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7,
The.
ommcnria
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CONTENTS
Editorials
Financial Situation
.3512
Wage Proposals and Living Standards
.3525
The New Political Alliances
.3526
Comment and Review
New
Capital Flotations in the United States for the
Month of November
Week
on
the
3528
_
3517
European Stock Exchanges
3518
Foreign Political and Economic Situation
Foreign Exchange Rates
and
Comment
3522 & 3570
3533
Course of the Bond Market
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York
Curb
3534
Exchange
Exchange
.3515
3565
News
Current Events and
Bank and Trust
3543
Discussions
3563
Company Items
General Corporation and Investment News
3615
Dry Goods Trade
3664
State and Municipal Department
3665
Stocks and Bonds
Foreign Stock Exchange Quotations
3614
Dividends Declared
3570
;
...3614
Auction Sales.
New York Stock Exchange—Stock
Quotations........3581
New York Stock Exchange—Bond Quotations. .3580 & 3590
New York Curb Exchange—Stock
New York Curb
Other
Quotations..
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations.
3596
3599
..3602
3607
Over-the-Counter Securities—Stock & Bond Quotations.3610
Reports
Foreign Bank Statements
3521
Course of Bank Clearings..
3565
Federal Reserve Bank Statements..
3577
General Corporation and Investment News
3615
Commodities
The Commercial Markets and the
Crops
3654
Cotton.......................................... .3657
Breadstuffs
Published
3661
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per agate
The Financial Situation
An Emotional Surge
SPEAKING to the group of engineers ofduringlarge
a president of one
the
past week,
the
of
groups
industrial methods
that
large
on
a
sion
of
Speaking to the nations of the western
hemisphere at the Inter-American Peace Con¬
ference in Buenos Aires on Tuesday, Presi¬
Roosevelt
dent
"self-evident
the
cited
read¬
justment.
civilization
"The time has long
look
we can
of
simply interesting
every
When
willing to accept the
we are
efforts
basis
of
ter
has felt the evil
erect
to
trade
suffered"
has
benefits which engineering
that
from
"it
is
these
progress
form of
brings to
in the
us
cheaper and better
food and raiment and such
like blessings, we must
willing to
see
are
pelled to
pay
and
be
to it that our
neighbors
not
com¬
cause
in poverty
suffering for the ad¬
long
and
patents
holders and
their
them,we
to
see
the
are
the
parts of
are
as
which
consequences
tastic
its
the
unbearable
burdens.
so
all
it
was
great
significant and valuable,"
a
moral
contributions really
arid to have concluded
able to
engineering
we
way more
our
country gives one
impression
that "this line of consideration reduces itself to the
repetition of such
ethical truism that
no
clear that this learned gentleman
sarily either good
evil, but inevitably depends
the purpose to
emanate
from
fact taken by
religion, if
you
a
and
to
avoid
a
It is
calamity in the future."
realizes full well
that the New
Deal, with all of its emotional fervor,
which it is put and the results which
and all of its
debt to what
its
use.
In
this
more
sense,
task of
I
think it
the
our
day and
formers, has not provided
in the field of morals and even
will, than in the field of engineering
and economics narrowly conceived."
neces¬
much
we
upon
or
must be admitted that the great
generation lies
itself is
of
should be
clearly out of the situation
ourselves
find
now
told
organ¬
ization that "a casual view
of
see our
which
were
distinguished
a
learning but little wisdom, otherwise
in
day that the
quoted above
another
the
mentality and
of
Quixote directed
teacher of engineering
"man-
these
aggressive tactics
On the very
national trade to its proper status.
a
of
against ancient wind-mills.
The
vigorous efforts will be made to restore inter¬
as
some
really comparable to
Don
we
speaker is
yet achieved
legislation and fan¬
uttered,
(unwisely,
cru¬
Ages,
expression in
programs,
words
party
ideas
his
the question whether
to- make
them
possible it "went to the coun¬
try with the issue" and the President stuck
by his guns.
It is to be hoped that in the future more
reported to have discussed
fiber
ticable
far
may
intelligence."
still further the
of
the
discussions, imprac¬
vague
think)
concentrated a great deal of its fire upon the
tariff reductions of the past year or two.
So
industry and
Generalizing
some
find
which
real
approval of President Roosevelt's policies
and
more
emphatic than in this
matter of freeing international
trade of at
Republican
that
to
sades of the Middle
We have
ranking member of his Cabinet.
least
of history,
which gave rise to
clearer
pro¬
of those
one
akin
somewhat
the
the pat¬
sound, is
emotional surges
morally bound
well
as
which
to be describ¬
seem
assuming that their
interpretation of the facts
Much has been said about the mandates im¬
flow from his
kind has
public
ing,
times been somewhat disheartened
the
enter, from any ill-advised
his
articulate members of the
is
with
of practical
value. What this and other
of peace.
slowness
in efforts to have
bear fruits
it
plied in the election returns of November 3.
Let it here be recorded that at no point was
community
as
ex¬
from
flow
to it that all
tected,
greater realism and com¬
mon sense
by the
accomplishments
were recorded.
For the most part, however,
the President seems to have stood loyally by
at
labor-
and
devices
which
goods
the
protect
unless
accompanied by far
is
it
public
the channels of international trade.
permit them to
manufacture
saving
issue
we
as
in
of the people,
sense
if that is what it is,
Right-thinking men have from the first
observed with approval the sincerity and the
tenacity of Secretary of State Hull in his
laudable efforts to make progress against the
almost universal practice of virtually closing
vantages which we enjoy.
"So
social
barriers,
addresses and in public
documents.
We are glad upon this occasion,
however, to find ourselves in hearty agree¬
ment with what he says about the need of
freer interchange of goods between the na¬
tions of the world, and to venture the opinion
that such trade is fully as vital to the eco¬
nomic well-being of the world as it is to the
pressed
futility of this
awakening of the moral or
no
that the President has from time to time
others during
few weeks, as to
inevitable
of
known kind," adding that "every in¬
asserting
many
point to the fallibility, the
Every
effects
barriers
by
the past
inter¬
an
commodities.
of
world
the
the
on
by the
speaker, and for that mat¬
accident that
attempts [on the part of nations] to be selfsufficient have led to falling standards for
their people."
More often than not it has in the past been
our unpleasant duty to differ with the views
and
centricities exercising
purely local effects.
recent
dividual
ec¬
rests
exchange
of
nation
these developments
upon
as
national
the truth
enunciated
trines
fact
and
point is not
of the doc¬
the falsity
or
of
our
in referring to the
much to argue
so
prosperity of each of
our
nations
depend in large part on the
benefits derived from commerce among them¬
welfare
the
that
But
sentences.
matter at this
selves and with other nations, for our present
passed when
disposed to take
purpose
unemployment which com¬
sist in the economic
the
Trade, Welfare and Peace
pel society to step in and
in one form or another as¬
considerable
course
presented, although, for
part, we should be strongly
.
periods of
with
There is of
events.
inven¬
large-scale dislocations
labor
of the meaning of recent
exception to the plain implications of a number
conspicuous facts
tions is that they may occa¬
dignified manner
to us to express in a
widely held concept
our
mechanical
about
seem
substance in the views thus
and political
consideration."
Continuing, he said: "One of the
they
political
human brothers as properly and in¬
our
evitably the subject of general social
academic, for the reason
rather abstract, not to say
have "confirmed rather definitely the certain
trend in the modern world to regard all important
this year
effects of commercial and
quoted at some length the words of this
which to some readers may appear
We have
learned speaker,
of the election
universities remarked that the results
"inspired idiots"
out of
our
future,
among
difficulties,
or
one
is
tempted to call
the academicians and
or even
made
discovered the
us more secure
and the fact troubles him.
re¬
way
for the
Just why the
failure, and precisely what is necessary to convert
Volum*
good
Financial
143
intentions
and
laudable
into, real
purposes
statesmanship?
is not
answer
dinarily difficult,
The trouble
often
as
supposed,
to be
seems
are
Those
so-called
leaders of the
politicians and nothing else
merely to preach popular doctrines of general discontent with matters
in the current situation than merely
task is to
kindred
and
programs
assumptions, and the
One major
evil.
correct this root
they exist, but there is more
as
cerity and fervor
among
reformers of the
to suppose that there is nothing
essential
nomic
conflict
the
is
between
free
a
competitive eco-
society and the welfare of the rank and file,
at the very
or
to rest is that there is an
least the welfare of large groups in
community, that wealth in
a
capitalistic system
power
today naturally varies
New Deal than
to be for those who would make progress
against it to
sive economic
The concept of
a
thriving,
progres-
community animated by "enlightened
self-interest" is
and
among
a
clear view of the defects of cur-
the
The principles of
pression to conclusions reached.
of
people today probably never heard
concept. It has
more
past
years
serious students of economics,
generations of college and university students
have been told
principles, to gain
laissez faire, through which the industrial and eco-
receding into the background for
even
quietly but firmly to grips in their
most influential
are
of this classical economic and social
been
come
minds with these underlying philosophies and
rent reasoning, and to give courageous, outright ex-
Many of those whose words
mass
own
seems
wholly foreign to the ruling philos-
ophy of the day.
with the
to fit
The Educational Task
ideas
population.
over
The beginning of wisdom in combating all such
fair
the
behind the
place seeking is to under-rate
their day dreams,
initiative, ability and hard work but by taking unthe other group in
great deal, but
more
the influence of those connected with it who in their
necessarily created at the expense of someone's
or
mere
a
naive enthusiasm would make the world
"rights," and that wealth is accumulated not by
advantage of this, that
effort to
those in places of influence
and
seem
an
favor by denouncing. The degree of real sin-
curry
premise upon which most of the arguments of the
day
day who
be content
may
by New Deal
starts from certain false basic
first
activities.
Assumptions
particularly obscure or extraor-
fundamentally is that modern thinking
typified
as
form these functions and to plan, if not actually to
take active charge collectively of, its own economic
False
The
3513
Chronicle
a
great deal more about the short-
nomic
of the past century was made pos-
progress
sible, have not,
as
is apparently all too widely con-
ceded, been shown by experience to be unsound or
ineffective.
have
Nor, where they have been observed,
they stimulated
or
even
permitted
growth of abuses and injustices.
general
The trouble has
as a
been that while paying lip service to the doctrine,
practical, working principle of life than they have
the world has in actual practice more and more
about its merits.
deviated from it and even scorned it.
comings, real and imaginery, of this doctrine
It has
hear it said
among
the
was
principle
when
well enough
has
but little
were
so
during the past few decades and then ask himself
simple, but
whether it has been too much competition that has
At
been the source of our difficulties, or too much reluc-
rate, the public policies of this and almost all
tance to permit competition to exist in full flower
today
simple assumption, expressed
are
or
the automatic control mechanisms of
based
upon
implied, that
a
free
society
long taken for granted actually exist and func-
tion
Let the reader recall the main course of events
or more ago
century
applicability at present.
other countries of the world
the
a
industry and life in general
that it
any
long been quite usual to
the more learned liberals that
only in the imaginations of outmoded philoso-
phies
selfish
and
"crusty
conservatives"
of
the
second
origin
as
of international division of labor, within reasonable
limits permitting and encouraging each nation to
develop its greatness naturally in the way for which
the thought of the vast number is
major tenet of laissez faire and instead to build up
whole series of self-sufficient and
a
been familiar to
powers,
professional students of economics,
It is that business if left to its
own
devices
regularly
depressions entailing widespread suffering and
privation.
The collapse of 1929 has given
widespread appeal to this type of reasoning.
The
long series of ups and downs of business, usually
now
referred
to
as
business
the world at least
flicted
cycles, that have af-
since the rise of modern
industry, and probably before that time, is taken
as
proof conclusive that this defect is inherent in
free economic
system.
bate with the
professional reformers of the day.
Let him look about him in his own country, and
a
of de-
to whether it is our
course, or our
unwillingness to do
that is
so,
respon-
sible for overbuilt industries and excess production
capacities in some sections of industry and scarcity
in
others, for agricultural distress, or for those dras-
tic readjustments in industry and trade the necessity for which has thrust itself upon us at periodic
intervals in the past.
The industries which at the
of unemployment and from which come the demands
quite reached the stage of assumptions
our
time. The most
con-
trols, guides, governors, and incentives supposed to
free economic system do not in fact operate
today, if they ever did, it is obviously incumbent
upon
as
for succor, and from whose labor are recruited the
granted.
"advanced" thinkers of
a
conclusions
corollaries of these general beliefs have
important of them is that since the automatic
exist in
own
readiness to permit nature from the first to take its
first approach of economic storm become the centers
almost if not
among
one
reach his
It
is taken for
Certain
The matter is not
antagonistic
that has lain at the root of the catastrophic
events of the past two or three decades,
brings conditions into being that result in panics
needless
by nature, temperament, resources
and skill, or a determination to interfere with this
more
concerned, although of course the doctrine has long
and
Let him ask himself whether
it has been too great a readiness to take advantage
recent
assumption is of much
far
as
of timidity in insisting that competi-
an excess
tion be maintained.
it is best fitted
business world.
The
and
society to devise control mechanisms to
per-
makers of trouble, are they the industries that grew
to greatness naturally upon our own
the
tariff-born
and
soil
tariff-nurtured
or are
they
branches
of
business.
The RoaM of Evil
Is the plight of the farmer, as far as it is real, a
result of natural forces operating in a free economic
,
3514
Financial
Chronicle
system untampered with by governmental agencies,
is it to be ascribed to the
or
cultural
war
producers (or the equivalent in price
trol) and the tariff structures of the
to
we
attribute
country
to
or
the
trials
And
what of
the
catastrophic events of
subsequent years?
insistence
innumerable
forces and
the
on
part of
a
business,
distraught world
arbitrary interferences with
an
unwillingness
facts and draw
of late with respect to the
weekly gold figures. The
reported gains in monetary gold exceed by a good deal
the actual receipts by import and the
probable
acquisitions from fresh domestic production and other
or to
sources.
upon
Stabilization Fund has
natural
is
all sides to face the
on
perfectly obvious implications from
these deviations from laissez faire?
sary
teresting but unofficial observations have been made
Are they at bottom to
be attributed to too much freedom in
an
000,000,
of the railroads of the
attempts by government to remedy those
defects?
1929 and
the
$26,000,000 in gold, making the aggregate $11,188,which is still another record.
Some in¬
Are
to the defects of private management
more
It is not
neces¬
sections
many
of
the business community to abide
by it that has
really been discredited during the past two or three
decades, and particularly during the years immedi¬
ately preceding and following the crash of 1929.
It has seemed to
that since the
us
election, and
of its metal
some
merely another
dividual banks
Gold certificate
part of those who would guide the ship of state back
into
quieter and safer waters.
the facts
cisely
It
were
better to look
squarely in the face and tell the public
what
they
No
are.
would
one
be
pre¬
foolish
enough to assert that the policies of the past have
been without flaw.
They have often been most
worthy, but the faults
posed.
not those commonly sup¬
are
The Nation needs
a new
baptism and
confession of faith in old and tested
If it be true that the election
ness
to
un¬
a new
principles.
returns bear
wit¬
way that national affairs have been managed in the
past, the fact is encouraging—provided we use our
intelligence in
which
our
tional
ever,
ised
to
be directed.
An
emo¬
awakening of the sort described will, how¬
"bring
us naught but grief and pain for prom¬
joy" unless constructive realism governs the
choice
of
will be
new
choosing the particular defects at
resentment is
alternative
policies.
Certainly nothing
gained by continuing old policies under
name
and in
a
new
dress, or by blindly adopt¬
ing and giving effect to programs evolved by the
process of granting the selfish requests of politically
powerful groups,
present.
That
as
other section of the
help
as
may
is also
a common occurrence at
tinkering with this, that and the
be easily
economic mechanism
seen
will
not
by actual daily experience,
witness the difficulties of the
government at pres¬
ent in
dealing with the inflow of gold and its direct
and indirect consequences
ure
from
resulting in
a
previous currency "planning"
large
on
meas¬
its
own
part.
of this
as
well
as
increased
by
an
to
$7,096,589,000,
accounts
balances
crease
the changes
consisting of
further gain in gold stocks,
in circulation,
and evidences of
on
a
advance of monetary gold stocks
huge scale.
assumes
a
a
con¬
The
greater
Treasury balance
$30,549,000 to $109,628,000;
balances
actual
Total
the respective
in¬
an
general account by
on
gain in foreign bank
a
320,000.
a drop in
deposits by $205,000 to $152,-
bank
The official estimate of
legal requirements
$2,210,000,000.
balanced
bilities,
in
by $5,450,000 to $59,405,000, and
the
excess reserves over
unchanged for,the week at
was
The
increase
gain in
of
circulation
total
and
reserves
deposit lia¬
and
the ratio was unchanged at 80.3%.
by the system increased $273,000 to $6,338,000, while industrial advances were off $284,000
Discounts
to
$25,696,000.
Open market holdings of bankers
bills moved up $1,000 to
United States
$3,087,000, but holdings of
Government securities remained
un-
changed at $2,430,227,000.
Corporate Dividend Declarations
ANOTHER host of the and increased dividends
extra
declared
week.
Alabama
were
►
current
Great Southern RR. declared
American
Smelting
dividend of 75c.
tion Co. declared
and
share.
a
an
Refining
a
share.
a
a
First
special dividend of
Lehman Corp. declared a
share.
a
(S. H.)
extra dividend of 50c.
an
$2.
declared
Co.
Lehigh Coal and Naviga¬
National Stores, Inc. declared
$1
extra dividend of
special dividend of 30c.
a
Kress & Co. declared
declared
a
special dividend
American General Corp.
special dividend of $1.25.
a
share
1933.
of
the
common
stock
South Penn Oil Co. declared
52J^c.
a
share.
a
that further increase of
accruals
on
requirements which
on
declared
Pan American
a
dividend of
payable in 7-year
3K% notes which will be the first distribution since
declared
in
by $19,414,000 to $6,775,236,000;
of the
significance at the moment than other factors, since
tendency appears to be making highly probable
the
reserve
notes
decline of member bank
a
60c.
tinued Treasury expenditures
weekly
accounted
deposits with the 12 banks increased only $16,380,000,
of
money
the
was
aggregate of $4,202,799,000.
Petroleum & Transport Co.
of
were
declared a
special dividend of 50c. Standard Oil Co. of Ohio
current
increase
in
$33,598,000
AS noted in the weeks,banking statistics consist
IN RECENT
the chief changes to be
seasonal
reserves
All money in
gain of Federal Reserve
a
by
those of the week covered.
$37,000,000
sum
week,
of its previous
slightly, and total
period, and of this
circulation, to
The Treasury
some
$41,082,000 to $9,068,785,000.
for
the in¬
on
during the
large deposit, for
gold acquisitions,
circulation
re¬
Exten¬
holdings of the 12 Federal Reserve
Cash in vaults fell
of $1.50
Federal Reserve Bank Statement
a
increase
an
making the aggregate $8,811,021,000.
non-member
vigorous and abiding discontent with the
a
for believing that
$42,183,000 in the week to Dec. 2,
to call
"pussy-footing" in these matters—or else a
disheartening lack of real understanding—on the
to the Treasury.
over
reason
obviously reimbursed itself
means
the
known to be in progress.
are
Banks increased
up
that
acquired large holdings and
sive studies of the effect of
for that matter
long before the election, there was
entirely too much of what President Roosevelt used
accordingly,
seem,
requirements will be increased again.
serve
to labor the point, for it is perfectly clear that
unwillingness of government and
would
It
turning
This is
it is not the fault of the doctrine of laissez faire but
the
several weeks ago.
The credit
for the week ended Dec. 2 reflects a gain of
summary
con¬
world?
5, 1936
foreshadowed
was
bonuses to agri¬
Dec.
a
special dividend of 25c.
dividend
the
an
extra dividend
(Wm.) Wrigley, Jr., Co. declared
of
7%
Yellow Truck & Mfg. Co.
$35
a
share
cumulative
on
account
preferred
of
stock.
volume
Financial
143
Mack Trucks,
50c.
Inc. declared
year-end dividend of
a
share.
a
Hercules Powder Co. declared
of $2
share.
a
special dividend of $1
a
year-end dividend
a
Lehigh Portland Cement Co. declared
a
share
the
on
stock.
common
Johns-Manville Corp. declared an extra dividend of
$1
share.
a
Favorable action
was
also taken
by the
Chronicle
3515
comparison with 611 failures with $8,266,000 lia¬
bilities in October and 898 failures with $14,384,000
liabilities in November, 1935.
year,
improvement.
In the manufacturing division there
only 139 failures involving $3,631,000 liabilities
were
compared
with
General Baking Co.
Sharon Steel Co.
Purity Bakeries Corp.
U. S. Tobacco Co.
Tuscon Steel Co.
Skelly Oil Co.
Atlantic Gulf & West Indies Steam-
American Agricultural
wich
failures
169
-bilities in November 1935.
following:
Compared with last
division of industry shows substantial
every
$3,901,000 while last
year
there
were
ruptcies with $5,371,000 liabilities.
Chemical Co.
ship Co.
trade group there were 65 failures in each year
$932,000 this
1935.
$2,781,000 liabilities
year
ports, and left
building
up on
the side of im¬
net export balance foe the 10 months'
a
period of $20,092,000.
Exports in October, accord¬
$2,948,000.
as
compared with $221,296,000
in that month last
year;
imports were $212,001,000 in
with only $189,357,000
$264,708,000
October this year
a
year
compare
A favorable balance resulted in both
ago.
months
and
amounting to $52,707,000 this
939,000 in 1935.In September there
year
was
and $31,-
also
a
balance
the
Boston,
Western
and
$215,659,000
exports
The total of both exports and im¬
failures
but
were
New
York,
205 failures
of the
month of 1935.
fibre, valued at $58,402,477
which
year
same
compares
893,151 bales
$12,531,477.
worth
which
this
In September only 582,425 bales
$38,220,891
were
year
exported.
were
Other
items
shipped in considerably greater quantities
in October included unmanufactured to¬
bacco, machinery, vehicles and iron and steel
ducts.
The report
increased demand
were
automobile
passenger
crease
finds that
was
000
compared with
were
$1,201,-
year.
DEALINGS in stocks on the New Yorkattitude
affected somewhat by
cautious market
were
a
of traders and
investors, and by occasional periods
of
selling, this week.
realization
The trend was
irregular throughout, with losses more pronounced
pro¬
than
only
gains.
a
Prices
on
the whole, however, receded
little from recent high levels, and many indi¬
responsible for the increase in
vidual issues
shipments.
in¬
to record
high figures for the year.
greater inflow of
remained
quite favorable, and a little stimulus also
largely the result of
The import
a
was
of the
manufactured wool, newsprint,
ized that the
Gold and silver exports, as
negligible
On the other
The New York Stock Market
meats, feeds, fruits and nuts, cocoa, .flaxseed, un¬
in
$2,852,000.
considerable increase in the Rich¬
and the liabilities concerned
grains, alcoholic beverages and crude rubber; also
were
a
compared with only $392,000 last
models rather than
new
was
mond District where 44 firms failed
32 last year
with 735,435 bales valued at
$45,871,000 in October, 1935; the increase in dollars
is
132 fewer failures
while in the entire
country the reduction in number of failures was 210
shipped this
were
were
$2,829,000 less liabilities
and in amount of liabilities
those in the
Philadelphia and far
with $7,879,000 liabilities
in other words there
hand there
over
Reserve
involving $4,550,000 6f lia¬
bilities compared with 337
ports in October of $476,709,000 is the largest of any
Unmanufactured cotton shipments were a principal
Federal
by
that the improvement was not
month since 1930.
factor contributing to the increase in October exports
failures and liabilities
districts; in the New York District where there
and
$220,149,000.
a
and the liabilities
general throughout the country but was concentrated
in
in
totaled
the
Districts it appears
last year;
month
58
$287,000; in 1935, 47 firms failed for $731,000.
of exports but it amounted to but $4,480,000; imports
that
was
The commercial service division added
Considering
ing to the United States Department of Commerce,
totaled
found insolvent while
were
the number
ago
little to the total with only 29
of
but
than
more
compared with $1,380,000 in
with
year as
balance for the current year,
nine months had been
no
the construction industry 46 firms
In
The foreign trade of the United States incountry's
completely reversed the position of the October
which in the preceding
559 bank¬
In the wholesale
the attendant liabilities amounted to
Foreign Trade in October
lia-
$3,954,000
409 retail firms failed for
amount
tin, and fertilizers.
in other recent months,
but
nevertheless
were
forged ahead
on
special developments
Trade reports
supplied by further extra dividends on the basis
ered
corporate surplus tax.
an
But the market real¬
larger distributions cannot be consid¬
unmixed good.
Contributing to the
uncer¬
tainty was the spread in some industries of the
slightly higher than September last, and October,
strike movement for
1935; shipments of gold amounted to $117,000 and
ing hours.
silver $268,000.
encouraging, for the threat of a constitutional crisis
hand
were
lower than the
1935.
in
Imports of the metals
even
Gold
larger
than
on
the other
September although
exceptionally high figures of October,
was
imported in amount of $218,929,000
comparison with $171,866,000 in the preceding
month and
$315,424,000 in October, 1935.
flow of silver during the
which compares
month
was
The in¬
$26,931,000,
with $8,363,000 in September and
in
*
COMMERCIAL failures in November amount of
and involved
greater were more
a
nevertheless the
liabilities than in October but
were
smallest November figures
any year
since 1919.
During the month 688 firms failed^for^l1,532,000 in
wages
and shorter work¬
foreign developments at all
England and of war on the Continent of Europe
occasioned
some
New York Stock
dubiety.
Turnover in stocks
Exchange held
over
figure for each of the full sessions.
off
on
the
the 2,000,009
Sale of
a
seat
arranged on Wednesday, however, at $89,000,
was
$6,000 from the last previous sale.
sistent recession is
some
Business Failures in November
in
higher
were
The per¬
due, of course, to the threat of
legislation severing the broker-dealer functions of
$48,898,000 in October, 1935.
numerous
Nor
members,
Business
brisk last
on
the New York Stock Exchange" was
Saturday, and prices advanced generally
in that session.
mand,
Steel stocks
were
in excellent de¬
while other industrial issues also partici¬
pated, along with rail and utility shares.
ency was
soft when trading was resumed
The tend¬
on
Mon-
Financial
3516
Dec.
Chronicle
1936
5,
day, but a late rally left the price structure but
Tuesday and Wednesday found leading issues heavy
little
in tone and the close on both
sions outnumbered the
tion
a
Small fractional
changed for the day.
selling
equally small gains.
marked
was
reported
were
increased turnover and
groups
but
creasing scale, especially in the steel industry, which
occasioned recessions
industrial
other
Not
appeared in
session.
many
as
as
well,
Yesterday the market moved in an uncertain manner
noted
was
and closed the
and
merchandising
trend
Thursday
on
offset in part
by
dropped sharply.
groups
uncertain, with
was
late decline.
a
The
early gain
an
Most issues closed
slightly higher, with steel and packing issues show¬
Movements yesterday
ing larger gains than others.
mostly in favor of holders, but
were
Gains
small advances also
small scale.
on a
industrial
general in the
were
and
group
appeared in commodity, rail and
Columbia Gas & Elec. at
In the listed bond market
that
the
highs
were
announcement
on an
of
new
But the tone improved and
rec¬
not lacking at the end of the week.
were
firm, while the
lar^e amount of new issues placed on the market
excellent
an
reception.
Secondary and
ganization carrier bonds did well,
and other so-called
figures in
In
took
crease
commodity markets
agricultural products all marked
stabilization
fundamental
On
the
touched
touched
The foreign
steady.
were
new
stocks
equalization funds kept
York
Stock
low
On
levels.
touched
new
177 stocks
low
year
while 13 stocks
York Curb
New
the
new
high levels and
Call
levels.
loans
on
Exchange remained unchanged
the New
On
York
half-day session
shares;
on
Stock
on
on
Exchange the sales at
Saturday last
Monday they
Tuesday, 2,233,840 shares
shares;
Monday,
on
574,665
The
trend
of
shares;
on
the
on
Fri¬
On the New York Curb Ex¬
were
on
418,075 shares;
Tuesday,
Wednesday, 608,865 shares;
488,825 shares, and
on
Wednesday, 2,319,500
change the sales last Saturday
shares;
1,434,280
2,141,440 shares;
were
; on
were
Thursday, 2,042,450 shares, and
day, 2,154,760 shares.
on
on
636,270
Thursday,
in
against 90%
on
188% against
Union closed yesterday at 87%
Western
189%.
Friday of last week; Allied Chemi¬
&|Dye at 231% bid against 233; E. I. du Pont
Nemours at 182 against 182; National Cash Regis¬
cal
de
30% against 31; International Nickel at 61%
Sulphur at 40 against 42%; Continental Can
Gulf
at 68
against 69%; Eastman
Kodal^
at 176 against
180; Standard Brands at 15% against 16%; West-
inghouse Elec. & Mfg. at 145 ex-div. against
Lorillard at
38% against 40%; Canada Dry at
18%;
against
19%
54%,
against
145;
23% against 23%; United States Indus¬
trial Alcohol at
Distillers at
Schenley
National
and
Distillers
at
52%
30%
against 31%.
The steel stocks were
subjected to some pressure,
mostly lower for the week.
and closed
Steel closed
United States
yesterday at 74% against 76% on Fri¬
day of last week; Inland Steel at 118 against
Steel
Bethlehem
120%;
against 72%; Republic
71%
80% against 82%.
closed
Auburn Auto
Friday
on
at
26% against 25%, and Youngstown Sheet &
Steel at
Tube at
of
last
In the motor group,
yesterday at 33 against 34%
week;
General
Hupp Motors at 1% against 1%.
Motors at 68
28
In the rubber
Goodyear Tire & Rubber closed yesterday at
group,
against 28%
States Ruboer at
rich at
on
Friday of last week; United
45% against 47, and B. F. Good¬
30% against 30.
The railroad shares show
recessions for the week.
stock
market
this
week
was
prices that developed in the early part of
November.
Trading volume
on
Saturday
than doubled that for the
week
more
week
previous, and prices at the close
same
were
mixed, with little change being noted
on
Atchison
Pennsylvania RR. closed
of last
day the
Topeka & Santa Fe at 72% against 73%;
New York Central at
cific at 126
43% against 44%; Union Pa¬
against 132%; Southern Pacific at 41%
against 42; Southern Railway at 22 against 22%,
and Northern Pacific at
the oil
26% against 27%.
Among
stocks, Standard Oil of N. J. closed yester¬
day at 66 against 66% on Friday of last week; Shell
Union Oil at
26% against 27%, and Atlantic Refin¬
ing at 31% against 31%.
conda
Friday, 641,435 shares.
mostly irregular and continued to reflect the weak¬
ness
68%, and American Tel. & Tel. at
yesterday at 41 against 41% on Friday of last week;
1%.
the
65% against 67%; Woolworth at 66 against
& Co. at
against 70%; Chrysler at 123 against 127%, and
Exchange
high levels for the
the New York Stock
at
the
new, as
relationships unchanged.
New
new
and
Exchange 137 stocks touched
19
sharp in¬
a
exchange markets brought forth nothing
various
were
place, with grains, coffee, sugar, cocoa,
Base metals
upward.
sugar, paper
commodity bonds soared to best
the
and other
cotton
reor¬
reports of im¬
Foreign dollar obligations
years.
uncertain.
on
Many of the oil, coal,
proved earnings.
97% against 99%; Sears, Roe¬
96% against 98%; Montgomery Ward
buck & Co. at
24%; National Biscuit at 32% against 33%; Texas
little
Highest-rated corporate bonds
met
tional Harvester at
against 64; National Dairy Products at 24% against
Treasury will seek $300,000,000
gations is effected.
48% against 47%; J. I. Case
Threshing Machine at 155 against 156%; Interna¬
somewhat better tone
a
this month, when refunding of maturing obli¬
money
ord
a
17% against 18%; Public
United States Govern¬
prevailed than in equities.
ment securities wavered
of N. J. at
Service
-
ter at
utility stocks.
45% against 47%;
solidated Edison Co. of N. Y. at
leading issues again receded in that
commodity
General Electric closed yester¬
day at 50% against 52 on Friday of last week; Con¬
on
Highest-priced stocks showed largest de¬
Some of the recent favorites in the
day lower in many instances than on
Friday of last week.
clines, while low-priced shares reflected accumula¬
tion.
slight weakness ensued in the final hour, leav¬
ing prices at an irregularly higher level for the day.
in quiet demand.
were
a
and
rail and utility
change in the situation
Wednesday,
Motor
liquidated
were
Low-priced issues
much
stocks.
such
shares
while small losses
stocks.
in
gains reflected in the week's
On Thursday some improvement occurred,
trading.
in¬
on an
days generally lower.
particular interest was the demand for low-priced
stocks, which accounted in large measure for the
Tuesday, and it caused
on
Labor troubles
Of
Idealiza¬
general drop of quotations in almost all
of issues.
reces¬
on
In the
copper group,
Ana¬
Copper closed yesterday at 48% against 49%
Friday of last week; Kennecott Copper at 57%
against 59%; American Smelting & Refining at 96%
against 95%, and Phelps Dodge at 53% against 55%.
Trade and industrial
and
they contributed to
firm and
this week.
Monday.
ing today
Steel ingot
was
reports remain encouraging,
some
of the buying of stocks
production for the week end*
estimated by the American Iron and
Volume
Financial
143
Steel Institute at
the
te Oct.
12.
week and
The
figure
with 74.3% last
compares
Production
year.
for the week to Nov. 28 amounted
2,133,511,000 kilowatt hours, the Edison Electric
Institute reports.
Because of the nation-wide
pension of activities
a
attained in the week
year,
56.4% at this time last
of electric energy
to
75.9% of capacity, which equals
previous high for the
sus-
Thanksgiving Day, this
on
was
drop from the 2,196,175,000 kilowatt hours figure
of the
previous week, but
sharp advance over the
a
1,876,684,000 kilowatt hours aggregate of the
week of last year.
for the week to Nov. 28
679,984
were
109,516
increase of
an
This was a
from the previous week, but
cars
108,106
the Asso-
cars,
ciation of American Railroads reports.
decrease of
same
Car loadings of revenue freight
cars over
the corresponding
Trading on the London Stock Exchange was very
quiet, Monday, for news of the peculiar constitu¬
tional difficulties facing the King and the Cabinet
already was spreading, despite the self-imposed censorship of the British press. British funds recovered
after an uncertain opening, while modest demand for
industrial stocks occasioned gains in almost all
issues of that description. Oil, rubber and base
metal stocks also improved, and favorable week-end
reports from New York brought gains likewise in
Anglo-American trading favorites. Dealings were
on an even smaller scale, Tuesday, with the price
trend uncertain. British funds showed no changes
of importance, while variations in the industrial section were mostly toward slightly higher levels,
Some of the commodity issues reflected profit-taking, and the foreign
week of 1935.
As
3517
Chronicle
irregular.
group was
The Lon-
mar-
don market realized fully on Wednesday that a con-
kets, the December option for wheat in Chicago
flict was in progress between the King and the
Cabinet over the personal life of Edward VIII, and
sharp recessions were recorded in British funds and
the issues of Dominion governments. The losses
were 1 to 1% points in British Government stocks,
although such bonds usually move by smallest fractions. Industrial issues slipped lower, and international securities were marked downward on reports
of a similar trend in the New York market. The
tone improved Thursday in British Government
issues, but the market otherwise remained dull,
Weakness was general in home rails and industrial
issues, but Anglo-American stocks improved. There
was little interest yesterday in, British funds, which
slipped lower, but better quotations were recorded
industrial stocks.
I
The Paris Bourse enjoyed a good session on Monday, partly because the month-end carryover was
arranged easily with money at 3%% as against 4%
two weeks earlier. Rumors of unfortunate developments failed to materialize, and gains were general,
Rentes advances materially, while some of the bank,
utility and industrial stocks reflected sensational
indicating the
closed
close
yesterday at 124%c.
Chicago
closed
yesterday
104%c. the close
oats at
ias
against 118%c. the
Friday of last week.
on
December
107%c.
at
Friday of last week.
on
corn
December
Friday of last week.
on
spot price for cotton here in New York closed
yesterday at 12.64c. as against 12.27c. the close
Friday of last week.
yesterday
was
18.97c.
as
against 18.56c. the close
Domestic
yesterday at 10%c., the close
In London the
21
3/16
ounce
New
as
as
York
closed
the
on
yesterday at 45%c.
of
matter
the
was
pence
transfers
per
against
on
Paris
on
cable
yesterday at $4.90 3/16
Friday of last week,
closed
against 4.65%c. the close
as
as
foreign exchanges,
London closed
on
cable
4.66ysc.
against 21
Friday of last week.
against $4.8934 the close
and
closed
copper
Friday of last week,
Friday of last week, and spot silver in
on
45y8c. the close
In
on
price of bar silver yesterday
pence per ounce
transfers
on
The spot price for rubber
Friday of last week.
on
at
against
as
Chicago closed yesterday at 46%c. as against
45%c. the close
The
of the commodity
course
yesterday at
on
Friday of
"
last week.
;
gains.
was
European Stock Markets
Foreign securities also
more
nervousness
recessions took
the
on
were
better.
There
Bourse, Tuesday, and
place in that session.
Rentes
were
IRREGULAR tendencies were noted this week on marked only a little lower, and losses incompared to
stock exchanges in the leading European finanand other French equities
small bank stocks
were
cial centers.
work in
There
were
highly unusual factors at
London, for that market finally took
cog-
nizance of the constitutional issue involved in
ported plans of King Edward VIII to
eigner and
a
divorcee.
marry a
re-
for-
The threat to British institu-
tions could not be taken
lightly, of
course,
and dis-
the gains of the
ties
previous day.
irregular.
After
were
International securia
weak
opening
on
Wednesday prices tended to advance, and final quotations showed only small losses for the day.
ports
that 5,000
Re-
German soldiers had landed in
Spain to assist the rebels there proved highly dis¬
concerting recessions in British Government stocks
concerting,
and securities of other
Empire units took place when
troubles in London also affected trading.
the
difficulties
circulated,
closed with small fractional recessions, while larger
than offset the
declines appeared in French equities and interna-
reports
Wednesday.
of
Such movements
cheerful start of
Stock
were
the
were
more
trading for the week
Exchange.
on
the London
On the Paris Bourse movements
uncertain, owing to the ever-present fear of
international
complications resulting from the atti-
tude of the Fascist Powers in
The Berlin market
was
Spain and elsewhere,
dull
throughout, possibly in
astonishing development as
reflection
of such
the decree
issued, Tuesday, providing the death
an
alty for Germans who sent money
or
pen-
goods abroad
and
tional issues.
on
rumors
The tone
of
was
the
slightly
constitutional
more
Rentes
cheerful
Thursday, owing largely to the steadiness of the
London market.
Indications that prices were hold-
ing well in England encouraged buying at Paris,
find rentes,
French equities and international securi-
ties all showed small gains.
noted
in
yesterday,
rentes in quiet
but
equities
Small declines
were
trading on the Bourse,
and
international
issues
improved.
Business and trade reports remain rather
The Berlin Boerse, less affected than other mar-
encouraging in the leading industrial countries of
kets by international developments, opened with a
Europe, but the internal and international political
steady tone on Monday, but business in that session
developments far overshadowed such factors.
was
illegally.
very
light.
Heavy industrial stocks showed
Financial
3518
small fractional
advances, and a few specialties were
Fixed-income securities were
in greater demand.
motionless.
The trend
Tuesday
on
uncertain.
was
Heavy industrial issues resumed the advance, but
stocks declined
automobile
fuel.
All
Berlin
movements
Boerse
taxation
of
small, for traders in
to feel that the current attitude of the
seem
authorities
German
added
on
were
makes
stagnant
was
trading unwise.
Wednesday, but
on
The
the
even
small
offerings found buyers hesitant, and small
losses
were
the rule.
Chemical, steel and other in¬
dustrial stocks lost
ground, but issues that
to benefit from the
increasing stringency of the Ger¬
likely
four-year program of self-sufficiency showed
man
Little trading
gains.
losses
1
are
Thursday, and
on
appeared in nearly all groups.
to 2
points
were common,
flected losses up
finally displayed
tions
done
was
were
while
Declines of
some
to 4 and 5 points.
issues
re¬
The Boerse
better tone yesterday, and quota¬
higher in all sections.
a
marked
Chronicle
Dec. 5,
Cabinet started to give the matter some attention
late last week.
It
ment is desired
rule
the
on
War.
There
intergovernmental debt
following the World
indications that
are
debtor nations
pean
of the Euro¬
some
regarding the ban
are uneasy
on
borrowing in the United States market, imposed
on
defaulting
too
war
obviously, the
relate
ence
debtors by the Johnson Act.
new
mations of
entirely to actual
a
desire to pay
prospective desires
or
country, and recent inti¬
something
being discounted accordingly.
ment in
All
European twinges of consci¬
to obtain fresh funds in this
on account are
The State Depart¬
Washington sent to the 13 European debtor
quently that a discussion
Ambassador William C. Bullitt.
week intimate that France
basis of about
the United
would
this
on
the
12% of the amount actually owing
States, with the payments to be stretched
that
seem
It
without interest.
Washington
apprised in one
was
another of these French views, for reports
way or
from the
a
"cool" attitude was
taken toward the French ideas.
capital indicate that
No intimations of
the British reaction to the latest American reminder
far
so
available, but in view of the astounding
are
business recovery
in England it is obvious enough
that the London Government is in
than any
a
better
position
of the other defaulters to resume payments.
ANNOUNCEMENT
ii
Monday,
052,424, which comprises $155,093,073
$1,315,-
of interest
on
the date, and
$1,159,958,451 of overdue payments.
It was indi¬
promptly by the Government of Finland that
new
a
Washington,
reciprocal trade treaty
Rica, this pact
being the fifteenth in the series negotiated under the
special
powers
granted to President Roosevelt by
There were indications, more¬
Congress in 1934.
that the reciprocal arrangements may be ex¬
over,
in
tended
important directions before
very
very
London reports indicate that an agreement
long.
Great
between
under
Britain
consideration.
and
United
States is
President
Roosevelt
the
Before
departed from Buenos Aires he mentioned in inter¬
views with press
correspondents that
pact with
a
Argentina probably will be concluded.
sons
The total then due is
of
in
made
was
between the United States and Costa
gestions
cated
Paris reports
hopes to settle
the next 20 to 25 years,
over
ments due Dec. 15.
ordinarily payable
the question had taken
on
place between French officials and United States
countries, late last week, the usual notices of pay¬
and annuities
settle¬
a new
by France, and it appeared subse¬
Trade Treaties
MORE consideration than ♦ has lately been the
is being given currently to the question
settlements made in the years
indicated last Saturday by
was
Foreign Minister Yvon Delbos that
Intergovernmental Debts
of the annuities due
1936
is
are
heartening to all those informed
who believe that
essential
to
Rica
a
per¬
lowering of tariff barriers
genuine and lasting recovery from
world-wide
the
These sug¬
The pact with Costa
depression.
represents only
a
small step toward the freeing
of international trade from tariff
shackles, but all
payment of the relatively small sum due from that
such
country will be made, and it thus appears that Fin¬
proval of the Costa Rican Congress, that country
land will remain the honorable
defaulting States.
any
But
no
exception
likelihood
among
was seen
the
of
immediate resumption of payments by Great
Britain, France,
Italy,
Belgium,
Czechoslovakia,
moves
are
to be welcomed.
binds itself to reduce
the United States of
and
levels.
mania and
from the United
Although actual payments
restricted to the
sum
15 will
Dec.
on
due from
Finland, there
be
were
import duties
ceutical
products
preparations.
was
held
more
than
possible that
are
reduced
on
receipts
pharma¬
The United States Govern¬
on a
It
on many
to be held to current
ment, in turn, agrees not to increase import duties
them from the free list.
situation.
imports from
States of medicinal and
achieve
settlement and thus clear the default
are
Customs levies also
intimations from Italy and France of a desire to
a new
on
ap¬
evaporated milk, canned fruits
vegetables and dried fruits, while rates
other American
Poland, Estonia, Hungary, Latvia, Lithuania, Ru¬
Yugoslavia.
Subject to the
number of Costa Rican
products,
The
or
to remove
treaty affects approxi¬
re¬
mately $3,000,000 of American products exported
plies to be made by those countries to the semi¬
annually to Costa Rica, and importations from that
annual
country of $2,000,000 to $3,000,000 annually.
reminders will
Italian authorities
the American
their
are
take
on
different
a
known to be
looking toward
newly-conquered
territory
in
Africa.
war
overcome
are
a
which those
The French Government may be
early this
Franco-American
year
were
that the traditions
friendship suggest
ment of the war debt default
direction
to
be
slightly broader view, for Premier Leon
Blum remarked
of
the disabilities
may
subjected which have not honored their
obligations.
taking
The
of course, and Rome
dispatches last week suggested that efforts
nations
Inter-American Peace Conference
capital market for loans to develop
Johnson Act stands in the way,
made to
note.
problem.
an
adjust¬
Steps in that
lacking, however, until the French
DELEGATES of the start of the Inter-American
bustling 21 American republics wit¬
nessed
a
Conference for the Maintenance of
Aires, Tuesday.
sions with
an
address in which he called for
and the resistance of any
Speeches of welcome
Augustin
P.
Peace, at Buenos
President Roosevelt opened the ses¬
Justo
were
of
unity
aggression from elsewhere.
delivered by President
Argentina
and
Saavedra
Secretary
urged all present to furnish
Lamas, Foreign Minister of that country.
of State Cordell Hull
an
example of achievement that will offer hope to
a
Volume
Financial
143
troubled world.
With
these
ceremonies
conference buckled down to the task of
to formulate
instruments for
the
over,
attempting
3519
Chronicle
of the world would affect
in
hundred ways.
a
and threaten
us
our
good
And the economic collapse of
nations must of necessity harm our
any
nation
throughout the Americas, and in view of the spirit
own
prosperity.
shown at Buenos Aires there is little
World, help the Old World to avert the catastrophe
new
spair of success,
cerned.
far
so
Whether
peace
to de¬
reason
formal pacts are con¬
as
is
moot question, for
a
Kellogg-Briand pact must always be kept in
mind
instance of
as an
for the time
Good
magnificent failure.
Assured
being is only the fact that amity in
the Americas has
been
growing rapidly under the
in progress
now
Mr. Roosevelt to Latin America
tions
of that
peace
gathering in
and the visit of
early this year.
United
proposed first that everything possible be
done to prevent a
called for
future
in the Americas.
war
He
strengthening of the processes of con¬
a
stitutional democratic
The American
government.
republics, he said, should stand shoulder to shoulder
final
a
determination
from others who
to
repel
aggression
any
might be driven by war madness or
hunger to commit unfortunate acts.
racy
is still the hope of the world, Mr. Roosevelt
series of personal communica¬
a
republics
The favorable response doubtless
For the Latin
sound the keynote.
States
it may
for the course thus suggested, Mr.
program
Roosevelt
the Republics of the New
Yes, I am confident that we can."
impends?
a
we,
land
States the visit of the President
American
Can
further reflec¬
are
him, in part, to attend the opening of the
meeting and
or
The President proposed the
policy.
tions to the heads of the other American
moved
As
in
Neighbor policy of this Administration.
The conference
which
agreements whatever really
any
will suffice for the purpose
the
preserving
obviously
well be that the brief tour will
its successful
assume more
in
we
generation
our
can
continue
application in the Americas, it will
spread and supersede other methods by which men
are
governed and which seem to most of us to run
counter to
of the
gala occasion, and
was a
proclaimed, and if
Democ¬
our
ideals of human
These sentiments also found
dresses
Nov.
liberty and
progress.
expression in the ad¬
by President Roosevelt at Rio de Janeiro on
27, and at Montevideo on Dec. 3.
One note¬
importance in the future than the formal delibera¬
worthy comment, made at Rio de Janeiro and re¬
tions of the
peated at Buenos Aires,
Mr. Roosevelt
diplomats.
was
repeatedly at Buenos Aires, and also
Janeiro and
Montevideo, where he made stops
route to and from the
of
cheered
at Rio
Argentine capital.
de
en-
The people
Brazil, Argentina and Uruguay lined the route
of the
presidential processions by the hundreds of
thousands and made it
plain that the personal
popu¬
independence.
of
"Let each
Congress
lics.
In Buenos
trade
a
United States
the peace
It is
conference will be another matter, of
and
course,
that is causing
one
perturbing and
may prove
a
little
concern.
indicative that the
Steering Committee voted last Saturday to exclude
from discussion the
and
Paraguay,
protracted war between Bolivia
the boundaries
over
of the Gran
Chaco.
of
mainly of
Americas.
the
to break new
emphasis
an
Those who
in
asunder
ocean
by old hatreds and
hear the demand that
rected
to
new
and
new
tions is
We
cor¬
rising
It is natural,
Argentine
rankled that country.
In
and
the
HcTpfom-
question of the American
long
which
meats,
a
has
further speech at Monte¬
video, the President emphasized the need for better
communication
faster travel and
and
America.
tween North and South
social
for
need
services
be¬
He stressed also
legislation along the lines of
and children in
industry, and the
greater use of modern inyentions.
concluded,
These activities
started
Roosevelt
Mr.
on
his return
journey.
Justo
President
of
Argentina
expressed great
hopes for the success of the Inter-American Peace
Conference in
his address at
indicated
and
he
also
felt
gratified
over
Roosevelt at the
that
the
the opening session,
all
of
Latin
appearance
meeting.
America
of President
"The decisions which
are
adopted at this conference are certain to contribute
toward
improving conditions throughout the world,"
"But
he said.
even
in
case
they should not immedi¬
na¬
ately have that result, we should not be disheart¬
arma¬
ened, for we should remember that all the great con¬
side and that the work of
quests of humanity have been the result of long-con¬
We know, too, that vast
on every
cry
only by conquest.
sanctity of treaties between
disregarded.
are
such employment
no
fanaticisms.
We hear the
be achieved
can
creating them employs men and
lions.
disappointed.
justice and inequality be
peaceful justice.
markets
We read that the
ments
throughout
continents rent
see
Argentina
might be negotiated.
women
by resorting to the sword and not by resorting
reason
that
we
soon
tection of
beings in other less fortunate
Beyond the
repub¬
con¬
deliberations the hopes of
your
will invade its sister
never
Aires, Mr. Roosevelt indicated that
treaty between
on
The Bra¬
informed by the President that
ised also to look into the
embargo
glories of
learn the glories
us
working hours, collective bargaining, pro¬
today," Mr. Roosevelt declared,
of human
millions
lands.
you
were
of
minimum
expected the President
diplomatic ground
"You who assemble
"carry with
on peace
one
the
course,
high light of the opening session, but the speech
sisted
new
the
President Roosevelt's address was,
was
the United States
larity of the President is extremely great throughout
at
to the effect that each
interdependence," Mr. Roosevelt added.
zilian
the Latin American countries.
The actual debates
was
of the American nations has learned the
however, for
women
us
by the mil¬
to conclude that
is false employment, that it builds
permanent structures and creates no consumers'
tinued
efforts."
Dr.
Carlos
Saavedra Lamas
ex¬
pressed the opinion that the conference will consti¬
tute
an
important historic event for the countries of
the Americas.
He voiced great admiration
for Mr.
Mr. Hull declared late in the day that a
goods for the maintenance of a lasting prosperity.
Roosevelt.
We know that nations
magnificent beginning had been made by the confer¬
guilty of these follies inevit¬
ably face the day either when their weapons
of
destruction must be used against their neighbors,
or
when
an
must fall
unsound economy like a house of cards
apart.
In either
Americas become involved in
suffer.
The madness of
a
case,
even
no war,
though the
we,
too, must
great war in other parts
ence,
and he quoted the old adage that well begun
is half done.
%
The conference, he said, has an op¬
portunity to evidence the willingness of all 21 Amer¬
ican
felt
republics to sacrifice for peace, and Mr. Hull
sure
they will bring forward practical, work¬
able agencies toward that end.
Financial
3520
British Constitution
Dec.
Chronicle
Blum of
5, 1936
France, alarmed by the new German-Japa¬
treaty and the extensive Fascist aid to the
nese
IT tional crisis willbe hoped in Great real constitu¬
IS sincerely to develop that no Britain
Spanish rebels, declared in an address last Saturday
result of the
that Chancellor Hitler should not mistake
as a
VIII
to
reported intentions of King Edward
Mrs.
marry
Warfield
Simpson,
Prime Minister
divorced American.
twice-
Stanley Bald¬
win and his associates of the National Cabinet
said to be
firmly opposed to
any
are
such union, and in
this attitude they have the support
of all the British
clergy and most of the British press.
however, appears to be determined to
The King,
carry out
his
ness
the French desire for peace.
Wednesday, that huge additions are to be made to
the French navy as an answer
struction by
Nazi
a
Sunday.
"We
finally discussed the entire matter
freely, beginning
markets reacted
a
Wednesday.
on
British financial
unfavorably to the news, which is
sufficient indication of the serious nature of the
conflict.
It
reported^ on apparently reliable
was
grounds, that the Baldwin Cabinet would resign
sanction
than
rather
the
marriage.
With equal
General Hermann
Goering, who is second to Chancellor Hitler in the
German
long period of self-imposed restraint the
to the increased con¬
Germany and Italy.
ments in
press
It was indicated in Paris,
Europe," M. Blum said.
after
British
"France possesses
today the most powerful military force in Western
plans for making Mrs. Simpson his consort, and
a
for weak¬
today
are
with
went
we
regime, expressed belligerent senti¬
speech before a Peasant Congress, last
our
no
longer as weak as when
into the World War in
army
1914," he said, "for we have brushed aside that insti¬
tution called
hands
a
parliament which once dared to lay
The Soviet Congress in
German honor."
on
Moscow heard much of Russian
It
struggle.
2,000-mile
preparedness for
a
announced late last week that the
was
paralleling the
railway
trans-Si¬
authority, it was indicated in London dispatches
new
that
berian, but to the north of that line, has been com¬
King Edward might abdicate if his intentions
proved unbearable to his government and subjects.
the
Last Sunday
pleted two years ahead of schedule.
The merits of this
controversy are not for Amer¬
icans to
judge, for the questions involved are deli¬
and far-reaching, but it is appropriate to ex¬
cate
press
of
Congress
informed that Russia has the larg¬
was
force in the world.
est air
Spanish Rebellion
deep sympathy with Great Britain in her hour
11 if ORE than ever,
perplexity.
1VI
Armaments and Treaties
the Spanish rebellion took
the appearance
this week of
conflict
EUROPE continued this week all nations declare
feverish haste for
that to prepare with
a war
on
Spanish soil.
frankly
as
"a European
in
miniature scale,"
Spanish Cortes at Valencia,
they do not want and would do anything to avoid.
Tuesday, by Premier Largo Caballero.
The
Government,
preparations, as in the past, consisted of in¬
In the
kinds.
the
was
new
Communist
more
and
armaments
creased
of
various
foreground of the diplomatic scene
Internationale, which proved
ever
examination of the terms
as
The Western
clear that
treaties
German-Japanese treaty against the
puzzling
tinued.
new
con¬
European nations made it
they distrust the pact, and for a while
there seemed to be
a
belated recognition at Berlin
that the agreement was
hardly calculated to improve
relations with countries west of the Rhine.
interest
the
was
taken
throughout Europe in the
Keen
new
treaty under negotiation between Italy and Japan,
which at first seemed to take
that of its
predecessor.
announced
called
on
a
direction similar to
But the Italian Government
Wednesday that its treaty with Tokio
only for joint recognition by these aggressor
States of the fruits of their
communication
aggression.
The Italian
merely stated that Japan had taken
official protest to the
rebels, and against preparations by
naval, military and ^aerial operations."
Spanish protest had
in
London, Tuesday, when it
the
in
gent
indications,
drawing
ever
closer together, for extensive visits to
made in the last 10 days by
Italy and Austria
were
Admiral Nicholas
Horthy, Regent of Hungary.
The
diplomatic
by-play of
the week
was
some
in London and Paris
Government
for
a
ever,
embarrassment was caused
by the demand of the Spanish
League session to consider the
Fascist intervention.
It
was
sider the
problem.
.
in
London
international
apparently felt heartened by this
a
degree of support for the
diplomatic
tions.
With the aggressive
diplomacy of Germany
Spain
a
the
on
Madrid
Wednesday
plan for neutral
to
or
Obviously enough, that proposal is foredoomed
sea.
defeat, for the Spanish insurgents
The
on
are
too much
aid through Portugal to accept.
fighting around Madrid continued all this
mained intense and bitter.
equally emphatic protestations of peaceful inten¬
of
supervision of all imports into Spain, by land
protestations of
strength and
claims
The committee decided
week
military
con¬
The Non-intervention Commit¬
especially illuminating, for it consisted mostly of
enormous
finally decided, how¬
that the Council would meet Dec. 10 to
dependent
not
Despite
leader, General Francisco Franco.
these
to submit to both sides in
There were
on
some
Spanish rebel uniforms, had been landed
announced in Warsaw last
of countries is
revealed
made known
Spain to take part in the campaign of the insur¬
authorities.
Saturday.
was
5,000 Germans, fully armed and equipped and accoutered in
by Poland and Rumania of their alliance of 1921,
indications that the Fascist group
of
That the
was
authority of the British Government that
indication of at least
in the present situation, is a renewal
excellent base
an
tee
cult to assay,
one
those countries "to collaborate with the rebels in
diplomatic steps which amounted to recognition of
Somewhat diffi¬
an
League of Nations, late last
week, against the German and Italian recognition
of the
the Italian conquest
of Ethiopia.
The Spanish
elected regime, made
duly
a
as
on
international
The struggle was described
war on a
address before the
an
an
to
planes
favor the
were
batter the
loyalists, but the struggle re¬
Huge squadrons of air¬
dispatched daily by the insurgents to
city of Madrid, and non-combatants were
plainly in mind, Foreign Secretary Aiithony Eden
filled by the score in this indiscriminate and merci¬
of Great Britain stated in
less
that
a
speech late last week
Belgium is assured of full military support by
Great Britain in the event of attack.
Premier Leon
bombing.
defend the
Loyalist pursuit planes attempted to
capital, but did not achieve much.
On
land, however, the loyalist battalions displayed in-
Volume
skill and efficiency.
creased
a
Financial
143
drive
Large forces essayed
against the rebel wing south of Madrid and
gains
north
the
To the
made, although at terrible cost.
were
loyalists also attempted to roll up the
rebel lines.
Sharp attacks
made on the rebel
were
3521
Chronicle
.
Bank of France Statement
THE statement for in the Bank's Nov. holdings/
shows
change the week of
gold 27 again
no
64,358,742,140 francs,
the total of which remains at
compared with 66,190,775,339 francs a year ago and
stronghold at Oviedo, and a force likewise moved
82,096,894,088 francs two years ago.
toward the
abroad,
French
bought
abroad,
headquarters of the insurgents at Bur¬
approaching to within 40 miles of that city.
gos,
The fortunes of
began to turn again on Thurs¬
war
day, however, for the rebels launched on that day a
terrific attack
northern
on
Madrid, by
section called
of the shattered
way
Waves of
University City.
infantrymen moved toward the loyalists, and exten¬
artillery and aerial forces also were employed.
sive
THE Bank of Dec. 2 from 2)4% reducedeffective
The Netherlands to 2% its dis¬
count rate
Dec.
The
3.
on
2J^% rate had been in effect since
63.23%,
as
the
previous
year.
ratio is
reserve
Notes in circulation reveal an,
francs, bringing the total up;
increase of 891,000,000
86,651,535,430 francs, in comparison with 82,-
447,325,675 francs
francs the year
in
and 81,879,439,025
ago
An increase'is also shown
creditor
in
we
year
a
before.
against securities of 14,000,000 francs
current accounts of 350,000,000
advances
and
francs.
Below
The discount rate remains at 2%.
furnish
comparison of the different items for
a
CENTRAL BANK8
OF FOREIGN
The
against 69.94% last year and 80.31%
now
table which follows:
RATES
14,000,000 francs and
4,000,000 francs respectively.
Oct. 20, 1936, at which time it was lowered from 3%.
Present rates at the leading centers are shown in the
DISCOUNT
register decreases, namely 2,000,000
216,000,000 francs,
francs,
Credit balances
discounted, bills
advances without
and temporary
interest to state
to
Foreign Central Banks
Discount Rates of
commercial bills
three years:
Rate in
Date
Established
Dec. 4
3X
3«
Argentina..
Austria
Bat a via
Rate
4
...
2
Belgium...
Bulgaria...
6
Canada
2tt
Mar.
Dec. 4
V
2H
Ireland
7
Aug. 15 1935
1935
Italy
2 1936
4H
Nov. 29 1935
June 30 1932
3H
3H
4H
Chile
4
Jan.
24 1935
4K
Java
Colombia..
4
July
18 1933
5
Jugoslavia
3H
1 1935
6H
5
Feb.
July
Morocco
3
Jan.
1 1936
5
Oct.
21 1935
6
Norway
6H
3H
Denmark..
4
Oct.
19 1936
3H
Poland
5
England
...
3H
7 1934
South Africa
3H
May 15 1933
4
Spain
5
July
a
Finland
...
4
Deo.
4 1934
4 H
2
Oct.
15 1936
2M
4
Sept. 30 1932
5
Sweden
7
Oct.
7H
Switzerland
__
10 1935
5H
1933
Nov. 25 1936
2
Note circulation
interest to State._
—4,000,000
—0.79%
IN bills
LONDON open marketK%, as against 9-16%
discount rates for short
Friday
£249,171,286 »"n
com¬
parison with £199,139,712 a year ago. Circulation
expanded £6,020,000 and together with the gold loss
brought about a reduction of £6,216,000 in reserves.
Public
deposits decreased £1,495,000 and other
deposits rose £929,798.
The latter consists of
bankers accounts which increased £1,515,508 and
other accounts which fell off £585,710.
The reserve
proportion dropped off rather sharply to 38.10%
42.15% a week ago; last year the proportion
was
36.11%.
Loans on Government securities
increased £4,272,000 and loans on other secui*ties,
£1,427,107.
The latter consists of discounts and
advances which rose £1,659,201 and securities which
decreased £232,094.
No change was made in the
from
2% discount rate.
Below are shown the different
items with comparisons for previous years:
BANK OF ENGLAND'S
discounted" appeared in blank in the statement of Sept. 25,
matured and have now been transferred to the account
all of these bills had
"Temporary advances without interest to
THE statement for thegold and bullion November
last quarter of of 490,000
increase in
shows
an
66,097,000 marks.
aggregated 88,151,000 marks and the
previous year 78,593,000 marks.
The reserve ratio
is now 1.5%, compared with 2.23% a year ago and
2.17% two years ago. A gain in notes in circulation
of 427,000,000 marks, makes the total 4,674,291,000
marks, in comparison with 4,186,124,000 marks last
year.
An increase is also shown in reserve in foreign
currency of 173,000 marks, in bills of exchange and
checks of 554,097,000 marks, in advances of 34,094,000 marks, in investments of 220,000 marks
and in other daily maturing obligations of 40,747,000
marks.
A comparison of the various items for three
years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
Nov.
for Week
abroad
Reserve in foreign curr.
Bills of exch. and
checks
Silver and other coin...
Notes on other Ger.
*
bks
+ 34,094,000
+220,000
Other assets
Dec. 4
Dec. 5
Dec. 6
Dec. 7
1935
1934
1933
1932
£
£
Liabilities—
Other daily matur.
-
-
Proportion of reserve
to liabilities
38.10%
36.11%
43.71%
48.30%
33.77%
2%
2%
2%
2%
2%
Bank rate
oblig
♦
67,458,000
523,934,000
a610,011,000
4,919,000
78,182,000
661,188,000
788,682,000
a274,191,000
note circul'n.
Validity of notes on
292,236,000
1.5%
Other liabilities
Propor'n of gold A for'n
curr. to
Reichsmarks
5,127,000
118,988,000
752,016,000
686,067,000
+ 427,000,000 4,674,291,000 4,186,124,000 3,809,663,000
961,162,000
806,108,000
753,273,000
+ 40,747,000
Notes in circulation
405,667.509 385,447,319 374,881,145 365,662,242
6,896,465
8,603,065
8,522,323
7,073,745
141,248,498 145,244,898 152,287.210 138,705,230
103,711,413 108.852,033 115,873,179 104,261,534
34,453,696
37,537,085 36,392,865 36,414,031
89,417,499 84,806,413 78,016,692 85,844,010
23,214,854 19,667,436 22,143,752 29,532,337
9,566,379
8,495,644
11,806,235
10,713,988
12,500,866 10,101,057 13,658,108 17,725,102
53,572,203 67,261,380 76.894,307 49.726,845
199,139,712 192,708,699 191,775,452 140,389,087
Reichsmarks
78,593,000
88,151,000
66,097,000
21,204,000
21,034,000
a28,166,000
4,141,000
5,256,000
+ 173",666
5,409,000
+ 554,097,000 4,908,339,000 4,151,138,000 3,856,605,000
189,777,000
128.036,000
al62,446,000
+490,000
Gold and bullion....
Of which depos.
30, 1936 Nov. 30, 1935 Nov. 30, 1934
Reichsmarks
Reichsmarks
A qq/T/Q—.
Investments
1936
451,587,000
10,661,000
Public deposits
140,228,061
Other deposits.
99,119,619
Bankers' accounts
41,108,442
Other accounts—
82,432,337
Government secure.
28,638,108
Other securities
8,462,333
DiBct. & advances.
20,175,775
Securities
57,584,000
Reserve notes & coin
249,171,286
Coin and bullion
the State."
Bank of Germany Statement
Advances
COMPARATIVE STATEMENT
Dec. 2
Circulation
Rep¬
Gold last year
THE Bank's statement as of Dec.gold reveals a
further decline of £195,257 in
2 holdings
to
c
10-blllion-franc credit opened at Bank.
marks, bringing the total up to
England Statement
reduced the total
80.31%
69.94%
b Includes bills discounted abroad,
Gold holdings of the Bank were
Note—"Treasury bills
as
which
63.23%
France,
revalued Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but it was announced a few days thereafter that 6,000,000,000 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.
were
Friday of last week, and 13-16@%% tor three
months' bills, as against 9-16@^% on Friday of last
week. Money on call in London on Friday was K%At Paris the open market rate remains at 2}4%> and
in Switzerland at 1K%Bank of
Includes bills puichased In
resenting drafts of Treasury on
on
Francs
Term .adv. without
Proport'n of gold on
hand to sight liab.
a
Foreign Money Rates
1934
Nov. 30,
—216,000,000 8,092,196,682 11,004,517,900 3,068,338,558
950,651,471
1,278,641,126
—14,000,000 1,458,852,174
3,267.474,883 3,227,682,060
+ 14,000,000 3,463,034,586
+891,000,000 86,651,535,430 82,447,325,675 81,879,439,025
+350,000,000 15,127,805,563 12,187,138,146 20,351,203,922
bills discounted..
*
on
—2,000,000
b Bills bought abr'd
3
1
Dec.
1H
5H
1935
Francs
French commercial
Adv. against secure.
c
Nov. 29,
64,58,742,140 66,190,775,339 82,096,894,088
9,023,827
105,953,636
5,117,847
No change
♦Gold holdings
Credit bals. abroad,
27, 1936
Francs
Francs
6
Rumania
Nov.
for Week
Credit current accts.
6
13 1934
Portugal
5X
13 1933
4
4H
Dec.
2H
Sept. 25 1934
Greece
May 23 1933
25 1933
Oct.
Dec.
30 1932
5
..
6
4H
June
...
France
1 1936
May 28 1935
5
2
Estonia
Germany
3.65
2 1935
5«
.
Danzig
vakia
6 1936
Lithuania..
Czechoslo¬
5
May 18 1936
Apr.
June
3.29
Japan
Changes
2^
Aug. 28 1935
3
India
Deo.
4
..
COMPARATIVE STATEMENT
Rate
3
Hungary
Mar. 11
Established
BANK OF FRANCE'S
vious
2
Holland
1 1936
10 1935
1 1935
May 15 1935
July
July
Pre¬
Date
Effect
Country
vious
Effect
Country
Rate in
Pre¬
*
other banks expired March 31,
latest available.
.
297,692,000
2.23%
1936.
a Figure
2.17%
of Nov. 16
\
New York
Money Market
CONDITIONS change this week, and rates market
in the New York money for all
showed
classes
of
no
accommodation also were carried over
3522
Financial
from last week.
rates
were
Bankers' bill and commercial
paper
continued, with business
Treasury sold
Rates, however,
circumstance.
days
was
awarded at
on an
other
issue
of
awarded at
an
offered
for
sum was
new
$50,000,000 bills due in
an average
of 0.040%,
$50,000,000, due in 273 days, was
of 0.088%. New York State
average
moved to
a
premium in counter trading. Call loans
New'York Stock Exchange held to 1% for
on
the
all
transactions, while time loans
available at
were
1*4% for all maturities to six months.
hensive tabulation of brokers' loans
Stock
the
Exchange showed
of
end
month of
November,
The compre¬
by the New York
total of $984,004,702 at
a
increase for all of that
an
$9,076,684.
180 Days
Bid
Prime eligible bills
Eligible member banks
Eligible non-member banks
1*4%
for:
maturities.
and
1% for
Discount
is
been
nominal
at
prime
quite brisk this week.
Rates
24% for
are
less known.
the movement of
another
the
as
the Continent
Federal
have been
changes this week in the
Reserve Banks
foreign funds from
The
following is the schedule of rates
various
the
classes
of
now
in effect
the
at
paper
different
Reserve banks:
were
affected
The
exchanges
|
•
'
.
"
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Date
•
•
I-
.
Established
Rate
2
Feb.
8 1934
New York
U*
Feb.
'
•
2
Jan.
17 1935
Cleveland
IH
Richmond
2
flow of
'
.r.
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
May 14 1935
May 10 1935
Minneapolis
2
Kansas City
Dallas
2
2
May
2
Feb.
2H
2H
2H
2K
2H
2H
2H
2H
16 1934
of
occurred, and
New
a
York
Mean¬
counter-
London
has
notable repatriation of Dutch funds
to Amsterdam from London has taken
place.
Foreign exchange traders state that the commercial
demand for sterling in New York has attained
siderable volume.
sources
This
demand
does not indicate
two ago.
or
from
con¬
commercial
growing foreign trade, but
a
month
Commercial interests had held back in
exchange rates would work lower.
ness
in the rate
short-term
now
is
leading to
positions
commercial
on
feature.
seasonal
The
sight
bills,
paper
has been
transfers
ment to
has
a
last
been
Official quotations
as
Rates
issued by the
Federal Reserve Bank of New York for bills up to and
including 90 days
are J4% kid and 3-16% asked; for
5-16% bid and J4% asked; for five and
months, 24% bid and 5-16% asked. The bill-
profit
over
of
range
range
$4.89 13-16
for
and
of between $4.8924
engaged in London for ship¬
This trend
to
seems
supplies
the
a
The
between
a range
have
because
this
week ago.
New York.
gold
to
This is
sterling
with
week.
sterling
this
for
range
commercial demand for
hoarded
scarce.
account,
$4.8924 and $4.91 5-16 for
compared
Gold continues to be
THE market forchange this week. The demand
prime bankers' acceptances has
shown little
Continued steadi¬
general covering of
a
balance positions before the end of the year.
and $4.91
Bankers' Acceptances
change.
seriously
a
some
to
money
of
good but
'
considerable subsidence in the
a
$4.9124? compared with
2
8 1935
San Francisco.
no
The
disturbing
f
..
foreign funds to New York and
movement
cable
2
2H
May 11 1935
May
9 1935
Atlanta
been
a
the London market.
on
$4.89 1-16@4.90 15-16
V4
2 1934
Philadelphia
has
also
were
threatening the security markets
operate and currently the dispute between
while there has been
Previous
Dec. 4
show
neighboring
King Edward and his ministers has had
bankers'
Effect on
Boston
to
menace
by the Spanish situation.
week has been between
Rate in
Federal Reserve Banh
many
especially adversely
were
by the increasing
countries presented
on
distressed, and inactive
nervous,
owing to the disturbed political conditions in
countries.
a
r*
.
market to
one
security markets in London and
settling exchange contracts in the belief that the
no
rediscount rates of the Federal Reserve banks.
for
The firmness dis¬
due largely to the cessation of
was
represents covering of commitments made
Rates of the
'HERE
.....
past two weeks.
played last week
and while the supply of
running from four to six months
names
names
having
continue
short of the daily requirements.
extra choice
new
substantial increase it is still
a
H % bid
% % bid
.....
a
dollar for the
.
Transactions' in
The demand has been heavy
has shown
3i«
These influences
transactions
Rates
commercial paper have been
paper
M
3i«
STERLING and the major currencies haveofbeen
showing
firmer undertone in terms
the
•
no
week.
all
3i6
M
30 Days—
factor.
The market for time money
standstill,
5t«
60 Days—
Course of Sterling Exchange
disquieting effect
this
5i«
...—
ruling quotation all through the week for both
a
M
—120 Days—
Bid
Asked
Ashed
H
......
continue to
at
are
FOR DELIVERY WITHIN THIRTY DAYS
Money Rates
was
loans and renewals.
Bid
5i«
90 Days— '
Prime eligible bills..—......
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
reported
150 Days
Ashed,
H
......
German-Japanese agreements
New York
still
market acceptances
com¬
$60,000,000 %% budgetary notes
Tuesday, to mature June 10,1937, and these notes
on
5, 1936
follows:
annual bank discount basis, while the
issue of
an
The nominal rates for open
as
affected by that
were not
One issue of
puted
The
only $50,000,000
as
matured, this meant that half the
104
quiet.
Dec.
Monday two issues of discount bills
on
aggregating $100,000,000', and
money.
very
Chronicle
dollar
and
is
largely offsets the
on
this side.
Most
been taken from the
attracted
price of $35
an
to
New
ounce
York
offers
a
the day-to-day quotations in London.
Since
Sept. 25, when France suspended the gold
standard, these London shipments to New York have
reached about $136,000,000.
In the past week or more this
gold flow has been
four months,
increased by sales of Swiss gold, which is also due to
six
the
profitable price obtainable in New York.
Cur¬
buying rate of the New York Reserve Bank is 24%
for bills running from 1 to 90 days, 24% for 91-to 120-
rently the Swiss movement has been stimulated by
day bills and 1% for 121- to 180-day bills.
which is
eral Reserve Bank's
from
holdings of acceptances increased
$3,086,000 to $3,087,000.
for acceptances are
concerned,
as
nominal in
Open market rates
so
far
as
they continue to fix their
The Fed¬
dealers
own
are
rates.
action taken
Swiss
by the National Bank of Switzerland,
understood
to
have
informed the private
banking institutions that it
no
ready to buy freely all gold offered it.
longer stands
Toward the
end of November the Swiss bank made the
tion that each offer of
stipula¬
gold sales made to the central
Financial
Volume 143
bank
be
will
Partly
as a
subject
to
negotiations.
individual
result of the rapid disgorging of hoarded
gold in the two months since devaluation of the
Swiss
franc, the gold
of Switzerland
Washington
to regard the
policy of the central bank of Switzerland not to
buy all gold offered to it
bank's control
to increase the
as a move
gold movements and
over
guard against "hot money."
as a
possible
The Swiss limitation
gold purchasing is being watched by the Washing¬
on
authorities
ton
with
interest
States is also concerned
control
is
seem
over
with
because
the
stable, which
way so as
increasing
gold
sterilized in
or
be taken in this direction
radical
some
It
will
measures
shortly after the turn of the
third increase in the
oppose a
the member banks.
imports
on
Aside
a
reserve
requirements of
The Reserve authorities
program
are now
to offset the effect of gold
39,000 from Russia
13,000 from Cuba
$7,460,000 total
Net
in
Decrease:
is
steadily
expected that from
London
the
tion of the Bank of
above
The
same
much
but
any
is
generally
England will increase and reach
more
London
than
a
few
as
keeping
There
year.
may
At
is at
be
a
rates at the year-end, but
as may
remain
Government is
own
money
such stringency
to last
in
It
time the general monetary turnover
slight stringency in
develop is not expected
days.
Actual credit supplies
abundant
as
money easy
ever,
the
as
not only in its
interest but in the interest of the country as a
whole.
There has been
in
considerable increase in capital
a
London
November up to
recently.
Capital
issues
in
the 27th of the month aggregated
approximately £114,000,000, including the Govern¬
ment's
funding loan of £100,000,000, making £289,000,000 issued in the 11 months of this year, as
compared with £172,000,000 in the corresponding
period of 1935. Excluding the Treasury's borrowing,
capital offerings after lagging in the first half-year
behind the total of
1935,
year's figures and give
now
every
have exceeded last
indication of unabated
activity.
the
metal
week ended
on
were
exports of the metal
no
de¬
On Friday $1,048,300 of gold was
There
were no
exports of
change in gold held earmarked for
or
foreign account.
Canadian
between
The
rate
during
exchange
the
discount 1-32% and a
a
following tables show the
Paris, the London
on
and the
week
ranged
premium of 7-32%.
mean
London check
market gold price,
open
price paid for gold by the United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Nov. 28
Monday, Nov. 30
Tuesday, Dec.
1
Wednesday, Dec. 2
Thursday,
Dec. 3
Friday,
Dec. 4
105.14
_105.14
__105.15
105.14
105.12
-_.105.14
LONDON OPEN MARKET GOLD PRICE
Saturday, Nov. 28
Monday, Nov. 30
Dec.
I
142s.
141s. lid.
I
_141s. 7d.
1
FOR GOLD
Wednesday, Dec. 2__._141s, 8>£d.
Thursday,
Dec. 3
141s. 9Hd.
Friday,
Dec. 4
141s. 9J£d.
BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Nov. 28
Monday, Nov. 30.—
Tuesday, Dec.
1
Wednesday, Dec. 2
$35.00
Thursday,
Dec. 3
35.00
Friday,
Dec. 4..35.00
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange
Saturday last
Bankers'
at $4.89
sight
firm,
was
was
on
from Friday's close.
up
$4.89%@$4.89%; cable transfers
13-16@$4.89 15-16.
firm in limited
was
trading.
On Monday the pound
The
range was
$4.90@
$4.90% f°r bankers' sight and $4.901-16@$4.9013-16
for cable transfers.
On Tuesday sterling was firm on
commercial demand.
Bankers' sight was $4.90 9-16
@$4.91 5-16; cable transfers $4.90%@$4.91%.
On
Wesnesday sterling eased off slightly, but'was still
firm
on
commercial demand.
The range was
$4.90%
Money in Lombard Street continues in large supply,
any
change from week to week.
On Thursday the foreign
range was
and
$4.90%@$4.90%
for
cable
transfers.
Friday sterling was steady, the range
@$4,90 5-16 for bankers'
was
On
$4.89%
sight and $4.89 15-16@
$4.90% for cable transfers.
Closing quotations
on
$4.90% for demand and $4.90 3-16 for
transfers.
Commercial sight bills finished at
Friday
cable
The
$4.90 3-16@$4.90 9-16 for bankers' sight
were
$4.90%, sixty-day bills at $4.89%, ninety-day bills
at
$4.89,
Cotton
documents
for
payment
(60
days)
at
bills at $4.89%.
and grain for payment closed at $4.90%.
and
seven-day
grain
Call
against bills is %%, two-and three-months'
are
$4.90% for cable transfers.
currencies continued firm against the dollar.
$4.89%,
showing hardly
money
was
@$4.90 13-16 for bankers' sight and $4.90 11-16@
offerings
bills
for the
are
gold held earmarked for foreign account
creased $145,300.
until Christmas the circula¬
higher rate than last
figures
security
exceptionally high level during the holidays.
an
the
a
improving.
now
$1,125,000
approximately $1,013,000 of gold
received at San Francisco from Australia.
PRICE PAID
market, all other British indexes show that British
business
Change in Gold Earmarked for Foreign Account
Note—We have been notified that
Tuesday,
the American credit structure.
from the setback
None
1,348,000 from India
cooperating with the Treasury Department in the
formulation of
Exports
Imports
The Federal Reserve System is believed to
year.
follows:
$3,074,000 from England
2,368,000 from Canada
some
to keep down the steadily mounting credit
generally thought that
Reserve Bank of New York, was as
GOLD MOVEMENT AT NEW YORK, NOV. 26-DEC. 2, INCLUSIVE
received from England.
whereby the
be either reduced
gold movement for
reported by the Federal
There
of the Federal Reserve member banks.
reserves
is
methods
At the Port of New York the
the week ended Dec. 2, as
from India.
buy
Without doubt the autorities at Washington are
can
Thursday £565,000,
on
Friday £173,000.
on
that it must
means
credit expansion in Switzerland.
supplies
available
On Thursday $170,600 was received
Therefore the action is not expected to prevent
canvassing
was
Tuesday £420,000,
on
Wednesday.
meet the demand for Swiss francs if it does not
gold.
Saturday last there
adheres it must
agreements to which Switzerland
currency
repatriation of
or
Under the terms of the monetary
capital is doubted.
keep its
as
That the Swiss
importation of volatile funds.
the importation
and
well
On
Monday £10,300,
on
Wednesday £322,000,
on
increasing government
international monetary movements
action will prevent
£100,000,
United
the
discouraging private arbitrage transactions
as
destination, the great part believed to be for resale
in New York.
and
at almost record levels.
are now
The authorities in
new
of the National Bank
reserves
3523
Chronicle
19-32%, four-months' bills 21-32%, and six11-16%. Gold on offer in the London
Continental and Other Foreign Exchange
months' bills
FRENCH francssuccessful interplay of the several
are firm and steady owing of
the
market this week continues to be taken for unknown
foreign
course
to
exchange
equalization
funds.
