicago
Co.,
New York
Lazard
Stern
Lawrence
375,000
Kidder, Peabody & Co., New
York
200,000
Inc., New York
New
York
200,000
Co.,New York
Rockefeller & Co.,
375,000
375,000
200,000
-
Blair, Bonner & Co., Chicago
Central Republic Co., Chicago
Illinois Co. of Chicago,Chicago
100,000
100,000
100,000
Consolidated Income Statement, Fiscal Year Ended
<
Oct. 31, *36
Nov. 2, '35
Oct. 27, '34
Gross sales to trade and oper. revs.,
less discounts, &c.
$390,875,778
Interco. sales
$349056,612 $294149,323
and plant transfers,&c. 168,641,033 142,886,310 124,531,229
Loss from foreign exchange rates
Wages, supplies, power, steam &c.
operating expenses
Maintenance and repairs
Deprec. on prop, operated by com-
456,429,992 392,989,484 324,911,494
127,413
698,831 profl37,358
42,182,224
2,787,620
2,902,820
3,040,392
2,971,046
2,544,044
and royalties
(excl. of inter¬
company transactions)
Selling (incl. outward freight), gen.
Accounts written off and provision
for doubtful accts., less recoveries
Operating
profit
Total income
securities sold—based
712,763
729,533
30,595,462
29,773,740
186,129
630,064
543,667
$11,060,574 $11,729,251 $12,374,542
2,003,343
1,567,241
1,152,269
Other income..
on
786,881
33,124,244
and administrative expenses
Losses
45,524,246
3,119,609
3,046,975
3,553,981
Rents
47,744,357
3,456,265
$13,063,916 $13,296,492 $13,526,810
on
(net)
Oontrib. to employees pension fund
average cost
19,473
296,882
156,169
280,934
400,000
158,886
2,231,806
175,526
62,127
2,219,166
41,718
90,000
176,260
2,820,818
202,093
79,015
1,574,076
151,766
$7,458,331
3,822,021
2,000,000
$7,765,362
3,826,186
2~08~660
Prov.
against invests, in and advs.
to subs, not consolidated..
Miscellaneous income deductions
Interest on funded debt
Amort, of debt disc. & expense
Other interest
Provision for Federal income taxes..
Minority int. in net income of subs.
Net income
Preferred dividends
Common dividends
a
...
113,545
2,679.276
377,640
18,094
1,668,000
86,081
$8,376,174
1,917,958
2,000,000
Other than processing taxes included in purchases, miscellaneous taxes
included in expenses but not separately classified and Federal income taxes).
Volume
143
Financial
Consolidated Balance Sheet Oct. 31, 1936
^Assets**"*m
Liabilities—
Cash & cash items
Notes A accounts rec
$2,843,156
al9,419,473
Inventories....
Intercompany
Notes payable
Accounts payable—trade
52,742,546
-
cur. accounts
Reserve for Fed. inc. taxes.
Reserve for general taxes—
419,515
13,365,692
b99,517,039
1,130,686
3,250,633
Fixed assets..
Goodwill—Less amortDeferred charges
1,181,561
3,225,713
1,176,629
_
receivable-
Investments
$664,687
4,161,229
Accrued liabilities
Sinking fund requirements.Intercompany current accts.
498,500
payable
472,722
4,481,487
55,411,500
Reserves
Long-term debt
Min. stockholders' equity in
subs, consolidated
697,246
Guar. 7% cum. pref.stock—
57,079,900
10,000,000
43,198,418
c5,558,599
4,880,548
Capital A paid-in surplus..Approp. earned surplus
Unapprop. earned surplus..
$192,688,7411
After
Associated Gas & Electric Co.
(&
Subs.)—Earnings—
Consolidated Statement of Earnings and Expenses
of Properties Irrespective
I**
of Dates of Acquisition
1936
1935
Amount
%
$94,006,254 $87,766,637
13,396,976
12,597,548
5,799,674
5,332,029
1,634,043
1,528,793
1,287,109
1,202,463
1,232.491
1,211,163
$6,239,617
799,428
467,645
105,250
84,646
21,328
7
$117,356,547 $109,638,633
$7,717,914
4,920,684
812,905
8
Gas
Transportation
Heating
Water
Ice
Total gross oper. revenues
Oper. exp., maintenance, &c
60,131,991
12,281,792
Provision for taxes
Net operating revenue
$44,942,764
Provision for retirements (renew¬
55,211,307
11,468,887
$42,958,439
7
6
9
7
2
5
9,773,637
x665,940
x7
.$35,835,067 $33,184,802
$2,650,265
8
9,107,697
Decrease.
Tax
Operating income
1935.—V. 143, p. 3990.
Associated General Utilities Co.—Statement
of Income—
(Annual basis—this statement reflects annual interest
income
owned, and annual interest
requirements on bonds
on
on
securities
and debentures of the
company outstanding, at Oct. 31,
1936.)
Income interest
$105,215
13,094
7,438
Balance
$84,683
34,044
20,426
-
Balance.
$30,213
Note—No provision is made in this statement
for Federal surtax on
undistributed profits, if any, for the current
year.—V. 143, p. 3832.
Associated Insurance Fund,
Inc.—Pays
Extra Dividend
The company paid an extra
dividend of 10 cents per share on the
common
on Dec. 15 to
holders of record Dec. 1.
A regular semi-annual divi¬
dend of 10 cents
per share had been distributed on
stock
July 15, last.—V. 141,
4011.
The company paid an extra
dividend of $14 per share in addition
to the
regular quarterly dividend of $2
per snare on the common stock, no
par value,
omDec. 21.
A dividend of $2 was
paid on Sept. 30 last and compares with
$Dpaid on June 30 and March 31 last; $4 paid on
Dec. 31, 1935; $2 on
Oct. 1, 1935, and $1 per snare
previously eacn three months.—V. 143,
p.
$1,516,554
700,926
$73,225
$567,610
$815,628
Total
1936
expenses
1934
$1,643,280
142,720
$1,300,670
122,310
$1,889,010
1,407,687
27,246
10,491
$1,786,000
1,316,793
54,277
41,107
$1,422,981
1,039,701
52,764
46,478
164,328
Crl2,873
15,000
139,724
revenue
Operating
1935
$1,678,855
210,155
Miscellaneous charges
Current interest paid or accrued
Int. accrued on 15-year partic. inc.
123,246
Crll.568
debentures
Interest received
Provision for Cuban profits tax
Depreciation of plant
Crl,071
10,000
141,280
13.000
143,460
Net income
$137,407
$105,684
$133,827
Note—No provision has been made for interest on series A and B
income
Sept. 30, 1936 amounting to $204,233 (of which $49,275
is applicable to the
fiscal year ended Sept. 30, 1936) which will become
payable at maturity or to the extent earned in
any fiscal year prior thereto,
subject to the restrictions on payment of interest contained in the income
note agreement dated
July 1, 1932.
notes accrued to
1936
Cash in banks and
on hand
Accounts
recelv..
Advs. to planters.
Sugar
A
1935
Automobile Insurance Co.—Extra Dividend—
The directors have declared
addition the the regular
an
extra
mercial
& Co., Inc.—New Control—
Works—Petition
Withdrawn—
Co.
to
withdrawing
are
issue
Baldwin
their
common
petition
stock
The statement says:
of the progress that
favor the plan,
we
in
for
an
order
exchange for
10,760
may,
however, remotely, impede the completion of the plan.
It was never our
intention to do anything that
might make the plan more difficult of con¬
summation, and in view of the special master s opinion that this
might
our
petition
143, p. 3991.
Baltimore & Ohio RR.
November—
1936
Gross from railwayNet from railway.
Net after rents
_
_ —
1934
1933
$15,115,108 $11,982,849 $10,306,319 $11,183,325
4,282,382
2,816,666
2,713,441
2,616,721
2,968,701
1,861,235
1,596,589
1,539,349
From Jan. 1—
Gross from railway---154,305,864
Net from railway.
Net after rents
Earnings—
1935
41,483,303
27,571,953
—"Y. 143, p. 3833.
130,061,235
33,453,323
22,201,809
125,013,504 121,750.319
33,508,648
39,105,326
21,902,818
27,222,678
Bangor & Aroostook RR.—Listing—
322,067
year
362,476
23,255
Other
int., rents,
taxes, Ac. accr__
b
300,922
Int. accrued
15,367
287,574
123,248
18,276
4,929
3,535,443
on
15-year. inc. debs
68,371
Plants, railroads,
bldgs. A equip.. 2,101,812
Lands, Ac
798,032
Deferred charges..
18,777
18,660
Due to parent and
68,371
a
affiliated
2,196,429
798,032
7,378
cos—
Fund, indebtedness 3,633,911
Prov. for add'l 10year
inc.
notes,
scries B
98,365
Cap. stock (par $5)
Surplus
:
5,666
337,426
5,000
200,020
Total
$4,341,665 $4,289,454
Total
$4,341,665 $4,289,454
a After reserve for
depreciation of
,810 in 1936 and $468,366 in 1935.
b $123,246 declared payable on Jan.
1, 1937 by the board of directors.
The
balance amounting to $164,328 is not
-
_
payable during the
on
year
1937 because
interest payments in ti
the deben. agreement.—Y.
142, p. 453
Barlow & Seelig Mfg. Co.—
-Earnings—
Earnings for 11 Months Ended Nov. 30, 1936
Net sales
Net profit
x
$3,615,974
x407,742
-
Exclusive of non-recurring income of
$91,010.—V. 143, p. 3833.
Corp.—Bonds Called—
A total of $1,100,000 consolidated
mortgage 25-year sinking fund 4M%
bonds, series D, due July 1, 1960 have been called for
redemption on Jan. 1
at 102M and interest.
Payment will be made at the company's office,
25 Broadway, N. Y. City.—V.-43,
p. 3834.
Bickford's Inc.—Raises Common Dividend—Bonus—
The directors have declared
mon
a
dividend of 30 cents per share on the
com¬
stock, no par value, payable Jan. 2 to holders of record Dec.
24.
This compares with dividends of 25 cents
paid each quarter from April 1,
1935 to and including Oct. 1, last, and 15 cents
previously dis¬
tributed each three months.
In addition, an extra dividend of 10
cents per
share was paid on Jan. 2, 1935.
Company has granted
roll
one
a
year or more and a
that time.—V.
bonus of
week's pay to employees on the
pay¬
proportionate amount to those in service less than
one
143, p. 264.
Mfg. Co.—Extra Dividend—
an
extra dividend
of 25 cents per share on
the common stock, payable Dec. 21 to holders
of record Dec. 18.
An
initial dividend of 50 cents was paid on Dec.
15, last.—V. 143, p. 3834.
&
Son,
Inc.—Special Dividend—
The directors have declared a special dividend
of 25 cents per share in
addition to the regular quarterly dividend of
25 cents per share on the
stock,
no
value, both payable Dec. 28 to holders of record
1552.
par
Dec. 18.—V. 143, p.
Birmingham Electric Co.—Earnings—
(National Power & Light Oo. Subsidiary)
Per. End. Nov. 30—
Operating revenues
Oper. exps., &c. taxes._
1936—Month—1935
$596,982
$526,513
455,619
398,310
1936—12 Mos.—1935
$6,714,822
5,094,319
$6,091,673
4,750,598
$1,341,075
Net revs, from oper..
Other income
$141,363
$128,203
$1,620,503
39
8
138
1,059
Gross corp. income
Int. & other deductions.
$141,402
49,721
$128,211
49,995
$1,620,641
598,930
$1,342,134
600,771
$1,021,711
480,000
$741,363
480,000
429,180
429.244
Balance
y $91,681
y$78,216
Property retirement reserve appropriations
z Divs. applic. to
pref. stocks for period, whether
paid or unpaid
Balance
The New York Stock Exchange has authorized the
listing of 38,280 shares
of cumulative convertible preferred stock
(par $100), on official notice of
the issuance, and 76,560 additional shares of common stock
(par $50), on
official notice of issuance, if, as and when the same shall be
issued in ex¬
change for, and conversion of, the 38,280 shares of cumulative
convertible
preferred stock, making the total common stock applied for 322,852
shares.
At a meeting of the directors, held
Aug. 21, 1936, it was resolved that
the entire outstanding issue of 34,800 shares of
7% preferred stock be
called for redemption.
The board then recommended there be created
and
authorized an issue of cumulative convertible preferred
stock, the same to
be entitled to dividends at the rate of 5% per annum, that the
authorized
issue, 38,280 shares, and that 34,800 shares be issued for the
purpose of
providing funds for the redemption of the 34,800 shares of 7%
10,492
during
succeeding fiscal
9,339
372,204
growing cane
Stocks held in affil.
common
the reorganization plan has made
and
do not desire to do anything which
result if the petition were
pressed, we feel impelled to withdraw
and await the conclusion of the
plan, which we favor."—V.
8,910
Equip, purchased—
assets and
Bird
Cohen, Simonson &
directing the trustees
23,337
payable
The directors have declared
Warrants
on
$31,908
sugar & molasses
230,929
com¬
stores..
Binks
See Commercial Investment Trust
Corp. below—V. 135, p. 2179.
Locomotive
.
Provision for ship¬
Due from affiliated
Working
1935
$250,000
per share
dividend of 20
cents
per share in
quarterly dividend of 25 cents per snare on the
capital stock, both payable Jan. 2 to holders of record
Dec. 12.
Similar
payments were made on Jan. 2, 1936.—V.
142, p. 2489.
Bachmann, Emmerich
Accounts payable
6,596
136,910
210,581
in
1936
due
31, 1935—
ping expenses of
dation
Supplies
payable
Dec.
$212,482
molasses
Bethlehem Steel
Augusta & Savannah RR.—Larger & Extra Dividend—
The company paid an extra dividend
of 25 cents per share in
addition to
a dividend of
$3.50 per share on its capital stock, on Dec. 22 to
holders of
record Dec. 9.
This compares with $1.50
paid on July 1, last; $3.50 on
Jan. 6, 1936;
1.50 paid on July 1, 1935 and dividends of
$2.50 per share
paid each six months previously.
Extra dividends of 25 cents were
paid
on July 1 and Jan.
6,1936, July 1 and Jan. 7,1935, July 5 and Jan.
3, 1934
and on July 5, 1933. —V.
142, p. 4013.
Liabilities—
Note
$200,758
55,315
142,578
sold, pend'g liqui¬
2039.
we
$1,236,805
669,195
Years Ended Sept. 30—
Revenue from sugar
Revenue from other sources
of restrictions
view
$134,098
60,873
Baragua Sugar Estates (& Sub.)—Earnings—
Atlantic Steel
Co.—Pays Extra Dividend—
"In
$1,471,675
44,879
$122,242
Net income
—V. 143, p. 3459.
$1,199,609
37,196
companies.....
Int. require, on outstand. inc.
bonds & deb.: regular, at
5% cum.
Extra, at 3%, non-cumulative
warrants.
.
$143,012
def8,914
$182,439
60,197
-
companies
investments
General expenses
Provision for taxes
Baldwin
$5,587,915
3,650,684
465,556
$180,980
1,459
-
Other income
Deductions
1936—11 Mos.—1935
$5,399,129
3,642,430
557,090
Consolidated Balance Sheet Sept. 30
For the week ended Dec.
18, 1936, Associated Gas & Electric
System
reports an increase in net electric
output of 13.3% over the same week a
year ago.
Production rose to 91.024,763 units
(kwh.) from 80,360,627
un ts in the
comparable week of
because
1936—Month—1935
$544,080
$458,136
297,887
291,342
65,213
23,782
expenses
accruals
Assets—
Weekly Output—
p.
$275 par value
and (or) common stock then held.
Period End. Nov. 30—
Gross oper. revenues—.
9
7
$1,984,325
replacements)
Operating income.
x
7% preferred stock
Earnings for November and Year to Date
-Increase-
12 Months Ended Nov. 30—
Electric
>
of
reserve
for
als and
The proposed issue of cumulative convertible
preferred stock will be
offered to the stockholders of record
(both preferred and common) at the
close of business on Nov. 25, 1936 on the basis of
right to subscribe for
one share of cumulative
convertible preferred stock for each
Gross income
Total
$192,688,741
for doubtful notes and accounts of
$873,473.
b After
depreciation of $27,000,436.
c Representing
segregation of
sundus required in connection with retirement of
preferred stock.— V, 143,
a
reserve
4145
stock, and that the remaining 3,480 shares of 5% preferred stock be issued
to reimburse the
treasury for money expended for capital purposes, the
funds procured to be used
solely for the purpose of paying the necessary
premium of 10% involved in the redemption or the
7% preferred stock. At
a special
meeting, held Oct. 9, 1936, the stockholders voted to create the
issue of cumulative convertible
preferred stock.
Operating
(par $100)
Common stock—(par $100).
Total
Chronicle
preferred
$112,531 def$167,881
y Before property
retirement reserve appropriations and dividends,
z Divs. accumulated and
unpaid to Nov. 30, 1936, amounted to $286,116.
Latest dividends, amounting to $1.75 a share on
$7 pref. stock and $1.50
a share on $6 pref.
stock, were paid on Oct. 1, 1936. Divs. on these stocks
are cumulative.—V. 143, p. 3834.
,
Birtman Electric Co.—7B-Cent Dividend—
directors have declared a dividend of 75 cents
per share on the
stock, par $5,
payable Dec. 26 to holders of record Dec. 19.
The
regular quarterly dividend of 25 cents per share was paid on Nov. 2
last.
In addition the following extra dividends were
distributed:
25 cents on
Nov. 2, Aug. 1, and May 1 last; 10 cents on
Aug. 1, 1935; 25 cents on
Feb. 15, 1935, and 10 cents per share on Feb. 1,
1935.—V. 143, p. 3307.
The
common
Financial
4146
Bond &
Mortgage Guarantee Co.—Officials Guilty—
Three former officials of this defunct company were convicted in General
Sessions of publishing a booklet on Dec. 15,1932/that contained misleading
information
the company's affairs.
The three were William B. Clarke,
Condit, and Randall Salisbury.
Judge James G. Wallace
on bail for sentence on Jan. 4.
(New York "Times"
on
Frederick P.
continued the three
Buckeye Steel Casting Co.—Extra
Boston Insurance
a
The company paid an extra dividend of 30 cents per share
and class B stocks on Dec. 23 to holders of record Dec. 19.
(E. J.) Brach & Sons—Pays Extra Dividend—
of 80 cents per share on the com¬
stock, no par value, Dec. 24 to holders of record Dec. 16.
A regular
Quarterly dividend of 30 cents was paid on Dec. 1, and in each of the
three preceding quarters and compares with 25 cents paid in each of the
four quarters of 1935 and 10 cents per share distributed previously each
three months.
In addition an extra dividend of 25 cents was paid on Dec.
of 60 cents on Dec. 29, 1934.—V. 143, p.
101.
its com¬
4532.
Bradley Knitting Co.—Recapitalization Plan—
Stockholders have approved a recapitalization
plan which will make pos¬
sible the settlement of dividend arrears of $35 per share on the first pre¬
ferred stock.
The plan provides for an exchange of 7 % preferred on a dollar
5% preferred.
Second preferred is to be exchanged
and the present common for new common on
Accrued dividends are to be paid through the
which can be converted into common stock on the
for dollar basis for
new
for four shares of
common
share for share
a
issuance
basis.
of warrants
for $20 warrants.—V. 137, p. 2979.
basis of IH shares of common
Brazilian
common
Traction, Light & Power Co., Ltd.—Larger
have
a dividend of 40 cents per share on the
26. This compares
15, last, this latter being the first dividend paid
stock dividend of 2% was distributed.
declared
stock, payable Jan. 30 to holders of record Dec.
with 30 cents paid on July
since Sept. 1,1932 when a
stock, par $10, payable Dec. 30 to
1930—Month—1935
1936—11 Mos.—1935
$2,837,013
$2,463,194 $29,282,268 $27,832,574
1,251,053
1,200,172
13,202,112
12,938,569
Period End. Nov. 30—
from oper._
earns,
Operating expenses,
Nel earnings
—Yi 143, p. 3459.
$1,588,960
the
|
Dec. 1
The regular quarterly dividend of 50 cents per share was paid on
last.
In addition, the following extra distributions were made: 50 cents
Terminal
Bush
25 cents on June 1 last.—V.
on
143, p. 2828.
Co.—Interest—
Brooklyn has ordered the payment
the 5% bonds.
Buildings
Judge Inch in U. S. District Court at
$1,000 bond due Oct. 1 on
of the back interest of $25 per
Earnings for Period Ended Nov. 30
1936—Month—1935
1936—11 Mos.—1935
deprec.,
int., &c., but before
„inn noe
Federal taxes
prof $2,786
$2,312
$127,973
$103,285
—V. 143, p. 3992.
Loss after exps.,
Co.—Payment of Interest—
company's consolidated 5%
21 by Federal Judge
C. Walter Randall,
trustee, to distribute the payment on Jan. 21, 1937.
The disbursements
will cover instalments due on various dates back as far as 1933.
The total
represents a payment of about $150 on each $1,000 bond.
Bush Terniinal
mortgage bonds maturing in 1955 was authorized Dec.
Robert A. Inch in Brooklyn.
The court directed
Earnings for Period Ended Nov. 30
1936—Month—1935
1936—11
Profit
Earnings for November and Year to Date
Gross
per share on
holders of record Dec. 19.
extra dividend of $1
have declared an
The directors
common
Payment of back interest instalments on
Dividend—
The directors
Co.
& Concentrating
Bunker Hill & Sullivan Mining
Dec. 1 and on Sept. 1 last and
The company paid an initial dividend of five cents per share on
stock on Dec. 16 to stockholders of record Nov. 16.—V. 137, p.
the class A
...
—Extra Dividend—
Brackenridge Brewing Co.—Pays Initial Dividend—
mon
on
dividend of 45 cents per share was also declared on
the class A stock payable Jan. 2 to holders of record Dec. 19.
The company also paid the regular quarterly dividend of 90 cents per snare
on the class B stock on Dec. 23 to holders of record Dec. 19.—V. 143, p. 912.
The regular quarterly
The company paid an extra dividend
mon
an extra
no par
Bucyrus-Monighan Co.—Extra Dividends—
Co.—Special Dividend—
special dividend of $5 per share in addition
to the regular quarterly dividend of $4 per share on the capital stock, both
payable Jan. 2 to holders of record Dec. 8.
A similar special dividend was
paid on Jan. 2, 1936.—Y. 141, p. 3852.
30, 1935 and
Dividend—
dividend of 50 cents per share on its common
value, on Dec. 22 to holders of record Dec. 14.
A dividena
of 50 cents was paid on Nov. 2 last and compares with 25 cents paid, on
Aug. 1 last, this latter being the first dividend paid since Nov. 1, 1932,
when 25 cents per share was distributed.—V. 143, p. 2516.
The company paid an extra
stock,
Dec. 23.)—V. 143, p. 2040.
The directors have declared
1936
26,
Dec.
Chronicle
$1,263,022 $16,080,156 $14,894,005
after
deprec., and
but
bond int.,
$18,942
$6,283
Fed. taxes
before
—V. 143, p.
Mos.—1935
expenses,
$128,467
$129,855
3992.
Ltd.—Dividend Increased—
Industries,
Canadian
dividend of $2 per share on the class A
both payable Jan. 30 to holders of record Dec. 31. This
compares with $1.25 per snare paid on Oct. 31, last.
Previously regular
quarterly dividends of $1 per share were distributed.
In addition the
following extra dividends were paid; 75 cents on July 31, last; $1.25 on
Dec. 16, 1935; 75 cents on July 31, 1935; $1.50 on Dec. 15, 1934; 75 cents
on Julv 31, 1934, and 87H cents per share paid on Jan. 31, 1933.—V. 143,
p. 1068.
The directors have declared a
and class B stocks,
Brentano's
Book
■To
Inc.-
Stores,
Make
50%
More
in 1936—
an increase of 50% in the profits of company for 1937 and
firm of Jacobs & Co., oldest book store in Philadel¬
revealed Dec. 21 in an announcement made by Stanton Griffis,
Cnairman of the Board of the Brentano Corp.
Gross sales for fiscal year ended May 31, 1934, amounted to $791,446;
1935, $945,267, and 1936, $1,100,967; while net profits in 1936 amounted
to $40,947, equal to $3.81 per scare of class A stock.
The increase in earnings anticipated by the company are due, Mr. Griffis
stated, to the recent decision of the Supreme Court upholding the right of
manufacturers to determine and maintain the sales price of their products.
Mr. Griffis announced that the corporation will go into the new year
with no debts and about $100,000 in cash.
The purchase of Jacobs & Co., which took place Dec. 1, involved two
stores: one at 1726 Chestnut St., and a branch shop at 1322 Walnut St.
George Jacobs will remain as manager.
This purchase brings the total number of Brentano stores to 10: 3 in
New York, 1 in Hartford, Conn.; 1 in Baltimore; 3 in Washington, and 2 in
Philadelphia.—V. 143, p. 2516.
Estimates of
tne acquisition of tne
phia,
were
British American Tobacco Co.,
Years End.
Sept. 30—
Net
profit
after
charges, &c
After
x
•
Ltd.-
-Earnings—
1936
143,
p,
2991.
(The) Brooklyn Daily Eagle—Registers with SEC—
See list given on first page
(The) Brooklyn Daily Eagle Properties Corp.—Regis¬
Increase
$2,683,000
$49,000
Carbon Monoxide Eliminator
See list
Carnation
Co.—Extra Common Dividend—
Carolina Power & Light
Co.—Earnings—
(National Power & Light Co.
30—
Per. End. Nov
Operating revenues
Oper. exps. &c. taxes.-..
17,302
17.500
205,254
198.942
$481,024
$5,302,033
$4,867,060
1,862
31,888
$563,195
198,623
$482,886
196,976
$5,333,921
2,358,367
$4,899,695
2,363,564
y$364,572
y$285,910
$2,975,554
$2,536,131
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid..
960,000
960,000
1,255,237
1,255,237
Int. & other deductions.
$990,190
58,382
$1,200,094
60,212
$4,897,959
490,240
$5,389,864
300,359
$1,048,572
655,645
$1,260,306
767,190
$5,388,199
3,273,249
$5,690,223
3,838,112
$392,927
$493,116
$2,114,950
$l,852,lli
b Accruing to minority
int. of B. & Q. T. Corp
20,392
49,871
112,711
185,234
Balance to B.-M. T__
$372,535
$443,245
$2,002,239
$1,666,877
c50,833
265,000
c254,166
Operating income
Non-operating income..
a
deductions
Income
b Current inc. carried to
a
Includes
res.
leasehold
of
for amort,
invest,
under contract No. 4_
c
53,000
1935 figures revised for comparative purposes.
File&
for $4,500,000 Loan—
The corporation has filed a registration under the Securities Act of 1933
covering $4,500,000 rapid transit collateral trust bonds, 43^ % series, due
on May 1,
1966.
Underwriters named are:
Hayden, Stone Co.; Brown
Harriman & Co., Inc.; and Lazard Freres & Co., Inc., all of New York.
Names of other underwriters, underwriting commissions and prices to the
public will be supplied by amendment to the statement.
The net proceeds to be received by the company will be applied to the
purchase from Williamsburgh Power Plant Corp. of $4,500,000 of its general
mortgage 5% sinking fund gold bonds, series A, due on July 1, 1968, and
any balance will be used for general corporate purposes.—Y. 143, p. 3459.
Balance
Balance
y
Divs.
1936—5 Mos.—1935
$8,339,271
6,685,666
711,763
145,027
$8,566,049
6,919,618
849,584
$155,047
15,329
$217,786
14,772
$796,847
74,773
$941,842
78,131
$170,376
$232,558
124,412
$871,620
627,201
$1,019,973
618,285
Operating revenues
$1,737,302
Operating expenses
1,405,876
on oper. properties
176,379
Taxes
$1,702,534
1,339,721
Operating income
Non-operating income. _
_
Income deductions
126,153
property retirement
reserve
Corp.—Earnings—
Earnings for 11 Months
Net profit after $248,192
income taxes.-
surplus
$44,223
$108,146
$244,419
Buffalo Stratford Corp.—Registers
first page of this department.
See list given on
$401,688
$77,539 Federal
$463,676
profit of $463,675 compares with an operating loss for the whole of
1935 of $584,745, which operating loss was reduced to a net loss of $335,063
through the sale of interests in foreign subsidiaries at a profit of $249,683.
The net loss for the five years from 1931 to 1935 had been $2,070,904.
It is also announced that $250,000 was paid on the $1,000,000 bank loans
last June.
One-third of the remaining $750,000 is due at the close of each
of the years 1937,1938 and 1939.
The next instalment will be paid as early
as possible in 193?, without weakening the working capital.
The cash balance as of Nov.30 was $1,150,364, as compared with $456,609
at the beginning of the year.
No dividend will be paid in 1936, but in view of the loans and the pro¬
vision of the loan contract with the banks, the company will be exempt from
the undistributed profits tax.—V. 143, p. 2044.
The
Carriers & General
The
stock
company
on
Corp.—Pays 15-Cent Dividend—
dividend of 15 cents per share on its common
Dec. 18. A regular quarterly dividend
share was distributed on Oct. 1, last.—Y. 143, p. 2359.
paid
a
Dec. 24 to holders of record
of five cents per
Carthage Mills, Inc.—Pays Larger Dividend—
paid a dividend of $1.25 per share on its common stock,
par value, on Dec. 24 to holders of record Dec. 17.
This compares with
paid on Dec. 15, 1935, this latter being the initial distribution on the
The company
no
$1
common
stock.—V. 141, p. 3530.
The company paid an extra
Extra Dividend—
dividend of 75 cents per share on its common
record Dec. 16. An extra dividend
quarterly dividend of 75 cents per
stock, par $10, on Dec. 21 to holders of
of 50 cents in addition to the regular
share
was
paid
on
Nov. 10 last.
paid on Aug. 10 last and prior thereto
A dividend of 75 cents was
"
—V. 143, p. 3308.
Ended Nov. 30, 1936
for depreciation and
quarterly dividends of 50 cents per
Current inc. carried to
$760,317
$320,894
appropriations and dividends,
$7 and $6 pref. stocks
(A. M.) Castle & Co.—Pays
J*.
T
on
Carrier
Brooklyn & Queens Transit System- —Earnings—
1936—Month—1935
Before
*
amounting to 87c. and 75c., respectively,
were paid on Nov. 2, 1936.
After the payment of these divs. there were no
accumulated unpaid divs. at that date.—V. 143, p. 3835.
z
I
Period End. Nov. 30—
32,635
(net)-1,906
Other income
Brooklyn-Manhattan Transit System—Earnings—
[And Brooklyn & Queens Transit System]
Period End. Nov. 30—
1936—Month—1935
1936—5 Mos.—1935
Operating revenues
$4,266,003
$4,294,788 $21,320,888 $21,224,135
Operating expenses
2,789,999
2,678,335
14,012,968
13,836,283
Taxes on oper. properties
485,814
416,359
2,409,961
1,997,988
Subsidiary)
1936—Month—1935
1936—12 Mos.—1935
$1,044,112
$888,521 $10,803,457 $9,901,034
465,521
389,997
5,296,170
4,835,032
$561,289
Balance
Gross corp. income
first page of this department.
*
declared an extra dividend of 50 cents per share in
semi-annual dividend of 50 cents per share on the common
stock.
The extra dividend was paid on Dec. 22 and the regular semi¬
annual dividend will be paid on Jan. 2 both to holders of record Dec. 19.
—V. 142, p. 4332.
The directors have
addition to a
ters with SEC—
See list given on
Corp.—Registers with SEC
department.
given on first page of this
KTnU)to:.'r_!d...P.T:
of this department.—V. 143, p. 3834.
1935
$2,732,000
Gross earnings
£5,541,755
forward will be £2,209.642.—V.
Week Ended Dec. 14
—V. 143, p. 3835.
all
£5,469,170 x£5,452,981
£5,403,065
paying the final dividend amounting to £786,225 the carry
Ry.—Earnings—
Earnings of System for
1933
1934
1935
1936
Canadian Pacific
Celanese
Corp.
of
regular
share were paid.—V. 143, p. 2669.
America—Removed from
Unlisted
Trading—
with SEC-
removed from unlisted trading privi¬
stock, $100 par.—V. 143, p. 3993.
The New York Curb Exchange has
leges the 7% series prior preferred
Volume
Financial
143
Caterpillar Tractor Co.—Balance Sheet$
Cash
2,009,478
Notes & accts.
Nov. 30/36 Dec. 31/35
$
Liabilities—
Accounts
3,422,181
less reserves
11,748,899
9,918,242
14,238,446 12,178,762
Inventories
$:
payable 1,027,694
1,759,960
Accrued payroll &
rec.
expenses
Notes payable
Dlvs. payable
Patents, trademke.
and goodwill
1
Res. for Fed. taxes
Land, building,
equipment, &c__ 18,451,722 16,168,269
Mlscell, props
202,543
229,158
Prepaid insurance,
taxes, &c
54,086
35,314
1
340,359
378,627
500,000
5,646,720
1,980,347
1,175~666
5% cum. pref. stk.
(par S100)
x
_.
After
Total..
46,705,175 41,951,928
for depreciation of $11,471,379 in 1936 and $10,720,856
Represented by 1,882,240 no par shares.
Earnings for 12 months ended Nov. 30 were published in V. 143, p. 3993.
x
in
368,056
y common stock.. 9,411,200
9,411~2O6
Capital surplus.
13,733,577 13,733,577
Earned surplus
13,658,954 15,531,832
46,705,175 41,951,928>
Total
1935.
Compania Azucarera Atlantica del Golfo. the company now owning the
by Cuban Cane Products Co., Inc.
As stated in the
company, as a result of the plan, is in a position to negotiate with
that
company as to the indebtedness and the $900,000 6% mortgage bond.
Capitalization—Company will have the following capitalization and
funded indebtedness upon the issuance of its capital stock and 6% collateral
trust bonds, due 1940, (based on deposits of Eastern Cuba Sugar Corp.
15-year 7)4% mortgage sinking fund gold bonds and Violet Sugar Co.
first mortgage 7% gold bonds under the plan, as of Nov. 14, 1936):
mills formerly owned
p^an, the
y
Hudsonr
Gas
&
Electric
Corp.—Trading
Privileges Continued—
Securities
and
Exchange Commission has granted the application
of the N. Y. Curb Exchange for unlisted trading privileges in common
stock (no par.)—V. 143, p. 3142.
Central Arizona
1936—Month—1935
$296,276
$269,114
191,809
188,389
,
Operating revenues
Oper. expenses, & taxes.
$3,400,417
2,278,921
$2,937,816
2,084,113
Sugar Co. first mortgage 7% gold bonds, who have
$1,121,496
161,715
$853,703
259,558
Gross corporate inc
Int. & other deducts....
$116,474
31,857
$94,312
31,745
$1,283,211
382,402
$1,113,261
381,556
on
hand..
$731,705
214,242
108,054
cane
Retained
Special
collateral
as
108,054
_____
55,212
9,404
4,083
590,021
30,129
Property, plant and equip...
3,149,258
guarantee for bank loans..
Accounts receivable
Balances
Sugar
rec.
for sugar sold..
on hand
(net)
Advances to Cane
Growers..
y
$518,215
Before
retirement
property
reserve
appropriations
and
j
Operating
Operating
revenues
expenses
Net oper. income
Non-oper. income—net.
$308,408
1936—12 Mos.—1935
$6,511,062
3,228,092
$6,021,927
3,020,860
920
dividends
$3,282,970
40,489
$3,001,067
60,379
$272,196
$147,561
$3,323,459
$1,795,120
$3,061,446
$1,762,169
$161,488
108,099
Net income
Pref. div. requirements.
$268,658
3,538
$309,328
$147,840
Gross income
Deductions
Preferred
(& Subs.)—Earnings—
1936—Month—1935
$594,728
$543,118
286,320
274,460
$124,635
108,099
$1,528,339
1,297,182
$1,299,277
1,297,182
have
been
paid at one-half of the full rate, since
1934, preferred dividend equivalent to regular quarterly dividend
on No. 27,
1936 payable Jan. 1, 1937 to stockholders of record
Dec. 10, 1936.
One-half of this dividend applicable to arrearage of quarter
Oct.
1,
declared
ending Sept. 30, 1934, one-half applicable to the quarter ending Dec. 31,
1936—V. 143, p. 3835.
.
Central Vermont Public Service
Period End. Nov. 30—
Corp.—Earnings—
1936—Month—1935
$179,940
$161,088
104,043
104,013
Operating revenues
x Operating
expenses...
Net oper. income..
Non-oper. income, net..
1936—12 Mos.—1935
$1,975,714
1,300,681
Pref. div. requirements.
$57,046
27,169
$681,553
348,278
$682,477
$48,525
18,930
Net income
$675,033
6,520
$682,164
def29
$75,983
27,458
Gross income.
$57,075
86
Deductions
$29,877
18,930
$333,275
227,160
$375,838
227,160
313
306,639
x In July,
1936 the company increased to 16% the percentages of oper¬
ating revenues provided for maintenance and depreciation retroactive to
Jan. 1, 1929.
The amounts of the additional depreciation so provided
and
included
$3,222; 12
in
mos.
the
above figures are:
ended Nov. 30,
1935, $36, 628.—V. 143,
p.
Nov., 1936, $3,599; Nov., 1935.
1936, $39,515; 12 mos. ended Nov. 30,
3460.
a
The
New
York
Stock
Deferred credit..
377
Liens (Censos) on properties.
6\% coll. trust bonds
1
1,534
214,000
Capital stock ($19 par)
2,575,526
Said since Dec.to the plan $214,000 of such principalentitled to receive 6%
assented
31, 1931. and will accordingly be amount of such bonds
Total
$4,047,786
11, 1936 (as amended)
bonds.
The assets appearing above do not include the amount by which the
principal and accrued interest of $6,777,700 Eastern Cuba Sugar Corp.
7)4% mortgage sinking fund gold bonds (acquired by Central Violeta
Sugar Co., S.A. pursuant to the plan) exceeds the share of said amount
of bonds in (a) the foreclosure sale proceeds, namely, $3,000,000 less
$300,849 of underlying liens, or a net of $2,699,150, and (b) $390,743 of
other funds received by the trustee less $34,000 for trustee's charges and
expenses; because the assets of Eastern Cuba Sugar Corp. are situated in
Cuba and counsel advise that Cuban legislation now in effect does not permit
the enforcement of any deficiency judgment or other proceedings in Cuba
for the collection thereof.—V. 143, p. 3835.
Century Shares Trust—Special Dividend—
The trustees declared a special dividend of 10 cents per share on each
participating share payable Dec. 24 to holders of record Dec. 15.
The
company stated that this dividend is a special dividend and is not in place
of the semi-annual dividend regularly payable Feb. 1, 1937.
The dividend
which will be paid on Feb. 1, 1937 will cover the balance of undistributed
net income of the Trust for the year 1936.
'
Previous dividend distributions were as follows: 38 cents on Aug. 1 last;
45 cents on Feb. 1, 1936; 40 cents on Aug. 1, 1935 and on Feb. 1, 1935;
37 cents on Aug. 1 and Feb. 1,1934, and 35 cents on Aug. 1,1933.—V. 143,
p. 2518.
Store
Chain
Investors Trust—Extra Dividend—
The company paid an extra dividend of 30 cents per share on its capital
stock, no par value, on Dec. 22 to holders of record Dec. 15.
The directors also declared the regular quarterly dividend of 25 cents
Co., S. A.—Listing, cfee.—
Exchange has authorized the listing of 150 000
shares of capital stock $19 (Cuban official currency)
par value upon notice
of issuance (to the holders of certificates of deposit) in accordance with
the terms and conditions of the plan of readjustment dated Nov.
13, 1935
in respect of certificate of deposit for Eastern Cuba Sugar Corp.
15-vear
7)4% mortgage sinking fund gold bonds.
Central Violeta Sugar Co., S.A
was organized on Sept. 3,
1936, pursuant
to the plan for the purpose of taking title to the
mortgaged properties of
Eastern Cuba Sugar Corp. securing the 15-year
7)4% mortgage sinking
fund gold bonds.
Such properties consist of the sugar mill Central Violeta
and approximately 60,000 acres of land.
These properties were bid in for
$3,000,000 at the final auction sale held on Oct. 27, 1936 before the Court
of First Instance at Moron, Cuba, by the trustee for the
bonds, which sub¬
sequently assigned its bid to the company.
The company has paid the
forclosure price by paying to the trustee for such bonds the
equivalent of
$2,699,150 (being the portion of the foreclosure price payable in respect of
such bonds) the difference between that figure and
$3,000,000 being repre¬
sented by underlying liens of record on such
properties in the amount of
$300,849, which includes the existing lien thereon in favor of the holders
of the Violet Sugar Co. first mortgage 7% gold bonds.
There are $223,000
of such Violet Sugar Co. bonds outstanding, on which no interest has
been
$4,047,7861
Under the terms of the agreement, dated Sept.
during the year ending Sept. 30, 1937.
The above pro forma balance sheet gives effect, among other things,
pursuant to the plan, to (1) the receipt by the company of the proportion
of the cash funds held by the trustee attributable to $6,777,700 principal
amount Eastern Cuba Sugar Corp. 714% mortgage sinking fund gold
bonds deposited under the plan to Nov. 14, 1936, after deducting from such
funds $34,000, being the trustee's estimated charges and expenses, and
after retention by the trustee of the amount due to holders of non-deposited
bonds for their share of the net foreclosure bid price; and (2) to the payment
in cash of interest accrued from Dec. 31, 1931 to Dec. 31, 1936 on Violet
Sugar Co. 7% bonds; and (3) to the payment in cash of $9,000 to the
holders of $9,000 principal amount non-deposited Violet Sugar Co. 7%
per
Central Violeta Sugar
335,000
a604,178
account
between the company and Eastern Cuba Sugar Corp., this balance may be,
and some part thereof not now ascertainable will be, required to be paid
$1,831,377
1,149,213
$75,897
..
Current
44,615
Total
dividends.
_
Central Maine Power Co.
adjustment and acquisition
.of properties, &c
Cuba Sugar Corp—
$409,409
z Regular dividends on $7 and $6 pref. stoci
>cks were paid on Nov. 2, 1936.
After the payment of these dividends there were no accumulated
unpaid
dividends at that date.—V. 143, p. 3835.
Period End. Nov. 30—
12,531
33,022
;
Eastern
79,938
Investment in capital stock of
Eastern Cuba Sugar Corp.
$271,617
....
Accounts payable
—
Prov. for estimated exps. in
connection with plan of re¬
12,531
deposit
—
liquidations
cane
(contra)
liquidations
Deferred debtls
Balance
Bank loans—secured
$72,593
Special deposit for payment of
retained
1936
Liabiiities-
Cash in banks and
Materials & supplies, at cost.
$900,809
274,540
the
period hereinafter stated; and the capital stock is to be issued to all holders
of Eastern Cuba Sugar Corp. 15-year 7 34% mortgage sinking fund gold
bonds who have assented or may assent, to the plan pursuant to the terms
thereof.
The issuance of such stock has been approved by the directors
at meetings held Nov. 18 and 30, 1936.
Assents or deposits under the plan
may be made until Jan. 18, 1937, or such later date as may be determined
by the Eastern Cuba Sugar Corp. bondholders' protective committee, which
promulgated such plan initially and solicited deposits thereunder.
(contra)
$80,725
13,587
Balance.'
y$84,617
y$62,567
Property retirement reserve appropriations
z Dividends applicable to pref. stocks for
period,
whether paid or unpaid
135,554 shs.
Pro Forma Balance Sheet—Sept. 30,
$104,467
12,007
revs,
$214,000
150,000 shs.
assented thereto, or may assent thereto on or before the expiration of
Assess—
1936—12 Mos.—1935
from oper
Other income (net)
Net
$223,000
The 6% collateral trust bonds, due 1940, are to be issued, under the plan,
to the holders of Violet
Light & Power Co.-—Earnings—
[American Power & Light Co. Subsidiary]
Period End. Nov. 30—
Outstanding
Authorized
6% collateral trust bonds due June 30, 1940
Capital stock $19, Cuban official currency par
value per share
reserve
Central
The
Liabilities on the books of Eastern Cuba Sugar Corp. include among other
unsecured indebtedness amounting to over $2,500,000 and the
aforesaid $900,000 6% mortgage bond, both of which are now held by
things
Nov. 30/36 Dec. 31/35
Assets—
4147
Chronicle
share payable Jan. 15 to holders of record Dec. 15.—V. 143,
p.
2671.
Cheney Brothers—Reorganization—
The
company's reorganization plan
Court at Hartford, Conn.,
District
before Judge Thomas in the U. S.
Dec. 21, and after a hearing the
was
on
Court took the matter of acceptance of the plan under advisement and is
expected to rule on it in the course of 10 days. The plan as originally out¬
lined was presented and embodies an offer of settlement with bondholders
on a basis of 27 cents on the dollar in cash or to accept preferred stock in the
face amount of the claim plus interest.
Preferred stockholders, and most of
have a cash option of three cents per $1, making
altogether a cash settlement of 30 cents, or they may take preferred stock
and some common stock.—V. 143, p. 3623.
them are bondholders,
Chesapeake & Ohio Ry.— -Earnings—
November—
1936
Gross from railway
Net from railway
Net after rents
From Jan.
1935
after rents
—V. 143, p.
1933
$8,801,222
4,019,730
3,371,060
104,740,116 101,287,130
46,535,258
45,008,949
36,502,417
34,131,767
98,301,283
44,475,496
34,234,856
1—
Gross from railway.124,398,635
Net from railway
59,966,227
Net
1934
$9,102,821
4,137,383
3,155,219
$12,590,727 $10,856,622
6,806,775
5,479,133
5,557,610
4,522,135
48,100,531
3994.
ave
Collateral trust bonds of the company to be dated Dec.
31, 1936 and to be
due June 30, 1940, bearing int. at 6% per annum, and to be secured
by
pledge of an equal face amount of Violet Sugar Co. first mortgage 7% gold
bonds (or equivalent obligations) which are in turn secured
by a first lien
on Central Violeta sugar mill and approximately 15,000 acres of land
The company also has acquired pursuant to the plan all the
stock, except
directors' qualifying shares, of Eastern Cuba Sugar
Corp., which still owns
one sugar mill (Central Velasco) and approximately 33.000 acres
of land,
on which there is a first mortgage
securing an Estern Cuba
Sugar Corp
6% mortgage gold bond in the principal amount of $900,000, owned by
Compania Azucarera Atlantica del Golfo and on which no interest pay¬
ment has been made since July 24, 1931.
Foreclosure proceedings initiated
in 1932, on the $900,000 bond are in suspense under the
Cub^n moratorium
Said Velasco mill is not presently engaged in
production and cannot
brought into operation without substantial costs of repair (estimated
$100,000) being incurred by reason of damage thereto caused by a
laws.
be
at
hurricane in
1932.
The company has entered into an agreement with Eastern Cuba
Sugar
Corp. whereby, among other things, Eastern Cuba Sugar Corp. agrees to
transfer to the company as of the opening of business Oct.
1, 1936, or such7
later date as may be mutually agreed upon, certain assets
including all
current assets in consideration for which the
company assumes as of the
date of transfer of such assets the then balance of current
liabilities of
Eastern Cuba Sugar Corp., and agrees to credit Eastern Cuba
Sugar Corp
in
a special non-interest bearing current account with the
difference at the
time of transfer between the value of the assets of Eastern Cuba
Sugar Corp
transferred and the value of the liabilities thereof so
pany
likewise agreeing
to meet its dead
season
to
provide Eastern Cuba
requirements.
asumed, the com¬
Sugar Corp. with funds
Chicago Milwaukee St. Paul & Pacific Ry.—Interest—
A court order authorizing trustees to pay interest of $1,984,085 on Chicago
Milwaukee & St. Paul Ry. gen. mtge. bonds has been received, according
an
announcement by B. J. Marony, New York fiscal representative
of the road.
to
The
interest
interest
that
interest on
is
equivalent
to
two-thirds
of
the
semi-annual
coupon
fell
gen.
due on July l, 1936, and two-thirds of the quarterly
mtge. fully registered bonds that fell due on July 1 and
Oct. 1, 1936.
Since the payment represents only two-thirds of the face
value of each coupon, the railroad will stamp such payment on the coupons
presented to it and return them to the bondholders.—V. 143, p. 3994.
Chicago Rock Island & Pacific Ry.—Equipment Trusts
Brothers, Hallgarten & Co., Graham,
Parsons & Co., and A. G. Becker & Co., Inc., on Dec. 23
Offered—Lehman
offered at prices to yield from 0.8(1% to 3.70%, according to
maturity,
$2,400,000
3^%
equipment
trust
certificates
series R.
Due $120,000 each Jan. 1 and July 1, from July 1, 1937, to Jan. 1,
1947,
Principal and dividends payable semi-annually (July 1 and
1) in New York or Chicago. Definitive certificates of $1,000 in bearer
form.
Not redeemable prior to maturity.
Issued under the Philadelpha
plan. Trustee: First National Bank of Chicago.
Guaranteed unconditionally as to principal and dividends by Frank O.
Lowden, James E. Gorman and Joseph B. Fleming as trustees of Chicago
Rock Island & Pacific Ry., subject to the provisions of the equipment trust
agreement.
inclusive.
Jan.
I
Financial
4148
certificates
These
offered
are
subject
to
approval by the Interstate
the United States for the
Commerce Commission and the District Court of
Divi¬
Raised—
dividend of $1 per share in addition
The directors have declared an extra
a quarterly dividend of $1.50 per
share on the capital stock, both
payable Jan. 2 to holders of record Dec. 15.
Previously, regular quarterly dividends of $1 per share had been distributed
from Oct. 1, 1935 to and including Oct. 1, last.
The Oct. 1, 1935 dividend
was the first paid since Jan. 1, 1933, when a regular quarterly dividend of
$2 per share was paid.—V. 141, p. i764.
to
Chicago Venetian Blind
shares of common stock ($1 par)
at $5.90 per share by Bond & Goodwin Inc. of Illinois, Chicago, and As¬
sociates a prospectus dated Dec. 10, affords the following:
Transfer Agent, City National Bank & Trust Co. of Chicago; Registrar,
History and Business—Company was incorp. in Illinois on Jan. 6, 1936,
as of Jan. 1, 1936, the assets and business, and assumed the
liabilities of, the Venetian blind division of the Central Architectural Iron
Works.
The blind business of Central Architectural Iron Works was
started in October, 1933 and was operated as a separate division of that
and took over
manufacture and sale of
blind hardware and
at wholesale.
Its
high-grade, custom-made Venetian blinds and Venetian
accessories.
Entire production of the company is sold
principal outlets are high-grade department stores, furniture stores, and
accredited merchants specializing.in the sale of window shades, draperies
and awnings.
Part of the company's business is on a cash basis, but it
also extends the usual line of credit for 30 days to customers having satis¬
factory commercial credit ratings.
Capitalization—Upon the issuance and sale by the company of 18,000
stock the capitalization of the
company will be as follows:
shares of authorized but unissued common
Outstanding
Authorized
*100,000 shs.
option to purchase 18,000 shares of
100,000 shs.
Common stock ($1 par)
*The principal underwriter has an
the authorized but unissued stock, but has not
made a firm commitment
purchase same.
Purpose—Of the 45,000 shares offered, the principal underwriter has an
option to purchase 27,000 shares thereof from certain stockholders at $4.54
per share, and no part of the proceeds from the sale of these shares will be
received by the company.
The principal underwriter also has an option
to purchase 18,000 shares of common stock from the company at $5.10 per
share.
Company has recently purchased from Meaker Co., Cicero, 111.,
alumiliting equipment for use in the manufacture of aluminum Venetian
blinds.
The cost of this equipment is $22,833, and the installation thereof
is expected to be completed on or about Dec. 15, 1936.
Approximately
$25,000 of the net proceeds from the sale of 18,000 shares of common
stock will be used to reimburse the treasury for the cost of this equipment
plus the cost of installation thereof.
The balance of the net proceeds, amounting to approximately $65,000,
will be used for additional working capital.
to
Income Account
for 9 Months Ended Sept. 30, 1936
$380,328
258,762
Net sales
Cost of sales
Gross profit
Expenses
$121,566
55,062
—
$66,504
174
9,617
Operating profit
Income charges
Federal income and excess profits taxes
Net
(.approximate).
$56,712
profit before provid. for Federal tax on undis. earns
Balance Sheet
Sept. 30, 1936
Accounts payable
$28,767
Cash
$5,784
Accts. receivable (net)
64,353 Accrued liabilities..
40,948 Prov. for Fed. inc. & excess
profits taxes
8,417
2,033 x Capital stock (410 shs.)
9,215 Profit
Inventories
Miscell. assets
Prepaid values & def. charges.
Fixed assets (net)
$5,248,529
399,074
...
908,857
697,696
$3,020,683
328,569
281,400
Preferred dividends
Common dividends
1,969,800
$1,654,683
$2,410,714
4,137,742
3,139,088
Earns, per sh. on 562,800 shs. com. stk. (no par)..
$6.44
$4.78
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 143, p. 3994.
Columbia
Brewing
paid
The company
stock
an
Co.—Initial Dividend—
initial dividend of 25 cents per share on its common
14.—V. 143, p. 2203.
Dec. 21 to holders of record Dec.
on
Columbia Broadcasting System,
Inc.—Special Divs.—
special dividend of $1.30 per share in
of 50 cents per share on the
class A and B stocks, all payable Dec. 21 to holders of record Dec. 15.—
Y. 143, p. 3624.
The
directors
have declared
a
addition to the regular quarterly dividends
Columbia
Pictures Corp.—Stock Dividend—
semi-annual stock dividend of 2%%
stock on Feb. 23 to holders of
Holders of voting trust certificates will receive this dividend
The directors on Dec. 14 declared a
on
the common stock, payable in common
record Feb. 9.
in voting
common
trust certificates.
Cash will be paid where
stock or voting trust certificates are due.
3.653
9,617
32,000
56,712
$130,750!
$130,750
Total
1936 the authorized stock was changed to 100,000 shares
par $1 each, and 82,000 shares thereof were issued in exchange for the 410
shares without par value which were then outstanding.
In connection with
this change in tne capital stock, the sum of $50,000 was transferred from
surplus to pay up the difference between the stated value of the 410 shares
without par value ($32,000), and the par value of the 82,000 shares ($82,000)
which were issued in exchange therefor.—V. 143, p. 3994.
x
On Nov. 13,
fractional shares of
dividend of 25 cents per
share on the common stock payable Jan. 2 to holders of record Dec. 18.
Similar stock dividends were paid on Aug. 3, and on Feb. 3. 1936.—V.
143, p. 3461.
The directors also declared the regular quarterly
Combustion Products Corp.—Registers with
given on first page of this department.
SEC—
See list
Commercial Investment Trust Corp.—Listing of Addit¬
ional Common
Slock—Acquisition—
the listing of 30,700 addi¬
official notice of issuance and
The New York Stock Exchange has authorized
tional shares of common stock (no par)
on
payment in full in connection with the acquisition of all of the outstanding
stock of Bachmann, Emmerich & Co., Inc., making the total amount
applied for 3,649,506 shares.
The corporation has acquired all of the outstanding stock of Bachmann,
Emmerich & Co., Inc., and has agreed in exchange therefor to deliver
30,700 shares of common stock.
An agreement dated Sept. 18, 1936, by
the corporation with the stockholders of Bachmann, Emmerich & Co.,
Inc., providing for the acquisition by the corporation of such stock, was
ratified by the directors of the corporation at a meeting held on Oct. 22
1936.
At the same meeting the directors authorized the issuance of the
30,700 shares of common stock for such purpose.
The assets of Bachmann, Emmerich & Co., Inc., at March 31, 1936
(exclusive of contingent assets, including any future recoveries of items pre¬
viously charged off) were stated at $7,251,008.
The operating revenues of
Bachmann, Emmerich & Co., Inc., for 1935 amounted to $697,131.
Bachmann, Emmerich & Co., Inc., was incorp. in New York on April 5,
1918.
Upon incorporation it acquired the business which had been carried
on by the partnership of Bachmann, Emmerich & Co. prior thereto for a
period of 20 years.
It has been engaged in the textile factoring business,
similar to that of several of the larger subsidiaries of Commercial Investment Trust Corp.—V. 143, p. 3994.
m
Proposed to Simplify
Capital Structure of Group of Companies—Stock¬
holders Asked to Approve of .$600,000,000 Plan Involving Four
and Balance
Affiliates—
James
Edison
Simpson, on behalf of the boards of directors of Commonwealth
Commonwealth Subsidiary Corp., Public Service Co. of
Co.,
Northern Illinois, Western united Gas & Electric Co.,
Total
$4,089,041
1,178
369,484
$3,940,598
316,115
Net profit
Commonwealth Edison Co.—Plans
Liabilities—
Assets—
Nov. 28, '36 Nov. 30, '35
Federal income taxes, &c_
the First National Bank of Chicago.
company from May 1,1934 until Jan. 6,1936.
The company is at present engaged in the
(& Subs.)—Earnings—
9 Months Ended—
Operating profit
Interest paid (net)
Depreciation
Surplus
Earned surplus at close of period
Co.—Further Data—
In connection with the offering of 45,000
Represented by 219,988 no par shares after deducting 12 shares held in
ledger value of $525.—V. 141, p. 3686.
Collins & Aikman Corp.
Chicago Title & Trust Co.—Extra Div.—Regular
dend
d
treasury at
143, p. 3994.
Northern District of Illinois, Eastern Division.—V.
1936
26,
Dec.
Chronicle
and Illinois Northern
announced on
financial plans
4
Utilities Co, following Board meetings held last week,
Dec. 19 the formulation of four separate and independent
which contemplate; among other things:
(1) The carrying out - of a reorganization plan
Commonwealth Edison Co. of complete ownership
for the acquisition by
of the voting stocks of
Public Service Co. of Northern Illinois;
(2) The retirement of the outstanding debentures of Commonwealth
Subsidiary Corp., and of all mortgage debt and preferred stocks of both
United Gas & Electric Co., and Illinois Northern Utilities Co.:
Western
City Properties, Inc.—Registers with SEC—
(3) The retirement of a substantial
Public Service Co. of Northern Illinois;
given on first page of this department.
See list
Civil Service Plan Bankers, Inc.—Registers
first page of this department.
with SEC—
are proposed for the purpose of simplifying and
Commonwealth Edison Co. the consolidated capital
of companies, all of which supply utility services
in the great metropolitan area in Illinois of which Chicago is the hub. Each
of the four plans, however, is proposed for a separate purpose and will
be carried out independently.
The plans are, of course, subject to the ap¬
proval of Commonwealth Edison Co. stockholders and of the Illinois Com¬
merce Commission and to the appropriate proceedings before the Securities
and Exchange Commission at Washington, D. C. The board of directors of
Commonwealth Edison Co. at a meeting held Dec. 19 authorized the
calling of a special meeting of stockholders of the Edison company to be
held Jan. 23, 1937, to vote authority for the board to proceed with each .or
any part of each plan according to its best judgm nt.
Whether or not Plans No. 3 and 4 will be consummated depends on
developments arising from the exchange offers to Public Service share¬
holders (Plan No. 1) and on the then prevailing conditions of the money
The first
Society, Inc.—Registers with
coordinating
structure
SEC—
See list
given on first page of this department.
Claymont Court, Inc.—Registers with SEC—
See list given on
first page of this department,
Cleveland Tractor Co. (&
Years End. Sept.
30—
Operating profit
Other income
Total income
Depreciation.
Interest expense
Amort, of deb. disc. &c..
Inventory adjust, (net).
Provision for uncoil. &
doubtful rec
Prov. for Fed. inc. tax..
Subs.)—Earnings—
1936
$216,841
155,037
1935
$452,600
$371,878
240,417
63,668
7,547
$534,492
191,474
25,860
1934
$250,928
1933
51,863
loss$49,431
37,347
$302,791
186,862
loss$12,084
181,375
13,603
28,213
81,892'
23.495
x6,45€
$289,445
$0.13
three plans
under
of the
group
markets.
$1.32
21,500
27,712
$30,292
of
Public Service Co.
See list given on
Civil Service Underwriters
amount of the senior securities
and
The refunding of all or part of the mortgage debt of Commonwealth
Edison Co. and all or part of the remaining outstanding mortgage debt of
(4)
24,515
reduction in the par value of Common¬
stock from $100 a share to $25 a share, each of
The first plan contemplates a
wealth Edison Co. capital
the present shares to be changed into four shares.
The first three plans involve the possible issuance
by the Edison company
or part of about 3,425,000 shares of new capital stock and all or part
$118,200,000 of convertible debentures.
Assuming that each of the
first three plans are consummated and the debentures are fully converted
into Edison capital stock, there will then be outstanding approximately
12,475,000 shares of new stock of which about 6,000,000 shares will be
attributable to the new financing.
The separate plans, summarized below, indicate the securities to be either
acquired by the Edison company or retired by the issuing company from
proceeds or refunding securities to be purchased by the Edison company:
of all
of
Net profit
Earns, per sh. on 220,000
shs. com. stk. (no par)
x
$77,811 loss$243,171
$0.35
Nil
Includes $3,375 additional Federal income tax for preceding fiscal year.
Consolidated Balance Sheet Sept. 30
Asseu—
1936
Cash
Due
$415,402
from
U,
Notes,
45,675
65,997
accepts.,
908,741
accts. rec., &c_.
599,604
proceeds of notes
sold or discount.
Est.
liab.
1,741,538 1,634,207
84,739
146,038
Other assets
Unpaid
112,533
112,533
mch., equip., &c 1,021,554
Prepaid expenses,
inventory of sup¬
986,558
113,524
31,368
yr.
5% conv.
sink, fund debs.
Deferred income..
Land, buildings,
plies, &c
Reserve
for
a
d Capital stock
$4,477,830 $3,829,8701
Capital surplus
Total
76,082
144,765
47,817
1,250,000
28,365
27.495
141,928
1,099,475
1,156,349
154,377
142,304
1,099,475
1,156,349
124,085
reserves
This plan contemplates
all of the outstanding
Plan No. 2
$4,477,830 $3,829,870
$129,185 in 1936 and $82,896 in 1935.
b After
of $191,713 in 1936 and $271,399 in 1935.
c At depreciated value.
After
reserve
of
73,181
110,303
gen.
contingencies...
Profit & loss surp.
Total
73,394
25,985
50,685
credits
Plan No. 1
the acquisition by Commonwealth Edison Co.
stock, ooth common and preferred, of Public
Service Co. of Northern Illinois, in exchange for capital stock of Common¬
wealth Edison Co. under an exchange offer to be made to all the stock¬
holders of Public Service Co.
The public holds 407,422 shares of common
stock and 137,656 shares of preferred stock of Public Service Co. and
Commonwealth Subsidiary Corp. holds the remainder of the outstanding
shares.
The directors will recommend to the Edison stockholders that the
par value of Edison capital stock be reduced from $100 a share to $25 a
share in order to facilitate the exchange, and that the offer of exchange to
Public Service common stockholders be on the basis of three shares of new
Edison stock for one share of Public Service Co. common stock.
This will
be equivalent to exchanging four shares of Public Service Co. common
stock for three shares of the present Edison stock.
The terms of exchange
to be offered preferred stockholders of Public Service Co., the preferred
stocks of which are callable at $120, will be fixed at the time of the offer
on an equitable basis.
of
wages and
commissions
10
not used
In operations
1935
$548,997
462,500
under
warranty agree.
Acc. int. on debs..
Customers'
34,124
b Inventory..
c
1936
$313,788
Acer. Fed., State &
local taxes
Amts. with'ld from
Real est.
Liabilities—
Accts. payable
Notes payable
Government
a
1935
$253,562
S.
.
This
plan contemplates the issuance by
Commonwealth Edison Co. of
four shares of new
debentures convertible into its capital stock at par or
Volume
143
Financial
Edison stock for each $100 of
debentures, the proceeds to be made available:
(1) for the redemption of $19,429,000 of the debentures of Commonwealth
Subsidiary Corp.; and
for
the
(2) through the purchase of refunding securities,
of $25,800,000 of bonds of Western United Gas &
redemption
Electric
Co., and $9,704,000 of bonds of Illinois Northern Utilities Co. In
addition, it is intended that the issuing companies will call for redemption
$13,246,000 of the preferred stocks of the Western United Gas & Electric
Co. and $5,464,500 of the preferred stocks of Illinois
Northern Utilities Co.
Funds for this latter purpose will be obtained
by the issuing companies
from the Edison company which will
purchase refunding securities with
proceeds from the sale of either an additional amount of convertible deben¬
tures or of Edison capital stock.
So as to give the preferred stockholders
of the Western United and Illinois Northern
companies an opportunity to
an investment in the
properties, an exchange offer will be made by
the Edison company to such stockholders
retain
on
an
giving them the option of taking,
equitable basis of exchange, shares of Edison stock instead of the
cash representing the call price.
Plan No. 3
This plan, contingent on developments
arising from the exchange offers
to Public Service Co. stockholders and on the then
prevailing conditions
of the money market, contemplates the retirement of
not to exceed $31,000,000 of the mortgage debt of Public Service Co. Funds for this
program
would likewise be obtained from the Edison
company which will purchase
from Public Service Co. refunding securities with the
proceeds from the
sale of an additional block of convertible debentures.
This
plan also pro¬
redemption of that portion of the preferred stocks of Public
Service Co., if any, remaining in the hands of the public after the
expiration
of the exchange offer under Plan No. 1. Funds for this
latter purpose would
be derived either through the sale by Edison of
convertible debentures or of
capital stock.
vides for the
Plan No. 4
This plan, likewise contingent on developments
arising from the exchange
Public Service Co. stockholders and on the then
prevailing
con*
mortgage debt of Public Service Co. remaining outstanding after the
summation of the previous financial operations.
con¬
ditions of the money market, contemplates the
refunding or all or part of
the mortgage debt of Commonwealth Edison Co. and
all or part of the
Commonwealth
Edison
wealth
Subsidiary Corp., wholly-owned subsidiary of Common¬
Co., now owns approximately 33% of the common and
preferred stocks of Public Service Co. of Northern Illinois and all of the
common stocks of both Western United Gas &
Electric Co. and Illinois
Northern Utilities Co.
Concerning Plan No. 1
Directors of the Edison and Public Service companies believe
that, be¬
the two companies have been drawn into
very close operating relation¬
ships due to the tremendous growth of electricity production and distribution
cause
Eanies of approximately^,600,000. will be offset however, should
regarded
permanent because it This reduction,
debentures
e
former suburban areas annexed
to
Chicago and previously
served by Public Service Co., the full
ownership by the Edison company
of the voting stocks of Public Service Co. will
insure the continuance of
the benefits arising from the many
operating arrangements.
A more
closely knitted utility operation in the great metropolitan district served
would also be possible.
In order to arrive
including
present-
at; a fair basis of exchange with all
elements of value
earnings, prospective future growth, and relative strength
of the respective capital structures,
impartially determined and weighed,
each board of directors engaged a separate firm of
engineers to make an
independent study,
neither
the two firms having had previous con¬
The Edison directors employed the firm of
Ford, Bacon & Davis, Inc., and the Public Service Co. directors, the
Stone & Webster Engineering Corp. In addition, Owen D.
Young, Chairman
of the General Electric Co., consented to act in an
advisory capacity in
reviewing the conclusions of the engineers as to the relative values of the
of
nections with the companies.
stocks and in making a recommendation to the directors
of Com¬
monwealth Edison Co. as to what a fair basis of
exchange might be. The
ratio of exchange for the common stocks set forth in Plan
No. 1 was the
unanimous opinion of the respective boards of
directors, the two inde¬
pendent engineering firms, and Mr. Young. The variations in the
respective
common
findings of value
were
within such
a
narrow
range as to
make
a
common
agreement possible.
Concerning Plan No. 2
The directors of Commonwealth Edison Co., with a view to
extending
further the principles of simplification and coordination
which prompts the
exchange offer for Public Service stocks are proposing to Edison stock
holders a second and independent plan which will
provide for the retirement
of all the publicly owned securities of Commonwealth
Subsidiary Corp.,
Western United Gas & Electric Co., and Illinois Northern
Utilities Co.
The debentures to be sold by Commonwealth Edison
Co. for this purpose
will be convertible into its capital stock at par or four shares
of new Edison
stock for each $100 of debentures.
Other provisions of the convertible
debentures, such as date of maturity and rate of interest
coupon, have not
yet been finally decided upon. The proceeds will be used for the retire¬
ment of the debentures of Commonwealth
Subsidiary Corp. and to
as
from
Western
United
Gas
purchase
&
Electric Co. and Illinois Northern Utilities
Co. refunding securities to provide funds for the
redemption of their bonds
and possibly some or all of the preferred stocks of such
companies.
The
debentures, of course, must first be offered to Edison
stock¬
holders at par for pro rata subscription in satisfaction of their
convertible
preemptive
rights. It is proposed that the debenture issue or issues will be
underwritten
by a group or banking houses and more than one-half of the total
participa¬
tion will be allotted to Chicago houses.
If funds for the redemption of the
preferred stocks of the Western United and Illinois Northern companies are
to be provided from the sale of Edison
stock, such stock will be offered at
Sar to of Edison capital stocksatisfaction of their preemptive rights. Any
Edison stockholders in are also to be underwritten by a group of
as
as
are
not
con¬
verted from
time to time into Edison stock
by the increase in dividend
requirements arising from the greater number of
outstanding shares.
Obviously, it is impossible, due to many indeterminable factors, primarily
the
of
rate
conversion
of
the
debentures
and
the
alternative
offers, to estimate for
exchange
any one year the net reduction in interest charges
and dividends which will result from the
plans. On the basis of the present
volume of business and related
factors, it is expected that Commonwealth
Edison Co. will receive income from the
subsidiary companies substantially
sufficient to maintain the dividend rate on the increased number
of Edison
shares to be
eventually outstanding. In addition to the reduction set forth
above, there should be possible substantial savings
through further refundings of all or part of the mortgage debt of Commonwealth Edison
Co. and
all or part of the
remaining mortgage debt of Public Service Co. of Northern
Illinois as contemplated under Plan No. 4.
It is not intended that Commonwealth Edison
Co. should
acquire direct
ownership of the physical properties of any of the companies. Neither is the
merging of the operating organizations and personnels of the companies
contemplated.
Present plans do not include any action with
respect to the two important
fenerating companies, Chicago District securities of these two Corp. and
Electric Generating companies
uper-Power Co. of Illinois.
The senior
include
a
relatively small issue of preferred stock—that of the Chicago
District company.
The common stock of the Chicago District company,
which owns the modern State Line Station on Lake
Michigan at the IllinoisIndiana State line, is now owned
jointly—70% by Commonwealth Edison
Co. and Public Service Co. of Northern
Illinois) 40% and 30% respectively
by Northern Indiana Public Service Co.
The common stock of
Super-Power Co. of Illinois, which owns the efficient Powerton Station
on the Illinois River near
Pekin, 111., is owned entirely by Commonwealth
Edison Co. and Public Service Co. of Northern
Illinois, which have 75%
and 25%, respectively.
Super-Power Co. has no other class of stock out¬
standing.
The predominant ownership interest in the two
generating companies
by Edison and Public Service, with their own large
generating stations,
for the Chicago metropolitan district not
only efficient generating
capacity, but also what is equally important the additional capacity that
can be installed
through future development of the most favorable sites.
Besides accomplishing the primary objective of
simplifying and balancing
the consolidated capital structure of the
group of companies, the program
points to the secondary consideration of laying the
ground-work for the
possible ultimate segregation between the existing companies of the
gas and
electricity business in the suburban territories (as has already been accom¬
plished in the City of Chicago), which preliminary reviews indicate to be
worthy of serious further study.
assures
and the pooling of power supply through the interconnections of
transmission
lines in the Chicago metropolitan area and the
joint utility operations in
numerous
4149
and 30%
.
offers to
Chronicle
Contemplated Suit May Stop Meeting—
The attorney for Owen Barton Jones and
George A. Bates, in the course
of the
interchange energy suit against the company, has indicated that he
oppose the contemplated simplification plan of the
company in¬
volving the exchange of stock of the Public Service Co. of Northern Illinois.
He proposes a supplemental bill
asking the court to enjoin the contemplated
special meeting of Commonwealth
stockholders, which has been set for
Jan. 23, while the present suit is pending unless full disclosure is made to
would
the stockholders of the details of the suit.
Earnings for November and Year to Date
Period End. Nov. 30—
Gross earnings
Net income
—V. 143, p. 3461.
Commonwealth
1936—Month—1935
1936—11 Mos.—1935
$7,218,565
$6,983,929 $75,362,004 $71,763,604
1,217,334
933,736
9,466,350
8,745,440
&
Southern
Corp.—Electric Output—
Electric output of the system for the month of November was
687,487,785 kwh., as compared with 572,643,088 kwh. for November, 1935
an increase of
20.06%.
For the 11 months ended Nov. 30, 1936, the output
was
7,053,152,604 kwh. as compared with 5,813,915,703 kwh. for the
corresponding period in 1935, an increase of 21.32%.
Total output for
the year ended Nov. 30,
1936
was
7,655,293,008 kwh., as compared
with 6,309,295,462 kwh. for the
year ended Nov. 30, 1935, an increase
of 21.33%.
Gas
Output—
Gas output of the system for the month of November was
1,338,767,900
cubic feet, as compared with 1,022,722,600 cubic feet for
November, 1935,
an increase of
30.90%.
For the 11 months ended Nov. 30,1936, the
was
output
11,822,120,200 cubic feet, as compared with 9,972,648,300 cubic feet
corresponding period in 1935, an increase of 18.55%.
Total output
for the
for the year ended Nov. 30, 1936 was
13,076,283,400 cubic feet
pared with 10,974,613,500 cubic feet for the year ended Nov.
as
com¬
30, 1935.
increase of 19.15%.
an
Period End. Nov. 30—
1936—Month—1935
1936—12 Mos.—1935
Gross revenue
.—$12,109,559 $10,731,461 $133,960,33 $120,968,554
Oper.exps. and taxes.._
6,261,511
5,438,200
69,752,764
60,605,857
Prov. for retire't reserve
1,026,502
832,185
11,643,410
10,398,770
Int. & other fixed charges
3,258,694
3,447,444
39,810,797
40,915,814
Divs. on preferred stock.
749,766
749,745
8,997,113
8,996,882
Balance
-V. 143, p. 3462.
$813,084
Commonwealth
$263,884
Subsidiary
$3,756,247
Corp.—Plan
to
Structure—See Commonwealth Edison Co. above.
$51,230
Simplify
sues
banking houses.
As previously stated, preferred stockholders or the Western
Northern companies will
be given an
opportuity to
in such properties
through offers by the Edison
company to exchange their shares for Edison shares.
United
retain
and
an
Illinois
Further Explanations
of Plans Outlined
It might be pointed out that the stockholders of
Public Service Co. of
Northern Illinois, Western United Gas & Electric Co. and
Illinois Northern
Utilities Co. who have exchanged their shares for Edison
stock prior to the
date on which the Edison stock sells
ex-rights, will be entitled to exercise
their preemptive rights to subscribe pro rata at
par for the convertible
debentures.
In order to make possible a wider market for the
securities of Common¬
wealth Edison Co., it is the present intention to
apply for listing on the
New York Stock Exchange.
In the event that conditions make it possible to
carry into effect each of
the first three separate programs, and
assuming in the course of time the
full conversion into Edison stock of the
proposed issue or issues of deben¬
tures, the consolidated capital structure under Commonwealth
Edison Co
of this group of properties would represent
approximately $628,000,000 of
securities. Of this amount about 49% will be in bonds,
M of 1 % in preferred
stock—that of Chicago District Electric
Generating Corp.—and 5034% in
stocks, as compared, at the present time, with about
64% in bonds,
6% in preferred stocks, and 30% in common stocks.
By thus bringing about a proper balance in the proportions of
mortgage
debt to equity securities, the consolidated capital structure of
the group of
companies will be placed on a stronger basis, and
financing for future
expansions of plant and system and for refunding purposes for the
group
as a whole, should be on a lower cost basis
because of the marked
improve¬
ment in the over-all credit position.
Such advantages should be to the
mutual benefit of the companies, their
security holders and the public.
The four plans do not in themselves provide in the
aggregate for any
appreciable changes in the total amount of securities
outstanding.
How¬
ever, it may be desirable to issue a relatively small amount of
additional
securities for the purpose of raising funds to reimburse the
Edison treasury
in part for past expenditures for investments in
subsidiary and affiliated
companies.
common
It is not intended that the added cash
requirements arising from premiums
on the securities to be called,
underwriting fee on the convertible
debentures
and capital stock issue to be sold, duplicate interest, and
financing expenses,
totaling in excess of $12,500,000, will be provided for from the sale
of
securities.
They will be furnished from the resources of Commonwealth
Edison Co. which are ample for such purpose.
While the predominating purpose of the recapitalization
plans is to
about
a
Compo Shoe Machinery Corp.—Earnings—
Statement of Income for 2 Months Ended Aug. 31, 1936
investment
proper
bring
balance in the capital structure between funded debt
and
equity securities, there will be initially, it is estimated, before
any con¬
versions are made of the debentures into Edison
capital stock, an over-all
annual reduction in interest charges and dividends to the
group of com-
Total sales, rentals, &c
$280,644
192,448
105,407
23,880
Operating income
Operating expenses
Depreciation.
Net operating income
Miscellaneous income—
$63,161
1,398
...
Total income
Miscellaneous expenses
$64,559
3,822
12,100
3,585
2,647
Provision for Federal income taxes
Obsolescence
Patent charges absorbed
B alance to surplus
$42,405
Balance Sheet
Assets—
Cash and
Aug. 31,'36 Dec. 31,*35
working
funds
$91,821
$86,230
accts. receivable
332,638
Adv. to employees
Accts. receiv. from
4,982
239,717
1,693
Customers' notes &
agencies
13~3~388
—for lease (cost)
99,685
1,380
Special deposit
in
tories
of
73,769
14,418
1,620
deferred
les¬
Patents
13,678
employees
11,182
1,255
Fed.
taxes
405,098
paid
stock issued
Capital surplus
16,834
7,758
1
45,730
3,000
128,877
mm+mrnm
9,876
125,533
on
......
303,177
527,489
64,350
223,131
441,325
1
47,086
Earned surplus
31,181
due
in 1937
prem.
388,061
2,875
14,459
16,110
&
Dividends payable
Res. for State &
Cap.stock (par $1)
Surp. arising from
fac¬
charges
$92,572
(directors)
Accrued idle time.
ma¬
sees—deprec'ted
Prepaid expenses &
$66,394
pay.—offi¬
wages
2,488
3,296 Accrued Federal
State taxes
126,457
revenue
producing
chinery In
cers
Accrued salaries &
4,292
•Inventories (cost).
Finished machines
Inv.
creds. & sundry.
Accts.
Accts.rec.from sub
Investments
Liabilities—
Accts. pay.—trade
126, 186
Mechanical & labo-1
ratory
equip.,&cf
Furn. and fixtures. J
Total
[13, 295
$1,120,170 $1,002,027
-V. 143, p. 3995.
Total
$1,120,170 $1,002,027
Financial
4150
1936
26,
Dec.
Chronicle
preferred stock is redeemable as a whole or in part at the option
time after at least 30 days' notice, at $110 a share
dividends.
price to the public and the names of any additional underwriters
be furnished by amendment to the registration statement.
The new
Compressed Industrial Gases,
Inc.—Extra Dividend—
declared an extra dividend of 60 cents per share
on the common stock, no par value, payable Dec. 22 to holders of record
Dec. 18.
A regular quarterly dividend of 60 cents per share was paid on
Dec. 15, last, and each quarter previously. In addition, a stock dividend of
60% was paid on Aug. 15, last, and a stock dividend of 25% was paid to
holders of record Jan. 2, 1936.—V. 143, p. 3311.
The directors on Dec. 8
of the company at any
and accrued
The
are to
Stockholders to Approve New Issue Dec. 28—
called a special meeting of stockholders for Dec. 28
amend the certificate of organization to provide for the new $4.50
preferred stock.
With this change the company will have 1,000,000
authorized shares of preferred stock without par value.—V. 143, p. 3996.
The company has
to
Connecticut Light &
12 Months Ended Nov. 30—
Power Co.—Earnings—
1936
1935
operating revenue
$18,566,953
Net available for divs. and other corp. purposes._
4,687,320
Balance available for com. stk. & other corp. purp_
3,891,744
$17,544,659
4,552,242
x$3.390
$3,254
Gross
Earnings per share
Based
x
on
average
number of shares
outstanding.—V. 143, p. 3995.
Consolidated Biscuit Co.—Balance
on
$408,854
a292,636
452,307
hand & In banks
Accounts receivable
Inventories
218
Accrued expenses
Notes
bonds—cash
Fund for payment
of bond
interest due Oct. 1,1936
Other receiv. & invest, assets.
.
Property, plant & equipment._
Trade names and goodwill
payable—
prior to consolid.
income
1st mtge.
6,023
17,545
b893,013
Common
11,545
107,238
24,835
757,000
323,000
405,987
436,788
...
contingencies
% sink, fund bds.
stock ($1 par)
Paid-in surplus
Earned surplus
1
166,267
for bad debts
After reserve
ciation of $476,454.—V.
dividend of 20 cents per
a
7, last,
share
5
%
Wage Increase—
extra dividend of
25 cents per share
increase of 5% to employees
effective Dec. 16. This includes sales
Dec. 17 announced a pay
The company on
receiving $5,000 or less annually,
and clerical forces as well as field
employees in production, pipe line and
refinery operations of wholly-owned Sinclair companies in the United
States. About 20,000 employees will share in the increase.
Corporation—
$12,000,000 Suit Filed Against
A suit
was
filed in New York Supreme
Declared Operative—Divi¬
Cooper-Bessemer Corp.—Plan
The plan
of capital readjustment was declared operative Dec. 21.
for each snare of outstanding $3 preferred stock, there is
share of $3 prior preference stock and 6-10tns share
stock plus $0.50 in cash.
Under tnis plan,
of common
The board of directors
declared
E. Bing,
Court Dec. 22 by Helen
a
and 3-10ths
dividend of $0.50 in cash
of common stock, payable Dec. 26,1936 to shareholders of record
1936.
The remaining dividend of 3-10ths of a share of common stock was also
declared payable Jan. 20, 1937 to shareholders of record Jan. 11, 1937.
More than 75% of the outstanding preferred stock of tne corporation
has been either deposited or agreed to the exchange.
Holders of certificates of deposit are being requested to present their
certificates to City Bank Farmers Trust Co., 22 William St., N. Y. City,
Dec. 23, so that they may become holders of record as of that date of
new prior preference stock.—Y. 143, p. 3625.
of
a snare
Dec. 23,
the
Inc.—Special Dividend—
Crum & Forster,
share on the
stock, payable Feb. 15 to holders of record Jan. 15. This compares
with 15 cents paid on Nov. 16 and Aug. 15, last; 25 cents on April
and on Oct. 10, 1935; 14 cents on Oct. 31, 1934 and 28 cents per
common
paid on April 7, 1934.
In addition an
was distributed on Nov. 16, last.
listing of $12,000,000
1, 1966.—V. 143, p.
dends Declared—
Corp.—Dividend Increased—
declared
have
b After reserve for depre¬
of $21,788.
143, p. 3625.
Consolidated Oil
directors
$2,236,864
Total
$2,236,864
Total
Stock Exchange has authorized the
bonds, 3H% series of 1936 due Nov.
3996.
offered in excnange one
Reserve for
Deferred charges
The
payable to employees...
Federal income tax
on
1st mtge.
Listing—
The New York
first mortgage
$165,037
5,434
Accounts payable
Sinking fund for retirement of
a
Sheet Sept. 30, 1936
Liabilities—
Assets—
Cash
3,734,787
The directors have
declared a special
dividend of 45 cents per share on the
payable Dec. 24 to holders of record Dec, 14, and a
regular quarterly dividend of 25 cents per snare payable Jan. 15 to holders
common
stock, par $10,
paid
with regular quarterly dividends
of the three preceding quarters,
These payments compare
of record Jan. 5.
of 20 cents
on
Oct. 15, last and in each
previously.
dividends of 15 cents per snare paid each three months
In addition an extra dividend of 5 cents per share was paid in each quarter
of 1936 and on Oct. 15 and July 15, 1935.
A special dividend of 20 cents
and
was
and one of 15 cents per share
1934.—V. 143, p. 1718.
paid on Dec. 20, 1935
Dec. 24,
Forster
&
Crum
distributed on
Corp.—Special
Shares
Insurance
was
Dividends
The company paid special dividends
and class B common stocks, par $10, on
of 50 cents per share on
the class A
Dec. 12.
share were paid on Nov. 30,
Nov. 30, 1935 and in each
the six preceding quarters the company paid extra dividends of 10 cents
addition to quarterly dividends of 15 cents per share.—V. 141, p. 3071.
Dec. 21 to holders of record
of capital stock of the Consolidated Oil Corp. against
the corporation, Harry F. Sinclair and 24 others.
The suit charges that the
defendants made $12,000,000 from a deal in the corporation's stock in 1928,
when the company was known as the Sinclair Consolidated Oil Corp.
The papers disclosed that a similar suit, based on like charges and
in 1933 by Martin L. Thompson, a holder of 120 shares, had been settled
on March 4,
1936.
The plaintiff charged that some of the defendants had
the cor-
The regular quarterly dividends of 25 cents per
last.
An extra dividend of 20 cents was paid on
goration themake payments in return fornot benefited from the settlement."
ut that to remaining stockholders had
discontinuance of the former suit,
with
holder of 140 shares
brought
"caused
143, p. 2362.
—V.
Continental Gas & Electric
31—
earnings of
Corp. (&
operating
eliminating inter-company
General operating expenses
Subs.)—Earnings
subsidiaries
transfers)—
Maintenance
Provision for retirement
estimated Federal income
$35,024,326 $32,137,505
12,893,725
13,864,580
1,521,412
1,733,293
4,230,390
4,746,203
3,453,723
taxes- x2,973,542
$10,038,255
851,329
$12,568,818 $10,889,585
subsidiaries
pref. divs. of
subsidiaries—
Balance
5,125,722
5,260,314
$7,443,096
Interest, amortiz. and
$5,629,271
Proportionofearningsattrib.tomin.com. stock—
15,572
10,096
Equity of Cont'l G. & E. Co. in earns, of subs
Income
of Continental
Gas & Electric Corp.
(exclusive of income received from subs.)—-
$7,427,524
$5,619,175
43,852
30,985
$7,471,375
120,677
$5,650,160
125,313
Totalincome
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp—.
•
37,326
27,060
$7,313,373
$5,497,787
debentures due 1958
Amortization of debenture discount & expense—
2,600,000
164,172
2,600,000
164,172
consolidated surplus—_
$4,549,201
1,320,053
$2,733,615
1,320,053
$3,229,148
$1,413,562
Balance
Holding company
deductions:
Interest on 5%
Balance transferred to
Dividends on prior
preference stock
Balance
x
Includes income tax
City Power & Light
Consumers
$6.59
$15.05
Earnings per share
credit adjustment
Co. during October,
of $569,650 made by Kansas
1936.—V. 143, p. 3144.
Power Co.—Earnings—
Commonwealth & Southern Corp.)
1936—Month—1935
1936—12 Mos.-—1935
$2,711,297 $32,694,845 $30,152,036
1,330,325 16,368,038
14,622,266
262,500
237,500
3,125,000
2,850,000
342,168
425,261
4,385,608
4,925,796
350,720
350,658
4,208,022
4,207,865
(A Subsidiary of
Period End. Nov. SO—
Gross revenue-
Oper. exps. & taxes
Prov. for retire, reserve.
Int. & other fixed chgs_.
Divs. on pref. stock
$3,048,482
1,492,669
,423
Balance.
$367,551
$4,608,175
$3,546,108
547,788 Shares of $4.50 Preferred Stock—Rights—
The company on Dec. 17 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2737, Form A-2) covering 547,788
shares (no par) $4.50 cumulative preferred stock.
According to the regis¬
tration statement, the company and Bonbright & Co., Inc., The First
Boston Corp., and Brown Harriman & Co., Inc., the underwriters, will
enter into an agreement whereby the holders of the company's outstanding
preferred stock will have the preferential right until Jan. 9, 1937, to sub¬
scribe for the new preferred stock on a pro rata basis.
The offering to
stockholders will be made at the public offering price 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 1 ]ri cents a share for each day intervening between the
date on which the outstanding preferred stock will be redeemed and the
closing date of the offering.
The offering to stockholders residing in
Michigan will be made directly by the company, and that to stockholders
elsewhere will be made by the underwriters, it is stated.
All shares not
purchased by stockholders will be offered publicly.
The company states that the net cash proceeds to be received from the
sale of the stock together with any required treasury funds will be used for
the retirement of 519,919 outstanding shares of 6%, 6.6% and 7% pre¬
ferred stock at not exceeding the stipulated redemption price of $105 a
share and accrued dividends as authorized by an order_of the Michigan
To Issue
Public Utilities
Commission dated Nov. 18, 1936.
Dividend—
share on its common
holders of record Dec. 12. This compares
10 cents paid on June 10, 1935 and 12H cents paid on Dec. 1, 1934.
latter was the first dividend paid on this issue since April 1, 1931.—V.
company
paid a
This
dividend of 60 cents per
,
752.
Cumberland County Power &
Light Co.—Earnings—
Operating revenues
Operating expenses
$375,771
256,909
$370,332
258,902
Corp.]
1936—12 Mos.—1935
$4,368,315 $4,125,638
3,116,646
2,960,175
Net oper. income
$118,862
4,945
$111,430
4,094
$1,251,669
61,237
$1,165,463
$123,807
55,743
$115,524
61,801
$1,312,906
758,153
$1,225,198
$53,723
19,997
$554,753
244,547
$543,378
239,964
Period End.
[Including Cumberland Securities
Nov. 30—
1936—Month—1935
Non oper. income
(after
Net earnings from operations of subsidiaries—$11,706,708
Non-operating income of subsidiaries
862,110
Total income of
1935
1936
12 Months Ended Oct.
General taxes and
Crystal Tissue Co.—Pays Larger
The
stocky no par value, on Dec. 19 to
143, p. 2834
Consolidated Paper Corp., Ltd.—Stock Increase Voted—
The company has been authorized by stockholders at a recent special
meeting to increase the number of no par common shares from 2,000,000
to 3,500,000 shares.
This will permit insurance of shares to bondholders
in lieu of interest.—Y. 143, p. 2833.
Gross
of
in
(net).
Deductions.
Net
income
Pref. div. requirements.
$68,064
24,580
—V. 143, p. 0000
Inc.—Application Approved
Exchange has approved the
pany to list 191,354 shares of common stock,
in the name of the company and a change
V. 143, p.
681,820
<
Cunningham Drug Stores,
The Chicago Stock
59,735
application of the com¬
$2.50 par, due to the change
in par value of the stock.—
3996.
Cudahy Packing Co.—Annual Report—
E. A. Cudahy Jr., says in part:
Sales continued to show a steady growth throughout the year, rising from
$180,218,000 in 1935 to $201,605,000 in 1936; the increase in dollars repre¬
senting also a substantial increase in tonnage.
On our balance sheet of Nov. 2, 1935, we showed a current liability of
$3,224,618, being the amount of United States processing taxes unpaid as
at that date.
Tne hog processing tax was declared illegal by the U. S.
Supreme Court on Jan. 6, 1936.
Thereupon the charges and accruals of
said tax made on our books in tne current fiscal year were reversed and
$3,166,868 of the accrued liability for said tax as at Nov. 2, 1935, and
unpaid at the date of invalidation was restored to the treasury of the com¬
pany.
Later in tne year, however, the Revenue Act of 1936 was passed,
imposing a tax on what was termed "unjust enrichment."
As under the
new law a substantial portion of the unpaid processing taxes will be claimed
by the United States Revenue Department, directors, after due considera¬
tion, instructed the officers of the company to include in the reserve for
Federal and State taxes an amount sufficient to meet the company's
maximum liability for "unjust enrichment" taxes.
As tnis still left a sub¬
stantial part of the unpaid processing taxes in the treasury of tne company,
tne
directors
decided to set
up
a
reserve
for $1,000,000 for
employees'
pensions.
While fully in accord with the beneficial intent of the Social
Security Act, directors feel that many of its provisions will be modified by
early legislation and that Federal recognition will be given to existing
private pension plans.
Pending these changes, and ratification by the
stockholders of the directors' action, no payments from this $1,000,000
as yet been made to the pension trust.
The remainder after
foregoing appropriations amounted to $954,219, whicn has
surplus, thus strengthening the financial condition
of the company to that extent.
Shou d the "unjust enrichment" tax after
be declarediunconstitutional by tne U. S. Supreme Court, the amount
reserved therefor will provide an additional credit to earned surplus.
The earnings for 1936 did not come up to our expectations but in view
of the many disturbing factors we had to contend with, the result may be
considered satisfactory.
The passage by Congress on Aug. 27, 1935, of
amendments to the Agricultural Adjustment Act of 1933; the numerous
injunctions granted by various Federal courts in that year, prohibiting tne
collection of unpaid processing taxes; the invalidation by the U. S. Supreme
Court of the original Agricultural Adjustment Act on Jan. 6, 1936; the
inclusion,by Congress of the "unjust enrichment" tax in the Revenue Act of
1936, all tended to create confusion in tne packing industry and adversely
affected our earnings.
In spite.of the droughts of 1934 and 1936 thejive stock industry is facing
the future with confidence.
Tnere is a disposition to expand rather than
to curtail operations.
While the shortage of nogs still continues, the de¬
ficiency is being more than offset by tne heavier marketing of cattle and
sheep.
During the past year industrial activity has increased, earnings have
improved, workers' wages have advanced, and unemployment has de¬
creased.
With these better conditions, the demand for meats has grown
and there is every reason to expect continued improvement of business
conditions during 1937, whicn should be reflected in satisfactory returns to
both the producers of live stock and the packing industry.
To meet the demands of our business, directors early this year decided
to erect a new plant and, in view of the steady growth of the live stock
industry in the southeastern States, selected Albany, Ga., as the location.
This plant was completed in September of this year.
reserve
making
have
the
been added to earned
Volume 14S
Financial, Chronicle
Relations between the company and its employees are very satisfactory.
As a result of the deliverations of our plant conference
boards, a wage in¬
crease
Oct.
31
Years Ended—
Total sales
'36
Nov. 2 '35
$
27
$
Oct.
Davenport
$
*34
28
$
Oct.
.
'33
201,605,825 180,218.129 151,390,723 124,278,387
195,758,943 175,370,365 [76,345,168 '67,157,771
Mfg., selling, &c., exp.j
169,731,390
52,970,323
Paid for live stock
Net income
5,846,882
56,932
4,847,764
35,023
5,314,165
123,710
4,882,787
1,553,106
5,437,875
1,481,344
,239,843
,036,610
Depreciation.
Taxes (other than income
and processing)
Bad debts charged off,
853,907
657,905
136,889
173,931
1,187,387
1,194,774
less recoveries
Int.(incl.amortization of
disc, on funded debt).
Contribution to pension
trust
'
1,144,389
1 ,137,264
Miscell. other charges
Reserve for Federal taxes
5,319
__
345,065
Special P. & L. debits..
Earnings applicable to
minority interest
80,932
Earning Statement for 12 Months Ended Oct. 31, 1936
11,066
1,211,073
120,000
458,535
1,168,746
1,168,746
1,813,766
120,000
458,535
1,116,262
68,327
9,952,008
def536,208
8,927,072
220,981
9,456,396
118,969
9,533,903
467,489
$2.65
467,489
$1.35
467,489
$2.97
467,489
$2.64
First pref. div. (6%)
Second pref.div. (7%)—
*
outstanding (par $50).
Earns .per sh .on com.stk.
1,968,262
120,000
458,535
Distribution expenses
Utilization expenses
Commercial expenses.
New business expenses
Provision for retirements
__
449,741
Provision for doubtful accounts
23,081
$3,092,552
168
Gross income
Interest
on
$3,092,720
x829,625
x34,705
15,670
Cr20,391
funded debt
Amortization of debt discount and expense
Miscellaneous interest
Consolidated Balance Sheet
Oct. 31 '36
Assets—
Nov. 2
'35
Oct. 31 '36
$
$
officers
158,555
85,960
1,289,202
1,000,000
289,268
292,188
167,155
475,000
237,500
due Sept. 1 1955.19,475,000
Conv. sk. fd. 4%
19,825,000
Reserve for Federal
30,000
tax
Empl. pension tr_.
Pref. divs. pay...
Old Dutch Cleanser
750,000
750,000
Com. divs. pay...
94,656
110.168
Sk. fund payments,
current
255,458
186,058
insurance
-i.
money mtge.
due Nov. 1,1936
1,441,104
173,854
171,091
106,767
Stationery & adv.
inventories
Deferred charges-.
157.058
32,000
debs, due Sept. 1
1950....
4,812,500
Purch .money mtge
Minority
int.
40,000
y
tained.
Note—Statement
174,040
2,000,000
operations of Miami Development
Consolidated Mines,
Beers
6,550,500
6,550,500
Ltd.—Accum. Div.—
The company has paid a dividend of £3 in respect to arrears on the
preference stock for the period from July 1, 1932, to June 30, 1935.
Directors announced that improved conditions in tne diamond market
and arrangements foreshadowed in the Chairman's speech in May, 1936,
to realize on certain of the company's reserve investments, will enable pay¬
ment of the dividend of £3 a share. They stated that, if the present volume
of trade continues, a further £2 a share will be paid in July, 1937, covering
all dividends due the preference shareholders at that date.—Y. 142, p. 4174.
De Luxe Tourist
173,796
Cottages, Inc.—Registers with SEC—
first page of this department.
Detroit Edison
Co.—Extra Dividend-—
The directors
on Dec. 15 declared an extra dividend of $1 per share in
teethe regular quarterly dividend of $1 per share on the capital
stock, par $100, both payable Jan. 15 to holders of record Dec. 26.
A
similar extra dividend was paid on July 15, last, and on Jan. 15, 1936.
addition
Common stk. (550
....23,374,450 23,374,450
1,722,801
1,720,414
8,229,206
7,206,659
Capital surplus—
Earned surplus—
12 Months Ended Nov. 30—
Gross
Total..
include
not
a wholly-owned subsidiary, the net income of which amounted to
$590 for 12 months ended Oct. 31, 1936.
No dividends were received from
2,000,000
7% pref. stock
82,323,133 76,436,792
does
Co.,
See list given on
6% pref. stock
Total
issue alone.
No provision has been made in respect to Federal taxes on undistributed
income for tuat portion of the above period falling within the calendar
1936, as the amount of such tax, if any, cannot be determined until the
undistributed net income for the year ended Dec. 31. 1936 is finally ascer¬
4,937,500
107,500
in
sub.co
par)
3
new
net
De
1st M. sk. fd. bds.
1,383,498
82,323,133 76,436,792
buildings, machinery, &c., appraised value at Oct. 30,
plus subsequent additions at cost—Packing
manufacturing plants, $33,970,687; sales branches, $6,698,460,
car and refrigerator
line, $3,267,611; farm and mineral lands, $1,682,885
total, $45,619,642, less reserve for depreciation, $7,520.626.—V. 13.;
p. 3144.
estate,
(date of reorganization)
$52,284,120 $46,630,151
1,994,909
1,773,114
366,472
365,461
57,997
149,032
Gas
Miscellaneous
Dainty Maid Slippers, Inc.—To Change Name-—Dividend
directors
have
called
a
special stockholders'
meeting
ratify a
proposed change in the corporate name to "Eastern Footwear Corp." The
meeting will be held Jan. 12 at the company's Brooklyn plant.
"Dainty
Maid" will be retained as a trade name for the
company's principal lines of
women's slippers and sandals.
on
Derby Gas & Electric Corp.—Smaller Bond Issue-—
A
proposal for the issuance of $4,000,000 in bonds and debentures
instead of $4,500,000, as originaly proposed, was filed with the Securities
and Exchange Commission Dec. 18 by the corporation.—V.
143, p. 2834.
Davega Stores Corp.—Larger Dividend—
directors
on
Dec.
9
declared
a
semi-annual
dividend
of
50
cents
share on the common stock, par $5. payable Jan. 2 to holders of record
Dec. 21.
This compares with a semi-annual dividend of 15 cents paid on
July 1 and on Jan. 2, 1936.
An extra dividend of 15 cents was also paid
per
on
Jan.
2,
Balance, income from operations
Other
miscellaneous
1936.
Gross
corporate income
on
Interest
charged to construction
Amortization of debt discount and expense
Extraordinary appropriations to retirement
serves, additional to current appropriations
Detroit-Michigan Stove Co.—Earnings—
Statement for the Tuo Months Ended Sept. 30, 1936
Depreciation
Taxes (other tnan income taxes).
Selling, general & admin, exps., excl. of deprec. and taxes
cumulative
convertible
authorized
preferred
the
Federal income taxes
$34,245
No provision has been made for surtax
stock,
($25
of
75,000 shares of 5^
par), and 138,450 shares
Sept. 30 '36 July 31 '36
hand
$208,783
$238,107
Accts. & notes rec.,
less
485,703
4.372
reserve
sound value
on or
by the expected further expansion of business.
depreciation
through its subsidiaries, 30 retail stores in the New York Metropolitan
District which are engaged in merchandising radio sets and
accessories,
sporting goods and sports apparel, electric refrigerators and electrical
supplies, cameras, photographic equipment and supplies, &c.
The cor¬
poration also operates a wholesale business in Chicago and mail order
divisions in botn New York and Chicago.
During 1936 the corporation
organized/and now owns half (175,000 shares) of the outstanding stock of
Majestic Radio & Television Corp., which is now engaged in the pro¬
duction and sale of the new 1937 Majestic Radios.
50,060
Provision for Fed'l
135,000
For the first six months of the fiscal year ended Sept. 30, 1936,
earnings
were equivalent to 96c. per share, as compared with 81c. a share for
the
fiscal year ended March 31, 1936, and 50c. a share for the fiscal year ended
March 31, 1935.
x
Acer,
income tax
1,283,485
1,285,028
1
stationery & off.
prepaid
Total
4,823
4,404
int., collec.
fees, ins., &c
Customers' depos.
Unexp. ins. prem.,
expenses,
47,503
15,165
19,120
Goodwill & patents
suppl.,
100,995
60,595
accrued
11,575
70,321
&c
70,575
$2,966,018 $2,892,9351
40,900
33,800
Note pay.toRFC
150,000
210,000
Pur. mon. obiig's.
Res've for conting.
1, 1938...
bldg., mach.
equipm't, less
&
operates
$113,101
121,791
bef.
Dec.
deferred sales contracts, and for additional working capital made
necessary
which was incorp. June 12, 1928, in Delaware,
$153,801
missions, &C--Taxes payable and
X135.000
Cash in closed bk.
L'd,
Sept. 30 '36 July 31 '36
438,258
2,704
654,081
Invests. in securs.,
rec_.
Inventories
Amt. due
Liabilities—
Accounts payableAcer, payroll, com¬
50,060
preferred, and is redeemable at any time on not less than 30 days' notice at
$26.25 per share, plus accrued dividends.
Net proceeds from the sale of this preferred stock will be used to
liquidate
bank loans, to provide funds for the opening of additional retail
stores, as
favorable opportunities arise, for the financing of the increasing volume of
accts.
1936
19,120
Misc.
company,
undistributed earnings.
709,174
($5 par) common stock.
The new preferred stock is convertible on or
before June 30, 1942 (or the fifth day prior to the earlier redemption
date)
into common stock at the rate of 1 Pi shares of common for each
share of
The
on
Condensed Balance Sheet July 31,
on
issuance
$43,102
1,857
x7,000
expense
Net profit for the period,
x
$699,246
511,042
9,911
2,641
13,4731
123,036
$39,142
3,960
Together
Cash in banks and
of Stocks Authorized—
_
Profit from operations
Other income (cash discounts, interest, &c.)_
Assets—
will be entitled to vote at the meeting.
have
1,400,000
$7,500,848
.$11,026,914
Gross sales, less discounts, returns and allowances
Cost of goods sold, excl. of amort, of tool costs, deprec. & taxes.
Amort, of cost of tools, dies, jigs and patterns
incorporation to authorize 150,000 shares of preferred stock of the par value
of $25 each, issuable in one or more series.
Stockholders of record Dec. 21
directors
re¬
Net income
Provision for
A special meeting of stockholders has been called for Jan. 5 to consider
the retirement of stock held in the treasury of the corporation and the re¬
duction of capital accordingly and the amendment of the certificate of
The
$17,328,692 $15,568,718
6,022,257
6,505,960
Cr3,700
044,390
283,222
206,300
funded and unfunded debt
Interest
Interest
SpeciaL Meeting—
Issuance
$15,396,971
171,747
$17,199,081
129,611
1.
income
—V. 143, p. 3314.
Co.—Pays $8 Dividend—
The company paid a- dividend of $8 per share on its common stock
Dec. 21 to holaers of record Dec. 15.—V. 143, p. 3314.
The
$54,703,498 $48,917,758
37,504,417
33,520,787
expenses
to
Dividend—The directors also authorized a dividend of six cents a
share,
payable Dec. 28 to holders of record Dec. 23.
Sales—D. J. Calderazzo, President, reported November sales of
$135,510,
an increase of 28% over the
corresponding month last year.—V. 143, p. 3838.
De Laval Steam Turbine
Total
Operating and non-operating
1935
1936
earnings from operations—Electricity
Steam
and other
The
$2,233,111
i
refunding the 5% bonds due June 1, 1941 of Dayton Power & Light
Co., it? %as necessary to complete the sale of tne refunding issue prior to
calling the tnen existing issue for redemption.
This sale was made in
October, 1935, and interest and amortization of debt discount and expense
on both issues for the montn of November, 1935 were charged to profit and
loss, thereby increasing charges to profit and loss for the 12 months period
by approximately $84,148 over the amount chargeable in respect of the
above^mnanyvduring period.—Y. 143, p. 3313.
Pur.
and interest
Bond and note dis¬
income
In
year
1,037,841
,
Bond and note int.
554,754
584,218
x38,099,016 37,081,445
count
797,899
1,102,148
Other investments
will, &c
5
and
employees
accrued
advertls'g Invest
Royalty int., good¬
'35
3,224,618
Due
State compensa¬
Fixed assets
2
4,958,000
Processing tax
5,342,974
5,933,344
Accounts receiv... 9,292,148
8,589,235
Notes receivable-_
42,434
19,257
Inventory
26,100,735 21,361,083
Due from employ's
47,007
73,024
Special deps. under
29,541
Nov.
Liabilities—
$
Notes payable
10,263,500
Accounts payable- 1,074,776
Cash
tion acts
Net
x
[Consolidating all wholly-owned subsidiaries]
Real
;
*
Interest charged to construction..
Balance
Total profit & losssurp.
Shares of common stock
Prepaid
$11,909,665
582,970
4,228,027
79,783
301,399
167,695
325,217
263,214
994,160
1,007,776
y394,050
revenues
Maintenance and repairs
Production expenses
Transmission expenses
Net operating revenue
Miscellaneous income
12,344
Common div. (5%)
1873.
General and administrative expenses
252", 203
414,000
274,561
1,815,613
120,000
458,535
1,168,751
Net profits
p.
Dayton Power & Light Co.—Earnings—
Taxes other than Federal income taxes
Provision for Federal income taxes
150,000
Dividend—
Inc.—2iy-Cent
Mills,
including Oct. 1, last.—V. 143,
Gross
Total income
Hosiery
The company paid a dividend of 25 cents per share on its common stock,
par value, on Dec. 21 to holders of record Dec. 18.
This was tne fifth
dividend of like amount paid during 1936 as dividends of 25 cents per
share had been distributed each three months from April 1, 1935 to and
no
4,150,293
89,550
5,903,814
1,552,609
Miscellaneous income—
1916
uninterrupted dividend payments since
of 7% was granted to plant employees on Nov. 1.
Comparative Consolidated Income Statement
x
4151
The corporation has maintained
1929.—V. 143, p. 3996.
10,655
5,000
10,946
v
Deferred income.
.
5% non-cum. pref.
stock (par $40).
Com. stk. (par $1)
Capital surplus...
Net prof, for fiscal
yr. end. July 31
Total
5,000
1,470
1,543
1,030,920
499,992
575,000
1,030,920
499,992
575,000
289,154
254,910
..$2,966,018
$2,892,935
Amount due
of the
on or before Dec. 1, 1938 from John A.
Fry (President
company) and Florence C. Fry, nis wife, or the survivor of them in
with exercise of option on June 1, 1936 to purchase 60,000
connection
of common stock of the company at varying prices
aggregating
$135,000.
y Seemed by mortgage on real estate & equip.; payable on or
before May 22, 1940.—V. 143. p. 3627.
shares
\
Financial
4152
Copies of the plan and forms for approval may be obtained from Transfer
Paying Agency, 61 Broadway, New York, N. Y.
Gas & Electric Co. is the owner of a great majority of the
stocks of Eastern Utilities Investing Corp.
All investments owned by the
Eastern Utilities Investing Corp. consist of securities of Associated Gas &
Electric Co.
The plan provides that all of the assets of Eastern Utilities
Investing Corp. will be transferred to Associated Gas & Electric Co., which
will issue its own securities in exchange in accordance with the following
Deisel-Wemmer-Gilbert Corp.—Extra Dividend—
& Coupon
The company paid an extra dividend of 50 cents per snare in
addition
to the regular quarterly dividend of 25 cents per snare on the common stock,
par $10, on Dec. 24 to holaers of record Dec. 17.
Similar payments were
made on Sept. 25, last. Extra dividends of 12cents per share in addition
to quarterly dividends of 12)4 cents per share were paid on July 1 and
April 1, last. Extra dividends of 37)4 cents per snare were paid on Jan. 2,
1936 and on Jan. 2, 1935—V. 143, p. 3144.
Detroit Street
Associated
summary:
Existing Security—
Will Receive—
(1) 5% gold debs., due 1954—A like principal amount of 5% sinking
income debentures, due 1983.
Rys.—Earnings—
1936—Month—1935
Period End. Nov. 30—
Operating re venues
$1,603,398
Operating expenses
1,183,411
Taxes assignable to oper_
69,529
1936—5 Mos.—1935
$7,333,742
5,391,474
342,363
$1,468,268
1,073,445
70,120
1936
26,
Dec.
Chronicle
$6,601,925
4,814,930
359,569
fund
(2) Prior preferred stock
One share of $5 div. series pref. stock for
(3) $7 preferred stock
One share of $6.50 cum. preference stock
63iCb. share
for each share
$350,457
Gross income
$1,599,905
11,032
$1,427,426
11,189
$352,711
155,230
income
$327,189
152,121
$1,610,937
760,224
$175,067
$850,713
One share of $5.50 cum. preference stock
One share of $4.00 cum. preference stock
for each share
for each share.
$1,438,616
773,779
$197,481
Deductions
Net
$324,701
2,487
2,254
(4) $6 preferred stock
(5) Partic. preference stock
Operating income
Non-operating income--
$664,836
(6) Class A common stock
One share of class A stock for each three shs.
There will be no adjustment for interest or dividends.—V. 143, p. 3628.
—V. 143, p. 3463.
Raynolds Co.,Inc.—Extra & Larger Com. Div.—
The directors have declared
addition to
A and B
a
Inc.—Weekly Input—
Ebasco Services,
For
Devoe &
an
1936,
17,
Dec.
quarterly dividend of 75 cents per share on the no-par class
stocks, all payable Jan. 1 to holders of record Dec. 21.
Increase
American Power & Light Co
to
Corp
National Power & Light Co
—V. 143, p. 3998.
Economy Grocery Stores Corp.—Pays Larger
Employees—
April 15 last, this latter being the first dividend paid since
when a regular quarterly dividend of 25 cents per share was
Y. 143, p.1718.
common
stock,
This compares
declared
a
dividend
of 35
cents
per
share
on
on
Edison Sault Electric
See list given on
Duluth South
p.
new common
Co.,
Corp.—Earnings—
Gross sales, less discounts, returns
as
Cost
General
and
financial structure appearing advisable,
some of the principal holders of the said
negotiations have been begun with
bonds, with a view to obtaining an
plan of reorganization.
Cooperative spirit has been
manifes ted in such negotiations; they will be pushed to a conclusion as
soon as practicable; and further notice will be given of the outcome.—V. 143,
p. 3628.
Normal Federal income tax
Net income for the period
appoint¬
Note—The
1936
income
profits
declared a dividend of $1 per share on the capital
$12.50, payable Dec. 31 to holders of record Dec. 24.
This
with 50 cents paid on Dec. 31, 1935, and on Jan. 25, 1935.
—V. 143, p. 270.
Cash
on
Marketable
(The) Eagle Warehouse & Storage Co. of Brooklyn—
Registers with SEC—
first
Eastern Cuba
page
Subscr.
stock
secur.
Co.—•Registers with SEC—
x
Properties Acquired by New Cuban Company—See Central
Yioleta Sugar Co., S. A,, above.—V. 143, p. 3464.
12 Months Ended Nov. 30—
1936
1935
1934
$10,248,326 $10,624,417 $11,837,144
3,644,185
3,269,513
3,191,077
expenses,
Federal taxes, minority interest—
Net income
Divids. paid on 4 34% prior pref. stock
Divs. paid on 6% pref. stock
3,737,824
4,557,283
4,617,691
$2,866,317
1,109,025
2,145,967
$2,797,621
1,107,398
xl,971,984
$4,028,376
1,106,242
xl ,970,591
Deficit
affil.
y
"
$388,673
Exclusive of dividends on stock owned by E.
129,273
Expense accrued—
15,588
14,408
Deposit payable.
4,500
25,596
21,255
.
co..
stk. taxes accr'd
14,875
12,275
397,560
750,000
25,424
750,000
12,524
$1,943,199 $1,837,549
4,509
Fed. inc. & capital
Capital stock
Cap. stk. subscr'd
451,238
76,247
14,423
35,231
9,559
40,462
Z379.777 yl,883,374
for but not as yet
iss'd(60,000 sh.)
Surplus
60,000
1,328,970 def294,209
..$1,943,199 $1,837,549
Total
x After reserve for depreciation of $421,113 in 1936 and $370,086 in 1935.
Represented by 319,777 no par shares,
z Par $1.—V. 143, p. 3839.
Electric Power & Light Corp. (&
Period End. Nov. 30—
Subs.)—Earnings-
1936—3 Mos.—1935
1936—12 Mos.—1935
Subsidiaries
Operating revenues
$25,074,090 $19,754,613 $94,715,648
Oper. exps., incl. taxes._ 13,119,263
10,929,989
49,013,270
Net revs, from oper„$ll
$77,345,609
42,753,266
,954,827
269,868
$8,824,624 $45,702,378 $34,592,343
3,532
179,392
56,615
Gross corporate inc.-$12,224,695
Int. to public and other
$8,828,156 $45,881,770 $34,648,958
Other income (net)
deductions
Int. charged to constr__
Property retirement and
depl. reserve approp..
$281,761
G.
&
sur
F. A.
$951,543
b Pref. divs. to public.-
3,897,748
Cr9,361
3,242,358
$5,093,950
1,983,627
3,863,214
Crl8,l51
15,643,492
2,033,705
033,704
15,408,272
Cr53,773
11,325,682
8,516.506
$2,949,388 $18,946,300
1,980,874
7,934,507
$10,777,953
7,923,496
and sub¬
The directors have declared extra dividends of 123^ cents per share in
addition to regular quarterly dividend of like amounts on the class A and
class B common stocks, no par value, all payable Dec. 26 to holders of
$2,854,457
22,714
1,298,467
105.453
$2,796,996
$945,800
$9,713,326
$2,749,004
$2,796,996
$945,800
$9,713,326
$3,110,323
Portion applicable
minority interests
to
Net equity of Electric
Power & Lt. Corp.
in income of subs__
record Dec. 21.
Like payments were made on Oct. 1, June 30 and March
See also V. 141, p. 1932, for detailed dividend record.
,514 $11,011,793
313,327
Balance
a
Elec. Power & Lt. Corp.
Net
equity of Electric
Pow. & Lt. Corp. in
Christmas Bonus—
r
income
of
subs,
(as
Directors voted a 2% Christmas bonus to all office and factory em¬
ployees, amounting to approximately the average of one week's pay plus
$1 for each year of service.
Minimum payment to each person employed
for three months or more will be $10. About 1,500 persons will participate
Other income
inAthe distribution.—V. 143, p. 2049.
Expenses, incl. taxes
Eastern Utilities Investing
Corp.—Plan of Reorganiza'n
A
petition for reorganization of the corporation under Section 77-B of
the National Bankruptcy Act has been approved by the U. S. District
Court for the District of Delaware.
filed
a
plan of reorganization which provides
for the exchange of outstanding debentures and stocks as outlined below;
Federal
Sept. 30 '36 Dec. 31 '35
$21,950
$9,840
Mtges. payable.—
Balance
Easy Washing Machine Corp.—Extra Dividends—
With the petition there was
Liabilities—
1,723
Fixed assets
Total
/
287,088
361,635
&
Def'd assets & chgs
sidiaries.—V. 143, p. 3998.
i
the
Associates—Earnings—
Total income
31, last.
in
Patents
Sugar Corp .—Time for Deposits Extended
who have not yet deposited may participate in the plan of readjustment.
Stock deliverable under the plan to holders of certificates of deposit
representing the bonds is now ready for delivery, according to the com¬
mittee. Application has been made to list the stock on the New York Stock
Exchange.
x
60,000
receivable
other companies
of this department.
The bondholders protective committee for 15-year 7)4% mortgage bonds
announces an extension to Jan. 18 of the time within which bondholders
Depreciation and depletion
Interest, debt discount and
provide for
Accts. pay., trade.
Due officer of
capital
to
Acer. int. receiv'le
Invest,
$93,650
32,566
178,985
$98,761
34,200
218,243
Mdse. inventory..
of this department.—V. 141, p. 1767.
Eastern Gas & Fuel
not
Notes payable
hand and
in banks
Notes & accts. rec.
Eastern Consolidated Gas
accrual does
Sept. 30 '36 Dec. 31 '35
Assets—
par
See list given on
$74,921
.
tax
tax.
Balance Sheet
compares
page
938
9,600
1,000
11,809
.
Dwight Mfg. Co.—Dividend Doubled—
first
$99,923
1,656
Organization expense written off
The directors have
on
$86,581
13,342
operations.
Gross income
undistributed
given
57,867
expenses
Interest paid on mortgage—
—
Interest paid on other indebtedness
Provision for bad and doubtful accounts
a
Duquesne Light Co.—New Vice-President—
See list
$785,433
598,547
$186,886
42,438
administrative
Net profit from
Other income
office of the Agency of the Bank of Montreal, New York, on its outstanding
bonds issued under the said mortgage.
A reorganization of the company's
stock,
1936
and allowances
of sales
Gross profit on sales
Selling and shipping expenses
trustee of the 1st mtge.,
The company has notified the New York Stock Exchange of the
ment of Wm. J. Hagenah as a Vice-President.—V. 143, p. 3839.
$1.37)4 Per share on the b)4%
dividend of $1 per share on the
Dec. 20 to holders of record Dec. 15.—V. 139, p. 278.
on
Earnings for Nine Months Ended Sept. 30,
dated April 15, 1887, has been advised as follows by officers of the company;
"The company plans to pay the interest maturing on Jan. 1, 1937 at the
agreement upon
stock
Eisler Electric
297.
Ry.—-To Pay Jan. 1
Interest—Reorganization Plan Under Way—
Trust
Co.—Registers with SEC—
first page of this department.—Y. 143, p. 3839.
Egry Register Co.—Initial Dividend—
Shore & Atlantic
The Central Hanover Bank &
A sinking fund 3)4% due July 1, 1965.
The company paid an initial dividend of
cumul. pref. stock, par $100, and an initial
the
no par value, payable Dec. 21 to holders of record Dec. 15.
with 25 cents paid on July 15, April 15 and Jan. 15, last,
Oct. 10, 1934.—V. 142,
has granted the application of
unlisted trading privi¬
the New York Curb Exchange for the extension of
leges to the 1st mtge. bonds, series
—V. 143, p. 2677.
and regular quarterly dividends of 15 cents per share previously disbursed.
In addition extra dividends of 10 cents were paid on Oct. 15 and July 15,
1935 and
Oct. 15, 1932,
distributed.—
Privileges—
The Securities and Exchange Commission
Mfg. Co.—Larger Dividend—
have
Dividend—
Co. of Boston—Unlisted
Edison Electric Illuminating
Trading
Corp.—Pays Extra Dividend—
stock, payable Jan. 2 to holders of record Dec. 21. A 50-cent dividend was
also paid on Oct. 1, last, and compares with 25 cents paid each three months
from Oct. 1, 1935 to ana including July 1, 1936; 15 cents paid each quarter
from Jan. 2, 1933 to July 1, 1935, inclusive, and 25 cents per share paid
previously each three months.—V. 143, p. 1875.
directors
12.2
20.1
18.7
The company paid a dividend of 37 )4 cents per share on its common
stock, no par value, on Dec. 24 to holders of record Dec. 15.
This payment
is in lieu of the dividend which would ordinarily be paid on Jan. 15, 1937.
Dividends of 25 cents per share were paid on Oct. 15, July 15 and on
The company paid an extra dividend of $1 per share on the common
stock, on Dec. 22 to holders of record Dec. 14.
The directors also declared a dividend of 50 cents per share on the common
Duff-Norton
%
Amount
105,314,000 93,853,000 11,461,000
51,387,000 42,780,000
8,607,000
82,081,000 69,118,000 12,963,000
Electric Power & Light
Company voted a 2% Christmas cash bonus to employees.
Chief
recipients of this bonus will be administrative and factory forces.
This
action restores this bonus to that paid in 1929.
Directors decided in the future to grant one week's vacation with pay
to all employees who have been in service of Devoe & Raynolds for one
year and two weeks vacation with pay to all employees who have been in
its service two years or more.
Employees will receive full pay for vacation
time whether they are on a weekly, hourly or piece-rate basis.—V. 143,
p. 3996.
Diamond Shoe
1935
1936
Operating Subsidiaries of—
quarters and payments of 25 cents per share were made each three months
from Jan. 2,1934 to and including Jan. 2,1936.
In addition extra dividends
of 25 cents per share were paid each three months from Jan. 2, 1934 to
Jan. 2,1936, inclusive.
Bonus
input
kilowatt-hour system
common
Dividends of 50 cents per share were paid in each of the three preceding
-The
the
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the corresponding week during 1935, was as follows:
dividend of 25 cents per share in
extra
ended
week
the
of the
165
shown above)
Total income
Interest and other deduc.
Balance carried to
627
2,164
$2,749,004
4,088
$2,797,161
41,615
$946,427
38,233
$9,715,490
210,750
$2,753,092
275,395
397,244
397.244
1,588,974
1,588,974
$2,358,302
$510,950
$7,915,766
$888,723
con-
sol. earned surplus.
Note—All intercompany transactions have been eliminated from the above
Interest and pref. dividend deductions of subsidiaries represent
full requirements for the respective periods (whether paid or not paid) on
statement.
Volume
143
Financial
Chronicle
Securities held by the public and
give no effect to pref. stock dividend
Arrearages for prior periods. The "portion applicable to minority interests"
s the
calculated portion of the balance of
income applicable to minority
holdings by the public of common stocks of
subsidiaries.
Minority interests
have not been
charged with deficits where income accounts of subsidiaries
have so resulted.
The "net
equity of Electric Power & Light Corp. in
income of subsidiaries" includes
interest and pref. divs. paid or earned on
securities held, plus the
proportion of earnings which accrued to common
stocks held by Electric Power &
Light Corp., less losses where income
accounts of individual subsidiaries
have resulted in deficits for the
respective
periods.
The statement for each
period is entirely independent of the state¬
ment for
any other period.
The company paid a dividend of
60 cents per share on its no-par common
stock on Dec. 22 to holders
of record Dec. 15.
This was the first dividend
paid since April 27, 1935, when
50 cents per share was distributed.
Prior
to this latter
payment no dividends had been disbursed since June
27, 1932,
when a regular
quarterly dividend of 50 cents was paid.—V. 142, p. 4339.
Federal Water Service
Corp. (& Subs.)—Earnings—
12 Months Ended
Operating
been made in the above
statement, except as to two
for surtax on "undistributed net
income" under the Revenue
Act of 1936.
a Based
upon holdings by the public of
common stocks of subsidiaries at
end of each of the respective
periods,
b Full dividend requirements
applic¬
able to respective periods
whether earned or
Period End. Nov. 30—
Gross income from subs.
Int.
Summary of Surplus (Company
1936—3 Mos —1935
$581,097
$678,783
165
627
Other.
Expenses,
and
latory
Amortization
387,500
9,744
$142,403
$1,869,092
4.088
$1,687,234
210,750
387,500
9,744
Bal. carried to earned
surplus
of
2,164
38,233
count & expense._
Res.
$1,685,070
5%
of debt dis¬
Only*
1936—12 Mos.—1935
$679,410
41,615
gold debs.,
series, due2030
$1,873,180
275,395
1,550,000
38,974
1
-•
12
months
112,491
Dec.
Co.—Special Distribution—
was
paid
on
on
its class A
The regular
these issues on Nov. 2,
Equity Corp.—Pays Initial Common Dividend—
a
At
special
meeting held Dec. 10 the board of directors declared an
initial
and special dividend
of $1,239,157 on the
common stock of the
corporation,
equivalent to 25 cents per share on the
4,956,629 22-48 shares of common
stock
outstanding.
This dividend was paid on Dec. 23 to holders
of record
Dec.
15.
"The directors consider it
advisable, in view of the provisions of the
Federal Revenue Act of
1936, to make this distribution to the more than
25,000 holders of common stock
before the close of the
year," David M.
Milton, President of the
corporation, stated.
He added that this action,
however, should not be considered as
establishing a regular rate of dividend
payment on
the common stock.
"Apart from special considerations which
impel the distribution to
Equity
stockholders," Mr. Milton said, "it is a source of
considerable satisfaction
to the
Equity management to note that this dividend of
$1,239,157 is in
itself more than
double the
entire net assets applicable to the
corporation's
stock, as indicated in my first
report to stockholders made as of
1933, only a little more than three
years ago.
The dividend
amounts to 25 cents a
share; on June 30, 1933, the corporation's net assets
per share of common stock
were only 25 cents on
2,250,672.4 shares then
common
June 30,
outstanding.
"The distribution to
stockholders now authorized has been made
possible
only by the substantial appreciation in
the corporation's
investments,
which this year has been
well in excess of the
appreciation in the general
market as measured by
recognized statistical averages, but also
partly by the
dividend on the common stock of
American General Corp., of which
is the largest
Equity
single holder.
The American General
dividend reflects in part
the progress made
by that corporation since its formation in
November of
last year," Mr. Milton
added.
I Earlier this year, the Equity
Corp. paid off all accumulations of dividends
on its preferred
stock by a distribution of
$730,605.
Total dividends of
$1,659,318 have been paid on the
preferred stock since the
corporation
began operations in
not
1933.—V. 143,
Erie
p.
2520.
RR.—Earnings—
[Including Chicago & Erie RR.]
November—
1936
.
Gross from
railway
Net from railway
From Jan. 1—
Gross from
railway
Net from railway
1935
$7,458,038
2.514,268
1,554,535
Net after rents
I
Net after rents
77,310,562
23,598,953
15,067,669
"
1934
1933
$6,455,925
1,986,449
1,225,594
$5,572,447
1,359,170
641,200
$5,847,055
68,890,652
18,620,137
11,858,039
69,474,735
19,359,096
11,909,735
66,496,690
19.245,358
11.763,671
guaranteed
The Sharon
1,630,059
1,135,670
Ry. and New Castle Bonds—
Fall River Gas Works
Operating
Operation
revenues
1936—12 Mos.—1935
$873,010
$876,314
460,545
464,123
75,428
60,408
154,651
159,368
34,945
9,353
11,963
Net oper. revenues
38,428
5,900
12,625
$16,528
$14,881
$182,386
7
239
126
Balance
Retire, res. accruals
Interest charges
$16,535
5,000
1,137
$14,882
5,000
1,154
$182,626
60,000
11,864
$192,539
60,000
^
$10,397
$8,727
$110,761
$120,182
Federal
12,357
Knitting Mills Co.—Pays Special Dividend—
The company paid
a special dividend of 62
& cents per share on its com¬
stock, no par value, on Dec. 21 to holders of record
Dec. 15.
The regu¬
lar quarterly dividend of
62)^ cents per share was paid on Nov.
1, last.
An extra dividend of $2.50 was
paid on Dec. 15, 1934; an extra of $3 was
paid on Feb. 1, 1933, and extra dividends of
12)^ cents per share were
paid each quarter from Aug. 1, 1929 to and
including May 1, 1931.—V. 143,
p. 2366.
mon
4,528,932
311,203
383,866
72,900
386,072
195,155
$424,376
$509,977
1,256,361
42,035
265,775
347,105
919,431
-
143,
an
par common
buting the entire year's income
no
Federal income tax will
accrue
to the
A dividend of $2.50 was
paid on Dec. 10, last, and a regular
quarterly
distribution of $1 per share was made on
Nov. 1, last.—V. 143, p. 3465.
55 Fifth Avenue
Building—Plan Amended—
The bondholders' committees
announce that the plan of
reorganization
dated Sept. 24, 1936, and the modifications
thereto dated Nov. 19,
1936,
have been further modified to
the benefit of the holders.
The plan generally, as
amended, is as follows:
(1) Payment of interest from Nov.
1, 1935, to Dec. 31, 1936,, at the
reduced rate of 4% per annum—This
covers
the defaulted May 1 and
Nov. 1, 1936, interest
warrants, plus anticipated interest for two months
for the period from Nov.
1, 1936, to Dec. 31, 1936.
(2) Fixed interest on the loan certificates at the rate of
4% per annum
for the first five years;
per annum for the next five years; and
5%
per annum for the last five years.
Maturity to be 15 years—to May 1,1952.
(3) (a) Fixed sinking fund by the payment in cash to tne
trustee semi¬
annually, commencing Nov. 1, 1936, of
%% on the presently outstanding
loan certificates for a period of two
years; 1 % on the presently
outstanding
loan certificates for a further
period of three years; 1% on the
outstanding
loan certificates on Nov. 1,
1941, for five years; and 1 % on the
outstanding
loan certificates on Nov.
1, 1946, for five
years.
(b)
In addition, for each six montns
period of the term commencing
1, 1941, and ending May 1, 1952, the debtor
agrees to pay to the
trustee, 50% of its net earnings
(as defined in the plan), to be used as
Nov.
additional sinking fund.
(c) As security for compliance with the
sinking fund provisions of the
proposed supplemental indenture, the debtor
agrees to deposit or cause
deposited with the trustee $75,000 of the loan
certificates, with the
right to substitute an equivalent amount in cash.
The debtor will be
entitled to the return of one-third of the
principal amount of the aforesaid
loan certificates and (or) cash
deposited, at five-year intervals.
(4) The debtor agrees tp advance up to, but not
exceeding, $125,000
as may be
necessary to cover unpaid interest up to Dec.
31, 1936, at the
rate of 4% per
annum, real estate tax arrears (.none
to be
in
an
amount
of
the Court.
The next court
modifications
$40,000, and reorganization
e
hearing is set for Dec. 29,1936,
will
be submitted
the
to
Court
Financial
SEC—
presently due), repairs
to be approved
bys
enses
at which time the proposed
for confirmation.—V. 136,
Independence Founders, Inc.—Registers With
See list given on first page of this
department.
(M. H.) Fishman Co., Inc.—50-Cent Extra Dividend—-
The directors have declared
an
extra
common
Dec. 21.
dividend of 50 cents per share
on
stock, no par value, payable Dec. 28 to holders
of record
An extra of 25 cents in addition to
the usual quarterly dividend of
15 cents per share
per share was
paid on Dec. 1, last. An extra dividend of
15 cents
distributed on March 2, last.—V.
143, p. 3840.
was
Florence Stove
Co.—Pays $4.25 Dividend—
The company paid a dividend of
$4.25 per share on the 264,888 shares
common stock now
outstanding on Dec. 21 to holders of record Dec. 12.
The common stock was
recently split on a four-for-one basis.
Previously, three quarterly dividends of 75 cents
per share had been
paid and prior thereto regualr quarterly disbursement of
50 cents per share
were made.
In addition an extra dividehd of
50 cents was paid on Dec.
2,
1935.
Registrar for Common Stock—
The Chase National
$192,412
Non.oper. inc.—net
Net income
—V. 143, p. 3465.
4,573,417
260,596
262,075
342,069
929,523
146.307
of
Co.—Earnings—
_
Taxes
f
City Bank Farmers Trust
3628.
1936—Month—1935
$72,791
$71,837
Maintenance
4,868,610
252,598
a271,164
381,456
Fund.
presented to
the railroad
company at the office of its agent,
Period End. Nov. 30—
$7,463,653
extra dividend of 30 cents
per share on the
stock, payable Dec. 22, to stock of record at the close of
This distribution is equal to the
estimated balance of
corporation, including realized gains for the year 1936.
Fidelity Fund proposes to qualify as a "Mutual Investment
Company"
as defined in the
revenue Act of 1936, and it is believed
that by so distri¬
the
Ry. first mortgage 5H% bonds due
by extension Jan. 1,
1937, and the New Castle &
Shenango Valley RR. first mortgage
bonds due by extension Jan.
4H%
1, 1937, will be purchased by Erie RR.
on and
after Jan. 1, 1937, at their
principal amount. Bonds should be
p.
$7,248,825
business Dec. 15.
the income of the
by Erie.
Co., 22 William St., N. Y. City.—V.
143,
$7,907,954
$835,730
Directors have declared
no
have approved the
plan to extend, to Aug. 1,
1940,
Susquehanna & "Western RR.
$3,744,000 first mortgage
5s and $999,000 second
mortgage 4>$s. with interest, but not
To Purchase Sharon
$7,169,563
79,261
$7,317;345
192,359
P. 4014.
The stockholders
the New York
the principal,
928,212
1,176,068
170,000
p. 3915.
Stockholders Approve Bond Extension—
refunding
993,281
1,237,673
169,997
Fidelity Fund, Inc.—Pays Extra Dividend—
dividend of 40 cents per share
18 to holders of record Dec. 9.
quarterly dividend of 40 cents per share
last.—V. 141, p. 3377.
4,577
The statement of
consolidated income does not include
provision by the
to possible Federal tax on
undistributed income for the nine months ended
Sept. 30, 1936.
Note—The statement of consolidated
income of Federal Water Service
Corp. and subsidiaries does not include the
operations of Southern Natural
Gas Co. For the nine
months ended Sept. 30,
1936, that company reported
net income
available for dividends of $578,454.
This is equivalent to
$1.04 a share on the
554,600 shares of Southern Natural Gas Co. class A
stock
outstanding at Sept. 30, 1936.
Federal Water Service Corp. owns
319,378 shares of Southern Natural Gas
Co. class A stock. Included in the
statement of consolidated income is
$146,992 of interest accrued on adjust¬
ment
mortgage bonds of Southern Natural owned
by Federal.—Y.
$3,606,328
an extra
on
748,440
...
a
Emerson Drug
Co.—Pays Extra Dividends—
The company paid
689,307
>
.
majority of the subsidiary companies in respect
The company paid a
special dividend of $2.50 per share in addition
to a
quarterly dividend of $1 per share on the
common stock, no par
value, on
Dec. 21 to holders of record
Dec. 14.
A dividend of 75 cents was
paid on
Oct. 1 and July 1
last; dividends of 50 cents were
paid in each of the three
preceding quarters, and dividends of 25 cents
per share were paid in each
quarter from Oct.
1, 1932 to and including July 1, 1935.
In addition, an
extra dividend of
$1 was paid on Jan. 2, 1936, and an extra
of 25 cents was
paid on July 1, 1935—V. 143,
p. 1397.
and class B stocks
246,523
$7,715,595
Net income
ended
Earned surplus, Nov.
30,1936.
-V. 143, p. 3464.
Electric Controller &
Mfg.
272,890
$3,718,819
the
-
1934
1,119,698
1,507,629
Interest on debentures
Miscell. int. & other
charges
704
112,203
lieu
Charges of Fed. Water Service Corp.—
Total
for
in
Interest on funded debt
Amort, of debt disc't,
misc., int. &c__
Prov. for Federal income tax
Divs. on pref. stock,
paid or accruedDivs. on pref. stock, not declared
Min. int. in net income
'
Bal. (loss) from statement of
inc.
Nov. 30.1936 (as above)
replaces,
Charges of Subsidiary Companies'—
$3,718,115
x
1935
$16,656,755 $15,151,033 $15,179,371
5,339,296
4,631,670
4,547,627
0183,173
Crl38,323
Crl05,319
117,799
124,973
145,895
927,709
&
Gross corporate income
Summary of Surplus for the 12 Months Ended
Nov. 30, 1936
n
retires.
Net earnings from
operation
Other income
1,811
Earned surplus, Dec. 1, 1935-.Miscellaneous adjustment.
for
depreciation)
General taxes
Reserved for contingencies
38,974
$243,933 loss$112,490
commission exp
Maintenance
1,550,000
$581,262
incl. taxes
on
1936
Special legal & other exps. of Federal
Water Service Corp
unearned.
Comparative Statement of Income
Sept. 30—
revenues
Operation expense
Gen. expense charged to
constructionReserved for uncollectible accts
Amortiz. of rate case exps. &
regula-
No provision has
subsidiaries,
4153
Famous Players Canadian
Corp., Ltd.—Divs. Resumed
Bank of the City of New York has
been appointed
registrar for the company's common stock.—V.
143, p. 3840.
Florida Power Corp.—Securities
Offered—Financing ag¬
gregating $12,500,000 for the corporation took place Dec.
22 with the offering of
$10,000,000 first mortgage 4% bonds,
series C, due 1966, and
$2,500,000 5% sinking fund deben¬
tures, due 1946, through an underwriting
group headed by
E.
H.
and
Rollins & Sons Inc.
the
members
debentures
of
the
at
101,
The bonds
were
priced at 100
plus accrued interest.
Other
underwriting
group
are
the
First
Boston
Corp.; Halsey, Stuart & Co., Inc.; Blyth & Co., Inc.;
Field,
Glore & Co.; W. C.
Langley & Co.; A. C. Allyn & Co., Inc.;
H. M. Byllesby &
Co., Inc.; Hemphill, Noyes & Co.; Stark-
Financial
4154
Inc.; Otis & Co.,
Names and
Stroud & Co.,
and B. B. Robinson & Co.
V
weather & Co., Inc.;
Eastman, Dillon & Co.;
1
adopted.
name was
Company is principally engaged in the generation, purchase, trans¬
mission, distribution and sale of electric energy for light, heat and
industrial and utility purposes.
The properties are comprised largely of
general
hydro-electric, steam and internal combustion generating plants and trans¬
mission and distribution lines, together with substations, transformers
and other similar equipment incident to its business.
The major portion
of the company's properties are interconnected, either directly or through
the transmission lines of the Georgia Power & Light Co., an affiliated
company. The company also sells, incident to its principal business, electric
current-consuming appliances to its customers and to others.
Company
has two subsidiaries, Florida West Coast Towing Co. and Sante Fe Land
Co., both of which are of minor importance.
The area served by the company extends from St. Petersburg northward
along the Gulf Coast of Florida, and from central Florida to the Georgia
State line.
The territory served is estimated to be approximately 12,000
square miles in area with a population of 103,531 in the communities served
directly by the company, based on the 1930 Federal census
Company owns two steam generating plants, both of which utilize oil as
fuel, one at St. Petersburg, Fla., and one at Inglis on the Withlacoochee
River, Levy County, Fla.; and three hydro-electric generating plants,
one located on the Withlacoochee River, west of Dunnellon, Fla., one at
Moss Bluff on the Ocklawaha River, east of Ocala, Fla., and one at Jackson
Bluff on the Ochlocknee River, west of Tallahassee, Fla.
In addition to
these principal plants, the company owns five oil engine plants, the largest
of which is located at Apalachicola, Fla.
The aggregate rated generating
capacity of the 10 plants is 58,301.5 kilowatts at somewhat over 80%
power factor.
Purpose of Issue—Net proceeds (estimated $12,036,747) will be applied
4% bonds, series C, due Dec.
7% cum. pref. stock (par
Common stock (par $100)
[American Power & Light
2,080,000
Out¬
standing
Be
$10,000,000
1,1966
2,500,000
2,876,200
297,000
6,500,000
$50)
12 Mos. End
Calendar Years
1935
1934
1933
Sept. 30 '36
$2,366,211
$2,554,279
$2,679,766
$2,171,690
$2,486,278
$2,682,964
706,930
17,818
214,360
867,599
27,366
175,734
945,462
35,841
120,988
$2,803,554
1,015,220
71,679
Miscellaneous revenues.
Operating expenses.
Power purchased
Maintenance.
120,067
inc.
128,685
123,788
37,411
192,265
166,986
193,295
212,622
231,468
$1,065,595
$1,222,292
$1,327,188
9,868
6,608
$1,228,900
181,443
$1,371,605
262,153
$1,334,701
$975,073
695,325
$1,047,457
$1,109,452
$1,125,001
707,765
27,486
696,939
37,395
708,951
a23,712
$279,748
operating-income.
$1,368,049
3,556
$1,075,464
Net
$312,205
$375,116
Other income
7,512
100,390
retirem'ts.
Income deductions
Federal income taxes—
209,699
$392,338
first mtge. 4% bonds, series C
of times such annual int. requirements earned, on basis of
above $1,125,001 gross income for 12 months ended Sept.
Annual int. requirements on
No.
.$400,000
3.33
2.81
Exclusive of taxes
on
undistributed earnings for the year
2.54
2.14
1936, the
which is undeterminable until the end of the year.
Description of First Mortgage 4% Bonds Series C due 1966—Dated as
Dec. 1, 1936, to mature Dec. 1, 1966.
Principal & int. (J. & D.)
in lawful money of the United States of America at principal office
or
princi¬
of company in N. Y. City. Denom. $1,000 registerable as to
Red. at option of the company at any time or from time to time,
as a whole or in part, upon not less than 30 days notice at following per¬
centages of the principal amounts thereof:
105% on or before Nov. 30,
1941; 104% after Nov. 30, 1941, but on or before Nov. 30, 1946; 103% after
Nov. 30, 1946, but on or before Nov. 30, 1951; 102% after Nov. 30, 1951,
but on or before Nov. 30, 1956; 101% after Nov. 30, 1956, but on or before
Nov. 30, 1961; 100% after Nov. 30, 1961, but prior to maturity; together
agency
pal only.
interest.
Sinking Fund Debentures—Dated Dec. 1, 1936 to
1,1946. The principal and int. J & D payable in lawful money
of America,at principal office or agency of company in
Description of 5%
City.
Coupon denom. of $1,000, registerable as to principal only.
Debentures
will be direct obligations of the company, but will not be secured by any
lien.
Company will covenant that, so long as any debentures are out¬
standing, it wi)l not create, issue, incur, assume, guarantee or otherwise
obligate itself, directly or indirectly, for the payment of any other
N. Y.
indebted¬
indenture). Red. at any time prior to maturity,
from time to time in part by lot either
at option of company or through the operation of sinking fund, upon not
less than 30 days notice at following percentages of the principal amounts
thereof: At 103% if red. on or before Nov. 30, 1938; at 102^% if red. on
Dec. 1, 1938 and thereafter, to and incl. Nov. 30, 1940; at 102% if red. on
Dec. 1, 1940 and thereafter, to and incl. Nov. 30, 1942; at 101
if red.
on Dec. 1, 1942 and thereafter, to and incl. Nov. 30, 1943; at 101% if red.
on Dec. 1, 1943 and thereafter, to and incl. Nov. 30
1944; at 100^% if
red. on Dec. 1,1944 and thereafter, to and incl. Nov. 30, 1945; and at 100%
if red. on Dec. 1, 1945 and thereafter, but prior to maturity; together, in
as a
(other than provided in
whole, at option of company, or
each case, with
Dividends applicable to
z
whether paid or
the
$60,000 on or before Dec. 1,1937; $67,000 on or before June 1,
1938: $67,000 on or before Dec. 1, 1938; $74,000 on or before June 1, 1939;
$75,000 on or before Dec. 1,1939; $82,000 on or before June 1,1940; $82,000
on or before Dec. 1, 1940; $89,000 on or before June 1, 1941; $89,000 on or
before Dec. 1,1941; $97,000 on or before June 1, 1942; $97,000 on or before
June 1.1937;
Dec.
1, 1942; $105,000 on or
Dec.
1, 1943; $113,000 on or
1, 1944; $121,000 on or
1945; $129,000 on or
Dec. 1, 1946.
Dec.
1,
before
before
before
before
June
June
June
June
1,
1,
1,
1,
1943;
1944;
1945;
1946;
$105,000
$113,000
$121,000
$129,000
on
on
on
on
or
or
or
or
before
before
before
before
such cash payments
required for the sinking fund, deliver to the corporate trustee for can¬
cellation its debentures at the principal amount thereof.
Underwriters—The names of the principal underwriters and the respective
amounts of bonds and debentures which they severally have agreed to
Company may, in lieu
purchase,
are
as
$5,957,189
4,224,847
$5,608,633
4,129,103
$1,732,342
$1,379,530
of the whole or any part of
follows:
500,000
400,000
1,153,008
1,153,008
$79,334
appropriations
pref. stocks for period,
unpaid
Balance
def$73,478
....
dividends,
property retirement reserve appropriations and
accumulated and unpaid to Nov. 30, 1936, amounted
$4,515,948.
Latest regular quarterly dividends paid Jan. 3, 1933.
dends on pref. stocks are cumulative.
Before
y
z
Dividends
Note—Income account includes full revenues
reduction in litigation for which a reserve has
to
Divi¬
without consideration of
been provided by appro¬
rate
priations from surplus in amount of $728,609 for
Nov. 30, 1936, and of $853,407 for the 12 months
the 12 months ended
ended Nov. 30, 1935.
143, p. 3841.
—V.
Fonda Johnstown &
Gloversville RR.—Earnings1936—11 Mos.—1935
-1935
$44,424
40,819
3,309
$511,910
31,185
$520,190
478,368
27,519
def$3.016
544
764
$11,065
13,913
$14,302
3,208
$839
13,778
def$2,252
14,423
$24,979
156,258
$17,511
156,889
$12,938
_
$43,425
43,942
2,500
$295
Operating revenues
Operating expenses
Tax accruals
$16,675
$131,278
$139,377
Operating income
Other income
Gross income
Net deficit
469.659
-V. 143, P. 3466.
(The) Foote-Burt Co.—Pays
40-Cent Dividend—
declared a dividend of 40 cents per share on the com¬
payable Dec. 24 to holders of record Dec. 18. A
dividend of $1 was paid on Dec. 15, last; 20 cents per share was paid on
Sept. 15 and on July 15, last, and 25 cents paid on March 15, last. Sept. 25,
1935, and Dec. 15, 1934, Dec. 23, 1933, and Dec. 20, 1932, this latter
being the first payment made since March 16, 1931, when 32cents per
share was paid; prior to this latter payment quarterly distributions of 65
cents per share were made.—V. 143, p. 3316.
The directors have
mon
stock, no par value,
Foreign Bond Associates,
Inc.—Pays $1 Extra Dividend
dividend of $1 per share on the
21 to holders of record Dec. 16.
A dividend
of 25 cents was paid on Oct. 23 last and one of 20 cents per share was dis¬
tributed on July 21 last, this latter being the initial dividend on the new
stock.
The company on July 6 last paid a dividend of two additional
shares of common stock for each share held.
A quarterly cash dividend of
75 cents per share was paid on the old stock on April 20 last.—Y. 143, p.3841.
Dec. 16 declared an extra
stock, payable Dec.
common
Fourth National Investors
Corp.—Committee Approves
Plan—
Jr., William Ferguson and Sanford Griffith, who
stockholders' committee of Fourth National Investors
the stockholders approve the program for mutualiz-
Brittingham
E.
members of the
Corp., recommend that
ing the company now
management.
being proposed by the
The com¬
stockholders' money and to attain
an adequate market for the stock.
In view of the disparity between asset
and market value of the stock of the company, we have for some time advo¬
Our aim in the past
has been to save the
cated an open-end or
We believe that the
sents
mutualized trust.
proposal submitted by
best compromise between
be made.
We believe that
the
the board of directors repre¬
the stockholders and warrantholders
the warrantholders will be generously
warrant-
compensated by the payment proposed to be made to them; but the
holders today have a better claim for compensation than was the case
two years ago, because the asset value is up some 60% from the
our opposition to the original plan.
Furthermore, use of the special reserve
for Federal taxes on unrealized profits toward th.e payment on warrants,
which we understand will be possible through the exemption from Federal
income taxes to be secured through mutualization, will be highly beneficial
to the stockholders.
We are therefore giving our support to the proposed program and urge
time of
that you return your
order that the
proxies to the corporation as
Freeport Sulphur
quickly as possible in
accomplishing
advantages of
31.—V. 143, p. 3999.
corporation may gain the tax
in the plan before Dec.
the first step
Co.—Listing—
[Change of name from
Freeport Texas Co.]
Stock Exchange has authorized the listing of 12,301
shares of 6% cumulative convertible preferred stock (par $100) bearing
name Freeport
Sulphur Co. on official notice of issuance in substitution
for outstanding certificates for a like number of shares bearing the name
Freeport Texas Co.; and 796,380 shares of common stock (par $10)
the name Freeport Sulphur Co. on official notice of issuance in substitution
for outstanding certificates for a like number of shares bearing the name
Freeport Texas Co.; also 41,004 additional shares of common
on
official notice of issuance upon the conversion on or before Feb. 1,
of shares of preferred stock or upon the exercise on or before Feb. 1, 1938
common stock purchase warrants issued on redemption of shares of pre¬
ferred stock; and 12,616 additional shares of common stock upon official
notice of issuance pursuant to resolution of the directors; making the total
amounts applied for: 12,301 shares of 6% cumulative convertible
stock, and 850,000 shares of common stock.
New
The
York
the
bearing
stock
1945
of
preferred
Comparative Consolidated
accrued interest.
Sinking Fund—Company, so long as any of the debentures are out¬
standing, will pay to the corporate trustee, as and for a sinking fund for
retirement of the debentures,
the following sums: $60,000 on or before
Dec.
$300,308
345,269
y$l 18,595 ydef$44,961
Balance
of the United States
ness
$473,267
354,672
Property retirement reserve
that can
of
payable
mature Dec.
$5,241,073
367,560
mittee states:
$525,000
amount of
accrued
344,263
inc
Gross corporate
were
provision for retirements
After provision for retirements
Ann. int. requirements on 1st mtge. 4% bonds, series C & 5%
sinking fund debentures
No. of times such annual int. requirements earned, on basis of
above $1,125,001 gross inc. for 12 mos. ended Sept. 30, 1936:
Before provision for retirements
;
After provision for retirements
with
$5,612,926
Int. & other deducts
T.
30, 1936:
Before
a
$278,951
21,357
(net)
The directors on
Provision for
$11,379,929
6,138,856
$453,837
19,430
Net revs, from oper—
Other income
Deductions
$2,100,011
Operating revenues
$882,695 $12,372,621
603,744
6,759,695
$1,015,299
561,462
Operating revenues
Oper. exps., & taxes
Comparative Statement of Earnings
than
Light Co.—Earnings—
Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Florida Power &
Period End. Nov. 30—
$9,450,000
To
5% sinking fund debentures, due Dec. 1,1946
Series A, 7% cum. pref. stock (par $100)
(other
taxes)
Cleveland
& Co., Chicago
143, P. 3998.
Outstanding Adjusted to Represent Financing
Capitalization
500,000
900,000
900,000
500,000
500,000
250,000
250,000
250,000
250,000
100,000
B. B. Robinson
for retirement or discharge of $50,000 City of
Apalachicola, electric light plant, 6% bonds, due Jan. 1,
1946, requiring, excl. of interest to maturity
50,000
(4) Addition to working capital (incl. reduction of bank loan)456,748
Taxes
I
I
Otis & Co.,
(3) Provision
1st mtge.
Cl\ i
—V.
5^% gold
and int. of $9,000,000 1st mtge.
(1) Redemption at 105
IX I
Blyth & Co., Inc., New York
Field, Glore & Co., New York
W. C. Langley & Co., New York
A. C. Allyn & Co., Inc., New York.
H. M. Byllesby & Co.,-Inc., Chicago.
Hemphill, Noyes & Co., New York—
Starkweather & Co.. Inc., New York
Eastman, Dillon & Co., NewYork....
Stroud & Co.,-Inc., Philadelphia
for the following purposes:
bonds, series A, due Jan. 1, 1979, requiring, excl. of interest
(2) Red. at 104 & int. of $2,000,000 1st mtge. 5H % gold bonds,
series B, due Jan. 1,1956, requiring, excl. or int
1
$475,000
350,000
350,000
225,000
125,000
225,000
225,000
125,000
125,000
62,000
63,000
62,000
63.000
25,000
$1,900,000
1,400,000
1,400,000
900,000
York..
Co., Inc., V/M
w# y ■ '
.j Chicago.
Halsey. Stuart \JU
J
KJ \J V4CVA V &
History—Corporation was incorp. in Florida, July 18, 1899, under name
Light & Power Co. By amendment to charter,
dated May 26, 1915, name changed to St. Petersburg Lighting Co. and, by
further amendment, dated May 17, 1923, name was changed to Pinellas
County Power Co. and by an amendment, dated Feb. 26, 1927, present
Debentures
Bonds
Addresses—
E. H. Rollins & Sons, Inc., New
First Boston Corp., New York
of St. Petersburg Electric
1936
26,
Dec.
Chronicle
June
Notes
$
.$2,631,074 $1,444,984
Cash..
&
accounts
991,235
1,178,979
5,375,333
Investments
2,937,882
Fixed assets (net). 6,675,344
Deferred assets
277,861
5,844,217
2,726,961
6,928,707
206,261
rec.
(net)
Inventory...
June 30*36
30,'36 Dec. 31'35
$
Assets—
Balance Sheet
$
Liabilities—
Accounts
payable
Acc. royal, pay
Prov.
for
-
—
Fed.
contin.
Earned surplus—
18,888,730 18,330,112
Total.
Total
1,370,313
5,402,416
550,630
1,230,100
7,963,805
1,370,313
5,037,038
18,888,730 18,330,112
Schmidt Brewing
Co.—Pays Initial Div.—•
paid an initial dividend of 5
Dec. 21 to holders of record Dec.
cents per share on its common
15.—V. 143, p. 1399.
Fuhrmann &
on
486,933
18,451
18,451
538,941
3841.
The company
stock
529,053
6% cum. pref. stk. 1,230,100
Com. stk.(par $10) 7,963,805
Paid in surplus..-
—V. 143, p.
$
438,353
1,234,486
&
property taxes—
Dividend payable.
Reserve for
Dec. 31'35
226,176
1,609,472
Volume
143
Financial
Galveston Electric
Period End. Nov. 30—
Operating
Operation
Maintenance
Taxes
Net income
—V. 143, p. 3466.
$2,710
Period End. Nov. 30—
$221,736
158,947
31,987
17,669
$35,319
$1,296
1936—3 Mos.—1935
$13,131
1936—6 Mos.—1935
$98,812
37,814
loss$32,661
39,912
$92,652
31,089
$12,046
24,717
$136,626
59,100
stock, no par value»
common
The directors have declared an extra dividend of 50 cents
per share in
addition to the regular quarterly dividend of 37
3-3 cents per share on the
common stock, both payable Dec. 26 to holders of
record Dec. 22.
Voted—
1
,
special shareholders' meeting held Dec. 18, approval was given to
amendment to articles of incorporation increasing authorized
common stock to 1.000,000 shares and
authorizing issue of 60,000 shares
of no-par $2.50 dividend conv.
preferred.
This preferred is to be offered
shortly in connection with financing purchase from Marshall Field of the
Davis store.—V. 143, p. 3842.
t
a
$7,251
profit
Deprec. & Fed. inc. taxNet profit
95,000 shares of
Extra Dividend—
At
loss$l 1,360
23,406
Total
x$6l ,563
119,304
stock.
common
The Chicago Stock Exchange has
approved the application of the com¬
pany to list an additional
proposed
,.$71,848
20,804
Other income.
shares
$249,516
163,369
32,198
18,628
(& Subs.)—Earnings—
Operating profit
on
1936—12 Mos .—1935
Stock Increase
Gamewell Co.
Earns, per sh.
Goldblatt Bros., Inc.—Application
Approved—
Co.—Earnings—
1936—Month—1935 •
$20,412
$17,986
13,571
12,817
2,562
2,566
1,567
1,306
revenues
Chronicle
loss$l2,67?
$0.25
x No
provision has been
profits.—V. 143, p. 2050.
made
for
x$77,526
Nil
Federal
surtaxes
51,661
loss$44,410
$0.11
Nil
on
undistributed
Goodyear Tire & Rubber Co.—Time for Exchange of
Pref. Stock for Senoir Pref. Stock Extended—Dividend of
$4.25 Per Share on $5 Conv. Pref. Stock Declared—
2d
In order to give shareholders who have not yet acted further
opportunity
the board of directors has extended until Jan. 15, 1937, the period
which exchanges of the company's second preferred stock for its
new senior $5 convertible preferred and common stock
to do so,
within
Garlock Packing Co.—Ezra Dividend—
The directors have declared
an extra dividend of 37
cents per share in
regular quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Dec. 24 to holders of record Dec. 12.
The directors also declared a dividend of $2
per share payable in 4H%
10-year convertible notes, series of 1936, on Dec. 24 to holders of record
Dec. 12.
These notes, which are a newly-created
issue, will be convertible
into preferred stock if, as and when
approved by stockholders.
addition to
a
Extra
divijdends of 25 cents were paid on Sept. 30 and June 30 last.
An
12>4 cents was paid on March 31, last; 25 cents on Dec.
31, 1935; 10 cents on July 2,1934, and an extra of 15 cents on April 2, 1934.
See also V. 140, p. 2006, for detailed dividend record.—V.
143, p. 1878.
extra dividend of
General
Restrain
to
Bronze Corp.—Court
Refuses SEC Injunction
Brokerage Firm from Deals in Stock—
Federal Judge Julian W. Mack rejected on Dec
19, without prejudice a
motion by the Securities and Exchange Commission for a
preliminary in¬
junction to restrain L. S. Sapher & Co. from violating the Securities Acts of
for fractions of common
(or negotiable scrip
shares) may be made under the plan for the re¬
arrangement of capitalization.
The board has also declared
a dividend of $4.25 per share on the new
$5 convertible preferred stock to be issued on exchanges under the plan
against deposits of second preferred stock on or before Jan. 15, 1937.
This
dividend will be payable Jan. 25, 1937, to original holders of the new $5
convertible preferred stock issued on exchanges after Dec.
18, 1936.
The
stock, when issued, therefore, will be ex-dividend.
It is not planned to issue any stock under the terms of this extended
exchange offer until Jan. 2, 1937.
On that date new shares will be issued
in exchange for all second prefered stock received between Dec.
19, 1936
and Jan. 2, 1937.
Thereafter, and up to the close of business on Jan. 15,
1937, the new shares will be issued currently as second preferred stock is
presented for exchange.
Returns through Dec. 17 indicate that holders of
approximately 565,000
shares, or over 75%, of second preferred stock have deposited them for
exchange into the new senior $5 convertible preferred stock and common
stock—V. 143, p. 3467.
1933 and 1934 in General Bronze Corp. and Park & Tilford stock trans¬
actions.
The Commission had accused the brokerage firm of
manipulative prac¬
tices in the Bronze stock between January and
August, 1935.
In the case
of the Park & Tilford stock,
however, it
charged the defendant merely with
having failed to comply with the registration provisions of the act.
There¬
for it asked for a temporary injunction
prohibiting inter-State transactions.
Judge Mack found that there had been no alleged unlawful deals in the
Bronze stocK since September, 1935, and
that, while a violation of the
registration requirements had been shown, transactions in the Park &
Tilford stock also had ceased.—V. 143, p. 3148.
General
At
Reinsurance Corp.—50-Cent Dividend—
named
President; Francis J. Moeckel, Vice-President; Samuel B. Gumming,
Treasurer, and Abraham I. Spiro, Secretary.—V. 143, p. 2051.
Granada Mining
Co.—Registers with SEC—
See list given on first page of this department.
(D. H.) Grant Mfg. Co., Inc.—Registers tyith SEC—
a
holders of record Dec. 22.
Until recently the stock of General Reinsurance
Corp. was wholly owned
by General Alliance Corp., a holding company which also owned a con¬
to
trolling interest in the capital stock of North Star Insurance Co.
To sim¬
plify the corporate structure and affect various economies, the stockholders
of General Alliance Corp.
recently ratified a plan of reorganization whereby
all of the assets of General
Alliance, excepting the General Reinsurance
stock, were transferred to General Reinsurance Corp. and the shares of
General Reinsurance Corp were distributed to General Alliance stockholders
in exchange for
the General Alliance stock held by them.
As a result of
plan, General Alliance Corp. has been dissolved and General Reinsur¬
ance Corp. now owns about
95% of the stock of North Star Insurance Co.
IftThe corporation also issued a financial statement as of Oct. 31, 1936,
this
which is the first statement issued since the
completion of its recent cor¬
porate readjustment.
The new statement of General Reinsurance shows
surplus to policyholders of $6,969,040.
The statement of North Star
Insurance Co., a subsidiary of General Reinsurance
Corp., shows surplus
toipolicyholders of $2,989,766 as of Oct. 31.—V. 143, p. 4000.
General
Stockyards Corp.—Special Dividend—
The directors
have declared a special dividend of $1
per share on the
stock, no par value, payable Dec. 21 to holders of record Dec. 15.
They also declared a quarterly dividend of 25 c.per share on the common
stock payable Feb. 1 to holders of record Jan. 15.
Dividends of 50 cents per share were paid on Nov. 1, Aug. 1 and
May 1,
last; dividends of 25 cents per share were paid in each of the four preceding
quarters; 50 cents paid on Feb. 1, 1935 and Nov. 1,1934; 25 cents on
Aug. 1
and May 1,1934, and 50 cents per share
paid on Nov. 1, Aug. 1 and May 1,
1933.—V. 143, p. 1879.
common
General Tire & Rubber Co.—Accumulated Dividends—
The directors have declared
accumulations
on
holders of record
the
6%
Dec.
a
cum.
20.
dividend of $1.50 per share
pref. stock,
par
A similar payment
on account of
made in each of the
preceding quarters as against $3 per share paid on Dec. 31, 1934, and
$1.50 per share on each of the four preceding quarters, prior to which no
dividends had been paid since March 31, 1932, when a
payment
of $1.50 has been made.
Accruals after the
to $7.50 per share.—V. 143, p. 2209.
regular quarterly
current
amount
payment
—Second
1936
Week of Dec
1935
$21,925
$19,325
and 12 passenger coaches.
No arrangements have been made for sale of the certificates,
application states that they will be sold at competitive bidding.
^Certificates will be dated
instalments
but the
Marqh 1, 1937 and mature serially in 10 annual
beginning March 1, 1938.—V. 143,
3632.
p.
(B.) Greening Wire Co., Ltd.—$3.50 Pref. Dividend—
The directors have declared a dividend of $3.50 per share on account
of accumulations on the 7% cumulative red. preferred stock, par
$100,
payable Jan. 1 to holders of record Dec. 15.
The dividend is payable in
Canadian funds and in the case of non-residents subject to a 5% tax.
A
July 1 and on April 1, 1936, while dividends of
$1.75 per share were paid in each of the five preceding quarters and on Oct. 1
1934.
This latter distribution was the first made on this issue since Oct.
1,
like payment was made on
1932,
—V.
when a regular
142, p. 4021.
quarterly
Greif Bros. Cooperage
distribution of like
amount
was
made.
Corp.—Larger Class A Div.—
The directors have declared a dividend of $2.80 per share on the $3.20
class A common stock, no par value, payable Dec. 22 to holders of
record Dec. 17.
Dividends of 50 cents were paid on Oct. 1, July 1 and
cum.
April 1 last, and compare with dividends of 25 cents paid in each of the eight
preceding quarters and on Dec. 20, 1933.
Quarterly distributions of 40
share were made from Jan. 2, 1931 to and incl. April 1, 1932, as
compared with regular quarterly dividends of 80 cents per share previously
Daid.—V. 143, p. 1881.
cents per
Greyhound
Corp.—ICC
Authorizes
Mergers
Effective
Jan. 1—
The Interstate Commerce Commission in
a
decision made public Dec. 22
authorized the grouping of corporation's subsidiaries into
principal companies, effective as of Jan. 1, 1937.
Through the mergers, the smaller Greyhound operating lines will be
eliminated, and economies will result, according to the corporation, through
savings in taxes, simplification of accounting procedure and a reduction in
legal work.
(For details, see V. 143, p. 3317.)—V. 143, p. 3633.
approved and
Jan. 1
to Dec.
14
1936
1935
$1,128,108
$1,052,597
(M.
The
Georgia Power Co.—Earnings—
A.) Hanna Co.—50-Cent Dividend—
directors
have declared a dividend of 50 cents per share on the
stock, no par value, payable Dec. 23 to holders of record Dec. 15.
Dividends of 25 cents per share were paid on Oct. 31, and May
20, last,
Nov. 1 and March 11, 1935 and on Sept. 10, 1934.—V. 143, p. 3468.
common
(A Subsidiary of Commonwealth & Southern Corp.)
1936—Month—1935
1936—12 Mos.—1935
$2,390,456
$2,139,002 $26,191,046 $23,469,676
Oper. exps. & taxes
1,204,071
1,005,738
13,379,529
11,159,532
Prov. for retire, reserve160,000
125,000
1,648,750
1,410,000
Int. & other fixed chgs..
530,193
525,828
6,248,091
6,265,601
Divs. on pref. stock
245,870
245,870
2,950,444
2,950,462
Balance
$250,320
$236,565
$1,964,232
$1,684,079
—V• 143, p. 3466.
Per. End. Nov. 30—
revenue
—
■
Gold Resources
Ry.—Proposes New Issue—
seven
Georgia & Florida RR.—Earnings-—
Gross earnings
—V. 143, p. 4000.
Great Northern
The company has applied to the Interstate Commerce Commission for
authority to issue and sell $4,650,000 of 2% equipment trust certificates in
connection with the purchase of new equipment at a total estimated cost of
$6,210,500.
The equipment consists of 1,000 box cars of 100,000-pound
capacity,
500 ore cars of 75-ton capacity; 500 gondola cars of 100,000-pound
capacity
$100, payable Dec. 31 to
was
seven
Gross
Chairman, dec.—
See list given on first page of this department.
meeting held Dec. 10 directors of the company declared a dividend
of 50 cents per share on the corporation's
capital stock, payable Dec. 30
will
Gotham Silk Hosiery Co., Inc.—New
Solon E. Summerfield has been elected Chairman of the Board of Direc¬
tors, a newly created office which he will cake Jan. 1.
Roy E. Tilles was
Syndicate—Registers with SEC—
See list given on first page of this department.
(A. C.) Gilbert Co.—Resumes Common Dividend—
The company paid a dividend of 62 ^ cents per share on its
common
on Dec. 24 to holders of record Dec. 19.
This was the first payment
on the common shares since Feb. 16,
1931, when a dividend of 25
cents per share was distributed.—V. 143, p. 1879.
stock
Harding Carpets, Ltd.—Dividend Doubled—
The directors have declared
a
dividend of 10 cents per share
on
the
com¬
stock, no par value, payable Jan. 2 to holders of record Dec. 19.
An
initial dividend of 5 cents per share was paid on Aug. 1 last.—V. 143, p.4001.
mon
Hartford & Connecticut Western Ry.—Trustees—
Federal Judge Hincks at New Haven appointed the three trustees of the
New York New Haven & Hartford RR. as trustees for the Hartford & Con¬
necticut Western Ry., which operates 122 miles of lines between New Haven,
Conn., and Agawam, Mass., and Rhinecliff, N. Y.
They are James Lee
Loomis, Hartford; Winthrop M. Daniels, New Haven, and Howard S.
Palmer, President of the New Haven System.
Counsel for the Recon¬
struction Finance Corp. and Public Works Administration opposed the
selection.—V. 136, p. 4454.
made
Gilchrist
Tne directors
have
declared
a
special dividend of 25
cents
per share
and a dividend of 25 cents per share (or 50 cents per
share) on the common
stock, both payable Dec. 24 to holders of record Dec. 17.
These were
the first cash distributions made since July 31, 1929.
Dividends in stock
of
2% each were paid in the live quarters following that date.
was also voted to pay a bonus to all
employees of the company except
those receiving commissions on sales.—V. 143, p. 2679.
It
Glen Alden Coal
Cost of
(Del.) (& Subs.)—Earnings—
goods sold
1935.
It was inferred the regular quarterly disbursements of 25 cents
due in
January and April will not be paid in the statement made by the
company
as follows: "This dividend is paid at this time to avoid
any possible penalties
under the undistributed profit section of the Revenue Act of
1936
and is
in lieu of the
regularly quarterly dividend that otherwise would have been
paid in January and April, 1937."—V. 142, p. 1468. •>.
j - •
•
.
1936
$1,823,756
835,479
1935
$1,947,670
913,564
$998,988
472,856
$988,277
487,252
129,749
$1,034,107
464,012
108,626
$526,132
349,186
74,511
$371,276
8,290
$461,468
6,389
$102,434
16,594
$379,566
166,381
$467,857
178,216
$119,029
63,292
Gross profit
Selling and delivery expenses
—
General and administrative expenses.
Profit from operations
Other income credits
Co.—Special Dividend—
The company paid a special dividend of 50 cents per share on its
common
stock, no par value, on Dec. 23 to holders of record Dec. 14.
A regular
quarterly dividend of 25 cents per share was paid on Oct. 20, last.
Extra
dividends of 25 cents per share were paid in each quarter of
Harvard Brewing Co.
Years Ended Sept. 30—
Net sales
Co.—Special Dividend—Bonus
Gross
Income
income
-
charges
Net income for the year
Surplus at beginning of the year
Surplus credit
"
$213,186
333,770
10,713
'
1934
$289,640
41,782
$55,736
Z)rl3,953
2,346,;
Surplus at end of the year
$557,669
$333,770
Shares capital stock outstanding—540,897527,739
Earnings per share
$0.39
$0.55'
,
'■
"
— ---
$41,782
499,605
$0.11
Financial
4156
Consolidated Balance Sheet Sept. 30
$57,081
1,261
$162,024
Notes & trade
ac¬
ceptances rec—
Accts. rec.,
less
trade,f
Fed.
rev.
176,024
for
reserve
doubtful accts.
3,379
233,687
5,413
211,494
on
Vendors'
.
Dep. on containers
Accruals
stamps
hand.
Inventories
contain's
92
52
returnable i
First mtge.
pay_.
Capital stockPaid-in surplus...
Earned surplus...
y
__
14~4l6
50,426
80,014
215,000
527,739
257,000
333,770
Deposits with pub¬
225
lic serv. corps..
Land, bldgs.,mar
chinery & equip. 1,169,879
x
1,040,320
917
Interest
25,714
16,900
$375,321
72,058
44,400
$96,515
28,720
35,958
$258,862
86,159
82,981
$31,837
$89,712
$0.71
Net income
Preferred dividendsCommon dividends
on
.
Balance Sheet Sept. 30, 1936
70,096
Liabilities—
Ass€ts~~~~
Total
$1,817,273 $1,625,011
1935*
Notes only.—V. 143»
for depreciation of $181,533 in 1936 and $118,643 in
reserve
$1 par value,
Represented by shares having a
p. 3318.
z
Corp. of America-—Admitted to Listing & Registration
The New York Curb Exchange has admitted to listing and
the class B common stock (non-voting), $1 par.
Consolidated Income Account for
Receivables
$1,552,178 Coll.
9
8,468,418
al936
5,000
1
29,728
-—
registration
Years Ended Oct. 31
Special reserve
Costs and expenses
$9,665,751
8,596,328
$8,389,670
7,408,091
$7,293,388
6,489,953
Operating profit
(Other income (not)
$1,069,423
5,412
$981,580
yl0,758
$803,435
9,397
$339,899
6,166
$1,074,835
$992,338
89,948
123,000
$812,832
94,781
100,000
$346,065
93,887
30,000
Depreciation
x
-
Federal taxes
Other
-
-tc -
-
149,000
2,523
deductions
Net profit
a Tentative—subject
to adjustment,
x Computed on the basis of the
adjusted reduced valuation of buildings, machinery and equipment acquired
May 1, 1932, and subsequent additions at cost,
y Includes special profit
and loss adjustments affecting prior years of $690.
Consolidated Balance Sheet Oct. 31
Liabilities—
1935
xl936
Assess—
Accounts payable.
Accrued
salaries,
$114,449
$134,126
1,140,914
100,250
1,513,528
35,698
wages, com., &c.
185,419
112,881
251,458
192,786
b Notes and accts.
receivable
1,265,960
Life ins. policies..
112,591
a Mdse. inventory
1,826,106
Land
35,698
c Bldgs., machln'y
and equipment. 1,334,659
Land for plant ext.
36,900
1,283,655
36,900
above land.
18,090
20,418
29,586
28,291
trade¬
&c
1,565,100
marks,
to
&
..
100,108
6^% pref.stock.. 3,174,813
Class a
com.
com.
•'
—
3,270,412
stock
359,660
(voting) (par $1)
359,660
109,660
109,660
1,708,584
947,310
stock
non-vot.
(par $1)
e Capital surplusEarned surplus
$7,313,952 $6,835,4201
a
1,701,324
1,317,061
Certified
b After reserve for bad debts, discounts
and allowances of $303,267 in 1936 and $294,191 in 1935.
c After reserve
for depreciation of $451,415 in 1936 and $343,143 in 1935.
d After deat the lower of cost or market,
asis of treating
greciation reserve$497,900 in 1936 ($492,300 in 1935) par valueUpon the
of $28,385 in 1936 and $26,157 in 1935. e of 634%
The company paid a dividend of $1.75 per share on account of accumula¬
on its $7 cumulative preferred stock, no par value, on Dec. 22 to
of record Dec. 15.
This was the first dividend paid since 1933.
143,
p.
273.
Haverhill Gas
Light Co.—Earnings
Period End. Nov. 30—
1936—Month—1935
Maintenance
Taxes
>j..A •' 1 /• •*
Net oper. revenues—
•
Balance
res.
1936—12 Mos.—1935
per
Hollander, President, has announced that all employees will
of Christmas gifts in cash.
He further announced that
will not deduct from the salaries and wages of its employees the
sums required to be paid by them under the Old Age Pension Division of
the Federal Social Security law, which sums will be paid by the company.
In addition to the foregoing there will be a general increase in the salaries
and wage scale effective Jan. 1, 1937.—V. 143, p. 3844.
Michael
be the recipients
company
Honolulu
Net income
Honolulu Rapid Transit
Gross rev. from transp..
Net revenue
$297,607
26,731
$28,188
17,545
$335,790
219,062
$324,338
208,867
$10,643
$116,727
$115,471
Honomu Sugar
Co.—Extra Dividend—
40 cents per share in
monthly dividend of 10 cents per share on the
The directors have declared an extra dividend of
addition to
the regular
Dec. 5.
An extra of 20 cents was
stock, par $20, both payable Dec. 10 to holders of record
Similar payments were made on July 31, last.
paid on Dec. 10, 1935.—V. 143, p. 2372.
$94,335
91
Dividends of 12H cents per share have been paid each three months
since and including April 1, 1935, prior to which no distributions were made
since Jan. 1, 1915 when a dividend of 12M cents per share was also paid.—
-
The company
were
$9,129
2,916
$5,612
2,916
219
206
$104,335
35,000
2,917
$94,426
35,000
2,786
$2,489
$66,418
$56,640
made
on
Oct. 1, last.
V. 143, p. 2211.
Hotel Governor Clinton,
Inc.—Amended Reorganization
Approved—
Year End.
Period Ended—
9 Mos. End.
Sept. 30 *36 Sept. 30 '35
$2,108,559
$1,840,378
1,951,768
1,769,051
Cost of sales and expenses
$156,791
171,942
4,730
12,379
Loss
Other income.
Loss.
$58,682
$22,100
Maintenance of Ionia plant, &c.
$69,940
11,258
$22,100
Interest
$71,327
132,639
$32,260
10,160
Depreciation
$59,113
446
8,182
(Service Trucking Co.).
431
Net loss
-V. 143, p. 1080.
Hem-Werner Motor Parts
protective committee or first mortgage 6% bonds,
(George Ramsey, Chairman) announces that it has approved an
of reorganization on behalf of the series A bondholders.
Hearings on the amended plan, under Section 77-B proceedings, will be
held on Jan. 25,1937.
Under the provisions of the amended plan, holders of series A bonds
will receive for each $1,000 principal amount a like amount of new mortgage
bonds and two shares of common stock (v; t. c.) of a new corporation.
General creditors will be paid in cash to the extent of the amount of any
indebtedness or claims allowed by the Court.
To provide for payment of unpaid real estate taxes, expenses of re¬
organization and establishment of adequate working capital for the new
corporation, it is proposed to obtain a reorganization loan not to exceed
$750,000.
Upon completion of the proposed reorganization, the new
corporation will have outstanding $5,000,000 of mortgage bonds, in ad¬
dition to a ma-rimnm reorganization loan of $750,000, and 10,000 shares of
common stock which are to be issued to series A bondholders. An additional
6,667 shares of common stock will be authorized, subject to later issuance
and sale to provide additional capital, or to be used for other purposes of
The
Co., Ltd.—Extra Dividend—
Net sales
Hey wood Wakefield Co.—Removed from Unlisied Trading
The New York Curb
Exchange has removed from unlisted trading privi¬
leges the 7% 1st preferred stock, $100 par, and the 7% second preferred
stock, $100 par.—V. 143, p. 3318.
(R.) Hoe & Co., Inc.—Interest—
Payment of 10% (being 6M% for the current year and 3H% on account
of interest for the preceding year) will be made on Dec.
31, 1936. on sur¬
render of the coupon then due from first mortgage bonds, due 1944.
See
bondholders
series A
amended plan
.
,
the plan.
Other members of the committee are E.
.
-
Carleton Granbery, Henry A.
Robert E. Goldsby, 100 Broadway, is
Secretary to the committee and Sullivan & Cromwell and Kadel, Van Kirk
& Trencher are Counsel.—V. 141, p. 2588.
Paddock and Ernest.Willvonseder.
Household
The
Corp.-^-Extra Dividend—
The company paid an extra dividend of 35 cents per share on its common
stock, par $3, on Dec. 21 to holders of record Dec 15.—V. 143, p. 3843.
$302,909
32,880
$9,939
Net rev. from oper—
Deductions
558,026
$25,561
2,626
$31,406
21,467
Rev. other than transp..
619,333
$27,808
3,598
Net rev. from transp.
52,123
82
Hayes Body Corp. (& Subs.)—Earnings—
143, p. 4002.
1936—11 Mos.—1935
$922,243
$855,633
57,509
Operating expenses
$104,253
$20, on Dec. 20 to holders of record Dec. 15.
An extra dividend of
60 cents was paid on Dec. 20, 1935.—V. 141, p. 4017.
V.
Co, Ltd.—Earnings—
1936—Month—1935
$85,318
$77,685
Period End. Nov. 30—
$5,612
26
par
also
Dividend—
$9,103
The company paid an extra dividend of $1.50 per share in addition to
the regular monthly dividend of 15 cents per share on the common stock,
Federal taxes
Co.—Pays Extra
Hook Drugs, Inc.—Pays Extra Dividend—
paid an extra dividend of 12>S cents per share in addition
to the regular quarterly dividend of like amount on the common stock, no
par value, on Dec. 21 to holders of record Dec. 14.
Similar distributions
—Y. 143, p. 3468.
Hawaiian Electric
Plantation
paid an extra dividend of 50 cents per share on the com¬
stock, par $20, on Dec. 15 to holders of record Dec. 8.
The regular
monthly dividend of 10 cents per share was paid on Nov. 30, last.—V. 143,
p. 2372.
The company
mon
$564,733
359,727
23,512
87,158
Interest charges
,
share on Feb. 23, 1934.—V. 142, p, 3510.
(A.) Hollander & Son, Inc.—Salary Increases, &c.—
$568,982
356,749
23,286
84,693
$5,993
accruals
6, 1936;
$41,983
27,314
1,975
7,081
Non-oper. inc.—net.
Retire,
Dec. 11
$1 paid on Nov. 4, July 15 and April 23, 1935; 50 cents paid on April 1
ana $1 per share distributed on Feb. 26, 1935; $2 on Dec. 29, $3.25 on
Oct. 13; 50 cents on July 31; $1 on Aprl 27; 50 cents on March 31, and $1
$47,716
29,812
2,498
6,302
'
"
50 cents per share
the common stock, par $25, payable Dec. 22 to holders of record
This compares with $1 paid on June 3, last; $2.50 paid on Feb.
common
Operating revenues
Operation
Co.:—Liquidating Dividend—
The directors have declared a liquidating dividend of
on
tions
holders
—V.
year.—V. 143, p. 4001.
Holland Land
—V. 143, p. 3633, 3844.
Hathaway Bakeries, Inc.—Pref. Dividend—
T
634,745
$10,055,324
Total
Note—The provision for Federal income taxes does not include surtaxes,
actual amount of which cannot be definitely^ determined until the
preferred stock in the
treasury as though retired.
The cor¬
poration may.at any time apply the 634% cumulative preferred stock in
its treasury against its charter obligation to provide a sinking fund for the
retirement of preferred stock.—V. 143, p. 3633.
surplus..
the
by the management
quantities and marketable condition of the inventory, and valued
cumulative
.$10,055,324
Total
surplus
Earned
$7,313,952 $6,835,420
Total
Tentative—subject to adjustment,
x
Fed.
payable
_
&c
Total
as
for
miscell. taxes.
Divs.
1,565,000
in¬
rent,
surance,
Goodwill,
Prov.
Class B
d Tenements on
Prepaid
1935
xl936
$1,089,261 $1,110,762
Cash....
Paid-in
$222,178
$618,051
$779,390
409,115
1,641*125
480,436
33,003
....
Preferred stock (par $25)
Common stock (par $2)
close of the
$923,312
10,000
16,235
service charges.
$5,744,951
5,405,052
Total income
contra,
Pref. stock purchase fund...
Deferred
income,
unearned
1933
1934
1935
(lnstalm.
$6,525,000
collateral)
Notes payable to individuals21,000
Accounts payable
124,009
Dividends payable upon de¬
termination oi ownership..
74,124
Accrued expenses.
20,428
Prov. for est. Fed. inc. taxes.
66,104
as
Credit,
Inc.,
a
wholly
own sub., not consol
Furnit. & fixt. at nominal val
Deferred charges
tr. notes matur. within
mos.
totaling $7,300,300 pledged
Inv. in Heller Modernization
[Including wholly-owned subsidiary companies]
sales
$0.28
240,218 shs. com. stk. (par $2)
832
82,743
y
Net
$370,985
4,335
Provision for Federal income taxes-
Cash in banks and on hand..
Hat
deductions
'Surplus
$1,817,273 $1,625,011
After
$137,634
1,495
$139,129
Net income before other income and
Other income
Earns, per sh
Trademarks
x
$702,779
331,794
Expenses
22,171
8,727
Deferred charges..
Total
113,927
<
.
Uncompleted constr'n job orders-
9 Mosr*
3 Mos.
1936—
$251,561
$48,448
98,204
z$40,000
62,042
70,000
11,762
32,696
61,142
195,000
540,897
257,000
546,734
payable.
Accounts payable.
Mt&e. pay., curr't
Beverage tax pay.
195,867
_
Period Ended Sept. 30,
Notes and accept¬
ances
1936
26,
(Walter E.) Heller & Co.—Earnings—
1935
1936
Liabilities—
1935
1936
Assets—
Cash
Dec.
Chronicle
Finance
Corp.—Files with SEC—
corporation on Dec. 21 filed with the
Securities and Exchange
Commission a registration statement (No. 2-2745, Form A-2) under the
Securities Act of 1933 covering 180.000 shares ($100 par) preferred stock
and preferred stock scrip to be issued in lieu of fractiona shares, and 90,000
shares (no par) common stock and common stock
of fractional shares.
The dividend rate on the
scrip to be issued in lieu
preferred stock is to be
furnished by amendment to the registration statement.
The company states that 106,350.5 shares of the preferred
stock and the
90,000 shares of common stock will be offered in exchange to holders of its
participating preference stock on the basis of one-half share of the new
preferred stock and an undetermined amount of common stock for each
share held.
All shares not issued under the exchange are to be taken by
the underwriters.
The remaining 73,649.5 shares of preferred
to be offered publicly through underwriters.
stock being registered are
Volume
143
Financial
Chronicle
4157
According to the registration statement, the net
proceeds from the public
offering of the preferred stock are to be used to reduce bank loans con¬
tracted
during 1936 for the purpose of increasing working
capital, and the
balance will be used to provide additional funds
to lend to borrowers in the
usual course of business.
The proceeds from the sale of the
preferred stock
and common stock not issued
under the exchange plan will be used in
connection with the
INDIANAPOLIS RAILWAYS
contemplated redemption of outstanding participating
preference stock not exchanged.
The price to the public, the names
of the underwriters and the under¬
writing discounts or commissions are to be furnished
by amendment to the
registration statement.—V. 143, p. 4002.
Houston
of 11 bankers which
$27,500,000 first mortgage
bonds, 33^%, series due 1966, at 103% and accrued interest.
Associated with Halsey, Stuart &
Co., Inc., in the offering
group were: W. C. Langley & Co.; Edward B. Smith &
Co.;
The First Boston
Corp.; J. & W. Seligman & Co.; Brown
Harriman & Co., Inc.;
Bonbright & Co., Inc.; Lee Higginson
Corp.; Blyth & Co., Inc.; Coffin & Burr, Inc., and
&
Webster
and
a
Eastman, Dillon 6 Co.
group
Blodget, Inc.
The issue
has
been
overscribed.
Dated Dec. 1, 1936; due Dec.
1, 1966.
Principal and interest (J,. & D.)
payable at office or agency of
company in New York.
Coupon bonds in
denom. of $1,000 registerable as to
principal and fully registered bonus in
denom. of $1,000, $5,000 and
any authorized multiples of $5,000.
Coupon
bonds and fully registered bonds
interchangeable.
Red. at option of com¬
pany as a whole or in part at
any time upon 30 days' published notice at
following prices and int.;
Prior to Dec. 1,
1941, at 107; on and after
Dec. 1,1941, with successive
reductions in red. price of H of 1
% of principal
amount during each successive
year to Dec. 1, 1945; on and after Dec.
1,
1945, with successive reductions in red.
price of ^ of 1% of principal
amount during each successive
two-year period to Dec. 1, 1963; on and
after Dec. 1, 1963, at
100% of principal amount.
Bonds will also be
subject to red. at reduced premiums
by application of cash
MEMBERS NEW
16
Purpose—Net proceeds
($27,610,417) will be applied toward the redemp¬
on Feb.
1, 1937, of all of the bonds of the
company now outstanding
as follows:
tion
refunding mortgage gold bonds:
YORK STOCK EXCHANGE
Street
Houston Electric
Period End. Nov. 30—
Operating revenues
Operation
Maintenance
Retirement accruals
Taxes
Interest & amort
Net income
—V.
New
York
Co.—Earnings—
1936—Month—1935
$208,765
$184,079
103,643
88,967
27,742
25,895
20,995
29,166
21,958
17,589
18,522
20,102
$15,903
143, p. 3468.
Hudson & Manhattan
Period End. Nov. 30—
Gross oper. revenue
Oper.
exps. & taxes
$255,263
24,332
$2,683,166
238,581
$2,724,448
262,376
$261,374
$279,596
$2,921,748
$2,986,825
314,600
3,378,461
3,463,426
$34,900
$35,004
$456,713
at
Deficit
x
def$79,601
RR.—Earnings—
int.
adj. inc. bonds
5%
6,105,000
9,856,250
$111,118
$243,880
17,494
income-.
Gross income
Inc.
charges—Inc.
$12,360,000
$2,358
296,274
Non-operating
Series
1936—12 Mos.—1935
$2,398,274
$2,129,799
1,182,103
1,080,372
329,966
301,438
295,952
350,000
242,111
215,891
237,020
261,699
1936—Month—1935
1936—11 Mos.—1935
x$643,727
$639,019 x$7,073,833
$7,009,880
399,846
383,755
4,390,667
4,285,431
Operating income.
on
A, 5%,
due Mar. 1, 1953, at 103
SeriesD, 4^%, due Nov. 1, 1978, at
101^
Series E, 4
%, due June 1, 1981, at 103%
The additional amount of
$710,832, exclusive
Broad
A. T. A T. Teletype N. Y. 1-752
deposited
pursuant to Section 20 of the
mortgage and deed of trust.
First lien and
TRADING DEPARTMENT
Lighting & Power Co.—Bonds Offered—Hal-
sey, Stuart & Co., Inc., headed
offered on Dec. 22 an issue of
Stone
General 5s due 1967
$476,600
Subject to adjustment when effect of reduced fares from
joint service
Pennsylvania RR. between New York and Newark is determined.—
of accrued interest, which
it is estimated will be
required in connection with the
redemption of the
above-mentioned bonds, will be obtained from
the
V. 143, p. 3468.
Business—Company is a public utility principally engaged in the
pro¬
duction, transmission, distribution and sale of
electric energy at retail and
wholesale.
It operates
wholly within the State of Texas, and within the
area served
by it there is not privately owned elecrtic
public utility company
in
Operating
company's current cash.
direct competition with it
and there
light and
plants.
power
are
no
municipally owned electric
Company sells, and
cooperates with dealers in
of, electric appliances to its
customers,
It has no subsidiaries.
All of the electric
energy sold and distributed by the
company is produced
by its generating stations, with the
exception of a relatively small amount
which is purchased from
industrial plants.
The electric energy is sold
by
the company to various
types of consumers—residential,
the sale
commercial,
industrial, farming,
governmental and municipal—and to six
other utility
small communities within the
counties served by
the company.
The entire fuel requirements of
the company are purchased
under contract from other
companies.
During 1935 Houston Gulf Gas
Co., an affiliate of the
companies
serving
requirements.
supplied approximately 85%
of
these
Company was incorporated in Texas on Jan.
9, 1906, under name
Housting Lighting & Power Co. 1905.
It began operation in Houston
1906 when it
of
Summary of Earnings
•Years
1933
revenues
$8,357,431
$8,745,689
2,709,713
401,568
2,602,901
430,412
$5,435,051
1,715,091
252,065
612,373
711,505
718,281
448.070
$4,534,643
$4,994,093
16,755
15,348
$3,019,823
7,420
$4,551,399
$5,009,441
621,603
19,471
$3,027,243
18,865
993,836
22,385
633,910
11,884
$3,883,405
$3,910,324
$3,993,219
$2,381,449
16,021
Gross corporate inc
$4,461,200
Prop, retire't res. approp
558,929
Miscell. income deducts
_
-
7 Mos.End.
July 31 '36
1935
$4,445,179
—
Balance
31
2,432,852
316,504
Other income
a
Ended Dec.
1934
$7,806,909
Operations
Maintenance and repairs
Taxes (other than Fed.
income tax)
revenues
Capitalization (Upon Completion
of Present Financing)
Authorized
Unlimited
30,000 shs.
60,000 shs.
600,000 shs.
1st Mtge. bonds, 3M% series
7% pref. stock, cumul. ($100 par)
$6 pref. stock, cumul. (no
par)
Common stock (no par)
x
_
Unlimited
as
Outstanding
$27,500,000
30,000 shs.
y20,000 shs.
500,000 shs.
to
authorization but limited
by property, earnings and
other provisions of the
mortgage and deed of trust,
y Includes
2,487
reacquired shares of $6 pref. stock in
the treasury carried as an
asset on
the balance sheet.
,
Underwriters and
Principal Amount Underwritten
expenses
50,299
Rent for lease of
op .prop.
Operating taxes
49,720
$1,026,223
1,273
556,881
706
,
577,275
5l
53
789
553
10,600
11,375
127,550
131,146
$43,169
Net oper. income
—V. 143, p. 3469.
$35,190
$395,920
$336,370
$8,000,000
1.500 000
i 500 000
Corp;'
York
J. & W Seligman & Co., New York
Brown Harriman & Co.,
Inc., New York
Bonbright & Co., Inc., New York
Corp
New York
Blyth & Co., Inc., New York
Coffin & Burr, Inc., New York
I
1 500 000
l',000',000
1 000 000
1*000
'OOO
1
Goldman, Sachs & Co., New York
Bancamerica-Blair Corp., New York
Hayden, Stone & Co., New York
000
000
1* 000*000
-
*700'ooo
700*000
700*000
700*000
700'ooo
700'ooo
"
Insurance Co. of
North
America—Extra Dividend—
The directors have declared an extra
dividend of 50 cents per share in
addition to a regular semi-annual
dividend of $1 per share on the
capital
stock, both payable Jan. 15 to holders of record Dec. 31.
Similar payments
were made on Jan.
15,1936 and on July 15,1935.—V.
143, p. 4004.
Interborough Rapid Transit Co.—November Earnings—
Thomas E.
Murray Jr., receiver, in his monthly report states:
Traffic—The Subway Division during the month of November carried
68,532,588 passengers, a decrease of 782,418, or
1.13%, as compared with
November, 1935. The Pelham Bay Park line was the
only line which showed
increased traffic over the
corresponding month of last year. The only line
which showed a
declining trend was the Brooklyn line, accounted for by
the competition of the Fulton Street
line of the Independent
System, which
was put in operation in
April of this year.
The Manhattan Division
during November carried 17,436,322 passen¬
gers, a decrease of 1,008,938, or
5.47%, as compared with November, 1935.
As was the case in the three
preceding months, each line on this division
carried fewer
passengers than in the corresponding month of last
year.
The loss on the Sixth Avenue
line was particularly heavy,
being 8.84%, a
greater loss than has been experienced on
any line of this division in several
years, with only one exception. The lower end of this
line, up to 50th St.,
was
affected more than the
upper end of the line. As both ends of this line
in competition with bus
lines, the loss cannot be ascribed to this cause.
conditions have affected the traffic at the
lower
end
Apparently local business
of the line.
The number of
passengers carried on the entire system during November
85,968,910, a loss of 1,791,356, or 2.04%, as compared with
was
Novem'
ber, 1935.
Subioay Division Operations
Period End. Nov. 30—
1936—Month—1935
1936—5 Mos.—1935
Gross oper. revenue
$3,738,623
$3,778,312 $17,333,303 $17,366,004
Operating expenses
2,061,166
2,101,676
10,367,158
10,679,003
Net operating revenue
Taxes
$1,677,456
160,267
$1,676,635
148,044
$6,966,145
753,466
$6,687,001
686,237
Income from oper....
Current rent deductions.
$1,517,188
$1,528,591
218,707
$6,212,678
1,093,538
$6,000,764
1,093,538
$4,907,226
218,707
Balance
$1,298,481
Used for purch. of assets
$1,309,883
$5,119,140
Cr30,731
Cr35,674
133,068
4,287
Balance—City and co_ $1,329,213
Payable to city under
$1,345,558
$4,986,071
$4,902,938
enterprise
contract No. 3
-
Gross inc. from oper—
Fixed charges
$1,329,213
871,509
$1,345,558
867,440
$4,986,071
4,353,887
$4,902,938
4,337,202
Net income from oper.
$457,703
4,660
$478,117
3,996
$632,184
7,809
$565,736
18,849
$462,363
$482,114
$639,994
$584,585
Non-operating income—
Balance
Manhattan Division Operation
Period End. Nov. 30—
1936—Month—1935
1936—5 Mos.—1935
Gross
oper. revenue
Operating
expenses
Net operating revenue
$940,158
841,996
$1,017,653
853,562
$4,668,297
4,226,018
$4,977,001
4,349,765
$98,162
$164,090
$442,279
$627,236
$4,940
3,797
3,436
6,397
$4,892
3,844
3,444
6,466
$24,763
19,348
17,418
32,715
$24,374
19,416
17,252
32,852
300 000
Rental
of
jointly
oper-
3it/©d. lines'
Co.—Pays
Extra Div.—
The company paid an extra dividend
of $1 per share on the
common stock
$15, on Deb. 15 to holders of record Dec.
8.
The regular
monthlv
dividend of 10 cents per share was
paid on Dec. 5, last.
—V. 143, p.
par
2373.
Illinois
Northern
Utilities
Co.—Plan Outlined—See
Commonwealth Edison Co. above.—V.
142, p. 1818.
4004.
p.
I 000 000
"
Schroder Rockefeller &
Co., Inc., New York
H. M.Byllesby & Co.,
Inc., New York
Tucker, Anthony & Co., New York
Jackson & Curtis, Boston
Hale, Waters & Co., Inc., Boston
—V. 143, p. 4002.
Hutchinson Sugar Plantation
11500 !000
1.500*000
1 500*000
Stone & W ebster and
Blodget, Inc., New York
Mellon Securities Corp.,
Pittsburgh
Industrial Securities Corp.—Extra Dividend—
The directors have declared an
extra dividend of 25 cents per
share in
addition to the regular
quarterly dividend of 20 cents per snare on the
common stock, both
payable Dec. 26 to holders of record Dec. 8,
V. 143,
of
Haisey Stuart & Co., Inc. Chicago
W. C. Langley & Co., New York.
Edward B. Smith & Co., New York
.
1936—11 Mos.—1935
$1,102,240
120
are
Before interest and amortization
of discount and
expense on funded
debt and provision for
Federal income taxes.
The annual interest
requirements on the $27,500,000
principal amount
1st mtge. bonds,
3%% series due 1966, which will be the
company's only
funded indebtedness
upon the redemption of its 1st
lien & ref. mtge. gold
bonds, will amount to $962,500.
a
x
Operating
Corp.—Earnings—
1936—Month—1935
$104,119
$96,458
revenues
Uncoil, oper. revenues._
in
acquired an electric light and
power franchise granted by
the City of Houston in
1882.
In 1922 name was
changed to its present
title.
Until 1925 the
company operated within the City of Houston
and
suburbs adjacent thereto.
It subsequently
acquired additional properties
and extended its lines
and facilities so that at
the present time it serves
an area of
approximately 5,500 square miles located in nine counties in
—stern Texas and
having an estimated population of
approximately
Net
Indiana Associated
Telephone
Period End. Nov. 30—
13
company,
Operating
with
Queensboro line
Lexington Ave. line—
White Plains Road line
Other rent items
,
$18,572
Bal. of net oper.
rev—
$18,647
$94,246
$93,896
$79,589
,$145,442
$348,033
$533,339
Financial
4158
Hearing Delayed—
Lease
Federal Judge Julian W. Mack has
the I. R. T. receiver's application
postponed until April 12 the hearing
52, asking disaffirmance of the 999-
Ry.t which has
contemplated plan to
Dec. 21 on a
motion for an immediate hearing made by counsel for the I. R. T. receiver.
He urged that the decision on the matter of disaffirmance no longer could
be delayed with safety to the Interborough estate.
If decided favorably,
he said, to the Interborough, refinancing of the defaulted I. R. T. 7s and 5s
could be sought with the chances that new money could be obtained at
4 or 4H %
Continued delay in this matter, he said, would leave the Inter¬
borough system in a "horrible" mess if unification fails to go through.
The motion for an immediate hearing was opposed by Manhattan Ry.
interests and by counsel for the City of New York.
These interests pointed
out that the Transit Commission was expected to come to a decision on
unification within the next two or three months, and that if it decided in
favor of unification, all the problems raised in application 52 would be
lease which it holds on properties of the Manhattan
been delayed for a year and a half because of the
unify all transit facilities in the city, came before the court
year
•
143,
4004.
p.
Interbanc Investors, Inc.—5-Cent Dividend—
The directors have declared a dividend of 5 cents per share on the
common stock, par $5, payable Dec. 26 to holders of record Dec. 14.
A
similar payment was made on Dec. 31, 1935, this latter being the first
dividend paid since Dec. 31, 1932 when a regular quarterly dividend of
5 cents per share was distributed.—V. 141, p. 4017.
Ltd.—Extra Dividend—
Intercolonial Coal Co.,
;
semi-annual dividend of
31.
both payable Jan. 2 to holders of record Dec.
A semi-annual dividend of $2 was paid on July
2,
1936; $1.50 on July 2, 1935; $2 on Jan. 2, 1935, and July 2, 1934; 50 cents
Jan. 2, 1934, and July 3, 1933; $1 on Jan. 3, 1933 apd 50 cents on July 2
and Jan. 2, 1932.
In addition an extra dividend of $2 was paid on Jan. 2,
2, last; $2.50 on Jan.
on
141, P. 4017.
1936 and 1935—V.
Co., Ltd.—Pays
Extra
Dividend—
paid an extra dividend of 40 cents per share in addition
share on the capital stock, par $18, on Dec.
record Dec. 5.
A dividend of 50 cents was paid on Sept.
28, last, and dividends of 30 cents per share were distributed each
months previously.
In addition an extra dividend of 20 cents was paid
on Dec. 28, 1935.—V. 143, p. 2211.
The company
a
dividend of 30 cents per
10 to holders of
three
Transfer to gen. reserve.
Transf.
to
reserve
for
Net
profit
Inventories
190,001
17,174
250,726
206,796
•12,419
277,317
Accts. receivable..
214,986
Surrender value of
Deferred charges.
2,966
54,807
14,685
3,490
61,316
life ins. policies.
Cash
11,344
_
Sept. 30
1935
1936
«.
—
«.
M
_
$840,000
-
146,000
50,440
184,399
1,052
ling bonds
Accounts payable.
153,825
1,477
60,082
depre-
Reserve for
Accrued liabilities-
4
position Co., Ltd
Prov.for Dominion
$277,601 in the full year
19,400
of
8,566
10.088
10,088
55,515
48,255
Total
—V. 143, p.
Public Service Co.—Stock Exchange
a registered holding company in the
company,
share for share for
share for the nine
dividend of 25 cents per
5% cumul. par tic.
pref.
Corp.—Earnings—
1933
1934
$139,594
282,435
$137,759
129,907
$137,615
269,390
directors
Utilities
declared dividends of
$1.6234 per share on the
have
dividends paid since
Jones &
April 1, 1932.—V. 142, p.
Laughlin Steel
4023.
Corp.—Accumulated Dividend—
dividend of $2 per share on account of
stock, par $100, payable Dec. 23 to
A dividend of $1.75 was paid on Dec. 15, last,
this latter being the first dividend paid on the pref. stock since Oct. 2, 1933,
when a payment of 25 cents per share was made.
Dividends of 25 cents
per share were also paid on July 1 and April 1, 1933; 75 cents per share was
distributed on Jan. 2, 1933 and on Oct. 1, 1932; $1 per share was paid on
July 1, 1932, and regular quarterly dividends of $1.75 per share were dis¬
tributed each three months previously.—V. 143, p. 4004.
directors
have declared a
accumulations on the
7% cumul. pref.
holders of record Dec. 11.
Judson
Mills—Accumulated Dividend—
The directors have
declared
of record Dec. 26.
to holders
a
dividend of $1.75 per share on the account of
pref. class A stock, par $100, payable Jan. 1
A dividend of $3.50 was paid on Nov. 16,
last, this latter being the first distribution made
regular quarterly dividend of $1.75 per share was
Kansas
City Southern
Leonor F. Loree has
since Jan. 1, 1935 when a
paid.—Y. 143, p. 3470.
Ry.—Leonor F. Loree Resigns—
resigned as Chairman
of the Board of this company.
Steere succeeded Mr. Loree as Chairman.
The
be effective Dec. 31.
Mr. Steere is also Chairman of the Executive Committee.
Kenneth D.
In
tendering his resignation
rearrange
Mr. Loree stated he was
changes will
endeavoring to
intensely
his activities so as to enable him to devote himself more
Since the affairs of the company are now in very
to other interests.
12,581
6,418
33,790
3,111
$460,168
78,343
$283,117
61,574
$443,906
66,020
48,232
19,295
2l",154
22,102
$390,920
Total income
Gen. and admin, exps—
13,191
2,260
$518,385
108,170
Miscellaneous
12,794
25,344
$360,670
$199,441
Extraordinary deduct'ns
Prov. for Fed. inc. tax..
Net income
Balance Sheet
Other securities
Accrued interest and divs.
receivable.
Cash.
receivable. _;
Spec, fund for red. of pref. stock
Deferred charges—unamortized bond
Sundry accounts
7,895,538
108,990
270,174
558
226
$329,654
$20,721,935 $21,109,400
361,035
5,490,423
369,587
5,199,057
62,260
32,720
85,830
46,066
6,766
226
1,496,711
1,624,452
$28,397,701
■_
payable (secured, per contra).