Essentially
3524
there
Financial
is
sign
no
of
improvement
monetary situation.
There is
no
confidence
on
policies
the part of the citizens either in fiscal
the lack of confidence is
even
The
French
the
sign of returning
the economic outlpok.
or
in
Chronicle
Dec.
following
ence
Spanish civil
on
Strikes
v[the
is having
war
French
Old Dollar
New Dollar
Parity
France
distrubing influ¬
a
and investing public.
saving
Parity (a)
(franc)
9.63
16.95
16.90 M
8.91
5.26ys
Switzerland (franc)
19.30
32.67
22.98
to 22,99K
Holland
14.20
68.06
54.30
to 54.46
a
factorsj^which might be expected to restore
(guilder)
New dollar
at 105.15
real information
the
or
as
longer
to the financial status of the bank
Treasury, for since the constitution
exchange equalization funds, it is
for
conveys any
of the
longer possible
no
to estimate accurately how much gold
anyone
the country owns.
If the gold
Bank's statement goes
fund has been
down it
based
reserve
the
on
be said that the
may
buying gold to protect the franc
the exchanges, or
merely for the
purpose
on
of reducing
surplus franc balances with the Bank, which balances,
incidentally,
may
of the
those
figure under private deposits
Henceforth
Treasury.
neither allowed to hold gold
what
gold it
nation;
possesses as a
the
individually
certainly is that the gold which
or
nation
is
to know
nor
All that it knows
in the state¬
appears
ments of the Bank of France exists in the name and
to the
its
credit of the nation but cannot constitute all
parity
5.26M
to
,
sight bills
on
on
Friday
on
In
the French center finished
on
4.65%, against 4.65%
cable transfers at
Paris closed
Friday of last week.
Friday of last week;
on
4.66%, against 4.65%.
Antwerp
belgas closed at 16.91% for bankers' sight bills and
16.91% for cable transfers, against 16.90% and
at
Final
16.91.
for bankers'
in
quotations for Berlin marks
40.22
were
sight bills and 40.24 for cable transfers,
Italian lire
comparison with 40.23 and 40.24.
closed at
5.26% for bankers' sight bills and at 5.26%
for cable
transfers, against 5.26% and 5.26%.
trian
change
Czechoslovakia at 3.53%, against 3.54%;
on
Bucharest
on
Aus¬
schillings closed at 18.72, against 18.72; ex¬
18.87%,
0.74, against 0.74; on Poland at
at
against
against
and
18.86,
Finland at 2.16,
on
closed
exchange
Greek
2.16.
0.89%,
at
against 0.89%.
gold.
It results from the advance
publication of statistics
the 1937 estimates that the nation will
on
borrow
francs
15,000,000,000
account of the
next
THE Bank of The Netherlands to 2%, effective
of rediscount from 2%% has reduced its
rate
have to
for
year
Dec. 3.
1936.
the
ordinary and extraordinary budget,
The
The
bank has
2%% rate
railways, besides probably 3,000,000,000 francs for
orities to combat the
the post
money
total is easily
within the
war
power
pensions.
of the country to
The failure of the Government to place
subscribe.
its so-called short-term
popular loan, offered shortly
after M. Blum took office, has been
serious dis¬
a
appointment to Treasury officials, and
On Dec. 2 the German
worse.
of
details
the
to
grow
public learned further
exchange law
new
probable
policy of the Dutch monetary auth¬
attacks
currency
the
The last time
from May 16,
was
empowering the
sion of gold
which reduced its rate
Nov. 25 from 2% to
on
fortune and property
ment
of
any
citizen suspected of
an
In order to
abroad permanently.
relieve exchange
control functionaries of the embar¬
is
contrary
Switzerland in
least
so
orders the death penalty
money
are
designated
as
Under the
are
decree
new
decrees
the "law against economic sabot¬
decrees price increases
new
imposed
withhold goods from
merchants
on
the market.
decrees could have become
tion that the
The
all goods and services,
prohibited for
penalties
new
one
for Germans who smuggle
and other property abroad.
age."
last
that
or
are
and heavy
producers who
The fact that such
possible is
a
clear indica¬
"hidden inflation" in Germany is at
Dispatches from Warsaw on Dec.
1 state that
devaluation of the zloty could only yield negative
results for Poland and
opening
might/lead to ruin instead of
made at the
at which time both the
These statements
of Parliament,
were
Premier and the Finance Minister affirmed that the
Polish currency will not
be devalued.
are
cautious of binding them¬
international monetary pact, it is felt
certain that full technical agreement
within
short time.
a
sterling
bar
to
rencies
It
exchange
Switzerland has
credit
National
the
that
as a
Scandinavian
cur¬
moving in close sympathy
with
a
limit
Bank of
buying of gold
placed
expansion.
firm,
are
will be reached
noted above in the review
was
on
The
sterling.
Bankers'
sight
Amsterdam finished
on
54.41, against 54.27
transfers
getting out of hand.
improvement.
selves to any
of
and
Belgium
for the present at
means
Although for several reasons
the Dutch authorities
seems
1%%.
currency agree¬
of
action
The
Bank,
only adherence in principle to the agreements of
courts, an addendum provides that even suspicion
It
it
as
Sept. 25 and Oct. 13.
necessary.
tripartite
the
to
far
rassing business of proving their suspicions in the
not
2% rate
forced the raising of the rate to 3%.
exchange control service to seize and administer the
go
a
1931 to Sept. 28,
Dutch action follows that of the Swiss National
Holland's adherence to the
intention to
an easy
anticipation of
guilder in
depreciation.
in effect
was
of
devalued in
was
constantly thwarted by
were
on
means
the attempts made toward an
year
policy
money
renewed
depression by
Until the guilder
policy.
September of this
easy
Dutch
1931, when the crisis caused by the British suspen¬
situation continues
mark
German
a
rumored.
resort to forced loans is
The
The
in force since Oct. 20,
employed during the past five years and is
in line with the
office department and
was
rate is the lowest which the
new
and at least 5,000,000,000 francs for account of the
is
to 16.93
before devaluation of the European currencies
as
against 105.15
New York
at
4.65 13-16 i,o
Sept. 26 and Oct. 5, 1936.
The London check rate
calm.
no
4.67^
3.92
5.26
between
The French Bank statement
Range
This Week
13.90
Italy (lira)
again spreading, greatly to the detriment
are
of any
of the
relation
dollar:
On the contrary,
greater.
the
leading European currencies to the United. States
Belgium (belga)
The
shows
table
5, 1936
sight
at
bills
closed at
transfers,
54.28,
22.98 for
against
Friday at
against 54.29; and commercial
54.42,
at
on
Friday of last week; cable
on
against
checks
22.97
54.20
and
and
at
Swiss francs
22.99 for
22.98.
cable
Copenhagen
checks finished at 21.88 and cable transfers at 21.89,
against 21.86 and 21.87.
Checks
at 25.27 and cable transfers at
and
25.25; while checks
on
on
Sweden closed
25.28, against 25.24
Norway finished at 24.63
Volume
Financial
14S
and cable transfers at 24.64, against
Spanish pesetas
wage agreement
24.60 and 24.61.
not
also
that
shortly to
the
to
the
remove
market
open
Argentine
official
in
control
sterling exchange
Argentina
apparently
and
purchased
set
theories represented
the
no
buying rate for sterling.
Argentine paper
closed
on
10% of the previous total, further provided for
Friday, official
readjustment of the general
quotations, at 3211-16 for bankers' sight bills,
against 32% on Friday of last week; cable transfers
32
at
11-16,
market
close
against
is
rates,
unofficial
The
living in the
en¬
For the purpose of determining the
year.
of Labor Statistics of the
to be
or
as
the base.
was
for any
against 24%.
10%,
-—♦——
Department of Labor
was
used, with the index figure as of July 15,1936,
Nov. 16
Peru is
nominally quoted at 5.19, against 5.19.
nominal at 25.00,
a
levels in the event
change in the cost of living, the index of the Bureau
8.45,
are
free market in
6i00, against 5.85@5.95. Chilean exchange
8.45.
milreis is
official
milreis,
wage
marked increase in the cost of
a
suing
or
against
28.85@28.96,
was
Brazilian
27.95.
of
free
27.75©
The unofficial
against 32%.
Carnegie-Illinois plan, after providing for
increases, effective Nov. 16, of approximately
wage
pesos
by the Federation's demand and
Carnegie-Illinois plan merit examination.
The
official
no
considerably reduced
a
the attention of the next Congress, the wage
upon
Dec. 1 and 2
on
ex¬
working week for railway employees will be pressed
plans
Government
reported to have
With the practical certainty
that the 30-hour week and
existing exchange restrictions. The
originated in the fact that
rumors
the
respect
Regarding the propriety of that agree¬
pressed some doubt.
The strength of the peso is linked with
quotations.
rumors
with
Corporation providing for
ment President Roosevelt was
only with respect to the official controlled
but
rate,
ing costs.
exceptionally firm
paper pesos are
Steel
adjustments in connection with changes in liv¬
wage
•
ARGENTINE
offered early in November by the
Carnegie-Illinois
quoted in New York.
are not
3525
Chronicle
The
general
to be
adjustment effective
wage
regarded as advance compensation
subsequent rise in the cost of living, up to
as
measured from the July 15 base.
If, after
taking account of the approximately 10% increase of
EXCHANGE on withFar Eastern tone of sterling,
sympathy the the firmer countries is firm
all the Far
either
legally
Aside
from
or
Eastern
currencies
rise
allied
are
sympathetic
of
movement
exchanges with the trend of sterling,
no
Closing quotations for
these
against
28.51,
28.60%
time
Hongkong closed
at
checks yesterday
30.66@30%,
against
a
week.
37.05,
at
against
37.02.
as
ex¬
Steel
by special cable yesterday (Friday); comparisons
buying
a
rise in
£
France
Germany b8 pain
A
Italy--Netherlands
Nat. Belg—
Rwiti'rland
Sweden
Denmark
Norway
_.
£
249,171,286
391,871,164
1,896,550
c87.323.000
a42.575.000
47,491,000
105,843,000
81,882,000
24,278,000
6,553,000
6,603,000
199,139,712
529.526.263
3,355,850
90,311,000
42,575,000
52,333,000
98,500,000
46,743.000
16,290,000
6,555,000
6,602,000
£
65,656,000
71,300,000
71,652,000
69,482,000
15,766,000
7,396,000
6,582,000
Total week. 1,045,487,000 1,101,930,825 1,250,862,951
•Prev. week. 1,045,504,817 1,118,431,438 1,252,858,447
continues,
was
quoted
District
a
spokesman for the
objected that the proposed contracts "would
regardless of any increase in
com¬
profits."
living
as an
agreed factor in
wage
agreements has not been used since the World War,
£
191,775,452
618,980,902
17,625,800
90.434,000
76,329.000
76,793,000
77,718,000
61,710,000
14,323,000
7,397,000
6,570,000
as
living costs would not leave the
1932
£
192,708,699
656,775,152
2.885,100
90,660,000
also to be considered.
better off, while
The cost of
England—
power was
Representatives Council of the Chicago Wage
pany
1933
given controlling weight where
low, that its application seemed to
'freeze' the wages
four years:
1934
not a
was
Lewis, head of the Committee for Industrial
workers any
shown for the corresponding dates in the previous
1935
Nov. 13,
not
tionate to
of
respective dates of most recent statements, reported
1936
comments, made at
on
objecting, in substance, that a rise in wages propor¬
par
of—
conference
Organization, whose controversy with the American
exchange) in the principal European banks
Banks
and at the expiration of that
Federation of Labor still
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
us
or
to continue
was
were
John L.
Gold Bullion in European Banks
are
plan
be limited to the determination of a minimum
wage,
•
to
year,
White House press
and that
4
of
one
The
might be modified or extended.
wages were very
57.65, against 57%; Bombay at 37.05, agamst
Calcutta
to be made.
factor that should be
31-32; Manila at 50 5-16, against 50.25; Singapore
at
and
was
pressed the opinion that the cost of living
30%@
29
37.02;
5% compared with the July 15
quoted directly, but he was reported to have
were
30.66; Shanghai at 29.80@30 1-32, against 29%@
*
full
a
President Roosevelt's adverse
Friday of last
on
fall
corresponding adjustment of 5% upward
in effect for
important
weeks.
yen
a
downward
developments affecting Far Eastern exchange have
been recorded for many
or
base,
through exchange control operations.
the
carried by the plan, the cost of living should
wages
in
which
to
when both wages
140,389,087
666,872,525
36,935,000
90,369,000
62,846,000
86,050,000
74,501,000
89,166,000
11,443,000
7,400,000
8,014,000
vanced
and living costs
The attempt to introduce it
goods.
sharply ad¬
were
by the extraordinary demand for labor and
are
a
Amount held Oct. 29, 1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which is
now
reported as £1,404,650.
c Amount held Aug. 1, 1936; latest figures available.
Note—The pai of exchange of the French frano cannot be exactly
determined, as
wage
cost of
a
ter
strug¬
a
Such objections as those cited above, however,
not of equal weight. It is, of course, true that
gle.
1,239,656,154 1,273,985,612
1,242,732,829 1,275,383,534
is not
now
likely to be acquiesced in by labor without
increase which merely offset
a
rise in the
living would not leave the worker in any bet¬
position relatively than he
was
before; it would
yet, since the legislation enacted Sept. 26, 1936, empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
merely enable him to meet increased expenses out of
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
correspondingly increased
pound (the old parity
that we
about 125 francs to the pound).
It is on this new basis
have here converted the Franch Bank's gold holdings from francs to pounds.
was
hand,
eral
that year
The demand of the American Federation of Labor
eral
"large and continuing" wage increases
policy, with
living
as an
a
"capacity production" level of
ultimate objective,
as a gen¬
serves to recall the
wage
income.
On
the other
contract which, starting with
a gen¬
increase of approximately 10%, is not
only subject to revision after one year, but during
Wage Proposals and Living Standards
for
a wage
wage
'
provides for
an
automatic increase of the
scale if the cost of living index rises,
hardly be regarded as unreasonable save
on
the
can
as¬
sumption that the new wage scale is still too low.
Moreover, while the cost of living is obviously
a
dif-
3526
Financial
ficult test to
apply to compensation for labor of
any
kind, the test cannot logically be invoked in determining a minimum wage and disregarded in determining wages above the minimum. The question, in
other
words, is not whether living costs shall deter-
mine wages at some low level and not at
but what
nois
wages at any
time.
increases
or
decreases within
initial increase has been
The American Federation of
review
while
of
the
business
limited
a
and
expressing appreciation of the
recently granted, insists that they
situation,
increases
wage
not enough,
are
relation is
tween wages
the profit and loss
on
than breaking
more
even,
only what is left after
are
profits
are
not.
or
definite
more
no
logical be-
or
and dividends. Dividend payments, ac-
tual and estimated, for the present year,
to
according
figures given out by the Department of Cornshow
merce,
,
industrial
while,
wages
doing little
are
and other costs have been met, but labor is
The
period after
Labor, in its monthly
paying
side, they
wages
What it pro-;
provided.
thousands of industries and businesses
many
are now
paid whether there
of the index to determine automatic
use
5, 1936
out the depression years when there were no profits,
and
The Carnegie-Illi-
at any given index point.
is the
poses
an
higher ones,
plan, it should be noted, does not undertake to
fix wages
Dec.
Profits, in other words,
weight shall be allotted to living costs in
determining
Chronicle
same
higher percentage of increase over
a
1935 than do
the wage
and salary figures for the
but the total amount of dividend in-
years,
for 1936 is less than one-third that of the
creases
estimated enhancement of wages
and salaries. Divi-
dend disbursements for the present year,,moreover,
but that wages must continue to rise until a much
are
misleading
higher standard of living than
the
disproportionately large payments made by
been
prevails has
now
attained.
"Only by large and continuing increases," its review declares, "can we create a mar-
eral taxes
ket great
ford
enough for capacity production and full
employment.
for
plan
general
.
In the months ahead
...
and
recurring
throughout all industry.
gressively rising
ate
wage
production for
industry
increases
wage
We must plan for
a pro-
level that will eventually
comfort living standard.
a
eventually pay the
can
must
we
comfort
ere-
That
wage
is
unquestioned, for, provided distribution of income
is
equitable, capacity production of
industries
our
will in itself create the wealth
necessary
Doubt
was
expressed by the Federation's organ
whether the recent increases "are
have
to
to pay it."
much
effect
undistributed
on
the
surpluses, and they af-
indication of the
made in 1937.
cor-
alternative to the payment of Fed-
as an
no sure
basis of comparison because of
The
payments that may be
dividends, of
belong to
course,
security holders who have invested their money
in the business, but there is much reason to fear
that the
relatively large payments recently made
will be found to have left many
corporations without
the funds needed to meet future
maturities, and that
will have to be had to
borrowing for funds
recourse
which
surpluses
Dividends,
would
moreover,
not continue if
otherwise have
provided,
being derived from profits,
profits
and
cease,
a
can-
business that
widespread enough
cannot operate at a profit must in time go to the
Certainly
wall, but in the meantime labor will have been paid
buying
on
porations
as a
power.
those cited have been far less in total amount than
while bond and stock holders have
the dividends
of losing their investment.
declared in
dustrial wages
last
November."
summer
with
were
contrasted
years
of 58 cents per hour
before, notwithstanding
for
the
level"
period.
which
for every
average
desired
was
for
would
pointed out,
on
at
mean
an
present
income of $3,623
"This would be $1.77
steady
work
Some skilled workers have al-
year.
ready reached this level.
must count
rise in living costs
40-hour week, with
a
throughout the
a
of 56 cents two
"capacity living production
American family.
hour
per
The
was
price levels, it
an
Average in-
the
which, in addition to being certain, afford
a
margin
for comfort and enjoyment after the necessities of
living have been met. The history of labor shows,
on
the whole, a steady progress toward that desirable
end, and there is
to suppose that, if gov-
no reason
ernment interference does
not
suppress
intelligent
competition, the advance will not continue.
In the
labor produces, and if wage levels are to rise labor
criticism
to
the
disparity
must
between recent
of
the
Carnegie-Illinois
for
plan
without regard to increase in prof-
wages
its, embodies fallacies which should not
ticed.
progressively
steady upward progress, striving first
reference
"freezing"
a
last analysis, however, wage rates depend upon what
increases and recent dividend payments, like
wage
naturally, is
higher standard of living, attainable through wages
For the vast majority we
to lift all to the minimum health level."
The
What labor wants,
only the prospect
There cannot
be, logically,
nite relation between wages and
go unno-
fixed
any
defi-
or
profits. Wages
are
be
more
productive.
The fact that increased
production leads, in the long
sumption, and hence to
a
run,
to increased
con-
larger volume of profit, is
to the advantage of labor in that it adds to the
tal available for further production.
capi-
It should be
obvious that labor demands which aim at restriction
of output per worker, whether by unreasonable re-
duction in working hours or by vexatious conditions
not
only the largest element in production, but they
under which work is to be
are
also
the way to bring about the progressive gains in real
underlying and inescapable charge
an
operating
expenses,
profit that
be adhered
be
there
is
paid if
paid
entirely
accrue.
irrespective
If there is
the terms of the contract
tract,
if
may
to
as
no
may
as
and
any
con-
wages
are
frequent
still
Wages
intervals,
not be realized until after
a
not
available in
fact until
some
time
while
are
after
Mil-
lions of American workers have received
wages,
many
cases
in
regularly and without break, through-
are
not at all
that labor desires,
______
The Neu) Political Alliances
to
considerable
they have arisen as a matter of bookkeeping.
performed,
to
are
period of operation, and under credit practices
often
wages
the contract is in effect;
contract,
at
of
wage
expected
operation is to continue.
regularly
profits
long
time
are
a
upon
Partly in preparation for
partly for purposes which
as
their
toward
outcome, the world
alliances,
though they
may
or
an
expected war, and
may or may
seems
not have
to be
war
turning
toward understandings which,
lack the formal elements of alli-
ance, appear to have the essentials of alliance char-
acter.
Prior to the World War,
were common
such agreements
enough to be regarded
as
natural
ac-
companiments of international relations, and some
Volume
of
Financial
143
them
served
effectively in keeping Europe at
The war, however, temporarily made an end
peace.
of the old
three
system, and left Europe divided into the
of victors, vanquished and war-time
groups
neutrals, with treaty provisions expressly designed
to
place of the old alignments the League of Nations
refusal of
undertook to
bring together for
the nations except
til
action all
common
those which had lost the
Un¬
war.
recently, the only important combinations having
more
tle
less the character of alliances
or
were
the Lit¬
Entente, formed to hold Germany in check
and
east
on
the
of the Austro-Hun-
prevent any revival
diplomatic recognition. The most that any
State could do would be to put a
under
legal ban within its
in
done
Germany,
It
Germany
in mind.
have
The rather
the Russian
that any
to the
only
on paper,
dwindled to
A
new
aggression in the west. The
exists; the Locarno pacts exist
and the influence of the League has
inconsequence.
program
interference with Russia will be resisted
developing. It
now
began with the Franco-Russian alliance,
directed
clear indication that Russia re¬
are a
as
actually directed against itself.
strange if, with the strained relations
have
existed
of late between
Germany and
Russia, and the talk of impending war between Ja¬
and Russia which has been going on for the past
pan
year
of alliances is
regarding the strength of
and air force, and the warnings
army
limit,
which
flamboyant declarations that
from Moscow
come
It would be
Little Entente still
vigorously
fulminating
against bolshevism, have something more definite
Great
Italy and Belgium which
all its public ac¬
conclude, accordingly, that
in
Japan,
and
gards the pact
Britain, France,
Communist party
borders, as has been
repress
reasonable to
seems
garian monarchy, and the Locarno undertakings of
aimed to check German
and
own
tivities.
prevent the defeated Powers from uniting, while
in
3527
Chronicle
two, any other inference should have been
or
drawn.
the
As
long as Soviet Russia continues to be
leading exponent of communism, the Berlin-
primarily at Germany but with general professions
Tokio
pact will support a presumption of hostile
of peace
intent
on
ers
and amity in whose furtherance other Pow¬
were
invited to
join.
understanding,
general
There followed shortly
made
more
definite
and
binding later, between Germany and Italy in which,
other things,
among
the interests of Austria
re¬
ceived
special recognition.
tween
Germany and Japan pledges the signatory
Powers to
joint resistance to bolshevism, while by
action
common
recognition
Franco in
sion
A recent agreement be¬
Germany and Italy have extended
the
to
Spain.
upon
its
rebel
Government
of General
Poland, having relieved the ten¬
virtual alliance
with Rumania by
the
part of its signatories.
War with Russia is not the
a
and
don
only thing that Eu¬
Diplomatic opinion, especially at Lon¬
fears.
rope
Paris, is inclined to see in the German-
Japanese alliance
a move
in the direction of dividing
Europe and Asia into political blocs, one Commu¬
nist,
one
cratic
parliamentary government.
Whether
or
Italy formally adheres to the Berlin-Tokio alli¬
not
its sympathies
ance,
nist
the
Fascist, and another standing for demo¬
or
obviously with anti-Commu¬
are
aims, and there will naturally be drawn into
same
circle, formally or informally, other coun¬
dropping its Foreign Minister, Nicholas Titulesco, is
tries which
exerting itself to improve its Rumanian relations
Between such
and is believed to have
of which Russia and the Madrid Government are at
France.
Russia has
with Czechoslovakia.
itary aid in
strengthened its alliance with
military alliance of
a
some
A reciprocal guarantee
kind
of mil¬
of attack has just been announced
case
between Great Britain and
is understood to have been
France, and British aid
pledged to Belgium.
agreement by which Japan
An
recognizes the Italian
ment
support of the Berlin-Tokio agree¬
regarding bolshevism.
Of these various alliances
tween
k
or
agreements, that be¬
Germany and Japan has provoked the most
discussion
the most
and
occasioned,
concern.
in
diplomatic
circles,
On its face only an agreement to
a
Fascist bloc and the Communist bloc
the moment the
tal
representatives, there is fundamen¬
hostility. Great Britain, of course, heads the par¬
liamentary bloc, and France is also to be placed in
that
category notwithstanding the widespread po¬
litical
agitation which that country is now experi¬
encing.
such division
No
conquest of Ethiopia may or may not be the prelude
to formal Italian
living under personal dictatorships.
are
of
Europe into blocs can
pos¬
sibly make for peace, and as a matter of fact it is
the fear of war that now dominates the policies of
the
larger European States.
It is that fear that
ex¬
plains the persistent efforts to induce the United
States to
give to European democracies some assur¬
of help.
ance
The declaration of Premier Blum on
resist the activities of the Communist Internation¬
Tuesday, in an interview with the United Press, is
ale in
the latest
disrupting the internal
peace
of nations and
appeal that an anxious and hard-pressed
Expressing the
spreading Communist doctrine, it is widely regarded
parliamentary leader has sent out.
in
opinion that war was not imminent, and voicing the
other
Britain,
countries, especially in France and Great
ics have
as
the
a
the
aggressive action with
disturbing political force in
countries, there is
no
practical
way
un¬
number of
a
in which Ger¬
and Japan can combat it except within their
countries.
own
more
principal point of attack., Crit¬
pointed out that while communism is
doubtedly
many
for
as a screen
Soviet Russia
The
Communist
Internationale
is
directing political force behind the Soviet Gov¬
ernment, and since there is no opposition party or
political organization of any kind, its policies
identical with those of the Russian State.
itself
an
a
State, however,
or a
Government,
administrative governmental agency.
are
It is not
or even
It is noth¬
ing against which a State could declare war, or im¬
pose an
embargo or a boycott, or use the weapon of
a
that
conviction
race
arms
...
"after
the crisis of this excessive
new
movement will spread over
a
Europe for reconvening the Disarmament Confer¬
and for limitation
ence
of arms," the French Pre¬
mier declared that "in our efforts to stabilize peace
need America's
we
dent Roosevelt
help.
We hope that when Presi¬
gets around to it he will fully sup¬
port all our efforts toward consolidation of peace.
.
.
.
avoid
An
war
elementary condition
of the effort to
is re-establishment of normal economic re¬
lations, and one of the prime continuing factors
would be continuation of that close entente
three
ain
of the
democracies—the United States, Great Brit¬
and
France—which
permitted
accord."
same
stabilization
The
the
monetary
desire to involve
3528
Financial
the United States in the
the
coming conflict
in
appears
anxiety that has been expressed lest the Inter-
American Conference at Buenos Aires shall conclude
a
joint neutrality agreement that would debar Eu¬
from the markets of the United
rope
Latin America in the event of
The influence of
shown when the
States and
war.
League of Nations Council
comes to
The communication to the
eral of the
League, made public
Secretary Gen¬
Nov. 27, charges
on
Dec.
against the Spanish Republic."
be
doubt
no
bers
there is
hardly
also
are
now
There appears to
any
num¬
the rebel side, but
on
doubt that several other Powers
represented by their nationals in the fight¬
Neither Great Britain
the
other
and
only Soviet Russia
nor
France,
hand, has welcomed the Spanish
openly to have
appears
on
move,
sup¬
The Geneva correspondent of the New
ported it.
York
5, 1936
that Germans in considerable
fighting in Spain
are
ing forces.
antagonistic blocs is likely to be
consider, next week, the appeal of the Madrid Gov¬
ernment.
Chronicle
"Times," who is usually well informed regard¬
ing League opinion, reports
a
conjecture in League
Germany and Italy with "a most flagrant violation
circles that
of international law"
the desire to head off Great Britain and France in
the
Spanish civil
in
intervening with
in
and denounces the recogni¬
war,
tion of the Franco Government
the Powers in
arms
question"
"by 'wire-pullers' of
reason
one
Spanish appeal
was
according belligerent rights to General Franco in
return
for the latter's concession of
"an act of aggression
as
for the
(Continued
on
page
a
safety
zone
3533)
The New Capital Flotations in the United States During the Month of November
and for the Eleven Months Ended November 30
The record of
financing in this ^country during the
new
month of November shows
grand total of $353,880,830,
a
comprising $62,623,080 of State and municipal, $239,003,750
of corporate securities and Farm Loan emissions of $28,454,000
and
Argentine
month's
with
foreign
a
Republic
grand total
External
compares
$408,959,275
for
issue
government
Loan
of
4^2%
$23,500,000
bonds.
The
April.
itself, the disposals aggregated $200,341,-
000, all of which constituted refunding.
UNITED STATES TREASURY FINANCING DURING THE FIRST ELEVEN
MONTHS
September;
with
In March the grand total
$295,554,577 for
$767,415,683; in
was
$302,858,716, and in January it
was
was $411,Refunding operations for the month of November
631,104.
comprised $197,481,927 out of the grand total of $353,880,830, leaving the strictly new capital raised during the month
at
Jan.
Dated
Due
Amount
Applied for
Accepted
8 273
days
Jan.
9 Jan.
15 273
days
190,515,000
Jan.
16 Jan.
2 Jan.
22 273
days
212,610,000
Jan.
23 Jan.
29 273
days
170,307,000
132,204,000
Janua ry total
Jan.
$156,398,903.
6 273
30 Feb.
comprised four Treasury bill issues sold
securities sold
and
financing
discount basis.
on a
furnish below
we
a
of the
summary
during the first 11 months of the
new
current year
Treasury
Financing
During
the
Month
of
November, 1936
Mr.
Morgenthau
$50,000,000,
bills
were
Oct.
an
The
dated Nov. 4 and will mature Aug. 4, 1937.
the average rate
20 Feb.
26 273
days
143,432,000
98,970,000
Febru ary tota
on
a
Ten¬
discount basis being 0.115%.
These
bills replace a similar amount of
maturing bills.
On Nov. 3 Secretary of the Treasury
Morgenthau an¬
nounced a new offering of $50,000,000, or
days
2 Mar. 16 12-15
Mar.
2 Mar. 16 5 years
5 Mar. 11 273 days
Mar.
yre
Mar. 12 Mar. 18 273 days
Mar. 19 Mar. 25 273 days
2 Apr.
9 Apr.
April
will mature
totaled
Aug.
11,
The bills
1937.
bank
discount
basis
was
223 days
days
94,599,000
93,918,000
216
days
187,941,000
The bills
Tenders
were
to
$50,083,000
was
the
125.607.000
99.910
May 21 May
202
days
50,000,000 Average
50,005,000 Average
50.050,000 Average
May 21 May
273
days
148,465,000
50.060.000 Average
99.848
100
5,237, 987.200 1,626,937,850
100
2.841, 455,900
503,958,500
146, 415,000
50,090.000 Average
99.900
134, 960,000
99.835
50,295,000 Average
152, 610,000
99.902
50,140,000 Average
113, 830,000
99.826
50,035,000 Average
133, 883,000
99.904
50,018,000 Average
116, 172,000
99.816
50,012,000 Average
135, 202,000
99.912
50.050,000 Average
146, 116,000
99.818
60,008,000 Average
2.75%
1.375%
*0.184%
*0.218%
*0.187%
*0.230%
*0.191%
*0.242%
*0.183%
*0.240%
May
total
May 27 June
May 27 June
5 years
May 28 June
195
days
May 28 June
15-18
yrs
days
273
days
June
18 June
174
days
June 18 June
273
days
replace
accepted.
average
1937.
stood
which
The average price of the bills
rate
bank discount basis being
on a
The bills
or
a
further
99.936,
.084%.
be
a
thereabouts, of 273-day Treasury
were
New York bank.
the discount rate
This rate
was
on
The price of the bills
an
annual
basis being
July
July
Aug.
99.902
Aug. 13 Aug. 19 273 days
Aug. 20 Aug. 26 273 days
t
2 273 days
Sept. 18 Sept. 23 273 days
Sept. 25 Sept. 30 273 days
21 273
days
Oct.
22 Oct.
28 273
days
Oct.
7 273
days
14 273 days
175,240,000
192,136,000
172,935,000
176,251,000
total
29 Nov.
Average
99.913
Average
99.830 *0.224%
50,019,000 Average
50,090,000 Average
50,064,000 Average
*0.230%
*0.213%
*0.194%
99.871 ♦0.170%
*0.115%
4 273
days
3 Nov. 10 273 days
Nov. 12 Nov. 18 273 days
Nov. 19 Nov. 25 273 days
99.839
99 853
99.887 *0.149%
50,018,000 Average
60,147,000 Average
99.901 *0.130%
2.75%
100
981,826,050
99.889 *0.146%
50,022,000 Average
99.881 *0.156%
50,022,000 Average
99.859 *0.186%
50,121,000 Average
50,045,000 Average
50,133,000 Average
99.877 *0.162%
50,060,000 Average
50,159,000 Average
99.906 *0.124%
147,017,000
137,136,000
50,113,000 Average
50,145,000 Average
136,273,000
159,737,000
50,083,000 Average
50,000,000 Average
Nove mber to tal.
Average rate
50,046,000 Average
99.825
99.893 ♦0.141%
99.909 *0.120%
200,397,000
Nov.
*
♦0.191%
*0.067%
99.949
99.946 *0.071%
1,232,156,050
Oct.
er
132,397,000
141,680,000
to tal.
15 Oct.
addition to the public debt.
176,162,000
9 273 days
140,137,000
8 Sept. 15 20-23 yrs. 5,641,583,500
Sept. 11 Sept. 16 273 days
104,697,000
4 Sept.
Sept.
Oct.
99.855
Average
Average
200,219,000
Oct.
existing issues and
169,772,000
155,235,000
182,740,000
197.603,000
total.
Septe mber
50,015,000 Average
50,000,000
50,052,000
50,000,000
50,047,000
250,114,000
5 273 days
6 Aug. 12 273 days
Augus
154,933,000
179,143,000
167,814,000
169,959,000
141,262,000
total.
Oct.
disposed of $7,767,129,350,
up
273 days
30 Aug.
Octob
$4,886,687,900 went to take
an
July
July
<uly
only
In the following we show in tabular form the
Treasury
financing done during the first 11 months of 1936. The
$2,880,441,450 represented
273 days
273 days
273 days
Oct.
Issued to replace maturing bills.
of which
2 July
9 July
was
the lowest recorded since July, 1936.
results show that the Government
99.858
99.863
2.531,544,350
273 days
July
Sept.
new
dated Nov. 25 and will mature
Aug. 25,
The entire issue was taken by a single
bidder, under¬
to
days
total.
Aug. 28 Sept.
19, Mr. Morgenthau announced
offering of $50,000,000,
bills.
offer¬
Aug. 18, 1937.
of
99.909
on
Issued to replace maturing bills.
On Nov.
June
99.905
400.357.000
11 June
$136,273,000,
99.924
140,735,000
161,330,000
131,565,000
June
thereabouts, of 273-day Treasury bills.
totaled
*0.089%
days
June 25 July
offering
was
99.923, the
0.101%.
or
99.933
days
dated Nov. 10 and
dated Nov. 18 and will mature
99.924
days
July
ing of $50,000,000,
99.914
209
days
new
Average
*0.126%
*0.113%
*0.100%
99.929 ♦0.093%
99.904
273
181
Nov. 12 announced another
on
Average
273
11 June
Issued to
Average
Average
7 May
June
being 0.106%.
*0.084%
2.75%
1.60%
*0.104%
*0.104%
*0.118%
May 14 May
May 14 May
days
rate
*0.078%
♦0.123%
*0.125%
*0.151%
*0.188%
*0.156%
*0.110%
*0.175%
*0.200%
188
average
99.934 *0.087%
99.941
50,024,000 Average
50,102,000 Average
50,005,000 Average
50,111,600 Average
July
Morgenthau
50,110,000 Average
273
273
99.919, the
99.944 *0.074%
117,748,000
7 May
273
accepted.
50,000.000 Average
50.028,000
50,196,000
50,008,000
50,077,000
30 May
4 June
was
99.928 *0.095%
150,991,000
146,908,000
May
4 June
Subscriptions to the offering
50,296,000 Average
50,545,000 Average
50,100,000 Average
250,419.000
June
maturing bills.
Mr.
137,648,000
201,805,000
total.
June
$137,136,000, of which $50,145,000
The average price of the bills
a
were
50,074,000 Average
99.919 *0.107%
99 924 *0.100%
99.929 *0.094%
99.926 *0.098%
2,100,326.950
1 273 days
8 273 days
15 273 days
Apr. 16 Apr. 22 273 days
Apr. 23 Apr. 29 273 days
Apr.
Apr.
50,060,000 Average
50,050,000 Average
50,130.000 Average
109,838,000
50,010,000 Average
99.937
100
5,603,388,750 1,223,502,850
100
3.402,542,800
676,704,100
123,071,000
50,000,000 Average
99.921
129,255,000
50,025,000 Average
99.921
147,495,000
50,085,000 Average
99.911
Marc b total.
Mar. 26 Apr.
thereabouts, of
273-day Treasury bills.
Yield
200.941,000
4 273
27 Mar.
May
offering of
offering totaled $147,017,000, of which $50,113,accepted. The average price of the bills was 99.913,
was
days
Apr. 30 May
29 announced
ders to the
000
184,569,000
19 273
Apr.
on
thereabouts, of 273-day Treasury bills.
or
192,133,000
11 273 days
13 Feb.
importance and magnitude of United States
give particulars of the different issues.
New
days
4 Feb.
Feb.
Mar.
United States Government issues appeared in the usual
order during the month of November. The month's
Because of the
Price
200,314,000
Feb.
Feb.
Treasury issues,
1936
Amount
Dau
Offered
Feb.
February it
OF
with $464,764,933 for October:
August; with $338,382,702 for July; with $731,166,331 in
June; with $419,781,649 for May; and with $1,002,692,011
for
For November by
on a
200,341,000
bank discount basis.
99.913 *0.115%
99.919 *0.106%
99.923 *0.101%
99.936 *0.084%
Volume
Financial
143
than
USE OF FUNDS
90% of the total; in February it was $181,140,575, or
about
Jan.
Indebtedness
Refunding
Accepted
8
Treasury bills
$50,060,000
Treasury bills
50,050,000
50.050.000
Jan.
22.
Treasury bills
50,130,000
29
Treasury bills
50,074,000
50,074,000
$200,314,000
$200,314,000
$50,296,000
50,545,000
50,100,000
$50,091,000
50,545,000
50,100,000
50,000,000
50,000,000
$200,941,000
ing
50,130,000
Jan.
$200,736,000
Total
Feb.
_.
6
11
Feb.
Treasury bills
Feb.
19.
Treasury bills
Treasury bills
Feb.
26
Treasury bills
.
Total
portion
was
4
Mar. 16
2H % Treas. bonds.
1H% Treas. notes.
Mar. 16
Mar. 11
Mar. 18
Mar. 25
Apr.
$205,000
8
16
Apr. 22
29
Total
refunding, and $25,000,000 Koppers Co. 1st mtge. &
$903,653,550
$50,024,000
6
13
Treasury bills
50,005,000
Treasury bills
to
$50,024,000
50,045,000
50.071.000
20
Treasury bills
50,045,000
20
Treasury bills
50,000,000
50,005,000
49,960.000
27
Treasury bills
50,050,000
50,050,000
50.060.000
27
Treasury bills
50,060,000
3s, Nov,, 1946, placed privately; $27,000,000 The B. F.
$200,242,000
$200,115,000
434s, Dec. 1, 1956, offered at 101,
yield about 4.17%, and $25,000,000 Koppers Co.
1st
mtge. & coll. trust 4s, A, Nov. 1, 1951, priced at par.
During the month the Argentine Republic marketed an
offering of $23,500,000 Sinking Fund External Conversion
Loan
$400,357,000
1st and ref. mtge. 3%s,
priced at 101; yielding about 3.69%. Indus¬
trial and miscellaneous flotations worthy of mention were:
Goodrich Co. 1st mtge.
50,111,000
Total
largest corporate offering of the month was that of
Dec. 1, 1966,
ture
50,102,000
Treasury bills
13
A, Nov. 1, 1951, all of which comprised re¬
$33,000,000 Commercial Investment Trust Corp. deben¬
50,008,000
50.077.000
50,110,000
Treasury bills
4s
trust
funding.
50,196,000
6
refunding; $27,000,000 The B. F. Goodrich Co.
for
The
$50,102,000
Treasury bills
Treasury bills
$48,000,000 Montana Power Co.
3%s, Dec. 1, 1966, of which $41,668,207
$48,000,000 Montana Power Co.
$250,419,000
Treasury bills
follows:
as
mtge. 434s, Dec. 1, 1956, of which $17,571,000 was used
$50,028,000
Treasury bills
Apr
$50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
Treasury bills
Apr.
May
May
May
May
May
May
May
May
903,653" 650
50,000,000
50,025,000
50,085,000
$250,419,000
1
Apr.
nearly 86% of the total for that
or
1st
$2,100,326,950 $1,196,673,400
Total
were
1st and ref. mtge.
constituted
$50,010,000
996,553,400
$50,010,000
1,223,502,850 \
676,704,100
50,000,000
50,025,000
50,085,000
Treasury bills
(1935) the amount for refund¬
Important refunding issues sold during November
1936
of
$205,000
approximately 73% of that
or
In November
$217,214,540,
month.
coll.
Mar.
$200,972,556,
was
month's total.
,
$50,060,000
15
Jan.
93% of the total, while in January the refunding
New
Total Amount
Type of
Security
Dated,
3529
Chronicle
4)4% bonds,
about
4.95%.
No
fixed
new
due Nov.
investment
15,
1971 at 92)4
trusts
offered
were
to yield
during
November.
2 H% Treas. bonds. $1,626,937,850 11,024,865,700 $1,106,030,650
June 15
503,958,500
June
15
June
3
Treasury bills
60,090,000
{
June
3
Treasury bills
50,295,000
I
June
10
Treasury bills
June
10
Treasury bills
50,140,000
50,035,000
June
17
Treasury bills
June
17
Treasury bills
June 24
Treasury bills
60,050,000
June 24
Treasury bills
There
.
•
1
July
July
July
July
50,031,000
J
50,015.000
I
50,040,000
50,144,000
Treasury bills
kind
one
one
conspicuous corporate offering made in
carrying warrants,
or
a
or
This issue
another.
convertible feature of
was as
follows:
50,018,000
285,000 shs. Butler Brother# 5% conv. pref. stock. Each share convertible
into common stock at rates ranging from 2 shares to 1
shares.
$50,015,000
50,000,000
.....
November
50,015,000
$2,531,544,350 $1,225,041,700 $1,306,502,650
Total
July
y
i
50,018,000
50,012,000
50,295,000
50.090,000
but
was
60,008,000
1H % Treas. notes
8
Treasury bills
15
Treasury bills
50.052 OOO
50.000.000
29..
Treasury bills
farm loans issued
50.000.000
a
complete summary of the new financing,
State and city, foreign government, as well as
during the month of November, and the
50.052.000
Treasury bills
following is
corporate,
$50,015,000
50,000 000
22
The
50,047,000
$250,114,000
SUMMARY
Total.
ending with November:
60.047.000
$250,114,000
11 months
Treasury bills
$50,019,000
Treasury bills
50,090,000
50,064,000
Treasury bills
50,046.000
50,064,000
50,046,000
$200,219,000
$200,219,000
$50,018,000
50.147,000
981,826.050
$50,018,000
50,147.000
FOREIGN
GOVERNMENT, FARM LOAN
MUNICIPAL FINANCING
50.090,000
Treasury bills
AND
$50,019,000
Aug. 12
Aug. 19
CORPORATE,
OF
Aug.
5.
Aug. 26
_
_
_
New Capital
Refunding
Total
$
$
$
Month of November—
Corporate—
Total
Domestic—
2
Treasury bills......
Sept.
9
Treasury bills
Sept.15
2H%
Treas.
bonds
2,844,000
216,016,000
750,000
12,895,500
9,342,250
50,022,000
109,077,243
129,926,507
239,003,750
23",500",666
23",5"0~0"666
47,321,660
28,454,000
15,601,420
28,454,000
62,923,080
156.398,903
Preferred stocks
469,965~250
50 022.000
Treasury hlllg
50,022,000
Treasury bills
197,481,927
353,880,830
—
Common stocks
7,273^65
50,022,000
Sept. 30
750,000
Short-term
511.860,800
Treasury bills
Sept. 23
119,809,207
5,622,200
6,498,250
96,206,793
Long-term bonds and notes
Sept.
Sept. 16
.
50.121,000
60,121,000
$1,232,156,050
$762,190,800
50,045,000
50,133,000
50,060,000
Canadian-
Short-term
Preferred stocks
Total..
$469,965,250
Common stocks
Other foreign—
Oct.
14
21
28
$50,113,000
50,145,000
$200,341,000
TrpasnT hills
Oct.
$50,113,000
50,145,000
50,083,000
50,000,000
Treasury hill*
Oct.
$200,397,000
$200,341,000
Oct.
50,159,000
Treasury bills
50,045,000
50,133,000
50,060,000
50,159,000
$200,397,000
7
Treasury bills
.
Total
Common stocks
.
Total corporate
Canadian Government
4
Treasury bills
Nov. 10
Trpasiiry hl|ls
Nov. 18
Treasury bills
Nov. 25
Treasury bills
Nov.
Total
-
Other foreign government
Farm Loan and Government agencies.
50,083,000
_
♦Municipal—States, cities, &c
50,000,000
Grand total.
•
Grand
$7,767,129,350 $4,886,687,900 $2,880,441,450
total.
11 Months Ended Nov, 30—
Corporate—
Domestic—
of November
Features
719,964,753 2,731,238,047 3,451,202,800
35,762,500
55,220,000
19,457,500
169,136,530
79,466,734
248,603,264
18,151,743
173,007.282
154,855,539
Long-term bonds and notes—
Financing
Short-term
Making further reference to the
announced
during November,
we
new
corporate offerings
note that industrial and
miscellaneous issues accounted for $138,287,750,
with $107,963,466 for that
pares
group
Preferred stocks
which
in October.
utility issues totaled $84,337,000 in November
as
Common stocks
Canadian—
8,000,000
Long-term bonds and notes
com¬
i5,bbo~666
Public
against
30,000,000
38,000,000
Short-term
15,000,000
Other foreign—
$264,288,400 in October, while railroad financing in Novem¬
ber
amounted
to
$16,379,000
as
compared
to
$9,150,000
.
recorded for October.
Total corporate
The total corporate
November
was
as
securities of all kinds put out during
already stated, $239,003,750, of which
$216,016,000 comprised long-term issues, $750,000 consisted
of short-term issues and
tions.
than
was
refunding operations
54% of the total.
$271,516,500,
tember the
the total.
of
than 71% of the total.
more
In Sep¬
or more
than
was
was
$175,460,330,
than 26% of the total.
or more
was
In June it
the total.
or
In August the refunding portion
refunding portion
refunding portion
$129,926,507,
In October the refunding portion
or more
70% of the total.
$61,639,147,
was
flotations de¬
$224,583,078,
was
or more
$375,755,755,
In July the
than 76% of
or more
than 71%
In May it was $267,385,450, or more than
♦Municipal—States, cities, &c
United States Possessions
any agency
do not include funds obtained by States and municipalities from
of the Federal Government.
In the elaborate and
comprehensive tables
on
the succeed¬
the foregoing figures for 1936 with
the corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed
analysis for the five years of the corporate offerings, showing
separately the amounts for all the different classes of cor¬
ing
pages we
compare
porations.
Following the full-page tables we give
than
issue of any
new
complete details of
capital flotations during November, including every
the
1^716,127,997 3,787,419,982 5,503,547,979
Grand total
♦These figures
87% of the total.
In April it was $559,871,977, or more
82%*of the total; in March it was $536,936,945, or more
—-
Other foreign government
Farm Loan and Government agencies..
$22,237,750 represented stock flota¬
The portion of the month's corporate
voted to
Canadian Government
996,744,526 2,984,288,820 3,981,033,346
48,000,000
48,000,000
78,500,000
78,500,000
2l",90b"666 350,652,600 372,552,600
324,228,562 1,020,137,033
695,908,471
1,750,000
3,325,000
1,575,000
kind brought out in that month.
O
Ol
&
CO
a
CO
o
o
03
tvj
•
38,92 0 750, 0 1,9 3,675
Total
41.59,075 5,0 ",6029,58 4 50 ,0 0 76, 9 5
Refundi g 30,958.30
Capit l
7,96 ,70 750. 0 l",913",075
$
Y-~E—ARS]
NFOOVREMfBIVRE
1933
mm
6,3 6,250
1932
75,0 0 10 ,0 0
6,3 6,250
-
New
750, 0
~
HJr ts
075
50,0 0
2 b",6 6
750, 0
750"
7,96 ,70 "606,
30,95830
f,2b ",6 1,9 3,075 1,80 , 0 37,608, 0 "763",075 "2 0",0 0 1,20 , 0
713",
30,95830
1,80 , 0 5,89 ,70
41,591,075
30,95830
50,0 0
I
Refundi g 30,95830
Capital
713,075
763,075 2 0",0 0
1,20 , 0 1,9 3,075 1,80 , 0 6. 49.70
1933
6,51 ,250 80,358^279 86, 952
1,20 , 0 10,6327 5
75,0 0
75,0 0
2 5,0 0
6,21 ",250
6,436,250 "2 5",606 6,286",250
6,51 ,250
75,0 0
75,0 0
2 5,0 0
6,21 .25
225"
6.436.250 "606, 6,286",250
6,51 .250
60 ,0 0
29.80, 0
60 ,0 0
8.2 6,70
Total
2,3 2", 57 2,3 2, 57
$
1,loo
New
6,51 ,250 82,6 0.536 89,1 786
$
Refundi g
Capital
MOONFTH
75,0 0 10 ,0 0
%
31,679.856
10.632,75 5,0 ",60 28,67.32850 ,0 0 45,0 103
m~mm~
m.
New
Total
721,5 6
30,95830
$
1939
S3* S32."2b~,6 ^238,9 0 20"75",00 a::::
3
,0 36,85 ,0
Total
Refundi g
Capital
$
New
2
«.
_
Total
1934
$
29,80 0
29,80 0 10, ",06 10, 0 92,0130 14,89130
_— 21,573 0
Refundi g S21,573 0
■»-«.
~~
I
8,2 6,70
10, ",60 6,017",68 37,590.8
8,2 6,70 10, "60 86,073.61
New
246,?53.40
216.39463
"819",897
217, 450 17,253" 0 27,958 3 26,4 .93
Capital 30,587 21,90303",
1935
GFLOAMVUENRICMDPT,
CFOORRPEIGANT,
———
104,3 13
3,750. 0
Refundi g
$
—
—
$
New
750, 0
239,0 750 23,50 0 *28,450 62,9308 35,80 3
Refundi g 19,80 27 7,2 3", 0 2,84 ,0
129, 6.507 23",5~0 ".6 28,45 0 15,601420 197,481927
750, 0
Capital 96,206,793 5,62,0 6,498,250
109.7,243 47,321~,65 156,398.03
%
$
1936
SUMARYfOF
$
New
GONREUPFWI
CAHANR DTE
botaiyned
$
1.20 , 0 6,426,70
21,573,0
8,2 6,70
60 ,0 0
1,20 , 0 28,0 0
21,573 0
Refundi g 21,573",§5
Capit l
250, 340 17,253" 0 122,713 61,750, 0 382, 062
216,0 0 12,895 0 9,342,50
Total
29,80 0
1,20 , 0 6,426,70
21,573.0
New
3,28 60 84,75",809 1,750, 0 19,73.69
Total
60 ,0 0
$
1934
FTINAOHCREG SfFGtrtamaeouohnvgidceprndlsmeyasl.CIOSTUSRFTMPNONHFYAIHVAEEEIRADBRS
Capit l
$
1,20 , 0 28,0 0
Total
217,5340 2,0 ,0 27,0 0 "60 ",0
246,75340
3,750, 0
3.750, 0 217,5340 2,0 .0 30,75 0 *60 ,6 5
Refundi g 187,6182 2,0 .0 26,032815 "60 ",0 0
216,39463
819,897
819,897
30,587
2,930.1 3
2,930.1 3 29,3 1572 3,897,28
Total
1935
Capital 29,31572
967.185
New
1936
10 ,0 0
Refundi g 6,725,0 76,5 720 17,460 1. 0 , 0 17,510
Capit l
New
750, 0
19,80 27
8,904, 0 7, 69,7 332, 540 1,60 , 0 "250,6 6 19,42"0 36",bo 06 96.20 ,793
217,4.50
3.28,60
750, 0
750, 0
685,0 0 79,20 50 ,0 0 "ib 'o o
10,53 0
100,8200", 2 , 37 50
273,0 0
15,6290 84,370 50, 0 1,60,0 1,350,6 "ib 'o o27,0 0 36,0 0 216,0 0 750, 0
Total
250,34
"60 ,6 6
187,6182 2,0 ,0 26,85271
4,329,0 415,30
5,10 , 0 10, 7.30 6,725,0 76,5 720 18,09 0 5,429,0 415,30 10 ,0 0 17,5 10 5,10 , 0
129,6507
412,0 0 /9.20 6,724,5 0 84,70
79,20
16,3790 84,370 50,6850 1,60,0 1,40350 50 ,0 0 10 ,0 027,10 0 46,820 239,0 750
"ib 'o o 5,720"6 12, 045 9,654,0 7, 69.7 3 32,6 0 1,60 , 0 79,20 5,974,5 0
84,70
19,52",0 41,7206 109.7 243
NOVEMBR naonteds. naonteds. anonteds. GovernmtGovernmt._Goagvctie,sM&unicpal—_tSes,Posein . ifnunclodste NOVEMBR Noteas—nd . &coper,manuft acesori amannufdctrig &c ht&roalddicinngg,, . BNooteans—ds &coper,manuft acesori maannufdctrig &c ht&roalddiicnngg,, -utiles&ccoopa.elr,,manuft acesoriindamuasnnutfrdictlrig b&uildcngs, .ht&roalddiicnngg,,Miscelanous utile.s&ccoopael,,manuftr acesoriindamuasnnutfridctlrig b&uildcngs, h&troalddicinngg,, csoercpuritate
OF Domestic— btoenrmds termPrefstrocekdComstoocnkCandi — btoenrmds termPrefstrocekdComstocoknforeign— btoenrmds term_PrefstrocekdComstocokn. corpate foreign USntaiteeds toal Tfdighueorsees MOFONTH Btoenrmds
.
Corpate—
Can dian Loaannd
Railroads util es sctoeall,,Equipment Moatonrds industrial buildngsR, ub er Ship ingtrust ,Miscelanous term Railroads util es scteoall,E,quipment and industrial Land,dbuil ngs,Rub er Ship ingtrust ,Miscelanous.
MONTH
LongShort
LongShort
Other
LongShort
Grand
Total
Other
Total
♦
Farm
*
Long
Public Iron,
Other
Oil
Land,
Inv,
Short
Public Iron, Motors Other
Oil
Inv.
Total
Stocks— Railroads Public
ste l,Equipment and
Iron, Motors Other Land,Rub er Ship ing
Oil
trust ,
Inv
Total
otal—
T
Railroads ste l,Equipment and
trust ,iscelanous
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
Total
398.46 0 197.260,5 8,975,275 10.348,5
$
615,0 .1206,015 0 156,0"65731,52780 1,92.0
1,57038.92
3, 97,325
30.8,12040, .0 92,50 07.235,82 502.84,02
Capit l 265,70. 3.6,50 8,975,2756,951,25
314.9630 26.015 0 64,10~6 61,29 6 1.92,0 1.06751,926
%
1933
Refundi g
132,796.80 163.8940
New
1933
13 .3 2
Refundi g 14,8705 71.52870 32, 17 8
1.60 ",56
Capit l 23.61,0 16,750 14.87,5 89,69.73
24,106 165.2 0 2,908.0 30,65.39
1934
Refundi g
1.20 . 0
43,85.29 60. ,0 10, 0 703.41,0 817.5185
165,350 13,705
Total
1.20 . 0
Total
1,93574,90 47,30. 103,7954612.573,206
1,24697,81
Refundi g 1,658.40,1 39,2450 65,8 .643
8,208, 0
1,763.241,5776.0 0 905,8 75 345,761.845 3,09 2,0
Capit l 27.§340868,45.0 37,9401312.573206
1935
Total
,§02.8 5.20, 248,60324173.0 28 38.0 0 i5.o .5
3.451
GOVERNMT,
CFOORRPEIGANT,
SOUM FARY
3.981,034648.0 ,0 78,50 0372,5 .60 1.02 37.0 3,25.0 5.03,479
Refundi g 2.731, 8.04735.762,50 169.3,50 18. 51743 30. 06
2.984 .2048.0 ,078,50,0 350,62.0 324, 8.0621,750, 0 3.786,419.82
Capit l 719.647319.45760 79.46 734164.85 39 8,0 .0 15.0 .5
1936
96.74 526 21,90,0 695.084711,57,0
New
GNCOORREPUPFWIATE
50 .0 0
78,572,60 7,0 ,0 23,0 .0 *806* 6
175,8430 1,57921,40 239,0 0 7",94~l",65231,05 0 14,50. 8,10, 0
Refundi g
4,6 *6 7,84 ,0
123,89601,0765, 815.24,6 2".~41~.65 185,914501 ,281.506.392,0
Total
1935
4,6 *6 7, 4 ,0
Capital 51,73 2081,765 32 87,543 5,0,0 45,024 504,218,7501,78,0
S
New
Total
%
Staneds
16.45 0
58 ,750
40 ,0 0 310.20
10,5 0 3,274,19 26,10 157,08 0 28.016249 20, .0 52 ,0 10,75.0 43.8529
525.0 0 310.20
21,350.249
•
168,470 107,25 0 5,26,0 19,0 0
134,905
0 0 31,5 0 "58 ",750
"250",
30,48.50
58 ,750
40 ,0 0 525,0 0
21,350,249 *52*50 0 "316*26 10.5 ,0 3,274,19 57.13,0 49,35.0 2,750",2491,0 .0 "3*16*26 10,75 0 143.967
'
26,0",0 5,0 .0 6, 6* 64,730, 06,0 ,0
6, 6* 6 47. 30, 21,49*867".21.3 1.920 "162",78 21,350248 5.075,0
46,01"80 16,38952 175,6430 1,20.48,596 265.31,920 14,03"78 257,09 748 15,7.0 8,1 0, 0 4.6 *6 59.85.80 2.10,73852
1.658,40.1
20.6 ",0 6,0 .0 2,45,6 6,0 .0
6*. 0*6 39,2450 26,71",946 13,7620 12,6l9"8 7
19,371"80 65,8 5,643 123.89,601, 6857,14 170, 6 2,41*6 20,56347106,281 506,392,0 4,6 *6 3,1580 1,763.241,57
8.4 5,0 l",785*2 0 7.549, 20 "162",78 9,3 0,3515,075,0
26,70*6 50.13,09 51,73 2083,5082 95,30425 1,60278 56,8394019,23,750 1,78,0 26,70*6 36,82.395
"l6 ~,6 6 27 .834,086
6,"0~ ",0 2,485.0
50 ,0 0 10 ,0 0
20380671,029 1,657 4,0 7,2 4,80. 178, 6"50 264.0 , 0 19,6 0 27.0 ,0 60 ,0 0 23,9506 3.489,20 8 30,75.0 1,850, 02,0 ,0 8."125",6 5,0,0 245,0 0 7. 50"6 5,20 45,21",2631,542767,462.40 4.564,20 25,41963132,0.34 3,509,3 01.925,0 92,169.53 436,10.546 746,82 90 1,704. 963392,74.26 32.8 40 4,564,20 41,72 13 0,7234 20,4 0 27,10,0 4,109,3 01,925.0 32,869 53 3.081, 3 46
7", 50", 0 35,76250 42, 6",28 6,471,0 523,90 7 ,5023 6 1 ,5 904 3,509,3 6 46,27 63 187.2 8, 73
8",l25",6 2, 87,60
CAHARNCDTE Capital 24,715883,4956914,5824 4.096,50 39,8 ",24 23,9580378,327,0 9,429,0 60,00 192,5 "430 72,964.753 15,70 1,250, 0
1.762,97
.
58 ,750
1,93574.90
60 ,0 0
491,Soi3151,5748, 1236,041752 0,723450 138,27" 56240, 19631,3720 17.510 31",42057 2,761 38,047 15,0 0 2,0 ,0
Refundi g
1936
250, 0
165,3 50 63.947,0 52,0. 0 2,958.0 15,0 0
New
36,82.395 109,762.0 740.821043,48.0 1,90. 3419
New
75,0 0
859.269 90 .0 0 75,0 0
16,750 7,0 ,0 3. 54,15 "859,26990,648,54 1.795,120 1,08,56 104,8206 12,0 0 34,210 3,54,15 90.823.541,795.120 1,08.56 145. 6, 0
24,106 0 70,9470 75,0. 0 3.758,0 16,0 0
$
32.17, 8 87.904,5057,960 78 19.57,40 12,0 0 36.895",0 5.9 ,16 20,316978
73,12870 2,147",78 30,170, 0
10
175,0 0
50,713 0 26,359 0 "6066"0,50 ,0 0 40 ,0 0
Capit l
2,10.7o,85276.0 0 1,057', 5 1.08652 91.69,0 4.289, 3421
Total
23,621,0 16,50.6
~95,
Refundi g 104,5 0 5 ,2 5 0 2.308, 0 3,50 , 0
1934
YfFGtroemavhoudgnricnpmlaeysl.FMEN3ITUSFSLONIAHVADI0VRTEHRSD.
YNFEMSFLMFTOELIOUNIAHAAVDRC?RRPM.DG
143.96,7 405,1 0 698,4 .582
New
90 ,0 0
40 .0 0
15,fl310 81,5 .0 2,908.0 4,0 .0
Total
30,8 120
75,0 0
859,269 90 .0 0 75,0 0
89,03,70 9,147, 83, 54,15 "859,269120,81.54 1.795,120 1.08.56 137, 843 9,04.50 92,18.978 2,951. 12.0 ,0 127, 854 1,795,120 5.9 ,10 1.68",56 365,43.68
7,2 7,0 39,7520 19,5740 12,0 0 5,175,6 ~95,10
14,870.5 7,27,0 23.95,20 19,5740 12,0 0 50,6 60",
New
2,0498.214
Capit l 78.52,60 31.50, 2,908,0 30.6539
138,49150
Refundi g 80,62750 32,518.0 1,725,0
Capital 12,0 .0 10,7210
3, 97,320 32,870 263.41 20 10 ,0 0 3.20 . 0 " so'.o o "4050"0,
10 ,0 0
132.79680 23,50 0 138.4,0 1,70,0 "450".6 163,8940 1,897",320 1,50.0
92,6750 43,29.0 1.725.0 "9060"0.
1933
6. 95, 75 2.168",750 1,260",od 1,50 , 0 19,32 8 0 45,9 20 537,1 .295 10 ,0 0 9.820.57 7,5 l",0 2,168,750450, 0 1.20 . 0 10.65 0 615,0 1. 20
059.495
3.426", 0 1,20 , 0 265.70, 1,3250 8,2 5,0 1,70 , 0 4.16 ",0 7,95 , 0 3 , 6 50 6,4 2",175 4,59 ",57 2,168,750 1.20 . 0 1,50 , 0 15.92650 13,250 273,62175 6. 20,57 7,521,0 2,168,750 1,20 . 0 10,65 0 314.9630
Capital
30,4850 50. ,0 10, 0 298,30 0 19,26 3 78,0 73
$
325.0 0
1,lo ,0 258,9 0
63.90 041.98315 1.40.0 652,34.975
145. 6 0
New
50"
3",470", 0 f,26 ",6 398.46,80 34.825,0 146.290 10 ,0 0 3,40 , 0 4.i~01 ,6 5 "4000, 7.95 *.50 197,2605
50.0 0
Refundi g 9,327,0 123,4980
New
20,316.97860. ,0 12.0 ,0 3.1238 325.69,36
13 .3 2
325,0 0
$
1932
365.436860. ,0 75,90,0 475.260731.40,0 97, 431
1,60 . 0
138,49150 8.2037014,875 12,87.51
Total
l,f27.0 382,4.80
Total
60 ,0 0
50 ,0 0
19,457 0 2,768, 357,0 1,726 7,462,40 4,0 ,30 147,9 2 15.643,294 10 ,0 0 1.925",0 51.893,62 249,32 73 240, 158 87,51429 148,29 74 1.58,9504,0 ,30 187, 6539 41.83, 19,072,0 9,529,0 1.925,0 24. 305 96,74 526
2. 12,56 245,0 0
%
523,90
506, 1351,67235,6924,512.7 20,73450 23.90452 58, 52 1,3720 17,510 3,509.0 79.46* 6 2,984 ,20
New
,
notes. . notes. . notes. . . Governmt. agcies&t_.,Posein . ifbnucoltadiynese EN8NOD0V. BNootaens—ds utiles&ccoopal,,manufctres oiindamuansutfrictlrig .7:b&uildcn„gs, h&troalddciinngg,, BNooteans—ds utiles&ccoopa.l,,manufctres oiindmauansnutfricdtlrig b&uildcngs, h&toralddicinngg,,Miscelanous. :. utiles&ccoopaelr,,manuft acesoriindamuansutfrcitrlig b&uildcngs,Ruber.. ht&oralddiicnngg,, . Total. . utiles&ccoopa.elr,,manuft acesoriindmauansnutfricdtlrig b&uildcn.gs,Ruber.. hAtraddingg,,Miscelanou. cseocrpuritate
N8O0V.
bDCDMEONNTHS orpate— omestic— toeanrmdstermPresftorcekd. stockCandi— btoeanrndmdstermPresftorcekd stock.foreign— btoeanrmdstermPresftorcked. stock corpateCGaovnerndmiantforeignLGooaanvndt,Municpal—StesS,taes toal fdignuorest
LongSnort
Com on
LongShort
Com onOtherLongShort Com on Total
11
Grand
United
Other
Farm
*
These
*
MONTHS Longterm RailroadsPublicIrson,te l,EquipmentMaotnords Land,Ruber Shipingtrust ,Miscelanous termRailroadsPublicIrson,te l,EquipmentMaotnords Land,Ruber. Ship ng trust,
Total
Other on..
11
►
Inv.
Short
Other
Inv.
Oil
■
Total
Stocks— Railroads Public
ste l,Equipment and
Iron, Motors Other Land,
Oil
Ship ng. trust ,Miscelanous
Inv.
Total-
Railrods. ste l,Equipment and
Public Iron, Motors Other Land,
Oil
Ship ingItrnv.su t ,
Total
3532
Financial
Dec.
Chronicle
NOVEMBER, 1936
LONG-TERM
BONDS
AND
NOTES
THAN
$27,000,000 The B. F. Goodrich Co. 1st mtge. 4Ms, Dec. 1, 1956.
Refunding and general corporate purposes.
Price, 101; to yield
about 4.17%.
Offered by Goldman, Sachs & Co.; The First
Boston Corp.: Brown Harriman & Co., Inc.; Edward B. Smith
& Co. and Otis & Co., Inc.
Other underwriters were: Halsey,
Stuart & Co., Inc.; Hayden, Stone & Co.; Hemphill, Noyes
& Co.; W. E. Hutton & Co.; Kidder, Peabody & Co.: Banc¬
america-Blair Corp.; F. S. Moseley & Co.; Charles D. Barney
& Co.; Estabrook & Co.; Graham, Parsons & Co.; Hayden,
Miller & Co.; Hornblower & Weeks; Jackson & Curtis; Bond
& Goodwin, and Kuhn, Loeb & Co.
_
(ISSUES MATURING
FIVE YEARS)
LATER
'
RAILROADS
$900,000 Birmingham Southern RR. Equipment Trust of 1936 3)^ %
equipment trust certificates, Dec. 1, 1937-46.
New equip¬
ment
Priced to yield 0.50 % to 2.75 %.
Offered by Laurence
.
M. Marks & Co.
»
1,440,000 Gulf Mobile & Northern RR. Equipment Trust of 1934
2H% equipment trust certificates, June 1, 1937-46.
New
equipment.
Priced
to
yield
0.50%
to
2.50%.
Offered
by Brown Harriman & Co., Inc.
4,624,000 The
York Chicago & St. Louis RR. Equipment
Trust of 1934 4% equipment trust certificates, March 1,
1937-49.
Acquired from RFC.
Priced to yield 0.50% to
3.60%.
Offered by Stroud & Co., Inc.; R. W. Pressprich
&
Co.; Paine, Webber & Co.; Estabrook & Co.; Central
Republic Co., and Edward Lowber Stokes & Co.
New
6,250,000 Piedmont & Northern Ry. Co. 1st mtge. 3 Ms, Dec. 1, 1966.
Refunding.
Price, 100; to yield 3.75%.
Offered by Blyth
& Co., Inc.; Stone & Webster and Blodget, Inc., and R. S.
Dickson & Co., Inc.
*
|
MISCELLANEOUS
$3,000,000 Abraham & Straus,
350,000 The Pittsburgh & West Virginia Ry. Equipment Trust
Series of December, 1936, 2)4% equipment trust certifi¬
cates, Dec.
1, 1937-46.
New equipment.
Priced to yield
from 1.00% to 3.00%.
Offered by Stroud & Co., Inc.
1.590,0003Western Maryland Ry. Co. 2M% equipment trust certificates.
Dec.
1, 1937-46.
New equipment.
Priced to yield
ik.-L.LX- from 0.40% to2.25%.
Offered by Salomon Bros. & Hutzler
and Stroud & Co., Inc.
k
■'
33,000,000 Commercial Investment Trust Corp. debenture 3s, Nov.
1946.
Additional capital.
Placed privately with a group
of six insurance companies through Dillon, Read & Co., Inc.;
Lehman Brothers; Lazard Freres & Co., Inc., and Kuhn, Loeb
& Co.
$36,000,000
Co.
Other underwriters were: Goldman, Sachs & Co.;
Hayden, Stone & Co.; W. C. Langley & Co.; Lehman Brothers;
G. M.-P. Murphy & Co.; Chas. D. Barney & Co.; Speyer &
Co.:
Tucker,
Anthony
& Co.; Bancamerica-Blair Corp.;
W. E. Hutton & Co.; Jackson & Curtis; Spencer Trask & Co.;
Cassatt & Co., Inc.; Graham, Parsons & Co.; Harris, Hall &
Co., Inc.; Paine, Webber & Co.; Whiting, Weeks & Knowles,
Inc.; Alex. Brown & Sons; Riter & Co.; Blair, Bonner & Co.;
Dyer, Hudson & Co.; Hale, Waters & Co., Inc., and Kuhn,
&
Loeb & Co.
AND
INCLUDING FIVE YEARS)
RAILROADS
$750,000 Wheeling & Lake Erie Ry. Co. 2M% equipment trust cer¬
tificates series E, Dec. 1, 1937-41.
New equipment.
Placed
privately on an average yield basis of 1.08% with Northern
Trust Co., Chicago.
STOCKS
taken at par, while preferred stocks
value and all classes of common stock are computed at their
offering prices.
Preferred stocks of a stated par value are
of
no par
STEEL, COAL, COPPER, &c.
Iron Works Corp. 50,000 shares common stock.
7% bonds and mortgage serial notes; working capital.
Price, 12.
Offered by Hemphill, Noyes & Co.; Riter & Co.;
Mackubin, Legg & Co.; Babcock, Rushton & Co.; Parrish
& Co., and Drumheller, Ehrlichman & White.
$600,000 Bath
Retire
85,000 National Iron Works (San Diego, Calif.) 68,000 shares
common stock.
Construction, new equipment; working capi¬
tal.
Price, 1)4.
Offered by G. Brashears & Co.
$685,000
MOTORS
AND ACCESSORIES
19,800 shares class A stock.
Working capital;
Price, 4.
Offered by company to
$79,200 Gabriel Co.
other corporate purposes.
stockholders.
INDUSTRIAL AND MANUFACTURING
OTHER
40,000
Laboratories
$2,120,000 Abbott
10,067,000 New£England Power Co. 1st mtge. 3 Ms, A, Nov. 15, 1961.
Refunding.
Price, 103M; to yield about 3.04%.
Offered by
Lehman Brothers; Hallgarten & Co.; Graham, Parsons & Co.;
Arthur Perry & Co., Inc.; E. H. Rollins & Sons, Inc.; Dick &
Merle-Smith; Burr, Gannett & Co.; G. M.-P. Murphy & Co.;
Newton, Abbe & Co., and Schoellkopf, Hutton & Pomeroy,
(ISSUES MATURING UP TO
BONDS AND NOTES
SHORT-TERM
IRON.
UTILITIES
Placed privately with Prudential
America and Central Hanover Bank & Trust
Co.
$15,629,000
$48,000,000 The Montana Power Co. 1st & ref. mtge. 3Ms, Dec. 1, 1966.
Refunding;
working
capital.
Price,
101; to yield about
3.69%.
Offered by J. & W. Seligman & Co.; Lee Higginson
Corp.; Edward B. Smith & Co.; Bonbright & Co., Inc.: The
First Boston Corp.; Brown Harriman & Co., Inc.: Mellon
Securities Corp.; Blyth & Co., Inc.; Halsey, Stuart & Co., Inc.:
Coffin & Burr, Inc.; Kidder, Peabody & Co. and White, Weld
Inc., 15-year 4% notes, Oct. 1, 1950.
General corporate purposes.
Insurance Co. of
'
475,000 Piedmont & Northern Ry. Co. 1)4 to 3)4% serial deben¬
tures,
Dec.
1, 1937-46.
Refunding.
Price, 100; to yield
1.25% to 3.50%.
Offered by R. S. Dickson & Co., Inc.
PUBLIC
5, 1936
RUBBER
DETAILS OF NEW CAPITAL FLOTATIONS DURING
shares
common
velopment of business.
Price, 53.
Offered
& Co., Inc.; Shields & Co. and F. S. Moseley
De¬
stock.
by A. G. Becker
& Co.
1,750,000 Atlas Plywood Corp.
70,000 shares cum. conv. pref. stock.
Redeem 5M% convertible debentures; general corporate pur¬
poses.
Price, 25.
Convertible into common stock on a
share-for-share basis.
Offered by Van Alstyne, Noel & Co.,
Inc.
Inc.
1,770,000 Ohio Associated Telephone Co. 1st mtge. 4 Ms, Dec. 1,
1966.
Refunding.
Price, 103; to yield about 4.32 %.
Offered
by Bonbright & Co., Inc.; Paine, Webber & Co., and Mitchum.
Inc.
33,300 shares $1.50 cum. conv. pref.
Retire real estate mortgage; pay sum due on machin¬
working capital.
Price, 25.
Each share convertible
into 1)4 shares of common stock.
Offered by John C. Adams
& Co., Inc.; C. B. Ewart & Co., Inc., and Bioren & Co.
832,500 Beaunit Mills,
stock.
ery;
Tully & Co.
5,000,000 Rochester Telephone Co. 1st & ref. mtge. 3Ms, F, July 1,
1961.
Refunding.
Placed privately with Metropolitan Life
Insurance Co. and Mutual Life Insurance Co. of New York.
1,500,000 Shenango Valley Water Co. 1st mtge. 4s, B, Oct. 1, 1961.
Refunding; improvements; additions and geiieral corporate
purposes.
Price, 99M; to yield about 4.05%.
Offered by
H. M. Payson & Co. and W. C. Langley & Co.
15,000,000 Southern Natural Gas Co. 1st Mtge. pipe line 4 Ms, Oct. 1,
1951.
Refunding,
improvements,
additions
and
general
corporate purposes.
Price, 100; to yield 4.50%.
Offered
by Halsey, Stuart & Co., Inc.; Blyth & Co., Inc.; Coffin &
Burr, Inc.; Graham, Parsons & Co.; Stone & Webster and
Blodget, Inc.; Arthur Perry & Co., Inc., and G. L. Ohrstrom
& Co., Inc.
2,250,000 Federal Compress & Warehouse Co.
mon stock.
Retire 7% preferred stock.
by company to stockholders.
purposes.
Price, 25.
stock at rates ranging
each
for
after 1941.
102,500 The
Each share convertible into common
of a share of common
expires
from 1)4 to M
Chemical Co.
Hilton-Davis
10,000 shares common
stock.
Working capital; expansion and other corporate pur¬
poses.
Price,
Offered by Distributors Group, Inc.
10M.
125,000 The House of Westmore, Inc., 25,000 shares 6% cum.
pref.
Acquire
plant
and equipment; working capital.
Offered by Crowell, Weedon & Co., Los Angeles,
stock.
Price,
5.
Calif.
Co.
IRON, STEEL, COAL, COPPER, & c.
11,760 shares
5)4%
cum.
pref.
Redeem conv. pref. stock; general corporate purposes.
stock.
25,000,000 Republic Steel Corp. general mtge. 4Ms, C, Nov. 1, 1956.
Capital expenditures; acquire debentures of Truscon Steel Co.
Price, 98; to yield about 4.65%.
Offered by Kuhn, Loeb &
Co. and Field, Glore & Co. Other underwriters were: Otis & Co.;
Brown Harriman & Co., Inc.; Emanuel & Co.; The First
Boston Corp.; Hayden, Stone & Co.; Mellon Securities Corp.;
Ladenburg, Thalmann & Co.; Blyth & Co., Inc.; Schoellkopf,
Hutton & Pomeroy, Inc.; H. M. Byllesby & Co., Inc.; Schro¬
der, Rockefeller & Co., Inc.; Goldman, Sachs & Co.; Kidder,
Peabody & Co.; Lee Higginson Corp.; J. & W. Seligman & Co.;
Lazard Freres & Co., Inc.; Bancamerica-Blair Corp.; A. G.
Becker & Co., Inc.; Hayden, Miller & Co.; G. M.-P. Murphy
& Co.; E. H. Rollins & Sons, Inc.; Speyer & Co.; Lawrence
Stern & Co., Inc.: White, Weld & Co.; Dean Witter & Co.;
Hallgarten & Co.; W. E. Hutton & Co.; Harriman & Keech.
Offered
of preferred.
Conversion privilege
Offered by Distributors Group, Inc.
share
588,000 Hussmann-Ligonier
$25,000,000 Koppers Co. 1st mtge. & coll. trust 4s, A, Nov. 1, 1951.
Refunding, retire notes payable and working capital.
Price,
100; to yield 4.00%.
Offered by Mellon Securities Corp;
Edward B. Smith & Co.; The First Boston Corp.; Brown
Harriman & Co., Inc.; Blyth & Co., Inc.; Bonbright & Co.,
Inc.; Kidder, Peabody & Co. and Lee Higginson Corp.
Other
underwriters were: Field, Glore & Co.; Goldman, Sachs & Co.;
Halsey, Stuart & Co., Inc.; Hayden, Stone & Co.; Stone &
Webster and Blodget, Inc.; Bancamerica-Blair Corp.; Otis
& Co.; Schroder, Rockefeller & Co., Inc.; Parrish & Co. and
Kuhn, Loeb & Co.
Price, 25.
350,000 The Hilton-Davis Chemical Co.
14,000 shares $1.50 conv.
pref. stock.
Working capital; expansion and other corporate
3.000,000 Turners Falls Power & Electric Co. 1st mtge. 3 Ms, 1966.
Refunding.
Placed privately on a 3% interest cost basis
with Guaranty Trust Co. of New York.
$84,337,000
90,000 shares com¬
50.
Price,
Offered
by
Stifel,
Nicolaus
&
Co.,
Inc.,
and
Francis Bro. & Co.
Montgomery Co.
(Detroit)
16,000 shares common
stock.
New construction; equipment and working capital.
Price, 15.
Offered by Link, Gorman & Co., Inc., Chicago.
240,000 H.
A.
250,000 New
Britain Machine Co.
10,000 shares
common
stock.
bank loans;
provide working capital.
Price, 25.
by company to stockholders.
Underwritten by The
R. F. Griggs Co. and Coburn & Middlebrook.
Other under¬
writers were: John E. Sloane & Co.; Tifft Brothers; Aldrich
& Co.; Eddy Bros. & Co. and Sweeney, Brainard & Co.
Reduce
Offered
737,100 The Reliance Electric & Engineering Co.
35,100 shares
common stock.
Retire 6% first pref. stock; new plant and
working capital.
Price, 21.
Offered by Hayden, Miller
& Co.; Otis & Co., Inc.; Merrill, Turben & Co., Inc., and
Curtiss, House & Co.
675,000 The Serrick Corp.
45,000 shares class A common stock.
Acquisitions; pay off outstanding notes.
Price, 15.
Offered
by Paul W. Cleveland & Co., Inc.; Polk-Peterson Corp., and
Festus J. Wade, Jr., & Co.
33,450 Standard
General
Plastics
Corp.
corporate purposes.
22,300
Price,
shares
capital stock.
Offered by Leigh
1)4.
Chandler & Co., Inc.
*
$10,053,550
OIL
$50,000,000
EQUIPMENT MANUFACTURERS
$1,600,000 North Western Refrigerator Line Equipment Trust 4%
equipment trust certificates, J, June 15, 1937-Dec. 15, 1946.
New equipment.
Priced to yield from 1.25%
to 4.20%.
Offered by Freeman & Co.
OTHER
INDUSTRIAL AND
MANUFACTURING
$250,000 Climax Engineering Co. 1st mtge. 5s, Oct. 1, 1946.
Pay
bank loans;
working capital.
Price, 99M; to yield about
5.07%.