Accounts payable and accrued exps..
Reserve for Federal taxes on income._
Reserve for redemption of pref. stock.
x Capital stock
Capital surplus
$21,806,000 $22,367,000 $22*893,000
351,923
361,035
369,587
3,150,000
1,625,000 '
200,000
17,360
22,404
12,464
192,488
173,893
157,445
226
226
226
2,830,279
3,043,080
3.202,263
1,950,268
616,353
Period End. Nov. 30—
Railway oper. revenues.
Net revenue from oper. .
Net ry. oper.
—Y. 143, p.
1,562,716
$28,397,701
Represented by 52,345 shares (no par) $6 pref. stock and 153,912
shares (no par) common stock in 1936; 57,453 shares (no par) $6 pref. stock
and 162,200 shares (no par) common stock in 1935 and 60,930 shares of
x
shares of common stock in 1934.—V. 143, p.
3320.
and Year to Date
-1935
income.-.3321.
1,287,465
185,635
247,482
Co.-
2,880,231
■Trustee
Resigns—
of
majority opinion dealing with its action on Dec. 14 by a vote
three to two, permitting the company, a subsidiary of the Middle West
Corp. to market, under the Public Utility Holding Company Act, $5,000,000 of mortgage bonds, the Securities and Exchange Commission
Dec. 18 that the Bankers Trust Co. of New York, the largest single holder of
a
announced
had decided to resign as corporate
trustee for the issue because of the critical attitude of the Commission.
The Commission also said that under the Holding Company Act, except
in the case of issues that were sold by public competitive bidding, it would
hereafter insist that declarants should advise it of the underwriting spread,
at least seven days before the earliest date upon which they desired a de¬
claration to become effective, "and at that time shall also advise the Com¬
mission of any known conflicting interest of underwriters or trustees under
common
stock of the parent company,
mortgage
indentures."
As to the
•
position now
mission's opinion said:
"The Bankers Trust
•
....$30,298,543 $28,208,991
the company to
1936—Month—1935
1936—11 Mos.$9,071,739
$914,602 $12,612,953
$1,253,641 v
2,477,623
307,270
4,695,980
447,727
Kansas Electric Power
In
Liabilities—
Sinking fund gold bonds
Accrued interest thereon
Commission has authorized
$3,195,000 of 3% equipment trust certificates, series F.
The
instalments, totaling $1,278,000, are to be sold at 105.0851
and accrued dividends, and the last nine instalments totaling $1,917,000
are to be sold at par and dividends.
Earnings for November
$30,298,543 $28,208,991
Total
Interstate Commerce
than
issue and sell
1934
"""226
1,374,970
discount and expense
Equipment Trusts—
The
satis¬
time to retire after more
first six maturing
1935
1936
Assets—
it was a propitious
factory shape, he thought
30 years of service.
Sept. 30
Securities deposited with trustees as
collateral under trust indenture
$20,296,165
Accrued interest thereon..
...
351,923
would
Co.—Preferred Dividends—
$1.75 per share on the 7%
634% cumul. pref. stock and
$1.50 per share on the 6% cumul. pref. stock (air$100 par value), all payable
Dec. 22 to holders of record Dec. 10.
Similar payments were made on
July 1, last, Dec. 21, July 1 and Jan. 19, 1935, these latter being the first
Dec. 9.—V. 142, p. 1989.
1936
new stock
shares of common
Hearing on the applica¬
the outstanding 412,000
stated value of $15.
accumulations on the 7% cum.
Securities
Application—
holding company
28.—V. 143, p. 2844.
Southern
cumul. pref. stock,
$1,342,835 $1,302,689
1936
$161,945
337,441
ing exps. and disct. on
bonds sold
3845.
tion will be held Dec.
1936 and $20,000 in 1935.
of disct. on
pref; stock and 165,103
1935.
1936, shows total current assets of $2,414,$146,213, against total current liabilities of $553,606.
639, including cash of
The
for'n loans less financ¬
Total
associated
and Federal
This
loss of company and
compares with net income of
Balance sheet as of Nov. 21,
,081
11,080
10,580
17,220
16,916
10,460
—
Dec. 21 to holders of record
Loans
York, Pennsylvania and New England.
The statement of bombined profit and
Int. Paint & Com¬
declared a dividend of 75 cents per
Divs. rec. & declared—
Net accret.
shares on the
incorporated in Delaware, Nov.
corporations shows net income after provision for all expenses
income taxes, for the 10 months ended Oct. 31, 1936, of $469,287.
The
146,000
for $25,000 in
Power
for listing of the common
agreed to apply
Exchange.
16, 1936, as successor to
three furniture and home equipment companies in Rhode Island, Con¬
necticut and Massachusetts.
At that time it acquired the businesses and
personnel of these companies and now operates 17 branch stores in New
Company was
Iowa
840,000
5% pref. stock
1st mtge. 7% ster¬
30, 1936 and an additional
of accumulations on the new
Interest earned
New York Curb
be exchanged
months ended Sept.
30—
500,000 shares ($1 par)
upon comple¬
stock carried on the books at
Accumulated Div.—
Years End. Sept.
*
Company has an authorized capitalization of
stock, of which 462,500 shares will be outstanding
tion of this financing.
•
common
$13,222
7Yi% pref.stock..
$1,342,835 $1,302,689
International
holders.
Iowa
$20,079
Capital surplus-..
Earned surplus—
stock, par $20, payable
financing for the company and
registered holding
covering the issuance
bonds
The directors have
50,000 shares represent new
merchandise and develop¬
additional branch stores.
account of certain stock¬
The
Res. for amort,
share on account
Of this issue,
proceeds will be used for purchases of additional
ment and expansion of sales, including opening of
The remaining 146,250 shares are offered for the
system of the Penn Western Gas & Electric Co., also a
company, has filed a declaration under the Utility Act
and sale of 412,000 shares ($15 par) common stock.
The
General reserve—
deducting reserve
of 196,250
Young & Co.,
made Dec. 22, by means of a prospectus,
($1 par) common stock at $7.50 per share by Brown
Public offering was
shares
$13,222
Mtge. payable
b After
Offered—
$33,252
10,088
3,087
Provincial taxes
Total.
Co., Inc., Providence,
Equipment
Home
Interstate
R. I.—Stock
loss$29,335
39,016
Liabilities—
$565,534
190,001
that damage to
a result or the
At the offices of the company it was stated on Dec. 21
the physical property of the railway was very slight as
earthquake disturbances in Salvador.—V. 143, p. 3845.
$20,031
13,222
$48,255
1935
marks, &c
b Stock of other co
Central America—Damage from
Investors Fund C, Inc.—Special Dividend—
Directors have declared the regular quarterly dividend of 20 cents,
payable from the dividends and interest received on securities held by the
fund, and a special dividend of 90 cents a share from profits realized from
the sale of securities held by the fund.
Amounts applied <to new shares
outstanding in accordance with records of the fund, after giving effect
to seven to one split-up of Dec. 5.
,
A quarterly dividend of 90 cents was paid on Oct. 15, last, and a quarterly
dividend of 50 cents in addition to a special dividend of 30 cents was paid
in the June, 1936 quarter.—V. 143, p. 3845.
Consolidated Balance Sheet
1936
International Rys. of
Earthquake Slight—
loss$2,03l
27,304
31,500
$571,962
He
$62,704
34,791
5,090
2,791
"l",307
$55,515
Land, bldgs.,mach
Good-will,
trade¬
died
$49,563'
"3",239
Surplus, Sept. 30
Assets—
1933
3,541
$90,255
Total surplus
Cap. surplus segregated Adjusted prior years
Organiz. exp. written off
Preferred dividends..
47 years
$29,484
20,079
$42,000
48,255
Previous surplus
Reserve not required—
was
1934
8,566
amortiz. of bonds
■
Executive Vice-President of the company,
attack Dec. 17 at his home in Scarsdale, N. Y.
old.—V. 137, p. 3157.
Edmonds,
J.
$79,992
38,884
7,514
4,111
$105,994
34,192
14,055
7,180
Prov. for income tax
Electric Co.—Obituary—
International General
Walter
1935
1936
Years End. Sept. 30—
Net profit from oper
Provision for deprec
Subs.)—
(&
Ltd.
(Canada),
Paints
International
.
suddenly of an heart
Company has
Inter-Island Steam Navigation
to
under
New York.
declared an extra dividend of $2 per share in addition
$2 per share on the common stock, par $100,
The directors have
to a
Interlake Iron Corp.—Plans Refunding—
according to Chicago dispatches is understood to have
consideration a plan for refunding early next year $4,575,000 5%
bonds maturing May 1, 1951, and $5,008,500 By-Products Coke Corp.
5}4% bonds, maturing Nov. 1, 1945.
According to the reports, the company proposes to sell a new issue of
bonds or debentures, part of which will carry a common stock conversion
feature and to apply proceeds to repayment on next interest date, which is
May 1, 1937, of funded debt then outstanding.
The By-Products issue is
callable at $103 and Interlake bonds at $102.—V. 143, p. 3002.
The corporation
on
solved.—V.
1936
26,
Dec.
Chronicle
taken by the trustee under
.
:
..
Co. of New York has
1.
advised the Commission that,
accepted this
have
which they
of the
they felt there was no impropriety in their having
trusteeship, upon learning of its unanimous contrary opinion, they
decided to resign from this as well as from other trusteeships
hold in connection with security issues of subsidiary companies
while
'
indenture, the Com
;
Volume
Financial
143
Chronicle
middle West Corp., and which were accepted in the period during which
they have been
large stockholder in the Middle West Corp.
a
Kansas Gas & Electric
1930—Month—1935
$508,739
$483,246
250,090
239,520
Nei revs, from oper..
Jet
$258,649
$243,726
$2,641,346
13,026
561
$258,902
82,482
$244,287
82,435
$2,843,237
990,356
$2,654,372
•
988,238
Balance
y$176,420
y$161,852
Property retirement reserve appropriations
Dividends applicable to preferred stocks for
period, whether paid or unpaid
$1,852,881
600,000
$1,666,134
600,000
520,784
520,784
$732,097
$545,350
Gross corporate
inc—
Int. & other deductions.
z
Balance..
,
y Before
property retirement reserve appropriations and dividends.
z]Regular dividends on 7% and $6 pref. stocks were paid on Oct. 1, 1936.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.—V. 143, p. 3635.
Kaustine Co.,
See list given on
Inc.—Registers with SEC—
first page of this department.
1936
Aeets—
1935
Liabilities—
,
sur.
owned
)■ trade-mark, &c
500,000
500,000
Cash...
603,484
672,692
Loans payable..
U.gS. Treas. bds..
150,000
150,000
Accts.
Notes receivable.
z26,892
41,071
1,014,458
992,948
672,058
Acct's receivable.
_
_
Inventory..
Life insurance
Prepd.ins. &exps.
Sundry
investm'ts
1,941,950
120,040
51,862
20,892
108,166
29,448
8,210
$6,073,689 $5,952,972'
Total
by mgrs., &c...
res.
1935
$5,000,000 $5,000,000
1,476,168
1,351,376
Com. stk. & sur.
Cap. &
G'dwill, Walkover
1936
1st pref. stock
y
64,786
131,338
59,192
148,293
549,215
513,812
pay.,accrls,
for
taxes
&
116,281
stock
£>rl,264,100 Dt\,119700
Total
$6,073,689 $5,952,972
x'After depreciation of $2,056,769 in 1936 and $2,142,425 in 1935.
Represented by 40,496 shares of no par value (stated value of $5 per
share), z Includes drafts receivable.—v. 143, p. 2212.
Corp.—Merger with Nash Approved—
See Nash Motors Co. below.—V. 143, p. 3846.
King Oil Co.—Special Dividend—
The directors have declared a special dividend of 17 cents per share on
common stock payable Dec. 21 to holders of record Dec. 10.
An initial
the
dividend of two cents
(G.
R.)
was
paid
on
June 15, last.—V. 142, p. 2671.
two years.
"The
Period End. Nov. 30—
$612,378
The directors
common
P.
$46 per share.
However, no plan of capital revision will be presented until
practically all of the $648,407, 7H% secured notes have either been pre¬
sented for payment or placed on deposit for a five-year extension.
Such
action would be in accordance with the plan announced on Oct. 15, last.
"To date approximately $100,000 of the bonds have been presented for
payment and $400,000 are on deposit with the trustees for extension."—V.
143, p. 3635.
have
declared
a
stock, payable Jan. 21
$3,827,312
special dividend of $1 per share on the
to holders of record Jan. 14.—V. 143,
Lockheed
Aircraft
Corp.—Stock
Offered—G.
M.-P.
Murphy & Co.; Hay den, Stone & Co.; Blyth & Co., Inc.;
Lawrence Stern & Co., Inc., and G. Brashears & Co. are
offering 150,000 shares of common stock at $10 per share.
Issued common stock is listed on the New York Curb Exchange, Los
Angeles Stock Exchange and San Francisco Stock Exchange and is regis¬
under the Securities Exchange Act of 1934.
Company has made
tered
application to list this common stock on each of the exchanges and for the
registration thereof under said Act.
Company has also made application
to list all of such common stock on the Chicago Board of Trade and to
register the same under said Act.
for commercial transport, military, naval and private use.
The develop¬
ment, manufacture and sale of civil type of aircraft to commercial airlines,
private owners, and to a limited extent the U. S. Government,
stituted the major portion of the
company's business
has con¬
through sale of its
Electra type transport, and its new smaller version thereof, the Lockheed
12.
Engines, propellers, aeronautical instruments, and certain other
equipment are not manufactured by the company.
Up to Dec. 4, 1936, the company had sold 95 and delivered 73 of its
It is contemplated that the company will continue to
specialize in the
manufacture and sale of aircraft for commercial and private use but
may
attempt to increase its activities in the military and naval fields for the
United States, foreign governments, or both.
Capitalization—As of Sept. 30, 1936, company had authorized 1,000,000
shares of common stock ($1 par), of which 507,546 shares were issued and
outstanding.
Upon the issuance and sale of these 150,000 shares (and
5,000 shares below), company will have 662,546 shares issued and out¬
standing.
By instrument dated May 26, 1936, between the company and Hall L.
Hibbard, a director, Vice-President and Chief Engineer of the company,
,
company agreed to sell Hall L. Hibbard 5,000 shares of common stock at
$5 per share. Under this agreement 1,666 of these shares must be paid for
on or before May 27,
1937, 1,666 more of these shares must be paid for on
or before May 27,
1938, and the remaining 1,668 of these shares must
be paid for on or before May 27, 1939.
Purpose—The minimum net proceeds to be received will be $985,292
which will be used approximately as follows:
(1) Working capital,
$269,142;
(4) engineering and development of new types of aircraft, $304,000; (5) re¬
payment of bank loans incurred to purchase present plant and site, $161,100.
Underwriters—The names of the several underwriters and the number of
shares to be purchased by each of them,
severally and not jointly, are as
follows:
G. M-P. Murphy & Co., New York
Hayden, Stone & Co., New York
Blyth & Co., Inc., New York
Lawrence Stern & Co., Inc., Chicago
G. Brashears & Co., 510 S. Spring St., Los
Angeles
37,500
25,000
__25,000
25,000
37,500
shs.
shs.
shs.
shs.
shs.
Statement of Income for Stated Periods
9
Mos.
End.
Calendar Years-
Sept. 30 '36
(net)
$1,224,292
Cost of goods sold
903,567
Oper., gen. &c., expenses
236,398
1935
Gross sales
Prov.
&
normal
$355,989
262,511
73,217
$265,063 loss$191,328
5,410
2,874
$20,260
9,801
$270,473 loss$188,454
3,960
2.436
$30,062
Fed.
profitsi
excess
taxes
The proposed plan calls for the exchange of
1933
$562,759
590,000
164,087
$100,827
1,000
for
inc.
The directors have called a meeting of stockholders for Dec. 28 to approve
1934
$2,096,775
1,454,276
377,435
$84,327
16,500
Operating income
Other income
Interest
Kresge Department Stores Inc.— To Recapitalize—
plan of recapitalization.
$4,510,943
1723.
committee has been considering a capital revision plan
class of preferred stock bearing a lower dividend rate will be
issued in place of the present 50,479 shares of $8 cumulative preferred stock.
As of Dec. 31, arrearages on the preferred will amount to approximately
a
1936—10 Mos.—1935
$525,187
Special Common Dividend—
finance
a ne^f
1936—Month—1935
Sales
(2) additional plant facilities, $148,950; (3) tools and machinery, $102,100;
Kinney Co.—Deficit Eliminated—I
The common stockholders at a special meeting held Dec. 10, unanimously
approved the elimination of the $438,256 operating deficit by reducing
thejcapital surplus from $2,486,682 to $2,048,426.
^President George L. Smith in a letter sent to stockholders, advising them
of the meeting said:
"The board of directors contemplates payment of a small dividend in
scrip on the preferred stock before end of the current year which will reduce
the possible surtax."
It is expected that the scrip will be redeemable in
whereby
week's wages to employees employed
one
Electra type transports.
pref. divs
Res. for contg
1st pref. treasury
y
Kelvinator
pay a bonus of
year.—V. 143, p. 3322.
Business—The general character of the company's business is the design,
development, construction, sale and repair of aircraft and parts therefor
(Geo. E.) Keith Co. —Consol. Balance Sheet Oct. 31—
xLand, bldgs.,ma|»chin'y & equip. .$1,644,110 $1 778,380
paid on Dec. 15, last.
Lincoln Stores, Inc.—November Sales—
$5,403,111
2,761,765
•
one
was
Employees—
Company will
for
1935
1936—12 Mos
$5,793,061
2,963,690
253
—
terly dividend of 37H cents per share
Bonus to
$2,829,371
13,866
Other income
The company paid an extra dividend of 25 cents per share on its no-par
stock on Dec. 23 to holders of record Dec. 18.
The regular quar¬
common
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. Nov. 30—
Operating revenues
*.
Oper. exps. and taxes—
Lily Tulip Cup Corp.—Pays Extra Dividend—
They propose
tolso resign as soon as arrangements can be made for successor trustees."—
V. 143, p. 4004.
4159
13,295
51,517
4,125
each of the 12,202 shares of 8% preferred par $100, for lf£ shares of new
4% preferred, par $100, and & share of common stock.
The new preferred will be convertible on a basis of 6 shares of common
for 1 share of preferred in 1937; 5 shares for 1 in 1938; 4 shares for 1 in
1939: and 3 and 1-3 shares of common for each share of preferred in 1940
and 1941.
notified the New York Stock Exchange of the proposed
change in capital stock.
If the plan is approved there will be authorized
20,000 shares of 4% convertible first preferred stock, par $100, and
375,000 shares of common stock, par $1.—Y. 143, p. 2057.
The company
Net income.
$86,531
Liabilities—
$313,264
Accounts receivalbe
(net)
129,191
526,312
2,849
1,000
215,381
Inventories
Adv. to officers and employees
Investments
Fixed assets (net)
Intangible assets
1
Deferred charges
Kreuger & Toll Co.—Dividend of 3% Voted—
Total
and
Superior District Power Co.- -Admhted
Registration—
Additional
.
_
to
Listing
listing and registration
the first mortgage bonds, series A, 3H%. due Oct. 1, 1966.
Interest dates
A. & O.—V. 143, p. 3635.
Portland Cement Co.—Resumes Dividends—
The company paid a dividend of
Dec. 19 to holders of record Dec. 10.
$2
share on its common stock on
This was the first payment made since
June, 1931 when $1 per shar6 was distributed.—V. 142, p. 1124.
per
Leath & Co.—Resumes Common Dividends—
on
on
fH.
1
E. L.
detailed record of dividend payments on the common stock.—V.
4005.
•
•
,
———rnmmmmmmmmm-m—
Register
holders of record
to
Co.—Accumulated
p.
3636.
-
m,
Dividend—
Dec.
16.
Previous
dividends
paid
were
,
accumu¬
Dec. 21
as
follows:
$3 50 on Sept. 30, last; $1.75 per share on June 30 and March 31, 1936;
$2.50 on Dec. 31, 1935; $1.75 on Sept. 30 and June 30, 1935, and $1 per
share paid on Feb. 15, 1935, March 31, 1934, and on Dec. 26, 1933.
Regu¬
lar dividends of $7 per share were paid each year from 1903
through 1931.
Accumulations as of Jan. 1, 1937, amount to $6.75 per share.—V. 143.
2684.
Madison Square Garden
Corp. (& Subs.)—Earnings—
1936—3 Mos.—1935
1936—6 Mos.—1935
$137,448
$62,554 loss$56,114 loss$83,050
Profit for the 12 months ended Nov. 30, 1936, was $279,960 after
depre¬
ciation and taxes, compared with profit of $147,505 in 12 months ended
Nov. 30, 1935.—V. 143, p. 3323.
Mangel Stores Corp.—Listing—Dividend—
The New
on
stock, no par value, both payable Jan. 15 to holders of record
Like pavments were made on Oct. 15, last, See V. 142, p. 1821 for
6
——.
The company paid a dividend of $12.25 per share on account of
lations on its 7^o cumulative first preferred stock, par $100, on
■
common
Jan
Secretary, has been
Accounting, succeeding
Smithers, resigned, effective Jan. 1, 1937.—V. 143,
McCaskey
Corp.—50-Cent Extra Dividend—
Dec. 23 declared an extra dividend of 50 cents per
share in addition to the regular quarterly dividend of like amount on the
directors
The
on
Louisville & Nashville RR.—New Vice-President—
Net profit after deprec.
and all other charges,
The company paid an extra dividend of 75 cents per share on its common
no par value, on Dec. 22 to holders of record Dec. 12.
The regular
quarterly dividend of 25 cents per share was paid on Nov. 14, last.—V.140,
3047.
$1,394,052
W. J. McDonald, Assistant Treasurer and Assistant
Vice-President in Charge of Finance and
Period End. Nov. 30—
Sept. 30, 1930.—V. 142, p. 1294.
D.) Lee Mercantile Co.—Extra Dividend—
Lerner Stores
Total
Listing—
elected
p.
stock,
p.
Earned surplus
The company paid an extra dividend of 50 cents per share on common
stock, par $25, on Dec. 23 to holders of record Dec. 16.
The regular
quarterly dividend of 15 cents per share was paid on Nov. 2 last.—V. 141,
p. 3694.
The company paid a dividend of 50 cents per share on its common stock
Dec. 21 to holders of record Dec. 18.
This was the first dividend paid
the common stock, since
Capital surplus
Loew's Boston Theatres Co.—Extra Dividend—
;■
The New York Curb Exchange has admitted to
Lawrence
Paid-in surplus
The New York Curb Exchange Will list 155,000 additional shares
capital stock, $1 par, upon official notice of issuance.—V. 143, p. 3847.
—
.
36,035
507,546
431,486
24,774
126,626
Capital stock
,
application for payment was made by George Roberts of counsel
for Edward S. Greenbaum, trustee in bankruptcy for the company.
Mr.
Roberts announced Mr. Greenbaum had been advised by the liquidators
of the Swedish estate of Kreuger & Toll that they expected to file an appli¬
cation for payment of a first dividend next .February, and that the amount
would not be less than 15%.
j^In addition to the dividend payment from the bankrupt estate, holders
of Kreuger & Toll secured debentures already have received payment of
$67.50 on each $1,000 debenture from the Marine Midland Trust Co.,
as trustee, and will receive a further distribution from that trustee repre¬
senting their pro rata share of collateral recently sold for $9,418,041.—V.
143, p. 3846, 3842.
The
Lake
$10,000
257,583
Accrued liabilities
$1,394,052
Court.
^
Notes payable
Accounts payable
206,054
Coffin, referee, has approved a first dividend of 3% on the
American estate of the company.
The payment must be approved by the
_
$25,937
Balance Sheet Sept. 30,1936
Assets—
Cash
Harold P.
Federal
$214,995 loss$190.891
143,
p.
Yoi-k
Curb Exchange has admitted to listing and registration
the $5 convertible preferred stock, no par, in lieu of 6H% preferred stock,
$100 par, and the new common stock, $1 par, in lieu of old common stock,
no
par.
The
;
above
securities
of $5 convertible
were
issued
in
accordance
with
notice
to
stock¬
1936, which provided for the issuance of one share
preferred stock (no par) and three shares of new common
holders dated Oct. 21,
Financial
4160
(par $1) in exchange for each one share of 6H% preferred stock
(par $100), and the issuance of one share of new common stock (par $1)
exchange for each one share of old common stock (no par).
A dividend of $5 was paid per share on the 6preferred stock, Dec. 24,
to holders of record Dec. 12.
Maryland Casualty Co.—To Cut Stock—
Dec. 21 approved amendments contemplat¬
company's stock to two classes.
The
proposals will be submitted to stockholders for final action at their annual
meeting on Jan. 26.
Silliman Evans, President, said the proposals call for reclassification of
1,000,000 shares of series A and 1,000,000 of series B first convertible
preferred into 175,000 shares of a new class A preferred stock which will be
entitled to a cumulative annual dividend preference of $3.50 a share and
to asset preferences of $100 a share.
It will be convertible into common
shares for each class A preferred stock on the basis of 50 new common stock.
The company also plans to call the outstanding 20,126 shares of junior
convertible series A preferred stock and the outstanding or subscribed
139,804 shares of junior convertible series B preferred stock at $2 a share,
plus accrued dividends, with the consent of holders of two-thirds of the
senior stocks.
The authorized but unissued preferred stocks of various
classes will be eliminated under the proposed charter amendments.—V.
142, p. 4346.
Sept. 25 1936-—
(Del.)—Balance
Corp.
Television
&
Radio
Majestic
'
[Giving effect to subsequent sale for cash of 150,000
a price which netted corporation $3 per share]
shares of capital
stock at
Liabilities—
Assets—
Cash
Cash adv. on purchases, &c—
Furniture and fixtures
$720,000
196,807
1,382
:23,462
1
Deferred charges...,
Trademarks, copyrights,
&c__
Prov. fororganiz. exps. (est.)
$67,464
154,188
22,000
Capital stock (par $1)
Paid-in surplus
350,000
348,001
Trade creditors
a
$941,653
Total
(assumed)
Davega Stores Corp. & subs
$9411653
Total..
connection with pro¬
duction and advertising of, and development of sales outlets for "Majestic"
radios and refrigerators.—V. 143, p. 3637.
Indebtedness assumed for expenditures made in
a
Master Electric Co.—To
Pay Larger Dividend—
share on the com¬
The directors have declared a dividend of 25 cents per
stock, payable Jan. 2 to holders of record Dec. 15.
Previously quar¬
terly dividends of 15 cents per share had been paid.
In addition an extra
dividend of 25 cents was paid on Dec. 10, last.—V. 143, p. 3637.
Chancellor
Net
revs,
(net)
are not
for
letter, addressed to Senator Burton K. Wheeler, was read,
contracts.
The RFC filed exceptions to
1935 granted the motion of the RFC and set aside the
master's report and directed the trustee to sue to recover the money paid.
Meanwhile the RFC referred to the Attorney General the question of
whether or not failure to disclose the contracts and the accounting there¬
on
Dec. 2,
$209,473
11,263
$203,365
339
$2,777,387
41,145
$2,526,905
p.
RFC
$203,704
64,638
$2,818,532
775,907
$2,042,625
698,694
$1,751,961
668,066
394,876
394,876
$949,055
c"
■:
$689,019
declaration (43-20) under Section 7 of the
Public Utility Holding Company
be issued under a plan
reorganization of Missouri Public Service Co.
The securities proposed
to be issued are $4,445,700 of first mortgage 5% bonds, series A, dated
Aug. 1,1935 and maturing on Aug. 1,1960; 146,705 shares (no par) common
stock, and stock purchase warrants for 13,000 shares which will be held in
the treasury for delivery upon the exercise of such warrants.
After consummation of the reorganization plan, resulting in the acquisi¬
tion of the property and assets of Missouri Public Service Co., company
alleges that it will become a subsidiary of the Middle West Corp.
Opportunity for hearing in the above matte will be given Jan. 7.
&c.—
(Robert) Mitchell Co., Ltd.—Capital Changes Approved
and a director, effective
Shareholders of the company, at a special meeting
of the
held Nov. 26, approved
balance sheet changes as proposed, involving writing down the book value
of certain assets as well as the book value of the capital stock, at the same
time eliminating a revenue deficit in profit and loss account and
the balance in capital surplus account.
This process does not
Wage Increase—
most successful year in its history, the company on
announced that a Christmas bonus will be paid to all salaried
the
Those who have been with the company nine months or longer
payment of two months' salary while those employed since
April 1 of this year will receive bonuses proportionate to their length of
service.
The bonus payment will aggregate approximately $135,000.
All employees receiving an hourly wage were granted a pay increase
Nov. 16, averaging approximately 10%.
Approximately 3,500 employees, the largest number ever employed at
the Mesta Machine plant, will share in either the bonus distribution or the
pay increase.
At the start of this year the payroll numbered approximately
3,000 as compared with 897 on Jan. 1, 1933.—V. 143, p. 3637.
employees.
a
Metal & Thermitt
3639.
or
Before property retirement reserve appropriations and dividends.
x Regular dividends on $7 and $6 pref. stocks were paid on Oct.
1, 1936.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Dec. 22, 1936.—V. 143, p. 3849.
Mesta Machine Co.—Bonus and
violation of Section 16a of the
attached.
Act of 1935 covering certain securities which are to
for
Co.—New Treasurer,
a
regard the loans as fully secured.—V. 143,
Missouri Public Service Co., predecessor company and formerly a subsidiary
of the Middle West Utilities Co., now the Middle West Corp.
It has filed
a
y
Merrimack Manufacturing
constituted
The pertinent correspondence is
Missouri Public Service Corp.— To Be Organized—
Corporation is being formed as the result of the reorganization of the
$2,537,384
785,423
y$139,066
Act.
I should like to add that we
10,479
64,591
Bertram S. Hawkins has been elected Treasurer
the report and asked that it be set aside
the money paid.
The
and that the trustee be directed to sue to recover
under in the loan application
Feb. 1, 1937^ As of the same date, F. A. Flather becomes Chairman
Board and Herbert Lyman, President.—V. 142, p. 4346.
am
the Missouri
advise that five loans were authorized aggregating
$23,134,800, three in February and March, 1932, one in January, 1933
and one in February,, 1933.
The RFC authorizes railroad loans upon the basis of the approval of
the Interstate Commerce Commission when it concurs with the findings
of the ICC as to the sufficiency of the collateral.
Included in the original
application for a loan of $23,250,000, which was dated Jan. 29, 1932 and
presented to the Corporation on Feb. 9, 1932, was a balance sheet of the
borrower as of Nov. 30,
1931.
This balance sheet carried under the
caption of "Current Assets" an item of $3,283,085, designated "Special
Deposits."
When question was raised in the spring of 1933 with reference to the
contracts between the railroad company and Terminal Shares, Inc., and
it appeared that the item designated "Special Deposits" was in part a cash
payment on the purchase of the Terminal Shares, the RFC asked the
Federal Court in St. Louis, in which the road had filed a petition in bank¬
ruptcy, to appoint a trustee or trustees to investigate among other things
the contracts for the purchase of the Terminal Shares.
When the court appointed trustees it, at the request of the counsel for
the railroad company, referred the matter of these contracts to a special
master.
The master filed his report in February, 1935, sustaining the
$6,872,485
4,345,580
$220,736
Corporation,
Pacific RR. Co., beg to
1936—12 Mos —1935
Balance
20
Road—
The following
Dec. 17 by Jesse H. Jones, Chairman, Reconstruction Finance
before the Senate Interstate Commerce Committee.
In reply to your inquiry with respect to loans by the RFC to
$7,802,756
5,025,369
Property retirement reserve appropriations
x Dividends
applicable to preferred stocks
period, whether paid or unpaid
Dec.
to
by Chairman Jones of
Committee Regarding RFC
Investigating
Senate
Before
Loans
RR.—Statement
Pacific
Missouri
RFC
Court
y$156,145
Gross corp. income—
Balance
will receive
properly compensable out of this estate or that the amounts asked
large."—V. 143, p. 3849.
too
are
$607,270
403,905
Int. & other deductions.
Completing
the Chancellor said that fees asked for were "so shockingly
with what reason suggests as fairly chargeable against the estate
either that some of the services
$703,419
493,946
from oper—
Other income
Dec. 20 slashed
by attorneys, receivers and
Josiah O. Wolcott at Wilmington, Del. on
that one of two things is perfectly apparent,
[National Power & Light Co. Subsidiary]
1936—Month—1935
Fee Bill
In his opinion,
out of line
Memphis Power & Light Co.—Earnings—
Operating revenues
Oper. exps. and taxes
Co.—$2,700,000
Line
a $2,700,000 fee bill and
expenses submitted
stockholders committee to about $731,000.
mon
Period End. Nov. 30—
Pipe
Reduced to $731,000—
ing the ultimate reduction of this
Sheet
Kansas
Missouri
—V. 143, p. 3323.
Directors of the company on
the 6%
preferred stock, payable Jan. 1 to stockholders of record Dec. 21.
Upon expiration of the exchange offer, less than 6% of the series A
preferred stock remained outstanding, subject to redemption and eligible
for the final dividend.—V. 143, p. 4007.
been suspended from trading.
Dealings in the 6H % preferred stock have
1936
26,
Directors have also declared a final dividend of $1.50 per share on
stock
in
Dec.
Chronicle
Corp.—Pays Special Dividend—
Company paid a special dividend of $1.50 per share on the common stock,
par value, Dec. 22 to holders of record Dec. 10.
A special dividend
was paid on Nov. 30, last.
The regular quarterly dividend of $1
per share was paid on Nov. 2, last.
An extra dividend of $1 was paid on
Aug. 31, last; a dividend of $2 was paid on Jan. 2, last, and an extra of
$1 was distributed on Nov. 1, 1935.—V. 143, p. 3324.
reducing
alter the
number of capital shares outstanding.
,
Under the proposal, the book value of the capital shares will be reduced
A balance sheet as at Aug. 31,
1936, showing the position before and after the adjustments, inidcates that
investments will be written down $35,319, deferred charges $3,955, and
net fixed assets $755,767.
On the other hand, in addition to the reduction
in book value of capital stock, surplus account will be reduced from $116,441
to $35,114, a reduction of $81,327.
Surplus account was made up of a
capital surplus of $396,259, less a revenue deficit of $279,818.—V. 143,
by $713,714 from $1,763,714 to $1,050,000.
p.
3325.
Mohawk
Power
Hudson
Pro¬
Corp.—Consolidation
posed—See Niagara Hudson Power Corp. below.—V. 143,
p. 4007.
no
of $2
Metropolitan Edison Co.—Earnings—
Total operating revenues
Operating expenses
Maintenance
-
Provision for retirements
—
Federal income taxes
Other taxes
---
-
Liqueur Corp.—Registers with SEC—•
Montana Power Co. (&
^
„
*935
o
$12,120,008 $10,993,716
4,564,407
4,137,722
1,141,241
1,053,288
1,248,365
1,749,591
398,879
363,326
718,286
746,207
[American Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$1,074,227
$980,961 $12,551,903 $11,294,490
529,327
539,382
6,318,339
5,551,4§0
Operating revenues
Oper. exps. & taxes
$544,900
7,682
$441,579
4,638
$6,233,564
36,752
$5,698,000
79,558
$552,582
161,400
$446,217
207,263
$6,270,316
2,431,777
$5,777,558
2,505,450
Balance
y$391,182
y$238,954
$3,838,539
Property retirement reserve appropriations
717,088
x Divs.
applic. to pref. stock for period, whether
paid or unpaid
956,677
$3,272,108
612,579
$2,164,774
$1,703,691
and
dividends.
Net revs, from oper__
Other income (net)
Gross corp. income
Int. & other deductions
$4,048,830
Operating income
•
1,590,790
1,816,724
Cr614
Gross income
....
Interest
on
funded debt
Interest
on
unfded debt
—
Amortization of debt discount and expense
Interest charged to
$4,760,307
1,875,336
58,621
116,836
Cr2,595
$3,540,750
$2,712,108
construction
Balance of income
-
stock
1,276,317
$1,435,791
.
Balance.
x
1,276,317
$2,264,433
Dividends on preferred
Miller-Dionne
Mining
&
Federal surtax on un¬
143, p. 3472.
Developing
Co.—Registers
with SEC—
See list given on
first page of this department.
Inc.—Pays 10-cent Dividend—
paid a dividend of 10 cents per share on its common stock,
value, on Dec. 12 to holders of record Dec. 1.
This was the first
payment made since March 1, 1934 when a dividend of $1.50 per share
was distributed.—V. 143, p. 1237.
The company
no
par
Minneapolis-Honeywell Regulator Co.—Preferred Stock
Called—
The company has
issued a formal call for redemption on Jan. 16, 1937,
$105.25 per share, of all of its 6% cumulative preferred stock,
which has not been deposited for exchange for new 4% convertible
at
stock under the
Balance
y
Before
property
retirement
company's offer recently declared effective.
series A,
preferred
reserve
appropriations
955,838
x Regular dividend on $6 preferred stock was paid on Nov. 2, 1936.
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.—V. 143, p. 3640.
Motor Finance
Corp.—Extra Div.—Initial Pref. Div.—
The directors have declared
Preliminary.
Note—No provision is made in this statement for
distributed profits, if any, for the current year.—V.
Milnor,
_
$2,943,583
$5,639,620
1,892,780
77,193
129,511
Other income
department.—V. 143, p. 3850.
Subs.)—Earnings—
Period End. Nov. 30—
*1936
12 Months Ended Nov. 30—
Mohawk
See list given on first page of this
an
extra dividend of $1.20 per share on
the
value, payable Dec. 24 to holders of record Dec. 14.
An extra dividend of 80 cents per share in addition to the regular quarterly
dividend of 20 cents was paid on Nov. 30, last.
An extra of 20 cents was
paid on Aug. 31, last.
The directors also declared an initial quarterly dividend of $1.25 per share
on the new $5 convertible preferred stock, payable Dec. 29 to holders of
record Dec. 14.—Y. 143, p. 3325.
common
stock,
no par
Mount Baker Chromium
See list given on first page
Mutual
Telephone
Corp.—Registers with SEC—
of this department.—
Co.
(Hawaii)—Extra Dividend—
extra dividend of 34 cents per share in addtion
monthly dividend of 8 cents per share on the capital stock
on Dec. 10 to holders of record Dec. 5.
An extra dividend of four cents
per share was paid on Dec. 20, 1934.—V. 139, p. 3969.
The company paid an
to the regular
Nash Motors Co.—Nash-Kelvinator
Merger Approved—
Nash
Announcement
Stockholders of the Kelvinator Corp. approved a merger with the
Motors Co. at
a
special meeting held Dec. 22 in Detroit.
Volumi
143
Financial
Chronicle
4161
of the
approval said that 878,772 shares had been voted for the
merger
and 1,200 shares were voted
against it.
The company has 1,196,800 shares
New
Jersey Fidelity & Plate Glass Insurance Co.—
Insurance Companies in
Liquidation to Make Distribution—
•outstanding.
At the same time, at a special
meeting in Baltimore, stockholders of
the Nash Motors Co. approved the
proposed merger unanimously.
The merged company will be known as
the Nash-Kelvinator Corp. and
will have 4,375,600 shares of issued
stock.
The merger will be effected
on a basis of
1% shares of stock in the new company for each present
share of Kelvinator and one share of the new
stock for each share of Nash
Motors.—V. 143,
p.
3326.
New
Narragansett Electric Co.—Permanent Bonds Ready—
The
will
permanent first mortgage bonds, series A,
3>^%, due July 1, 1966,
be ready for delivery in
exchange for temporary bonds of this issue
and after Dec.
on
22, 1936.
Exchanges will be made at the offices of Rhode
Island Hospital Trust Co.,
trustee, Providence, R. I.,,Old Colony Trust Co.
Mass., and the Chase National Bank of the
City of New York.—
V.
143, p. 1888."
Boston,
National Acme
Co.—Listing—
The New York Stock Exchange has
authorized the listing of $750,000
first mortgage sinking fund gold
bonds, extended to Dec. 1, 1946, at 4H%,
which are issued and outstanding.
•
Under
the
terms
of the supplemental
agreement,
dated
of
as
Dec.
1,
1936, the maturity of the unretired portion of the first
mortgage 6% sinking
fund gold coupon bonds, due Dec. 1,
1942, is extended to Dec. 1, 19461 the
rate of interest is reduced from
6% per annum to
certain
changes
have
been
made
in
provisions.
Balance Sheet
the
4H% Per annum, and
fund and redemption
sinking
as
of Sept. 30, 1936
$445,691
Accounts payable
Unpaid payroll
Assets—
Liabilities—
Cash.
Cust.
notes
&
accept,
accts.
(net)
rec.
792,567
Accrued taxes
Inventory (less reserve)
2,498,965
Other assets
312,272
1,605,644
PropM plant & equipment (net)
Patents & good will
Deferred assets—
1
57,627
$153,686
107,296
148,422
31,540
1,577,000
64,499
500,000
2,629,728
500,593
;
Accrued bond interest
Funded debt-
Reserves
-
Capital stock
Capital surplus
—
Profit and loss
Total
-V.
$5,712,768
143,
p.
Total.
$5,712,768
-
3640.
National Can
Co.—Acquires Pittsburgh Can Co.—
Plate Co., has acquired
Pittsburgh, manufacturers
of steel kegs and pails.
The Pittsburgh company has manufactured this
line of containers for over 25 years and its
addition to the National Can
products will round out the latter company's line for
paint, oil, varnish and
chemical manufacturers and allied lines.—V.
143, p. 3326.
Fireproofing
Corp.—New
Securities
Old debentures, certificates of
deposit and scrip should be surrendered
in exchange for the new securities at the
Commonwealth Trust Co., 308
Fourth Ave., Pittsburgh, Pa.
The amended plan of reorganization
provides—•
"Holders of proved or admitted general claims
of $100 or more will
debentures at the following rate:
for each $100 of principal,
such claims to Jan. 24,
1935, such holders will receive $100
of such new debentures; and for balances
of such claims of less than $100,
such holders, and holders of
scrip of amounts less than $100, will receive
one share of common stock of the
company for each $16.66 up to a total of
five shares.
Interest will be allowed to Jan.
24, 1935 only on interestnew
and interest
A fourth report filed with
the court for its consideration
the administration of the
liquidation for the
and approval
10-month period
covered
ending Oct. 31,
1936, and set forth that affairs of the liquidation
were
operated at a profit to creditors of
$50,216 for that period, and a total
profit from date of possession of the
company of $154,134.
It was also
brought out that cash totaling in excess of $1,200,000 was
deposited in 159
banks and trust companies within the
State under Federal
Deposit Insur¬
ance Corporation
protection.
An average rate of 1H% was
derived by
this
procedure.
The
Commissioner also stated that, in addition to the
authorization of
distribution and approval of
administration, other matters pertinent to
the liquidation were submitted
to Chancery, such as
barring of creditors,
advice and instruction relative to
rightful participants in statutory deposits,
allowance to counsel, &c.
Public Fire Insurance Co.
In an order dated Dec.
4, returnable Dec. 22, in Newark,
Vice-Chancellor
Alfred A. Stein, cited the creditors and
stockholders of Public Fire
Insurance
Co. to show cause
why the Commisioner should not pay a second
dividend
of 3% to 911
creditors, amounting to $21,370 on their allowed claims.
South Jersey Fire Insurance Co.
The creditors and stockholders were
cited by Vice-Chancellor W. F.
Sooy
his order dated Dec. 1 and
returnable before him in Atlantic
City,
Dec. 15, to show cause
why an initial distribution of 5%,
amounting to
$2,583, should not be made to 1,065 claimants.
Commissioner Withers stated that upon
receipt of the necessary authoriza¬
tion of the
court, all efforts would be continued to make a
conplete dis¬
tribution of $593,367 to an
aggregate of 7,000 creditors of the three
com¬
panies before the end of the year.
Distributions Stayed by Court—
Ready—
The company announces that it is now
prepared to distribute to the general
creditors the securities to which
they are entitled under the amended plan
of reorganization dated May 7,
1936, and approved by the court as amended
on Oct.
10, 1936.
receive
Jersey Fidelity & Plate Glass Insurance Co.
Creditors and stockholders of the New
Jersey Fildeity & Plate Glass
Insurance Co. were cited by Vice-Chancellor
Malcolm G. Buchanan to show
cause, in an order dated Dec. 3, returnable
before him in Elizabeth on
Dec. 21, why Commissioner Withers
should not be authorized to
make the
requested distribution of 10% on allowed
claims, involving the payment of
$522,770 to 5,024 creditors in this
country and in Europe.
The Commissioner stated that
9,151 claims were filed originally against
the company totaling
$77,940,308, with 3,790 claims rejected and with¬
drawn amounting to
$66,807,751, and that but 304 claims totaling
$5,157,819 remain open,
consisting largely of voluntary reserves established
against
the outcome of claim
litigation.
Remaining claims involve the payment
of preferred creditors in
other States, and claims still
subject to appeal in
the primary jurisdiction.
in
The company, subsidiary of
McKeesport Tin
the business of the Pittsburgh Can
Co. of
National
Commissioner Carl K. Withers has initiated efforts to
make distribution
creditors of the New Jersey
Fidelity & Plate Glass Insurance Co. of
Newark, N. J., Public Fire Insurance Co. of Newark, N. J., and South
Jersey Fire Insurance Co. of Egg Harbor City, N.
J., by filing petitions in
chancery for the necessary authorization of the court.
to
on
bearing obligations.
"In addition to the
foregoing, holders of approved or admitted general
claims will receive common stock of the
company at the rate of 1 ^ shares
of common stock for each $100 of
principal amount of their claims.
No
fractional shares of common stock will be issued."
Inasmuch as the holders of National Fire
Proofing Co. 20-year 5H%
sinking fund gold debentures due Sept. 1, 1947, certificates of
deposit for
such debentures, and
scrip issued in lieu of interest on such debentures, are
holders of approved and admitted
general claims, settlement will be on
that basis.
The new $5 par value common stock to
which preferred and common
stockholders are entitled under the terms of the
amended plan is ready for
Represented by Julius S. Rippel of Newark,
of stockholders
the New Jersey
on
Dec. 21
amended and confirmed provides
as
Refining Co.—Accumulated Dividend—
The directors
have declared a dividend of
$8 per share on account of
the $8 cumulative preferred
stock, payable Dec. 21 to
holders of record Dec. 14.
The last previous payment was the
accumulations
paid
on
on
$2 dividend
Oct. 1, 1934.
The above action was taken after
company's plan of recapitalization,
aimed to clear up accumulations on the
preferred, had been attacked by a
group of stockholders in Common Pleas Court.
President W. H. Lamprecht indicated that
the plan had been ratified
by the necessary number of stockholders and there had been no
opposition
at the time of the
special stockholders meeting to approve the
proposal. He
added that it is now planned to resubmit
recapitalization for stockholders'
approval.
It was proposed to
exchange 1 1-3 new shares of $6 preferred,
% share
of common and dividends of $6 on each
new preferred share for
each old
share held. Under the plan, such a cash
payment would have been equivalent
to $8 on the present stock, and it is
this amount that directors have
decided
to pay.
In view of the disbursement, there will
necessarily have to be a
revision on that point in the resubmitted
The
Chicago Stock Exchange has approved the application of the
com¬
pany to list 268,340 shares of iccwpmon stock
(hew), $10 par value, due to
a change in
par value and the splitting of the new new
shares two for one.
—V. 143, p. 4009.
National Unit
Corp.—Registers with SEC—
See list given on first
page of this department.
Navarro Oil Co.—Extra and
Postponement
being the initial payment
(Herman)
on
Nelson
Sept. 30, and on June 30, last, this latter
the issue.—V. 143, p. 281.
Corp.—Pays 20-Cent Dividend—
The company paid a dividend of 20 cents
per share
$5, on Dec. 22 to holders of record Dec. 15.
A
par
was
paid
on
March 15, last, and
on
its common
stock,
dividend of 25 cents
Sept. 1, 1934, this latter being the first
distribution made since July
1,1931 when 15 cents per share was disbursed.
—V. 143, p. 2219.
New Britain Machine
The directors
on
Co.—Pays Common Dividend—
on Dec. 7 declared a
dividend of $1 per share on the
common
payable Dec. 15 to holders of record Dec.
7.
This was the first
payment made on the common shares since 1930.
stock
New
Vice-Presidents, cfee.—
Herbert H. Pease, has resigned as Treasurer
but remains President and
Chairman of the Board.
Ralph S. Howe was elected Treasurer, while
E. L. Steinle and D. H.
Montgomery were elected
p.
3006.
Vice-Presidents.—V. 143.
plan of
of
action
*
New
Jersey & New York RR.—Earnings—
November—
1936
Gross from railway.___.
Net from
1935
63,634
def8,552
"
1934
1933
def28,102
Gross from
railway
railway
58,746
defl5,050
def31,8l5
$63,471
defl6,648
def36,725
$60,896
defl4,140
def30,964
717,385
def64,441
def29l,784
railway
Net after rents
From Jan. 1—•
702,227
defl79,883
def385,976
761,741
defl7l,823
def394,863
864,954
def61,405
def309,509
—V. 143, p. 3474.
New Orleans Texas & Mexico
Ry.—Interest
Payments—
The bondholders' protective
committee for the first
mortgage gold bonds,
A, B, C and D, and income mortgage
bonds, series A (G. H. Walker,
chairman) in a notice addressed to the bondholders
Dec. 21 notified them
that, as a result of its efforts, the trustee of the
company has been directed
by the court in the proceedings now
pending under Section 77 of the Bank¬
ruptcy Act to pay one-half of a six months' interest
instal a »uo on these
bonds.
This payment is to be made in
respect of the following:
5M% series A and 5% series B, coupon due
series
April 1, 1933.
5% series C and 4^% series D, coupon due
Aug. 31, 1933.
5% series A income bonds, interest for six months'
period beginning
Oct. 1, 1935.
To obtain the interest
payment the appropriate coupons from
the bonds
presented for stamping at the office of J. P.
Morgan & Co., paying
agent of the trustee of the company.
The committee will collect this
interest on bonds
deposited with it, the
interest so collected to be paid over to
holders of the committee's
certificates
of deposit upon presentation for
stamping at the office of the
depositary.
Chase National Bank, 11 Broad
St,, New York.
A form of transmittal
letter
must be
to
accompany certificates of deposit when
presented for payment
of this interest may be obtained
from Edward F.
Hayes, Secretary of the
committee, 38 Wall St., New York, the forms of
letters to
accompany
coupons from undeposited bonds or
undeposited fully registered bonds
being obtainable from J. P. Morgan & Co.—V.
143, p. 3641.
New York
Chicago & St. Louis RR.—Earnings—
1936
Gross from railway
Net from railway.
Net after rents..
—V. 143, p. 4010.
New
York
&
1934
1933
$2,915,612
$2,515,926
677,603
270,974
$2,523,188
716,072
371,485
37,751,252
13,509,800
8,161,921
Net after rents
From Jan. 1—
1935
$3,502,829
1,185,977
749,688
Gross from railway.
Net from railway
Larger Dividend—
The directors have declared an extra
dividend of 10 cents per share and
a
dividend of 20 cents per share <.a total of
30 cents per share) on the common
stock, both payable Jan. 2 to holders of record Dec. 23.
A diviuena of
10 cents per share was paid on
George
a
on
the
trustee's petition of
Commissioner
Withers to distribute $117,500 to holders
of four series of
Jersey Mortgage &
Guaranty bonds was authorized after opposition to the
payment was
voiced by Conover
English, counsel for the bondholders' protective
com¬
mittee.
Mr. English declared the
proposal might militate against the com¬
pany's reorganization plan now before the Securities
and Exchange Com¬
mission.—V. 143, p. 119.
November—
Co.—Application Approved—
group
Title
plan.—V. 143, p. 3850.
National Standard
minority
a greater return would
be made to creditors and that
possibly
of the stockholders
might be reimbursed for the $500,000 that
they
invested in the company's securities.
follows:
•
National
a
dividend to creditors of
Selzer, representing Mr. Rippel's committee, declared that
under
Net after rents
as
banker,
some
Net from
Co., 308 Fourth Ave., Pittsburgh, Pa.
a
on an initial
reorganization
delivery.
The plan of reorganization
stay
postponed by Vice Chancellor Malcom G. Buchanan
until Jan. 11.
The Vice Chancellor also deferred
until Jan. 4 action on the
distribution of
$117,500 to holders of Jersey Mortgage & Title
Guaranty Co. bonds.
In the insurance case the
court acted after former
Governor
Old certificates should be surrendered in
exchange for new certificates at
the Commonwealth Trust
"Preferred Stock—Holders of preferred stock will receive in
exchange for
each share of such stock and accumulated
dividends:
2 1-5 shares of new
common stock of the
company.
No fractional shares will be issued.
"Common Stock—Holders of common stock will
receive in exchange for
each share of such stock: one share of new
common stock of the
company."
—V. 143, p. 3154.
won a
Fidelity & Plate Glass Insurance Co. Action on the
plan of
Commissioner, Carl K. Withers, for the dividend was
the State Banking
31,244,503
10,099,313
6,082,402
30,533,088
9,734,172
5,064,960
28,188,327
9,180,254
4,807,175
Honduras
959,737
620,611
Rosario
$1.65 Dividend—
Mining
Co.—-Pays
The company paid a dividend of
$1.65 per share on the
capital stock,
par $10 on Dec. 24, to stockholders of record
Dec. 14.
This distribution
represents the final dividend in respect of
earnings for the year 1936 and
includes the amount which, in
previous years, was
separately paid in the
month of January.
An extra dividend of 50 cents
per share in addition to the
regular quarterl y
dividend of 25 cents per share was
paid on Oct. 30, July 31,
April 18 and
Jan. 31, last, and an extra dividend of
75 cents was paid on Oct.
26, 1935,
while in each of the six
preceding quarters extra dividends of 50 cents
were
distributed; 75 cents extra was paid on Jan.
30, 1934 and on Oct. 30, 1933.
In addition special dividends were
disbursed as follows:
$1 on Dec 28
1935 and on Dec. 29,1934, and 50 cents on
J)ec. 29,1933.—V.
143,
New
York
New
Haven
&
Hartford
p. 3327.
RR.—Trustees
Would Pay Interest Recommended to
U. S. District Court
Payment of $3,620,765 Overdue Interest on Certain Bonds—
The trustees of the New Haven on
Dec. 22 recommended to
the U. S.
District Court the payment of $3,620,765
overdue interest on certain
bonds
debentures secured by liens,
including interest on those pledged as
collateral with holders of short-term notes.
The payments are recom-
and
Financial
4162
mended "upon the basis of
studies thus far made for
the purpose of deter¬
and upon
intend
should
mining the earnings of the properties subject to the several liens
the other "relevant factors," the trustees adding that they do not
to indicate by their recommendation what future interest payments
be made or withheld.
The largest item in
the list of recommended
payments is one of $2,363,665
instalment
representing one-half of the earliest unpaid semi-annual interest
on all bonds and debentures secured under the New Haven's
1st & ref.
mtge. This includes $345,000 to be paid to the Irving Trust Co.,
of which is proposed to be applied in turn as payment of three-quarters of a
semi-annual interest instalment on the New Haven's 15-year gold 6s in the
hands of the public.
The other interest instalments recommended by the trustees are:
$344,855
semi-annual instalment due May 1, 1936 on Housatonic
consolidated mortgage gold bonds of 1937;
|»$50,000, a semi-annual instalment or interest due May 1, 1936 on Naugatuck RR, 4% first mtge, 50-year gold bonds of 1954;
$70,475,
a
RR., 5% 50-year
giver Portchester 4% first interest instalmentgold bonds1, 1936, on Harlem
$300,000, a semi-annual mortgage 50-year due May of 1954.
|%$7,000, a semi-annual instalment of interest due June 1, 1936 on Danbury
&lNorwalk RR., 4%, 50-year
first mortgage bonds
of 1955.
1,1936 on Dutchess
In $6,345, a semi-annual instalment of interest due June
County RR. 4J^% 50-year first mortgage bonds of 1940;
K $387,500, a semi-annual interest instalment due July
England RR. 4% and 5% 50-year consolidated mortgage
1, 1936 on the New
gold bonds;
►-$259,340, a semi-annual interest instalment due July 1, 1936, on the
Central New England Ry. 4% 50-year bonds due 1961 (incl. int. on $913,000
notes);
pledged with holders of short-term
semi-annual interest instalment due Sept. 1, 1936, on Provi¬
4% 50-year first mortgage bonds 1956;
►*$20,000, a semi-annual interest instalment due Oct. 1, 1936, on the
New York Providence & Boston RR. 4% 50-year general mortgage gold
$78,440,
a
dence Terminal Co.
bonds of 1942;
►*
$30,000,
New York
semi-annual interest instalment due
RR. Boston terminal 4%
a
& New England
Oct. 1, 1936 on the
50-year first mortgage
bonds of 1939;
instalment due Dec. 1,
$48,000, a semi-annual interest
Haven & Northampton 4% 50-year
Hearing on the petition
New York &
Dec. 28.—V. 143, p. 3642.
has been set for
Queens Elec.
12 Months Ended Nov. 30—
Operating revenues—From sales
1935, on the New
bonds
refunding consolidated mortgage
of 1956.
1936
$21,186,110
631,285
From miscellaneous sources
$21,817,395
11,802,210
Total operating revenues
Operating expenses
Retirement expense-Taxes
(including provision
1,878,058
3,475,610
--.
for Federal income
tax)
Operating income.Non-operating revenues
Non-operating revenue deductions
Gross corporate
Interest on long-term
-
income
debt
of debt disct. & exp.
Miscell. int., amortiz.
$4,661,516
Crll ,347
13,472
$4,659,392
875,000
& miscell. deductions
50,807
$3,733,585
Net income
3851.
—V. 143, p.
York, Susquehanna & Western RR.—Listing—
York Stock Exchange has authorized the listing of deposit
receipts representing $3,744,000 first mortgage refunding 50-year 5% gold
bonds, due Jan. 1, 1937, and deposit receipts representing $447,000 of
2nd mtge. 50-year 4K% gold bonds, due Feb. 1, 1937.
The directors at a meeting held on Nov. 17, 1936 adopted resolutions
approving a plan for the extension of the company's first mortgage refund¬
ing 50-year 5% gold bonds, due Jan. 1, 1937, and its 2nd mtge. 50-year
4H% gold bonds, due Feb. 1, 1937, under which the holders of the bonds
would be given the opportunity of extending the time of payment of the
principal thereof to Aug. 1, 1940.
Earnings for November and Year to Date
New
The
New
1934
1936
railway-.—
railway
Net after rents
1935
$282,140
91,898
45,729
$267,563
71,735
26,695
$243,771
14,726
def38,904
3,129.135
909,840
348,096
November—
Gross from
Net from
3,240,168
869,082
309,230
3,304,920
780,214
301,006
From Jan. 1—
railway
railway
Gross from
Net from
Net after rents
—V. 143, P.
1933
$245,558
38,436
39,998
3,059,308
695,079
248,501
4011.
Westchester & Boston Ry.—Bondholders'
Proposes Reorganization Plan—
The
first
mortgage bondholders'
protective committee (Irving A.
Sartorius, chairman) in a letter addressed to the bondholders states:
On Nov. 16, 1936, in extending time to file a plan of reorganization of the
company, Judge Carroll C. Hincks said: "Under the circumstances, it seems
to me that the court ought to allow a reasonable time to the only committee
of bondholders who, until a very recent date, have shown any diligence in
these proceedings, to perform and submit their plan."
This committee, the only bondholders' committee permitted to intervene
injthe reorganization, is the committee referred to by Judge Hincks in the
above statement.
We neither own nor represent any New Haven securities.
We are able to urge and to support the position of Westchester bondholders
without conflict so that they may collect as much as possible on these bonds
and the guaranty of payment by the New Haven.
No member of this
committee has ever represented or been connected with the Westchester,
the New Haven or the hanking houses which floated these bonds.
We have participated in conferences seeking reductions of taxes and
franchise obligations, so that said charges after reorganization may be met.
It seems likely that we shall get substantial relief along these lines.
More than four years ago counsel for this committee conferred with
officials and advocated a direct physical connection permitting Westchester
trains to continue without transfer along the elevated tracks of the Man¬
hattan Elevated Ry.
For about a year we have been working toward better
transfer facilities at the present Westchester terminus in N. Y. City and
for an eventual connection permitting Westchester trans to continue all the
way to City Hall, New York.
If such a connection were made residents of
Westchester County using our line would reach stations in New York City
at 86th St., 42nd St., 14th St. and City Hall without transfer, receiving
better service than either the New York Central or the New Haven which
serve the same territory.
However, both the Inter borough Rapid Transit
Co. (the lessee of the Elevated) and the Manhattan Elevated Co. are now
in reorganization.
Proceedings are pending for transit unification under
which the City of New York would acquire both companies.
Negotiations
have been conducted favorably with all three parties, but until unification
is consummated or abandoned and the receiverships of the transit lines
settled no commitment is likely to be made.
The situation affecting your bonds is tremendously complicated and only
New
York
Protective Committee
and careful investigation can untangle all
example, when your first mortgage bonds
long study
factors.
For
these complicating
issued in 1911
were
entered into between the Westchester (having the
same officers and directors as the New Haven) and the Guaranty Trust Co.,
as trustee.
This mortgage mentions and seems to cover the right of way
a
trust
now
mortgage
used
was
by the Westchester,
including those portions
which the New
Port
purports to lease, commencing on the Harlem River at
Morris, in tne Borough of the Bronx, and running through Larchmont
Mamaroneck, Rye and Port Chester. Counsel for this committee has been
and is now investigating the possibility that the right of way mentioned in
the New Haven leases to the Westchester is also covered by the mortgage
and is security for your bonds.
These extensions have been operated for
the past years under agreements providing for rentals aggregating over
$402,000 per year to be paid to the New Haven. You can see how important
this point may be in increasing the value of your bonds.
In not a single year since the present company was formed has the West¬
chester earned its fixed charges and bond interest.
Creditors must face the
facts or there can be no sound reorganization.
The road cannot now carry
any great amount of fixed charges.
A very substantial amount of
building must be done if we are to keep our franchise in N. Y. City.
taxes and preferred charges must be met.
New equipment must be pur-
Haven now
car each year
$125 per car
slow, unattractive and impossible
in|the subway if a downtown connection were
Present equipment costs approximately $1,225 each
maintain whereas new equipment would cost only about
chased.
to
Present equipment is heavy,
per year.
the elevated or
The cost of theseJnecessary items is approximately
bejraised only by a new first mortgage on the road.
We have
begun negotiations to arrange such financing.
The plan of reorganization, therefore, advocates, among other
(1) $5,000,000 new first mortgage, interest at 4%,
years,
amortization 1% per annum.
to use over
$5,000,000,
effected.
which can
maturity 75
(2) Present Westchester
guaranteed bondholders to receive:
things:
totaling
therefor,
(a) Common stock or voting
trust certificates
$1,000 par value for each $1,000 of bonds, plus
(b) Such payment by New Haven on its guaranty as the court
Haven reorganization may direct.
(3) No waiver nor abatement of guarantee on now
chester first mortgage bonds but insistence on payment in full in so
in New
outstanding West¬
far as
possible.
(4) Payment of taxes and other preferred charges in cash after
tion, and erection of Boston Post Road and Hammersley Ave.
and a moratorium on all other bridge building in New York City.
reorganiza¬
bridges
Cancelation of all present Westchester stock (99.61% owned by
as worthless.
Cancelation of unguaranteed first mortgage bonds now
($3,151,000 owned by New Haven).
(7) Rejection of contracts or leases for purchase of 50 cars from
Haven and cancelation of unpaid balance and return of cars to New Haven.
(8) Modification of power contracts to reduce power charges
to
comply with different current requirements.
(9) Modification or rejection or leases and operating agreements
to so-called leased lines, stations, &c. so that:
(a) If Westchester first mortgage is lien on those properties suitable
arrangements can be made for Westchester to continue without lease, or
(b) If Westchester first mortgage is not a lien on said properties, rent to
be reduced to $188,000 as provided in Coverdale & Colpitts report but said
rent to be paid as interest on non-cumulative 4% income bonds of principal
amount of $5,000,000 to be issued as consideration for cancelation of present
bonds owned by New Haven and use of leased lines under 99 year lease
(5)
New Haven)
outstanding
(6)
New
and
relating
at $1 per year.
Our forecast indicates that after completion of the financial and physical
reorganization outlined above, the reorganized company
meet all fixed charges and interest on income bonds and, after appropriate
reserves, have funds available for dividends on the stock.
Among the institutions now represented by this committee are
Northwestern National Life Insurance Co.; Alliance Life Insurance
American Sunday School Union; Boston Home for Incurables;
Alliance; Empire Trust Co., New York; Episcopal City Mission of Boston;
Equitable Life Insurance Co.; Home Life Insurance Co. of
Shore
Trust &
Savings Bank, Chicago; Massachusetts Hospital
Insurance Co.; Safe Deposit & Trust Co. of Baltimore; the Trustees
Donations to the Protestant Episcopal Church; Wasbash College Foundation
and a number of other banks insurance companies and charitable institu¬
tions too numerous to mention here.
In addition to Mr. Sartorius, the other members of the committee are:
George G. Milne, Max S. Weil, and Jay J. Livingston with E. W.
well, Sec., 60 Broad St., New York, and Hiram S.
will be able to
Light' & Power Co.—Earns—
of electric energy
Chronicle
bridge
Unpaid
the
Co.;
Educational
America; Lake
Life
of
LeffingGans, Counsel.
Meeting Fails to Act—
The meeting
Dr. Irving D.
of bondholders on Dec. 22 called by a committee
Steinhardt adjourned without taking any action
headed by
on a reor¬
ganization plan for the roao.
Adjournment came after presentation of a motion to discharge the com¬
mittee, with thanks, in view of a conflict that had developed
and a committee of bondholders headed by Irving A. Sartorious.
Dr.
Steinhardt, Chairman, overruled the motion to discharge his committee
and a motion for adjournment was recognized by the chair as taking precedence over the previous motion.—V. 143, p. 3642.
between it
Hudson
Niagara
Power
Corp.—Plans to Consolidate
Power Corp—Simplification of Corpo¬
rate Structure—Conforms With Trend of Legislation—
A plan for the elimination of the Mohawk Hudson"Power"Corp., one of
the two principal intervening holding companies in the Niagara Hudson
System was approved and recommended to the stockholders by the two
boards of directors, at separate meetings held Dec. 18.
The plan provides for the consolidation of Niagara Hudson Power Corp.
with its subsidiary, Mohawk Hudson Power Corp.
The securities of con¬
solidated corporation will be exchanged for those of the constituent com¬
panies.
The proposed consolidation will accomplish a substantial step in
the furtherance of the plans of unification, in the interests of economy and
simplicity, of the corporate structure of the Niagara Hudson System. Plans
for the consolidation of certain subsidiary companies into fewer regional
units should also be facilitated by this proposal.
Giving effect to the
consolidation, the earnings per share of the common stock will increase
about 12 cents per share on the basis of the consolidated earnings as pub¬
With Mohawk Hudson
by the present corporation.
proposed that tne accounts of the new
lished annually
It is
tion
subsidiary companies at
on
corporation, after consuma-
will reflect its investments in the securities of
approximately the book values of such securities
of the consolidation,
the date of
consolidation.
(Mohawk
accounting for
believed
recent
elimination of the intervening holding company
Corp.) and the conservative step taken in
the investments in the securities of the underlying companies are
to be consistent with and in furtherance of the spirit and intent of
Both
the
Hudson Power
legislation.
The amount of the authorized capital stock of the consolidated corpora¬
$475,000,000, classified into 2,000,000 shares ($100 par)
preferred stock and 206,355 shares ($100 par) second
25,436,450 shares ($10 par) common stock.
Shares or all
will be entitled to one vote per share.
Of the authorized capital stock of all classes only the shares necessary to
consummate the proposed consolidation will be presently issued.
The first preferred stock is to be issuable in series, 394,553 shares to
issued initially as first preferred stock, 5% series.
It will be
to
cumulative dividends at the rate of 5% per annum.
Of the 206,355 shares of authorized second preferred stock, some
may be issued either in the 5% series A or in the 5% series
number of shares of each series depending upon the exercise of the
of election offered to the holders or Mohawk Hudson Power Corp.
first
preferred stock and
classifications
tion will be
entitled
be *
portion
B, the exact
right
second
preferred stock.
-
plan provides for the distribution of the
corporation among the stockholders
companies in the following manner:
The
solidated
Niagara Hudson
shares of the new con¬
of the two constituent
Power Corp.
Stock—The present Niagara Hudson Power Corp.
will receive one share ($10 par) common stock
solidated corporation for each of the present shares
Mohawk Hudson Power Corp.
Common
stockholders
held.
common
of the con¬
Power Corp.,
receive
share
and
preferred stock of Mohawk
accumulation
preferred
entitled
cumulative
Preferred Stock—Each holder, other than Niagara Hudson
preferred stock of Mohawk Hudson Power Corp. will
first preferred stock, 5% series, of the new corporation,
for share; and will receive, in addition, a cash payment in adjustment
full payment of all accumulated dividends on the
Hudson Power Corp. up to the date of consolidation, which
will amount to $4 per share on Feb. 1, 1937.
The shares of first
stock, 5% series, of the new corporation will be
to
of shares of
shares of the
dividends from the
effective date of the
consolidation.
Mohawk Hudson Power
Corp.
Stock—Each holder, other than Niagara Hudson Power
Corp., of shares of second preferred stock of Mohawk Hudson Power Corp.
oustanding will be entitled at his election to receive either (a) one share
of second preferred stock, 5% series A, and 1% shares ($10 par) common
stock of the consolidated corporation, or (b) 7 shares ($10 par) common
stock of the consolidated corporation.
If a stockholder does not exercise
either of such rights of election, upon the consolidation becoming effective
he will automatically receive one share of second preferred stock, 5% series
B, which will carry with it a right to a special and additional dividend equal
Second Preferred
and unpaid on the shares of
preferred stock up to the effective
additional dividend will be
n
amount to the dividends accumulated
Mohawk Hudson Power Corp. second
date of the consolidation.
The special and
paid, when and if
declared by the
board of directors, but it must be paid
Volume
Financial
1431
of any dividends on the common stock
In full prior to the declaration
the consolidated corporation.
'
1
on
warrants" and^of class B
Warrants—Holders of class A option
y Option
option warrants calling for shares of the $15 per value common stock of the
present Niagara Hudson Power Corp. shall be entitled upon appropriate
action of the board of directors of the new corporation to receive class A
and class B option warrants, respectively, of the new
corporation calling for the same number of shares or the common stock of
the new corporation, as its common stock may be constituted at the time
option
warrants
of purchase.
Th9 proposed
the
consolidation will be subject to any requisite approval by
Service Commission of New York to
Public
the holding by the new
corporation of the voting capital stocks of such electric and gas
as are subsidiaries of the constituent corporation.
corporations
proposed certificate of consolidation will be submitted to
The
The
or
the outstanding shares of the capital
the
special stockholders' meeting of both corporations is as of the close of
business on Dec. 22, 1936.
Stock transfer books for all classes of stock of
Mohawk Hudson Power Corp. will be closed as of the close of business on
Dec. 23, 1936.
Within a few days stockholders of the corporations will receive complete
details of the terms and conditions of the proposed consolidation.—V. 143
p. 3475.
Norfolk & Western
Period End. Nov. 30—
Ry.—Earnings—
1936—Month—1935
$7,558,797 $85,995,354 $71,111,435
3,816,099
40,220,900
30,174,750
3,162,673
31,295,814
24,525,958
20,952
466,359
935,357
$9,262,155
4,683,875
3.951,898
items (bal.)
14,922
Railway oper. revenuesNet ry. oper. revenues.„
Net ry. oper. income...
Other income
on
funded debt-
Net income
—Y.
143,
p.
$3,966,821
178,816
$3,183,625 $31,762,174 $25,461,316
178,816
1,966,950
2,661,097
$3,788,004
Grossincome
Interest
$3,004,808 $29,795,223 $22,800,219
3642.
North American Gas & Electric Co.—Plan
plan of reorganization (with certain amendments) was approved
Dec. 24 by the U.S. District Court for the Southern District of New York.
—V. 143, p. 760.
Period End. Nov. 30—
Operating
$2,549,454 $29,532,193 $27,700,718
8,026
101,252
104,459
1,828,560
20,065,669
19,830,773
239,099
3,225,690
2,650,104
$2,704,411
revenues
1,849,763
280,278
$473,769
$561,936
..i
The company paid' an extra dividend of 60 cents per
common stock on Dec. 21 to holders of record Dec. 11.
share on its no-par
Overall
terly dividend of 10 cents per share was paid on Dec. 1,
The
share
initial quarterly dividend of $1.25 per
cumul. pref. stock, par $100, payable Jan. 2 to holders of
143, p. 1410.
the 5%
16.—V.
Light
Co.,
$5,115,382
$6,139,582
Gross corporate inc
Interest & other deducts.
$370,290
242,323
17,351
691
on
value, and two dividends of $1.37 H per share each on account of accumula¬
tions on the $5.50 cumulative preferred stock, no par value. The dividends
will be paid on Dec. 24 and on Jan. 1, all to
Dividends of 72 cents per share on the $6
356,914
222,866
17,083
83
$4,121,972
2,566,665
206,455
10,325
.
$3,840,231
2,397,516
204,159
667
Balance
y$63,426
y$69,185
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for per¬
iod, whether paid or unpaid
$768,356
260,000
$632,823
344,176
July 1, 1934 dividends of $1.08 and 99 cents per share, respectively, were
on the above issues.
Distributions at the regular quarterly
made on both issues up to and including April 2, 1934.—
V. 143, p. 1890.
rates had been
Paauhau Sugar
Plantation Co., Ltd., Hawaii—Extra
Dividend—
$174,180
Dec.
payable
stock,
common
of 15 cents was paid on Oct.
dividend of 75 cents was paid on
extra
dividend of 10 cents per share was
Products Co.—Resumes CommoniDivs.—
Pacific Clay
when
1941.
payment made since Nov. 1, 1932
share
Before
$1,237,889
605,066
260,000
was
141, p.
paid.—V.
retirement
a
Co.—Earnings—-
[American Power & Light Co., Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$4,267,275
$4,568,700
$398,109
Operating revenues
$399,435
iov. 30—
Period End. N*
218,497
217,423
2,553,752
2,420,143
$180,938
$180,686
$2,014,948
$1,847,132
15,251
3,103
14,983
20,059
181,255
386,265
178,959
377,661
$199,292
106,745
$215,728
104,579
$2,582,468
1,248,059
$2,403,752
1,261,377
Balance
y$92,547
y$lll,149
Property retirement reserve appropriations
Dividends applicable to preferred stocks for per¬
iod, whether paid or unpaid.
$1,334,409
600,000
$1,142,375
600,000
458,478
458,478
$275,931
$83,897
Oper. expenses & taxes..
from oper—
Rent for leased property
rev.
z
Balance
retirement reserve appropriations and dividends,
z
Dividends accumulated and unpaid to Nov. 30, 1936, amounted to
$611,304.
Latest dividends, amounting to $1.75 a share on the 7% pref.
stock and $1.50 a share on $6 pref. stock, were paid on Nov. 1, 1936.
y
Before
Dividends
appropriations and dividends,
1936, amounted to $1,103,493.
Latest dividend on 7% pref. stock was $5.25 a share paid Oct. 1.
1936.
Latest dividend on 6% preferred stock was $1.50 a share paid Oct. 1,
1932.
Dividends on these stocks are cumulative.—V. 143, p. 4011.
property
the capital stock,
This was the first
quarterly dividend of 5 cents per
paid a dividend of 75 cents per share on
value, on Dec. 21 to holders of record Dec. 15.
The company
no par
$38,642
570,171
Balance
y
dividend of 25 cents per share on
15 to holders of record Dec. 8.
An
15 and on July 6 last, and an extra
Dec. 5, 1935.
The regular monthly
paid on Dec. 5 last.—V. 143, p. 1567. 4
The directors have declared an extra
the
334,181
z
holders of record Dec. 15.
cumulative preferred stock, and
66 cents per share on .the $5.50 cumulative preferred stock, were paid on
Oct. 1, July 1 and April 1, last, and in each quarter of 1935. Dividends of
$2.16 and $1.98 per share, respectively, were paid on Jan. 2, 1935.
On
Gross corporate inc
$1,338,527
46,499
.the
1936—12 Mos.—1935
$116,882
47,697
$109,925
dividends of $1.50 per share each on
$6 cumulative preferred stock, no par
have declared two
of accumulations
Int. & other deductions-
Subsidiary]
1936—Month—1935
Operating revenues
Oper. expenses & taxes,.
Rent for leased property
Other income (net Dr)_>
(Minn.)—Accumulated Dividends—
Otter Tail Power Co.
The directors
account
Co.—Earnings—
&
p.
have declared an
directors
on
record Dec.
(net)
[American Power
last.—V. 143,
Ottawa Light, Heat & Power Co., Ltd.—Initial Pre¬
ferred Dividend—
Other income (net)
Northwestern Electric
The regular quar¬
2381.
-V. 143, p. 3475.
Period End. Nov. 30—
3870.
Co.—Extra Dividend—
Net
Net oper. income
8
Pacific Power & Light
1936—11 Mos.—1935
1936—Month—1935
Dec
special dividend of $10 was paid on Dec. 30, 1935.—Y. 141, p.
Oshkosh
Telephone Co.—Earnings—
Uncoil, oper. revenue.12,434
Operating expenses
Operating taxes
A
Approved—
The
Northwestern Bell
of $15 per share on its capital stock
The regular quarterly dividend of
this being payable Jan. 2 to holders of
also declared,
was
distributed
1936—11 Mos.—1935
i
share
per
record
stock of both corporations.
The plan as presented contemplates its completion on Feb. 1, 1937.
The record date of stockholders entitled to notice of and to vote at
Co.-—Special Dividend—
The company paid a special dividend
Dec. 21 to holders of record Dec. 8.
$2
special
Corp. and
29, 1937.
proposed consolidation requires the approval of the holders of two-
meetings of stockholders of the present Niagara Hudson Power
of Mohawk Hudson Power Corp., which will be held on Jan.
thirds
Old Colony Insurance
of
Niagara Hudson Power Cory.
4163
Chronicle
reserve
Dividends accumulated and unpaid to Nov. 30,
property
on
these stocks are cumulative.
Accumulated
Dividends—
the 7%
$100, and $3 per share on the $6 cumulative
have declared a dividend of $3.50 per share on
The directors
cumulative preferred stock, par
preferred stock, no par value, both payable Dec. 24 to holders of record
Dec. 15.
Dividends of one-half these amounts were paid on Nov. 1, last,
and in each of the eight preceding quarters.
On the 7% preferred stock payments of 87 ££ cents and 88 cents per share
made Aug. 1 and May 1, 1933, respectively, prior to which regular
quarterly dividends of $1.75 per share were distributed.
On the $6 pre¬
were
Norwich
Pharmacal
The directors
on
Co .—Pays
Dec. 16 declared
a
50-Cent Dividend—
dividend of 50 cents per share on the
stock, no par value, payable Dec. 24 to holders of record Dec. 18.
Dividends of 35 cents per share were paid on Oct. 1 last and each three
months previously.
In addition, an extra dividend of 15 cents was paid
common
July 1 last and an extra of 25 cents per share was paid on Jan. 1, 1936.
beginning in 1937, the regular dividend
payment dates will be the 15th of March, June, September and December,
with the stock of record date the 5th day of these months.—V. 143, p. 3475.
ferred stock
1933,
were
Ohio Associated
Period End. Nov. 30—
Operating
1936—Month—1935
36,241
5,154
$632,913
2,488
390,930
52,946
$583,048
6,571
344,810
38,596
$18,044
Operating expenses
Operating taxes
Net oper. income
—V.
143,
p.
1936—11 Mos.—1935
$55,447
621
30,391
1,651
$22,784
$186,549
$193,071
$59,439
revenues
The company paid an initial dividend of 50 cents per share on
shares on Dec. 24 to holders of record Dec. 14.
the class B
The directors also declared a dividend of 25 cents per share on
the no par
common
class A
stock, payable Dec. 24 to holders of record Dec.
common
Packer
Corp.—Pays Extra Dividend—
paid an extra dividend of $1 per share on its common
value, on Dec. 19 to holders of record Dec. 10.
The directors
also declared the regular quarterly dividend of 25 cents per share payable
Jan. 15 to holders of record Jan. 5.—V. 143, p. 3644.
stock,
no par
3476.
Edison
The directors
Co.—Earnings—
addition
Earnings Statement for 12 Months Ended Nov. 30, 1936
Gross earnings: Electric—Sales to affiliated companies..
Other.
Heating
Non-operating revenues—Dividend income
Other income—Affiliated companies
Other
Operation
1,788,550
Provision for retirement
reserve
1,475,000
Airways Corp.—Pays 60-Cent Dividend—
The company paid a dividend of 60 cents per
Dec. 15.
The regular quarterly dividend of 25 cents per
share on its capital stock,
This payment was made
share
was
paid on Nov. 2,
ast.
Wage Increase & Bonus—
Directors have authorized wage increases amounting to $150,000 to take
effect early in 1937 among pilots, employees in
and other flight and ground personnel.
Directors also have authorized
a
mechanical departments,
Christmas bonus to certain employees,
excluding officers and senior officials, totaling $55,000.—V.
V. 142, p. 4187.
Pan
3,465 023
Interest charged to construction.
245*999
30 573
143, p. 767;
Cr34',4l0
American
and dissolution of the
to eliminate duplicate taxation under the Revenue Act of 1936.
The corporation is more than 99% owned by the Standard Oil Co. of New
ersey.—V.
Net income-
Foreign Corp.—Liquidation Approved—•
Stockholders on Dec. 15 approved the liquidation
company
143,
p.
3644.
$4,117,584
Note—The provision for Federal income taxes for the 12 months ended
Nov. 30, 1936, shown as a credit of $114,600 reflects an adjustment made
in the month of
December, 1935, reducing accruals theretofore made, due
deduction, deemed to be allowable in the year 1935 under the United
States Treasury Department tegulations, of the amount of premium and
unamortized debt discount and expense applicable to bonds retired in that
year.—V. 143,
1130.
$7,824,768
Amortization of debt discount and expense.
Miscellaneous interest
to
the regular
par $10, on Dec. 24 to holders of record
in view of the current tax provisions.
Cr. 114,600
Net earnings
Interest on funded debt
Ltd.—Extra Dividend—
have declared an extra dividend of 25 cents per share in
quarterly dividend of 75 cents per share on the
stock, both payable Jan. 2 to holders of record Dec. 15.—V. 142,
to
Pan American
$17,582,788
5,276,911
1,339 1 kq
taxes
p.
89 739
w
income
41,708
29,969
22,853
Total gross earnings
Maintenance and repairs
General taxes-
common
$1,891,965
15,000,364
505,489
700
Interest income—On income note of affiliated company
On other obligations
Federal
A
The company
Page-Hersey Tubes,
Ohio
14.
Oct. 1 last and compares with
25 cents paid on Aug. 10 and on Feb. 15, 1936. this latter being the initial
distribution on the class A stock.—V. 143, p. 1726.
dividend of $1.50 was paid on this issue on
Telephone Co.—Earnings—
Uncoil, oper. revenue—
Inc.—Initial Class B Div.—
Pacific Southern Investors,
on
The company announced that,
payments of 75 cents per share were made Aug. 1 and May 1,
distributions of $1.50 per share
prior to which regular quarterly
made.—V. 143, p. 2530.
p.
Parker Pen
The
have declared a dividend of 50 cents per share on the
stock, par $10, payable Dec. 23 to holders of record Dec. 15.
A
last.
On Sept. 1, last, a quar¬
directors
common
dividend of 40 cents was paid on Dec. 1,
terly dividend of 25 cents per share and an extra dividend of 15 cents per
share were distributed.—V. 143, p. 2856.
3852.
Parker
Oilstocks,
Co.—Pays 50-Cent Dividend—
Ltd.—Special Dividend—
The directors have declared
special dividend of $3 per share in addi¬
tion to the regular semi-annual dividend of 20 cents per share on the common
stock, par $5, both payable Dec. 24 to holders of record Dec. 16.
Extra
dividends of 10 cents were paid on July 10, and 9 on Jan. 20, 1936 and on
Jan. 19, 1935.—V. 142, p. 4350.
a
Wolverine
Co.—Special Dividend—
'
cents per share
payable Dec. 23 to holders of record Dec. 12.
A
The directors have declared a special dividend of 17 H
on
the common stock,
regular quarterly dividend of 25 cents was paid on Dec. 1, Sept. 1 and
June 1, last, and compares with 37 H cents paid on Feb. 15, last; 50 cents
paid on July 2, 1935, and 25 cents paid on Jan. 2, 1935, this latter payment
being the initial distribution on" the issue.—V. 142, p. 3184.
Financial
4164
Patchogue Plymouth Mills Corp.—Stock Dividend—
The directors have declared a dividend of $5 per share on the common
stock, no par value.
Of this dividend, $2 will be paid in cash and $3 will
be paid in $1 par pref. stock at the rate of three pref. shares for each one
common share.
Both dividends will be paid on Dec. 23 to holders of
record Dec
Chronicle
The company
p.
18
paid since May
1,
Penick
&
Feb. 26, 1936, this latter being the first
1930, when $1 per share was distributed.
(J, C.) Penney Co .—Registers with SEC—
finjjt page of this department.—V. 143, p. 3852.
Period End. Nov. 30—J
1936—Month—1935
1936—12 Afos.—1935
Operating revenues
$3,278,001
$2,953,767 $36,700,052 $34,587,193
Oper. exps. and taxes
1,820,981
1,608,473
20,615,485
18,614,388
Rent for leased property
1,711
1,821
20,93 1
25,287
17,049
$1,343,473 $16,063,636 $15,947,518
31,926
226,386
372,964
$1,472,358
520,736
$1,375,399 $16,290,022 $16,320,482
523,418
6,244,782
6,272,188
$1,455,309
Gross corp. income...
Int. & other deductions-
to
Insurance Co.—Extra Dividend—
(Fire)
an extra dividend of 50 cents per share in
the regular quarterly dividend of 50 cents per snare on the
Pie Bakeries,
Inc.—Pays Extra Dividends—
The company paid a dividend of 40 cents and an additional dividend of
$1.10 per share on the common stock on Dec. 24 to holders of record Dec.
10.
An extra dividend of 25 cents in addition to a quarterly dividend of
15 cents per share was paid on the common stock on Oct. 1 last.
The directors also declared an extra dividend of $1 per share in addition
the regular quarterly dividend of 75 cents per share on the $3 second
preferred stock, both being paid on Dec. 24 to holders of record Dec. 10.
—V. 143, P. 1891.
[Lehigh Power Securities Corp. Subsidiaryl
-
subsidiary of United Gas Improvement Co.—Y. 143,
to
Pennsylvania Power & Light Co.-—Earnings—
Balance
a
capital stock, both payable Jan. 2 to holders of record Dec. 15.
Similar
payments were made on Jan. 2,1936 and on Jan. 2.1935.—V. 141, p. 3701.
Ford, Ltd.-—Pays Extra Dividend—
Other income (net)
is
The directors have declared
addition
Company paid an extra dividend of 75 cents per share on the common
stock, no par value, on Dec. 24 to holders of record Dec. 11.
A regular
quarterly dividend of like amount was paid on Dec. 15, last.—V. 143,
P. 3329.
See list given on
1936
26,
2856.
Phoenix
A dividend of $2 was paid on
dividend
—V. 143, p. 3644.
Dec.
Suburban Gas 5s of 1952; $18,398,000 of Philadelphia & Suburban Counties
Gas & Electric 4)4q of May 1, 1957,and $40,000,000 Philadelphia Electric
4s of 1971.
•
& Northern Ry.—
Piedmont
Unlisted Trading Privileges
Terminated—
The Securities and Exchange Commission has granted the application of
Tweedy & Co. to terminate unlisted trading privileges on the New York
1934
Curb Exchange in the capital stock (.$100 par), of the company as of Dec. 28.
—*V. 143, p. 3645.
Pilgrim Mills—Pays $2 Dividend—
The company
Balance
y$851,981 $10,045,240 $10,048,294
Property retirement reserve appropriations—_
1,914,000
1,875,000
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid
3,846,543
3,846,535
y$951,622
_ _
$4,284,697
Balance
$4,326,759
y Before property retirement reserve appropriations and dividends.
Regular dividends on all classes of preferred stock were paid on Oct. 1,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
x
1936.
Note—No provision has been made in the above statement for surtax
on "undistributed net income" under the Revenue Act of 1936.
The
Pennsylvania Public Service Commission has ordered a natural gas
rate reduction for the Williamsport Division, amounting to approximately
$10,000 per month, tS be effective after Sept. 11, 1936.
The Commission
made a finding which may result in reparations to customers retroactive
to Nov. 1,1931, and amounting in the aggregate to approximately $507,000.
The above income statement does not reflect any adjustments on account/
of these items because the Commission's order and finding are now being
litigated.—V. 143,
p.
3853.
Pennsylvania RR. Regional System—Earnings—
[Excludes L. I. RR. and B. & E. RR.]
Period End. Nov. 30—
1936—Month—1935
1936—11 Mos .—193 5
Railway oper. re venues .$38,518,069 $31,672,969 $401964,776 $336487,237
Railway oper. expenses. 27,881,743
22,462,267 286,117,110 240,126,288
25,166,800
23,977,464
Railway tax accruals
2,028,200
1,932,385
1,819,155
Unemployment insurance
182,333
Railroad retirement act
5,177,379
616,395
Uncollec. ry. revenues..
16,013
136,161
566,523
5.742",975
6,621,850
Equipment rents
243,157
170,204
1,571,646
2,367,804
Joint facility rents..—_
208,952
_
Net ry. oper. income.
-V.
$7,357,289
$6,525,077 $75,573,517 $64,053,828
143, pi 3853.
Pepeekeo Sugar Co.—Extra Dividend—
The company paid an extra dividend of $1 per share in addition to the
regular monthly dividend of 20 cents per share on its capital stock, par $20.
on Dec. 15 to holders of record Dec. 10.—V. 142, p. 1840.
Petroleum Heat & Power Co. (&
Subs.)—Earnings—
Period End. Sept. 30—
1935—3 Mos.—1936
Net sales
$1,969,727
$1,501,708
Cost of sales, incl. all
1935—12 Afos.—1936
$10,327,706 $11,456,905
1,632,274
9,990,122
11,165,028
$61,935
5,625
pf$337,584
Drl25,190
42,478
pf$291,877
33,520
$108,433
Net loss fr. operations
Other income.
2,031,662
$130,566
22,133
operating expenses
$56,309
pf$169,917
Cr5,813
pf$305,712
$175,729
$305,095
Federal income taxes
19,685
paid a dividend of $2 per share on the common stock, on
15 to holders of record Dec. 12.
This was the first dividend paid
since Sept. 29, 1934 when $1 per share was distributed.—V. 143, p. 2531.
Dec.
Pittsburgh & Lake Erie RR.—$1.50 Dividend—
The directors have declared a dividend of $1.50 per share on the capital
stock, par $50, payable Dec. 23 to holders of record Dec. 14.
The regular
semi-annual dividend of $1.25 per share was paid on Aug. 1, last.
An extra
dividend of $1 per share was paid on Feb. 1,1936.—V. 143, p. 4013.
Pneumatic Scale
Corp,—Resumes Dividends—
The directors have declared
mon
a
dividend of 30 cents per share on the com¬
stock, payable Jan. 2 to holders of record Dec. 24.
first dividend paid since Sept. 25,
1935 when 30 cents
This will be the
dis¬
per share was
tributed.—V. 141, p. 1605.
Pollocks's
Inc., Asheville, N. C.—Stocks Offered—
by means of a prospectus of $200,000 of 6%
pref. stock ($25 par), and 16,000 shares of common stock
($1 par) was made Dec. 21 by Hill, Thompson & Co., Inc.,
New York.
The offering was made in units of one share of
pref. and two shares of common stock, priced at $28.50 p r
Public offering
unit.
Transfer agent: Bank of New York & Trust Co., New York.
Capitalization—
To Be Outstanding
$200,000
100,000
Authorized
6 % preferred stock ($25 par)
Common stock ($1 par)
$30.000
100,000
Business—Company, the business of which originated in 1911, is en¬
gaged in the operation of a chain of 14 shoe stores selling women's shoes,
hosiery, handbags and shoe accessories, and one family type shoe store,
all located .in North Carolina, South Carolina, Virginia and Tennessee.
Company is well-established in its trade and is entirely a retail organization
selling only through its own stores, and doing no manufacturing or whole¬
saling.
The business is conducted entirely on a cash basis.
Sales and Earnings—Net sales and net income of the company, combined
with those of Pollock's Family Shoe Store, Inc., for the three years ended
Dec. 31, 1935, and for the 12 months ended Oct. 1936, have been as follows:
Year Ended Dec.
31—
Net Sales
1935.
Year ended Oct. 31
Net Income:
$767,377
1,031,924
1,209,891
1,395.196
$14,441
13,518
20,513
41,167
•
The annual dividend requirement on the 8,000 shares of preferred stock
proposed to be outstanding as a result of this financing will amount to
$12,000.
Net income of $41,167 for the 12 months ended Oct. 31, 1936,
was equivalent to 3.43 times annual preferred stock dividend requirements,
and after providing for such requirements, to 29 cents per sblare of common
stock.
,
■
j
Purpose of Issue—The proceeds expected to be received by the company
Consolidated net loss.
Cr6l7
Minority interest
—
---
Dr617
from part of the 6% preferred stock (6,600 shares) presently being sold
will amount to $150,000 before deduction of estimated expenses of $9,000
payable by the company in connection with the registration and sale of
loss$107,817
Surplus net profit
loss$56,309
Consolidated Balance Sheet Sept. 30, 1936
$322,816
Notes & accts.
(net)
1,327,458
1,644,232
109,312
Prepaid expenses..
Electrol
175,000
Misc. assets
25,354
27,047
payable
263,067
Fixed assets
2,231,057
1
Intangibles...
trol, Inc
Mortgages payable
2,290,643
25,001
Minority interest
Capital stock
Capital surplus
Earned surplus
Total
a
Total
$5,995,802 $5,412,358
After
238,067
to
_
Res. forconting
Electrol, Inc.
reserve
in 1935.—V.
585",608
40,671
pur¬
Deferred income.
purchase
of invest,
price
a
Notes
$200,000
creditors of Elec¬
Taylor
Petroleum Co..
in
58,709
in
Agreed
inc.
$550,000
30,584
681,260
chase contract-.
100,780
58,100
Electrol, Inc...
Deferred charges..
Invest,
.
1,053,748 Accts. payable
1,269,369 Liability to Taylor
Petroleum Co._
133,885
from
rec.
L
Bank loans
Notes payable
Inventories
Notes
$292,581
rec.
1935
1936
Liabilities—
1935
1936
Assets—
Cash
for depreciation
of
.
84,184
106,250
138,782
75,000
106,250
114,640
75,000
3,718
2,708~503 2,721,853
1,477,109
1,477,109
103,457 defl09,887
Pettibone-Mulliken
Co.—Hearing—
„
new
directors.—V. 143, p. 3855.
Portland Gas & Coke
Co.—Earnings—
[American Power & Light Co., Subsidiary]
Period End. Nov. 30—
1936—Month—1935
Operating revenues
Oper. expenses & taxes__
Other income (net Dr.).
Schauer.—V.
143,
p.
$268,578
222,805
350
$3,256,008
2,380,059
4,730
$3,176,359
2,341,173
10,202
$67,062
44,597
$45,423
44,666
$871,219
538,147
$824,984
535,275
Balance
y$22,465
y$757
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for per¬
iod, whether paid or unpaid
$333,072
$289,709
250,000
250,000
Gross corporate inc
Interest & other deduct-
3854.
has filed an application with the P. S. Commission of
Pennsylvania for authority to issue $130,000,000 1st & ref. mtge. bonds
company
a 3 %% coupon and maturing on March 1, 1967.
refunding plan, the company made
plans for spending $5,000,000 in modernization of its Schuylkill
steam plant.
The work will consist of building two boilers with a capacity of 600,000
pounds of steam each hourly.
These boilers will supply steam for a new
50,000 kw. turbo-generator.
The new unit will be superimposed on exist¬
ing steam units in the plant, which means that it will discharge sufficient
steam to operate about 60,000 kw. capacity of the existing turbo-generators.
With insufficient time remaining in 1936 to comply with the various
regulations governing security offerings, the issue will be the first major
refinancing undertaken by an electric utility for 1937.
The new issue will refund the following: $1,671,700 Philadelphia Elec¬
tric Co. 4s of Oct. 1, 1966; $37,000,000 Philadelphia Electric 5s of Oct. 1,
1966; $31,990,000 Philadelphia Electric 4Ms of Nov. 1, 1967; $1,323,000
bearing
Coincident with announcement of the
Deficit.
y
Exchange of the election
Judy, Curtis S. Mitchell
Philadelphia Electric Co.—Files Application for $130,000,000 334% Bonds—Announces Modernization Plan—
known
1936—12 Mos.—1935
$255,026
187,623
341
430,167
430,167
$347,095
$390,458
financing to
Philadelphia Co.—New Directors—
The company has advised the New York Stock
to the board of directors of T. Fitzgerald, E. W.
The
working capital, including larger inventories required by such expansion.
With the opening of the projected new stores, and with more intensive
merchandising in the present stores made possible by increased working
capital, the management anticipates a sales volume to exceed $2,000,000
annually.
Management—L. H. Pollock, President and Treasurer.
B. A. Pollock,
Vice-President.
A. F. Garrou of Valdes, N. C., Rex R. Thompson and
Clermont Cartwright are
$5,995,801 $5,412,358
fl,809,315 in 1936 and $1,696,104
by the first .mortgage bondholders' committee proposed
the extent of not to exceed $800,000.—V. 139, p. 1877.
F.
that approximately $50,000 of the amount to be received by the company
will be used for the opening and equipment of additional stores, and that
the remainder of the proceeds to the company will be used for additional
142, 3520.
The next hearing on the proposed reorganization plan has been set for
Dec. 31 before Federal Master Grossman at Chicago.
The plan presented
and F.
the stocks to be offered.
The remaining 1,400 shares ($35,000) were issued
for Pollock's Family Shoe Stores, Inc., which is now a part of the chain.
This stock is presently being acquired from a stockholder.
It is estimated
Before
*....
property
retirement
reserve
appropriations
and
dividends,
Dividends accumulated and unpaid to Nov. 30, 1936, amounted to $1,Latest dividends, amounting to 87 cents a share on 7% pref.
stock and 75 cents a share on 6% pref. stock, were paid on Feb. 1, 1934.
Dividends on these stocks are cumulative.—V. 143, p. 2857.
z
380,389.
Potter
Co.—-Capital Change Voted—
Stockholders
on
Dec. 8 approved change in authorized capital stock from
shares to 150,000 shares of $1 par value.
of the 52,188 shares now outstanding will receive rights to sub¬
scribe to additional shares at $4 a share in ratio of one share for each four
shares now held.
Record date will be some time between now and Christ¬
60,000
no par
Holders
mas,
and rights will be good for about 30 days.—V. 143, p. 3330.
Potash Co. of
America—Registers with SEC—
See list given on first page
Pressed Steel Car
of this department.
Co.—Preferred Dividends—
The directors have declared a dividend of 10.425 cents per share on the 5%
cumul. conv. 1st pref. stock and $1.04M per share on the 5% cumul. conv,
2d pref. stock, both payable Dec. 24 to holders of record Dec. 14.
President W. A. Bonitz stated that the dividends declared were th9 full
amount of the pref. dividends of the issues for the five months' period of
1936
—V.
during which
143, p. 2533.
the reorganized company
had been doing
business.
Volume 143
Financial
Chronicle
p Prosperity Co., Inc.—Dividends—
The directors have declared a cash dividend of 25 cents
per share on the
class A and class B stock in addition to a dividend of
$1 per share payable in
$100 par preferred stock.
Class A and class B stockholders had the option
of receiving $1.25 worth of preferred stock for each share
held.
The dividends were paid on Dec. 23 to holders of record Dec. 19.—V.
141,
p.
4165
pany has issued and sold to New England Pulbic Service
Co., sole owner
of the company'8 common
stock, 10,000 additional shares of common stock
for the consideration of $50
per share.
Consolidated Earnings of Company and Principal
Subsidiary, Manchester
Street Ry.
Calendar Years
2289.
12Mos.End.
1933
xTotal oper.
Providence-Washington Insurance Co.—Special Div.—
143,
Provision for deprec'n..
Addition to gen'l reserve
Extraordinary
Co., Inc.—Bonds Owned
to
Be
Vice-President of the Clinton Trust Co., New York.
Bonds
Non-oper. income (net).
In announcing the
Outlined—See
Edison
Co.
above.
Earnings forMonth and 11 Months Ended Nov. 30
Gross earnings
Net income after
1936—Month—xl935
$3,481,201
$3,210,044
1930—11 Mos.—xl935
$35,825,770 $32,909,024
taxes,
deprec., interest, &c._
y4l7,415
345,646
y3,074,922
x Revised,
y After estimated provision for Federal surtax
2,869,371
undis¬
on
tributed profits.—V. 143, p. 4013.
Puritan Mills,
Inc.—Registers with SEC—
See list given on first page of this
department.
Public
Service Co. of New Hampshire—Bonds
Offered—
Halsey, Stuart & Co., Inc., New York, on Dec. 23 offered
at 1013^ and int.
SI,400,000 1st mtge. 3}£% bonds, series F.
Preferred Stock Offered—Arthur Perry & Co., Inc.; E. H.
Rollins & Sons, Inc.; Sheilds &
Co., and Tifft Brothers also
offered at
100 per share and divs. (accrued from Dec.
15)
11,500 shares of preferred stock, $5 div. series (no par value).
Description of Bonds—Series F bonds, due Dec. 1, 1966, are being issued
under an indenture dated as of Nov.
1, 1926, supplemented by further
indentures dated Aug. 1,1935, Nov.
1,1935, Aug. 1,1936 and Dec. 1, 1936.
Interest will accrue from the data of bonds.
Principal and int. (J. & D.)
payable in legal tender of the United States of America at
principal office
of Old Colony Trust Co. in
Boston, trustee.
Coupon in denom. of
$1,000
and $500, registerable as to
principal only, and interchangeable with fully
registered bonds of denom. of $1,000 or multiples thereof.
Red. at
option
of company at
any time upon at least 30 days' published notice at
principal
amount plus, if red. on or before Dec.
1, 1960 following premiums; 5%
through Dec. 1, 1941; 4% thereafter through Dec. 1, 1946;
3% thereafter
through Dec. 1, 1951; 2% thereafter through Dec. 1, 1956;
1% thereafter
through Dec. 1, 1960; in all cases with accrued interest to the
redemption
date.
Company covenants to reimburse the holder of series F bonds for
taxes impose
upon and paid by such holder under any present or future
applicable law, as follows: (a) For any income tax of the United
States of
America to an amount not exceeding
2% of the interest on the bonds;
(b) for any income tax of Massachusetts to an amount not
exceeding 6%
of such interest;
provided in each case that reimbursement will be made
only
upon written demand
therefor upon the company within 60
days after the
date of final payment of the last instalment
of any such taxes.
Description of Preferred Stock—This issue of preferred stock will constitute
part of a total issue of preferred stock of
108,667 shares, of which 82,777
shares are preferred stock, $6 dividend
series, and 25,890 shares are pre¬
ferred stock, $5 dividend series.
Preferred stock consists of one class but
may be issued in one or more, or all of seven
series, each series
bearing the
distinguishing dividend
rate expressed in dollars which, under the charter
of the company
may be $5, $5^, $6, $6j^, $7, $7J^ and $8.
Each series
entitled to cumulative dividends at the rate of
is
but
never
exceeding the
number of dollars stated in the
designation of the series.
Dividends on $5
$6 dividend series are paid Q.-M.
Holders of preferred stock are
entitled to dividends before any dividend shall be
paid on, or set apart for,
the common stock.
No share of preferred stock has
ay voting power
except that if at any time dividends on any share of
preferred stock shall
be in arrears to an amount
exceeding one-half the number of dollars stated
in the
designation of the series, then so long and only so long as such arrears
shall exceed such amount such share
shall have the same
and
belongs to
a
share of
voting
power as
stock.
Holaers are entitled, upon
liquidation,
or winding up of the
company, before any amount shall be paid
to holders of the common
stock, to $100 for each share and unpaid
dividends,
and if such
common
dissolution
liquidation, &c., shall be voluntary then a premium as follows:
For each share of $4 dividend series a
premium of $5 and for each share
of $6 dividend series a premium of
$7.50.
Company has the right at any
time or from time to time to redeem or retire
all or any part of the preferred
stock of all or of any series upon
payment to the holders thereof, or setting
asi e for their
benefit, in respect to each share the sum of $100,
together
with all unpaid accrued dividends
thereon, and in addition thereto, an
amount equal to the premium to which
such share is entitled in the event
of voluntary liquidation.
Old
Colony Trust
Co.,
Boston, registrar, and
Nepsco
Services,
Inc.,
9 Green St., Augusta, Me., is transfer
agent, for the preferred stock.
Capitalization
upon
Completion of Present Financing
Authorized
Outstanding
$5,400,000
seriesD, due Nov. 1, 1960 al0.379,©00
10,379,000
1st mtge33^% bonds, series
E, due Aug. 1, 1961
al,000,000
1,000.000
1st mtge.3M% bonds, series
F, due Dec. 1,1966
al,400,000
1,400,000
Preferred stock, $6 dividend series (no
par)
lb398,094 shs.
(82,777 shs.
Preferred stock, $5 dividend series (no
par)
J
) 25,890 shs.
Common stock (no par)
200,000 shs. cl30,000 shs.
a Amount
which may be authorized is not limited in the
indenture,
b Including all present or future series,
c Since Sept.
30, 1936, the com¬
1st mtge. 3 ^ % bonds, series
C, due Aug. 1,1960 a$5,400,000
1st mtge 3 Yt % bonds,
$1,958,628
43,432
$1,856,633
38,220
$1,711,542
36,005
$626,112
Legal Investment—In the opinion of counsel, these series F bonds will
qualify as legal investments for savings banks in the States of Maine,
New Hampshire, Vermont,
Massachusetts, Rhode Island, Connecticut,
New Jersey and, upon proper demonstration by the
company, in New York.
Purpose of Issue—Company has incurred indebtedness to banks in the
aggregate amount of $2,825,000, the proceeds of which were used for the
following purposes: (1) $2,250,000 for the purchase of the hydro-electric
plants and properties formerly of the Amoskeag Manufacturing Co.;
(2) $100,000 for the purchase of 1,000 shares of the capital stock of Amos¬
keag Industries, Inc., and (3) $475,000 for the construction, completion,
extension and improvement of plant, equipment or facilities.
The net proceeds (excluding accrued interest and accrued
dividends) to
be received by the company from the sale of the
securities, estimated at
$2,510,933 after allowance for expenses, together with part of the $500,000
received by the company from the private sale of 10,0000 shares of its
common stock to New England Public Service
Co., are to be used to repay
the $2,825,000 of indebtedness to banks.
History and Business—Company, incorporated Aug. 16, 1926, in New
Hampshire, is an operating public utility and is engaged in the electric
and gas business.
At organization, company acquired the utility properties
and business of Manchester Traction, Light & Power Co., Keene Gas &
Electric Co., Ashuelot Gas & Electric Co., Laconia Gas & Electric Co. and
Souhegan Valley Electric Co., the transfers of which were assented to by
the P. S. Commission of New Hampshire.
It also acquired the properties
of Realty Development Corp., including land and water
rights, and the
properties of Gas & Electric Appliance Co., a non-utility, engaged principally
in the merchandising business.
All the above properties were acquired
from or
through New England Public Service Co., parent of the Company.
Since organization, the company has acquired the utility properties and
businesses of Southern New Hampshire Hydro-Electric Corp.,
Conway
Electric Light & Power Co., Franklin Light & Power Co., Tilton Electric
Light & Power Co., Utilities Power Co., Bethlehem Electric Co., Lisbon
Light & Power Co., Freedom Electric Co., Campton Electric Light Co.,
Groveton Electric Light Co., Lyman Falls Power Co., New Hampshire
Power Co. and electric property of Ossipee Water & Electric Co., the trans¬
fers of all of which were likewise assented to by the Public Service Com¬
mission of New Hampshire.
All of the foregoing properties and businesses
except those of Ossipee Water & Electric Co., Freedom Electric Co., New
Hampshire Power Co. and Campton Electric Light Co. were acquired from
or through New England Public Service Co.
The company has also acquired the power generating stations, both steam
and hydro-electric of Great Falls Manufacturing Co. at
Somersworth,
N. H., Eastman Falls hydro-electric plant, formerly of Boston & Maine
RR. at Franklin, N. H., the hydro-electric generating plant of Salmon
Falls Manufacturing Co. at Salmon Falls, N. H., acquired from New
England Public Service Co., and the floating power plant Jacona, the latter
having been purchased from Marine Power Co., a subsidiary of New
England Public Service Co., and the hydro-electric plants and properties
formerly of Amoskeag Manufacturing Co. at Manchester, N. H.
The principal plants and important units of the company, in addition to
the floating power plant Jacona, consist of two steam electric
generating
stations located at Kelleys Falls in Manchester and at Great Falls in Somers¬
worth, and having an aggregate installed capacity of 23,250 kw. 31 hydro¬
electric generating stations
having an aggregate installed capacity of
67,397 kw.. including the stations formerly of Amoskeag Manufacturing
Co. at Manchester, N. H., with total installed capacity of 24,810
kw.,
the Ayers Island station in Bristol and New Hampton, with an installed
capacity of 8,400 kw., and the Garvins Falls station in Bow, with an installed
capacity of 7,200 kw., all located within the State of New Hampshire with
the exception of a plant in Berwick, Me., a plant in Canaan,
Vermont,
and a plant in Bloomfield, Vt.; three gas manufacturing plants located at
Nashua, Keene and Laconia in N. H. and having a total rated capacity of
4,012,000 cubic feet per day; and electric transmission and distribution
facilities and gas transmission nad distribution mains.
Outside the State
of New Hampshire is a small distribution system serving 16 customers in
Hereford, Quebec, and distribution systems serving customers in the towns
of Beecher Falls, Bloomfield, Brunswick, Canaan, Guildhall and
Lemington, Vt.
'
All of the principal plants and important units of the
company are wholly
—
through its
its counsel, Rabenold &
Illinois—Simplification
Commonwealth
$1,969,100
34,923
...
Co.—Liquidation—
Public Service Co. of Northern
Plans
806,267
33,600
earns, and annual int. charges on
basis of earnings for 12 months ended Oct.
31, 1936:
Before provision for depreciation
over 3.30 times
After provision for depreciation
over 2.59 times
Annual div. requirements on pref. stock (incl. this
issue)
Fidelity & Plate Glass Insurance Co. above.—V. 140,
484.
'
766,672
127,382
Ratio between total net
Corp.—Distribution—
Public Fire Insurance
See New Jersey
134,230
100,500
877,676
3,400
Total net earnings.__ $2,004,024 ' $2,002,060
$1,894,853
$1,747,548
x Reflects the elimination
of intercompany sales of power amounting to
$31,838 in 1933, $28,456 in 1934, $28,059 in 1935 and $13,179 in 1936.
Annual interest charges on funded debt
(including this issue)
$672,212
Ratio between total net earnings and annual interest
charges
on basis of 1935
earnings:
Before provision for depreciation
over 3.48 times
After provision for depreciation
over 2.81 times
The Marine Midland Trust Co. of New York, as trustee for the PrudenceBonds, 16th series, has announced that it plans to make a distribution to
the holders of these bonds of
approximately $185,000.
This distribution
amounts to $50 per $1,000 bonds, $25
per $500 bond and $5 per $100 bond.
It will be made out of proceeds of collections of
principal and interest on
bonds and mortgages and real estate
constitutung security for the series,
and will only be made if the U. S. District
Court, Eastern District of New
York, issues an approving order in the bankruptcy of Prudence-Bonds Corp.
Proceedings have been started by Marine Midland to secure such an order.
Marne Midland recently took over the
servicing of the collateral for this
issue from the
bankruptcy trustees of the Prudence Co., Inc.—V. 143,
p. 3645.
P.
1,821,520
353,668
474,097
448,338
714,501
107,854
Net operating revenue
foreclosure suits affecting the Hotel
Mayflower-Plymouth, now part of the
security in back of the 6th and 12th series, and to take such steps as may be
deemed proper to reorganize the
property.
These steps have already been
started looking toward the injection of new
capital into the picture and the
issuing to present holders of new fixed interest 1st mtge. bonds.
"The committee is still accepting proxies from bondholders
Prudence
1,697,321
364,628
'36
92,030
Prov. for Fed. inc. taxes
other holders must be paid in full.
"Our committee, headed by Adam Metz, President of the Bakers Mutual
Insurance Co. has also been authorized by court order to intervene in the
or
1,691,799
360,265
459,317
31
expenses-
Taxes, other than Fed'l.
"In the 6th and l2th|Prudence series alone, which the committee is hand¬
ling, this far-reaching decision affects over $700,000 of bonds held by the
company.
These two series outstanding in the hands of the public amount
to $6,776,000 and by the court action
they have had their security increased
by over 10%.
Before Prudence Co. receives anything on its holdings, all
Secretary, Tracy A. Williams, 150 Broadway,
Scribner."—V. 143, p. 1727.
$5,476,635
Oct.
Flood
Subordinated—
A ruling that all bonds held by the Prudence
Co., Inc. shall be sub¬
ordinated to those held by the general public, has
just been handed down by
Special Master James G. Moore, according to a statement made Dec. 13
by
Edward W. Smith, member of the Prudence bondholders committee and
decision, Mr. Smith said:
$5,298,819
for investments
1244.
p.
Prudence
1935
$5,364,066
1,511,780
296,449
399,400
xOperation (less exps. al¬
located to construct).
Maintenance
The company paid a special dividend of 40 cents
per share in addition
to the regular quarterly dividend of 25 cents
per share on its capital stock,
par $10, on Dec. 24 to holders of record Dec. 11.
A special dividend of
25 cents was paid on Dec. 24, 1935; one of 10 cents on Dec.
27, 1934 and a
special distribution of 20 cents per share was made on Dec. 27, 1933.—V.
1934
$4,999,087
revenues..
;
owned in fee
The property includes 627.5 miles of transmission lines and 2,036
pole
or distribution lines carrying more than 44,629,000 feet of wire.
miles
Principal Underwriters
(1) As to the Bonds—
Halsey, Stuart & Co., Inc., Chicago
(2) As to the Preferred Stock—
Arthur Perry & Co., Inc., Boston
E. H. Rollins & Sons, Inc., New York
Shields & Co., New York
Tifft Borthers, Boston
1
—V. 143, p. 3855.
$1,400,000
-
2,875
2,875
2,875
2,875
shs.
shs.
shs.
shs.
Punta Alegre Sugar Corp.—Annual Report—William C.
Douglas, President, says in part:
Consolidated net income for the year after taxes, interest (not
including
per annum on the 10-year income notes, series A and
B,
interest at 6%
of
subsidiary companies) and depreciation, amounted to $279,053, com¬
pared with $257,194 last year.
After deducting $147,255, which is the
amount of accrued interest
on the income notes, series A and
B, applicable
year, such net income amounted to $131,798, equivalent to
$1.61 for each share of the outstanding capital stock of company.
Total
accruals of interest on such income notes to Sept. 30, 1936 amounted to
$609,310.
to the fiscal
The consolidated balance sheet shows
net current
assets in the
amount
of
$679,749, compared with $452,493 last year.
Included under current
iabilities is $287,574 of accrued interest to Sept. 30, 1936 on the
15-year
participating income debentures of Baragua Sugar Estates, of which amount
$123,246 has been declared payable-on Jan. 1, 1937 by the directors of that
The balance, amounting to $164,328, is not payable during
1937 because of restrictions on interest payments in the debenture agree¬
ment.
Notes payable due Dec. 31, 1936 will be reduced by $250,000 at
maturity, and arrangements have been made to issue new notes for the
balance, which will amount to $1,250,000.
Such new notes will mature
Dec. 31. 1937 and will continue to be secured by the pledge of the joint
3-year 6% mortgage note of Compania Azucarera Punta Alegre, S. A. and
Compania Azucarera Florida (which will be reduced to $1,250,000 in prin¬
cipal amount) and of all the shares of capital stock (1,000 shares) of Baragua
Sugar Estates.
company.
Financial
4166
Consolidated net income of
Baragua Sugar Estates for the year,
notes,
come
dividend of $1.30 per share on the common stock,
value, Dec. 23 to holders of record Dec. 21.
A dividend of 25 cents
was paid on Feb. 1, 1936, this latter being the first payment made on the
issue since May 2, 1932, when 373^ cents was paid, prior to which regular
The company paid a
no
payment of principal or of interest on its outstanding income debentures
or 10-year income notes if, after such payment, its net current assets as
defined in such agreements shall be less than $1,000,000.
The agreements
under which the securities of company's subsidiaries, Compania Azucarera
Punta Alegre, S. A., and Compania Azucarera Florida, were issued, provide
that such subsidiaries shall make no payment of principal or interest on
any of their joint 10-year income notes so long as their joint 3-year 6%
mortgage note shall be outstanding or if after such payment their joint net
current assets as defined in such agreements shall be less than $2,000,000.
During the year company's subsidiaries produced 91,832 long tons, or
623,989 bags of sugar, which was the total allotted them by Cuban Presi¬
dential decree.
This production was 45,792 bags less than that of last
paid on this
since May 1,
Reading Co.—Earnings—
Net from railway
Net after rents
1—
Gross from railway
Net after rents
1935
1934
$3,867,202
245,406
$2,639,452
230,558
$4,150,809
$4,112,608
$2,870,010
3,258,081
3,077,055
2,276,088
1936
Total revenue.
Operating expenses
(net)
Current interest paid or accrued
Interest on3-year 6% coll. tr.
notes.
Int. accr'd on Baragua Sugar Estates
15-year partic. income debentures.
Miscellaneous charges
profits tax
i
Depreciation of plant
Cyclone damage
123,246
164,328
100,582
22,411
165,510
Cr29,780
28,573
012,834
11,667
334,890
284,540
24,666
...
$279,054
$257,194
loss$2,621
x
Includes 10,436 bags of sugar (325 pounds each) unsold, inventoried
at .861 cents per pound, f.o.b. Cuba, net.
Note—No provision has been made for interest on series A and B income
Net income
30, 1936, amounting to $609,310 (of which $147,255
applicable to the fiscal year ended Sept. 30, 1936), which will become
payable at maturity or to the extent earned in any fiscal year prior thereto,
subject to the restrictions on payment of interest contained in the income
note agreements dated July 1, 1932.
Consolidated Balance Sheet Sept. 30
notes accrued to Sept.
is
1936
Assets—
$844,570
131,751
272,146
Cash in banks and on hand
Accounts receivable
Advances to planters
1,439,501
53,556
hand or sold
Supplies in commercial stores
"Working assets and growing cane
Mortgage receivable
Stocks held in other companies
a Plants, railroads, buildings and equipment
Sugars and molasses on
1,339,929
2,400
4
12,776,088
3,111,024
28,043
Lands, &c
Deferred charges
1935
$927,963
44,833
326,905
1,349,513
57,410
1,055,044
4
12,950,999
3.243,683
28,516
$19,999,012 $19,984,871
Total
Liabilities—-
Dec. 31, 1936 (secured)
31, 1935 (Baragua Sug. Est.)
$1,500,000
_
of sugar & molasses..
purchased.
Interest, rents, taxes, &c., matured or accrued
d Int. accrued on Baragua Sugar Estates 15-year
participating income debentures
Provision for shipping exp.
Lands and equipment
88,313
35,344
77,200
73,344
287,574
1,576
claims
125,517
Lands purchased—payable in 1938
Funded indebtedness—subsidiary
companies
;
Provision for add'l 10-year income notes, series B,
issuable on or before Dec. 31, 1936; subject to
adjustment in accordance with the agreement
5,384,458
$1,500,000
250,000
103,477
39,742
153,455
84,212
123,246
1,576
148,017
5,129,256
dated July 1, 1932:
Sugar Estates
jointly by Companias Azucareras
Alegre and Florida
General reserve (provided at organization), adjusted
c Capital stock
Surplus..
98,365
Issuable by Baragua
Issuable
Punta
11,545,585
409,243
470,859
151,177
11,601,300
409,243
191,805
$19,999,012 $19,984,871
a After reserve for depreciation of $6,908,195 in 1936 and $6,629,690 in
1935.
b These notes are secured by pledge of $1,500,000 principal amount
of 3-year 6%
mortgage note issued jointly by Companias Azucareras
Punta Alegre and Florida, and 1,000 shares of capital stock of Baragua
Sugar Estates,
c Represented by 81,849 no par shares,
d $123,246 de¬
clared payable on Jan. 1, 1937 by the board of directors of Baragua Sugar
Estates.
The balance, amounting to $164,328, is not payable during the
year 1937 because of restrictions on interest payments in the debenture
Total
agreement.—V. 142, p. 308.
Pyle-National Co.—Pays lb-Cent Dividend—
The company
on
paid
a
48,707,454
14,932,236
11,773,322
45,315,585
15,057,313
12,480,132
Preferred Dividend—
its 7% cumul. pref. stock,
holders of record Dec. 11.
This was the first pay¬
paid a dividend of $7 per share on
The company
par $100, on Dec. 21 to
ment made on this issue
since 1932.
Arrearages
$24.50 per share.—V. 142, p. 4190.
amount to
Mfg. Co. of
Reliance
The company
paid
a
dividend of 75 cents per share on its common stock
12.
An extra dividend of 25 cents in
after the current payment
Illinois—Special Dividend—
special dividend of $2 per share on
its common stock
of record Dec. 18.
Extra dividends
share in addition to the regular quarterly dividends of 15
Dec. 23 to holders
on
paid on Nov. 2 and on Aug.
were
a
of 10 cents per
cents per share
1 last.—V. 143, p. 3331.
Corp.—Dividends—
Retail Stores
At
meeting of the board of directors
held Dec. 9, the following dividends
declared:
were
(1)
Sixty cents per share in
a*
Doc
£LQ(i
21
of record
cash, payable Jan. 2, to stockholders
r
■
An optional dividend, payable Feb. 1, 1937 to stockholders of record
Jan. 5, 1937, either
(a) in capital stock of the corporation at the rate of 7 1-7% (one ad¬
ditional share in respect of each 14 shares owned on the record
(2)
date), or at the election of
(b) in cash at the rate of ninety
be made on
A cash dividend of 20 cents was
paid on Jan. 2, 1936 and
1935, this latter being the
Richman
the stockholder,
cents per share held.
account of fractional stock interests.
paid on March 28, 1936; 50 cents was
20 cents per share was
initial payment on this
Bros Co.—Pays
The directors have
distributed on March 23,
issue.—V. 143, p. 1245.
Extra; Dividend—
to
common
37 A cents per share in
cents per share on the
Dec. 19 and the regular
declared an extra dividend of
the regular quarterly dividend of 75
stock.
The extra dividend was paid on
addition
quarterly distribution will be
Dec. 14.—V. 143, p. 2535.
made on Jan. 1, both to
Dental Mfg. Co.,
holders of record
Inc.—Extra Dividend—-
Dec. 12 declared an extra dividend of 25 cents per share
regular quarterly dividend of 25 cents per share on the
common stock, both payable Dec. 28 to holders of record Dec. 22.
A divi¬
dend of 25 cents was paid on Oct. 20 last, this latter being the first dividend
The directors on
in addition to the
paid since Oct. 1, 1931, when
p. 3161.
Gas
Rochester
37M cents per share was
Electric
&
Issue with SEC—
distributed.—V. 143,
$18,000,003
Corp.—Files
%
corporation, affiliated with Associated Gas & Electric Co., has
registration statement with the Securities and Exchange Com¬
Securities Act of 1933 covering $15,000,000 4% general
The
filed
a
mission under the
series F, due 1960, and
mortgage bonds,
$3,000,000 33A % general mortgage
bonds, serises G, due 1966.
The series F bonds have already been sold at
private sale and the registration statement says there will be no
ffering of the series G bonds.
The $15,000,000 series F bonds were sold to: Metropolitan Life Insurance
public
Equitable Assurance Society of the United States, $1,326,Life Insurance Co., $4,909,000; Northwestern Mutual Life
oCo., $6,326,000;
000; New York
$1,750,000; John Hancock Life Insurance Co., $1,000,000;
Rochester Trust & Safe Deposit Co., $594,000: Utilities Mutual Insurance
Co., $50,000; Massachusetts Mutual Life Insurance Co., $30,000, and
Employees Benevolent Association of Rochester Gas & Electric Corp.,
$15,000.
A total of $4,152,000 of the series F bonds were sold late last
Insurance Co.,
year
while the balance of the issue was
at 101.588,
V. 143, p. 4014.
Rose's 5,
<
sold this year at 103.—
r
10 & 25-Cent Stores,
Inc.—•Extra Dividend—
paid an extra dividend of $2 per share on the common
$5, on Dec. 20 to holders of record Dec. 1. The regular quarterly
dividend of 50 cents per share was paid on Nov. 2, last.
An extra dividend of $1.50 was paid on Feb. 1, 1936 and an extra of $1
The company
stock,
b Notes payable due
Defered
Regal Shoe Co.—Pays
Ritter
Cr39,842
30,903
311,995
Interest received
Prov. for U. S. A. & Cuban
146,293
26,323
148,814
43,975
102,316
1,179,936
46,772,830
13,921,165
11,133,346
143, p. 3481.
—V.
'■'»
Cash settlement will
Revenue from other sources
1Q33
$4,105,609
2,932,478
1,075,705
1 335 214
53,677,914
17,072,045
12,774,872
Net from railway
$16,567.
Years Ended Sept. 30
1934
$4,172,671
1,195,157
970,543
From Jan.
89,773 bags were required to be re¬
1, 1937.
The entire production of company's subsidiaries, consisting of sugar,
sirup and molasses, has been sold with the exception of 10,436 bags of sugar
for Cuban domestic consumption, which has been inventoried at .861c.
per pound f.o.b. Cuba.
After selling and marketing expenses, the subsidi¬
aries realized from the sale of such production a net revenue of $4,076,760.
Dm-ing the year Compania Azucarera Punta Alegre, S. A., disposed of
approximately 5,543 acres of land for $500 and assumption by the pur¬
chaser of an outstanding first mortgage of $50,000 and accrued interest
x$3,846,622
304,187
1935
$4,126,600
1936
$5,066,557
1,644,061
1,210,692
Gross from railway
be sold to the United States,
Note pay. due Dec.
Accounts payable
issue on Nov. 2 last, this latter being the first dividend paid
1931 when 50 cents per share was paid.—V. 143, p. 2534.
November—
tained for shipment after Jan.
Consolidated Income Account
Common Div.—
paid a special dividend of 50 cents per share on the common
23 to holders of record Dec. 21.
A dividend of 25 cents was
The company
stock on Dec.
During the past year 57.0394% of company's subsidiaries' sugar was
available for sale to the United States, 36.9964% to countries other than
the United States and 5.9642% for domestic consumption in Cuba.
Of the
Revenue from sugar
3855.
department.—V. 143, p. 4014.
Raymond Concrete Pile Co.—Special
year.
to
given on first page of this
See list
share were made.—V. 143, p.
Co.—Registers with SEC—
Rath Packing
no
amounting
par
quarterly distributions of 50 cents per
subsidiary,
sugar to
Co.—Pays $1.30 Dividend—
Railway & Light Securities
after
(not including interest at 6% per annum on its 10-year in¬
series A, and B), and depreciation, amounted to $137,407,
compared with $105,684 last year.
After deducting $49,275, which is the
amount of accrued interest on its income notes series A and B applicable to
the fiscal year, such net income amounted to $88,131.
Total accruals of
interest on such income notes to Sept. 30, 1936 amounted to $204,233.
The consolidated balance sheet of Baragua Sugar Estates shows net cur¬
rent assets of $626,868, compared with $467,695 last year, an increase of
$159 173.
Net income available for payment of interest on the income debentures
of Baragua Sugar Estates, determined after adjustments of its consolidated
net income ana provision for maintenance of consolidated net current assets
in accordance with the provisions of the debenture agreement, amounted to
$124,287, of which, as stated above, $123,246 was declared payable on
Jan. 1, 1937 on account of accrued interest on such debentures.
Substantially all consolidated net income of company is income earned by
its subsidiaries and none of such income can be paid to company by any
subsidiary and made available for dividends upon company's stock until
all principal of and accrued interest on the outstanding securities of such
subsidiary, issued pursuant to the plan of reorganization of Punta Alegre
Sugar Co. and its subsidiary Compania Azucarera Baragua, S. A., have been
paid.
The agreements under which the securities of company's
Baragua Sugar Estates, were issued provide that such company shall make
taxes, interest
1936
26.
Dec.
Chronicle
was
par
paid
To
on
Feb. 2,1935.
Split Stock b-for-1—
Stockholders at a recent
to
special meeting approved a proposal
split the stock on a 5-for-l basis and voted
new shares to $1 from $5.—V. 143, p. 3856.
of directors
to change the par
value of
the
(Helena) Rubinstein, Inc.—Accumulated
Dividend—
dividend of $2.50 per share on account
$3 cum. pref. stock, no par value, payable Dec. 24
to holders of record Dec. 17.
Dividends of 25 cents per share were paid
on Sept. 1 last, and each quarter since and including Sept.
1, 1932, prior
to which regular quarterly distributions of 75 cents per share were made.
Accruals after the payment of the current dividend will amount to $6.75
The directors
have declared a
of accumulations on the
per
share.—V. 143, p. 3331.
Rustless Iron & Steel Corp.—Expansion—
The directors have authorized a program of plant expansion that it is
estimated will involve the expenditure of a minimum of $625,000 during
1937. The program provides for a new 12-inch merchant bar mill, as well as
additional capacity in the melting, cold finishing and intermediate service
departments of the
corporation's plant at Baltimore, Md.
The corporation
improvements are required by its increasing volume
of stainless bars, rods and wire during September,
October and November of 1936 having been 255% of those in the same
period of 1935.
The 1937 program is in addition to one involving $515,000 initiated in
1935 and now nearing completion. /C. E. Tuttle, Chairman and President,
stated that in view of the tax on undistriouted earnings, some financing
would probably be arranged to provide funds for the 1937 construction
program, although no definite plan had yet been determined upon.
The
corporation's 1936 earnings, in the opinion of its tax counsel, are exempt
from the undistributed profits tax because of its existing loan agreement
with the Federal Reserve Bank of Richmond.—Y. 143, p. 2536.
states
that
these
of business, shipments
Dec. 23 to holders of record Dec.
quarterly dividend of like amount was paid on Sept. 30 last.
Dividends of 25 cents per share were paid on July 1 and on April 1, last,
and a dividend of $1 per share was paid on Dec. 2, 1935; this latter was the
addition to
a
first payment
made since 1931.—V. 143, p. 2383.
Radio-Keith-Orpheum Corp.—Committee Approves Plan
holders of 10-year 6% gold debentures, due
1, 1941, is notifying holders of certificates of deposit issued by the
committee for these debentures and for full-paid and 65% part-paid cer¬
tificates for the debentures, that it has approved and adopted the plan of
reorganization for RKO which has been filed in the U. S. District Court by
Atlas Corp. and its associates.
No further securities will be accepted for
deposit by the committee.
The committee is comprised of George N.
Safeway Stores,
The company
Inc.—Subsidiary Dissolved—
has notified the New
York Stock Exchange that its sub¬
is
7,
Corpora¬
sidiary, Western States Grocery Co., Inc., a California corporation,
being dissolved and its assets and business were transferred on Nov.
1936, to another subsidiary, Western States Grocery Co., a Nevada
tion.—V. 143, p. 3857.
The committee representing
Dec.
Armsby, Chairman, and Edward C.
is Secretary.—V. 143, p. 3479.
Delafield.
E. Carley, 44 Wall
St.,
Sagamore Mfg.
Co.—Pays Extra Dividend—
paid an extra dividend of $2 per share on the capital
Dec. 18 to holders of record Dec. 11.
A dividend of $1.50 per
share was paid on Nov. 3, last, one of $1 on Aug. 4, last, and one of 50 cents
per share was paid on May 1, last, this latter being the first dividend paid
since Aug. 1, 1934, when $1 per share was distributed.
Dividends of
$1 per share were also paid on May 1 and Feb. 1, 1934, while on Nov. 1,
The
stock,
company
on
Volume
1933,
143
Financial
Chronicle
payment of 50 cents per share was made.
This latter dividend
was the first paid since May 4, 1932, when a
quarterly dividend of $1 per
share was disbursed.—V. 143, p. 2859.
4167
a
Consolidated Balance Sheet
[Excluding insurance companies shown
Assets—
St.
Fixed assets
x
Louis Southwestern
Ry.—Bondholders Win Appeal
x
Equity in properties
Encyclopedia Britannia
from Ruling—
Goodwill
Circuit Court of Appeals at St. Louis on Dec. 20
granted, with reservations, the appeal of trustees of St. Louis Southwestern
Cash
bond issues from
y
The
United
States
ruling of Federal Judge Charles B. Davis that the road,
now in receivership, adopt a "cash ana
carry" policy in the purchase of
equipment.
The appeal was granted on condition it should not halt the Cotton
Belt's cash purcnasing program under Judge Davis's order.
A hearing on the appeal was set for Feb. 1.
Kimbrough Stone, presiding judge of tne Appeals Court, said the only
question for determination was whether a District Court, administering a
bankrupt railroad, was compelled by law to order such procedure, as Judge
Davis did, or could do so within his discretion.
Counsel for tne trustees in arguing for an appeal said the ruling of Judge
Davis was unfair to bondholders who were not receiving full interest.—
V. 143, P. 3856.
'
■
a
Inventories.
------
-
Investments & advances...
Deferred charges
Total
July 16, '36
Jan. 29, '36
z$127,498,926 $120,811,175
675,557
13,047,752
7,045,008
3,605,426
2,257,532
25,560,000
18,160,000
100,000
7,110,328
5,957,537
3,486,982
>
3,189,359
Capital stock.
Minority interest
Accounts payable
Refunds & unfilled orders
Notes payable-
i.
Purchase money mortgage (current)
Reserve for Federal income tax, &c
Refining Corp.—Pays Special Div.—
Other accruals..
Purchase money mortgage (not current)
Reserves
became
effective Oct. 31, last.
A quarterly dividend of $1.50 per share
had been distributed on the old stock on Oct. 31, last.—V. 143, p. 2859.
900,000
4,968,040
74,349,568
of Off icers
Retail
Stores
Corp.—Earnings—Examination
and Directors Adjourned—
The protective committee for 8%
...$261,302,579
Seeman
cumulative preferred stock of which
The
have declared an extra dividend of $1
per share in ad¬
regular quarterly dividend of 62 A cents per share on the com¬
mon stock,
no par value.
The quarterly dividend and one-half of the
extra dividend (50 cents) will be
paid on Feb. 1 to holders of record Jan. 15.
The remaining 50 cents of the extra dividend will be
paid on May 1, 1937
June 4, to Oct. 31, 1936,
during wnich the corporation has been in reorganization proceedings in the
tion proceedings tnus far.
Years Ended Oct. 31—
8% pref. stock
Arrangements have been made to extend debentures until Nov. 15, 1937,
company anticipates developing a plan that will take
are urged not to be alarmed over tnis situation although it
magnitude of the problems to be solved" if there is to be a
reorganization, and the serious condition of the corporation.
The com¬
"tne
mittee expects that tne claims will be very largely reduced due to duplica¬
tions in tne claims filed, and agreements and compromises which will result
in withdrawals of claims,
it is understood that landlords' claims are in¬
cluded among the claims filed.
Tne committee proposed to seek reorganization rather than litigation,
and in pursuance of tnis
policy states tnat it nas sougnt ana obtained an
adjournment of the examinations of the officers and directors of the cor¬
poration, wnich have been conducted by counsel for the committee, until
1937.
D. A. Scnulte, the President, has been subjected to such
Jan. 29,
examinations for the last few months.
The committee proposed to pursue the efforts to reorganize in the inter¬
vening period and states its intention to "report in open Court upon the
made
ail
that
so
interested
parties
of tne proceeding."
Preferred
adjournment of the examinations does
stages
may
mean
assured that
are
any
cessation of the
the
com¬
for
reorganization
an
adequate and
complete
record of all
the
facts necessary to give a deliberate
judgment upon what is proposed will
be placed before the Court."
The other members of the committee aside from General McRoberts are
Luigi Criscuolo, Dr. Warren M. Persons and H. Blair Tyson, the office
committee is at 15 Church St., New York, and counsel for the
are Javits & Javits of New York.—V.
143, p. 3857.
of the
committee
Scottish Type
648.
Seaboard
Surety
Co.—Special Dividend—
The directors have declared
a
Sears, Roebuck & Co.—Extra Dividend—
on
Dec.
15 declared
extra dividend of
an
$2.50 per share
the common stock, no par, payable.Jan. 7 to holders of record
Dec. 26.
An extra dividend of $1.75 per share in addition to the
regular quarterly
dividend of 50 cents per share was paid on Dec.
on
15, last.
of 50 cents per share was distributed on Dec.
16, 1935.
Additional Shares Offered to
new
379,441
from affiliated companies.
closed
against
-
Accrued expenses
175,388
-
banks,
1,078
_bl,895,270
c370,893
Deferred charges
21,376
Developments and patents
1
Total
$5,242,1131
After
income
Pref.stk., 8% cum. (par $100)
Treasury stock
Common stock
on
2,350,000
5,225
1,501,800
7>r27,300
Surplus..,
Res. for ins.
69,161
381,531
8,132
169,634
6% debenture notes, class A..
Deferred
less reserve
Plant and equipment
Unused real estate
$129,109
•
Fed. inc. & excise taxes pay..
Other accounts payable
branch invent.
Total
d271,106
357,463
26,251
$5,242,113
for bad debts of $280,000.
b After reserves for depre¬
$2,670,844.
c After
reserve
for
depreciation of $215,752.
d Represented by 271,106 no-par shares.—V.
140, p. 1500.
a
ciation
reserve
of
Selected American Shares, Inc.—Dividends
Directors met
Paid—"""
Dec. 15 and declared special year-end dividends amount¬
The investment income dividend, derived from the
normal sources of interest and dividends on securities owned is
10 cents
per share.
The capital profits dividend derived from profits on securities
purchased and sold is $3.25, the two combined being $3.35 per share.
The
ing to
on
$2,186,833.
dividends are payable Dec. 22 to holders of record Dec. 14.
Total shares outstanding on which these dividends will be
paid are
approximately 652,786.
Assets of the fund as of Dec. 14 were more than
$12,000,000.
They showed an increase of 60% over the 12 months' period
ended Nov. 30, 1935.
During this same period shares outstanding in¬
creased 21%.
Approximately $1,700,000 in unrealized profits still remain
share
any
The offering to stockholders will embrace
approximately 488,655 shares
that to employees and officers, under two
plans recently authorized
by the board, not in excess of 125,000 shares, the proceeds from the sale of
these 613,655 shares being estimated at a maximum
of $43,340,633.
Of
this amount an estimated maximum of
$41,540,633 representing the net
proceeds of the sale of stock to shareholders and to
employees and officers
under Plan A, will be applied to
working capital for the purpose of dis¬
charging unsecured current indebtedness to banks incurred for
and
business purposes of the company in the
of
Selected American Shares, Inc. was
initially offered in 1933.
At that
a par value of 25 cents.
Since then the par value has
been changed to $2.50, and the old shares were
exchanged for the new on
the basis of 10 old for one new.
The following dividend statistics are significant after this
time the shares had
adjustment
Liquidating value
1933
per
share when first offered
r--
to the general
-----
public in
_$9.24
Investment income dividends paid in cash
1.637
Capital profits dividend paid in cash or stock at the election of the
shareholder
1
3.25
Stock dividends paid, computed at liquidating value on dates
paid.. D.512
Total dividends paid
Liquidating value
per
$5.399
15.52
share after payments
—V. 143, P. 2536.
Servel, Inc. (& Subs.)- -Earnings—
mail to each stockholder of record transferable warrants
evidencing rights
to subscribe to the additional shares of
stock, together with a copy of the
prospectus.
Upon exercise of the warrants, which will expire at 3:00 p. m.,
eastern standard time, on Jan.
15,1937, shares will be delivered promptly.
and
Investments at cost
Investments in & amounts due
Years End. Oct. 31—
Stockholders—
for each ten shares held.
Arrangements are to be made
shares not subscribed for under the offering to stockholders
will be purchased by a banking
group headed by Goldman, Sachs & Co.
As soon as practicable after the record
date, the company proposes to
one
1,046,739
A special dividend
The directors on Dec. 15 authorized an
offering to stockholders of record
Dec. 26 of additional shares of capital stock at $72 a
share, in the ratio of
whereby
al,150,095
Accounts payable, trade—
Trade acceptances payable
has been made:
special dividend of 25 cents per share on the
common stock, par $10, payable Dec. 30 to holders of record Dec.
21. This
compares with 50 cents paid on Nov. 10, last; 25 cents paid on May 15, last
and on Dec. 30, 1935 and 12 A cents per share distributed on Feb.
15, 1932
and on Nov. 16, 1931—V. 143, p. 3011.
The directors
$201,831
Inventories...
Claims
'
Liabilities—
hand and in banks
in the turst.
Investors, Inc.—Dividends Paid—
The company paid a dividend of 20 cents per share on the class A and
class B stocks, par $1, on Dec. 23 to holders of record Dec. 19.—V.
140,
p.
on
Notes <fe accts. receivable
be fully advised at all
stockholders
not
mittee's inquiry and tne letter states that the committee has assured the
Court and assures stocknolders "that before being asked to pass upon
any
proposal
Consolidated Balance Sheet Oct. 31, 1936
Assets—
Cash
Stockholders
progress
bonds in their entirety.
up
net income was
The committee points out, that claims aggregating $38,703,458 have
been filed against tne corporation and its subsidiaries as of Dec. 8, 1936.
103,385 loss$639,480
$7.01
Nil
and in the interum
was
$9,315."
1935
$8,545,129
Net profit after charges and Federal taxes,.
Earns, per sh. on 14,745 shares
tnis basis before depreci¬
the month,
paid
An extra
were
1936
Gross sales
Jroceeaings notdepreciation the comparable net loss
67,070, after charged, depreciation and special (bookkeeping) charges was
$118,965, and for
on
on
Seiberling Rubber Co. (& Subs.)—Earnings—
it snould be recognized that such readjustments
bring about claims against the corporation and its subsidiaries."
period of .iune 4, to Oct. 31, 1936, as
reported by the corporation were $9,108,521.26.
"The net loss of tne corporation and its subsidiaries (except Schuico Co.,
Inc.) for the period from June 4, to Oct. 31, 1936, before provision for
Federal income taxes, expenses of administration in the reorganization
Sales of tna cigar stores for tne
October, 1936, alone net income
April 15, 1937.
Extra dividends of 50 cents
Feb. 1, 1936, and on May 1 and Feb. 1, 1935.
May 1, 1934.—V. 143, p. 2694.
on
of $1 was
in turn
shows
May 1 and
paid
on
"The figures snould be regarded only as an indication of the trend of the
debtor's business and of the readjustments effected through the reorganiza¬
$18,162, and after depreciation for
a
to holders of record
U. S. District Court the committee states:
was
Brothers, Inc.—Extra Distribution—
directors
dition to
in connection with efforts to reorganize.
In reporting the figures for tne period from
the month of
$234,023,637
x After
depreciation,
y Carried at approximate market value at date of
acquisition,
z Represented by 4,859,968
no-par shares.—V. 143, p. 3857
General Samuel McRoberts is Chairman has mailed a letter to the stock¬
holders giving the latest available figures on operations of the corporation
and its suosidiaries (except Schuico Co., Inc.;, and reporting developments
ation
4,047,132
72,555,894
Earned surplus
Total
Schulte
x
7,683,266
3,675,168
33,474,558
77,906,711
9,116,755
11,447,250
4,724,416
$261,302,579 $234,023,637
Liabilities—
The company paid a special dividend of 50 cents per share on the new
stock on Dec. 23 to holders of record Dec. 12.
This was the first
dividend paid on the common stock since the four-for-one split up.which
$75,307,857
9,446,801
1,240,854
J
Mortgages receivable
common
*
JanTW'Sh
18,558,018
3,387,987
44,941,004
82,775,892
7,936,304
11,340,195
5,522,687
Marketable securities..
Accounts & notes receivable
_
Savannah Sugar
investments]
as
July 16, '36
$76,049,518
9,725,803
1,065,170
_
general
ordinary conduct of its business
carrying increased current assets resulting from recent
expansion
company's business.
The remaining estimated net proceeds,
amounting to a maximum of not
in excess of $1,800,000,
may be paid to the company by employees and
1936
1935
1934
Net profit after depprec.,
int.,
Fed.
taxes
other deductions
Shares
$4,240,355
$2,111,516
outstand
com.
1933
&
x$521,518xdef$493,399
(par $1)
1,781,426
1,781,426
1,766,426
1,761.426
Earnings per share
$2.35
$1.16
$0.26
Nil
x Cnarges
for depreciation for 1934 amounted to $271,153, and
1933,
$303,604.
For the quarter ended Oct. 31, 1936, net profit
wa&$447,843 after charges
and taxes, equal after preferred dividend
requirements, to 24 cents a share
on common, comparing with
$317,144 or 17 cents a common share in the
October quarter of 1935.—V. 143, p. 3011.
Shawinigan Water & Power Co.—Larger Com.
The directors
common
stock,
This compares
on
a dividend of 20 cents
per share on the
value, payable Feb. 15 to holders of record Jan. 20.
with dividends of 15 cents per share paid each three months
from Feb. 15,1936 to and including Nov.
15, last.
had paid dividends amounting to 50 cents
annually
3333.
p.
Div.—-
Dec. 16 declared
no par
Previously the company
on this stock.—V. 143,
in the
officers under Plan B
31, 1941.
will be used
in installments
on
various dates not later than Dec.
This portion of the funds to be received, so far
by the company for general business purposes.
as
now
known
Sieloff
Packing Co.—Pays 60-cent Dividend—
The company paid a dividend of 60 cents per share on its common
stock,
Dec. 19 to holders of record Dec. 10.
This was the first dividend
paid
since March 31, 1933, when a dividend of 30 cents
per share was distributed.
—V. 142, p. 2516.
on
■A
Listing of Additional Capital Stock—
The
New
York
Stock
Exchange has authorized
the
Sivyer Steel Casting Co.—Special Dividend—
listing of 489,119
shares of capital stock on official notice of issuance to
stockholders of record
at the close of business Dec. 26,
1936, or their assigns, or on official notice
of issuance to the underwriters, or their
assigns, in accordance with the pro¬
visions of the underwriting
agreement; 100,000 shares on official notice of
issuance to employees and officers of the
company and its subsidiaries in
accordance with the provisions of plan A, and 25,000 shares
on official notice
of issuance to the treasurer of the
company, as trustee, and delivery to
employees and officers of the
company and its subsidiaries, in accordance
with the provisions of plan B,
making the total
shares.
amount
applied for 5,753,881
The directors have declared
a
special dividend of 50
cents per share on
stock, payable Dec. 26 to holders of record Dec. 18.
A divi¬
Sept. 10, last, this latter being the first dividend
paid since Dec. 1, 1930 when 50 cents per share was distirbuted.—V. 143,
the
common
dend of 25 cents was paid on
1573.
p.
Sloss-Sheffield Steel & Iron Co.—Man Issue Ne'v Stock
Plans
6%
for a capital readjustment. which entails the issuance of a
new
cumulative and callable preferred stock in place of the present 7%
non-cumulative preferred,
new
and also a special dividend of $11 each on the
shares, were announced by the company on Dec. 1.
The plan would
Financial
4168
by
formulated
be
executive committee
the
the
acting under orders of
board of directors.
Under the plan the
be of $100 par, callable
at $112 a
offered for present pre¬
ferred on a share-for-share basis.
'
Dividends on the new preferred would become cumulative from Jan. 1,
1937, and in addition to.the regular 6% rate it would be entitled, upon
issue in exchange for the present preferred, to a special dividend of $11
a share for the first
quarter of 1937.
This dividend, the company ex¬
plained ,is equal approximately to the per share interest up to 7 % annually
of the present preferred in such of the book surplus as is attributable to
earnings in past years when the 7 % preferred dividend was not fully paid.
proposed new stock would
share; entitled to one vote a share and
2536.
—V. 143, p.
Management Corp.—Registers
department.
Small Industry
See list given on
See list given on
with SEC—
Co., Ltd.—Registers
Smart & Final
first page of this
,
& Print Works, Inc.—Accum. Div.
The company paid a dividend of $2.42 per share on account of accumula¬
tions on the 7% cumulative preferred stock, par $100, on Dec. 19 to holders
of record Dec. 9.
Dividends of $1.75 were paid on Oct. 1 last and in
each of the five preceding quarters and on March 2, 1935.
.
Accruals after the current payment will amount to $13.33 per share.—
Southern Bleachery
Associated Telephone Co.—Earnings—
1936—Month—1935
1936—11 Mos —1935
$93,481
$77,208
$885,753
$773,613
Southwestern
Period End. Nov. 30—
Operating revenues
■
.
:--
499,883
47,144,
570,823
59,461
46,842
4,100
.
$225,086
$254,369
$26,266
$31,257
Net oper. income
—V. 143, p.
55,235
6,889
'
1,500
1,100
100
Uncollectible oper. rev._
Operating expenses
Operating taxes
3334.
Cap & Seal
Capitalization—The stockholders on Dec. 11, 1936, authorized
be recapitalized by changing each of the outstanding
stock (par $5) into one-half of one share of convertible
preference stock (par $10) and one share of common stock (par $1).
Each share of convertible preference stock will be entitled to cumulative
dividends at the annual rate of $1.60 per share payable Q-M.
The con¬
vertible preference stock will be redeemable, in whole or in part by lot,
upon 30 days' notice at $33 per share and accrued divs. and will be entitled,
to the extent of the assets available therefor, on voluntary liquidation to
$33 per share and on involuntary liquidation to $30 per share, plus accrued
divs. in each case.
Each share of convertible preference stock will be con¬
Stock and
company
shares of common
The conversion privilege in
respect of any share will terminate on the day preceding a date fixed for
the redemption of such share or in respect of all shares on the day preceding
a date for the liquidation, dissolution or winding-up of the company.
The present capitalization consists of 250,000 shares of authorized com¬
vertible into
mon
one
share of common
stock (par $5)
stock.
of which 211,005 shares are
outstanding and of which
American Cities Power &
of the company.
will be as follows:
Authorized
$581,532
15,829
Profit
Feb. 17,
sale of
printed
History & Business—Company was organized in Virginia on
Principal business of the company is the manufacture and
sanitary closures for milk bottles consisting of waterproofed,
paper
hoods for covering the pouring lip of bottles, and wires or rings for sealing
and retaining the hoods in place.
Company also manufactures a line
hand operated and special automatic sealing machines of various
which are used by its customers for applying such closures.
Tbe hand
machines are sold outright but the special automatic machines are leased
of
capacities
dairy customers.
manufactures paper
Company's wholly owned subsidiary, Fargo Cap
disc caps for milk bottles.
All of the sales of
Corp.,
Fargo
Cap Corp. since its organization in 1934 (other than sales to the company
have been made under agreements, terminating in 1944,
two dairy companies under which such companies agree to purchase at
least 88% and 87%, respectively, of the disc caps required in their businesses
at prices based upon a "cost-plus" formula.
Such sales amount to ap¬
proximately 14% of the consolidated sales of the company and such
sidiary.
During 1932, the company organized a wholly owned subsidiary in
to handle its business in that country.
That company is now inactive, the
with
for resale)
sub¬
Cuba
company's present
through an agent.
business in Cuba being
conducted by the company
arrangements for the manu¬
Mexico.
its main plant located at Chicago, 111., which consists
of a four-story brick building, with a two-story extension, of approximately
93,000 square feet of floor space.
Principal Underwriters—The names of the principal underwriters
respect of 56,511 shares of convertible preference stock and 88,022 shares
of common stock, and the respective number of shares severally to be pur¬
chased by each, are as follows:
Pref. Shs. Com. Shs.
The company owns
in
J
Bitter & Co., New York
1
al7,108
bl,300
receivable-
Notes & acccounts
Inventories
—
Other current assets
Investments and other assets.
Prepaid exp. & def. charges--
-V.
143,
p.
Otis & Co., Cleveland
par
Stroud & Co., Inc.,
Philadelphia
of Consolidated Income (Company
1936—Month—1935
Statement
Sub. Pub. Util. Cos.:
$8,210,315
Oper.
and
4,296,636
$3,913,679
55,322
Other income —net..
Net
other
rev. and
income-
3,757,519
49,847,210
capital expenditures
3,083
$2,948,4?6
Gross income
Rents for lease of prop
onfunded
debt..
of debt
Amort,
$43,510,321
943,305
12,157,085
11,709,199
3,083
37,000
37,000
$2,747,687 $34,064,416 $31,764,122
1,228,997
102,486
1,229,352
13,711,991
1,084,719
12,718,993
119,758
10,899
and expense
interest
Divs. on pref. capital
stock guar, by sub..
Approp. for special res
State
$3,694,075 $46,258,501
disct.
Other
&
102,274
1,012,155
45,465,995
$3,663,458 $46,008,548 $43,234,652
275,669
30,617
249,953
tax
91,295
9,181
1,305,419
130,786
1,044,752
271,493
5,766
41,667
5,766
41,667
69,192
500,000
69,192
416,667
on
35,723
3,922
35,511
Other income deducts.
99
39,022
397,609
5,172
Int. charged to constr.
Cr 7,80 7
Cr5,601
Cr57,176
Cr49,651
int.
on
funded debt-
$1,624,119
Divs.
on
$1,382,564 $17,751,896 $14,667,900
capital stocks
not-income
of inc.
767,030
714,647
8,841,493
8,570,536
98,129
held by public
Min. int. in undistrib.
Bal.
376.932
33,195
744,686
306,736
$758,960
$634,722
$8,165,717
$5,790,628
of sub.
pub.util.cos.appl.
to Stan.G.&
of
Income
E.Co
non-utility
subs, applic. to Stand.
Gas & Electric Co
Other
income
725,860
of Stand.
Gas & Elec. Co.:
Divs. fr. non-affil. cos.
on indebt. of affil.
Other
25,053
35,550
25.053
302.144
428,455
301,538
110
Int.
34,540
interest
418,945
1,444
$819,563
Total.
Expenses
and
taxes
$694,315
$8,896,426
$7,238,415
21,678
26,840
280,335
236,764
$797,885
$667,475
$8,616,091
$7,001,651
368,247
10,903
368,247
10,478
4,418,970
127,099
4.418.970
126,285
of
a6,800
b600
bl,200
bl,200
deduct'n of inc.
chgs.
of Stand. G. & E. Co
Inc. charges of Standard
Gas & Electric Co.:
b250
a3,500
b500
a5,300
a3,500
a5,300
Other
b400
Fed. and State tax on
a3,500
b200
a5 300
b400
int. on funded debt.
b Amort, of debt dis¬
b200
b200
b400
a2,200
»1,500
82^300
al^500
bl00
a2>300
Int.
b200
b To be
on
funded debt..
interest
6,069
6,257
60,220
58,397
17,806
17,718
213,441
156,283
_
Consolidated net inc._
$394,860
$264,775
$8,796,361
$2,241,716
count and expense.
a3,400
j
J
Foundry Co.
$3,969,001
1,017,442
Fed.
$7,420,977 $95,855,758 $88,700,647
oper.
Approp. for retire't &
depletion reserves. _
Amort, of contractual
Int.
and Subsidiaries)
1936—12 Mos.—1935
maint,
exps.
taxes..
a4,500
purchased from American Cities Power & Light Corp
purchased from American Machine &
1936.—V. 143, p. 126.
Consol. net inc. before
I
To be
paid on
Period End. Oct. 31-
al7,107
b600
|
Courts & Co., Atlanta
Div.
capital
regular
Oct. 23, last. An
such companies.)
al7,107
1
...
Co. of N. J.—Pays Extra
Standard Gas & Electric Co. (& Subs.)—Earnings—
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Federal Bankruptcy Act as amended, and the Beaver Valley Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and the subsidiaries of
J
Griffith-Wagenseller & Durst, Los Angeles
135,000
574,292
$2,145,722
Total
quarterly dividend of 75 cents per share was
extra dividend of 50 cents was paid on Jan. 23,
f
'
1,055,025
paid an extra dividend of 50 cents per share on its
$25, on Dec. 17 to holders of record Dec. 10.
The
all.103
\
Schwabacher & Co., San Francisco.
|
Standard Fire Insurance
j
j
$26,833
19,452
235,010
100,108
23,115
The company
stock,
I
1
York
$583,022 Accounts payable—trade
209,650 Accrued liabilities
254,528 Other current liabilities
131,593 Reserves
7,459 Capital stock (par).
60,829 Capital surplus
837,266 Earned surplus
38,259
3648.
I
E..H. Rollins & Sons, Inc., New
$575,016
$2,145,722
Total
all,104
1
^
!
a
-
Intangible assets
J
Mitchell, Herrick & Co., Cleveland
$535,030
95,340
20,226
Liabilities—
Stand. Gas & Elec. Co
(
York-
$651,927
27,930
88,966
$617,374
Assets—
Cash
J
Hemphill, Noyes & Co., New York
Eastman, Dillon & Co., New
all,104
b650
$631,701
$512,488
Marketable securities
*•
During 1935 and 1936 the company made
in Canada and
$655,615
19,369
483,046
523,413
Consolidated Balance Sheet
of the
facture and sale of its closures
$1,855,066
669,150
530,300
1,586
83,286
Net profit
31
1933
$1,638,161
$674,985
12,752
87,216
$597,361
oth.chgs.
Prof.before
Other charges
In April, 1934, the company acquired the property and business
Fargo Corp. of Brooklyn, N. Y., manufacturers of milk bottle disc caps,
and organized a wholly owned subsidiary, Fargo Cap Corp., which took over
this business.
Dec.
$712,714
471,313
Other income
Ending
$691,717
20,997
552,902
Operating expenses
application
1919.
Light Corp. also has
$2,004,088
742,766
569,605
$1,605,748
Sales, less discounts
Cost of sales
a
to
Williams Jr.,
of the
and such
1934
1935
Sept. 30 '36
(par $10)
Listing—Company has agreed that it will in due course make
for the listing of both the convertible preference stock and the common
stock on the New York Curb Exchange and the registration thereof under
the Securities Exchange Act of 1934.
Years
9 Mos. End.
Outstanding
..-_al08,003 shs. 105,502.5 shs.
__a500,000 shs. 211,005 shs.
2,500 shares of convertible preference stock and 8,850 shares of common
stock reserved for issuance under employee stock plans.
108,003 shares of
common stock reserved for conversion of the convertible preference stock.
Convertible preference stock
Common stock (par $1)
Light Corp. has
and to Mr. Talbott an option for the purchase of
all or any part of 20,000 additional shares of such common stock at $22 per
share, exercisable after Jan. 5, 1937, and, as to 5,000 of such shares, on or
before Jan. 5, 1938 and, as to 15,000 of such shares, on or before June 30,
1938, such purchasers being entitled to elect the number of shares to be
purchased by them respectively.
Messrs. Williams, Talbott and Dau¬
phinot have agreed with the principal underwriters named under the caption
principal underwriters, not to sell, prior to April 1, 1937, except with the
consent of Riter & Co., any of the shares of convertible preference stock of
common stock which they may individually own or acquire.
Consolidated Income Statement (Incl. Sub. Co.)
pain.
5,000 shares are reserved for issuance under an employee stock
After giving effect to the recapitalization of the company and the reserva¬
tion of shares of stock under employee stock plans, the capitalization of the
company
beneficial ownership
Information—American Cities Power &
Miscellaneous
"Williams.
of record by Eleanor
agreed to sell, on Jan. 11, 1937, at $18 per share, to Jarvis
President and a director of the company, H. E. Talbott, chairman
board, and Clarence Dauphinot, a Vico-President and director,
persons have agreed to buy, 2,000, 2,000 and 1,000 shares,
the common stock of the company to be received by it upon the
Fixed assets (net)
share..
the
10.92 % of the voting stock of the company is owned
U. Andrews.
The company has no knowledge as to the
of such stock.
Prov. for Fed. inc. tax..
Corp.—Stocks Offered—Riter &
Co., Hemphill, Noyes & Co., Eastman, Dillon & Co., E. H.
Rollins & Sons, Inc., Mitchell, Herrick & Co., Inc., Otis &
Co., Inc., and Schwabacher & Co. on Dec. 22 offered 56,511
shares of convertible preference stock (par $10—cum. divs.,
$1.60 per annum) at $30 per share (plus accrued dividend
from Dec. 1) and 88,022 shares of common stock at $24 per
Standard
that
voting stock of
2226.
V. 143,p.
jr.
Empire Corp. and its wholly owned
New Empire Corp. is owned by Harrison
stock by New
recapitali¬
„
_
of
American
Cities
and its
New Empire
1.77% of
States
voting
subsidiaries. All of the
granted to Mr. Williams
Jan. 1 to Dec. 14
1935
1936
1935
$2,198,090 $120,846,306 $103,225,828
1936
(est.),.. $2,577,039
I
' ., .
Period—
the company.
Purpose—None of the proceeds of these offerings will go to
will go to the American Cities Power & Light Corp., owner
50.72% of the voting stock.
Control—50.72 % of the voting stock of the company is owned by
Cities Power & Light Corp.
69.73 % of the voting stock of American
Power & Light Corp. is owned by Central States Electric Corp.
wholly owned subsidiary, Utilities Shares Corp.
In addition,
Corp. and its wholly owned subsidiary, Onondaga Corp., own
the voting stock of American Cities Power & Light Corp.
Central
Electric Corp. is ontrolled through the ownership of 50.63% of its
The funds
zation
—Second Week of Dec.
•—V. 143, p. 4015.
1936
respectively, of
department.
Ry.—Earnings—
Southern
Gross earnings
with SEC
first page of this
26,
Dec.
Chronicle
month of October, 1935, $33,340 for the 12
$166,660 for the 12 months ended Oct. 31,
1935, for amortization of extraordinary operating expenses deferred in 1931.
b Including amortization of expenses in connection with proposed exten¬
a
Including $16,666 for the
months ended Oct. 31,1936, and
sion of notes due Oct.
1, 1935.
Volume
Financial
143
Chronicle
Statement of Income (Company Only)
Period End. Oct. 31—
1936—Month—1935
1936—12 Mos.
1931)"
Inc. fr. divs. & int., &c.:
Divs. fr. pub. util. affil
$581,826
$569,273
$6,124,624 $5,596,390
Divs. from engineer. &
management affil.
Divs. from others
Int. on fd. debt of affil
Int. on indebt. of affils
Int.
on
25,053
10,885
35,550
302,144
149,436
428,455
bank balances.
red. of securs.
Prof,
an
110
affiliate
Total
Expenses and
Interest
Other
on
$653,314
21,678
Federal
ont.
&
on
Amort,
State
tax
a
$615,776
368,247
10,478
$6,752,559
4,418,970
127,099
$6,985,922
4,418,970
126,285
6,257
60,220
17,718
213,441
...
$228,611
$213^076 $1,932,829 $2,225,98„
Including amortization of expenses in connection with proposed exten
have ever had.
The increase in tonnage over last year was 7.4%, and
the record year 1934, 3.4%."
Employee relations have continued on a cooperative basis, Mr. Swift
reported.
He thanked the entire organization for their efforts to make the
year
a
success,
and mentioned particularly the employee-management
agreement through the plant assemblies calling for a wage increase of about
7%, effective last Nov. 2.
The basic hourly wage rate is now the highest
in the company's history, he pointed out.
"The United States Department of Agriculture anticipates that there
will be a decrease in the number and weignt of livestock coming to market
during 1937," Mr. Swift said.
"Owing to the 1936 drought and reduced
feed supplies, it is expected that fewer fat cattle will be available; also that
the number of cattle, calves and hogs coming to market will be smaller.
On the other hand, the marketing of lambs may not be greatly different
from that of the past year.
On the whole, the meat supply is expected
we
over
sion of notes due Oct. 1, 1935.
Weekly Output—
Electric output of the public utility
operating companies in the Standard
& Electric Co. system for the week ended Dec.
19, 1936, totaled
Gas
114,632,188 kwh.,
an
South
See New
increase of 19.5% compared with the corresponding
143,
p.
4016.
Jersey Fire Insurance Co .-—Liquidation—
Jersey Fidelity & Plate Glass Insurance Co. above.
Sovereign Investors, Inc.—Pays Extra Dividend—
The company paid an extra dividend of one cent
a share on its common
on Dec. 24 to stockholders of
record Dec. 15.—V. 142, p. 3013.
stock
to be less than it was this year.
"With an experienced organization, fully able to deal with
they arise, I know of no reason why 1937 should not be
year," Mr. Swift concluded.
Spiegel, Inc.—Listing—
Consolidated
Operating income
Inc.—Acquisition—
change in the general
a
result of the acquisition of the
Total income..
Interest
Special
Net
State Street Investment
Corp.—Pays
pedal $20 Div.—
The company paid a
special dividend of $20 per share on the common
on Dec. 19 to holders of record
Dec. 15.
The directors also declared
regular quarterly dividend of 75 cents per share payable Jan. 15 to
holders of record Dec. 15.
A dividend of 75 cents was paid on Oct.
15,
last, and compares with 50 cents paid in each of the three preceding
quarters
and dividends of 40 cents
per share paid each three months previously.
—V. 143, p. 2696.
stock
charges.
(Hugo) Stinnes Corp.—Admitted
to
Unlisted
143,
p.
3012.
(Hugo) Stinnes Industries, Inc.—Admitted
Trading—
to
Unlisted
The New York Curb Exchange has admitted to unlisted
trading privileges
the 20-year 7% sinking fund gold debentures due Oct.
1, 1946 (stamped
4%) bearing an additional stamp under a plan of reorganization dated
June 9, 1936 (as modified) and
carrying a deferred interest certificate.
—V. 143, p. 936.
Stone &
-
Webster, Inc.—Capital Reduction Voted—
Stockholders on Dec. 7 approved a reduction in the
capital of the cor¬
poration from $50,000,000 to $20,000,000, the amount of the reduction
to be transferred to paid-in surplus.—V. 143, p.
3858, 3483, 3335, 3163.
Studebaker Corp.—Sales—
Studebaker factory sales of passenger cars and trucks for the first
10 days
of December totaled 2,440
compared with 1,766 in the corresponding period
of 1935, according to Paul G.
Hoffman, President of the company. This
brings the total sales for 1936 to 86,831—79% more than the 48,579 units
which were sold between
January 1 and Dec. 10,1935.—V.
143, p. 3163.
Submarine Signal Co.—Pays Special Dividend—
Directors voted that
a
dividend of 50 cents
a
share be declared
the
The last previous dividend was 50 cents a share
paid May 12 last.
similar payment was made on Nov.
12, 1935.—V. 142, p. 1834.
Sunset Mines,
income
of this department.
The directors have declared
the common stock, payable
a special dividend of
12*4 cents per share
Dec. 24 to holders of record Dec. 17.
The directors also declared a
quarterly dividend of 12*4 cents per share
on the common
stock, payable Jan. 15 to holders of record Jan. 5.
A special dividend or 25 cents was
paid on Dec. 10, last a dividend of
20 cents was paid on Oct. 15, last, and
prior thereto regular quarterly
dividends of 12*4 cents per share were distributed.—V.
143. p. 3013.
Supersilk Hosiery Mills, Ltd.—Accumulated Dividend—
The
directors have declared a dividend of $1.75
per share on account of
on
the 7% cum. sinking fund 1st
pref. stock, par $100,
payable Jan. 2 to holders of record Dec. 15.
The amount will be
paid in
Canadian funds and will be subject in the case of non-residents
of Canada
to a 5% tax.
accumulations
Distributions of like amount were made on
July 2 last; Jan. 2, 1936;
1935; July 2 and Jan. 2, 1934, and in July and January of
1933,
prior to which regular semi-annual dividends of $3.50 per share were
distributed.—V. 142, p. 4040.
Jan. 2,
22,641,070
2,479,977
17,200,814
2,620,430
216,647
3,058,326
15,266,711
2,870,501
246,801
1,987,756
...
12,103,751
14,767,302
11,305,411
10,161,653
6,000,000
6,500,000
4,267,000
090,712
Drl0,048
12,103,751
z5,897,730
8,767,302
x7,372,163
4,896,123
2,948,605
5,884,605
6,206,021
5,897,730
$2.05
1,395,139
5,897,730
$1.48
1,947,518
5,897,730
5,884,605
5,895,527
$0.83
$0.98
—
-
consolidated
Dividends paid
Surplus
.......
Shs. cap. stk.
Earnings
(par $25).
per share
—
—
.
x Includes special 25-cent dividend paid Nov.
15, 1935 of $1,474,432, and
quarterly of 25 cents payable Jan. 1, 1936 of $1,474,432.
y After de¬
ducting special deductions of $259,766.
z Includes special 25-cent divi¬
dend paid Feb. 15, 1936 of $1,474,433.
a
Comparative Consolidated Balance Sheet
Oct. 31
Assets—
Real est. impts., incl. branches
Marketable securities
x
Investment in affiliated companies..
Treasury stock
Cash
Accounts and notes receivable.:
Deferred charges.
105,064,272
5,352,133
Sundry assets
Accounts with affiliated companies..
Due from empl. on sale of co.'s stock.
Due from subs.—not consol. (current)
Total
'36
$
97,180,745
16,077,408
6,078,794
30,268,877
2,390,561
20,185,974
42,695,095
1,995,661
Inventories
______
286,986
Oct. 26
'35
150,000,000
39,000,000
150,000,000
42,000,000
156,123
195,706
7,521,668
17,471
15,062,946
5,323,436
13,995,969
40,752
3,949,567
5,596,205
bonds.
1,000,000
Bonds of subs, called for redemption.
Current accounts with affil. cos
2,060,000
62,695
16,767,000
128,559
>1,000,000
2,948,865
1,794,400
192,990
16,767,000
186,186
12,555,767
77,920,841
12,555,768
70,129,154
Purchase money mortgages
Sub. cos. 1st mtge. bonds
...
Accounts
payable
Foreign drafts and acceptances
Accrued liabilities—
Provision for income taxes
Due to officers and directors
Sink, fund payments 1st mtge.
Dividends
payable
Reserve for
foreign exchange decline.
Deferred credits
General
reserves
Surplus
Total
x
n
After
Oct. 27 '34
$
$
98,360,568 101,369,081
6,406,241
1,781,904
11,950,425
11,530,488
30,185,826
30,672,151
804,895
804,895
27,920,979
17,357,253
40,743,278
39,858,309
1,727,998
1,760,317
97,983,420 100,506,172
5,023,125
4,855,914
363,538
15,673
39,315
230,133
-327,576,507 321,352,561 310,899,337
—
Liabilities—
Capital stock
1st mtge. sink, fund 3% % bonds
1st mtge. 5% bonds
10-year 5% gold notes
A
Superheater Co.—Special Dividend—
on
12,515,406
2,751,305
2,509,641
2,884,150
Balance to surplus—.
Inc.—Registers with SEC—
See list given on first
page
28 '33
15,642,988
1,557,826
Reserve for inventory price declines.
on
stock, par $25, and that a farther sum of $179,225,
representing
$2.50 per share, be taken from surplus and distributed as a
special dividend,
both dividends to be paid Dec. 14 to holders of record
Dec. 9.
common
Oct.
21,454,311
1,186,759
U. S. Government securities
Trading—
The New York Curb Exchange has admitted to unlisted
trading privileges
7% gold notes due Oct. 1, 1936 (stamped 4%) bearing an additional
stamp under a plan of reorganization dated June 9, 1936
(as modified)
to indicate an extension of
maturity date to July 1, 1940 and carrying a
deferred interest certificate.—V.
Subsidiaries)
'34
2,406,617
yCr3,112,928
deductions
the
the
Oct. 27
12,340,459
1,000,093
Approp.
for
inventory
price decline
Equity in undist. earns,
for yr. of certain subs.
not
143, p. 4016.
-
Miscell. income deduc'ns
Prov. for income tax—_.
Co.—Pays $1.75 Dividend—
The company paid a dividend of $1.75
per share on its no-par common
stock on Dec. 24 to holders of record
Dec. 21.
This compares with 25
cents paid each three months from Jan.
16, 1935 to and including July 3,
last.
The Jan. 16, 1935 dividend was the first
paid since December, 1931
when a quarterly dividend of 50 cents
per share had been distributed.—V.
Wholly-Owned
13,340,552
1,943,112
Other income
facturers of window channel and other
products for use in automobile body
construction.
The Backstay Standard Co. also holds a
controlling interest
in Zephyr Looms of
Guelph, Ont., and controls the Standard Cycle Co. of
Toronto.
Mr. Reid Stated that he anticipates no immediate
All
Oct. 26 *35
'36
...831,671,748 767,227,313 619,392,534 508,277,891
Cost of goods sold
803,885,242 732,308,689 590,313,370 481,523,631
Depreciation & depletion
6,810,050
6,565,344
7,078,751
7,470,892
Taxes (other, than income
and processing)
5,322,580
3,414,538
2,754,849
3,253,260
Contrib. to pension trust
2,661,971
2,585,213
2,742,842
1,740,621
Pro v. for doubtful accts.
651,446
899,216
859,733
1,774,081
See Spiegel, Inc. above—V.
143, p. 4016.
Announcement was made on Dec. 17 by J. S. Reid, President of the
company, of the acquisition of a controlling interest in Backstay Standard
Co., Ltd., of Windsor, Ontario.
The Standard Products Co. had pre'
viously held a minority interest in the Canadian company.
Backstay Standard Co., Ltd., is one of the leading Canadian manu¬
(Including
Oct. 31
problems
satisfactory
Sales
Spiegel, May, Stern Co., Inc.
setup or operations of the company as
additional holdings.—V. 143, p. 2537.
Account
a
•,
Spiegel, May Stern Co., Inc.—Name Changed—
Standard Products Co.,
Income
Years Ended—
par
value, bear ng the name Spiegel, May, Stern Co., Inc. (5 shares of new
$2 par stock for each old share of no par stock); also 40,536 shares of
5*4%
cumulative preferred stock ($100 par), bearing the name
Spiegel, Inc., in
exchange for and in substitution for a like number of shares bearing the
Standard Steel Spring
new
as
The New York Stock
Exchange has authorized the listing of 1,265,000
shares of common stock
(par $2) bearing the name Spiegel, Inc. on official
notice of issuance in
exchange and in substitution for shares of no
name
„
"Taking account of the number and weight of all meat animals marketed,
the meat supply for the year was about 14% greater than in 1935.
"Our sales amounted to $831,671,748 and our tonnage was the greatest
156,283
income
week last year.—V.
,
plants during our fiscal year was greater by 14% than in 1935," Mr. Swift
continued.
"The commercial supply of calves and hogs was greater by
7.3 and 10.6%, respectively, and the number of lambs was 3.5% lower.
58,397
<
^
was
immediate future to compensate feeders of cattle and lambs for this year's
poor results.
"The number of cattle handled commercially in Federally-inspected
on
funded debt..
of debt disct.
and expense
Net
$7,222,686
236,764
17,806
...
$7,032,894
280,335
6,069
.
funded debt.
interest
$642,616
26,840
$631,636
368,247
10,903
taxes
Gross income.
v
28,125
Report—
year ended Oct. 31 were $831,671,748.
Net
$12,103,750, equivalent to 1.46 cents per dollar of sales and
representing an earning of 5.31% on shareholders' total investment.
No additions have been made to the reserve for inventory price declines,
which remains at the figure reported a year ago—$16,767,000.
Net in¬
crease in surplus for the year was $7,791,687.
Reporting to shareholders in the company's 1936 year-book, released
Dec. 21, G. F. Swift, President, said that the quantity of meat that
came
to market during the fiscal year just closed was larger than
generally
thought possible 12 months ago.
Principal reason for this unexpected
increase in the meat supply, he said, was that the "devastating drought
throughout the Central West so reduced feed supplies that farmers were
forced to market a very large number of their animals."
Mr. Swift expressed the hope that enough good years would come in the
on
by
a
25,053
13,750
34,540
Swift & Co.—Annual
Total sales for the fiscal
profit
720,484
301,538
165,000
437,830
1,444
_
4169
150,000,000
19,578,500
23,703,500
288,810
2,240,000
12,084,105
66,984
3,754,031
5,363,687
47,070
667,500
368,543
10,767,000
340,444
99,958
12,555,767
68,973,438
327,576,507 321,352.561 310,899,337
reserve
1935.—V.
143,
for depreciation of $91,567,137 in 1936 and
$88,782,372
p.
3484.
Syracuse Lighting Co., Inc.—Bonds Called—
The Chase National Bank, successor trustee, has drawn
by lot for re¬
demption through operation of the sinking fund on Feb. 1, 1937, $28,500
principal amount of first and refunding mortgage gold bonds, 5*4% series,
due 1954, at their principal amount and accrued interest
plus a premium
of 5%.
Bonds so called will become payable at the corporate trust depart
ment of the bank, 11 Broad St., New York, on that date.—V.
143, p. 3013"
•
Taggart Corp.—Exchange Plan Voted—
a special meeting held Dec.
10 approved
Stockholders at
the plan pro¬
viding for the exchange of one new share of $2.50 dividend cumulative con¬
vertible no-par preferred stock and seven shares of common stock for each
share of $7 dividend preferred stock to eliminate $33.25 of dividends
in
arrears.
The plan provides also for an exchange of three common shares for
each
present class A share, on which dividend arrears are $11.50 per share.
Each share of new preferred stock will be convertible into three
common
shares until Jan. 1, 1939, and into two common shares thereafter to
Jan. 1,
1942, when the conversion privilege expires.—V. 143, p. 3336.
Financial
4170
Taylor Milling Corp.—Pays $2 Dividend—
share on its common stock, no
par value, on Dec. 23 to holders of record Dec. 15.
A quarterly dividend
of 25 cents per share in addition to an extra dividend of 25 cents per share
was paid on Oct. 1, last, and in each quarter of 1935.—V. 143, p. 1576.
The company paid a dividend of $2 per
Dividend—
Taylor-Wharton Iron & Steel Co.—Initial
60 cents per share on the no-par
Dec. 23 to holders of record Dec. 16.—V. 143, p. 605.
The company paid an initial dividend of
capital stock
on
Chronicle
Dec. 26, 1936
of $1 was paid on Nov. 16, and on Aug. 3, last, and compares
on Dec. 31, 1935: $1.50 on July 10, 1935; $2 on Dec. 31, 1934;
and July 16, 1934, and 50 cents per share paid on March 1,
July 15,
1933.—V.
143, p. 2698.
•
The directors have declared an extra dividend of 50 cents per
share in
dividend of $1 per share on Lie common
both payable Jan. 2 to holders of record Dec. 18.
payments were made on Jan. 2. 1935.—V. 143, p. 1730.
addition to the regular quarterly
stock,
no
Similar
par
value,
Oil
Trans western
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos. -1935
Gross revenue
$1,174364 $14",851,320 $13,266,924
$1,299,284
678,429
8,629,159
7,335,778
Oper. exps. & taxes
787,046
Prov. for retire, reserve.
105,000
1,260,000
1,260,000
105,000
Int. & other fixed chgs..
221,376
2,694,032
2,680,270
222,928
Dividends on pref. stock
129,231
1,550,973
1,550,935
129,328
1934, and on
Torrington Co.—Extra Dividend-—
Tennessee Electric Power Co.—-Earnings—
Period End. Nov. SO—
with $4 paid
$1 on Nov. 1
Co.—Further Data—
of 490,000 shares of capital stock ($10
$13.75 per share by Riter & Co., Reynolds & Co. and Vallance &
In connection with the offering
at
a
par)
Co.,
prospectus dated Dec. 15 affords the following:
History and Business—Company was incorp. in Delaware on Nov.
1936 and is to be qualified to do business in Oklahoma, Kansas, Texas
20,
and
DolSiWftro
The business of the company is to consist primarily of the production and
of crude oil; the exploration and development of oil properties; the
acquisition througn purchase, lease or otherwise of interests in productive
and in undeveloped oil and gas lands, and in carrying on such incidental
operations as tne production and sale, at wholesale, of natural gas and
casinghead gas.
On or before Dec. 30, 1936, and simultaneously with the issuance of the
stock offered, company is to pure ase from the trustees of the Thomas B.
Slick Trust Estates and Berenice Slick Urschel, for the sum of $9,500,000
sale
Balance
$439,940
$717,155
$40,326
$54,981
-V. 143, p. 3163,
Tennessee
Products
Corp.—Reorganization—
Reorganization of the company under Section 77-B of the Bankruptcy
Act has been completed, and the plan accepted by substantially
the required percentage of each class of bondholders, creditors,
more than
and stock¬
that a formal court order will be entered shortly.
Necessary funds have been received from the Reconstruction Finance
Corporation for carrying out the details and continuing present the businesss
Frederic Leake, President has announced.
holders.
It is expected
Earnings for 10 Months Ended Oct.
Net loss after depreciation, depletion
31, 1936
and other charges
prior to
Aug.
obligations incurred
amounting to $162,914.—V. 141, p. 4027.
Including
x
interest
on
Tennessee Public Service
x$185,780
1934,
30,
Co.—Earnings—■
[National Power & Light Co. Subsidiary]
Period End. Nov."30—
1936—Month—1935
J
Net
revs.
Gross corp. income
$66,856
8.329
929
"«■
$947,943
98,479
8,639
$796,832
91,604
7,946
$1,055,061
393,203
$896,382
392,294
$661,858
364,903
$504,088
341,740
497
$
$102,568
32,798
Interest and other deduc.
$2#07,485
2,110,653
$3,352,750
2,404,807
—
$93,458
8,181
from oper__
Rent from leased prop__
Other income (net)
1936—12" Mos.—1935
$261,024
194,168
$301,807
208,349
Operating revenues
Oper. exps. and taxes
75,682
32,345
Balance
y$69,770
y$43,337
Property retirement reserve appropriations
z Dividends applicable to pref. stock for period,
whether paid or unpaid.
297,618
297,618
$663
Deficit
$135,270
y Before property retirement
reserve appropriations
No dividends have been paid since Aug. 1, 1934, when
and
dividends,
75 cents a share
the $6 pref. stock.
Dividends accumulated and unpaid on
this stock to Nov. 30, 1936, amounted to $806,049.
Dividends on the $6
z
paid
was
on
preferred stock
Texas
are
cumulative.—V.
143, p. 3859.
Corp.—Additional Stock May Be Offered—
The corporation, it is reported, is giving consideration to plans for the
of about
$25,000,000 of bank and private loans. Consummation of the plans will
depend largely on market conditions since it will take about four to six weeks
in which to prepare and file the necessary registration with the Securities
and Exchange Commission.
The bank debt was incurred early this year in connection with the retire¬
ment of $30,000,000, out of a total of $90,000,000, of 5% debentures then
outstanding. At the time the company borrowed $25,000,000 from banks
over a five-year period at a low interest rate and made up the difference
issuance of additional stock to provide funds for the retirement
from its treasury.
•
|» About $3,000,000 of that bank debt has already been repaid,
reducing it
$22,000,000. In addition to the latter there are various small
debts, including purchase money mortgages, outstanding in an
of about $3,000,000.—V. 143, p. 3649.
around
to
funded
amount
Texas
&
Pacific
Period End. Nov. 30—
Operating
Net
revenues.
revenue
from oper.
_
Net ry. oper. income
Other income
Ry.—Earnings—
1936—Month—1935
1936—11 Mos.—1935
$2,630,900
$2,117,625 $25,498,859 $21,359,696
774,062
748,786
7,882,098
6,757,146
441,601
539,718
4,809,198
4,517,691
467,237
36,701
917,732
430,031
Total income
$908,838
7,064
Fixed charges
330,564
$576,419
6,579
336,692
Net income
$571,210
$233,148
Miscellaneous deductions
-V.
$5,726,930
74,481
3,697.406
$4,947,722
$1,955,043
$1,135,504
57,344
3,764,874
143, p. 3649.
Thermoid
See list
given
Co .-—Registers
on
with SEC—
first page of this department.
interests in developed and prospective oil and gas properties
owned and operated by tnem, with certain exceptions.
The
of these properties by the company is to be carried out putsuant
to a contract dated as of Dec. 1, 1936.
Tne transfer of all properties cov¬
ered by the contract of purchase is to be made as of Dec. 1, 1936, the com¬
pany to receive all benefits and to be cnarged with all expenses of operation
accruing on and after that date. cThe company is not to engage in business
until it acquires such properties.
The properties to be acquired under the contract of purcnase are situated
in the States of Oklahoma, Kansas and Texas, and consist for tne most part
of properties owned or controlled by Thomas B. Slick at the date of his
death, Aug. 16, 1930.
The most important; development with respect to these properties between
tne date of Mr. Slick's death and tne present time was the drilling of wells
on leasenolds in the Willcox and Simpson sand areas in tne Oklahoma City
field and the sale of these developed leaseholds, containing 131 wells, to
the Carter Oil Co. in February, 1934, subject to an overriding royalty
retained by a predecessor of the company.
Thirty-one wells originally
included in this sale, the operation of which later proved unprofitable to
the Carter Oil Co., were turned back from time to time to a predecessor
of the company.
On Sept. 30, 1936, 19 producing wells so rturned to
the predecessor were being operated by it.
Since Jan. 1, 1931 predecessors acquired approximately 601 net acres
of leaseholds of the total producing and non-producing acres now held in
the Britton Field in Oklanoma.
Oil was discovered in this field in June,
1935.
One tract of 110 net acres held by a predecessor in this field is now
included in a unitization agreement, in which the company is to acquire an
ll-48th interest presently held by the predecessor.
Since the date of Mr.
Slick's death, Aug. 16, 1930, the non-producing leased acreage of the com¬
pany's predecessors has been reduced, principally by abandonments and
lease expirations and to some extent by development of production thereon,
from approximately 756,041 net acres to approximately 152,562 net acres
as of Sept. 30,
1936.
In addition to the foregoing sales and acquisitions
of property, tnere have been other acquisitions and sales of abandonments
of property not mentioned nerein.
Central Hanover Bank & Trust Co., New York, transfer agent.
Bank
of New York & Trust Co., New York, registrar.
Purpose—The estimated net proceeds to the company from the sale of
the 750,000 shares of capital stock will amount to approximately $8,846,000.
Simultaneously with the issuance of the stock offered, company is to borrow
$3,000,000 to be evidenced by its promissory notes, bearing interest at the
rate of 3 % % per annum and maturing in varying annual amounts from
1937 to 1941, inclusive.
Sucn net proceeds to the company from the sale of tne capital stock and
from the promissory notes are to be devoted to the following purposes:
(a) $9,500,000 to tne payment of tne purchase price of tne properties to
be acquired by the company.
(0) The balance, estimated at $2,346,000, for initial working capital
whicn the company presently intends to use for purposes incident to the
business to be conducted by the company, including cniefly the exploration
and development of properties to be acquired by tne company under the
contract of purchase, and in addition the payment of lease rentals, lease
bonuses, the purchase of equipment and materials and similar items of
expense, and the acquisition of oil properties in the ordinary course of
in casn, the
presently
purchase
business.-
Principal
Securities and Exchange Commission by the
discloses that Van Alstyne Noel & Co., Inc., will underwrite
$600,000 of its $2,450,000 5% collateral trust bonds.
Other underwriters
are: Schluter
& Co., Inc., $350,000: Fenner & Beane Corp., $300,000:
Emanuel & Co., $250,000; Griffith, Wagenseller & Durst, $200,000: James
M. Johnston & Co., $150,000, and O. T. Williams & Co., Inc., McGowan,
Cassady & White, Inc., Tussig, Day & Co., Banks, Huntley & Co., Durr &
Co., Inc., and Drumheller, Ehriickman & White, $100,000 each,
i
Barney, Johnson & Co., Fuller W. Cruttenden & Co., and S. L. Bern¬
hardt will underwrite 50,000 shares of common stock, while Schluter &
Co., Inc., and Van Alstyne, Noel & Co., Inc., will underwrite 15,000 shares
and 5,000 shares, respectively.—V.143, p. 4017.
Tide Water Associated Oil
Willian II. Neblett, law partner of Senator William G. McAdoo, accord¬
ing to San Francisco dispatches Dec. 17, filed suit in Federal Court to
overthrow the merger of Associated Oil Co., Tide Water Oil Co. and Tide
Water-Associated into the Tide Water-Associated Oil Co.
Mr.
Management—The names of persons who are, or are
and officers are as follows: Arthur A. Seeligson (Pres.), San
Antonio, Texas; C. F. Urscnel, Oklahoma City; E. De Golyer, Dallas,
Texas; George W. Grant (Sec.), Oklahoma City; Orba Greenwood (Treas.),
Oklahoma City; Wesley Gish (V.-Pres.), Fort Worth, Texas; Herbert W.
Grindal, New York; Karl H. Behr, New York.—V. 143, p. 4017.
directors
the merger.
Mr. Neblett
owner of
acted
for
the
Corp.—Pays Extra Dividend—
The company paid an extra dividend of $1.37
per share in addition to
the regular quarterly dividend of 62H cents per share on the common stock,
no
value,
par
on
Dec. 24 to holders of record Dec. 10.—V. 142, p. 3530.
Tri-Metal Mining Corp. of
Beech wood
Securities
Corp. of New York,
New Mexico—Registers with
SEC—
See list given on first page
Tri-State
of this department.
Telephone & Telegraph Co.—Earnings'—•
Period End. Nov. 30—
Operating
1936—Month—1935
1936—11 Mos.—1935
Net oper. income
$496,071
1,022
363,751
28,695
$443,705
316
328,135
23,605
$91,649
$1,019,856
—V. 143, p. 3485.
$937,364
'
Trunz Pork
Stores, Inc.—Pays 2o-Cent Dividend—
The directors have declared
stock,
$4,805,161
17,397
3,604,015
246,385
$5,252,394
12,567
3,878,225
341,746
$102,603
revenues
Operating expenses
Operating taxes
Neblett
represented the firm of Baar, Cohen & Co., New York
owners of 260 shares of Associated Oil Co. stock.
He charged the asserted
merger was in effect not a merger, but a sale of assets under conditions
denying minority stockholders a voice in framing the terms.
Mr. Neblett also challenged constitutionality of the California statute
under which the merger was put through.
William H. Neblett filed his second suit Dec. 21 challenging validity of
213,497 shs.
246,416 shs.
38,245 shs.
38,245sns.
213,497 shs.
chosen to become,
,
Reynolds & Co., New York
& Co., New York
Ernest B. Tracy, New York
Dillon, Read &. Co., New York
Uncollectible oper. rev__
Co.—Merger Attacked—
of the principal underwriters and
underwritten by them, respectively,
Riter & Co., New York
Trico Products
amendment filed with
company
names
Vallance
Underwriters—
An
Underwriters—The
the number of shares of the capital stock
are as follows:
a
dividend of 25 cents per share on the com¬
value, payable Dec. 22 to holders of record Dec. 17.
A
similar payment was made on May 11, last, this latter being the first divi¬
dend paid since Feb. 7, 1935* when a disbursement of 15 cents per share
mon
no par
made.
Dividends of 15 cents were also paid on Nov. 9 and Aug. 10,
1934, and distributions of 25 cents per share were made each quarter from
1931 to and including May 10, 1934.—V. 142, p. 3015.
was
Feb. 9,
260 shares of Associated Oil Co. stock.
Truscon Steel Co.—New President—
Plans
Refund of $70,000,000—To Retire 6%
Preferred with New Convertible Bonds and Stock—
in
Cumulative
The company, it is reported, is preparing to issue and offer $70,000,000
new convertible bonds and new convertible preferred stock.
The stock¬
holders last month voted that the board may issue, at any time, preferred
stock in one or more serias of no par value, and to fix the terms of the issue.
Proceeds
would
be
utilized
for
refunding
current
higher
interest-bearing
obligations.—V. 143, p. 3859.
Tivoli
The Republic Steel
Corp. announced on Dec. 22 the election of Myron A.
Wick, Vice-President of the corporation, as President of the Truscon Steel
Co., a subsidiary. Mr. Wick succeeds A. E. Walker, who resigned to become
Executive Vice-President of the Pittsburgh Steel Co.—V. 143, p. 3860.
Twin Coach
dividend of $1 per share on the common
value, on Dec. 16 to holders of record Dec. 21.
The regular
quarterly dividend of 10 cents per share was paid on Oct. 15, last'.
An
extra dividend of 10 cents was paid on Nov. 14, last.—V. 143, p. 2698.
Brewing Co.—Dividend Increased—
$1,
dividend of 35 cents per share on its common stock,
Dec. 22 to holders of record Dec. 16.
Previously dividends of
per share had been distributed.—V. 140, p. 153.
on
25 cents
no par
2 Park Lane West Inc.—Distribution—
The company paid a
par
Co.—Special Dividend—
The company paid a special
stock,
Holders of first mortgage 6H bond certificates are being notified that
Bank of the Manhattan Co., as successor trustee,, will pay out of funds now
deposit, upon presentation of the certificates at its corporate trust de¬
partment, 40 Wall St., New York, $525.79 for eacn $1,000 certificate,
$262.80 for eacn $500 certificate and $52.57 for each $100 certificate.
on
Tobacco & Allied
The directors
common
on
Oct.
Stocks, Inc.—$1.25 Dividend—
19 declared
a
dividend of $1.25 per share on the
stock, payable Dec. 28 to holders of record Dec. 24.
A dividend
This distribution
represents
a
the
proceeds of sale througn forelcosure of
volume
143
Financial
Chronicle
4171
the
mortgaged property, balance'of net rents collected andjother funds held
by the bank.
Twin State Gas & Electric
[Including Berwick & Salmon Falls Electric Co.]
1936—Month—1935
1936—12 Mos.—1933"*
revenues
$214,382
$205,184
$2,392,263
$2,295,706
Period End. Nov. 30—
Operating
Operating
expenses
U. S. Leather Co.—Accumulated Dividend—
The company paid
a dividend of $4 per share on account of accumulations
the 7 % cumul. prior pref.
stock, par $100, on Dec. 24 to holders of record
Dec. 18.
This was the first dividend
on
Co.—Earnings-—'
159,727
156,733
1,808,927
$48,451
11
$583,336
3,314
$638,239
2,972
Deductions
$54,401
26,028
$48,462
24,489
$586,650
324,816
$641,211
Net income...——.
Pref. div. requirements.
$28,373
20,790
$23,973
20,790
$261,834
249,475
$342,164
249,475
May Abandon Plan—
1,657,467
$54,655
def254
paid since Sept. 16, 1933, when a
dividend of $2 per share was distributed.
Regular quarterly dividends of
$1.75 per share were paid from Oct.
1, 1927 to and including Jan. 3, 1933.
Net oper. income
Non-oper. income (net).
Gross income
—V.
143,
3485.
p.
299,047
Union Oil Co. of Calif.—Debentures Called—
The company will redeem and
pay off on Feb. 4,
standing amount of its 12-year 4% convertible
1937, the whole out¬
debentures, due May 1,
1947, at their principal amount or face
value, together with interest accrued
redemption date, together with a premium of 2
H % of the principal
amount.
Holders are required to present their
debentures for redemption
at either the office of
Security-First National Bank of Los Angeles, Los
Angeles, Calif., or at the office of Dillon, Read &
Co., New York.—V.
143, p. 4018.
25 cents per share
on Dec. 24 to holders of record Dec. 17.
Directors also voted to
stock, par $5,
the
on
first by the directors.—V.
initial dividend of 20 cents per share on
to holders of record Dec. 18.—V.
143,
an
payable Dec. 22
P. 2864.
on
States
^
United Gas Corp. (& Subs.)—Earnings—•
"
^
Period End. Nov. 30—
Subsidiaries—
Total operating revenues
Oper. exps., incl.
Net
revs,
"1936—3 Mos—1935
$6,525,451 $38,142,400 $26,894,930
3.623,715
16,817,592
14,437,830
$5,367,475
33.557
taxes..
Other income (net)
$2,901,736 $21,324,808 $12,457,100
16,119
109,013
97,963
v
Gross corporate inc..
$5,401,032
Int. to public & other
deductions
653,33 6
$2,917,855 $21,433,821 $12,555,063
-
%
Int. chgd. to construct n
Propaty retire' & deple¬
708,401
$3,105,959
12,220
to public
applic. to min.
1,777,002
020,526
5,503,882
48,881
$8,035,369
37,380
78,707
61
Net equity of United
Gas Corp. in income
1,276,751
039,662
'
$3,087,025
$1,897,803 $14,045,875
united Gas Corp.—
(as shown above)
3,087,025
$7,981,990
Total income
Exps., including
Interest-..---
Balance carried to
14,045,875
455,241
7,981,990
91,340
$1,922,319 $14,501,116
64,805
370,533
715,488
2,589,914
$3,420,891
97,533
438,976
taxes—
1.897,803
24,516
-
333,866:!
...
$8,073,330
251,656
2,869,813
$2,884,382
$1,142,026 $11,540,669
Note—All intercompany transactions have been eliminated
fromtne above
Interest and preferred dividend deductions of
subsidiaries
represent full requirements for the respective periods
(whether paid or not
paid) on securities held by the public and give no effect to
preferred stock
dividend arrearages for prior periods.
The "portion applicable to
minority
interests" is the calculated portion of the balance of
income applicable to
minority holdings by the public of common stocks of subsidiaries at the end
of each respective period.
Minority interests have not been
deficits where income accounts of subsidiaries have so
charged with
resulted.
The "net
equity of United Gas
Corp. in income of subsidiaries" includes interest
and preferred dividends paid or earned on securities
held, plus tne proportion
of earnings which accrued to common stocks held
by United Gas Corp.,
less losses where income accounts of individual
subsidiaries have resulted
in deficits for the respective periods.
No provision has been made in the above statement
for surtax
distributed net income" under the Revenue Act of 1936.
on
1936
1935
1936
1935
$1,251,328
24,516
$5,520,686
455,241
$4,996,481
91,340
$1,503,150
97,533
438,976
$1,275,844
64,805
715,488
$5,975,927
370,533
2,589,914
$5,087,821
251,656
2,869,813
taxes
Interest
quotational gains realized
amounting to $216,755 have not been in¬
above, but conforming with the plan
described in the last annual
report, these gains have been added to quo¬
tational reserves to offset quotational losses
charged to these reserves in
the latter part of 1935.
Earnings this year have been effected by lower price of foreign silver.
in
months
the
of 1936
earnings
$966,641
$495,551
$3,015,480
$1,966,352
The strike in Utah which started Oct.
9, 1936, affecting generally all the
lead-silver mines in Utah has just ended.
The directors have declared a dividend of 1
% % (87 3^ cents per share) on
the preferred stock and a dividend of
$2 per share on the common stock,
payable Jan. 15, to holders of record Dec. 31. I Dividends on the common
stock previously declared
during the year 1936 amount in the aggregate to
$5 per share.
Adding to this amount the present declaration of $2, total
dividend declarations on the common stock for
1936 amount to $7 per
share.
The present declaration and other declarations
which have been
made during the year have been in view of current
earnings and are not to
be considered as establishing
any regular rate.
It is believed that the company will not be
on
undistributed profits and no provisions for the same have been made.
Halfdan Lee was elected a director to fill a
vacancy.—Y. 143, p. 2070.
Upson-Walton Co.—Extra Dividend—
The company paid an extra dividend of 10 cents
quarterly dividend of 20 cents per share on the
a
on Dec. 21 to holders of record Dec.
on
Sept. 30, last.—V. 143,
•Utilities
Power
&
p.
16.
per
share in addition to
stock, par $1,
common
An initial dividend of 30 cents
was
2071.
Light
Corp.—Court
Forbids
Inter¬
Federal Judge William H. Holly at
Chicago on Dec. 19 denied permission
to Harley L. Clarke, former
President, to intervene in bankruptcy pro¬
ceedings recently instituted against the company.
Judge Holly said he would permit Mr. Clarke to join in the original
creditors' petition for reorganization under Section 77-B of the
amended
Bankruptcy Act, but Mr. Clarke's counsel made no move in that direction.
Mr. Clarke was sued on Nov. 30 for $3,000,000
by the company.—V.
143,
4019.
Valley Mould & Iron Corp.—Initial Common Dividend-7—
The company paid an initial dividend of $2
per share on the
on Dec. 19 to holders of record Dec. 10.—V. 142,
p. 973.
Valve Bag
common
Co.—Pays Up Accruals—
The company paid a dividend of $4.50
per share on account of accruals
and the dividend of $1.50 per share
up
the
preferred stock.—V. 143,
Capital
-.$20,551,955 $13,417,684
Surplus, Dec. 1, 1935
Balance from statement of income for
the 12 months ended Nov. 30, 1936
(as above)
The
reorganization plan
Total
Reduction in ledger value of miscel¬
laneous investments
Divs. on $7 pref. stock—$3.50 a sh
Surplus, Nov. 30, 1936
United Securities Co. of
Earned
$7,134,271
3,015,481
22,707
$23,590,143 $13,440,391
$10,149,752
35,720
1,574,377
$8,539,656
been
submitted
to
for Approval—
U.
S. D istrict Court,
p.
3652.
Virginia Electric & Power Co.—New Director—
The company has notified
the N. Y. Stock Exchange that at a special
meeting of the board of directors on Dec. 15, Edward C. Brewster was
elected a director.—V. 143, p. 3652.
,
_
The directors have declared
a dividend of $2.50
per share on the common
$100, payable Jan. 2 to holders of record Dec. 15.
A like pay¬
ment was made on July 15, last, and compares with
$2 paid on Dec. 30,
July 1 and Jan. 2, 1935.
This latter payment was the first made since
stock,
par
July 1, 1932, when a quarterly distribution of $1.50 per share was made.
A dividend of $1.50 was also paid on April
1, 1932, and on Dec.
the latter being the first since Dec. 31,
$8 per share was paid.—V. 143,
p.
31, 1931,
1930, when
an annual
dividend of
3652.
Vogt Mfg. Corp.—$1 Extra Div.—100% Stock Div.— Wage
The directors have declared
stock,
no
par
extra
cash
dividend of $1 per share on
24 to holders of record
payable Dec.
The regular quarterly dividend of 25 cents per share was
paid on Dec.
Securities
Corp.—
Preferred Dividend—
The directors have declared a dividend of 75 cents
per share
accumulations on the $5 cumul. 1st pref. stock, no
par
I
last.
paid
on
Sept. 15, last, and
The directors also
approved an increase in the capital stock to 200,000
from 100,000, voted by stockholders on Dec.
8, and declared a
100% stock dividend, payable Dec. 28 to holders of record Dec. 16.
Directors also authorized a 5% wage dividend, based on 1936 salaries
amd hourly rates, to employees with 10 years' or more service.
Workers
employed less than 10 years will receive proportionate wage dividends.
The company granted a wage increase last August,
bringing the wage
scale to above the 1929 level.—V. 143, p. 1097.
Wabash
Ry.—Earnings—
Gross from railway
Net from railway
Net after rents
International
Dec. 24 to holders of record Dec. 17.
an
value,
16.
November—
Missouri—Registers with SEC—
See list given on first page of this department.
on account
value,
of
payable
A dividend of $2 was paid on Dec.
15,
last; $1 on Nov. 2, last, and dividends of 75 cents per share were paid on
1 and May 1. last.
A dividend of 50 cents per share was paid on
1, last, and on Nov. 1 and Sept. 10, 1935, this latter
being the first
dividend since Nov. 1, 1930, when a regular
quarterly dividend of $1.25
per share was distributed.—V. 143, p. 3486.
on
shares
35,720
1,574,377
$21,980,047 $13,440,391
—V. 143, p. 3486.
Feb.
has
Judge Nields in Wilmington, Del., for court approval.—V. 143,
An extra dividend of 50 cents per share was
on Dec. 28,
1935.
3,015,481
22,707
Miscellaneous
Aug.
all dividend arrearages
1896.
p.
Vertientes Sugar Co .—Plan Submitted
Dec.
Total
&
ordinarily due at this time <or $6 per
$100, on Dec. 24 to holders
share) on the 6% cumulative preferred stock, par
of record Dec. 10.
This payment will clear
the common
Summary of Surplus for the 12 Months Ended Nov. 30, 1936
States
reported
Increase—
t)o
earned surplus
United
$2,945,513
Virginian Ry.—$2.50 Dividend—
$1,169,284
333,866
Total income.