Offered by North City Co., Inc., Dubuque, Iowa.
1,100,000 Hamilton Manufacturing Co. 1st mtge. 5s, Sept. 1, 1951.
Refunding.
Price, 102; to yield about 4.81%.
Each $100
of bonds carries a warrant to purchase 1 share of class A stock
or
1 share of common stock up to Sept. 30, 1942, at $10 to
$20 per share for the class A stock and at $15 to $27 M per share
for the common stock.
Offered by Sills, Troxell & Minton,
Inc., and Central Republic Co., Chicago.
$1,350,000
LAND,
BUILDINGS, &c.
$100,000 First Church of Christ, Scientist, of Des Moines, Iowa,
1st mtge. ref. 4 Ms, May 1 and Nov. 1, 1937-47.
Refunding.
Priced to yield from 2.00% to 4.25%.
Offered by Jackley
& Co., Des Moines, Iowa.
e
$500,000 Ashland Oil & Refining Co.
5,000 shares 5% cum. pref.
stock.
Retire
8%
pref.
stock
of predecessor
company.
Price, 100; to yield 5.00%.
Offered by J. D. Van Hooser
& Co.
RUBBER
$100,000 Frund Products Co.
100,000 shares class A participating
preference
stock.
New
equipment
and working capital.
Price, 1.
Offered by Whiteside & Co. and R. F. Meeks Co.
MISCELLANEOUS
$8,550,000 Butler
shares 5% conv. pref. stock.
working capital.
Price, 31.
Each
stock at rates ranging from
2 shares to 1M shares.
Offered by Hornblower & Weeks;
Paul H. Davis & Co.; Lawrence Stern & Co.; Charles D. Bar¬
ney &
Co.; Cassatt & Co., Inc.; Dominick & Dominick;
Hayden, Stone & Co.; Lee Higginson Corp.; G. M.-P. Murphy
& Co.; Paine, Webber & Co.; Shields & Co. and White, Weld
&
Co.
Other underwriters were: Alfred L.
Baker &tCo.;
Bell & Beckwith; Wm. Cavalier & Co.: Central Republic
Co., Chicago; Piper, Jaffray & Hopwood; Singer, Deane &
Scribner; A. G. Edwards & Sons; Erlangers, Ltd., London,
England; Farwell, Chapman & Co.; O'Brian, Potter
. Co.:
Swart, Brent & Co., Inc.; Barclay, Moore & Co., an
Reed
& Co., Inc.
Retire
share
Brothers.
5%
285,000
debentures;
convertible
into
common
Volume
Financial
143
$620,000 Hearn
Department Stores, Inc.
40,000 shares common
Working capital.
Price, 15^.
Offered by The First
Corp., N. Y.
150,000 National Funding Corp.
15,000 shares class A common
stock.
Provide funds for loan purposes.
Price, 10.
Offered
by Crowell, Weedon & Co. and Hopkins, Huchey & Anderson.
stock.
Amsterdam
New
Inc.
4,000 shares $1.50 cum. conv. pref. stock.
Working capital.
Price, 25.
Each share of preferred stock
convertible into 4 shares of common stock until 10 days
prior to any redemption date.
Offered by Hammons & Co.,
100,000 Sterling,
3533
Chronicle
moisture and
Italian
as
The textiles were generally higher,
for import.
silk,
high mark as November
expected. Steers and hogs and the
meats generally were higher, as were potatoes and cocoa.
Rubber and steel
prices also advanced.
Losses were reported for butter and cheese, lemons
however,
declining
its recent
somewhat from
consumption proved less than had been
and tin.
is
PRICES
WHOLESALE COMMODITY
THE ANNALIST WEEKLY INDEX OF
(1913=100)
Inc.
1,400,000 James Talcott, Inc.
100,000 shares common stock.
Work¬
ing capital.
Price, 14.
Offered by F. Eberstadt & Co., Inc.
$10,820,000
Dec.
Farm
FARM
demand responded to
the close balance of world supply and
purchases
Ga.
20,000,000 Federal Intermediate Credit Banks 1M% consolidated debs.
dated Nov. 16, 1936, and due in 3 to 12 months.
Refunding.
■®
Price on applic.
Offered by Charles R. Dunn, fiscal agent.
New York.
FOREIGN
ISSUES
GOVERNMENT
$23,500,000 Argentine Republic sinking fund external conversion loan
4^% bonds, due Nov. 15, 1971.
Retire 6% external gold
bonds due 1958.
Price, 92to yield about 4.95%.
Offered
by Morgan Stanley & Co., Inc.;
The First Boston Corp.;
Brown Harriman & Co., Inc.; Edward B. Smith & Co.; Blyth
& Co., Inc.; Lazard Freres & Co., Inc.; Lee Higginson Corp.;
Kidder, Peabody & Co. and White, Weld & Co.
Other under¬
writers were: Dillon, Read & Co.; Dominick & Do linick;
Bancamerica-Blair
Con).;
Hallgarten &
Co.; Ladenburg,
Thalmann & Co., and Speyer & Co.
127.7
zl21.2
166.9
166.9
169.8
Metals
117.9
116.2
111.6
Building materials
111.8
111.8
111.8
265,500 All Metal
Price, 5.90
97.7
90.5
90.3
84.8
131.7
Z130.0
129.9
77.8
Z76.8
77.3
All commodities on old dollar basis
*
Preliminary,
z
Revised.
Moody's Commodity Index Advances
wool,
decline.
parisons, i3 as follows:
Price,
190.6
191.1
191.8
194.2
194.7
Nov. 27
Nov. 28
Nov. 30
Fri.
Sat.
Mon.
Dec.
Dec.
1
2
3
Tues.
4
Dec.
Fri.
This
been
has
New
Amsterdam
Corp.
312,690 The Reliance Electric & Engineering Co.
14,890 shares
common
stock.
Price, 21.
Offered by Hayden, Miller &
Co.; Otis & Co., Inc.; Merrill, Turben & Co., Inc., and Curtiss,
House & Co.
Each
week
a
week
Low- -May
of additional
12
148.4
195.2
162.7
Market
strength for high-
speculative grade
fluctuated
limits for 10 weeks now, after their
bonds of medium to
higher.
closed
the
within
fairly narrow
The Baa rails have
April through September.
of the Treasury recently announced that
financing of 1% billions would be undertaken in December,
which amount will include $300,000,000 in new money.
In
rise from
The
Secretary
addition, the Treasury will borrow $50,000,000 more in bills
each week for six weeks, which will yield an additional
$300,000,000.
Offered by Hammons & Co., Inc.
heavy tax payments.
stock
Price, 25.
—
-Mar. 18
United States Gov¬
ernment average recorded new high points.
Lower grades
have been somewhat mixed, with only minor fluctuations,
36,000 shares $1.50 cum. conv. pref. stock.
of preferred stock is convertible into 4 shares of
until 10 days prior to any redemption date.
Inc.
share
Low-
1936 High- -Dec. 3-
189.1
183.6
166.4
175.3
Both the Aaa's and the
grade bonds.
long
prer.
31,
Year Ago, Dec.
The Course of the Bond
Department Stores, Inc.
45,000 shares 6% cum.
stock.
Convertible into common stock until
1941, at rates ranging from 3 shares of common
stock to 2 ^ shares of common stock for each share of preferred
stock.
Price, 52.
Offered by Robert Garrett & Sons and
2,250,000 Hearn
20
Ago, Nov. 4
4
1935 High—Oct. 7 & 9
2 Weeks Ago, Nov.
Month
195.2
195.0
although many rail
common
.
cocoa, rubber, wheat, corn, hogs, silver, steel, cotton,
coffee and sugar. Silk was the only item showing a
There were no net changes for hides, copper and lead.
The movement of the Index during the week, with com¬
Henry Fischer Packing Co.
1,750 units, each unit
consisting of 4 shares 6% cum. pref. stock and 1 share common
stock.
Price, 105 per unit.
Offered by Bankers Bond Co.,
Louisville, Ky.
183,750 The
900,000 Sterling,
Sharply
Moody's Daily Index of Staple Commodity Prices ad¬
vanced sharply this week, closing at 195.0 on Friday, as
compared with 190.6 a week ago. A new high of 195.2 was
established on Thursday.
The rise was of a broad character, with net gains for
Products Co.
45,000 shares
common stock.
share.
Offered by Carlton M. Higbie Corp.
800,000 The J. W. Carter Co.
80,000 shares common stock.
10.
Offered by Dwelly, Pearce & Co., Inc.
First
98.4
97.7
Miscellaneous
per
1,728,000 Bath Iron Works Corp.
144,000 shares common stock.
Price, 12.
Offered by Hemphill, Noyes & Co.; Riter & Co.;
Mackubin, Legg & Co.; Babcock, Rushton & Co.; Parrish
& Co. and Drumheller, Ehrlichsman & White.
The
118.9
Chemicals
Thurs. Dec.
$1,060,000 Abbott Laboratories.
20,000 shares common stock.
Price,
53.
Offered by A. G. Becker & Co., Inc.; Shields & Co. and
F. S. Moseley & Co.
Dec.
137.3
129.1
Wed.
REPRESENTING NEW FINANCING
ISSUES NOT
1935
123.4
#
$28,454,000
conv.
Dec. 3,
1936
zl30.0
*123.0
-_
Textile products
All commodities
7,500,000 The Dallas Joint Stock Land Bank of Dallas, Texas,
5-year 3% Farm Loan bonds due Jan. 1, 1942.
Refunding.
Price, 101
to yield over 2.47% to callable date and 3%
thereafter.
Offered by Lee Higginson Corp.; Halsey, Stuart
& Co., Inc.; G. M.-P. Murphy & Co.; W. E. Hutton & Co.;
Kidder, Peabody & Co.; A. C. Allyn & Co., Inc.; Priester,
Quail & Co.; The Illinois Co. of Chicago, and Walker, Austin
& Waggoner, Dallas, Texas.
Nov. 24,
Fuels.-.
Food products
GOVERNMENTAL AGENCY ISSUES
LOAN AND
$954,000 The Atlanta Joint Stock Land Bank of Atlanta, Ga.,
5-year 3% Farm Loan bonds due Dec. 1, 1941.
Refunding.
Price, 101; to yield about 2.50% to callable date and 3%
thereafter.
Offered by Trust Co. of Georgia; The RobinsonHumphrey Co. and J. H. Hillsman & Co., Inc., all of Atlanta,
1, 1936
133.1
products
be
can
will
They
redeemed
mature
with what
next March, when they
unusually
is expected to be
High-grade railroad bonds continue strong
$7,499,940
in the absence
important new offerings, and in accordance with active
investment demand.
Chesapeake & Ohio series E 3%s, 1996,
of
The New Political Alliances
(Concluded from
at Barcelona for neutral
not
member of the
a
be
not
page
advanced % to 102%;
3528)
shipping.
As Germany is
League and Italy will probably
action by the Council
represented,
seems
unlikely.
very
On the
than
whole, the outlook for peace is less rather
hopeful. The Spanish
more
incident in
a
war
has become
an
larger movement which is arraying the
European Powers in hostile groups. The appearance
of
Japan
is
a
as a
leading member of
reminder of
and
more
more
the
Asiatic
% to 108%.
Baltimore & Ohio
4%s, 1960, declined % to 79%; Erie 5s, 1967, at 87% were
up %; Southern Pacific 4%s, 1968, advanced 1% to 95%.
New offerings and continued strength in prime investment
issues have featured the utility bond market this week.
Important offerings included $160,000,000 American Tel. &
Tel. 3%s, 1966, $44^500,000 Oklahoma Gas & Electric 3%s,
and 4s, and $12,000,000 Consumers Power Co. 3%s, 1966.
.iany high grades advanced to new high ground, several of
which are now selling on less than a 3% basis.
Lower
grades have been generally quite firm and speculative issues
fluctuated indifferently.
New York Edison 3%s, 1965, ad¬
vanced 1% points to 105%; Illinois Power & Ligght 5%s,
1957, closed at 96%, down % for the week; Standard Gas &
Electric 6s, 1966, at 83% were up 2 ; International Hydro-
one
of the
groups
influence which
to be reckoned with in
has
European af¬
Electric
England, from which the Baldwin Government could
expect to emerge unscathed, points to a possible
further
impairment of British influence on the Con¬
tinent.
What the Buenos Aires conference may
in the future,
still
clearly
one
do is
but the European situation is
from which the United States does well
Weekly
Index of Wholesale Commodity
Highest Point in Six Years
Index of Wholesale Commodity
Prices rose 1.7 points to 131.7 on Dec. 1, the highest since
June 3, 1930.
Advances were general, the "Annalist" said,
adding:
War
"Annalist" Weekly
scares
of various
sorts may have contributed slightly to the rise,
but the advances generally appear to have
more
natural
forces.
to 72.
high-grade industrial
bonds, while those of lower quality have been mixed.
Sharp
gains have been recorded among the securities of oil com¬
panies in reorganization, Richfield Oil of Calif. 6s, 1944
(ctfs.), closing at 59%, up 9%.
Oil bonds of investment
Socony-Vacuum 3%s, 1950, rising 1
among the steels,
but Republic Steel conv. 4%s, 1950, stood out with a 4%point advance to 125%.
Coal company loans drifted lower,
grade also fared well,
to
106%.
and
there
There has
been little action
has been weakness
among
terminal issues, New
5s, 1938, declining 4% to 69.
The sugars again
have been a feature on the up side, Francisco Sugar 7%s,
Prices for Dec. 1 at
The
rose,
York Dock
to hold aloof.
"Annalist"
6s, 1944, rose 6%
A firm tone has been evident among
fairs, while the danger of a constitutional crisis in
not
Louisville & Nashville 4s, 1940, were
% at 109%; Virginian 3%s, 1966,
Lower-grade railroad bonds were mixed.
up
All the grains
except barley advanced under
leadership of wheat, as our western areas
reflected rather the operation of
the
continued to suffer from lack of
1942,
closing at 128, a gain of 12% points.
There have been very
bond
market this
few important changes in the foreign
week.
There have been no outstanding
gains or losses in any national group.
Movements of indi¬
vidual bonds have been mixed and of fractional proportions
for the most
part.
Japanese issues, both governments and
corporate, showred a tendency
to decline, as much as four
points in some cases.
Moody's computed bond prices and bond list averages are
given in the following tables:
3534
Financial
MOODY'S BOND PRICES
(Based
on
(REVISED)
AH
Govt.
MOODY'S BOND
Average Yields)
Domes¬
Bonds
(Based
120
120 Domestic Corporate *
Aaa
Aa
A
Baa
RR.
P. U.
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Averages
Indus.
105.98
117.50
113.68
103.74
91.81
100.70
105.60
112.25
105.98
117.50
113.89
103.74
91.66
100.53
105.60
tlcCorp.
112.25
2..
112.61
105.98
117.29
113.89
103.56
91.66
100 53
105.60
112.25
1„ 112.74
105.79
117.29
113.68
103.56
91.66
100.53
105.41
112.05
Nov. 30— 112.74
105.79
117.07
113 68
103.38
91.51
100.35
105.41
112 05
28— 112.69
105.79
117.07
113.68
103.56
91.66
100.35
105.22
112.25
27- 112.64
105.60
116 86
113 68
103.38
91.51
100.18
105.22
112.05
26- Stock
Exchan ge CIoh ed
105 60
117.07
113 48
103 20
91.35
100.00
105.22
112.05
24- 112 65
105 60
116 86
113.48
103 02
91 20
99 83
105 04
111 84
23- 112 49
105.41
116 64
113.48
103.02
91.20
99 83
105 04
111 84
112.64
10541
116 43
113.48
103 20
105.60
116.64
113.48
103.20
91.51
100.00
105 04
105.60
116 86
113.68
103.20
91 66
100.18
105.04
112 05
91 51
100.00
lOf .04
Aa
A
Baa
RR.
P.
V.
Indus.
3.67
3.10
3.28
3.79
4.50
3.96
3.69
3.35
6.68
3.67
3.10
3.27
3.79
4.51
3.97
3.69
3.35
mmm
3.67
3.11
3.27
3.80
4.51
3.97
3.69
3.35
mmm
1..
3.68
3.11
3.28
3.80
4.51
3.97
3.70
3.36
mmm
Nov. 30..
3.68
3.12
3.28
3.81
4.52
3.98
3.70
3.36
28—
3.68
3.12
3.28
3.80
4.51
3.98
3.71
3.35
mmm
27—
3.69
3.13
3.28
3.81
4.62
3.99
3.71
3.36
5.64
3.82
25..
Exchan ge
3 12
4.53
4.00
3.71
3.36
3.69
3.13
3.29
3 83
4 54
4.01
3 72
3.37
23—
3.70
3.14
3 29
3.83
4.54
4.01
3.72
3.37
21..
3 70
3.15
3.82
4.52
4.00
3.72
3 37
20—
3 69
3.14
3.29
3.82
4.52
4.00
3.72
3.36
19..
i
3 69
24..
111 84
3 69
3.13
3.28
3.82
4.51
3.99
3 72
3 36
3.29
3.29
113.48
103.20
91.81
100 18
105.04
112 05
18..
3.69
3.72
3.36
106.41
116.43
113.27
102 84
91.66
100.18
104 85
111 84
17..
3 70
3.15
3.30
3.84
4.51
3.99
3 73
3.37
16- 112.38
105.41
116 43
113.27
102.84
91.51
100.00
104.67
111.64
16—
3.70
3.15
3.30
3.84
4.52
4.00
3.74
3.38
14.. 112.32
105.22
116.64
113.27
102,66
91.35
99.83
104.67
111.84
14—
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3 37
3.14
3.30
3.85
4.53
4.01
3.14
3.31
3.85
Exchan ge Clos ed
3.15
3.31
3.86
4.52
3.99
13.. 112.25
105.60
116.64
105.22
116.64
113.27
102.66
91.35
99.83
104.67
111.84
13—
105.22
116.64
113.07
102.66
91.51
100.18
104.48
111.64
12..
3.71
11— Stock
Exchan ge Clos e'
11— Stock
10- 111.96
105.22
10—
3 14
3.71
12- 112.19
•«*
.
9- 111.76
116.43
113.07
91.66
100.00
91.66
102.48
100.00
104.48
111.64
mmm
Clos ed
17.. 112.40
*
signs
3—
112.05
19— 112.71
80
For•
Aaa
2—
4..
Dec.
26— Stock
20— 112.62
18— 112.60
(REVISED)
All
Corporate* by Groups
3.. 112.74
21-
YIELD AVERAGES
Individual Closing Prices)
Domes-
120 Domestic
by Ratings
4— 112.77
25- 112 60
on
5, 1936
1936
tic
Dec.
Dec.
Daily
U. S.
1036
Daily
Averages
Corp.*
Chronicle
3.71
3.29
3.82
4 50
3.99
3.74
3.37
3.75
3.38
3.75
mmm
mmm.
■
mmm
■
mmm
5.59
mmm
mmm
mmm
mmm
3.38
5.58
m mm
1
4.51
4.00
111.64
9—
3.72
3.16
3.32
3.87
4.51
4.00
3.76
3.38
7- 111.63
105.04
116.21
112.66
102.12
99.66
99.83
104.11
111.43
7—
3.72
3.16
3.33
3.88
4.51
4.01
3.77
3.39
«...
6— 111.63
104.85
116.00
112.45
102.12
91.51
99.83
103.93
111.23
6..
3.73
3.17
3.34
3.88
4.52
4.01
3.78
3.40
5.60
3.17
3.35
3.90
4.54
4.03
3.79
3.41
3.17
3.35
3.91
Exchan ge Clos ed
3.36
3.17
3.92
4.55
4.03
3.79
3.42
4.55
4.04
3.80
3.42
mmm
4.54
4.04
3.79
3.41
mmm
5- 111.36
105.04
116.21
112.86
102.30
104.30
104.67
116.00
112.25
101.76
91.20
99.48
103.74
111.03
5—
3.74
4— 111.00
104.48
116.00
112.25
101.58
91.05
99.48
103.74
110.83
4..
3.75
3- Stock
Exchan ge Clos ed
2- 110.85
104.48
116.00
112.05
101.41
91.05
99.31
103.56
110.83
2..
104.48
115.78
112.25
101.58
91.20
99.31
103.74
111.03
Oct. 30..
3_. Stock
f Weekly—
3.75
mmm
mmm
Weekly—
Oct. 30.. 110.85
23- 110.85
3.75
3.18
3.75
3.35
3.91
110.83
23—
16.. 110.91
104.67
115.57
111.84
101.94
91.51
99.83
103.56
110.83
16-
3.74
3.19
3.37
3.89
4.62
4.01
3.80
3.42
5.64
9.. 110.82
104.67
115.78
111.64
101.94
91.51
99.83
103.56
110.83
9..
3.74
3.18
3.38
3.89
4.52
4.01
3.80
3.42
5.65
2- 110.83
104.11
115.57
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
5.68
Sept 25— 110.68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
Sept.25..
3.78
3.18
3 41
3.93
4 58
4.06
3.83
3.45
5.68
18.. 110.86
103.93
116.00
111.03
101.06
90.14
98.45
103.20
110.43
18—
3.78
3.17
3 41
3.94
4.61
4.09
3.82
3.44
5.68
11- 111.04
103.74
116.00
111.03
101.23
89.84
98.28
103.20
110.43
11..
3.79
3.17
3.41
3.93
4.63
4.10
3.82
3.44
4„ 111.13
104.48
115.78
112.05
91.05
101.76
99.31
103.74
3.18
3.36
3.90
4.55
4.04
3.79
4.42
5.61
5.67
103.38
115.78
110.83
110.88
89.25
97.78
102.84
110.24
4..
3.81
3 18
3.42
3.95
4.67
4.13
3.84
3 45
570
110.91
102.84
115.35
110.43
100.35
88.51
96.94
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
102.66
109.64
3.85
3.22
3.44
3.99
4.76
4.23
3.85
3.48
5.76
Aug. 28.
.
14.. 110.59
102.66
114.93
110.43
100.00
96.44
102.84
109.44
7.. 110.42
102.66
114.93
110.43
100.00
88.07
96.28
102.66
109.64
102.48
114.93
110.24
99.83
87.78
95.78
102.48
109.44
102.12
21
Julyl31_.
110.13
24.. 109.92
88.22
—
14—
3.85
3.22
3.44
4.00
4.74
4.21
3.84
3.49
5.75
7—
3.85
3.22
3.44
4.00
4.75
4.22
3.85
3.48
5.82
3.86
3.22
3.45
4.01
4.77
4.25
3.86
3.49
5.75
July 31
_.
114.72
109.84
99.48
87.49
95.29
102.48
109.05
24„
3.88
3.23
3.47
4.03
4.79
4.28
3.86
3.51
5.75
17.. 109.76
101.76
114.72
109.64
99.14
87.07
94.97
102.48
108.66
17-
3.90
3.23
3.48
4.05
4.82
4.30
3.86
3.53
5.77
10.. 110.05
101.68
114.93
109.64
98.97
86.50
94.49
102.48
108.66
10—
3.91
3.22
3.48
4.06
4.86
4.33
3.86
3.53
5.82
3.. 110.04
June 26.. 109.88
101.23
114.93
109.44
98.62
85.79
94.01
102.12
108.46
3-
3.93
3.22
3.49
4.08
4.91
4.36
3.88
3.54
5.80
101.06
114.30
109.05
98.45
86.07
94.17
101.58
108.27
3.94
3.25
3.51
4.09
4.89
4.35
3.91
3.55
19— 109.93
101.06
114.30
108.85
98.62
86.07
94.49
101.68
108.08
19..
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
5.85
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
6.95
5_. 109.99
100.88
114.30
108.85
98.28
85.65
93.69
101.23
108.46
5—
3.95
3.25
3.52
4.10
4.92
4.38
3.93
3.54
6.06
May 29.. 110.01
101.06
114.51
109.05
98.45
85.65
93.85
101.58
108.46
3.94
3.24
3.51
4.09
4.92
4.37
3.91
3.54
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
6.92
15.. 109.98
100.88
113.68
108.85
98.45
85.65
93.69
101.06
108.46
15„
3.95
3.28
3.52
4.09
4.92
4.38
3.94
3.54
5.89
8.. 109.70
100.35
113.48
108.46
98.11
84.96
93-. 06
100.53
108.27
8—
3.98
3.29
3.54
4.11
4.97
4.42
3.97
1
4.01
3.31
3.57
4.13
5.02
4.46
3.99
3.59
6.96
3.99
3.30
3.58
4.13
4.96
4.43
3.98
3.67
5.86
4.11
4.89
4.37
3.97
3.56
5.83
1
June 26.
May 29.
_
.
109.69
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
109.80
100.18
113.27
107.69
97.78
85.10
92.90
100.35
107.88
17„ 109.96
100.53
113.48
107.88
98.11
86.07
93.85
100.53
108.08
17—
3.97
3.29
3.57
—
Apr.[24_.
—
Apr. 24.
.
1
'
3.55
3.77
5.91
5.84
9.. 109.75
100.88
113.68
108.08
98.11
86.50
94.49
100.70
107.88
9„
3.95
3.28
3.56
4.11
4.86
4.33
3.96
3.57
5.83
3.. 109.64
100.70
113.89
108.08
97.95
86.21
94.33
100.53
107.88
3—
3.96
3.27
3.56
4.12
4.88
4.34
3.97
3.57
5.83
Mar.27— 109.66
100.53
113.48
107.88
98.11
85.93
94.01
100.35
107.88
Mar. 27..
3.97
3.29
3.57
4.11
4.90
4.36
3.98
3.57
5.85
20- 109.51
100.70
113.68
108.27
98.28
85.79
93.85
100.53
108.27
20..
3.96
3.28
3.55
4.10
4.91
4.37
3.97
3.65
6.80
13.. 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
3.56
5.94
6.. 109.46
Feb. 28.. 109.03
101.41
113.48
108.66
98.80
87.64
96.11
100.53
108.27
6—
3.92
3.29
3.53
4.07
4.78
4.23
3.97
3.55
5.87
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
3.58
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
3.66
14.. 108.48
101.06
113.07
108.08
97.95
87.78
95.13
100.63
108.08
14.
3.94
3.31
3.56
4.12
4.77
4.29
3.97
3.56
6.07
7— 108.21
100.53
112.86
108.08
97.45
86.78
94.17
100.35
107.88
7„
3.97
3.32
3.56
4.15
4.84
4.35
3.98
3.57
6.10
31.. 108.03
24.. 107.89
100.00
112.25
107.88
96.94
85.93
93.06
100.18
107.49
Jan. 31..
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.59
6.13
100.00
•
Jan.
—
.
6.92
112.25
107.88
97.28
85.93
93.06
100.00
107.88
24..
4.00
3.35
3.57
4.16
4.90
4.42
4.00
3.67
6.11
17.. 108.34
99.66
111.84
108.27
96.78
85.10
92.43
99.83
107.88
17..
4.02
3.37
3.55
4.19
4.96
4.46
4.01
3.57
6.17
10- 108.02
98.97
111.64
107.49
96.11
83.87
91.20
99.14
107.11
10—
4.06
3.38
3.59
4.23
5.05
4.54
4.05
3.61
6.26
107.94
97.95
111.03
106.22
95.13
82.40
89.84
98.80
105.98
3..
4.12
3.41
3.62
4.29
6.16
4.63
4.07
3.67
6.23
High 1936 112.74
105.98
117.50
113.89
103.74
91.81
100.70
105.60
112.25
Low 1936
3.67
3.10
3.27
3.79
4.50
3.96
3.69
3.35
5.58
1936 107.77
97.61
110.83
106.73
94.97
81.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4.30
5.20
4.65
4.08
3.68
6.31
High 1935 109.20
97.45
110.83
106.73
94.81
81.61
89.25
98.62
105.60
Low
1935
4 16
3.42
3.63
4.31
5.22
4.67
4.08
3.69
5.78
Low
Low 1935 105.66
1 Yr. Ago
88.07
103.56
95.78
86.92
68.17
79.70
82.79
94.17
Dec. 4
96.61
110.24
105.98
93.69
80.58
88.22
97.45
105.22
86.92
102.84
95.13
85.79
69.58
86.21
82.00
93.37
2
Yrs.Ago
Dec. 4
High 1935
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.35
6.97
4.20
3.45
3.67
4.38
5.30
4.74
4.15
3.71
6.58
4.83
3.84
4.29
4.91
6.26
4.88
5.19
4.40
1 Yr. Ago
35 107.52
Dec. 4
35
2 Yrs.Ago
34 105.10
Dec. 4
34
N»
6.37
•These prices are computed from average yields on the basis ol one "typical" bond
(4% coupon, maturing in 30 years) and do not purport to show either the average
average movement of actual price quotations.
They merely serve to Illustrate in a morefccomprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market*
level[or the
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Dec. 4, 1936.
Business activity fell off considerably during the week,
this being due in large measure to the
Thanksgiving Day
holiday.
The "Journal of Commerce" weekly business index
showed
a
decline to 96.3
as
against
revised figure of 100.5
a
for the previous week and 82.7 for the corresponding week
of last year.
However, the excellent
showing of the steel
industrial groups will report outputs which will exceed the
1930 level and approach the 1929 level.
A majority of the
record-breaking industries
are found in the consumer goods
Commodities and stocks appear to move in opposite
directions.
The current rise in commodity values still seems
lines.
to be
gathering momentum.
Leaders in the present upturn
the grains, particularly wheat and rye.
The swift and
substantial rise in cocoa has been one of the most spectacu¬
are
industry is the outstanding feature of the week's develop¬
lar events in the week's commodity markets.
and fully justifies the strong feeling of optimism
that has prevailed in steel circles for some time
past.
Steel
ingot production has risen to 76% of capacity, the peak
gains
ments,
for the year.
erably,
most
with
The demand for steel has broadened consid¬
the railroads coming into the market in a
substantial way.
The outlook for the steel industry,
especially during the early months of the new year, is most
promising.
However, a serious labor disturbance could
change the whole picture.
Present indications do not point
to any unsettlement in this direction right now.
Production
of electricity by the" electric light and
power industry for
the week ended Nov. 28 dropped sharply from the
preceding
week, this decline being attributed to the Thanksgiving Day
holiday. However, demand for energy during the week was
13.7% above a year ago.
At least 14 important manufac¬
turing industries will establish new all-time records in out¬
put for
the year 1936, according
"Journal of Commerce."
to
Some five
a
or
compilation of the
six other
important
are
up
to 10%
over
Retail sales
the previous week and 15%
30% ahead of the comparative period of 1935.
to
This large
volume of retail business is naturally reflected in the whole¬
sale demands, which increased 25% over the like week last
year.
Car loadings declined 109,516
week, but showed
an
cars from the previous
increase of 108,106 cars, or 18.9%, over
the comparative week of 1935.
Automobile production this
week declined to a total of 100,545 cars from 104,190 units
in the preceding week.
The decline is attributed largely to,
strikes and labor disturbances.
Production for the corre¬
sponding
in 1935 amounted to 103,030 units.
The
characterized by scanty precipitation in most sec¬
tions and subnormal temperatures over much of the
country.
Because of the generally scanty rainfall in
week
week
was
November, much
the greater portion of the country is now in need of moist¬
ure.
Following
an
extremely dry
summer,
September
brought good rains to most Central Valley sections and to
the southern Great Plains, but in a large Northwestern area
Volume
Financial
143
precipitation continued deficient and the drought has never
been appreciably relieved.
East of the Mississippi River
soil in most sections
the
moisture,
though
Except in
area.
conditions
River
now
and
cific
fairly well supplied with
in the Middle Atlantic
needed
few sections of limited extent, droughty
a
Moderate
tions of the Great
In
the
The index
dust-storms
shipments
Plains and
as
western
far eastward as
(1926—100.0)
•
A
Nov,
Nov.
Nov.
Nov.
Oct.
Nov.
Dec.
Dec.
28,
21,
14.
7,
31,
30,
1,
2.
1936
1936
1936
1936
1936
1935
1934
1933
82 6
82.4
82.0
81.3
81.2
80.8
76.5
70.7
63.6
Farm products
85.5
85.2
85.5
84.2
83.9
78.5
71.1
55.9
46.8
Foods
84.4
84.5
83.5
82.6
82.3
85.9
75.0
63.2
60.7
99.3
98.3
96.8
96.2
96.0
95.5
84.9
89.1
71.1
74.3
73.5
72.4
71.7
71.6
72.9
69.3
75.4
53.0
77.6
77.5
77.4
77.4
77.3
75 9
75.7
73.8
71.9
Commodity Groups
All commodities-
Hides
beneficial in coloring and
ripening citrus, and
In the New York City area the
increasing.
are
more
or
less unsettled, with temperatures
generally mild.
Today it was cloudy and cold here, with
temperatures ranging from 33 to 45 degrees.
The forecast
for fair
Dec. 1933,
1932:
sec¬
many
Statistics includes 784 price series
Dec.
3,
1932
Pacific
weather has been
and
colder
Overnight
at Boston it was 32 to
34 to 44;
Pittsburgh, 34 to 36; Portland, Me., 32 to 46; Chicago, 18
to 36; Cincinnati, 34 to 40; Cleveland, 34 to 40; Detroit,
32 to 34; Charleston, 50 to 60; Milwaukee, 16 to 36; Dallas,
44 to 50; Kansas City, 28 to 48; Springfield, Mo., 30 to 36;
Oklahoma City, 34 to 44; Salt Lake City, 26 to 34; Seattle,
38 to 42; Montreal, 26 to 32, and Winnipeg, 14 below to
was
of Labor
Bureau
the average for the year 1926 as 100.
The following table shows index numbers for the main groups of commod¬
and Dec. 3,
Pa¬
the
to
in
occurred
States, especially in the central and
portions, the drought has become serious.
Ad¬
ditional frost damage to miscellaneous crops occurred dur¬
ing the week in some eastern Gulf States, but in Florida
was
on
ities for the past five weeks and for Nov. 30, 1935, Dec. 1,1934,
northern
the cold
the
of
weighted according to their relative importance in the country's markets
and is based
prevail rather generally from the Mississippi
Central-Northern districts westward
Ocean.
Iowa.
still is
is
more
3535
Chronicle
tonight and Saturday.
44 degrees; Baltimore,
and
leather
products
Textile products
Fuel & Itg. mater'lsMetals
&
met
pro¬
87.5
87.3
87.1
86.5
86.4
86.3
85.3
83 4
79.5
materials-
87.8
87.8
87.7
87.5
87.4
85.4
84.9
85.2
70.5
Chemicals & drugs.
82.7
82.5
81.9
81.6
81.5
81.0
77.4
73.7
72.5
Housefurn'g goods-
83.6
83.4
83.4.
83.3
83.2
82.1
82.7
82.0
72.5
Miscellaneous
74.1
73.9
73.5
72.0
71.9
67.5
70.8
65.3
63.5
83.2
83.1
83.0
82.1
82.0
X
X
X
X
80.1
79.5
78.7
76.8
76.6
X
X
X
X
82 9
82.8
82.4
81.9
81.7
X
X
X
81.9
81.8
81.3
80.7
80.6
81.2
77.5
73.8
67.4
81.5
81.2
80.8
80.3
80.2
79.0
78.2
77.4
69.8
ducts
Building
Raw materials-
Semi-mfrd. articles
.
Finished products.
.
X
All com'd'ties other
than farm
prods
-
All com'd'ties other
than
products
&
foods
x
Not computed.
12 above.
Revenue
Wholesale
Commodity
Higher
Prices
Continuing the rise for the fifth consecutive week, whole¬
commodity prices advanced 0.2% during the week
ended Nov. 28, according to an announcement made Dec. 3
by Commissioner Lubin of the Bureau of Labor Statistics,
U. S. Department of Labor. "The index of wholesale prices
for the week was 82.6% of the 1926 average, the highest level
reached since October 1930," Mr. Lubin said, "and was 39%
above the low point in 1933.
Compared with the cor¬
responding week of a year ago, the current level of wholesale
prices shows an increase of 2.2%. The advance during the
week was due to a fairly general increase in prices in all the
major commodity groups." He added:
sale
W Of
the 10 major
groups
used by the Bureau in classifying wholesale
modity prices, only the foods
preceding week.
change.
group
showed
was
greatest
the
in
were
showed
group
textile group
advances nearly as large in the hides and leather group.
b
Loadings of
cars, or
and
no
with
These advances
1.1 and 1.0%, respect!velyl
Wholesale prices of raw materials and finished products each Increased
0.1% during the week and semi-manufactured products moved
up
freight for the week ending Nov. 28,
an
This is
cars.
decline of 109,516
a
13.9%, from the preceding week,
18.9%,
or
cars,
Cars From Preceding Week
revenue
totaled 679,984
1936,
increase
of
gain of 108,106
a
the total for the like week of 1935,
over
191,799 cars,
39.3%
or
ending Nov. 21 loadings
week of 1935,
week of 1934.
a
For the week
21.9% above those for the like
were
and 40.5%
those for the corresponding
over
Loading for the week ended Nov. 14 showed
gain of 24.6 % when compared with 1935 and
when
a
rise of 34.1 %
comparison is made with the same week of 1934.
The first 18
Nov.
the total
over
loadings for the corresponding week of 1934.
decline from the level of the
a
The index of the building materials
The advance in prices
com¬
Freight Car Loadings in Week Ended Nov. 28
Off 109,516
During Week
Ended Nov. 28 for Fifth Consecutive Week, Accord¬
ing to United States Department of Labor
major railroads to report for the week ended
28, 1936 loaded
freight
their
on
own
total of 324,202
a
preceding week and 270,869 cars in the
Nov. 30,
of
cars
lines, compared with 375,568
revenue
in the
cars
days ended
seven
A comparative table follows:
1935.
RECEIVED FROM CONNECTIONS
REVENUE FREIGHT LOADED AND
0.8%.
(Number ol Cars)
The price levels in the raw materials and semi-manufactured groups were
the highest since June 1930, and the level of the finished products group
was
Loaded on Own Lines
Rec'd from Connections
Weeks Ended—
the highest reached since the week ending Jan. 11, 1936.
Weeks Ended—
'
The index of "all commodities other than farm products," representing
non-agricultural
1.6%
above
advanced
month ago and 0.9%
Wholesale prices in the
year ago.
products
a
commodities,
and
foods,"
processed
0.1%
during
the
week
week
0.4%
was
3.2%
above
the
following is also from the Commissioner's
announce¬
ment of Dec. 3:
Increasing prices of clothing, cotton goods, knit goods, silk and rayon,
the major group of textile products to rise to 74.3, which was the high
The index for hides and leather products stood at 99.3, which was 1.0%
19.449
22,319
17,375
3,551
1,913
1,404
1,104
1,303
2,492
13,670
15,986
12.058
2,668
2,053
5,469
4 407
3,197
3,505
2.544
18,153
44,720
5,271
24,788
71,184
7,171
7,846
32,633
6,502
13,282
34,109
9,344
9,585
7,460
42,251
46,922
34,499
4,076
10,367
10,733
17,157
52,237
4,869
4.945
3,513
43,588
46,425
32,789
5,453
5,319
6,053
6,092
5,989
7,714
21,923
x8,799
x9,939
4,723
8,750
9,734
4,699
4,089
x6,684
7,281
14.562
2,110
4,353
15,613
38,408
M ifisouri-K ansas-Texas RR
Missouri Pacific RR
New York Central Lines.
4,592
Louis Ry
22,810
—
61,625
Pennsylvania RR
Pere Marquette Ry
4.0% above the week ending Nov. 30, 1935.
Pittsburgh & Lake Erie RR
The increase in this group
due to the advnace in prices of hides and skins and leather.
Shoes and
the increased
to
live poultry, eggs,
group rose
prices of barley, rye, cattle, steers,-hogs, lambs,
lemons, white potatoes, and wool,
week of a year ago.
a
month
ago,
and 8.9%
Corn, oats, wheat, calves,
Total
the farm products
0.4% above the level of the preceding week,
corresponding week of
1.9%
above the
cotton,
27,377
5,415
-
6,570
4,804
17,628
12,059
17.628
10,001
8,998
10,310
6,955
8,534
8,932
11,311
12,126
6,574
9,094
1,405
TOTAL
7,204
1,936
8,232
324,202 375,568 270,869 207,995 226,727 167,278
-
S. P. Co.-Pacillc Lines and Texas & New
Excludes cars interchanged between
x
6,218
16,408
Orleans RR. Co.
above the corresponding
ewes,
6,097
7,041
Wabash Ry
other leather products remained unchanged from the week before.
Due
Southern Pacific Lines
30
1935
18,227
3,199
above the preceding week, 3.4% above the week ending Oct. 31, 1936, and
Nov
1936
15,665
International Great Northern RR
Norfolk & Western Ry
1936
18,012
24,633
19,103
31,371
24,887
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac Ry
Chicago & North Western Ry
New York Chicago & St
point since the week ending Aprli 28, 1934.
was
1935
25,389
34,971
26,285
20,850
-
Baltimore & Ohio RR.
Gulf Coast Lines
and woolen and worsted goods offset the decline in other textile products to
cause
Atchison Topeka & Santa Fe Ry
Chesapeake & Ohio Ry
corresponding week of 1935.
The
1936
of a
"all commodities other than farm
increasing
Nov. 21 Nov. 30 Nov. 28 Nov. 21
Nov. 28
is
1936
above the corresponding
group
and
.
LOADINGS
AND
alfalfa hay,
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
timothy hay, hops and flaxseed showed declines ranging from 0.1 % to 6.7.
The metals and metal products group increased slightly due to increases in
Weeks Ended—
the subgroup of iron and steel, and a slight increase in the price of pig tin
in
the non-ferrous
metal subgroup.
No change
Nov.
agricultural implements, motor vehicles and plumbing and heating sub¬
groups.
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
-
—
the
In
palm kernel oil,
tallow,
more
and
chemicals
drugs group, increases in copra, packers' prime
The
Total
index to 82.7, a rise of 0.2%.
house furnishing
goods group advanced 0.2%
due to increases in
furnishings, but furniture prices remained unchanged.
Slightly higher prices of anthracite coal and
Oklahoma
to rise
natural
0.1%.
an
Average prices of bituminous coal
The
were
12,109
more
than
The index of the building
Railroads, in reviewing the
follows:
as
was an
increase of 141,576 cars or 21.9% compared with the
The
week in
1930.
The subgroup of paint
subgroup showed
Other subgroups remained unchanged.
was an
increase of
4,828 cars or 0.6% above the preceding week.
Miscellaneous freight loading totaled 325,048 cars, an increase of 1,848
slight increases in yellow pine lath, rosin, and turpentine counter-balanced
and paint materials advanced fractionally and the lumber
corre¬
1935, 227.558 cars or 40.5% above the corresponding
1934, and 88,450 cars or 12.6% above the corresponding week in
Loading of revenue freight for the week of Nov. 21
materials group remained unchanged.
small decrease in the price of yellow pine flooring.
reported
sponding week in
the miscellaneous commodity group to rise 0.3%.
£ The foods
58,928
Loading of revenue freight for the week ended Nov. 21 totaled 789,500
This
offset declines in crude rubber and cottonseed meal, to cause the index of
minor recession.
80,620
19.226
cars.
slightly lower.
Price increases of matches, plate glass mirrors, Pennsylvania neutral oil,
a
27,593
14,518
23,787
33,909
Association of American
week ended Nov. 21,
increase in the price of
gasoline caused the fuel and lighting materials group
chemical sulphite and soda bleached wood pulp, and middlings
a
Nov. 30. 1935
26,796
37,458
16,366
28, 1936
palm niger oil, ammonia sulphate, and tankage,
than offset declines in ground bone and mixed fertilizers and brought
the group
-
Nov. 21, 1936
72,214
reported in prices of
was
cars
In
above the preceding week.
67,564
cars
above the corresponding week
1935, and 118,176 cars above the corresponding week in
Loading
which was the only group during the week to show a
price decline, eased off 0.1% due to lower prices of wheat flour, hominy
the
grits, white corn meal, fresh apples in Chicago, bananas, oranges, hams,
of
merchandise
less-than-carload-lot
freight
1934.
totaled
169,731
increase of 2,925 cars above the preceding week, 8,852 cars above
1934.
group,
fresh pork, herring and lard.
flour,
dried
fruits,
lemons,
pepper.
Higher prices
potatoes,
were reported for
butter,
cured pork, coffee, oleo oil,
rye,
and
cars, an
corresponding week in 1935, and 10,628
cars
above the
same
week in
Coal loading amounted to 164,340 cars, an increase of 6,596 cars above
the
preceding week, 31,803 cars above the corresponding week in 1935,
and 44,070 cars above the same
week in 1934.
3536
Grain
2,947
Financial
and
grain products loading totaled 36,894
cars,
increase
an
Chronicle
1936
Livestock loading amounted
below the preceding week,
week in 1935 and 187
15,372
cars
alone loading
19,346
increase of 3,934
above the
cars,
decrease of 3,272
cars
week in 1934.
same
of livestock for
a
the
above the
cars
Four weeks in June
Five weeks in
Four weeks in
week ended Nov.
21
Forest products loading totaled 36,417 cars, an increase
of
totaled
1,912
cars
above the
same
Five
same
11,294
cars,
above the
cars
an
increase of 222
Total
and in
3,565,061
654,947
629,728
647,924
32,607,705
28,609,734
cars
1930
28,252,206
3,470.797
4,380.615
3,550,076
3 653,575
4;586,357
3,574.454
3,683,338
4,608,697
3,840,292
4,668.611
829,023
779,752
701,050
42,327,637
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Nov. 21, 1936.
During this period a total of 116 roads
showed increases when compared with the same week last
year.
The most important of these roads which showed
increases were the Pennsylvania System, the New York
Central Lines, the Baltimore & Ohio RR., the Atchison
Topeka & Sanata Pe System, Southern Pacific RR. (Pacific
Lines), and the Illinois Central System:
above
week in 1935, and 6,533
same
week in 1934.
All districts reported increases in the number of cars loaded with
revenue
—
7
Week of Nov. 21
cars
1935, and
revenue
freight compared with the corresponding weeks in 1935 and 1934.
Loading of
September.
weeks in October
2 628 482'
week in 1934.
Coke loading amounted to
above the
—
Week of Nov. 14.....—
k
3,451
3,351,801
2,787.012
2,825,547
3,701,056
3.061.119
4,095,623
759,318
784,672
789,500
...
August
Week of Nov.
Ore loading amounted to 26,430 cars, a decrease of 8,350 cars below
the preceding week, but an increase of 14,593 cars above the
corresponding
week in 1935, and 22,780 cars above the corresponding week in 1934.
the preceding week,
3.135.118
April
May
Four weeks in July
same
In the Western
above the preceding week, 7,855 cars above the same week in
cars
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,072,864
2 601,950
3,147,988
594,790
585,034
561,942
Five weeks in
to
an
but
decrease of 2,878 cars below the preceding week this year,
increase of 3,754 cars above the same week in 1935.
16,249
2,418,985
2,544,843
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,46,5735
2,224,872
3,098,001
Four weeks in
cars, a
an
1934
2,353,111
Four weeks in March....
preceding week this
year, and 1,261 cars above the same week in 1935.
but
1936
Four weeks In January—
Five weeks in February..
In the Western
districts alone grain and grain products loading for the week ended Nov. 21
totaled 22,475 cars, an increase of 2,179 cars above the
5, 1936
of
above the preceding wefek, 3,524 cars above the corresponding
cars
week in 1935, and 8,935 cars above the same week in 1934.
districts
Dec.
freight in 1936 compared with the two previous years
1930 follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED NOVEMBER 21
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1936
1935
1934
1936
Total Revenue
Railroads
1935
1936
Eastern District—
■o
Ann
589
678
594
1,341
1,490
8,606
1,973
1,336
7,694
1,408
1,598
7.703
1,284
265
Chicago Indianapolis A Louisv
Group B (Concluded)—
Georgia
251
11,456
2,652
9,883
1,982
Arbor
Bangor A Aroostook
Boston & Maine
Central Indiana
1,223
Central
8ystem
Louisville A Nashville
Detroit Toledo A Ironton
18
1,036
5,022
9,599
929
2,397
1,869
8,193
6,455
6,541
Mississippi Central*..
539
260
285
136
108
2,812
1,443
395
412
172
1,367
3,563
1,419
3,238
12,709
5,271
11,220
1,900
16,869
8,600
13,927
7,172
1,935
1,457
8,545
2,514
1,861
1,054
7,260
2,439
261
187
45
49
46,922
13,338
2,126
10,733
7,813
37,969
11,073
1,893
8,447
5,117
4,971
Detroit & Toledo Shore Line..
Erie
Grand Trunk Western
7,174
65
157
Lehigh & Hudson River
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western..
N. Y. Chicago & St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut & North..
Pittsburgh A West Virginia
192
181
1,922
10,317
2,960
5,274
2,400
44,720
11,439
1,958
1,711
2,642
3,429
2,267
37,829
10,613
1,952
4,321
5,995
6,150
1,292
6,987
2,949
3,594
1,649
31,408
9,975
1,933
4,007
4,005
4,357
501
278
436
22
507
1,140
12,714
5,598
312
377
313
1,158
1,407
1,123
6,092
Rutland
633
578
628
Wabash
6,502
4,631
5,428
3,428
4.704
2,752
1,376
1,024
9,734
3,636
3,183
168,497
144,526
122,121
182,032
150,215
473
579
360
922
26,970
2,564
25,381
1,767
17,628
2,402
397
305
284
6
6
1,377
7,458
1,289
20
13
5,749
1,150
4,903
12,343
10.638
791
694
525
42
38
108
306
1,644
2,915
1,763
2,794
1,828
2,579
156
367
424
Grand total Southern District
Northwestern
Belt Ry. of
370
331
709
68,532
Total-
54,326
47,769
34,142
113,629
92,426
85,888
70,066
2,299
12,126
3,645
District—
773
730
469
A North Western
Great Western
18,232
14,489
2,239
18,958
4,048
12,852
2,054
16,548
3,480
Chicago
2,546
Milw. St. P. A Pacific-
22,319
St. P. Minn, A Omaha
Duluth Missabe A Northern
Duluth South Shore A Atlantic
3,969
Elgin Joliet
8,932
3,569
Ft. Dodge Des Moines A SouthGreat Northern
586
374
936
513
347
349
7,714
A Eastern
5,004
5,881
3,630
8,109
148
417
284
285
153
14,856
12,957
11,383
3,299
646
Green Bay A Western
Lake Superior A
Ishpeming
564
599
628
571
34,971
5,130
152
134
2,102
3,349
Nashville Chattanooga A St. L
162
7,747
7,171
16,488
207
200
Tennessee Central
Chicago
Chicago
Chicago
Chicago
1,786
274
1,378
17,433
...
Mobile A Ohio
25
455
5,271
8,029
764
375
1,788
20,179
19,108
Macon Dublin A Savannah
4,746
7.837
13,717
5,024
Delaware Lackawanna & West
Detroit <fc Mackinac
12
1,195
6,211
10,681
133
882
1936
492
2,573
Delaware & Hudson
from Connections
1934
1,990
25,407
25,436
39
Central Vermont
1935
1,189
Georgia A Florida,...
Gulf Mobile & Northern
Illinois
Total Loads Received
Freight Loaded
Wheeling & Lake Erie
Total
1,177
888
8,327
1,091
1,974
5,825
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern
Pacific
470
11,060
Spokane International
Spokane Portland A Seattle
237
78
1,651
4,874
9,923
1,583
4,373
9,018
1,801
2,621
3,848
194
92
90
272
2,270
2,362
1,115
1,509
99,826
80,621
68,437
53,386
25,389
3,448
19,246
2,846
17,289
2,474
6,570
2,684
387
302
246
114
19,449
2,233
13,126
3,350
15,732
1,232
11,438
10,310
1,102
Colorado A Southern
1,860
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth A Denver
City
4,468
1,593
4,427
14,700
1,456
10,092
2,759
1,594
3,051
895
916
525
27
1,380
2,053
1,751
1,126
1,852
1,158
1,404
Northern....
1,370
2,184
1,667
North Western Pacific
Peoria A Pekln Union
879
825
487
441
205
69
138
117
Total.
Allegheny District—
Akron Canton A Youngstown
Baltimore & Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley*
Cambria
A
Indiana
.,
Central RR. of New Jersey..
Cornwall
13,741
1,703
Cumberland & Pennsylvania.,
274
355
Ligonier
200
203
185
52
37
Long
721
780
831
2,816
1,266
71,184
15,848
14,603
1,093
58,752
1,130
51,264
12,303
4,125
1,333
46,425
18,724
4,974
2,531
1,237
34,384
15,549
1,629
Valley
Island
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
Union
(Pittsburgh)
West Virginia Northern*
Western
32
27
58
Total
84
75
1
0
3,929
Maryland
3,036
3,135
7.064
5,693
158,680
Pocahontas
12,478
8,902
365
Alton
Bingham A Garfield....
Chicago Burlington A Quincy
Chicago A Illinois Midland
Chicago Rock Island A Paclfio.
Chicago A Eastern Illinois
Illinois Terminal
Nevada
123,833
107,783
114,784
87,797
District—
Norfolk A Western...
Norfolk A Portsmouth Belt Line
Virginian
26,285
24,788
22,167
20,117
20,442
16,022
939
906
851
12,059
4,945
1,241
1,456
3,121
127
a
23,207
17,303
Included
in U. P.
407
372
270
1,295
17,090
15,403
13,187
11,219
Utah
3,865
1,133
Western Pacific
4,520
3,588
3,287
765
707
56,532
■
46,778
40,602
19,010
13,872
6,638
System
611
857
530
12
1,939
1,707
1,240
2,138
124,164
102,389
86,894
62,089
5,184
14,699
Total.
Southwestern
Alton
A
District—
Southern
193
A—
Atlantic Coast Line
9,795
1,407
8,135
1,159
8,518
Charleston & Western Carolina
472
345
Durham &
150
121
58
63
1,178
428
361
8,885
22,156
Clinchfield
Southern......
Gainesville Midland
Southern..
Piedmont A Northern
Richmond Fred. & Potomac.
Seaboard Air Line..
Southern System
_.
133
177
146
139
Fort Smith A Western
Gulf Coast Lines
217
231
159
311
3,551
2,492
2,958
2,082
2,732
1,404
2,104
1,234
2,281
1,034
3,915
1,510
347
869
Kansas Oklahoma A Gulf*
138
276
351
Kansas
42
82
89
1,006
1,228
Louisiana Arkansas A Texas...
Litchfield A Madison
160
133
370
401
410
352
321
329
288
2,877
1,043
Midland
777
652
581
7,230
19,175
7,893
18,136
1,296
1,103
4,069
4,478
15,807
239
370
3,813
Missouri A Arkansas
969
1,141
986
12,104
207
167
159
844
762
38,100
38,119
35.924
28,417
International-Great Northern..
A
197
Arkansas
176
111
1,751
1,368
1,427
1,108
1,446
Valley
292
240
Pacific
131
105
276
5,469
5,137
14,825
4,413
13,294
3,505
18,163
Missouri-Kansas-Texas Lines
Missouri
2,692
2,243
City Southern
Louisiana
Natchez A Southern
Total
321
4,765
2,109
1,095
45,097
Southbound
163
Burlington-Rock Island
Group
Winston-Salem
9,271
2,885
Southern Pacific
(Pacific)
8,994
Southern District—
Norfolk
2,937
St. Joseph A Grand Island
Toledo Peoria A Western
Union Pacific System
Chesapeake & Ohio
Total-.
Central Western District—
Atch. Top, A Santa Fe
System-
9,585
77
52
43
143
109
145
133
9,754
3,408
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
6,940
2,079
6,644
4,908
4,915
2,563
1,898
3,301
4,435
19,319
86
27
Texas A New Orleans
Alabama Tennessee A Northern
257
291
193
122
9,426
189
Texas A Pacific
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
718
711
632
915
715
Terminal RR. Assn. of St. Louis
Wichita Falls A Southern
6,233
3,047
8,247
2,578
8,022
5,374
2,570
243
233
197
37
36
15
28
68,172
57,351
50,217
63,751
Group B—
Columbus
&
710
632
3,922
3,661
1,478
2,872
1,261
2,397
293
208
338
631
934
Florida East Coast
868
4,436
523
Greenville
852
972
812
777
Note—Previous year's figures revised,
ind
the
Michigan
Central
*
Previous figures.
a
Not available.
Commodity Prices Continued to Advance
During Week Ended Nov. 28—Continue at Highest
Point Since November, 1930, According to National
Fertilizer Association
Continuing the upward trend of the past three weeks,
commodity prices during the week ended Nov. 28
Total
b Includes
RR.
Wholesale
wholesale
Weatherford M. W. A N. W__
still
figures for the Boston A Albany RR., the O. C. O. A St. LouiaRR
maintain
Based
on
the
highest
level since November, 1930.
of 100%, the weekly index
the 1926-1928 average
compiled by the National Fertilizer Association last week
registered 81.2% as compared with 81.0% in the preceding
week.
A month ago the index stood at 80.0% and a year
ago at
78.8%.
The announcement by the Association,
under date of Nov. 30, went on to say:
Volume
Financial
143
/With the exception of foods all of the principal commodity groups either
last week or remained unchanged.
In the food group, price
outnumbered the declines, but lower quotations for such im¬
portant commodities as eggs, fresh, pork, and dressed poultry resulted in
advanced
advances
a
decline in the group index.
prices, taking it to
A slight rise in the index of farm product
high point for the
a new
recovery
result of nine advances in the group and six declines.
last
week
in the textile price index;
was
period, was the net
The sharpest rise
3537
Chronicle
1936.
For the month of September, 1936, output totaled
9,709,786,000 kwh.
Of the October, 1936, output a. total of 3,393,770,000
kwh. was produced by water power and 6,749,406,000 kwh.
by fuels.
The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES
14 price series included in this
(IN KILOWATT-HOURS)
group, including
cotton, several cotton textiles, cotton yarns, wool, burlap,
and silk advanced, and none declined.
Due largely to an advance of $1
in the price of pig-iron, an advance was registered by the
per tone
index; this index will likely show
further advance this week
a
Percentage
Division
metal
Total by Water Power and
the result
as
Change in Output
from Previous Year
Fuels
October
highest point for the
year.
Thirty-seven price series included in the index
advanced during the
week and 13 declined; in the preceding week there were 51 advances
18 declines; in the second preceding week there were 44
declines.
and
advances and 17
''
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Per Cent.
Preced'g
Week
Bears to the
Nov.
Group
28,
--19
--14
Nov.
1936
Year
Month
Week
Total Index
+ 7
New
England
Ago
21,
Ago
Oct. 31,
Nov. 30,
1935
1936
1936
83.1
Fats and oils
States in
October
was
10.8
Miscellaneous commodities.
.
by the
94.6
102.5
79.5
77,1
33% of the total.
67.2
66.8
67.7
100.4
100.8
-
75.5
79.9
79.7
80.1
78.9
71.7
70.0
use of water power
86.3
Increase Increase
84.1
Building materials...--
83.2
83.1
83.2
77.4
Chemicals and drugs
96.5
96.5
96.2
68.5
68.3 r
68.0r
1936
'•<
u.
'
•
<
•
,
V
Kilowatt Hrs.
...
74.7
74.7
74.6
Farm Machinery
92.6
92.6
92.6
72.7
92.0
81.2
81.0
80.0
78.8
January....
Electric
Output for Week Ended Nov. 28 Totals
2,133,511,000 Kwh.
light and
power
above the 1,876,684,000
week of 1935.
kwh. produced in the corresponding
9%
6%
4%
5%
4%
5%
10%
11%
14%
37%
34%
42%
45%
43%
36%
33%
31%
31%
33%
39%
40%
44%
46%
46%
44%
43%
during the week ended Nov. 21 totaled
2,196,175,000 kwh.
This was a gain of 12.4% over the
1,953,119,000 kwh. produced during the week ended Nov. 23,
18%
Total
37%
32%
13%
37%
36%
9.2%
99,393,073,000
40%
plants
engaged in generating electricity for public use, including central stations,
both pubiiciy and privately owned, electric railway plants, plants
operated
tion plants, miscellaneous Federal and State projects, and that part of the
output of manufacturing plants which is sold.
Accurate data are received
each month representing approximately 98%
of the total output shown;
actual figures are available.
as
current month are
corrected in
Week Ended
New England
39%
The quantities given in the tables are based on the operation of
rapidly
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Nov.
13%
14%
15%
the remaining 2% of the output is estimated and corrections are made as
The Institute's statement follows:
Major Geographic
Water Power
by steam railroads generating electricity for traction, Bureau of Reclama¬
Electric output
Regions
1935
industry of the United States for the week
ended Nov. 28, 1936, totaled 2,133,511,000 kwh., or 13.7%
1935.
1936
-
-
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
1934
11%
15%
11%
14%
13%
16%
16%
14%
8,349,152,000
7,494,160,000
.8,011,213,000
April
8,891,574,000 7,817,284,000
May
9,085,474,000 8,020,897,000
June
9,124,052,000 7,872,548,000
July
9,671,982,000 8.370,262.000
August
9,802,053.000 8,573,457,000
September-- 9,709,786,000 8,208,267,000
October
10,143,176,000 8,844,416,000
November
8,692,799,000
December
9,138,638,000
...
Revised.
r
Over
Kilowatt Hrs.
9.245,639,000
8,599,026,000
8,904,143.000
February.
March.
All groups combined
1935
Over
1935
,
65.8
Fertilizers
Produced by
1936
1935
v
95.6
Fertilizer materials
100.0
In October was
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
71.6
87.6
1.3
.
+ 15
The output for the first 10 months of this year is 14%
72.0
6.1
0.3
+18
76.2
0.3
0,3
410
74.8
79.0
79.7
73.7
Metals
-11
above the first 10 months of 1935.
87.9
Textiles
--17
--20
The normal change from September to October
The production of electricity
96.0
80.8
*
--29
+16
is@2.8%.
81.6
79.7
-
Livestock
7.1
80.9
79.0
Grains
Fuels
8.2
83.1
78.8
99.3
-
17.3
1
81.0
80.2
96.5
Cotton
+19
--24
327,194,000 kwh., 1.2% more than the average
67.4
Farm products
-19
+37
daily production in September and the largest average daily production
81.7
Cottonseed oil.
23.0
83.5
82.2
Foods..
-13
+20
The average daily production of electricity for public use in the United
for any month of record.
25.3.
+19
--15
(1926-1928=100)
Latest
Each Group
Oct.
+13
September
August
Reflecting
higher quotations for tankage, the fertilizer material index last week rose
to the
Sept.
677,369,000
624,667,000
628,181,000
Middle Atlantic
2,434,177,000 2,461,020,000 2,631,203,000
East North Central. 2,225,786,000 2,219,529,000 2,371,991,000
West North Central.
635,192,000
603,842,000
614,951,000
South Atlantic..... 1,124,944,000 1,122,180,000 1,229,005,000
East South Central.
439,199,000
458,531,000
443,488,000
West South Central.
501,372,000
550,655,000
536,902,000
Mountain.,
375,545,000
385,939,000
372,840,000
Pacific
1,401,736,000 1,306,761,000 1,278,011,000
Total for U.S..._ 9,802,053,000 9,709,786,000 10143176,000
of the announced rise in the price of steel to take effect Dec. 1.
Week Ended
Week Ended
28, 1936 Nov. 21, 1936 NOV.
14, 1936
Week Ended
Thus the figures shown for the
preliminary, while those for the preceding months are
accordance
with
actual
reports
received and vary slightly
from the preliminary data.
Nov. 7, 1936
Coal Slocks and Consumption
11.1
10.0
8.3
9.9
Middle Atlantic
13.3
12.8
11.6
12.7
Central Industrial
16.3
14.6
13.8
17.2
1936 amounted to 7,587,247 net tons.
8.0
7.6
8.3
10.7
compared with the amount of coal in reserve on Oct. I, 1936, but 0.3%
Southern States
18.1
14.3
18.0
17.2
below the stocks
Rocky Mountain
Pacific Coast
10.8
12.3
16.0
19.3
9.2
8.4
6.5
4.5
13.7
12.4
11.9
13.4
West Central
.
-
The total stocks of coal held
on
hand
a
by the electric power utilities on Nov. 1,
This
was an
increase of 7.5% when
Of the stock, 6,473,180 tons
year ago.
were
bituminous coal and 1,114,067 tons were anthracite, which were increases,
respectively, of 8.6% and 1.3% when compared with the corresponding
Total United States.
stocks
on
This
1936.
P.C.
Kilowatt-hours)
Week of-
Oct.
3...
Oct.
10...
Oct.
Oct.
17...
24...
Oct.
31...
2,098,924
2,028,683
2,170,807
2,167,278
2,169,442
2,168,487
2,170,127
2,166.666
2,176,810
7...
2,169,480
Nov. 14...
2,169,716
2,196,176
2,133,611
Nov.
Nov. 21...
Nov. 28...
October, 1935.
Con¬
clined 1.6% when compared with the corresponding tonnage used in
1934
1,762,066
1,827,613
1,861,641
1,867,470
1,863,483
1,867,127
1,863,086
r.895,817
1,897,180
1,913,684
1,938,660
1,963,119
1,876,684
3,894,849 net tons of coal in October,
increase of 1.3% over the 3,846,341 tons consumed in
sumption of bituminous coal rose 1.4% while anthracite consumption de¬
of Kilowatt-hours
Ch'ge
1935
1936
Sept. 5...
Sept. 12...
Sept. 19...
Sept. 26...
in Millions
was an
the previous month, and an increase of 13.8% over
Weekly Data for Previous Years
(In Thousand* of
Oct. 1, 1936.
Electric power utilities consumed
DATA FOR RECENT WEEKS
1933
1,666
1,634
1,631
1,649
1,659
1,657
1.668
1,677
1.669
1,676
1,691
1,705
1,583
1,663
1,639
1,653
1,646
1,619
1,619
1,622
1,583
1,617
1,617
1,608
1,684
1,554
1932
1931
1929
1930
Sep¬
1936.
tember,
In terms of days' supply, which is calculated at the current rate of con¬
1,424
1,476
1,491
1,499
1,506
1,608
1,528
1,633
1,525
1,521
1,532
1,475
1,510
1,582
1,663
1,660
1.646
1,653
1,656
1.647
1,652
1,628
1,623
1,655
1,600
1.671
1,630
1.727
1,722
1,714
1,711
1,724
1,729
1,747
1,741
1.728
1,713
1,722
1,672
1,675
1,806
1,792
1,778
1,819
1,806
1,799
1,824
1,816
1,798
1,794
1,818
1,718
sumption, there was enough bituminous coal on hand on Nov.
to last 54
1,
1936
days and enough anthracite for 201 days' requirements.
Increase of 12.4% During October in Chain Store Sales
As
Compared with Year Ago Reported by New York
Reserve Bank
Federal
In
reporting on chain store trade in the second (New York)
district, in its "Monthly Review" of Dec. 1, the Federal
Reserve Bank of New York said that "in October total sales
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
1936
of—
Feb
March
_
April
May
June
July
...
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
August.
9.275,973
Sept
9,262,845
Oct
Nov
Deo
Total.
1935
Ch'ge
7,762,513
7,048,495
7,500,566
7,382,224
7.544,845
7,404,174
7.796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
+11.6
+13.9
93,420,266
reporting chain store systems were 12.4% higher than
and after allowing for differences in the number of
shopping days between this year and last the increase was
slightly larger than in the past two months." The Bank
also had the following to say in its review:
last year,
P.C.
Month
Jan
of the
1934
7,131,158
6,608,356
+ 11.7 .7,198,232
+ 12.9 6,978,419
+13.1
7,249,732
+ 16.7 7,056,116
+17.5 7,116,261
+14.8 7,309,575
+18.8 6,832,260
7.384,922
7,160,756
7,538,337
1933
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
6,831,673
7,009,164
1932
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
1931
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77,442,112 86,063,979
of the shoe chain stores recorded the largest gain
Average daily sales
since
May,
daily sales of the 10-cent and variety chains registered the
largest advances in three months, and candy chain sales were below a year
ago
by
other
a
smaller percentage than in the two previous months*
On the
hand, average daily sales of the grocery chain store systems were
somewhat lower than
There
was
a year ago
for the first time since September, 1935.
slight decline in the total number of stores in operation
a
between October, 1935 and October, 1936, so that the percentage increase
in sales per store of all
chains combined
was
somewhat larger than for total
sales.
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92% of the electrio light and power industry and the weekly figures are
based on about 70%.
/
♦
/
Percentage Change October; 1936
Compared with October, 1935
Type of Store
Production
of
Number
The Federal Power Commission in its monthly electrical
report disclosed that the production of electricity for public
use in the United States during the month of October, 1936,
totaled 10,143,176,000 kwh.
This is a gain of 15% when
compared with the 8,844,416,000 kwh. produced in October,
Shoe
Total
Sales per
Store
—2.2
—0.8
+ 1.4
..............
+0.1
+ 14.2
+23.1
+ 14.0
—2.7
—
Variety
Candy
Sales
.............—
Grocery.......................
Ten-cent
Total
of Stores
Electricity for Public Use During
10,143,176,000 Kwh.
October Placed at
+26.4
....
+0.4
+ 18.2
+ 17.8
+ 6.4
—
.
—5.1
—10.8
—0.8
+ 12.4
+ 13.4
3538
Financial
Chronicle
As
Department Store Trade During October in New York
Federal
Reserve
District
13.7% Higher Than Last
Sales in Metropolitan Area
Year—Expansion in
New York Larger Than Seasonal
of
"In October total sales of the
reporting department stores
)New York) district were 13.7% higher than
and even after allowing for the effect of one more
farm
to
tions,
the
Dec.
products
which
on
the
United States
S,
granted
1936
duty
reduc¬
Canada amounted to
imports from
$13,749,000 compared with
Outstanding increases under the duty-reduced
$6,730,000 the year before.
items were in live cattle weighing 700 pounds or more per head, Cheddar
cheese, maple sugar, turnips and rutabagas, seed potatoes and cereal break¬
foods.
fast
in the second
last year,
Saturday this year, the increase was the largest in three
months," according to the Federal Reserve Bank of New
York, which, in its Dec. 1 "Monthly Review" further
Monthly
reported:
issued
Sales of the Buffalo and Hudson River Valley district department stores
Indexes
Board of Governors
System for October
on
BUSINESS INDEXES
Index numbers of Board of
18.6% higher than last year, and
this increase
the largest since last
was
Adjusted for
Seasonal Variation
the
The
months.
two
rate
of
hand at the end of October
Industrial production,
Manufactures
smaller increase than in
a
collections
averaged
higher
October, 1936, than in October, 1935, in the department stores, but
the
in
was
total*
pl09
Percentage Change from
Per Cent of
Year Ago
Accounts Out¬
standing Sept. 30
Net Sales
Locality
Sept
1936
Oct.
1935
95
110
95
pl09
107
96
101
93
pll3
109
100
p56
p43
p67
Construction contracts, value
Total
109
pl04
—
59
48
Stock
107
97
p54
60
47
25
p42
47
25
69
66
p63
70
62
94.3
93.6
87.2
96.5
95.3
89.3
88.9
83
73
72
64
84
82
73
p90
88
78
p99
94
86
Residential
Factory employment
c
Factory payrolls
c
Freight-car loadings
Department store sales, value
45
4
76.3
Collected in
Hand
on
PllO
b:
All other
a
Oct.
1936
pi 10
Minerals
in the apparel stores.
same
Oct.
1935
Sept.
1936
General Indexes—
on
approximately 3 M % higher than last year,
previous
Oct.
1936
Without
Seasonal Adjustment
daily basis
on an average
May.
Department store stocks of merchandise
were
Governors, (1923-1925=100)*
The New York
localities reported more favorable comparisons with a year ago in the
daily
rate of sales than in September.
Sales of the leading apparel stores in this
were
Federal
System
Nov. 28, its monthly indexes of indus¬
production, factory employment, &<?.:
trial
follows,
as
City and Northern New Jersey stores also recorded substantial gains in
sales, the largest in three months, and department stores in the remaining
District
of
of Governors of the Federal Reserve
The Board
increased by the largest percentages since March, 1934, and
daily average
sales of the Southern and Central New York State stores showed the most
favorable comparisons with a year previous since last May.
of
Reserve
Production Indexes by
October
Groups and Industries—
Manufactures—Iron and steel..
Feb. to
End of
Oct.
Oct.
Month
1935
1936
New York
+ 12.0
+2.4
52.1
51.9
Buffalo
+ 27.7
+ 9.1
+ 14.6
+ 15.3
Rochester.
+ 15.0
+ 10.1
—0.1
48.2
+ 6.2
+ 6.8
+0.1
51.0
Northern New Jersey
+ 20.3
+ 11.9
+ 8.4
43.6
44.7
Tobacco manufactures
146
Bridgeport
+ 16.0
+8.7
+ 10.0
41.2
46.6
Minerals—Bituminous coal
p85
82
Elsewhere
+ 12.5
+ 7.6
p48
56
+ 9.9
+ 3.6
pl50
146
Syracuse
Northern New York State.
Southern New York State-
+ 7.0
—6.6
Capital District...
+ 12.4
+ 3.3
116
90
86
93
107
96
65
42
77
Leather and shoes
pllO
111
105
pl21
128
115
Cement
80
52
100
59
157
138
157
173
148
75
p93
87
48
p62
57
62
140
pi 52
150
141
178
105
38.6
mmmmmmrn
_
•
*
-
_
Petroleum, crude.
98
shipments
ore
_
Silver
-
93
-
-
167
80
98
75
60
-
62
98
111
101
rn.mmw.rn
Lead
mm
71
68
mm mm m
82
93
78
106
74
57
mmmm
70
73
.
wmmmm
p
Preliminary.
*
+21.8
Indexes of production, car loadings and department store sales based on dally
averages.
All department stores...
+ 13.7
+ 9.6
+ 3.4
Apparel stores
+ 18.6
+ 15.4
+ 3.8
48.8
49.9
48.9
October sales and stocks in the principal departments are
year previous in
..
Anthracite
Iron
+ 7.2
a
85
120
95
52.6
37.0
+ 8.1
those of
118
pll7
83
55.1
+ 11.4
Stamford
124
113
90
Zinc
+ 13.6
+21.1
Westchester and
88
120
93
+2.3
Central New York State..
Hudson River Valley Dist.
Niagara Falls
119
P114
/
55.2
51.8
127
Textiles
Food products
Automobiles
48.9
compared with
the following table:
b Based on three-month moving average of F. W. Dodge data centered at second
month i
Revised series.
See note below.
Indexes of factory employment and payrolls
compiled by Bureau of Labor Statistics.
Index of
factory employment adjusted for seasonal variation compiled by Federal Reserve
c
without seasonal adjustment
Board
of
Governors.
FACTORY EMPLOYMENT AND PAYROLLS: INDEXES BY GROUPS AND
Net Sales
Stock
on
Hand
Percentage Change
October, 1936
Compared with
October, 1935
INDUSTRIES
(*)—1923-1925=100
Percentage Change
Oct. 31, 1935
Oct. 31, 1936
Employment
Compared with
Musical instruments and radio
Payrolls
Without Sea¬
Adjusted for
Without Sea¬
Seasonal Varia'n
+ 11.4
+ 27.1
+ 7.2
+ 21.9
+ 20.3
+ 11.4
+ 3.4
Toilet articles and drugs
Linens and handkerchiefs
+ 19.5
+ 3.0
+ 19.3
+ 18.0
+ 12.8
Durable goods
Luggage and other leather goods
+ 18.0
+ 10.9
Non-durable goods
Cotton goods
Woolen goods
+ 15.1
Oct.
Oct.
Oct.
+ 7.0
Silverware and Jewelry
sonal Adjustm't
Oct.
+ 15.7
+ 24.9
sonal Adjustm't
Oct.
+31.5
Furniture.
Books and stationery
Women's and misses' ready-to-wear
Toys and sporting goods
+ 9.0
+ 13.8
+ 13.8
+ 13.7
Durable
+ 10.5
+ 1.3
1935
93.6
87.2
96.5
95.3
89.3
88.9
83.4
76.3
86.3
78.0
88.9
85.5
79.0
85.1
77.0
68.2
97.0 104.6 105.8
100.4
93.7
91.5
86.6
86.2
69.5
95.6
+ 11.4
+ 13.0
+ 20.1
—3.9
+ 1.8
83.0
97.6
96.0
83.4
92.8
94.3 109.3 107.4
95.6 102.3
94.6
95.6 101.8
87.1
92.9
95.8
75.9
77 9
113.5 108.8 109.7 110.1
Automobiles
Railroad repair shops
Non ferrous metals
90.3
106.4 102.1
77.3
87.5
59 2
51.3
60.4
59.1
105.1 102.5
52.8
60.7
59.3
53.1
63.9
82.7
94.9 108.2 102.9
97.7
99.4
88.0
Lumber and products.
66.3
65.8
61.7
69.3
68.2
64.5
63.4
60.3
54.4
Stone, clay and glass
—0.4
+ 7.6
1936
97.1
+ 2.4
Miscellaneous
1936
equipment._ 104.7 100.7
Transportation
Silks and velvets
1935
108.1 106.7
+ 13.3
wear
1936
Sept.
Goods—
+ 7.1
Men's and boys'
Men' furnishings
1936
101.1 101.5
Machinery
+ 11.8
Women's ready-to-wear accessories
Home furnishings
1935
87.9
Iron and steel
—6.7
Shoes
Oct.
1936
94.3
Total
Sept.
1936
+ 9.2
Hosiery
Sept.
67.2
66.1
60.2
69.1
68.2
61.9
62.5
58.2
49.5
82.1
Nonr-durable Goods—
As to sales in the
metropolitan
of New York during
area
the first half of November the bank noted:
metropolitan
expansion
corresponding period
United
States
a
area of
October,
over
New York showed
and
were
13.9%
than the usual
more
higher
than
in
the
year ago.
Trade
with
Canada
A.
101.6 102.6
95.5
Fabrics
B.
During the first half of November, total sales of the reporting department
stores in the
seasonal
Textiles and products
Increased
During
96.8
98.7 104.2 103.4
93.1
88.4
83.9
86 0
94.6
85.0
80.5
82.1
113.8
91.6
87.0
90.0
91.0
74.0
75.7
71.4
113.1
Food products
97.1
101.2
95.8
113.6 109.2 118.0 118.4
Wearing apparel
Leather products.
112.5 113.3 107.2
91.8
91.4
90.2
92.6
94.1
123.9 135.9
118.4 111.2
116.5 101.2
61.0
Tobacco products
61.7
60.3
6' .4
63.6
63.6
54.9
53.3
52 5
103.0 102.7
98.2 103.9 102.6
Paper and printing
99.0
96.5
92.0
87.1
Chemicals & petroleum prod. 118.0 118.5 112.9 120.4 119.5 115.5 114.5 112.0 103.0
A, Chem.
group,
except
petroleum refining.. 117.6 118.1 111.9 120.3 118.8 114.8 114.0 110.6 101.3
119.5 120.4 116.9 120.7 122.3 118.1 116.4 116.3 108.7
Petroleum refining
B.
Rubber products
98.3
95.8
86.6
97.8
94.3
86.3
96.6
92.2
75.7
Period
January-September as Result of Trade
Agreement, According to Bureau of Agricultural
Economics
of
the
United
States-Canadian
(January-September, 1036) amounted
to
trade
agreement
$36,000,000 in value
compared with $30,000,000 during the corresponding period
of
1935, the Bureau of Agricultural Economics, United
States Department of Agriculture, reported Nov. 23.
The
increase
were
mainly in
was
obtained
in
the
items
on
Canadian
which
market,
duty
reductions
according to
the
Bureau, which added:
Exports of
pared
with
these products
$10,033,000
to
Canada
during
the
were
valued
corresponding
at
$13,689,000 com¬
period
last
year.
In¬
creased
shipments of fresh, dried and canned fruits, fresh vegetables, cereal
prepared meats, lard, nuts, fruit juices, field and garden seeds,
nursery stock were reported.
pjoducts,
and
Exports
of
farm
products
which
on
duty reductions were obtained
in value to $22,385,000 compared with
$19,937,000 during the
corresponding period last year.
no
amounted
United
States
imports
corresponding period of
The
value
Canadian farm products during the nine
$66,320,000 compared with $44,137,000 during
of
months amounted in value to
the
1935.
for
by
ing figures are for payroll period ending nearest middle of month.
figures are preliminary, subject to revision.
Reserve Bulletin for
December
5.7% Above October,
1935, According to New York Federal Reserve Bank
Total sales of the reporting wholesale firms in the second
(New York) district during October "averaged 5.7% higher
than last year, the smallest increase in five months," the
New
York
Federal
Reserve
Review" of Dee. 1.
purchases
by
the
of
Canadian
drought.
wheat
to
supplement
American
Bank
stated
in
its
"Monthly
It added:
W Stationery firms recorded the first decrease in sales from
since
August, 1935, cotton goods
in sales since
sales
concerns
a
year
ago
registered the smallest advance
January, 1936, and the hardware firms showed the smallest
gain in sales in eight months.
in October,
The shoe concerns reported less sales than
1935, and the grocery, paper, and diamond firms recorded the
increases
In
sales
of
increased
1936.
October Sales of Wholesale Firms
of silk goods,
were
supplies reduced
Underly¬
October 1936
Note—Indexes of factory employment and payrolls have been revised.
Back
figures for indexes without seasonal variation, which have been adjusted to the
Census of Manufactures through 1933, may be obtained from the Bureau of Labor
Statistics.