First
$4,210,413
"un¬
Comparative Statement of Income and Summary of Surplus (Co. Only)
carried
$5,148,565
528,765
per share of common stock)
representing unusual quotational gains realized
from metal sales in excess of the
prices at which these metals were taken
into earnings at the time of production.
Net
$4,951,861
statement.
!Be18iI1c6
$4,446,846
1,501,333
stock,
solidated earn.surp-
Expenses, including
$5,711,746
1,501,333
528,765
528,765
528,765
$7.07
$9,73
$7,96
$5.57
x Includes
$712,581 quotational gain on gold and domestic silver.
The company issued the
following statement:
Earnings for the 11 months of 1935 included $591,988 (equal to $1.12
p.
con¬
Period End. Nov. 30—
Gross income from subs.
Other
$6,649,898
1,501,333
vention—
'
Net equity of United Gas
Corp. in inc. of subs.
Otner income.
1933
$7,107,984
2,661,138
no. of shs. of com.
stock outstanding
Earn, persh. of com. stk.
15,999
9,345
6,714
of subsidiaries
1934
x$8,105,581
2,393,835
$3,742,032
Balance.
1935
$9,242,742
2,592,844
$5,243,365
1,501,333
Pref. div. requirements-
paid
interests
1936
$7,953,972
2,710,607
Reserves
3,282,605
$1,907,209 $14,173,463
1,650,038
Balance
Pref. divs.
3860.
subject to Federal surtax
311,094
0*8,849
08,301
tion res've appropr'ns
Portion
1936—12 Mos.—1935
$9,829,286
4,461,811
from oper..
of Stockholders—
Smelting, Refining & Mining Co.—
11 Mos.End.Nov. 30—
Gross earnings
cluded
The company paid a dividend of
$1 per share on account of accumulations
the 6M% cumulative
preferred stock, par $100, on Dec. 1 to holders of
was
2229.
P.
United
during the 11
United Dairies, Ltd.—Accumulated Dividend—
record Nov. 23.—V. 143,
p. 1096.
p.
Avge.
Transport Corp .—Initial Dividend—
designed to eliminate
Common stockholders of record Dec.
1, 1936, numbered 171,101, a
decrease of 4,243 since
Aug. 31, 1936.
Preferred stockholders of record Nov.
2, 1936, totaled 61,218, a decrease
of 208 since Aug. 1, 1936.—V.
143,
^,
United Air Lines
143,
United States Steel Corp.—Number
common
pay to each employee a sum of money equal to
5% of total wages paid him in the 12 months
ending Nov. 30, 1936.—V.
142, p. 1138.
The directors have declared
the capital stock,
was
stockholders, it
Net earnings
Union Twist Drill Co.—Extra
Dividend—Bonus—
plan, which
indicated by President H. M. McAdoo at the
special stockholders meeting.
The meeting was adjourned sine die.
In response to a stockholder's
question Mr. McAdoo stated that the present
plan would have to be regarded
as abandoned and
any amendment of the plan would have to be taken up
to the
The company paid an extra
dividend of 75 cents per share in addition
to the regular
quarterly dividend of
-iy'-V
The company's recapitalization
preferred dividends, is likely to be abandoned on
account of the inability
to obtain the
required two-thirds vote of all classes of
1936
1935
1934
1933
$3,991,671
1,238,107
710,223
$3,525,776
978,768
563,345
$3,011,887
768,150
398,974
$2,952,711
755,642
296,038
41,914,653
10,515,651
5.069,131
37,744,754
9,127.743
4,372,821
35,135,475
8,952,050
3,923,796
33,305,394
7,723,445
From Jan. 1—
Gross from railway
Net from railway
Net after
—V. 143,
rents...
p.
4019.
Wabasso Cotton
2,233.478
I
Co., Ltd.—Dividends Resumed—
have declared a dividend of 25 cents per share on the
stock, payable Jan. 2 to holders of record Dec. 19.
This will be
the first dividend paid since Oct. 1, 1928 when $1 per share was distributed.
—V. 142. p. 3874.
The
directors
common
Financial
4172
Waldorf System, Inc.—rPays
Extra Dividend—
The directors on Dec. 8 declared an extra dividend of 25 cents per share
the common stock, no par value, payable Dec. 23 to holders of record
Dec. 18.
An extra dividend of 10 cents in addition to a dividend of 30 cents
paid on Oct. 1, last, and compares with 20 cents paid on
July 1, last; 123^ cents on April 1 and Jan. 10, 1936, Dec. 20 and Oct. 1,
1935; 20 cents paid on Dec. 31, 1934; 25 cents on April 1, and Jan. 3, 1933,
and 37 H cents per share distributed each quarter from April 11, 1927 to
Oct. 1, 1932 incl.
In addition an extra dividend of 17cents per share
was paid on April 1, 1936.—V. 143, p. 2867.
per share was
Dividend—
Wichita Union Stock Yards Co.—Larger
The directors have declared a dividend of $3.50 per share on
the common
stock, payable Dec. 28 to holders of record Dec. 18.
Previously regular
quarterly dividends of $1.50 per share were distributed.—V. 142, p. 805.
of Service Stations—
Federal Judge Murray Hulbert has fixed Feb.
5 as the date for sale at
The sale will take place in
$4,180,750 has been fixed.
file with the Court is that of the Gulf Oil Corp., but it is
auction of the company's 231 service stations.
Federal Court at 12 noon, and an upset price of
The only bid on
understood that Cities Service Co. will also present a
1936
26,
profit of $1,226,192 for November compares with net profit of
$1,503,902 for October, $1,167,206 for September, $860,232 for August,
$1,158,288 for July and $1,446,001 for June.
For the 11 months ended Nov. 30, 1936, indicated net profit.—V. 143,
p. 3488.
x This is equal, under the participating provisions of the shares, to $5.20
a share on combined 79,974 shares (par $50) of 7% preferred and 2,582,181
shares (par $50) of common stock.—V. 143, p. 3488.
Net
on
Warner Quinlan Co.—Sale
Dec.
Chronicle
bid.—V. 143, p. 3861.
Weisbaum Bros.-Brower Co., Cincinnati, Ohio—Stock
Offered—A. W. Porter, Inc., New York, on Dec. 24 offered
by; means of a prospectus 60,000 shares of capital stock at
$6 per share.
Of the shares offered, one-half have been
purchased from the company and the other half from stock¬
Dividends—
Woodruff & Edwards, Inc.—Initial cfc Extra
The company paid an initial dividend of $1 per share in addition to
dividends of 50 cents per share on the class A and class B preferred
on
Dec. 1 to holders of record Nov. 20.—V.
Yellow Truck & Coach Mfg.
137,
extra
stock
1953.
p.
Co-—-New Vice-President—
advised the N. Y. Stock Exchange that on Dec. 1,
Vice-President.—V. 143, p. 3654.
The company has
H. E. Listman, a director, was elected a
CURRENT
NOTICES
holders.
The company intends to use approximately $35,000 of the proceeds
its real estate, now
amounting to approximately $78,000, and the balance, estimated at $77,114,
is to be added to working capital and devoted to the usual needs of the
from the sale of its stock to reduce the mortgage on
company.
The company's
"
business (manufacture of men's neckwear and kindred
lines) is rapidly increasing, according to the prospectus, and although its
financial position is ample for present purposes, it is nevertheless felt that
this additional sum will further strengthen its capital structure.
After giving effect to this financing the company's capitalization will
consist of an authorized issue of 150,000 shares ($1 par) capital stock, all
of which will be outstanding.
The corporation has no other class of stock.
The company is a corporation organized in 1921 and is engaged in the
business, under Ohio laws, of manufacturing and selling men's neckwear
and kindred lines.
Its products are largely sold under popular trade marks:
"Beau Brummell," "Palm Beach," "Burton's Poplin," &c.—to important
department stores and men's furnishing goods stores in practically every
city of any size in the United States and in many foreign countries.
For the year ended July 31, 1936, the company reported gross sales, less
returns and allowances of $1,497,568, compared with $1,075,899 in the
previous year.
Net income, before provision for Federal income and
excess profits taxes for the same period amounted to $147,968, compared
with $65,826.
The balance sheet as of Sept. 30, 1936, showed total current assets of
$674,518, including cash on hand and demand deposits of $116,726, com¬
pared with total current liabilities of $344,849.
;
The company intends to apply for the listing of its capital stock on the
New York Curb Exchange.—V. 143, p. 3861.
—Following the lead of a number of nationally known industrial com¬
established departments to consult the wishes and
E. A. Pierce & Co., one of the country's
announced the formation of a Customers'
Department to conduct broad economic studies on subjects chosen
panies that have recently
preferences of their customers,
largest Stock Exchange firms, has
Research
which is regarded as
unique among financial institutions, will be directed
by S. J. Shlenker, J. C. Cuppia and Harry F. Bliss.
3 Mos. End. Nov. 30—
1936
Net profit after interest,
deprec. & Fed. taxes. $1,321,701
Earns, per sh. on 585,414
shs.
—V.
com.
143,
stk. (no par)
p.
(& Subs.)—Earnings
1934
1935
a
of the new
based
customers' suggestions will not include studies of specific com¬
on
Inquiries concerning these subjects will be answered
panies or securities.
by the firm's statistical department, a division of the Customers' Research
Department.
.
practice of financial firms," the announcement states, "has
"The usual
been to conduct researches into problems in which the firm was interested
$1.75
$0.74
$1.05
reversing
are
and will consult customers first, by use of periodic question¬
the process,
naires issued through our 57 offices, and will then conduct studies on sub¬
When completed, copies of the studies will be sent
jects chosen by them.
to all customers of the
firm."
said, will be confined to broad studies
affecting the general level of commodity
of economic trends, special factors
As typical subjects
security values, or studies of entire industries.
research, the announcement mentioned the effect of a
possible European war on the prices of American securities and commodities;
the ultimate effect of
Nil
We
might be interested.
in which it thought its customers
or
and
1933
$729,954 loss$166,824
which has
In announcing the establishment
department the firm made it clear that the economic studies
personnel of approximately 50 people.
for possible future
$911,633
Lawrence Dennis,
economist for the firm, will be associated with the department,
Work of the department, it was
Wesson Oil & Snowdrift Co., Inc.
The new department,
by the firm's own customers all over the country.
record-breaking
excess
bank reserves; and the prob¬
able future trend of interest rates.
3652.
West Point Mfg. Co.—Extra and Larger
—Announcement is made that effective Jan. 2 the investment banking
Dividends—
The directors have declared an extra dividend of $2.50 per share in addi¬
tion to a quarterly dividend of $1.50 per share on the common stock, both
payable Jan. 2 to holders of record Dec. 15.
Previously regular quarterly dividends of $1 per share were distributed.
An extra dividend of $1 per share was paid on Oct. 1, last; $2 on July 1,
last; $1 on April 1, last; 50 cents on April 1, 1935, and extras of $1 per share
in each of the six preceding quarters.—V. 143, p. 3487.
.
Glore & Co. will change its name to Glore, Forgan & Co.
firm of Field,
The firm,
which ranks among the leading banking houses in the under¬
writing and distribution of securities, has offices in New York and Chicago.
The change in name will not mark any change
F.
inHthe membership of the
Since the retirement of Marshall Field more than
firm.
J
and
Glore
Russel
Forgan
a year ago,
have been senior partners
Charles
of the firm.
Mr. Glore, who was one of the founders of the firm in 1920, is head of the
Westchester Service Corp.—Plan to Be
A.
O.
Van
Approved-—
Suetendael, Chairman of the protective committee for the
first mortgage 6% sinking fund gold bonds states:
At the Dec. 19 hearing before the U. S. District Court for southern New
York, the court was informed that the Nov. 20, 1936 plan of reorganization,
approved by the Van Suetendael bondholder committee, had received the
approval of more than two-thirds of the creditors, including holders of both '*
bonds and debentures, as well as of more than a majority of all classes of
stockholders.
Such approvals are more than sufficient to permit the plan
to be declared operative.
Uncontroverted evidence was presented to the court in proof of the fact
that the plan was fair, just and equitable.
Judge Coxe who presided, stated that he would confirm the plan.
It
can, therefore, be expected to become operative as soon as he has approved
certain additional necessary documents, such as the new articles of incorpora¬
tion, trust indenture, &c.—V. 143, p. 3652.
&
Week of Dec.
1936
1935
Gross earnings (est.).__
—V. 143, p. 4020
Western Electric
The directors
capital stock,
on
Jan. 1 to Dec. 14
1936
1935
a partner
of Field, Glore
the inevstment banking field,
entry into
he
was
a
Other partners are Edward
F. Hayes, Halstead G. Freeman, John F.
Fennelly, T. Weller Kimball and Wright Duryea.
The
activities
the
of
have
firm
of industrial and
securities
consisted
principally
public utility corporations.
are
&
Shoe
Co.,
Studebaker
The
American Brake
Corp.,
com¬
Montgomery Ward
Chicago Burlington & Quincy RR., Borg-Warner Corp.,
and Continental
of underwriting
Among the
panies which members of the firm serve as directors
Foundry Co.,
&
Blue Ridge Corp.
Casualty Co.
and
Siegfried Frohlich
also
announces
as
announces
the election of Otto V. Jensen
Vice Presidents of the company.
that Joseph
The company
Sullivan and John Corcoran have joined the
trading department, and Julian Mantell, Raymond Fitzgerald, Albert G.
j
Roth and Samuel Mintzer, the sales department of the company.
Co.—Larger Dividend—
Dec. 22 declared
his
—Seligman, Lubetkin & Co.,
$295,159 $15,509,960 $14,101,737
$348,660
to
Vice-President of the National Bank of the Republic, Chicago.
Western Maryland Ry.-—Earnings—
—Second
Prior
been in the investment banking busi¬
and since 1931 has been
for the past 10 years
Co.
Mr. Forgan,
He is also President of the Chicago Corp.
Chicago office.
who heads the New York office, has
ness
dividend of $1.50 per share on the
a
value, payable Dec. 28 to holders of record Dec. 24.
A dividend of 75 cents was paid on Sept. 30, last, and one of 50 cents was
paid on June 30, last, this latter being the first payment made since June 30,
1931, when the company distributed a dividend of 75 cents per share.
From March 30, 1929, to and incl. March 31, 1931, the company paid
regular quarterly dividends of $1 per share. An extra dividend of $1 per
share was distributed on Dec. 31, 1929.
Edgar S. Bloom, President of the company, stated that the current divi¬
dend was declared after full consideration of the provisions of the Federal
Revenue Act of 1936 with respect to the tax on undistributed profits and
should not be taken as an indication of a continuing dividend policy.—
V. 143, p. 1733.
It
further announced
was
that
all salaried
employees of the company
would receive cash bonuses together with certain increases in salary.
no par
—The
board
of directors
Harriman &
of Brown
Co.,
Inc., it was an¬
nounced, has elected Harry W. Beebe, Milton C. Cross, James G. Scarff
and
R.
M.
Stewart, Assistant Vice Presidents of the
from Jan.
1, 1937.
Co.,
since the formation of that
Inc.
effective
company,
All four have been associated with Brown Harriman &
1934.
Messrs.
buying department.
Messrs.
company
Cross and Scarff have been managers of the
in June,
Beebe and Stewart have been sales department managers.
—Lucien O. Hooper, for the last nine years head of the financial research
department of Frazier Jelke & Co., will be admitted to partnership in the
Western Pipe
& Steel Co.—Extra Dividend—
The directors have declared
an extra
dividend of $1 per share in addition
to the regular quarterly dividend of 37
H cents per share on the common
$10, both payable Dec. 26 to holders of record Dec. 15.
An
extra dividend of 12H cents per share was paid on Oct. 5, last.—V. 141,
p. 2295.
stock,
par
Western Tablet & Stationery Corp.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share"on
the common stock, payable Jan. 2 to holders of record Dec. 21.
The
regular quarterly dividend of 25 cents
—V. 143, p. 2542.
Western
United
Gas
per
share
& Electric
was
paid on Nov. 16, last.
was
2.
Before making his present connection in 1927, Mr. Hooper
employed for
several
years
Co.—Plan Outlined—
Westgate-Greenland Oil Co.—Registers with SEC—
See list given on first page of this department.
Westinghouse Electric & Mfg. Co.—Earnings—
Period Ended Nov. 30, 1936—
Month
11 Mos.
Net profit after all charges and taxes, incl. prov. for
undistributed profits taxes
$l,226,192x$13,853,800
The November profits made the average for the three months ended
Nov. 30, 1936, $1,299,100, thus bringing employees an increase of 12%
in December wages or salaries under the terms of the company's wage and
salary payment plan inaugurated May 1, last.
The 12% compares with
10% for November, based on the three months ended Oct. 31, and with
8% for October, 9% for September 15% (the maximum thus far) for August,
13% for July, 11% for June, and 9% for May.
in the statistical
department
E.
of
A.
Pierce & Co., prior to which he was connected with the Boston "Commer¬
cial."
of
Mr. Hooper, a native of Maine, is serving his second term as Mayor
Westwood, N. J.
—Following
the
dissolution
of
the
firm
of
MacKinney
&
Lehmann,
Charles L. Lehmann together with Victor Verace and Charles A. Lees, Jr.,
will form
The
new
a new
firm to be known as Lehmann & Verace, it was announced.
firm will hold membership in the New York Curb Exchange and
have offices at 1 Wall St.,
See Commonwealth Edison Co. above.—V. 143, p. 3653.
firm Jan.
New York.
—Martin, Cryan & Co. announce
a
change in their firm
name to
C. M.
Cryan and the removal of their offices from 40 Clinton St., Newark, to
70 Pine St., New York.
now
manager of ,
—James A.
''
Reilly & Co. announce that Gordon H. M. Libby is
with them in charge
O'Hanley is
E. J. Reichert, formerly with Reddy & Cor., is
their trading department
now
now
of their insurance stock department and that John
associated with them in their retail sales department.
—Eli T. Watson & Co., Inc., announces the addition to its sales staff of
Charles W. Schmidt, M. R. Tawes and
Willis A. Cypher.
The three
men
will be located in the New York office of the firm at 60 Wall St.
—Cohu
Reginald
Bros.,
J.
department.
members
Knapp
has
New
become
York
Stock
associated
Exchange,
with
them
announce
in
their
that
trading
Volume
143
Financial
Chronicle
COMMERCIAL EPITOME
represented buying back for the
European shorts.
Foreign
interests had been
selling the market heavily the past several
days with the hope of depressing prices to accumulate actual
Thursday Night, Dec. 24, 1936
Coffee—On the
19th inst.
futures closed 2 to 5 points
stock at the lower levels.
However they found too much
resistance and have been
taking in their short lines as
lower for Santos contracts, with sales of 40 lots.
The new
Rio contract closed 6 to 5
points lower, with sales of 15 lots.
The old Rio contract closed
unchanged, with sales of one
lot.
Rio de Janeiro futures closed 50 reis
23.000 milreis.
at
.75 to .50 of
The
open
a
market dollar rate
to the dollar.
franc better.
was
Havre futures
possible.
The upward move
siderable extent by a rush of new
and while there
un¬
On the 21st inst. futures closed
points higher to 3 points lower for Santos contracts, with
New Rio contracts closed 2 points off to
3 points up, with .sales of 9 lots.
Old Rio contracts closed
unchanged from the previous close, with sales of 2 lots.
February at 18.875 milreis.
The Rio spot
held at 19.300 milreis, and the open market
dollar rate was unchanged at 16.720 milreis to the dollar.
Havre futures were 1.25 to .50 francs better.
On the 22d
quotations
inst.
futures closed 4
to
12
to
a
con¬
was
bags.
closing: Mar., 11.35; May, 11.42; July, 11.45; Sept.,
Local
sales of 55 lots.
and
accelerated
considerable profit taking, all offerings
appeared to be well absorbed.
New York warehouse stocks
dropped 8,195 bags to a new four year low of 565,278
2
milreis
was
buying from local trade and
commission houses.
Local closing: Dec., 11.15; Jan., 11.15;
May, 11.27; July, 11.30; Sept., 11.30.
Today futures closed
14 to 19 points
higher.
Sales were 279 contracts for the day,
European and domestic trade interests were heavy buyers,
were
Private cables announced that the Bank of Brazil has in¬
creased the amount of the loans which it will make to
private
producers, from 50 milreis per bag to 80 milreis per bag.
Rio futures closed
unchanged, with December 15 19.400
rapidly
as
higher to un¬
changed to 19.400 milreis for December and 18.875 for
February.
The Rio spot quotations held at 19.300 milreis
and the Santos spot
p!rice was 200 reis higher than on Dec. 15
changed at 16.720 milreis
4173
11.49; Oct., 11.50.
Sugar—On the 19th inst. futures closed 2 to 3 points
higher.
Hedge lifting against actual sales for the account
of trade houses, and
moderately improved speculative de¬
mand from trade and commission house
sources,
factors largely responsible for the
were
improved tone.
were
the
Sales
In the
moderate, totaling 181 lots, or 9,050 tons.
raws there were sales of
11,000 bags of Puerto
Ricos for late March
shipment and 20,000
market for
bags for February
was reported
at
shipment to operators at 3.80c.
Interest
3.81c.
for a combination of
Philippines for January-February
through March-April shipment but sellers turned down the
points lower, with sales of 23 lots.
For the late position
Old Rio contracts^ bid.
they were firm at 3.83c., and
closed 2 to 3 points higher, with no
were not interested in
dealings.
Rio futures
combining shipments for sale at one
were
unchanged at 19.400 milreis in December and 18.875
price.
London was quiet but firm, with
offerings unchanged
milreis in February.
from the previous
The Rio spot quotation was firm at
day.
On the 21st inst. futures closed
19.300 milreis, and the open market dollar rate was 60 reis
unchanged to 1 point up.
The distant deliveries at last
stronger at 16.660 milreis to the dollar.
broke through previous
Havre futures
high levels of the season as specu¬
points lower for Santos
tracts, with sales of 29 lots.
New Rio contracts
were
con¬
9 to
,
10
lost 1.50 to 2.00 francs.
On the 23d inst. futures closed 1
point down to 2 points up
for the Santos contract. The new Rio contract was 5 to 6
points up, while the old Rio contract was 3 points down.
Yesterday was the last notice day for December and the
position went off the board.
to 25 reis
milreis in
Rio futures were unchanged
higher at 19.400 milreis in December and 18.900
February.
The Rio quotation was unchanged at
19.300, and the
open
market dollar rate
16.650 milreis to the dollar.
francs better.
up
was
Havre futures
10 reis firmer at
were
.50 to 1.25
Today futures closed unchanged to 2 points
for the Santos contract, with sales of 12 contracts.
New
Rio
sales
of
old
Rio
contract
2
closed
contracts.
In
contract.
nothing
was
markets
were
were
the
actual
reported.
only
unchanged to
There
As
open
half
Rio coffee prices closed
December
as
in
a
1 point up,
transactions in
no
coffee
New
market
York,
the
at
The
with
as
-
Cocoa—On the 19th
December-
September
Brazilian
—
.00
7.04
-
10.10
10.06
inst. futures
closed 9 to 5 points
3,444 tons.
London cables
reported prices unchanged on the outside and 3d. to 6d.
higher on the Exchange, with 410 tons traded in the latter
or
market.
Local closing:
Dec., 10.87; Jan., 10.87; May,
10.90; July, 10.94; Oct., 10.97; Dec., 10.97.
On the 21st
futures closed 13 to 17
points lower.
The session was des¬
cribed as a typical year-end
market, with its liquidation and
evening up of committments generally.
Pressure of offer¬
ings was so persistent, that the market broke quite sharply,
closing at about the lows of the day. Transactions totaled
270 lots, or 3,619 tons.
There were 13 more notices
issued,
making the total thus far 1,007.
Local closing:
Dec.,
10.72; Jan., 10.72; Mar., 10.72; May, 10.75; July, 10.80;
Sept., 10.84. On the 22nd inst. futures closed 2 to 4 points
higher, with the exception of January, which was off 4
points.
At one time during the session prices showed a
maximum gain of 7 to 9 points.
But many traders not car¬
ing to hold commitments over the holidays, took down
profits, causing prices to ease off a bit from the highs of the
day.
January was under pressure of liquidation, part of
which represented
tion of first notice
switching into later months in anticipa¬
day.
Transactions totaled 263 lots, or
3,524 tons.
No December notices was issued.
Local clos¬
Dee., 10.79; Jan., 10.68; Mar., 10.75; May 10.79;
ing:
July, 10.83; Sept., 10.86; Oct.. 10.86. V
On the 23d inst. futures closed 40 to 48
points higher.
This spectacular rise in cocoa was attributed
largely to a short
covering movement on the part of European short interests.
The market shortly before the close showed
maximum
gains
of 57 to 62 points.
It was estimated by certain observers
that 60% of the day's
business, which totaled 695 lots,
de¬
An operator bought at 3.83c.,
4,000 tons of
Philippines for March-April shipment, and 2,000 tons for
April-May shipment. Prior to these sales another operator
paid 3.81c. for 10,000 bags of Puerto Ricos for first half
March shipment.
Refiners showed little interest in the
offerings.
At the close of the market there were on offer
5,000
tons
of
raw
at
the
basis
of
3.83c.,
principally for
the
held at 3.85c.
On the 22d inst. futures closed 1
point lower for all deliveries
with the exception of December.
This
were
comparatively in¬
10.14
higher, with sales of 257 lots
houses
Philippines, while 30,000 of various kinds
follows:
10.17
-
commission
bull market.
second last
day of trading, moved about feverishly to end
Sales for the day were 229 lots, or 11,450
15 notices against December were
reported to
have been issued
by Little & Cristman and stopped by
Lamborn & Co.
While not a great deal of interest was
shown in the market for
raws, refiners were reported as
willing to pay 3.80c. and operators 2 or 3 points more for
late shipment raws.
Offerings were held at 3.83c. and
3.85c., the inside price being for comparatively nearbys.
There were offerings of 5,000 tons of
Philippines for JanuaryFebruary and February-March shipment, 20,000 bags of
Puerto Ricos for
early February clearance, a cargo of Cubas
for first-half
January shipment.
In London sellers of raws
were
asking 5s. 23^d., equal to .913^0. f.o.b. Cuba.
Refined
advanced 13^d.
3 points lower.
tons.
--10.14
—
May
July
Street
active month, as the result of issuance of 15
notices, in its
7.07 July,
September..-
Santos coffee prices closed
Wall
Rio
6.92
March
from
January-February and February-March shipment from
day.
6.84
May....
demand
veloped.
Sales were the best in a week, and the third
highest volume for the month, totaling 264 lots, or 13,000
tons.
Raw sugar during this
day's session equaled its old
high of 3.83c., which has been reached on several occasions
since 4he election, which latter was the start
of the current
the
follows:
March
lative
The
On the 23d. inst. futures closed 1 to 2
points up.
Sales
266 lots, or 13,300 tons.
In the market for raws an
were
operator bought 3,000 tons of Cubas for early
January
clearance at 2.92c. cost and freight
yesterday.
This price,
equal to 3.82c. delivered, was a point better than the price
paid on Monday.
For the cargo that went to the operator
2.92c., there was a bid from a refiner at 2.90c. This in¬
at
dicated to trade observers that refiners need
early shgar and
later will be in the market for it.
In London sellers
sooner or
were
asking 51 xAd., equal to .90^c. f.o.b. Cuba for pre¬
Today prices closed 3 to 5 points up. Sales
totaled 467 contracts.
Prices of sugar futures boomed ahead
to new highs when a
heavy buying wave swept over the
market.
Trading was the largest in months, with a total of
ferential afloat.
23,350 tons for the two hours during which the market was
open.
In the raw market refiners were active. Sales totaled
about 30,000 tons.
They included 6,200 tons of Puerto
Ricos at 3.83c. and four cargoes at 3.85c., while 3,000 tons
of
Philippines went at 3.83c. and 4,000 tons at 3.85c. London
were
% to Id. higher.
futures
Prices
July
were
as
follows:
March
2.95 January
2.90 May
September
2.96
2.91
2.94
Financial
4174
1936
Sugar Quotas Under Jones-Costigan Act Nearly
Exhausted—4,912,720
Short
Tons
Imported by
United States from Off-Shore Areas During First;
11 Months of Year
The
Sugar Section of the Agricultural Adjustment Adminis¬
on Dec. 5 its 11th monthly report of 1936 on
the status of the sugar quotas under the Jones-Costigan Act.
The report shows that the quantity of sugar charged against
the 1936 quotas for Cuba, the Philippines, Puerto Rico, the
Virgin Islands and Hawaii during the first 11 months of 1936
amounted to 4,912,720 short tons, raw value, the Sugar
tration issued
It continued:
Section said.
This report includes all sugars from Cuba, the Philippines, Puerto
the Virgin Islands,
from those
and Hawaii recorded
Dec.
1936,
1,
all quantities
quantities in transit
after final outturn
Dec.
on
certified for entry, including such certified
The figures are subjcet to change
1936.
1,
weight and polarization data for all importations are
available.
There
were
176,046 short tons of sugar, raw value, charged against the
1,064,101 short tons, raw
quota for the continental sugarcane areas and
value, against the quota for the continental sugar beet area during the first
10 months of 1936.
Data for November
Quotas for the various off-shore
yet available.
are not
are
areas
shown
<
revised by General
as
Sugar Quota Regulations, Series 3, Revision 2, issued July 2, 1936, and
Supplement 1 thereto, issued July 27, 1936.
Included in the quantities charged against the
tons of suagr
1936 quotas are 127,574
originally entered under bond in December 1935, pursuant to
the provisions of General Sugar Order No.
1, Revision 1.
The quantities charged against the principal off-shore areas
during the
first 11 months of 1936 are as follows:
(Tons of 2,000 pounds—96 degrees)
1936 Sugar Quotas
Amounts
Established
Charged
Against
Quotas
the Latest
Under
Area
Regulations
Cuba
—
1,098,738
97,909
—
Less amount reallotted on July 27
975,780
1,000,829
901,839
1,059,294
5,926
_
_
Hawaii
_
Virgin Islands
Total
Direct
Direct-consumption
against
the
various
sugar
quotas
is
4,912,720
The
are,
quantities allotted to the various foreign countries
as follows:
in pounds,
Pounds
Area—
20,876,631
Santo Domingo
3,525,733
Peru
United Kingdom
.......
included
since
above
the
in
amounts
direct-consumption-sugar
the
Quota
of
Short
6,434,088
An increase in sugar quotas
for 1937 for continental United
producing areas, off-shore areas, and
made known on Dec. 12 by the
Agricultural Adjustment Administration.
The initial 1937
quotas were announced as 6,682,670 short tons, raw value,
an increase of 248,582 short tons over the initial 1936 quotas
of 6,434,088 short tons.
Although the quotas for 1937 are
below the final amount made available for 1936 of 6,812,687
short tons, it is explained that the final quotas of 1936
included entries of sugar under bond during December 1935,
which totaled approximately 127,000 short tons and which
were charged against this year's quotas.
The AAA also announced on Dec. 12 quotas for the first
time for syrup.
During the coming year Cuba will be per¬
mitted to ship 7,970,558 gallons into the United States and
Dominican Republic 830,894 gallons; other foreign countries
were omitted.
The syrup quotas, the Administration said,
ure in tetfms of wine
gallons of 72 % total sugar content.
The sugar and syrup quotas for 1937, established in accord¬
ance
with the provisions of Public Resolution No. 109,
approved by President Roosevelt on June 19, 1938, and the
Jones-Costigan Act, are contained in General Sugar Quota
Regulations, Series 4, No. 1, and General Syrup Quota
Regulations, Series 2, No. 1, signed by Secretary of Agri¬
culture Henrj^ A. Wallace Dec. 12.
The initial sugar quotas
for 1937 for the various sugar producing areas compares
States beet and
cane
other foreign countries, was
as
follows:
Initial
The following tabulation indi¬
v
1.613,576
270,664
1,550,000
976,685
831,508
1,035,742
5,462
941,199
801,297
998,110
5,264
1,852,575
Philippines...
__
Virgin Islands
458,705
126,033
Philippines
29,616
80,214
Total...
694,568
Puerto Rico
Hawaii.
__
Total
35,061
58,293
636,275
__
the quotas .for Cuba and the
other insular areas, a large part of the sugar which may be
full-duty countries
months
of
admitted from
entered or certified for entry during the first
was
the year.
11
The following table shows, in pounds, the amount
of sugar which may
be admitted in 1936, the amount charged against quotas
during
January-November,
the
period
and
the
admitted during the remainder of the year from
amount
the
area
which
may
be
specified.
(Pounds—96 degree equivalent)
Quantity Which
May Be Admitted
Argentina
Charged
Against
Balance
in 1936
Area
Quota
Remaining
14,577
294,308
_
Belgium
Canada
China and Hong Kong.
Costa Rica
564,205
288,114
20,597
Czechoslovakia
263,302
Dominican Republic
Dutch East Indies
6,668,480
211,384
334,902
94
564,205
288,114
20,597
263,302
6,668,480
211,384
334,902
920,200
313,566
217,865
2,701,750
11,114,100
350,667
8,264,140
45,781,136
____
32,527,674
Haiti..
921,614
Mexico
6,031,877
217,865
Netherlands-
Nicaragua
.:.
Peru
United Kingdom
Unallotted reserve
Total.
No sugars have
countries:
14,483
294,308
10,221,004
11,114,100
350,667
8,264,140
Guatemala
1,414
5,718,311
7,519*254
13,258,462
been entered against the 1936 quotas for the following
Australia, quota 204 pounds; Brazil, 1,197; British Malaya, 26;
Colombia, 267; Dutch West Indies, 6; Prance,
175; Germany, 117; Hon¬
duras,
Salvador,
3,432,568;
Italy,
1,751;
Japan,
4,009;
8,208,542,
and
Lard—On the 19th inst. futures closed unchanged to 2
points lower. Trading was fairly active, with the undertone
barely steady. Hog prices at Chicago were nominally steady
at Friday's average, the top
price registering $10.10, the
major portion of sales reported at from $9.10 to $10. Western
hog receipts were slightly above expectations, with the total
marketings for the Western run 30,800 head against 16,300
for the same day last year.
Liverpool quiet, with the close
3d. lcdver to unchanged on the distant
May delivery. On the
21st inst. futures closed 2 to
5\points lower.
The market
was
quiet featureless affair.
Hog prices advanced 10c. to
15c. The top price for the
day was $10.25, with most of the
sales reported at $9.85 to $10.20.
Hog receipts at Chicago
were below
expectations, the marketings being very light.
No lard exports were
reported.
On the 22d inst. futures
closed 12 to 22 points lower.
With foreign markets easier,
grains lower and a poor export demand for lard, it seemed
quite natural that pronounced heaviness should prevail in
the futures market for lard.
The hog market was fairly
active and steady.
The top price at Chicago was $10.30,
with most of the sales ranging from $9.85 to $10.25. Western
marketings were heavy and totaled 98,200 head, against
38,900 for the same day a year ago.
Export clearances of
lard from the Port of New York
as reported late yesterday
(Tuesday) totaled 176,340 pounds destined for Hamburg.
On the 23d inst. futures closed 7 to 17
points higher. The
firmness of lard in the face of the bearish
ly construed Govern¬
ment pig report, was a
surprise to not a few in the trade.
The Government
pig report released Wednesday showed that
the number of pigs saved in the fall season totaled 23,815,000
head.
head.
higher
Reallots
12,577 Short
for
The
Tons of 1936
Sugar Quota
Foreign Countries
Agricultural Adjustment Administration announced
5 a reallotment of 12,577 short tons of sugar, raw
value, out of the existing 1936 quota of 28,228 short tons for
foreign countries other than Cuba. It has been fojind, the
Administration said,
that Argentine, Australia, Brazil,
British Malaya, Columbia, Dutch West Indies, France,
Germany, Honduras, Italy, Japan, Salvador, Venezuela,
Nicaragua and Mexico will be unable to deliver 12,577 short
tons of their quotas for United States consumption during
on
The trade in general
y^is looking for about 20,000,000
The hog market closed quite firm, with
prices at
Chicago
Venezuela, 290,002.
AAA
Dec.
25,643
6,434,088
6,682.670
0
8,587
14,645
Full-Duty Sugars
In addition to the sugar charged against
260,000
1,922,423
26,610
Foreign countries other than Cuba
Remaining
423,644
126,033
21,029
65,569
_
Cuba
Balance
uantity Charged
1936
Continental Un. States beet sugar producing area
The States of Louisiana and Florida
Puerto Rico
Against Quota
Value
1937-;
Territory of Hawaii
be admitted for the remainder of the year:
1936 Quota
Quota—Short Tons,
Raw
is
(In short tons—96 degree equivalent)
Cuba
Quotas
Tons—Syrup
First Time
Fixed for
charged
quota
admitted during the period January-November 1936, as well as the
Area
551,050
........—
..........
Sugar Import Quotas for 1937 Increased—Allotment of
6,682,670 Short Tons Compares with Initial 1936
with 1936
direct-consumption-sugar quotas, amounts of direct-consumption
amounts which may
United States.
Consumption Sugars
included in the total quota for each area.
cates the
887,296
1,002,174
3,696
5,052,910
Puerto Rico
sugar
2,043,774
2,085,022
_
Philippines—Total quota
year|1936.
Reallotment to other "full duty"
sugar-producing areas was made in accordance with the
provisions of the Jones-Costigan Act and Public Resolution
No. 109, approved June 19, 1936 and is being made on the
basis of priority of arrival of the sugar in the continental
The statistics pertaining to full-
duty countries include, in addition to the sugar actually entered before
1936
26,
Dec.
the calendar
entered or certified for entry
as
1, 1936.
prior to Dec.
areas
Rico,
Chronicle
run
weie
15c. to 25c. on the lightweights and 5c. to 10c.
the heavyweights.
Total receipts for the western
70,000 head.
No exports of lard were reported.
up
on
Liverpool lard futures closed 6d. to 9d. lower.
Today futures
months and 15 points
up on the distant deliveries.
The pronounced strength in
the grain markets and many other
commodity markets had
considerable influence on the prices of lard.
closed 25 to 28
points
DAILY CLOSING
up on
PRICES
Sat.
December
January
May
July....
the
near
OP LARD
Mon.
FUTURES
Tues.
Wed.
IN
CHICAGO
Thurs.
13.50
13.47
-
13.45
13.45
13.30
13.32
13.40
13.92
—14.17
13-95
13.75
13.90
13.62
13.65
14.05
14.15
13.97
14.07
14.22
13.37
Fri.
HOL
Volume
143
Financial
Chronicle
Pork—(all domestic), 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
domestic
hide markets.
Local closing: Dec., 14.10;
Mar.,
14.35; June, 14.63; Sept., 14.86; Dec.,] 15.00.
1334c. Skinned, Loose, c.a.f.—14 to 16 lbs.., 21 24c., 18 to
lbs., 19c., 22 to 24 lbs., 1734c. Bellies, Clear, f.o.b. New
York—6 to 8 lbs., 1924c., 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., 1724c., 25 to 30 lbs.,
17J^c. Butter: Creamery, Firsts to Higher than extra and
premium marks: 31 24c. to 35c. Cheese: State, Held, 1935,
2234c. to 2334c. Eggs: Mixed Colors, Checks to Special
On the 23d
Trading
000
in
April................ 11.45©
earlier
page
in
our
11.61@
outside trade reflected the steadiness
abroad, and the strong
trend on the exchange, and were l-16d. firmer for
standard
ribs, latex, ambers and browns.
Local closing:
Dec.,
20.33; Jan., 20.36; Mar., 20.41; May, 20.32; July, 20.25;
Sept., 20.20; Nov., 20.19.
On the 21st inst. futures closed
5 to 10 points lower.
Transactions totaled 740 tons.
It
was a
typical pre-holiday market.
Factory buying in the
outside market came almost to a standstill and
outside prices
receded to 20 5-16c. for standard sheets.
Certificated stocks
of rubber in warehouses licensed
by the Exchange decreased
70 tons to a total of 8,320 tons in store.
London closed
l-16d. to 3^d. lower, while
Singapore closed l-32d. higher.
Local closing:
Dec., 20.23; Jan., 20.28; Mar., 20.33;
May, 20.22; July, 20.20; Sept., 20.13.
On the 22d inst.
futures closed
unchanged to 11 points higher. Sales totaled
1,280 tons. Factory buying in the outside market was
again
very small.
Outside prices were quoted slightly higher at
20 24c. for standard sheets.
London closed steady at l-16d.
lower to l-16d. higher.
Singapore closed 3-32d. lower.
Local closing:
Dec., 20.33; Jan., 20.39; Mar., 20.43;
May, 20.30; July, 20.20; Sept. 20.16.
On the 23d inst. futures closed 46 to 62
points up. Trading
was
very active, sales totaling 6,400 tons, mostly in the
March and May contracts.
The outside market followed
the
advance
and established
a
high price of 21c. for
standard sheets.
However, prices were mostly nominal,
since factories were not
doing much during the day. London
and Singapore also showed an
upward trend, closing firm.
Local closing: Dec. 20.95; Jan.
21.00; Mar. 21.01; May 20.89;
July 20.71; Sept. 20.63.
To-day futures closed 59 to 65
points above previous closing prices. The bull market in
lubber futures continued, with
prices skyrocketing to a
most unusual degree.
In the early afternoon transactions
totaled 2,140 tons, and at the close the final
total was 348
contracts.
new
The London market also showed
with net gains of 34 to 7-16d.
and higher.
Local
a
strong tone,
Singapore also closed firm
closing: March 21.67; May 21.50; July
21.30; Sept. 21.22; Nov. 21.21.
point down.
The opening
was
very
unchanged to 1
irregular at 6 points
advance to 20 points decline.
As the session progressed this
wide range \yas leveled off almost
totaled
1,520,000 pounds.
completely.
Transactions
Stocks of certificated hides in
warehouses
licensed by the Exchange decreased
by 93 to a
752,157 hides.
Business in the domestic spot hide
market was slow, with the
only trading heard of, a sale of
6,000 light native cow hides at 14c. a pound, or
unchanged
from the last previous sales
price.
Local closing: Dec.,
14.30; Mar., 14.55; June 14.77; Sept., 14.99.
On the 21st
total of
inst. futures closed 5 to 9
points down.
It was a
pre-holiday
market with trading light, sales
totaling 2,120,000 pounds.
Stocks
of certificated hides in warehouses
licensed
by the
of 742,956
Exchange decreased by 9,021 hides to a total
hides.
Nothing of interest developed in the spot hide mar¬
kets either here or in the Argentine.
Local closing: Dec.,
14.21; Mar., 14.46; June, 14.70; Sept., 14.92; Dec., 15.15.
On the 22d inst. futures closed 6 to 11
points down.
Trad¬
ing was fairly active, with sales totaling 2,600,000 pounds.
,
cow hides
bringing 14c. a
In the Argentine there were 9,000
frigorifico light
sold at 14 13-16c to
1534c. a pound. Local
closing:
one
having been
reportable
Coal—With
it
very
item:
favorable.
Boat
done
Charters included just
in
London,
6,000
tons
February, Santo Domingo to Marseilles, 21s.
sugar
warmer
weather and the usual
only natural to record
was
holiday lull,
a slight recession in the coal
Bituminous receipts at New York were somewhat
reduced, and the edge was off the cold weather anthracite
trade.
market of
Sunday and Monday.
No further price advances
noted.
were
down
the
Milder weather in the Central West has
slowed
domestic market.
At the seaboard more satis¬
factory conditions prevail, and the upward tendency in prices
appears to be maintained.
Coal prices have not been thus
far affected by the refusal of the
application to continue the
surcharge freight on coal.
The National Coal Association
says:
"The commission will commence on Jan. 6 to take
evidence from the railroads with
respect to amending their
so as to increase their rates on coal in
amounts just
equal and in some instances to exceed the surcharges.
The coal industry will continue to
oppose that effort, feeling
it is helping the railroads as well as the
coal industry in
trying to decrease the delivered cost of coal.
tariffs
about
Copper—This metal has been strong and active. Its chief
stimulus recently has come from the action of
copper markets
abroad.
A substantial part of the demand in
foreign markets
is said to be
speculative,
Governments has been
though the buying by European
no
ward
inconsiderable factor in the up¬
price trend.
On Wednesday American copper
pro¬
ducers advanced prices
24c. per pound to 1124c., having
been compelled to mark
prices up because of new sharp
upturns in Europe.
Consumers found that they could not
buy any more red metal at 11c., and subsequently all
pro¬
ducers advanced the domestic
price
move
to prevent
to 1124c. a pound, a
shipments of American metal abroad. It is
stated that current sales
are
not
a
measure
of the potential
demand, because consumers would buy much larger ton¬
nages if producers would agree to sell.
A purchaser must
convince a producer of the actual need for the
metal, lit is
said
that
each
successive
advance
in
the
domestic
brings into production
price
some mine or mines which have been
idle for several years.
Predictions made several months ago
to the effect that
copper would be
selling at 12c. by the end
Copper prices are
during which year the price of
of the year seem about to be fulfilled.
now the highest since 1930
18c.
was
maintained for several months.
Tin—In
has been
Hides—On the 19th inst. futures closed
warehouses
Chicago, with light native
year as
Rubber—On the 19th inst. futures closed 2 to 13
points
higher. Trading was moderately active, with the undertone
steady during most of the session. Crude quotations in the
in
raw material.
At the moment the share
of the New York market in this business is of
small propor¬
tions.
But taken all in all,
freight brokers here consider the
...
"Petroleum and Its Products."
hides
oil, grain and other
department of "Business Indications,"
in the article entitled
certificated
on a
holiday character, the holiday interlude lasting much
longer there than on this side. Current statistics of charter^
ing abroad run to heavy tonnage, including long lists of
coal,
,*
Petroleum—The summary and tables of
prices formerly
appearing here regarding petroleum will be found on an
of
Exchange remained unchanged at 742,956
Ocean Freights—There seems to be an
abundant poten¬
tial demand, but results are
reported as small.
The market
is quoted as in a deadlock.
The London market has taken
Cottonseed Oil, sales,
including switches, 2.03 contracts.
Crude, S. E., 10c.
Prices closed as follows:
11.57 @
11.58©
Stocks
Sales in the domestic
spot market were 38,000 hides
totaled 180 contracts.
In spite of a rather weak
opening,
prices starting 4 points higher to 13 points lower, the market
developed considerable strength as the session progressed.
Trading was extraordinarily active, with sales to noon
approximately 4,360,000 pounds.
Certificated stocks de¬
creased 1,000 hides to a total of
741,956 hides.
Local
closing: Mar. 14.83; June 15.08; Sept. 15.30; Dec., '37 15.55.
Spanish $1.50 to $1.60; Shipment $1.45.
Soy
Tanks, mills, Futures 934c. to 924c., C.L. drms.
10.5c., L.C.L. 11c. Edible: 76 degrees 15c. Lard: Prime
1324c.; Extra strained winter 12c. Cod: Crude, Japanese
49c., Norwegian yellow, filtered nominal; light, nominal.
Turpentine 48c. to 52c. Rosins $11.05 to $12.15.
. ... . .. .
futures closed 14
to;23 points higher.
active, with transactions totaling 4,960,-
Dec. 14.33; Mar. 14.58; June
14.83; Sept. 15.03; Dec. 15.23.
To-day futures closed 25 to 32 points higher. Transactions
Bean:
. . ..
pounds.
steers
Nearby,
i
inst.
very
pound.
&
11.35@11.43 May. + .
June
11.45©
11.44©
July
was
licensed by the
hides.
Oils—Linseed oil held very firm, with all crushers
ap¬
parently quoting 934c. as their inside price. Quotations:
China Wood: Tanks, Old
crop, D-F nominal; A.—M. for'd
14c. to 1434c.; Drms,
spot nominal.
Coconut: Manila,
tanks, Coast Mar. forward 834c.; Mar. for'd 9c.
Corn:
Crude, tanks, outside 1034c. nominal. Olive: Denatured,
March
licensed
by the
Exchange remained unchanged at 742,956 hides.
During
course of the
day there were 80,000 pounds tendered for
delivery against Dec. contracts.
No sales were reported in
20
January
February
in warehouses
the
mess nominal.
;Cut Meats: Pickled Hams, Picnic, Loose,
c.a.f.—4 to 6 lbs., 14c.; 6 to 8
lbs., 1324c., 8 to 10 lbs.,
Packs: 27c. to 34c.
4175
Stocks of certificated hides
spite of the buoyancy of the other metals, tin
acting in a most disappointing manner. Inquiries
and sales have been
very light.
There are some in the trade
who speak of a tight position in
spot because of the delays
in unloading Dollar Line
ships. However, there are others
who give very little credence to such a
statement.
Stocks
of tin in the United Kingdom at the end of
last week stood
at 1,233 tons, an increase of 218 tons.
Straits tin shipments
so far this month
through Saturday have been 5,757 tons.
Tin afloat to the United States is
12,173 tons. Tin arrivals
this month have been: Atlantic
ports,
3,687 tons; Pacific
ports,
30 tons.
tons.
Warehouse
stocks
are
unchanged
Increases Noted in World Production and
of Tin During 12 Months Ended
at
105
Consumption
October
According to the December issue of The Hague Statistical
Bulletin of the International Tin Research &
Development
Council, the apparent world consumption of tin in the 12
October, 1936, totaled 153,709 tons,
showing
increase of 13,925 tons over the total for
the preceding
12 months, while world production increased
by 36,200 tons
months ended
an
Financial
4176
to
167,000 tons.
Although the production of tin has
exceeded consumption by about 13,300 tons during the year
ended October, 1936, world visible stocks have increased
by only 3,130 tons in that period, said an announcement
issued Dec. 22 by the New York office of the Research &
Development Council, which explained:
This
the
discrepancy is partly due to the time lag which occurs between
on
smelters'
market, but it also indicates that there was an increase in
the
the end
stocks which had not appeared in the statistics up to
October,
of
the producing areas and the appearance of the
of ore from
export
metal
in
tin increased
the
month
world visible stocks of
1936,
November,
of
These stocks now represent
by 4,162 tons to 22,137 tons.
14.5% of the current annual rate of consumption compared with an average
ratio of
A
the
of
statistics
at the
same as
has been largely due to the
There was
3,630,000 tons, against 3,083,000 tons in the previous year.
appreciable advance in the motor industry, the world output in
an
1936, being 5,650,000 vehicles, compared with
ended October,
4,509,000 vehicles in the-revious 12 months.
1936,
anincrease of 12,209 tonsin
was
theyear enMOctober,
Umted Kingdom con369 tons;
compared with the preceding year; the
as
sumption
21,512 tons, which represents a slight decrease of
was
Russian consumption continues to increase at a
rapid rate, a new record
9,227 tons having been reached in the year under review, representing
of
increase
an
of
Substantial increases are recorded also for
33.4%.
Slovakia, 28.7%; Belgium, 19.3%, and Poland, 34.4%l
the
in Germany there
decrease of 23.6%.
a
~>Uon staltette ,or the principal
—Fear Ended Ocio&er—.
p. c. inc.
umted
—
59,940
+2cf.4
72,149
21,512
—
Kingdom" YIIIIIII-IIIIIIIIIII
2i!s8i
S
umted states
I:'?®
27, iy7
—1.7
OA'S
,,
2o,i4o
.
•
These figures for "tin used in
are
153,709
—-
change inncSumera,l?teocks""."""III
stocks"
+200
++600
;
+10.0
and
,
in
the
taken as indicating the general
,
..
,
,
£
,,
,
o
development of the week was of
phenomenal rise in the price of lead at London
domestic markets.
The American Smelting &
from Gulf
while the St. Joseph Lead Co., which had
marked prices $2 per ton higher on Saturday, added $8 per
ton more to its price on Monday.
Base prices are therefore
6c per pound, New York, and 5.85c. per pound, East St.
Louis.
The St. Joseph Lead Co., however, still gets a
premium of $1 per ton at New York on certain brands,
which brings its price up to 6.05c. per pound, New York,
In spite of the highest prices since 1930, the demand was
Sales of lead last week increased
not in the least curtailed.
nearly 60 per cent over those of the preceding week, according.to private statistics released in the trade Monday. It
was being predicted that lead shipments during December
will have been 60,000 tons, an extremely large movement.
Zinc—It is reported as
buy because of scarcity.
quite difficult for consumers to
In view" of the upward trend of
generally and this marked scarcity of zinc, an adin price would not be a
vance
„
.
mi
.
,
,
surprise to
_
many
in the trade.
ao
The price of zinc concentrates rose $2
m the tri-State district to the range of
p^ ton la t Saturday
$34 to
$35_per ton.
Production of concentrates last week came to 10,
with
sales
of
00 tons,
sshipments!jf :12,635 ton a d
The e weie the largest
tonnages so far this year. The prme of zinc is theoretically
unchanged at 5.45c. per pound, East St. Louis, to apply
to first quarter shipment, with 5 55cPrevmbngYor second
quarter. However, it was reported that one producer sold
at 5.55c. for first quarter.
The market is reported as very
stocks
m
11,570 tons,
the district of 27,195 tons.
strong.
with
no
indication of
thiQ time of
this time of
five
vear
year.
a
a
high rate,
let down, which is most unusual at
Aw" rfenorts
Iron Age reports that based on a
that, based on a
The "Tree
1 he
day week, the rate for the country is about 78% of
capacity and may go higher next week when there will be no
holiday observance.
A factor playing a considerable part
in the booming of the steel trade is foreign pressure for
American steel due to the arms race among European
powers.
This foreign demand coupled with the almost
unprecedented demand for the metal from domestic users is
responsible for a volume of ingot production seldom equalled
at this time of year.
Steel circles recently predicted that
production in 1937 may exceed 1936 by as much as 15%,
barring unfavorable: price conditions
an£ labor controversy.
forecast was based in part on the following factors:
Increased public^ purchasing power; undiminished requirements
of the automobile industry; continuation of the
The
upward trend in the durable goods field; railroad demands for
the
was
.,
,
y
rA„nrri
maker, the iron to be shipped
TMs is the Ingest sale of pig iron to
tg
q_lp<!
-rrm
nf
VTpw
flt
Ynri
Inst
Japan
week
warp
against the first estimate of 2,000 tons.
It is rumored in pig
iron circles that there may be another rise of $1 per ton early
It is stated that there probably will be more
January.
export orders for pig iron, and there threatens to be a short¬
of the metal in the United States within the next few
6
f,
Tf
.
n-fpj
f
f
•
•
•
•
nriees
months.
It IS pointed out that a rise in pig iron price
would tend to keep American pig iron at home where it is
Pig iron shipments are reported very brisk, and in
district does there appear a falling off in consumption,
needed.
no
.
Wool—-Latest advices are that importers oi raw wool are
more
active than they have been in years.
Substantial
quantities of Australian wool are en route to the United
States, and it is estimated that 15,000,000 pounds will be
landed at Boston in the next few weeks.
these
arrivals
It is stated that
weaken domestic wool values to
may
,
•
*ii
jxiat
w°uld offset
any
some
•
i
i
i?
up
•
11
values and
weakness that might develop here, Boston
reports that scattered sales of fail volume were being closed
m territory wools at strong prices.
Average to good French
combing fine territory wools were sold in original bags at
$1.03—1.05, scoured basis.
Graded French combing halfblood territory wool has been sold at prices ranging 98c. to
SI.02, scoured basis.
•
Silk—On the 21st inst. futures closed
cents lower.
.
d
There
•
th
unchanged to 23i>
considerable pressure of offerings at
was
selling
vear-end
armarentlv
session
to
a
during the session, apparently j ear-end selling to
large extent. Sales totaled 2,290 bales. Grade J) at Yokohama*%as 12K yen lower, with the price 850/yeh.xKobe
was 15 yen lower, with the price also 850 Ven. JBourse
quotations were 15 to 21 yen lower at Yokobaina,-'While at
Kobe they were 10 to 17 yen lower. Cash sales for both
,
markets totaled 625 bales
while transactions in futures
totaled 7,700 hales. Local closing: Dec. 1.90; Jan., 1.913^;
Mar., 1.88/£; May, 1.88; July, 1.87/6. On the 22d inst.
futures closed 2c. to 5^c. higher. Transactions totaled
1,460 bales. The price of Crack XX in the New York spot
market advanced to
$1.93K. The Yokohama Bourse closed
6 to 13 yen higher, while the price of grade D in the outside
market remained unchanged at 850
yen a
bale. Local closing:
Dec., 1.93; Jan., 1.94; Mar., 1.94; May, 1.913^; July, 1.90.
Tr?nc ^
Transactions
Pfjj i^qa6? ^0Se(Li^
*
-
totaled 1,630 bales. The pi ice of crack double
extra jn the New York spot market advanced 4c. to $1.97 3^.
The Yokohama Bourse closed 21 to 25 yen higher, while the
price of grade D in the outside market advanced 10 ven to
ggQ yen a gaje
Yen exchange remained unchanged at
28 %c.
There were 170 bales tendered for delivery against
December contracts in the local market.
Local closing:
De
1 nci/.
Tan
May;
i^c.
qci/.
i
July;
up on
the
Feh
q*i>.
i
near
March
fut^es
Tod^y
1
Q5U-
closed'
months and unchanged to 3^c. down
dis^an^ deliveries.
Sales totaled 152 contracts.
double extra in the spot
Steel—Activity in this industry continues at
,.
pn reCOra. bales Of pig iron at JNew York last week we
larger than expected and were estimated at 3,000 tons as
Refining Co. advanced its price of pig lead $10 per ton
last Monday,
metals
T
expected, its heavy purchases would push
'
manufacture" and "change in consumers'
The outstanding
the
course
.
However, the trade expects that the settlement of the tariff
dispute between Japan and Australia will offset this situation, and that Japan will resume buying of wool m the
Australian market after the holidays. If Japan should do as
Tin
t**"
J39,784
only approximate, but may be
,
.
—23.6
1
/
trend.
Lead
„
extent, as domestic prices are now above fweigm parity.
—-
apparentconsumption
ton
a
+33°
10,943
8,357
Germany
SSL""—-.-;
Otner countries.........^...-.........Total
outstanding feature of the week
France, 19%; Japan, 16%; Canada, 12.8%; Czecho-
following countries:
was
jron—The
,
in
Considering the consumption of tin by countries, in the United states
en America there
with f.rrther aHvanees of 50e
$8*1© of 40,000 tons of pig iron t^) Japan; which. it was Stated
In the
ended October the world output of tinplate reached a new record of
year
wan
™naway market m scrap Willi 1 urtner advances, 01 OUC. a ton.
will be furnished by an Alabama
beginning of the year.
tinplate industry, in which there has been an increase of 17.7%.
the
market in
rilTiawnv
p-
consumers' stocks is approximately the
The increase in tin consumption this year
also
equipment and replacements; renewed activity in the
and oil indusiries.
The "Iron Age" in its summary
stated:
"The world-wide shortage of steel, accentuated
by the feverish activity in rearmament, is having marked
repercussions in this country.
As an indication that the
large volume of buying of the past few weeks has been
speculative only to a small degree, many consumers have
come into the market for additional tonnages of sheets and
Strip, paying the higher prices quoted for the first quarter."
js reported that many mills are greatly handicapped as a
result of shortages in coke and pig iron.
Added to this is a
new
and jactual consumption
apparent
of
Dec. 26, 1936
gas
n% in the first io months of this year.
comparison
indicates that the present level of
year
Chronicle
market
on
Crack
3^c. higher at $1.98.
was
About 110 bales were tendered for delivery against December
contracts. The Yokohama Bourse closed 4 to 11 yen lower,
Whlle the PriCe °f ^rade D m the outside market Was up
123^ yen to 8723^ yen a bale.
Local closing: Dec., 1.96;
jan-> 1.97. March, 1.97; May, 1.95;3^ July, 1.933^.
T
^
att
ak
COTTON
Thurvdmi
T,
„
.
Ninhf
y
,
T)pr
'
9d
*,
Kttfi
5*.
'
* ne Movement of the Crop, as indicated by our telegrams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
119,319 bales, against 143,595 bales last week and 133,018
bales the previous week, making the total receipts since
.
1
.
oor.
yl11
,
'
r
,
_
oir_
___
_
„
7.
Aug. 1,1936, 4,839,411 bales, against 5,252,772 bales for the
period of 1935, showing a decrease since Aug. 1, 1936 of
413,361 bales.
'
same
Volume
Financial
143
Receipts at—
Sat.
Mon.
Tues.
9,852
4,633
12,231
4,888
1,067
8,629
10,223
4,987
Galveston
Houston
Corpus Christi.
_
New Orleans
Mobile
8,041
1,076
'
•
Pensacola, &c—
Fri.
Thurs,
TQtal
43,323
20,192
1,067
42,248
6,216
6,927
2,698
4,090
2,986
13,864
1,670
255
6,727
2,426
4,987
HOLI¬
789
875
.
Savannah
Wed.
'
I'
1,034
520
237
490
932
18
204
97
929
116
118
63
178
525
180
31
47
334
Wilmington
50
Norfolk
76
:
give us the following amounts of cotton
cleared, at the ports named::
24,738
28,238
32,641
16,657
Dec.
119,319
;
/
24 at—-
Leaving
Great
Ger¬
France
Britain
2,359
2,180
17,045
shipboard, not
on
On Shipboard Not Cleared for—
Galveston
Houston
New Orleans
Totals this week.
4177
In addition to above exports, our telegrams
tonight also
875
DAY
78
Charleston
Chronicle
8,200
8,951
28,585
__
Other
many
13,500
1,278
8,000
2,083
23,168
Coast¬
Cont'nt
5,645
Stock
wise
42,500
22,477
10,223
Total
5,500
77,700
34,789
67,621
Savannah
Charleston
The
following table shows the week's total receipts, the
total since Aug. 1, 1936 and stocks tonight,
compared with
last year:
Mobile....
Other ports.
_
Total 1935.
1935
Stock
46,949
28,557
22,077
_
i Total 1934--
Receipts to
24
This
Galveston
Since Aug
This
Week
ljCC.
1, 1936
Week
Since
Aug
1, 1935
1935
1936
43,323 1,473,470
50,129 1,252,453
553
35,181
876,148
20,192 1,115,354
1,067
278,993
11,871
42,248 1,353,081
6,216
173,375
875
82,722
3,600
2,359
98,647
61,267 1,332,439
1,346
255,377
31,162
35,695 1,297,776
3,276
319,474
2,474
134,337
3,531
1,325
279,452
586,493
63,789
26,645
778,761
112,517
7,266
2,771
151,180
Texas City
Houston
Corpus Christi...
Beaumont-..
New Orleans
...
Mobile
Pensacola, &c
Jacksonville
Savannah
821,375
18,541
699,835
58,717
24,730
634,187
162,459
21,606
4,347
198,699
50
Brunswick
Charleston
Lake
1,595
"525
141,977
53,526
16,060
334
22,918
497
13",817
"210
Charles
Wilmington
Norfolk
Newport News...
New York
Boston
303
142
62", 120
28,681
21,180
32,378
"4",845
2,715
1,050
191,920
55,063
16,430
28,097
48,414
25,891
22,381
34,522
""402
2,180
1,575
....
Baltimore
12",080
Philadelphia
Totals
157
119,319 4,839,411 158,812 5,252,772 2,754,146 2,782,281
In order that comparison
may
we
give below the totals
Receipts at—
1936
OrleansMobile
Savannah
50,129
61,267
35,695
"2", 180
New
1935
43,323
20,192
42,248
6,216
2,359
Galveston
Houston
Brunswick
be made with other years,
leading ports for six seasons:
at
"l",595
1934
3,276
1,325
1932
1933
25,023
17,786
26,525
3,341
53,878
42,122
40,051
2,567
1931
52,905
879
44,093
48,031
59,674
11,282
1,711
57,298
70,962
6,187
12,292
"l",547
~2"974
"1,156
2,155
1,050
514
966
_
"
Charleston
Wilmington
"3", 587
525
142
589
600
334
-
497
730
436
"l",942
"4", 886
"6",003
8,793
"ll",618
16,454
119,319
158,812
84,550
150,873
182,588
218,440
_
Norfolk-
Newport News
672
"
All others
Total this wk_
Since Aug. 1__ 4,839,411 5,252.772 3,187,821
5,368,875 5,751,196 6,181,369
The exports for
the week ending this evening reach a total
96,957 bales, of which 23,422 were to Great Britain,
22,803 to France, 5,783 to Germany, 10,543 to Italy, 22,695
to Japan, 500 to China, and
11,211 to other destinations.
of
In the
corresponding week last
bales.
For the
reason
total exports
year
178,825
were
date aggregate exports have been
to
2,762,252 bales, against 3,340,870 bales in the same period
of the previous season.
Below are the exports for the week.
Week Ended
Exported to—
Dec. 24, 1936
Exports from—
Great
Britain
France
Galveston
Japan
5,252
6,525
2,467
Mobile
19" 409
"166
5",699
3,138
Gulfport
China
Other
500
15,634
4,660
2,401
6,054
Total
"266
43,618
17,546
2,401
28,232
1,063
_
New Orleans...-
4,285
11,211
96,957
3,894
2",824
84
875
875
Total...
23,422
22,803
5,783
10,543
22,695
Total
1935...
16,638
1934...
4,858
24,593
6,837
21,792
Total
4,037
12,312
89,894
21,207
2,112
From
500
21,871 178,825
9,435
56,771
Exported to—
Aug. 1, 1936, to
Dec. 24, 1936
Great
Exports from—
Galveston
99,906 129,435
107,718 94,385
Houston
Corpus Christi*
47,278
41,048
813
9,211
120,788 157,523
6,748 16,135
55,685 21,642
Beaumont
New Orleans..
Lake Charles._
Mobile
Jacksonville...
Pensacola,
1,282
-
-
8,640
84,196
2,564
Gulfport
222
Los
Francisco.
-
-
-
-
-
-
-
-
-
-
-
-
-
5,400
655
372
—
•
-
-
-
-
18,000
•
^
-
-
-
-
-
3,831
487
11,040
569,961
33,512
132,182
cleared up
77,500
89,582
5,500 183,623 2,570,523
10,763 178,975 2,603,306
700 114,513 2,903,540
81,510
traders
expected to be wary about making
are
large commitments.
The market's vigorous rally on Wednes¬
day
in
attributed
was
barter agreement
which
is
small
no
measure
between the United
expected
to
cotton..
open
up
new
to
the
States and
outlets for
reported
Germany,
American
L''U'
^
On the 19th inst. prices closed 3 points up to 2
points 6ff.
The session as a whole was
comparatively quiet, and without
special feature. There was some overnight foreign and do¬
mestic trade buying, which more than took care of the
early
offerings and for a time the market had a firm appearance.
Outside interest proved limited, however, and there
being no
aggressive support, prices sagged.
At the close the early
gains had disappeared.
Traders appeared to be awaiting
some
new incentive, though no
large scale operations are
expected now until after the holidays.
Attention was
centered on the forthcoming Government sales of 12-cent
loan cotton, which many seemed to think will have an over¬
shadowing effect on the market, at least until it has been
demonstrated hoyr the cotton will be taken
by the trade.
Southern spot markets, as
officially reported, were unchanged
to 2 points higher.
Average price of middling at the 10
designated spot markets was not reported owing to lack of
advices from Norfolk.
On the 21st inst. prices closed 1 to
6 points down.
Trading was relatively quiet, though much
January liquidation was liquidated in preparation for first
January notice day, Dec. 28, with this option showing the
greatest loss, selling down to 12.14 cents, and this
despite
the fact that several spot houses
bought January and sold
more distant months.
There was much conjecture as to the
trend the January option would
take, though so far the
tendency has been generally upward the same as the Decem¬
ber delivery.
March was relatively steady, with trade
houses good buyers on the scale down. But taken as a
whole,
the market
was
decidedly of a pre-holiday character.
Re¬
Liverpool that the labor troubles at Lancashire
had been amicably adjusted and the Census Bureau
report
that ginnings from Dec. 1 to 13 were well below a
year ago,
ports fr
m
the market in the early session a fairly steady tone and
apparently encouraged moderate commission house and
foreign buying. Demand was readily supplied, however, and
prices fell away in the later trading. Southern spot markets
as
officially reported, were unchanged to 8 points lower.
Average price of middling at the 10 designated spot markets
12.56
cents.
'On the 22d. inst.
prices closed 5 to 9
points down.
The market opened barely steady at 2 to 7
points off in sympathy with lower Liverpool cables than
expected.
The decline was further accelerated around the
opening by foreign and commission house liquidation.
As
the session progressed
long cotton continued to come out
was
2,540
74,271
2,502
102,751
-
-
1,200
„
10
„
-
_
_
_
—
-
^
_
9,905
166
2,878
2,466
1,788
1,215
3,816
_
1,466
-
1,147
„
58,407
15,464
100
—
3,564
2,460
1,169
71,886
18,722
was
Trade houses
demand
was
considerable
were
the
hedging and New Orleans selling.
buyers on the scale down, but
best
not sufficient to check the market in its
sagging
Weakness in the grain markets played its part
prices. Traders generally were
indisposed to take a position on the upward side over the
holidays.
Further, many commitments are being held up
pending an official announcement from Washington relative
tendency.
influence against cotton
as an
77,244
391
^
_
50
581,537
190,953
2.106
-
987
•
2,560
872,385
2,222
-
100
-
11,788
Total
6,012
-
6,117
-
7,936
+
.
•
50
87,249
'
2,850
-
21,192
-
500
-
-
54
4,528
1,552
-
86,542
129
252
Angeles...
San
•
4
Other
•'
»
3,982
60
Baltimore
Philadelphia...
355
64,395
-
33,163
955
-
11,922 113,467
570 88,857
4,069
482
-
-
-
365,105
175,040
33,685
1,258
1,312
.
York
Boston.
■
China
26,908
29,454
33,941
1,091
1,791
133
Norfolk
8,045
966
254
Wilmington
Japan
95,373 ,57,177
66,544 48,423
2,170
Savannah
to
the
cotton
time and terms when the Government
12-cent loan
will be offered for sale.
The terms of the loan are
expected to be doubly important in regard to the near
positions, as some traders fear that the market will be
influenced by lower grade cotton held
by the Government,
in competition with unsold
supplies. Southern spot markets,
as
officially reported, were 6 to 10 points lower.
Average
price of middling at the 10 designated spot markets was
12.49 cents.
Total
583,313 468,454
1
Total
1935..
Total
1934..
*
»
Italy
many
37,247
38,960
48,308
1,200
&c.
Charleston
New
France
15,728
14,325
4,492
Speculation in cotton for future delivery was moderately
active, with the tendency downward during the early part
of the week.
The prospective disposition of the
government
loan cotton appeared to be an
overshadowing influence, and
until
uncertainty
regarding the government's action is
and there
Ger¬
Britain
37,946
35,748
5,734
gave
Italy
many
16,178
Houston..-
Corpus Christi.
■
Ger¬
3,513
.
Total 1936..
1936
2*.300
1,213
...
Norfolk
798,448
551,704
711,140
151,180
62,120
109,004
32,378
154,459
395,079156,640
791,575
13,447353,744 2762,252
791,436 439,299
363,834 217,229
460,440 197,709
220.236 224,042
910,893
18,614
910,456
52,015365,5352353,347
522,47913,340870
Includes reports from Brownsville.
On
The
the
inst.
prices closed
received
favorable developments
many
NOTE—Exports to Canada—It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason
being that virtually
all the cotton destined to the Dominion comes overland and It is
impossible to give
returns 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
23rd
market
as
on
a
opening
raw
closed
chief
in
the
These
increased
export
As
12
to
stimulus
trade
barter basis.
up
cotton.
and
its
19
points
from
agreement
negotiations
with
are
possibilities for
higher.
reports
of
Ger¬
regarded
American
a
exports were 12,251 bales.
result, the market turned sharply higher
the highs of the day.
Early in the
session the market assumed a
holiday character without
active interest either way.
Demand from trade sources,
however, was more in evidence, and this demand more than
100,326 bales exported
took
view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
for the month of November the exports to the Dominion the present season
say that
have been 38,444
bales.
In the corresponding month of the preceding season the
For the four months ended Nov. 30, 1936, there were
56,651 bales for the four months of 1935.
as against
care
at
of
about
offerings of 30,000 bales of March
and
May
4178
Financial
This
contracts.
action
of
the
when
news
ment
selling
market
largely from tired longs.
came
made
The
favorable
a
impression, and
of the trade agree¬
with
from Washington on progress
Germany was received, the market responded
readily, demand broadening and prices moving up rapidly.
Southern spot markets, as officially reported, were 10 to 15
points higher.
Average price of middling at the 10 desig¬
nated spot markets was 12.61c.
Today prices closed 14 to 22 points up.
The market was
active and
active
and
foreign
buying,
accumulation of overnight orders.
was
attributed to
a
ruling
dealings with
more
that
which was due to an
Part of the early demand
favorable view of the United States
will
permit certain
of barter
types
Germany.
Although there was considerable
realizing on the bulge and also some hedge selling, all
offerings appeared to be well absorbed.
Liverpool, the Far
East and European interests were conspicuous on the buying
side.
and
The Liverpool market
reported
was
as
highly active
higher.
Staple Premiums
60% of average of
six markets quoting
Differences between
grades established
22, 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
for deliveries
for deliveries on
Deo. 16. 1936
1 Inch
16-16
inch
fe
longer
.38
.70
.38
.70
.38
.70
.38
.70
.37
Middling Pair
.White.............. .74 on
Middling.,
do
.64
Good Middling
do
.54
Strict Middling
do
i..............
.35
Middling....
do
Basis
Strlot Low Middling...
do
49 off
Low Middling....
do
....1 14
•Strict Good Ordinary.
do
1.81
♦GoodOrdinary.......
do
2.87
...
Mid.
do
do
..............
do
......
.60
.27
contract to Dec.
on
Strict Good
.68
.31
48
do
.....
Mi
..............
do
.......
do
.....
.38
.70
Good Middling
.38
.70
Strict Middling
do
do
.37
.68
Middling
do
do
.31
.60
do
do
.27
.48
Strict Low Middling...
Low Middling
Extra White
—
....
♦Strict Good Ordinary.,
♦Good Ordinary
.36
.65
.36
65
.26
45
.25
.48
.25
48
54
do
1936
26,
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
figures are brought down to Wednesday evening.
To make
the total show the complete figures for tonight (Thursday) we
add the item of exports from the United States, for
Thursday
only.
and
cable
as
Lec. 24—
Stock at Liverpool
V-
1936
788,000
95,000
1935
583,000
95,000
883,000
bales.
Manchester
Stock at
1934
1933
860,000
74,000
886,000
119,000
do
do
48 off
do
do
do
do
do
do
do
.........il.13
£.
1.80
2.37
Good Middling
do
do
do
Spotted
do
Middling
do
♦Strict Low Middling...
do
♦Low Middling
do
Good Middling
Tinged
Strict Middling
do
♦Middling
do
♦Strict Low Middling...
do
1.16
do
1.84
934,000
320,000
157,000
31,000
80,000
54,000
15,000
♦Low Middling
.27
2.38
Total Continental stocks......
482,000
1,005,000
613,000
284,000
29,000
90,000
136,000
11,000
8,000
665,000 1,171,000
543,000
Stock at Genoa
Stock at Venice and Mestre
Total European
8,000
stocks.
-.1,365,000 1,221,000 1,599,000 2,176,000
93,000
75,000
93,000
59,000
321,000
480,000
218,000
346,000
Egypt, Brazil,&c.,afl't for Europe 127,000
157,000
154,000
97,000
Stock in Alexandria, Egypt
388,000
320,000
339,000
446,000
Stock in Bombay, India
694,000
417,000
475,000
665,000
Stock in U. S. ports
...2,754,146 2,782,281 3,018,053 4,044,596
Stock in U. S. interior towns
2,253,715 2,382,257 1,911,138 2,188,745
U. S. exports today
17,591
46,934
11,748
37,960
India cotton afloat for Europe—
American cotton afloat for Europe
Total visible
supply
7,881,472 7,818,939 10060,291
8,013,452
Of the above, totals of American and other descriptions are as follows:
Liverpool stock..
Manchester stocky.
....bales.
304,000
244,000
484,000
71,000
45,000
64,000
158,000
271,000
Havre stock
206,000
172,000
134,000
Other Continental stock
&.—
20,000
94,000
109,000 1,090,000
American afloat for Europe
321,000
480,000
218,000
346,000
U. S. ports stock.
2,754,146 2,782,281 3,018,053 4,044,596
U. S. interior stock
2,253,715 2,382,257 1,911,138 2,188,745
U. S. exports today
17,591
46,934
11,748
37,950
Bremen stock
284,000
50,000
135,000
—
Total American-
-6,041,452 6,490,472 5,961,939 8,255.241
East Indian, Brazil, &c.—
Liverpool stock.
504,000
45,000
54,000
38,000
29,000
93,000
279,000
24,000
54,000
15,000
50,000
75,000
Egypt, Brazil, &c., afloat
127,000
388,000
694,000
157,000
320,000
Manchester stock
Bremen stock
Strict
do
Havre stock
Other Continental stock
Stock in Alexandria, Egypt
Stock in Bombay, India
616,000
29,000
49,000
23,000
402,000
55,000
79,000 f
93tO0O—
154,000
339,000
475,000
81,000
59,000
97,000
446,000
665,000
do
do
.97 off
do
do
162
do
2.18
do
do
.63 off
do
do
do
77
do
1.13
do
.....
...
Total East
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
12.81
Middling upland
Futures—The
highest,
Mon.
Tues.
12.78
12.71
lowest
and
Wed.Thurs.
12.83
12.99
closing
Fri.
Hoi.
at
prices
New York for the past week have been as follows:
India, &c
1,972,000 1,391,000 1,857,000 1,805,000
6,041,452 6,490,472 5,961,939 8,255,241
Total American
Total visible supply
8,013,452
Middling uplands, Liverpool
7.01d.
Middling uplands, New York
12.99c.
Egypt, good Sakel, Liverpool
11.14d.
Broach, fine, Liverpool
5.68d.
Peruvian Tanguis, g'd fair, L'pool
8.46d,
C.P.Oomra No.l staple,s'fine.Liv
5.72d.
7,881,472 7,818,939 10060,241
6.41d.
7.20d.
5.33d.
11.90c.
9.89d.
5.81d.
12.85c.
9.45d.
5.99d.
10.30c.
...
......
......
......
...
......
......
8.39d.
4.16d.
Continental imports for past week have been 160,000 bales.
The above figures for 1936 show a decrease from last
future contract.
Dec. 19 to Dec. 25—
417,000
do
.63
do
.
Europe
do
Gray
Mmdfing.
Indian afloat for
do
35 off
do
•Middling....
8ot deliverable on
do
do
125
Yellow Stained
♦Middling..v
Good Middling
45
The official
19,000
9,000
3,000
Stock at Rotterdam.
Stock at Barcelona—
1.91
do
Good Middling
♦Strict Middling
on
63 off
....
.45
Stock at Trieste---............
678,000
212,000
187,000
16,000
42,000
75,000
9,000
2,000
189,000
244,000
18,000
-
Stock at Havre
do
18
.06 off
Strict Middling
43
.27
Total Great Britain
Stock at Bremen
do
on
35
even
;
....
.25
Dec.
The Visible
strong, futures opening 7 to 13 points higher on
trade
Treasury
Chronicle
week
of
increase
17,935 bales, a gain of 131,980
194,513 bales over 1934, and
2,046,789 bales from 1933.
1935,
decrease
over
of
a
an
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 stocks tonight, and the same items for the
Monday,
Tuesday,
Wednesday,
Dec. 21
Dec. 22
Dec. 23
Dec. 24
corresponding period of the previous year-—is set out in
detail below:
Thursday,
Dec. 19
Friday,
Dec
Saturday,
25
Jan.(1937)
Movement to Dec. 24,
Range.. 12.18-12.24 12.14-12.20 12.07-12.14 12.10-12.21 12.27-12.40
12.14
12.08
12.21
12.40
Movement to Dec. 27, 1935
1936
Closing. 12.20
Towns
Feb.—
Ship¬
Receipts
ments
12.20m
.
12.16m
12.09m
12.22m
Week
12.40m
Season
Receipts
24
Ship¬
Week
Season
Stocks
ments
Dec.
Week
Range._
Closing
Stocks
Dec.
Week
27
March—
Ala.,Birming'm
Range.. 12.18-12.26 12.17-12.24 12.10-12.18 12.11-12.24 12.31-12.40
12.21-12.22 12.18-12.19 12.11-12.12 12.23-12.24 12.39-12.40
Closing
April—
Eufaula
.
Range..
Closing
12.17n
12.13m
12.06m
12.20m
12.35m
DAY
214'
Ark., Blythville
!_
178
Little Rock..
Range__
Closing. 12.07m
12.03m
11.97m
12.12m
184
Pine Bluff.
4,345
.
Walnut Ridge
Ga., Albany
Range.. 12.01-12.08 11.98-12.05 11.90-11.98 11.94-12.10 12.16-12.25
12.01-12.02 11.98 —
11.93 —
Closing
12.08-12.10 12.24-12.25
.
81
595
Athens.
Range..
11.91m
11.87m
11.80m
1L97m
Range..
11.80m
Closing
11.76m
11.67m
11.86m
X20.000
2,843
Augusta
12.13m
12.02m
.
4,365
Atlanta
Aug.—
Columbus
Sept.—
.
x500
Macon
1,306
Rome
x400
La., Shreveport
Oct.—
xlOO
Greenwood..
.
11.64m
11.56m
11.75m
x500
Natchez
11.93m
29
Nominal,
Range for future prices at New York for week ending
trading began on each option:
15 towns ♦
S.C., Greenville
Tenn.,Mem phis
Texas, Abilene.
Austin
Range for Week
Range Since Beginning of Option
Brenham
Dallas
1936..
1937..
Feb.
1937..
10.12
Mar. 1937.. 12.10
Apr. 1937..
May 1937..
June
1937..
Dec.
9 1936 12.78
July
Feb.
25 1936 12.76
July
10 1936
San Antonio.
Nov. 12 1936 12.48
Dec.
14 1936
Texarkana
July
10 1936
Waco
Dec.
24
Dec. 22
Dec.
24 11.52
12.40
10.20
12^00 Dec".
22
12~32 ~Dec~.~24
ii?9()"Dec."22 12*25 ~Dec~.~24
Mar. 27 1936 12.78
11.51
Nov. 12 1936 12.35 Dec.
10.48 June
1 1936 12.78 July
14 1936
10 1936
Sept. 1937..
10 1936
11.41
Nov. 12 1936 12.25 Dec.
15 1936
Aug. 29 1936 12.55 July
27 1936
Nov.
12 1936
11.52
11.56
Dec.
Dec. 24 11.05
Nov. 12 1936 11.92
Dec. 24 1936
11.57 Dec. 22 11.98
Dec.
Dec.
Dec. 24 1936
24 11.56
Paris
Robstown
10,707
62,707
42
601
1,668
68,605
36
4,843
94,800
13,372
27,357
18,010
11,316
119,783
16,937
75,671
19,647
19,352
25,972
197,455
4,600
1,156
541
2,192
1.200
380
2,421
425
5,018
643
18
325
4,000
183
758
409
4,072
2,328
1,795
3,438
52
425
9,919
1,018
3,018 132,028
500 35,600
1,586 40,465
400 31,902
4,757 26,844
6,319 46,069
100 35,277
10,000 88,074
1,000 25,727
361
4,572
1,485 16,723
1,803 20,378
11,869
1,252
5,953
84
70
170
500
131
610
244
843
"726
428
23
252
76
7,382
98
2,741
57,170
14,716
77,492
83.382
102,260
25,514
34,677
29,029
8,658
131,281
25,591
99,283
29,565
24,017
65,407
199,829
151,167
23,039
47,124
14,346
70,447
105,007
38,542
157,606
51,629
8,665
28,009
37.383
94,939
3,098
381
2
137
1,757
7,002
1,365
407
956
158
5,383
1,260
3,231
2,338
268
750
38,845
12,062
72,294
71,824
105,306
24,609
23,316
21,755
2,343
109,542
22.898
72,540
22,735
18,421
70,369
1,690 174,078
1,144 151,913
500
22,050
107
45,010
26,184
33,652
75
753
2,244
75
39,320
26.899
1,515
64,301
892
661
32,260
5,024
13,365
1,253
25,899
315
7,386
«
25
159
3,100
17 1936 11.98
..
2,823
165,099
123,114
74,096 1 ,804,311
648
37,463
x500
15,540
225
5,863
1,450
72,847
997
67,406
13,696
"236
8,180
320
34,207
1,526
76,168
X4.000
6,901 102,974
4,000 80,914
94,563 678,407
625
4,980
200
460
2,048
1,550
31,468
2,607
60,209
1,953
2,300
10,170
9,800
1,238
149
182
1,293
1,133
622
190
1.201
2,780
12
1,137
11,083
5,788
259
77
703
291,654
91,051
,229,919
44,527
17,341
11,087
40,989
31,611
10,501
4,558
21,841
75,843
19,385 182,633
2,734 62,087
58,292 717,477
841
3,244
119
3,278
202
4,547
1,641 13,110
1,036 16,272
109
1,704
291
657
456
13,580
11,595
1,575
Total, 56 towns 148,4834,551,473185.235 2253715141,167 3,779,794130,7112382257
*
4 1936
11.53 Dec. 22 11.92
Nov. 1937..
1937..
140
46
223
54,244
14 1936
11.50
Aug. 1937..
1937..
3 1936 12.74
Jan.
Dec. 22 12.40
1937..
July
Mar.
9.76
9.94
12.07
240,161
57,322
3,028
Oklahoma—
Dec. 24, 1936, and since
Option for—
38,743
52,821
164,455
30,917
56,387
53,035
18,570
167,993
27,135
115,066
42,861
12,766
22,120
186,955
150,593
10,125
34,440
20,043
98,830
141,429
36,247
11,869
645
Yazoo CityMo., St. Louis.
N.C.,Gr'nsboro
60,928
8,379
15,594
37,142
50,912
169,657
__
Vlcksburg
Range.. 11.66-11.69 11.60-11.68 11.57-11.58 11.60-11.77 11.84-11.98
11.64 —
Closing. 11.65m
11.57-11.58 11.76-11.77 11.96-11.98
Dec.
x3,000
Jackson
Dec.—
Jan.
3,882
Columbus
.
Range..
11.67m
Closing
25
Miss.Clarksdale
Range.. 11.68-11.73 11.61-11.72 11.53-11.61 11.61-11.77 11.82-11.92
11.68 —
11.64 —
11.55
11.74-11.77 11.90-11.92
Nov.—
Dec.
1,676
Newport
12.27m
July—
Oct.
473
Jonesboro
„
Closing
401
1,025
Hope
_
Closing
1,038
City.
Helena
Range__ 12.10-12.17 12.06-12.13 12.00-12.06 12.03-12.16 12.23-12.32
12.12-12.14 12.07 —
12.01 —
Closing
12.16
12.30-12.32
m
584
Selma
Forest
May—
June—
68
Montgomery.
HOLI¬
.
1,112
Includes the combined totals of 15 towns In Oklahoma,
The
above
decreased
totals
show
during the week
128,542 bales less than
that
the
36,752
at the
same
x
Estimated.
interior
bales
stocks
have
and are tonight
period last year.
The
Volume
Financial
143
Chronicle
receipts of all the towns have been|7,316 bales more than
the
same
week last year.
New York
The
middling upland at
cotton
New
York
on
Dec. 24 for each of the past 32 years have been as follows:
1936
1935
1934
1933
1932
1931
1930
.__12.99c.
1928
-.12.00c.
1927
...12.80c.
...
1926
-
...
...10.25c.
...
1925
5.95c.
1924
...
...
...
...
6.40c.
1921
...
...
...
1917
..18.90c.
...
1920
1919
..19.80c.
--24.00c.
..36.35c.
--26.20c.
.
...
1922
...17.25c.
1929
.
...
1923
9.85c.
......
..20.55c.
..19.75c.
..12.95c.
...
.
1913
__15.25c.
...
1912
1911
1910
..31.00c.
..16.75c.
...
...
1915
1908
...
1907
7.65c.
1906
..12.60c.
1905
..
...
...15.15c.
...
._-15.75c.
9.20c.
...
...
..12.15c.
...
1914
...13.20c.
9.50c.
1909
_
1916
...
39.25c.
32.60c.
_
..
1918
...
...
...11.70c.
...10.55c.
...12.10c.
...
Market and Sales at New York
Futures
Spot Market
SALES
Market
Closed
Closed
Saturday
Steady, 1 pt. adv
Monday
Steady, 3 pts. dec
Tuesday
Steady, 7 pts. dec..
Wednesday. Steady, 12 pts. adv.
Thursday
Steady, 16 pts. adv.
Friday—
HOLI
Contr'ct
Spot
Steady—.—.
Steady————
Steady._
Very steady.
Total
300
300
4",000
*566
4,000
2,300
1,800
_.
__
—.
Ver^ steady
Total week.
800
Since Aug. 1
46,322
5,800
6,600
64,200 110,522
reports Thursday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
—
Via St. Louis
Via Mounds, &c. ———————
Via Bock Island
Via Louisville.
.:
...
—
...
3,681
20,000
spinning spindles
.41,049
-;:T.
Active Spindle Hours
v'' .1
Spinning Spindles \
.
.
Leaving total
*
Including
net overland *
In Place
movement
Nov. 30
7.997,374,464
327
New England StatesAll other States--&.—
7,730,368
1,588,189,842
205
183,738,108
188
Alabama
1,884,310
662,994
3,334,774
1,727,980
616,528
3,041,362
650,292
3,071,114
635,883,410
155,007,296
1,088,343,954
337
234
205,228,676
286
855,205,502
64,305,806
111,939,018
83,589,550
1,883,280,204
234,947,934
2,025,479,518
217,916,445
202
95,013
40,819
"523
7,358
86,287
300,704
3,995
40,815
53,839
530,376
217
6,019
259
4,418
8,814
199,529
7,207
114,988
9,031
219,365
7,676
131,544
487,824
46,163
1936
398,832
-1935-
Since
Week
Receipts at ports to Dec. 24
Since
Week
Aug. 1
Aug. 1
119,319
32,018
Net overland to Dec. 24
South'n consumption to Dec.
24__120,000
4,839,411
487,824
2,655,000
158,812
46,163
100,000
5,252,772
398,832
2,105,000
Total marketed
Interior stocks in excess
Excess of Southern mill
271,337
*36,752
7,982,235
1,070,948
304, §75
10,456
7,756,604
1,257,919
—
takings
consumption to Dec. 1
Connecticut-
Georgia
Maine
979,424
717,080
4.233,932
Mississippi
New Hampshire
...
206,164
875,378
234,585
New York
508,628
North Carolina
6,073,232
Rhode Island
1,087,608
310,466
5,541,378
816,060
South Cafolina
5,733,560
5,446,846
Tennessee
639,950
Texas
253,178
Virginia
652,304
564,268
208,388
565,132
All
839,872
684,692
other States
24,452
565.349
Movement into sight in previous years:
Week—
Bales
REPORT
and
Bales
6,330,404
9,083 693
9,192,354
.
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:
Georgia
Louisiana
Mississippi
Missouri
North Carolina.
Oklahoma
South Carolina
Tennessee
.
...
Texas
Monday
Tuesday
Galveston
12.45
12.37
New Orleans
12.60
12.51
13.01
13.00
12.58
12.30
12.51
12.48
12.41
Dallas
Fort Worth
12.98
13.00
12.90
12.57
12.77
12.69
13.20
12.55
13.08
12.96
12*70
12.30
12.45
12.20
12.38
12.12
12.35
12.50
12.24
12.26
12.16
12.28
12.26
12.23
12.16
12.28
12.50
felosmg quotations
cotton market for
Tuesday,
Wednesday,
Dec. 21
Thursday,
Dec. 22
Friday,
Dec. 23
Dec. 24
Dec. 25
12.06
Bid.
11.99
12.12
12.06
12.18
Bid. 12.29
12.16
12.13
12.10
12.05
11.97
12.12-12.13 12.26
119961200a 11.94
11.88
12.02
June
September
October
..
11.68
11.61
11.54
Bid,
117261173a 11.86
11.57
Bid,
11.75
November
11.70
Bid.
11.64
Bid,
Bid. 11.926-.94a
Tone—
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
6,335
31,336
13,150
*9,754,578
*11,704,980
*9,173,295
1935-36, compared with 94,346
STOCKS,
IMPORTS,
AND
EXPORTS—UNITED
i
consumed
during the month of November 1936, amounted to
626,695 bales.
Cotton on hand in consuming establishments on Nov.
30.
was 1,792,250 bales, and in public
storages and at compresses 8,418,408
bales.
The number of active consuming cotton spindles for the
month
23,805,520.
The total imports for the month of November 1936.
8,945 bales and the exports of domestic cotton, Excluding linters, were
689,815 bales.
was
Steady.
Steady.
Very
Stdy.
Steady
WORLD
STATISTICS
The world's production of commercial cotton, exclusive of
linters, grown
in 1935, as compiled from various sources, was
26,641,000 bales, counting
American in running bales and foreign in bales of 478
United
HOLI¬
DAY
12.18-12.20
August...
December.
667,516
387,708
2,212,325
pounds lint, while
States) for
The total number
of spinning cotton spindles, both active and
idle, is about 152,000,000.
12.32-12.33
April
May
162,388
56,737
554,709
435,737
720,701
300,288
2,570,409
24,778
the consumption of cotton (exclusive of linters in the
the year ending July 31, 1936, was 27,631,000 bales.
_
July
1,218,730
were
Monday,
Bid.
190,534
26,435
1,036,507
539,808
STATES
Dec. 19
February
931,186
88,915
830,872
232,290
24,156
963,600
470,929
1.115,000
211,947
81,373
212,795
298,197
Includes 41,130 bales of the crop of 1936
ginned prior to Aug. 1 which
counted in the supply for the season of
Cotton
Saturday,
March
*
CONSUMPTION,
the past week have been as follows:
Jan.(1937) 12.12
1934
bales.
•
leading contracts in the New Orleans
1935
1,025,944
102.083
782,455
American-Egyptian for 1936; 13,563 for 1935, and 11,079 for 1934.
The statistics for 1936 in this report are
subject to revision when checked
against the individual returns of the ginners being transmitted
by mail.
The revised total of cotton ginned this season
prior to Dec. 1 is 11,495,611
12.44
New Orleans Contract Market—The
Below is the report
GINNING
aad 99,787 bales of the crops of 1935 and 1934.
12.65
12.40
12.44
>
COTTON
The statistics in this report include 271,195 round bales for
1936; 238,547
for 1935 and 174,569 for 1934.
Included in the above are 12,226 bales of
13.24
12.18
12.23
H
for
Friday
was
12.63
12.53
13.04
13.00
12.40
13.03
Wed'day Thursday
12.42
12.92
12.50
12.50
13.06
12.30
12.48
12.21
13—
on—
United States
Saturday
ON
,129,029
144,820
,243,421
379,317
27,413
,053,035
740,691
,846,440
300,365
94,760
522,981
283,458
729,927
416,498
.752,825
27,841
12,159
Virginia
Memphis..
217
1936
Alabama
All other States.
Closing Quotations for Middling Cotton
Houston...
Little Rock
182,458,549
Running Bales (Counting Round as Half Bales
and Excluding Linters)
■
...
273
1934
New Mexico
Augusta
341
299
177,961,868
Number of bales of cotton ginned from the growth of 1936
prior to Dec. 13,
1936, and comparative statistics to the corresponding date in 1935
California.——.
Florida.
Since Aug. 1—
184,518 1934.
254,280 1933
267,887 1932
1932—Dec. 30
Montgomery
353
75,826,734
173,295 bales from the crop of 1934.
Arkansas
Norfolk
164
216
in full:
Arizona
—
120
310
compiled from the
individual returns of the ginners, shows 11,704,980
running
bales of cotton (.counting round as half bales and
excluding
linters) ginned from the crop of 1936 prior to Dec. 13, com¬
pared with 9,754,578 bales from the crop of 1935 and 9,-
9.563,416
905,502
;
Savannah
312
Cotton Ginned from Crop of 1936 Prior to Dec.
Census report issued on Dec. 21,
315,431
9,928,561
1934—Dec. 28
1933—Dec. 29
Mobile.
326
The
548,893
-
North, spinn's' takings to Dec. 24
45,351
25
179,640
381,374
930,242
State
Came into sight during week
Total in sight Dec. 24
Dec.
288
by rail to Canada.
Sight and Spinners'
Takings
Week Ended
Average per
Spindle in Place
Total
,
6,225,446,514
12,138
"
♦Decrease.
Novz
17,463,486
5,608,264
733,770
88,992 bales.
over
ing
23,805,520
The foregoing shows the week's net overland movement
this year has been 32,018
bales, against 46,163 bales for
the week last year, and that for the season to date
the
aggregate net overland exhibits a gain over a year ago of
In
Active Dur¬
19,048,036
195
707,189
32,018
for November
State
27,757,828
210
.
in place in the United States
Cotton growing States
13,817
Between interior towns.
were
ber, 23,514,270 for September, 23,433,658 for August;
23,251,764 for July; 23,021,042 for June; and 23,193,538 for
November 1935.
The hours of employment and of produc¬
tive machinery are affected
generally by organized short time.
However, in order that the statistics may be comparable with
those for earlier months and years, the same method of
computing the percentage of activity has been used. Com¬
puted on this basis the cotton spindles in the United States
were
operated during November 1936, at 129.9% capacity.
This percentage compares with 123.3 for
October, 125.8 for
September 115.8 for August; 119.8 for July; 111.0 for June;
and 101.1 for November 1935.
The average number of
active spindle hours per spindle in place for the month was 288.
The total number of cotton spinning
spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place, by States, are shown in
the following statement:
Massachusetts
Deduct Shipments-
for
Nov. 30, 1936, of which 23,805,520 were operated at some
time during the month,
compared with 23,638,270 for Octo¬
United States.-——
7,386
1,120
170,283
90,043
3,174
6,301
90,868
346,520
373
———
Via Virginia points
Via other routes, &c
Industry
Aug. 1
Week
Aug. 1
11,869
4,876
260
Spinning
1935
Since
Week
Cotton
(Since
—1936-
Dec. 24—
the
on
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
Shipped—
in
November 1936—The Bureau of the Census announced on
Dec. 19 that according to preliminary figures, 27,757,828
Quotations for 32 Years
quotations for
Activity
4179
India's 1936 Cotton Crop Estimated at
975,000 Long
Tons, or 2% Above Year Ago—In advices from Rome,
Italy, Dec. 21 (Havas), to the New York "Journal of
Commerce" of Dec. 22, it was stated:
India's cotton crop this year will total 975,000
long tons,
2%
more than
last year, the International Agricultural Institute here estimated
to-day.
An Indian cotton crop of 975,000 long tons would be
equal to about
4.487,000 bales of 478 pounds gross weight each.
4180
Financial
o>
Telegraph—Reports to us by tele¬
Weather Reports by
is
being done very thoroughly because the very best of weather
prevails.
There is nothing in reports from the interior,
however, to indicate that an unusual amount of cotton is
coming to the gins.
Indications are that between now and
March 20, the date of the final ginning report, less than the
graph this evening denote that the scrapping of cotton
usual amount of
being available—and the aggregate amount taken by Northern and for¬
eign spinners, 6.495,567 bales in 1936 and 5,957,803 bales in 1935, of which
4,323,367 bales and 3,755,203 bales American,
b Estimated.
not
Rain
Bombay and the shipments from all India
ports for the week
and for the season from Aug. 1 as cabled,
Amarillo
Austin
Abilene
1934
1935
1936
65 r low 42
62
low 26
70
low 40
68
low 34
76
low 44
mean 54
mean 44
mean 55
mean 51
mean 60
dry
high 72
low 44
mean
56
Since August 1
Exports
Dallas
dry
dry
dry
dry
dry
dry
dry
high 66
low 38
mean
52
from—
high 72
low 36
mean
54
high
high
high
high
high
64
70
70
68
72
low
low
low
low
low
32
40
38
38
46
mean
mean
48
55
54
53
59
dry
0.02 in.
0.03 in.
dry
high
high
high
high
58
low
low
low
low
32
36
mean 45
mean 48
Other India:
60
62
74
34
42
mean
mean
48
58
1935—
dry
high 72
hign 68
high 70
low 38 mean 55
low 30„ mean 49
low 40 mean 55
high 70
low 37
high 66
high 68
low 32
low 36
low 38
461,000
32,000
550,000
For the Week
dry
Corpus Christi
Aug. 1
Week
Aug. 1
38,000
646,000
134,000
Bombay
Week
Aug. 1
Week
Since
Since
Since
Dec. 24
Thermometer
high
high
high
high
high
Brownsville
Del Rio
El Paso
Houston
Palestine
Port Arthur
San Antonio
-
Oklahoma—Oklahoma City.
_
;.l day
2 days
Arkansas—Fort Smith
Little Rock
Louisiana—New Orleans
Shreveport
s
1 day
Vicksburg
0.26 in.
1 day
Mississippi—Meridian
0.20 in.
dry
Alabama—Mobile
0.38 in.
0.60 in.
1 day
-.1 day
Birmingham
Montgomery
dry
Miami
:
0.48 in.
1 day
Pensacola.
dry
Tampa
0.14 in.
1 day
Georgia—Savannah
2.04 in.
0.42 in.
1 day
1 day
Atlanta
Augusta
0.34
0.02
0.84
0.38
—1 day
Macon
South Carolina—Charleston.-1 day
North Carolina—Asheville
Charlotte.._«
1 day
1 day
in.
in.
in.
in.
mean 53
mean 46
mean 49
mean 50
mean 53
mean 38
mean 43
mean 42
low 32
low 32
high
high
high
high
low
low
low
low
68
68
52
56
32
38
24
30
low 28
high 56
high 58
high 60
high 56
low 34
low 32
low 30
0.42 in.
high 56
low 26
1 day
Chattanooga
..
Nashville
mean
mean
mean
46
46
43
mean
m.
on
Dec. 27, 1935
24, 1936
Feet
Feet
1.7
13,000
8.4
12.2
9.8
gauge.
gauge.
7.0
10.7
9.6
15.2
Above zero of
Above zero of
Above zero of
Above zero of
Total
2,000
32,000
18..
25..
Receipts from, Planations
1934
1935
1935
1936
I
1934
405,544342,678
340,815 265,021 230. 0701 ,499,275 1,414,604 1,339,176 500.408
322,464 492.874 532,515344.223
314,287 336,897 237,205 1 677,862 1,610,222
330,033 387,060 240,603
16- 370,723 372,945208,963
23- 378,683406,164 232,059
30- 385,111372,149 201,932
9-
13.
20.
27.
1.832,026 1,784,489 1,547,572 473.918
1,980,336 1,990,723 1,640,092 478,343
2,098,733 2,132,345 1,735,609 498,120
2,179,563 2,220,751 1,829,198 483.163
2,266,371 2,253,100 1,882,223 471.919
Alexandria
11.
18.
24.
weekly
dria, Egypt.
the
for
175,466
153,406
110,549
(1) That the total receipts
plantations since Aug. 1, 1936, are 5,902,830 bales;
6,483,511 bales and in 1934 were 3,939,609
bales.
(2) That, although the receipts at the outports the
past week were 119,319 bales, the actual movement from
plantations was
82,567 bales, stock at interior towns
having decreased 36,752 bales during the week.
1935 were
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable;
also the takings or
amounts gone out of
1935
1936
Cotton Takings,
Season
Week
Season
8,031,357
234",585
134,000
120,500
15,000
7,813,949
4,899",258
9,928,561
656,000
245,000
1,212,200
223,000
Total takings to Dec. 24 a—
Of which American
Of which other
3"l5~431
38,000
"48,666
11,000
9,563,416
550.000
207,000
1,133,600
195,000
8,534,942 17,164,019
8,226,380 15,944,275
8,013,452
8,013,452
7,881,472
7,881,472
521,490
9,150,567
6,978,367
2,172,200
344,908
239,908
8,062,803
5,860,203
105,000
2,202,600
313,490
208,000
in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,655,000 bales in 1936 and 2,105,000 bales in 1935—takings
*
Embraces receipts
1934
240,000
5,710.868
300,000
4,572,928
Week
96,954
86,065
268,707
12,302
8,000 116,387
75,546
9,000
17,000 342,870
18,695
3,000
30,000 464,028
37,000 553,498
&c
23",666
Total exports
Note—A cantar is 99 obs.
Week
1
Aug.
7.000
1
Since
This
Since
This
Since
Aug.
To America
1
Aug.
62,693
7",000 62,557
17,000 327,020
2,000
15,877
'26,000
468,147
Egyptian bales weigh about 750 lbs.
for the week ended Dec. 23 were
This statement shows that the receipts
600,000 cantars and the foreign shipments 30.000 bales.
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is good.
We give
prices today below and leave those for previous weeks of this
and last year for comparison:
1935
1936
8)4 Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Cotton
32s Cop
8)4 Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
d.
s.
d.
d.
s.
s.
d.
s.
d.
d.
SeDt.
10 0
18
10
25
io^@n Vi 10
0
@ip 2
6.98
@10 2
6.73
@10 2
9
2
@94
6.53
9
7.02
9H@11
9H@11
3
@96
6.40
Oct.—
10 0
2
9 6
@97
6.59
9
11
@10
2
6.86
10
5
@97
6.50
11
@10 5
@10 4
6.99
10
@11^
@11H
9
16
9
5
@97
6.40
6.96
10
@11*$
9
6
@10 0
6.47
30—
L0K@12
@11
0
6.81
10
@11H
9
6
@10 0
6.45
@10 2
6.47
@10 2
6.77
@10 2
6.77
@10 5
6.59
@12H 10 0
@12^ 10 3
10 2
23-- 10^@12
10
6
Nov.—
6
11
@12
10 5
@10 7
6.92
13
11
@12H
10 6
@110
6.71
20
LI
@12 M
10
2
@10 4
6 76
11
@12H
10
6
@11
0
6.72
10
@11H 10 0
10H@llJi 10 0
10 1
10^@12
10 3
10K@12
10 6
@11 0
6.81
10 >4 @12
10 3
@10 6
6.67
im@12 H 10 6
@10 3
6.93
10K@1D*
10
2
@10 4
6.50
10
4
@10 6
6.88
0
@10 2
6.38
10
4
@10
7.01
10M@11% 10
10H@U% 10
0
@10 2
6.41
27
—
Dec.—
11M@12H
4
11
18
nx@i2%
11H®12 H
24
Shipping
News—As
6
shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
96,957 bales.
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
reached
up
Bales
902
2,114
1,936
300
Naples—Dec. 21—Monfiore, 300
Japan—Dec. 17, 4,294
Dec. 21—Komaki Maru, 11,340..15,634
500
Buena Ventura—Dec. 19—Valma Lykes, 200
200
Cartagena—Dec. 19—Valma Lykes, 310
310
Copenhagen—Dec. 17—Braheholm, 908
Dec. 20—Stureholm, 132
1,040
Gdynia—Dec. 17—Braheholm, 2,638—Dec. 20—Stureholm, 887
3,525
Gothenburg—Dec.
17—Braheholm,
692
Dec.
20—
Stureholm, 287
979
Havre—Dec. 17—Oakwood, 16,178
16,178
To China—Dec. 21—Komaki Maru, 500
To
To
To
To
Dec. 24
1935
Week
To Continent and India.
To
4,295", 259
Deduct—
Visible supply
re¬
600,000
6,049,409
Since Aug. 1_
To
Total supply
now
1936
This week
To
Week
Dec. 24.
Bombay receipts to Dec. 24—
Other India ship'ts to Dec. 24
Alexandria receipts to Dec. 23
Other supply to Dec. 23 * &..
Shipments—We
Dec. 23
To
Week and Season
American in sight to
and
Receipts
GALVESTON—To Venice—Dec. 18—Laura C, 902
To Trieste—Dec. 18—Laura C, 2,114
To Genoa—Dec. 21—Monfiore, 1,936
sight for the like period:
Visible supply Dec. 18
Visible supply Aug. 1
230,000
303,000
Alexandria, Egypt,
188,532
from the
are
61,000
previous two years:
404.498l254.957
90,602
211,898 258,950 104,014 2,366.617 2,358,279 1,960,556 181,327 266,804
83,604
133.018 177.455 109,945 2,327,953 2,369.180 1,934,215 94,354 188,356
85,980
143,595 188,143 105,0292,290,467 2,371,801 1,915,166 106,109190,764
84,5502,253,715 1,911,1382,188,745 82,567 169,268 80,522
119,319 158,812
World's Supply and
226,000
95,000
a
500,519 345,826
259,641 363,686 148,50 12 ,301.784 2,287,554 1,922,254 295,054 398,140
359,714
264,096 330,485 134,427 2,342,886 2,316,783 1,963,293 305,198
251,440 271.993 133,525 2,373,757 2,321,538 1,983,174 282,311 276,748
222,432 119,755 2,397,188 2,350,425 1,973,968 240,994251,319
217,563
The above statement shows:
in
725,000
615,000
691,000
120,000
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
past week and for the corresponding week of the
ceive
593,294337,159
514,566 300,444
493,570 325,648
D#c
4.
379,000
290,000
327,000
6,000
18,000
55,000
compared with last year in the week's receipts of
Nov.
6-
245,000
207,000
232,000
I
96,000 bales.
Exports from all India ports record a loss of
12,000 bales during the week, and since Aug. 1 show an
increase of 110,000 bales.
-
Oct.
2.. 319,754 326.252 244.448
'
According to the foregoing, Bombay appears to show an
Manchester
Slocks at Interior Towns
Ended
1936
1
129,000;
186,000
13,000
To Liverpool
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
1934
143,0001
78,000
46,000
22,000
6,000
3,000
1,000
increase
The
1935
480,000
408,000
459,000
all—
1936
This
Southern
1936
117,0001
18,000
102,000'
To Manchester,
Sept.
Total
379,000
290,000
327,000
83,000
101,000
15,000
17,000
Exports (bales)—
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
Receipts at Ports
17,000
38,000
17,000 ?
1934
14.2
gauge.
Above zero of gauge.
Week
China
6,000
18,000
22,000
2.8
gauge.
New Orleans
Memphis
tions.
ment
Receipts (cantars)—
Dec.
Shreveport
Vicksburg
Japan &
Britain
41
the dates given:
Nashville
Conti-
1936.
received by tele¬
graph, showing the height of rivers at the points named at
a.
3,000
1,000
1934
following statement has also been
The
2,000
15,000
Total
China i
6,000
1935
mean 49
mean 57
low 36
high 60
ment
1936
1934
high 70
Great
Jap'n&
I ContU
Bombay—
1935
mean 59
high 66
Great
Britain
64
mean
low 44
0.28 in
1.06 in.
1 day
1 day
mean
mean 54
mean 63
mean 56
dry
Tennessee—Memphis
mean
low 50
low 44
high 70
high 76
high 68
dry
^'^ftaleigh
Wilmington
mean
high 74
dry
Florida—Jacksonville
8
have been as follows:
for three years,
Receipts—
Rainfall
dry
dry
dry
dry
Ports—The receipts
Cotton Movement from All
India
of Indian cotton at
ginning will be done.
Texas—Galveston
1936
26,
Dec.
Chronicle
18—Stureholm, 571
23—Sanger, 969
HOUSTON—To Copenhagen—Dec.
To Antwerp—Dec.
To
To
To
To
To
To
To
To
Gdynia—Dec. 18—Stureholm, 413
Havre—Dec. 23—Sanger, 3,861; Oakwood, 1,541
Gothenburg—Dec. 18—Stureholm, 10
Ghent—Dec. 23—Sanger, 1931
Japan—Dec. 18—-Komaki Maru, 4,660
Dunkirk—Dec. 23—Sanger, 589
Genoa—Dec. 22—Monfiore, 2,467
Bordeaux—Dec. 23—Oakwood, 534
-
571
969
413
5,402
10
1,931
4,660
589
2,467
534
Volume
Financial
143
NEW ORLEANS—To Genoa—Dec. 17—Monfiore,
2,824—
.
To Havre—Dec. 21—Elizabeth Van Beige, 100—
320
7,392
12,017
To Liverpool—Dec. 18—Counsellor, 4,408; Tripp, 2,984
To Manchester—Dec. 18—Counsellor, 4,457; Tripp, 7,560
To
ioo
,
Hamburg—Dec. 21—Hagen, 320
To
50
Gdynia—Dec. 19—Tennessee, 50
150
19—Tennessee, 150
1
CORPUS CHRISTI—To Japan—Dec. 16—Komaki Maru, 2,401..
GULFPORT—To Liverpool—Dec. 17—West Kyska, 857
To Manchester—Dec. 17—West Kyska, 18
MOBILE—To Antwerp—Dec. 16—Ipswitch, 8
To Abo—Dec.
/
2,401
857
18
8
84
255
800
To Bremen—Dec. 16—Ipswitch, 84.
To Rotterdam—Dec. 16—Ipswitch, 255
To Gdynia—Dec. 17—Tennessee, 800--------.----.—
To
1,848
1,290
Liverpool—Dec. 20—West Kyska, 1,848
To Manchester—Dec.
being estimated to absorb from 75 to 80% of production.
Most inquiries called for second or third quarter delivery,
and prices on these positions stiffened somewhat, whereas
quotations for spot goods eased off slightly, as the demand
for quick deliveries slackened.
Business in fine goods was
limited.
Although there was a fair amount of inquiries for
immediate delivery, the scarcity of such goods kept total
sales within narrow limits.
Buyers, on the other hand, as
yet were unwilling to make any substantial commitments for
later shipments. Fancies again moved in fair volume. Closing
prices in print cloths were as follows: 39-inch, 80s, 9^ to
11c.; 39-inch 72-76s, 10^c.; 39-inch 68-72s, 8 to 8^c.;
38^-inch 64-60s, 7^ to 7^c.; 38^-inch 60-48s, 6 to 6%c.
2,824
5,379
.
To Bremen—Dec. 21—Hagen, 5,379
20—West Kyska, 1,290
Total
96,957
—
Woolen Goods—Trading in men's wear fabrics continued
fairly active, although the approach of the holidays kept
volume somewhat restricted. Most interest again centered on
overcoatings, and a fair amount of fill-in orders on suitings
was placed
by clothing manufacturers, as stocks in their
hands were reported to be very light.
Reports from retail
clothing centres indicated sustained consumer demand, with
sport and winter resort wear attracting most attention.
Business in women's wear goods continued to make a good
showing. Orders by garment manufacturers on springs goods
increased, giving mills a substantial backlog of unfilled orders
that will assure capacity operation for over three months.
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
High
Stand-
.32c.
Density
ard
.85c.
1.00
ard
Density
Stand-
Hioh
Stand¬
Hioh
ard
.47c.
Density
Liverpool
Trieste
d.45c,
.60c.
Piraeus
d.45c.
.60c.
Salonlca
1.00
.85c.
Manchester.32c.
,47c.
Flume
.32c.
.47c.
Barcelona
*
Venice
d.45o.
,60c.
*
.55c.
.60c.
.44c.
.590,
Antwerp
d .45c.
.60c.
Bombay
,50c.
.65c.
Copenhag'n.40c.
Naples
d 45c.
Leghorn
d.45c.
Oslo
.48c.
.63c.
Bremen
.32c.
.47c.
Gothenb'g
Stockholm
.44c.
,59c.
Hamburg
.32c.
.47c.
.32c.
.47c.
Japan
Rotterdam ,32c.
.47c.
Shanghai
Genoa
Havre
♦
Rate Is open
*
x
,60o.
d Direct steamer.
Only small lots.
x
Fleeces and flannels continued withdrawn from the market,
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Dec.
Forwarded..
Of which American
imports
Of which American
Amount afloat
18
55,000
734,000
253,000
66,000
31,000
263,000
116,000
65,000
731,000
243,000
61,000
31,000
236,000
115,000
100,000
Of which American
Dec.
11
Dec.
59,000
730,000
252,000
80,000
26,000
218,000
Total stocks
Total
4
day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday
Saturday
Spot
Market,
Thursday
Wednesday
Tuesday
business
More
Moderate
Moderate
business
doing.
12:15
P. M.
Friday
A fair
A fair
f
demand.
demand.
demand.
6.93d.
6.94d.
and
Foreign Dry Goods—Trading in linens contined active.
holiday gift items having come to a close,
With the call for
interest centered
•
materials for
on
use
in resort
wear.
Home
in good demand. The call for cambrics
and sheers exceeded production capacity, resulting in a sub¬
stantial backlog of orders.
Trading in burlaps was spotty.
Interest in shipments was negligible, and only few spot
transactions were made, as offerings continued to be lacking.
Prices were slightly higher, in sympathy with steady Cal¬
cutta cables.
Domestically lightweights were quoted at
3.95c., heavies at 5.50c.
furnishings also
were
doing
6.96d.
were
Retail sales of women's
39,000
788,000
284,000
90,000
48,000
206,000
91,000
and futures
The tone of the Liverpool market for spots
reported to be booked up for some time to come.
apparel made an excellent showing,
the total volume was said to reach record levels.
mills
as
Dec. 24
each
4181
Chronicle
Bales
(
6.92d.
Mid.Upl'ds
B R EADSTUF F S
HOLI¬
7.Old.
DAY
Market
1
(
opened
Steady,
Steady,
Futures.(
to 2
pts. 1
to
pts. 4 to 5
3
pts. 1 to 2
pts. 3
(
decline.
advance.
decline.
[
Steady,
Steady,
Steady,
to
5
pts.
Flour—Rush
advance
decline.
Steady, un¬
Thursday Night, Dec. 24, 1936
Steady
Quiet,
Quiet,
a
Market,
P. M.
|
changed
to 1
to
2
pts. 3
to
4
pts. 1 to
3
Prices of futures at Liverpool for each
are
given below:
Thurs.
d.
d.
d.
d.
d.
December (1936)
6.70
6.72
mm
6.68
6.69
6.70
6.66
6.67
6.67
6.70
mm
mm
6.70
6.71
6.71
6.67
6.68
6.69
6.71
mm
mm
May..._—....
6.68
6.69
6.69
6.65
6.66
6.66
6.69
mm
mm
July
6.63
6.65
6.64
6.60
6.61
6.61
6.63
mm
mm
October...
6.39
6.41
6.37
6.37
6.37
6.38
December.
6.35
6.37
m'
6.33
6.34
January (1938)..
6.35
6.37
6.33
6.34
-
-
THE
-
mm
6.41
«
■
mm
mm
6.69
d.
January (1937).
March.
_
6.72
d.
mm
-
mm
mm',
mm
''mm
mm
d.
d.
d.
6.75
6.73
HOLI¬
6,75
DAY
6.73
HOLI¬
6.68
DAY
6.44
6.40
6.40
DRY GOODS TRADE
New
York—Fridayr Night, Dec. 25, 1936.
Stimulated by ideal weather conditions and disbursements
of dividends and Christmas bonuses, consumer holiday
buying came to
accordance
with
a
close with
earlier
a
last-minute rush, fully in
predictions.
Although
no
exact
to the gain in sales over a year ago are as yet
was reported that the volume increased by a
very appreciable
margin in practically all parts of the
country, with the exception of the Pacific Coast district
where the prolonged maritime strike exerted a retarding
influence on trade.
Despite the somewhat disappointing
results shown during the first part of December, the late
upturn in sales was believed to have increased the month's
gain for the country as a whole to over 10%.
While gift
items, notably the higher-priced lines, were outstanding in
demand, sales of apparel and home furnishings also made
impressive showings.
Trading in the wholesale dry goods markets experienced
the customary pre-holiday lull, as retailers continued busy
with their Christmas selling. Wholesalers received some last
minute orders on gift items, but, in the main, concentrated
figures
as
available, it
on
preparations for the usual post-holiday influx of buyers.
expected to be one of the largest in years, as
The latter is
Erices display an advancing trend, andofstocks in retailers'
ands
reported to be in urgent need
replenishment for
are
Business in silks turned quite active,
comparatively small, chiefly due to a
shortage in crepes and satins.
Trading in rayon yarns
continued brisk. With stocks of yarns at record low levels,
and with mills having been unable for several months to
obtain wanted quantities, the usual pre-holiday lull in
demand failed to materialize, and orders continue^ to exceed
production by a considerable margin, resulting in a further
tightening of the delivery situation in all classes of yarns.
January promotions.
but total sales remained
Cotton
Goods—Trading in the gray cloth
moderately active.
Total transactions, con¬
sidering the usual pre-holiday lull, ran up to a fair volume,
Domestic
markets
was
Miller."
Sales
of Northwest mills
climbed
capacity, compared with 34% the preceding week
and 16% a year ago.
Business was at a standstill in the
Central States, as buyers were reluctant to follow price
inst. prices closed ^c. to l^c.
securities was said to have had a
depressing effect on wheat values, much selling coming from
speculative and Wall Street sources.
In the late trading
however, the market turned firm suddenly and prices tended
upward. Renewal of disturbing reports of food shortage in
Germany appeared to be largely responsible for re-establish¬
ment of the upward trend of wheat values here.
The preced¬
ing decline resulted mainly from a depressed stock market
and disappointing Liverpool cables.
A sudden collapse of
5c. in rye quotations at Winnipeg also was an adverse
influence to wheat.
On the 21st inst. prices closed }^c. to
lower.
It would seem that the generality of traders had
Wheat—On
lower.
d.
flour trade caused
§ advances.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
the family
sharp rebound in flour business last week, according to
''Northwestern
to
Dec. 25
from
to 74% of
advance
day
Wed.
Tues.
Mon.
Sat.
Dec. 19
stdy.
3 to 6 pts.
pts.
advance.
decline.
advance.
advance.
Very
orders
the
The
the
19th
slump in
feelingvthat the United States Government crop report
after the close of
trading would make a decidedly bearish
Following this hunch, many traders sold, with the
result that prices tended lower during most of the session.
For a short period a pronounced showing of strength in corn
had a stimulating effect on wheat and led to moderate gains
in the latter.
The strength in corn was short-lived however,
the consequence being a falling off of prices all along the line.
showing.
Other bearish items
were a
break of 3c.
a
bushel at
one
time
during the day in the Liverpool wheat prices, together with
word of a let-up in European import purchases, which had
an unsettling effect on many traders in the domestic markets.
The general feeling that the Government report would make
a bearish display appeared to be the chief factor causing the
wheat market's heaviness.
On the 22d inst. prices closed
2^c. to 3J/8C.
The wheat trade received quite a shock in
the official announcement of wheat planting, which proved
unprecedentedly large.
July wheat, which represents the
new
1937 domestic crop, was under the severest selling
pressure, and plunged down almost precipitately 3%c. On
this wide break however, substantial buying was in evidence,
which readily absorbed the offerings, and just before the
close a slight rally took place.
There seemed to be quite a
little skepticism in many quarters of the trade concerning the
Government report, which showed that 5,000,000 acres
more wheat had been seeded than was indicated by the latest
private estimates, and also because the total acreage inaicated is 10% greater than any previous planting, even in
war
years.
Renewed suggestions of the possibility of a
billion bushel crop of wheat in the United States the coming
season were
current and attracted considerable notice.
Such
it was conceded, would require almost perfect
weather.
Winnipeg estimated 500,000 bushels of Canadian
wheat>were taken for export.
Italy bought 375,000 bushels
from Argentina and a similar amount from
Danubian
a'huge
crop,
countries.
f
4182
Financial
On tlie 23rd inst. prices closed V2 to
l%c. higher.
Reports
of expansion of domestic flour buying and acute world im¬
needs,
port
as
which
time goes on,
latter
appreciated more and more
the influences responsible for today's
were
strength in wheat.
are
Another item of
that did much to
news
influence the upward movement was the barter agreement
between the United States and Germany, which has been
officially approved at Washington.
The
Liverpool market
showed considerable strength, in sympathy with the Chicago
market.
One leading British trade authority announced
that his present forecast of
European wheat import require¬
28,000,000 bushels larger than heretofore, making
the total 568,000,000 bushels.
Today prices closed 3% to 3%c. up. Late action of wheat
ments
is
prices today swept the Chicago market upward for substan¬
tial gains, this being attributed largely to the increasingly
grave conditions abroad as a result of the latest develop¬
ment in
Spain.
There
bought
8,000 tons of
export
offers
reports that Germany today had
wheat, and that all North American
were
Europe
to
accepted.
Chronicle
Dec.
1936
26,
Rye—On theJ19th inst. prices closed 134 to l/4c- down.
There was a sudden collapse of 5c. in rye
quotations at
Winnipeg, and it was rather surprising the Chicago market
for rye did not show more severe losses than really regis¬
tered, especially in view of the weakness displayed in most
of the other grains.
This drastic decline at Winnipeg up
to this writing was without explanation, but was assumed to
be due to an overbought market lacking sustained buying
power.
On the 21st inst. prices closed 34^. lower to Me.
higher.
Trading in this grain was light, with very little
of importance in the news.
On the 22d inst. prices closed
334c. to 334c. down.
This was more of a net loss than
shown by wheat at the close.
Rye being a bread grain, it
was only natural it should be
severely affected by the ex¬
tremely bearish Government report which so depressed wheat
prices.
On the 23rd inst. prices closed iy2 to l%c. higher.
The
increasingly large estimates of the world's need of tlie two
bread grains,
whetit and rye, are being reflected more and
in the sharp upward movements of these grains.
To¬
Importing coun¬
tries were apparently being forced to bid prices
up to obtain
supplies.
A sharp rise in the Argentine market overnight
was
also a stimulating factor, together with reports of
grains, the heavy demand for
decidedly detrimental weather in Australia.
to its relative
in wheat
were
100,573,000 bushels.
was
DAILY CLOSING PRICES
OF
WHEAT
Sat.
No. 2 red-...
DAILY
CLOSING
PRICES
OF
138%
-132%
—
May
July
-
118
-
Season's
December
High and
140%
135
120%
DAILY
CLOSING
OF
Sat.
December
May
July--
125%
124%
-
-
—-—
-
^Uorn—On
Tues.
Low
and
When
85
121%
Made
appears
a
matter
to be entirely focused
two
bread grains.
Today prices closed V2 to lc. up.
There was
nothing especially noteworthy in this market, the upward
movement being influenced largely by the action of the
other
grains, especially wheat.
46,651,000 bushels.
r"~
Open interest in
com
was
No.>2 yellow---
122%
-
Mon.
120%
Tues.
Wed.
119%
Thurs.
119%
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat.
December
May
July
May (new)-July (new)..
-
108%
103%
99%
--104%
101%
Season's High and When Made
December-__.110%
Dec. 21,1936
Dec. 21, 1936
May.
Dec. 21, 1936
July
100%
Dec. 21, 1936
May (new) —106%
Dec. 21, 1936
July (new)
103
Mon.
109%
103%
99%
105%
101%
Tues.
120%
Thurs.
108%
103%
99%
104%
101%
109%
103%
99%
105%
102
HOL
Fri.
inst.
DAILY
prices closed
%
to
%c.
higher.
same
as
HOL
latter markets
DAILY
CLOSING PRICES
OF
Sat.
No. 2 white
DAILY
64%
CLOSING
PRICES
OF
1936
1936
1936
1936
51%
50%
45%
-
May
July
Season's High and
December
52%
May
July
51%
46%
OATS
Mon.
64%
Corn, New York—
No. 2 yellow, all rail
63%
64%
Fri.
HOL
Hard winter patents
Hard winterclears
51%
51%
45%
50%
49%
51%
50%
44%
44
Low
and
26%
40%
37%
51%
51% HOL
45%
When
-
51%
51%
51%
51%
50%
49%
Fri.
94
84%
Mon.
80%
73%
HOL
Tues.
Wed.
80
83
71%
72%
Thurs.
Fri.
86%
75%
HOL
follows:
Oats, New York—
153%
---120%
No. 2 white..
64%
Rye, No. 2, f.o.b. bond N. Y.--126%
Barley, New York—
47% lbs. malting
108
Chicago, cash
100-140
6.85@7.10
5.95@6.15
Fancy pearl.Nos.2.4&7
6.10@
6.15
11.40^
....
3.35
3.10
Coarse
4 40
5.75&
6.25
regarding the movjment 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
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.imbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
Chicago
204,000
1,000
14,000
Louis
Kansas City..
Omaha
124,000
43,000
12,000
St. Joseph...
Wichita
Buffalo
Same week/35
Same week,'34
392,000
2,872,000
2,707,000
1,842,000
5,447,000
6,008,000
388,000
Sioux City...
Total week ,'36
1,957,000
352,000
1,000
137,000
44,000
3,000
494,000
798,000
285,000
339,000
515,000
51,000
3,000
76,000
99,000
Milwaukee-
St.
183,000
683,000
41,000
2,000
303,000
33,000
21,000
170,000
31,000
717,000
156,000
44,000
397,000
303,000
325,000
3,238,000
200,000
96,000
80,000'
113,000
5,000
24,000
1,000
22,000
12,000
1,000
44,000
1,000
21,000,
152,000
20,000
88,000
104,000
22,000
121,000
434,000
48,000
282,000
3~2~665
6~3~666
70,000
40,000
104,000
154,000
3,000
10,000
260,000
1,259,000
1,257,000
1,119,000
4,000
10,000
20,000
328,000
1,074,000
1,709,000
1,103,000
414,000
181,000
Since Aug. 1—
1936
1935
1934......
Total
e
8,771,000145,082,000 81,365,000 43,873,000 9,888,000 56,597,000
7,867,000235,965,000 64,148,000 85,264,000 13,111,000 58,128,000
7,625,000137,301,000113,676,000 29,343,000 8,576,000 39,419,000
receipts of flour and grain at the seaboard ports
week ended Saturdav. Dee.
Receipts at—
Flour
Wheat
19. 1936. follow:
Corn
Oats
Rye
Barley
bbls.lQQlbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
_
Baltimore
New
Orleans*
187,000
38,000
15,000
22,000
___
Montreal
34" 000
St. John, West
18,000
14,000
Boston
2,882,000
1,000
1,000
52",000
238,000
51,000
196,000
44,000
46,000
776",000
22" 000
"l'ooo
~~8~, 066
::::::
i2~666
Halifax
13,000
12,000
11,000
12,000
900",000
54i"666
Quebec
"l'ooo
•
Made
May 27, 1936
July 29, 1936
Oct.
L 1936
50%
50%
Thurs.
94
84%
All the statements below
Galveston.
OF OATS FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
December
May
63%
HOL
FLOUR
New York...
Thurs.
Wed.
94
Spring oats, high protein_8.00@8.25 Rye flour patents
Spring patents
7.60@7.90 Seminola.bbl., Nos. 1-3
Clears, first spring
6.45@6.85 Oats, good---Soft winter straights
5.95@6.15 Cornflour
Hard winter straights
6.85@7.20 Barley goods—
Philadelphia.
Wed.
Tues.
85
Manitoba No. l.f.o.b. N. Y_141%
YORK
NEW
108%
109
IOQT^
94
were as
Waeat, New York—
No. 2 red. c.i.f., domestic
pronounced.
FUTURES IN CHICAGO
Mon. Tues.
Wed.
Thurs. Fri.
When Made
I
Season's
Dec. 21, 19361December
Dec. 14, 19361 May
Dec. 14, 1936 [July
DAILY CLOSING PRICES
IN
Tues.
103%
mat!
104%
GRAIN
The
OATS
Sat.
December--
were most
Mon.
75%
73%
—
Closing quotations
Detroit
was
strength and activity
101%
ins 3^
102%
OF BARLEY FUTURES IN WINNIPEG
—
Toledo
relatively inactive, attention of the
trade being focused apparently on wheat and rye, in which
corn,
105%
105%
in Wo
86
Sat.
May
firmness of this grain was largely in sympathy with wheat
and rye.
Today prices closed V2 to %c. up.
This grain,
the
CLOSING PRICES
Minneapolis..
prices closed unchanged to 34c. higher.
Trading quiet,
with demand for spots light, though the basis was advanced
as
much as lc.
On the 22d inst. prices sclosed 124c. to
114c. down.
The declines were attributed largely to the
actionjof the wheat markets and to the bearish showing of
the Government report on grain acreage.
23rd
FUTURES IN WINNIPEG
Mon? Tues.
Wed. Thurs. Fri.
93
December
Duluth
inst.
the
HOL
Fri.
^ Oats—On the 19th inst. prices closed unchanged to 34c.
off. .Trading was quiet and without feature.
On the 21st
On
Sat.
—
Peoria
—
Fri.
118%
115%
108%
86%
—-
May-..-
May
85%
July
85
May (new)— 89%
July (new)
86%
29,
1,
Nov. 2,
Nov. 2,
Thurs.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Indianapolis..
Oct.
Wed.
113
110%
104%
RYE
Sat.
Season's Low and When Made
December
52%
June
2, 1926
July
112%
109
103
CHICAGO
Season's Low and When Made
When
Made
Dec. 18, 1936 December
June
3, 1936
55%
Dec. 18, 1936 May
75%
Aug. 11, 1936
Dec. 18, 1936 July
71
Oct.
3. 1936
DAILY CLOSING PRICES OF
CHICAGO
Wed.
108%
102%
98%
104%
100%
May
July
Tues.
IN
of the last three years:
fc*JDAILY CLOSING PRICES OF CORN IN NEW YORK
Sat.
119%
.115%
109%
December
speculative interest
wheat and rye, the
on
—
Season's High and
December
105%
closed'unclianged*to~%c".
of fact,
Mon.
——-——-115
115%
———————111% 112%
106% 106%
May
Fri.
On the 23rd inst. futures closed unchanged to %c. higher.
This grain was hardly responsive to the sharp upturn in
As
— —
123% 128%
123% 128% HOL
Trading in this grain was relatively quiet and
special feature.
Open weather is still reported in
most sections, and marketings of corn are not being seriously
interferred with.
On the 21st inst. prices closed Mc. to
Mc. higher.
The strength of the December delivery had
a stimulating effect on the rest of the
list, this spot month
advancing as much as 2 cents.
The arrival of one of the
largest runs of spot corn in a long time, in the face of a
light demand, strangely received but passing attention.
The
spot market turned easy late in the session, however.
On
the 22d inst. prices closed 24c. to 134c. down.
This grain
was more or less under the influence of
reactionary wheat
markets.
News concerning corn was generally routine.
rye.
Sat.
December
May-July-
;
FUTURES
RYE
107
without
and
OF
December
higher.
wheat
highs of the day.
DAILY CLOSING PRICES
WIZNIPEG
120^120% 117% 119% 124%
the 19th inst. prices
about the
at
as a
Thurs.
IN
Wed.
122
Fri.
May 28, 1936
Sept. 2, 1936
Oct. §2,1936
105%
96%
Tues.
124%
124%
Fri.
CHICAGO
Thurs.
rye being attributed largely
bread grain, and was naturally
influenced by the sharp upward move in wheat.
The close
cheapness
HOL
136% 139%
131% 134% HOL
116% 119%
FUTURES
Mon.
153%
IN
Wed.
138% 135%
132% 130
117% 114%
WHEAT
Thurs.
150%
FUTURES
Mon.
When Made
Season's
Dec. 18, 1936 December
Dec. 18, 1936 May
Dec. 18. 1936 July
PRICES
Wed.
149
day prices shot violently upward, showing gains at the close
of 4Vs to 4%c.
The showing of rye was the best of all the
was
NEW YORK
IN
Tues.
151%
WHEAT
Sat.
May
July
Mon.
150%
December.---.
Open interest
more
52%
52%
Total
week,'36
340,000
4,377,000
1,351,000,
SinceJan. 1/3614,782,000138,635,000
11,812,000'
Week 1935..J
247,000
SinceJan.1/35 12,918,000
*
HOL
on
1,586,000
87,000
70,049,000
15,486,000
57,000
7,809,000
77,000
17,258,000
22,000,
1,000
4,534,000 3,914,000
57,000
4,769,000
68,000
4,858,000
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
Volume
Financial
The exports from the several seaboard
ports for the week
ended Saturday, Dec. 19,
1936, are shown in the annexed
statement:
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
229,000
63,156
1,000
2,000
Baltimore
New Orleans
sYiIooo
Quebec
Montreal
Total week, 1936—
Country
llooo
130,156
Asia
Week
July 1 to—•
Dec.
Week
Since
Dec. 19
July 1
1936
1936
1936
1936
1936
Barrels
Bushels
Bushels
Bushels
United
Kingdom.
59,101
27,840
11,500
26,500
1,299,000
357,000
5~215
402,450
329,000
596,000
11,000
71,368
130,156
20,260
2,691,749
1,805,126
1,670,000
So. & Cent. Amor.
West Indies
Brit. No. Am. Cols.
Other countries...
The
visible
supply
45,474,000
29,332,000
246,000
14,000
14,000
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
i
New York
...
201,000
202,000
84,000
...
ftflpftt
Philadelphia.
III11 ""I
6571000
3331666
Baltimore *
993,000
201,000
New Orleans
1,000
862,000
37,000
100,000
787,000
Galveston
Fort Worth
3,277,000
918,000
4,265,000
1,316,000
13,117,000
4,016,000
372,000
3,260,000
1,561,000
9,000
7,363,000
Wichita..
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
c
**
1,380,000
73,000
3,637,000
afloat
Milwaukee...'
Duluth
a
Detroit.
Buffalo
b
92,000
26,000
32,000
32,000
4421666
365,000
2,000
3,000
1,000
11,000
16,000
124,000
16,000
36,000
39,000
32,000
134,000
2301666
199",66O
1,167,000
2,534,000
324,000
1,102,000
857,000
8,000
7,684,000
607,000
29,000
6,000
10,000
2,091,000
75,000
199,000
28,000
15,163,000
3,789,000
1,354,000
477,000
6,000
5,000
6,000
1,425,000
7,215,000
2,214,000
"
afloat
On Canal
~2~, 000
92,000
87",666
12,000
5,640,000
2,347,000
145,000
Minneapolis
1,000
30,000
121,000
316,000
482,000
134,000
843,000
1,333,000
337,000
184,000
247,000
1,921,000
4,653,000
5,808,000
1,735,000
175,000
1,175,000
209,000
19, 1936-.
59,644,000 10,592,000 35,903,000
5,170,000 15,949,000
61,526,000
9,083,000 37,008,000
5,444,000 16,686,000
72,507,000
6,719,000 42,266,000
9,083,000 15,801,000
*
Baltimore also has 159,000 bushels Argentine corn In
bond,
a Duluth includes
109,000 bushels feed wheat,
b Buffalo also has 129,000 bushels
Argentine corn
in bond,
c
Chicago also has 84,000 bushels Argentine
corn
In bond.
Note—Bonded grain not included above:
Oats, Buffalo,
78,000 bushels, against 241,000 bushels In 1935.
Barley,
78,000 bushels; total,
Buffalo, 512,000; Buffalo
afloat, 364,000; Duluth, 3,100,000; Duluth afloat, 572,000; Milwaukee
afloat,
1,047,000; Chicago afloat, 360,000; total, 5,955,000 bushels, against
54,000 bushels
In 1935.
Wheat, New York, 7,346,000 bushels; New York
afloat, 796,000; Buffalo,
4,310,000; Buffalo afloat, 4,732,000; Duluth, 4,155,000; Erie,
100,000; Albany,
3,048,000; Chicago, 262,000: Canal, 1,924,000; total,
26,673,000 bushels, against
31,332,000 bushels in 1935.
Algeria.
Montreal
Ft. William & Pt. Arthur
Corn
Oats
Rye
Bushels
Bushels
Bushels
1,781,000
9,212,000
364,000
water points
33,000
1,461,000
Other Canadian & other
840,000
266,000
2,312,000
36,724,000
3,427,000
209,000
1,495,000
19, 1936— 47,717,000
Total Dec. 12, 1936
48,820,000
Total Dec. 21, 1935—..128,027,000
5,252,000
5,430,000
5,947,000
1,082,000
1,107,000
3,458,000
4,073,000
4,031,000
3,899,000
Summary—
59,644,000 10,592,000 35,903,000
47,717,000
5,252,000
Canadian
Total Dec.
Total Dec.
Total Dec.
19, 1936
12, 1936
21, 1935
—
5,170,000 15,949,000
1,082,000
4,073,000
107,361,000 10,592,000 41,155,000
6,252,000 20,022,000
110,346,000
9,083,000 42,438,000
6,461,000 20,717,000
200,534,000
6,719,000 48,213,000 12,541,000 19,700,000
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Dec. 18, and since
shown in the
July 1, 1936, and July 1, 1935,
are
following:
Wheat
Corn
»
Week
North Amer.
Black Sea
Argentina—
Australia
—
India
Oth. countr's
Total
Since
Week
Since
Since
July 1
July 1
Dec. 18
1936
July 1
1936
July 1
1935
1936
1936
1935
Bushels
'
Since
Dec. 18
Exports
Bushels
Bushels
Bushels
Bushels
Bushels
3,416,000 115,564,000
1,680,000 38,880,000
1,823,000 27,956,000
1,264,000 32,156,000
72,000
6,560,000
368,000 12,392,000
.
75,282,000
30,266,000
49,949,000
43,432,000
8,623,000 233,508,000 215,457,000
1,000
5191666
10,369,000
4,936,000
8,135,000 190,751,000 151,031,000
3061666 11,9601666
8,960,000
26,368,000
213,081,000182,336,000
Foreign Crop Prospects—The latest available informa¬
pertaining to cereal crops in foreign countries, as re¬
ported by the Foreign Service of the Bureau of Agricultural
tion
Economics to the United States
at
Washington, and given out
on
Department of Agriculture
Dec. 18, is
as
follows:
Wheat—Present estimates of the 1936-37 world wheat
production, ex¬
clusive of Russia and China, indicate a
crop of about 3,469,000,000 bushels
compared with 3,558,000,000 in 1935-36 and 3,721,000,000 bushels for
the
5-year average 1931-32 to 1935-36.
The apparent disappearance of
wheat
during the past five years averaged 3,812,000,000 bushels or
bushels
more
than the present estimate of the current
crop.
6
• **
* ,m0><
3
9,589
017.238}
i*
$ mm.
f
w*4
wm*
mm
w?» rvi
GRAINS
corn
in 13 foreign
NoriWn 11MsqpilMf*
production of a year ago, the North African
countries
the Asiatic countries and
*£%
a
8% increase.
tm
tm
urnmm.
Oat#—The 1936 production of oats in 28
foreign Northern
coimtries reported is 6% below the 1935
harvest In those rwumrtM#**Ǥ
it amounted to
42% of the estimated world total.
Tim <44$mmmm te m^
counted for mainly by the small
crop in Canada, which, wm
kmmm
that of last year.
The European harvest in those count rum Is
mpptmrnmtu*?
the same as that of a year
ago, while there hi a
16% iaermm m the
African count ires, and a small increase In
Turkey.
Barley—The 1936 production of barley in 33 foreign NWtiwarm
sphere coimtries reported is practically the same as I
km ltd* fmwlt*,*
in the same
countries, which accounted for about 42% of tie*
suimstsl
world total.
The crop in Canada is
13% below that of
yeswv a«rf t-feer#
is a net decrease of
5% in the Asiatic countries
reported, km i.We Ha a*
increase of 2% in the European
countries, ami a 7% twrmm m Ifee
African
FEED
countries.
GRAINS:
PRODUCTION
IN
SPECIFIED
COCNTfUFA
t**M*
Compile#! from Official Sottma
Crop and Countries Reported in 1936
1933
1,000 Bu
1934
1.000 Km
i
#*
* mm
-
2,396,525 1.4J|,I»27
Canada
.....
Europe, 8 countries
......
North Africa, 2 countries
Asia, 2 countries
....
...
13
1*1
457.455
M$.lW»
5.553
95,977
77,44.1]
•9iJ2
J
•
>W, Til
Total 14 countries
.....
Estimated world total
.......
t&M.j*
i
2,955,647 2,106,756 IMh*
214
4,617,000
Oats—
United States
Canada
Europe, 23
......
733,166
326.695
countries
.......
North Africa, 3 countries—
Turkey
........
......
Total 29 countries
Estimated world total
$42,anftji,m4«2i
1,765,942 i,$27
20.822
22.8J5
i*
14,289
It).MM
U.SW.4
2,860.914 2,445.013
—........
8{«|
42*
■•*44*4
'JjWJiwrtljwri.ia
4,210.000 4,031.000 4jw« m4
Barley—
.....
Canada
153,767
116.64**
......
Europe, 26 countries
North Africa, 4 countries
63,359
....
719.149
102,982
142,048
«1
149,987
......
.........
Total 34 countless
#3,712'
*4 SRT '
"J
§m m*<
>2*
T; *
4.H.4t#
1,181.305 1,121.
Estimated world total
*
2.*'. 7T
#6*1,112
2.220.000 2
2 fm mm
■
Incomplete figure.
Agricultural Department*# Report
duction of Grain and Other
on
tH# m$ rro*
Crops—Th# Vrap lir-f^yr? mg
Board of the United States
Dejiartnient of Airrirtilsu-ff
public on Dec. 18 its report of crop acreage*
|vrMwlrnm aivl
farm value of crops as of Dec. 1.
Thi* rc|#*rt make*
farm value of all crops for 1936
$0,084 JJ32.0UJ, m ««apifn 1
with $5,418,755,000, the farm value of
the m>$** m UU5,
The report follows:
GENERAL CROP
1,000
256,000
16,272,000
15 64
Uf
countries reported is 22% above the 1935
outturn in the mm*
when they accounted for about
12% of the estimated wnrnd tmm..
European countries so far reported show a net inermm *4
ifeV*%
Asia, 2 countries
American....
4 .mm,
m i,
4
1.047,069!
Corn—The 1936 production of
gVU#
,
4 #«*••
t'AUo*
10,403
Total 31 countries.
34
If
29
.......
United States
Total Dec.
4,7##.;
7,249
Turkey
Barley
Bushels
I
17,07»t
4,177
.....
...
Wheat
Bushels
Canadian—
r i
mm
1,003.793
Corn—
Total Dec. 12, 1936
Total Dec. 21, 1935
4 ft mm
\
t
21.416
..........
Europe (26)
United States
Total Dec.
#4* **3
*»
3.809,000 $,si6,wjo;j.55§ m»t%
Est. world total excl. Russia and China.
FEED
Bushels
...
It.Wfel
U't.fM"!«
141
3,693,232 3,4ii»9$r3.#n.«H*
Argentina
of
«Ht'i
Uijwsf
11,702
GRAIN STOCKS
United States—
|t« 124
lio.oM
177,338
Australia..
.......
1,000
45,000
grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec.
19, were as follows:
Boston...
l?»;
286,120i
United States..
Canada
77,150,000
45,119,000
954,000
134
Rye—
2,084*666
ti
*?t *54
3,218,012 3.020931' 4, tU.t
Argentina
Total 46 countries
"ilooo
** |
fM ..»•*»
517.030
Since
July 1
877.»*<••
«#jf»
»u,i92!
110,037
....
(6)
Union of South Africa
1,281,931
Continent
841,697
Bushels
Week
Dec. 19
275.84Mif
1,745,248 1.547.875 | 576 T%7
...
Total43 countries...
Since
Barrels
(3).
Corn
July 1
19
1936
I n» tr
m%-M
12,122
Europe (30)
Africa (4)
Wheat
1934-23
281
Mexico..
571666
Exports for Week
and Since
$t
1,000 B* l.ooo
j|Mm
t mm
5M.6S3
326,3031 #>2# J44
North America—United States.
1,000
15,000
20,260
Flour
w
I033-44 TO
1931-31
Wheal—
"
below:
as
PRODUCTION
at
—,—
.
Total
July 1, 1936, is
RYE:
Canada
1,670,000 ; ■: —
954,000
Same week, 1935
Rye—The rye production in 26 European countries Is
rmtmrnA
661,000 bushels compared with 890.028.000 bushels
la 19J&.
WHEAT AND
18,000
12,000
;
4183
estimate of the 1936 Russian
crop is available but recent talWwiaihw*
to further confirm
reports of reduced production in many tmKtm**..
European production, excludlngRusda, is «i* « a»'i*t»
imported «•«>»
1931-32.
In the Southern
Hemisphere the Australian en*ft ha m*fee
be 9,000,000 bushels less than
last year but an iacriMMt of
bushels over last year's short
crop is reported In Argentina.
341666
——
906I660
St. John, West
Halifax
Chronicle
343,000,000
No official
REPORT AS OP DEO.
19M
a
heavy loss of crops from drought with mm #
yields per acre than in any recent year except
14441.
hmm
by the survey of harvested crops just completed
fey the <
Board of the United States
Department <»f Agricuiiure.
standpoint the low yields are more than offset
by
than in any year since 1929. and the
total value af all crets* m
tn&m
$6,084,932,000 compared with $5,418,755,000 last
Earlier estimates of
year.
The new indications of farm income are
equally
income from crops produced in 1936 hi
expfsied to t#Uat
atweat f i
000,000, an increase of 13% compare#! with 1935,
Addus* tfee-yre- «.t.
estimate of gross income during 1936 from
livestock ami fevtwu* u
of $5,180,000,000 and allowing for Soli
Cortmervattea ami tmm€A
of $480,000,000, the gross income of
farmers fmm 19
mated at $9,530,000,000. compared with
$8,508
$7,276,000,000 in
•«*.<■?
**
1934.
The records of acreages planted and
harvested ahew that
drought did not reduce plantings as much as did the drought *4
caused as heavy a loss of planted
crops.
The area feiauted %m
grains, and flaxseed last spring but abandoned bw*nm *4
totaled about 32,000,000 acres.
In addition aV>ut
winter wheat
at
TV#
sown for harvest in 1936 were
lost *«d «**t ma
could be replanted to other crops.
The acreage of hay crop*
only for pasture is not known but was large in tmm
i*
mi
t'.w
ar#-*
*4
!
Financial
4182
Reports
buying and acute world im¬
port needs, which latter are appreciated more and more
as time goes on, were the influences responsible for today's
strength in wheat.
Another item of news that did much to
influence the upward movement was the barter agreement
between the United States and Germany, which has been
officially approved at Washington.
The Liverpool market
showed considerable strength, in sympathy with the Chicago
market.
One leading British trade authority announced
that his present forecast of European wheat import require¬
ments is 28,000,000 bushels larger than heretofore, making
On the 23rd inst.
of expansion
prices closed V2 to l%c. higher.
of domestic flour
568,000,000 bushels.
the total
Today prices closed
Late action of wheat
3% to 3%c. up.
for substan¬
increasingly
grave conditions abroad as a result of the latest develop¬
ment in Spain.
There were reports that Germany today had
prices today swept the Chicago market upward
tial gains, this being attributed largely to the
all North American
export offers to Europe were accepted.
Importing coun¬
tries were apparently being forced to bid prices up to obtain
supplies.
A sharp rise in the Argentine market overnight
was
also a stimulating factor, together with reports of
decidedly detrimental weather in Australia.
Open interest
8,000 tons of wheat, and that
bought
in wheat was
100,573,000 bushels.
DAILY CLOSING
Sat.
PRICES
Man.
December
Fri.
Thurs.
Wed.
Tues.
136% 139%
132% 132% 130
131% 134% HOL
..-.118
117% 114% 116% 119%
Season's Low and When Made
December
85
May 28, 1936
Dec. 18. 1936 May
105% Sept. 2, 1936
Dec. 18. 1936 July
96% Oct. | 2, 1936
When Made
Dec. 18. 1936
High and
140%
135
120%
May
July
Man.
138 % 138 % 135%
..
May
July.
Season's
Fri.
Sat.
Mon.
Fri.
Thurs.
Wed.
Tues.
125% 124% 122
123% 128%
124% 124% 121% 123% 128% HOL
120% 120% 117% 119% 124%
December
May...
July
WIZNIPEG
OF WHEAT FUTURES IN
DAILY CLOSING PRICES
-
Rye—On the|19th inst. prices closed 13^ to l^c. down.
was a sudden collapse of
5c. in rye quotations at
There
Winnipeg, and it was rather surprising the Chicago market
did not show more severe losses than really regis¬
tered, especially in view of the weakness displayed In most
of the other grains.
This drastic decline at Winnipeg up
to this writing was without explanation, but was assumed to
be due to an overbought market lacking sustained buying
for rye
On the 21st inst. prices closed He. lower to He.
higher.
Trading in this grain was light, with very little
of importance in the news.
On the 22d inst. prices closed
3^c. to 3He. down.
This was more of a net loss than
shown by wheat at the close.
Rye being a bread grain, it
was only natural it should be severely affected by the ex¬
tremely bearish Government report which so depressed wheat
prices.
On the 23rd inst. prices closed iy2 to l%c. higher.
The
power.
increasingly large estimates of the world's need of the two
bread grains,
whefit and rye, are being reflected more and
of these grains. To¬
in the sharp upward movements
more
violently upward, showing gains at the close
The showing of rye was the best of all the
grains, the heavy demand for rye being attributed largely
to its relative cheapness as a bread grain, and was naturally
influenced by the sharp upward move in wheat.
The close
was at about the highs of the day.
day prices shot
of
4% to 4%c.
DAILY
PRICES
CLOSING
Sat.
December
li9%
May
July
115%
109%
Dec. 18, 1936 May
Dec. 18, 1936 July
DAILY
This
grain
and
hardly responsive to the sharp upturn in
As a matter of fact, speculative interest
was
rye.
wheat
to be entirely focused on wheat and rye, the two
bread grains.
Today prices closed V2 to lc. up.
There was
appears
nothing especially noteworthy in this market, the
movement being influenced largely by the action
other
upward
of the
Open interest in com was
grains, especially wheat.
DAILY CLOSING PRICES OF
ft
^DAILY CLOSING PRICES OF CORN
Sat.
Man.
IN NEW YORK
Thurs.
Wed.
Tues.
DAILY CLOSING PRICES
Sat.
Mon.
Thurs.
Wed.
Tues.
108% 108%
102% 103%
98% 99%
104% 105% 104% 104%
101% 101% 100% 101%
May
July
May (new)
July (new)
Dec.
Dec.
Dec.
Dec.
21,
21,
21,
21,
Fri.
HOL
1936 May
1936 July
1936 May (new)...
1936 July (new)
...
Thurs.
Fri.
HOL
94
94
94
85
84%
84%
OF BARLEY FUTURES IN WINNIPEG
Tues.
Wed.
80%
80
83
86%
73%
71%
72%
Mon.
Closing quotations were as follows:
Thurs.
Fri.
75%
HOL
,
GRAIN
Oats, New York—
Wueat, New York—
No. 2 red. c.i.f., domestic.-.153%
Manitoba No. l.f.o.b.
No. 2 white
N. Y.141%
Corn, New York—
No. 2 yellow, all rail
120%
64%
Rye, No. 2. f.o.b. bond N. Y,..126%
Barley, New York—
47% lbs. malting
108
Chicago, cash
100-140
FLOUR
Spring oats, high protein.8.00@8.25
Spring patents
7.60@7.90
Clears, first spring
6.45@fi.85
Rye flour patents
6.10@ 6.15
Seminola.bbl., Nos. 1-3 11.40@
3.35
Oats, good
3.10
5.95@6.15 Corn flour
6.85@7.20 Barley goods—
Coarse
4 40
6.85@7.10
Fancy pearl,Nos.2,4&7 5.75,eg 6.25
5.95@6.15
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
All the statements below
regarding the mov3ment 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
64%
PRICES
51%
85%
85
89%
86%
July 29, 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2, 1936
When
Dec.
Dec.
Dec.
Tues.
63%
51%
Tues.
50%
51%
45%
Wed.
63%
Thurs.
64%
Fri.
HOL
Wed.
51%
Thurs.
Fri.
51%
303,000
33,000
21,000
170,000
798,000
104,000
31,000
285,000
22,000
12,000
717,000
339,000
156,000
Peoria..
Kansas City..
515,000
51,000
Omaha
49%
44
December
51%
51%
50%
50%
52%
May
51%
51%
49%
50%
52 j
2,000
44,000
St. Joseph...
1,000
3,000
76,000
99,000
392,000
2,872,000
2,707,000
1,842,000
6,008,000
388,000
Sioux City...
Buffalo
Total week,'36
Same week,*35
Same week,'34
Rye
Barley
96,000
113,000
121,000
40,000
104,000
14,000
124,000
Louis
183,000
683,000
41,000
Indianapolis..
397,000
303,000
325,000
5,447,000
3,238,000
80,0001
152,000!
5,000
24,000
1,000
20,000,
22,000
88,000,
12,000
1,000
44,000
1,000
21,000
434,000
48,000
282,000
3 2~ 000
63'000
70,000
154,000
3,000,
10,000
260,000
1,259,000
1,257,000
1,119,000|
10,000
4,000
20,000
328,000
414,000
1,074,000
181,000
1,103,000
1,709,000
Since Aug. 1—
8,771,000145,082,000 81,365,000
7,867,000235,965,000 64,148,000
7,625,000 137,301,000113,676,000
1936
1935
1934
Total
43,873,000
9,888,000 56,597,000
85,264,000 13,111,000 58,128,000
29,343,000 8,576,000 39,419,000
receipts of flour and grain at the seaboard ports for
Dec. 19, 1936, follow:
the week ended Saturday,
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.ldQlbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
York
New
Baltimore
New
Orleans"
187,000
38,000
15,000
22,000
Montreal
St. John, West
34,000
18,000
14,000
Total week,'36
Since Jan. 1,'36
on
238,000
51,000
196,000
44,000
46,000
13,000
12,000
11,000
12,000
2*2",555
"i",666
900,000
776,000
8,000
T666
340,000
4,377,000
14,782,000 138,635,000
1935—.'
247,000
SlnceJan.l,'3512,918,000
HOL
1,000
"12,556
Week
*
1,000
541,000
Quebec..
Halifax..
2,882,000
52~ 555
Galveston
Boston
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
200,000
43,000
Milwaukee...
St.
Oats
bush. 56 lbs bush. 32 lbs. bush.5Qlbs. bushASlbs.
1,957,000
352,000
1,000
137,000
44,000
3,000
494,000
204,000
Chicago
Philadelphia-
FUTURES IN CHICAGO
Mon.
bush. 60 lbs
Wichita
50%
51% HOL
l
44%
45%
Made
I
Season's Low and When Made
21, 1936 J December
26%
May 27, 1936
14, 1936 J May...
40%
July 29, 1936
14, 1936 (July
37%
Oct.
1, 1936
50%
45%
May
July
64%
OF OATS
Sat.
December
Mon.
bbls.mibs
Corn
Wheat
Flour
Receipts at—
Detroit
2, 1926
June
OF OATS IN NEW YORK
Sat.
No. 2 white
July
Wed.
Tues.
94
86
73%
Toledo
strength and activity were most pronounced.
High and
52%
51%
46%
Fri.
HOL
105% 102% 104% 109%
Mon.
75%
Minneapolis..
52%
December
DAILY CLOSING PRICES
May
108%
93
Dulutli
closed unchanged to He.
off.
Trading was quiet and without feature.
On the 21st
inst. prices closed unchanged to He. higher.
Trading quiet,
with demand for spots light, though the basis was advanced
as much as
lc.
On the 22d inst. prices sclosed l^c. to
VAe. down.
The declines were attributed largely to the
actiohjof the wheat markets and to the bearish showing of
the Government report on grain acreage.
On the 23rd inst. prices closed % to %c. higher.
The
firmness of this grain was largely in sympathy with wheat
and rye.
Today prices closed V2 to %c. up.
This grain,
the same as corn, was relatively inactive, attention of the
trade being focused apparently on wheat and rye, in which
Season's
December
Thurs.
BARLEY FUTURES IN CHICAGO
Sat.
109%
Oats—On the 19th inst. prices
CLOSING
101%
May
103%
99%
105%
102
Season's Low and When Made
Season's High and When Made
December
110%
Dec. 21, 1936
DAILY
Wed.
103%
Tues.
December
OF CORN FUTURES IN CHICAGO
108% 109%
103% 103%
99%
99%
December
latter markets
June
3. 1936
Aug. 11, 1936
Oct.
3. 1936
86%
-
Fri.
HOL
122% 120% 119% 119% 120%
No/,2 yellow
May
104%
July..
100%
May (new)...106%
July (new)
103
When Made
55%
75%
71
105%
Sat.
December
HOL
110% 115%
104% 108%
of the last three years:
46,651,000 bushels.
r""~'
Mon.
105%
May
Fri.
118%
RYE FUTURES IN WINNIPEG
Sat.
—.107
higher.
He. higher.
The strength of the December delivery had
a stimulating effect on the rest of the list, this spot month
advancing as much as 2 cents.
The arrival of one of the
largest runs of spot corn in a long time, in the face of a
light demand, strangely received but passing attention.
The
spot market turned easy late in the session, however.
On
the 22d inst. prices closed %c. to I He. down.
This grain
was more or less under the influence of reactionary wheat
markets.
News concerning corn was generally routine.
On the 23rd inst. futures closed unchanged to %c. higher.
December
CLOSING PRICES OF
December
Thurs.
113
112%
Season's Low and
When
Made
Dec. 18, 1936
Season's High and
DAILY CLOSING PRICES
Trading in this grain was relatively quiet and
without special feature.
Open weather is still reported in
most sections, and marketings of corn are not being seriously
interferred with.
On the 21st inst. prices closed Y±c. to
Wed.
Tues.
115%
111% 112% 109
106% 106% 103
May
July
IN CHICAGO
FUTURES
Mon.
115
December
May
closed unchanged to
Corn—On the 19th inst. prices
RYE
OF
.150% 151% 149
Sat.
December
Thurs.
Wed.
Tues.
150% 153% HOL
OF WHEAT FUTURES IN CHICAGO
—
CLOSING
DAILY
NEW YORK
PRICES OF WHEAT IN
No. 2 red
26, 1936
Dec.
Chronicle
1,586,000
70,049,000
1,351,000
11,812,000
87,000
15,486,000
57,000
7,809,000
22,000
4,534,000
77,000
57,000
68,000
17,258,000 4.769,000 4,858,000
Receipts do not include grain passing through New O-leans
through bills of lading.
1,000
3,914,000
for foreign ports
Volume
143
Financial
The exports from the several seaboard ports for the week
ended Saturday, Dee. 19,
1936, are shown in the annexed
Chronicle
4183
Wheat
Corn
Flour
Oats
Rye
Barley
estimate of the 1936 Russian crop is available but recent information seems
to further confirm
reports of reduced production in many regions.
The
European production, excludin?Ru3sia, is oaa * utiles
reported since
1931-32.
In the Southern Hemisphere the Australian
crop is estimated to
be 9,000,000 bushels less than last
year but an increase of 109,000,000
bushels over last year's short
crop is reported in Argentina.
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Rye—The rye production in 26 European countries is reported at
861,661,000 bushels compared with 890,028,000 bushels in 1935.
statement:
Exports from—
New York.
229,000
........
63,156
Baltimore
WHEAT
1,000
2,000
New Orleans....
Quebec
Montreal
900,000
18,000
12,000
Halifax,
Total week, 1936._
Same week, 1935
"
PRODUCTION 1933-34 TO 1936-37
130,156
'
1933-34
'
i
V 15,000
Mexico......
'57,000
.......
....................
845,697
July 1, 1936, is
below:
as
Europe (30)
Asia
Wheat
Exports for Week
......
Week
July 1 to—
Dec.
Since
19
So. & Cent. Amer.
West Indies
Brit. No, Am. Cols.
Other countries...
Since
19
1936
19
July I
1936
1936
1936
Barrels
Bushels
1,281,931
Australia......... i..
402,450
329,000
Bushels
Bushels
"l'ooo
Est. world total excl. Russia and China
2,691,749
1,670,000
1,805,126
954,000
1,000
77,150,000
45.119,000
45,000
.
.
visible
Wheat
Corn
Oats
Bye
Barley
Bushels
Bushels
Bushels
Bushels
......
202,000
057,000
333"000
993,000
New York
201,000
84,000
.........
201,000
1,000
92,000
92,000
26,000
afloat
Philadelphia.
11" III" I
Baltimore *
New Orleans
1,000
Galveston
862,000
3,277,000
918,000
4,265,000
1,316,000
13,117,000
4,016,000
372,000
3,260,000
1,561,000
Fort Worth
Wichita
Hutchinson...
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
......
Peoria
9,000
7,363,000
c....
"
afloat...—.....
Milwaukee............
Minneapolis
12,000
5,640,000
2,347,000
—145,000
........
a.....—......
Detroit.......
b_............
"
afloat...
"2"000
365,000
3,000
2~3b~000
37,000
2,000
32,000
32,000
1,000
11,000
16,000
124,000
-
-
30,000
1~9~9~666
,167,000
16,000
482,000
134,000
29,000
6,000
843,000
1,380,000
73,000
3,637,000
10,000
39,000
32,000
134,000
2,091,000
1,921,000
1,534,000
324,000
.,102,000
857,000
8,000
',684,000
607,000
87,000
75,000
199,000 15 163,000
■■■■■■■;• 28,000 3 789,000
4,653,000
1,354,000
477,000
6,000
5,000
6,000
1 333,000
247,000
337,000
184,000
On Canal
19, 1936— 59,644,000 10,592,000 35,903,000
12, 1936
61,526,000
9,083,000 37,008,000
Dec. 21, 1935— 72,507,000
6,719,000 42,266,000
1,175,000
209,000
5,170,000 15,949,000
5,444,000 16,686,000
9,083,000 15,801,000
Baltimore also has 159,000 bushels Argentine corn In bond,
a Duluth includes
b Buffalo also has 129,000 bushels Argentine corn
c
Chicago also has 84,000 bushels Argentine
corn
in bond.
Note—Bonded grain not included above:
Oats, Buffalo, 78,000 bushels: total,
78,000 bushels, against 241,000 bushels in 1935.
Barley, Buffalo, 512,000; Buffalo
364,000; Duluth, 3,100,000; Duluth afloat, 572,000; Milwaukee afloat,
1,047,000; Chicago afloat, 360,000; total, 5,955,000 bushels, against 54,000 bushels
in 1935.
Wheat, New York, 7,346,000 bash els; New York afloat, 796,000; Buffalo,
4,310,000; Buffalo afloat, 4,732,000; Duluth, 4,155,000; Erie, 100,000; Albany,
3,048,000; Chicago, 262,000; Canal, 1,924,000; total, 26,673,000 bushels, against
31,332.000 bushels In 1935.
afloat,
Wheat
..
.
Ft. William & Pt. Arthur
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
1,781-,000
9,212,000
364,000
33,000
1,461,000
points—.... 36,724,000
840,000
266,000
2,312,000
3,427,000
..
Corn—The 1936 production of
19, 1936- 47,717,000
12, 1936
48,820,000
Total Dec. 21, 1935—128,027,000
1
209,000
1,495,000
5,252,000
5,430,000
5,947,000
1,082,000
1,107,000
4,073,000
4,031,000
3,899,000
59,644,000 10,592,000 35,903,000
47,717,000
5,252,000
Canadian
5,170,000 15,949,000
1,082,000
4,073,000
Total Dec.
19, 1936—107,361,000 10,592,000 41,155,000
6,252,000 20,022,000
Total Dec. 12, 1936
110,346,000
9,083,000 42,438,000
6,461,000 20,717,000
Total Dec. 21, 1935
200,534,000
6,719,000 48,213,000 12,541,000 19,700,000
The world's
shipment of wheat and
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 18, and since July 1, 1936, and July 1, 1935, are
shown in the
corn,
as
following:
Wheat
Corn
Since
Since
Week
Since
Since
Dec. 18
July 1
July 1
Dec. 18
July 1
July 1
1935
1936
1936
1935
1936
1936
Bushels
Argentina.
Australia
.
...
India.....
Oth. countr's
Total.._
Bushels
Bushels
Bushels
Bushels
3,416,000 115,564,000
1,680,000 38,880,000
1,823,000 27,956,000
1,204,000 32,156,000
72,000
6,560,000
368,000 12,392,000
75,282,000
1,000
30,266,000
49,949,000
43,432,000
519"000 10,369,000
Bushels
1,000
4,936,000
8,135,000190,751,000151,031,000
256,000
16,272,000
8,623,000i233,508,000 215,457,000
306,000
11,960,000
26,368,000
8,960,000213,081,000182,336,000
Foreign Crop Prospects—The latest available informa¬
pertaining to cereal crops in foreign countries, as re¬
ported by the Foreign Service of the Bureau of Agricultural
tion
Economics to the United States
at
5,000
8,858
8,508
7,544
937,258
971,756
907,999
Washington, and given out
on
Department of Agriculture
Dec. 18, is as follows:
Wheat—Present estimates of the 1936-37 world wheat production, ex¬
clusive of Russia and China, indicate a crop of about 3,469,000,000 bushels
compared with 3,558,000,000 in 1935-36 and 3,721,000,000 bushels for the
5-year average 1931-32 to 1935-36.
The apparent disappearance of wheat
during the past five years averaged 3,812,000,000 bushels or 343,000,000
bushels more than the present estimate of the current crop.
No official
14
22% above the 1935 outturn in the same countries,
when they accounted for about
12% of the estimated world total.
The
European countries so far reported show a net increase of
25% over the
a
year ago,
the North African countries
72% increase, and
a
the Asiatic countries and
8% increase.
Oats—The 1936 production of oats in 28 foreign Northern
Hemisphere
countries reported is 6% below the 1935 harvest in those
countries, when
it amounted to
42% of the estimated world total.
This difference is ac¬
counted for mainly by the small
crop in Canada, which was 30% below
that of last year.
The European harvest in those countries is
that of
same as
a
approximately
while there is a 16% increase in the North
small increase in Turkey.
year ago,
African countires, and
a
Barley—Th6 1936 production of barley in 33 foreign Northern
Hemi¬
sphere countries reported is practically the same as the 1935
production
in the same countries, which accounted for about
42% of the estimated
world total.
The crop in Canada is 13% below that of last
year, and there
a net decrease of
5% in the Asiatic countries reported, but there is an
increase of 2% in the European countries, and a
7% increase in the North
African countries.
FEED
GRAINS:
PRODUCTION
IN
SPECIFIED
COUNTRIES,
1933-36
Compiled from Official Sources
Crop and Countries Reported in 1936
1933
Corn—
1934
1935
1936
1,000 Bu. 1,000 Bu. 1,000 Bu. 1,000 Bu.
2,396,525 1,478,027 2,296,669 1,524,317
.....
Canada
137
Asia, 2 countries
Total 14 countries
168
164
543,398
9,707
460,819
5,501
574,916
5,553
95,977
North Africa, 2 countries.
161
457,455
Europe, 8 countries
77,463
96,121
9,441
103,456
2,955,647 2,108,756 2,859,278 2,212,294
...
Estimated world total
4,617,000 3,905,000 4,562,000
Oats—
United States
Canada
.
-
733,166
542,306 1,194,902
789,100
326,695
341,190
418,995
293,532
1,765,942 1,527,763 1,493,517 1,500,218
20.822
22,815
18,810
21,827
14,289
10,939
15,983
*16,456
........
Europe, 23 countries
North Africa, 3 countries......
Turkey........
Total 29 countries...
2,860,914 2,445,013 3,142,207 2,621,133
Estimated world total.
4,210,000 4,031,000 4,669,000
Barley—
153,767
Canada
63,359
Europe, 26 countries
719,149
North Africa, 4 countries.
102,982
142,048
Total 34 countless
*
116,680
63,742
660,112
130,499
149,987
285,774
83,975
634,339
97,661
141,603
147,452
72,726
646,718
104,475
134,419
1,181,305 1,121,020 1,243,352 1,105,790
Estimated world total...
2,220,000 2,135,000 2,298,000
Incomplete figure.
Agricultural Department's Report on the 1936 Pro¬
Crops—The Crop Reporting
Board of the United States Department of Agriculture made
public on Dec. 18 its report of crop acreage, production and
farm value of crops as of Dec. 1.
This report makes the
duction of Grain and Other
with $5,418,755,000,
The report follows:
GENERAL
Black Sea
15,645
9,589
farm value of all crops
Week
North Amer.
17
Asia, 2 countries
3,458,000
Summary—
American
Erports
45
in 13 foreign Northern Hemisphere
corn
countries reported is
United States...
Total Dec.
Total Dec.
25,554
GRAINS
Other Canadian & other
water
4,368
861,661
1,047,069
FEED
Barley
Bushels
Canadian—
Montreal...........
9,606
890,028
29
5,808,000
1,735,000
175,000
109,000 bushels feed wheat,
in bond,
58,597
890,203
7,249
10,403
....
United States
Total Dec.
Total Dec.
15,800
3,411,931 3,445,969 3,360,371
is
7,215,000? 1,425,000
2,214,000
133,525
•£|jSj$£936
20,195
1,003,793
--
Total 31 countries
the
121,000
316,000
i.
Turkey
36,000
100,000
787,000
249,855
142,598
17,070
4,706
Algeria
production of
442" 000
141,021
133,393
0 ■
.
Bushels
United States—
Boston....
872,954
4,177
^ .'i. 'jSCI
.
913,962
240,669
21,418
...
.
813,192
3,809,000 3,516,000 3,558,000 3,469,000
.......
_
Europe (26)A-
GRAIN STOCKS
*
3,693,232
Rye—
United States........
2,0~8~4~666
71,368
130,156
20,260
11,762
14,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 19, were as follows:
Total
286,120
177,338
.
Argentina
The
Buffalo
.
Total 48 countries
Canada
Duluth
_
Bushels
246,000
596,000
5*215
Total 1936
_
1936-37
3,218,012 3,020,933 3,142,155 2,961,191
...
Argentina
45,474,000
29,332,000
1,299,000
357,000
14,000
11,000
Total 1935--.
.....
Since
Week
Dec.
July 1
...
Union of South Africa..................
59,101
27,840
11,500
26,500
Continent..
Dec.
1936
Barrels
Kingdom.
Week
July I
1936
Chicago
.......
Total 43 countries
and Since'
United
(4)
(6)...............
Corn
:
1935-36
1,745,248 1,547,875 1,576,757 1,485,602
110,037
134,170
113,324
94,418
517,030
525,696
538,112
508,217
...........
Africa
Flour
1934-35
1,000 Bu. 1,000 Bu. 1,000 Bu. 1,000 Bu.
551,683
526,393
626,344
626,461
281,892
275,849
277,339
233,500
12,122
10,950 V
10,279
12,993
North America—United States
1,000
20,260
'*
Wheat—
------
l'ooo
I >-t • '■
Country
,
Canada..........
1,670,000
954,000
RYE:
r
; :c'
34"000
St. John, West
AND
......
541,000
Earlier estimates of
for 1936 $6,084,932,(XX), as compared
the farm value of the crops in 1935.
CROP
a
U
REPORT
heavy loss of
AS
OF
DEO.
1,
1936
from drought with much lower
yields per acre than in any recent year except 1934, have been confirmed
by the survey of harvested crops just completed by the Crop Reporting
Board of the United States Department of Agriculture.
From a value
standpoint the low yields are more than offset by prices averaging higher
than in any year since 1929, and the total value of all
crops is placed at
16,084,932,000 compared with $5,418,755,000 last year.
The new indications of farm income are equally favorable.
The gross
income from crops produced in 1936 is expected to total about $3,870,000,000, an increase of 13% compared with 1935.
Adding the preliminary
estimate of gross income during 1936 from livestock and livestock products
of $5,180,000,000 and allowing for Soil Conservation and benefit payments
of $480,000,000, the gross income of farmers from 1936 operations is esti¬
mated at $9,530,000,000, compared with $8,508,000,000 in
1935, and
$7,276,000,000 in 1934.
The records of acreages planted and harvested show that while the
drought did not reduce plantings as much as did the drought of 1934 it
caused as heavy a loss of planted crops.
The area planted to corn, small
grains, and flaxseed last spring but abandoned because of crop failure
totaled about 32,000,000 acres.
In addition about 12,000,000 acres of the
winter
wheat
sown
for
harvest in
could be replanted to other crops.
only for pasture is not known but
crops
1936
were
lost and not all of this
area
The acreage of hay crops that was used
was large in some States.
Because of
harvested in 1936
acres less
harvested acreage
1934, but it
in 1934.
Crop yields per acre harvested in 1936 were low, averaging 11.5% below
average, but there was no such disaster as occurred in 1934 when they were
17.8% below average.
Yields of corn and hay, which together account for
half of the total crop acreage, were larger than in 1934 but lower than in
any previous season over a long period of years.
'
The corn yield of 16.5 bushels per acre was only .5 bushels above ^he low
record.
Only three previous corn crops in 70 years averaged below 20
bushels per acre.
Only three previous corn crops in 70 years have averaged
below 20 bushels per acre.
Oats, barley, grain sorghum and sweet sorghums
for forage all gave unusually low yields but cotton yielded nearly 200 pounds
total acreage of crops (excluding fruits)
315,000,000 acres. This was about 21,000,000
than was harvested in 1935 and at least 10% less than the
in any of the dozen years preceding the droughts of 1933 and
was still about 6% above the exceedingly low acreage harvested
those losses the
only about
was
16% above the 10-year average.
on the acreage harvested were
per acre, which was
In general crop yields
relatively the lowest
average but they
Dakota where they were only 37% of the 10-year
were mostly less than half of average in the Great
from eastern Montana and North Dakota
into
In addition large acreages were abandoned entirely.
severe drought crop yields averaged progressively better
above three-fourths average in Wisconsin, Illinois,
Virginia, and to nearly average along the
Due largely to the good yield of cotton,'crop
in South
south
Flaias area extending
north central Texas.
From this area of
eastward, shading
Kentucky and West
•
North Atlantic Coast.
yields averaged from 23 to
52% above average in the easterp Cotton Belt from South Carolina to
Louisiana.
West of the Rockies yields were Irnostly slightly above average.
The prices which farmers received for the 1936 crops show a generally
improved situation and appear to indicate an increased demand as well as
light supplies.
Some of the food and feed crops that were reduced by the
drought are bringing unusually high prices and this has no doubt helped
to raise the prices of rice, cottonseed and some other crops of which there
is
fair supply.
Feed grain supplies, however, are not nearly as short as
they were two years ago, and yet the price of corn is a fifth higher, reflecting
the generally higher prices of livestock and the improvement in the demand
for meat.
Improved demand and increased consumption also account in
part for the prices of cotton and tobacco.
Cotton production was nearly a
third heavier than in 1934 yet the price so far has been about the same.
The price of tobacco averages about as high as in any of the last dozen years.
Current estimates of the production of the principal crops in 1936 are
very nearly the same as those previously issued.
All grains except rice
show light production and the total grain crop was about two-thirds of
a
that usually expected.
While there is no general
production of several of
The wheat crop
fourth small
was the
production
Sweet potato
production was about 9% below
was nearly equal to last
were grown on a rather
large acreage, almost equal to that of last year and about 21% above the
1928-32 average.
Drought reduced the yields of cabbage, peas, sweet corn
and some other vegetables, particularly in the Central States, and frosts
damaging in part of the South, so yields averaged rather low.
How¬
ever, in comparison with last year the total tonnage produced was increased
small margin the
smallest crop since 1926.
production was nearly average. Dry bean
average, but the quantity of peanuts harvested
year's record output.
Commercial truck crops
were
2
deciduous
two-thirds
being about
79% of
fruits were generally light, apple production
of average and the whole group, including grapes,
to be a bumper crop.
The
will be large supplies
of oranges, grapefruit and lemons.
This includes Valencia oranges now on
the trees which will not be picked until next summer and fall when they will
compete with the 1937 crop of deciduous fruits.
The tobacco and cotton crops were each about equal to the average pro¬
duction during the last four years, but they were 20 and 15%, respectively,
Citrus fruits on the other hand are expected
average in bearing is increasing rapidly and there
average.
during the previous 5 years.
of the Great Plains, mild open weather favored grazing
to Dec. 1, but over most of this territory range feed is short.
Winter wheat
of importance for pasturage from Nebraska south, has not made the growth
expected and feed supplies are light in comparison with the number of
cattle still on hand.
In the Pacific Coast States and Idaho precipitation
during October and November was very short and little new grass has
grown.
There is some old feed on the ranges in the north and there are
fair supplies of hay on hand, but prospects for winter grazing are not very
good, particularly in California.
Corn—The estimated production of corn for all purposes in 1936 is
1,524,317,000 bushels. This year's crop is the smallest since 1881 with the
exception of 1934, when the crop amounted to only 1,478,027,000 bushels.
Corn production in 1935 was 2,296,669,000 bushels and the 5-year (1928-32)
average
was 2,553,424,000 bushels.
These estimates include the grain
equivalent of corn used for silage, forage, hogging off and pasturing, in
addition to grain corn husked or picked.
The total acreage of corn harvested for all purposes in 1936 is placed at
below production
In the range areas
92,495,000 acres,
compared with 95,441,000 acres harvested
of 103,341,000 acres.
It is estimated that
the 5-year average
in 1935 and
100,220,000
planted in 1936, compared with 98,009,000 acres planted in 1935.
This year, as in 1934, an unusually large proportion of the planted acreage
was abandoned, especially in the central and northern Great Plains area.
acres were
yields were below average in nearly all regions, the greatest re¬
occurred in the western corn belt where the 1936 season
unfavorable ever experienced.
Because of the short
crop, many farmers harvested low yielding fields of grain corn, but an un¬
usually large proportion of the crop was utilized for silage, forage and
grazing, in an effort to salvage the maximum feeding value from the crop.
In the area extending eastward from southeastern Minnesota and north¬
western Iowa, yields turned out somewhat better than was earlier expected.
The amount of corn harvested as grain in 1936 is estimated at 1,258,126,000 bushels, compared with 2,005,482,000 bushels in 1935 and the 5-year
average of 2,190,656,000 bushels.
In 1934, the most nearly comparable
recent year, only 1,146,684,000 bushels were harvested as grain.
Corn
was
harvested for grain from 66,995,000 acres this year.
The 5-year
average acreage of corn harvested for grain was 88,472,000 and the 1934
acreage was 61,245,000 acres.
The acreage of corn harvested for silage in 1936 was 8,453,000 acres.
This is the largest acreage of corn utilized as silage during the 17-year
period for whicn estimates are available.
Even with this large acreage the
production of silage at 33,456,000 tons was slightly less than the 34,012,000
tons produced in 1935.
The 5-year average production was 30,899,000
tons.
Many corn belt farmers having silos used a larger than usual acreage
of corn for silage this year because of the low yields.
Moreover, large
numbers of growers who did not have permanent silos made use of emerg¬
ency silos this year in order to utilize the feed value of the damaged corn
While
ductions in yields
was
to
one
of the most
utmost advantage.
The acreage
utilized for hogging, grazing and
forage is estimated at 17,-
compared with the 5-year average of 10,515,000 acres. In
proportion of the corn acreage in this classification is
nearly equivalent, in grain yield, to the corn harvested for grain, but this
year much of this acreage represents corn which produced little or no grain.
Production of corn in the North Central States in 1936 was about 48.5%
of the 5-year (1928-32) average, in the North Atlantic States, 112.3%;
in the South Atlantic States, 106.7%; in the South Central States, 85.5%;
and in the Western States, 60.9%.
Wheat—The estimated production of all-wheat in 1936 is 626,461,000
bushels, or practically the same as the 1935 production of 626,344,000
bushels, but is 27% below the 5-year (1928-32) average production of
863,564,000 bushels. The total acreage of all wheat harvested in 1936 was
48,820,000 acres, or 5% below the 51,229,000 acres in 1935 and 19% less
than the 5-year (1928-32) harvested acreage of 60,115,000 acres.
Winter wheat production is placed at 519,013,000 bushels compared with
465,319,000 bushels in 1935 and the 5-year average of 622,252,000 acres.
The acreage of winter wheat harvested at 37,608,000 acres was increased
12.6% over the 33,402,000 acres harvested in 1935 but is 5% below the
5-year average of 39,701,000 acres.
The winter wheat crop in a large part
of the country was largely made ahead of the adverse summer conditions
and harvest weather was favorable for securing the crop in good condition.
Yields per acre in most of the North Central, North Atlantic and Pacific
Coast States were near or above average.
Dry conditions since last fall
and hot weather injury earlier this season contributed to reduced yields in
the Southern States and Great. Plains States.
Production of all spring wheat was 107,448,000 bushels compared with
161,025,000 bushels in 1935 and the 5-year average of 241,312,000 bushels.
The 1936 harvested acreage was 11,212,000 acres compared with 17,827,000
047,000 acres,
normal years, a large
of 20,414,000 acres.
spring wheat States were in the area most
and heat and the loss resulting to both the
The principal
seriously damaged by drought
acreage and production of this
of the most drastic in its history.
production of durum wheat in the Dakotas, Minnesota,
only 8,227,000 bushels compared with 23,821,000 bushels
and the 5-year (1928-32) average of 54,020,000 bushels.
Harvested
was 1,559,000 acres compared with 2,262,000 acres in 1935 and
average of 4,805,000 acres.
The yield per acre of winter wheat was 13.8 bushels
bushels in 1935 and the 10-year (1923-32) average of 15.2 bushels.
crop was one
and Mon¬
in 1935
The
tana was
acreage
the 5-year
compared with 13.9
Durum
1935. Other spring
1935.
73,600,000
The 1935
fall sown acreage of winter wheat for the 1936 crop was 49,688,000 acres
compared with 47,067,000 acres sown in the fall of 1934.
The acreage
to other spring wheat in 1936 was 20,320,000 acres compared with
19,682,000 acres sown in 1935.
The acreage sown to durum wheat in 1936
3,592,000 acres compared with 2,461,000 acres sown in 1935.
Oata—The production of oats in 1936 of 789,100,000 bushels is about
one-third smaller than the 1935 crop of 1,194,902,000 bushels and the
5-year (1928-32) average of 1,215,102,000 bushels.
This is 46% larger
yield was 5.3 bushels in 1936 and 10.5 bushels in
wheat yield was 10.3 bushels this year and 8.8 bushels in
The acreage of all wheat sown for the 1936 crop is estimated at
acres compared with 69,210,000 acres sown for the 1935 crop.
wheat
sown
was
than the short crop
of 542,306,000
bushels produced in the previous extreme
drought, heat and insects was
where production
In the East North
Coast States, 16% less;
South Central, 37% less; and for Western States,-16% less than in 1935.
The acreage of oats harvested for grain is placed at 33,213,000 acres, a
reduction of 17% from the 1935 acreage of 39,831,000 and the 5-ypar
(1928-32) harvested acreage of 40,015,000 acres.
This is 16% below the
seeded acreage of 39,625,000 acres.
Excessive abandonment this season
is due mainly to the heavy loss of acreage in the leading oats area of the
West North Central States as a result of one of the most adverse seasons
on record.
A large acreage was so poor that it was pastured or cut for hay.
The yield per acre of oats in 1936 is estimated at 23.8 bushels compared
with 30.0 bushels in 1935 and the 10-year (1923-32) average of 30.2 bushels.
Barley—The estimated production of 147,452,000 bushels of barley in
1936 is only slightly more than half of the 1935 crop and the 5-year (1928-32)
average production.
The area harvested this year was 8,322,000 acres
compared with 12,371,000 acres in 1935.
The sharp reduction in acreage
chiefly due to severe drought, particularly in the normally heavy pro¬
ducing States of North and South Dakota where abandonment was un¬
usually heavy.
Yields were spotty and uneven and generally much below
average in some of the important barley producing areas, with a tendency
for the grain to be of light weight and rather low quality.
The yield per
acre this year is estimated at 17.7 bushels compared with 23.1 bushels in
1935 and 22.6 bushels the 10-year (1923-32) average yield.
Rye—The production of rye in 1936 of 25,554,000 bushels was 56%
smaller than last year's large crgp of 58,597,000 bushels and 33% less than
the 5-year (1928-32) average production of 38,212,000 bushels.
Heavy
abandonment in the important rye areas due to winter killing and drought
reduced the acreage harvested this season to 2,757,000 acres compared with
4,141,000 acres harvested in 1935, with the greatest reductions occurring
in the leading rye States of Minnesota and the Dakotas.
Nebraska was
the only important rye growing State with a larger acreage harvested this
year than in 1935.
Continued dry weather during May and June reduced
the rye yield to 9.3 bushels compared with 14.2 bushels in 1935 and 12.0
drought season of 1934.
Crop damage from
in the important West North Central States
is less than in 1935 by 295,000,000 vbushels, or 45%.
Central States production is 18% less.
Atlantic
most severe
was
shortage of food, the
principal food crops was'distinctly less than usual.
was almost exactly the same as that of last year but it was the
wheat crop in succession.
Rye was equally light, but the rice crop
largest since 1920.
Potatoes were about 11% below average
the
and were by a
1935 and the 5-year average
in
acres
1936
26,
Dec.
Financial Chronicle
4184
bushels
10-year
the
(1923-32) average yield.
Buckwheat—The 1936 buckwheat crop
record and about one-fourth less
smallest on
of 6,218,000 bushels is the
than either the 1935 crop of
production of 8,277,000
8,332,000 bushels or the 5-year (1928-32) average
bushels.
The area harvested in 1936 was 370,000 acres which was the
smallest on record and considerably below the 503,000 acres harvested in
1935 and the 5-year average of 568,000 acres.
Generally
for the development of the late crop over much of the buckwheat area
resulted in a yield per acre of 16.8 bushels, which is slightly above the
yield of 16.6 bushels and 1.1 bushels more than the
average yield of 15.7 bushels.
Potatoes—The 1936 potato crop is estimated at 329,997,000 bushels.
This is 15% less than the production in 1935 and 11% below the 5-year
favorable weather
1935
10-year (1923-32)
(1928-32) average
In many
mer
production of 372,115,000
bushels,
during the sum¬
and the re¬
States where the drought was unusually severe
there was considerable loss of planted acreage,
months,
States
ported yields from the harvested acreage remaining in these
were
among the lowest recorded since 1866.
In the Southern States early crop yields were generally below average
due to unfavorable weather conditions during the spring.
Throughout the important commercial potato areas from New
to
the Dakotas the late potato crop was in a critical condition by the first of
August, due to drought conditions.
The situation changed during
York
ber
and October
wnen
timely rainfall brought
Septem¬
renewed growth to potato
The absence of killing frosts during October in these
permitted a large portion of the crop to reach maturity.
In the
irrigated section of tne Western States, the crop developed
except in Idaho, where heavy frosts in mid-September killed the vines in
many areas.
The crop in Maine, while 15% above the production in 1935,
suffered considerable loss from late blight and indications now point to
heavy losses in some storage stocks.
In the 18 surplus late potato States, total production is estimated at
240,254,000 bushels compared with 271,020,000 in 1935.
In the 12 other
late potato States, the 1936 crop is 37,456,000 bushels compared
46,621,000 bushels harvested in 1935.
The combined production in the 11 early and 7 intermediate States is
estimated to be 52,287,000 bushels, compared with 68,739,000 bushels in
vines
and tubers.
areas
normally
with
1935.
Sweetpotatoes—Growing conditions during 1936 were generally
in the south, southwestern and many of
favorable for sweetpotatoes
States.
Production for the country was
bushels, which is the smallest crop since 1930.
In 1935, total
was
83,128,000 bushels and the 5-year (1928-32) average,
bordering northern
un¬
the
64,144,000
production
66,368,000
bushels.
middle Atlantic States,
In the
where a large portion
of the sweetpotato
better.
(the
(1923-32)
is produced for market, the yields were generally average or
for all States the average yield per acre was 78.0 bushels
lowest since 1896), compared with 85.8 in 1935 and the 10-year
crop
However,
average
of 88.5 bushels.
siderably above average,
While the harvested acreage
this year was con¬
it was 15% less than in 1935.
all types of tobacco in 1936 is
Tobacco—The production of
estimated at
1,167,068,000 pounds, compared with 1,297,210,000 pounds in 1935 and
1,427,174,000 pounds, the 5-year (1928-32) average production.
decrease of 10% in the production in 1936 compared with 1935 is con¬
tributed to by all classes of tobacco except Maryland and the cigar types,
but is accounted for mainly in a decrease of about 14% in the production
of flue-cured tobacco.
The 1936 production of flue-cured tobacco is estimated at 695,075,000
pounds, compared with 811,195,000 pounds in 1935 and
pounds, the 5-year (1928-32) average production.
The acreage of
class of tobacco m 1936 was about 1% greater than in 1935 but the 1936
The
679,504,000
this
produced in 1935.
yield per acre was about 15% below the record yield
The production of both the fire-cured and dark air-cured classes
tobacco was the smallest of record in 1936.
The 1936 production of firecured is estimated at
104,167,000 pounds compared with 118,194,000
of
(1928-32)
estimated
and 54,-
pounds in 1935 and 160,588,000 pounds, the 5-year
average
production, while the 1936 production of dark air-cured is
at
25,408,000 pounds, compared with 31,020,000 pounds in 1935
111,000 pounds, the 5-year (1928-32) average production.
The production of Burley tobacco in 1936 is estimated at 216,773,000
pounds, compared with 220,923,000 pounds in 1935 and
pounds, the 5-year (1928-32) average production.
The Maryland tobacco crop in 1936 is now estimated at 29,600,000
pounds compared with a revised estimate of 27,935,000
in 1935 and 24,318,000pounds the 5-year (1928-32) average production.
The production of all classes of cigar tobacco in 1936 is estimated at..
96,045,000 pounds, compared with 87,943,000 pounds in 1935 and
572,000 pounds, the 5-year (1928-32) average production. The increase
the production of these classes of tobacco in 1936 compared with 1935 is
accounted for mainly in the cigar binder class which increased from
355,000 pounds in 1935 to 40,452,000 pounds in 1936.
336,845,000
pounds produced
170,in
33,-
Cotton
bales
Lint
of 500
and
United States cotton crop of
weight was estimated by the Crop
Seed—A
pound gross
12,407,000
Reporting
Volume
143
Financial
Board of the United
Chronicle
4185
States
Department of Agriculture on Dec. 8.
This
compares with 10,638,000 bales in
1935, 9,636,000 bales in 1934 and 14,667,000 bales, the 5-year (1928-32) average.
The indicated yield per acre
e
1,000 trees tapped,
f Includes
UNITED
In the two western States mentioned the
drought
caused below average yields.
Harvested acreage was estimated at
30,054,000 acres, which is about
10% greater than that harvested in 1935.
Allowing for estimated abandon¬
ment of 2.8%, the cotton
acreage in cultivation on July 1 is indicated to
h
REPORT, DECEMBER, 1936
Yield per Acre
Crop
Price for
1923-
1935
1936
1935
1,000
Production
Aver.
-
-
103,341
60,115
95,441
51,229
48,820
33,402
37,608
17,827
11.212
Winter
12.8 Bush.
.832
15.2
13.9
All spring.
.991
9.0
13.8 Bush.
9.6 Bush.
.827
12.4
.846
1.024
11.7
10.5
5.3 Bush.
.756
1.154
.861
1.013
Durum
Other spring.
Buckwheat
9,653
39.831
33.213
12,371
8,322
4,141
2,757
568
Flaxseed
-
Cotton, lint
Cottonseed-—Hay, all
Hay, all tame..
Hay, wild
/—
Sweet sorgums
b
.
1,180
8,277
816
935
15,996
42,826
38,784
7,000
97,760
98,495
14,667
10,638
6,521
4,729
5,513
68,458
_
27,335
30,054 Bales
Tons
67",777
80,911
89,742
70,273
57,083
70,192
78,354
63,358
12,399
10,694
10,719
11,388
2,565
3,123
5,058
1,012
2,915
867
1,522
1,126
1,278
------
1,191
829
1,111
Sweetclover seed..
243
207
280
Lespedeza seed
Timothy seed
79
370
272 Lbs.
457
978
413 Bush.
12.6
8.8
30.2
30.0
10.3 Bush.
23.8 Bush.
Barley
Rye..
.263
23.1
17.7 Bush.
.378
.800
12.0
14.2
9.3 Bush.
.395
15.7
1,885
875
2,697
799
1,033
1,261
1,736 Lbs.
2,236 Tons
Peanuts-d
1.417
1,725
Velvet beans.a—
1,414
2,132
Peas, dry field
238
201
sugar
Cane sirup
Sugar beets.
1,437
231
203
279
111
—
Broomcorn.
156
717
Maple sugar
Maple sirup.—
763
16.8 Bush.
.550
.794
6.9
5.0 Bush.
1.419
I.948
47.5
Hops
Apples, total
Apples, commercial
Peaches, total
822
1,467 Lbs.
215 Gals,
294 Tons
141 Gals.
785 Tons
497
23
39
32 Lbs.
Bush.
and
860
Beans,
V".
9.0
For market.
—
-
For manufacture.
1,038
f2,200
23,310
67,945
46,118
24,128
52,808
22,035
2,455
120
f23,146
1,879
106
125
134
298
177
48,816
14,730
52,283
60,891
18,308
7,251
7.787
27,383
8,316
581
520
515
59,983
95,340
34,760
873
1,017
864
110.0
60.0
61.5
39.1
48.5
h34.8
37.0
9.5
h25.6
27.5
107.2
4*739
"4",939
6,042
54.2
56.7
59.1
601
"""567
"""745
hl2.6
15.7
19.9
"
65.0 Cra,tes
42.2 Tons
42.3
9.9 Bush.
Pons
32.4
165.3
216.4
210 9
166.8
164.5 Bush.
54.7
49.6
46.4
18.8
19.3
9.6
10.6
h6.3
8,2
Pons
"f9,726
f12,971
12", 019
73 1
81.5
70.6
11.5 Bush.
7.8 Tons
20.2
16.5
122.9
114.3
Carrots
27.6
36.2
18.1
111.7 Crates
37.3 Bush.
Cauliflower
27.4
28.5
29.0 Crates
Celery
32.6
34.4
fl,714
"f"l",7"li
"f"l",937
h35.9
36.4
47.6
42 4
fl,120.1
336.0
429.6
1,089.1
f985.3
f984.0
165,7
134.8
105.1
f 16,674
f 13,452
fl0,127
fl3,138
f6,658
f7,114
f9,168
'9,348
f13,148
f 13,535
7,198
9,376
395.6
22.0
28.0
For manufacture
314.0
401.6
24.0 Ears
371.5 Tons
Cucumbers, total—
126.2
133.9
For market
46.8
44.4
For pickles
Eggplant
79.4
89.5
3.5
3.4
1.9
1.8
112.7
88.5
Sweet potatoes
Tobacco
1.556
.034
hl3.36
17.0 Bush.
1.308
1.535
7,532
109.1
107.9 Bush.
.697
1.113
85.8
78.0 Bush.
796 Lbs.
.704
.936
230,574
58,501
237,814
903
.183
.215
Sorgo sirup.
Sugar cane, sugar.
62.1
57.8
55.1 Gals.
.549
.567
115.1
18.0
18.7 Tons
3.20
3.62
154.2
166.6
.419
.438
dll.O
10.4
159.9 Gals.
11.7 Tons
5.76
6.02
j 1.99
J2.30
jl.68 Lbs.
.265
.266
452
1.423
1.438
4,804
4,531
Maple
sugar
Hops..
1,274
Plums and
mlJ'm
'm'mmrn
1
mm
mmm
.098
fresh (5 States)
Prunes, dried
States)
.713
Bush.
.704
.841
.942
.626
.674
,1.010 kll8,533
'
.
Tons
14.58
21.34
66,127
44,410
13,800
35,796
72.96
76.73
8,765
Tons
30.90
28.59
3,848
Tons
57.70
77.99
Boxes
1.603
1.333
Boxes
I.046
.800
17.172
82,586
19,118
Boxes
3.18
3.00
24,763
II.95
13.38
.062
.121
6,207
5,889
1.70
2.00
1~41
1.44
76.00
79.00
'
.
c, 'm
^
m
"''•mm
mm
mmmm
Oranges (7 States)
Grapefruit (4 St.).
"'.'i-
V
'
Lemons
(Calif.)..
Cran berries
i-...
Pecans
.
■:.
■
^
19*0
21.2
-
-
18.7 Bbls.
-
Lbs.
Com'l truck crops
Artichokes
1111
113
79
80
1.44
1.17
165
60
1.50
Asparagus, total.
.57
95
.
m
For market
For manufac
m
(Boxes
1,729
11,299
mm
"93
Crates
1.40 Tons
6,987
4,312
1,735
'
Beans, lima, total.
mm'
For market
For manufac-
total
snap,
'm
m
For market
m
"l~35
~1~ 17
61.88
.61 Tons
61.40
766
969
16,631
m
91
1.64
177
"73 Bush.
1.52 Tons
78
1.58
For manufac
-
75 Bush.
161
r
1*02
1~22
kl3,102
43.00
45.04
3,509
Beets, total
For market
1,419
".55
""47
315.0
19.1
16.00
5.80
163 Bash.
5.43 Tons
10.21
12.19
486
7.56
6.70
5.92 Tons
12.80
20.39
For market
7.32
6.54
5.94 Tons
13.85
21.21
kl4,272
kl3,575
9.48
8.17
5.79 Tons
For manufac
Cabbage, total
Carrots..
__
5.17
13.06
697
118
118 Crates
.91
1.03
kl 1,931
341
_
363
363 Bush.
.56
.57
k7,395
83
k5,003
14,996
247
Celery
Corn, sweet, total
For market (N.
J. only)
274
250
248 Crates
243
258 Crates
.72
1.80
1.78
■'
«.
-
M
9,217
-
4,700
4,800
2.13
For manufac
2.14
5,100 Ears
m9.00
ml0.50
1,210
9.31
10.14
8,007
1.63 Tons
'
:
-im
For market
m
mm
—
4.
5,795
«
83 Bush.
".77
57
56
70 Bush.
.52
.57
258
206
258 Bush.
.63
.60
121
For pickles
Eggplant
(Va. only)..
Lettuce
Kale
98
1412
•
1~66
13.6
72.8
48.0
57.6
275 Bush.
.35
.30
120
127
131 Crates
1.44
1.51
144
158 Sacks
1.32
.76
28,025
kl8,618
76
"73
.88
.85
Peas, total
For market
For manufac---
Peppers.
Pimientos for
260
188
11.95
1.44
310
177
"76
22,962
l"l2
1~19
51.80
51.56
Bush.
.63 Tons
217 Bush.
.167
.67
30.35
29.97
"".56
"".39
12.35
13.34
l"l5
1.34
23.790
11.73
1.51 Tons
12.71
19,951
k6,232
134,400
122,400
For manufac...
4.51
628.0
859.9
605.1
Tomatoes, total..
mmm-
358
fl9,163
19,412
fl3,254
fl4,471
f21,820
17,322
"f6*088
"f8",236
"9" 168
182.1
268.1
187.4
Potatoes, early...
3,829
3,574
4,033
Strawberries
For manufac-
—
171 Bush.
2.35 Tons
m'm
—
110
4.21
3.60
308
245
108 Bush.
4.80 Tons
247 Melons
m97.00 ml2800
truck
230,882
market
(21
crops)
For
9.2 Tons
15.0
19.6
13.9
f"l2"650
10 A 88
13 A 00
...»
175,200
mmmm
manufact.
(11
crops)
mm
124
136
67.1
65.8
mm
132 Bush.
1.32
k
2.86
k25,855
52.7
53.3
63.5
Total, 64 crops.
599.7
154.5
189.0
187.9 Bush.
315.8
471.7
238.0
273.0
411.8 Tons
256.6 Melons
fl7\263
1,293.2
20" 763
20", 346
1,700.2
1,975.9
f71,774
f66,879
63,339
truck
All
purposes,
„.
crop
5418,755 6084,932
b Average price for crop marketing season to Dec.
but not included in tame hay.
d Average 1924-32.
hay and forage,
pounds,
f Value and price
mature
55,682
19,454
.52
2.33
58.4 Crates
103.6
a
658
43,741
'mmmm
crops...
For
5,694
'
122
Watermelons—..
Total above
3.51
'
For market.
342
For market
594
6,352
102,610
766
15.2
k9,073
13,889
2,390
man¬
ufacture
820
660.7
446
190
161
————
6,152
76.6 Bush.
27.0 Tons
k3,185
2,610
136
....
Onions—
k933
141
_
"V, 724
11.1
For manufacture
.997
Tons
m
(3
707
131.4 Bush.
296.4 Tons
18.6 Bush.
112.6
223.5
8.5
Watermelons
k4.141
.274
Bush.
Bush
.'[mm
10,878
45,565
h73.92 hl20.28
Bush.
-
•
7,330
16,089
prunes
5,036
470.3
harvested
are
for 100-lb. bags of cleaned beans.
for the beans,
peas,
or
peanuts,
1.
e
c
For
Per
100
£ Covers only
h Per ton.
i Average
1928-32.
j Total equivalent sugar per tree,
k Total production includes some
quantities not harvested.
Value and price are for portion harvested.
1 Average
1929-32.
m Per 1,000.
2,485.8 3,060.5 3,011.7
crops
market
INCOME FIGURES
(21
1,387.6
crops)
SHOWN FOR COMPARATIVE PURPOSES
1,603.5 1,660.5
manufacture
crops)....