Revised seasonal adjustment factors and back figures for the revised
seasonally adjusted Indexes of factory employment will be published in the Federal
smallest
imports from Canada of farm products on which no duty
granted in the agreement amounted during this period to
$52,571,000 compared with $37,407,000 the year before.
The increase took
place almost entirely during July, August and September, and is accounted
reductions
Indexes of factory employment and payrolls without seasonal adjustment com¬
piled by the Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by Federal Reserve Board of Governors.
Exports of farm products to Canada during the first nine
months
*
sales of men's
The grocery,
five months.
On the other
hand,
yardage
reported by the National Federation of Textiles, and
clothing
sales showed the
in
were
substantially higher than
a year ago,
and jewelry
largest gain since May, 1934.
hardware, diamond, and jewelry firms continued to report
larger amounts of merchandise
on
hand this
year
than last.
Collections
averaged slightly lower this year than last in the majority of reporting lines.
Volume
Financial
143
Petroleum
of Accounts
Per Cent
Percentage Change
September 30
October, 1935
Collected in October
Net
Sales
+ 3.1
Men's clothing
94.1
+ 8.1
Cotton goods.
+ 3.4
+ 11.6
43.5
44.1
Shoes
Hardware
61*3
46.4
43.5
48.3
48.0
Jewelry
+62.4
+ 142.7
increases
generally throughout the industry, according to a
and Steel
the American Iron
the highest in the peace-time his¬
rate of pay is
new
and total employment of 526,000 is
the industry,
the
largest
by
the Institute continued:
The
of the
range
early in
November
the
rates
new
in
recent scale of
66.3
effect,
cents
but the
hour.
an
The
73
cents
to about
7%
of
the
labor rate;
skilled
close to
average was
of employees in the industry, at
weekly earnings
hourly earnings of
than
Less
common
companies
10%. With
announced by practically all
as
varied,
the latest compilation,
average
to
advances
was
and
in the steel industry accordv
wage earners
September,
for the month of
application of the
rates will
new
amounted to
increase the
hour.
an
employees
the industry receive the basic or
of
fully 93% of the employees receive higher rates paid
semi-skilled
labor.
Average hours of work in the industry in
to 40.5 hours a week.
In 1929 the average was 55
September amounted
hours.
The
latest
annual
employment.
of
total
Total payrolls
It
is
estimated
to
that
any
to
by
earnings
$150,000,000,
addition
in
$75,000,000
approximately
to
the
the basis of current operations and
the industry
of
highest
on
are
the
at
now
peace-time
except
year
annual rate
1929 when
$914,000,000.
was
approximately
The
add
the industry
$860,000,000—the
the
will
advance
wage
bill of
wage
the
steel industry
3%
about
or
crude
its
but in the past, producing
suggestions.
Indications were
worlang in close cooperation.
recommendations,
have adhered
to
its
were
mission set the
•
Close
on
the heels of the Railroad Commission
oil control boards of Oklahoma and Kansas, both
5% increases
formed
over
were
the
favoring
their respective original levels, which con¬
Bureau's
suggestions.
Some delay
developed, however, and the Oklahoma Corporation Com¬
mission set Dec. 11 as a hearing date to settle the matter
fully.
Until then, the November allowable will rule.
with
the
Kansas followed the lead of Oklahoma.
The first December allowable for Oklahoma, which, failed
to meet the
approval of the Corporation Commission when
jumped its quota, was 567,000 barrels, up 8,600 barrels
from the previous month.
Unless the Dec. 11 meeting
produces a retro-active increase, the projected boost of
28,000 barrels daily above the Bureau's figure would prob¬
ably mean total output approximately the same as first
ordered.
Kansas officials announced that a 5% mark-up
in the Oklahoma allowable will bring a similar increase in
the Kansas quota.
Support of the contention expressed by many in the in¬
dustry that the Bureau's figures of anticipated demand are
too conservative is afforded in the current supply picture.
Crude in storage as of Nov. 21 was at the lowest level since
1921 at 289,454,000 barrels.
In the first three weeks of
November, stocks dropped 1,560,000 barrels, in contrast to
the Bureau's recommendation of higher production and no
withdrawals from stocks during the month.
Thus, the effect of the boosts by the three States which
already have taken action along this line, would be to even
out production with demand and stop the steady drain upon
storage stocks.
Stocks now are dangerously low and further
Texas
operations, will be 32% more than they were in 1935.
The average
ing to
The announcement dated Nov. 24
recorded.
ever
December
set
was Texas, where the Railroad Com¬
daily allowable for the current month at
1,201,670 barrels, 56,470 barrels above the Bureau's recom¬
mendations.
In
announcing the higher quota, Colonel
E. O. Thompson, Chairman of the Commission, said that it
represented the actual demand for oil in the Lone Star State
during December.
Inc., not
Institute.
The
have
First to break loose
Reports
Weekly
Average—Employment
about 19% higher than in 1929 as a result of recent
tory of
Kansas
excess
that the three States
Institute
1929
24 by
and
61.2
States
■
issued Nov.
Oklahoma
enforce
Basic wage rates of the country's steel employees are now
statement
in
allowables in
j 18.7
*
effective
Federal
51.9
Quantity figures reported by the National Federation of Textiles,
included in weighted average for total wholesale trade.
Steel
for
66.8
+ 5.7
Above
Prices—Move
j 21.4
+*13.8
&
Crude
62.4
+ 21.3
Iron
Advances
46.8
Diamonds
+0.9
Wages
19%
Largest Ever
Boost
55.0
—3.2
American
Allowable
of those recommended by the United
States Bureau of Mines.
The Bureau has no authority to
"+T2~.6
+ 10.6
Stationery
Paper
Weighted average
'
Products—Texas
Following the example set by Texas, State control author¬
ities
59*2
+ 13.8
—11.4
*
Its
Regulation Seen Under Way—C. F. Roeser Holds
Industry Strengthened—Daily Average Production
Dips
1936
96.8
of Month
Groceries
Rayon and silk goods
ental
Stock End
1935
and
Brings Similar Moves in Oklahoma and Kansas—
States Approve Oil Compact Extension—Contin¬
Outstanding
October, 1936
Compared with
Commodity
3539
Chronicle
in
1936
will be
capitalization.
next year will amount
total
the
on
the
industry's wage bill over the
50% of the estimated figure of earnings for 1936.
curtailment of inventories is viewed
as
a
serious threat to
the industry.
Weekly
Report
Lumber Movement,
Nov. 21, 1936
of
The lumber industry during the week ended Nov.
stood at 57% of the 1929 weekly average of
55% of 1929 shipments.
Reported
Ended
Week
21, 1936,
production and
orders were again
new
appreciably above production and shipments, both of which
been
have
restricted
this
month
by
the
maritime strike.
National production reported during the week ended Nov. 21,
of 3% fewer mills, was approximately equal to output of the
preceding week; shipments were 1% above, and
new
orders
3% above that week, according to reports to the National
Lumber
tions
Manufacturers
covering the
hardwood
Association
operations
of
from
regional associa¬
softwood and
important
mills.
Reported new business during the week
13% in excess of production; shipments
were 7% below output.
Reported new business of the previ¬
ous week
was 9%
above production; shipments were 8%
below output.
Production in the week ended Nov. 21 was
shown by reporting softwood mills 6% below the correspond¬
ing week of 1935; shipments were 6% above and orders 13%
above shipments and orders of the corresponding week last
ended Nov. 21
was
The Association further reported:
year.
During the week ended Nov. 21, 589 mills produced 207,382,000 feet of
and!
softwoods
combined;
shipped 192,854,000 feet; booked
hardwoods
orders
of
Mills,
607;
234,206,000
feet.
production,
Revised
figures
207,832,000
feet;
for
the
previous
week
were:
190,709,000
shipments,
feet;
orders, 226,387,000 feet.
All
regions except
lock and
ended
California redwood, Southern
Southern hardwoods reported
Nov.
21.
All
regions
Coast
and
Southern
West
Coast
and
Northern
sponding
orders
mills
the
mills.
same
feet,
or
reported
totaled
104
for
as
or
the week
ended
or
Nov. 21, 1936, by 502
14% above the production of
reported for the
Production
hardwood mills give
4% above production.
Shipments
as
8% below production.
Identical
week's
and
shipments above, and all but
reported production above the corre¬
hemlock
8% below production.
12,894,000 feet,
Last
Coast
reported
220,321,000 feet,
Shipments
Reports from
or
in the week
All regions except
week.
1935
Lumber
softwood
cypress
West
except
California redwood reported orders above the 1935 week.
West
Northern Hem¬
orders above production
softwood
reporting
cypress,
production of 481
Mill
same
was
new
week
were
179,460,000
194,059,000 feet.
business
as
reported for the
Production
was
13,885,000 feet,
same
week
were
13,323,000 feet.
Reports
identical softwood mills
was
189,624,000
feet, and a year ago it was 201,242,000 feet; shipments were, respectively,
175,647,000 feet and' 165,581,000 feet, and orders received, 216,889,000
feet
and
192,176,000 feet.
Making allowances for all factors, there is
slightly less than 30 days' supplies available for immediate
use and this is far too low, in the opinion of the trade.
A
year ago, when demand was less, stocks at the close of Novem¬
ber were 315,558,000 barrels, equal to about 110 days' supply.'
Possibility that the revised allowables might adversely
affect the Interstate Oil Compact Commission and its rela¬
tions
with
the
Bureau
of
Mines
were
seen
ended
when
representatives of 12 oil producing States Dec. 1 voted to ask
the Bureau to continue its issuance of monthly State allow¬
ables and renewed their pledges of voluntary cooperation.
The representatives also voted to extend the compact agree¬
ment one year from the September, 1937, expiration date.
Attending the Dec. 1 meeting of the Commission, the last
until March 12 next year, were representatives from,Illinois,
Kansas, New Mexico, Texas, Oklahoma, Colorado, Cali¬
fornia, Kentucky, Ohio, Michigan, Pennsylvania and Indi¬
ana.
Representatives of several non-member States, who
attended the meeting as observers, indicated that their
respective Legislatures would act to pass laws enabling them
to formally join the interstate commission.
The Continental Oil Co. on Dec. 4 posted an advance of
17 cent^ a barrel in its posting for crude oil, effective Jan. 4.
The revised schedule will provide a price of $1.35 a barrel
for 40 gravity, with the normal 2-cent differential for each
degree of gravity below the 40-top. Barnsdall Oil announced
that it would meet the increase.
"The statistical
position of the oil industry justifies an
price," Dan Moran, President, said in
announcing the boost. "Continental will advance the price
in areas in which it is a large purchaser.
(Continental buys
about 1,000,000 barrels of crude monthly in the Rocky
Mountain area, Oklahoma, Kansas and North Texas.)
increase in the crude
"The basis for such
a
decision is reflected in the drastic
declines in crude inventories, the
splendid cooperative spirit
States in proration proceedings,
and an unusual competitive
demand for pipeline con¬
nections," he said.
"A war among producers is imminent
unless fair recognition is given their continued adherence
to reduced allowables.
The producer must have higher
allowables or higher prices, and we elected to take the
latter course. In order to sustain the increase, all producers
must do their part by restricting unnecessary drilling."
Officials of the Bureau of Mines, pointing out that they
have no authority to enforce their crude allowable recom¬
mendations, did not indicate any concern over the upward
revisions made by the three States.
News that the Inter¬
exemplified
state
among compact
Commission
had
voted
confidence
in
the
Bureau's
Financial
3540
practice of estimating monthly demand was held "gratify¬
ing" by Director Finch. With storage stocks at approxi¬
mately the levels recommended by the Bureau, it is not yet
clear whether the Bureau will embark upon another crude
stock reduction program.
Bureau employees currently are
working upon two surveys suggested by the Interstate Com¬
mission, designed to aid in this matter.
Chronicle
Reports from Washington indicated that petroleum legis¬
lation, based along the same lines as the Guffey Coal Act,
is under preparation and will be submitted to Congress early
next month.
Secretary of the Interior Ickes, it is known,
believes the Interstate Compact method useless and favors
strong Federal legislation governing the petroleum industry..
It is likely, according to reports, that the Connally "hot"
oil bill will be continued indefinitely.
Member States of
the Compact group already are taking action to back ex¬
tension of the Federal
legislation affecting this commission
by the incoming Congress.
The statistical position of the petroleum industry is the
strongest in years, Charles F. Roeser, President of the
Independent Petroleum Producers Association, told dele¬
gates attending the seventh annual convention held in Tulsa
during the past week. "I do not believe that ever in the his¬
tory of the oil industry has there been a time when the
domestic industry was doing more to set its house in order
and to properly conserve the great natural resource of which
we are custodian," he continued.
"The coming year will be full of tasks which we must
meet," he said. "The 'hot oil' bill, the excise tax on imported
foreign petroleum, the Interstate Compact, all expire in 1937
The new Congress will write a new revenue bill. We must
see that we are treated fairly in the bill.
Our depreciation
and depletion allowances must be continued. We must work
S, 1936
Representative price changes follow:
1—Standard of
Dec.
Indiana
lifted
subnormal
prices to dealers and
tank wagons 1-10 to 2% cents a gallon at 120 points in southwestern
The increase,
Kansas.
effective Dec. 4, affects gasoline, kerosene and tractor fuel.
The company also
posted
a
general advance of 0.3 cents
gallon in kerosene
a
throughout its territory.
Dec. 3—Standard of Ohio advanced No. 1 fuel oil 2 cents to 10% cents a
gallon, in
The open abandonment of the
Bureau's recommendations
by Texas and the strong indications that Oklahoma and Kan¬
sas
would follow the former's leadership brought forth
revived reports of new Federal legislation designed to return
the Government to controlling power it held under the
NRA oil code, invalidated by the United States Supreme
Court.
The Connally "hot" oil Act expires July 1, while
legislation enabling the States to band together in the oil
compact commission expires Sept. 1.
Dec.
55-gallon drums.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
-.05)
,06%-.06)
.06)
.05)
.06
-.06)
$.05
Chicago
Colonial Beacon._$.07J
New
So cony-Vacuum..
.07
Texas
Tide Water OU Co
.07%
.07%
.07%
Los Ang., ex.
Gulf ports
Shell Eastern
Standard Oil N.
J.$.06%
Richfield Oil(Cal.)
Waraer-Qulnlan..
.073
Gulf
07
.07
Orleans.
Tulsa
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
J North Texas.$.03%-.03% I New Orleans.
$.04%|Los Angeles.. .03%-.05
(Tulsa
.03
(Bayonne)..
Fuel Oil, F.O.B. Refinery or
California 24 plus D
N. Y. (Bayonne)
Bunker C
$1.15
Diesel 28-30 D
$.03)
-.03)
Terminal
New Orleans C-...
.95
$
1.65
$1.00-1.25
1.05
Plilla., Bunker C
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
27 plus
$.04
ITulsaM.Q. I.$.02%-.02%
$.02%-.02% I
IChlcago,
I M G I
Gasoline, Service Station, Tax Included
z
New York...
z
Brooklyn
Cincinnati
$.167
$.195
...$.201
Minneapolis
.23
.167
Cleveland
.195
New Orleans
Newark
.17
Denver
.21
Philadelphia
Boston
.17
Detroit
.19
Pittsburgh
Jacksonville
.20
San Francisco
Houston
.18
St. Louis
Los Angeles
.175
175
Buffalo
Chicago
.176
10
.195
....
.18
194
*Not Including 2% duty city sales tax.
,
for the elimination of the Federal sales tax upon gasoline.
If we do not it may be increased. We want the excise taxes
increased
so
far
fuel oil.
We want
as
they affect crude petroleum and gas and
an import tax of $2 a ton on foreign
asphalt."
'
Substantial
in
reductions
production in
of 50,300 bar¬
rels in the nation's total to 3,010,650 barrels in the week-end
Nov. 28, according to reports compiled by the American
Petroleum institute.
The total compared with the Bureau
of Mines figmre of 2,870,300 barrels for November and actual
production in the like 1935 period of 2,820,450 barrels.
The following crude oil price changes were posted:
daily
average
California and Oklahoma brought a net slash
Dec. 4—Continental Oil posted an increase of 17 cents a
oil prices, the new price for 40 gravity and over
barrel in crude
being $1.35 a barrel, ef¬
Production of Coal
weekly coal report of the United States Bureau of
Mines states that the total production of soft coal during
the week ended Nov. 21 is estimated at 10,000,000 net tons,
This is an increase over the preceding week, when working
time
1,000,000 tons.
During the calendar year to Nov. 21, 1936, a total of
374,773,000 tons of bituminous coal and 45,022,000 net tons
of
Pennsylvania anthracite were produced.
This compares
with 324,819,000 tons of soft coal and 45,317,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
Dec. 4—Barnsdall Oil announced that it would meet the 17-cent increase
by
COKE
(IN NET TONS)
Calendar Year to Date
Week Ended
Nov.
21,
1936
Bitum
c
Nov
14.
1
1936
1929
1935
1
,
.
Tot. for per'd 10,000,000
Nov. 23,
1935
,
1936 d
coal: a
9,833,0008,227,000 374,773.000 324.819,000 475,861,000
1,181,000
1,722,000
1,365,000
1.667,000 el,756,0001,371,000
anthra.: b
Tot. for per'd
Dally
Continental.
/
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
Pa
initiated
curtailed by a partial observance
of Armistice Day,
with 8,227,000 tons produced in the corressponding week of 1935.
Anthracite production in Pennsylvania during the week
ended Nov. 21 is estimated at 1,220,000 net tons.
The
average daily rate is 27.1% higher than that for the five
active days in the preceding week.
Production in the week
of 1935 corresponding with that of Nov. 21 amounted to
was
and compares
Dally aver..
fective Jan. 4.
Higher in Week Ending Nov. 21
The
aver..
1,220.000
203,300
800.0001,000,000 45,022,000 45,317,000 64,930.000
238,300
165.200
166,700
106,300
eieO.OOO
Beehive coke:
Prices of Typical Crudes per Barrel at Wells
Tot. for
Bradford, Pa
Lima (Ohio Oil
$2.45
Co.)...
Corning, Pa
1.15
1.42
Illinois
1.28
Western Kentucky
1.28
Mld-Cont't, Okla., 40 and above.. 1.18
Winkler, Texas
.85
Smaokover. Ark.. 24 and over... .75-.80
REFINED
SI.10
1.16
.97
1.32
Sunburst, Mont
1-15
Huntington, Calif., 30 and over.... 1.22
Kettleman Hills, 39 and over
1.40
Petroleia. Canada.
2.13
Eldorado, Ark., 40
Rusk, Texas, 40 and over
STANDARD
OF
STOCKS
SHOW
OPERATIONS CONTINUE
INDIANA
...
Darst Creek
Central Field, Mich
PRODUCTS.—GASOLINE
GAIN—REFINERY
ADVANCES
per'd
Dally aver..
(All gravities where A. P. I. degrees are not shown)
51,900
8,650
PRICES—OIL
a
on
Dec.
distinct contra-seasonal
1 announced that it would
prices to dealers and also tank wagon
approximately 120 points in the southwestern
portion of Kansas by amounts ranging from 1-10 to 2>£ cents
a gallon on gasoline, kerosene and tractor fuel.
The changes
will be effective December.
The compact also announced
that normal prices of kerosene to dealers and tank wagon
markets throughout its entire territory would be advanced
0.3 cents a gallon on Dec. 4.
Standard Oil Co. of Ohio on Dec. 3 posted an increase in
the price of No. 1 fuel oil in 55-gallon drums of 2 cents a
gallon, to 10lA cents a gallon. Other grades remained un¬
changed.
6,994.300
21,485
ESTIMATED
WEEKLY
PRODUCTION OF COAL.
(IN THOUSANDS OF NET TONS)
STATES
BY
(The current weekly estimates are based on railroad car loadings and river
ship¬
from
and are subject to revision on receipt of monthly tonnage reports
district and State sources or of final annual returns from the operators.)
ments
Nov.
Week Ended
State
SUIT
only 778,000 barrels during the week ended
Nov. 28 despite further gains in operating rates at refineries.
Statistics released by the American Petroleum Institute dis¬
closed that Nov. 28 stocks were 57,448,000 barrels, or
roughly about 41 days' supply.
As operators seek to build up their stocks of gas and fuel
oils in anticipation of record demand this winter, refinery
rates continue to mount. During the Nov. 28 period, opera¬
tions were at 78.4% of capacity, up 0.6 from the previous
week, with daily average runs of crude oil to stills rising
25,000 barrels to 3,020,000 barrels. Gas and fuel oil stocks
gained 263,000 barrels to 112,025,000 barrels.
'
2.824
NARROW
to
markets at
788.000
6,311
Average
Nov. 14
Nov. 7
1936 p
Broadening gasoline demand in
advance subnormal
1,481,700
4.100
EXPANSION-
trend held down the rise in stocks of finished and unfinished
Standard of Indiana
24,600
8,867
Includes lignite, coal made into coke, local sales, and colliery fuel,
DISMISSAL SOUGHT
motor
53,200,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authoilzed operations,
c Subject to revision,
d Revised,
o Bitu¬
minous average based on 5.6 working days; anthracite, on 5 days.
a
1936 p
Alaska
Nov. 16 Nov. 17 Nov. 16
193e
r
1923
1929
1934
2
2
1
2
233
231
27
165
244
92
94
80
41
144
165
219
177
105
262
1
1
1
1,104
1,124
946
887
1,150
1,571
376
314
322
321
342
530
70
70
82
77
88
Kansas and Missouri
167
145
157
140
140
Kentucky—Eastern and
959
852
739
648
922
183
205
184
184
283
218
30
30
33
33
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
Western
8
8
*
409
100
230
8
8
128
175
'
724
58
35
Michigan
12
9
11
15
18
26
Montana
80
91
90
70
74
New Mexico
37
39
36
26
59
62
North and South Dakota
68
64
77
49
849
835
Maryland
83
516
Ohio
Pennsylvania bituminous
493
398
441
484
764
2,301
2 335
1,804
1,715
2,848
2,993
104
93
91
93
106
Tennessee
117
Texas
14
14
15
16
16
29
Utah
90
99
103
50
141
112
274
236
213
183
266
217
Virginia
43
61
48
40
49
72
2,068
1,818
1,642
1,467
2,098
1.271
646
589
445
473
740
776
138
140
128
114
152
184
1
1
1
97
s5
9,369
7,851
7,356
10,740
Washington
West V irginla—Southern .a
Northern.b
Wyoming
Other Western States-c
Total bituminous
Pennsylvania anthracite
Grand total
a
■
*
800
841
599
1,046
1,281
10,878
1,890
10,633
10,210
8,450
8,402
12,021
12,774
9,833
operations on the N. & W., C & O., Virginian, K. & M., B. C,& G.,
the B
& O. In Kanawha, Mason, and Clay counties,
b Rest of State,
Includes
and on
including the Panhandle District and Grant, Mlnerel, and Tucker counties,
cludes
vised.
c
In¬
Arizona, CaUfornla. Idaho, Nevada, and Oregon
p Preliminary,
r Re¬
a Alaska, Georgia, North Carolina, and South Dakota Included in "Other
Western States."
Volume
Financial
143
Daily Average Crude Oil Output Off 50,300 Barrels in
The
American
Petroleum
Institute
that
estimates
the
crude oil production for the week ended
Nov. 28, 1936, was 3,010,650 barrels.
This was a drop
of 50,300 barrels from the output of the previous week.
The
current week's figure remained above the 2,870,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during November. Daily average pro¬
duction for the four weeks ended Nov. 28, 1936, is estimated
at 3,021,450 barrels.
The daily average output for the week
ended Nov. 30, 1935, totaled 2,820,450 barrels.
Further
details, as reported by the Institute, follow:
average gross
Imports of petroleum for domestic use and receipts in bond at principal
2,176,000
with
daily average of 187,571 barrels, compared with
a
an
In
the
to
estimated mill value of $4,168,000.
1935.
RATIO OF PRODUCTION TO
Oct. 1936
Sept. 1936
Aug. 1936
July 1936
33.1%
27.0%
56.0%
57.1%
38.1%
56.2%
51.3%
34.0%
The 12 months ended...
40.0%
OF BARRELS)
daily average of 143,143
1
•
Stocks at End
Production
District
3,954,000
daily potential refining capacity of the United States,
Reports received from refining companies owning 89.9% of the
indicate that the industry as a whole, ran to stills, on a Bureau of
Mines
basis, 3,020,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 57,448,000 barrels of finished and
unfinished gasoline and 112,025.000 barrels of gas and fuel oil.
whole, on
a
1935
2,401
1,417
1936
1935
1936
3,646
2,430
1,577
3.622
1,619
2,572
1,046
1,458
543
Ohio, Western Pa. and W. Va
Michigan
810
548
756
1,823
895
1,277
860
1,335
1,053
1,243
676
1,073
3,189
1,799
1,576
1,578
2,281
1,665
481
612
1,082
1,133
1,073
1,023
1,458
1,088
1,289
516
887
646
986
825
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Iowa, Minn. & S.Dak.
623
W. Mo., Neb., Kan., OkIa.& Ark.
Texas
543
283
665
.
314
1,668
1,954
1,457
611
531
743
'
Colo., Mont., Utah, Wyo. & Ida.
Cracked gasoline production by companies owning 95.9% of the
charging capacity of all cracking units indicates
Eastern Pa., N. J. and Md
New York and Maine
of Month
Shipments
1936
1935
daily average of 19,286 barrels
and 7,321 barrels daily for the four weeks ended Nov. 28.
estimated
36.1%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS IN OCTOBER, 1935 AND 1936 (IN THOUS.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
barrels
CAPACITY
Oct. 1935
The month
weeks ended Nov. 28.
totaled 135,000 barrels, a
producers
the
barrels for the week ended Nov. 21 and 166,536 barrels daily for the four
ended Nov. 28
of
reports
following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
October, 1936, and of 162 plants at the close of October,
United States ports for the week ended Nov. 28 totaled 1,313,000 barrels,
a
the shipments
approximately
barrels of high-early-strength Portland cement
According
totals for the first nine months of 1936 include
Week Ended Nov. 28
daily
3541
Chronicle
potential
that the industry as a
Bureau of Mines basis, produced an average of 710,000 barrels
280
341
289
327
482
362
California
788
1,272
932
1,366
1,276
1,230
247
428
141
500
575
488
7,510
12,470
8,794
13,089
20,501
18,119
Oregon and Washington
Total
daily during the week.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1935 AND 1936 (IN THOUS. OF BARRELS)
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Stocks at end
B. of
Actual Production
Average
Week Ended
4 Weeks
Week
Ended
M.
Ended
Dept. of
Int. Cal¬
-
Nov. 28
Nov. 21
hov. 28
{Nov.)
Kansas.
1936
1936
1936
1935
568,100
593,450
167,300
568,900
160,800
484.700
558,400
154,500
.......
............rrr''
165,400
.
3,202
3,053
4,299
January
145,800
February
March
151,950
168,650
161,850
1,156,700
1,149,850
152,600
West Te*as
76,950
East Central Texas
Fast Texas:
443,150
Southwest Texas
170,350
Coastal Texas..
...
63,750
64,700
33,550
150,500
74,450
442,400
77,500
157,900
North Louisiana
76,700
156,950
10,985
11,273
11,446
12,535
7,428
7,632
7,813
8,105
7,138
9,089
11,121
12,417
11,766
12,292
12,470
December
5,803
70,472
3,156
7,799
8,794
5,976
4,514
22,686
22,971
21,126
20,571
20,431
74.934
157,600
45,400
June
July
August
September.
October
19,281
23,287
18,975
12,560
22,415
18,920
12,564
13,089
21,783
20,501
21,613
22,908
al8,738
18,119
161,760
1,067,950
a
Coastal r>*nte'snft........
6,198
November
32,050
Total
1,109,300
Tot al Texas
4,878
8,519
21,785
21,899
21,289
21,219
21,991
23,083
3,889
109,000
1,149,500
...
West Central Texas
2,846
2,951
434,000
67,100
61,050
62,450
64,750
33,800
150,400
70,800
441,850
167,000
158,450
63,450
64,650
33,600
.
,
North Texas
3,630
3,454
5,263
6,136
8,222
8,725
8,021
7,235
7,173
7,510
7,093
April
May
PanhftnrllA TflXftff
1936
Nov. 30
culations
Oklahoma.
1935
1936
1935
1936
1935
of Month
Shipments
Production
Month
34,550
126,700
77,250
156,150
Revised.
Note—The statistics given above are
compiled from reports for October, received
by the Bureau of Mines, from all manufacturing plants except three, for whlob
estimates have been included in lieu of actual returns.
198,600
235,400
233,650
233,400
161,250
28,100
108,400
29,000
40,100
14,300
4,400
75,600
27,800
113,250
27,800
114,300
29,750
29,750
27,850
113,300
29,650
43,500
17,950
3,400
83,300
46,700
18,000
3,750
83,500
47,200
18,400
4,150
83,500
29,700
104,700
49,650
36,650
13,150
4,150
57,850
2,320,700
2,444,550
2,468,050
2,436,650
2,155,450
549,600
566,100
592,900
584,800
665,000
2,870,300
3,010,650
3,060,950
3,021,450
2,820,450
Total Louisiana
Arkansas
Kastern.
.
.........
.
Michigan
Wyoming
Montana.
...
.
.............
Colorado
New Mexico.
Total east of California.
California
Total United States
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
;
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED NOV. 28, 1936
Market Easier
London
Prices
Speculators Sell—Domestic
as
Generally Firm
"Metal & Mineral Markets" in its issue of Dec. 3 stated
that easing of non-ferrous metal prices in London relieved
some of the tension in the domestic market, particularly in
the copper division. With production increasing it is more
than likely that producers will soon be in a position to exer¬
cise greater control over price movement.
The speculative
in London, according to observers, certainly dis¬
organized business by taking advantage of the greatly im¬
proved statistical position of most major metals. Business
in the domestic trade was inactive last week, but, with con¬
element
sumption holding up beyond expectations, the general tone
Tin met with a setback on a big gain in the
supply. Silver advanced to 463^c. in the world market
on
improved consumer buying.
The publication further
reported:
(Figures in thousands of barrels of 42 gallons each)
remains firm.
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
visible
Stocks
of
Reporting
tial
Rate
Total
P. C.
Oper¬
At Re¬
age
ated
fineries
P. C.
East Coast..
612
Appalach an.
Ind.,111., Ky.
Okla., Kan.,
154
146
94.8
110
75.3
899
475
457
96.2
423
92.6
453
384
84.8
280
330
160
48.5
112
•
Mo
514
612 100.0
84.0
Gas
in
Daily
Aver¬
Poten¬
Inland Texas
Unfin'd
Finished
District
and
Terms., Nap'tha
dkc.
Distil.
851
,
Copper
Fuel
Domestic business in copper was inactive last week, sales totaling about
on
3,000 tons.
259
4,442
8,718
1,000
3,400
700
6,219
72.9
3,173
2,048
455
70.0
1,421
53
207
3,499
1,726
8,714
2,175
4,522
11,923
667
732
710
97.0
642
90.4
5,165
237
2,005
La. Gulf
169
163
96.4
117
71.8
942
339
165
168
433
No. La.-Ark.
80
72
90.0
55
43
Rocky Mtn.
California...
97
60
61.9
43
71.7
808
91
784
852
789
92.6
489
62.0
8,437
2",070
1,192
3,553
89.9
2,787
78.4
29,977
2,159
17,920
Reported
Est. unrepd.
79.2
233
401
1,026
Mine
Nov.21 '36
3,020
3,954
3,954
2,995
32,136
31,005
18,946
19,393
6,366 112,025
6,272 111,762
U.S. B. of M.
to assure consumers that quotations here will
than
level over the remainder of the year.
For¬
Consumption during November held at about
the same rate as in the
Bids
on
preceding month.
2,500,000 pounds of copper for the Navy Department, scheduled
yesterday, have been postponed uncil Dec. 9 because the an¬
specify that bidders must conform with the Walsh-
nouncement omitted to
observance of certain labor standards.
Healy Act, which provides for
sales
Of copper
for the
month of November
totaled
88,178
fully 90% caUed for February delivery to consumers.
tons, of which
Lead
Though sales of lead in the domestic market were
xNov.28 '35
x
more
production and scrap intake increased here during November.
Domestic
3,954
3,964
no
eign output also was higher.
for opening
5,958 109,750
408
2,275
xEst.tot.U.S.
Nov.28 '36
did
probably hold at the prevailing
73,610
57
10 He. VaUey basis as a firm quotation, even though some
developed in the London market. The easier prices
weakness has finally
abroad
Texas Gulf..
The quiet had little influence on the market and producers
looked upon the
z2,773
Estimated Bureau of Mines basis.
*
27,992
18,175
5,729 108,921
November, 1935 daily average.
amounting to about 4,650 tons, against
period,
actual
Production and
Shipments of Portland Cement During
Year Ago
October Again Above a
The
monthly cement report of the U. S. Bureau of Mines
in October, 1936,
produced 12,470,000 barrels, shipped 13,089,000 barrels
from the mills, and had in stock at the end of the month
18,119,000 barrels. Production and shipments of Portland
cement in October, 1936, showed increases, respectively, of
66.0 and 48.8%, as compared with October, 1935. Portland
cement stocks at mills were 11.6% lower than a year ago.
The mill value of the shipments—83,700,000 barrels—in
the first nine months of 1936, is estimated as $127,095,000*
stated that the Portland cement industry
,
Reports on
consumption of lead are highly encouraging, and both producers
and consumers believe that the
where between
tons a
smaller last week,
7,000 tons in the previous seven-day
producers continue to entertain rather firm views.
monthly rate of absorption
48,000 and 50,000 tons.
This
compares
now is some¬
with about 37,000
month earlier in the year.
Quotations held at 5.20c., New York, which was the contract settling
Smelting & Refining Co., and at 5.05c., St. Louis.
basis of the American
As in some time past,
own
St. Joseph Lead obtained a premium on sales of its
brands in the East.
In the last week there was
from cable manufacturers,
lead and pipe
steady call for lead
a
battery makers, the brass industry, and sheet
producers.
Zinc
Shipments of zinc to consumers are
of the market continues firm.
/"
'
holding at a high level and the tone
During the last week the deliveries of Prime
5,700 tons.
Sales for the same period
Western to consumers amounted to
totaled slightly more than 2,500 tons.
Undelivered orders involve 71,996
Financial
3542
Chronicle
Dec.
tons, and, because of this large "book," producers were not at all concerned
about the recession in new business.
held at 5.05c., St.
Louis.
On first-quarter business the market
Some second-quarter business was placed during
distant deliveries.
the week at 5.10c., which points to a firmer situation on
In fact, most producers are unwilling to quote on
5, 1936
Pig Iron
Dec. 1,
1936, $19.73 a Gross Ton
One week ago
One month ago
$19.73j
(Based on average of basic Iron at Valley
furnace and foundry Irons at Chicago,
18.731
Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati
18.841
One year ago
Low
High
Tin
The reason for the unsettlement was the marked increase in
the world's visible supply.
$19.73
1936
The market for tin was easier last week, particularly toward the close of
the period.
and
April forward business.
Nov. 24
$18.73
Aug. 11
18.84
1933
-
5
May
1
16.90
Jan.
27
16.90
-
1934
Nov.
17.90
1936
17.83
Dec.
5
13.66
Jan.
3
6
May 14
Straits shipments were heavy, totaling 9,896
1932
14.81
Jan.
5
13.56
Deo.
long tons, of which about 8,000 tons were consigned to the United States.
1931
15.90
Jan.
6
14.79
Deo. 15
Some observers believe that stocks of tin are being increased to satisfy con¬
1930
18.21
Jan.
7
15.90
Deo. 16
who have long contended that the management of the control plan
sumers
has been
conducted solely in the interest of the producers.
The world's
18.71
1928
——
-
1927
May 14
18.21
Dec. 17
18.59
Nov. 27
17.04
19.71
1929
Jan.
17.54
July 24
Nov.
1
visible supply of tin, including the Eastern and Arnhem carry-overs, stood
at
23,148 long
the end of November, against 19,048 tons
tons at
previous and 16,804 tons a year ago.
supply in
a
single month was larger than expected.
United States deliveries
for November amounted to 5,245 tons, against 6,005 tons a month previous
The shrinkage in domestic deliveries was due entirely to
and not to
reduced rate in consumption.
a
250c., against 52.500c.
a
in moderate volume
was
Chinese
99%,
tin,
week
Dec. 1,
nominally
Gross Ton
$16.17
a
One week ago
One month ago
Based
16.58
13.25
and
-
One year ago..
Straits tin yesterday
1935
27,
Schedules for
Mill
December
on
12.25
Dec. 3 stated that a flood of
equipment buying that preceded the effec¬
tive date, Dec. 1, of price advances on various steel products
has virtually filled up mill schedules for December, with a
considerable overflow into January, and has created condi¬
tions that seldom have been seen in the steel industry except
in such unusual years as 1920 and 1929.
The "Age" further
reported:
peak for the
a new
and may go
year,
higher this month, scrap markets are reviving from a slump of several weeks
and scrap prices are pointing upward, an Eastern
blast furnace which
further increase of $1.25 for first quarter, coke prices are strengthening,
and additional price increases have been announced on some steel products
that
not covered
were
by announcements
8
6.75
Jan.
12
6.43
July
Jan.
6
8.50
Deo. 29
Feb.
18
11.25
Deo.
9
Jan.
29
14.08
Aug.
week
a
from
came
15.25
The
of the steel capacity
for the week
week,
conspicuous because of their concentrated volume.
were
accessories
than
of more
800,000 tons
alone accounting for fully
were
650,000 tons.
placed
tons
of rails and accessories; New York Central,
four
Van
Sweringen roads,
about
Northern
Great
on
steel
83,340 tons; Baltimore &
Nov.
50,000
Norfolk
tons;
Western,
&
52,000 tons;
40,000
tons;
Missouri Pacific, 33,950 tons; Burlington and Milwaukee roads, each 30,000
Rock Island,
tons;
35,000 tons, while
number of other roads
a
was
also
Dec. 30
Jan.
Jan.
own
shops.
Outstand¬
and 27 locomotives for the Santa Fe, 600 freight cars for the Western
Maryland and 300 for the Gulf, Mobile & Northern.
2,500
cars,
Pacific Fruit Express
Southern Pacific for 2,000, Great Northern for
2,000, Elgin Joliet & Eastern for 1,050 and Norfolk & Western for 1,000,
Most
of the rails and other steel
rolled until the first quarter
steel mills are
companies and miscellaneous
can
27
Feb.
3
bookings
January in
carry well into
markets,
many
The mills have limited
that all shipments of low price tonnage can be made by Jan. 31.
Only in the heavy products, shapes and plates in particular, has
been in relatively small volume.
Sheet makers
are
same
new
buying
out of the market at
is true of wire products, on which Dec. 1 was the actual dead¬
line at the old prices.
car
on
on screw
spikes, $5
cold-rolled strip.
grated roller of cold strip is announcing
on
track bolts, $5
on
steel
A Middle Western non-inte¬
a
The "Iron Age" raises its pub¬
lished quotations this week on sheets, wire products and rails, the finished
steel composite price advancing to 2.249c., highest since the early part of
Pig iron and
scrap composite prices are
unchanged.
The only thing to mar an exceptionally good outlook for the steel indus¬
try is the labor threat in the automobile industry,
been interrupted by lack
already
of shipments
Products Co., whose plant is closed by a strike.
by Midland
Steel
The maritime strike has
on
the Pacific
Apart from these difficulties, the steel industry now views
run
out.
approach
1936.
47,000,000
tons,
With
some
indications
steel
that
interests
1936
are
ingot
output
confident
that
will
next
year's total will be fully 50,000,000 tons, barring unforeseen developments.
Production of coke pig iron in November totaled 2,993,434 gross tons,
compared with 2,991,887 tons in October.
99,781 tons,
Last month's
3.3% above the 96,512 tons in October.
or
furnaces in blast
on
daily rate
There
was
were
164
Dec. 1, a gain of three since Nov. 1.
THE
"IRON
AGE"
1936, 2.249o. a Lb.
Aug. 24
Aug. 31
,2.197c.
2.197c
One year ago
2.130c.
1934
1938
Dec.
1
2.084o.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
8
2.199c.
Apr. 24
2.0080.
Jan.
2
Oct.
2.016c.
3
1.867c.
1932
1.977c.
Oct.
4
1.9260.
Feb.
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
2.273c.
1930
Apr. 18
2
Jan.
7
2.018o.
1929
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Deo. 11
2.217c.
July
17
1927
-.-.2.402c.
Jan.
2.212c.
Nov.
Oct.
26
75 3%
75.9%
74.2%
74.8%
74.7%
74.0%
74.1%
74.3%
Aug. 10
70.0%
Nov. 23
Aug. 17
72.2%
72.5%
71.5%
Nov. 30
Nov.
2
Nov.
9
Nov. 16
75.9%
of the iron and steel
and in other iron and steel commodities where the
these lines
were many
indica¬
high rate of operations will be assured for the balance of this
a
and into the first quarter of 1937.
The
week's
rail awards
totaled
totals in recent years.
123,150 tons,
bringing the
November
New York Central allocated 82,150 tons, Chicago
Rock Island & Pacific 35,000 and the
rail orders
Long Island 6,000.
Other substantial
Prices are advancing from $36,375 to $39
expected soon.
are
a
ton, the first increase in three years.
New York Central's
purchase of 100 locomotives is among the largest
orders since before
single
included 600 for Western
Chesapeake &
the
depression
began.
Freight
car
purchases
Maryland, and 300 for Gulf Mobile & Northern.
Ohio, in addition to the 2,000 cars recently inquired
will be in the market
for,
shortly for 135 freight cars of various kinds.
One of the longest-term buying programs in the history of the automobile
industry is under
It
is
way at
present.
roughly
sufficient for
By the middle of December it is expected
more
than 2,000,000 automobiles.
estimated that General Motors'
advance orders will
be
approximately 800.000 assemblies, while Chrysler's will be for
650,000 and Ford's for
than 500,000.
more
Many persons expect that 900,000 cars of the 1937 lines will be built
before this calendar, year is over.
5,000,000-car
for
year
In accordance with the predictions of
a
1937, the Industry thus would have 10 months in
which to turn out 4,100,000 models, or at an average of 410,000 a month.
Last week, because of the holiday, production was down about 6,000 units
to
104,283.
Shape awards, 15,675 tons dining the week, were up slightly, and included
3,800 tons for the Sixth Avenue subway. New York.
Dec.
8
on
Bids will be opened
47,700 tons of cast iron segments for the Port of New York
authority.
Bids
were
opened last week for a floating navy drydock for
Cast pipe has been increased
ments
a
$2
a ton to
$45 in New York.
4
Dec.
9
1
Announce¬
during the week included the following general price advances, effec¬
tive Dec.
1 for first quarter delivery:
Wire rods,
up
$3
a
ton; nails, up $4
ton; semifinished steel, including sheet bars, up $2 a ton; bars, shapes and
plates, up $3
a
ton; hot-rolled strip, sheets and tin mill black, up $4 a ton,
except enameling sheets which have advanced $3 a ton; and cold finished
carbon steel
bars,
$4 a ton.
up
Pig iron at all points is now up $1 a ton.
1.
a
ton on all
Lake Superior charcoal iron has
grades, effective Nov. 24 for delivery up to
Consumers anticipated the pig iron price increase and many of
shipments
are
November pig Iron
the best for any month to date this year.
An advance
may
be made in the spring on Lake Superior iron ore, which has been unchanged
in price since 1929.
Reflecting higher prices In
Low
2.249c.
-
19
3
Aug.
them covered their needs through the balance of 1936.
bars, beams, tank plates
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
86% of the United States output.
High
1936
12
Oct.
aggregate to more than 330,000 tons, which is one of the heaviest monthly
Jan.
Based on steel
One month ago
1936
4
11
18
5
Oct.
Nov. 30, stated:
on
advanced 50 cents
COMPOSITE PRICES
Finished Steel
Dee. 1,
One week ago
27
Oct.
67.2%
69.0%
70.9%
71.5%
71.4%
Pearl Habor, Hawaii, which will require 22,636 tons of plates.
confidence that all important lines of steel consumption will take more steel
than in
In
tions that
1937 with
Coast because materials have
year
20
June 22
July
6
July 13
July 20.
July 27
68.2%
72.6%
74.4%
75.4%
Large orders for rails and railroad equipment provided the feature of the
where assembly lines
finally caused the cessation of virtually all construction work
next
June 15
price advances are expected to stimulate bookings, there
$5 increase, although some of the
integrated mills have advanced only $4.
have
6
13
Sept. 7
Sept. 14
Sept. 21
Sept. 28
69.5%
70.0%
70.2%
74.0%
June 30
that commitments will have been made for
axles, and $4 to $5
1930.
Apr.
8
69.4%
Mar. 30
Apr.
Apr.
Apr.
May
May
May
June
67.9%
68.2%
1
53.5%
55.8%
60.0%
53.7%
62.0%
64.5%
67 9%
70.4%
71.2%
70.1%
69.1%
Mar. 23
1936—
May 25
June
1 point to 75 H %, highest since the spring of 1930.
week.
Additional price announcements have been issued, including $3 on sheet
piling, $3 on cut spikes, $4
2.2%, from the
or
Weekly indicated rates of
Demand, for steel showed an appreciable increase last week following the
fourth quarter prices, and hence the new prices are now in actual effect,
and the
one
ago.
price announcements, and the national steelworks operating rate advanced
of it is for definite re¬
as most
quirements within the next two or three months.
so
sources,
There has unquestionably been considerable anticipatory buy¬
ing, but it can hardly be called speculative,
orders
9
Mar. 16
49.4%
49.9%
49.4%
50.0%
20
Jan.
year
already assured of well sustained operations during the early
months of the year, as present
products.
13
2
Mar.
6——49.2%
Jan.
required by the railroads will not be
and, with the business normally to be expected
from the automobile industry,
one year
1936—
24
Mar.
1936—
ing orders were 100 loocmotives for the New York Central, 3,025 freight
is inquiring for
of 1.6 points,
"Steel" of Cleveland, in its summary
ing for 8,650 additional freight cars and 16 locomotives, besides extensive
cars
and 56.4%
ago,
52.0%
51.7%
52.9%
17
Feb.
53.7%
55.4%
56.4%
55.7%
54.6%
49.5%
46.7%
Dec. 23
orders for 153 locomotives and about 4,100 freight cars, and inquiries pend¬
repair and new construction to be done in railroads'
an¬
ordered
gala week in railroad equipment order and inquiries, with
a
month
1936—
Nov. 18
smaller amounts.
It
one
Feb.
ll._.:,62.6%
16
Ohio,
Nov. 30
of the industry will be 75.9% of capacity
50.9% Feb. 10
6
Deo.
82,150 tons of rails; the
on
operations since Nov. 5, 1935, follow:
1935—
Nov.
2
115,000
74.7%
ago
9
mill books, rails
2
Nov. 22
beginning Nov. 30 compared with 74.3%
This represents an increase
Dec.
The Santa Fe ordered
3
July
13.08
Steel Institute
estimate for the week of Nov. 23.
orders
railroad
Iron and
American
Deo.
13.08
11
Jan.
cated that the operating rate of steel companies having 98 %
Rails and track
sources,
5
nounced that telegraphic reports which it had received indi¬
Nov. 25
ago.
many
3
Dec. 31
1928
Dec.
Although important buying
Sept. 25
Jan.
was
the first to increase pig iron prices $1 a ton early in November has announced
a
Apr. 23
9.50
8.60
The "Iron Age" in its issue of
steel and railroad
76%,
9
June
10.33
11.33
1927
Some Products
Steel ingot output has risen to
$12.67
10
1932
1929
Fills
Low
Dec.
1930
Buying
steel
1931
Holiday;
52.100c.; 28, 52.000c.; 30, 51.500c.; Dec. 1, 50.875c.; 2, 50.750c.
Heavy
melting
Mar. 13
1933
26,
Nov.
heavy
Sept. 22
13.42
1934
follows:
as
1
Chicago.
1936
was
No.
on
quotations at Pittsburgh, Philadelphia
High
51,-
Buying of tin for domestic account
ago.
1936, $16.17
the shipping strike
during the last week.
was
Steel Scrap
month
a
The gain of 4,100 tons in the visible
some
of the eastern districts, "Steel's" scrap
composite has gained 12 cents and is now at $16.12.
From the middle of
October up to last week it had been declining gradually.
The iron and steel
increase in pig iron.
composite is up 20 cents to $34.79, because of the
The current finished steel index is unchanged at $53.90.
Operations in the Pittsburgh district increased 3 points to 7%; Youngstown, 2 to 75; Chicago,
New
M
England, 15 to 88.
districts
were
unchanged.
to 77; Eastern Pennsylvania,
Cleveland
was
H to 48 K, and
down 2H points to 77.
Other
Voiumi
Financial
143
Steel ingot production for the week ended Nov. 30, is
placed at 75% of capacity according to the "Wall Street
Journal" of Dec. 2. This compares with 74K% in the two
preceding weeks. The "Journal" further stated:
U.S. Steel Is estimated at 67 %, the same as the week before.
ago
the corporation
at
was
Two weeks
Leading independents are credited
67 X%>
with 81H %, against 80M % in the previous week and
80% two
The following table gives a comparison of the percentage of
weeks ago.
production
together with the
with the nearest corresponding week of
previous years,
approximate changes, in points, from the week immediately preceding:
Chronicle
3543
V.
Industry
1936...
75
1935
56X
1934....
29
1933
28
+1
1932...
17
4-
1931
Steel
Independents
+2
+
+2
21H
.
67
+ X
+1X
81X
45
25)*
26
+1
29
28
—
J*
X
+1
—IX
—
17 X
16
x
+1
67
28
—i
28
1930
39
—i
45
35
—2
1929
67
—2
68
—2
66
—2
1928.
84 K
61
+1«
83 H
+1H
85
+1
—5
63
—5
60
—4
1927
X
Current Events and Discussions
The
Week with
the
Federal
Banks
Reserve
The daily average volume of Federal Reserve bank
credit
outstanding during the week ended Dec. 2, as reported by
the Federal Reserve banks, was $2,465,000,000, a decrease
of $2,000,000 compared with the preceding week and of
$10,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On Dec.
increase
of
2 total Reserve bank credit amounted to
$10,000,000 for
the
This
week.
$2,467,000,000. an
corresponds with
increase
taneously with the figures for the Reserve banks themselves,
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of
reporting member banks in 101 cities
and
cannot be
compiled.
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
In the
of Governors of the Federal Reserve
close of business Nov. 25:
The condition statement of weekly reporting member banks in 101 leading
increases of $37,000,000 in money in circulation, $14,000,000 in Treasury
cash and deposits with Federal Reserve banks and $5,000,000 in non-
cities
member deposits and other Federal Reserve accounts offset in part
loans and investments, an increase of $65,000,000 in
decrease of $20,000,000 in member bank
reserve
by a
balances and Increases of
Nov. 25 shows
on
a
decrease for the week of $41,000,000 in total
demand depositsadjusted, and decreases of $72,000,000 in Government deposits, $69,000,000
$26,000,000 in monetary gold stock and $2,000,000 in Treasury currency.
in deposits credited to domestic banks,
Member bank reserve balances
mestic
mately $2,210,000,000 in
excess
Dec. 2
on
estimated to be approxi¬
were
of legal requirements.
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills, industrial advances and United States Govern¬
ment
parison with the preceding week and with the corresponding
date last year, will be found on pages 3578 and 3579.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the
year ended
Dec. 2, 1936, were as follows:
(+) or Decrease (—)
Since
Dec. 2, 1936
Nov. 26,1936
$
Industrial
advances
(not
Dec. 4.1935
2,430,000,000
Including
$22,000,000 commitm'ts—Dec. 2)
Other Reserve bank credit
26,000,000
2,000,000
of
on
securities to others (except
and
acceptances
commercial
banks) declined $10,000,000.
Holdings
bought declined $8,000,000, real
paper
estate loans increased $4,000,000, and loans to
banks increased $6,000,000.
"Other loans" declined $15,000,000 in the New York district, $8,000,000
in the Chicago
district, and $21,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $26,000,000 in the New York district, $13,000,000 in the Boston district, and
$56,000,000 at all reporting member banks.
Holdings of obligations fully
guaranteed by the United States Government declined $16,000,000 in the
at all
$
+1.000,000
—2,000,000
6,000,000
3,000,000
Bills bought
U. S. Government securities
balances with Federal Reserve
"
Richmond district, $8,000,000 in the New York district, and $14,000,000
$
Bills discounted
$3,0.000.000 in balances with do¬
reserve
Loans to brokers and dealers in New York City increased $55,000,000,
loans to brokers and dealers outside New York increased $1,000,000, and
loans
securities.
The statement in full for the week ended Dec. 2, in com¬
Increase
banks, and $40,000,000 in
banks.
—6,000,000
+ 5,000,000
+10,000,000
reporting member banks, and increased $12,000,000 in the Chicago
district.
Demand
deposits—adjusted increased $50,000,000 in the New York
district and $65,000,000 at all reporting member banks.
Time deposits
increased
$11,000,000 in the New York district and
$5,000,000 it all
Government deposits declined $18,000,000 in
reporting member banks.
the New York district, $16,000,000 in the Chicago district,
Total Reserve bank credit
2,467,000,000
11,188,000,000
2,522,000,000
Monetary gold stock
Treasury currency.
Money in circulation
Member bank reserve balances
+10,000,000
—3,000,000
+26,000,000 +1,179,000,000
+2,000,000
+ 80,000,000
6,466,000,000
6,775,000,000
+ 37,000,000
—20,000,000
+ 623,000,000
+ 870,000,000
eral Reserve banks
2,463,000,000
Non-member deposits and other Fed¬
+14,000,000
—163,000,000
+ 5,000,000
—73,000,000
Treasury cash and deposits with Fed-
eral Reserve accounts
472,000,000
Returns of Member Banks in
in
the
banks.
San
Francisco
district and
Kansas City district, $12,000,000 in the Philadelphia district, $11,000,000
each in the Cleveland and San Francisco district, and
banks
and
Deposits credited to foreign banks increased
$7,000,000 in the New York district.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Nov. 25, 1936, follows:
New York City and
Increase
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
coming Monday:
or Decrease
Since
(—)
Nov. 27, 1935
$
$
Investments—total—..22,401,000,000
IN CENTRAL RESERVE CITIES
—41,000,000 +1,769,000,000
1936
1936
$
Loans and Investments—total..
1935
$
$
■
Dec. 2
Nov. 25
Dec. 4
1936
1936
1935
$
—10,000,000
—8,000,000
+4,000,000
+ 6,000,000
—21,000,000
—56,000,000
—66,000,000
—32,000,000
+14,000,000
—86,000,000
+ 640,000,000
+877,000,000
1,247,000,000
3,197,000,000
—14,000,000
+2,000,000
+110,000,000
+155,000,000
Reserve with Fed. Reserve banks- 5,431,000,000
—40,000,000
+3,000,000
—30,000,000
+672,000,000
+49,000,000
+152,000,000
8,625
7,856
2,061
2,042
930
860
1
1
59
37
36
1,790
""29
74
bought
Obligations
fully
76
707
135
135
170
12
12
17
130
131
124
14
14
16
32
32
62
6
6
6
734
140
guaranteed
by
United States Government
Cash In vault
760
Loans on real estate
-
407,000,000
_
Balances with domestic banks
others
to
(except banks)
...
$
$
8,680
928
In New York City
Outside New York City
paper
2,019,000,000
321,000,000
1,154,000,000
64,000,000
4,041,000,000
9,178,000,000
.
Accepts, and com'l paper boughtLoans on real estate
150
141
Loans to banks
Other loans.........
1.451
1,444
1,180
386
372
248
U. S. Govt, direct obligations..
3,722
3,699
3,276
1,105
1,100
453
454
374
97
97
95
Other securities
1,049
1,017
1,017
263
263
236
Reserve with F. R. Bank
2,547
2,602
2,565
629
654
611
2,475,000,000
Liabilities—
Demand deposits—adjusted
...15,464,000,000
5,034,000,000
449,000,000
Time deposits
—
United States Govt, deposits——.
Inter-bank deposits:
Domestic banks
6,228,000,000
-
Foreign banks-Borrowings
454,000,000
2,000,000
+ 65,000,000 +1,446,000,000
+5,000,000
+162,000,000
—55,000,000
—72,000,000
—69,000,000
+5,000,000
—1,000,000
+892,000,000
+17,000,00
+2,000,000
993
Obligations fully guaranteed by
United States Government...
+1,000,000
others
Other securities
Loans to brokers and dealers:
Accepts, and com'l
+ 55,000,000
—
U. S. Govt, direct obligations
Chicago
+120,000,000
+37,000,000
970,000,000
210,000,000
Outside New York City
Loans
on
securities
to
Other loans
New York City
Dec. 2
Nov. 25 Dec. 4
Assets—
\
In New York City—
Loans to banks
(In Millions oi Dollars)
securities
Loans to brokers and dealers:
(except banks)...
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
on
Assets—
Loans and
(+)
Nov. 18, 1936
8
Nov. 25, 1936
also
current
Loans
$69,000,000 at all
reporting member banks.
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
$12,000,000
$72,000,000 at all reporting member
Deposits credited to domestic banks delined $17,000,000 in the
Cash In vault
56
60
57
37
37
37
Balances with domestic banks..
Other assets—net
Liabilities—
84
81
87
193
187
205
496
489
503
71
71
82
Demand deposits—adjusted....
Time deposits
6,417
6,405
5,812
1,590
1.596
1,452
613
592
575
437
436
400
United States Govt, deposits—
Interbank deposits:
83
82
167
47
47
59
2,536
2,541
2,286
653
649
536
408
415
410
4
5
4
Domestic banks
Foreign banks..—..........
2
Borrowings
Other liabilities...
Capital account
356
376
"356
""24
""24
1,450
1,444
1,462
236
234
"45
•
229
it-
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
Non-intervention Committee
Munitions
Dec.
10
to
into
Seeks
Bar Import of
Council to Meet
Government Charges that
Aiding Rebels
to
Spain-—League
Consider
Italy and Germany
are
The International Non-intervention Committee
on
Deo. 2
decided to submit to both sides in the Spanish civil war a
plan for the supervision of imports at the principal Spanish
ports, both by land and sea, to keep out arms and munitions.
The only Nation refusing to vote on the question was
Portugal, but if Portugal refuses to participate the plan
would be nullified. The League of Nations Council will meet
on Dec. 10 to consider charges by the Spanish Government
that General Franco's rebel troops are
receiving aid from
Germany and Italy.
The siege of Madrid continued this week, but reports from
Spain indicated that the loyalist forces were successfully
resisting attackers, and had even conducted a series of raids
in which rebel troops were defeated in outlying localities.
Financial
3544
United Press advices of Dec. 2 from Geneva discussed the
forthcoming meeting of the League Council as follows:
A three-point plan for coping
with the Spanish crisis will be laid before the
10, it was learned tonight.
League of Nations Council meeting Dec.
It
Dec. 5, 1936
Chronicle
The Government of
:
Argentine recently offered $23,500,000
of external conversion loan 43^% bonds to provide funds for
the redemption of the 6% loan; this offering was referred to in
these columns of Nov. 21, page
committee of jurists to study the problems of inter¬
Creation of a
1.
national law arising from civil war such as
Its efforts toward preventing foreign
aid reaching Spain.
An offer of League aid in reconstructing Spain.
3.
The
plan is
designed to divert attention from the acute international
situation created
the
Spain's.
A mandate to the London Non-intervention Committee to continue
2.
It originated, supposedly, with
by the Spanish civil war.
"brain trust," aided by the British and French
League Secretary's
Foreign Offices.
$114,000 of City of Buenos Aires External 6J^% Bonds
of 1924, Series 2-B, Drawn for Redemption Jan. 1
Kidder, Peabody & Co., as fiscal agent, has drawn for
redemption on Jan. 1,1937, an aggregate amount of $114,000
of City of Buenos Aires (Argentina) external 313^-year
6K% sinking fund bonds of 1924, series 2-B. Payment will
be made at par at the New York office of the fiscal agent.
+
Britain and France are anxious to dispose of the Dec. 10 Council meeting,
at which the allegations of
rebels
are
Spanish loyalists that General Francisco Franco's
Benito
Mussolini
has indicated
he will boycott the meeting,
and all others until the loyalist protest is put out of
has shown
no
A London
referring to
mittee, said:
before it reaches the Council.
dispatch of Dec. 2 to the New York "Times,"
the meeting of the Non-intervention Com¬
Equally futile was the submission to a sub-committee of a suggestion
the
non-intervention
Government or
be expanded to prevent
agreement
going from any foreign
will require a
the insurgents.
will
All the representatives
delay for consulting their governments and hence ample time
allowed
be
volunteer
Spain to support either the
The sub-committee will consider this on
State into
Friday and report to the full committee next week.
the
for
5,000
"volunteers" already reported in
German
for
the way, and Germany
inclination to send delegates.
The scheme may undergo changes
that
Redemption Entire Issue of 10%
Soviet Union Gold Bonds, Due 1942—to Be Re¬
deemed at Par on Gold Basis
Calls
Russia
receiving aid from Germany and Italy will be investigated.
Premier
fighters
3234, and Nov. 28, page 3392.
♦
envisages:
According to cable advices received from the Bank for
Foreign Trade of the U. S. S. R. by the Soviet Securities
Corp., New York City, the entire issue of 10% Soviet Union
gold bonds, due 1942, the first issue of Soviet bonds sold in
this country, has been called for redemption, in accordance
with a decree of the Soviet Government issued on July 1, of
this year.
also stated:
In
announcement issued on Dec. 1 it was
an
These bonds will be redeemed at par
Spain to render useful service to General Franco.
1937, interest will cease on Dec. 1, 1936.
these bonds at this time was ascribed in financial
time up to Sept. 1,
The decision to redeem
circles
as
evidence of the increased financial strength of the Soviet
Because these bonds were issued prior to the
Argentina Abolishes Basic Minimum Price Guarantee
for Wheat and Linseed—-Maintains That for Corn
*
Aires, Argentina,
Dec. 3, to the New York "Times" of Dec. 4, it was stated:
In Associated Pfress advices from Buenos
The
Ministry of Agriculture explained today that under a new decree
basic minimum price guarantee for wheat
the
but the minimum price for corn was
carried wheat, linseed
of the United States dollar, the price that
today's rate of exchange is approximately $86.56 for a 100
maintained.
The bonds were dated Dec. 1,
It said market rises had
the guaranteed
report last night said the decree abolished
m.,
Market
deposited on or before Dec. 1, 1936
Loan.
the offer of $23,500,000 43^% bonds
be used together with some
ment to retire the
000
of the
due 1971, the proceeds of which will
additional cash funds put up by the Govern¬
6% bonds due 1958.
outstanding 6%
dollar debt, recently begun with
A total of approximately $60,000,-
bonds will thus be called for redemption on
Dec. 1.
York
market
$365,000,000
approximately
including
th
Through operation of the sinking fund in some
mentioned loans.
and direct payments in
other
cases,
eboveloans,
approximately $100,000,000, or 28%
paid off.
As a result of the
of this total indebtedness has already been
redemption of the 6s of 1959 the net total paid off will amount to over
of the total borrowed by the Argentine Government in
substantial savings in the service will
York Stock
Compared with
1—Classification of Listed
Stocks
Listed
on
New
1, $60,019,557,197,
$58,507,236,527
Nov.
Stocks
As of Dec.
1,T936, there were 1,202 stock issues, aggre¬
gating 1,356,122,270 shares listed on the New York Stock
Exchange, with a total market value of $60,019,557,197, the
Exchange announced on Dec. 2.
This compares with 1,196
stock issues, aggregating 1,349,322,382 shares listed on the
Exchange Nov. 1, with a total market value of $58,507,236,527, and with 1,175 stock issues aggregating 1,308,858,205
shares, with a total market value of $44,950,590,351 on
Dec. 1, 1935.
The Stock Exchange, on Dec. 2, said:
ings
on
total
1936, New York Stock Exchange member total net borrow¬
collateral amounted to $984,004,702.
borrowings
to
the market
The ratio of these member
value of all listed stocks, on this date,
therefore 1.64%.
Member borrowings are not broken down to separate
those only on listed
share collateral from those on other collateral; thus
was
these ratios
on
usually will exceed the true relationship between
borrowings
all listed shares and their market values.
1936, the Stock Exchange member total net
collateral amounted to $974,928,018.
The
ratio of these member total borrowings to the market value
of all listed stocks, on that date, was therefore 1.67%.
In the following table listed stocks are classified by leading
industrial groups, with the aggregate market value and
average price for each:
'
borrowings'
on
the retirement of the Government
December 1, 1936
bonds of 1959 has been taken with a view to
and in view of the excellent cash position of the Treasury
of foreign exchange of
37 %
this market and
reducing the cost of the service of the foreign debt of the Argentine
Market
Aver.
Value
Republic
Aver.
Price
Value
Price
$
the Argentine Government, which holdings have of
Autos
contemplated that the Argentine Government may replenish its
cash resources by an issue of internal
bonds at
a
later date.
and
Chemicals
offering by Argentina of $23,500,000 of sinking
4J^% bonds, dated Nov. 15,
1936, and due Nov. 15, 1971, was referred to in our issues of
Nov. 21, page 3234, and Nov. 28, page 3392.
The recent
Electrical equipment manufacturing..
Foods
Rubber and
tires
Farm machinery
Amusements
...
.....
Land and realty
...
Machinery and metals
Mining (excluding iron)
Funds Available for Redemption of Argentina
External
6% Gold Bonds, Series B, Issue of Dec. 1, 1924
The Chase National Bank of the
City of New York, acting
for the fiscal agents, is notifying holders of Government of the
Argentine Nation external sinlnng fund 6% gold bonds series
B, issue of Dec. 1, 1924, due Dec. 1, 1958, that in addition
to the sinking fund payment of $342,120 it has received a
Petroleum
...
.....
publishing..
Retail merchandising
Railways and equipment
Paper and
...
...
Steel, Iron and coke..
Textiles
Gas and electric (operating).
Gas and electric (holding)
Communications (cable, tel. &
Miscellaneous utilities
radio).
49.00
81.42
45.51
47.64
849,364,596
2,185,044,352
3,495,155,915
483,660,497
949,403,087
465,265,996
58,785,380
2,471,860,510
2,414,133,127
6,293,706,813
544,494,556
3,337,685,836
5,602,338,454
2,863,868,226
312,169,214
2,456,921,698
1,897,642,658
27.42
41.98
2,064,632,101
55.69
39.51
3,395,379,616
441,106,915
908.315.823
414,685,077
51,227,710
38.40
51.24
84.45
30.18
11.73
41.25
41.07
33.01
32.23
50.25
48.30
65.36
29,32
35.22
19.53
24.71
360,432,747
491,548,312
45.16
26,587,341
12.69
64.905,379
18,13
17.11
142,687,852
24.94
Leather and boots
247,638,630
38.48
be made up to
March 2, 1937.
1,874,559,551
70.42
35.019,710
899,642,905
1,379,283,968
29.09
'
All
listed
stocks
60,019,557,197
10.22
39.64
39.04
33.19
28.07
46.48
49.48
65.24
26.70
36.08
20.17
4,075,024,697 108.60
241,986,683 29.37
15.50
326,271,831
43.36
Miscellaneous businesses
Foreign companies (incl. Cuba & Can.)
2,516,280,022
1,960,458.452
27.03
44.26 58,507,236,527
1937.
The Bank is inviting
tenders of these bonds at a price below par and will receive
such tenders at its corporate trust department, 11 Broad
Street, New York, up to noon on Jan. 2, 1937.
If accepted
tenders do not exhaust the funds, additional purchases may
U. S. companies operating abroad.
5,733,020,770
2,789,810,764
284,620,076
80.79
42.40
Business and office equipment.......
Garments
2,334,279,211
2,292,071,285
6,283,480,821
473,103,888
3,014,924,280
45.92
468,970,243
21,940,267
53,788,867
135.633.824
239,889,988
1,825,522,738
33,803,872
854,868,337
1,338,965,591
payment of $19,853,191, which, with funds now on hand,
wiil be sufficient to retire at par and interest all of these
Tobacco
78.43
780,039,583
251,330,656
Shipping services
Ship operating and building
25.24
57.91
4,219,271,710 112.43
Aviation
$
5,292,257,449
1,454,725,192
6,406,150,555
5,148,976,202
1,555,557,744
6,650,614,575
accessories
Financial
Building
fund external conversion loan
bonds outstanding, by June 1,
November 1, 1936
Market
and the holdings
late considerably increased.
-
of
be accomplished.
The decision to provide at this time for
of the Argentine Nation 6%
It is
Value
As of Nov. 1,
During the period 1923-33 the Argentine Government borrowed in the
New
Exchange
make week-day trading continuous
a.
As of Dec. 1,
^
of reduction of the cost of the service of the
to
Exchange Dec.
Argentine Republic, Dr.
Nov. 27 that a Decree had
be regarded as a second step in the general program
This operation is to
27
m. to 3 p. m., the change becoming effective
Previously the trading hours were from 10 to 11
and from 2 to 3 p. m.
10
been
The funds for this retirement will be
Trading Hours
1.
The Minister of Finance of the
signed that day providing for the application of $37,969,668.15 out of cash resources of the Treasury to the
retirement by June 1, 1937 through operation of the sinking
fund, of all of the Government of the Argentine Nation
external sinking fund 6% bonds of 1925 due June 1, 1959,
now outstanding and not previously called for redemption.
In making this known an announcement issued on Nov. 27
by the Argentine Embassy, in Washington, also said:
Nov.
on
from
a.
with the fiscal agents of the
Four."
Cincinnati Stock Exchange Extends
Dec.
Argentina to Redeem External 6% Bonds of 1925, due
June 1, 1959—Decree Provides $37,969,668 in Cash
for Retirement of Issue by June 1, 1937
on
1932 and are known as the "Fourth Con¬
The Board of Governors of the Cincinnati Stock
voted
price for corn, but maintained fixed minimums for wheat and linseed.
announced
issued, $51.45.
the bonds were originally
clusive Year" issue of the "Five Year Plan in
and other grains above the minimum figures.
Roberto M. Ortiz,
rouble bond,
70% over the price that
and linseed was removed,
the Government actually is not handling corn at present.
erroneous
Union.
reduction in the gold content
holders will receive according to
representing an increase in value of approximately
Regarding corn, the price continues above the set minimum, and thus
An
Chase
While bonds can be tendered for payment
National Bank, paying agent.
at any
(100 gold roubles) at the prevailing
exchange for the gold rouble on date of presentation, by the
rate of
36.71
36.09
10.47
17.76
23.67
37.27
68.58
35.43
27.65
35.06
Volume
Financial
143
We give below
,
a
market
two-year compilation of the total
value and the average price of stocks listed on
the Exchange:
3545
Chronicle
Curb Exchange to total transactions of 3,207,404 shares, was
announced by the Commission as 19.99%. During the week
ended Oct. 31 the member
Market
Average
Market
Average
Value
Price
Value
Price
1934—
Nov.
1935—
1-
Dec.
1
24.22
31,613,348,531
33,888,023,435
Deo.
1935—
Jan.
Jan.
1
Fob.
1
Mar.
1
Apr.
May
1
June
1
July
Aug.
1
1
Sept.
1
Oct.
1
Nov.
1
1
25.99
Feb.
1
25.29
35,933,882,614
32,991,035,003
32,180,041,075
30,936.100,491
33.548,348.437
34,548,762,904
36,227,609,618
38,913,092,273
39,800,738.378
44,950,590,351
Mar.
1
24.70
Apr.
1.
23.73
May
1
25.77
June
1
26.50
July
1
27.78
Aug.
1
29.76
Sept.
1
30.44
Oct.
1
40,479.304,580
30.97
Nov.
1
$43,002,018,069
$32.90
Deo.
1
1
34.34
46,954,581,555
50,164.547,052
51,201,637,902
51,667,867,515
47,774,402,524
49,998,732,557
50,912,398,322
64,066.925,315
64,532,083,004
55,105,218,329
58,507,236,527
60,019,657,197
1
35.62
1936—
25.97
37.98
38.61
38.85
35.74
37.35
38.00
40.30
trading on the Stock and Curb
Exchanges, in relation to total trading, was 19.22% and
18.33 %, respectively.
The data issued by the Commission is in the series of
current figures being
published weekly, in accordance with
its program embodies m 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 Oct. 31 were given in our issue of Nov. 28,
page 3392. In making available the data for the week ended
Nov. 7, the Commission stated:
40.56
40.88
York Stock
The figures given for total round-lot volume for the New
43.36
Exchange and the New York Curb
44.26
all round-lot sales
effected
of stock
from the volume reported
Exchange
the volume of
represent
those exchanges as distinguished
on
The total round-lot volume for the
14,805,170 shares,
by the ticker.
week ended Nov. 7 on the New York Stock Exchange,
Increase of
$9,076,684 in Outstanding Brokers' Loans
During November Reported by New York Stock
Exchange—Total Nov. 30 of $984,004,702, Compares
with $974,928,018 Oct. 31 and $846,113,137 Nov. 30
Year Ago
During November, outstanding brokers' loans
Stock
York
the New
on
by the Exchange
sented
an
Dec. 2.
on
increase
$971,531,244.
The Oct. 31 figure also repre¬
of $3,396,774 over that
The
$137,891,565 in
to
loans
outstanding
on
of Sept. 30 of
Nov.
30
of Nov. 30,1935, when they amounted
excess
As has been
The
Stock
data
published
previous month and
reported
by
case
the past
Demand loans
a year ago.
the
Stock
several months,
Exchange
on
Nov. 30
$708,177,287,
at
against $661,285,603 Oct. 31, and $406,656,137 Nov. 30,
1935; time loans at the latest date amounted to $275,827,415,
below both the Oct. 31 and Nov. 30, 1935, figures or
New York Stock Exchange member total net borrowings on
contracted for and carried in New York, as of the close of
$313,-
collateral,
follows:
New
1,075
....
——
862
105
Reports showing transactions:
As specialists
Other than
Initiated
specialists:
as
o
366
423
Initiated off floor
number
•
than
one
474
at times, a single report may
classification.
Note—On the New York Curb Exchange the round-lot
transactions of specialists
strictly comparable with data similarly de¬
"in stocks in which registered" are not
since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
signated
dealer
well
Stock Exchange,
for the New York
as
as
those of the specialist.
The data
follows by
NEW
covering the week ended Nov. 7 was issued as
the SEC yesterday (Dec. 4):
STOCK
YORK
Week Ended Nov.
7,1936
v
on
Time
$674,905,687
agencies
or
others In
transactions
except transactions of
members
of
Sold
$275,602,415
the
33,271,600
225,000
Total face amount of "Government securities" pledged as
collateral
for the borrowings included in items (1) and (2) above
The scope of the above compilation is exactly
Sold
43,888,300
the same as In the loan report
furnish
Time Loans
$273,373,000
263,962,869
$831,115,348
880,263,155
575,896,161
573,313,939
552.998,766
509,920,548
471,670,031
474.390,298
419,599,448
399,477,668
362,955,569
335,809,469
406,656,137
647,258,152
249,062,000
242.544.500
220,124,500
294,644,900
320,871,000
334,199,000
349.335,300
372,653,800
418,266,300
466,612,100
439,457,000
824,958.161
815.858,439
773,123.266
804,565,448
Demand
31
Loans
31
28.
Mar. 30
Apr. 30
May 31
June 30
31
Aug. 31
July
Sept. 30
Oct.
31
-
Nov 30
Dec. 31
391,183,500
29
Mar. 31
Apr. 30
May 29
June 30
31
Aug. 31
July
Sept. 30
Oct.
1,287,210
of odd-lot dealers in stocks
31
Nov. 30
-
324,504,713
292,695,852
243,792,915
375,107,915
410,810,915
407,052.915
396,076.915
600.199,622
631,624,692
753,101,103
688,842,821
559.186,924
681,490,326
671.304,492
591.906.169
598,851.729
661,285,603
708,177,287
381,878,415
372,679.615
1,293,090
-
-
2,580,300
in which registered—Bought-
registered:
380,700
1. In round lots—Bought—
Sold
808.589,298
768,934,748
2.
659.700
-
-
In odd lots
279,000
-
-
Total
(Including odd-lot transactions of specialists):
Bought
1,753,729
-
Sold
846,113,137
938,441,652
1,930,123
-
„
3,683.852
-
924.704,335
924,320,544
YORK
NEW
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
996,894.018
OF MEMBERS *
Week Ended Nov.
1,063,960,736
969,997,839
971,531,244
Round-lot
974.928.018
984,004,702
(SHARES)
transactions of members,
During the week ended Nov. 7,
Total
New York
Nov. 7—
Transactions
total round-lot trans¬
actions of members of the New York Stock Exchange and the
Curb Exchange, except odd-lot dealers, were
previous week ended Oct. 31.
This was made
known by the Securities and Exchange Commission yesterday
(Dec. 4), when it announced that members of the Stock
Exchange traded in stocks for their own account in amount
of 5,779,917 shares in 100-share transactions during the
week ended Nov. 7, against 3,729,282 shares the preceding
week; on the Curb Exchange, member trading totaled
1,282,180 shares, as compared with 922,446 sharesduring
New
STOCKS
,
Per
Cent'*
3,207,404
Exchange
except transactions of
specialists in stocks in which registered:
1. Initiated on the floor—Bought
Sold
1
Total
Member Trading oil New York Stock and
Curb Exchanges During Week Ended
'
7,1936
Week
Total volume of round-lot sales effected on the
313.642.415
ALL
IN
Total for
988,543,241
967,381,407
973,784,584
275,827,415
to
19.52
stocks in which
150,710
122,585
-
Percentage
of Trading
Above Preceding Week
2,893,616
2,886,301
5,779,917
-
-
Transactions for account of odd-lot dealers in
8.71
transactions
Sold
Total
31
Feb.
4.69
which
-
Total round-lot transactions of members, except
1936—
Jan.
in
-
792,541,031
772,031,468
781,221,869
792,421,569
stocks
registered—Bought
Total
1935—
Feb.
In
specialists
of
Sold
Total Loans
$557,742,348
616,300,286
1934—
Nov. 30
transactions
Total
two-year compilation of the figures:
a
1,388,497
Total
Round-lot
Issued by the Exchange a month ago.
Jan.
6.12
679,006
709,491
Initiated off the floor—Bought
$275,827,415
$984,004,702
Combined total of time and demand borrowings
Dec
927,400
883,720
1,811,120
Total
2.
$708,177,287
we
*
collateral from private bankers,
bank
city of New York
Below
Per
Cent
Week
York banks
companies
brokers, foreign
Total for
14,805,170
Total volume of round-lot sales effected on the Exchange
specialists and odd-lot dealers in stocks In which registered:
on the floor—Bought
Demand
or trust
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
MEMBERS ♦ (SHARES)
FOR ACCOUNT OF
1. Initiated
(2) Net borrowings
1
-
classifications may total more than
received because,
of reports
carry entries in more
124
201
364
floor
on
Reports showing no transactions
Round-lot
on collateral from New
York
Curb
Exchange
186
Number of reports received---.
tabulation follows:
(1) Net borrowings
New
York
Stock
Exchange
business, Nov. 30,
$984,004,702.
aggregated
The detailed
based upon reports filed with the New York
These reports are classified as
642,415 and $439,457,000, respectively.
The following is the report for Nov. 30, 1936, as made
available by the Stock Exchange on Dec. 2:
1936,
are
Exchange and the New York Curb Exchange by their respective
members.
the
the
and warrants)
by 11.5%.
The number of reports in the various
demand
again accounted for the gains in November over the
were
round-lot volume in the same week was 3,207,-
404 shares and exceeded the ticker volume (exclusive of rights
were
$846,113,137.
loans
York Curb Exchange, total
Exchange increased $9,076,684, from $974,-
928,018 Oct. 31 to $984,004,702 Nov. 30, it was announced
On the New
14.0% larger than the volume reported on the ticker.
was
273,295
-
...
—
Sold
259,760
110,425
-
"
Total
4.26
149,335
—.
2. Initiated off the floor—Bought
4.05
Round-lot transactions of specialists in stocks in which regis¬
545,950
403,175
tered—Bought-.
Sold
York
749,125
Total
11.68
above the
the week ended Oct.
The percentage
Bought...
-
645,995
-
636,185
Total
1,282,180
—
Odd-lot transactions of specialists in stocks in
Bought
-
The term
19.99
which registered:
209,987
158,927
—
Sold
*
of the trading by members of the
of all members:
Sold
Total
31.
h The member trading on the Stock Exchange during the
week of Nov. 7, the SEC made known, was 19.52% of total
transactions on the Exchange during that week of 14,805,170
shares.
Total round-lot transactions for accounts
368.914
—
"members" includes all exchange members, their firms and their
partners, including special partners.
a 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*
the total exchange volume
transactions includes both purchases and sales while
includes only sales.
Financial Chronicle
3546
Examination
by SEC of Investment Trusts and Invest¬
Companies—Harry A. Arthur Testifies Re¬
garding Affairs of American International Cor¬
poration
ment
Before the Securities and Exchange
Commission
on
Nov.
30, Harry A. Arthur, President of the American International
Corporation since 1933, is reported as having stated that
there was a shrinkage of $36,000,000 in the assets of the
corporation from 1915 to 1935. During that period he is
likewise indicated to have said that $13,074,000 was paid in
interest and dividends.