1935
1,098.2 1,456.9 1,351.2
Potatoes, early
Strawberries
276.7
186.0
Total 44 props.— 360,220
273.3 Bush.
168.3
318.4
171.5 Crates
4l"908
fl
1,620
137,737
35"960
Gross Income from crop production
fll,082
10,010
b For hay and forage, but not included in tame hay. c Bags of
d Covers only mature crop harvested for the beans, peas or peanuts.
1936
Gross income from production of livestock and live¬
336,171 315,068
All purposes,
1C0 pounds,
1.471
.031
Cane sirup
"f4*361
Tomatoes, total
(11
f38,883
35,097
10,850
40,738
10,761
hll.32
770
772
166.7 Grates
109.5 Backs
59.1
___
For manufacture
a
16.8
For market....
427.8
20,572
4,939
II,510
40,730
47,407
760,386
195,195
775,213
721,600
53,613
24,010
9,337
4,559
1.107
man¬
For market—
For
115.1
Potatoes..
4,996
100.6
152.5
80.0
ufacture
For
Peas, dry field
"f4,607
427.6
16.6
above
800 Lbs.
2.60
f5.02
.791
6.0 Bush.
749 Lbs.
892
3.2 Bush.
1.3 Bush.
84.4
155.3
Spinach, total
Total
6.7
755
44.6 Bush.
88.4 Bush.
303.5
Pimientos for
1.09
Spinach, total....
133.0
Peppers
d6.8
12.96
f2.93
712 Lbs.
14.0 Bush.
>
d838
'
For market (N. J.
For manufacture
760
16.5
d694
Cucumbers, total.
f861.2
For market
666
Cauliflower......
"
f1,026.9
Lettuce
4.29
100,548
348,610
118,007
9,946
1,618
3.55
514,296
110,042
9,494
3,502
Cantaloups
183.8
Onions
4.28
e8.Gl
Cowpeas.g
Cherries (12 States)
108,031
165.7
Peas, total
8.83
2.32
e5.79
Velvet beans.a.—
895
f47,746
fl67,283
93,866
167.2
Kale (Virginia only)
1.15 Bush.
2.49 Bush.
141.1 Lbs.
2.51 Bush.
Peanuts, g
4,432
28,011
fl61,333
97,895
150.7
only)
1.36
3.37
163.4
dl3.0
329,997
951
39
149.1
Corn, sweet, total-
10.85
1.20
Soybeans, g
5,757
2,358
128.9
...
8.24
7.90
d3.57
Timothy seed
Beans, dry edible-
386,380
I,'-
61
For market
For kraut
5.61
dll2.5
Lespedeza seed
Apples, total.
Apples, com'l
Peaches, total
Pears, total
Grapes, total...-.
3,377
Cabbage, total
Cantaloups
1.14 Tons
1.55 Bush.
740 Lbs.
11,122
29,616
47
9.1 Boxes
hl5.9
For manufacture.
and alsike)
Sweet clover seed.
1.45
2.05
1,227
4,197
14,323
44,378
2,682
28 Bbls.
110.6
Beets, total
7.75
1.73
2.37
For kraut.—
27
9.2
snap, total
11.39
4.64
22.3 Lbs.
f226
99.1
For market
II.03
7.80
.65 Tons
jl.68 Gals.
fl40
7.8
For market
7.39
1.11 Tons
.92
J2.30
Crops—
For manufacture.
L04 Tons
1.41
247.0
Commercial Truck
Beans, lima, total—
1*32
j 1.99
66,368
83,128
64,144
1,427,174 1,297,210 1,167,068
12,467
11,848
13,350
3,064
5,033
5,494
17,800
25,982
22,544
8,118
7,908
9,177
1,838
1,704
1,042
Lbs.
-
35.41
,82
311.9
587
Boxes
Pecans
For manufacture
31.19
1.29
Sweet sorghums.c
Alfalfa seed
Clover seed
(red
Beans,
28
For market
.851
b.1230
1.20
Broom corn
3,570
_
Asparagus, total
Hay, all
Hay, all tame
Hay, wild
.870
.561
Tons
Maple sirup
fl08
Prunes, dried (3 St.)
Oranges (7 States).
Grapefruit (4 States)
Lemons (Calif.)
Artichokes
.771
.1109
197.6 Lbs.
697
prunes
Cranberries
50.1 Bush.
8.0 Bush.
10.5
186.3
38,364
5,392
6,971
7,626
945,886 1,302,805 1,300.540
Cherries (12 States)
fresh (5 States)
14.7
169.9
699
f56,451
Tons
Grapes.total.g.-.
6,915
1,647
350 Tons
Pears, total
Plums
a
60.510
372,115
el2,728 el2,496 ell,861 Lbs.
el2,728 el2,496 ell,861 Gals
319
■
12,181
12,491
Bush.
3,058
969
1,872
— —.
261
3,541
i; 771
Tobacco
343
3,327
Sweet potatoes
.805
16.6
6.9
43.1
«... «
10,161
1,562 Bagsc
2,113 Bush.
1.806
Cowpeas.d
Potatoes.
385,039
136,194
18,006
118,188
314,590
107,997
23.171
4,583
20,605
29,898
55,236
590,136
147,483
663,604
610,815
52.789
28,392
8,001
.442
22.6
859
Soybeans, d.-.—
V
.933 1505,396 1514,203
.997
521,233 624,338
Sugar beets
553 Bush.
Clover seed (red and
Beans, dry edible..
14,520
68", 131
55,732
423
Sorgo sirup.
Sugarcane for
25.554
8,332
9,354
55,170
13,288
1,934
Alfalfa seed
alsike)
107,448
8,227
99,221
789,100
147,452
6,218
5,908
46,833
55,701
12,407
40,541
.
1936
927
; Rice Grain sorghums .a.
— -
370
2,096
1935
7,016
—
-
503
2,772
1928-32
2,553,424 2,296,669 1,524,317
863,564
626,344
626,461
622,252
465,319
519,013
.655
Oats.——
Grain sorghums,
241,312
161,025
54,020
23,821
187,292
137,204
1,215,102 1,194,902
285,774
281,237
38,212
58,597
1,559
3,315
Rye—
2,262
15,565
12,645
..
Unit
92,495 Bush.
4.805
.
Barley.
1936
15,610
40,015
Other spring.
Oats
1935
39,701
20,414
—
_
Dollars
16.5 Bush.
12.2
Cotton, lint
Cottonseed..
Average
1928-32
-
Dollars
24.1
14.4
Rice..-———_
(In Thousands)
Crop
—
I,000
Dollars
25.4
—
Flaxseed
—
1935
Dollars
Corn, all—
Wheat, all
Buckwheat.
Acreage Harvested
(In Thousand)
All spring
Durum
1936
1932
acres.
GENERAL CROP REPORT,
DECEMBER, 1936
The Crop Reporting Board of the United
States Department of Agri¬
culture makes tne following
report of crop acreage, production and farm
value from reports and data furnished
by crop correspondents, field statis¬
ticians and cooperating State agencies.
Prices are weighted average prices received
by farmers for the crop
marketing season for 1935.
Prices for 1936 are preliminary estimates for
the 1936 crop marketing season.
Winter.
Value
Unit
Cottonseed production in 1936 is estimated at
5,513,000 tons compared
4,729,000 tons in 1935.
Wheat, all-.
Farm
Crop of—
Avge.
with
Corn, all.
g Production is
Average 1929-32.
STATES GENERAL CROP
yields above average.
been 30,932,000
quantities not harvested,
the total for fresh fruit.
Juice and raisins,
for the United States of 197.6
pounds compares with 186.3 pounds in 1935
and 169.9 pounds, the 10-year
(1923-32) average.
This year, led by Ala¬
bama and Mississippi, all States
except Texas and Oklahoma are making
have
some
stock products
-
83,425,000,000 83,870,000,000
4,585,000,000
5,180,000,000
8,508.000,000
9,530,000.000
Gross income from production of crops, livestock and
livestock products plus benefit and soil conserva¬
tion payments.-.-.-
RYE
Report
Department's
Agriculture
Winter Wheat
on
Acreage
of
Reporting Board of the United States Department of Agri¬
public on Dec. 21 its report showing the acreage
Autumn
State
a
Condition Dec. 1
Seeded
Acreage
1937 Crop—The Crop
and Rye Sown for
1
Autumn
Autumn
of
Wheat—The acreage of winter
57,187,000 acres compared
at
1935 and the five-year average
193546
89
91
88
82
90
85
179
88
87
86
88
90
91
154
323
90
93
181
228
87
89
85
84
301
93
87
88
419
327
687
90
481
640
87
86
76
81
635
175
376
91
92
88
89
193
83
176
87
87
81
84
274
61
46
1,712
80
56
1,006
1,301
957
957
83
50
54
588
79
637
828
88
81
66
56
564
187
85
82
88
.
—
Dakota
South
Nebraska.
—
9
91
90
96
36
40
86
87
95
88
87
87
•
108
97
116
85
86
16
16
84
85
87
82
17
86
87
85
175
155
166
86
28
27
28
81
73
76
56
59
85
82
81
79
59
North Carolina
86
84
South Carolina.
Georgia
74
94
88
82
145
85
83
83
68
80
81
79
81
7
7
82
60
68
75
7
Oklahoma
Texas
155
123
75
Tennessee-
97
83
93
Kentucky
130
78
84
73
66
66
72
71
Montana
14
20
16
88
88
57
51
87
51
68
73
67
Wyoming
77
84
75
101
80
36
5
4
83
63
83
82.
60
54
80
92
60
44
55
100
75
88
93
84
65
97
18
18
13
6,312
6,547
7,673
77
Colorado
•
4
Utah
Washington.
....:
Oregon
_
California
United
72
77
—
Idaho.-.
States..
The estimates for rye
allowance fpr
84.9
relate to the total acreage sown
82
--
--
--
80.4
71.0
69.1
for all purposes,
including
spring rye.
the Week Ended Dec. 23—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 23, follows:
While there were rather frequent temperature variations, especially in
the Northwestern States, no marked persistent abnormalities in weather
conditions obtained during the week.
On Dec. 15-17 a moderate depres¬
sion moved from the east Gulf Coast northeastward over the Atlantic
States to New England.
It was attended by general precipitation in the
eastern States, with some heavy rains in the Carolinas.
Also, there
additional precipitation in the far Southwest, especially in southern
California.
Later in the week, on Dec. 17-20, a disturbance moved from
eastern Texas to the lower Mississippi Valley, and thence northeastward
to the Lake region.
Attending this "low," general precipitation again
occurred in nearly all sections from the Mississippi Valley eastward, with
Report for
Weather
general summary
more
was
middle and north
unusually low temperatures
weather overspread the
Atlantic areas.
At the beginning
of the
occurred.
Northwestern States, but there was a
rapid reaction to above-normal temperature by Dec. 19; colder weather
occurred the following day.
In central and eastern portions of the country
temperatures during the week were rather uniform for the season, though
rather low temperatures were reported from the Southeastern States about
Dec. 20.
At the close of the week, while subzero temperatures were re¬
ported locally in the Northeast, the weather as a general rule was moder¬
ately warm for the season, without material precipitation, except for con¬
week colder
Condition
of Acreage
Dec. 1
Acres
Previous
Percent
Fall
north Pacific area.
whole, had abnormally warm
siderable rain in the
10-year average
5-year average
105" 6
77.8
47,067,000
49,688,000
57,187,000
105.6
115.1
78.2
75.8
6,312,000
6,547,000
a
as
south to 5 degrees or more above normal in
the Mississippi River and the Pacific
7,673,000
In all sections between
80.4
117.2
71.0
113.1
69.1
of the
29.0%, and the average for 10 years
of the 1934 seedings was
12.6%.
was
Rye—Estimates relate to the total acreage
including an allowance for spring sown rye.
of rye sown for all purposes,
WINTER WHEAT
Acreage
Autumn Autumn
Condition
Seeded
Autumn
Autumn
on
of
of
of
of
1923-
1927-31
1934
1935
1936
1,000
1,000
1,000
Acres
Acres
Acres
Acres
1936
32
1,000
1935
was
decidedly
warmer
sections.
freezing
the
Mississippi
New
Dec. 1
Avge.
1934
fountain
Sood manysections, the eastern Great more orand in Pacific Coast States.
stations. There was also Basin, less precipitation in Rocky
In the Ohio Valley there were
%
%
%
90
283
345
88
59
f,011
63
65
89
89
92
87
1,042
1,073
86
88
93
89
2,147
1,939
2,111
2,307
1,880
2,226
2,538
85
81
89
84
2,300
2,782
85
85
84
82
2,232
.
289
55
New Jersey
93
84
92
85
85
767
867
819
1,040
87
89
84
83
.
993
Ohio
1,898
Indiana
1,781
Illinois
Michigan
36
25
27
54
90
91
87
Minneapolis
123
198
307
88
90
79
87
989
89
92
86
Missouri.^
Dakota.
382
430
1,677
2,130
2,258
3,387
84
93
78
167
282
178
82
75
53
.
58
3,667
3,217
86
13,438
3,474
14,244
4,447
13,255
16,523
79
71
81
80
Delaware
100
86
89
91
90
95
98
85
475
439
461
493
84
86
97
85
Maryland
626
642
655
675
83
84
89
85
88
85
Nebraska
Kansas
Virginia
Virginia-
121
150
159
161
84
84
North Carolina
363
525
560
560
84
84
88
86
79
73
79
73
72
177
190
70
Carolina
Georgia
190
201
217
213
81
78
80
76
293
468
468
608
86
82
83
84
Kentucky
318
488
475
518
84
82
83
82
Tennessee
Great
the
77
age
afforded
temporary
from low temperatures,
tion in central and
the extreme lower
western
the great western
9
83
77
76
111
82
87
75
79
5,426
79
76
71
68
changed materially.
55
70
72
Small
situation with regard to winter wheat has
Snow in western Nebraska, 1 to 2 inches over
Montana, and precipitation during the
3,930
4,867
5,315
852
929
1,208
966
85
82
64
64
Montana
670
719
791
87
89
75
California,
698
64
Idaho.
86
50
70
68
Wyoming
Mexico..
3
2
2
3
92
1,345
1,357
1,146
1,226
79
91
55
44
protection.
660
86
89
70
54
85
81
81
80
228
285
239
986
1,197
1,377
78
37
77
82
387
300
360
410
84
71
69
67
24
44
48
46
93
91
98
90
202
177
192
194
87
83
69
SO
95
89
Oregon
869
761
805
California
725
798
923
877
45,265
47.067
49,688
57,187
United States
and southern
is needed gener¬
parts of the Pacific Northwest,
all helpful, but generous precipitation
91
166
1,562
Nevada
Washington
were
not
much
week
In Kansas wheat generally
the winter, while the out¬
look is mostly favorable in Texas.
Oklahoma needs rain and need for
more moisture is urgent in the winter wheat sections of Montana and the
Pacific Northwest.
East of the Mississippi Valley a favorable outlook is
generally maintained, but much of the northern wheat belt has no snow
Arizona
Utah
north¬
and locally
Grains—The
of Kansas, melting snow in
in the eastern Great Basin,
Colorado
were generally favor¬
grazing sections. Rather
in New Mexico.
82
Texas._
harm to tender vegeta¬
local frost damage in
reported from a number of stations, including
Minnesota, part of North Dakota, eastern Washington,
82
7
though frost did some
bad dusts tor ms were
134
7
Dakota
eastward
able, especially for stock, over
4,726
3
snow in
northern Florida, and there was
Mississippi Valley, temperatures
4,845
5,062
Oklahoma
helpful, also
the interior
relief, but generally the subsoil remains very
dry throughout the Plains country.
From the Mississippi Valley
conditions in general are favorable.
.
Frequent rains and wet soil prevented much farm work in the South¬
eastern States, but elsewhere mild temperatures and mostly fair weather
made a favorable week for outside operations.
There was very little dam¬
have
36
Arkansas
California, and rain
materially improved
Rocky Mountain States were favored by considerable snow
being heavy in south-central Wyoming.
In the Great
situation, especially the subsoil condition, is still unsatisfactory.
has sufficient topsoil moisture for present needs, while moderate
western Nebraska and melting snow from previous falls in South
4,685
Alabama
and much of southern
have
Basin, especially Utah,
of the
fall, the amounts
Plains the moisture
Kansas
61
74
79
in
general situation in those areas.
Additional rains were
in the western portions of Washington and Oregon, but in
of the north Pacific area much more moisture is needed.
Parts
80
159
snow
Missis¬
little or no
falls, but from the
Rocky Mountains there was
the
86
379
Iowa
or
89
204
Wisconsin
light to moderate
sippi Valley westward to the
precipitation.
Recent good rains in central
%
90
239
New York
the north.
States the
than normal, the plus departures ranging
from about 5 degrees in the south, to as many as 18 degrees in northeastern
North Dakota.
The middle Pacific area had about normal warmth, but
temperatures were relatively high in both the northern and southern
Also, no extremely low temperatures occurred, as the line of
extended southward only to central North Carolina and central Georgia
in the East, and to Oklahoma and northern Arkansas in the Midwest.
In intermediate areas the temperature dropped to freezing as far south
as
Mobile, Ala.
Subzero weather was confined to the interior of
Northeast.
The lowest temperature reported was 6 degrees below zero
at
Northfield, Vt., on Dec. 19.
In the Ohio and central
valleys and central Plains the temperature did not go as low as 20 degrees
at any time during the week.
Precipitation was substantial to heavy in the Atlantic area from
England to Georgia and Alabama.
The heaviest fall, 4.2 inches, was
reported from Boston, Mass., though more than 2 inches occurred at a
week
of 1935 seedings was 24.3%
Winter Wheat—The abandonment
Slate
week,
tically normal in the
84.9
1923-1932
103.7
acreage sown;
The
greater portion of the country.
In
Gulf Coast, and over a narrow belt
45,265,000
_
10-year average
weather over much the
the extreme Southeast, along the
extending from southwestern Penn¬
sylvania to the lower Mississippi Valley the weekly mean temperatures
were slightly below normal.
In the Atlantic area they ranged from prac¬
82.4
1923-1932
1927-1931
Rye (lor all purposes)—
New
86
8
32
-
...
Virginia
West Virginia..--
an
84
9
Maryland.
a
144
167
Kansas
Delaware
Percent
Pennsylvania.
86
135
340
237
No
Seeded the
115
108
325
heavy rains in the
Seeding
120
88
138
213
North Dakota.........
STATES
Winter wheat
South
91
Missouri...
Fall Seedings
Crop and Year of
West
90
92
Iowa-,.-...
Reporting Board of the United States Department of Agri¬
following report of winter wheat and rye acreage seeded
condition from data furnished by crop correspondents, field statisticians,
cooperating State agencies.
South
90
90
Minnesota-
growth.
The Crop
1922-1931
92
90
Michigan
Wisconsin
in
UNITED
%
89
97
Illinois
culture makes the
and
%
70
84
Indiana
Rye—The estimated acreage of rye sown for all purposes in the fall of
is 7,673,000 acres, an increase of 17.2% over the 6,547,000 acres
in the fall of 1935.
This compares with 6,312,000 sown in the fall of
1934.
The need for additional fall feed to supplement poor pasture growth
and feed shortage resulting from the extreme drought season largely accounts
for the marked expansion in the 1936 sown acreage.
The major portion
of the increase in acreage is in the North Central States, notwithstanding a
substantial decrease in the acreage sown in North Dakota.
The condition of rye on Dec. 1 is reported 71.0% of normal compared
with 69.1% on Dec. 1, 1935, 80.4% on Dec. 1, 1934, and the HPyear
(1932-32) average of 84.9%.
The low condition this fall is chiefly due to
shortage of rainfall or late planting and unfavorably cool weather for fall
and
%
54
88
Pennsylvania
for
of the
of the
seedings and
for
1936
%
60
Ohio..
reported in the Western group of States.
Relatively high prices at seeding time were undoubtedly responsible
a considerable part of the increase in
seedings. However, some
most important increases are in the southern and eastern portions
dought area where fall rains came in time to favor increased
where the extensive failure of 1936 crops resulted in an acute need
increased fall and winter pasturage and for early grain for feed.
In some
areas where several recent corn crops have failed because of summer drought
there is also a tendency to shift some acreage from corn to wheat.
The principal decreases in seedings are in the northern Great Plains area
and in some sections in the Pacific Coast States where continued dry
weather during the fall made prospects unfavorable.
The condition of the winter wheat crop on Dec. 1, 1936, was reported
at 75.8% of normal, compared with 78.2% on Dec. 1, 1935 and the IChyear
(1923-32) average of 82.4%.
Condition is below average
most areas,
with the greatest departures from average in Nebraska, South Dakota,
Oklahoma, Texas and the Western States.
Conditions are especially poor
in the Pacific Northwest where shortage of moisture has been severe.
Based on the past relationship between Dec. 1 condition and yield per
seeded acre, with some allowance for the probable effect of weather condi¬
tions during the past summer and fall, the indicated production of winter
wheat in 1937 is slightly over 600,000,000 bushels.
It is expected that
abandonment of sown acreage will be somewhat above average, with the
most probable range from 15 to 20%.
sown
Acres
32/
New Jersey
wheat sown in the fall of 1936 is
with 49,688,000 acres seeded in
(1927-31) of 45,265,000 acres.
The acreage seeded this fall is by far the largest of record, the previous
greatest acreage having been 51,391,000 acres sown in the fall of 1918.
Increases over last year are quite general, with only seven States showing
decreases.
The greatest percentage increases are in the North Central
States.
These States, as a group, show an increase of about 23%.
An
increase of nearly 10% is reported in the South Central group of States.
The North Atlantic group shows an increase of about 7% and the South
Atlantic an increase of about 2%.
A slight decrease in sown acreage is
the fall of
Acres
1936
1935
1,000
Acres
Winter
1936
1,000
{
1923V 1934
Avge.
New York
follows:
estimated
of
1935
1,000
of 1937 as
wheat and rye for the crop
of
1934
culture made
and condition of winter
1936
26,
Dec.
Chronicle
Financial
4186
82.4
77.8
78.2
75.8
western half of the country.
has sufficient topsoil moisture to carry well into
ally over
the
THE DRY
For text usually
GOODS TRADE
appearing here,
under this heading, see page
4181.
Volume
143
Financial
Chronicle
4187
MUNICIPAL BONDS
Specialists in
Dealer
Illinois & Missouri
Bonds
WM. J.
Markets
MERICKA & CO.
INCORPORATED
Union Trust Bids.
One Weil Street
135 S. Le Salle St
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N.
payrolls of establishments employing eight
goes into the general Federal treasury fund.
Broadway
ST. LOUIS
or more
persons
Connecticut—Changes in
Public
The
Works
Administration—Legality of Municipal
Power Plant Allotments to Be Tested—The
following is the text
of a statement (Press Release No.
3064) just made available
by the above-named Federal agency:
Administrator
Ickes
today directed the
legal staff to bring to trial
instigated by private
suits
PWA
or
allotments
to
Public
Works
made
list
of investments
State Bank Commissioner
Colony RR., all issues.
Maine—Old
Age Assistance
PWA attorneys are conferring with Department of Justice representatives
that the pending litigation
may be pushed to a conclusion as rapidly
possible.
\v -'.
The 52 projects which are now held up by litigation include power plants,
distribution systems and waterworks, with allotments totaling $52,270,390.
All these allotments were made pursuant to the Acts of Congress
providing
for emergency construction in order to reduce
unemployment, but im¬
peding litigation and injunctions have so far prevented these allotments
from fulfilling tbat purpose.
The first of these cases, that of the Community Public Service Co.,
Dallas Power & Light Co., Gulf States Utilities Co., Houston Lighting &
Power Co., Texas Electric Service Co., Texas Power & Light Co., and
Texas Utilities Co., attempting to restrain PWA officials from
lending
money to the Lower Colorado River Authority, is set for trial on Jan. 4
following bulletin (No. 4), showing additions to and
of investments considered legal for
savings banks in this State, was issued on Dec. 17 by the
deletions from the list
State Bank Commissioner:
Power
Added to List of
■
33-£s,
Co., 1st & ref.
series G, 3lis,
1966.
Munivipal Bonds
City of Kalamazoo, Mich.; City of El Paso, Texas.
Removed from the
Legal List
Bonds and Notes
Brunswick & Topsham Water District (Me.), Town of Brunswick
(Me.
Bonds Called
Telephone Company Bonds
&
American Tel. & Tel. Co., coll. tr. 5s, 1946; Pacific Tel. & Tel.
Co., 1st
coll. tr.
5s,
1937.
Public Utilities
SUBJECT
$5,000 FT. PIERCE Waterworks 5% Bonds
1942
Interest
Company
Harvey Building
July 1, 1936
Public Utilities
1966; New England Power Co., 1st mtge. series A, 3&s, 1961.
As of
Dec. 14, 1936: Pacific Gas & Electric Co., 1st & ref.
mtge. series I, 3Hs,
1966.
As of Dec. 15, 1936: Connecticut Light & Power
59071; Alabama Power Co. vs. Harold L. Ickes, et al.. Equity No.
59671; Iowa City Light & Power Co. vs. Harold L. Ickes, et al.. Equity
60245.
Briefs in these cases must be filed by the power companies
by Jan. 4 and it is expected that the trial will be held by Feb. 1.
A mandate on the Duke power case has not yet been handed down from
the Supreme Court, but the Government hopes at the earliest possioility
to re-try this case in the District Court so that it may be returned to the
Supreme Court in a fashion that, it is hoped, will be suitable to it.
PALM
;
:•
As of Oct. 31, 1936: Central Maine Power
Co., 1st & gen. mtge. series H,
3^8, 1966.
As of Nov. 30, 1936: Consumers Power Co., 1st mtge.,
No.
WEST
on
Massachusetts—Charges in List of Legal Investments—
expect on Feb. 1 to try the case in South
Thomas M. Cook &
House
The
in the District Court of the District of Columbia.
Notice has been given to the Carolina Power & Light
Due
Killed—The
thereby
providing for a 10% liquor
sales tax to raise
$200,000, according to a United Press dis¬
patch from Augusta.
It is stated that the bill was
favored, 85 to 46, but failed
to receive
the two-thirds
majority required to override
Governor Louis J. Brann, who vetoed the bill earlier in the
day on the ground that, though supposedly designed to con¬
form with the Social
Security Act, it would no be acceptable
to the Social
Security Board.
as
Price—104 and
Bill
Dec. 19 failed to override a Gubernatorial veto and
killed an old-age assistance bill
Greenwood County case would settle the issues so that considerable time
and expense would be saved in
determining the other cases.
The Supreme
Court rule, however, did not decide these issues. >
WE OFFER
Dec. 23:
Deduction
Old
County, S. C., back to the District Court for re-trial without the Supreme
Court's ruling on the merits of the case.
Over one-half hundred cases embracing issues similar to those in the
Duke Power Co. vs. Greenwood County case are in lower 0010*18.
It
had been hoped that a decision on the merits of the Duke Power Co. vs.
.
for Con¬
issued by the
Connecticut Light & Power Co. first and refunding
3^8, 1966
Consumers Power Co., first mortgage
4s, 1944.
First mortgage 3Hs, 1965 and 1970.
First mortgage S^s, 1966.
their merit sas quickly as possible 52 law
utility interests for the purpose of blocking
desiring publicly-owned power plants
on
in the District Court of the District of Columbia.
At the same time, the Government will pursue vigorously the defense of
its cases which it won in the District Court of the District of Columbia
last spring: Alabama Power Co. vs.
Harold L. Ickes, et al., Equity
on
was
Additions
communities
Co., South Caro¬
Co., and Broad River Power Co., that the Government will
Carolina restraining the Govern¬
ment from helping the South Carolina Public Service Authority.
Notice has also been given to the Nebraska power companies (IowaNebraska Light & Power Co., Western Public Service Co., Central Power
Co., Nebraska Power Co., and Northwestern Public Service Co.) that the
Federal Government is asking that the trial of these cases be set for Feb. 23
considered legal
savings banks and trust funds,
Administration
distribution systems.
lina
in the
necticut
This action resulted from the United States Supreme Courtis technical
decision this week referring the case of the Duke Power Co. vs. Greenwood
so
List of Legal Investments-—
following bulletin (No. 3), showing the latest changes
Bangor Hydro-Elec. Co., 1st & ref. 4s, 1954; Bangor Hydro-Elec. Co.,
1st & ref. 4>$s, 1960; Central Maine Power Co., 1st & gen. ser. E
4Ks, 1957;
Conn. Lt. & Power Co., 1st & ref. ser. C 4J^s, 1956; Conn. Lt. & Power
Co.,
1st & ref. ser.
D.
5s,
1962;
Cumberland Co. Power & Light Co., 1st
mtge. ser. A 4^8, 1956; Lake Superior Dist. Power Co., 1st & ref. sre. B
5s, 1956; Narragansett Elec. Co., 1st ser. C 5s, 1958; New England Power
Co., 1st 5s, 1951; N. Y. State Gas & Elec. Corp., 1st 6s, 1952; N. Y. State
Gas & Elec. Corp., 1st 53^s, 1962; Pacific Gas & Elec.
Co., gen. & ref. 5s,
1942; Pennsylvania Power Co., 1st 5s, 1956; Turners Falls Power & Light
Co., 1st 5s, 1952; Waterbury Gas Light Co., 1st 4^8, 1958.
BEACH, FLORIDA
Nebraska—Unicameral
The
new
Legislature to Convene Jan. 5—
one-house State Legislature will convene at Lincoln
Jan. 5,
that since
according to the United Press.
It goes on to say
Senator George W. Norris's successful campaign
of law-making body, in the 1934 general elec¬
tion, 25 States have taken the plan under consideration.
In
that many States during the last two
years, according to a
survey made by a University of Nebraska political scientist,
efforts have been made to replace the two-house
systems.
The unicameral legislature in the above State will consist
of 43 members, elected on a non-political basis, in one assem¬
bly.
The old legislature consisted of a house of 100 members
on
News Items
for this type
Comparison of Municipal With Federal Debt—State
and local debt in the United States increased
9.1% in the
the National Industrial
with an increase of
108.7% in the debt of the Federal Government during the
fiscal years 1930 to 1936, according to
Conference Board.
This compares
same
period.
In the 1930 fiscal year, State and local debt amounted to $17,985,000,000.
During the next two years it increased slightly, reaching a total of $19,635,000,000.
A slight decline to $18,942,000,000 occurred in 1934.
The up¬
ward trend was resumed in 1935 when it reached $19,277,000,000 and
continued during the current year rising to $19,621,000,000.
The Federal debt in the same period rose from $16,185,000,000 to $33,779,000,000 in the current year.
Among the reasons for the relatively small change in State and local debt
in this period, the most important perhaps is that the fiscal position of)
many governments, especially local governments, was such that their credit
rating was seriously impaired.
Governmental units that defaulted and
those which were able to meet debt service requirements only with extreme
difficulty were obvously not in a good position to borrow.
Another element that tended to prevent an increase in State and local
debt was that new borrowings were offeet to a large extent by heavy retire¬
ments of previous loans.
Delaware—Special Session Called on Social Security—
C. Douglass Buck on Dec. 18 called a special
session of the Legislature, to enact legislation which would
Governor
enable the State to obtain its share of the money collected
under the compensation section of the Federal Social Security
Act, according to Dover press reports.
The session is to
Dec. 28, it is stated.
Unless Delaware enacts an
convene on
approved law by Dec. 31, the
revenue
from the 1% levy
on
and
a
33-member
senate.
New
G.
Jersey—Job Insurance Act Signed—Governor Harold
Hoffman signed an unemployment insurance plan Act
Dec. 22 within
an hour after it had been sent to him
by
Legislature in special session, thus adding New Jersey
to the list of States carrying such programs,
according to
a
United Press dispatch from Trenton on the 23d.
The
passage of the measure before
Dec. 31 made the State
eligible for a refund of about $10,000,000 in Federal payroll
taxes to be collected beginning Jan. 1.
Both Houses adjourned sine die after the Governor signed
the bill, but are subject to a call sometime after Christmas
on
the
when Governor
a seven-man
New
Hoffman will submit his appointments for
commission to administer the
York
City—Tax
plan.
Cut Sought by Mortgage
Commission—Mayor La Guardia on Dec. 18 assured Wen¬
dell P. Barker, Chairman of the State Mortgage Commission,
that he was sympathetic with the Commission's request that
the Board of Aldermen take advantage of Chapter 917 of
Penalty
Financial
4188
the
jienalties on unpaid taxes,
Mr. Barker is said to have
and reduce
1934
of
laws
and water rates.
assessments
ARKANSAS
pointed out to the Mayor the serious consequences of these
tax
penalties upon thousands of unfortunate certificate
holders whose mortgages come
Mortgage
New
within the jurisdiction of
BONDS
Largest Retail Distributors
the
Commission.
York State— Tax
Limitation Group Derides
by the State Conference of
and debt limitation proposals would prove
to be far,more harmful than beneficial to the taxpayers:
The State Tax Limitation Committee, through its Chairman, George W.
Pratt, Surrogate of Steuben County, answered pomt by point today a
statement issued last week by the State Conference of Mayors, through
its advisory committee, condemning the proposed tax and debt limitation
ARKANSAS BONDS
Mayors that tax
amendments to the
In his reply Mr.
committee as
Constitution.
Pratt branded the statement of
"biased, unsupported by fact and an
public opinion by
"There has been
Markets in all State,
constitutional protection
are showing a 'callous
disregard for public welfare' in seeking to secure
against confiscatory taxes.
We feel it is they who
disregard' for the overburdened taxpayers."
Taxes Held Un¬
likely—The New York State Tax Commission for the Re¬
vision of the Tax Laws estimated on Dec. 22, at a meeting
held in New York City, that for the fiscal year ending
June 30, 1937, the State would have art income of $332,546,000 and expenses of $312,789,0(30. The surplus, it is expected,
will reduce the accumulated deficit from $55,878,000 to
$36,121,000. State Senator Seabury C. Mastick, Chairman
of the Commission, warned, however, that the surplus might
not be as
large as
ARKANSAS
reported that there
REFUNDING PLAN—
that
have
deposited their bonds.
be for¬
Osceola), Ark .—REPORT ON PROGRESS OF
The Bondholders' Committee for the above District has announced
the holders of more than 84% of the $3,705,000 of outstanding bonds
agreed to accept the 52Yi% settlement plan and
It is said that further deposits are being requested, the bonds to
warded to the
Boatmen's National Bank of St.
CALL
that
1937, and all
6% to date
by giving
Memphis.
California Municipals
DONNELLAN & CO.
appeared to be little
San Francisco, Calif.
111 Sutter St.
Telephone Exbrook 7067
continued for another year.
OFFERINGS
Louis.
ST.FRANCIS LEVEE DISTRICT (P. O. Piggott), Ark .—BOND
—It is stated by W. M. Smith, President of the Board of Directors,
the Board is calling for payment on July 1, 1937, on which date interest
shall cease, a total of $500,000 Levee District, series D bonds.
Bonds
must be presented for payment with coupons maturing July 1,
subsequent thereto.
Payment will be at par, with interest at
called.
Dated as of July 1, 1907.
Callable 30 years from date
six months' notice.
Payable at the National Bank of Commerce in
possibility of reduction in expenditures and taxes for 1938,
which would mean that the emergency 1% tax on income
probably would have to be
DISTRICT NO. 17 (P. O.
DRAINAGE
COUNTY
MISSISSIPPI
anticipated.
The Commission
MO.
State,"
mayors' figures, the tax limitation
tax defivit of $37,000,000.
In other
words, economies would have to be made, and local real estate taxes cut
by that amount.
Considering that the general property tax was $757,564,824 in 1935, this means a reduction of less than 5%.
"To say that a tax cut of 5% means 'financial chaos in practically every
unit of government in the State' (quoting the mayors' advisory committee
statement) is sufficiently absurd to thoroughly discredit their entire bill
of objections.
The mayors claim that property owners show a 'callous
State—Future Reduction in
Issues
COMPANY
BUILDING, ST. LOUIS,
LANDRETH
Mr. Pratt said.
"According to the
amendments would mean an estimated
York
County &. Town
SCHERCK, RICHTER
the mayors' advisory
attempt to influence
misleading statements."
a hue and cry for reduced budgets all over the
ROCK, ARK.
LITTLE
charges made
to
Committee
CO.
WALTON, SULLIVAN &
Mayors'
following
Charges on Proposed Limitation Amendments—The
is the text of a dispatch sent by an Albany staff correspondent
to the New York "Herald Tribune" of Dec. 21, dealing with
the rebuttal statement issued by the State Tax Limitation
New
1936
26,
Dec.
Chronicle
•'
?
Teletype-8 P 396
CALIFORNIA
WANTED
Calif.—BOND SALE—The
Dec. 22—V. 143, p. 4035—
Francisco as 3s at par plus
premium of $1,011, equal to 101.042, a basis of about 2.90%.
Dean
Witter & Co. of San Francisco offered a premium of $308 for 3s.
Dated
Dec. 1, 1936.
Due $5,000 yearly from 1940 to 1957 and $7,000 in 1958.
GILRQY, Calif.—BOND OFFERING NOT CONTEMPLATED—It is
stated by V. Oddie, City Clerk, that no plans have been made to re-offer
the $31,000 not to exceed 4% semi-ann. civic auditorium bonds that were
offered unsuccessfully on Dec. 7, when all bids were rejected.
LINDSAY UNION HIGH SCHOOL DISTRICT, Calif.—BOND ELEC¬
TION—The School Board has decided to call an election for Jan. 5 at which
proposal to issue $60,000 high school building bonds will be voted upon
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—PRICE PAID
—It is now reported by the County Clerk that the $28,000 issue of Santa
Monica City High School District bonds purchased on Dec. 1 by the Wm.
R. Staats Co. of Los Angeles, as noted here—V. 143, p. 4035—was sold
as 3s, for a premium of $152.00, equal to 100.542, a basis of about 2.94%.
FRESNO
Arkansas—Illinois—Missouri—Oklahoma
COUNTY
(P.
O.
Fresno),
$97,000 Selma School District bonds offered on
awarded to R. II. Moulton & Co. of San
MUNICIPAL BONDS
were
a
Francis, Bro. &
ESTABLISHED
/nvestment
ST.
Co.
1877
Securities
TULSA
LOUIS
a
Bond Proposals
and Negotiations
MONTGOMERY, ALABAMA
various purposes
Due from Jan.
until 2 p.m. Dec.
4.50%
McALISTER, SMITH & PATE, Inc.
67
NEW YORK
BROAD STREET
Telephone WHitehall 4-6765
GREENVILLE, S. C.
Angeles), Calif.—BOND
request of the Board
of Education to call an election for Jan.
the issuance of $4,000,000 in school
have the voters pass on
CHEROKEE COUNTY (P. O. Center),
It is stated by T. R. Snead, Chairman of the
26 in order to
bonds.
Ala.—BOND OFFERING—
County Commissioners,
that
public auction on Jan. 4, at noon, a $35,000 issue of court
Interest rate is not to exceed 6%, payable J. & D.
Dated
Dec. 1, 1936.
Due on Dec. 1 as follows: $2,000, 1937 to 1946, and $3,000,
1947 to 1951.
The bonds shall be sold subject to the approval of their
legality by recognized bond attorneys.
A certified check for $700 must
accompany the bid.
he will sell at
house bonds.
SALE—The two issues of 5% semi-ann.
$38,000, offered for sale on Dec. 22—V. 143,
p. 4035—were awarded to Milhous, Gaines & Mayes of Atlanta, paying
a premium of $1,000, equal to 102.63, a basis of about 4.69%.
The issues
GADSDEN,
Ala.—BOND
refunding bonds aggregating
are
divided as follows:
$20,000 school bonds.
18,000 street bonds.
Due $1,000 from Jan. 1, 1939 to
Due $1,000 from Jan. 1, 1939 to
1958 incl.
1956 incl.
(P. O. Scale), Ala.—BOND OFFERING—I. I.
Moses, Chairman of the County Commission, will offer for sale at public
auction on Dec. 23, at 2 p. m., a $50,000 issue of court house bonds.
In¬
terest rate is not to exceed 4M%. payable A. & O.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on Oct. 1 as follows: $1,000, 1939 to 1944, and
$2,000, 1944 to 1966, all incl.
Principal and interest to be payable at
some bank in New York City.
The approving opinion of Storey, Thorndike, Palmer & Dodge, of Boston, will be furnished.
A certified check for
$1,000 is required.
(This report supplements the offering notice given in our issue of Dec. 19.
—V. 143, p. 4035.)
RUSSELL COUNTY
ARKANSAS
Ark.—BONDS VOTED—It is stated by the Town
approved the issuance of $30,000 in 4% hospital bonds
at an election held on Dec. 15, but that no date of sale has been fixed as
yet, since approval has not been received on a requested Public Works
Asministration allotment.
Due as follbws: $500, 1941 to 1945; $1,000.
1946 to 1957; $1,500, 1958 to 1966, and $2,000 in 1967.
CLARKSVILLE,
Clerk that the voters
semi-ann.
CONWAY, Ark.—BOND SALE- -The $10,000 issue of 5%
hospital and impt. bonds offered for sale on Dec. 16—V. 143, p. 3668—
was awarded to W. J. Herring & Co. of Little Rock, at a price of 105.40.
a basis of about 4.25%.
Due $1,000 from 1940 to 1949, incl.
OFFERING DETAILS—In
to exceed 5% semi¬
on which was given
in these columns recently—V. 143, p. 4035—it is stated by S. H. Finley,
Secretary of the Board of Directors, that both the principal and interest
will be payable in lawful money at the office of the District Treasurer or
at the National City Bank in New York, or at the Continental Bank &
Trust Co., Chicago.
These bonds may be registered as to both principal
and interest, fully convertible again into coupon bonds and then back into
registered form, at the expense of the holders thereof.
The bonds will
be sold for cash only and at a price not less than par.
Payment for said
bonds shall be made in instalments at periodic intervals as may be required
by the District.
The approving opinion of Thomson, Wood & Hoffman of
New York, and O'Melveny, Tuller & Myers, of Los Angeles, will be furn¬
ished.
A certified check for $284,000, payable to the District, must accom¬
offering scheduled for Jan. 8, of the $14,184,000 not
annually Colorado River water works bonds, report
ALABAMA
(P. O. Los
connection with the
METROPOLITAN WATER DISTRICT
ANGELES
LOS
CHARLESTON, S. C.
BIRMINGHAM, Ala.—BOND ELECTION NOT SCHEDULED—It is
stated by Eunice S. Hewes, City Clerk, that the City Commission refused
a
1, 1942 to 1951.
OFFERING—L. E. Lampton, County Clerk, will receive bids
29 for the purchase at not less than par, of $7,000 school
building bonds of Rivera School District.
Bidders are to name rate of int.,
not to exceed 5%.
Denom. $1,000.
Dated Jan. 1, 1937. Prin. and semiann. int. payable at the County Treasury.
Due $1,000 yearly on Jan. 1
from 1943 to 1949, incl.
Certified check for 3% of amount of bonds bid
for, payable to the Chairman of the Board of Supervisors, required.
BOND
5% 1938-1957
price to yield 2.75 to
pany
the bid.
REDWOOD
CITY,
Calif.—BOND OFFERING—B. E.
3p.m. Jan. 4 for the purchase at
Clerk, will receive bids until
Myers, City
not less than
of $200,000 harbor improvement bonds.
Bidders are to name rate of
interest, in a multiple of
%, but not to exceed 4%.
Different rates may
be specified for different maturities.
Denom. $1,000. Dated July 1, 1936.
Interest payable Jan. 1 and July 1.
Due on July 1 as follows: $5,000, 1937
to 1941; $8,000, 1942 to 1944; $10,000, 1945 to 1948; $12,000, 1949 to 1951;
and $15,000, 1952 to 1956.
Certified check for $1,000, payable to the
City Treasurer, required.
Approving opinion of Orrick, Palmer & Dahlquist of San Francisco will be furnished by the city.
par
SAN
BOND
BERNARDINO
COUNTY
SALE DETAILS—It is now
(P. O. San Bernardino)
stated by the County Clerk
Calif.—
that the
purchased
price of
1, 1937,
$250,000 issue of San Bernardino High School District bonds
by the Harris Trust & Savings Bank of Chicago, as l%s, at a
100.197, as noted here recently—V. 143, p. 3874—is dated Jan.
and the bonds mature
basis of about
1.71%.
1938 to 1947, incl., giving a
Principal and interest payable at the office of the
$25,000 from Jan. 1,
County Treasurer.
SAN
DIEGO
COUNTY
(P. O. San Diego)
County Clerk that
SOLD—It is now stated by the
Calif.—BONDS NOT
the $65,000 issue of not
offered
5% semi-ann. Escondido
Union School District bonds
on
Dec. 7, the award of which was postponed to Dec. 14, as noted in
these columns—V. 143, p. 3874—was not sold as all the bids were rejected.
It is said that the bonds will be readvertised for sale if and when application
exceed
to
for
a
Federal grant is
SAN FRANCISCO
The highest bid received was a tender
Schwabacher & Co. of San Francisco.
approved.
$762.00 for 3s, submitted by
(City and County), Calif .—NOTE SALE
will be received until Jan. 4 for the
SCHED¬
purchase
Due on May 15, 1937.
of maturing tax notes were
paid off
ULED—It is stated that bids
of $2,000,000 tax anticipation notes.
It is also reported that $5,500,000
on
Dec. 22.
of
Volume 143
Financial
VENTURA, Calif.—BONDS DEFEATED—It
ruff,
City Clerk, that
is stated
Chronicle
4189
by Grace Wood¬
the election held on Dec.
15, the' voters turned
down the proposed issuance of
$1,581,000 in water system bonds.
at
OFFERINGS
WOODLAKE UNION HIGH SCHOOL DISTRICT, Tulare County,
Calif.—BOND ELECTION—At an election scheduled for
Dec. 30, a propo¬
building improvement bonds will be submitted
WANTED
_
sition to issue $30,000 school
to the voteres.
y
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
f
FIRST SECURITY TRUST CO.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONT
NEW
MEXICO
SALT LAKE CITY
ANA
Phone Wasatch 3221
Bell Teletype:
WYOMING
—
DONALD F. BROWN & COMPANY
IDAHO
BOUNDARY
COUNTY
INDEPENDENT
NO. 4 (P. O. Bonnes
Ferry), Idaho—BOND
DENVER
Telephone:
Keystone 2395
—
Teletype:
Dnvr 580
will be held
Jan. 5 to vote
on
REXBURG,
bonds offered
COLORADO
LAFAYETTE, Colo.—BOND SALE CONTRACT— It is stated by the
Town Attorney that a contract has been
arranged for the disposal of $15,000
water system bonds.
LAS ANIMAS COUNTY SCHOOL
DISTRICT NO. 1 (P. O. Trinidad) ,
Colo.—BOND SALE—Brown, Schlessman, Owen & Co. of
Denver have
purchased and are now offering to investors an issue of
$195,000 3
refunding bonds.
Denom. $1,000.
Dated Nov. 1, 1936.
Principal and
semi-annual interest (April 1 and Oct. 1)
payable at the County Treasurer's
office. Due serially on April 1 from 1938 to
1956.
MONTE VISTA, Colo.—BONDS NOT
SOLD—'The two issues of not to
6% semi-ann. bonds aggregating $45,000, offered on Dec. 15—
V. 143, p. 3668—were not sold as no bids were
received, according to the
City Clerk.
Dated Jan. 1, 1937.
Due serially over a period of 13 years.
Divided as follows: $8,000
Sewage Main District No. 1, and $37,000 Water
Improvement District No. 1 bonds.
exceed
NORTH STERLING IRRIGATION DISTRICT
(P. O. Sterling),
Colo.—BONDS DEFEATED—At the election held on Dec.
8—V. 143, P.
3668—the voters
said
are
to
irrigation equipment bonds.
have defeated the issuance of the $150,000
would
MERIDEN,
awarded
Conn.—OTHER
BIDS— The
$45,000
highway
Lincoln R. Young & Co. of Hartford, as
1H&, at
basis of about 1.22%, were also bid for as follows:
Bidder—
Int. Rate
100.16,
be
At present the State is free
to
a
bonds
price of
a
Cooley&Co.
Roy T. H. Barnes & Co..
Kean, Taylor & CoR. F. Griggs Co
-
-
Estabrook & Co—
R. L. Day & Co
Home National Bank of Meriden__
-
Putnam & Co
-
Burr & Co., Inc.
Washburn & Co_.
First National Bank of Boston
Mansfield & Co.
—
NEW
BRITAIN,
Rate Bid
.1)4%
iy2%
IH%
1^%
13^%
1H %
1H%
1**%
iy2%
1^%
1H%
W2%
-
-
——-
Conn.-BONDS
AUTHORIZED—The
Finance and Taxation has authorized the issuance of
$55,000
101.039
100.905
100.867
100.846
100.835
100.79
100.72
100.64
100.605
100.579
100.568
100.509
Board
sewer
of
bonds.
1199332208
4
TWIN
FALLS, Idaho—BONDS DEFEATED—'The City Clerk
INDIANA
-
MICHIGAN
•
£Rcfan<km
VPPfnc.
/
MUNICIPAL BOND DEALERS
135 So. La Salle
St., tlncago
State 0040
Teletype CGO. 437
ILLINOIS
111.—APPROVES
$12,349,000 BOND ISSUE—'The City
ordinance authorizing the issuance of
$12,349,000
5% judgment funding bonds.
Sale is expected to be made next
January.
The bonds will be dated Dec.
1, 1936 and mature Jan. 1, 1956, optional
an
$4,000,000 in 1945, $4,000,000 in 1947 and
$4,349,000 in 1949.
CHICAGO, 111.—FINANCIAL STATEMENT The
following reflects
the city government ana the
Board of Edu¬
cation, which effects its financing.
Halsey, Stuart & Co., Inc. of New
York, as manager of two separate
syndicates, recently obtained the award
of $6,600,000
3% city refunding and $3,000,000 3% Board of Education
refunding bonds. Detailed account of the sale appeared in—V.
143, p. 4037.
Financial Statement (City
of Chicago)
the financial status of both
Full valuation
Assessed valuation, 1935
Gross funded debt
$5,501,444,935.00
Judgments (including special
assessment
Other unfunded debt
Total debt
judgments)
—
Tax Collection Statement
Taxes
Extended
Year—
Taxes
Total Tax Warrants
Issued
Outstanding
Received
$59,135,688.00
68,902,131.00
82,787,794.00
1931
73,339,205.00
1932.— 62,737,096.00
—.
44,476,449.00
45,832,348.00
$51,895,942.00
56,866,644.00
63,791,100.00
53,158,965.00
42,218,905.00
30,478,487.00
30,099,867,00
$50,465,500.00
50,110,000.00
56,108,244.00
48,191,600.00
27,826,000.00
34,013,000.00
29,955.000.00
29,834,000.00
22,697,000.00
22,903,440.00
1, 1937
Miami
Full
BOARD
OF
1, 1937
$10,339,000.00
EDUCATION
Financial
—
CITY
OF
CHICAGO
Statement
valuation
$5,501,444,935.00
2,035,534,627.00
valuation, 1935
Tax
Municioals
Year—
$55,850,372.37
1929.— 75,367,773.59
1930
76,157.192.48
1931— 77,324,131.37
50,239,192.01
52,268,818.57
53,679,572.15
1935a... 58,216,290.32
1936b... 66,817,729.05
Jacksonville, Fla.
Orlando
10
Teletype
Jacksonville
No.
90
1920
,
2,701,705; 1930
41,413,000.00
3,376,438.
,
Statement
Taxes
Extended
1928
LEEDY. WHEELER & CO.
Collection
Taxes
.
b Esti¬
$3,739,000.00
6,600,000.00
issue)
Total bonds maturing Jan.
Population, United States Census,
System
$2,881,000.00
1,660,000.00
3,604,000.00
5,216,000.00
819,000.00
5,520,000.00
4,399,000.00
14,729,000.00
22,697,000.00
....
Gross funded debt
Bell
2,035,534,627.00
122,837,000.00
19,532,906.49
2,774,883.70
145,144.790.19
.
Population, United States Census, 1920, 2,701,705;
1930, 3,376,438.
Assessed
Florida
IOWA
-
Bought—Sold—Quoted
First half due Sept. 1, 1936.
Second half due Feb. 1, 1937.
mated to be extended but not yet extended.
Cash available to pay bonds due Jan.
JACKSONVILLE
states
in water
Municipal Bonds of
ILLINOIS
Bonds to be refunded (this
Orlando
refunding
a
PIERCE-BIESE CORPORATION
Tampa
coupon
Dec. 18—V. 143, p. 3669—were awarded to the
Madison
1935a... 60,192,957.00
1936b— 59.551,495.00
BONDS
SCHOOL
DISTRICT
ELECTION—An election
$40,000 in high school bonds.
that the voters defeated the
proposed issuance of the $200,000
system bonds, at the election held on Dec.
15—V. 143, p. 3185.
1933
1934——
FLORIDA
the issuance of
Idaho—BOND SALE —The $37,000
on
Council has passed
CONNECTICUT (State of)—PROPOSE $25,000,000 BOND ISSUE—
It is re-orted that the State Board of Finance and
Control will recommend
authorization by the 1937 Legislature of a $25,000,000 bond issue for
the
purpose of funding $14,500,000 of existing
floating indebtedness and to
finance the construction of several institutions.
The bonds
on
County Treasurer at par.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows:
$3,500, 1939, 1940 and 1941; $4,000, 1942; and
$4,500, 1943 to 1947.
CHICAGO,
CONNECTICUT
redeemed at the rate of $1,250,000
annually.
of bonded debt.
SL K-372
Total Tax Warrants
Received
Issued
$49,037,145.40
61,970,615.16
58,617,121.07
56,175,334.89
34 121,874.19
35.851,806.51
$46,500,000.00
63,175,000.00
49,541,000.00
50,251,000.00
31,953,128.77
37,486,550.00
29,230,600.00
30,266,000.00
31,035,000.00
35,283.244.88
25,616,847.21
a First half due
Sept. 1, 1936.
Second half due Feb. 1,
mated to be extended but not yet extended.
available to pay Board of Education bonds due
Jan. 1, 1937
Outstanding
$1,200,000.00
10,072,000.00
1,391,000.00
1,292,400.00
1,391,150.00
5,649,375.00
1,013,300.00
1 0,525,000.00
31,035,000.00
1937.
b Esti¬
Cash
FLORIDA
Bonds to be refunded (this issue)
MIAMI, Fla.—BONDS OFFERED FOR INVESTMENT-
-A group com
posed of the Central Republic Co., C. F. Childs & Co., and John Nuveen
& Co., all of Chicago, are offering for general
subscription a total of $1,095,000 5% refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1934.
Due on
Jan. 1, 1964, redeemable upon 60 days' published notice in
numerical
order on any interest payment date at par and interest.
Prin. and int.
(J. & J.) payable at the Chenical Bank & Trust Co., New York.
Legality
approved by Thomson, Wood & Hoffman, or Masslich & Mitchell, both of
New York.
MIAMI
to
BEACH, Fla.—BOND ELECTION—'The City Council is
have called
an
election
for
Jan.
26
in
order
to
vote
on
the
not
to
$5,000,000.00
EARLVILLE, III.—BOND SALE DETAILS— The $5,000 4% sewage
disposal plant bonds purchased by the H. C. Speer & Sons Co. of
Chicago,
were sold at par, are in denoms. of
$1,000, and mature $1,000 annually on
Dec. 1 from 1937 to 1941
incl.
EVANSTON TOWNSHIP HIGH SCHOOL
DISTRICT NO. 202,
III.—WARRANT SALE—Kirstein & Co. of
Chicago have purchased an
issue of $200,000
said
proposed
of $2,313,000 municipal improvement bonds.
Interest rate is
exceed Il/2%, according to City Manager Claude A.
Renshaw.
projects approved by the council include sanitary sewage disposal;
seage extensions; bridges; improvements to the beach and awter
supply
issuance
Total Board of Education bonds
maturing Jan. 1, 1937—
$2,000,000.00
3,000,000.00
1.70% tax anticipation
warrants
premium of $10.
SULLIVAN
TOWNSHIP
(P.
O.
Sullivan),
of
1936 at par plus a
III.—BOND SALE—An
issue of $45,000 road oiling bonds has been sold to
a
local bank.
The
INDIANA
facilities.
PORT ST. JOE, Fla.—BOND OFFERING—Sealed bids will be
received
until 10 a. m. on Dec. 28, by Mayor J. L. Sharit, for the
purchase of $200,000
water and sewer revenue bonds.
These bonds were approved by the voters
at a recent
election,
as
noted in these columns—V. 143, p. 3875.
AMERICUS, Ga.—BONDS VOTED—At the election held on Dec. 16—
V. 143. P. 2718—the voters approved the issuance of the $85,000 in
3%
bonds by a count of 556 to 22, according to the City Clerk and
Treasurer.
The issues are divided as follows; $47,000 school; $25,000 water and sewer¬
$10,000 crematory, and $3,000 abattoir bonds.
NEWMAN,
Ga .—BONDS SOLD—It is reported that $15,000 water
Lane, Space & Co. of Savannah
premium of $2,613.00, equal to 117.42.
works bonds have been sold to Johnson,
for
a
TOWNSHIP
(P.
O. Elkhart Rural Route No. 4), Ind.—
two issues of bonds offered on Dec. 19—V.
143, p.
awarded to the Cities Securities Co. of Indianapolis, as follows;
BOND SALE—The
3875,
were
$29,000 Baugo Township school aid bonds of 1936 sold as 2^s, at par plus a
premium of $163, equal to 100.56.
Dated Dec. 1, 1936.
Due as
follows:
$1,000 July 1, 1942, and $1,000 each Jan. 1 and July 1
GEORGIA
age;
BAUGO
,
from 1943 to 1956 incl.® These bonds are direct
obligations of the
civil township, payable from unlimited ad valorem taxes on all
its taxable property.
28,525 Baugo School Township school
at par plus a premium of $163,
1936.
Due as follows:
$1,000,
July 1 from 1939 to 1950 incl.;
1951.
These bonds
are
building bonds of 1936 sold as 3s,
equal to 100.57.
Dated Dec. 1.
July 1, 1938; $1,000, Jan. 1 and
$1,000, Jan. 1 and $2,525 July 1,
direct obligations of the school townsnip.
payable out of general ad valorem taxes to be levied
property within the limits prescribed by law.
on
its taxable
Financial
4190
The
following is
Bidder-—
.
an
official list of the other bids submitted for the bonds:
Premium
Int. Rate
-
A. 8. liuyck & Co
$54.50
23.50
—
Jackson-Ewart, Inc
217.00
....
131.00
29.00
187.75
80.00
305.00
McNurlen & Huncilman, Inc.
*
Harrison & Austin
Indianapolis Bond & Share Corp. (bid only for
S*000 issue} :'
w V "•*V mtm W — ~ •* — M'i
2M%
''
■
58.00
♦ Bid
$29,000 school aid issue
(B) $28,525 township school issue.
withdrawn on account of $1.50 tax law.
(A)
SCHOOL CITY, Indr—BOND OFFERING—Sealed
Board of Trustees until 3 p. m. on Jan. 7 for the
3% school building bonds.
Dated Jan. 1, 1937.
One bond for $450, others $500 each.
Due in 15 years.
Interest payable
semi-annually.
A certified check for $200 must accompany each proposal.
Chronicle
Dec.
will receive bids until 7 p. m.
refunding
school
1936
26,
Dec. 30 for the purchase of an issue of $10,000
bonds.
HILLSDALE RURAL INDEPENDENT SCHOOL DISTRICT NO. 6
(P. O. Glenwood), Iowa—BOND SALE—The $2,300 issue of coupon or
registered school bonds offered for sale on Dec. 14 was purchased by a local
investor as 4s at par.
Dated Dec. 15, 1936.
Due from 1937 to 1941.
No other bid was received.
IOWA CITY, Iowa—BONDS VOTED—A proposal to issue $35,000
community building bonds was approved by the voteres at a recent election.
ROCKWELL, Iowa—BOND SALE—The $10,200 issue of 5% semi-ann.
special assessment sewer bonds offered for sale on Dec. 19—V. 143, p. 4038
purchased by the Stark Building Co. of Little Rock, at par.
No
other bid was received, according to the Town Treasurer.
—was
BATESVI LLE
KANSAS
bids will be received by the
of $26,950
purchase
TOWNSHIP
SCHOOL
BETHEL
Griffin),
O.
(P.
Ind.—BOND
OFFERING—Henry Simpson, Trustee, will receive bids until 2
11 for the purchase at not less than par of $11,950 4M%
Jan.
ARKANSAS CITY
SCHOOL DISTRICT, Kan.—BOND
SALE—An
issue of $25,000 2% refunding bonds has been sold to the Vernon H. Branch
Co. of Wichita at par, plus a premium of $32.25, equal to 100.129.
m.
EMPORIA, Kan.—BOND SALE—A $22,318.44 issue of 2% semi-ann.
school
refunding bonds was offered on Dec. 22 and was purchased by ElmoreHurt & Co. of Topeka, according to report. Dated Nov. 1, 1936. Due on
Nov. 1 as follows: $5,818.44 in 1938, and $5,500, 1939 to 1941.
p.
building bonds.
Denom. 23 for $500 , 4 for $100 and i for $50.
Dated
Dec. 1, 1936.
Interest payable Jan. 1 and July 1.
Due each six months
as follows:
$500, July 1, 1938, to July 1, 1949, incl.; $200, Jan. 1, 1950,
and $250, July 1, 1950.
COUNTY (P. O. Oskaloosa), Kan.—BOND SALE—
bonds described below, which were offered on Dec. 21
JEFFERSON
The $45,790.08 2M %
4038—-were awarded to Beecroft, Cole & Co. and Estes, Payne
HAMMOND, Ind.—BOND OFFERING—G. B. Smith, City Controller,
will receive sealed bids until 10 a. m. on Jan. 4 for the purchase of $275,000
-—V. 143, p.
gymnasium-auditorium bonds issued by the city on behalf of the
Hammond Park District.
Dated Jan. 1, 1937.
Denom. $1,000.
Due $25,000 each year on Jan. 1 from 1939 to 1949.
incl.
Principal and interest (J. & J.) payable at the City Controller's
office.
Said bonds shall not in any respect Be the corporate obligations
or indebtedness of the City of Hammond, but shall be and constitute the
indebtedness of the Park District of the City of Hammond as a special
taxing district.
Said bonds with interest thereon shall be payable out
of special taxes levied upon all the taxable property of the Park District
of the City of Hammond.
Said bonds will be ready for delivery on the
date of sale, and the purchaser will be required to pay for the same at the
time of delivery thereof.
A certified check for 2M % of the bonds bid for,
payable to the order of the City Controller, must accompany each proposal.
$8,000 public work relief bonds.
Dated Dec. 1, 1936.
Interest Jan. 1
and July 1.
Due Jan. 1 as follows: $500, 1938 to 1941, and $1,000,
1942 to 1947.
3M%
Board of Commissioners of
INDIANAPOLIS, Ind.—BONDS AUTHORIZED—The Common Coun¬
has authorized by ordinance an issue of $210,000 not to exceed 5%
interest hospital construction bonds. They will be issued as of Jan. 25, 1937
and mature serially over a period of from 1 to 10 years.
Net assessed
valuation of taxable property is $501,414,410 and bonded debt, exclusive of
proposed issue, is placed at $9,493,820.58.
cil
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.
5,871.95 Winchester-Easton county road improvement bonds.
Dated
Dec. 1, 1936.
Int. Jan. 1 and July 1.
Due Jan. ] as follows:
$371.95, 1938; $500, 1939 to 1945, and $1,000, 1946 and 1947.
NORTONVILLE SCHOOL DISTRICT
MARION COUNTY (P. O.
Indianapolis), Ind.—BOND SALE—The
100.599,
premium of $325, equal to
1, 1937 and due on June 1
1941, incl. and $10,200 in 1942.
par plus a
Dated Jan.
MICHIGAN
Ind.—BOND
CITY,
as
a
basis of about 1.31%.
follows: $11,000 from 1938 to
(P. O. Nortonville), Kan.—
District Clerk that the
BOND SALE DETAILS—It is now reported by the
$33,000 2M% semi-annual high school bonds mentioned in>these columns
recently as being ready for sale—V. 143, p. 3876—were purchased by the
Columbian Securities Corp. of Topeka at par.
Denom. $500.
Due as
$2,000, 1937 to 1945, and $2,500, 1946 to 1951.
follows:
(
$54,200 refunding bonds of 1937 offered on Dec. 21—V. 143, p. 3669—
were awarded to the Harris Trust & Savings Bank of Chicago, as 1Mb. at
both of Topeka, at a price of 101.836, a basis of about 1.93%:
& Co.,
NORWICH,
bonds
works
Kan.—BOND
SALE—An issue of $21,000 3M%
water
been sold to the Dunne-Israel Investment Co. and the
Co. of Wichita.
has
Small-Milburn
Wichita)
SEDGWICK COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Kan.—BOND SALE—The $92,000 issue of school bonds offered for sale
Dec. 21—V. 143, p. 3876—was awarded jointly to the Lathrop-HawkHerrick Co., the Ranson-Davidson Co., both of Wichita, and the Columbian
on
OFFERING—George
Gruse,
City
Controller, will receive sealed bids until 2 p. m. (Central Standard Time)
Jan, 9 for the purchase of $55,000 3% municipal dock construction
bonds.
Dated Jan. 1, 1937.
Denom. $1,000, unless otherwise requested
Securities Corp. of Topeka, divided as follows:
$36,000 as lMs, maturing
$9,000 from Jan. 1, 1941 to 1944; the remaining $56,000 as 2s, maturing
Jan. 1: $9,000,1945 to 1948, and $10,000 in 1949 and 1950.
The price paid for the bonds was 100.103, according to the Secretary-
on
on
by the successful bidder.
Due Jan. 1 as folloWs: $1,000 from 1939 to 1943,
incl., and $2,000 from 1944 to 1968, incl.
Principal and interest (J. & J.)
payable at the City Treasurer's office.
A certified check for $550, payable
to the order of the city, must accompany each proposal.
The approving
legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
furnished the successful bidder.
No conditional bids will be considered
Tr8ctSUr0r
and the
purchaser will be obliged to accept delivery and pay for the bonds
at the City Controller's office within 10 days after the award.
The bonds
will be payable out of ad valorem taxes on the city's taxable property within
law.
the limits prescribed by
Ind.—BOND SALE—The
A of 1936 offered on Dec. 14—Y.
MONROE COUNTY (P. O. Bloomineton),
143, p. 3875—were awarded to McNurlen & Huncilman, Inc. and the City
Securities Corp., both of Indianapolis, jointly as 2Ms, at par plus a premium
of $296, equal to 100.604, a basis of about 2.14%.
Dated Dec. 19,1936 and
due as follows: $2,500 on June 1, and Dec. 1 from 1938 to 1946, incl.;
$2,500, June 1 and $1,500, Dec. 1, 1947.
SCHOOL
Marion
(P. O. South Bend), Ind.—BOND SALE—
The issue of $210,000 airport bonds offered on Dec. 22—V. 143, p. 3669—
was awarded to Harrison & Austin of South Bend, as 2s, at par plus a pre¬
mium of
$725, equal to 100.345, a basis of about 1.92%.
Dated Dec. 1,
$15,000, July 1, 1938; $15,000, Jan. 1 and July 1
and $15,000, Jan. 1, 1945.
1936, and due as follows:
from 1939 to 1944, incl.,
STEEN
TOWNSHIP
SCHOOL
OFFERING—The
(P. O. Wheatland), Ind.—BOND
Advisory Board will receive bids until
and
Trustee
7 p. m. Jan. 2 for the purchase of an issue of $7,000 refunding bonds.
VINCENNES, Ind.—BONDS NOT SOLD—The issue of $55,000 swim¬
ming pool bonds offered to bear interest at not more than 6% on Dec. 8
was not
rVl":.\A•"
-i. 2%
& Callender; Burke
MacDonald Co., and Baum-Bernheimer Co
City National Bank, Kansas City
Halsey-Stuart, Chicago
First National, Chicago
,
'•
Price Bid
Int. Rate
/
$93,011.00
&
92,500.48
92,519.80
92,515.20
92,100.50
92,353.00
2%
2%
2%
2%
2M%
—
Payne Webber &Co
COUNTY (P. O. Topeka), Kan.—BOND OFFERING—
Ernest L. Newman, County Clerk, will receive bids until 10 a. m. Dec. 28
for the purchase of $24,500 2% public work relief bonds.
Denom. $500.
Dated Dec. 15, 1936.
Interest payable Jan. 15 and July 15. Due $2,000,
Jan. 15, 1938, and $2,500 yearly on Jan. 15 from 1939 to 1947.
Certified
check for 2 % of amount of bid. required.
WAMEGO
SCHOOL
DISTRICT,
recent election the voters of
County,
Ind.—BOND
OFFERING—Leonard A. Hohlt, trustee, will receive sealed bids until
10 a. m. on Jan. 13 for the purchase of $55,000 not to exceed 4% interest
school building bonds of 1936.
Dated Dec. 1, 1936. Denom. $1,000. Due
as follows:
$2,000, July 1, 1938: $2,000, Jan. 1 and July 1 from 1939 to
1950 incl.; $2,000, Jan. 1 and $3,000, July 1, 1951.
Bidder to name one
rate of interest, expressed in a multiple of M of 1 %. Interest payable J. & J.
No conditional bids will be considered.
The approving opinion of Matson,
Ross, McCord & Clifford of Indianapolis, will De furnished the successful
bidder. The bonds will be payable out of ad valorem taxes on all the district's
taxable property within the limits prescribed by law. They will be ready for
delivery within 10 days after the sale.
TOWNSHIP,
ST. JOSEPH COUNTY
•A
•
of Other Bidders—
SHAWNEE
$49,000 advancement fund bonds, series
PERRY
Names
Harris Trust, Chicago
Dunn-Israel Co.; Wichita
sold.
to
issue
Kan.—BOND
ELECTION—At
a
the District gave their approval to a proposal
$99,000 school building
bonds.
WICHITA, Kan.—BOND SALE—The issue of $66,441.40 2% coupon
curb, gutter and paving bonds offered on Dec. 21—
143, p. 4038—was awarded to the Small-Milburn Co. of Wichita at a
price of 101.803, a basis of about 1.66%.
The Harris Trust & Savings
Bank of Chicago offered to pay 101.777.
Dated Dec. 1, 1936.
Due ap¬
proximately one-tenth each year for a period of ten years.
internal improvement
V.
KENTUCKY
ALLEN COUNTY (P. O.
Scottsville) Ky.—BOND OFFERING—It Is
reported that sealed bids will be received until Jan. 5, by the County
for the purchase of an $80,000 issue of county bonds.
Clerk,
SALE DETAILS—In connection
Boyce, of
these columns in October—V. 143, p. 3032—it is
that the bonds were sold as 4Ms, and mature
Nov. 1,1939,1941,1943,1945 and 1947 to 1957.
CAMPBELLSVI LLE,
Ky.—BOND
with the sale of the $15,000 sewer system bonds to Stein Bros. &
Baltimore at par, noted in
stated by the City Clerk
$1,000
on
HOPKINSVILLE,
Ky.—BONDS
AUTHORIZED—The
City
Com¬
Dec. 15 calling for the
in bonds to provide the city's share of a new $400,000
Public Works Administration municipal sewer system.
mission is stated to have passed an ordinance on
issuance of $250,000
KENTUCKY, State of—CORRECTION— In connection with the 5%
warrants to the amount of $4,160,039, being called for retire¬
or exchange as of Jan. 11, as noted in these columns recently—V.
143, p. 4038—it is now reported that this call covers all serial numbers up
to and including serial No. E-4614, rather than E-8614.
State cash
ment
Iowa Municipals
Polk-Peterson Corporation
De* Moines
Building
DES MOINES
Ottumwa
Waterloo
Iowa City
A.
T.
Stoux City
Davenport
Cedar Rapid*
A
T.
Sioux Falls, S. D.
Teletype: DESM
of
LOUISVILLE, Ky.—MATURITY—It is now reported by the Director
Finance that the $14,206 4% semi-ann. street improvement bonds
purchased at par by the Public Works Administration, as noted here re¬
cently—Y. 143, P. 4038—are due on Nov. 23 as follows:
$1,500, 1937;
$1,600, 1938 to 1940; $1,500, 1941, and $1,600, 1942 to 1945; optional on
Nov. 23, 1940.
Ky.—BONDS VALIDATED—
Appeals is reported to have affirmed a decision of the Circuit
upholding the validity of $35,000 bonds, to be used to care for a
floating debt, proposed by the County Board of Education.
PULASKI COUNTY (P. O. Somerset)
The Court of
81
Court in
IOWA
DAVENPORT, Iowa—DEFAULTED BOND JUDGEMENT
Offerings Wanted:
OBTAINED
—An
attorney representing Vieth, Duncan, Worley & Wood, and the
White-Phillips Corp., Davenport bond houses, obtained on Dec. 16 a
judgment for $145,417 against the City of Davenport on defaulted special
assessment bonds, according to the Des Moines "Register" of Dec. 17.
It is said that the bonds, which were issued between 1923 and 1932 for
paving and sewer improvements, have all matured.
FRANKLIN
COUNTY
(P.
O.
Hampton),
LOUISIANA & MISSISSIPPI
MUNICIPALS
Bond
WHITNEY
Iowa—CERTIFICATE
SALE—The
143,
p.
$30,000 secondary road certificates offered on Dec. 23—V.
4037—were awarded to the First National Bank and the Hampton
1Mb. Shaw, McDermott
NEW
State Bank, both of Hampton, on a bid of par for
& Sparks, Inc., of Des Moines, bid par for lMs.
GOWER
SCHOOL
Bell Teletype
TOWNSHIP,
Cedar
County,
Iowa—BOND
OFFERING—Zulda A. Hoffman,
Secretary of the School Board, will
receive bids at the County Superintendent's office in Tipton at 10 a. m.
Dec. 26 for the purchase of $2,500 bonds which are to bear interest at rate
determined upon at time of sale.
Denom. $500.
Due $500 yearly for
five years.
Purchaser is to pay cost of printing bonds.
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
ORLEANS,
LA.
Raymond 5409
N. O. 182
LOUISIANA
BIENVILLE PARISH SCHOOL
DISTRICT NO. 16 (P. O. Acadia),
$20,000 issue of 5M% semi-ann. school
143, p. 3876—was not sold as all the bids
La .—BONDS NOT SOLD—The
bonds offered
were
HARLAN
OFFERING—B. B. McPehters, Secretary of the Board of School Directors,
Department
NATIONAL BANK
on
Dec. 21—V.
rejected, according to the President
is reported that they
from Jan.
of the Parish School Board.
will be offered again soon.
1, 1939 to 1948.
Dated Jan. 1, 1937-
It
Due
Volume 143
Financial
BOARD OF SUPERVISORS OF THE
LOUISIANA STATE UNIVER¬
SITY
AND
AGRICULTURAL
AND
MECHANICAL
COLLEGE,
Louisiana—BOND OFFERING—It is stated
by James M. Smith, President
Supervisors, that sealed bids will be received by the Board
of the Board of
at
a meeting to
be held in his office, South Administration
Building, in
Baton Rouge, at 11 a. m. on Jan.
11, for the purchase of an issue of $1,000,000 4% serial bonds. Denom.
$1,000. Dated Dec. 1, 1936. Due on Dec. 1
as follows:
$25,000, 1938 and 1939: $30,000. 1940: $35,000, 1941; $40,000,
1942: $45,000, 1943 and 1944;
$50,000, 1945; $55,000, 1946; $60,000, 1947;
$65,000, 1948 and 1949; $70,000, 1950;
$75,000, 1951 to 1953; $80,000,
1954 and $85,000 in 1955. Bidders shall
name the price plus accrued interest
from the date of the bonds to the
date of
delivery.
Bonds are coupon in
form, fully interchangeable into registered form and
may be reconverted.
Prin. and int. (J. & D.) payable in
legal tender of the United States, at the
Chase National Bank in New
York, or at the City National Bank, Baton
Rouge. These bonds are solely the obligations of the Board of
Supervisors
and are not obligations of the
State.
The approving opinion of Thomson,
Wood & Hoffman of New
York, will be furnished. All bidders must agree
to accept
delivery of the bonds in Baton Rouge and to pay the purchase
price thereof
on
or
before Feb.
l, 1937, upon tender of the bonds by the
A certified check for $5,000,
payable to the Board
must accompany the bid.
The bonds are primarily secured
Board of Supervisors.
of
Supervisors,
as
to payment of both
gross
to
revenues
pirncipal and interest by
be
derived
facilities apd other fees
or
from
the
an
irrepealable pledge of the
operation
of
certain
University
payment
principal and interest by
or
receipts
of the
excess
an irrepealable pledge of the gross revenues
the operation of certain University facilities and other
of the University which it is estimated will produce in
sum
of
VERNON
PARISH (P. O. Leeoville) La.—BOND SALE— The
$4,000
issue of 6% semi-ann.
Slagle School District No. 138, Ward Six bonds offered
for sale on Dec. 17—V.
143, p.3503—was purchased by Fertitta Bros, of
Leesville, according to the Superintendent of the School Board. Due
from
Jan. 1, 1938 to 1942 incl.
MAINE
AUBURN, Me.—NOTE OFFERING— F.
W. Ford Jr., City
Manager,
receive bids until 7
p. m., Dec. 28 for the purchase at discount of
$375,000 revenue anticipation temporary loan
notes, dated Jan. 2, 1937
and payable Nov. 3,
1937 at the Merchants National Bank of Boston.
Denoms. to suit purchaser.
will
These notes will be
certified as to their genuineness
by the Merchants
National Bank of Boston and their
legality approved by Ropes, Gray,
Boyden & Perkins of Boston, whose opinion will be
furnished the purchaser.
Delivery will be made in Boston for Boston funds.
Legal papers incident to the issue will be filed with the
$120,000
per
annum
Merchants Na¬
tional Bank of Boston, where
they
be inspected.
may
Financial Statement
to be derived from
fees
4191
Jan. 19 in order to vote on the
issuance of $165,000 in court house and
jail bonds.
It is said that the sale of these bonds
will depend upon the
approval of the Public Works Administration
grant application.
on
receipts of the University.
BOARD
OF
SUPERVISORS OF THE LOUISIANA
STATE
UNI¬
VERSITY AND AGRICULTURAL AND
MECHANICAL
COLLEGE,
LA.—Said bonds are negotiable instruments and are
exempt from taxation
in the State of Louisiana.
The bonds are primarily secured as to
of both
Chronicle
and the
Board
of
Supervisors
covenants that a maximum
occupancy
Uncollected
Jf£ar~
Tax LcvV
Dec. 19, 1936
$651,581.40
$73.65
666.305.28
4,799.29
1935
652,366.26
8,090.75
1936654,897.94
53,791.99
Bonded debt, $679,900 (gross); 1936 assessed
valuation, $17,688,889;
sinking fund, $4,800; tax rate 1936, $37.50 per $1,000.
Population, 18,571.
,
1933
1934.
.
and use of such facilities and build¬
which the pledged fees, rates and
charges are derived will be
maintained at all times so
long as the bonds authorized are outstanding.
The bmds are
additionally secured by an irrevocable pledge up to $100,000
ings from
annually (which amount is in excess of the maximum annual
requirement
for both principal of and interest on
these bonds), of such amount as
may
be necessary to make
up any deficiency in the aforesaid pledged revenues,
from revenues to be derived from
the excise tax on insurance
companies,
dedicated to the University
by Act. No. 116 of the laws of Louisiana, 1932,
which is a constitutional
amendment, or from other revenues of the Uni¬
versity.
There is no pledge of the revenues to be derived from the
aforesaid
excise tax on insurance
companies prior to the pledge of said revenues to
the payment of
principal of and interest on these bonds, except th^t by
resolution heretofore adopted on Nov.
2, 1935, the Board of Supervisors
pledged a sum to be derived from said excise tax not to exceed
$200,000
per annum to make u p any
deficiency in revenues pledged by that resolution
to the payment of
principal of and interest on $2,000,000 bonds of the
Board authorized to be issued
by said resolution and payable primarily
from certain other revenues
pledged to the payment of said $2,000,000
bonds.
The amount collected from
the Insurance Excise License Tax, as
reported
by the Secretary of State of the State of
Louisiana, is as follows: 1933,
$801,985,58; 1934, $765,193.14; 1935, $876,213.76; 1936,
$926,328.34;
estimate for the year 1937, $950,000.00.
CALDWELL
PARISH
(P.
O.
Columbia)
now
La.—MATURITY—It
is
reported by the Secretary-Treasurer of the Parish Police
Jury that the
court house bonds purchased
by the Whitney National Bank of
New Orleans, as 4Ms, at a
price of 101.16, as noted in these columns in
October—V. 143, p. 2407—are due on Aug. 1 as follows:
$2,000, 1938 to
1946; $3,000, 1947 to 1954 and $4,000, 1955 to
1961, giving a basis of about
$70,000
4.15%.
JACKSON PARISH
(P. O. Jonesboro)
La.—BONDS PUBLICLY
OFFERED—The $150,000 issue of court house and
jail bonds awarded on
Oct. 31 to Edward Jones &
Co., Inc., of New Orleans, as 5s at 100.768, a
basis of about
4.90%, as noted here at that time—V. 143, p. 3353—was
reoffered
for general investment at
prices to yield from 2.00%
1937 maturity to a price of 106.00 on the
1939 to 1956 maturities.
on
the
Financial Statement (As Officially
Reported Nov. 23, 1936)
Total assessed valuation, 1935-36
$4,529,195
*
Total direct obligation bonded indebtedness
(.incl. this issue)
372,000
Population, 1930 census,.
.13,903
Population, 1936 estimated.
.17,000
_
*
MARYLAND
BALTIMORE, Md.—BONDS PURCHASED
MARYLAND (State of)—BOND SALE—The
$1,043,000 registered road
bonds offered on Dec. 22—Y.
143, p. 3503—were awarded to a group
composed of Edward B. Smith & Co., Inc., of New York, Alex. Brown &
Sons and the
Metropolitan St. Louis Co., both of Baltimore, as 2Ms, at a
price of 100.829, a basis of about 2.14%.
Dated May 1, 1935.
Due May 1
as
follows: $198,000, 1943; $205,000,
1944; $210,000, 1945: $217,000 in
1946 and $223,000 in 1947.
All, but not less than all, of the bonds are
callable at any interest date on the
following basis: At 105 and accrued int.
if redeemed
on
before
or
May 1, 1940; redemption thereafter will be made
% of 1% for each year of fraction thereof
redemption date.
The bankers are re-offering the bonds for
public investment at prices
to yield from 1.65% to
2.10%, according to maturity.
at
105 and accrued interest less
between May 1, 1940 and the
MARYLAND (State of)—UNCOLLECTED TAXES— In
announcing on
Dec. 18 that the State concluded the month of November
with a surplus of
$3,460,125.37,
William S. Gordy Jr., Comptroller, disclosed that there
was a total of
$2,245,167.46 in uncollected taxes outstanding as of Nov. 30.
Of the total, $1,247,.588.53 is
unpaid for 1936; $376,838.67 for 1935; $219,<,458.91 for 1934, and $435,825.53 for years prior to 1934.
SALISBURY, Md.—BOND
SALE—The $61,000 coupon, registerable
sewer bonds, series of 19.37, offered on Dec. 21—V.
4039—were awarded to W. W. Lanahan & Co. of Baltimore, as
2%s, at a price of 10F.79, a basis of about 2.55%.
Dated Jan. 1, 1937 and
to
as
principal, water and
143,
p.
due Jan. 1 as follows: $1,000, 1938 and 1939;
$2,000 from 1940 to 1949
incl. and $3,000 from 1950 to 1962 incl.
Other bids, also for 2%% bonds,
were as follows:
Bidder—
Rate Bid
Mackubin, Legg & Co
Tax Collection Record (Ay
of Nov. I, 1936)
Year
Year
Collected
1933
Amount
Levied
1934
1934
1935
1935
Amt. Collected
{Incl. Redempls.)
$68,199.57
65,187.67
*67,691.02
*1936
$58,887.78
Collected
86.34%
75.09%
*73.99%
48,974.90
*50,087.04
In process of collection.
furnished
in
connection
with
the
offering scheduled for
Jan. 20 of the $6,500,000 Series R and the
$5,500,000 Series Q not to
exceed 4% highway bonds, the details on which were
given in our issue of
Dec. 19.—V. 143, p. 4038:
On
Series
R
-
-
_
-
-
-
-
-
-
-
-
-
-
100.776
-
The tax now levied under the Constitution
and
gasoline, benzine, naptha and other motor fuel, in
so long as
any of these
primarily be dedicated to the retirement
of said bonds and interest thereon subject
always to the prior charge on
said tax of the bonds issued under the
provisions of Act No. 219 of the
Regular Session of the Legislature of 1928, Act No. 3 of the Extra
Session
of the Legislature of 1930 and Act No. 2 of the
Regular Session of the
Legislature of 1934, but if by reason of any emergency or
exigency, the
funds specifically pledged for the retirement of said
bonds should prove
insufficient, then the State Treasurer is directed and authorized
by Act
No. 66 of the Regular Session of the
Legislature of 1936 to use such other
the amount of four cents per gallon, shall continue
bonds are outstanding and shall
of the Louisiana Highway Commission as
may be necessary to
said bonds and interest thereon.
In addition to the
above, the full
revenues
and credit of the State of Louisiana
payment of the principal and interest
on
are
irrevocably pledged for the
said
bonds at maturity.
threatening the title of
There is no controversy
pending or
present
officials to their respective offices or the
validity of these bonds.
On Series Q bonds:
The tax now levied under the Constitution and
statutes of the State on
gasoline, benzine, naptha and other
motor
issue of $5,000,000 notes offered
4039—was awarded to Salomon Bros. & Hutzler
0.80% at par plus a premium of $90.
Dated
Dec. 23, 1936 and due Nov. 3, 1937.
Other bids were as follows:
on
emergency or
the funds specifically pledged for the retirement of said bonds
prove insufficient, then the State Treasurer is directed
and au¬
thorized by Act No. 66 of the Regular Session of the
Legslature of
exigency,
should
other
revenues
1936
of the Louisiana
Highway Commission as may
to pay said bonds and interest thereon.
In addition to the
the full faith and credit of the State of Louisiana are
irrevocably
pledged for the payment of the principal and interest on said bonds at
maturity.
There is no controversy pending or
threatening the title of
officials to their respective offices or the validity or these
bonds.
RAPIDES
—BOND
PARISH
SCHOOL
OFFERING—Sealed
DISTRICTS
bids
will
be
present
until
1.30
p.
La.
m. on
Jan. 6, by H. M. Wells, Treasurer of the Parish School
Board, for the
purchase of two issues of coupon school bonds aggregating
$20,000, as
follows:
a
p.
rate of
and Washburn & Co., Inc
Halsey, Stuart & Co., Inc.First
Boston
Corp.,
—
Brown
and Stone & Webster and
Harriman
&
Co.,
Blodget, Inc.
Whiting, Weeks & Knowles
offered
National
Manhattan
Dec.
on
Bank
21—V.
of Boston
Co.,
New
5.000 Woodsworth School District No.
53 bonds.
Denominations $700,
follows:
$400.
1938
$600, $500 and $400.
Due on April
15, as
to
1942; $500, 1943; $600, 1944 to 1946 and $700 in 1947.
A
certified check for $100, payable to the School
Board, most accom¬
pany this bid.
/
Interest rate is not to exceed 6%, payable A. & O.
.Rate to be stated in
multiples of M of 1% and must be the same for all of the bonds.
Dated
April 15, 1937.
RICHLAND PARISH
(P. O. Rayville), La.—BOND ELECTION—R.
Secretary of the Police Jury, reports that an election will be held
$57.00
55.00
78.00
117.00
1.17%
HOLYOKE, Mass.—NOTE SALE—1The $250,000
notes
Premium
0.82%
0.88%
Inc.,
——0.98%
on
143,
a
York,
p.
4039—were
revenue
awarded
anticipation
to
the
First
.278%i discount basis.
bid
,287%.
Dated
The Bank of the
Dec. 22, 1936.
Due
July 15, 1937.
HOLYOKE, Mass .—OTHER BIDS—The $250,000
notes awarded
were
to the First National
also bid for
as
Bank of
revenue anticipation
Boston, at 0.278% discount,
follows:
Bidder—
Discount
Bank of the Manhattan Co.
Merchants National Bank of Boston
Whiting, Weeks & Knowles
First Boston Corp
Jackson & Curtis
Leavitt & Co..
_
------------
—
Dec.
21
awarded
was
-
-
—
-
-
-
—
0.44% discount.
the
to
Due Nov. 12,
Merchants
1937.
of $10,000 notes offered
Bank of Boston at
National
Other bids
were
as
follows:
Bidder—
First
0.287%
0.289%
0.30%
0.304%
0.31%
0.312%
MERRIMAC, Mass.—NOTE SALE—The issue
on
_
.l
Discount
National
Bank
of
Boston
0.48%
0.55%
0.57%
—
Faxon, Gade & Co.
Tyler, Buttrick & Co
—
—
-
—
--
MIDDLETON,
Mass .—BOND SALE DETAILS—The
$51,000
2%
equipment bonds sold recently to the Merchants National Bank
a price of 100.799. mature Dec. 15 as follows:
$3,000 from 1937
1947, incl.. and $2,000 from 1948 to 1956, incl.
school
of Sale at
to
NORFOLK
COUNTY
(P.
O.
Dedham), Mas*.—NOTE SALE—The
hospital nurses home notes offered on Dec. 24
awarded to Goldman, Sachs & Co. of New York, as Is., at a price of
100.441, a basis of about 0.86%.
Dated Dec. 15, 1936 and due $10,000
on Dec. 15 from 1937 to 1941, incl.
Other bids were as follows:
was
Bidder—
Int. Rate
First National Bank of Boston
Merchants National Bank of Boston..-—
..
15,000 Fifth Ward School District No. 51 bonds.
Denom. $250.
Due on
April 15 as follows: $500, 1938 to 1945; $750,000, 1946 to
1951;
$1,000. 1952 to 1955. and $1,250 in 1956 and 1957.
A certified
check for $300, payable to the School Board, is
required with bid.
Downs,
143,
issue of $50,000 tuberculosis
(P. O. Alexandria),
received
21—V.
Bidder—
Int. Rate
Edward B. Smith & Co., Lazard Freres & Co., Inc.,
R. W. Pressprich & Co., Goldman, Sachs & Co.
be necessary
above,
Dec.
of New York at
fuel, in
the amount of four cents per gallon, shall continue so
long as any of these
bonds are outstanding and shall primarily be dedicated to
the retirement
of said bonds and interest thereon, but if
by reason of any
to use such
BOSTON, Mass.—NOTE SALE— The
bonds:
statutes of the State on
pay
■«.'
MASSACHUSETTS
Percentage
LOUISIANA, State of—BOND OFFERING DETAILS—The
following
information is
faith
100.905
_
Alex. Brown & Sons
This does not include that of other
political subdivisions.
Levied
*
FOR SINKING FUND—
A block of $1,548,000
3M% bonds has been purchased at a price of par as
investments for the sinking fund.
The purchase was made, according to
report, to release cash which had accumulated in the
sinking fund
for
general treasury purposes, and at the same time to
maintain the sinking
fund at its former level.
Pursuant to the purchase, Mayor Jackson an¬
nounced that net reduction of
$3,349,000 had been effected during the
year in the municipal debt.
Faxon, Gade & Co
L.S. Carter & Co
Whiting. Weeks & Knowles.
Ballou, Adams & Whittemore.
-------
First Boston Corp
—•—
Tyler, Buttrick & Co--------Washburn & Co
-
—
PALMER,
22—V.
143,
—
--------
-
Granite Trust Co. of Quincy
R. L.Day & Co..
1-----
Mast.—NOTE SALE—The $25,000
4039—were
awarded
1%
1%
1%
1%
1%
Rate Bid
*
100.337
100.28
100.23
100.199
1%
100.18
100.163
1%
100.14
1%
100.139
1%
1M%
1M%
100 059
notes
offered
100.78
100.52
on
Dec.
to the New England Trust Co. of
The First Boston Corp. and the Second
National Bank of Boston each bid .294% discount.
Notes are dated
Dec. 24, 1936 and will mature July 16, 1937.
Boston
on a
p.
.273% discount basis.
Financial
4192
Other bids
were
as
follows:
Discount
0.294 %
Bidder—
Second National Bank of Boston
—
First National Bank of Boston
bonds
Mass.—BOND
offered
on
Dec.
incl.
1941,
District Treasurer, will receive sealed bids until 8 p. m.
Margaret Rice,
each
A certified check for $500 must accompany
The approving opinion of Miller, Canfield, Paddock &
Interest payable J. & D.
date.
SALE—The $50,000 coupon municipal relief
22—V. 143, p. 4039—were awarded to L. S.
Carter & Co. of Boston on a bid of 100.3999 for 1% bonds, a basis of about
.87%.
Dated Dec. 1, 1936.
Due $10,000 yearly on Dec. 1 from 1937 to
SALEM,
loan
1936
26,
Dec.
bloomfield township and bloomfield hills frac¬
tional school district no. 3,
Mich.—BOND OFFERING—
Jan. 4, for the purchase of $26,000 not to exceed 4% interest school bonds.
Dated Dec. 1. 1936.
Due Dec. I, 1958; callable on any interest payment
0.32%
0.337%
Faxon, Gade & Co
Chronicle
proposal.
Stone of Detroit will be furnished the successful bidder.
TOWNSHIP SCHOOL DISTRICT NO. 2
(P. O.
Hills), Mich.—BOND SALE—The issue of $35,000 school
on Dec. 15—V. 143, p. 3670—was awarded to Guy G. Wedthoff, at a price of 100.28.
Due Sept. 1 as follows: $2,000, 1939 to 1942,
incl.; $4,000 from 1943 to 1948, incl. and $3,000 in 1949.
BLOOMFIELD
Bloomfield
bonds offered
Other bids were as follows:
Rate Bid
Int. Rate
Bidder—
Goldman, Sachs & Co
Whiting, Weeks & Knowles
Naumkeag Trust Co.—
100.225
100.08
100.02
100.015
1%
1%
1%
_—i-—
Tyler, Buttrick & Co
Merchants National Bank of Salem
Newton, Abbe & Co
1%
Wa.%
100.615
Salomon Bros. & Hutzler
\%%
1M%
1M %
100.456
100.421
Par
1%
-
Jackson & Curtis
Halsey, Stuart & Co., Inc
100.235
dearborn, Mich.—REFUNDING AUTHORIZED—The State Public
refund $646,000 of special
$69,000 of bond interest.
The refunding bonds and
interest refunding certificates are to be due Jan. 2, 1947.
The obligations
may be retired at the city's option on any interest date.
Debt Commission has approved the city's plan to
assessment bonds and
1199332-54
detroit, Mich.—BONDS AUTHORIZED—'The Common
Council has
directed City Comptroller John N. Daley to issue $2,000,000 revenue
tank at the City Airport.
bonds
to finance removal of the gas
of $50,000 revenue notes
offered on Dec. 21—V. 143, p. 4039—was awarded to the Merchants Na¬
tional Bank of Boston at 0.29% discount.
Dated Dec. 22, 1936 and due
issue
SALE—The
Mass .—NOTE
WARE,
Other bids were as follows:
July 21, 1937.
Discount
0.32%
0.344%
Bidder—
Whiting, Weeks &
Knowles__
First National Bank of Boston
—-
0.36%
Faxon, Gade & Co
Second National Bank of Boston
Jackson
First
Curtis
&
Boston
0.44%
of Oct. 31, 1936, and adjusted to reflect the completion of the
refunding plan)
$382,195,200.91
redemption fund
427,577-91
-$381,767,623.00
Bonded Debt (As
Less
Street railway
Discount
0.164%
0.179%
0.25%
0.277%
Bidder—
Boston Safe Deposit & Trust
Co
—
-
WORCESTER, Mas/.—BONDS AND NOTES SOLD—The
$182,000 regis¬
offered on Dec. 23 were awarded to R. L.
Day & Co. and Whiting, Weeks & Knowles, both of Boston, as l^s, at a
price of 100.76, a basis of about 1.35%.
Dated Oct. 1, 1936 and due Oct. 1
as follows: $19,000 in 1937 and 1938, and $18,000 from 1939 to 1946 incl.
tered municipal relief bonds
anticipation'notes offered on the
awarded to the Second National Bank of Boston, at 0.137%
1936 and due May 21, 1937.
The following is a list of the other bids submitted for the two issues:
NOTE SALE—The $300,000 revenue
same
day
were
discount.
Dated Dec. 28,
For $182,000 Bond Issue
) Ail for I Ms)
Rate Bid
100.495
Bidder— i
E. H. Rollins & Sons
-
-
100.469
100.389
100.36
& Co
Blyth & Co., Inc., Graham, Parsons & Co. and Burr & Co., Inc
Spencer Trask & Co. and H. C. Wainwright
Lee Higginson Corp
Brown Harriman & Co
100.319
100.307
Edward B. Smith & Co..
100.299
Tyler, Buttrick & Co
Estabrook & Co
100.146
....
100.117
Harris Trust & Savings Bank
For $300,000 Note Issue
Discount
Bidder—
Day Trust Co
.161%
_
.175%
.18%
.186%
Washburn & Co
National Shawmut Bank
Jackson & Curtis
.19%
Whiting, Weeks & Knowles
Salomon Bros. & Hutzler (plus $3 premium)
First National Bank of Boston
.194%
.218%
.235%
.287%
Faxon, Gade & Co
First Boston Corp
—
Debt Statement and
Borrowing Capacity Dec. 19, 1936
Average valuation less abatements for
1933,1934 and 1935-$307,980,820.00
$7,699,520.50
Debt limit, 2lA% of the same
Total bonded debt
$12,314,500.00
Exempt—Park debt
Memorial Auditorium debt.
Water debt (serial)
$250,000.00
1,028,000.00
2,906,500.00
648,000.00
250,000.00
loan_
7,851,500.00
$4,463,000.00
Total sinking funds
Less—Park loan fund
.
$426,697.58
Unfunded debt (retired in August, 1936)
Net direct and overlapping bonded debt
4,286,302.42
Taxes and Other Information
Real estate taxes
business Nov. 30,
1936, $16,508, or less than 2-10ths of 1% of the total committed.
taxes are all
Real
collected for 1934.
No taxes of any kind for 1933 or previous years remain
Tax rate: 1934, $31.60; 1935, $35.80; 1936, $35.80.
unpaid.
$8,981,302, which is a net bonded debt of 3.02% of the 1936 valuation
above mentioned.
We invite comparison of our per capita debt with the
capita debt of other cities in the country of comparative size.
on Nov. 30, 1936, were $426,697, and they exceed
Our sinking funds
the debt which they are to pay by $176,697.
Including this $182,000 relief issue, Worcester has issued $2,190,000 in
bonds during 1936 and during the same period has paid
It is expected that no more bonds will be issued this year.
,
_
,
„
in
assessed
the last
valuations
few
years
has eliminated
Detroit's debt
margin.
obligations of the City of Detroitsewage disposal revenue—$11,000,000.00 4% bonds.
As of June 30, 1936,
$1,100,000 of the bonds have been issued and sold to the U. S. Government
Bonds authorized, but not general
in accordance with agreement.
Assessed Valuation (100% of
$3,358,431,390
2,648,326,070
2,310,304,590
\\
$2,251,405,970
2,240,596,230
2,291,719,930
Actual Valuation
1934.—
1935
1936
-
——
_
Population
993,678
1,242,044
U. S. Census—1920
*
1925—
Based
on
school
U. S. Census—1930.--—.1,568,662
* 1935
1,560,572
census.
.•
Mayor-Council non-partisan form of government.
Fiscal year
July 1. Legal debt limit: General, 9%; school, no limit; library, fi
begin
of 1%
Tax Collections
Tax
Fiacal
per
Tax
Collected at
End of Year
Year
$1,000
Levy
of Levy
Cent
47,395,380.88
38,226,134.38
41,375,202.50
44,299,191.14
65.25
68.68
74.53
80.78
General
Rates
1932-33.-.-27.43
72,632.990.81
55,655,237.68
55,512,917.04
24.47 54,840,833.36
23.92 54,827,107.65
24.09
24.66
193-5-36
1936-37
Collected at
Per
-
Oct. 31,
1936
Per
Cent
85.17
86.13
83.67
84.11
27,150,638.90 49.45
61,861,322.34
47.934,276.62
46,448.712.57
46,127,011.42
Current taxes are due July 15.
They may be paid
provided the first instalment is paid by July 31 and the
in two instalments
second by Dec. 30#
O.
bonds
FRACTIONAL SCHOOL DISTRICT NO. 5
Mich.—BOND SALE—An issue of $18,500 4% school
Public Works Administration.
Due July 15
$1,500 from 1937 to 1941, incl. and $500 from 1942 to 1963, incl.
TOWNSHIP
LeRoy),
has
follows:
sold to the
been
MACOMB
COUNTY
off
J.
(P.
O.
Mount
Clemens), Mich.—TENDERS
Bennett, County Comptroller, will receive sealed
Jan. 6, for sale to the proper county sinking funds
tenders until 10
a.
of the following
obligations:
m. on
$15,000 series A bonds of $1,000 each, part of $395,000 issued
delinquent tax anticipation notes.
'
20,000 series B bonds of $1,000 each, part of $137,000 issued
current tax anticipation notes.
25,000 series C bonds of $1,000 each, part of $253,000 issued
refunding bonds.
10,000 interest refunding certificates, issued Feb. 15, 1936.
to refund
-
,
to refund
to refund
MIDLAND, Mich.—BOND OFFERING—Anna E. Coons, City Clerk,
Dec. 21, for the purchase of $1,485.72 Balla
sewer special
assessment bonds.
Interest is not to exceed 4%.
Dated Dec. 15, 1936.
Due on Dec. 15 as follows: $300, 1937 to 1940; and
will receive bids until 4 p. m.
Valuation for 1936, including estimated valuation of motor vehicles,
$297,253,500.
After deducting water debt and sinking funds from total debt, based on
1930 Census figures, of 195, 311, the per capita bonded debt of Worcester
was on Nov. 30, 1936. $45.98.
The net bonded debt figured in this way is
per
-
Bonds now authorized, but not issued: Sewer, $8,737,000; school, $109,000; airport. $2,500,000; memorial, $5,500,000; total, $16,846,000.
These bonds cannot be issued at the present time because the reduction
ASKED— Sherwood
Real, personal, poll and motor vehicle taxes committed for collection for
1936 amount to $10,676,699, of which $7,731,306, or over 72%, has been
collected to the close of business Nov. 30, 1936.
This is over 3% better
than the collection of 1935 taxes on Nov. 30, 1935.
Taxes of 1935 of all kinds outstanding at the close of business Nov. 30,
estate
district debt.
drain and road
as
$3,413,218.08
for 1935 were over 99.33% collected as of the same date.
Taxes of 1934 of all kinds outstanding at the close of
-
None
282,112,527.25
243.64
177.17
179.84
bonded debt (net)
1930 U. S. census.)
(a) Proportionate share of the debt of Wayne County included.
Does not include share of contingent liability of the county on certain
Per capita direct and overlapping
(Per capita figures are based on
(P.
$176,697.58
1936, $103,557, or less than 1% of the total committed.
---
Per capita gross bonded debt
Per capita net bonded debt..
LEROY
250,000.00
Borrowing capacity within debt limit
103,836,844.75
$277,930,778.25
_
IONIA COUNTY (P. O. Ionia), Mich.—BOND OFFERING—Ed. B.
Higbee, Drain Commissioner, will receive bids until 4 p. m., Dec. 24 for
the purchase of $4,200 Lampkin Drain of Keene Township, Drainage Dis¬
trict, bonds.
Interest rate is not to exceed 5%.
Denom. $1,000, except
one for $200.
Dated Jan. 10, 1937.
Interest payable annually on April 1.
Due on April 1 as follows: $1,000, 1938 to 1941; and $200, 1942.
Cert,
check for 1% of amount of bonds, payable to the Drain Commissioner,
required.
2,769,000.00
Relief debt
Financial year adjust.
Flood damage loan
bonds (self-supporting).
Net bonded debt
*
100.07
1
Salomon Bros. & Hutzler
$67,844,844.75
35,992,000.00
Less—Water bonds (self-supporting)
WESTON, Mass.—TEMPORARY LOAN—The New England Trust Co.
of Boston has purchased an issue of $50,000 tax anticipation notes at
0.14% discount.
Due July 20, 1937.
Other bids were as follows:
Ballou, Adams & Whittemore
West Newton Savings Bank
Jackson & Curtis
following is
non-callable
Co. of New
Total bonded debt
0.369%
0.377%
—
Corp
STATEMENT—The
Mich.—FINANCIAL
detroit,
given in connection with the recent award of $25,333,000
refunding bonds to a syndicate headed by the Bankers Trust
York.—V. 143, p. 4039:
$2,253,700.
Street
$285.72,
1941.
Mich.—BOND OFFERING—
receive sealed bids
not to exceed 4%
interest coupon school bonds.
Dated Nov. 2, 1936.
Denom. $1,000.
Due $14,000 each on Nov. 2 from 1937 to 1941, incl.
Rate of interest to
be expressed in a multiple of % of 1%.
Principal and interest (N. & M.)
payable in lawful money of the United States at the Manufacturers Na¬
tional Bank, Detroit.
A certified check for 2%, payable to the order of
the District Treasurer, must accompany each proposal.
The approving
opinion of Claude H. Stevens of Berry & Stevens of Detroit will be furnished
RIVER ROUGE SCHOOL DISTRICT,
L. J. Schroer, Secretary of the Board of Education, will
until 8 p. m. on Jan. 7, for the purchase of $70,000
the successful bidder.
DISTRICT (P. O. St. Joseph), Mich.—
bonds offered on Dec. 21—V. 143, p.
Securities Co. and Robinson & Co.,
both of Chicago, as 3s, at par, plus a premium of $835, equal to 101.07, a
basis of about 2.89%.
The Bancamerica-Balir Corp. of Chicago offered a
premium of $1,614.65 for 3Hs.
Dated Aug. 1, 1936. Due on Aug. 1 as
follows:
$3,000, 1937 to 1948; $9,000, 1949 to 1952; and $6,000 in 1953.
JOSEPH
ST.
We
Buy for
MICHIGAN
SCHOOL
SALE—The $78,000 school
BOND
Our Own Account
4040—were awarded to the Channer
MUNICIPALS
Cray, McFawn & Company
MINNESOTA
DETROIT
Telephone CHerry 6828
BARRETT, Minn.—BOND SALE APPROVED—The voters are said to
have approved the sale to the State of Minnesota, of $15,000 water works
and sewer system bonds.
A. T. T. Tel. DET347
DEEP
MICHIGAN
BENTON
HARBOR,
Mich.—BOND OFFERING—Sealed
bids
dressed to the City Clerk will be received until 1:30 p. m. on Dec. 28,
the purchase
to
ad¬
for
of $94,000 water works revenue bonds, due serially from 1939
1949, inclusive.
HAVEN
DISTRICT
SCHOOL
Minn.—BONDS VOTED—At an election
said to
have approved
NO. 128 (P. O. Excelsior),
held on Dec. 15 the voters are
the issuance of $82,500
in school bonds by a wide
mkrgin.
FREEBORN
NO.
12
IP.
O.
COUNTY
CONSOLIDATED
Freeborni.
SCHOOL
Minn.—BOAD SALE—The
DISTRICT
$45,000
3%
Volume
143
Financial
Chronicle
offered for sale
4193
Dec. 21—V. 143, p. 3504—was purchased by the State
Land Board, as 3 Ms at par,
according to the District Clerk.
Northwestern
Municipals
MIDWAY DRAINAGE DISTRICT (P. O. Billings). Mont.—BONDS
TO BE SOLD—It is stated
by the President of the Board of Directors that
$18,000 4% semi-annual irrigation bonds will be purchased by the Public
Works Administration.
Due in 15 years.
„
Minnesota, North and South Dakota, Montana,
Oregon, Washington
ROOSEVELT COUNTY SCHOOL
Point),
on
Northwestern National
Bank
single bond
Dec. 23—V. 143, p. 4040—were awarded to the
&
Trust Co. of Minneapolis at par, plus a
premium of $2,130, equal to 104.733, a basis of about 2.35%.
The First
National Bank & Trust Co. of Minneapolis offered a
premium of $2,125.
Dated Jan. 1, 1937.
Due $3,000 from Jan. 1, 1938 to 1952, incl.
HIBBING
INDEPENDENT
m.
$15,000 gymnasium-auditorium construction bonds.
If amortization bonds are
issued, the entire issue may be put into one
or divided into several bonds, as the board of trustees
may
determine upon at the time of sale, both
principal and interest to be pay¬
able in semi-annual instalments
during a period of 20 years from the date
Teletype—Mpls287
MINNESOTA
refunding bonds offered
DISTRICT NO. 45 (P. O. Wolf
OFFERING—E. I. Farrell, District Clerk, will
Jan. 4 for the purchase at not less than par of
Mont.—BOND
receive bids until 8 p.
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
on
of issue.
If serial bonds are issued
they will be in the amount of $750 each; one
bond will become payable on Dec.
1, 1937, and a like amount on the same
day each year thereafter until Dec. 1, 1956.
The bonds, whether amorti¬
zation or serial will bear date of Dec. 1, 1936, and bear interest at a rate
not
exceeding 6%, payable semi-annually on June 1 and Dec. 1, and will
on any interest
payment date from and after five
from the date of issue.
:
^ v ,
be redeemable in full
years
the issu¬
All bids other than by or on behalf of the State Board of Land Com¬
missioners must be accompanied by a certified check in the sum of
$1,000
payable to the order of the clerk.
PRIOR
LAKE, Minn.—BOND OFFERING—Harry Farrell, Village
Clerk, will receive bids until 8 p. m. Dec. 28, for the purchase of $1,000
5% fire equipment bonds.
Denom. $1,00.
Certified check for 10%,
required.
•
-V;-''.-.
TETON COUNTY SCHOOL DISTRICT NO. 28 (P. O.
Dutton),
Mont.—PRICE PAID—It is now reported by the District Clerk that the
$20,000 school bonds purchased by the State Land Board, as noted here
recently—V. 143, p. 4041—were sold as 4s at par.
Due in 20 years,
optional after five years.
Hibbing),
SCHOOL
DISTRICT
Minn.—BOND ELECTION—The
Board
of
ported to have fixed Jan. 13 as the date for an election
ance of $600,000 in school construction bonds.
NO.
27
(P.
Education
to pass on
is
O.
re¬
.
.
WALNUT
GROVE INDEPENDENT SCHOOL DISTRICT NO. 23
Walnut Grove), Minn.—MATURITY—In connection with the
sale of the $46,000 3% school bonds to the State of
Minnesota, as reported
here recently—V. 143, p. 4040—it is stated that the bonds mature on
July 1 as follows:
$1,500, 1941 and 1942; $1,600, 1943 and 1944; $1,700,
1945 and 1946; $1,800, 1947 and 1948; $1,900, 1949 and 1950; $2,000, 1951
and 1952; $21,000, 1953; $2,200, 1954, and
$20,700 in 1955.
(P. O.
NEBRASKA
MUNICIPAL
AND
OTHER
OF
Bought—Sold—Quoted
First National Bank
Schnrff L Jones
that
Corinth), Miss.—BOND SALE DETAILS
reported by the County Clerk that the $10,000 road improve¬
ment bonds purchased by Leftwich & Ross of
Memphis, as noted here
recently—V. 143, p. 4040—were sold at par, plus the expenses of approving
opinion and printing.
Denom. $500.
Due on Dec. 1 as follows; $500,
1937 to 1940, and $1,000, 1941 to 1948.
now
OFFERING—-Mrs.
Leona
Carothers,
Town Clerk, will receive bids until 7 p. m. Jan. 5 for the purchase of $20,000
coupon street improvement bonds.
Bidders are to name rate of interest,
not in excess of
6%.
.
•
CLEVELAND, Misr.—BONDS SOLD—It is
that
$17,500
3%
semi-annual
hospital
stated by the Town Clerk
bonds were sold in September.
SOLD—It is stated by C. J. Darby,
District Superintendent, that
4% semi-ann. dormitory bonds approved by the Boards of
Supervisors in September, as noted here—V. 143, p. 2247—have been
purchased at par by the Public Works Administration.
Denoms. $500 and
$1,000.
Dated Aug. 1, 1936.
Due as follows:
$1,500, 1937 to 1941;
$3,000, 1942 to 1946; $3,500, 1947 to 1951, and $4,000, 1952 to 1957.
$64,000
McCOMB,
Miss.—BOND CALL—The City Council has adopted an
calling for payment on Feb. 1, 1937 $5,000 outstanding 5%
refunding bonds, due Feb. 1, 1965, numbered from 991 to 1,000.
Bonds should be presented to the Whitney National Bank, New
Orleans,
ordinance
series
B
for payment.
^
OXFORD, Miss.—BOND ELECTION—It is reported that
will be held
Jan. 12 in order to vote
on
on
A. T. & T. Teletype OMA 81
water
Co.
works
bonds
have
been
stated by the Village Clerk
purchased by the Mortgage
of Hastings.
GERING, Neb.—BOND SALE DETAILS—In connection with the sale
swimming pool bonds to the Greenway-Raynor Co. of
Omaha, reported in these columns in November—V. 143, p. 3034—it is
stated by the City Attorney that the bonds are registered as
park1" bonds,
since the State Auditor would not accept them as swimming pool bonds.
Denom. $1,000.
Due on Nov. 1, 1946, optional five years from date.
These bonds
election
an
the issuance of $55,000 in electric
light bonds.
were
sold at par.
HEBRON, Neb .—BOND SALE DETAILS—It is
now reported by the
City Clerk that the $20,900 Intersection Paving Districts Nos. 2 and 3
bonds reported to have been sold, as noted here in November—V. 143, p.
3355—were purchased by the First Trust Co. of Lincoln as 3Ms, at a price
of 100.44.
The bonds mature on July 1 as follows: $1,900, 1937; $2,000,
1938 to 1945, and $3,000 in 1946, giving a basis of about 3.41%.
LAWRENCE, Neb.—BONDS -SOLD—It is stated by the Village Clerk
that
HARRISON-STONE-JACKSON AGRICULTURAL HIGH SCHOOL
AND JUNIOR COLLEGE DISTRICT (P. O.
Perkinston), Miss.—
BOND
OMAHA
Bldg-
of the $8,000 6%
Dated Sept. I, 1936.
the
■
CHADRON, Neb.—BONDS DEFEATED—At the election held on
Dec. 15—V. 113, p. 3355—the voters failed to accord the required 60%
majority to the proposal to issue $60,000 in water main bonds, it is reported.
MISSISSIPPI
Miss.—BOND
$6,500
Investment
ALCORN COUNTY (P. O.
BATESVILLE,
II.
CAMPBELL, Neb.—BONDS SOLD— It is
TELEPHOl
TELEPHONE RAYMOND 1189
New Orleans
—It is
ISSUES
NEBRASKA
INCORPORATED
180
NEBRASKA
The National company
MISSISSIPPI MUNICIPALS
A. T. T. TEL. N. O.
BONDS
OMAHA, DOUGLAS COUNTY, LINCOLN
$15,000
sewer bonds
MASKELL,
were
Neb.—BONDS
sold recently.
SOLD—It
is stated
by
the
Village
Clerk
that $3,500 6% semi-annual water bonds have been purchased at par by
the State National Bank of Wayne.
Due on Sept. 1, 1956, optional after
five years.
MITCHELL, Neb.—BOND EXCHANGE—It is stated by C. C. Parrish,
City Clerk, that $231,400 3lA% refunding bonds will be exchanged for
Dated Jan. 1, 1937.
Due in 20 years, optional after five
years.
Principal and interest (J. & J.) payable locally.
Legality to be
approved by Wells, Martin, Lane & Offutt, of Omaha.
present bonds.
^
NEWMAN
GROVE,
SOLD— It is stated by the City
improvement bonds offered on Nov. 20,
tne award of which was deferred pending the approval of a Federal grant—
V. 143, p. 3505—were sold to the Liberty Life Insurance Co. of Lincoln
at par as 4s.
Due in 20 years, optional in 10 years.
4^4 ■
Clerk
tnat
the
Neb.—BONDS
$10,000
park
~
speciafeiection
PHILADELPHIA, Miss .—BOND ELECTION—It
election will be held
on
Jan. 3 in order to vote
on
is
reported that an
the issuance of $35,000 in
school construction bonds.
TUNICA,
TILDEN, Neb.—BONDS DEFEATED—At the
held on
Nov. 10—V. 143, p. 2888—the voters defeated the issuance of the $95,000
in light and power plant bonds by a wide margin, according to the City
Clerk.
Miss.—BOND
OFFERING—W. P. Warfield, Town Clerk,
will receive bids until 5 p. m., Jan. 5 for the purchase of $4,000
paving
bonds, which are to bear interest at rate determined upon at time of sale.
Dated Dec. 1, 1936.
Cert, check for $100, required.
NEVADA
ELKO,
Nev.—BOND
OFFERING—We are informed that sealed bids
12 by Mayor David Dotta for tne purchase of
two issues of bonds aggregating $60,000, divided as follows:
$35,000 street improvement bonds.
Due in 11 years.diktat I
25,000 water system bonds.
Due in nine years.MMI
It is said that these bonds are being offered subjectito an election tolbe
will be received until Jan.
_
MISSOURI
Markets in all
BONDS
held
on
Jan.
7.
State, County & Town Issues
NEW
SCHERCK, RICHTER COMPANY
LANDRETH
HAMPSHIRE
CONCORD, N. H.—BOND SALE—The issue of $70,000 coupon public
improvement bonds offered on Dec. 23—V. 143, p. 4041—was awarded
to the Second National Bank of Boston, 12
lj^s, at a price of 100.467, a
basis of about 1.13%.
Dated Jan. 1, 1937 and due $10,000 on Jan. 1 from
1938 to
BUILDING,".ST. LOUIS, MO. q
1944 incl.
Other
bids
were
as
follows:
_
^
Bidder—'
Int. Rate
Ballou, Adams & Whittemore, Inc
~ Rale Bid'j
Halsey, Stuart & Co., Inc
Union Trust Co. of Concord
MISSOURI
1 XA%
114%
1 H%
R. L.
IRON COUNTY (P. O. Ironton), Mo.—BONDS DEFEATED—AX an
election held on Dec. 17 the voters are reported to have defeated a
proposal
calling for the issuance of $70,000 in court house construction bonds.
l]4%
Burr & Co.,
1^1%
Day & Co
Inc
Goldman, Sachs & Co
100.09 j
100.021
>
100.17
100.19
100.784
100.617
1 lA%
llA%
E. H. Rollins & Sons
NEVADA, Mo.—PRICE PAID—In connection with the report given
in these columns in October, of the sale of $35,000 3% semi-ann.
hospital
bonds to the City National Bank of Kansas City—V. 143,
National Shawmut Bank
1
100.65
100.414
1 A%
100.286
Estabrook & Co
2887—it is
Due in 1947,
—
p.
stated by the City Clerk that the bonds
optional in 1944.
now
were sold at par.
MONTANA
FLATHEAD
COUNTY
(P.
O.
Kalispell),
Mont.— WARRANTS
Robinson, County Treasurer, states that the following
called for payment at his office on Dec.
18, on which date
CALLED—C. A.
warrants
were
interest ceased:
Road fund, registered on or before Oct. 10, 1936.
Poor fund, registered on or before Nov. 7, 1936.
County extension, registered on
School District No. 4, registered
or before Oct. 28, 1936.
on or before Oct. 28, 1936.
School District No. 6. registered on or before Dec. 15, 1936.
School District No. 29, registered on or before Nov. 28, 1936.
School District No. 40, registered on or before Dec. 16, 1936.
School District No. 43, registered on or before Sept. 24, 1936.
School District No. 44, registered on or before Oct. 30, 1936.
JUDITH
Hobson),
BASIN
COUNTY
Mont.—BOND
SCHOOL
SALE—The
DISTRICT
$14,850
NEW JERSEY
ASBURY PARK, N. J.—BOND REFUNDING DETAILS—At a meeting
on Dec. 14 the Municipal Finance Commission approved a refunding
held
school
NO.
25
building
(P.
O.
bonds
plan contained in a resolution previously adopted by the City Council
In approving the program, the commission declared that the terms and
provision established in the refunding resolution will tend to improve the
city's credit standing and further secure the principal and interest on the
new bonds to be issued, thereby assuring a more favorable sale or exchange
of the obligations.
Under the plan, the city proposes to issue a total of
$11,275,000 4% coupon general refunding bonds, dated Dec. 1, 1936 and
to mature Dec. 1, 1969.
Redeemable as a whole or in part by lot on any
interest date, at par and accrued interest, on 30 days, advance notice.
Also redeemable by the bond tender method when this is feasible. Interest
payable (J. & D.).
All of the city's taxable property will be subject to a
levy of ad valorem taxes unlimited as to rate or amount in order to provide
for the payment of both principal and interest on the bonds.
In the case
of a default on the new bonds, the holder thereof is not only invested with
the rights and remedies under which they are issued, but also is reinvested
with the privileges of redress which were available to him as the owner and
possessor of tne particular obligations tendered in exchange.
Financial
4194
1936
26,
Dec.
Chronicle
Edgerley, Town Treasurer, required.
Approving opinion
New York will be furnished by tne town.
of Clay, Dillon
<k Vandewater of
H. L
AlihJI Commit
Mvmjcipal Bonds
New Jersey
Telephoiw-R&is^or 2-7333
Township School District. Serial bonds will be issued at the same
municipal bonds to mature serially until 1975.
New Verk
"
100 Broadway
WILLIAM STREET.
IT
T.
A.
A.
T.lephon
i
John 4-68*4
Newark Tel.: Market 3-3124
1-730
T.: N. Y
& Co. Inc.
N. Y.
Burlington County, N. J.—BOND SALE—
disposed of the recently authorized $58,000 refunding
Tne First National Bank of Riverside bas pur¬
chased $18,000 of the bonds, and the State Sinking Fund Commission has
taken the rest of the issue.
The bonds bear 4 14 % interest and will mature
DELRAN TOWNSHIP,
bonds—V. 143, p. 3672.
1938
1956.
to
RUTHERFORD, N. J.—PLANS REFUNDING PROGRAM—
& Co., Hackensack auditors, have been engaged by the
Borough Council as financial advisors in connection with a plan to refund
the municipal indebtedness.
Mayor John W. Petrie estimated the indebted¬
ness would be "close to $300,000 when all matters are completed."
Refund¬
ing is expected to be completed in about two months.
EAST
and General Market Issues
B. J. Van Ingen
rates of
The township has
from
MUNICIPAL BONDS
New Jersey
Municipal
ihterest as the
N. Y. 1-528
A. T. & T.
CHESTER TOWNSHIP, Bur'ineton County, N. J.—REFINANCING
TOWNSHIP AND SCHOOL DEBTS APPROVED—An $808,775 re¬
the township was approved Dec. 22 by the
Finance Commission.
The municipality will issue term bonds with an
interest of 3% to 1940 and 3J4% until 1975, when they mature.
The Commission also approved $164,500 refinancing plan for the Chester
OF
financing plan for
Reilly
V.
H.
of
HOBOKEN, N. J .—CONDUCTS TAX SALE—At a recent sale
parcels of property for non-payment of taxes, more than
were
bought in by the city, on which taxes are owing in the amount
over
$800,000.
These latter carry a redemption charge of 8%.
It was
first tax sale held by the city since December, 1931.
600
of
800
the
AUTHORIZED—The Borough Council
ordinance authorizing the issuance of $570,000
KENILWORTH, N. 3.—BONDS
$149,000 Borough of
Ref. 3%
Roselle Park, N. J.
Bonds, due Dec. 1, 1937-53
Price upon
has given final approval to an
general refunding bonds.
J.—BONDS AUTHORIZED—'The Borough
final approval to an ordinance providing author¬
of $280,000 refunding and $105,000 serial funding bonds.
MONMOUTH BEACH, N.
application
Commissioners have given
Colyer, Robinson $ Company
lMCOKPOKATtD
1180
MArket 3-1718
R Ector
A. T. & T. Teletype
NWRK 24
Wire:
8-2066
NUTCEY, N. J .—BONDS AUTHORIZED—The Town Board has given
approval to an ordinance authorizing the issuance of $345,000 assess¬
final
Raymond Blvd., Newark
New York
ity for the issuance
refunding bonds.
ment
(State of)—SEVEN CITIES ELIGIBLE TO RECEIVE
$10,000,000—Seven New Jersey municipalities stand to collect a
$10,320,981 in second-class railroad taxes now being withheld, if
NEW JERSEY
OVER
total of
Federal Judge
prepared by
municipals,
Elizabeth,
The
City of Camden has collected in full its second-class railroad taxes from
1932 through 1935.
Of the seven municipalities which have not received
their full levy, Jersey City stands to benefit in the largest amount, with
Weehawken second and West New York third, the study reveals.
Jersey
City has a total levy from 1932 through 1935 on second-class railroads of
$20,079,790, of which it has collected a total of $12,335,790, leaving a
15
NEW
The indebtedness
to be
JERSEY
refunded through the sale or exchange of the
determined by the municipal commission, in¬
general refunding bonds, as
$10,735,199,19 of bonds and notes and $1,646,043.67 unpaid interest
thereon accrued to Dec. 1,1936. The city covenants and agrees to maintain
and establish a reserve fund, designated a revolving fund, for the financing
of future municipal operations and, under certain conditions, for the pay¬
ment of the general refunding bonus.
Provision is also made for the crea¬
tion of a debt service fund wnich is to be used solely to secure and provide
for the redemption of the new bonds.
Each fund will be under the juris¬
diction and, in the case of the debt service fund, will remain the custody
of the fiscal agent, the Asbury Park National Bank & Trust Co., Asbury
Park.
Acting in that capacity, the institution will be required to compe
the city to pay into the funds the amounts set forth in the resolution and
isiempowered, under certain conditions, to institute court action to force
compliance by the city of the terms of the bond contract.
IfeThe amount of general refunding bonds to be issued to a creditor under
an exchange agreement cannot be more than 5% over par value of the old
obligations. The determining factor in this instance will be the amount of
unpaid interest accrued to uec. 1, 1936 due on the original obligations.
Further, in the case of bonds accepted by the creditor in exchange, a cash
payment will be made, the basis of which is outlined in the proceedings
worked out by the Municipal Finance Commission.
cludes
ASBURY PARK, N. J.—REDUCES ANNUAL JUDGMENT RE¬
QUIREMENTS—The city was ordered by Federal Judge Phillip Forman
on Dec. 22 to include in its budget annually, beginning in 1937, an item of
$87,381 until the liquidation of a bondholders' judgment of $1,400,000,
with interest, has been accomplished.
The order replaced a previous one of higher amount compelling payment
to Alfred G. Christmas, Noien Harrigan and Edwin H. Barker, all of
New York City.
The city appealed the original writ which the Circuit
Court of Appeals vacated in July, 1935, and returned to Judge Forman's
jurisdiction. Application for a new order was made early this year,
ATLANTIC
COUNTY,
N. J.—REFUNDING PLAN DECLARED
EFFECTIVE—Tne bondnolders' protective committee declared effective
on Dec. 18 tne plan tor the adjustment of tne bonded debt of the county
and for the refunding of a portion thereof, as contained in the agreement
between the committee and the county dated May 1, 1936.
It is expected
that the new refunding bonds to be issued under the plan in exchange for
existing obligations which matured in 1933, 1934, 1935 and 1936, will be
available about Feb. 1, 1937.
The committee will notify bondholders
when arrangements have been completed for delivery of tne refunding
bonds and to make payments of the delinquent interest as provided in the
plan.
Bondholders who have not deposited their bonds and who wish to
participate in the distribution of tne delinquent interest are advised to act
promptly, as the committee will neither accept bonds for deposit or issue
certificates of deposit therefor after Dec. 28, 1936.
The committee's de¬
positary is the Bank of New York & Trust Co., 48 Wall Street, N. Y. City.
Refunding bonds and delinquent interest will be available only through
the committee.
The new refunding oonds will be accompanied by the legal
opinion of Clay, Dillon & Vandewater of N. Y. City.
Copies of the refund¬
ing plan may be obtained from Carl "W. Fund, 1429 "Walnut Street, Phila¬
delphia, Secretary of the protective committee.
Depositors of bonds with
the committee for exchange for the new bonds are requested not to send
their certificates of deposit to the depositary until so notified by the com¬
mittee.
BAYONNE, N. J.—PLANS NEW CONTRACT FOR RAIL TERMINAL
new
contract for the proposed $5,000,000 ship-to-rail terminal to
into New York Bay is likely to be considered
as a result of the New Jersey State Supreme Court decision setting aside
an
authorization for construction, according to report.
This was the expectation of Commissioner Horace K.I Roberson, who
represented the Bayonne City Commission in the negotiations looking
toward construction of a ship-to-rail terminal.
Action of the New Jersey
Court set aside a resolution of the Bayonne City Commission.
extend from the Bayonne shore
1920 Law
Court
of $6,744,000.
NEW JERSEY (State
of)—BOND CALL—William
that all of the
of 50 years.
A Public "Works
Administration grant of $2,252,045 and a $3,000 000
bonds were to have financed the project.
pointed out by the Court that "the Act of 1920 permits acquisition
by the city of lands, lands under water, rights in land, easements, &c
in
fee simple and not otherwise."
Bars Perpetual Monopoly
issue of municipal
was
proposal, it held, "to preserve a perpetual monopoly" by granting
transportation rights did not come within the scope of the statute
The review by the Court of the case resulted from an action taken by
Charles S. and Mary J. Dow, Bayonne taxpayers.
They obtained a writ
of certiorari Sept. 22.
They maintained tnat the city's contract with the
Central District should have been made the subject of a referendum
A
similar undertaking was defeated, they pointed out, in 1917.
(Because of the above mentioned litigation, the city was unable to pro¬
ceed with the sale of $800,000 bonds to provide its initial snare of the cost
of the project as originally constituted.)
The
N. J.—BOND OFFERING—J. Cory Johnson, Town
until 8 p.m. Dec. 30 for the purchase at not less
$75,000 2% coupon or registered emergency relief bonds. Only
enough bonds will be awarded to bring a price equivalent to the amount
of the issue offered, plus a sum not to exceed $1,000.
Denom. $1,000.
Dated Dec. 15, 1936.
Principal and semi-annual interest (June 15 and
Dec. 15) payable at the Bloomfield Bank & Trust Co., in Bloomfield.
Due
$10,000 yearly on Dec. 15 from 1937 to 1943: and $5,000, Dec. 15, 1944.
Certified check for 2% of amount of bonds bid for, payable to Raymond
BLOOMFIELD,
assignment.
PROVIDENCE TOWNSHIP (P. O.
NEW
Berkeley Heights), N. J.—
the Township Treasurer
BOND OFFERING—Sealed bids will be received by
until 8 p. m. on Jan. 6 for the purchase of $84,000
Dated
refunding bonds.
1, 1936.
Denom. $1,000.
$5,000, 1938 to 1941, incl.; $6,000
Dec.
Due serially as follows:
from 1942 to 1951, incl.
payable in Summit or New York City.
field & Longfellow of New York City.
RIDGEWOOD SCHOOL
election held on
$4,000, 1937;
Prin. and int.
Legal opinion of Hawkins,
Dela-
VOTED—At an
proposal to issue $60,000
DISTRICT, N. J.—BONDS
Dec. 8 the voters
bonds.
approved a
school improvement
N. J.—BOND SALE—The Public Works Administra¬
purchased an issue of $31,000 4% water system bonds.
Due in
ROCKY HILL,
tion has
28 years.
ROSELLE PARK, N. J.—BOND
SALE—Award of the $150,000 coupon
registered refunding bonds offered on Dec. 23—V. 143, p. 3878—was
Robinson & Co. of Newark, who offered to pay
for $149,000 3% bonds, equal to 100.683, a basis of about 2.93%.
Van Ingen & Co. of New York, were second high, offering
Z%% bonds.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
1937 to 1941: $10,000, 1942 to 1952, and $14,000, 1953.
or
$150,017.73
B. J.
$150,035.35 for
made to Colyer,
$5,000,
ROSELLE, N. J.—BOND SALE—B. J. Van Ingen & Co., Inc. of New
purchased privately $176,000 314% refunding bonds.
1, 1936.
Denom. $1,000.
Due Dec. 1 as follows: $1,000,
$5,000, 1941 to 1943 incl.; $10,000 from 1944 to 1950 incl. and $30,000 from
1951 to 1953 incl.
Interest payable J. & D.
Legality approved by Hoyt
Washburn & Washburn of New York City.
■
Dated
1937;
York have
Dec.
SOUTH
street,
ORANGE, N. J.—BOND SALE—A total of $57,400 water,
and assessment bonds, bearing interest at 314%. has been
Pension and Sinking Fund Commissions at par.
sewer
sold to the village
NEW
MEXICO
MUNICIPAL SCHOOL DISTRICT NO. 8 (P. O.
Santa Rosa), N. Mex.—BOND OFFERING—It is reported that sealed
bids will be received until 10 a. m. on Jan. 20, by Jose A. Sena, County
Treasurer, for the purchase of a $20,000 issue of school bonds.
Interest
rate is not to exceed 4%, payable J. & J.
Denom. $500. Dated Jan. 1,
1937. Due on July 1 as follows: $1,000. 1939 and 1940, and $1,500, 1941 to
1952 incl. Prin. and int. payable at the State Treasurer's office or at such
other place as the bidder may elect. A certified check for 5% of the amount
bid, payable to the County Treasurer, is required.
ROSA
NEW
ALBANY COUNTY (P.
YORK
SALE—'The $644,registered refunding bonds offered at public
O. Albany), N. Y.—BOND
000 series of 1937 coupon or
auction on Dec. 22—V. 143, p.
4042—were awarded to an
account composed
& Co., Inc.; Bancamerica-Blair Corp. and Spencer Trask
all of New York, as 2>4s, at a price of 102.07, a basis of about 2.03%.
Dated Jan. 1, 1937 and due Jan. 1 as follows: $32,000 from 1938 to 1953,
incl., and $33,000 from 1954 to 1957, incl.
The bankers are reoffering the bonds for public investment at prices to
of Halsey, Stuart
& Co.,
in the
payable from
yield from 0.35% to 2.20%, according to maturity.
The bonds,
opinion of counsel, are general obligations of Albany County,
unlimited ad valorem taxation.
Assessed valuation, 1936, is officially
ported as $315,462,962
$10,471,000.
and total bonded debt,
re¬
including this issue, as
CATO, N. Y.—BOND OFFERING—Ira J. Kingsley, Village Clerk, will
bids until 2 p. m. on Dec. 28 for the purchase of $40,000 not
exceed 4% interest coupon or registered water bonds.
Dated Jan. 1,
1937.
Denoms. $1,500 and $1,000.
Due Jan. 1 as follows: $1,000 from
1940 to 1973 incl. and $1,500 from 1974 to 1977 incl.
Bidder to name one
rate of interest on all of the bonds, expressed in a multiple of M or 1-10 of
1%.
Principal and interest (J. & J.) payable at the First National
of Cato.
Purpose of the financing is to establish a system of water works
in the village, and the latter is authorized and required to levy on all its
receive sealed
to
Bank
sufficient ad valorem taxes to provide for the service of
check for $800, payable to the order of the village,
each proposal.
Approving legal opinion of Reed, Hoyt
of New York City will be furnished the successful bidder.
taxable property
Clerk, will receive bids
the issue.
than par of
must
$5,000,000 series B highway
bonds, issued and presently outstanding, have been
ment on July 1, 1937, at par and accrued interest to that date.
are dated July 1, 1922 and mature July 1, 1952.
The bonds,
Violated
entered into by the City of Bayonne and the Central District,
Inc., and the Central Railroad of New Jersey, giving the railroad ex¬
clusive rail facilities.
Central District, Inc., was to act as the city's
agent in the construction of the terminal and in its operation for a period
H. Albright, State
extension
called for pay¬
The bonds
together with
July 1, 1937 and subsequent coupons attached, must be presented for pay¬
ment at the First Mechanics National Bank, Trenton.
In the case en
registered bonds presented for payment to anyone other than the registered
holder,
the bonds must
be accompanied by proper instruments of
Treasurer, announces
fund
held that a law enacted in 1920 had been violated by an
agreement
It
balance uncollected
SANTA
—A
The
higher courts sustain the decision rendered Dec.
by
Phillip Forman—V. 143, p. 4034—it is estimated in a study
Schlater, Noyes & Gardner, Inc., specialists in New Jersey
60 Broadway, New York City.
The seven cities are Bayonne,
Hoboken, Jersey City, Newark, Weehawken and West New York.
A certified
accompany
& Washburn
ISSUE OFFERING—George B. Gibbons
public offering of a new issue of
Verplanck Water District coupon or registered bonds at
from 1.50% to 2.70%, according to maturity.
Dated
CORTLANDT, N. Y.—NEW
&
Co.,
Inc.
of New York are making
$43,000 2.70%
prices to yield
143
Volume
Financial
Chronicle
Dec. 1,1936 and due serially on Dec. 1 from 1939 to
1961 incl.
The bonds,
according to the bankers, are valid and legally binding obligations of the
town, payable in the first instance from a
levy upon the property in the
Water District, but if not paid from such
levy, all of the town's taxable
property is subject to a levy of unlimited ad valorem taxes .in order to pro¬
vide for payment of both principal and interest.
!
I
>
-Financial Statement (Officially Reported)*"" I
.
j *?':
193456-—
$50,000.00
HIGH POINT, N, C. Callable
Fdg. 5s
Due July 1963 @ 100 and interest
-
Assessed
valuation, 1936
Gross debt, including this issue
Less water bonds.
*
i i.u
v..
.
-
«
-
:
.
_T
S50.866.705
$812,055
350,800
^
Net debt
F. W. CRAIGIE & COMPANY
Richmond, Va.
$461,255
Population, 1930 U. S. Census, 26,492.
Above financial statement does not include the debt of
other political
subdivisions wnich have the power to
levy taxes within the town.
8-9137
A. T. T. Tel. Rich. Ve. 83
during April; school levy during
September.
>
Total Levy, State,
County, Town & School
$996,135
i
Year—
"
—
Collected End
Collected
of Fiscal Year
1,293,392
1,211,866
1,339,637
as
of
Oct. 31.1936
$979,135
1,255,089
1,161,385
1,145,728
$808,029
1,078,278
1,017,891
Notyetended
CROTON-ON-HUDSON, N. Y.—BOND
^
Phone
Tax Collections
Fiscal year is the calendar year.
State, county and town levy payable
7
4195
OFFERING—Frank Finnerty.
village Clerk, will receive sealed bids until 2 p. m. on Dec. 30 for the
pur¬
chase of $15,000 street
improvement bonds.
Denom. $1,000.
Due serially
on Jan. 1 from 1938 to 1942
incl.
DRYDEN, TOMPKINS COUNTY AND HARTFORD, CORTLAND
CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Dryden),
N.iY.—BOND OFFERING—John Noro, District Clerk, will receive bids
NORTH
COUNTY
until 2 p. m. Dec. 29 for the
purchase at not less than par of
$15,000 coupon,
fully registerable, school building bonds.
Bidders are to name rate of
interest, in a multiple of W or 1-10%, but not to exceed 4%.
Denom.
$1,000.
Dated Jan. 1, 1937.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the First National Bank
of Dryden, or at the MarineMidland Trust Co., in New York.
Due $1,000 yearly on Jan. 1 from 1939
to 1953, incl.
Certified check for $300, payable to the Board of
Education,
required.
Approving opinion of Hawkins, Delafield & Longfellow of
New York will be furnished by the
district.
HEMPSTEAD, N. Y.—BOND OFFERING—Eugene P. Parsons, Village
Clerk, will receive sealed bids until 2 p. m. on Dec. 30 for the purchase of
the following issues of
coupon or registered bonds aggregating $527,000:
$377,000
improvement bonds of 1936.
Due Jan.
1
as
follows:
$13,000, 1939 to 1947 incl.; $12,000, 1948 to 1957 incl.; $15,000
from 1958 to 1966 incl. and $5,000 in 1967.
150,000 public improvement bonds.
Due Jan. 1 as follows: $7,000 from
1938 to 1947 incl. and $8,000 from 1948 to 1957 incl.
sewer
Each issue is dated Jan. 1, 1937.
Bidder to name a single interest rate
of not more than
6%, expressed in a multiple of )4 or 1-10 of 1 %.
Principal
and interest (J. &
J.) payable at the West
Hempstead National Bank,
or at the Corn Exchange Bank & Trust Co., New York
City,
option.
A certified check for 2 % must
accompany each proposal
The approving legal opinion of
Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
Hempstead,
at holder's
19354
franchises)..$40,776,373
General
1,215,000
x773,000
Water
Population, 1930 Federal Census, 12,654.
Deductible in computing legal debt limit.
PIERMONT, N. Y.—BOND OFFERING—Loring P. Jones,Village Clerk,
will receive sealed bids until 2
p. m. on Jan. 6 for the purchase of $12,000
not to exceed
6% interest coupon or registered village hall bonds.
Dated
Dec. 1, 1936.
Denom. $1,000.
Due $1,000 on Dec. 1 from 1937 to 1948
incl.
Rate of interest to be expressed in a multiple of
14 of l-10th of 1 %.
Prin. and int. J. & D. payable at the First National
Bank, Sparkill.
A
certified check for 2% must
accompany each proposal.
The approving
legal opinion of Hawkins, Delafield & Longfellow of N. Y.
City will be
furnished the successful bidder.
Financial Statement
Assessed valuation (incl. real property and special
franchises)
Total bonded debt (incl. present offering)
Population, 1930 Federal census, 1,709.
«
Tax Collection
$2,268,370
26,500
Report
1933-34
1934-35
1935-36
1936-37
WESTCHESTER
INCREASE IN
$3,528.47
$1,722.39
3.003,54
2,959.08
3,769.97
4,964.34
3,967.69
COUNTY
TAX
Uncollected on
Dec. 15,1936
Fiscal Year
38,521.62
34,680.53
34,587.49
.
(P. O. White
RATE—Tne committee
Plains),
N.
Y.—PLANS
budget and appropria¬
Supervisors the proposed 1937 budget
calling for a total outlay of $11,682,192 and an increase over the 1936 tax
rate of 55 cents for each $1,000 of assessed vamation.
The bidget calls for
a
net tax levy of $7,607,604,
or $857,586 over the present
year.
The
tions
has filed
with
the
Board
on
of
committee attributed 13 cents of the proposed increase in the tax
rate to
advance in debt service requirements.
The new tax rate is
an
placed at
against this year's rate of $3.97.
Largest single item
in the proposed budget is $5,271,670 for debt
service, the increase over tne
current
requirements being $202,573.
Assessed valuation of taxable
$4.52 per $1,000.
property,
at
as
$1,681,124.356, represents
WYOMING
CENTRAL
SCHOOL
N. Y.—BONDS VOTED—At
a
a
decrease of $20,000,000.
DISTRICT
special election held
(P.
on
O.
YONKERS, N. Y.—BOND OFFERING—As reported in
143,
section of
the United States that for the past 10 to 20
years has been making vast
industrial strides.
There is still an influx of industry from other sections
of the country due to climatic and labor
conditions.
New inventions and
new discoveries continue to
bring new industries and new plants to this
section.
Right now many millions are being spent on new paper mills in a
number of States throughout the Southeast, because it has been
discovered
that certain types of paper can be made from timber in this
section, and
more cheaply than in other localities.
"However, those who have made careful studies do not believe that
accounts for the improvement in prices of North Carolina
bonds.
At the pit of the depression when many of the counties found themselves
in a bad way, the State itself took very definite
steps to correct the situa'
tion. The officials realized that unless something was done it would eventu¬
ally reflect
a
previous issue
multiple of
or l-10th of 1%.
One rate to
The bonds, designated series of 1936, are
part of
a total of $5,300,000, and will mature on Dec. 1 as
follows: $1,000, 1943 to
1945 incl.; $2,000, 1946; $65,000, 1947 and 1948;
$80,000, 1949; $95,000
1950 to 1953 incl.; $80,000, 1954: $75,000, 1955;
$70,000, 1956; $65,000.
1957 to 1959 incl.; $45,000 in 1960, and $40,000 in 1961.'
Principal and
interest (A. & O.) payable at the
City Comptroller's office.
A certified
check for 2% must accompany each proposal. The
approving legal opinion
of Hawkins. Delafield & Longfellow of New York
City will be furnished the
successful bidder.
Financial Statement
census
Fiscal Year—
1936-.-
franchises).$314,895,650
result, many of the counties were able to cut the ad valorem taxes as
as 50%.
These expenses are now met through sales tax rather than
commission was appointed to pass upon every
piece of new financing and to consult with the various counties in their
financial problems and refunding plans.
For a period of many years North
Carolina units
were borrowing regularly in the open market
upwards of
$50,000,000 in tax anticipation notes, which were often renewed from time
floating supply did not vary much. When the depression
came these loans were all called, and at a time when it did not
suit to pay.
This, together with bank failures freezing large sums of county money,
to time so that the
made the default situation much worse than the depression itself. Economic
conditions were not as the large number of defaults would indicate. Of more
importance than this, the public attitude towards its debt in North Caro¬
lina has always been good.
There has never been a public clamor for debt
reduction and requests have been made for extension of maturities and ad¬
justment of interest where absolutely necessary, but not for reduction
of principal.
"County bonds now, as a whole, enjoy
time in the last 20 years."
Uncollect. End
Levy
Fiscal Year
$3,392,429.98
3,598,069.08
2.788.458.51
better position perhaps than
WINSTON SALEM, N. C.—BOND OFFERING— Sealed bids will
received until 11 a. m. (Eastern Standard Time) on Dec. 29, by W.
be
E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of five issues of coupon bonds
aggregating
$655,000, divided
as
follows:
$490,000 refunding bonds. Due as follows: $20,000, 1947 to 1957; $25,0^0,
1958 to 1963, and $30,000, 1964 to 1967, all incl.
41,000 water bonds. Due as follows: $1,000, 1940 to 1954 and $2,000,
25,000 sewer bonds.
Due $1,000 from 1940 to 1964 incl.
85,000 street improvement bonds. Due as follows: $3,000, 1940 to 1943;
$4,000, 1944 to 1948; $5,000, 1949 to 1953, and $7,000, 1954 to
1957, all incl.
14,000 general improvement bonds. Due $1,000 from 1940 to 1953 incl.
Denom. $1,000.
Dated Jan. I, 1937. All bonds mature as of Jan. 1,
No
option of prior payment. There will be no auction. Prin. and int. (J. & J.)
payable in New York City in legal tender.
Bonds are not
registerable.
Delivery at place of purchaser's cnoice. Interest rate is not to exceed 6%.
stated in multiples or M of 1%.
No bid may name more than two rates for
any issue and eacn bid must specify tne amount of bonds of each rate.
A
separate bid for eacn separate issue (not less tnan par and accrued interest)
is required.
No bid for less tnan all of the bonds will be entertained. Tne
lowest net interest cost to the city will determine tne award of these bonds.
Bids must be on a form to be furnished by the above-named
Secretary.
The approving opinion of Reed, Hoyt & Washburn of New York
City, will
be furnisned the purchaser.
A certified cneck for $13,100, payable to the
order of the State Treasurer, must accompany the bid.
NORTH
DAKOTA
Dak.—BOND OFFERING—-Sealed bids will be re¬
ceived until 2 p. m. on Dec. 28, by H. C. Wood, City Auditor, for the
purchase of two issues of bonds aggregating $6,500, divided as follows:
$3,500 hospital bonds.
Due on Jan. 1 as follows: $194.44, 1940 to 1956,
and
N.
$194.52 in 1957.
3,000 city hall bonas.
and $167.78 in
Int. rate is
not to
Due
on
Jan. 1
as
follows: $166.66,
1940 to 1956,
1957.
exceed
5%, payable J. & J.
Dated Jan. 1, 1937.
A
certified check for not less than 2% of the bid is required.
(This report supplements the offering notice given in these columns
recently, dealing with the $3,500 hospital bonds only—V. 143, p. 4044.)
EDDY COUNTY
(P. O.
New
Rockford),
OFFERING—S.
N.
Dak.—CERTIFICATE
bids until
certificates
Due on or
of amount
K. Haugland, County Auditor, will receive
Jan. 5 for the purchase of $15,000 revenue anticipation
of indebtedness, which are to bear int. at no more than 7%.
before 24 months after date of issuance.
Certified check for 2%
10
a.
m.
of bid,
required.
JAMESTOWN, N. Dak.—BOND ELECTION— It is said
will be held
on
Dec. 29 in order to
vote on the
that an election
Issuance of $97,000 in audi¬
torium bonds.
Tax Collection Report
$10,982,188.35
a
at any
36,351,050
134,646
12.595.302.53
11,074.997.89
10.803,966.52
North Carolina, therefore, took
property tax.
"A local government
a
Assessed valuation (incl. real property and special
Total bonded debt (incl. present offering)
the credit of the State.
upon
over the maintenance of all
principal roads. There is a compulsory school
law within the State, so they also took over this
expense from the Counties.
BOWBELLS,
4044—the city
Population. 1930 Federal
the
voters
equalization bonds.
pressed by the bidder in
apply to all of the bonds.
"From the depression low of 1932-33, prices have advanced from
25%
300%," Mr. Bigger said. "What do these figures reflect and why have
prices of North Carolina county bonds advanced faster and farther
than many other States?
True, North Carolina is situated in a
to
$170,000 school
is making an offering of $1,100,000 debt
Sealed bids will be received by James E.
Hushion. City
Comptroller, until 11 a. m. on Dec. 29. The bonds will be issued in
coupon
or registered form, bear interest at a rate of not
more than
4%, to be ex¬
p.
unless something was done it would
eventually reflect upon the credit of
the State.
Wyoming).
Dec. 12 the
of the district ballotted 243 to 115 in favor of the issuance
of
construction bonds.
—V.
election
1955 to 1967.
Uncollected End
Levy
$31,379.60
POSTPONED—The
power
much
PEEKSKILL, N. Y.—NOTE SALE—The issue of $200,000 tax antici¬
pation notes offered on Dec. 22—V. 143, p. 4043—was awarded to
Salomon
Bros. & Hutzler of New York on a
.57% interest basis, plus $11 premium.
Rutter & Co. of New York bid .68% and Faxon, Gade & Co.
of Boston
.66%. Notes are dated Jan. 2, 1937, and will mature July 2, 1937.
Year—
CAROLINA
ELECTION
NORTH CAROLINA, State of—REPORT ON IMPROVEMENT
IN
PRICES OF COUNTY
BONDS—Crediting the government of the State of
North Carolina with the recovery which has taken
place in North Carolina
county bonds, R. A. Bigger, of R. S. Dickson & Co., Inc., 30 Broad
St.,
N. Y. City, states in a statistical
survey that at the pit of the depression
when many of the counties found themselves in a bad
way. the State itself
took very definite steps to correct the situation as officials
realized that
As a
Tax Collection Report
Fiscal Year
1933-34
1934-35
1935-36
1936-37
Levy
$468,902.89 $524,934.44 $541,605.55 $485,622.18
Uncollected end fiscal yr. 100,526.50
110,442.82
95,781.45
x
Uncoil, on Dec. 18, 1936
21,328.93
33,171.86
52,413.14 y235,734.97
x Not finished,
y Second half of taxes for
1936-1937 fiscal year still
in^process of collection.
Penalty date is Jan. 2, 1937.
,
C.—BOND
on the issuance of the $100,000 in
plant bonds, noted here recently—V. 143, p. 4044—is said
have been postponed to Jan. 14.
municipal
to
N.
scheduled for Jan. 7 to vote
was
this
Financial Statement
Assessed valuation (incl. real property and
special
Total bonded debt (incl.
present issue):
x
KINSTON,
which
Uncollected on
Dec. 17,1936
$563,968.09
817.898.55
1.339.729.39
2,196.746 41
NORTH DAKOTA (State of)—STA TE REPLIES TO LEGAL ATTAC K
ON BOND
CALL—Attorney General P. O. Sathre, answering a suit brought
tae Catholic Order of Foresters to prevent the State from retiring
$3,617,000 outstanding real estate bonds on July 1, 1937, announcement
of which call has appeared in these columns, alleges that the plaintiffs fail
by
to state facts sufficient
to
constitute
a
cause
of action.
Financial
4196
The Foresters, a fraternal
benefit society, stated they owned
contend the action of the State
of the bonds called for payment and
$250,000
in calling
the bonds for payment before maturity is contrary to the law.
The action was brought in the Burleigh County District Court
$39,000
and is
Marshall County,
expected to be set for trial as soon as a hearing can be scheduled in the
matter, Mr. Sathre reported.
"Payment and redemption of the real estate bonds, in accordance with
the resolution of the industrial commission is a matter of great financial
importance to North Dakota and the
stated in his answer.
"It will effect a saving in interest on
accrue
and become a
N. Dak.—BOND OFFERING DETAILS—In connec¬
tion with the offering scheduled for Dec. 28, of.the $10,000 5% semi-ann.
water works bonds, notice of which was given in these columns recently—
V. 143, p. 4044—it is now reported that bids will be received until 1 p. m.
on
that date.
Denom. $500.
Dated Jan. 1, 1937.
Due $500 from
June 1, 1937 to 1956, incl.
No bid for less than par and accrued int. will
be entertained.
A certified check for 2% of the bid is required.
WATFORD
McKenzie
CITY,
County,
N.
Dak.—CERTIFICATE
Auditor, will receive bids until 2 p. m.
Auditor's office in Schafer for the purchase at not
less than par of $1,500 certificates of indebtedness, which are to bear
interest at no more than 7%, payable semi-annually. Denom. $500. Certi¬
fied check for 2% of amount of bid required.
OFFERING—E. F. Raddatz, City
Dec. 28 at the County
Established 1892
/
CITY,
OKLAHOMA
of
RICHARDTON,
4%
R. J. EDWARDS, Inc.
taxpayers," the Attorney General
indicate its intention to call the bonds before they are issued, according to
contentions of the Foresters organization.
Under the call, issued last June 30 by the State Industrial Commission,
the real estate bonds would be paid from 4 to 11 years before normal maturity
Oklahoma, Road
5%, due 6-15-47 @
such bonds, which would otherwise
fixed obligation of the State in tne approximate amount
$1,468,517," he said.
.
.
The question hinges on an interpretation of the 1919 law under which
they were issued, providing that at the option of the industrial commission
|he bonds "shall be payable at any time after five years from the date of
their issue upon public notice that they shall mature and become payable
at a date not less than one year from the time of giving such public notice."
This clause should be interpreted to mean the industrial commission must
1936
26,
Dec.
Chronicle
OKLAHOMA
158
Long Distance
AT&T O. K. CY 19
OKLAHOMA
be re¬
for the
be specified
MOORELAND, Okla.—BOND OFFERING—Sealed bids will
ceived until 7:30 p. m. on Dec. 28 by B. A. McCoy, Town Clerk,
purchase of a $4,000 issue of electric bonds. Rate of interest to
by the bidder. Due $2,000 on Dec. 15, 1940 and 1941. The voters
the issuance of these bonds on Dec. 8.
A certified check for 2%
bid is required
approved
OKLAHOMA, State of—REPORT ON NOTE
a report by C. B. Sebring, Assistant to
closed in
of the
RETIREMENT—Dis¬
State Treasurer H. L.
information of Governor E. W. Marland, the State of Okla¬
homa on Dec. 15, is said to have paid $5,245,180 to retire treasury notes
issued to refund the general revenue deficit.
After the payment the total
outstanding was said to be $2,298,098 and Mr. Sebring estimates that
revenue to June 30, 1937, will be sufficient to retire this amount except
$400,000.
Governor Marland expresses the belief that the Legislature at
its regular session will take up the question of repeal of the gasoline tax
diversion bill by which 40% of the State's share of gasoline tax was pledged
for payment of the general revenue deficit.
Various highway and other
groups have indicated that a determined effort will be made to have all
of the gasoline tax assigned to the Highway Commission for construction
Bolen, for the
and maintenance.
Commis¬
STILLWATER, Okla.—BOND OFFERING—-H. J. Nester,
and Accounting, will receive bids until 2 p. m. Dec. 29
the purchase of $210,000 water works bonds.
Sale will not
at less than par, at the lowest interest rate named in the bidding.
Due
$13,000 yearly, beginning five years from date of issue, except that
instalment is to be $15,000.
Certified check for 2% of amount of bid,
sioner of Revenue
be made
for
the last
required.
OREGON
semi-ann. city
p. 3881—was
1937. Due from
CONDON, Ore.—BOND SALE—The $4,800 issue of 4%
building bonds offered on Dec. 21, as noted here—V. 143,
purchased at par by the city sinking fund. Dated Jan. 2,
1938 to 1947 incl.
OHIO
Ohio—HIGH COURT DISMISSES POWER PLANT SUIT
—The State Supreme Court recently dismissed as having no debatable
constitutional question involved, the appeal of Howard Schell, a taxpayer,
asking a writ of mandamus to compel the Clyde Village Council to enact an
ordinance for the submission of a referendum on a proposal to repair and
improve the municipal power plant.
Schell alleged the Council refused the legislation after a petition of electors
had been presented. The Sandusky County Common Pleas Court sustained
a demurrer to the suit, which held there were no recognized petitions on
file with the Council, in that they were filed with the Mayor and not with
the Clerk as required by law.
The District Court of Appeals affirmed the
CLYDE,
COOUILLE SCHOOL DISTRICT, Ore.—BOND
held on Dec. 29 a proposed bond issue
gymnasium will be submitted to the voters.
election to be
CITY
Moncure Biddle & Co.
Fund Commission
15, 1936.
Denom.
1947 inclusive.
ELIZABETH TOWNSHIP
RURAL SCHOOL DISTRICT (P. O.
Casstown), Ohio—BOND SALE—The $28,000 school building impt.
bonds offered on Dec. 21—V. 143, p. 3880—were awarded to Saunders,
Stiver & Co. of Cleveland, as 2%&, at i)ar, plus a premium of $439.60,
equal to 101.57, a basis of about 2.59%.
Dated Jan. 1, 1937.
Due $700
COSHOCTON, Ohio—BOND SALE—The Sinking
purchased $10,000 3% sewer bonds.
Dated Dec.
$500.
Due $500 on June 15 and Dec. 15 from 1938 to
BONDS
1957.
BOUGHT
OFFERING—Harold
D.
Brooker,
City
Auditor, will receive bids until noon Jan. 6 for the purchase of $35,000
5M% public building bonds.
Denom. $1,000 and $1,500. Dated Jan. 1,
1937. Interest payable semi-annually. Due $1,000 on April 1 and $1,500
on Oct. 1 in each of the years from 1937 to 1940.
Certified check for $350,
payable to the city, required.
NELSONVILLE,
AUTHORIZED—'The
City
Council
bonds to finance
improvements to the municipal light plant.
NEW
KNOXVILLE
an
SCHOOL
election held
on
DISTRICT,
Ohio—BONDS DE¬
proposal to
Dec. 15 the voters rejected a
$78,000 school building bonds.
There was a favorable vote of 303
"for" to 290 "against," which was not sufficient to meet the requirement of
issue
a
65% approving vote for authorization.
$2,080 4% refunding bonds. Denom. $500 and $580.
Dated Dec. 1, 1936.
Interest payable annually.
Due $580, Dec. 1, 1938, and $500 yearly on
Dec. 1 from 1939 to 1942. Certified check for $200, payable to the Village
Council, required.
FALLS,
Ohio—BOND
OFFERING—Charles
Finnical,
Village Clerk, will receive bids until noon Jan. 9 for the purchase at not
less than par of $150,000 6% electric light, heat and power plant bonds,
secured only by a mortgage upon the public utility property and payable
from revenues of the property.
Denom. $1,000.
Dated Sept. 1, 1936.
Ihdu. and semi-ann. int. (M & S. 1) payable at the Village Treasurer's
office.
Due $5,000 on March 1 and bept. 1 in each of the years from
1938 to 1952, incl.; provided that the bonds may be called by the Village
on and after March 1, 1938.
Certified check for 5% of amount of bonds
Did for, payable to the Village Treasurer, required.
REYNOLDS, Ohio—BOND OFFERING—J. H. O'Neal, Village Clerk,
will receive bids until noon Jan. 8 for the purchase at not less than par of
$5,000 coupon general obligation sewerage system and sewage disposal
Elantnot to exceed 6%. Denom. $250. of Dated Jan. a1,multiple of M%»
ut
bonds. Bidders are to name rate interest, in
1937.
Interest
Due $250 yearly on Oct. 1 from 1938 to
Certified check for $100, payable to the village, required.
payable April 1 and Oct. 1.
Inclusive.
1957
JONES SCHOOL DISTRICT (P. O. Jones), Okla.—BONDS SOLD—
$3,000 school bonds have been purchased
The District Clerk reports that
of Oklahoma City.
(P. O. Madill) Okla.—BONDS SOLD— It is
Ayres, County Clerk, that $22,179 funding bonds have been
purchased by C. Edgar Honnold, of Oklahoma City.
MARSHALL COUNTY
stated by M.
—
Phila. 22
Philadelphia
PENNSYLVANIA
BERWICK, Pa.—NO SALE CONTEMPLATED— D.
Secretary of Council, informs us that the borough is not at
William Arndt,
present contem¬
of any bonds in the near future.
BETHLEHEM, Pa.—BOND SALE—The $110,000 2% coupon, registerable as to principal only, street and sewer improvement bonds offered on
Dec. 18—V. 143, p. 3676—were awarded to W. H. Newbold's Son & Co.
plating the issuing
of Philadelphia, at 100.03, a basis of
1936, and due $11,000 on Dec. 15 from 1937
and Cassatt & Co., both
Dated Dec. 15,
about 1.97%.
to 1946, incl.
all of the annual instalments are subject to redemption,
in whole or in part at any time on and after Dec. 15, 1937, at par and
accrued interest to date of redemption.
Any
one or more or
commissioners, with an offer
DETAILS—The city sinking fund
only other bid for the
of par, submitted the
$110,000 2/o street and sewer
to W. H. Newbold's Son & Co.
impt. bonds which were
and Cassatt & Co., Inc.,
awarded recently
both of Philadel¬
100.03.
CENTERVILLE SCHOOL DISTRICT
(P. O. West Brownsville
R. F. D. No. 1), Pa .—BOND OFFERING—A. L. Kinder, District Secre¬
tary, will receive bids until 8 p. m. Jan. 6, for the purchase of $90,000
phia, jointly, at a price of
the
school bonds.
Bidders are to name a single rate of interest on
multiple of M%» but not to exceed 4%. Denom. $1,000.
Principal and semi-annual interest (Jan. 1 and July 1)
payable at the Peoples Bank & Trust Co. in California.
Due $5,000
on Jan. 1 from 1938 to 1955, incl.
Certified check for $2,000, payable to
the District Treasurer, required.
Approving opinion of Burgwin, Scully
& Churchill of Pittsburgh, will be furnished by the district.
entire issue, in a
Dated Jan. 1, 1937.
yearly
EAST PENNSBORO
SCHOOL DISTRICT, Dauphin County, Pa.—
School Board has set Jan. 12 as the date of a
BOND ELECTION—The
special election at which a proposal to issue $50,000
construction bonds will be submitted to a vote.
school building addition
DISTRICT, Pa.—BOND SALE The $30,000 3% coupon refunding bonds offered on Dec. 21—V. 143, p. 3881—
were awarded to Glover & MacGregor of Pittsburgh.
Due $2,000 yearly
HUNTINGDON SCHOOL
from 1940 to 1954.
JEFFERSON TOWNSHIP SCHOOL
OFFERING—William Morton
—BOND
DISTRICT (P. O. Large), Pa.
District Secretary, will receive
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.
Dated Jan. 1, 1937. Interest payable Jan 1 and July 1.
Due $5,000 on Jan. 1 in alternate years, beginning 1943 and ending 19bl.
Certified check for $1,000, payable to the district, required
Approving
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished to
the purchaser.
District will furnish the bonds.
bids until 8 p. m. Jan. 5
MANCHESTER SCHOOL
OKLAHOMA
by Calvert & Canfield,
AND QUOTED
coupon
NEW VIENNA, Ohio—BOND OFFERING— R. J. Rulon, Village Clerk,
will receive bids until noon Dec. 30 for the purchase at not less than par of
NEWTON
T. Teletype
BETHLEHEM, Pa .—BOND SALE
Ohio—BONDS
has authorized the issuance of $50,000 mortgage revenue
FEATED—At
—
Walnut St.
1528
June
issue of $15,000 water
works system bonds offered on Dec. 19—V.
143, p. 3880—was sold as
3Ms, at par plus a premium of $57, equal to 10.38, a basis of about 3.21%.
Dated Dec. 1, 1936, and due $750 yearly on Oct. 1 from 1938 to 1957, incl.
SOLD
YARNALL & CO.
Ohio—BOND SALE—
The $164,000 poor relief bonds offered on Dec. 18^—V. 143, p. 335&—were
awarded to the First Cleveland Corp. of Cleveland, as lMs, at par plus a
premium of $142.22, equal to 100.08, a basis of about 1.48%.
Dated
LIBERTY CENTER, Ohio—BOND SALE—The
—
A. T. &
JEFFERSON COUNTY (P. O. Steubenville),
Ohio—BOND
PHILADELPHIA
CITY OF
SCHOOL DISTRICT. Ohio—BOND SALE-—
issue of $68,750 bonds offered on Dec. 18—V. 143, p. 3675—was awarded
to Braun, Bos worth & Co. of Toledo, as 2 Ms. at par plus a premium of
$1,159, equal to 101.68, a basis of about 2.59%. Dated Jan. 2, 1937 and due
Sept. 1 as follows: $2,750 in 1938, and $3,000 from 1939 to 1960 incl.
MARIETTA,
Philadelphia
Locust Street
1520
GREENSPRINGS
1, 1936 and due March 1 as follows:
$18,000, 1937; $17,000, 1938:
$18,000, 1939; $20,000, 1940; $21,000, 1941; $22,000, 1942; $23,000 in
1944, and $25,000 in 1945.
V
1962/52
and Interest to net 2.90%
126.012
Price:
has
April 1, 1938 to Oct. 1,
PHILADELPHIA
OF
5% Bonds due June 1,
decision.
each six months from
ELECTION—At an
of $22,500 for a new
DISTRICT, Pa.—BOND
of $7,500 3 M % coupon, registerable as to
Dec. 18—V. 143, p. 3676—was awarded
of 106.22,
a
basis, of about 2.98%.
Other bids were as
1940 to 1964, incl.
from
follows:
Rate Bi,
Bidder
A. G. Blakey & Co., York
Dover National Bank, York
Industrial National
SALE—The issue
principal, school bonds offered on
price
to Amanda L. Landis, at a
Due $300 annually on Jan. 1
Bank, York
10
103.
,
Volume
Financial
143
MEAD TOWNSHIP SCHOOL DISTRICT (P. O. Clarendon R. D. 1),
„
Pa.—BOND OFFERING—R. J. Keenan, Secretary of the Board of Direc¬
tors, will receive bids until 5 p. m. Jan. 12 for the purchase at not less than
par of $23,000 school building bonds.
Bidders are to name rate of interest,
making choice from 4%, 4M%, 4}4%, 4%% and 5%.
Denom. $1,000.
Dated Jan. 15, 1937.
Interest payable Jan. 15 and July 15.
Due serially
Certified check for $300, payable to the district, required.
Chronicle
4197
WAVERLY, Tenn.—PRICE PAID—The City Recorder states that the
$45,000 4% semi-ann. land purchase bonds sold to C. H. Little & Co. of
N. Estes & Co. of Nashville, as noted here recently—V.
143, p. 4047—were sold at par. Due from Nov. 1, 1937 to 1961.
Jackson and W.
for 20 years.
NORTH VERSAILLES TOWNSHIP (P. O.
TEXAS
Wall, Box 1), Pa.—BOND
SALE—The issue of $25,000 coupon school bonds offered on Dec. 19—
V. 143, p. 3676—was awarded to S. K. Cunningham & Co. of Pittsburgh.
Dated Jan. 2, 1937 and due Jan. 2 as follows: $1,000, 1938 to
1942, incl;
$5,000 in 1944, 1946, 1948 and 1950.
Industrial—Municipal—Utility
RAUSCHER, PIERCE & CO.
PENNSYLVANIA
(State
of)— LOCAL ISSUES APPROVED—The
list of bond issues recently approved by the Department of
Bureau of Municipal Affairs.
The information includes
of the municipality, amount and purpose of issue and date ap¬
following is
a
MAGNOLIA
Internal Affairs,
the
name
SECURITIES
BUILDING, DALLAS
L. D. 841
A. T. & T. Teletype DLS 186
proved:
.':;V5 ''Date
Municipality and, Purpose-Richland
A A-
TEXAS
Amount
Approved
Borough School District, Lebanon County
—Erecting, equipping and constructing an annex
to present school building.
......
Rose Valley Borough, Delaware County—Erecting,
constructing and equipping a sewage disposal plant
AUSTIN, Texas—BOND SALE DETAILS—It
District, Erie County—•
Enlarge, equip and furnish high school building
14
$13,500
Dec.
and constructing sewers
Fairview Township School
Dec.
14
30,000
Dec.
15
12,000
Dec.
15
9,000
Dec.
17
6,000
Dec.
17
30,000
Dec.
17
6,500
is stated by the City
Manager that the $60,000 park and playground bonds purchased by Bowman
Roche & Co. of Austin for a premium of $1,080, equal to
101.80, as reported
here recently—V. 143, p. 3881—bear interest at 3% and mature over a
period of 15 years.
Coupon bonds dated July 1, 1936.
Denom. $1,000.
Interest payable J. & J.
BRENHAM, Texas—BOND ELECTION—An election
Hallam
Borough School District, York County—
Erect, equip and furnish an addition to present
high school building
Ellport Borough School District, Lawrence County—
Construction of school building
Lansford School District, Carbon County—Equip¬
ping the athletic play ground and making repairs
to school buildings
Shenango Township,
Lawrence County—Funding
floating indebtedness.
Homestead Borough, Allegheny County—Funding
floating indebtedness $60,000; refunding bonded
Indebtedness $93,000
................
PHILADELPHIA
SCHOOL
...
DISTRICT,
set for Jan.
is
stated
to
be
6 to vote
on the issuance of $190,000 in municipal light and
bonds, to be used in connection with a Public Works Ad¬
ministration grant for power construction purposes.
power revenue
CAMERON COUNTY (P. O. Brownsville), Texas—FUNDS AVAIL¬
ABLE FOR PAYMENT OF
DELINQUENT INTEREST COUPONS—The
following is the full text of an announcement issued under date of D«c. 19
by the Bondholders' Protective Committee, through its Secretary,; Conn
Brown, 1030-31 Milam Bldg., San Antonio, Texas:
To the Holder of Cameron County,
.
Amt.
153,000
Dec.. 18
Pa.—OBTAINS
of Bonds
Int. Rate
5%
5%
5%
5%
5%
5%
$952,000
1,000,000
1,000,000
1,000,000
1,000,000
PWA
GRANT—The
district has been allotted a grant of $1,100,000 by the
Public Works Administration, as a contribution toward the cost of a school
building program estimated at $2,444,400.
District will furnish the re¬
mainder of the funds from its own resourced.
150,000
Texas, Bonds.
Series
Date Int. Coupons Due
Sept.
1936
1,
Sept.
1,
1936
Sept. 15,
1936
Aug.
1,
1936
Aug.
1,
1936
Aug.
15
1936
A
B
C
D
E
F
Refunding Road Bonds, Series 1934 Cameron County, Texas
RHODE
ISLAND
CRANSTON, R, I.—NOTE SALE—The First National Bank of Boston
purchased an issue of $100,000 tax-anticipation notes at 0.68% discount.
They are dated Dec. 23, 1936, and mature Dec. 3, 1937.
A bid of 0.79%
was made by Faxon, Gade & Co. of Boston.
has
PROVIDENCE,
R.
I .—BOND OFFERING—It is reported that on
$3,000,000 bonds, comprised of
$1,600,000 relief bonds and $1,400,000 highway bonds, all maturing in
Jan. 15 the City Treasurer will offer for sale
from 1 to 20 years.
RHODE ISLAND (State of)—BOND SALE—The $756,000 3% coupon
registered public works bonds of 1935 offered on Dec. 21—V. 143, p.
4047—were awarded to the Bank of the Manhattan Co. of New York at a
or
price of 115.557, a basis of about 2.25%.
Dated Dec. 2, 1936 and due
Dec. 1 as follows: $150,000 from 1962 to 1965, incl., and $156,000 in 1966.
Other bids
follows:
were as
First
Rate Bid
National
Lazard
Bank of New
Freres
&
&
York.
Co., Inc
-
...
Co
Brown Harriman & Go.,
National
City Bank
Bankers
Trust
Co
interest
listed above.
coupons
"I therefore write to suggest that you please forward the coupons on the
above issues of bonds held by you to the office of the State Treasurer,
Austin, Texas, for payment, so as to reach Austin, Dec. 25, 1936, or as
thereafter as is possible.
"Funds are not as yet available to pay interest coupons due Sept. 15,
1936, on Cameron County, Texas, Refunding Road Bonds, Series 1934—I—
dated Sept. 15, 1934; and it is therefore requested that these coupons be
not now sent to the paying agent, but held by you until funds are available.
It is hoped that funds with which to pay said coupons due Sept. 15, 1936,
on this issue will be made available in March, 1937, or earlier.
You will
be advised promptly as soon as funds can be made available to pay these
soon
Series I coupons.
1
"Funds were made available to pay the following interest coupons
dates due:
Inc
....
...
;
113.158
„
SOUTH
114.71
114.66
114.56
114.319
113.719
Interest coupons
due July 15, 1936, on $396,000 Cameron County,
Texas, Refunding Bonds, Series 1934—G—dated July 15, 1934; Payable
at State Treasurer's office, Austin, Texas; and
^
Interest coupons due Sept. 1, 1936, on $1,411,000, 4J^% and 5%,
Cameron County, Texas,
Refunding Protection Bonds, Series 1933,
dated Sept. 1, 1933; payable at Chase National Bank, New York, N. Y.
and if you have coupons on these issues that have not been j resented for
p
payment you may forward same to the proper paying agent, and they will
be paid promptly."
CAROLINA
CORPUS
ROCK HILL, S. C.—BOND SALE—The $70,000 issue of 4% semi-ann.
public building bonds offered for sale on Dec. 22—V. 143, p. 4047—was
awarded to C. W. Haynes & Co. of Columbia, according to the City Clerk.
Due from 1946 to 1964.
SANTEE HIGHWAY DISTRICT (P. O. Charleston), S. C.—BOND
OFFERING—Sealed bids will be received until noon on Jan. 11 by Henry
Tecklenburg, Chairman of the Board of Highway Commissioners, for the
purchase of a $380,000 issue of coupon highway bonds.
Interest rate is
not to exceed 4}4%, payable J. & J.
Rate to be stated in a multiple of
M of 1 % and must be the same for all of the bonds. Dated Jan. 15, 1937.
Due $38,000 from Jan. 15, 1946 to 1955 incl. Principal and interest payable
in lawful money at the State Treasury, Columbia, or at the agencies of the
held
CHRISTI,
the voters
will be furnished with
SUMTER, S. C.—BOND SALE—The $53,000 water works and
age system mortgage revenue bonds offered on Dec. 21—V. 143, p.
awarded to McAlister, Smith & Pate of Greenville as 3j|s
were
sewer¬
4047—
at
par
premium of $280.90, equal to 100.53, a basis of about 3.19%.
Dated
Jan. 1,1937.. Due $2,000 Jan. 1. 1938, and $3,000 yearly on Jan. 1 there¬
after.
plus
a
SOUTH
LENNOX,
DAKOTA
are
an election held on Dec. 14
said to have approved the issuance of $60,000 in water and
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. O. Houston).
REFUNDING ORDERED—'The School Trustees are said
Texas—BOND
have
to
the refunding of $413,000 in callable school bonds, the
to save the district about $151,000 in interest, according to
It may be possible, it was stated, to call in another $500,000 of
ordered
transaction
V''
V
PLAINVIEW, Texas—PWA ALLOTMENT TO BE CANCELED—'The
City Council has abandoned the project of constructing a municipal electric
light and power plant and is said to have requested the Public Works
Administration to cancel its application for a loan and grant of $423,346
for the construction of
a
proposed plant.
an election held on Dec. 15
approved the issuance of $160,000 in water
MARSHALL, Texas—BONDS VOTED—At
the
voters
are
said to
have
supply bonds.
SAN
INDEPENDENT
DIEGO
UNDERWOOD,
S.
Dak.—BOND
OFFERING DETAILS—In
Dec. 28 of the $12,000 4^%
semi-annual refunding bonds, notice of which appeared in our issue of
Dec. 19—V. 143, p. 4047—it is reported by the Village Clerk that the bonds
are in the denom. of $1,000 and mature $1,000 from Jan.
1, 1940 to 1951,
with
the offering scheduled for
inclusive.
(P.
O.
San
Secretary of the
the issuance of
UTAH
SALT LAKE
CITY, Utah—BOND SALE—An issue of $1,250,000 tax
anticipation bonds is said to have been sold on Dec. 22 to the First Security
Trust
NEW
DISTRICT
the
Dak.—BOND OFFERING—Bids will be received until
10 a. m. on Jan. 7, by E. M. Gedstad, City Auditor, for the purchase of an
$11,500 issue of 4% semi-ann. waterworks improvement bonds.
Dated
Dec. 15, 1936.
Due on Dec. 15 as follows: $500, 1939 to 1941; $600, 1942
to 1946, and $700, 1947 to 1956, all incl.
connection
SCHOOL
S.
MARION, S. Dak.—BOND SALE—An issue of $17,000 sewage system
bonds has been sold to the Farmers Trust & Savings Bank of Marion.
the election
the issuance
electric plant bonds.
bonds..
Purchaser
approve
EDCOUCH, Texas—BONDS VOTED—At
approving opinions of Caldwell & Raymond of New York and Nathans &
Sinkler of Charleston, the cost of which is to be paid for by the purchasers,
who shall also pay for the printing of the bonds.
A $5,000 certified check,
payable to the Board of Highway Commissioners, must accompany the bid.
New York.
DEFEATED—At
bonds.
improvement revenue
report.
or
Texas—BONDS
Dec.-9—V. 143, p. 3677—the voters failed to
on
of the $3,850,000 in bonds, according to the City Secretary.
The bonds
are divided as follows:
$3,200,000 refunding, and $650,000 water system
the
State in Charleston
on
the
Bidder—
Estabrook
"Through the cooperation of the Auditor's Office of Cameron County,
Brownsville, Texas, I am now advised that sufficient funds will be deposited
with the State Treasurer, Austin, Texas, by Dec. 25, 1936, to pay all
Co.
of Salt
Lake City,
and associates, at
a
rate of 0.70%, plus a
Dated Dec. 31, 1936. Due on Dec. 31, 1937.
ADDITIONAL SALE—It is also reported that $70,000 refunding bonds
were awarded on Dec. 16 jointly to the First Security Trust Co. and Ed¬
premium of $107.
Burton & Co., both of Salt Lake City, as 2)^s, at par.
ward L.
BOND
water
OFFERING
works
AUTHORIZED—In
improvement
revenue
connection
with
mentioned
bonds
in
the
these
$250,000
columns
SISSETON, S. Dak.—BOND ELECTION—A special election is said to
be scheduled for Dec. 29 in order to vote on th9 issuance of $44,000 in
4%
water improvement bonds.
Due on Jan. 1 as follows: $2,000. 1938 to 1950
and $3,000, 1951 to 1956.
An allotment on this project has been approved
by the Public Works Administration.
recently—V. 143, p. 4047—it is stated by Ethel MacDonald, City Recorder,
TENNESSEE
DANVILLE, Va.—BOND SALE—The $100,000 bonds described below,
which were offered on Dec. 21—V. 143, P. 3882—were awarded jointly to
Estabrook & Co. of New York, and F. W. Craigie & Co. of Richmond, on
a bid of 100.62 for 23^s, a basis of about 2.17%:
$85,000 street improvement bonds.
Due $5,000 from Dec. 1, 1937 to
CARTER COUNTY (P. O. Elizabethton) Tenn.—BOND REFUND¬
ING APPROVED—The County Court is reported to have approved re¬
cently the refunding of $365,000 in bonds. The proposition includes county
bonds, on which the interest rate is to be reduced from 5% to 4^% and
State Aid Highway bonds, on which the interest will be reduced from
6%
to 5%, according to news reports.
ROANE
COUNTY
(P.
O. Kingston), Tenn.—-BOND SALE DE¬
TAILS—It is now reported by the Clerk of the County Court that the
$15,000 4% semi-annual court house bonds taken by the Public Works
Administration—V. 143, p. 3509—are dated July 1, 1936, and mature
$3,000 from July 1, 1939 to 1943 incl.
TENNESSEE, State of—BOND REFUNDING PLANNED—It was
Governor Hill McAlister on Dec. 21 that the State plans to refund
about $4,000,000 bridge bonds in the first half of 1937.
It is expected that
the issues to be called are $1,000,009 4%s of 1942; $2,625,000 4s of 1943
stated by
and $375,000 3of 1943.
that
the
Board
of
Commissioners
authorized
Milton
E.
Lipman
City
Treasurer, to advertise the bonds for sale.
VIRGINIA
1953 inclusive.
15,000 school improvement bonds.
Due
1951
inclusive.
Denom. $1,000.
Dated Dec. 1, 1936.
$1,000 from
ROANOKE, Va.—CONFIRMATION— L.
Dec.
1,
1937 to
D. James, City Clerk, con¬
firms the report given in these columns recently to the effect that an elec¬
tion will be held on Jan. 9 in order to have the voters pass on the issuance of
$48,000 in park purchase bonds—V. 143, p. 3677.
STAUNTON, Va .—BOND OFFERING—H. E. Baylor, City Treasurer,
Jan. 14 for the purchase of $80,000 2%%
registerable as to principal, refunding bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Prin. and semi-ann. int. payable at the City Treas¬
urer's office.
Due on Feb. 1 as follows:
$2,000, 1938 to 1947; $3,000.
will receive bids until 7:30 p. m.,
coupon,
Financial
4198
1948 to 1957; and $6,000,
bonds bid for, payable to
1958 to 1962.
Cert, check for
the city, required.
Approving
Wood & Hoffman of New
son,
1936
26,
Dec.
Chronicle
2% of amount of
opinion of Thom¬
York will be furnished to the
purchaser.
Municipals
Canadian
information
Markets
and
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
CATHERS & CO.
BRAWLEY,
10
KING
ST.
ELGIN
WEST, TORONTO
6438
Ferris & Hardgrove
Teletype—SEAT 191 Teletype— PTLD
Teletype—SPO 17fl
CANADA
PORTLAND
SEATTLE
SPOKANE
ORE 160
BOLTON, Ont.—BOND SALE—J. L. Graham & Co. of Toronto were
awarded on Dec. 14 a new issue of $30,000 improvement bonds as 4s, at a
price of 100.073.
WASHINGTON
SCHOOL DISTRICT (P. O. Yakima), Wash.—BONDS
VOTED—At recent election the voters are said to have approved the issuance
of $48,000 in school bonds.
NACHES
City Treasurer,
the past month,
TACOMA, Wash—BONDS CALLED—11. L. Collier,
reported to have called for payment on several dates in
various bonds of several local improvement districts.
is
SALMON, Wash.—BONDS AUTHORIZED—An
passed by the Town Council, providing for
of $60,000 in 4M% special water revenue bonds.
WHITE
said to have been
ordinance is
the issuance
Wash.—BOND CALIu—C. D.
Stephens, County Treasurer, is said to be calling for payment on Jan. 1,
on which date interest shall cease, various drainage and irrigation bonds.
YAKIMA
COUNTY (P. O. Yakima),
BRITISH COLUMBIA (Province of)—REFUNDING LEGISLATION
SCORED—The recent action of the Provincial Legislature in authorizing
municipalities to submit refunding plans to the Government for approval
on getting assent of owners of 51 % of the bonds in the hands of the public
has received
considerable criticism from investment bankers in the Province,
to the narrow
Exception is taken particularly
Vancouver.
according to pr©3s reports from
rtiargin of assents required to any particular plan, the feeling
being that approval of a percentage of 75 7o of the
more desirable.
There is no disposition to believe,
the
creditors would be faf
however, that many or
municiplaities in the Province will endeavor to avail themselves of the
legislation, in view of the requirenent that applicants
have to turn over their sinking funds to the Province.
for refunding will
This provision is
would like to
expected to accept as a deterrent to some municipalities which
effect a debt refunding plan under the recent enactment.
BUCKINGHAM, Que.—BOND SALE—The issue of $50,000
bear
WEST VIRGINIA
COUNTY
MONONGALIA
(P.
O.
bonds, to
3M % interest until Nov. 1, 1946, and 4% thereafter to and incl. 1956,
was offered for sale on Dec. 14—V. 143, p. 3678—was awarded to
which
Morgantown),
W.
Va.—BOND
numbers 159 to 170, of 5% District permanent
improvement bonds, dated Jan. 1, 1916, are being called for payment
on Jan. 1, on which date interest shall cease, at the Chase National Bank in
New York.
Due on Jan. 1, 1916, optional on Jan. 1, 1921.
CALD—lt is reported that
Credit Anglo-Francais,
1936,
Dated Nov. 1,
Ltd. of Montreal, at a price of 98.77.
L. G. Beaubien & Co. bid 99.04 for the entire issue at 4% interest,
Co., Ltd. bid 97.65% for the combination of rates.
while Paul Gontheir
road
PRJESTON COUNTY (P. O. Kingwood),
W. Va .—BOND CALL—
It is reported that numbers 141 to 150, of 5% District permanent road
improvement bonds, dated Jan. 1, 1916, are being called for payment on
Jan. 1, on which date interest shall cease, at the Chase National Bank in
New York.
Due on Jan. 1, 1950, optional before maturity,
(Dominion, of)—TREASURY BILLS SOLD AT LOWER
Dec." 14 of $25,000,000 three-months Treasury bills
cost of 0.747%, against that of 0.766% on the Dec. 1 issue.
The lower rate came on the neels of five consecutive increases in the cost of
such financing since tne all time low of 0.643% was established in midCANADA
RATE—The sale on
on an average
September.
of)—PLANS TO REFUND IN THIS MARKET—
Finance Minister, announced Dec. 23 that nego¬
Morgan .Stanley & Co., Inc. of New
York, of new refunding issue to provide for the redemption of $89,787,000
of 5% tax-free war loan bonds, dated March 1, 1917 and due March 1,
1937. Refunding of the loan in the United States is planned by the Govern¬
ment for the reasons that not only are the bonds payable both in Canada,
and in this country, but it is believed that most of them are owned by
Americans.
These bonds, it is pointed out, together with a $238,299,800
5M% Victory Loan issue which matures Dec. 1, 1937 and is payable in
Canada only, constitute the only tax-free Dominion bonds presently out¬
standing. The Government, it is said, plans to refinance the 5Ms in Canada,
the result of both operations being the abolishment of all Federal tax-free
CANADA (Dominion
Hon. Charles Dunning,
tiations are under way for the sale to
WISCONSIN
FALLS, Wis.—BONDS AUTHORIZED—An ordinance
Is said to have been passed by the City Council on Dec. 16 providing for the
issuance of $65,000 in vocational school bonds to meet the city's part of a
Public Works Administration grant.
CHIPPEWA
COUNTY
(P.
O.
Madison), Wis.—BOND OFFERING—
Jan. 11 by Austin N. John¬
County Clerk, for the purchase of an issue of $120,000 2% highway
DANE
Auction bids will be received until 10 a. m. on
son,
40.000
June 15, 1938, 1939
farage building bonds. Denom.and 1940.
$1,000.
on
Prin. Dec. 15, 1936.
15)
Dated and int. (J. & D. Due
payable at the office of the County Treasurer in Madison.
Bonds and legal
opinion to be furnished by the successful bidder.
A certified check for
$1,000 must be deposited before any bid is offered.
(These bonds have been
mentioned in these columns recently as being ready for sale—V. 143, p.
3882.)
Wis.—BOND SALE—The $30,000 issue of 3% semi-annual
refunding bonds offered for sale on Dec. 18—V. 143, p. 4048—was awarded
to Gillespie & Wouters of Green Bay, according to the City Clerk.
DE PERE,
DODGE
COUNTY
(P.
O.
Juneau). Wis —BOND OFFERING CON¬
TEMPLATED—In connection with the $140,000 2M% county court
be offered for sale until April,
DOUGLAS
COUNTY
(P.
l937.
O.
Superior),
Wis.—BOND SALE—The
$150,000 relief bonds offered on Dec. 23—V. 143, p. 3678—were awarded
to A. S. Huyck & Co. and Bartlett, Knight & Co., both of Chicago, as
2%s at par.
Bonniwell, Neil & Camden of Chicago offered a premium
of $8,120 for 4s.
BRETON COUNTY, N. S.—BOND SALE—Johnston & Ward
and Irving, Brennan & Co. of St. John, jointly, have pur¬
issue of $133,000 4M% bonds, dated Oct. 1, 1936 and due
CAPE
chased
an
serially from 1937 to 1955 incl.
The bankers reoffered the bonds priced
from 100.85 to 103.35, to yield from 3.50 to 4.24%, according to maturity.
KITCHENER, Ont.—LIST OF BIDS—'The following is a complete list
the .$132,000 bonds, comprising $72,000 20-year
and $60,000 five-year serial 2Ms, which were recently awarded
to Cochran, Murray & Co. of Toronto.—V. 143, p. 4048:
of the bids submitted for
series 3s
house
these columns recently—-V. 143, p. 3882—it
stated by Chester M. Stanton, County Clerk, that these bonds will not
addition bonds mentioned in
is
bonds.
of Montreal,
2M%
Bidder—
Cochran, Murray «& Co.
McLeod, Young, Weir &
Harrison & Co...
COUNTY (P. O. Kenosha) Wis .—NOTE OFFERING—
by John C. Niederprim, County Clerk, that he will receive
KENOSHA
It
is stated
purchase of an issue of $150,000
corporate purpose notes, series of 1937.
Denom. $1,000. Dated
1937. Due on Aug. 30, 1938. Interest payable July 15, 1937, Jan.
Jan. 15,
15, 1938,
and Aug. 30, 1938, in lawful money, at the County Treasurer's office.
Notes will not be sold for less than par and the basis of determination shall
be the lowest interest rate bid and the interest cost to the county.
Bidder
must pay accrued interest at the rate borne on the notes from the date
thereof to the date of payment of purchase price.
Notes will be ready for
delivery on or about Jan. 15. Tne approving opinion of Chapman & Cutler
of Chicago, will be furnished.
A certified check for 2% of the amount bid,
payable to the county, is required.
KIMBERLY
election held
on
......
of the issuance of $30,000 school building
bonds.
99.61
100.273
100.137
100.00
....
...
......
McTaggart, Hannaford, Birks & Gordon, Ltd..
Griffis, Fairclough & Norsworthy, Ltd........
Dominion Securities Corp
100.13
98.46
Wood, Gundy & Co
Nesbitt, Thomson & Co
100.229
99.738
99.411
100.927
98.994
Dominion Bank
l
—
...
R. A. Daly & Co
Royal Securities Corp
Harris, MacKeen, Goss & Co..
Dyment, Anderson & Co..
...
.......
NOVA
SCOTIA
98.614
99.505
98.57
99.37
99.312
....
100.88
99.55
100.112
100.11
100.08
100.01
99.00
98.868
98.22
99.29
99.178
99.08
98.21
98.07
98.10
99.07
98.984
98.968
98.50
98.727
97.89
99.57
......
(Province
100.575
100.34
I
Fry & Co
L. G. Beaubien & Co. Ltd. and Seagram Harris,
Bricker, Ltd
A. E. Ames & Co. Ltd
Midland Securities Corp............
....
Aird, MacLeod & Co...
99.63
99.58
99.555
99.54
....
...
—
Gairdner & Co...
SCHOOL DISTRICT,
Wis.—BONDS VOTED—At an
Dec. 11 the residents of the district voted 128 to 2 to favor
99.78
100,77
Combined
100.43
100.30
100.28
.....
......
........
sealed bids until 2 p. m. on Jan. 5, for the
99.766
100.87
Bartlett, Cayley & Co
Harris, Ramsay & Co.
J. L. Graham & Co..
3%
101.225
—
Co.
of)—BOND SALE—A
headed
syndicate
COUNTY (P. O. Marinette), Wis,—BOND SALE—
An issue of $100,000 1M% highway improvement bonds has been sold to
by the Bank of Montreal has been awarded a new issue of $5,000,000 3%
15-year bonds at a price of 97.83, a basis of about 3.185%. The Province
will use $3,094,000 of the proceeds to pay off a like amount of maturing
three local banks.
4M% bonds, with the balance set aside for general purposes.
MARINETTE
is
MARINETTE, Wis.—BONDS SOLD—An issue of $125,000 school bonds
reported to have been purchased recently by local banks as 3s, paying a
premium of $500.00.
NEW
LONDON,
Wendlandt that at
an
Wis.—BONDS
election
on
VOTED—It
is
reported
by
Dec. 15 the voters approved the
Mayor
issuance
of $220,000 in not to exceed 2M% funding bonds by a wide margin,
uue
in from 1 to 20 years.
It is said that these bonds are to be offered for sale
in January or February.
SOUTH WILWAUKEE, Wis.—BONDS AUTHORIZED—'The Common
Council is said to have approved the issuance of $75,000 in sewage disposal
plant bonds, to
STEVENS
be used on
POINT,
a
Public Works Administration allotment.
Wis.—BOND
OFFERING—Sealed
bids
will
tiples of X or l-10th of 1%.
Dated Dec. 1, 1936.
Due on Feb. 1 as fol¬
lows: $10,000, 1942 to 1946, and $15,000. 1947 to 1956, all incl.
No bid
for less than 95% of par and accrued int. will be considered.
Legal opinion
and printing of the bonds will be at the bidders' expense.
A certified check
for $1,000 must accompany the bid.
WAUSHARA COUNTY
public re-offering of the issue at a price of 99, to yield 3.08%. Coupon bonds
$1,000 denoms., registerable as to principal,
Payable as to principal
and semi-annual interest (J. J. 2) in lawful money of Canada in the cities of
Halifax, Montreal or Toronto. Legal opinion of Mclnnes, Lovett & Mac-
in
donald.
be
until
7.30 p. m. on Jan. 5, by Eleanore Glodoske, City ClerkTreasurer, for the purchase of a $200,000 issue of coupon high school bonds.
Int. rate is not to exceed 3 %, payable F. & A.
Rate to be stated in mul¬
received
The bonds, according to later advices, were sold in the amount of $5,111,000, bear date of Jan. 2, 1937 and mature Jan. 2, 1952. Other members of
the syndicate were the Bank of Nova Scotia, Dominion Bank of Canada,
Royal Securities Corp,, McLeod, Young, Weir & Co.. Hanson Bros., Inc.,
Mills, Spence & Co., McTaggart, Hannaford, Birks & Gordon. Bell,
Gouinlock & Co., Mead & Co., Irving, Brennan & Co. and Harrison & Co.
The Province will use $3,094,000 of the proceeds to refund maturing bonds
and the remainder to cover highway expenditures.
The purchasers made
(P. O. Wautoma), Wis.—BONDS AUTHOR¬
IZED—The County Supervisors are reported to have authorized the issu¬
ance of $50,000 in 3 % general county purpose bonds, to be backed by county
tax certificates.
'
ONTARIO (Province of)—BONDS REOFFERED FOR INVESTMENT
—The syndicate which was recently awarded a new issue of $20,000,000
refunding bonds at a price of 98.50, a basis of about 3.125%, made
public reoffering in Canada at a price of 99.75 and interest, to yield 3.02%.
The group consists of Wood, Gundy & Co., The Dominion Securities Corp.,
A. E. Ames & Co., all of Toronto; Royal Bank of Canada of Montreal, and
the Canadian Bank of Commerce of Toronto. The bonds are dated Dec. 1,
1936.
Denom.
$1,000.
Coupon, registerable as to principal only.
Due
Dec. 1, 1951.
Principal and interest (J. & D.) payable in lawful money of
Canada in Toronto or Montreal, at holder's option.
Legal opinion of
Long & Daly.
3%
OTTAWA, Ont .—PROPOSED BOND^ ISSUE—Issuance
improvement bonds is authorized in a
COUNTY
IZED—The
(P. O. Waukesha) Wis.—BONDS AUTHOR¬
County Supervisors are said to have approved the issuance of
$250,000 in court house and jail bonds.
SUBLETTE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Pin.dale),
Faler,
District
Clerk,
for the
purchase,
of $28,000 coupon general obligation school bonds.
rate
shall
is not to exceed
be
reserves
up to Jan. 16, by
at not less than par,
Denom. $1,000.
Int.
4%.
Payments to be amortized so that the bonds
fully paid in approximately 26 years.
The Board of Trustees
the right to reject any ano all bids and to offer the bonds at private
sale.
ISLAND
(Province
council.
of)—BOND
3% bonds, due Nov. 15, 1946.
SASKATCHEWAN SEPARATE
Wyo.—BOND OFFERING—Sealed bids will be received
C.
Royal Bank of
of $17,500 road
by-law approved recently by
SALE—The
Canada and Gairdner & Co. of Toronto, jointly, have pur¬
EDWARD
chased an issue of $250,000
WYOMING
Faren
PRINCE
SCHOOL DISTRICT, Sask.—DEBT
SETTLEMENT—'The Separate School district has received a satisfactory
settlement from its debenture holders through the Dominion Mortgage and
Investment
Association,
M.
C.
Geary,
chairman of the board,
stated
The adjustment was brought about after negotiations that lasted
a year.
The negotiations, said Mr. Geary, had been carried
most cooperative way and the results were entirely satisfactory to
recently.
for
on
more
in
a
than
the board.
SUTTON,
Quo .—BONDS
AUTHORIZED—The council
approved a by-law providing for an issue of $35,000 water works
\
recently
bonds.
Volume
143
Financial
Chronicle
IX
"Monthly Earnings Record"
has been
latest
enlarged to 144
to show in addition to the
pages so as
monthly, quarterly and semi-annual returns of earnings, all
of the items in detail that the Inter-State Commerce Commission
the railroads to file monthly in a supplementary
shows, along with other items, fixed
requires
now
This statement
statement.
ch.uges, other
Sheet
returns
are
income^ dividends,
All
items.
Utfity,
of Public
as well as many selected Balance
monthly, quarterly and semi-annual
the
o#
Industrial and Miscellaneous companies
still continued.
STEAM RAILROADS
PUBLIC UTILITIES
INDUSTRIAL and MISCELLANEOUS COMPANIES
Nothing Li^e It Eoer Published
The December
number, containing the statements for
and the ten months of
1936,
October 1936
published December 24.
was
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Established 1866
F. H. PRINCE & CO.
V::;
r
BANKERS
JamesTalcott,Inc.
H. Hentz & Co.
Members
BOSTON, MASS.
i
*
York
New
Exchange
Curb
York
New
INVESTMENTS
HIGH-GRADE
Exchange
Exchange
Cotton
Board
Chicago
actors
Stock
York
New
Exchange
Grain
Winnipeg
1854
?Vy
Trade
of
New Orleans Cotton Exchange
Members New York & Boston Stock Exchanges
'••'i
And
other
Exhanges
Leading
1936
"
-
Wellington & Co.
NEW YORK
Fourth Avenue, New York
y
factor"
on
request
■■
DETROIT
AMSTERDAM
LONDON
MIAMI
5
"the
■¥
DALLAS
BOSTON
22
Bldg.
Cotton Exchange
Y.
N.
PARIS
GENEVA
Members New York Stock Exchange
Members
Pittsburgh Stock Exchange
r v
,■
|
120 Broadway
;■?
I
;
;
whitlock, smith & co,
"
MICHIGAN u MUNICIPAL ' AND
New York
-
•
■
LAMBORN & CO., INC.
Pittsburgh
Union Trust Bldg.
99 Wall Street. N. Y.
•
•-fp-f CORPORATION BONDS
,....^Menibcro
Detroit Stock Exchange
*
C.
1446 Penobscot
-
iii sugar :!:>i
'..<«•
•
#
"
w.'
•
;
n'.y!;"
Bldg.
CHerry 4900
DETROIT
■
Export—Import—Futures
OTTO FUERST & CO.
Members New York Stock Exchange
120 Broadway
Gables:
DIgby
New York
"Llndros"
Tel. Barclay 7-1580
.
-2727
;)
Continuing the security business
STERN, KEMPNER & CO.
<-
Roosevelt & Son
14 Wall Street
New York
Founded 1797
BANK OF MONTREAL
Established l817
Seasoned Investments
Head
Capital
Montreal
Office
-
Dick & Merle-Smith
r V * $36,000,000
-
•'
Total
in
Assets
Excess
Mimbtrt Niur York Stock
$40,036,534
Rest and Undivided Profits
^
30 Pine St.
$800,000,000
30 State St.
New York
of
Boston
President
,
KENTUCKY
General Managers
STATE 3%
G. W. Spinney
Branches and
In Canada
FINCH, WILSON & CO.
WARRANTS
Investment Securities
v
Members New York Stock Exchange
TB| BANKERS BOND co.
Agencies
l TTa,
and Newfoundland—
More than 500 Branches.
In London:
Direct private wire connection
"
H. R. Drummond, Esq, •
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W» A. Bog, Esq.
—
B'way, Saratoga Springs, N.Y.
*
:
G.B.E.
Vice-Presidents
Jackson Dodds
370
;
Sir Charles Gordon,
;
SARATOGA SPRINGS OFFICE
Exch.n^o
\ *
>,f
•:
Incorporated
r''
'
•••
,
120
LOUISVILLE
LD. 238-9.
BROADWAY
NEW YORK
AL!vli88'
47 Threadneedle St.,
E.C. 2;
Place, S.W. 1.
9 Waterloo
In the United States—New York, 64
y
y
Wall St.;
Chicago: 27 South La Salle St.:
San Francisco:
(San
Bank of Montreal
Francisco),
333
CHARTERED 1858
'* J
California
Street.
United States Trust Company of New York
45-47 WALL STREET
the canadian bank
of commerce
r
»HEAD
OFFICE
1
Paid-up Capital
TORONTO
,
:
October 1, 1986
«
Company acts as Executor, Administrator, Trustee, Guardian,
Committee, Court Depositary, and in all other recognized trust capacities.
WILLIAM M.
20,000,000
KINGSLEY, President
LLOYD A. WAUGH, Asst. Comptroller
WILLIAMSON PELL, let Vice
;«
This Bank is in close touch with
) the
commercial
and
financial
life
President
FREDERIC W. ROBBERT, V. Pree. & Comp.
THOMAS H. WILSON,
ALTON S.
Vice Pres. & Sec
HENRY G. DIEFENBACH, Asst. Comptroller
HENRY L.
y
BENJ. STRONG, Vice President
WILLIAM
interested- in
Canadian
C.
HENRY
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco; Seattle;
Los An¬
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados, and Port
of
Spain,
CARL O. SAYWARD, Asst. Vice
Trinidad.
B.
HARRY M.
SCHAPER, Asst. Secretary
MANSELL, Asst. Secretary
JAMES M. TRENARY, Asst. Secretary
Pres.
ARTHUR H.
Asst. Vice President
ERB, Asst. Secretary
THOMAS J. MADDEN, Asst. Secretary
F.
LEE, Asst. Vice President
STUART L. HOLLISTER, Asst. Comptroller
H.
IRVING PRATT, JR., Asst. Secretary
TRUSTEES
JOHN J.
PHELPS
ARTHUR
WILLIAM
OURTISS JAMES
M.
KINGSLEY
CORNELIUS N.
HENRY
william vincent astor
FRANK LYMAN
BLISS
BARKLIE
john
GEORGE de FOREST
sloane
frank
v, .
l. polk
williamson
george
f.
^
ROLAND
-
L.
HAMILTON
pell
baker.,
,; i
john p. wilson
NEW
FRANCIS
T.
f;; J
YORK AGENCY
Exchange PI. & Hanover St.
*
IRVIN A. SPRAGUE, Asst. Secretary
HENZE, Asst. Vice-President
GEORGE MERRITT,
GEORGE
HENRY E.
President
LEE, Asst. Vice President
business.
KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice
'
SMITHERS, Asst. Secretary
ELBERT B.
KEELER* Vice President
of Canada and is well equipped to
serve
corporations, firms and in¬
dividuals
;
$28,309,969.80
This
$30,000,000
Reserve
Surplus and Undivided Profits,
•.
Established 1867
$2,000,000.00
Capital,
*
*
Member Federal Deposit Insurance
Corporation
LORD
REDMOND
BRADLEY
P.
PLIMPTON
@FedFRASER