Dec. S,
the registrants estimated that they would retain as net proceeds $421,443,-
000.
The main use proposed to
be made of these funds
be applied
almost entirely for the repayment of debt before maturity.
$75,000,000, or 17.8%
plant, equipment and other assets.
In addition to this, 11.3% of the total
for the purchase of securities for investment; 2.2% for the purchase of
was
securities for affiliation; 4.6% for the retirement of preferred stock issues;
and 0.2% for organization and development expenses.
stated:
Commission
took
counsel,
exception
to
accounting
Under his
questioning, Mr. Arthur said
the annual reports as distributed to stock¬
holders "did hot tell the whole performance" of
the corporation.
Dealing specifically with the 1927 annual report, the witness testified
under Mr. Schenker's questioning that profits realized from investments,
carried at
$2,669,000, would have amounted to only $787,000 had the
company based its calculations on purchase price versus sales price.
Mr.
Arthur explained the basis used was a write-down in October, 1924, when a
$27,000,000
Taking
reserve was
Arthur said slightly more than $1,000,000
of
was
the company's annual report.
to the New York "Journal
corporation were unable, from an examination of the profit
and loss statements contained in its annual reports, to tell of its record in
the purchase and sale of securities.
The period to which Mr. Schenker directed particular attention was that
.
He added that he also believed
reasonable leverage and that its
Of the $34,615,000 of
a
trust should be
permitted to have
39.3%
or
hands of security holders—
(composed about equally of common and preferred
stock: issues), were proposed to be offered for cash sale.
discounts
expected to be incurred
16.5% of the amount to be offered.
Inasmuch
capital structure should be allowed to
securities rather than to the registrants, no
proceeds is available.
a
share instead of $19
a
share as it presently
'
There were also, as indicated above, $14,710,000 of registered securities
proposed to be issued in exchange for various outstanding issues; securities
$9,099,000
be offered in exchange for the regis¬
were to
trants'
own
issues;
$3,680,000 in order to effect refunding of fixed obligations and
securities to effect retirement of outstanding
other purposes.
Commissions and discounts ex¬
exchanges aggregated $106,000 (0.7% of amount offered in exchange)
and "other expenses" appertaining to these securities amounted to
Among the large issues for which registration statements became fully
effective
during the month
American Telephone & Telegraph Co.,
were:
$175,000,000 25-year 3H% debentures, due 1961; Pacific Gas & Electric
Co., $35,000,000
1st & refund; mtge. bonds, series
I, 3M%, due 1966;
Effective
Types of New Securities Included in 79 Registration Statements
The Securities and Exchange Commission announced on
Dec. 1 that an analysis of statements registered under the
indicates
that
new
securities with
estimated gross proceeds of $526,330,000 had become
effective during October, 1936.
This total compares
fully
with
$260,080,000 for September, 1936, and $406,087,000 for
October, 1935.
The Commission explained that included
in the amounts for October and September of this year and
for October of 1935 are securities which have been regis¬
tered but which were intended for purposes other than imme¬
diate cash offering for the accounts of the registrants,
approximately as follows:
ing October, 1936, against 52.9% in September, 1936, and 65.5% in Octo¬
ber, 1935.
Included in these securities
was
the issue of $175,000,000 face
Telephone & Telegraph debentures, which also was
chiefly responsible for increasing the ratio of debenture issues to total regis¬
trations to 42.5%.
Preferred stock issues represented 10.6 % of the month's
and certificates of participation,
beneficial interest, warrants, &c.,
,
.
Common stock issues totaled 21.4%
Oct., 1935
Sept., 1936
$20,073,000
17,474,000
1,049,000
34,615,000
$22,882,000
2,989,000
of such
registrations, only $52,229,000 (after deducting amounts registered
"for the account
for
of others,"
22,906,005
22,574,000
14,710,000
14,702,000
6,619,000
877,000
113,000
58,000
$88,798,000
convertible features
Reserved for the exercise of options
Reserved for other subsequent issuance.
Registered for the "account of others".
exchange
for
one-third)
the account of the registrants.
.
.
$63,592,000
$35,941,000
securities
claims, other assets,
Total
In its announcement of Dec. 1 the SEC also said:
Holders of $6,963,000
of common stock Issues registered "for the account of
others" proposed to offer their securities for cash sale, so that,
192,000 of
common stock issues were
in all, $59,-
proposed for cash offering.
Per Cent of Total
Gross
Type of Security
No.
No. of
Amount
Oct.,
Sept.,
Oct.,
Units
of
(In Dollars)
1936
1936
1935
Issues
Common stock
59
Preferred
23
stock
Certificates
21,243,603 112,776,931
1,635,940 55,642,713
21.4
29.3
6.3
10.6
11.2
7.6
of
participa¬
beneficial Interest,
tion,
20.6
29,245,488
104,752,280
223,912,500
5.6
6.6
19.9
49.2
44.9
8
42.5
3.7
20.6
114
526,329,912
100.0
100.0
100.0
10
warrants, &c
Secured bonds
4,413,678
14
Short-term notes.........
Total
other
reserved for conversions, options, &c., and
proposed to be issued for non-cash considerations) were proposed
cash sale for
about
$5,209,000
1,475,000
6,000
Reserved for conversion of Issues with
of the aggregate for the month.
Analysis of the registration statements indicated that of the $112,777,000
Debentures.
Oct., 1936
1936
Fixed interest-bearing securities totaled 62.4% of gross registrations dur¬
amounts
1933
H, 3H%,
preferred stock, w. w., having a proposed aggregate offering of $14,550,000.
total
Registration of 114 New Issues Under Securities Act,
Totaling $526,330,000, Effective During October-—
Five Reorganization and Exchange Issues Also
To be Issued against
&c
$184,000
(1.2%).
5.6%.
in
preferred stock
pected to be paid to underwriters and agents assisting in, or underwriting,
amount of American
balancing of the trust's portfolio to the amount of
♦
Issued
such
schedule of proposed applica¬
That Became Fully Effective During October,
itscapital structure would not work out to the benefit of the stockholders.
be
the entire net proceeds
as
from these issues were to accrue to the security holders disposing of
% of long term debt; 22 H % of preferred securities
today would be around $8.50
To
Commissions and
these issues totaled $2,237,000, or
on
due 1966; and 150,000 shares of Distillers Corp.-Seagrams, Ltd., 5% cum.
a
Is which, he said, is due to its leverage features.
of
to be
Commercial Credit Co., $30,000,000 ZM% debentures, due 1951; Central
paid off all of its bonded indebtedness, the asset value of the company
Act
was
securities registered "for the account of others"
already issued securities In the
is,
$13,595,000,
If, when he became President in 1933, he stated, the corporation had
Securities
underwritten;
erally; 4.2% to the registrants' security holders, and 6.6% to special persons.
—that
and the rest in equities.
a
was
Maine Power Co., $14,000,000 1st & gen. mtge. bonds, series
affairs of the corporation of purchasing only listed securities.
He concluded that
registrants
The registration statements further
.
Mr. Arthur testified that he is following a practice in managing the
consist of as much as 22 H
of the
indicated that 89.2% of the securities were to be offered to the public gen¬
such
Mr. Arthur readily admitted the contentions of Mr. Schenker that in¬
.
the account
for
be offered by various selling agents and 10.5%
$1,931,000 for various
Washington advices Nov. 30
of Commerce" said in part:
from 1927 to 1930.
offering
was to
in the amount of
1929 income
diverted to reserves, but that no disclosure of this action was apparent in
vestors of the
cash
13.8%
tions of the net
Mr. Arthur said had the cost rather than the written down
basis been used the profit would have been only $603,000.
Mr.
More than 75.7% of the $437,532,000 of securities which were proposed
the 1928 report, investment profits realized were carried at
up
$2,103,000.
established.
This included 12.8% for the
of the total.
increase of working capital and approximately 5.0% for the purchase of
offered by the registrants themselves.
Schenker,
the repayment of
The second largest use was to be for so-called "new money," amounting to
over
for
David
was
indebtedness, toward which 63.9% of the month's net cash proceeds was to
Mr. Arthur's statements were made
before the Commission during its hearings into investment
trusts and investment companies.
Associated Press advices
methods used by the corporation in making annual reports.
1936
The SEC further announced that in addition to the
new
issues, four statements covering five issues were registered
in connection with contemplated exchanges of registrants'
securities for their own or their predecessors' securities and
in connection with the issuance of voting trust certificates.
These registered statements covered securities having an
approximate market value of $2,499,276, the Commission
said, presenting the following compilation:
Included in
the month's effective registrations was the $175,000,000
American Telephone & Telegraph debenture issue, which is chiefly responsi¬
ble for transportation and communication companies occupying the first
place
The Types of Securities Included in Four Registration
and Exchange (*) Issues Which Became
Statements for Reorganization
Fully Effective During October, 1936
among registrants in
October, with 36.3% of the month's total regis¬
Utility companies were second with 22.8% of the total dollar
value, and the manufacturing companies were third with registrations of
trations.
No.
Type of Security
20.9% of the total.
Debenture issues
during
preferred stock issues for 10.6%;
the
month
accounted for 42.5%
common
issues for 19.9%;
stock issues for 21.4%; and cer¬
tificates of participation and warrants for 5.6%.
Approximately
$88,798,000
were
of securities
during
Of this total, about $34,615,000 were
registered "for the account of others"; $14,710,000 for exchange for other
securities; $20,073,000
were
reserved for conversion of securities having
convertible features; $17,474,000 for the exercise of options
Common stock
1
Certificate of participation,
Secured
...........
44*226
3,906,000
266,000
6,019,003
11,370,000
977,000
_
Certificates of deposit
Voting trust certificates
*2
not
303,685
5
Total
for other subsequent issuance.
of
2,605,555
5,974*777
bonds
Short-term notes
*
Oct. 1935
2,347,260
1.368,750
Debentures..
**
there remained $437,532,000
Sept. 1936
1,628,680
!
566,911
beneficial
and warrants;
$877,000 for claims, commissions and miscellaneous assets, and $1,049,000
deducting the above amounts,
2
Preferred stock
interest, &o
effectively registered
intended for purposes other than immediate cash sale
for the account of the registrants.
After
Approximate Market Value {**)
(In Dollars)
Oct. 1936
registered
of the month's estimated gross proceeds; secured bond
October, 1936,
of
Issues
2,499,276
Refers to securities to be Issued in exchange tor existing securities.
Represents actual market value
or
one-third of face value where market was
available.
registered securities to be offered for sale for the account of the registrants.
Of these securities, $426,089,000 represented issues of already established
enterprises,
while $11,443,000 were initial offerings of newly organized
companies.
In connection with the sale of these issues, the registrants
estimated that expenses of 3.7% would be incurred, 3.1% for commissions
and discounts to underwriters and agents, and 0.6% for other expenses in
connection with flotation and issuance.
After payment of such expenses.
SEC
Postpones Hearing in W. E. Hutton & Co. from
Dec. 7 to Jan. 11, 1937
The Securities and Exchange Commission announced on
Dec. 2 the postponement until Jan. 11,1937, of the hearing
to determine whether there has been a violation of provisions
•
Volume
Financial
143
W. E. Hutton &
price of the com¬
mon capital stock of the Atlas Tack Corp.
As noted in our
issue of Nov. 21, page 3243, the hearing had been originally
set for Dec. 7.
It was postponed at the request of counsel
for the respondents.
of the Securities Exchange Act of 1934 by
Co. in the matter of influencing the market
»
,
of Bank of Manhattan Co. During Year
Approximately $4,000,000—$1,000,000 in Excess of
Dividend Requirement—J. Stewart Baker Indicates
That on Jan. 1 Policy of Adding to Undivided
Profits From Earnings Will Be Observed—Urges
Reduction in Cost of Government
Our deposits on
at the annual meeting of the Bank of the
Company of New York, to the policy of the
directors of the institution during the past three years of
using all earnings in excess of dividend requirements to
write down assets or set up reserves, J. Stewart Baker,
Chairman of the board of the bank, stated that "your
directors now feel that sufficient reserves have been provided
and that the company should after Jan. 1, 1937 add to un¬
divided profits operating earnings in excess of dividends after
setting aside a proper amount for current reserves."
This
was indicated by Mr. Baker in his annual report to
the
stockholders at the 138th annual meeting of the stockholders
held on Dec.
1.
Mr. Baker reported that "the actual
earnings for the first nine months and the estimated earnings
for the last three months indicate net operating earnings for
the year 1936 of approximately $4,000,000, which is $1,000,000 in excess of the present annual dividend require¬
ment."
This, he said, compares with $3,742,000 for the
year 1935.
Mr. Baker added:
Referring,
our
gross
operating
and discount,
interest
approximately 67%
earnings,
14%
will come from
fees and service charges,
from commissions,
In 1935 the
10% from profits on securities and the balance miscellaneous.
average rate
received
on
it has averaged 2.19%.
loans and securities was 2.05%.
So far this year
For the first three months the average rate was
below that of last year, but during the last six months there has
been
a
steady improvement.
previously charged off, and special reserves no longer required, will
items
have been used to write down the value of certain assets or added to reserves.
Consequently, undivided profits will have remained stationary throughout
the year.
In
4
abroad and to the large expenditures by the
closing portion'of his address Mr. Baker called
important and serious problems
that faces our country today—the mounting cost of Govern¬
ment."
Pointing out that "the cost of Government directly
affects the cost of living and thus becomes a part of each
individual's personal overhead," Mr. Baker said:
to maintain a high standard of living the cost of government
are
The time to bring it down is when the national income is
must come down.
high for it will increase when the national income is low.
The President of the United
States
has recently taken the lead in an
announced determination to cut the cost of Federal Government activities.
It is
every
we
you
way
From that
bank's
can
in reducing the cost of our Government?
terminate
987,000
we
termination in
stock
the
beginning of this year was
To Sept. 30th, there had been credited to this account $1,-
representing
in
earnings
recoveries on items previously
excess
of
the
dividend
requirements,
charged off and special reserves previously
which were no longer needed.
The account has been charged $920,000
for the settlement of the suit brought by the Rehabilitator of the New
York
Title & Mortgage Co., $300,000 to write down the value of banking houses
and $700,000 to write off or
of Sept.
provide special reserves for loans, other real
Nevertheless,
accordance with the
entirely clear that
In May the suit
30, 1936.
were
April 2, 1799, many years before
the constitutional provision for such
or
legislation,
company
published a notice in
that after July 1, 1937 it will be
so
stock carries no such liability.
our
brought by the receiver of the Harriman National
Bank &
banks and trust companies
the New York Clearing House Association to make
members of
contributions to the payment of the deposits of that institution,
pro rata
tried in the New York Supreme Court.
was
The Court decided that this
make
Association
power to make any agreement on behalf of member banks to pay
deposits of another bank, that no officer of this company or any of
and the others who defended the suit had no obligation to
company
The Court held that the Clearing House
such payment.
any
had
no
the
the other institutions which were defendants at the trial made any agree¬
ment to pay
such
so,
deposits of the Harriman Bank, and that even if they had
agreement would not have been binding because
an
authorized
by their respective boards of directors.
Harriman Bank has appealed.
The receiver of the
interest when they refused to make a con¬
tribution toward the payment of the deposits of
The suit brought by the Rehabilitator of
Co.
do
it had not been
The decision indicates very clearly that your
directors acted properly in your
the Harriman Bank.
New York Title & Mortgage
against the Manhattan Co. and directors of the New
York Title &
Mortgage Co. which has previously been reported to you, was settled in
March
this
of
The suit involved claims to
year.
recover
dividends of
approximately $4,900,000 received by this company on stock of the Mort¬
gage company
In 1931 and 1932 and claims based on other transactions
the Mortgage company which the Rehabilitator
the extent of
which it
This
pany.
case
was
and
claimed
a
of
alleged had damaged it to
A large part of these claims related to
$15,000,000.
over
certain transactions between the Mortgage company
and the Manhattan
favorable to the Manhattan com¬
were too
wholly
the
the
approximately the amount
companion case against the directors of a
subsidiary of New York Title & Mortgage Co. were settled by
owned
payment of a total of $1,475,000.
Of this amount as previously stated,
Manhattan company contributed
$920,000, or
Since my last annual report a number of suits
of
have been brought against
by so-called Schackno Act trustees on behalf of certificate
the company
holders
various
series
of
New
Man¬
and as
mortgage certificates issued by
group
York Title & Mortgage Co.
These suits were brought against the
hattan company as majority stockholder of the
Mortgage company
depositary of the bonds and mortgages underlying the different
successor
the
The New
York Court of Appeals on Nov. 24th unanimously affirmed a decision of
the Appeallate Division that no such causes of action against the Man¬
hattan company are vested in the Schackno Act trusteesiof mortgage
series and were based
Mortgage
company's
on
alleged breaches by the Mortgage company of
contracts
with
the certificate holders.
certificate issues.
»
Increases
was
required to keep with the Federal Reserve
Pursuant to the power vested in the Board of Governors of the
This
means
that we are now required to carry a deposit with the
Federal Reserve Bank of New York equal to $19.50 out of every $100 of
demand deposits and $4.50 out of every $100 of time deposits.
of June 30,
All states with the
reason
is perhaps obvious.
Economic fluctuations are apt to impair
On
the
special industries.
fluctuations.
Diversification is
a
protection against these economic
The loans of your company are widely distributed
as
evidenced
by the following classifications as of Sept. 30th.
Amount
$91,898,000
fabrics
-
15,528,000
6.3
3.6
15.9
16,466,000
6,131,000
utilities.
7,995,000
9,436,000
17,841,000
37.7
3.3
3.9
7.3
8,806,000
38,790,000
Beverages and tobaccos.
Chain and department stores
Financial, insurance and loan companies
Growers,
manufacturers and dispensers of foods,
chemicals and drugs
Hardware, machines, equipment, railroads and publuc
Individuals, modernization and miscellaneous
Oil, coal, metals, lumber and paper
Real estate, building construction and materials
Rubber, raw cotton, leather, wearing apparel
Total
6.8
2.5
30,883,000
12.7
in New England and
an increase over the
bas.s
of
savings
deposits per inhabitant the picture is not so
in the population estimate for the year would in part account
of the loss in per inhabitant savings despite the greater volume
of
In the District of Columbia, for example, the popula¬
22%, while the loss in per inhabitant savings is
13.9%.
The number of depositors
in
10 States.
all except
also shows an increase over the preceding year
The aggregate number is 42,396,712, a gain of
1,081,506, or 2.6% over the previous year.
of depositors
The advance m the number
has not kept pace with the rate of advance of savings deposits
population.
It has been high in some sections, notably the southern,
central and Pacific States.
of
The really
which
spectacular rise in deposits has been that in commercial deposits
combined with savings deposits make up individual
deposits now
aggregating $46,310,117,000, a gain of $4,627,388,000 or 11.1%.
The trend of deposits from savings to demand is particularly evident
when
and
one
inhabitant savings compared with the previous year.
some
east
Classification—
exception of
tion increase is estimated at
or
Banks and brokers
This compares favorably with the
of $861,514,000, or
Fourteen States had a percentage loss of from .2% to 13.9% in
The gain
for
sharply the resources of a particular business group, to affect seriously the
marketability of certain commodities or to have an adverse effect upon
rise of $849,561,000, or %% over the
preceding year in the amount of savings deposited, according
to Mr. Albig, who adds:
;
savings in the states.
safety one of several Important factors is adequate diversification.
a
three in the west central states show
per
safety and liquidity it is often necessary to sacrifice some earnings.
Division,
4%.
In doing so the first considera¬
To obtain
1936, savings aggregate $23,463,585,000, according to
of June 30, 1935, over the preceding year
as
increase
bright.
second is liquidity and the third is earnings.
of Depositors in
Year Ended June
earlier, despite the decrease by $135,785,000, or 42.3%, of
year
a
redeposits of postal savings in banks.
Loans and discounts represented the largest item of resources and I am
tion is safety, the
Number
Reported by American Bankers Association
reports received by the
particularly pleased to point out that the total of $243,000,000 is approxi¬
functions of your bank is to lend money.
and
annual reports of savings
deposited in banks in continental United States show an
advance over the preceding year.
During the year ended
June 30, 1936 the number of savers also showed a marked
increase.
These facts are brought out in a statement in
"Banking," official publication of the American Bankers
Association, by W. Espey Albig, Deputy Manager of the
Association, presenting
the annual compilation of the
Savings Division.
Mr. Albig states:
mately $52,000,000 greater than on Jan. 1 of this year.
One of the primary
Savings
For the third successive year
Federal Reserve System by the Banking Act of 1935, the Board of Governors
increased the required reserves of member banks effective Aug. 15, 1936 by
in
Banks in United States During
figure
The balance which the bank
The
on
August the
in
new
liability attached to
incorporated by a special act of the
Trust Co. to compel this company and other
which
As
Bank of New York was $84,000,000 on which, of course, we received no
interest.
For
at least six months before the effective date.
newspaper
the adoption of the banking law
&c.
May I now refer to some of the items on the balance sheet of the bank as
50%.
a
because the company was
liability.
Thus
quote the following:
for contingencies account at the
reserve
estate,
July 1, 1937, provided the institution publishes notice of the
on
Your company has always maintained that there Is no
30
part of Mr. Baker's report dealing with
operations
$2,133,000.
set up
Such liability will
stockholders of New York State banking institutions.
shall prosper.
The
the termination of liability of
example that should be followed by local and State governments.
an
May I urge upon you, not so much as stockholders but as citizens, to assist
in
the New York Banking
amended, in accordance with a change in the State Constitution
was
voted the November before, to provide for
the
we
Federal Government.
At the last regular session of the State Legislature
its
1st,
of
due chiefly, I believe, to the influx of money from
of the dividends it received in 1932 on the stock of the Mortgage company.
attention to "one of the most
If
write down.
Increases have been experienced by most
11%.
the banks in the country
company
The net operating earnings in excess of dividends, together with recoveries
on
a
Sept. 30th were $46,000,000 higher than on Jan.
Increase of nearly
an
Legislature of the State of New York
Manhattan
Of
represented the transfer of the former banking houses to
other real estate and the balance
Law
Net Earnings
been reduced by $507,000 of
The book value of our banking houses has
which $207,000
I
.
3547
Chronicle
a
comparison is made of the percentage relation of savings to
individual deposits.
1936, when it dropped to 51%.
This reflects the large surplus funds held
by banks for suitable forms of investment and
that savings are
In only six
total
Not since 1925 has it reached as low a figure as in
loans.
It may also indicate
being transferred to some extent into other agencies.
States
is a
rate of interest higher than 2 H % paid on time
deposits, and in those States it is pa.d only in a few cities
and under certain
particular type of bank.
In most States the prevailing
In a number, only iM % is paid and in several the rate
1 % or even H of 1 %.
Under these conditions it is natural
limitations by a
rate is now 2%.
has declined to
that depositors should seek other forms of investment which offer a higher
rate of income.
Tabular estimates
presented in the article show that the
per inhabitant savings for the United States as a whole on
June 30,1936 was $184, a per capita gain over 1935 of $5.
Assets of 15,803 Banks in
United States Reported at
$67,198,681,000 as of June 30, 1936, by Comptroller
of the Currency—Deposits Listed at $68,339,815,000
—Detailed Data
In
Dec. S.
Financial Chronicle
3548
tional banks, while 9,732 State commercial banks (including
loan and trust companies and stock savings banks) had
compilation Issued on Nov. 22, J. F. T. O'Connor, Comp¬
troller of the Currency, reports that assets of the 15,803
active banks of all types In the United States, as of June 30,
1936, amounted to $67,198,581,000.
Of this amount, it is
shown, $29,702,839,000 represented the assets of 5,374 Na¬
of
resources
$25,355,515,000, 566 mutual savings banks $11,-
409,056,000, and 131 private banks $731,171,000. The 15,803
banks held deposits on June 30 of $58,339,815,000, as fol¬
$26,200,453,000 by National banks, $21,496,282,000 by
$10,059,951,000 by mutual savings
institutions, and $583,129,000 by private banks.
The principal assets of all banks wefe loans on real estate,
$8,515,708,000; other loans, $12,313,497,000; United States
Government securities, direct and fully guaranteed, $17,lows:
State commercial banks,
358,200,000; other bonds and securities, $10,501,333,000, and
balances with other banks, including reserves with the Re¬
serve
a
1936
agents, $14,103,430,000. Aside from deposits, principal
were:
Surplus, $3,408,418,000; common stock,
liabilities
$2,542,840,000; preferred stock, $633,667,000, and undivided
profits (net), $706,427,000.
The data, which will be included in the Comptroller's
annual report, follows:
STATEMENT OF ASSETS AND LIABILITIES OF ALL BANKS JUNE 30, 1936
Banks Other than National
Toted all
Number of banks
All Banks Other
Banks
than National
131
$7,145,239,000
5,924.817.000
5,761,000
-8,910,836,000
$2,120,871,000
5,728,516,000
4,885,000
6,484,977,000
6,466,072,000
721,876,000
1,079,619,000
487,257,000
6,253,698,000
500,567,000
3,607,940,000
580.286,000
410,473,000
433,210,000
363,832,000
$5,020,526,000
93,107,000
1,000
2,082,005,000
2,771.372,000
134,014,000
667,399,000
52,177,000
492,428,000
96,027,000
$3,842,000
103,194.000
875,000
343,854,000
10,501,333,000
1,363,426,000
1,263,742,000
1,018,951,000
14,103,430,000
750,340,000
$1,370,469,000
6,388,680,000
»
4,193,000
8,447.364.000
4,035,261,000
641,550,000
184,123,000
531,694,000
7,849,732,000
249,773,000
$67,198,581,000
$29,702,839,000
$37,495,742,000
$25,355,515,000
| $11,409,056,000
$731,171,000
$22,461,996,000
$11,665,872,000
7,074,544,000
2,108,486,000
829,903,000
4,168,004,000
$10,796,124,000
16,372,137,000
1,234,362,000
516,213,000
2,737,790,000
480,144,000
2,592,000
$10,357,106,000
6,278,679,000
1,228,884,000
516,213,000
2,633,413,000
479,412,000
2,575,000
$3,623,000
10,055,275,000
787,000
$435,395,000
38,183,000
4,691.000
153,000
96,000
17,000
104,224*000
——
$8,515,708,000
12,313,497,000
9,954,000
17,358,200,000
—
............
Cash in vault..—.....—.————.—
Balances with other banks, incl. reserve with reserve agents
...
.....
Total...—......—...
......
LIABILITIES-Demand deposits of individuals, partnerships and corporations
Time deposits of individuals, partnerships and corporations..
State, county and municipal deposits
....
U. S. Government and postal savings deposits......
Deposits of other banks
,
23,446,681,000
3,342,848,000
1,346,116,000
6,905,794,000
833,788,000
2,592,000
.......
......
Certified and cashiers' checks, cash letters of credit, &c_.
Deposits not ftlawlfiedL
—
—_
— _
,
'.
•
353,644,000
—
—;
Acceptances executed by
Interest, taxes and other
$26,200,453,000
| $32,139,362,000
$21,496,282,000
$10,059,951,000
$583,129,000
$2,425,000
447,000
586,000
95,659,000
47,316,000
$42,796,000
563,000
297,000
112,346,000
24,460,000
$34,373,000
552,000
297,000
112,346.000
17,707,000
$3,439,000
or
.——
$4,984,000
U.000
*6*751*666
2,000
33,473,000
527,305,000
244,719,000
28,043,000
162,182,000
5,430,000
365,123,000
244,719,000
2,030,000
310,992,000
3,400,000
14,911,000
18.587,000
*39,220*666
663,667,000
11,390,000
443,489,000
1,247,886,000
973,393,000
346,039,000
147,219,000
7,702,000
190,178,000
1,294,954,000
2,435,025,000
360,388,000
276,413,000
3,688,000
1,270,873,000
210,978,000
1
230,789,000
3,457,000
$29,702,839,000
$37,495,742,000
$25,355,515,000
—
for account of reporting banks
expenses accrued and unpaid
Dividends declared but not payable and amounts set aside for
undeclared divs. and for accrued int. on cap'l notes and debs.
Other liabilities
Capital notes and debentures.............................
Preferred stock....
........
Common stock
2,542,840,000
3,408,418.000
.
Surplus.......
Undivided profits-—net
706,427,000
423,632,000
........
Reserves for contingencies
Retirement fund for preferred stock and capital notes and debs.
Total
000,000—Average Amount to Each Member Placed
at $46.50
According to an estimate made on Nov. 16 by Herbert F.
Rawll, founder and President of Christmas Club, a corpo¬
ration, $355,000,000 will be distributed shortly to about
7,500,000 Christmas Club members by approximately 5,500
banking institutions and organizations. The estimated aver¬
age amount for each member is $46.50, Mr. Rawll said.
"The estimate," he added, "is 'based upon a substantial
number of reports from institutions operating the Christmas
Oub plan in different sections of the country.
These banks
report, on an average, a 14% increase in total accumula¬
tions
over
1935.
The average increase and the average per
so reported has been used in
arriving
member distribution
the; estimated figures for 1936."
In
Mr. Rawll further said:
the distribution
of Christmas Club funds this
year, New York leads
with about $96,500,000, while the estimates for Penn¬
$36,200,000; for New Jersey, $31,500,000, and for Massa¬
chusetts, $26,500,000.
New York City's metropolitan district will receive
about $62,000,000.
The Bank of America N. T. & S. A., in California, will
other
sylvania
States
are
distribute
$7,000,000.
The Bank of the Manhattan Co., in New York,
$3,250,000 for more than 80,000 members enrolled at 57 offices in
Greater
The
New
York.
Seamen's
Bank for
Savings, in the City of New York, has a total
accumulation of approximately
$1,425,000.
The banks in Washington,
D. C., have $6,300,000
ready for distribution, representing an increase of
over
last year.
The
following 49 banking institutions, which include most of the finan¬
cial depositories having the largest accumulations
for Christmas
dub
members, and accountable for more than 10% of the total distribution for
this
or
226,132,000
190,178,000
4*6,425*656
1.248.529,000
1
*131,767*665
148,966,000
21,053,000
231,000
$11,409,056,000
32,385,000
444,000
24,571,000
$731,171,000
Includes loan and trust companies and stock savings hanks.
Christmas Club Savings This Year Estimated at $355,-
20%
636,000
$45,221,000
1,010,000
883,000
208,005,000
71,776,000
——
.....
Agreements to repurchase securities sold—
has
140,745,000
40,708,000
$58,339,815,000
...
•„
....
Rediscounts.............
the
.
5,620,525,000
86,760,000
7,576,000
1,747,000
1,870,000
$67,198,581,000
Total deposits
Bills payable.....
at
Banks
566
U. S. Government securities, direct and fully guaranteed....
Other bonds and securities
Other assets.......
Private
9,732
Overdrafts...————————————————
"Rank'ng louse, furniture and fixtures...........
Real estate owned other than banking house
Savings
10,429
15,803
...
—
Mutual
(Commercial)*
;
Slate
5,374
—.....——
ASSETS—
Loans on real estate.
*
National
Banks
year,
report
about Dec.
the following
approximate
amounts
to
be
released
on
1:
First National Bank.....
Merchants National Bank.......
Union Bank & Trust Co
Anglo-Calif. Nat. Bank A Trust Co
Bank of America N. T. A S. A
.....Mobile, Ala...
....Mobile, Ala
.San Francisco, Calif......
San Francisco, Calif
Colorado National Bank.......
.........Denver, Colo
..........New Haven, Conn
Society for Savings
....—...........Hartford, Conn...
Waterbury Savings Bank
....
Waterbury, Conn.
Connecticut Savings Bank...
Maine Savings Bank
Boston Five Cents Savings Bank.....
Dorchester Savings Bank........
Home Savings Bank— —
$300,000
....
Los Angeles, Calif
.....Portland, Me
...Boston, Mass
Boston, Mass
Boston, Mass
325.000
564,000
375,000
7,000,000
325,000
460,000
770,000
340,000
360.000
592,000
425,000
530,000
Boston, Mass. — ....... $600,000
..Worcester, Mass......... 552,000
Minneapolis, Minn
1,100,000
Northwestern Nat. Bk. A Tr. Co. & affiliates.-Minneapolis, Minn.......
900,000
Commercial Trust Co
Jersey City, N. J........ 370,000
Hudson County National Bank.........——Jersey City, N. J
....
600,000
The Trust Co. of N. J
-Jersey City, N. J.—.— 605,000
Fidelity Union Trust Co..
Newark, N, J
025.000
Howard Savings Institution
.....Newark, N. J—
765,000
Passaic National Bank A Trust Co......
Passaic, N. J
...
385,000
City & County Savings Bank
——Albany, N. Y
343,000
National Savings Bank.
...........
^Albany, N. Y........... 570,000
Liberty Bank
—
......Buffalo, N. Y
400.000
Bank of the Manhattan Co
......-New York City
3,250,000
North River Savings Bank.
——New York City..
405,000
Seamen's Bank for Savings..—...-....—.—New York City——1,426,000
Dime Savings Bank of Brooklyn.
—
Brooklyn, N. Y——— 650,000
East New York Savings Bank...—.
.Brooklyn, N. Y
650,000
Green Point Savings Bank—
—Brooklyn, N. Y._
—
610,000
Lincoln Savings Bank
...
.....Brooklyn, N. Y—. 675,000
Roosevelt Savings Bank
.Brooklyn, N. Y
—
495,000
South Brooklyn Savings Bank
—Brooklyn, N. Y
355,000
Long Island City Savings Bank..
...Long Island City, N. Y— 465,000
Staten Island Savings Bank....——...—Stapleton, S. I., N. Y
428,000
Schenectady Savings Bank
—Schenectady, N. Y.—.— 370,000
Provident Savings Bank A Trust Co
.—.Cincinnati, Ohio
.....
600,000
Suffolk Savings Bank.
....—
Worcester County Trust Co
.........
First Nat. Bank & Trust Co. & affiliates
..............
-
—
...
Cleveland Trust Co—
Cleveland, Ohio.........
Columbus, Ohio
—
.
Ohio National Bank
Beneficial Savings Fund Society
Corn Exchange Nat. Bank A Trust.Co
.....
800,000
730,000
-Philadelphia, Pa.—......
300,000
Integrity Trust Co
———
Ninth Bank A Trust Co.
.—
1,275,000
..—Philadelphia, Pa
Germantown Trust Co..—......-.---...-.-Philadelphia,
Pa......—.
683,000
475,000
Peoples-Pittsburgh Trust Co...————Pittsburgh, Pa
—
Industrial Trust Co.
Providence, R. I—.......
First Wisconsin National Bank......
——Milwaukee, Wis
Based
upon
a
840,000
........Philadelphia, Pa.—...—
.—..Philadelphia, Pa—
475,000
655,000
945,000
questionnaire to a
of the Christmas Club and
former direct-by-mail
considerable number of members
applying that analysis to the entire distribution for this
Mr. Rawll estimates that the total Christmas Club
fund will be used approximately as follows:
year,
—
—
Mortgage Interest—....
Insurance premiums
6%
5%
2%
$355,000,000
42%
25%
——————...
—
...
Education, travel and charity.—...
A
....
8%
—————————12%
Year-end commitments
Taxes....
.....
$149,000,000
89,000,000
28,400,000
42,600,000
21,300,000
17,700,000
7,000.000
100%
Christmas purchases.....................
Permanent savings
......
........
—....—
.
report by the National Association of Mutual Savings
Banks on Christmas savings in mutual savings banks in the
United States this year was given in these columns of
Oct. 31, page 2763,
Volume
Financial
143
Bank
More than 500
Receiverships of National Banks Liqui¬
Banking Holiday of March, 1933—
Comptroller of the Currency Reports 30 Completed
During October
dated
J.
F.
Since
O'Connor, Comptroller of the Currency, an¬
Nov. 15 the completion of the liquidation^ of
receiverships of National banks during October, 1936, making
a
total of 514 receiverships finally closed or restored to
solvency since the so-called banking holiday of March, 1933.
"Total disbursements, including offsets allowed,
to de¬
positors and other creditors of these 514 institutions, ex¬
on
clusive of the 42 receiverships
restored to solvency, aggre¬
gated $149,595,068, or an average return of 76.29% of total
liabilities, while unsecured depositors received dividends
amounting to an average of 61.93% of their claims," the
Comptroller said, adding:
Dividend payments during October,
National
banks
the
to
creditors
Sept.
30,
United
1936,
$231,024,650
held
securities
of
30,
Sept.
on
and
1936,
by the banks increased $81,856,422 frotn Sept. 30, 1935, to
1936).
Holdings of State,
Sept.
30,
1936,
$51,326,507
Federal
and
1935
80,
$312,-
$287,308,164 on June 80,
(United States Government
compared with
Sept.
totaled
securities
Government
States
as
on
Sept.
on
Reserve
bonds totaled $60,782,186 on
$59,295,377 on June 30, 1936, and
county andi municipal
compared
as
30,
with
1935.
Bank
stock
dates
these
on
was
$2,511,200,
$2,609,900
$2,442,700, respectively.
Holdings of other bonds and securities totaled $133,951,625 on Sept. 30,
1936,
and $116,252,814
compared with $129,348,305 on June 30, 1936,
as
Sept. 30, 1935.
on
Undivided
profits
$10,098,492,
these
on
All
totaled
reserves
$12,313,831, $10,820,245 and
profits increased from Sept. 80,
were
(Undivided
respectively.
1935, to Sept. 30, 1936,
dates
$2,215,339.)
$8,280,697
Sept.
on
$1,026,754 from June 30, 1936, and
an
30,
1936,
increase
an
of
increase of $10,907 from Sept. 80,
1935.
1936, by all receivers of Insolvent
active
all
of
holdings
881,072
T.
nounced
3549
Chronicle
aggregated
receiverships
Loans
$9,548,700.
Dividend payments to the creditors of all active receiverships since
Savings, Building and Loan Associations
During September—Month's Disburse¬
Totaled $115,495,000, or 5.7% Above August
by
Increased
the
banking holiday of March, 1933, aggregated $749,047,053.
ments
The
following are the 30 National banks the liquidation
of which were completed during October:
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OK RESTORED TO SOLVENCY DURING THE MONTH OF OCT., 1936
During September, savings, building and loan associations
advanced new loans in amount of $115,495,000, it was an¬
nounced in Chicago on Nov. 7 by the United States Building
and Loan
League, which amount is 5.7% above August and
July loans.
September was the
sixth consecutive month that loans by the institutions were
0.7 of 1% higher than the
Per Cent
Total Dis¬
Per Cent
Dividends
Date
bursements
Total
of
Including
Returns
Failure
Offsets
to All
Allowed
Creditors
in
Paid
Unsecured
Claimants
of $100,000,000, it was
excess
Continuing to take
*
First National Bank, Atwood, HI—
First National Bank, Bellevue, Iowa
12- f-33
aAllenwood Nat. Bk., Allenwood, Pa.
12-22-22
Wilcox National Bank, Wilcox. PaNational Bank of Sidney, Iowa
10-27-31
*
thrift
110.21
homes
108.00
108.018
and
and
dominant place in the lending of these
the loans for construction of new
purchases of existing homes were $34,860,000
an ever more
financing
those
for
institutions,
new
$34,145,000, respectively, being 6.5% and 4.9% ahead of last month's
loans in
September totals $1,000,000 higher than August.
10-15-31
185.976
79.69
9-14-31
261,412
74.40
64.3
387.890
97.33
90.52
188,866
95.33
94.12
5- 5-31
home
93.
these two
Morton
Modernization and repair loans also showed
categories.
Executive Vice-President of the United
Bodfish,
points out that the September loans
Glenwood
Bank,
and
93.29
12- 5-13
Commercial National Bank, Essex, la
National
108.521
73.8
Flrtt National Bank, Mora, Minn...
*
First National Bank, Florence, Ariz.
Citizens
105.85
107.04
$148,229
579,083
19,622
227,521
6-25-34
78.33
7-30
400,569
515,147
65.11
58.59
21.02
2-27-3G
309.307
9«.C9
93
12-29-32
Springs. Colo
First Nat'l Bank in Mt. Sterling, ill.
First Nat'l Bank, Tranquility. Calif—
.1
-
pointed out by the League,
which also said:
First National Bank, Allen, Okla
First National Bank, Tyler. Minn...
11-14-32
78,741
427,956
72.00
78.58
10-29-31
404.279
101.18
101.52
First National Bank. Waldron, Ark..
First National Bank, Eldora, Iowa.—
4-22-31
161,054
78.77
the
1929.
A
reached
66.67
Peoples Nat'l Bank. Blairstown, N.J.
total,
since
60.82
12-23-3*.
1935,
71.8
loans
a
year
at the
largest
359 516
85.24
81.8
3-14-24
1,124,657
54.75
24.731
were
12- 2-32
79.07
45.74
the
11-28-30
95,856
209,121
82.16
81.26
100.67
and
is becoming
time
new
loans
in
and
more
3-16-32
504 201
12- 2-31
117,488
50.62
3-15-32
61,585
100.84
59,579
51,101
45.06
45.63
9.945
9- 5-32
22.307
76.67
42.631
8-13-32
First National Bank, Alexis. Ill
First National Bank Blockton, Iowa.
237,679
63,139
65,365
29,942
348,222
70.80
61.53
56.97
32.15
61.78
September
a
42.82
10,900
represented
construction
than the loans of this
quarter.
loans
over
66.97
Merchants Nat 1 Bank, Defiance, O.
Prairie Depot Nat. Bk., Freeport.O.
4-11-32
3-18-30
First National Bank, Defiance, Ohio
First Nat'l Bank. Napoleon, Ohio-
4-11-32
First National Bank, Florata, Ala...
1-13-30
a
last
the
4-11-34
23.
the average loan
59.12277
$3,200,
34.61
its
feet
The
the
on
of
mass
people
ground and
who
can
afford only moderate-priced
analysis of the September
to the total
loans,
industry is keeping
homes.
showing percentage
of each type
Estimated September
Loans Made by
New
liquidations of National banks during
our issue of Oct. 10, page 2296.
Per Cent
of Total
the United States
$34,860,000
8,534,000
34,145,000
26,716,000
construction.
Repair and modernization
Home purchase
■RfifinftnHng
11,240,000
Total
in
for June,
the sustained
year, with
the
disbursement, follows:
Other purposes
Increase
of
All Associations in
given in
was
quarter
continuing to shape its product for the great
covering deficiency in
Receiver appointed to levy and collect stock assessment
value of assets sold, or to complete unfinished liquidation.
a
A report as to the
Bodfish said that
third
continuing to be about the same size, between $3,000 and
Formerly in conservatorship.
September
Mr.
the
disbursements ami
type reported
points to the likelihood that the construction
Purpose of Loans
*
Resources
of
24.217
81.11
10-22-31
First Nat'l Bank, Seviervllle, Tenn..
a First National Bank of Hazard,
Ky.
a
for
numerous
of
for the peak
the contracting
20.93
a
*
demand
more
month
more
of home owners.
groups
100.86
Citizens Nat'l Bk., Kendallville, Ind.
First National Bank, Zillah, Wash—.
25%
end
associations had recorded
loan
Bodfish's opinion, whereas the outlet for home
in Mr.
present
Construction
8-10-32
First National Bank, Huron, S. Dak.
First National Bank, Epbrata. Wash.
First National Bank. Westfleld. Ill-
the building
States League,
within $2,000,000 of the October,
large amount of refinancing loans accounts
ago,
obligations by
new
were
Banks
State
Ohio
of
30.15%
7.38
29.53
23.16
9.72
$115,495,000
During
Quarter Ended Sept. 30 Noted by State Superin¬
tendent of Banks S.
also
H.
Squire—Gain in Deposits
of $100,000,000 of
Dec. 2—$60,044,000 Accepted to 104-Day Bills at Rate of 0.040%
and $50,057,000 to 273-Day Bills at Rate of 0.088%
$266,541,000
Two
Reported
Samuel
H.
Squire, Superintendent of Banks of Ohio, in
on Oct. 29, an analysis of the reports of
467 State chartered banks of Ohio as of Sept. 30, 1936, pur¬
making available,
suant
his
to
call, said that "the combined resources of
reporting banks increased $36,457,811 between the calls of
June 30, 1936, and Sept 30, 1936.
During this period, com¬
bined deposits
reported :
Between
one
year,
973,657,
the
calls
combined'
a
Combined
of
Combined
with
of
resources
$1,243,355,780
80,
Sept. 30,
on
deposits
on
on
Sept.
1936,
reporting banks
condition
State
Squire further
Mr.
Sept. 30,
and
the people of
of
supervised
banks
$1,368,871,626
period
a
on
on
of
$161,-
increased
indicating
$163,638,820,
increased
compared with
as
$1,205,876,704
all
1935,
the 467
of
deposits
prosperous
more
$1,405^329,437
were
Sept.
resources
combined
and
significantly
and
increased $33,037,907."
quite
this State.
Sept
1936,
1936,
1935.
30,
1936,
1936,
$1,238,914,611
$1,075,375,791
were
June 30,
and
as
compared
Sept.
on
30,
1935.
Individual
$380,942,693,
1936,
Total
and
Sept.
and
30,
Sept.
1936,
30,
were
$390,108,876,
$310,946,652,
1935,
a
on
June
gain
in
30,
one
deposits
savings
these
of
dates
were
$581,547,732,
$575,653,246
$529,897,598, respectively.
Time
certificates
$48,125,317,
Funds
969,023
on
on
$79,162,224.
of
year
deposits
on
these
dates
$46,873,256
and
respectively.
deposit by
on
•
trust departments
compared with $31,849,776
as
$47,743,685,
were
on
on
Sept.
30, 1936,
were
$32,-
other
$170,557,783
$186,545,295,
and
$151,185,609,
respectively.
Total
discounts
on
Sept.
30,
1936,
were
on
$488,524,992
with
June
80,
1936,
and
$487,108,341
$488,774,101
as
on
Sept. 30, 1935.
Cash and
with
reserves
Notes
Real
Sept.
SO,
1936, totaled $244,930,606
June 80, 1936, and $206,883,084
on
these
dates
was
on
$64,247,245,
bills
rediscounted,
as
compared
Federal Reserve banks and the
the
viously for the past several months, the Treasury had been
offering weekly issues in amount of $50,000,000.
Each issue of the bills was offered in amount of $50,000,000,
or thereabouts; one of the series of 104-day bills, maturing
March 16, 1937, and the other 273-day bills, maturing
Sept. 1, 1937.
The details of the bids to the two series were
announced by Secretary Morgenthau as follows:
104-Day Treasury Bills, Maturing March 16, 1937
this
amount
series,
which
was
for
$50,000,000,
or
thereabouts, the total
applied for was $138,444,000, of which $50,044,000 was accepted.
accepted bids ranged in price from par to 99.986, the latter being
discount basis.
accepted.
The
99.989 and the
bank discount basis.
equivalent to a rate of about 0.048% per annum, on a bank
Only part of the amount bid for at the latter price was
respectively.
price of Treasury bills of this series to be issued is
average
rate is about 0.040% per annum on a
273-Day Treasury Bills, Maturing Sept. 1, 1937
and
For
bills
payable, and bonds borrowed on
$221,248, $289,261 and $376,983, respectively.
loans were $250,807,433,
$251,104,085 and $264,060,870,
were
estate
received at
thereof up to 2 p. m., Eastern Standard Time,
Reference to the offering was made in our issue of
Nov. 28, page 3395.
As noted in that issue (also on page
3395), the Treasury intends to offer $100,000,000 of bills
weekly, or $50,000,000 in excess of maturities, to increase
the Treasury's cash balance.
The offering of bills dated
Dec. 2 was the first to be made on the increased scale; pre¬
Sept. 80, 1985.
$64,347,246
respectively.
and
dates
on
on
capital
$63,954,395,
were
branches
average
$238,135,659
Combined!
these
ders
The
and
loans
compared
tendered to the offering of two
bills, dated Dec. 2, 1936, offered in the
aggregate amount of $100,000,000, or thereabouts, Henry
Morgenthau Jr., Secretary of the Treasury, announced
Nov. 30.
The Secretary said that tenders accepted to the
two
series totaled $100,101,000.
The offering was an¬
nounced on Nov. 26 by Secretary Morgenthau, and the ten¬
For
deposits were
Offering
Treasury Bills Dated
A total of $266,541,000 was
June 30, 1936, and $35,220,620
Sept. 30, 1935.
All
of
series'of Treasury
Nov. 30.
30,
June 30,
Tendered to
Series
this
amount
series,
which was for $50,000,000, or thereabouts, the total
applied for was $128,097,000, of which $50,057,000 was accepted.
Except for one bid of $5,000, the
accepted bids ranged in price from 99.940.
equivalent to a rate of about 0.079% per annum, to 99.927, equivalent to a
rate of about 0.096% per annum, on a bank discount basis.
Only part of
Financial
3550
the amount bid for at the latter price was
about 0.088% per annum on a
The average price of
accepted.
99.933 and the average rate is
Treasury bills of this series to be issued is
Chronicle
Dec.
5, 1936
price offered for Treasury bills alloted must be made at the Federal Re
banks in cash
serve
other immediately available funds on Dec. 9,
or
The Treasury bills will
bank discount basis.
1936.
be exempt, as to principal and interest, and any
gain for the sale or other disposition thereof will also be exempt, from all
Treasury to Involve $1,500,000,000
—Will Borrow $300,000,000 of "New Money," Re¬
Dec. 15 Financing of
deem
$400,000,000 of Maturing Bills and Refund
$787,000,000 of Notes—Details to be Made Known
Monday (Dec. 7)
Secretary of the Treasury Henry Morgenthau, Jr.revealed
on Nov. 30 further details of the
Dec. 15 financing; the
latest announcement indicates that the Treasury will bor¬
row $300,000,000 in "new money" on Dec. 15, which, to¬
gether with issues to be refunded, brings the total financing
to be done on that date to nearly $1,500,000,000.
As noted
in our issue of Nov. 28, page 3396, Secretary Morgenthau
made known last week that it is also the intention of the
Treasury to borrow $400,000,000 with which to redeem a
maturing on Dec. 15, and
for $358,000,000 of 2%%
Treasury notes, Series B, 1936, which mature on Dec. 15,
and $429,000,000 of 3% notes, Series C, 1937, due Feb.
15, 1937.
Full details of the Dec. 15 quarterly financing
will be made public on Monday, Dec. 7.
Secretary Morgenthau also said on Nov. 30 that the prac¬
tice started by the Treasury last week of offering $100,000,000 of Treasury bills weekly, or $50,000,000 in excess of
maturities, will probably be continued for a total of six
weeks, giving the Treasury an additional $300,000,000 to
add to its working balance.
These bill offerings are made
in two series of $50,000,000 each, one of 273-day maturity,
and the other timed to maturity on March 16.
As to this,
Secretary Morgenthau (to quote Washington advices, Nov.
30, to the New York "Times" of Dec. 1), said:
similar amount of Treasury bills
also offer securities in exchange
This is considered good fiscal
tax
taxation,
bills shall be allowed
No
estimate
new
was
contained in the last
director.
Mr. Morgenthau said the tax collections would be up to expec¬
In 1936 income tax collections were $1,426,575,000 and in
tations.
1935
$1,099,118,000.
While
Secretary Morgenthau
would be additional
would not say
borrowing of
new money
definitely whether there
before June 30, he remarked
significantly that with the Dec. 15 operation the government would have
borrowed $770,000,000 in new money in this fiscal year
and that it was
obvious that with the drought and other relief requirements
able for these purposes obviously
net
$600,000,000.
A total of $16,228,474.03
of gold was received during the
the various mints and assay offics
the Treasury announced on Nov. 30.
It said that $13,084,099.48 of this amount was imports, $223,392.39 secondary
and $2,920,982.16 new domestic.
The gold, the Treasury
made known—was received as follows by the various mints
and assay offices
RECEIPTS
genthau would still be in
just
as
a
on
new
Denver
Total for week ended Nov. 27, '36
$223,392.39
$13,084,099.48
$2,920,982.16
from
During the week ended Nov. 27
of silver
to
a
silver
turned
were
over
a total of 529,029.75 fine
by the Treasury Depart¬
and assay offices, it is learned
statement issued Nov. 30 by the Treasury.
The
the various mints
purchased by the Treasury in accordance with
proclamation of Dec. 21, 1933, which author¬
ized the Department to absorb at least 24,421,410 fine ounces
of newly-mined silver annually.
Since Dec. 21, 1933, a
total of 114,208,792 fine ounces of metal have been turned
over to the mints and assay offices.
Reference to the proc¬
lamation was made in the "Chronicle" of Dec. 31, 1933,
page 4441. The Treasury's statement of Nov. 30 follows:
was
the President's
(Under Executive Proclamation of Dec. 21, 1933) as amended
Week ended Nov.
Fine Ounces
326,613.61
27, 1936:
Philadelphia
192,660.90
9,765.24
San Francisco
Denver
Total for week ended Nov. 27,1936
Total receipts through Nov. 27,
Tenders, to be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, Dec. 7, were invited on Dec. 3 by Secretary of
the Treasury Henry Morgenthau Jr., to a new offering of
two series of Treasury bills in amount of $100,000,000, or
thereabouts.
The bids to the bills, it is pointed out, will
not be received at the Treasury Department, Washington.
Both series of the bills, which will be sold at a discount
to the highest bidders, will be dated Dec. 9, 1936, on which
date there is a maturity of similar securities in amount of
$50,000,000.
Each series of the bills announced this week
will be offered in amount of $50,000,000, or thereabouts;
one series will be
97-day bills, maturing March 16, 1937,
and the other 273-day bills, maturing Sept. 8, 1937.
The
face amount of the bills of each series will be payable with¬
out interest on their respective maturity dates.
In his announcement of Dec. 3 inviting the tenders,
Secretary Morgenthau said that bidders are required to
specify the particular series for which each tender is made.
529,029.75
114.208,792.00
1936
receipts of newly-mined silver during the week ended
were noted in these columns Nov. 28, page 3396.
Nov. 20
»
Silver Transferred to United States Under Nationaliza¬
tion Order During
to
Week Ended Nov. 27 Amounted
234 Fine Ounces
Announcement
made by the Treasury Department on
ounces of silver to the
was
Nov. 30 of the transfer of 234 fine
United
States
during the week ended Nov. 27 under the
Executive Order of Aug. 9, 1934, nationalizing the
The Treasury said that 112,989,473.27 fine ounces
of Aug. 9, which was
page 558.
From the
given in
our
issue of Aug. 11, 1934,
Treasury's announcement of Nov. 30 the follow¬
ing is taken:
(Under Executive Proclamation of Aug.
Week ended Nov.
Fine Ounces
Philadelphia
192.00
San Francisco
42.00
Denver
New Orleans
Seattle
234.00
112,989,473.27
-
In the "Chronicle" of Nov. 28, page
made to the silver transferred during the
for an amount less than
$1,000 will be considered.
99,125.
Remarks
companies and from responsible and recognized dealers in in¬
Tenders
from
others
must
be
accompanied
by
a
deposit of 10%
of the face amount of Treasury bills applied for, unless
the
accompanied by an express guaranty of payment by an
tenders
are
incorporated bank
Dec. 7,
branches thereof
of tenders
1936, all tenders received at the Federal Reserve banks or
on
uplto the closing hour will be opened and public announcement of the ac¬
ceptable prices for each series will follow as soon as possible thereafter,
on
the following morning.
The Secretary of the Treasury ex¬
pressly reserves the right to reject any or all tenders or parts of
tenders,
and to allot less than the amount applied for, and his action in any
respect shall be final.
such
Any tender which does not specifically refer to a
particular series will be subject to rejection.
advised of the acceptance or
President
Aires
Those submitting tenders
rejection thereof.
Payment at the
at
Luncheon
President
Justo
Roosevelt
Tendered
to
at
of
Argentina
At the luncheon which he tendered at Buenos
Dec. 2 to President
Roosevelt spoke as
two hours
imagine
I shall be going away
a more
President, I do not feel
and I
as
makes
me
quite sad because within
am very, very sorry
that I cannot
if I know Argentina yet, because to come only to
Buenos Aires is to know only a part of
a
this great Nation.
grandfather came to Argentina.
One hundred and
It has taken me more
century to follow in his fotsteps and I am very certain
it will not
be another century before I come back.
which I should like to take this opportunity of
matter that affects
will read
a very
on
delightful three days than I have had here, and yet, Mr.
six years ago my
than
Aires
Augustin P. Justo of Argentina, President
follows:
An otherwise very delighful occasion
or trust company.
K Immediately after the closing hour for receipt
probably
by
Buenos
•
^ Tenders will be accepted without cash deposit from incorporated banks
securities.
3396, reference was
week ended Nov. 20.
Each
The price offered must be expressed
Fractions must not be used.
trust
1934)
New York
$100,000, $500,000, and $1,000,000 (maturity
on'the basis of 100, with not more than three decimal places e. g.,
9,
27, 1936:
denomi¬
value).
tender must be in multiples of $1,000.
STATES
SILVER TRANSFERRED TO UNITED
Total for week ended Nov. 27,1936
Total receipts through Nov. 27, 1936
The bills will be issued in bearer form only, and in amounts or
metal.
of the
metal have been transferred since the issuance of the Order
He added:
vestment
613.96
91,831.62
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 529,029.75 Fine Ounces During Week Ended Nov. 27
Offices
eligible for ex¬
$50,000,000 of 97-Day Bills and $50,000,000 of 273Day Bills
^ No tender
624,470.59
Receipts of
obligations.
nations of $1,000, $10,000,
$532.49
104,700.00
2.098,933.50
8,858.53
Seattle
The
will be
263.18
New Orleans
Net'. Domestic
Secondary
$77,036.30
88,600.00
19,307.57
8,9901.61
20,599.38
$12,602.00
12,750,000.00
293,831.66
27,402.64
.
San Francisco
OFFICES
ASSAY
AND
Dec. 15.
New Offering of Two Series of Treasury Bills in Amount
of $100,000,000—Both to be Dated Dec. 9, 1936—
and
■
New York
time, Mr. Mor¬
These bills, as those to be sold on Dec. 15, would not be
change for
MINTS
THE
imports
position to borrow additional funds for these
he is doing
BY
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
While theoretically the bills to be dated March 16 will
that
during the week ended Nov. 27:
GOLD
OF
Philadelphia
obtained by the bill issues will
be retired by income tax and other receipts at about
retirements
funds avail¬
Week
week ended Nov. 27 by
would not last until June 30.
The Dec. 15 "new money" and that to be
,
Gold Receipts by Mints and Assay Offices During
Ended Nov. 27—Imports Totaled $13,084,099
from
would exceed the $2,303,363,000
otherwise recognized for the pur¬
issue.
ment
budget summation statement by D. W. Bell, budget
or
Treasury Department Circular No. 418, as amended, and this notice
We do not
made of income taxes although Treasury officials
announced that for the fiscal year 1937 they
deduction,
a
prescribe the terms of the Treasury bills and govern the conditions of their
absence of maturing obligations.
the advices quoted:
as
of any tax now or hereafter imposed by the United States or any of
poses
ounces
The following is also from
(Attention is invited to
and inheritance taxes.
estate
No loss from the sale or other disposition of the Treasury
tax).
its possessions.
practice in view of the unusually heavy
receipts which will be paid into the Treasury in March.
wish to upset the money market by an
except
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift
that if I live
There is one matter
saying, and because it is a
both of our nations, I might say an official matter,
short statement.
I
Volume
Every nation has the right and the duty to adopt such measures as may be
necessary, in the interest of Its own
citizens, in order to prevent the entrance
into its territory from abroad of contagious or infectious diseases prejudicial
to
human, animal,
or
plant life.
know that you in the Republic of Uruguay have made
In behalf of the well-being of your
as
disguised tariff measures nor
should they be ever applied except in accordance with strict justice.
In the days of Gen.
which
face today.
we
heard of
year ago the
children,
Argentine Government and the Government of the
of Today
Artigas and of his friend, President Monroe, human
society had, of course, little conception of the economic and social problems
Sanitary Convention Between Argentina and United States
a
such great advances
citizens.
Economic Problems
But it is equally clear that quarantine or
sanitary regulations should neither be used
About
3551
Financial Chronicle
143
None of the fathers of
any
of our republics had even
8-hour day, of minimum wages, of protection for women
an
and
employers and employees, of
of collective bargaining between
United States negotiated a sanitary convention which had for its purpose
the removal of an inequitable situation which had arisen as a result of the
old-age security, of modern sanitation, of concrete highways, of railroads
all-embracing character of legislation adopted by the Congress of the United
the automobile or of travel
States.
of the problems of modern science, of modern finance.
The ratification of this convention would make it possible for
gonia,
sheep-raising area, where the hoof-and-mouth
a
disease
Pata¬
has
not
steel
or
buildings.
And yet, you and I
existed, and which territory is separated by natural barriers from the cattle-
founders of
raising regions of the Bepublic, to be relieved from the sanitary embargoes
seeking to do to
now
placed upon it.
They knew little
by fast steamships and by air.
are very
certain that if they were alive today the
Government would look with approval on what we are
our
use
the processes of democratic government in solving
I recognize as you do that these new problems are common to
Senate of the
the
problems.
new
This convention, which I had the honor of submitting to the
The fathers had not thought of the telegraph, the radio,
all our
United States last year, affects in no wise existing tariff rates.
It is in¬
tended solely to remove an obvious inequity resulting from an unnecessary
wide application of a sanitary embargo.
The ratification of this convention
nation in all the world has been compelled to recognize the fact of new con¬
by the Senate of the United States would eliminate
ditions.
nations.
I
glad that you have said that we have been compelled to
am
abandon the comfortable attitude of statesmen of the old school.
Every
It is of the utmost importance that the nations of the New
industry of the United States, and without relaxing in the least full sanitary
World
have found it possible under vigorous leadership to find the answer within
the spirit and the framework of constitutional government and democratic
protection of our own livestock.
processes.
detriment
prejudice of
or
an
injustice without
kind to the legitimate interests of the cattle
any
I intend to present these facts clearly to
the attention of the members of the Senate of the United States, with the
New Remedies For New Conditions Sought
hope that our Senate may give its consent to the ratification of the simple
of justice.
instrument
between
of
a
in order to ascertain the bases which exist for the negotiation
us
trade agreement between
our two
countries, which may prove to be
mutually profitable to both the people of the Argentine Republic and the
improved.
were many more—
of thanking you and the good people of Argentina for the very
reception that you have given
me,
wonderful
and on behalf of my son and the members
of my party to extend to you our profound thanks for all that you have done
for
and,
us
as
I said last night, I
am
counting
on a
President, and Senora de Jus to in Washigton just
visit from you, Mr.
as soon as you can.
But the net result is that
which, from experience,
Reviews Acts of Both Administrations
Roosevelt's visit to Montevideo, Uruguay on
Dec. 3 was marked by a luncheon tendered by President
Gabriel Terra.
In Ms address welcoming the President of
United
the
States,
President
Terra thanked President
Uruguayan people for the
floral tribue you have placed at the foot of the monument to
General Artigas, that highest symbol of our patriotism."
"in the
Roosevelt
of the
name
President Terra reviewed in Ms address the
measures
under¬
taken
by President Roosevelt from the time he assumed
office in 1933, and in part said:
I well remember the valiant expression of your program,
brought imme¬
diately before Congress which acted patriotically and conferred
full and absolute powers to act.
equally intense
were
I had not the
same
upon you
good fortune, although
the ills of Uruguay, and I could not remain impassive
in the face of threatened national disaster, since I was encouraged in my
forward.
must avoid.
we
country we have used the land in such
a way as
In many parts of my
to diminish its productive¬
supply of water and we have lost our top soil.
ness, we have harmed our
Today
with the fact
did many things in the past which ran counter
we
to the laws of nature and of sensible economics.
our Government seeks to
work with
I cite this
as an
our
farming population in cor¬
a greater
prosperity and a more
example, which you undoubtedly
know of, to show the need among all our republics in keeping in close
On this delightful visit to'
Brazil, Argentina and Uruguay I have been
impressed with the immediate need for better and quicker services of travel
and communication between North and South America.
I look forward
the day when instead of Its being a long and unusual journey,
to
of North America will be so simple that tens of thousands of our
citizens
will meet each other in friendly intercourse every year.
And,
may
I add that I hope that we shall have a much greater familiarity
with each others* languages,
some
difficulty I
can
These visits which I
read
am
It is a great regret of
a
my
life that while with
little Spanish, I cannot yet converse in it.
making on this voyage are so enjoyable in every
opportunity to return in the future.
When
that day comes I hope that I shall be able to speak with all of you
in your
that I look forward to
way
native
an
tongue.
And may I also express the hope that it will be
President and Senora de Terra,
possible for you, Mr.
Roosevelt and
to be the guest of Mrs.
myself in Washington while we are still in the White House.
would give us and the people of the
It has touched
United States
more
Nothing
pleasure.
deeply that you have proposed a toast to Mrs. Roose¬
me
velt.
of the
she will be happy to know of your courtesy and of your thought of
I obeyed without hesitating this mandate of national
sovereignty.
We have met
our
floating debt, we have wiped out the frozen credits of
foreign commerce in amounts often reaching into the millions, we
our
She
was
deeply disappointed that she could not come with me and
I lift my glass to
...
visits
between the nations of South America and those of Central America and
plans for recovery by three parties which represented 80% of the inhabitants
country.
touch
with each other, for many of our problems are similar.
Welcoming President Roosevelt to Luncheon—
President
We seek
be altered or
We learn, and
of agriculture, for example, you are familiar
case
that in the United States
permanent use of the land.
in
we move
recting these mistakes and in bringing back
Remarks at Montevideo of President Terra of Uruguay
continuing one.
a
conditions will continue to arise;
ought to learn, much from each other—much that is good and some things
In the
take this last opportunity—I wish there
new
sometimes the remedies succeed, and sometimes they must
people of the United States.
So that I may
remedies for new conditions;
new
that I trust that conversations may soon be undertaken
say
In accordance with the objectives and
theory of democratic government, that task is
Hopes for Trade Agreement
May I further
We have not completed our task.
her.
the good health and happiness of you and Senora de
Terra, and to the continued prosperity, happiness, and progress of the
people of the Republic of Uruguay.
arrested the alarming fall of the peso, our principal concern today being to
prevent its too rapid rise.
which
and
were
even
We have increased the value of internal bonds
depreciated to the extent of 30% and which have today reached,
have gone beyond, par.
by establishing minimum prices for its products, which
were
taken up by
official warehouses just as soon as they could be gathered in.
We distributed premiums to rural
workers in order to
encourage
them in
their struggle against misfortune and at the same time we lowered the
burden
on
Terra
expressed Mmself
as
"grateful for the
fraternal message of the most powerful and perfect democracy
of America to an ancient undimmed hero who stands full of
glory in the history of
No
my
country," and in referring to
President Roosevelt's announcement of the peace conference,
declared it as making him "the foremost champion of the
greatest and noblest cause wMch the leader of a great people
can espouse in these disturbed days of a world which threatens
to return headlong to the unspeakable cruelties of war."
President Roosevelt's address at the luncheon is given in
another item in this issue.
During a press conference at Buenos Aires on Dec. 1,
President Roosevelt was reported as saying that there was
no
possibility of the United States entering the League of
This conference
|ft Questioned
at
Montevideo
at the United States embassy
new
of friendship and confidence among the Americas.
era
entitled
to
more
credit for this
new
No
one
(At
a
an
era
will be placed here in the memorable year 1933.
Truly, it is
inspiration for the average citizen of all our republics that that confer¬
ence
is giving back its fruits in terms of achievement for the people of the
world.
...
You, Mr. President, have used
a
term in speaking of that great
patriot, Gen. Artigas, which can well be the inspiration of us all.
have spoken of his "serene and noble spirit of applied justice."
of this
spirit
You
It is because
which actuated the founding fathers of the American republics
that we their followers are inspired to maintain the democratic principles
for which they fought.
I
am
have spoken concerning our policies in the United States of America.
We
fully join with you in the thought that the first battlefield of peace is that
a
press conference
kd
in Rio de Janeiro, en route to Buenos Aires, Mr.
wJ
The United States President said the principles of democratic government
—which he called the best form of government in all the world—provides
the keynote of the
speech he was about to deliver to the conference,
£2
expressed hopes that the moral influence of the 21 Amer¬
would have
The American
the other parts of
a strong effect on
nations, united for peace, could be of great
service, he said.
»
»
Executive Order
by President Roosevelt Forbids Foreign
Marry Foreigners—Such Unions
Prohibited Without Approval of Secretary of State
Service Officers to
The State Department on Dec. 1 made public an
Executive
by President Roosevelt, forbidding American diplo¬
matic and consular officers to marry foreigners without the
specific approval of the Secretary of State.
The order was
signed by the President on Nov. 17.
In instructions issued
to American Foreign Service Officers the State Department
said
that
in
the
present condition
of world
affairs "any
tendency further to increase the number of marriages of
this character must be regarded with concern."
It added
that
18% of Foreign Service career officers are married to
of foreign birth, and that 27% of embassy and con¬
women
particularly grateful for the kind words which you, Mr. President,
of securing well-being at home.
was
would not be raised at the conference.)
Order
I believe that when history comes to be written, the origin of the new
American
whether there
Roosevelt asserted the question of an American League of Nations probably
day than your Excellency; for you
of that conference,
success
to
in the hands of the conference.
is
labored unceasingly and generously both as host and as statesman for the
as
Asked whether the inter-American conference might propose a League of
Here three years ago in this beautiful city of Montevideo, there was born
a
follows in Asso¬
Nations for the western hemisphere, the President asid that was entirely
the world.
Montevideo, Uruguay, by President Terra
Uruguay spoke in part as follows:
as
he believed he could answer "no."
of welcome at
of
described
possibility of the United States joining the League, Mr. Roosevelt replied
Mr. Roosevelt
President Roosevelt's Address
was
ciated Press advices of Dec. 1 from Buenos Aires:
ican republics represented
President Roosevelt in responding on Dec. 3 to the speech
Is
Possibility of U. S. Entering League of Nations
Nations.
mortgage obligations from 6 to 4%.
President
President Roosevelt at Press Conference Says There
We have given protection to agriculture
It has been of special interest to
me to
sular clerks have also contracted such unions.
As made public by Acting Secretary of State Moore, the
Executive Order follows:
Financial
3552
(U.
XVI-21
Section
22,
132)
hereby
I
prescribe Section
Section 459
diplomatic officers and
to
instructions
the
of
Title
C.,
S.
the
of
contracting marriage with a person of
"Before
obtain permission so to do from
the Secretary of State under such instructions as may be issued by him,
and any officer who shall contract marriage with an alien without obtain¬
ing in advance the authorization of the Secretary of State shall be deemed
guilty of insubordination and shall be separated from the service.
Each
request for permission to marry an alien shall be accompanied by the
officer's resignation from the foreign service for such action as may be
deemed
married to an alien shall be designated to take the entrance
the foreign service.
4-
examinations for
regulation is based upon the principle that officers of the foreign
"This
service
the discretion of the President for
expected to be available in
are
duty in any country or in any part of the world, and that anything
detracts from the availability of individual officers has an adverse
which
effect
their usefulness and upon the efficiency of the service."
upon
FRANKLIN D.
for
sources
the possible
and
department
long-continued residence away from the land of their birth and separation
from former acquaintances often find it increasingly difficult to contract
with Americans.
These cases have been viewed with sympathy,
always has governed when marriages with aliens in these
circumstances have .resulted.
There has been, moreover, a full apprecia¬
marriages
tolerance
certain men, themselves
of unquestioned ability, have reached high position in the service and have
been aided by the valiant, loyal women of foreign birth to whom they
tion
by the department of the fact that in the past
the
In
married.
were
of world affairs, however, any
of marriages of this character must
regarded with concern.
A
recent
birth
It
career
have
be generally realized that 18% of foreign service officers of
married to women not of American birth, while 27% of clerks
are
this
taken
that
and a
considered,
and
be
must
the
on
part of
all
sacrifices when the good of that service as a service is
definite sense of obligation to the service is expected
insisted upon.
the question by considered instructions of their
attached to a marriage with one
not of American nationality has already operated unfavorably in the case
of some whose assignments to particularly interesting duty have had to be
felt compelled; to meet
have
A failure to realize the importance
own.
given
officers
the
assignment
the
that
Legislative Plans of Coming Congress—Farm Tenancy
Bill and New Neutrality Law Reported Among
Principal Proposals—Three Major Senate Inquiries
Planned
farm
Marvin
Jones,
said
who
Minor
2.
17,
Details of
a
Effective
Become
30
Reciprocal Trade
Days After Pro¬
Presidents of Both Countries
3.
A
crop
Pat
4.
A
Committee,
undistributed
on
corporation
Democrat of Mississippi,
any
"inequities" revealed
earnings,
of
by
the
the
'
Committees of both houses.
neutrality law,
new
Chairman
tax
Harrison,
to relieve
insurance plan, incubating in the Agriculture Department and
the Agriculture
replace the present law
to
expiring May 1.
Key Pittman, Democrat of Nevada, of the Senate Foreign Rela¬
tions
Committee, has prdecited
Nye,
Republican
Dakota,
of North
changes, although Senators Gerald P.
few
and
Hamilton
J.
Lewis,
Democrat of
Illinois, have urged! a far-reaching expansion of the Nation's peace program.
A
relief
bill,
which
probably will
be offered by
the President late
in the session.
Modifications
6.
of
the
Tennessee
Valley
Act,
suggested
as
by
Mr.
Roosevelt, to put stronger emphasis on land use and conservation activities.
From the
Nov.
same
28 that
(Associated Press) it was stated
announced that
source
Senate investigators have
they plan to begin at an early date three major inquiries.
As to these the same advices said:
First
of
of the
railway
Mr.
big Senate investigations to get under
financing,
Chairman
scheduled
of
the
to
start
Interstate
gathering data for
spending,
called1
an
of
resume
the
way
Joint
will be
Headed
Committee,
study
a
by
Senator
this
inquiry
a year.
Senate
committee
an
inquiry into
investigating
campaign
for the second week in December.
executive session
of strike-breaking, labor espionage and
liberties
civil
of
other infringe¬
is
being pressed by the La Follette
hearings in late December or early January.
It is stated that the House
Committee
Appropriation Committee and
Internal
on
committee,
Revenue
Taxation
are
to
Jan. 5.
on
7.
System, controlled by the late Van Sweringen brothers.
Lonergan
investigation
the
Commerce
than
more
Dec.
Wheeler's committee will begin open hearings with
Chairman
scheduled
reciprocal trade agreement between the United
were issued in Washington on Nov. 30
the
of
Chairman
Committee,
the House Agriculture
of
"assured.'*
collections.
first
An
and Costa Rica Sign
claimed by
revisions
by
convert tenants into
to
by the President and Chairman
urged
Texas,
of
was
passage
Finance
Senate
been
legislation has
Democrat
its
promised
providing Federal aid
tenancy bill,
Such
ments
States
was
v
A
1.
owners.
which will
Pact—Will
it
the Missouri Pacific
be delayed, and1 under date of Nov.
President
suggestions by
legislative
any
reported on Nov. 28 that congressional
leaders are giving attention to the groundwork of measures
to be brought before Congress at its coming session, and
at least six major proposals, it is said, are likely
to be
considered.
As reported in Associated Press advices from
Washington, Nov. 28, these are:
1936, the President issued the Executive Order.
United
of
advance
In
Roosevelt,
reached such proportions in the foreign service
cannot longer
action
sizable total of American goods, mainly manu¬
country consumes a
factured and processed foodstuffs.
Wheeler,
offered them.
definite
the Costa Rican
is not large, but for its area and population
market for American products
has been
to
has at last
and preserved and dried bananas
Compared with that of some major overseas countries
if not
The situation
gives assurance that the rates on pineapples,
States also
paste and pulps, mango pastes,
make the assignment, notwithstanding the ability of
concerned and the opportunities for advancement such an
because it was considered impracticable and inadvisable,
up
impossible,
even
list.
will not be increased.
on
faced with this problem of alien marriages and
Other nations have been
beans, plantains, cabinet woods in
cocoa
deerskins, reptile skins, balsam wood in the log and turtles,
United
The
guava
5.
members of the foreign service
the foreign service offers advantages sufficient certainly
expect of them
such as coffee, bananas,
the log, raw
step.
6ame
realization
must be had
to
state
a
persons
on
not
full
A
who are married to persons of foreign
of affairs that cannot be regarded with approbation.
check-up
reveals
may
registers, adding machines and radios.
Benefits to Costa Rica are
ucts,
condition
present
tendency further to increase the number
be
will be no increase of the moderate
!
almost entirely on distinctive tropical prod¬
During the life of the agreement there
of
and
liquid
on
the same
on
products when packed dry.
duties on typewriters, cash
expression of opinion as to the attitude of
an
effect upon the career of officers who
contract marriage with aliens are approached from time to time for advice
by those who contemplate taking this step.
The simple fact that these
questions are asked indicates a widespread, though perhaps not deep,
realization that marriages of this sort have been open to question.
The department has felt loath to take any steps-which might be con¬
sidered drastic and has fully realized the problems of those who by reason
the
33 1-3%
department and' the service who are regarded
Those officials in the
authoritative
as
the existing duties
preparations and
ROOSEVELT.
The notice, Nov. 28, of the State Department to American
diplomatic and consular officers (signed by Mr. Moore) call¬
ing attention to the President's order said:
Sirs:
by 25%
reduce
pharmaceutical
all of these being on the free
appropriate.
"No person
and
medicinal
also
Ricans
Costa
The
foreign nationality each
request and
shall
officer
foreign service
47%, on canned fruits and canned vegetables one-third of the existing rate.
There will be no increase, during the life of the agreement, on American
leathers, lumber and paints.
regulations of the United States to read as follows:
consular
1936
5,
milk is reduced 33 1-3%, that on dried fruits
The duty on evaporated
By virtue of the authority vested in me by Section 1752 of the Revised
Statutes
Dec.
Chronicle
get down to work before Congress convenes
The Joint Taxation Committee's task is to under¬
States and Costa Rica
take
by the State Department.
The agreement, the 15th com¬
pleted under the Trade Agreement Act of 1934, and the
eighth entered into with a Latin-American country, was
signed in San Jose on Nov. 28 by representatives of the
possible inequities.
United
States
Costa
and
Rica.
will
It
in session.
Rica, the United States also has recip¬
rocal
trade
agreements with Brazil,
Colombia, Cuba,
Ecuador, Haiti, Honduras and Nicaragua and also Canada,
Belgium, Finland, France, The Netherlands, Sweden and
Switzerland.
In commenting on the new trade pact with
Costa Rica, the Washington "Post" of Dec. 1 said:
Under
unconditional
may now
most-favored-nation
provisions,
the two
nations
attempt to restore trade which amounted to but $2,282,000 in
United States exports and $3,089,000 in
United States imports to and from
Costa Rica last year, to levels nearer those of 1929.
That
year
the United
States exported $8,261,000 worth of goods to
Costa Rica and imported $5,203,000.
The
Leo
by the American Minister to Costa Rica,
agreement was signed
R.
Sack, and by Dr. Luis Fernandez, Acting Minister for Foreign
Affairs for Costa Rica, on last Saturday.
The
annually of manufactures and processed foodstuffs,
balsa
wood,
turtles,
of Costa Rican
reptile
skins,
chiefly.
bananas, coffee,
cacao,
deerskins
honey.
and
The Costa
cabinet woods,
About
99%
goods now enter duty free, and the agreement guarantees
that this status will be maintained for at least three years.
As
to
the concessions
granted by both countries under
the agreement, we
take the following Washington advices,
New York "Times" of Dec. 1:
Costa Rica binds herself not to increase
flour, rolled oats and oatmeal,
oh
on
first-quality wheat
reduces the rate on hog lard about 8% and
and minced pork, 35%.
canned pork, including sausages
the duty
structure to eliminate
Required by Supreme Court Justice
Brooklyn, to Pay Accrued Interest to
on
$2,000,000 Issue
Supreme Court Justice Thomas C. Kadien, in Brooklyn,
N. Y., signed an order
on
Dec. 3 requiring the
Banco de
Colombia to pay to an American bondholder accrued interest
on a
The
$2,000,000 bond issue, made by the bank in April, 1927.
institution
is
a
private
Republic of Colombia.
we
take the
banking corporation of the
As to the decision of Justice Kadien,
following from the New York "Herald-Tribune"
of Dec. 4:
The order was granted to Mrs. Henry Fortunato, of 609 W. 158th
St., Man"
hattan, who holds 18 coupons of the $1,000 variety, for which she claimed
$630, and 18 coupons of the $500 variety, for which she claimed $315.
According to her attorney, S. A. Raboy, of 51 Chambers Street, Man¬
hattan, the bank sold $2,000,000 face amount of bonds April 1, 1927, to
mature on April 1, 1947, to American bondholders and defaulted
in 1932 in
the payment of interest and also in the
sinking fund.
Slightly
more
than
he asserted.
In opposing the granting of the order, counsel for the bank
argued that
the laws of Colombia made payment impossible in that no
person is
per¬
mitted to remit to any foreign country money for amortization of Interest
or
mortgage obligation unless there be received special permission from the
government.
It
was
said that the bank had
payment could not be made.
was
Nov. 30, from the
Nation's tax
$1,000,000 is still outstanding,
500,000 Costa Rica consumers buy several million dollars' worth
Rican chief exports to this country are
the
American Bondholder
days after its proclamation by the Presidents of both
countries, following its ratification by the Costa Rican
now
of
Kadien, in
become effective
Aside from Costa
revision
Banco de Colombia
30
Congress,
a
It
no
money
several court decisions in which this
in this country and therefore
pointed out that this prohibitive law
was
passed after the issuance of the
bonds.
was
Mr.
Raboy, however, cited
not held a deterrent to payment.
The law firm of Katz & Sommerich, of 120 Broadway,
Manhattan,
repre¬
sented the bank.
Recently, Mr. Raboy pointed out, the bondholders committees for the
Republic of Colombia decided to proceed with legal action in the courts of
Volume
Colombia for the collection
the proceeds of
however,
because of the law
Under such action,
unpaid coupons.
of the
any recovery
could not be removed from
the lifting
until
the moratorium against
of
Colombia
Unemployment Reserves Commission, asking court direction for
of the bond¬
payments of debts
Gillum paid $180 to the State Commission
workers
to
pay
over to
On Nov. 30
Filed
under the State laws he must deposit
Then the issue went
trict Court of Boston took under advisement a test case
decision settles the legality of the act, and the insurance
placed in
United Press
advices from Boston
He has Indicated
on
he would rule
before Dec.
or
on
15 on the petition
to
restrain the Boston & Maine RR. from deducting sums from
salaries and paying them to the Bureau of
in the act.
for
Edward F. McClennen, Counsel for Mr. Davis, contended the
provision
unconstitutional because:
was
1.
It is not an excise tax on tangibles.
2.
It imposes a tax on a certain group and not on
3.
It violates the "due process" amendment of the
others:
Federal Constitution,
4.
Mr. McClennen and Assistant Attorney General
argued only briefly.
of Washington
reason
devised is not
prevent,
We now discover no insuperable obstacle
to the accomplishment of the plan so far as this State is concerned.
"The magnitude of the Federal-State plan and the complexities of its
operation indicate that many questions may hereafter arise, particularly
with reference to the
administration of its trust by the respondent
That the law was "a proper exercise
system
by Congress of its taxing power."
unemployment
of
is set
insurance
there is no taking of property from one class to benefit another.
That the exemptions permitted, including agricultural laborers, domestic
up
and
servants
employees,
Government
are
"reasonable" and within the
Constitution.
From Associated Press accounts
from Boston Nov. 25, we
also quote:
Prior to passage of the
Act, the brief said, "economic conditions
the States' freedom to evaluate the merits or
blocked
demerits of unemployment
compensation."
The Act "permits the States to pass upon unemployment compensation
in*accord with their individual opinion of its value, unhampered by the
fear of ruinious competition from their neighbors," the brief declared.
commission."
Supreme Court's ruling in the case of the New
referred to in our issue of Nov. 28, page 3398.
was
Purchased by Government Under WalshHealy Act Must Be Manufactured in Conformity
Therewith,
According
to
Secretary of
Labor
Materials
Perkins
A
ruling governing
Act
announced
was
requirements
purchased by the govern¬
the requirements of the
Act, even though the government contract is with a dealer
and not with the manufacturer.
It was stated in United
Press accounts from Washington, Nov. 26, that the new
regulation is designed to prevent indirect evasions of the
law which empowers the government to prescribe fair wage
and hour standards for firms awarded government contracts
kins, who indicated that materials
of
$10,000.
than
more
Secretary Perkins was quoted as saying:
The effect of this regulation is not to eliminate dealers from bidding on
has been reported by
which dealers, instead
of furnishing goods from stock, have been placing orders with factories
which are not conforming to the labor conditions of the law, and having
such factories ship their products direct to the government.
government contracts, but to check a practice which
various contracting agencies the last few days under
Miss Perkins's ruling
Texas
By
Corporation
Many large corporations this week, in reporting to the
Social Security Board, filed formal protests against the
Social Security Act, as "purely a precautionary legal formal¬
ity" in case the law is declared unconstitutional by the
United States Supreme Court.
One such protest was filed
by the Texas Corporation, one of the largest oil companies in
the United States.
A spokesman for the company said that
there were many corporations whose executives doubted the
constitutionality of the law, but he emphasized that the
protest implied no disapproval of the aim or operation of the
act.
The New York "Herald Tribune" of Nov. 28 quoted
this spokesman as
follows:
"We are not protesting against the
pany in
any
Social Security Act, nor is the com¬
to the act," the spokesman said.
"It's just
of the opinion that the act will be declared un¬
way opposed
because many lawyers are
constitutional by the United States Supreme Court.
"Our attorneys are of the opinion that
if the act is declared unconstitu¬
tional the only way to secure refunds of moneys,
paid in is to file protests
The purpose of the protest, which is purely a precautionary
now.
formality, is to protect the company's right to recover payments
in
the
event
the act is declared unconstitutional
legal
made by it
by the United States
Supreme Court."
Neither
Mrs.
Anne
M.
Rosenberg,
Security Board, nor Walter Gellhorn,
Regional
Director for the
Social
regional attorney, would comment
immediately on the action of the Texas Corporation.
When the United States Supreme Court
the New
upheld the constitutionality of
York State Unemployment Insurance Act local officials of the
Security Board believed that perhaps
been hurdled.
the chief constitutional barrier had
The State and Federal acts were drawn from the same general
pattern.
Unemployment Insurance Act Upheld by
Supreme Court—Decision Released $15,000,000 Impounded by State Treasurer
The California Supreme Court on Nov. 25 upheld the
constitutionality of the State Unemployment Reserves Act,
under which the unemployed will receive benefits starting
in 1938.
The Court's ruling it is stated released $15,000,000
in collected payroll taxes which had been impounded by the
State Treasurer pending settlement of the case.
The Court
also issued an order for the Treasurer to deposit the im¬
pounded money in a national bank in the State. The decision
was summarized as follows in the San Francisco "Chronicle"
of Nov. 26:
P
The decision was
handed down In a test case brought by Claude Gillum,
Hotel, Berkley, through his Attorney John L.
McNab, against State Treasurer Johnson, State Controller Riley and the
dealer,
said:
to whom a contract within
the Act and regulations
the govern¬
required under the
contract, such dealer will be deemed the agent of the manufacturer in
executing the contract.
As the principal of such agent the manufacturer
will be deemed to have agreed to the stipulation contained in the contract.
causes
a
supplies
materials,
ment
manufacturer to deliver directly to
or
Report of Operations
articles
or
equipment
of RFC Feb. 2, 1932, to Oct. 31,
1936—$11,336,308,910 of Loans Authorized During
Period—$1,240,060,520 Canceled—Expenditures for
Activities of Corporation Totaled $6,292,448,531
report, issued Nov. 5, Jesse H. Jones,
Reconstruction Finance Corporation, notes
that authorizations and commitments of the Corporation in
the recovery program to Oct. 31, 1936, including disburse¬
ments of $866,337,932 to other governmental agencies and
monthly
his
In
Chairman of the
$1,799,984,011 for relief, have been $11,336,308,910. Of this
sum, according to the report, $1,240,060,520 has been can¬
celed and $924,211,269 remains available to the borrowers
and to banks in the purchase of preferred stock, capital
notes and debentures.
The relief disbursements include
$299,984,999 advanced directly to States by the Corporation,
$499,999,012 to the States upon certification of the Federal
Emergency Relief Administrator, $500,000,000 to the Federal
Emergency Relief Administrator under provisions of the
Emergency Appropriation Act, 1935, and $500,000,000 under
the provisions of the Emergency Relief Appropriation Act,
1935, Mr. Jones said.
Of the total disbursements, $6,292,448,531 was expended for activities of the Corporation other
than advances to governmental agencies and for relief, and
of this sum $4,241,363,714, or approximately 67%, has been
repaid.
The report continued:
authorized
Loans
7,476 banks and trust companies aggregate $2,476,-
to
$443,703,272 was withdrawn or canceled, $62,borrowers, and $1,969,846,880 was dis¬
$1,749,590,301, or 89%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,735 banks and trust companies aggregating $1,272,Of this amount
483,373.
933,221
remains available to the
bursed.
Of
this
latter
amount
683,864 and1 1,120 loans were authorized In the amount of
secured
be
by preferred
notes
capital
$1,296,006,619.
stock,
and debentures
$110,435,786
total authorization
a
in
of
for
$23,322,755 to
preferred stock,
6,858 banks and trust companies of
this was canceled or withdrawn and
$112,984,730 remains available to the banks when conditions of authoriza¬
have been met.
tions
Loans
closed
was
operator of the Claremont
a
been awarded,
has
California
State
under the Walsh-Healy
Labor Per¬
Nov. 26 by Secretary of
on
ment must be manufactured under
Wherever
Many Corporations File Protest Against Social Security
Act—Seek Protection in Case Law is Held Uncon¬
stitutional—Protest
"If constitutional restraints do not
the legislative power is present.
others."
defending the unemployment insurance provisions
of the Act as proper taxation was filed in the Federal District
Court by Government attorneys on Nov. 26; their principal
arguments, it is stated, were :
Federal
projected is the best that could be
the question," said the opinion.
Charles E. Wyzanski Jr.
A brief
no
closely on
by the United States Supreme
York Unemployment insurance act.
In his decision Justice Shenk said:
"Whether the plan now
for picking on the people they have
because
Justice Shenk and concurred in
The court's decision follows
They had already submitted briefs.
ployees of certain firms and not on those of
That
written by
was
Court upholding the validity of a New
picked upon.
There is
whatever, if it is purely for raising revenue, for picking on em¬
no reason
no
opinion
by the other members of the court.
York law
It is not for the general welfare.
^ "The act is capricious because it includes some and excludes others,"
Mr. McClennen said.
"If the imposition is just for raising revenue, there
is
court's
The U. S.
and
be
Court Opinion
The
v
injunction
employees'
Internal Revenue as provided
brought by George P. Davis of Waltham, a stockholder, for an
Yesterday's
taxes which have
national bank.
a
the heels of a similar decision last Monday
that date said:
that
State,
Johnson's office will, under court order, now
in¬
volving the constitutionality of the unemployment insurance
provision of the Federal Social Security Act.
the money in a bank within the
Supreme Court for a ruling.
the
to
it over to the
Mr. Riley objected, declaring
Reserves Act as unconstitutional.
and branded the Unemployment
been piling up in Treasurer
Judge George S. Sweeney, in the Federal Dis¬
Treasurer Johnson, who in
it to Controller Riley, with instructions to turn
gave
United States Treasury at Washington.
Judge Sweeney in Boston—Action
by Stockholder of Boston & Maine RR.
their
portion of their salaries to an insurance reserve,
a
The Commission turned the money
turn
Federal
under the act which compels
payments to be matched by payments by the employers.
abroad.
Arguments in Suit to Test Unemployment Insurance
Provision
of Social Security Act Heard Before
placement
of the funds.
The money
prohibiting the transfer of foreign exchange.
would have to be deposited in that country for the account
holders
3553
Financial Chronicle
143.
have
banks
canceled
borrowers.
Loans
irrigation
been
authorized
aggregating
or
$918,648,108
have
been
districts
for
distribution
to
depositors
of
$1,239,210,249.
$263,470,331 of ithis
and $57,091,809 remains available
withdrawn
was
2,698
amount
to the
disbursed and $802,355,969 has been repaid.
to refinance
606
drainage,
levee and
authorizded
aggregating
$130,641,841,
of which
$8,304,244 was
Financial
3554
withdrawn
$62,982,329
authorized
and
';loans
sixty-two
$10,720,440 of
been
have
assist business and indus¬
to
the National Recovery Administration program.
was withdrawn or canceled, $5,626,835 was
with
The
Dec.
for
each
the
and repaid
Authorizations
Canceled
Finance
struction
authorized
Corporation
withdrawn
amount
the borrowers.
agreed
to,
Public
sold
at
of
Securities
a
value
has
$31,287,608
$31,696,018 remains avail¬
the Corporation has authorized,
or
has
was
aggregating $18,771,090 of 346
withdrawn or canceled and $5,604,703
Works
Securities
Works
having
at
of
of
securities
having
issuere prior to maturity at
to
having
value
par
value
par
Administration
value
par
$8,135,176
of
date,
$76,497,500
as
a
of $145,634,637
are
still
of
the PWA
is in a position to
securities
held.
be held
to
such part
having
premium
purchased
subsequently collected
were
has agreed to purchase at par,
later
a
issues
1,851
of
an
of
from
at maturity.
In
addition,
and collected
aggregate par
Ala.Tenn. & Northern RR. Corp.
Alton RR. Co
275,000
Boston & Maine RR
deliver from time
14,600
7,569,437
53,960
549,000
3,124,319
Central of Georgia Ry. Co
Central RR. Co. of N. J
53,960
13,200
35~, 702
Charles City Western Ry. Co
140,000
Chicago & Eastern 111 RR. Co—
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,439,000
50b~,666
Chicago R. I. & Pac. Ry. Co
13,718,700
Cincinnati Union Terminal Co.. 10,398,925
2,098,925
Colorado & Southern Ry. Co..— 28,978,900
Columbus & Greenville Co
60,000
53,600
60,000
Loans under Section 5:
13,064,631.18
9,250,000.00
Meridian & Bigbee River Ry.
$
-
Repayments
$
Banks and trust oompanies
Incl. receivers)...1,957,583,565.82 1,738,694,457.99
Including receivers)
515,266,239.11
161,456,261.69
Federal Land banks
387,236,000.00
359,243,282.08
Mortgage loan companies
339,035,529.56
210,667,152.08
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations incl. receivers).
116,523,180.02
113,620,688.88
Railroads
Insurance companies
Joint Stock Land banks
Livestock Credit corporations
State funds for insurance of deposits of public
moneys
-
Federal Intermediate Credit banks
Agricultural Credit corporations
Fishing industry
634,200.00
Credit unions
Processors
or
Maine
9,250,000.00
5,562,890.94
5,183,601.89
13,424.43
6,00095.79
-
306,237.40
distributors for payment of pro¬
cessing tax
Central RR.
Co
14,718.06
Loans
to
Secretary
of Agriculture
cotton.
to
purchase
3,300,000.00
—
Loans for refinancing drainage, levee and irriga¬
tion districts
Loans to
3,300,000.00
62,982,328.93
349,984.03
(trustee)
Minn. St. P. & SS. Marie Ry.
Co.
Mississippi Export RR. Co
Missouri Pacific RR. Co
of teachers' salaries
and
22,300,000.00
$1,940,727.87 on
loans for repair and reconstruction of property
damaged by earthquake, fire and tornado)
repayments
22,300,000.00
244,871,260.89
54,302,750.64
20,224,586.66
69,955,254.23
20,177,690.67
9,010,152.22
1,754,500.00
12,263,314.31
10,895,842.95
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
Loans to mining businesses
Section 14)
Section 5e)
Loans on assets of closed banks
495.000.00
Loans to finance the carrying and orderly market¬
Loans
cotton
on
Loans
turpentine
on
6,925,985.16
8,250,412.29
Loans on tobacco
Other
5,580,726.93
18,748,245.98
100,000.00
Other
Loans to Rural Electrification Administration...
Salt Lake & Utah RR.
375,635,298.55
128,454,977.44
6,925,985.16
161.15
17,469,370.38
of
preferred stock,
debentures
Sand
18,148,730
cluding$
disbursed
and
932.67 repaid on loans secured by pref.
$4,648,stock)..1,072,586,103.23
20,000,000.00
15,000
10,539
1,061,000
354,721
6.000,000
13,915
520,000
25,290,000
8,500,000
800,000
99,422,400
22,667
1,000,000
744,252
985,000
"""266
785,000
220,599
1,070.599
25,000
27,499,000
18,200,000
7,699,779
28,900,000
3,000,000
17,000
221
600,000
18,020*263
18,200,000
34,200
28,900,000
3,000,000
6,000
750,000
195,385
4,475,207
300,000
2,805,170
18,672,250
7,995,175
117,750
18,672,250
200,000
162,600
108,740
162,600
22,000,000
19,610.000
100,000
147,700
1,200,000
108,740
......
22,000,000
275,796
67,770
7(K)~666
700,000
30,000
Tuckerton RR. Co
45,000
Wabash Ry. Co. (receivers)
15,731,583
Western Pacific RR. Co
4,366,000
Wichita Falls & Southern RR. Co.
400,000
Wrights vllle & Tennille RR
22,525
700,000
30,000
39,000
30,000
6,000
39,000
15,731,583
4,366,000
400,000
22,525
623,519,795 106,393,556 515,266,239
addition to the above loans authorized, the
1,403~666
75,000
22,525
161,456,262
Corporation has approved,
principle, loans in the amount of $25,538,250
specified
62,500
2,300,000
23,134,800
99,200
785,000
23,200,000
19,610,000
100,000
147,700
Totals—..
597,211
6,843,082
100,000
2,300,000
18,790,000
200,000
(receivers)
Springs Ry. Co
In
6.000,000
7,915
520,000
90,000
3,500,000
800,000
2,550,000
60,000
2,550,000
197,000
3,000
Texas & Pacific Ry. Co
in
376,599,197.69
627",075
227,434
8,176,000
Texas Southern-Eastern RR. Co.
(in-
Purchase of stock of the RFC Mortgage Co
3,000
90,000
17,000
Southern Ry. Co
pref.stock.4,702,176,972.86 3,546,419,313.15
capital notes and
of banks and trust companies
53"500
500,000
71,300
4,690
4,475,207
300,000
7,995,175
Southern Pacific Co
Total loans,excl. of loans secured by
Purchase
Co
Pittsburgh & W. Va. RR. Co
Puget Sound & Cascade Ry. Co..
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Texas Okla. & Eastern RR. Co—
454,416,480.74
133,758,719.81
Loans on corn
Pennsylvania RR. Co
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
ing of agricultural commodities and livestock:
Commodity Credit Corporation for:
t
N. Y. Chic. & St. L. RR.Co
Pere Marquette Ry.
8,300,000
1,481,000
53"500
1,729,252
6,843.082
100,000
2,300,000
23,134,800
99,200
785,000
1,070,599
25,000
27,499,000
18,200,000
7,700,000
29,500,000
3,000,000
Pioneer & Fayette RR
of
Loans to industrial and commercial businesses..
Mobile & Ohio RR.Co. (receivers)
M urfreesboro-N ash vllle Ry. Co..
N. Y. N. H. & Hartford RR. Co.
Loans to aid in financing self-liquidating construc¬
tion projects incl. disbursements of $11,093,
749.36
Mobile & Ohio RR. Co
New York Central RR. Co
authorities for payment
public school
538
Co.
Missouri Southern RR. Co
3,636,745,156.93 2,897,102,099.96
838
8,081,000
3,182,150
16,582,000
219",000
2,550,000
200,000
Maryland & Penna. RR. Co
Missouri-Kansas-Texas RR. Co.
14,718.06
Total loans under Section 5
;
155",632
4,338,000
Copper Range RR. Co
85,235,963.81
14,770,420.41
12,337,619.34
Disbursements
45,503
230,028
464,298
5,916",500
Chic. Milw. St. P. & Pac. RR.Co. 15,840,000
Chic. No. Shore & Milw. RR. Co.
1,150,000
89,519,494.76
16,109,372.29
13,101,698.69
The report lists disbursements and repayments to Oct. 31
234,757
100,000
12,150,477
18,050
46,588,133
1,439,000
13,620,000
1,150,000
13,718.700
8,300,000
28,925,300
1,000
Denver & Salt Lake West. RR.Co
for all purposes as follows:
605",367
3,124,319
464,298
Denver & Rio Grande W. RR. Co.
,
22,500
535", 800
500,000
Carlton & Coast RR. Co
53,500
8,300,000
3,182,150
Erie RR. Co
16,582,000
Eureka-Nevada Ry. Co
3,000
Fla. E. Coast Ry. Co. (receivers)
717,075
Ft. Smith & W. Ry. Co(receivers)
227,434
Ft. Worth & Den. City Ry. Co..
8,176,000
Fredericksburg & North. Ry. Co.
15,000
Galnesville Midland Ry .(receivers)
10,539
Galv. Houston & Hend. RR. Co.
1,061,000
Georgia Fla. RR. Co. receivers).
354,721
Grpat Northern Ry. Co
105,422,400
Greene County RR. Co
13,915
Gulf, Mobile & Northern RR. Co.
520,000
Illinois Central RR. Co
25,312,667
Lehigh Valley RR. Co
9,500,000
Litchfield & Madison Ry. Co
800,000
;
,
$
127,000
275,000
2,500,000
634,757
400,000
82,110,400
41,300
7,569,437
2,500,000
Ann Arbor RR. Co. receivers)..
634,757
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Obio RR. Co. note). 82,125,000
Birmingham & So'eastern RR.Co.
41,300
Repaid
$
127,000
13,064,631.18
to time.
Disbursed
$
Aberdeen & Rockflsh RR. Co
Buffalo, Union-Carolina RR
Of this amount securities having par value of $308,446,509
premium of $9,256,482 (including securities having a par
Corporation
sold
or
Corporation
participations
of
$43,251,913 sold
Public
the
the
1934,
Corporation has purchased from the Federal Emergency Administra¬
$226,486).
the
19,
canceled and
or
In addition,
$6,853,111 of which
$462,216,321.
value
June
or
Withdrawn
$
added to the Recon¬
was
afailable.
of
were
was
purchases
businesses,
remains
tion
Act
which
1,837 loans to industry aggregating $126,625,505.
of this
able to
The
Authorized
Section 6(d),
withdrawn
(as of Oct. 31,1936):
by each
this amount
provisions of
or
railroad, together with the amount disbursed to
disbursed, and $1,802,730 has been repaid.
Under
5, 1936
following tables, contained in the report, shows the
loans authorized and authorizations canceled
$16,347,275
aggregating
through mortgage loan companies
cooperation
in
remains available to the borrowers.
disbursed.
was
hundred
One
try
canceled and $59,355,267
or
Chronicle
the performance of
upon
conditions.
Note—Loans to the Baltimore & Ohio RR. Co. outstanding, amounting to $69,
959,923, are evidenced by collateral notes of the railroad in the total face amount of
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
)
companies
34,375,000.00
669,384.81
.1,126,961,103.23
railroad's five-year
377,268,582.50
.
4)4% secured note, due Aug. 1, 1939, in the amount of $13,490,000 at a discount of 1%, equivalent to $134,900.
lo
463,310,455.01
.
317,675.818.01
Jesse H. Jones Urges Caution in Making Investments—
Says Current Dividend Flow Does Not Accurately
Indicate Corporate Earning Power—Comments on
.6,292,448,531.10 4,421,363,713.66
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banks..
Farm Loan
now
Land Bank) Commissioner
Withdrawal of Government from Business
Jesse H.
Jones, Chairman of the Reconstruction Finance
Corporation, twice within one week issued warnings that
200,000,000.00
108,119,400.00
investments
for loans to:
Farmers
Joint Stock Land banks
To create mutual mortgage insurance fund
For other purposes
Sec. of Agriculture for crop loans to farmers (net).
Governor of the Farm Credit Administration for
Agricultural
purchase
of
capital
Credit
stock
corporations
(incl.
Mr.
year,
Stock—Commodity Credit Corporation
Expenses—Prior to May 27, 1933
Since May 26, 1933—
States
on
Certification
of
Federal
299,984,999.00
Under
Emergency
Appropriation Act—1935..
Relief Appropriation Act,
4,226,288.00
499,999,011.55
500,000,000.00
Grand total
—.
believe
not
that
that prices are "arti¬
varied
ability
of
from
the
radio
address,
of
booms
year
to
companies
Nov. 23, Mr. Jones said that the
on
and
values
inflated
is
is
President
one
way
to
He added, in part:
4,226.288.00
been
against
campaign he said, in effect, that he wanted to
Issued for funds for allocations
and relief advances
or
depressions.
"Sound, healthy values are neces¬
sary," he said.
"I am not saying that present prices are
too high, but would suggest care in making investments."
He also predicted that business will
support President
The
1,799,984,010.55
—
a
preserve
people
instead
democracy
on notes
earnings
Roosevelt during his second term.
500,000,000.00
Total for relief.
Interest
a
minimize
Relief
1935
he does
that earnings
sustained
the
avoidance
866,337,931.56
Administrator
Under Emergency
In
3,108,278.64
Corporation
added
as
earning power of companies.
that
"runaway stock market"
he
the
at
dividends
paying them.
11,510,252.92
Total allocations to Governmental agencies..
said
caution
utmost
of extra
undistributed corporate earn¬
on
of the
30
Nov.
with
the flow
and that, therefore, dividends now being paid do not
indicate
for
$24,500,000
44,500,000.00
97,000,000.00
To
a
made
tax
index
an
on
ficial," but
held in revolving fund)
For relief—To States directly by
Jones
there is
40,500,000.00
Federal
is not
ings
be
that
and
result of the
115,000,000.00
revolving fund to provide capital for production
Credit corporations
Regional
2,600,000.00
55,000,000.00
10.000,000.00
34,000,000.00
Federal Farm Mortgage Corp. for loans to farmers
Federal Housing Administrator:
should
time,
present
145,000,000.00
of
19,885,322.69
8,978,655,795.90 4,245,590,001.66
the
our
well
of
attention
our
for
as
a
and
never
select
few.
has
He
political democracy.
spoke
Both
are
of
business.
In
the
it, but for all the
preserving
economic
essential to the welfare
He further stated that, in his view, private enterprise is
country.
backbone
draw
of
as
of
not
the
to
country had!
economic
the
fact
come
well-being
that
half
of
of America.
the
industrial
He
did,
however,
corporate
wealth
under the control of less than 200 huge corpora-
that many of these,
and
tions,
Financial
143
Volume
in
way
one
another, have interlocking
or
3555
Chronicle
sold in
place could as well be sold in another if enough buyers and
one
influences; that this drift was a menace to our social and economic system;
sellers elected to do
and that he
conduct of trade.
ment
proposed to use
and authority of Federal Govern¬
power
every
protect the commerce
to
of America from
•
forces.
selfish
Primarily,
so.
bonds should be dealt in
In the same address, Mr. Jones said that "in large meas¬
should
withdraw from the lending field as rapidly as private in¬
itiative is prepared for it to do so."
Continuing, he said,
ure
been
has
recovery
achieved,
government
and
A
be
specific, when private lenders
on
basis.
proper
a
tailing their activities and operating
is
credit
them
for
ready
the country,
from
away
they
have in
now
would
High
another
cause
expenditures for
capital
particularly
users
of credit,
severe
would retard
would take
They
and
general,
in
feeling of security
a
the knowledge that such agencies
Credit and Public Works
Housing, Farm
and
interest rates
setback.
goods
if the country
but I doubt
expenses,
to withdraw entirely.
requirements
building and
able and willing to meet credit
are
Most government credit agencies are cur¬
the RFC,
as
with
reasonable return
a
It
desirable to
is
and
rates
which
of
is
real
their
industry
values and
estate
building of
new
becoming badly needed.
all
character,
able to
to
adjusting itself
the roads
that
some
should also be in a
The government
railroad loans, in order
position to make
get
of'selling his
at fair
Also mortgage money,
fair terms, is essential to stabilize the mortgage situation;
upon
will help
this
lender.
regardless of price.
credit requirements at fair rates.
Some
may
be desirable, although that situation
be
may
further
is
lending
rapidly.
more
the
Whatever
President
Congress
determine with
may
respect
to
certainly curtailment is desirable.
It can be accom¬
plished through administration.
The RFC has been restricting its loans
for more than a year, lending only when It appears that a worthy borrower
is unable to get credit from other sources on fair terms.
It may not be
government lending,
generally known
that the Home Owners'
loans since June
new
tion ;
also
loans
1930, and
12,
demands
that
can
Loan
lend
no
Crop and seed loans aggregated $57,000,000 in
$57,000,000 in
Public
Works
has
Administration
used
after
less
than
one-fourth of the
for grantB and loans by the last session
of Con¬
July 1, 1937, unless new legislation provides for it.
be
need
no
fear
the part
on
of money
lenders that government
lending will take their business if they perform their functions.
However,
this is the first time government has fought a depression as determinedly
it
as
and
war,
wages
since
have more panics and
we
depressions
than
economic preparedness could well be a part of our national policy.
wars,
that I favor government in business
one
day longer than necessary, but would counsel against abruptly discon¬
tinuing all government lending.
Interest rates would immediately go up,
and they are high enough now.
this I do not
By
is clear
It
be
that
we
in for
are
a
period of good business, and if we will
little more cooperative, each having consideration for the other, and
we will get along better.
.
.
.
a
not
to indicate
mean
try to do all the business,
The
dividends that
extra
be misconstrued
in
are
now
being paid by
determining the sound
value of
some
a
corporations may
It should be
stock.
corporation to declare dividends equal to its
taxable net income would require the corporation to pay a graduated sur¬
tax on such of its net taxable earnings for the year as are not distributed
in dividends.
If a corporation distributes all its taxable net income, it
will naturally have an irregular dividend
rate because its earnings will
from
vary
This
tax
is
a
tax
not a
income
net
by
to year.
year
new
tributed
failure
that
understood
of
a
on
existing surplus, but a tax
corporation,
after
depreciations
on
and
the undis¬
deductible
losses, dating from Jan. 1, 1936.
President of New York Stock Exchange,
Regards Stock Exchanges as Market Places—First
of Series of Letters in Publicity Campaign Issued
The first of the series of letters of Charles R.
Gay, President
designed to bring a better
understanding of the purposes of stock exchanges in their
relations to the general public, was promulgated on Dec. 1.
The letters, which form part of the Stock Exchange's nation¬
wide publicity campaign, are being sent by member firms to
their customers along with monthly statements.
Previous
reference to the series was made in our issue of Nov. 7,
of the New York Stock Exchange,
Dec. 1, entitled "Stock Exchanges
on
Are Market Places," Mr. Gay explains
are market places where securities may
into cash and where cash may
that stock exchanges
be converted readily
be exchanged for securities.
His letter follows in part:
a
they
personal interest in securities markets, either directly, as part owners
by listed securities, or indirectly,
enterprises represented
holders of insurance policies
for the world to
and savings bank accounts.
as
The stock
dom of any market is established.
doing business upon a market are shaped by long experience and
persons
the
rigid laws of fair dealing,
one
or
the
open
what going to market meant.
Exchange,
we
Some
Federal
Activity in Banking and
Insurance
Likely to Be
Permanent, says Tom K. Smith
President of A. B. A. Before Meeting of Life Insur¬
ance
Presidents—Guy W.
Cox Stresses Safety
Factor in Insurance Investments
degree of Federal activity in the fields of bank¬
ing and insurance is probably permanent, Tom K. Smith,
President of the American Bankers Association (and Presi¬
dent of the Boatmens National Bank of St Louis,
sky—has constituted
a
market place
In order to understand the New York Stock
need, it seems to me, to recapture our early conception of
a
market.
Presidents in New York City yesterday
discussed
matters
extension
the
during
recent
years,
and he said that since the
as can be per¬
agencies.
The question now
to be solved, he added, is what the line of demarcation
between governmental and private activity shall be.
agencies relinquish as much of their work
formed
by
existing
lending
"the stabilization influ¬
Smith voiced the belief that
Mr.
insurance upon the political life of a
of banking and
ence
nation
has
sufficiently emphasized."
been
not
"It is sig¬
nificant," he went on to say, "that life insurance totals are
in those countries where dictatorship is most
It is, of course, rather easy to confuse cause
in a matter of this sort, but I believe we may
low
very
prevalent.
and
effect
safely
nation most of whose citizens have insurance
say a
policies in force and money in the bank is not prone to
embrace political extremes enthusiastically.
A man will
think twice before he advocates violent change in social or
economic
institutions, if he himself has a stake in the exist¬
ing institutions."
"serious problem confronting both of us,"
up a
Mr. Smith said, in part:
There
nomic
are
In view of
incongruous,
bothering
ness
entering
It
seems a
market
little
worries for the past six or seven years, to be
presents problems
and
savings habits
is
our
period of eco¬
a
complex
as
and
serious
as
those of a
as
In periods of inflated prosperity the average American becomes
gambler
It
we are now
heads about a boom, but nevertheless in our lines of busi¬
our
boom
a
depression.
a
indications that
many
expansion which may culminate in another boom.
is
as a means
that
true
longer
no
are
we
with
satisfied
insurance
conservative
or
of attaining financial security.
.
.
.
entering this period with new legislative safe¬
guards which did not exist in past years.
What effect this legislation will
have on the course of expansion it is impossible accurately to foretell.
The
Securities
Securities Exchange Act, and
Act, the
the sections of the
dealing with the control of credit give promise
of restraining the speculative fever to some extent, but in the last analysis
you cannot
prevent unsound speculation by passing laws.
It is true,
banking legislation
however,
that
large proportion of the people alive today
a
were
seriously
injured in the collapse of the last boom, but whether the memory of their
injuries will
to
prove
The only
state.
excesses
is
bankers
and
a
restraining influence of sufficient
a
it
is
bankers
we
some
men
have
not
and sometimes I wonder whether
overlooked
the
potentialities of
the
the
banks has been
it
that
has
who Work in
Nation.
problem.
A
we
oversight in
of
this
regard
Prob¬
than you
so
concerned with opening new accounts or securing
not
duly emphasized
those banks the
on
the
fundamental
rank and file of
the
necessity for spreading
little over three years ago, in the American Bankers
began to emphasize this aspect of the customer relations
There
are over
260,000 people working in the banks of this
believe that they can be an important factor in helping
give the people the facts upon which to base their financial actions.
and
we
There must be
tions which
of
guilty
story of what banks are doing to serve the interests of the people of
country,
to
more
we
our
I have been impressed with the fact that the management
men.
loans
people
are
diffi¬
effective safeguard against widespread speculative
campaign of education,
insurance
force
even
you
a
larger number of
all
people
as
persons
gentlemen represent, and
well
as
andi
women
as
no
connected with the institu¬
doubt
you
are
aware
of the
agents in the economic education
agents through whom
new
policies
are
written.
fundamental facilities that the public market does
place, exactly the
same
for housewives
the auction room for tobacco dealers.
or
as a
(Dec. 4). Mr. Smith
participation in these
Federal
of
is now passed it is essential that the government
emergency
importance of these men
Stock Exchange affords,
Mo.) told
the annual convention of the Association of Life Insurance
Association,
We have always known, from childhood,
The trading floor of the New York
,
+
great army of employees as a force for the education of the public.
writing this series of letters.
beneath
the floor of the New York Stock
Exchange.
ably
Any place where people meet to buy and sell—whether in a building,
tent
public demand has evolved, through
hundred and forty-four years, upon
new
a
market rounds out its functions as a servant
a
of the public's convenience.
in
since the days of crudest barter.
occult about the bargaining con¬
Stock Exchange.
through broad competition, the free¬
When rules of business conduct affecting
ex¬
continually appraised by a world consensus
be converted readily into cash and
for securities.
The smooth and efficient
functioning of these markets is dependent in large degree upon a clear
understanding of the purposes of stock exchanges. -It is with this thought
under
sale established in this market place.
the
be exchanged
am
every
When prices are openly arrived at
the savings of the people, are
in mind that I
see
There is nothing secret or mysterious or
ducted upon the floor of the New York
—market places where securities may
may
The
asked upon the trading floor for every listed
security may be quickly obtained; moreover, the stock and bond tickers
record
insurance
cash
opinions must prevail because
constantly being registered from a legion of different sources.
are
changes provide market places where these forms of wealth, representing
where
Price Ideals
of many, separate price
consensus
bid price and the price being
cult
Many millions of people—possibly half the population of the country—
have
of the
Consensus of
The
new
2930.
In his letter issued
than that
more
Touching
Charles R. Gay,
page
nothing
A certain
The Federal Housing Administration continues** to insure home
mortgages, which greatly stimulates new home construction, but the gov¬
ernment guaranty will not be behind its insured mortgages on loans it
There
Greatly broadened,
1933, $38,000,000
gress.
insures
In essentials, the market
change by going under a roof.
no
highly mechanized and efficiently organized, it is still a market place and
and $16,000,000 in 1936.
1935,
$300,000,000 authorized
(brokers) rented meeting quarters.
their business in
inconvenient and uncomfortable to trade outdoors, so
was
place experienced
Administration for farm
seed loans by this
in
The
It
Corporation has made no
without new legisla¬
agency.
1934,
few issues
It soon was necessary for busy mer¬
profitable directions.
the agents
rapid) rate, as are crop and
a
and
new
chants and manufacturers to employ agents to transact
securities.
more
Credit
the Farm
upon
diminishing at
are
into
This is the kind of market which
and
a
necessary,
protect the farmer against the necessity
at harvest time,
crops
to the
"stock" and
growing, industry and transportation were pushing out
was
Federal
provide credit.
It should be remembered, too, that interest and credit charges are directly
and indirectly paid by the masses and should be kept as low as possible,
if
can,
business men were first drawn
and shoe-buckled
tree to bargain over Government
a
and
where the New York Stock Exchange is today.
Gradual Evolution
The Nation
requirements
near
century and a half ago that stocks
a
of bank, insurance and canal company shares.
in part:
To
of bewigged
group
together under
market place is a convenience in the
a
'
Public convenience determined
of the goods varies among the different
Only the nature
kinds of market places; the goods
Another speaker before the convention yesterday was Guy
W. Cox, President of the John Hancock Mutual Life Insur-
Eighty-one metropolitan
Co., who discussed the importance of life insurance
in the economic development of the country.
ance
that a survey of
the factor of safety, and said
He stressed
all parts
payment of the
the
maximum yield compatible with
tary Trade Agreement—Would Protect Employee,
Producer and Consumer—Association Resigns from
departments, therefore, is to secure
the high degree of safety necessitated
relatively scarce, when values are
and demands like diligence and
times of expansion, of rising values and of high interest
Chamber of Commerce of United States
whether
times
bad,
good,
are
normal, the emphasis upon
or
investing must be equally strong—the vigilance
speculation equally unrelenting.
To provide for safety, and in
in
safety
against
life
the company practice, almost every State has laws applic¬
companies which in general limit their
domestic life insurance
its
to
insurance
with
harmony
able
in
But
rates.
of securities—mortgages on unencumbered
to four main classes
investments
obligations, corporate bonds, and policy loans.
Within
the classes permitted by law, company investments are highly
selective,
and only such securities that are soundest are regarded as
real
government
estate,
insurance companies.
suitable for life
•
Goods Association announced
adopted a proposal for a
voluntary agreement among merchants on a four-point pro¬
gram covering relations with the consumer, the Government,
employees and producers.
The proposed agreement incor¬
porates many of the provisions of the former National
Recovery Administration Retail Code, and was described as
one of the most far-reaching ever suggested for the field of
distribution.
The day after this announcement (Nov. 24)
the Association revealed that it had resigned as a member
of the Chamber of Commerce of the United States because
The
..
Retail Dry
National
Nov. 23 that its directors had
on
depression when attractive securities are
knowledge
Goods Association Proposes Volun¬
National Retail Dry
by the purpose for which life insurance funds are held.
This is a problem
which
demands diligence and expert investment knowledge in times of
shrinking, and when interest rates are low,
expansion
program—the first, to increase the interest in issues now
listed, and second, to add the securities of progressing,
well-managed corporations to the list.
The task of the investment
possible.
Chicago Stock Exchange was
Mr. Benson stated that the
endeavoring to accomplish two things in its present
benefits guaranteed by all life insurance policies
upon their maturity is both a contractual and a moral obligation of the
companies; this obligation has a direct influence upon life insurance invest¬
ment management and makes safety the first objective.
Obviously, how¬
ever,
safety should not excuse sloth and inefficiency.
The investment
earning should be adequate to meet the precalculated interest rate assumed
in the premium charges and beyond that as much as reasonably may be
earnedi to make the net cost of insurance to the policyholders as low as
The
•
complete lists of Chicago
located in
Information concerning the affairs of our 245
Our 385 members have 689 offices
corporations is available from many sources.
that they are ample, unim¬
Mr. Cox said, in part:
paired and safe.
of the country.
5, 1936
carry
newspapers
Stock Exchange quotations.
investments
insurance investments discloses
Dec.
Chronicle
Financial
3556
retail
distribution, with
annual sales volume of $35,000,-
an
000,000 at the present time, had not been afforded adequate
representation on the board or in the councils of the Cham¬
ber of Commerce.
Investment
Bankers Association Says Responsibilities for New
Recovery
Rests with
Industry and Finance—
President Wood Urges Members to Comply with
Requirements of SEC
is in
danger of bringing
sellers'
mar¬
about a subtle dulling of re¬
prosperity of boom days is false."
These remarks of Mr.
Landis were made yesterday
(Dec. 4) in addressing the
Investment Bankers Association of America in annual con¬
This
them
and
new
certainly
in
became the scapegoats of a
initial
its
mean
November
means
that
us
be
also
your
not fail,
must
we
to you that you dare not fail.
Saturday, will be presented to
.
Association
the
accept
here
during the week
conception
of
the
speculation
of
Pure
track
under the enticing garb of investment.
speculation
where it cannot stalk
can
we
at the
tolerate
in
our
or
race
elsewhere,
"The
public
interest
Landis,
said
Associated
the reduction
demands
greatest possible economy in the distribution of
Board
of
better
a
Press
characteristics:
unemployment,
of
the
goods and services con¬
improving standard of living and the promotion
between
understanding
retailers,
Governmental
consumers.
agencies and producers.
Retail
Dry Goods Association believes that the public
interest is best served by a voluntary agreement among
fundamental
that
need clear laws to regulate
basic
we
regulations of
of
distributors upon
It believes
business practice.
the scope of competition and the preserva¬
needed to preserve the health
society and the nation's economic future."
Steps Now Proposed
proposed agreement suggested the
To accomplish these objectives, the
following steps:
advices from
Augusta, found in present-day security distribution these
Chairman
The convention will be
draft."
outlining the scope of the suggested voluntary pact, the
In
security markets that built a justification for the prices of the late twen¬
ties.
the annual convention of the
18.
of Jan.
asked "to consider, amend and approve the
tion of its freedom, and that State laws are
place
Atlantic City last
than 5,000 members in the department
store, dry goods and specialty shop fields at
.
.
national life In this field will be attained.
cannot
more
certain
But have no doubt the abjective
our
We
of
will
stages,
How well you will discharge
to
The agreement also aims
under special conditions.
cooperative steps between producers and retailers.
The agreement, framed by the board at its meeting at
sistent with the constantly
fail, others will take charge.
we
net invoice cost except
"The National
last
of
clearly does it
If
you
would be maintained by outlawing
consumers
advertising abuses, deceptive labeling and retail sales below a minimum of
to further
challenge.
the mandate
more
unfairly,
or
hours and
"Proper rela¬
fpr the drafting of model State laws, covering
insure satisfactory employee working conditions.
said:
discouraged people.
recovery,
is your
If
Fairly
you
Its responsibilities are now yours.
recovery.
It provides
forget that the last recovery was your recovery, and that it
You cannot
almost destroyed
bewildered
In part, he added:
Augusta, Ga.
Nov. 24:
tions" between retailers and
sponsibility," James M. Landis, Chairman of the Securities
and Exchange Commission, stated that "any interpretation
of our national aims as looking for the return of the shallow
vention at
proposed agreement, similar to the former NRA code,
as
follows in the New York "Times" of
described
was
wages, to
a
Declaring that "the intensity of our present
ket
The
Addressing
.SEC
of
Landis
Chairman
,
"Retailers, singly and by associations, should assume leadership in an
educational campaign to provide Legislatures with
pertinent facts affecting
distribution.
"Vigilance
on
the part of retailers in the prevention
and correction of
1.
Tendency to cut corners in registration statement disclosures.
abuses In the processes of distribution by setting up
2.
Insistence upon speed in underwriting and
plying with standards which safeguard the public interest, thus relieving
3.
Prospectuses being written lengthily in legal phrases.
distribution.
the Government to the fullest extent
and voluntarily com¬
possible In this respect.
4
The
same
accounts said:
\
Discussing exchange trading, he thought that the burden of an unstable
could
market
be
SEO antimanipulation activities, foreign trading and taxation.
Security prices
should be related to earning power, and investment machinery should be
closed to useless speculation, the government agency head asserted.
He said the same needs and the same emphasis upon administration for
recovery are
not
placed
wholly
on
margin
requirements,
"The support by retailers of economically sound
conditions.
provement of social
criminates against any class of retailers as
of consumers.
"The
legislation for the im¬
The avoidance of legislation which dis¬
being inimical to the best interests
•
clarification
legislative grants
anti-trust and similar laws.
of all
The opening of
subsidies to any special class of retailers.
or
"The setting up of minimum wage schedules, maximum hours
and proper
working conditions which take into full consideration the best interests of
present in the field of holding company regulation.
retailers, their employees and consumers."
Orrin G. Wood, President of the Association, at the same
session, described Federal regulation of the securities busi¬
"incomplete" and urged "patience" for the transition.
ness as
We
should
drive
welcome
regulation
from
conditions, &c.,
can
of
it those
intelligent Federal regulation
who
do
not
serve
the
interest
help fill
to
the States, improve standards
members must and should
of
of
our
the
the
gap
business and
investor.
Our
comply with laws and regulations of the SEO.
The
elimination
of
child labor,
maximum
and proper special provisions
wages for
hibition
work to
Activity of Great Central
States During Next Decade Than in Past Predicted
by T. R. Benson, President of Chicago Stock
Exchange
Thaddeus
R.
Benson, President of the Chicago Stock
Exchange, speaking in Minneapolis, Nov. 19 before 250
Minneapolis and St. Paul corporation officials and security
brokers and dealers, predicted a growth in financial activity
of the Great Central States in the next 10 years tliat would
far outdistance the growth experienced in the past 10 years.
Mr. Benson, who spoke at a dinner held at the Radi^son
Hotel, in Minneapolis, under the auspices of the Twin-Cities
Association of Stock Exchange firms, urged business execu¬
to
The agreement pro¬
model
State law, taking into account local conditions and covering
wages,
"completely utilize local and territorial financial
facilities before going elsewhere for funds which would be,
in large part, funds from the local community."
He pointed
out the facilities of the
Chicago Stock Exchange
as an ex¬
ample of territorial facilities which are available to aid in the
industrial and commercial growth of the Middle and North¬
west States.
He added:
on
hours and
these phases:
basic minimum
maximum hours and minimum
and apprentices; pro¬
the employment of handicapped persons
of
involuntary deductions, except as required by law, and the
payment for all time of employee at
Greater Growth in Financial
tives
"because of the different condi¬
regulations of hours, wages, working
best be served by State laws."
vides that the Retail Association assume the task of working up a
He added:
between
The directors expressed the view that
tions prevalent in the various States,
be consecutive.
employer's disposal, with hours of
Foremen, supervisors and executives are to
be
separately classified.
Laws to Protect Consumer
Similarly, In the matter of retailer-consumer regulations, the proposed
agreement
"the
seeks
betterment
of
such
relations
through regulatory
State legislation."
In
explaining that its resignation from the Chamber of
was due to inadequate rep¬
Commerce of the United States
resentation, the Association added on Nov. 24:
Lack of such representation in
ment
of American
and directors
business
the Chamber of such an important seg¬
the officers
brought to the attention of
of the Chamber from time to time,
the Board of the National
ever
was
Retail Dry
but, in the
opinion of
Goods Association, no steps were
taken to correct the situation.
Operations
Resumed
at
South Bend, Ind., Plant^of
Following Eight-Day Strike
Bendix Products Corp.
—Workers Had Remained in Factory Six Days
Following an eight-day strike, workers at the South Bend,
Ind., plant of the Bendix Products Corp. returned to their
jobs on Nov. 27.
The strike was settled on Nov. 25 with
Financial
Volume 143
signing of an agreement recognizing the United AutoWorkers of America as the bargaining agent of the
the
bile
workers.
;
Operations at the plant were halted
unionization
100%
Nov. 17 after the
on
"sit-down" strike following demands for
began a
workers
the
They remained in
of the plant.
factory until Nov. 23, when officials of the company agreed
begin, peace negotiations if the workers left the plant.
to
The agreement, signed by Vincent Bendix, President
of the
and Homer Martin, international President of the
United Automobile Workers of America, is said to make
no mention of the Bendix Employees Association, a company
union, which the United had demanded be dissolved. With
the signing of the agreement, South Bend advices of Nov. 25
Chronicle
3557
The
Champlain sailed from New York on Dec. 3, after
hours delay, still carrying most
of her cargo.
The liner was held at her pier past her scheduled sailing in
anticipation of a change by the French dockworkers union
in its policy of refusal to serve American ships.
This inter¬
national trouble started on Nov. 25 when pier workers at the
port of Le Havre refused, in sympathy with the insurgent
strike at the Atlantic and Gulf Ports of the United States,
to unload the Washington of the United States Line.
several
company,
Agreement Between Industry and Labor Unions Up¬
held in New York State Supreme Court—Collec¬
tive^ Bargaining Pact Ruled Not in Conflict with
Anti-Monopoly Law
to the New York "Times" of Nov. 26 stated:
always recognized the Automobile Workers Union and other
organizations in the plant, as we have always recognized the bargaining
right of an individual who does not belong to any organization,'* Mr.
"We've
,
Bendix said.
*
"That "will be our course Jn the future as it has been in the past."
amicable settlement of this controversy is a major victory
"
"The
the workers
both
for
industry and the manufacturers," Mr.
in the automobile
Martin asserted.
settlement
"The
among
the
..
clearly
demonstrates
the workers and marks
an
the
toward
trend
unionization
intelligent and progressive attitude
part of the employers."
on
/
Under the terms of the agreement, the union may bargain for its own
and "all others who desire to make use of its services,"
members
Collective
bargaining agreements between labor unions
are immune from the provisions of
anti-trust and monopoly laws, according to a decision on
Dec. 1 by Supreme Court Justice Samuel I. Rosenman of
New York State.
The ruling, rendered in a case involving
the fur industry in New York City, was the first on the
question in the New York State Courts since the State law
and trade associations
was
amended in 1933 to exempt "bona fide labor unions."
Justice Rosenman denied
a plea for a temporary injunction
sought by the American Fur Manufacturing Association,
Inc., and 19 of its members against the Associated Fur
Coat and Trimming Manufacturers, Inc., the International
Fur Workers Union and the Furriers Joint Council of New
Wireless and Engine-Room Men Join Insurgent Mari¬
time Strike at Atlantic and Gulf Ports—French
Longshoremen End Boycott of American Ships—
Dockworkers in New York Refuse
Liner
to
Unload French
Champlain
The stripe of ship workers at Atlantic and Gulf Coast
ports,.which
was
called
a
month
committee" of the International
ago
by
a
"strike strategy
Seamen's Union, headed
by Joseph Curran, in sympathy with a strike now in progress
along the Pacific Coast, received this week the support of
wireless and engine-room men. On Nov. 30 the American
Radio
Telegraphists Association and the Marine Firemen,
Oilers and Watertenders' Union ordered their members on
strike.
It is stated that the two unions have a combined
membership of about 9,500.
Last week,
as
noted in
issue of Nov. 28, page 3404, the Masters', Mates' and
Association and the Marine Engineers' Beneficial
ciation ordered their members ashore.
The
our
Pilots'
Asso¬
following regard¬
ing the addition of the wireless operators and engine-room
workers to the ranks of strikers at the Atlantic and Gulf
ports, is from the New York "Herald Tribune" of Dec. 1:
The radio men, it was said, would not leave their posts on ships operated
by lines with which the Association had contracts,
among
which are the
York City.
The plaintiffs had asked the Court to declare
as against public
policy and to enjoin the defendants from continuing alleged
a
contract between the defendants void
acts of voilence.
The New York "Times" of Dec. 2
as follows:
The principal objection of the plaintiffs to the agreement between the
defendant association and the defendant unions
that "there shaU be but
one
wanted
union
a
enter into
their
contract either to join
own
.
.
plaintiff association would be barred from making
The
complaint
charged that the defendants
and Pilots' Association and the Marine Engineers*
Beneficial Association reported an increasing number of their members
registering with the strike committee and Hoyt S. Haddock, President
of the American Badio Telegraphists' Association, said 389 radio operators
had
It
was
estimated that, with the greater part of five unions out, the strikers
in New York now numbered about
There
10,500.
j
were no new
in San Francisco and affiliated with the American Federation of Labor,
placed the blame for continuance of the sea strike on three shipowners—
Matson, Dollar and the American-Hawaiian steamship companies.
then,
was
as
in
a
situation such
as
"It is not necessary, however, to pass upon all of these contentions be¬
I have concluded that the collective agreement,
cause
340 of the General Business Law, which exempts labor Unions.
"If the contract be held legal as to the defendant labor unions, it must,
likewise, be held valid
as
not be effective as to one
to the defendant association. The contract
signatory and ineffective
Sentiment for similar action has not yet appeared on the surface during
the present strike, but the militancy of the
a
strikers, quiescent for
a month,
the unions were seeking "action" to bring
head.
The
boycott of American ships by French dock workers,
referred to in our issue of Nov. 28, page 3404, was ended
yesterday (Dec. 4), it is learned from United Press advices
from Paris, which said:
Their
sympathetic strike ended after all night negotiations, in which
Leon Jouhaux, head of the General Confederation of Labor,
personally
working American ships.
the .settlement, the stevedores began unloading 18,000
intervened to force the dock workers to resume
As
a
result of
bales of cotton from the American freighter Patrick Henry at Le Havre.
The stand of the French
pier workers against American
vessels had resulted in reprisal being taken earlier this week
by American dockworkers who refused to unload freight
from the liner Champlain of the French Line upon its arrival
in New York
on
Dec. 2.
was
reached at
The decision not to unload the
meeting Dec. 1 of the New
York District Council of the International Longshore¬
men's Association, representing about 25,000 pier workers.
Champlain
as
to the other.
can¬
If
a
labor union is legally entitled to enter into the agreement here assailed,
illusory if the contract
were to be held in¬
to the other contracting party."
as
The union defendants were said to control 98%
the plaintiff association similar to that with
of the fur workers in
Joint Council is
The Furriers
the local
a
contract with
the defendant association.
body of the International Fur
Workers Union.
Justice Rosenman said that the obvious intention of the amendment of
groups
exempted from the
anti-monopoly provisions, was "to remove from labor unions all prohibi¬
tions which have their basis in restraint of trade."
"They were given the same preferential treatment
as
the other co-oper¬
ative associations mentioned in Subdivision 2," the Court said:
such preferences are
to decide.
"Whether
proper is not for the Courts but for the Legislature
They are reasonable classifications which it is not the judicial
function to disturb."
The other groups
They
exempted,, are co-operative organizations of farmers.
exempted by an amendment in 1918.
were so
In regard to the charges of violence made against the
Rosenman said that since different
alleged
as to some
each plaintiff
defendants, Justice
and separate acts of violence
were
of the defendants by some of the individual plaintiff,
should start
a separate
action based
on these charges.
»
A. F. of L. to Press for 30-Hpur Week Law—Convention
Endorses Suspension of C. 1. O. Unions—William
Reelected
The
Labor
President—Survey Holds
Wage
Needed
annual convention of the American Federation of
Nov. 27 approved a resolution calling upon Congress
on
to enact 30-hour week
for four days two years ago.
strike issues to
attacked by this
complaint, is cloaked with immunity by virtue of Subdivision 2 of Section
exists today that the council, dominated
transportation, trade and industry, in San Francisco
is increasing daily, and it is plain
of
Summing up the various allegations in the complaint, Justice Rosenman
Increases
by conservative labor elements, issued the general strike
now,
call that paralyzed
means
continued:
Green
Council Strike Recalled
It
by
association business in this industry.
time, the Labor Council, representing every organized craft
same
an agreement.
conspired,
,
developments this week in the Pacific
Coast strike, which, besides ship workers, is also being
participated in by longshoremen. It was stated in United
Press advices from San Francisco, Dec. 2, that the San
Francisco Central Labor Council, which called the city's
four-day general strike in 1934, announced on Dec. 2, its
unqualified support of the Pacific maritime strike at which
35,000 workers are involved. The advices, appearing in the
New York "Journal of Commerce" of Dec. 3, continued:
At the
to
The
this agreement, to give the defendant association a monopoly in the trade
1933, adding "bona fide labor unions" to the
registered.
or
the union.
the metropolitan area and to have refused to enter into
.
The Masters', Mates'
were
the defendant association
individual labor agreements with
valid
.
This provision,
both sides agreed, would force members of the plaintiff association who
such privilege would be wholly
International Mercantile Marine Co., it was said, also would protect the
clause providing
a
facturing industry in the Greater City of New York."
International Mercantile Marine Co., the Grace Line, the Black Diamond
ships pf the United States Lines.
to
was
collective labor agreement in the fur-manu¬
Line, the Isthmian Line and several coast lines.
The contract with the
sum¬
marized the decision
a
legislation as "the price of survival in
age."
On the previous day the convention,
meeting at Tampa, Fla., re-elected William Green to his 13th
the machine
term as President and voted to hold its 1937 convention in
Denver, Colo.
By an overwhelming vote on Nov. 23, the
delegates supported a resolution by the Executive Council
suspending the unions affiliated with the Committee for
Industrial Organization on charges of "rebellion" and forming
a "dual" or rival organization.
This action was reported as
follows in a Tampa dispatch of Nov. 23 to the New York
"Times":
The delegates,
in approving the report of the resolutions committee
oh the O. I. O.-F. of L. dispute after
tion history,
one
also continued the life of
a
of the bitterest debates in federa¬
special committee
so
that it might
explore the basis of a possible settlement. And the delegates authorized
the executive council to call a special convention of the A. F. of L. if more
"drastic procedure" was necessary.
The vote to support the executive council was 21,697, while 2,043 voted
against the committee report.
group
appeared to be 13,043
when the
Thus the strength of the industrial union
against 21,679 votes by the craft group
as
11,000 votes of the excluded unions
are
considered.
At last
year's convention the vote on the undustrial union was 18,000 for the craft
unions and about 11,000 for the Industrial unionists.
3558
Financial
Chronicle
Big Internationals for Council
Bakery
Workers, Brewery Workers, Brick and Clay Workers, Elevator Construc¬
Hatters, American Newspaper
tors,
Roosevelt revealed
Mr.
The International unions which voted against the report were the
Guild, Paper Makers,
Sleeping Car
Dec.
Nov. 28 that he
on
both President Agustin
invited
Getulio
President
Vargas
of
5,
1936
had formally
Justo
P.
of Argentina and
to visit the United
Brazil
States.
Porters, Pulp and Sulphite Workers, Roofers and Teachers.
All
of the
The
International
votes were
split.
Typographical
Union
and
the
Printing
Pressmen's
Of the printers delegation only Frank Morrison, Secretary
C. I. O., was absent and his vote was not cast.
The vote cast in favor of the report by Major George L.
Printing Pressmen's Union
came as
surprise
a
pathetic to the John L. Lewis -group.
But it
he
as
was
was
Berry of the
considered sym¬
learned that
Federal
as
Coordinator for Industrial Cooperation he expected to have the cooperation
of all labor groups and could not obtain the federation's support if he voted
against the report.
The intention of the Federation to
campaign actively in
designed to relieve unemployment was presented to the
56th annual convention of the Federation by its committee on the shorter
work day, headed by Edward J. Gainor, national President of the letter
carriers and
Federation Vice-President.
a
The six-hour
every necessary step to
were set as the paramount ob¬
The Executive Council was called upon to take
have such legislation enacted at the next session of
Two 30-hour week bills already have been introduced in congress.
congress.
Another
Associated
Press
Tampa dispatch of Nov. 27
outlined the convention's proceedings on that date as foilows:
For the first time in
12 years, Mr.
Lewis did
nominate his fellow
not
member of the United Mine Workers to lead the Federation.
The miners and nine other rebel unions were suspended two months
ago
for "insurrection" and had no delegates at the convention.
George M. Harrison, President of the railway clerks and leader of the
movement to
in
name
bring the rebels back into the Federation, placed Mr. Green's
Mr.
nomination.
Green
was
unopposed and his election
was
unanimous.
In its
closing hours, the convention also voted to urge enactment this
winter of 30-hour week legislation and tabled proposals for a "social justice"
amendment to the Federal Constitution.
The convention
came
to
end at 6.10 p. m. after adopting a resolution
an
curbing the right of city control bodies to place businesses
Every
delegate jumped
his
to
feet
and
shouted
on
"unfair lists."
approval
Green pledged a "militant, courageous, and unflinching
when
Mr.
leadership" of the
Federation during the coming year.
"I accept the
commission," he said, "neither foe within
or
foe without
will stop the American Federation of Labor from going forward."
Nevertheless, he told the delegates he would direct his efforts
the
breach
faction
resulting
and
those
from
unions
battle
the
holding
to
between
Lewis'
healing
Industrial
Federation's
the
to
craft
Federation's
5
10% increase this
or
year
is not enough for workers, said the
Federation, asserting that "in the months ahead
and recurring wage increases
we must
capacity
operation of
"Steps toward this goal must
our
industries will
in
itself
it.
today
between
10,000,000
and
15,000,000
American
cate ourselves and
the question,
families
are
living
RooseveltJOpens Inter-American Peace Con¬
Aires—Urges United Opposition
able
Parliament
—
Re¬
marks of President Justo of Argentina
in
address
an
liberties
departed
"and
to
Aires,
Mr.
Roosevelt,
of the
Supreme Court.
and
coalitions
address
in
or
said
that
thoughts
balances of power are
of
domination, selfish
"false gods" which "have
place among American neighbors."
The
was
referred to in
President also made
his honor
expressed
There
before
his
were
said—"the
United
intensification
an
two
people
States."
our
of
The Rio de Janeiro
issue of Nov. 28, page 3397.
brief address at
leaving Rio de
gratitude
President
a
for
the
who invented
Brazil
and
a
Janeiro,
welcome
the
the
By
the individual
preserve
government,
the
to
strive
can
so
and
can
will insist
their
on
"Secondly," said the President,
perfecting
even
of
the
machanism
of
more
which has been
sweeping over the entire world during these
Truly," he continued, "if the principles there
embodied find still wider applications in your deliberations
later years.
it will be
notable contribution to the
a
President
told
the conference
that
of
cause
"peace
peace."
The
from the
comes
spirit and must be grounded in faith.
In seeking peace,
perhaps we can best begin by proudly affirming the faith of
the Americas; the faith in freedom and its fulfillment which
has
proved
fortress
mighty
a
beyond reach
of successful
attack in half of the world."
The full text of the President's address is given elsewhere
in these columns.
President
Preceding the speech of President Roose¬
Agustin
P. Justo of Argentina delivered
the address of welcome to the representatives of the nations
participating
in the conference.
Foreign Minister Carlos
Saavedra Lamas, winner of the 1936 Nobel
peace prize and
President of the League of Nations Assembly,
presided over
the initial session.
In
of
his address President
this
conference
under
Justo stated that
such
"the meeting
auspices elevates
favorable
raise political,
between
we
In
world
a
countries,
come
in which
New
Deal,
President
of
he
him.
divided
together
for
that,
in
by
the
hate and
attitude
cordial
a
community with
be
can
stated,
of
due to
the
to
differing
States,
that
if
who
the
of
of
was
reunions,
all,
the
the
of
to
suggestion
when
occur
the conference
of
concert
with
which
When
this
action
.
the
and
to
will
may
be
today,
account
antagonisms
for
convoked!
might
the
be taken
territorial
constantly
centers
are
to
their
rich
in
natural
high and
have
the
could
alter
expanse,
are
in
weight
more
civilization
of
and
culture
decisions which
toward
are
improving
offer the balance
resources,
serene
virtue
guiding souls along the road
reason
into
and
influence the general evolution of the world1.
nations,
contribute
in
illustrious
.
which have
which
example of
example
this
even
or
young
an
whatever
significance
countries
influence
these
the people
certain
peoples,
peculiar
those
the
that the work commenced today will fail to
which
directs the
economic
and
.
with
of
independence
these peoples
American
rivalries
inaugurated
or that the
age-old connections with the Old World.
nations
which
life
today honors this assembly with his
the simple program that he laid
higher inspiration.
even
used
suppose
universal
political life
For
continent,
good neighborhood.
a
directed against nobody.
is
impossible to
recognize
But
dig abysses between
this
inspiration,
what
from
these
benefit
It is
and
of
coordinate
promising beginning is brightened also if it is taken
permeated
The
which
nations
better
the simple conception of
high
deliberations
animosity,
of
reunion
therefore,
United
the
was
its
This
understanding
and mutual
of
correcting many dubious
of reflection and prudence.
adopted at this conference
conditions
throughout
are
the world.
they should not immediately have that result, we should
be disheartened, for we should remember that all the
great conquests
humanity have been the results of long-continued efforts.
case
not
of
.
It
of
does
these
not
seem
noble
continental
President
.
.
to point out that by carrying out the aims
there
is
intention
no
The sole idea is to find
solution of
the adhesion of all
As
necessary
proposals
groups.
for the pacific
international
of
more
conflicts
creating
antagonistic
nearly perfect formulas
which
may
be worthy
of
other countries.
Roosevelt
said
in
his
invitation
to
this
conference,
it is
very necessary to study the means of reinforcing from the Americas the
peace-making actions carried out by the League of Nations, of which most
countries here represented are members.
he
the
also quote:
contrast
President
state dinner
accorded
spirit in circumstances where, because of
suspicion, rancor and
economic, social and moral barriers
peoples, forcing humanity back upon collective
misunderstanding and systematic isolation."
From his re¬
insults
spirit of peaceful cooperation between Pan-American
peoples,
no
Here he urged
time,
same
citizens.
adopted at the Inter-American conference at Monte¬
video indorsing the principles of liberal trade
policies has
shone forth like a beacon in the storm of economic madness
on
Nov. 27, visited Rio de Janeiro, where he addressed a com¬
bined assembly of the Brazilian Senate, Chamber of
Depu¬
ties and
at the
our
President Roosevelt made the statement that "the resolu¬
situations
28, pages 3397-98.
Buenos
ourselves.
among
tion
icle"
at
war
through
to war."
profit,
on
arrival
can."
we
duty by every honor¬
our
strongly than in the past
prevent the creation of those conditions which give rise
dent's trip to South America was referred to in the "Chron¬
his
"confident that
as
future
any
done
addition
we
of
Before
catastrophe which impends?",
to say, "it is
prevent
be
and,
of
in
peace,
the cruiser Indianapolis.
He paid a
visit of one day at Montevideo
(on Dec. 3), and then
resumed his return journey to the United States.
The Presi¬
of Nov.
the
intention to live in peace."
The President arrived in the Argentine capital
Nov. 30 and remained there until the afternoon of Dec. 2,
when he
to
forms of
other
the
efforts for the maintenance of peace and in opposing outside
aggression.
avert
on
Presenting
the republics of the New World, help
doing, the people of our
nations, unlike the people of many nations who live under
Inter-
opening the
American Peace Conference at Buenos Aires, on Dec. 1,
urged the nations of North and South America to unite in
on
war."
the strengthening of the
processes of constitutional democratic government—to make
these processes conform to the modern need for unity and
out
Outside Aggression—Also Visits Rio de
Janeiro and Montevideo Before Starting Homeward
Roosevelt,
countries to that work."
our
we,
to
best
can
to War and
President
World
means
This
presence,
Brazilian
"Can
"First," he went
American
Addresses
to
resort
he stated, "that
asking; that peace, like
the President declared himself
ference at Buenos
—
governments
experience,"
is not to be had for the mere
great privileges, can be obtained only by hard and
painstaking effort," and he added:
"We are here to dedi¬
It
Journey
and
by hard
other
We may begin with
below this standard."
President
learned
peace
marks
progressively.
come
effort to bring every family up to the minimum health standard, and
an
confer¬
"profoundly
the general disorientation of the
world, are propagated dis¬
trust and pessimism, while fear and
"We must plan for a progressively rising wage level that will eventually
equitable,
peace
as
and comforts the
production for a comfort living standard. That industry can eventu¬
ally pay the comfort wage is unquestioned, for, provided distribution of
is
himself
plan for general
create
create the wealth necessary to pay
declared
The Federation
throughout all industry."
added:
income
"leaders
said,
have
velt,
monthly business survey, issued on
Nov. 29, said that only by large, general and "recurring wage
increases throughout all industry" can there be created "a
market great enough for capacity production and full em¬
ployment."
A Washington dispatch of Nov. 29 to the
"Times" quoted as folllws from that survey:
One
"We
Union
traditional
organization policy.
The
still," he
efficiency
day and the five-day week
jective of the Federation.
marking the opening of the
Roosevelt
convinced that the plain people everywhere in the civilized
world today wish to live in peace one with another."
"And
the Old
behalf of 30-hour week legislation was reoprted as follows
in Associated Press Tampa advices of Nov. 27:
demand
President
ence
of the A. F. of L., voted for the report while four other delegates
dissented,
President C. P. Howard of the printers union, who is Secretary of the
The
In his address
large international unions supported the council, while the
central labor bodies, for the most part, opposed the report.
On
the
day that
it
is
possible
to
coordinate
instruments
of
American
origin with the League of Nations covenant and other treaties which tend
to
consecrate
law,
justice,
equality
and!
morality in
the relations
among
Volume
States
143
decisive step
great
a
Financial
will be taken
toward universal
the road
on
3559
Chronicle
President Roosevelt's Address at Inter-American Peace
Conference at Buenos Aires
peace.
Roosevelt's
President
in Buenos Aires was
the most enthusiastic ever given
described in press reports as
foreigner in the Argentine capital.
any
vices of Nov. 30 from Buenos Aires
Press ad¬
United
reported his arrival, in
part, as follows:
The
with his policy of
More
broke
Mr.
than
500,000
through
and
American Chief
apolis at 1:56
the
Roosevelt
The
Justo
the
rode
from
from
the
repeatedly
Crowds
arrival.
around
where
the North Basin,
the
cruiser Indian¬
the United States
stepped
ashore
from
off
Cape
Polonio,
Uruguay,
by
a
warships, entered the breakwater from the River
Six squadrons of army and navy planes dipped andl
m.
and smaller craft accompanied the warship
dock.
the
As the
Indianapolis entered the harbor, the din from other vessels became
terrific and
the ships' sirens nearly drowned out the booming of a 21-gun
the President walked out on deck and) started down the
When
salute.
gangplank alone, the massed thousands roared "Viva el Presidente Roose¬
velt!"
As he clasped hands with President Justo, his face tanned and
others
smiling,
The
shouted,
They
State
four-starred
flag
national
of
President
of
the
official
Roosevelt.
.
.
2, Mr. Roosevelt
Argentina.
trade agreement between the United States and
luncheon
which
he
gave
in honor of President Justo
Mr. Roosevelt promised to seek the
removal of regulations which at present prevent the importa¬
tion of fresh meat from the Argentina to the United States.
Quarantine and sanitary regulations should not, he said, be
used "as disguised tariff measures nor should they ever be
applied except in accordance with strict justice." Mr. Roose¬
velt's speech at the luncheon is given in another item in this
issue.
I
of Argentina on Dec. 2,
Mr.
Dec.
Roosevelt arrived
3, and
on
the morning of
He spent about six hours in
sailing
capital before
Montevideo
greeted by cheering thousands, despite a
was
torrential rain.
at
on
,
the
the Uruguayan
Indianapolis for the United
States.
Addressing a luncheon given in his honor by Presi¬
dent Terra of Uruguay, Mr. Roosevelt said that "a new era
of
friendship
nated at
1933.
in
confidence among the Americas"
and
the Pan
will
address
That
origi¬
American conference held in Montevideo
be
found
elsewhere
in
these
of this
they
custom,
conference
meet
address
I
for1 their
together
and
people
and all
of Argentina;
of
happy
are
us
friend, Dr. Saavedra Lamas, has come the well-deserved award
Nobel
the
prize for the great service in the cause of world peace.
near-by Montevideo, the
They were dark days.
A
shattering depression, unparalleled in its intensity, held us, together with
the rest of the world, in its grasp.
And on our own continent a tragic war
the American
ago
years
capital
great
the
of
Republic
met in
family
Uruguay.
of
raging between two of our sister republics.
was
Yet /at
that conference there
born not only hope for our common
was
greater measure of mutual trust between the American democ¬
racies than had ever existed before.
In this Western Hemisphere the night
future but
of
a
has been
fear
Many
dispelled.
depression have been lightened,
efforts,
nation
every
this
of
of the intolerable burdens
of economic
and, due in no small part to our common
hemisphere
is
today
at
with
peace
its
neighbors.
This is
the
assure
New
form alliances,
conference to
no
in a
pawns
of chance.
game
of
spoils of war, to
the blessing of peace.
recognizing that
ago,
to divide the
beings as though they were the
Our purpose, under happy auspices, is to
with human
deal
to
continuance
years
crisis was
a
being thrust upon the
unanimity our 21 republics Bet an example to
with splendid
World,
by proclaiming a new spirit, a new day in the
the whole world
affairs of
this "hemisphere.
the succeeding
period has justified in full measure all that was
emphasized the serious¬
Events elsewhere have
served only to strengthen our horror of war and all that war means.
The men, women and children of the Americas know that warfare in this
day and age means more than the mere clash of armies; they see the
destruction of cities and of farms—they foresee that children and grand¬
said
Montevideo, it has unfortunately
and) done at
of
the
threat
to
among
peace
if they survive,
children,
other nations.
of
Be Obtained
Peace to
under the
will stagger for long years not only
poverty but also amid the threat
destruction of constitutional government.
burden
of broken society and the
Only by Painstaking Effort
profoundly convinced that the plain people everywher in
civilized world/ today wish to live in peace one with another.
And
I
am
invented
has
that
the
still
governments resort to war.
Truly, if the genius of mankind
the weapons of death cannot discover the means of
leaders and
preserving peace, civilization as we know it lives in an evil day.
But we cannot now, especially in view of our common purpose,
accept
We have learned by hard experience that peace is
the mere asking; that peace, like other great privileges,
defeatist attitude.
any
to be had for
not
be
can
obtained)
only by
dedicate ourselves and our
hard and painstaking effort.
countries to that work.
We are here to
deliberations the hopes
of millions of human beings in other less fortunate lands.
Beyond the
ocean
we
see continents rent asunder by
old hatreds and new fanaticism.
We hear the demand that injustice and inequality be corrected by resort¬
today carry with you in your
You who assemble
ing to the sword and not by
resorting to reason and peaceful justice.
We
through conquest.
disregarded.
We know, too, that vast armaments are rising on every side and that
the work of creating them employs men and women by the millions.
It
is natural, however, for us to conclude that such employment is false
employment, that it builds no permanent structures and creates no con¬
sumers' goods for the maintenance of a lasting prosperity.
We know that
nations guilty of these follies inevitably face the day either when their
weapons of destruction must be used against their neighbors or when an
unsound economy like a bouse of cards will fall apart.
the
hear
columns.
friends:
my
convening
family need no introduction or formalities
appreciate the hospitality of our host, President Justo,
we
Government
our
ness
Before sailing from Buenos Aires on Dec.
a
to
.
holiday had been declared, and thousands came from interior
said that conversations would soon be undertaken for a new
At
that
While
and cities.
towns
family
a
the
Three
greetings
the
a
good.
As
anthem.
the
of
excellent
of
pursuance
partition countries,
reception committee and
of the American delegation to the conference, headed by Secretary
Cordell Hull, and took places in an open car which bore the
received
members
A
(My Friend).
Amigo"
Argentine President patted Mr. Roosevelt's shoulder and both waited)
cadets' band played each
country's national
of
"Mi
the cruiser's band and the Argentine naval
while
in
and
of
Argentine soil President
on
happy occasion
thus, because members of
common
in which
automobile
of the American family of nations;
the
On
you
when,
unprecedented demonstration.
escorted
Argentine
p.
follows:
Three
first
an
while beflagged yachts
circled
to
he
accorded
12:40
Aires
at Buenos
(Buenos Aires time), to the American Embassy.
m.
Indianapolis,
at
when he arrived
surged
Executive debarked
p.
was
today
witnessed
and
President
moment
squadron of
Plate
people
lines
police
Roosevelt
From
Roosevelt
"the good neighbor" for the nations of the Americas.
Roosevelt
The text of the address
made in another item in this issue.
received here by the head of a foreign State
ever
of President
the address
Peace Conference at Buenos Aires is
at the Inter-American
Members
greatest reception
given to President
was
Detailed reference to
reception
that new markets can be achieved) only
of treaties between nations is
cry
We read that the sanctity
Roosevelt
President
First
Full
ference
at
Termed
"Apostle
Session
of
Buenos
Aires Yesterday
of
Peace"
Inter-American
Peace
at
Con¬
(Dec. 4)—Saa-
vedra Lamas Named Permanent Chairman
Argentine Foreign Minister Carlos Saavedra Lamas hailed
as an "apostle of peace" as he greeted
delegates to the first full session of the Inter-American Peace
Conference at Buenos Aires yesterday (Dec. 4).
Senor
Saavedra Lamas was unanimously elected permanent chair¬
man of the Steering Committee on Dec. 3 after being nom¬
inated by Cordell Hull, Secretary of State of the United
States.
In his remarks yesterday (Dec. 4) at the Confer¬
ence
the Argentine Foreign Minister declared that Presi¬
dent Roosevelt's visit to the opening of the parley on Dec. 1
was not only opportune but providential, and he added:
President Roosevelt
"The peoples who acclaimed
him
saw
in him a triumphal expression of
democracy itself.
"The initiator
We
owe
to
which constitutes
an
augury
if the success of our deliberations."
"^Democracy, said Saavedra Lamas must form the founda¬
tion of Inter-American peace
and prosperity, along with the
people and high
economic and cultural welfare of American
living standards.
Foreign Minister Jose Espalter of Uruguay, replying for
the visiting delegations, praised President Roosevelt and urged
that the Conference, besides strengthening the American
peace structure, "prepare solid bases for a new commercial
and economic policy to develop our countries among them¬
selves."
The actual work of
perpetuating peace by the 21 nations
participating in the Conference was begun on Dec. 3 Asso¬
ciated Press/advices from Buenos Aires on that date said.
From
pre-conference
Lamas had
come
talks
the peace and trade program
out
between
Mr.
Hull and
Senor
Saavedra
indications the two saw eye to eye on the main points of
which the conference will attempt to work
Senor
Saavedra Lamas sat in the center on one side of the great table
around which the Steering
Secretary
Hull
was
at
one
Assistant Secretary of State,
end,
with
Sumner Welles,
on'one side of him and Alexander W. Weddell,
United States Ambassador to Argentina on the other.
United States
of the
And the
nations must of necessity harm our
in a hundred ways.
any
nation
or
prosperity.
own
World, help the Old World to avert
the republics of the New
Can we,
impends?
Yes, I am confident that we can.
First, it is our duty by every honorable means to prevent any future
war among ourselves.
This can best be done through the strengthening of
the
processes
of constitutional democratic government—to make these
the catastrophe
the
which
conform to the modern need for unity and efficiency and, at the
preserve the individual liberties of our citizens.
By so doing
time,
same
of
people
other
under
our
forms
to live in peace.
unlike the people of many nations who live
can and will insist on their intention
Thus will democratic government be justified throughout
nations,
of government,
the world.
ourselves we in the Amer¬
to shoulder
determination that others who, driven by war madness or land
In the determination
in
it
make
icas
final
our
at the
to live at peace
time clear
same
among
that we stand shoulder
might seek to commit acts of aggression against us, will find a
to consult together for our mutual safety and
good.
I repeat what I said in speaking before the Congress
and the Supreme Court of Brazil:
"Each one of us has learned the glories of independence.
Let each one
hunger,
hemisphere wholly prepared
mutual
our
of
we
us
the glories of interdependence."
learn
Secondly, and in addition to the perfecting of the mechanism of peace,
can strive even more strongly than
in the past to prevent the creation
those
of
give rise to
which
conditions
war.
Lack of social
or
political
the borders of any nation is always cause for concern.
Through democratic processes we can strive to achieve for the Americas the
justice
within
highest possible standard of living conditions for all our people.
Men
and women blessed with political
freedom, willing to
to
their
with
Committee gathered.
no war,
The madness of a great war in other parts
too.
collapse of
economic
War
in
though the Americas become involved
would affect us and threaten our good
world
able
concretely.
even
case,
must suffer,
we
processes
conference had an apostle of peace.
of this
his presence and his sponsorship the moral atmosphere which he has left
us "and
Confident Old World Can Help New World Avert
either
In
find work,
children,
their
contented with their lot in life and on terms
Interwoven
the
welfare
with
and'
and
of friendship
will defend themselves to the utmost but
arms for a war of conquest.
neighbors,
consent to take up
work
rich enough to maintain their families and to educate
these
problems
prosperity
of
each
is
the
of our
will never
further self-evident fact that
nations depends in large part
3560
Financial
the benefits
on
derived
from
commerce
nations, for our present civilization
exchange of commodities.
effects
of
efforts
recent
to
on
of
erect
themselves and with other
among
rests
nation
Every
trade
the basis of
barriers
of
international
an
has
the world
felt the evil
known
every
kind.
Every individual citizen has suffered from them.
It
is
no
furthest
are
accident
that
which
those
nations
the
which
have
carried
this
proclaim most loudly that they require
process
war
as
instrument of their policy.
It is no accident that attempts to be selfsufficient have led to
falling standards for their people and to ever-
•n
increasing loss of the democratic ideals in
It
armament.
on
is
accident
no
mad race to pile armament
a
because
that
of
these
suicidal
policies
Chronicle
them
about our common tasks.
There could scarcely be a more
insistence that we implement words by deeds, back up our wish
by providing workable machinery to insure it.
thing all can be assured.
The demonstrations of the last few
views
unanimous
for
Dec. 5,
peace
Of
one
days bear impressive witness that this conference represents more than a
gathering of chosen delegates.
It represents the hundreds of millions of
people of this hemisphere who with
selves to the
The
speech
single voice have dedicated them¬
a
of peace.
cause
Dr.
of
Saavedra
delivered in
Lamas was
Spanish and translated by Spruille Braden, United States
and the suffering
Ambassador at Large.
with
casting Co., over whose network it was broadcast, we quote
attending them many of their people have come to believe
despair that the price of war seems less than the price of peace.
This
with
and
mind
of
state
defense,
affairs
refuse
must
we
exhortation
every
skill.
to
accept with every instinct of
enthusiastic hope,
of
with every use of
cannot
in
as
so
refrain
here
reiterating
The resolution
adopted at the Inter-American Conference at Montevideo
endorsing the principles
the
the
in
storm
entire world
liberal trade policies has shone forth like
of
madness which has
economic
of
been sweeping
a
over
during these later years.
Truly, if the principles there embodied find still wider applications in
your deliberations, it would be a notable contribution to the cause of
For
peace.
consistent
my
of my Secretary
reciprocal trade, and
total
the
received
I
am
the
There
of State in negotiating agreements for
though the individual results may seem small,
even
is
These
significant.
policies
in
recent weeks
for
them, long festering feuds,
frontiers, territorial rivalries; but these sources of danger which
are
unsettled
exist
other
many
in
the
causes
I
Americas,
war—among
am
thankful to
say,
are
not only
few in
number but already on the way to peaceful adjudication.
While
the
adjustments
there
settlement
home
at
of
such
is
sacrifice,
profit in war.
no
controversies
in our relations with
or
to involve material
appear
let
our
man
no
Sacrifices in the
cause
women forget that
of peace are infinitely
or
Peace
Must
Be
Grounded in Faith
from the
spirit, and must be grounded in faith.
In seek¬
ing peace, perhaps we can best begin by proudly affirming the faith of the
Americas; the faith in freedom and its fulfillment, which has proved a
mighty fortress beyond reach of successful attack in half of the world.
comes
That faith arises
by
from
fathers in
a
common
hope and
a
design given
common
us
but with a single aim—freedom and
security of the individual, which has become the foundation of our peace.
If, then,, by making war in our midst impossible, and if within our¬
our
selves
and
differing
form,
ourselves we
among
to the individual lives of our
can
give greater freedom and fulfillment
citizens, the democratic form of representative
government will have justified the
high hopes of the liberating fathers.
Democracy is still the.hope of the world.
If we in our generation can
continue its Successful applications in the Americas, it will spread and
supersede other methods by which
of
most
to
us
to
counter
run
our
governed and which seem to
are
men
idieals
human
of
liberty and human
progress.
Welcome!
passing.
are
It
political science and philosophy, andl on commercial policies and on funda¬
mental events, on the interruption of commerce between nations—all prob¬
insistently and, over long periods,
lems to which he has dedicated himself
during conferences and international congresses, praising and defending the
liberal ideas with the passion of an apostle.
Fair Wins Support of International
Extended to 59
New York World's
Convention Bureau—-Invitations
Foreign Countries by World's Fair Corporation
That the International Convention Bureau,
composed of
and four other nations, had voted at a meeting
York World's
announced on Dec. 3 by Grover A. Whalen,
17 European
in Paris to allocate the year 1939 to the New
Fair,
was
history sowed the seeds which grew into our nations;
those nations become equal and free and brought
The countries
represented in the Bureau are Albania, Germany, Canada,
Spain, France, Northern Ireland, Rumania, Sweden, Swit¬
zerland, Tunisia, Morocco, Italy, Belgium, Czechoslovakia,
Portugal, Denmark, Poland, the Netherlands, Greece, Aus¬
tralia and Great Britain.
Commenting on the action of the
Bureau, which, he said, was "of the greatest significance to
the fair," Mr. Whalen (as reported in the New York "Times"
of Dec. 4) said:
"Under the rules of the Bureau, only one general international exposition
is authorized for participation each year.
have
a
clear field in
ment had been
and
considered,
At the
that New York will
presented, Mr. Whalen said, through the Secretary of State
said,
he
Exposition.
means
New York's application for the Bureau's endorse¬
New York World's
a
This
1939, and assures it of the active support of these
twenty-one countries."
Fair Commissioner, now in Europe, and was
along
with
that
of
the
proposed
Francisco
San
.
same
time Mr. Whalen announced that following the Presidential
invitations issued from Washington to governments
inP Europe, the Far
East and Latin America, to participate in the exposition, the World's Fair
Corporation was dispatching through the State Department in Washington
its own official invitations to 59 foreign countries.
These invitations are in
book, bound in blue fabricoid with gold
lettering, describing the plans and objectives of the enterprise.
system of
common
a
constitutional government; the fifth century
meeting ground of mutual help and understanding.
last come of age.
We are here assembled to
is giving to us a common
Our
hemisphere has
at
show it united to the world.
We here offer it back
r'
we
be said that President Roosevelt's visit is not only opportune and
but also, let us add, providential.
.
.
.
We feel his meditation on the profound study of problems relating to
may
fourth century saw
to
us
,
historical event
necessary,
the form of a 32-page illustrated
Three centuries of
the
political conditions through which
President of the New York World'3 Fair.
necessarily involve
neighbors which may
may
small compared! with the holocaust of war.
Peace
a
of universal unrest.
of the present international economic
in view
statement
have
approval of the people of the United States, and they have,
the sympathy of the other nations here assembled.
sure,
still
them
of
doubt,
a
part I have done all in my power to sustain the
own
efforts
is justified
The
gratification that in this,
the American republics have given a
my
salutary example to the world.
beacon
the following;
constitute, without the shadow of
will
and
from
other achievements,
many
This
in the countries of America and in the present moment
^
American Republics Give "Salutary Example" to the World
I
therefrom
As recorded by the National Broad¬
as
Finally, in expressing
That
we
We took from
our
ancestors
great dream.
a
great unified reality.
a
our
faith of the Western world, let
maintain and defend the democratic form of
us
constitutional representative
That through such government we can more greatly provide a wider distribution
of culture, of education, of thought and of free expression.
That through It we can obtain a greater security of life for our citizens and a
equal opportunity for them to prosper.
That through it we can best foster commerce and the exchange of art and science
between nations, that through it we can avoid the rivalry of armament, avert
hatred and encourage goodwill and true Justice.
.
That through it we offer hope for peace and a more abundant life to the peoples
of the whole world.
this faith of the Western world! will not be
But
affirm
dim
the
into
faith
our
human
the
God.
In
before
man
in
past
has
the
whole
complete if we fail to
history of mankind, far back
knew how to record thoughts
or
events,
been
distinguished from other forms of life by the
Periodic attempts to deny God have
always come and will always come to naught.
In the Constitutions and in the practice of our nations is the right of
freedom of religion.
But this ideal, these words presuppose a belief and a
race
existence—the
fact—of
religion.
trust in God.
faith
The
the
maintain that
In
the
of
sisterhood
of
that
In
that
faith
faith
brethren
therefore, lies in the spirit.
The system,
is impregnable so long as her nations
Americas
spirit.
that faith
In
Americas,
the
and
and
and
spirit
spirit
we
we
will have peace over
will
spirit may we
the Western worldl
hemisphere.
also, with God's help, offer hope to our
all
watch
and
guard
Delano, Member of Brown Brothers
New York
Harriman & Co.,
Moreau
Delano,
a
member of the New York banking
firm of Brown Brothers Harriman & Co., died yesterday
affirm:
government.
more
Death of Moreau
(Dec. 4) at Phillips House, Massachusetts General Hospital,
Boston, after a long illness.
He was in his sixtieth year.
Mr. Delano had been a partner of the firm since 1907, and
was
connected with many business enterprises.
His di¬
rectorships included the American Bank Note Co., The
Atlanta & Charlotte Air Line Ry. Co., the Locust Moun¬
tain Coal Co., the Pine Hill Coal Co. and the United States
Guaranty Co. He was also interested in many charitable
organizations j and was a trustee of the Presbyterian Hospital
Hospital of New York.
For many years
the Nursing Committee of# the
Presbyterian Hospital and each year presented the diplo¬
mas at the Nurses' graduating exercises.
Mr. Delano was
a graduate of Lawrenceville School and of Yale University,
from which he graduated in 1898, and where he belonged
to Psi Upsilon and the Scroll and Key Society.
His home
was in West Orange, N. J.
He leaves a brother, William
Adams Delano, of New York, and two sisters—Mrs, Augus¬
tus B. Wadsworth of Albany and Mrs. Susan D. McKelve/
and the Babies
he had been Chairman of
of Boston.
our
overseas.
Death of August A. Gennerich—President
•
Roosevelt's
Bodyguard and Friend Stricken by Heart Attack
in Buenos Aires
Remarks of Secretary Hull and Dr.
at Buenos Aires
Saavedra Lamas
President
Following the addresses, early in the day, at the PanAmerican conference at the Buenos Aires Peace Conference,
Dec.
on
1, by President Roosevelt and President Justo of
Argentina, addresses were broadcast from Buenos Aires that
night by Cordell Hull, Secretary of State, and Dr. Carlos
Saavedra Lamas, Argentine Foreign Minister.
Secretary
Hull said, in part:
We
have
to
know well
that it is
not enough to cry out,
"Peace,
peace,
let
us
We are assembled here because there is work to be done to
We are assembled here to demonstrate
mankind that here is an entire hemisphere with the single voice of
peace."
make
our
peace.
work
I
or
am
tions.
continent safe for peace.
We are assembled here because we fed that we cannot omit any
act calculated to maintain that peace.
quite happy over the cooperative attitude of the arriving delega¬
It has been my pleasure to call upon them and to exchange with
August A. Gennerich, personal bodyguard and friend of
Dec. 1 at
Roosevelt,
a
panied the President
Gennerich
died
suddenly of
heart attack on
had accom¬
his South American cruise.
Mr.
a
restaurant in Buenos Aires, where he
was
on
50 years
,old.
Brief funeral services were
held at the American Embassy in Buenos Aires on Dec. 2,
and the body was then placed aboard the cruiser Indianapo¬
lis for
the
return to
United
States.
President
Roosevelt
expressed his personal grief at the death of Mr. Gennerich,
and canceled an automobile tour of Buenos Aires which he
had planned for Dec. 1.
in the Argentine
The President attended the services
A brief biography of Mr. Genne¬
advices of Dec, 1
capital.
rich follows, as contained in United Press
from Buenos Aires;
As
a
member of the United
lonely life despite his
affairs in
many
States Secret Service, Mr. Gennerich lived a
friendships.
Washington, although
many
He was
sought his
seldom
company.
seen
.
.
at social
.
The late King
in
Albert of the Belgians decorated him for
life when he visited
his
guarding
began acting as
Mr. Roosevelt was Governor of New York. At
only when Mr. Roosevelt was in New York City,
Gennerich belonged to the police bomb squadi, but he obtained
the force five years ago to join the Secret Service.
Some time
formally retired from the force.
joined the New York police force in 1908, and first
Mr.
from
ago
he
was
Dodge, President of the First National Bank of
Damariscotta, Me., was elected on Nov. 24 a class A director
of the Federal Reserve Bank of Boston by member banks
Leon A.
first he filled this function
leave
District. Mr. Dodge
banks also re-elected
J. Frost, Vice-President and director of William
Sons Co., Boston, as a class B director of the Boston
in group 3 of the New England Reserve
succeeds Arthur Sewall.
The group 3
Edward
Filene's
Both Mr. Dodge and Mr. Frost
Reserve Bank.
P. M. Brown Takes Oath as United States
Michigan—Senator-Elect
Succeeds
Senator from
to
Prentiss M. Brown, Democratic
Senator-elect from Michi¬
member
gan, took an informal oath of office on Nov. 28 as a
of the United States Senate, to fill the unexpired term
Congress of American Industry to Meet in New York
Next Week—Will Be Held in Conjunction with
Annual
Convention of
National Association of
of the
Michigan.
The oath was adminis¬
tered in Mr. Brown's home in St. Ignace, Mich., by Judge
David W. Murray, of the Mackinac County Probate Court.
During the past two years Mr. Brown had served in the
United States House of Representatives from the Eleventh
Michigan Congressional District, from which post he has
now resigned.
Mr. Brown was elected to the United States Senate for
Manufacturers
late James Couzens of
the two-year term beginning in January, at the Nov. 3
election, when he defeated former Governor Wilbur M.
Brucker, tjae Republican candidate.
The Senator-elect was
appointed to fill the unexpired term of Senator Couzens by
Governor Frank D. Fitzgerald of Michigan, a Republican,
on
Nov. 16.
In announcing the appointment Governor
Fitzgerald said that it was made in the belief that Mr. Brown
would gain seniority rights in Senate committee appointments
over new members of the Senate taking office in January.
Senator Couzens, who was defeated for renomination at
the Republican primaries by former Governor Brucker,
after announcing that he would support President Roosevelt,
died on Oct. 22.
His death was noted in our issue of Oct. 24,
of American
Dec. 9 and 10, in conjunction with the 41st annual con¬
vention of the National Association of Manufacturers.
As
on
by advance reservations, the attendance at the
Congress this year is expected to be the largest on record,
it was announced on Nov. 28 by the National Association of
Manufacturers, which added:
indicated
A further indication of the interest
different
Diefendorf to Retire
Dec. 31
as
Chief Examiner
Department
The retirement to take effect Dec. 31 of John E.
as
committees
will present to
Diefen¬
Chief Examiner of the New York State Insurance
Department in charge of mutual casualty insurance com¬
panies and fraternal societies, was announced on Dec. 3 by
Superintendent of Insurance Louis H. Pink.
Mr. Diefen¬
dorf has been an employee of the ■ Insurance Department
for nearly 39 years and has been chief examiner for nearly
26 years.
In accepting the resignation
Superintendent
Pink paid tribute to Mr. Diefendorf's long and constructive
service under 13
superintendents.
the reports which
the Congress after months of
study
and investigation.
Consideration and debate on these committee reports
will be followed
by the adoption of the Principles of American Industry which will take into
the recommendations of the committees and will define
consideration
Industry's attitude for the coming year on current
social and economic
problems.
The program for the coming Congress of American Industry
made available on Nov. 28.
As to the speakers, the
was
of Nov. 28 by the
announcement
Manufacturers
National Association of
said:
Dec. 9, the principal addresses
Steel Corp.
National
Industrial Information Committee, and Lewis H. Brown, President of the
Johns-Manville Corp. and Chairman of the Association's Committee on
Agricultural Cooperation.
The keynote of the Convention is expected to
be sounded by C. M. Chester, President of the National Association of
Manufacturers and Chairman of the General Foods Corp.
In his welcoming
remarks the morning of Dec. 9, Mr. Chester will sound the note most
frequently to be heard during the meeting with an address entitled "Forward
will be delivered by E.
of New York State Insurance
dorf
which Industrialists have in current
problems is revealed in the character and number of
At the main dinner of the Congress on
2616.
E.
gathering of business leaders in the Congress
Industry will take place in New York next week,
The annual
and
J.
will serve
three-year terms beginning Jan. 1,1937.
Unexpired
Term of Late James Couzens
page
Federal Reserve Bank of
Boston
the
personal bodyguard when
where
Two Directors Elected to
meritorious work
the United States just after
world war.
He
3561
Financial Chronicle
143
Volume
Chairman
of
T. Weir, Chairman of the National
National
the
Association
of Manufacturers'
with industry."
indicated by
questions
of the public's viewpoint.
These include Arthur Kudner, President of the
Arthur Kudner Advertising Agency; P. A. Dolan, News Editor of the
New York "Sun" and Wilbur Forrest, Executive Assistant to the publisher
A
close
attention
to
the public's
opinion of industry is
who have been chosen to address a gathering on
several speakers
of the New York "Herald
Tribune."
Employment and Employment Relations will come in for
considerable
discussion.
Other speakers are:
P. E. Stark Elected President of
of
Real Estate
National Association
Boards—Succeeds Walter Rose
session
on
of the National Association of Real
served
J. R. McCarl, former Comptroller General; George
H.
Business Advisory Council; Dr. Harold G. Moulton,
Mellon Institute
and Willford I. King, Professor of Economics,
President, Brookings Institution: E. R. Weidlein, Director,
Nov. 21 of the annual convention
Estate Boards, held in
New Orleans, La., Paul E. Stark, of Madison, Wis., was
elected President for 1937.
Mr. Stark, who is a member of
the Board of the Federal Home Loan Bank of Chicago,
succeeds Walter Rose, of Orlando, Fla.
The new President
will take office at the annual meeting of the Board of Direc¬
tors of the Association to be held in January.
Mr. Stark
At the closing
Mead, Chairman,
Industrial
of
Research,
New York University.
Thursday, Dec.
and
10, William B. Warner, President of the McCall Co.
National Association of Manufacturers, will offer
of the
director
a
the declaration of principles for
American Industry for adoption by
the
other resolu¬
tions will be handled by S. Clay Williams, Chairman of the R. J. Reynolds
Tobacco Co. and Chairman of the Resolutions Committee of the National
A discussion of the principles and the offering of
Congress.
Association of Manufacturers.
Vice-President of the bbdy during the past year.
as
of Business and
Conference
Industry in Washington
10-11—Called by George L. Berry, President
Roosevelt's Coordinator for Industrial Cooperation
Dec.
Society of Residential Appraisers Greater New York
Chapter No. 3 Conducting Courses at New York
On Dec. 10 and 11
representatives of industry and labor
in Wash¬
University—Officers of Society Elected at Annual
will meet with the Council for Industrial Progress
Meeting
ington.
The Society
of Residential Appraisers Greater New York
Chapter No. 3 recently held its annual meeting at the Hotel
Commodore, in New York City. Election of officers for the
year, as well as the announcement of plans and various
courses to be held at New York Unversity, were a part of
the business of the meeting.
These courses at New York
University which started on Nov. 25, will continue until
April 28; they are being conducted by several authorities
on appraising who are members of the Society of Residential
Appraisers as well as by Professors on the staff of N. Y. U.
The subjects will include Appraisal Processes, Building Con¬
struction and Cost, Condemnation and Certiorari Proceed¬
ings and other kindred matters.
The
following
were
elected officers of the Society
of
Residential Appraisers:
D.
Hall, President, Chief Appraiser
Society; Selden W. Ostrom, First
Edmund
elected
J.
McCormick,
Chairman
of
Nov. 12
Berry stated that it would attempt to formulate a "program
of industrial legislation looking toward long-time stabiliza¬
tion
of
recovery,
creation of employment opportunity, and
improvement of competitive and labor conditions in indus¬
He was further quoted as saying that the program
by stabilizing industry
try."
must
"advance the general welfare
in its various
ests
phases, meanwhile guarding equally the inter¬
of ownership, management,
worker and consumer."
stated:
In his announcement Major Berry also
The
all
problems which will come before us are those which vitally affect
industry.
They cover
the
operations
of
raw
material producers,
the
manufacturing corporations and, finally, reach through distributive
to the corner grocery and the crossroads general store.
They affect the traditional property rights of the owners of America's
biggest industrial plants and the littlest of the little business men.
The
individual rights of millions of workers, who in turn become the con¬
sumers
of industry products, are directly involved.
I believe that practical considerations and sound business judgment will
influence industry ownership and management to welcome this opportunity
to assist in directing the
course of a movement in which they are so
great
processes
Equitable Life Association
Vice-President, New Rochelle Federal
Savings and Loan Association; David A. Gerss, Second Vice-President,
Inter borough Realty Service Corp.; Harry K. Keller, Third Vice-President,
Chief Appraiser Mortgage Commission of the State of New York; Stanley
White, Fourth Vice-President, District Director of Federal Housing Ad¬
ministration, Brooklyn; Zebulon V. Woodard, Executive Secretary, The
New York State League of Savings and Loan Associations; David A.
Finberg, Recording Secretary, Lawyers Title Guarantee Co.
Frank
The call for the conference was issued on
by Major George L. Berry, Coordinator for Industrial Coop¬
eration.
In his announcement regarding the meeting Major
the
past president,
Educational Committee
P.
E.,
was
and
much
concerned.
The
over
Dec.
10 session will be an open one, to be presided
by Major Berry, and at which there will be addresses
by those affiliated with the Council, members of Congress
spokesmen for industry and labor.
According to ad¬
Examining Board to which James F. Bly, George L. Grotz,
Nelson J, Springsteen and Samuel Florence, were elected
and
members.
the Industry
vices, Nov. 21, to the New York "Herald Tribune," on Dec. 11
Council will meet in an executive session open
3562
Financial
Chronicle
only to members.
At this time reports of the eight com¬
dealing with specific industry matters will be re¬
mittees
Mid-Winter Trust Conference of Trust
Division, Amer¬
York,
Annual
Mr. Coles further announced:
One session will be held in
the morning of each of the three days and one in each of the afternoons of
Feb. 9 and 10.
They
a
A program is in preparation which will have two objectives.
consideration of broad current problems affecting trust business
are
whole and discussion of questions that concern the trust man in his
daily work.
of
Next
Association—Forums
Year
in
Pittsburgh,
Be
to
Held
Portland,
discussion conferences
for
will
be
vironment."
It is announced that
speakers at the coming conferences
explain the research work of the American Bankers
Association through its various units, particularly with
regard to the Federal lending agencies, the postal savings, and
bank chartering.
They will also discuss the general subject
in its relation to bank operating problems.
Sending and
investment problems, budgets, public relations, operating
expense control, and income banking services, are among
bank management problems to receive attention.
Regional
conferences of the same general nature were held by the
Association in 1936 at Philadelphia, Memphis and Chicago.
will
of
Up-State New York Banks to Hold
Conference in
Rochester
Dec.
Trust officers and other executives of
9
up-State New York
banking institutions engaged in the trust business will hold
conference in Rochester
a
Dec. 9.
The
conference, which
will be in session all afternoon and evening, will be held
under the auspices of the Committee on Trust Functions of
the New York State Bankers Association, of which committee
William H. Stackel, Vice-President and Trust Officer of the
Security Trust Co. of Rochester, is Chairman.
Mr. Stackel
will act
issued
as
on
Chairman of the conference.
work
Investment
Bankers'
Associa¬
to restrict the taxing power of
expressed on Dec. 2 in an address
was
of the Investment Banker's
at
tax limitations to be submitted to the Board of
on
Governors.
John S. Linen, of the Chase National Bank of
New York, was made Chairman of the sub-committee; the
other members of which are Henry Hart of the First of
Michigan Corporation, Detroit, and E. Fleetwood Dunstau
bankers
early in 1937 under the auspices of the American
Bankers Association, it was announced in New York on
Nov. 30 by F. N. Shepherd, Executive Manager of the
Association.
The first meeting takes place in Pittsburgh,
Jan. 28 and 29, at the William Penn Hotel.
Portland, Ore.,
will be host to the second on Feb. 25 and 26, with sessions
at the Masonic Temple and headquarters at the
Hotel
Portland.
The third conference is scheduled for
Atlanta,
Ga., March 25 and 26, at the Atlanta-Biltmore Hotel. The
purpose of these gatherings is to provide opportunity for an
exchange of ideas on current banking methods and practices,
Mr. Shepherd said, pointing out that in au address
accepting
the Presidency of the Association at San Francisco last
September, Tom K. Smith expressed the conviction that "the
most urgent problem confronting our profession
today is the
adaptation of our profession to a changing economic en¬
Officers
In addi¬
of the
Augusta, Ga. by C. A. Dykstra, City
Manager of Cincinnati, Ohio, who asserted that "in no city
has tax limitation been a protection to the tax payer."
Following the address the Municipal Securities Committee
of the Association appointed a sub-committee to draft a
Association,
and
held
Trust
brief reports
measures
Governmental units
'
forum
of
before the annual convention
Early
Ore.,
Atlanta
Three
be
Committee
Opposition to
Regional Conferences Planned by American
Bankers
will
America—Measures
of
resolution
Series
meeting of the Standards Council
a
there
Restricting Taxing
Powers of Government Units Opposed by C. A.
Dykstra—Comments on Ohio Limitations—Danger
in Surtax on Undistributed Profits Cited in Report
by
S.
J.
Weinberg
of
Industrial
Securities
All meetings will be held at The
There will be five sessions of the conference.
address
Convention
tion
f The 18th mid-winter trust conference of the Trust Division,
American Bankers Association, will be held in New York
City, Feb. 9, 10 and 11, 1937, Blaine B. Coles, President of
the division, and Vice-President of the First National Bank
of Portland, Portland, Ore., has announced.
The annual
banquet, which brings the conference to a close, will be held
evening of Feb. 11.
Harriman's
Mr.
to
accomplished during the past year, and announcement of officers for 1937.
ican Bankers Association, to Be Held in New
Feb. 9 to 11, 1937|
as
by
which has supervision of the technical work of the Association.
tion
Waldorf-Astoria.
5, 1936
The Annual Meeting will be preceded by a meeting of the Board of Di¬
rectors of the Association and also
ceived and discussed.
the
Dec.
An announcement
by the New York State Bankers Association continued:
Those attending will include trust officers, counsel to trust institutions
and members of board of directors of banks in charge of the trust activities
Trust Co.
of the Bankers'
of New York.
In his address
Mr.
Dykstra declared that "it is fair to say that in Ohio tax
limitations have stampeded us into the adoption of a sales
tax, which almost every student of taxation considers a bad
tax, and have retarded the adoption of a better tax, namely,
one on income."
Mr. D. Dykstra further said:
"It
to me that
seems
ment
ranging
we
starting on this whole problem of govern¬
are
and government simplification at, the wrong end.
expense
any tax program
what it is that
we
want
the proper place to begin is in
governmental authority to do.
In ar¬
determination of
a
Having determined
this, we ought to find out what is the legitimate cost of such services.
next
step is to decide whether these services shall be paid for
basis
.
or
on
over-all basis.
an
on a
Our
service
...
"The next thing to do is to set up a tax system which will bring in the
to carry what we consider to be the necessary public
necessary revenues
services.
Meanwhile, also
governmental agencies.
communities to
we
ought to be in the business of simplifying
Instead
we are
multiplying them by tempting local
expand their opportunities for creating debts to make up
deficiencies."
In United Press advices from
Augusta Dec. 2 it was stated
Chicago, Chairman of the Com¬
mittee on municipal securities, and Mr. Linen, pointed out
the I. B. A. in the past has opposed municipal tax limitation
and forecast adoption by the convention of a similar resolu¬
that D. T. Richardson of
tion.
It
The advices added:
has
pointed out the Association
was
limitation, but it
believed possible
was
before the convention for
At the
Dec.
3
some
a
fixed alternative for such
no
recommendation might be placed
substitute.
session of
the
Convention the surtax
on
undistributed
profits in its present form was declared un¬
economic and unsound; this criticism was contained in the
report of the Association's Industrial Securities Committee,
of which Sidney J. Weinberg, of Goldman, Sachs & Co. is
Chairman.
The report
in stating that "while the undistributed profits
tax in its
present form may well prove to be only a temporary
difficulty," said that "the need for providing for periodic and
substantial reductions in
other
"In
funding debt is permanent." Among
things the report said:
period of extremely low interest rates like the present,
a
exists
that
yields
on
danger
a
the highest grade investments may become
so
attractive to
a
in securities
promising higher yields but lacking investment merit.
large portion of the market
cordingly, it must be emphasized that today is
be
must
guarded against
than
more
ever
a
un¬
synthetic interest
as to create a
Ac¬
time when this danger
by using the greatest
care
to
maintain sound investment standards."
of their banks.
An
The afternoon conference will be held at the Rochester Chamber of Com¬
The evening session will be in the nature of
merce.
a
dinner at the Ro¬
chester Club.
The dinner speakers will be Judge Joseph F. Feeley, Surrogate of Monroe
County, N. Y„ and Gilbert T. Stephenson, Vice-President and trust officer
of the
Equitable Trust Co. of Wilmington,
Del.,
an
authority of trust
matters, and head of the trust faculty of the Graduate School of the Amer¬
ican Institute of Banking.
by L.
A. Downs, President of the Illinois
"The railroads
acclaimed
figure
of
coming out of the depression with
are
Up and down and
across the country
American
speech,
'as
Railroads
a new
modern
as
a
are
industry.
streamliner,'
on
reputation.
their service improvements
the achievements of an alert, progressive
as
on
being
The new
pays
glowing
tribute to the vigor and vitality which they have demonstrated under the
The afternoon session will hear addresses
the trust business.
address
Central System was delivered at the Forum
Dec. 3; he is quoted as saying:
on
current
questions affecting
The speakers will be:
terrific stress
being.
►
A. Clinton Livingston, Vice-President & trust officer, Marine Trust Co.,
Buffalo; William A. Read, Vice-President, Central Hanover Bank & Trust
of the hardest times
They have
come
they have experienced in
forward in service,
they have
a
century of
come
forward in
their methods of maintenance and operation and they have come forward
in
public prestige and popular esteem."
Co., New York City; S. G. Easterbrook, trust officer, Manufacturers &
Traders
officer,
Trust
Co.,
Buffalo;
Nelson
UnionjjTrust Co., Rochester;
Lengeman,
Vice-President
Creighton, Vice-President,
trust
John W. Remington, Vice-President
& trust officer, Lincoln-Alliance Bank & Trust Co., Rochester,
T.
&
and John
City Bank Farmers Trust Co., New York
The foregoing regarding Mr. Down's remarks is from the
correspondent at Augusta ('Howard W. Calkins) of the New
York "Times," who also stated in his account to that paper
on
Dec. 3.
City.
In
an
informal
and Edward B.
Annual
Dinner
ciation
to
Meeting of American Standards Asso¬
Be
Held
in
New
York
Dec.
9
Henry I. Harriman of Boston is to be the guest speaker at
the annual dinner meeting of the American Standards Asso¬
the
discussion
this
amount
of new
Orrin
afternoon,
G.
Wood,
president,
Hall, nominee for president of the Association, expressed
belief that the coming year would see
capital financing.
a
substantial increase in the
They forecast that
necessary
railroad
reorganizations would be speeded with the continuance of the upward trend
in earnings.
They held that segregation obviously would hurt the small dealers
ciation to be held at the Hotel Astor, New York, at 6 o'clock
on Dec. 9, according to P. G. Agnew,
Secretary of the Asso¬
ciation, who further announced
goal of the
more
than the larger houses.
Y
on
Dec. 3:
Mr. Harriman has just returned from a series of industrial conferences
in Europe and will take as his topic of the evening:
"Impressions of the
European Situation and Their Lessons to America."
As Chairman of the
They also went
on
record
as
being in favor of the policies and ultimate
Investment Bankers
Conference,
Inc., headed by B.
HoweU
Griswold Jr. of Alex Brown & Sons, Baltimore.
Mr. Hall
was
reported
as
stating in United Press accounts
investment bankers is "to
"Government withdrawal
Chamber of Commerce of the United States, he needs no introduction to
that today's greatest problem for
find a profitable investment."
American business
from the field would not affect the investment situation."
Board of the New
England Power Association and Past President of the
men.
Volume
Financial
143
Mr. Wood is said to have stated.
he
added,
directly with banks, and investment
bankers deal directly with investors."
The convention
will continue through to Sunday, Dec. 6, when it will adjourn
following the election of officers.
Edward B. Hall, (of
Harris, Hall & Co., of Chicago,) is slated to succeed Orrin
G. Wood (of Estabrook & Co., Boston) as President of the
Association.
1930
Germany
capita
Owing
dollar
figures
Federal Government
Asked by United States Chamber of Commerce
—Estimates 4,000,000 Persons Available for Em¬
ployment
Nov. 20, a report by its
Committee on Unemployment in which it was urged that
Federal work relief be gradually discontinued.
The com¬
mittee, which made, during the past six months, a study
of the unemployment situation, estimated the number of
employable unemployed persons at 4,000,000.
It said that
since March, 1933, approximately 8,500,000 were reemployed
in industry, of which number at least 3,000,000 were put to
work since May, 1935.
In concluding its report, the committee, besides urging the
gradual cessation of government work relief, listed the fol¬
Washington,
public in
on
lowing general conclusions:
Experience
accurate
has
figures
demonstrated
difficulty
the
unemployment through
on
and
lend themselves to
Employment is
basis
attempting
obtain
to
methods.
otherwise, and unemployment
local variations, seasonal and
many
is likewise local.
conducted
so
It
the
is
to
as
evident
services
public
should
relief
permitted
be
not
in
compete
to
less
further
private
In
and
be
should
of
enterprise
business
in
advance
declined
burden
tax
1,517.1
from
francs
Tax Collections
Total
$600,000,000
1930, a
6%.
y
they
collections
1930
to
risen
in
were
17% lower in 1934-35 than in 1929-30,
Tax collections in the United King¬
13% lower.
were
the other hand,
on
Tax
for the fiscal year
peak of $10,266,000,000
3% larger in 1934-35 than in 1929-30.
States declined to a marked extent from
were
the
United
1933 they have
annually.
when they totaled
1933,
Since
$7,501,000,000.
United Kingdom
have been remarkably stable in recent years.
From £864,000,000 in the
fiscal year 1929-30 they rose, without marked fluctuations, to £908,000,000
in the fiscal year
1935-36.
The stability of collections has been due
largely to the fact that British fiscal policy has continually emphasized
the necessity of a balanced budget.
Accordingly, tax rates were adjusted
and other changes were made to keep the budget epproximately balanced.
The National Government, moreover, has not relied on income and profits
taxes, receipts from which tend to decline sharply under adverse con¬
In
contrast
the United
to
unduly large proportion of its revenues.
an
collections
Tax
States, tax collections in the
in
declined
Germany
reichsmarks
14,379,000,000
from
1929-30 to 10,280,000,000 reichsmarks in 1932-33. After
that year there was a substantial improvement, total collections for the
fiscal year 1934-35 aggregating 11,892,000,000 reichsmarks.
Total tax collections in France amounted to 62,548,000,000 francs in
of
activities
now
persons
will
work
on
Since
1934
total
Relative
the
RELATIVE
amounted
total
in
of
expansion
facilities
in
the
tax
to
SINCE
CHANGES
are
the per capita tax
shown in the following table:
in
(INDEX NUMBERS,
1929-30
For
48,684,000,000 francs.
collections and
countries studied
four
substantial annual declines.
there have been
year
collections
changes
burden for
require
that
tax
1929-30=100)
at
relief
1929-30 1930-31 1931-32 1932-33 1933-34 1934-35
Amounts—
immediate
is
Federal, State and local, estimated at $9,650,-
Germany, tax collections
in France
dom,
expense.
There
the all-time
than
decline
1929.
any
workers to seek private employment.
encourage
that
in
in
capita
per
Total United States taxes,
privat enterprise for workers, skilled or unskilled, and should
degree with
be
work
it
000,000 for the fiscal year ended in 1935, were approximately
ditions, for
Projects of work relief should not be allowed to take the place in any
of
1935.
in the fiscal year
degree of established agencies for performance of government functions.
Projects
and
from
reichsmarks
Trends in
necessarily inaccurate
are
exaggeration.
local matter, with
a
of
census
Estimates of unemployment on a national
Germany
French
During the same period the
to $94.15.
difficult to give comparable
France.
The German per capita tax
224.87 reichsmarks in the fiscal year
the fiscal year 1934-35.
In the same
in
fluctuations,
decreased
181.36
the
$75.67
in
1,160.8 francs.
by
The directors of the United States Chamber of Commerce
made
for
to
increased
has
capita tax burden advanced from $90.83
per
currency
however,
to
Relief
Work
of
to
burden,
period
Curtailment
with
Kingdom's
United States,
the United Kingdom.
Per
States amounted to $83.40 in the fiscal year
but
the United
compared
as
capita tax burden has declined in the
per
France,
in
taxes
1930
United
the
and
1929-30
/
.
Since
"Government financing"
"deals
3563
Chronicle
and
States
United States
100
91
79
73
85
94
skill, to obtain training that will fit them for employments through which
United Kingdom
100
102
106
105
103
103
100
98
85
71
74
83
they
Germany
France (a)
...
80
78
communities
for
and for workers desiring to increase their
people,
young
advance their standards of living in accordance with
can
their own
capacities and diligences.
Per
As to the further contents of the report,
we
take the fol¬
100
.
...
.
.
Capita—
United States
100
90
78
72
83
91
United Kingdom
100
102
105
103
101
101
lowing from Washington advices, Nov. 20, to the New York
Germany
100
98
84
70
72
81
"Herald Tribune"
France
100
78
77
"The committee
relief
the
taken
upon
concluded.
lay emphasis
"The committee must add that,
always
are
considerable
a
to
for
There
be
can
when
is
at
of
does
it
course,
have to
danger that,
present
be
evidence
enterprise in
the devel¬
total, according to a
conditions."
Chairman; L. K. Comstock,
Woolford.
.
in
many
An
usually appears
activities
as
Com¬
Other
shortage of
major
it
clear
there
is
already
several industries.
increase after
a
a
Such
a
mates
shortage
depression."
Conference
tions
Board
However Finds
Ratio of
Lower in
This
Collec¬
Country
collections
Tax
are larger in the United
States than in
Kingdom, Germany or France, but the ratio of
the
United
tax
collections to national income is lower, according to a
recently published by
study
Board.
ference
last
the
United
for which
year
the
States
data
National
are
Industrial
collections
tax
available,
for
are
Con¬
1934-35,
estimated
at
$9,650,000,000.
At current rates of exchange, tax collec¬
tions for a comparable year amounted to $4,347,000,000 for
the
United
Kingdom, $4,674,000,000 for Germany, and
$2,566,000,000 for France.
In announcing its study, on
Oct. 26, the Conference
a
of
the
more
four
countries
points
to
increased
studied,
perceptibly
largely to declines in
out,
the
national
ratio
income
tax
same
the ratio
of tax collections
dom,
are
Conference
three-fourths
Board
points
that
a
substantial
gain
will be
of
out,
income from manufacturing,
received in the northeastern section
the total
is
Of the total estimated income for 1935, the Middle
States.
Atlantic States received
84%, the East North Central States 80%, and the
11.5%. New York alone received $2,014,000,000, or
17% of the total.
Pennsylvania, the second largest manufacturing State,
received an estimated $1,352,000,000, or nearly 12% of the total.
Salaries and wages are by far the largest single type of income con¬
tributed by manufacturing indlustry and account for 80% to 85% of the
total.
Dividends, the eecond largest type of payment, account for 12%
to 15% of the total.
The remaining 4% or 5% of income from manu
facturing is made up of entrepreneurial income, interest and net rent.
New
England States
ITEMS
ABOUT
BANKS,
tax burden
with
a
year.
1929-30
$83.40
in
during the depression years.
This
national income than to advances in
TRUST
COMPANIES,
&c.
States amounted to $75.67.
This
for
capita tax collections
the
United
Germany.
States,
were
$59.47
$90.83 for the United King¬
for France, and $53.56 for
The previous transaction
Nov. 25.
on
Arrangements were completed Nov. 30 for the sale of a
Chicago Stock Exchange membership at $3,000, down $500
from the last
previous sale.
»
The
New York
Sugar Exchange membership
Coffee and
Stuyvesant Fish was reported sold Dec. 3 to Herman B.
Baruch at
$3,200, unchanged from the last previous sale of
Dec. 1.
#
com¬
capita burden of $94.15 for the United Kingdom in the
According to these figures, per capita taxes in the United
approximately 24% larger than in the United States.
per
per
S. Webster at $89,000.
$95,000,
♦
of
are considerably lower
For the fiscal year ended in 1935 the per
the United
at
to
capita basis, taxes in the United States
per
Kingdom are
In
1929,
1936.
the United
was
Capita Tax Collections
in the United Kingdom.
capita
pares
$18,000,000,000 in
to Morton
local,
Per
On
over
for
study
and
the fiscal year 1929-30 the ratio of tax collections to national income
14.1% for the United States, 21.4% for the United Kingdom, 18.9%
Germany, and 25.5% for France.
than
little
a
advent of the depression, and in 1932 and
From this low point it has risen
indications
Preliminary
for
was
$8,500,000,000.
for
the
State
In
for
than
the United Kingdom the ratio was 24.4% for 1933-34;
22.7% for 1934-35, and for France, 27.4% for 1934.
States,
taxation.
was
giving income by States for the other
18%
income
due
was
the first time esti¬
individual States.
the
total
each
national
for
of
of
United
Federal,
For
Germany,
In
manufacturing
rapidly with the
less
Approximately
the
be ready shortly
each
was
collections,
1935.
was
recorded
of
in
Arrangements were made Dec. 1 for tbe transfer of
Arthur E. Wheeler's New York Stock Exchange membership
the
For
Board said:
from
dropped
steadily.
France—National Industrial
Income
National
to
or
will
study makes available
manufacturing
industries.
1933
Kingdom, Germany
from
studies
salaries, wages,
is taken, continued:
Board's
Income
but
United States Tax Collections Larger Than in United
the foregoing
Conference
income
manufacturing in
other payments at $12,000,000,000.
issued by the Board on Nov. 7, from
and
of
The
relatively Bmall national
and reports coming from Chambers of
make
interest
announcement
which
The
sections and in
receipts from
dividends,
skilled workers has become evident.
among
trade associations
labor
the
estimates
.
.
study recently published by the Na¬
Board.
In 1935 the Board
Conference
Industrial
tional
members of the Chamber,
unmistakable,
seems
and
merce
skilled
largest industrial source of the
contributing 20% to 25% of the
national income, generally
analysis which has proved possible, and in the reports received
figure for unemployment
the
advancing
discussing employment the committee said:
organization
is
enterprise in
Daniel W. Streeter, Alexander Thomson and T. Guy
each
Manu¬
Income
/Manufacturing
substitute for private
no
Finds
Board
ceasing to
George S. Hawley, P. W. Litchfield', Redfield Proctor, Charles C. Sheppard,
from
for 1929, 1933, and 1934.
Greatest Industrial Source of National
facturing
made
of private
functions
The report was signed by John W. O'Leary,
"In
---
---
Conference
Industrial
National
Those gradual steps should
adjustments
its function, this activity will under¬
persons as
of the
some
There
recovery.
scale.
unemployed
replace
essential
opment of improved economic
In
(a)
The data for the French National Government are
a
convictions that work
its
upon
sudden and instantaneous stoppage.
which
have work
take
to
provided by the Federal Government should be brought to a close,"
as
report
not propose
be
of Nov. 21:
desires
A
membership
$4,500,
up
$100
on
Chicago Board of Trade sold Dec. 4 at
over
last transfer.
»
At
a
Coffee
meeting of the Board of Managers of the New York
and
Sugar Exchange,
Inc., held
Dec. 2, it was re-
Financial
3564
close the
solved to
Exchange for trading purposes on the
Dec. 26, and the Saturday
Saturday following Christmas,
following New Year's Day, Jan. 2, and also at noon on both
Thursdays preceding those two holidays.
The New York
Cotton Exchange has also voted to close on the Saturdays
following Christmas and New Year's Day.
At its regular monthly
Directors
of
voted
its
meeting, held on Nov. 13, the Board
Savings Banks Trust Co., New York,
dividend, it is learned from the Nov. 27
of
"Association News Bulletin" of the Savings Banks Associa¬
of the
State
of New York.
The dividend,
which
tion
amounts to $1.50 a share for the auarter ending Oct. 31,
1936, is payable to stockholders of record Nov. 13.
At a meeting held Dec. 3, thb Board of Directors of the
Public National Bank & Trust Co., New York, recommended
payment of a 20% stock dividend, and
an increase in capi¬
surplus to $7,000,000 each, it was announced by
Chester Garsten, President.
Four thousand shares of
tal
additional capital stock will be authorized and sold at
ratification by
the stockholders.
Alexander B. Dewar
of the Board of Directors
associated
Dec. 1.
on
Mr. Dewar has been
withjhe bank since 1916.
♦
"
Future liquidation by the deputy receiver now will
dividends
on
The
loeated^at the .Continental's branch office at 38th St.
7th Ave. I Prior to going with the .Continental, he was
identified with the Sterling National Bank and Trust Co.
regular meeting of the Board of Directors of
Sterling National Bank & Trust Co. of New York City.
Edward W. Russell
The
National
elected
was
an
Safety Bank & Trust
Co., of New York,
Nov. 27 from the Comptroller of the
Currency to open a branch office at 1400 Broadway.
•
At
meeting of the Board of Directors of the Guaranty
Trust Company of New York on December 2, Frederick P.
a
Keppel, President of the Carnegie Corporation of New York,
elected
was
Hamilton Hadley, a member of the firm of Winthrop,
Stimson, Putnam & Roberts, 32 Liberty Street, New York
City, and Francis T. P. Plimpton, a member of the firm of
De Bebevoise,
Stevenson, Plimpton & Page, 20 Exchange
Place, New York City, were elected members of the Board
of Trustees of United States Trust
at a
meeting
Company of New York
Dec. 3.
on
»
The board of
directors of Bankers Trust Co., New York
City, passed the following resolution
Resolved,
staff
that
Trust
commission
basis)
of business
Dec.
each
employee
apply only
of
$5,000
distribution
a
Bankers
of
who
are
1936,
12,
the
during
that
to
per
Co.
portion
annum
or
be
made
(exclusive
on
of
the payroll
to
on
that it
of
year
all
salaried
and
members
of
of the company
of
salesmen
stands
a
This
distribution
salary which
is
at
requiring
$111,820.
the rate
le66.
Tbe dispatch also said that the bank owes de¬
$1,776,917.82.
This is the first dividend paid,
amounting to 10%.
positors.
positors
♦—
Judge Martin of the Court of Common Pleas
According to the Boston "Transcript" of Dec. 3, stockhold¬
ers of the Quincy Trust Co. of
Quincy, Mass., have voted to
increase the bank's capital
by $100,000 through additional
$10 par common shares to be sold at $15 a share, making
total capital $550,000, of which $300,000 is preferred stock
and $250,000 common stock.
The Mechanics National Bank of Providence, Providence,
a
payment
Dec. 7 of
on
a $1,100,000 dividend to the in¬
The Toledo "Blade" of Nov. 21, report¬
stitution's depositors.
ing this, also said:
Judge Martin said his approval of the Commerce-Guardian plan envisions
addition of two new directors, representing "average" depositors, to
the
Board
that
Martin
action
the
first
"I
the
the
of
Associated
Depositors,
add the
to
annual
do
he
said
not want to
the
the
to
declared
shares
of
a
4,000-share stock dividend to
in the ratio of
ers
one new
held.
now
and
sharehold¬
common
share for every two
and one-half
In noting this, the Providence "Journal"
Nov. 24 stated:
.The
$25
new
The
issue
common
stock,
as
well
as
the old shares,
4,000
shares
purpose
of
preferred
stock
retired
There remains $150,000
outstanding.
The
of
the
action
was
to
a
in
amount
equal to the
par
represented
of preferred
reduce
preferred stock while leaving total capital the
stock
has
par
value of
the
same
40%
of
the
stock outstanding.
amount
of
by issuing
outstanding
liquidate
the
Board
laquidating directors
would
be taken
after
a
10% dividend,"
of these
assurance
with the fullest confidence."
statement
said
claims
the
against
plan will
new
not change
the status of double
stockholders.
Stockholders of the Union Trust Co. of Indianapolis, Ind.,
have approved the directors' proposal to issue 4,000 shares
of additional capital stock, Arthur V. Brown, the President,
has announced.
The
shares are to be offered to present
share, adding $1,000,000 to the capital
account and giving the company a total of $3,401,000 in
capital, surplus and undivided profits.
We also quote fur¬
ther the following from the Indianapolis "News" of Nov. 19:
stockholders at
Growth
of
the
to
deposits,
$40,000,000
$250
company's business necessitated
Mr.
Brown said.
was
Reference
new
a
larger ratio of capital
a
Deposits have increased
33%, while
gain
a
shown in trusts, according to Mr. Brown.
was
made to the proposed issuance of the new
shares in the "Chronicle" of Nov. 14, page 3085.
*
From the "Michigan Investor" of Nov. 28 it is learned that
the segregated assets of the Genesee County
of Flint, Mich., will shortly be liquidated in
Savings Bank
full, when the
institution will release $2,119,444.65 (representing remaining
23%% of impounded deposits aggregating $1,878,274, to¬
gether
with
interest
June, 1933)
County
the
on
to depositors.
trustees
were
named
Savings
was
Bank
total
in
June,
reopened',
was
$3,868,051.25.
impounded
We quote the
1933,
the
the
at
unpaid
funds from
paper:
time
portion
the
of
Genesee
depositors'
In the early days of the banking holiday 6%
paid and 50% of the remainder when the bank reopened.
was
Depositors with amounts under $100, who presented their certificates in
March, 1935,
former
funds
17,
nearly $2,000,000.
or
June,
payoff
Chairman of the Board of Directors.
now
received one-half
of
their
impounded aic-
This brought to 76%% the total impounded
principal
with
23%%,
present
remaining
from
paid in full from funds advanced by Arthur G. Bishop,
of the bank and
1935, depositors
paid out.
The
the
were
President
Oct.
counts,
and
1933,
with
totaling
interest
on
$1,878,274.27,
the
total
funds
represents
impounded
of $2,119,444.65.
makes the total
That trustees of the First National Bank of St. Louis,
Mo., and its affiliated corporations, had declared an extra
dividend of 50c. per trustees' certificate, payable Dec. 15
holders of
record
Dec.
5, was announced
on
by Ralph C.
Nov. 27, it is learned
from the St Louis "Globe-Democrat" of Nov.
28, which like¬
wise stated:
The regular quarterly dividend of $1 a certificate was also declared,
payable Jan. 2 to holders of record Dec. 19.
With the extra dividend cer¬
tificate holders will have received
The
share.
a
will
delay the immediate payment of
am unhesitatingly accepting the
"so I
Gifford, President of the institution,
of $25
the
in January.
to
the par value
of
assurance
directors
new
meeting
Judge said,
liability
had
outstanding preferred
at
which
Inc.,
...
Judge
R. I., at the close of business Nov. 23 retired 4,000 shares of
stock
Nov. 21
on
plan for the private liquidation of the closed
Commerce-Guardian Savings Bank & Trust Co. of Toledo,
Ohio. Judge Martin's action, it is stated, will make possible
approved
On
1
bank by $372,000,
According to Lima, Ohio, advices on Nov. 30, appearing
"Blade," W. F. Watts, liquidator of the Lima-
accounts
shall
fourth
today at $16,330,000.
the
on
of the close
as
a
the
was
First American Trust Co., on that day began tbe distribu¬
tion of dividend checks aggregating $212,000 to 8,000 de¬
5% of the salary paid to
1936.
employee's
an
1:
payment
in tbe Toledo
When
officers
of amounts equal to
calendar
Dec.
these
of
liquidation
the
The court's award increased the deposit liability of the
of
director.
a
of
speed
was
made possible
money
the payment
accounts,
so
Assistant Vice-President.
received authority on
the
upon
provide cash directly
amount of the
and!
time
obtained by Dr. Harr in February,
5% dividend! payment to the 63,600
by the Franklin Trust and
brought the total distributed to $4,789,000, or 30% of the deposit liability.
Following a decision by the Common Pleas Court here, savings account
depositors were paid 30% of the accrued and unpaid interest on their
gentlemen
ACT the
however,
The
depositors.
The
^
The
depositors.
original loan from the RFC
and the
1935,
Dec. 1
Mr. Freund
will be
depend,
to
assets.
the
appointed Walter Freund Assistant Treasurer.
dividends
additional
for
bank.
-
The Continental Bank & Trust Co. of New York
and
continued:
paper
the
appointed Assistant Cashier of
The National City Bank of New York at the
regular meeting
was
Dr. Luther A.
by the Reconstruction Finance Corporation.
Harr, State Secretary of Banking for Pennsylvania, an¬
nounced, it was said, that the deputy receiver of the Frank¬
lin Trust Co. has completely repaid the $819,809 due the
RFC and against which the collateral was pledged.
The
auc¬
tion, due, it is stated, to the inadequacy of the amount of
said shares offered as a satisfactory offering for subscrip¬
tion thereto by stockholders.
The resulting capitalization
will then be:
Capital, $7,000,000 (400,000 shares of $17.50
par value), surplus $7,000,000, and undivided profits esti¬
mated at approximately $1,200,000,
including anticipated
earnings and $300,000 to be transferred from reserve.
As
of Sept. 30, 1936, these items were, respectively:
Capital,
$5,775,000;
surplus,
$6,225,000,
and
undivided
profits,
$2,400,000. These proposed changes, it is noted, are subject
to the approval of the Comptroller of the
Currency and
probably 15% can be paid, were freed
Nov. 26 to the closed Franklin Trust Co. of Philadelphia
on
and
E,
S. 1936
future dividend of
a
the
first
Dec.
Chronicle
First
$250,000 by
a
total
National
transfer
capital
undivided
Bank
in
total of $5 per certificate in
announced
of this amount from
and surplus for
profits
a
also
excess
of
the
bank
an
increase
undivided
of
in
profits.
$3,000,000,
in
1936.
surplus
This
of
gives
addition
to
$400,000.
new common
value of preferred stock retired.
A
special meeting of the stockholders of the Mutual Bank
Louis, Mo., has been called for Jan. 28,
& Trust Co. of St.
The
Philadelphia "Record"
the statement
of Nov.
that assets valued at
27 is authority for
$2,400,000, from which
next,
16
to
2/3%,
authorize
or
$8.33
the
per
payment
$50
par
of
a
stock
dividend
of
value share, on the capital
Financial
Volume 143
stock of the institution.
in cash which has
This is in addition to a total of
4%
The St. Louis
28, from which this is learned,
already been paid this year.
•'Globe-Democrat" of
Nov.
added:
Total
deposits of
the Mutual Bank & Trust
Co.
are
now in
excess
of
advances foNthe
day were Babcock
Wilcox, 2 points to
132; Youngstown Steel Door, 3%fpoints to 62 and National
Steel Car, Ltd., 5 points to 51.
The movements of prices were toward lower levels during
most of the dealings on Wednesday.
There were a few issues
the public utilities that moved against the trend and
instances registered new tops, but most of these were
in the preferred group.
In the general list prices were off
among
$7,000,000.
in
The
Comptroller of the Currency on Nov. 24 authorized
Association
the Bank of America National Trust & Savings
to maintain a branch in the
(head office San Francisco)
City of San Bernardino, Calif.
The
Comptroller of the Currency on Nov. 19 authorized
National Trust & Savings Association
the Bank of America
to maintain branches at the
(head office San Francisco)
town
of
the town
Downey and
of Montrose, both in Los
Angeles County.
*
The Security-First
National Bank of Los Angeles, Calif.,
Comptroller of the Currency to
in the City of Vernon, Los Angeles
has been authorized 'by the
maintain
branch
a
County.
.
We learn from the Portland "Oregonian" of Nov. 24 that
the
new
Junction
National
Bank
Bank
Junction
of
of
City, Ore., branch of the United States
Portland (formerly the First National
City, the stock of which was purchased
was opened for busi¬
recently by the Portland institution)
ness
on
paper
All
23 with
Nov.
added:
C.
B. Washburne as Manager.
"
r
The
;
employees of the former First National Bank of Junction City were
kept by the new owners.
♦
The
Board
Colonial
of
and
Directors
Overseas),
per annum on
on
of
Barclays
Bank
(Dominion,
London, have recommended a
ended Sept. 30 at the rate of 8%
in
final dividend for the year
dividend
3565
Chronicle
the cumulative preference shares and a final
the A and B shares at the rate of 6% per annum,
subject to deduction of income tax at 4/5 pence in the pound
sterling in
all cases,
making, with
the dividend
paid
last
June, 5%% for
the year.
These rates are identical with
those declared for the corresponding period a year ago.
The Board of Directors of The Standard Bank of South
Africa, Ltd., (head office London) has resolved, subject to
audit, to pay to the shareholders an interim dividend pay¬
able in British currency of five shillings per share (being at
the rate of 10% per annum) subject to British income tax.
The bank announced that its investments on Sept. 30,
1936, stood at less than market value in the books and that
alHisualjmd
necessary
some
from 1 to 3
or
more
evenly divided.
New tops were registered by a number of
trading favorites in the utilities including Bell Telephone of
Canada, Canadian Hydro-Electric first pref., Central Hud¬
son Gas & Electric, International Hydro-Electric pref. and
Northern Indiana Public Service 6% pref.
Wayne Pump
was active in the early dealings and advanced to 36% but
slipped back to 36 at the close.
The declines included
among others Aluminum Co. of America 3% points to 132,
Penn Salt 5% points to 161%, Brill Corp. pref. 4 points to
46 and Great Atlantic & Pacific Tea Co. nv stock 1% points
to
120%.
whole, moved irregularly downward on
Friday, though there were a number of popular speculative
stocks among the specialties and utilities that were able to
make small gains and hold them to the end of the session.
These included among others Alabama Power 2 points to
72, International Hydro-Electric pref. 3% points to 24,
New York Telephone pref. 2% points to 119%, Pepperell
Manufacturing Co. 3% points to 146 and Youngstown Steel
Door 2% points to 64%.
As compared with Friday of
last week the range of prices was toward levels, Aluminum
Co. of America closing last night at 132 against 140 on Fri¬
day a week ago, American Light & Traction at 21 % against
22, Commonwealth Edison at 113 against 113%, Electric
Bond & Share at 20 against 20%, Fisk Rubber Corp. at
10% against 11%, Ford of Canada A at 22% against 23,
Hudson Bay Mining & Smelting at 31% against 32%, In¬
ternational Petroleum at 34% against 36, Lake Shore Mines
at 58% against 60%, New Jersey Zinc at 77% against 79%,
Standard Oil of Kentucky at 19% against 20% and Wright
The market, as a
Hargreaves at 7% against 8%.
TRANSACTIONS
DAILY
135.
Trading was quiet and prices were generally irregular on
Monday, and while there were a number of new tops recorded
during the session, the volume of business simmered down
to 575,000 shares against 418,075 for the two hour session
on Saturday.
American Hard Rubber was the feature of the
trading as it climbed upward to 38% at its high for the day.
Babcock & Wilcox again raised its top and new high ground
was reached by Bunker Hill-Sullivan, Cuban Tobacco, United
Gas pref. and Dayton Rubber A.
Smaller gains were regis¬
tered by Brown Co. pref. which advanced 2 points to 4534,
United States Radiator pref. 3 points to 54; Lynch Corp.,
1 % points to 44; Pittsburgh Plate Glass (A6), 1% points to
133%; Pepperell Manufacturing Co., 1% points to 149 and
Youngstown Steel Door, 4% points to 58%.
Higher prices and larger volume of transfers marked the
dealings on the Curb Exchange on Tuesday. Public utilities
were in demand at improved prices and there was a sub¬
stantial increase in the buying among the specialties. Mining
and metal shares displayed renewed activity and moderate
trading among the oil shares was in evidence throughout the
session.
Rubber stocks were represented on the side of the
advance by Fisk Rubber pref. which moved ahead 2 points
to 76 and smaller gains were made by General Tire & Rubber
and Seiberling Rubber. Other prominent issues registering
THE
AT
NEW
YORK CURB
EXCHANGE
Bonds (Par Value)
Stocks
(Number
Week Ended
Foreign
of
Shares)
Dec. 4, 1936
I THE] CURB EXCHANGE
advances and declines were about
but in the general list the
provisions have been made.
Irregularity has been the dominating feature of the trading
on the New York Curb Exchange during most of the present
week, but there has been a moderate upward tendency at
times and a number of the market leaders have registered
substantial advances.
Specialties have been in demand and
increased interest has been apparent in the mining and metals.
Active dealings and advancing prices were the outstanding
characteristics of the two hour session on Saturday.
The
transfers totaled approximately 418,075 shares against 293,110 on Nov. 21.
Public utilities attracted considerable buy¬
ing, and while the gains were not particularly large, most of
the trading favorites in this group closed on the side of the
advance.
Specialties also were in demand, especially the
preferred stocks many of which registered substantial gains.
New peaks for the year were reached by Babcock & Wilcox,
National Steel Car, Mercantile Stores, United States Radi¬
ator pref., New Haven Clock, National Gypsum, Brown &
Co. pref., St. Regis Paper pref. and Public Service of North¬
ern Illinois.
Other noteworthy gains were American Hard
Rubber, 5% points to 34% and Dow Chemical, 3 points to
points, the declines including among
others, Pepperell Manufacturing Co., 4 points to 145%; Penn
Salt Co., 2% points to 167%; iJ. S. Playing Card, 3 points
to 34%; Childs Co. pref., 1 point to 81; Brown Co. pref.,
3 points to 44%; Fisk Rubber pref., 2 points to 74; Aluminium
Ltd., 2 points to 63 and Jones & Laughlin Steel, 1% points
to 80%.
Public utilities were inclined to work higher on Thursday,
Foreign
Governm't
Domestic
Corporate
$1,395,000
2,563,000
2,679,000
2,218,000
2,633,000
2,626,000
3,368,135 $14,014,000
$269,000
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$63,000
66,000
$17,000
418,075
574,665
636,270
608,865
488,825
641,435
Saturday
59,000
57,000
70,000
47,000
47,000
68,000
48,000
36,000
31,000
$340,000 $14,623,000
Jan 1 to Dec. 4
Week Ended Dec. 4
Sales at
Total
$1,475,000
2,688,000
2,783,000
2,335,000
2,649,000
2,693,000
New York Curb
Exchange
1935
1936
1935
1936
3,368,135
2,108,185
122,523,092
67.971.016
$14,014,000
$19,903,000
455,000
305,000
$742,521,000
16,812,000
12,138,000
$1,076,768,000
269,000
340,000
$14,623,000
$20,663,000
$771,471,000
$1,104,023,000
Stocks—No. of shares.
Bonds
Domestic
Foreign government...
Foreign corporate
Total
15,223,000
12,032,000
Course of Bank Clearings
Bank clearings
this week will show an increase compared
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Dec. 5)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 18.3% above
those for the corresponding week last year.
Our preliminary
total stands at $7,496,550,749, against $6,336,257,020 for
the same week in 1935.
At this center there is a gain for
the week ended Friday of 20.0%.
Our comparative sum¬
mary for the week follows:
with
a
year ago.
upon
Per
Clearings—Returns by Telegraph
Week Ending Dec. 4
1936
1935
Cent
+ 20.0
Boston
239,277,000
Kansas City
85,659,056
86,200,000
149,043,000
127,867,416
109,064,268
81,615,643
66,527,877
32,905,000
3,211,505,357
268,765,464
337,000,000
212,000,000
77,122,084
75,900,000
139,278,000
103,202,684
82,329,992
62,832,681
53,499,911
36,353,000
$5,497,924,757
749,200,867
$4,659,789,173
705,400,245
+ 18.0
five days
$6,247,125,624
1,249,425,125
$5,365,189,418
971,067,602
+ 16.4
week.
$7,496,550,749
$6,336,257,020
+ 18.3
$3,852,962,442
298,803,055
368,000,000
New York
Chicago
Philadelphia
St
Louis
San Francisco
Pittsburgh
Detroit
_
-
-
...
Cleveland
New Orleans
Twelve cities,
Other cities, five
,
five days
days
Total all cities,
All cities, one day
Total all cities for
—
T
+ 11.2
+ 9.2
+ 12.9
+ 11.1
+ 13.6
+ 7.0
+23.9
+ 32.5
+29.9
+ 24.4
—9.5
+6.2
+28.7
3566
Financial
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
for
week
the
For that week there
previous—the
was
week ended Nov. 28.
an^increase of 8.4%, the aggregate
clearings for the whole country having amounted to
$5,816,568,305, against $5,363,466,451 in the same week
in 1935.
Outside of this city there was an increase of 13.7%,
the bank clearings at this center having recorded a gain of
5.2%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record an improvement of 5.2%, in the
Boston Reserve District of 17.1% and in the Philadelphia
Reserve District of 12.16%.
In the Cleveland Reserve
Richmond
register
an
District
Reserve
Month of
expansion of 26.7%, in the
of
Stooks, number of shares.
Bonds
State, foreign, &c., bonds
42,198,000
volume
transactions
of
1st
Boston.
2nd
New York. 12
12 cities
1935
$
$
following:
1936
Month of
1934
Philadelphia 9
Cleveland.. 5
"
369,025,133
329,079,213
"
273,296,772
215,660,655
+26.7
Richmond.
"
103,837,852
+13.2
6th
Atlanta
10
"
131,235,364
114,917,302
+14.2
93,996,780
Chicago... 18
442,925,966
401,239,207
+10.4
300,033,203
St. Louis..
129,647,861
112,807,522
+14.9
91,626,710
82,147,017
"
88,436,581
76,015,011
65,550,213
65,632,274
4
9th
19,409,132
14,404,525
15,850,057
54,565,349
56,829,952
29,900,904
49,663,714
141,296,205
58,129,049
39,609,538
20,613,670
21,428,647
First quarter
22,408,575
30,439,671
22,336,422
29,845,282
25,335,680
16,800,155
52,896,596
104,213,954
125,619,530
May
June
Second
81,651,855
75,184,668
71,981,117
282,730,080
124,848,382
213,277,322
340,859,129
34,793,159
26,563,970
30,872,559
29,427,720
42,925.480
34,726,590
21,113,076
16,690,972
12,635,870
120.271,243
42,456,772
43,333,974
107,079,790
50,439,918
206,061,989
231,928,172
263,717,240
546,921.118
43,995,282
46,658,488
50,467.182
198,005,988
186,492,064
92,229,688
352.984,228
Nine months
2,932,506,564
57,459,775
15,659,921
20,870.861
39,372,212
33,646,666
155,008,129
October
232,804,191
90,611,354
20,096,557
260,754,540
quarter.
Third quarter..
249,593,570
8th
"
"
203,317,225
2,701,256,008
274,782,398
18,718,292
19,314,200
67,201,745
60,884,392
51,016,548
__
April
•
80,427,586
7th
117,504,873
No. Shares
March—
$
3th
6
1933
No. Shares
179,102,685
January
February
1933
4th
230,885,890
3,420,603,757
1934
No. Shares
August
September
+ 17.1
+5.2
+ 12.1
270,169,253
3,597,578,714
"
1935
No. Shares
July
S
Dec.
the
on
1933 to 1936 is indicated in the
Inc.or
1936
properties
the 11 months of the years
Six months
28, 1936
share
in
New York Stock Exchange for
SUMMARY OF BANK CLEARINGS
3rd
$290,695,000 $301,977,000 $3,220,995,000 $3,025,029,000
Total bonds
The
344,932.000
653,480,000
308,147,000
295,509,000
28,995,000
19,252,000
34,941,000
U. S. Government bonds-
districts:
Reserve Dlsts.
336,046,435
447,446,692
57,459,775
50,467,182
1935
1936
1935
Railroad and misc. bonds $213,556,000 $253,730,000 $2,617,339,000 $2,026,617,000
13.2% and in the Atlanta
14.2%.
The Chicago Reserve District
has managed to enlarge its totals by 10.4%, the St. Louis
Reserve District by 14.9% and the Minneapolis Reserve
District by 16.3%.
In the Kansas City Reserve District
the increase is 17.3%, in the Dallas Reserve District 22.4%
and in the San Francisco Reserve District 4.8%.
In the following we furnish a summary by Federal Reserve
Week End. Nov.
11 Months
November
1936
Reserve District of
Federal
The results for
is appended.
November and the 11 months of 1936 and 1935 follow:
Description
of
District the totals
5,
detailed statement of transactions on
Our usual monthly
the New York Stock Exchange
has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results
Dec.
Chronicle
...
November
79,373,154
5
"
58,622,595
47,895,208
+16.3
+17.3
+22.4
38,783,148
"
218,851,649
208,873,469
+4.8
168,126,160
5,363,466,451
4,336,556,819
2,040,031,167
+8.4
+13.7
4,295,852,980
2,320,252,370
1,691,641,669
1,488,333,767
417,262,466
346,813,291
+20.3
305,143,668
covers
the clearings by months
145,248,727
5,816,568,305
following compilation
38,080,424
12thSan Fran.. 11
The
since Jan. 1, 1936 and 1935:
305,373,750
Minneapolis 7
10th Kansas City 10
11th Dallas
"
119,273,544
101,651,365
81,277,717
77,729,195
MONTHLY CLEARINGS
Clearinos, Total AU
Total
...109 cities
Outside N. Y. City
Canada...
32 cities
1936
We also furnish today a summary of the clearings for the
month of November.
For that month there was an increase
the
entire
body of clearing houses of 10.4%, the 1936
aggregate of clearings being $26,949,913,089 and the 1935
aggregate $24,406,878,036.
In the New York Reserve Dis¬
trict the totals register an increase of 11.2%, in the Boston
Reserve District of 3.8% and in the Philadelphia Reserve
District of 5.0%.
The Cleveland Reserve District enjoys
a gain of
16.5%, the Richmond Reserve District of 7.2%
and the Atlanta Reserve District of
15.6%.
In the Chicago
Reserve District the totals are larger by 9.4%, in the St.
Louis Reserve District by 11.4% and in the Minneapolis
Reserve District by 7.9%.
In the Kansas City Reserve
District the improvement is 15.1%, in the Dallas Reserve
District 16.5% and in the San Francisco Reserve District
4.1%.
1935
$
$
1936
1935
$
%
27,549,083,462 25,531,356,085 + 7.9 10,762,247,637
23,978,769,914 20,789,443,354 + 15.3 9,396,374,788
I
for
Clearinos Outside New York
Month
t
28,819,651,771 26,345,866,222
1
1st qu.
$
%
9,324,830,816 + 15.4
7,937,486,169 + 18.4
9,314,558,772 + 11.1
+ 9.4 10,348,016,547
80,347,505,147 72,666,665,661 + 10.6 30,506,638,972 26,576,875,757 + 14.8
April- 26,950,103,002 24,747,965,537
+ 8.9 10,746,681,952
May.. 24,666,269,906 24,906,974,535 —1.0 10,213,356,560
28,472,351,148 24,313,879,567 + 17.1 11,146,917,549
9,282,765,357 + 15.8
+ 4.9
9,733,457,076
9,311,838,284 + 19.7
June..
2d qu.
80,088,724,056 73,968,819,639
+ 8.3 32,106,956,061 28,328,060,717 + 13.3
6 mos.
160436 229,203 146635485,300
+ 9.4 62,613,595,033 54,904,936,474 + 14.0
July.
+ 3.9 11,724,678,194
27,172,984,681 26,157,298,201
Aug... 23,449,365,321 24,253,579,163 —3.3 10,670,677,473
Sept.. 26,278,709,400 22,882,967,911 + 14.8 10,992,032,860
3d
9,885,839,779 + 18.6
9,503,102,940 + 12.3
9,238,401,757 + 19.0
_
qu.
76,901,059,402 73,293,845,275
+ 4.9 33,387,388,527 28,627,344,476 + 16.6
9 mos.
237337288,605 219929330,575
+ 7.9 96,000,983,560 83,532,280,950 + 14.9
Oct... 28,511,682,845 26,337,645,767
Nov
We also furnish today a summary of the clearings for the
month of November.
._
+ 8.3 12,477,212,893 10,784,198,434 + 15.7
26,949,913,089 24,406,878,036 + 10.4 11,253,972,187 10,353.396,827
+8.7
The
course
of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
November
/
Federal
Reserve
Dists.
1st
Boston
2nd
NewYork__13
3rd
Phlladelphial2
4th
Cleveland.
14
6th
Richmond
8
"
14 cities
November
Inc.or
November
November
1936
.
1935
Dec.
1934
1933
$
$
$
$
1,215,933,835
1,171,947,943
+3.8
985,725,488
14,534,605,843
11,579,302,901
12,873,031,009
"
1,618,218,513
1,541,452,663
+ 11.2
+5.0
1,249,860,106
1,0/2,572,480
1,220,119,239
838,382,642
1,049,545,200
"
564,404,917
526,288,004
444,710,872
365,704,546
"
(000,000s
omitted)
"
638,089,017
"
450,922,205
417,783,228
"
765,788,665
665,145,576
+15.1
657,526,942
483,287,951
St.
11th Dallas
10
"
463,986,658
398,350,233
+ 16.5
314,883,139
316,443,252
Pittsburgh
12th San Fran..20
"
1,078,107,933
1,036,091,109
+4.1
847,604,567
735,773,510
San Francisco
26,949,913,089
24,406,878,036
19,539,*779,295
19,815,812,859
11,253,972,187
10,353,396,827
+ 10.4
+8.7
8,359,789,990
7,289,799,463
1,694,940,641
+2.4
1,432,455,225
1,364,587,197
Atlanta
16
"
657,179,815
568,677,125
7th
"
2,080,847,647
1,901,237,725
8th
Chicago
25
St. Louis.. 5
0th
572,726,107
489,631,725
396,438,438
1,199,734,778
New York
Chicago
419,516,406
479,524,525
,
Boston
326,066,322
Philadelphia
Louis
Baltimore
Total
164 cities
Outside N. Y. City
'
Canada
32 cities
1,735,144,338
1934
1933
1936
1935
1934
1933
$
$
$
$
$
$
S
720,092,634
1,421,3/2,44/
360,994,808
1935
$
Mlnneapollsl3
6th
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
We append another table showing the clearings by Federal
Reserve districts for the 11 months for four years:
Detroit
Louisville
Omaha
15,696 14,053 11,180 12,526 173,067 166,004 146,955 144,034
1,319
1,207
913
805
14,115
11.949
10,154
8,802
1,052
1,012
860
811
10,660
9,624
8,965
8,609
1,557
1,477
1,172
1,002
16,860
15,359
13,180
11,338
375
346
287
254
4,056
3,580
3,150
2,635
546
455
364
311
5,946
4,749
4,050
3.441
583
586
460
413
6,497
5,858
4,966
4,251
273
251
209
170
3,009
2,651
2,407
1,852
249
219
182
148
2,587
2,234
1,930
1,656
390
326
282
242
4,320
3,961
3,306
2.609
357
313
235
212
3,810
3,083
2,714
2,315
282
262
229
219
3,016
2,788
2,472
2,308
152
137
118
87
1,533
1,292
1,136
835
428
404
278
212
4,792
4,088
3,237
1,704
139
131
105
82
1,463
1,266
1,081
829
132
131
108
92
1,499
1,368
1,269
900
Providence
48
Milwaukee
11 Months
11 Months
Inc.or
11 Months
11 Months
1936
1935
Dec.
1934
1933
1st
Reserve
Boston
Dlsts
14 cities
$
S
2nd
NewYork..l3
3rd
Philadelphia 12
4th
Cleveland. .14
"
6th
Richmond.
"
6th
Atlanta
16
"
24
"
5
"
7th
Chicago
8th
St.
9th
Louis..
8
"
S
$
12,416,213,461
11,184,743,846 +11.0 10,331,532,172
9,908,5-73,017
178,333,061,520 170,986,021,506
+ 4.3 151,301,580,004 148,060,188,153
17,593,935,624 16,014,999,106
+9.9 13,769,545,329 11,897,940,294
13,380,151,329 10,963,276,178 +22.0
9,369,939,663
7,949,029,696
5,977,524,437
5,289,765,171 + 13.0
4,724,044,5-77
3,731,831,423
6,683,833,267
5,729,504,378 + 16.7
4,952,646,434
3,774,892,382
22,412,165,340 18,915,531,6/3 + 18.5 15,786,332,627 12,421,607,973
6,469,923,482
5,613,839,425 + 15.2
4,938,221,631
4,045,612,117
Mlnneapollsl3
"
4,735,317,020
4,357,889,895
+ 8.7
3,794,255,656
10th Kansas City 14
11th Dallas
10
"
8,304,701,499
7,409,304,577 + 12.1
6,330,916,823
"
4,687,288,087
3,817,224,841
"
11,805,043,561
10,391,753,482
+22.8
+ 13.6
3,396,385,4-79
12th San Fran..20
Total
..164 cities 292,799,158,627 270,673,854,378
Outside N. Y. City
Canada
32 cities
119,732,442,728 104,669,876,211
17,440,529,132
8,998,230,677
3,330,946,214
4,956,568,708
2,773,261,527
7,477,913,999
+8.2 237,693,630,972 220,328,365,503
+ 14.4 90,738,689,333 76,293,62o,105
15,411,515,606 + 13.2
14,479,509,508
13,562,786,868
43
35
33
481
417
373
347
80
73
60
46
925
753
633
510
Butfalo
141
133
110
100
1,523
1,230
St
112
103
90
74
1,161
1,103
683
139
123
96
90
1.334
1,341
1,069
1,143
78
66
55
45
774
661
546
448
Richmond
172
169
149
128
1,666
1,544
1,420
1,162
Memphis
121
94
85
82
923
745
687
Seattle
137
134
102
81
1,566
1,321
1,072
897
66
57
48
50
42
676
584
494
410
39
34
535
502
400
384
Paul
Denver
Federal
Jan. 1 to Nov. SO
1936
10th Kansas City 14
_
IN NOVEMBER
November
+ 16.0
+7.2
+ 15.6
+9.4
+ 11.4
+7.9
_
the subjoined statement:
BANK CLEARINGS AT LEADING CITIES
930,178,813
16,166,573,778
last four years is shown in
Indiana
Salt Lake'City
Hartford
Total
45
778
538
24,669 22,353 17,853 18,341 268,794 249,934 219,720 205,378
Other Cities
2,281
Total all
2,054
26,950 24,407
OutsldeNewYork.il,254 10,353
We
943
950
now
for each
add
our
1,687
1,475
24,005
20.740
17,974
14,960
19,540 19,816 292,799 270,674 237.694 220,328
8,360
7,290 119,732 104,670
detailed statement
90,739
76,294
showing the figures
city separately for November and since Jan. 1 for
two years,
and for the week ended Nov. 28 for four-years:
volume
Financial
143
CLEARINGS FOR NOVEMBER,
SINGE JANGARY 1,
1936
1935
$
First Federal Reser
Inc.
District—
re
River
Holyoke
Lowell
New Bedford
Springfield
Worcester
Conn.—Hartford
+ 11.4
1,171,947,943
+3.8
12,416,213,461
2,428,029
8,132,931
1,012,373,972
+4.6
3,011,970
1,874,771
1,295,697
3,361,688
+ 1.4
17,478,085
Water bury
7,281,800
I.—Providence
k. Total (14 cities)
Dec.
Inc.
1936
1935
or
Dec.
1934
1933
S
%
Boston—
16,912,943
6,764,291
48,350,449
15,154,027
7,103,900
43,146,200
2,037,075
N. H.—Manchester
or
%
—14.7
New Haven
1935
%
1,215,933,835
Po/tland
^
1936
30,010,718
99,838,300
10,660,269,718
30,396,794
17,211,790
16,840,696
32,823,583
145,537,982
84,617,245
535,079,911
184,942,985
70,990,200
481,035,500
26,618,039
2,539,790
8,476.397
1,052,392,894
3,053,926
1,667,342
1,557,334
3,367,912
14,418,389
8,495,917
45,028,537
Mass.—Boston
k*.
Dec.
47,906,000
2,269,512
Maine—Bangor
R.
Week Ended Nov. 28
at—
Inc. or
Fall
FOR WEEK ENDING NOV. 28
11 Months Ended Nov. 30
Month of November
Clearinos
3567
Chronicle
+ 4.2
+ 4.0
—11.1
+20.2
+0.2
+25.6
—6.9
28,364,883
82,964,913
9,624,492,641
+ 20.3
30,665,705
—0 9
16,633,262
15,034,494
30,651,237
131,539,692
64,351,093
502,122,253
158,248,997
60,430,900
416,567,500
22,776,276
+ 5.8
+ 10.8
+3 5
482,569
2,056,488
232,945,561
591,167
453,813
1,654,484
199,921,633
+6.3
+24.3
432,354
585,310
+16.5
+ 1.0
1,340,785
175,329,005
497,028
394,459
1,340,515
171,178,656
488,692
"
+ 12.0
271~404
~3~01~37i
—9*9
*217*703
*24*8*566
+ 7.4
567,300
2,724,175
1,767,286
10,580,648
612,020
2,791,123
1,284,009
—7.3
418,233
—2.4
2,203,991
+ 10.6
+ 31.5
+ 6.6
+37.6
934,539
—1.0
9,789,369
+43.1
3,129,741
502,291
2,587,041
1,062,442
8,480,992
3,302,164
7,39l",8o6
+23.2
+ 17.5
4,049,137
10,682,943
2,830.084
+ 15.5
13,63+700
498,818
9,259,500
509,600
+47.3
8","541",666
+ 16.9
—2.1
483,477
1,028,430
11,184,743,846
+ 11.0
270,169,253
230,885,890
+ 17.1
203,317,225
198,005,988
438 ,898,031
393,828,013
48 ,125,800
53,826,024
1.341 ,020,558
1,522,870,050
27 ,501,533
31,603,131
25 ,061,078
27,809,960
173,066,715,899 166,003 ,978,167
313 ,020,589
357,297,425
174 ,238,253
193,125,100
a 140 ,022,686
al54,662,019
140 ,330.371
174,152.351
18 ,192,333
18,565,957
828 ,319,430
903,389,686
1,588 ,699,376
1,547,734,867
38 ,636.287
42,143,057
—10.3
5,767,818
+ 13.1
768,404
27,100,000
+ 10.3
8,430,759
685,088
23,800,000
373,613
404,633
22,218,268
+ 11.2 178,333,061,520 170,986,021,806
+4.3
17,595,088
+22.0
+ 15.3
+ 2.5
+ 11.0
tm
Second Federal Res
Bingham ton
Buffalo
Elmira
Jamestown
New
District —New York—
erve
York
Rochester
Syracuse
Westchester County
31,515,148
36,714,192
4,386,267
4,122,897
133,300,000
141,131,143
2,583,917
3,054,578
2,378,300
2,712,484
15,695,940,902 14,053,481,209
30,329,262
31,763,323
15,456,654
16,408,817
al3,533,574
al2,992,698
+ 16.5
16,345,229
N. Y.—Albany
13,169,154
*1,700,000
85,285,572
127,534,619
3,860,022
1,628,048
81,458,116
161,359,158
3,560,610
+24.1
+4.4
Conn.—Stamford
N. J.—Montclair
Newark
Northern New Jersey
Oranges
Total (13 cities)
16,166,573,778 14,534,605,843
Third Federal Res
rre
District
Philadelphia
Reading
...
Wllkes-Barre
Fourth Federal Res
+ 16.7
44,397,000
1,641,823
934,345
+ 11.6
Cleveland
Columbus
Hamilton
Total (14 cities)
Fifth Federal Reser
i
W. Va.—Huntington..
Richmond
Sixth Federal Reser
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Columbus
Macon
Fla.—Jacksonville
—
Ala.—Birmingham
_
.
Mobile
Montgomery
Miss.—Hattiesburg
—
Jackson
Meridian
Vicksburg
Orleans
cities)
Seventh Federal Re
Mich.—Ann Arbor
Detroit
Flint
Grand Rapids
Jackson
Lansing
ve
Wis.—Madison
Milwaukee
Oshkosh
Iowa—Cedar Rapids..
Des Moines
Rockford
3,597,578,714 3,420,603,757
+ 18.2
2,865,194
al,659,931
2,609,158
326,382
16,490,486
,848,223.052
6,486,779
3,332,788
al .770.935
2,371,959
518,664
14,978,247
—15.2
35,798,968
24,673,626
+5 2
+ 11.8
+6.7
+6.7
+ 28.8
+31.3
,604,211 311
5,260,416
+6.2 2,701,256,008 2,932,506,564
202,866
182,112
+
12*3
244,435
304,541
a252,921
272,474
+37.2
13,473,486
+ 38.4
+10.3
248,055
314,295
84,065,957
48,262,540
17,070,291
22,656,159
+ 13.2
+ 24.9
1,342*893
1,043,834
+28.7
66+572
626",789
359,000,000
1.182,953
+12.5
+ 6.9
+ 11.9
2,069,506
—16.9
267,000,000
885,024
1,779,137
702,191
987,807
2.336,500
222,000,000
961,561
1,501,641
1,828,705
1,310,334
4,058,000
+ 12.1
274,782,398
232.804,191
b
15,359,000,000
56,682,957
102,664,373
45,708,336
60,701,819
417,662
a*350,000
+ 13.5
+9.8
+23.4
+ 11.8
76,188,388
2,233,687,705
3,083,237,788
478,471,300
21,072,505
9,400,403
57,728,047
102,191,322
6,959,357
4,367,774
10,896,412
4,749,313,921
54,248,658
75,512,598
+ 16.5
13,380,151,329
10,963,276,178
+60.3
1,543,857,419
46,117,203
69,730.319
2,651,458,600
14,607,232
848,077,977
+ 7.9
+ 9.9
13,073,814
117,284,000
1,666,406,969
53,876,991
83,555,235
3,008,984,725
15,960,144
1,018,382,559
+ 7.2
5,977,524,437
+0.3
166,579,626
726,706,166
2,330,500,000
55,371,478
34,516,582
187,128,100
17.593,935,624
b
b
+ 10.6
94,039,950
2,587,469,901
3,809,543,581
538,428,800
23,731,079
11,943,317
70,930,289
125,706,532
8,692,956
5,202,336
14,027,601
5,945,633,683
56,938,304
87,863,000
+ 13.6
+ 14.1
+ 16.7
+ 19.9
+25.3
+63.6
+ 12.0
+ 19.8
+ 14.3
826,874
10,549,000
+ 12.8
+ 1.8
526,288,004
—12.0
+ 10.0
—1.0
+5.6
+ 15.8
b
b
b
30,472,038
44,301,406
1-2.5
7.883,900
7,431,000
+60.1
858,832
711,155
9.887,800
1.490.926
931,008
+ 12.5
b
38,520,278
49,940,505
1-15.6
50,815,271
80,045,568
b
+26.7
43,946,379
63,163,541
9,650,200
+ 23.6
+ 12.6
+ 27.1
+ 22.9
+23.0
b
b
b
b
b
+ 24.9
+ 19.1
+ 28.7
131,057,207
97,969,527
+33.8
89,288,549
72.092,530
+22.0
273,296,772
215,660,655
+26 7
186,492,064
155,008,129
7,171.421
+ 82.3
+ 7.9
284,223
2,535,000
37,696,144
1,148,824
199,218
2.389,000
32,325,951
825,797
+42.7
108,745,000
+ 16.6
+39.1
132,672
2,195,000
29,055.459
714,554
2,767,000
26,949,266
786,049
+ 13.5
+ 9.3
57,340^923
52*.46*3*249
+9.3
44",929*335
37,305,279
+ 20.1
18,499^759
15,634*637
+ 18.3
13",584,334
11,428^587
5,289,765,171
+ 13.0
117,504,873
103,837,852
+ 13.2
90,611,354
79.373,154
133,309,338
632,637,331
1,989,900,000
49,843,378
28,290,118
37,895,060
+ 17.5
3,053,493
14,279,204
47,600,000
1,147,977
2,386,444
12,360,203
41,600,000
1,112,108
+28.0
+ 15.5
+ 14 4
+3.2
2,116.054
10,111,870
33,500,000
915,057
27,700,000
926,869
+ 13.0
*i",i"o"o'666
""728". 109
*54*3*921
+ 20.0
*13,000,000
738,214
11,829,000
+ 49.0
563,679,812
45,658,289
743,422,778
57,737,700
+ 9.9
9,640,000
9,426,000
+ 4.4
+ 21.3
+ 18.5
+25.2
+ 5.0
+ 16.4
+28.3
+ 8.8
+ 16.8
+6.1
136,973
+ 19.8
District— Atlanta—
14,353,006
69,401,649
238,300,000
5,858,470
3,624,365
4,846,967
56,595,000
4,912,652
84,512,701
6,360,287
4,247,620
3,893,000
6,680,048
1,298,066
775,189
14,314,009
56,178.418
203,200,000
5,159,298
2,997,639
3,927,206
51,338,825
4,062,465
71,056,491
5,460,238
3,793,286
3,527,000
4,507,560
1,046,310
646,632
151,520,795
+23.5
+ 17.3
+ 13.6
+20.9
+23.4
+ 10.2
+20.9
42,836,333
676,268,379
+ 19.9
54,966,697
831,977,485
66,093,118
40,961,176
44,678,000
67,355,437
15,026,850
7,172,493
137,461,748
+ 10.2
1,532,823,457
39,235,202
41,511,000
55,538,652
12,679,722
6,063,338
1,292,102,660
657,179,815
568,677,125
+ 15.6
6.683,833,267
District
—Chicago—
2,210,800
404,479,657
5,691,375
10,180,279
1,893,706
5,234,577
4,252,911
12,087,392
66,048,000
4,553,775
18,532,455
4,124,860
—38.1
16,933,090
+5.9
serve
1,367,997
428,212,405
*4,600.000
13,071,378
1,896,232
6,121,391
2,080,847,647
Terre Haute
+ 5.9
762,128
512,902
420,005
+ 9.1
329,079,213
+21.3
Total (24 cities)
South Bend
3,156,525
190,403
17,839,177
32,120,444
369,025,133
+ 16.4
Springfield
Indianapolis
+ 24.1
+9.9
250,719,578
1,214,645
83,062,126
4,464,932
14,081,436
77,814,000
6,286,809
21,112,530
4,448,337
80,294,378
2,072,356
4,809,366
35,848,629
14,915,656
2,247,104
1,614,827
1,318,609,899
4,066,405
22,133,759
5,239,831
5,517,990
Wayne
Gary
21.089,510
27,224,440
+ 10.5
16,014,999,106
564,404,917
cities)
+ 9.1
—2.6
+ 10.8
1,035,287
168,578,123
4,439,462
6,898,196
1,473,743
D. C.—Washington._.
+ 2.1
6,642,016
3.480,388
a2,583,228
4,065,075
*250,000
+54.5
8,008,346
District— Richmond-
272,786,955
Frederick
534,638
3,496,315,935
+ 4.3
1,319,397
2,413.000
91,263,704
C.—Charleston
Columbia
Md.—Baltimore
+ 11.0
+ 14.1
517,460
504,934
,323,435,284
5,941,841
3,261.467
a2,420,342
—1.8
Distrlct- -Cleveland—
1,325,753
11,897,000
171,642,970
5,166,256
8,848,536
Va.—Norfolk
799,218
+ 6.4
+ 7.4
1,072,572,480
___
+ 14.9
+ 16.3
—7.9
1,249,860,106
Ky.—Lexington
W. Va—Wheeling
29,900,000
+ 14.8
+ 7.5
449,017
1,150,865
455,487,350
5,140,288
7,701,778
Greensburg
Pittsburgh
6,522,594
754,900
+ 13.6
319,000,000
1,343,944
1,882,068
1,078.134
1,249,218
2,905,000
+ 5.4
+ 11.6
+ 6.8
Franklin
Peoria
+ 16.5
+29.4
Youngstown
Chicago
+24.9
+ 10.0
5,583,594
9,883,428
549,291
Mansfield
Decatur
+2.4
1,120,181
7,225,568
-12,387,753
898,627
479,355
1,289,273
545,627,246
5,872,771
8,609,934
Pa.—Beaver County.-
Sioux City
-^0*9
9,841,264
4,354,704
1,915,377
Lorain
+ 16.9
1,477,000,000
5,670,691
8,394,552
249,253,774
357,217,895
49,567,800
Cincinnati
Bloomington
+8.4
7,194,193
219,412.371
313,047,137
erve
Ohio—Canton
Rl.—Aurora
+21.0
+ 5.0
1,409,135
7,966,975
4,627,109
1,633,724
2,083,911
6,274,510
...
Total (12 cities)
Ind.—Ft.
+4.7
1,541,452,663
1,797,869
2,428.600
1,557,000,000
6,093,952
10,979,055
4,011,293
N. J.—Trenton
Total (16
+ 4.2
1,618,215,513
Norrlstown
La.—New
+6.2
—36.3
Lancaster
Lebanon
Tampa
+ 4.7
5,840,156
19,301,200
Harris burg
Total (8
+ 14.1
+ 11.7
12,287,200
1,723,794
a*l,900,000
1,396,708
8,155,050
5,778,791
Chester
S.
+ 18.2
+ 11.8
Philadelphia
2,015,485
Bethlehem
York
+ 5.9
21,460,103
a22,830,800
15,128,531
95,145,083
60,282,788
19,370,714
25,067,138
16,859,775,000
60,620,151
114,849,730
52,458,914
70,599,672
199,177,800
Pa.—Altoona
Scranton
—6.0
+ 18.9
+ 16.5
+ 12.0
+ 10.4
+48.2
+24.1
+ 14.9
+ 17.1
+ 11.2
+22.0
+ 20.4
+ 11.9
16", 809", 805
+ 14.6
1,299,276
15,399,850
1,047,359
9*2
13",358*278
lo",193",465
+24.1
821,912
784,108
+
+ 7.6
+ 18.3
174,718
122.194
+ 18.6
32,770,891
28,321.930
+43.0
+ 15 7
88,468
22,717.032
110,120
19,591,986
5,729,504,378
+ 16.7
131,235,364
114,917,302
+ 14.2
93,996,780
80,427,586
23,464,093
4,088,393,146
—27.8
223,053
96,065,048
589,955
97,103,817
—62.2
522,058
4,791,853,967
—1.1
60,616,990
281,591
47,215,263
—19.2
51,480,753
42,685,042
+20.6
+28.4
132,637,669
20,424,340
68,625,343
50,023,772
131,921,556
774,320,000
58,968,429
+35.6
2,64*1*676
2,090*056
+26.4
l",*421*599
1,144*235
1,245,621
1,1*3*0* 359
+*10*2
*633*273
932,878
732,480
+ 27.4
726,500
614,787
+ 17 2
15*.5*50*666
11,*8*5*4*000
9,625,000
8,458,6O6
+39.1
1,153,348
4,764,450
677,904
+ 31*2
+ 70.1
700,411
533,398
3,931,854
+ 21.2
3,218,155
2,625,623
16,303*825
15,*3*7*1*768
9,495,622
+ 17.2
-
1,515,278
1,465,019
1,207,122,677
2,938.830
15,942,202
4,100,905
4,281,810
+38.8
+28.9
203,488,315
50,425,961
56,726,000
97,813,421
17,274,125
55,169,861
37,026,633
101.276.448
660,579,000
42,403,526
191,847,356
35,784,055
752,645,003
17,925,111
40,874,249
348.625.449
133,677,034
14,336,164
16,606,756
11,949,105,113
29,306,205
133,429,761
39,084,154
46,199,968
1,901,237,725
+ 9.4
22,412,165,340
18,915,531,673
73,224,295
1,808,810
3,798,769
32,706,524
13,042,819
3,217,376
7,933,741
+0.1
+ 16.9
+ 5.0
+ 16.5
+ 17 8
+60 0
+ 13.9
+7.8
+ 9.7
+ 14.6
+26.6
+ 9.6
+ 14.4
+48.3
224,650,352
43,052,578
925,258,092
20,731,837
49,160,140
391,647,029
158,514,682
+ 10.2
18,724,872
19.745,105
+ 9.2
14,114,552.169
+38.4
38,299,289
+27.8
+ 18.2
+24.4
+ 35.1
514,330
+30.3
+ 17.1
+20.3
—0*4
11,334,372
+20.3
1,095*568
76*9*162
+42.4
*477*280
188*240
+ 12.3
7,493,789
+ 33.5
5,546,901
6,691,486
+ 18 6
3,221,528
5,612,603
2,537,105
+26.9
1,961,850
1,827,124
+22.9
+ 15.6
"
+30.6
"
"
1*2*9
*619*942
*295*571
+ 12.6
+31.7
+ 47.9
198,737,288
875,442
167,309,463
429,054
1,877,803
471,347
702,147
300,033,203
249,593,570
+ 18.9
357,680
31*6*698
+ 18.1
284,075,530
252,227.000
+30 7
807,366
612,851
+ 52.5
5,796,136
1,166,056
1,032,414
3,919,378
+29.0
+22.8
880,290
881,987
+ 32.5
557.226
+ 17.1
+ 18.5
442,925,966
401,239,207
+ 10.4
+
459,111
2,018,291
Chronicle
Financial
3568
Dec.
5, 1936
CLEARINGS—(Concluded).
Month of November
Week Ended Nov. 28
11 Months Ended Nov. 30
Clearings at—
Inc.
Inc. or
Inc. or
or
1936
Dec.
1936
1935
Dec.
1936
1935
Dec.
1934
$
Eighth Federal Res
1935
$
%
3
$
%
$
$
%
$
District —St. Louis—
erve
2,446,000
Ky.—Louisville
Tenn.—Memphis.,
+6.3
+23 4
+30.1
+25.8
638,089,017
.
..
572.726,107
+ 11.4
249,076
111.—Jacksonville
Quincy
....
Total (ficltles)..
Ninth Federal Rese
rve
....
N. D.—Fargo
Grand Forks.;
....
Minot
...
...
D.—Aberdeen.....
S.
Sioux Falls
Mont.—Billings
..
Great Falls
;
Helena
......
Lewis town
Total (13 cities)
Tenth Federal Rese
Topeka
W chita
Mo.-—Joplln
Kansas City........
St
Joseph...
Okla.—Tulsa
...
Colo.—Colo. Springs...
Pueblo
Total (14 cities)—...
Eleventh Federal R
4,571,236
3,691,540
184,278,762
16,046,727
28.506.493
12,145,000
133,573,823
1,400,893
3,532,053
10,603,706
398,350,233
1,717,000
3,412,743
Port Arthur—......
Wichita Falls....—.
La.—Shreveport
Total (10 cities).—..
Twelfth Federal Re
serve
Seattle...
.137,033,280
45,145,000
4,826,101
5,646,814
...
Spokane........
1,078,107,933
1,036,091,109
841,000
121,615,391
Portland
Utah—Ogden
Salt Lake City....
Ariz.—Phoenix
Calif.—Bakersfeld..
Berkeley
Long Beach—...
~
Modesto.
...
Riverside
Francisco
San Jose
Santa Barbara
Stockton
38,999,000
3,757,466
65,994,468
15,800,320
8,018,036
17,358,848
16,081,857
3,268,000
16,393,327
3,131,664
583,191,899
11,606,434
6,111,424
9,886.604
.....
Pasadena..
2,296,597
133,520,415
3,890,824
5,084,460
788,000
107,802,318
3,183,642
56,516,336
13,370,328
6,280,893
16,999,135
15,129,688
3,140,000
13.975,599
3,305,713
586,375,599
11,818,763
5,841,760
7,772,039
........
Ore.—Eugene
San
District —San Franci
*2,400,000
Wash.—Belling ham.
Idaho—Boise
b
24,666,000
20,322,000
+21.4
521,000
380,000
+37.1
396,000
250,000
6,469,923.482
5,613,839.425
+ 15.2
129,647,861
112,807,522
+ 14.9
91,626,710
82,147,017
""+8.6
+ 7.7
+25.9
+8.6
123,37*1,739
+ 13.4
2,788.270,534
11,508,823
1,069,191,079
85,855,471
a9,074,000
7,244,281
26,950,110
67,910,711
24,961,781
+8.2
+22.0
2,910,262
66,868,117
2,564,301
49,298,545
+ 13.6
+ 15.4
2,118,383
46,807.823
1,785,858
44,279,588
+ 1.6
23,146" 186
18,964*859
+22.0
12*."lob",083
15,980*786
1,660,697
1,631,149
+ 1.8
1,379,801
1,230,837
139,925,087
3,015,740,678
14,043,792
1,161,497,091
—4.3
98,583,980
a9,165,000
8,162,693
29,072,541
78,229,367
30,768,509
35,678,683
120,633,085
2,981,514
+7.9
4,735,317,020
—4.6
—1 8
+ 5.4
+26.5
+25.8
—0.6
—1.0
— ...
b
+8.6
+ 14.8
+ 10
,+ 12.7
+ 7.9
+35.1
+23.3
+2.6
"
b
"
639"000
*543*649
+*1*7*5
456*087
*385*978
"744",783
*549*,295
+35.6
*408*627
*282*513
2,467*536
2*.4*63*213
+0*2
2,279*409
1,6861714
+ 16.3
65,550,213
65,632,274
+ 13.6
54,741
68,003
1,499,647
19,563.919
+ 19.0
4,357,889,895
+8.7
88,436,581
76,015,011
+ 13.4
+20.9
+21 7
+9.6
62,996,203 +115.2
94,167
102,181
2,262,619
28,028,442
96,248
—2.2
78,691
+29.9
1,885,003
24,672,969
+20.0
—2.4
1,378*598
1,223*118
+
1*2*7
1,324*398
1*1*781635
+ 11.2
2,692,663
2,046,898
+31.5
1,726,471
1,479.895
80", 94l" 775
68,142*334
1*8*8
64,*524*.283
2,773,377
2,416,927
+ 14.7
2,032,958
51,276,213
1,892,706
*424*558
+2*7
"*91*769
"37ll733
664*619 —1*5*2
*401*528
*3*2*91786
81,277,717
77,729,195
—3.8
4,647,843
4,974.322
109,440,887
1,367,639,140
103,239,994
131,554,675
+ 15.3
+9.1
+6.6
+27.3
1,333,673,463
32,865,762
18,825,516
3,960.930,555
139,096,323
308,612,084
26,886,273
1,143,271,884
27,188,878
+ 13.1
+ 16.7
+20.9
+ 15.1
8,304,701,499
7,409,304,577
+ 12.1
+ 18.4
+24.2
56,491,356
41,620,028
2,167,305,530
182,924,776
294.184,985
117,249,000
1,627,073,746
17,471,928
36,469,843
146,496,895
+ 16.5
146.840.926
392,828,099
30,406,624
+
67,624
b
1,654,181
19,479,122
"
435*996
"
"
563*726
119,273,544
101,651,365
—0 7
+ 17.3
60,650,307
37,645,539
—6.9
863,596
855,995
+0.9
716,512
625.924
45*604*215
36,963*,637
+2*3*4
30,436*679
29,4131067
7*."102", 704
2,588.000
5,831*026 +2*1*8
4*062*,640
4,3*761693
2,234,000
+ 15.8
1,927,000
2,275,000
1,281,918,034
14,861,121
+20.3
+22.3
+20.3
+ 12.7
+ 21.0
+26.9
+ 17.6
36,604,663
102,827.136
a691,444
2,464,080
a688*229
+0*5
+42.6
2,010,550
+22.6
1,640,317
1,389,740
4,687,288,087
3,817.224,841
+22.8
58,622,595
47,895,208
+ 22.4
38,783,148
38,080.424
28,"120",175
27,9*18*080
+0*7
21,308*178
17,6791391
8,953,000
941,418
7,175,000
834,253
+24.8
+ 12.8
7,623,000
480,161
4,723,000
415,296
24,622*,865
20,507*498
+2*0*1
17,960*620
16*.51*5*,571
13"685", 116
11,*786*276
+
1*6*1
9,737*200
9,6661441
+ 18 2
147,462,810
+27 7
+
14*3
2*549*149
2*.25*31867
1*8
2*246*951
2*.1*88*,013
+0*7
102,235*624
88*.336,641
+4.6
+27.2
63,491,795
201,933,837
185,916,476
35,181,581
162,347,736
38,571,792
6,497,409,812
124,770,541
66,746,113
96.787,100
22,070,638
1,321,344,613
396.265,000
32,047,967
50,950.702
8,162,466
1,166,611,711
32,963,496
583,717,836
118,253.061
50,441,590
172,408,242
157,365,988
27,564,473
131,207,901
32,208,710
5,858,420,944
103,872,616
52,793,343
73,082,186
+24.9
+ 18.5
+9.9
+ 11.1
+6.7
+ 12.8
+ 18.0
+ 16.8
27,564,097
1,565,662,279
435,477,000
44,532,087
55,772,218
9,493,000
1,334,309,515
35,897,736
675,716,036
+4.1
11,805,043,561
+ 16.9
+ 17 6
+2.4
+21.9
+ 19.9
+22.6
—3.4
1,772,701,784
152,042,358
261,037,899
96,936.000
—0.4
....
~"b
SCO
+4.5
+2.6
+ 15.8
+24.0
+2.1
+6.3
+4.1
+ 17.3
—5.3
—0,5
—1 8
+39.0
+9.5
+ 16.3
+ 14.4
+8.9
+ 15.8
+24.7
+25 9
+ 17.1
3,5471571
3,103*054
+ 23.7
+ 19.8
3,214*458
3*,156*,206
+ 10.9
129,809^566
128*,866*, 169
+20.1
2,407,617
1,160,855
2,389,574
2,453,671
1,287,029
—1.9
1,786,233
+ 33.8
1,753,097
968,484
1,263.696
1,060,462
218,851,649
208.874,469
+4.8
168,126,160
145,248,727
+ 18.1
+27.6
+26.4
+32.4
10,391,753,482
+ 13.6
Grand total (164 cities) 26,949,913,089 24,406,878,036
+ 10.4 292,799,158,627 270.673,854,378
+8.2
5,816,568,305 5,363,466,451
Outside New York.... 11,253,972,187 10,353,396,827
+8.7 119,732,442,728 104,669,876,211
+ 14.4
2,320,252,370 2,040,031,167
Total (20 cities)...
+ 9.0
+37.9
b
34,758,959
125,357,986
2,504,421
'
665,145,576
463.986,658
Worth..
Galveston
Houston
Yakima
+25.2
City
13,173,113
.....
El Paso..—........
Ft.
2.454,528
Distrlc t—Dallas—
5,412,906
3.664,954
213,591,267
18,868,147
29,177,087
14,807,000
160,162,441
.......
Beaumont
Dallas
$
51,900.000
16,512,424
13,484,593
3,072,906
5,267,194
6,012,416
133,219,317
1,499,445,311
135,540,467
100.760,365
146,342,005
21,707,829
4,319,791,721
eserve
54,700,000
21,026,462
15,604,248
3,680,420,795
1,265,603,589
745,038,513
+6.2
410,436
+2.3
518,067
10,102,273 + 14.0
+ 0.2
131,251,393
5,515,983 + 171.4
—5.9
8,333,319
11,282,366 + 13.7
1,737,154 + 13.6
326,225,831 + 19 5
12,278,192 + 11.5
29,382,618 +23.3
+ 16.3
2,370,471
122,603,165 + 13.4
3,134,308 —16.3
36,226,068
2,756,951
+ 11.1
+ 13 3
+ 15.6
+23.9
765,788,665
Omaha........—.
Kan.—Kansas City
70,200,000
24,611,340
17,616,182
4,055,653,618
1,463.087 135
923,443,823
139,091,424
2,623,477
Hastings...........
Lincoln...
Texas—Austin
417,783,228
District— Kansas
435,892
*530,000
11,513,156
131,511,985
14,971,741
7,840,693
12,831,565
1,972,543
389,790,765
13,692,405
Neb.—Fremont
Denver
14,698,714
261,747,276
1,125,871
103.306,589
9,101,982
a934,000
722,211
2,595,566
6.158,259
2,692,844
3,356,451
11,989,438
288,027
rve
78,000,000
26,826,601
24,300,260
'
Minneapolis
450,922,205
Minneapolis........
Rochester—........
Paul.
District
15,954,767
281,989,555
1,417,313
112,218,143
9.241,643
a891,000
708,904
2,735,730
7,787,726
3,387,602
3,335,775
11,869,419
276,628
Minn—Duluth
St.
+8.6
345.668,331
130,604,930
94,316,373
191,473
1,945,000
375,481,745
138,786,126
121,126,070
Mo.—St. Louis.......
1933
(
CANADIAN CLEARINGS FOR NOVEMBER,
—9.8
1,657,248
859,397
+8.4 4,295,852,980 4,336,656.819
+ 13.7
1,691,641,669 1.488,333,767
SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 26
11 Months Ended Nov. 30
Month of November
+
Week Ended Nov. 26
Clearings at—
Inc. or
Inc.or
1936
S
Canada—
Toronto.
...
.
596,688,765
536,684 605
207,223,622
78,912,922
....
Montreal.
Winnipeg..
Vancouver
.....—
112,793,212
22,407,181
10,298,623
20,710,556
25,213,081
7,886,163
Ottawa....—......—
Quebec..
........
Halifax
Hamilton
....
Calgary
St
—
John....
Victoria
7,098.130
11,690,816
17,382,722
17,240,088
1,462,814
.......
London..
Edmonton
....
....
Reglna...——
Brandon
......
Lethbrldge.
Saskatoon
2,221,453
6,986,155
3,082,270
......... .
Moose Jaw....
Brantford
3,803,276
•3,293,576
2,593.335
1,014,096
2,714,759
2,543,563
4,672,121
12,139,654
1,607,902
3,460,418
2,436,750
2,695,330
1,985,543
4,195,837
.........
Fort William
——
New Westminster.....
Medicine
Hat........
Peterborough..
Sherbrooke
.....
Kitchener...
Windsor
....
——
Prince Albert
.....
Moncton
Kingston
..—
Chatham
Sarnla.—
--
Sudbury
1935
.
Dec.
1936
1935
$
12,488,977
16,921,688
18,461,290
—6.4
—6.6
5,842,941,498
4,859,675,816
2,724,641,446
861,150,642
1,035,723,750
198,918,440
108,592,406
213,600,278
279,352,919
82,679,075
79.221,329
131,921,662
178,688,202
198,331.499
1,411,685
2,355,240
7,431,259
3,188,628
3,653,710
2,708,632
2,479,074
1,235,136
2,785,261
2,654,883
4,436,354
10,188,930
1,568,982
3,362,831
2,375,793
2,174,278
2,147,261
3,771,405
+3 6
14,836.793
—5.7
21,717,888
—6.0
70,230.126
28,400,983
40,931,347
34,504,168
28,661,622
11,343,718
29,487,697
27,232,664
49,675,255
126,943,805
16,171,763
33,543,872
25,501,399
22,729 394
21,542,708
41,734,968
6,205,463,743
4,172,953,209
2,390,146,065
709,612,245
986,753,096
187.790,729
103,021,904
179,394,752
265,067,755
76,712,903
71,924,166
121,905,319
182,162,985
174,727,867
13,722,620
21,582.623
68,263,936
24,657,928
37,166,282
27,806,566
24,940,667
11.796,117
28,399,477
26,015,560
45,573,093
104,575,925
17,014,546
32,346,021
24,320,229
19,724,685
20,803,370
35,169,223
17,440,529,132
15,411,515.606
554,921,955
465,353,959
271,930,778
72,830,992
123,261,412
21,561,371
10,024,860
19,015.305
32,987,097
8,126,261
7,125,454
+7.5
+ 15.3
—23.8
+8.4
—8.5
+3.9
+2.7
+8.9
—23.6
—3.0
—0.4
+2.7
—3 3
+4 1
+21.6
+4.6
—17.9
—2.6
—4.0
+5.3
+ 19.1
+2 6
+2.9
+2.6
+24.0
—75
+ 11.3
Dec.
%
+ 12.2
+ 16.5
+ 14.0
+21.4
+5.0
+5 9
+5 4
+ 19.1
+ 5.4
+7 6
+ 10.1
+8.2
—1 9
+ 13.5
+8.3
+0.6
+2.9
+ 15.2
+ 10.1
+24.1
+ 14.9
Inc. or
1936
148,547,797
121,804,776
45,675,251
19,988,191
34,847,051
5,082,946
2,388,655
4,966,265
6,976,782
1,985,688
1,611,911
2,630,079
3,479,750
3,708,490
279,634
434,071
1,515,968
648,602
1935
%
+36.7
+24.8
108,654,710
97,625,625
64,279,279 —28.9
16,188,392 +23.5
16,329,384 + 113.4
3,878,305 +31.1
2,143,425 + 11.4
4,164,075 + 19.3
7,657,357 —21.9
1,796,423 + 10.6
1,455,226 + 10.8
2,386,016 + 10.2
393,780
1,257,586
675.940
—4.1
+ 12.0
400,564
589,882
529,235
+ 13.2
417,262,466
346,813,291
+ 4.7
+ 90
+21.4
—6.0
+3.7
1,059,710
2,983,584
333,979
851,110
540,186
694,742
532,184
95,331,053
59,758,360
13,372,977
3,764,633
3,428,952
1,832,261
2,934,720
5,102,004
1,480,815
1,149,836
2,106,205
3,074,048
3,165,715
220,492
333,337
+0.2
1,015,799
+3.8
616,613
226,584
596,952
581,876
99,205,930
94,275.604
48,622,760
13,599,653
4,340.555
3,431,696
1,945,084
3,398.761
5,296,922
1,472,616
1,222,722
2,224,199
3,786,290
3,535,031
1,513,589
—0.6
+ 8.7
+47.3
+ 9.3
—14.7
272,659
+ 14.2
+36.1
+ 14.7
+ 19.1
497,986
181,090
555,145
513,292
850,682
1,841,731
332,309
947,806
463,035
500,366
331,044
737.763
+20.3
305,143,668
+2.9
+0.1
+ 17.9
+29.3
—12.8
+ 1.0
1933
106,795,820
—13.9
+ 4.9
+ 15 2
+3.6
+ 18 7
—3.8
—1.8
1934
3,543,491
3,729,301
257,345
504,015
757,704
549,244
564,143
265,636
580,208
581,865
898,728
2,308,028
383,182
842,560
472.922
510,484
464,094
852,595
848,390
809,051
Dec.
1,038,266
387,185
575,442
406,638
378,668
212,882
488,992
432,945
710,736
1,928,581
202,544
642,898
447,656
443.877
254,475
560,667
-f
'■
Total (32 cities).....
a
1,735,144,338
Not Included in tota s.
1.694,940.641
b No c earlngs available.
+ 2.4
* Estimated...
305,373,750
Volume
THE
We
Financial
143
ENGLISH
GOLD
AND
COMPLETE
MARKETS
SILVER
reprint
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 18, 1936:
GOLD
The Bank of England gold reserve against notes amounted to £248,660,346 on Nov. 11, showing no change as compared with the previous Wednes¬
day.
In the open market about £1,800,000 of bar gold was
daily fixing.
3569
Chronicle
""The
PUBL1C|DEBT OF THEIUNITED STATES
the pubHc debt and Treasury cash hold¬
ings of the United States, as officially issued as of June 30,
1936, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
statement of
and net debt
on that date, we
append a summary thereof,
making comparison with the same date in 1935:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
disposed of at the
June 30,
Conditions have been quieter, but demand has been more
general, prices being fixed
on
Quotations during the week:
Equivalent Value
of £ Sterling
Per Fine
Ounce
Nov. 12
Nov. 13
Nov. 14
_
—
were
1,811,821,266
outstanding obligations:
Matured interest obligations
Disbursing officers'checks
Discount accrued
Settlement
——
-------
1,296
Other countries
8,624
17,924
60,941
25,925
9,193
29,087
8,650
18,603
20,020
—
——
...
Switzerland
Morocco-.—
Venezuela
——
Other countries—
£996,009
the
£278,000 consigned to London.
Kingdom imports and exports of
Exports
Imports
£7,938,528
—
308,108
580,069
Tanganyika Territory-—-——
—
...
-
Australia
New Zealand
............
i—
British West India Islands and British Guiana
Germany
Netherlands
Belgium
—I—
Belgian Congo—
France
Switzerland
Finalnd
Greece.—...
......
....
—
-
.......
42,640
30.457
1,467,540
21,165
401,490
69,628
30,870
837,132
1,148,188
£9,432
861264
232.544
1,243,453
2,213.702
f.307'251
559.826
543.839
51.593
54,407
45,425
33,351
,
-
-
....
— .
—
~"7\383
£18,935,898
which occurred last week,
conditions have been unsettled and prices have been subject to wide varia¬
tions.
The week under review opened with a fall of l#d. bringing quota¬
tions down to 20 13-16d, for both deliveries; speculative buyers were hesi¬
tating and there was little demand to offset reselling by speculators and the
Indian Bazaars.
Subsequently the market became quieter but, on covering
orders from China bears, who had sold at last week's high level, prices had
recovered to 21 5-16d. by Nov. 14.
After further fluctuations the price
today was fixed at 21 #d.
The immediate outlook Is uncertain as operations at present are largely
speculative; prices may continue to fluctuate, but with the tendency pos*
sibly towards a somewhat lower level.
The following were the United Kingdom imports and exports
registered from midday on Nov. 9 to midday on Nov. 16:
Imports
Exports
British India
Bengal—
Germany.......
British South Africa...—*£160,069
6,800
Canada
6,365
Belgium......
8.719
New Zealand
1,422
Other countries
2,556
of silver
Aggregate of interest-bearing debt..—
Bearing no interest
Matured, Interest ceased..................
Total debt
....
...
...
-
Switzerland
1,460
.....
Egypt
1,416
2,147
Other countries..........
,
„
.
Coin at face value.
-b31,828,883,273 27,634,672,180
———
Total gross debt June
30. 1936, on the basis of daily Treasury statements, was
$33,778,543,493.73, and the net amount of public debt redemption and receipts
in transit, &c., was $233,158,871.50.
b No reduction is made on account of obliga¬
tions of foreign governments or other investments,
c Includes amount of outstand¬
ing bonds called for redemption on April 15 and Oct, 15,1934, and April 15,1936.
a
CONTINGENT
OF THE UNITED
LIABILITIES
20 13-16d.
-21d.
14——21 5-16d.
16—
21 1-16d,
18—L—21#d.
21.094d.
_
a
Liability
Interest
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
.
3% bonds of 1944-49..
3# % bonds of 1944-64
....
3% bonds of 1942-47..-——.
1#% bonds of 1937
.......
2# % bonds of 1942-47
...
1#% bonds of 1939..........
862,085,600.00
98,028,600.00
236.489,800.00
22,325,000.00
103,134,100.00
100,122,000.00
*1,422.185,100.00
3,232,821.00
929,229.44
3,251,734.75
104,648.44
937,517.62
496,438.25
865,318,421.00
98,957,829.44
239.741,534.75
22.429,648.44
104,071,617.62
100,618,438.25
8,952,389.50 1,431,137,489.50
Federal Housing Administration—
b2.00
2.00
4% bonds of 1933-51
3% bonds, series A, 1944-52... 1,108,363,625.00 5,564,416.36 1,113,928,041.36
2# % bonds, series B, 1939-49. 1,285,587,850.00 14,736,919.77 1,300,324,769.77
49,736,000.00
279,765.00
50,015,765.00
1# % bonds, series C, 1936.—.
49,843,000.00
327,094.69
50,170,094.69
IK% bonds, series D, 1937.—:
49,532,100.00
371,490.75
49,903,590.75
2% bonds, series E, 1938
1 #% bonds, series F, 1939..-,
325.254,750.00
406,576.13
325,661,326.13
2 #% bonds, series G, 1942-44.
175,901,150.00
fl9,312.88
175,881,837.12
—-
*3,044,218,475.00 21,666,951.82 3,065,885,426.82
(Per Ounce .999 Fine)
—
—
Nov. 12-—
Nov. 13-—.
Nov. 14
Nov. 16
Nov. 17
...451
cents
87,267,030.00
165,335,012.03
972,375.36
c252,602,042.03
cents
...451
864,030.00
108,345.36
cents
—453
451
453
86,403,000.00
165,226,666.67
251,629,666.07
2% notes, series H
1#% notes, series K~
IN NEW YORK
Oz. Std
20 13-16d.
21d.
21 5-16d.
21 1-16d.
21 #d.
21 Hd.
17——-21#d.
Average
Principal
•
2 Mos.
12
13
STATES, JUNE 30, 1930
Amount of Contingent
Detail—
Reconstruction Finance Corp.:
IN LONDON
—Bar Silver per
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
.833.645,384,622 28,701,167.092
+ 1,716.501,349+1,066,494,906
—...—......
Deduct Treasury surplus or add Treasury deficit..
£123,742
£185,931
Quotations during the week:
Cash
...32,755,631,770 27,645,229,826
620,389,957
825,274,361
169,362,895
230,662,905
....
Home Owners* Loan Corporation:
£63,945
23,000
19,295
France
11,312
Norway.....-....-—....
1,167
—
....-
-
movement
Japan...
758,955,800
J.-D. 1,036,762,000
M.-S.
489,087,100
454,135.200
J.-D.
—
SILVER
.«
A.-O.
A.-O.
,
Net debt--
14,628,271
£$19,772,712
*
...
336s Treasury bonds of 1940-1943...
J.-D.
352,993,950
336s Treasury bonds of 1941-1943....,
..—M.-S.
544,914,050
336s Treasury bonds of 1946-1949.——J.-D.
818,646,000
3s Treasury bonds of 1951-1955.--..
755,470,000
—M.-S.
834,474,100
336s Treasury bonds of 1941..
F.-A.
436s-336s Treasury bonds of 1943-1945.-...—A.-O. 1,400,570,500 1,400,570,500
3>6s Treasury bonds of 1944-46-....-— .—A.-O. 1,518,858,800 1,518,858,800
3s Treasury bonds of 1946-1948.
...—J.-D. 1,035,884,900
923,215,900
336s Treasury bonds of 1949-1952
—J.-D.
491,377,100
491,377,100
236s Treasury bonds of 1955-1960
-M.-S. 2,611,155,700 2,304,102,800
236s Treasury bonds of 1945-1947
M.-S. 1,214,453,900
236s Treasury bonds of 1948-1951
;
M.-S. 1,223,496,850
236s Treasury bonds of 1951-1954 —i—J.-D. 1,620,688,150
U. S. Savings bonds, series A
194,974,594
62,036.156
U. S. Savings bonds, series B
121,248,206
3s Adjusted Service bonds of 1945
711,260,300
101,943,340
236s Postal Savings bonds
...
J.-J.
120,881,020
Treasury notes
.11,861.418,050 10,500,993,900
Treasury bills
*
2,353,516,000 2.052,898.000
1,951,688
47,826
1.832,493
............
...
49,800,000
28,894,500
145,709,000
—
........
40,308
668,245
232,994
■"42,566
Following the sudden upward
—
——
.......
Yugoslavia
Morocco
.......
-
48,954,180
25,947,400
49,800,000
28,894,500
155,500,000
cl,334,968,000
758,955,800
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,477,000
834,474,100
—
......
China
United States of America
Venezuela
Peru».
Other countries-
-
2s of 1918-1938
$
699,724,050
Q.-J.
—Q.-F.
Q.-F.
—-Q.-M.
Q.-J.
—
——
2s of 1916-1930
30, 1936 June 30, 1935
$
Payable
2s Consols of 1930
336s Treasury bonds of 1946-1956-..
336s Treasury bonds of 1943-1947-...——
The following are details of United
Union of South Africa
British West AfricaSouthern Rhodesia-
InterestJune
of Loan—
436s Fourth liberty Loan of 1933-1938
436s Treasury bonds of 1947-1952
3s Treasury bonds of 1944-1954
gold for the month of October, 1936:
-
745,326,360
+1,716,501,349+1,066,494,906
—
INTEREST-BEARING DEBT OUTSTANDING
Title
3s of 1961——.—
£3,955,197
Kenya
British India
British Malaya
3,812,315
4,875,167
706,429,153
—.
surplus (+)
3s convertible bonds of 1946-1947-....
Certificates of Indebtedness
The SS. Corfu which sailed from Bombay on Nov. 14 carries gold to
value of about
or
.....
8,878
267,504
British India——.
Australia
New Zealand
—
32,907,879
703,730,999
3,695,915
1,528,726
Certificates
checks-.....—.——-
——
Balance, deficit (—-)
United States of America—£685,745
Netherlands3.000
France
159,476
Switzerland.,
129,250
Straits Settlements--.....
17,242
24,371
25,579
Kenya
Tanganyika Territory—_
France
29,793,809
671,410,703
—
War Savings
Exports
Imports
Africa-..-£3,429,898
British West Africa
Netherlands.—.
Belgium
on
on warrant
Total—
the United Kingdom imports and exports of gold
registered from midday on Nov. 9 to midday on Nov. 16:
British South
29,524,273
Deduct
lis, 11.33d.
lis. 11.19d.
—————_142s. 4.75d.
The following
2,422,930,502
——
lis. 11.25d.
142s. 3d.
————
1,841,345,539
lis. 11.21d.
lis. 11.29d.
-142s. 3#d.
142s. 4d.
-
Average-——-
lis. 10.96d.
-—142s. 7#d.
142s. 4#d.
.
—
Nov. 16
Nov. 17
Nov. 18
$
Balance end of month by dally statements, &c
2,681,510,204
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items—
—258,579,702
lis. 11.08d.
142s. 6d.
1936 June 30, 1935
$
occasions at slightly over dollar parity.
cents
...
cents
Tennessee Valley Authority.
Total, based upon guarantees—
—
4,749,624,958.35
United States:
Secretary of Agriculture—,
Postal Savings System:
Funds due depositors—
—1,215,265,195.50 28,408,300.l8dl,243,673,495.68
On Credit of the
21.094d.
———
The highest rate of exchange on New York recorded during the period
from Nov. 12 to Nov. 18 was $4.89# and the lowest $4.8734.
———
———*
Total, based upon credit of the
ENGLISH FINANCIAL MARKET—PER CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon„
Nov. 28
Nov. 30
Tues.,
21#
141s.7d.
85
Dec. 3
Dec. 4
215-16
21 3-16
21#
141s.8#d, 1418.9 #d. 141s.9#d
83#
83#
83#
105#
105#
105#
117#
116#
116#
116#
price of silver per ounce (in cents) in the United
the same days has been:
on
Bar N. Y. (for-
eign)
U. S. Treasury
U. 8
Fri.,
106#
—
The
Thurs.,
Dec. 2
Dec. 1
21
Silver, per oz—
211-16.
141s.lld.
Gold, p. fine oz. 142s.
85 1-16
Consols, 236%
Holiday
British 336%—
W
L
Holiday
106#
British 4%—
1960-90
Holiday
117#
States
Wed.,
1
Closed
4536
46
4636
46
46
60.01
60.01
50.01
50.01
60 01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
„
Treasury
(newly mined),
United States
1,243,673,495.68
Other Obligations—
Federal Reserve notes (face amt.)*
—.......
Includes only bonds Issued and outstanding,
©4,021,532.007.00
a After deducting amounts o*
with the Treasury to meet interest payments,
b Interest to July 1,
1935 on $3,432,475 face amount of bonds and interim receipts outstanding which
were called for redemption July 1, 1935.
c Does not Include $4,030,000,000 face
amount of notes and accrued Interest thereon, held by Treasury and reflected in the
public debt,
d Figures as of April 30, 1936—figures as of June 30, 1936, not
available.
Offset by cash in designated depository banks and accrued Interest
amounting to $218,198,298.14 which Is secured by the pledge of collateral as pro¬
vided in the Regulations of the Postal Savings System having a face value of $223,627,612.60; cash in possession of System amounting to $98,478,318.33, and Gov¬
ernment securities with a face value of $918,253,690 held as investments, and other
assets,
e In actual circulation, exclusive of $12,948,478 redemption fund deposited
in the Treasury and $261,828,475 of their own Federal Reserve ndtes held by the
Issuing banks.
The collateral security for Federal Reserve notes Issued are (1) $4,269,523.130 in gold certificates and credits with the Treasurer of the United States
payable In gold certificates, (2) United States Government securities of a face value
of $63,000,000. and (3) commercial paper of a face amount of $2,605,000.. f Excess
of credits (deduct).
*
funds deposited
3570
Financial
Chronicle
Dec.
I
5.
BRANCHES AUTHORIZED
Location of
Nov. 21—The United States National Bank of Portland, Ore.
We collect
documentary
any part of the United
clean drafts drawn
or
City, Lane County, Ore.
States and on foreign countries.
Junction
Certificate No. 1289A.
Nov. 24—Bank of America National Trust & Savings Assn., San Francisco,
Calif.
TRUST
MANUFACTURERS
Northwest corner of 6th and Greenwood Sts., City of
branch:
on
COMPANY
N. E. corner of Highland and Arrowhead
Location of branch;
Aves., City of San Bernardino, San Bernardino County, Calif. Certificate
No.
1290A.
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT*
55 BROAD STREET, NEW
Bank & Trust Co. of New York, N. Y.
Nov. 27-—The National Safety
YORK
Location of branch:
1400 Broadway, N. Y. C.
Member New York Clearing House Association
FOREIGN
DIVIDENDS
EXCHANGE RATES.
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is
certifying
daily to the Secretary of the Treasury the buying rate for
now
FOREIGN
a
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BY
FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
NOV. 28, 1936 TO DEC.. 4.
first
bring together all the dividends announced the
current week.
Then we follow with a second table in which
show the dividends
previously announced, but which
Further details and record of past
we
dividend payments in many cases are
News
given under the
Nor. 30
$
EuropeAustria, schilling..... .186885*
.169019
Belgium, belga
.012750*
Bulgaria, lev...:
Czechosl-kia, koruna. .035367
.218636
Denmark, krone
England, pound sterl'g L.898208
.021562
Finland, markka
France, franc........ .046587
Germany, reichsmark .402235
.008948*
Greece, drachma
Holland, guilder..... .542953
.197750*
Hungary, pengo
.052606
Italy, lira
.246062
Norway, krone..
.188300
Poland, zloty
.044425*
Portugal, escudo
.007292*
Rumania, leu
.048916*
Spain, peseta
.252488
Sweden, krona...
Switzerland, franc.... .229801
Yugoslavia, dinar.... .022980*
Dec. 1
Dec. 2
$
Dec. 3
our
The dividends announced this week
are:
$
$
.186942*
.186900*
.186928*
.169050
.169144
.169188
.169142
.012750*
.012750*
.012750*
.012750*
.012750*
.035337
.035339
.035350
.035340
.035348
.218825
.219167
.219054
.218895
.218720
1.900580
.902375
=.909500
.907375
.903916
.021568
.021587
.021625
.021580
.021580
.046621
.046690
,046670
.046637
.046608
.402242
,008966*
.008970*
.008972*
.544028
.544071
.544057
.197750*
.197750*
,197750*
.197750*
.197750*
.052610
.052610
,052609
.052605
.052612
.246295
.246669
,246516
.246345
.188266
,188300
,188333
.188333
.246187
.188500
American Agricultural Chemical Co
American Capital, preferred
.044466*
American Cities Pow. 8c Light, class A (quar.)
.044500*
,044425*
007266*
.007235*
.007275*
.083571*
083462*
.083366*
.083242*
.252720
.253107
,252975
.252812
.252629
.229823
.229859
,229880
.229866
.229873
.023033*
.023000*
023000*
.023000*
.022980*
American Cyanamid Co., class A and B com—.
American Express Co. (quarterly)..American Felt Co
Preferred (quarterly)
.296062
.296229
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
.295645
.296020
.296229
.296062
.296062
.296229
.295645
.296020
.296229
.296062
.296062
.296229
.295645
.296020
.296229
.296062
.296062
.296229
.305066
.305166
.305166
.305516
.305791
.035208
.369861
.370220
.370729
.370545
.370355
.370088
.285950
.....
.285994
.286361
.286102
.285868
.284850
.575412
.575312
.575000
.574650
.574287
.574950
Australasia—
905089*3.907767* 3.912678* 3.911517* 3.906964* 3.903645*
931607*3.934285* 3.942142*3.937857*3.933571*3.934479*
Australia, pound.
New Zealand, pound.
Africa—
South Africa, pound.. 4.844375*4.849296* 4.853906*4.852656* 4.848906* 4.846562*
North America-
Canada, dollar
Cuba, peso
.001802
Newfoundland,
1.001081
1.000697
1.000084
.999427
.999166
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.998950
dollar
1.001694
.999166
.277500
...
Mexico, peso
.999003
.998476
.998085
.997695
.997246
South America—
.326520*
*
.327300*
.327133*
.326983*
.326833*
.086776*
.086793*
.086793*
.086776*
.086776*
,058725
.058725
.058850
.059000
.051700*
.051750*
.051750*
.051750*
.573900*
.572925*
.573900*
.573900*
.800000*
Chile, peso
Colombia, peso
Uruguay, peso
.326560*
.086759*
Argentina, peso
Brazil (official) mllreis
(Free) mllreis
Optional payment of l-16th sh. of class B.
American Commercial Alcohol (resumed)
Stock div. of 2 shs. Amer. Distilling, 5% pref.
for each 6 shs. held—
.800000*
.800000*
.800000*
.059042
.051700*
.059328
.051700*
.573900*
.800000*
.573900*
.800000*
Nominal rates' firm rates not- available.
American General
Corp. (special)
NOTICE
S.
C., which
are
& McKinnon.
being discontinued by them,will be operated by Thomson
Faust Nicholson will remain
as
manager
of the office.
NATIONAL BANKS
—
-
-
Corp. (resumed).
American Locomotive Co., preferred.
American Maize Products (quar.)
Special
Preferred (quarterly).
American Metals Co., preferred..
American
News N.
Y. Corp...
Bi-monthly
American
American
Paper Goods (extra).i
Rolling Mills, pref. (quar.)
—
.....
American
Safety Razor, old (quar.)
American Smelting & Refining (quar.).
American Snuff Co. (quar.)
Extra
....
Preferred (quarterly)
American Tobacco, pref. (quar.).....
Amer. Water Wks. & Elec. Co., 1st$6 pref. (qu.)
Anaconda Wire 8c Cable (extra)....
Anchor
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHANGES IN CAPITAL STOCK AS REPORTED BY NATIONAL BANKS
*
Retirement
Change
8-
1-36 The Gainesville National Bank,
Gainesville, Ga
Income in
Pref. Stock
Com. by Div.
Capital
No. of Shs.
Par Value
Name and Location
Dale of
No. of Shs.
Par Value
After
Changes
Outstanding
P
1,200 shs.
$30,000 "A"
-
*20,000 A
25,000 B
*0
10-28-36 The Headland National Bank,
Headland, Ala
11-13-36 The City National Bank of
Crete, Crete, Neb..
10-31-36 The
None
O
50,000
62 H shs.
*6,250
250 shs.
250 shs.
P
$12,500
$12,500
c
$6,250
Bank
50 shs.
of
50 shs.
p
$2,500
c
50,000
500,000 A
500,000 B
250,000
22,500
27,500
p
None
c
750,000
p
5,000 shs.
Omaha, Neb..
$100,000
c
11-12-36 The
Tilden
National
Bank,
Tilden, Neb
11- 7-36 The
National
of
1,250 shs.
Lima,
1,000 shs.
1,000 shs.
p
90,000
$10,000
First
$10,000
0
Bank
Salt Lake City, Utah
Ohio
London, Ohio
First
National
—
First
National
...
Bank
Far-'
First
National
Weslaco, Texas
P Preferred stock.
of
.
-
Bangor 8c Aroostook RR., 7% preferred
Bankers Trust Co. (quar.)-,
Barber Co., Inc
Bastian Blessing Co. (quar.)
Preferred (quarterly)
Beneficial Loan Society (Del.) (quar.).
—.
Extra
Benson 8c Hedges, preferred (resumed).
Binks Manufacturing Co. (initial).....
Black & Decker (resumed)
....
Bloch Bros. Tobacco Co., 6% pref. (quar.)..—
Blumenthal
(Sidney) & Co.,
Bourjois, Inc. (resumed)..
Bower Roller Bearing
Inc., preferred.
......
Briggs Mfg. Co. (extra.)
Brillo Mfg. Co., Inc., class A
Common (quar.).
Bristol Brass (quar.)
10,000 B
Canada Bud Breweries
Canadian Dredge 8c Dock
15,000
J
C Common stock.
$1,000
$1,000
o
35,000
24,000
26,000
* Carried on books banks' as $55,000.
Jan.
Dec.
Dec.
1 Dec. 19
2
9 Dec.
2
9 Dec.
2
2 Dec. 21
7
15 Dec.
2
Dec. 20 Dec.
Jan.
1 Nov. 25
Jan.
2 Dec. 15
Dec. 10 Nov. 25
Dec. 24 Dec. 14
Jan.
1 Dec. 14
Dec.
5 Nov. 27
Jan.
(quar.)
—
....—....
Extra
Canadian Foreign Investment
Preferred (quar.)...
......
(quar.)
Canadian General Electric Co. (quar.).
Canadian Wirebound Boxes, class A.
5 Nov. 27
9
Dec. 19 Dec.
Dec.
Dec. l5 Dec.
5
4
Jan.
5 Jan.
Dec. 24 Dec. 22
8
Dec. 22 Dec.
7
Dec. 11 Dec.
19 Dec. 10
Dec. 21 Dec. 11
2 Dec. 15
Jan.
2 Dec. 15
Dec.
15 Nov. 30
15 Nov. 30
2 Dec. 15
Jan.
2 Dec. 15
Jan. 15 Dec. 31
Jan.
2 Dec. 15
Feb.
1 Dec. 29
8
Dec. 18 Dec.
Jan.
2 Dec. 21
Jan.
2 Dec. 10
Jan.
2 Dec. 10
9
Dec. 19 Dec.
Jan.
...—
50,000
p
7
Dec.
—-—
British Columbia Power, class A (quar.)
Brazilian Traction Light 8c Power, pref.
p
$5,000
17 Dec.
1
15 Dec.
Dec. 21 Dec. 15
Dec. 23 Dec. 11
Dec. 24 Dec. 14
Dec. 26 Dec. 19
Dec.
Dec.
»i—
Extra
British-American Oil, Ltd. (quar.)....
Extra
50 shs.
10 shs.
5
Jan.
(quar.)
Brunswick-Balke-Collender, pref. (quar.).
Burt (F. N.) & Co., Ltd. (quar.)
Preferred (quarterly)......—
10 shs.
19 Dec.
Dec.
25,000 B
75,000
40,000 A
o
10
2 Dec. 18
2 Dec.
2
Jan.
2 Dec.
2
Dec. 21 Dec. 11
Jan.
1 Dec. 15
Jan.
p
$5,000
...
Bank
gtd-_
Extra
;..
Bandini Petroleum (monthly)
c
50 shs.
2 Dec. 14
Dec. 22 Dec. 14
—
p
$10,000 "A"
at
mersville, Texas
10-31-36 The
Common (quarterly)
Avon, Geneseo 8c Mt. Morris RR.,
Babcock 8c WilCox (quarterly).....
$25,000
*
National
Jan.
Dec.
c
Chippewa Falls, Wis
11-14-36 First
8
8
8
Dec. 15 Dec.
Dec. 21 Dec. 11
Dec. 15 Dec.
5
Dec. 15 Dec.
5
Dec. 15
1
Jan. 15 Jan.
4
Dec. 19 Dec.
Feb. 27 Jan. 29
Jan.
2 Dec. 10
Jan.
2 Dec. 10
Jan.
2 Dec. 10
Jan.
2 Dec. 10
d Dec. 1 7 Dec. 7
500 shs.
133 1-3 shs.
11a
Special, payable at the rate of 1 sh. for each 20
Associated Insurance Fund, Inc. (extra)
Astor Finance, 1st pref. (semi-ann.)......
Atlantic Gulf & W. Indies SS. Line, pref......
Atlas Powder Co. (special)
...
Autocar Co., $3 preferred (initial)..
....
Automatic Voting Machine (quar.)
Automobile Finance Co., 7% pref. (quar.)
Brewers & Distillers of Vancouver...
Broad Street Investing Co
of
16
9
14
Art Metals Construction Co
50,000
of
Dec. 19 Dec.
Dec. 18 Dec.
Dec. 15 Dec.
10
Dec. 19 Dec.
5
Dec. 19 Dec. 10
Dec. 15 Dec.
8
p
Bank
Dec. 21 Dec.
2 Dec.
Dec. 23 Dec.
Jan.
Dec.
....
c
Bank
Bemldji, Minn..
Dec. 24 Dec. 14
8
8
Jan.
2 Dec. 18
Dec. 21 Dec.
Dec. 21 Dec.
Jan.
110,000
47,500
$2,500
1,000 shs.
$25,000 "A"
Dec. 24 Dec. 14
Jan.
Preferred (quar.)
Appalachian Electric, $7 pref. (quar.)
$6 preferred (quar.)....
Appelton Co., preferred
Apponaug Co. (quarterly)..
Argo Oil Co. (semi-annual)
50 shs.
11- 2-36 The Central National Bank of
11-16-36 The
—
$125,000
10-15-36 The National Bank of
10-20-36 The
None
$2,500
National
First
75,000
P
62 H shs.
50c
Dec. 21 Dec.
Cap Corp., common...
.
The
12
Dec. 12
Dec. 10
Dec. 15 Dec.
.,
Armstrong Cork Co (extra)
Arnold Constable Corp
—The offices of Hubbard Bros. & Co. in the Woodside Bldg., Greenville
.
American International
Extra
CURRENT
..
Special
.296062
Dec.
$lg
75c
6SHc
.
.007292*
.296229
5
Dec. 31
Dec. 10
.007235*
.296020
.....
Altorfer Bros., preferred
Aluminum Industries, Inc. (quar.)
Aluminum Co. of America, preferred.,
.084583*
.295645
India, rupee
Dec.
.402225
Asia-
Dec.
Dec.
Dec.
Dec.
Dec.
—
.008970*
Chefoo (yuan) dol'r
11
11
6
11
14
14
10
5
Jan.
....
.402250
.044491*
Dec.
Dec.
...
.544035
.402296
Holders
Nov. 30
Dec. 17
...
.543692
.044441*
When
Payable of Record
Acme Wire (extra)
Affiliated Funds, Inc. (extra)
Alabama Great Southern RR., ordinary stock..
Ordinary (extra)
Preferred
Preferred (extras)
Allied Products Co., new (initial)
Preferred (quarterly)
All Metal Products (extra)
Aloe (A. S.) (extra)
.008957*
China—
Japan, yen.
Singapore (S. S.) dol'r
Share
Name of Company
$
.186871*
,169026
.402250
Per-
Dec. 4
.186857*
com¬
"General Corporation and Investment
Department" in the week when declared:
in
Unit
Nor. 28
In the
grouped in two separate tables.
are
we
pany name
1936, INCLUSIVE
Noon Buying Rale for Cable Transfers in New York
Value in United States Money
Country and Monetary
Dividends
have not yet been paid.
cable transfers in the different countries of the world.
give below
Ami. of Increase
k
Nov. 25—-The State National Bank of Texarkana, Texarkana, Ark.
From $200,000 to $260,000
$60,000
Member Federal Deposit Insurance Corporation
Pursuant to the
Certificate No. 1291A.
CAPITAL STOCK INCREASED
COMMON
Member Federal Reserve System
Jan.
2 Dec. 15
15
Jan.
Dec.
Jan.
Dec. 15
Dec. 15
Jan.
Jan.
Dec.
15
Jan.
Dec.
15
Volume
143
Financial
Per
Name of
Share
Company
When
24 Dec.
24 Dec.
1 Dec.
Class B
r
2 Dec.
2 Dec.
(quar.)
Central Aguirre Assoc. (quar.)
Extra
Central Hanover Bank & Trust Co. (quar.)
Central Maine Power, 7% preferred
*
1
k
Per
14
Name
14
Indianapolis Power & Light, 6% pref. (quar.)
6 H % preferred (quar.)
Indiana General Service Co., 6% pref.
Indiana & Michigan Electric Co., 7%
15
15
2 Dec.
12
22 Dec.
22 Dec.
Extra
i—.
Chicago Towel Co., preferred (quar.)
Citizens Water Co. (Wash., Pa.), pref. (quar.)_
City Auto Stamping Co. (quar.)
V
10
12
12
21 Dec.
10
2 Dec.
21
21 Dec.
10
Claude Neon Electric Products (quar.)
Cleveland Cliffs Iron Co., preferred
24 Dec.
5
Columbia Oil & Gasoline
21 Dec.
15
K Preferred (participating)
Commonwealth Teleph. Co. (Wis.), 6% pf. (qu.)
Commonwealth Utilities Corp., 7% pref. (quar.)
21 Dec.
15
2 Dec.
15
2 Dec.
15
2 Dec.
15
2 Dec.
15
28 Dec.
$3 pref. (quar.).Consolidated Amusement, Ltd., 8% pref
Consolidated Edison Co., preferred (quar.)
Consolidated Steel Corp
Continental Gas & Electric, pref. (quar.)
Cook Paint & Varnish Co. (extra)
Corn Products Refining Co. (extra)
Corroon & Reynolds, preferred A
.
Dec.
30
21 Dec.
2 Dec.
5
12
19 Dec.
10
21 Dec.
7
15 Dec.
10
Cream of Wheat Corp
21 Dec.
12
Quarterly
Crown Drug Co
2 Dec.
11 Jan.
19
21 Dec.
_
2
Curtis
Cuban Tobacco Co., preferred
Publishing, 7 % preferred
21 Dec.
Dayton & Michigan RR., 8% pref. (quar.)
15 Dec.
11
8
15
2 Dec.
15
Dejay Stores, Inc
Extra
2 Dec.
2 Dec.
Detroit Hillsdale & Southwestern RR. (s-a)
Diamond State Telep., pref. (quar.).
$1H
15
15
2 Dec.
-
Delaware RR. Co. (semi-ann.)
De Long Hook & Eye (quar.)
Extra
Detroit Gasket & Mfg. Co. (extra)
21
2 Dec.
21
—
21 Dec.
8
—
5 Dec.
19
15 Dec.
9
Dodge Manufacturing Co
Dominion Coal Co., 6% pref. (quar.)_
Dominion Glass Co., Ltd. (quar.)--.
Preferred (quar.)
Duplan Silk Corp. (semi-ann.)
Preferred (quarterly)
Eaton Mfg. Co. (special)
Eddy Paper Corp. (increased)-
11 Dec. 26
2 Dec. 15
2 Dec.
2 Dec.
15 Feb.
5
21 Dec.
14
2 Dec.
21 Dec.
Extra
11
20 Dec.
Emsco Derrick & Equipment (quar.).
15
1
2 Dec.
22 Dec.
Electric Auto-Lite
Preferred (quar.)
15
14
9
8
21 Dec.
European Electric Corp., Ltd., cl, A & B
9
15 Dec.
com-
8
17 Dec.
Faultless Rubber Co. (quar.)
Fedders Mfg. Co
Federal Mining & Smelting Co.
,
preferred
Fidelity & Deposit Co. JMa.) (extra)
Fidelity & Guarantee Fire Insurance
Finance Co. of Penna. (quar.)
7
17 Dec.
Extra
7
15
1 Dec.
22 Dec.
22 Dec.
31 Dec.
2 Dec.
Flintkote Co. common
Florsheim Shoe Co., class A (quar.)
Class A (extra)
25c
12 He
12Hc
Formica Insulation Co
Fourth National Investors Corp., com
Fox (Peter) Brewing Co. (quar.)
Gannett Co., $6 preferred (quar.)
20c
90c
,
General American Investors
Preferred (quarterly)
75c
$1H
15
21 Dec.
21 Dec.
10
21 Dec.
15 Dec.
10
15c
Special
2 Dec.
15c
General Baking Co., common
21 Dec.
10
75c
21 Dec.
2 Dec.
10
35c
Preferred (quar.)
$2
8c
-
General Candy Corp. class A
Class A (extra)
General Mills, Inc., 6% cum. pref. (quar.)
General Public Service Corp., $6 pref
-—
$1H
>i$10
h$9H
:
$5 H preferred
General Telephone Corp. common
85c
24 Dec.
24 Dec.
75c
Special
(quar.)
1 Dec.
24 Dec.
1 Dec.
75c
(quar.)
21 Dec.
2 Dec.
25c
50c
$3 conv. preferred
General Time Instrument Corp. (quar.)
50c
Gecfegga Power Co. $6 preferred (quar.)
UH
2
$6 HPpferred (quar.)
GliddBnCo. (quar.)
Preferred (quarterly)
Godchaux Sugars, Inc., A
Preferred (quarterly)
Goodall Securities Corp. (quar.)
$1H
2
50c
2
56 He
2
1
i\K
10
Dec.
Jan.
Dec.
Jan.
Dec.
9
9
9
10
10
Jan.
Dec.
10
Nov. 25 Oct.
31
31
31
•
Jersey Central Power & Light 5H% pref. (qu.)_
6% preferred (quar.)
7% preferred (quar
••)
Jones (J.Edw.) Royalty Trust—
Series A par tic. trust certificates
Series B partic. trust certificates
Series C partic. trust certificates
Johns-Manville Corp.
Nov. 25 Oct.
Nov. 25 Oct.
Dec. 24 Dec.
(quar.)
Extra
Dec.
Preferred (quar.)
Kalamazoo Stove Co
Jan.
50c
2 Dec.
Dec.
21 Dec.
14
Dec.
1
Jan.
Jan.
2 Dec.
2 Dec.
$1.02
70c
Jan.
Dec.
40c
Dec.
25c
$1
$1
17Hc
Jan.
30c
$1
-
Little Schuylkill Navigation EE. & Coal Co
Liquid Carbonic Corp. (quar.)
Lock Joint Pipe Co., common
75c
iig
50c
Lykens Valley RR. & Coal Co. (s-a)
Lynch Corp. (extra)
Mack Trucks, Inc. (quar.)
1
25c
2 Dec.
17
12
75c
Dec.
26 Dec.
26 Dec.
1 Dec.
Dec.
21, Dec. 10
_
12
12
11
11
15
Dec. 21 Dec.
Dec. 28 Dec.
Dec.
Dec.
10
14
Dec.
12
Nov.
§5
Dec.
Metropolitan Edison Co. $7 prior pref. (quar.)._
$6 prior preferred (quar.)
$5 prior preferred (quar.)
$7 preferred (quar.
$6 preferred (quar.
$5 preferred (quar..
Meyer (H. H.) Packing Co. 6H% Pref. (quar.)-
Dec.
14
Jan.
4
15
22
14
22
12
7
Dec. 15
Dec. 15
Dec. 17
Dec. 17
Dec. 18
Dec. 18
Mid-West Abrasive Co
Extra
Mother Lode Coalition Mines
Morse Twist Drill & Machine
(resumed)
2 Dec.
4
2 Dec.
10
$2
16 Dec.
2
SI K
Jan. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Jan.
2 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Jan.
2 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 10 Dec.
Nov. 30 Nov.
Dec. 17 Dec.
31
1
12
11
14
14
5
5
10
10
10
19
19
19
1
23
2
Illinois Commercial Telep., $6 pref. (quar.)
$6 preferred
Illinois Commercial Teleph. (Wis.), $6 pref
$6 preferred
Imperial Tobacco Co. of Canada (quar.)
Dec. 19 Dec.
5
Dec. 19 Dec.
5
Jan.
2 Dec. 15
Dec. 31 Dec. 11
8
8
15
Copper Co. (initial)
Dec.
Nov. 30
UH
im
30c
Nov. 30
Dec.
Nov. 30
Dec.
Nov. 20
Dec.
Dec.
Dec.
Dec.
9
Jan.
Dec.
15
Dec.
Dec.
10
12
Dec.
Dec.
43 Uc
Jan.
Dec.
15
40c
Jan.
Dec.
10
$1H
UH
12Hc
$1H
Jan.
Dec.
10
Dec.
10
Dec.
Nov. 27
Dec.
4
Dec.
Dec.
21c
Dec.
Dec.
10
15
h$3
Dec.
Dec.
15
5c
Jan.
50c
Jan.
Nov. 30
Dec. 31
75c
Dec.
Dec.
15
25c
Dec.
Dec.
Dec.
Dec.
8
10
12
Dec.
Dec.
Newark Telephone Co. (Ohio), 7% pref. (quar.)
New Jersey Power & Light Co. $6 pref. (quar.)-.
$5 preferred (quar.)
(semi-ann.)
Preferred (semi-annual)
York & Queens Electric Light & Power
New
Preferred
Dec.
Dec.
Dec.
Dec.
25c
Dec.
Dec.
15c
Jan.
Dec.
14
20c
Dec.
Dec.
Dec.
Dec.
14
14
Dec.
Dec.
Dec. 24
Nov. 30
Dec.
Dec.
51
51.
51
51
New Process Co
New River Co., preferred
New York & Harlem RR. Co.
m
20c
Extra
(quarterly)
New York Telep.. 6H% pref. (quar.)
New York Telephone 6 H % pref. (quar.)
New York
Nov. 30
Dec.
Mutual System,
Inc., common (quar.).Preferred (quar.)
Myers (F. E.) & Bros. Co. (quar.)
National Acme Co. (special)
National Automotive Fibres, class A (spec.)
National Distillers Products (extra)
National Fund Corp. A (quar.)
National Gypsum Co., 1st pref. (quar.)
2d preferred (quar.)
National Investors Corp. preferred
National Supply Co. of Del., preferred
National Tea Co. (quar.)
Natomas Co. (quar.)
Nov. 30
Dec.
50c
Monongahela West Perm Public Service, pref-Corp
Preferred A & B (quar.)
Motor Products
45c
Dec.
10c
Minneapolis-Honeywell Regulator (spec.)
Mississippi River Power, pref. (quar.)
Mohawk Carpet Mills (quar.)
Moore
Dec. 21 Dec.
Dec. 21 Dec.
Jan.
2 Dec.
2 Dec. 15
2 Dec. 30
2 Dec. 30
21 Dec.
Merchants Refrigerating (N. Y.) 7% pref
22
(quarterly)
Jan.
Metal Box Co. (interim)
2 Dec.
Idaho Maryland Mines
Extra
11
Jan.
Jan.
Dec. 22 Dec.
Dec. 22 Dec.
Merchants & Miners Transportation Co.
Extra
7
Honoka Sugar, Ltd
Honolulu Rapid Transit Co. (increased)
Horn (A. O.) Co. (initial)
11
Dec.
21 Dec.
Extra
12
18 Dec.
18 Dec.
Jan.
$2
50c
Mining (monthly)
15 Dec.
Dec.
Dec.
Dec.
Preferred (semi-ann.)
Merchants & Manufacturers Securities.
Partic. preferred (special)
Greenfield Tap & Die, $6 pref
Preferred (quar.)
Dec.
2 Dec.
2 Dec.
15 Dec.
14
10
19
11
11
12
Jan.
75c
Muskegon Motor Specialties, class A
_-
Dec.
18 Dec.
9 Dec.
$1
(quarterly)
12
(resumed)
15
9
14
25c
4 Dec.
Hobacker Stores, Inc.
Holland Furnace
17
25c
:
Extra
Mead Johnson & Co.
Extra
75c
Hinde & Dauch Paper Co. of Can. (increased)
11
11
2 Dec.
Jan.
25c
Special
McKeesport Tin Plate (quarterly)
McQuay-Norris Mfg. Co. (quar.)
15 Dec. 31
1 Feb. 15
Dec. 19 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
Jan.
£
2
Nov. 30 Nov. 30
Dec. 21 Dec. 21
Dec.
50c
Co., class B (quar.)
Mountain City
Stock dividend
Dec.
Jan.
20c
Master Electric Co. (quar.)
McKee (A L)
Extra
12
Hershey Creamery Co. of Harrisburg, Pa., pref-
Mar.
10c
-
5
75c
Jan.
75c
Special
5
25c
Jan.
5c
10
Vk
Jan.
25c
37Hc
4
15
Dec. 10
2 Dec. 14
8 Dec. 24
8 Dec. 24
2 Dec.
ii
5
•
21
Jan.
Extra
20 Dec.
Extra
Dec.
Jan.
50c
15 Dec.
15 Dec.
43 Mc
Dec.
65c
$1
(quar.)
12 Dec.
2 Dec.
$1.10
40c
Year-end dividend
10
10
15 Nov. 30
2 Dec. 15
15 Dec.
5a
15 Dec.
5a
22 Dec. 12
24 Dec. 14
30 Nov. 24
23 Dec.
15 Dec.
25c
Magnin & Co. (extra)
Margay Oil Corp
Marine Midland Corp. (quar.)
Nov. 24
2 Dec.
12 Dec.
Jan.
Jan.
i
19 Dec.
3%
Dec.
Nov.
Dec.
$1
25c
(resumed)
:
Opt. payment of cash or 6% cum. conv. pf. stk
Harrisburg Gas, 7% pref. (quar.)
Hearst Consol. Publishers, 7% pref. A (quar.)-Heath (D. C.) & Co. preferred (quar.)
Helme (G. W.) Co. preferred (quar.)
Hercules Motors (quar.)
Dec.
50c
Special
$1
Hammond Clock Co.
Dec.
$1
$2H
Extra
Common
2 Dec.
2 Dec.
2 Dec.
Jan.
Extra
King-Seely Com
Klein (D. Emil) (extra)
Kola Sugar Co
l.L
Kress (S. H.) & Co. (extra)
Lackawanna RR. of N. J., 4% gtd. (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
Lazarus (F. & R.) Co. (quar.)
Lehigh Portland Cement Co. common (special)
Preferred (quar.)
Lehman Corp. (quar.)
Special
Lexington Teleph Co., 6H% Pref. (quar.)
Link Belt Co. (quar.)
21 Dec.
Jan.
Jan.
Keystone-Custodian Fund, series S-2
Keystone Public Service, $2.80 pref. (quar.)
Keystone Watch Case Corp. common
Great North. Iron Ore Prop, (beneficial int. ctfs.)
Beneficial interest certificate
Homes take
Jan.
50c
6% pref. (quar.)
7% preferred (quar.)
Kansas Utilities Co., 7% pref. (quar.)
Kaufman (Chas. A.) Co. (resumed)
Keith-Albee-Orpheum, preferred
Kekaha Sugar Co
Kelvinator Corp. (quar.)
75c
Guaranty & Fire Insurance (s.-a.)
Guaranty Trust Co. of New York (quar.)
Halifax Fire Insurance Co. (N. S.) (s.-a.)
11
1 Dec.
h$ 7
$1.40
12Hc
Dec.
Kansas Electric Power,
14
1
Preferred
11
24 Dec.
18
10
15
15
21
18
14
1
50c
Goodwill Station (WJR) (extra)
Great Lakes Towing Co. (resumed)
1
50c
Extra
4
20 Dec.
17 Dec.
—
General Water Gas & Electric Co., $3 pref
Common (increased)
10
14
11
9
Dee.
Preferred (quarterly)
12
15
Dec.
9
5
10
15
Dec.
Dec.
21 Dec.
23 Dec.
15
Dec.
Dec.
Extra
Marlin-Rockwell Corp. (quar.)
2 Dec.
2 Dec.
Jan.
Dec.
15
21 Dec.
19 Dec.
Nov. 30
Dec.
15
20c
General Box Corp
Dec.
Dec.
Marine Midland Trust
30c
Nov. 30
Dec.
19
Gar Wood Industries
11
Jan.
Dec.
15
15
15
Dec.
Dec.
2 Dec.
22 Dec.
12
15
Dec.
Dec.
2 Dec.
2 Dec.
,
25c
(quarterly)
12
15
22
Dec.
Dec.
2 Dec.
2 Dec.
25c
Class B (extra)
10
14
11
15
Dec.
.--
Ewa Plantation Co
Dec.
Founders (quarterly)
1
1 Dec.
Dec.
Extra
16
20 Dec.
Dec.
Jan.
15c
Dec.
Dec.
Printing Ink (special)
Dec.
Dec.
Jenkins Bros, (quar.)
Extra
10
15 Dec.
Dec.
Dec.
Irving (John) Shoe Corp
6% preferred (quar.)..
Irving Trust Co. (N. Y.) (quarterly).
Jefferson Electric Co
20 Dec.
j.
Dec.
International Shoe Co.
(quar.
Investors Royalty Co. (quar.)
Preferred (quar.) _-3-Iron Fireman Mfg. Co. (extra)
1 Nov. 27
!
Dec.
Jan.
Jan.
International
1 Nov. 27
Dec.
Dec.
Extra
1
Chicago Electric Mfg., class A
Chicago Flexible Shaft (quar.)
Jan.
Jan.
Jan.
Ingersoll-Rand (extra)
21 Dec.
Holders
(quar.)_
6% preferred (quarterly)
Inglewood Gasoline (monthly)
17
1
__
When
Payable of Record
pref. (qu.)
1
$6 preferred
6% preferred
Chain Belt (special)
Chicago Dock & Canal Co. (quar.)
b Extra
Preferred
Share
of Company
14
5
2 Dec.
'
Class B
3571
Holders
Payable of Record
Capital Administration Fund, class A
Series A, preferred
(quarterly)
Cariboo Gold Quartz Mining Co.
Chronicle
Trap Rock Corp. (resumed).
51;
12:
52;
8
12
12
Dec. 12
Dec. 11
Dec.
Nov. 30
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
14
15
15
Dec. 15
Dec.
4
Nov. 24
Dec. 18
Dec. 18
Nov.
Nov. 25
§7 preferred
Nov.
Jan.
Nov. 25
Nov. 25
Dec.
Dec.
Special............—.......
Dec.
Dec.
7 preferred (payable in $6 pref. stock)
Northeastern Water & Electric (initial)
5
5
Financial
3572
Per
Name of
Share
Company
North & Judd Mfg. Co. (quar.)
North Illinois Finance Corp. (increased).
Novadel Agene Corp., com. (quar.)_
c
7M<
30<
;0c
Light & Power Co. (quar.).
SIM
50c
When
Jan.
Dec. 22
Dec. 22 Dec.
5
Jan.
Dec.
75c
Dec.
24 Dec.
(resumed).
Ohio Edison Co., $5 preferred (quar.)_.
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)
Onomea Sugar Co. (monthly)
25c
Dec.
15 Dec.
Ohio Confection Co. class A
Jan.
Dec.
Union Electric Light &
Dec.
preferred—,
Pacific Finance Corp. (quar.)
new conv.
10
12
United Paperboard Co. preferred
United States Co. (quar.)
22 Dec.
12
United States Tobacco Co. common
45c
(quar.)
Dec.
22 Dec.
$1
Extra
Pacific Lighting Corp. 6% pref.
Pacific Telephone & Telegraph
Dec.
22 Dec.
$1$2
7
7
15 Dec. 31
Dec. 21 Dec. 10
J an.
SIM
Dec.
60c
Dec.
21 Dec.
23 Dec.
10
Pacific Tin Co. (extra)
Pacific Western Oil Corp
65c
Dec.
18 Dec.
7
60c
Dec. 21 Dec.
7
25c
Dec. 21 Dec.
7
Jan.
Dec. 23
Preferred
(quar.)
Petroleum & Transport
(Payable in 7-year 3M % notes)
Pan American Southern (resumed)
Pathe Film, $7 preferred (quar.).
Paton Mfg. Co., Ltd., 7% pref. (quar.)Peerless Weighing & Vending Machine Co—
Pan American
(extra)
Perfect Circle Co.
SIM
SIM
(quar.)
Electric Co., com—
Peoria Water Works Co., 7% pref. (quar.) —
Peoples Drug Stores (quar.)
Pfeiffer Brewing Co.
Penn Western Gas &
—
-
15 Nov. 30
1
15 Dec.
Dec. 22 Dec. 11
Jan.
Dec. 21
Dec. 23 Dec. 10
30c
30c
SIM
25c
75c
Dec. 21
Jan
21 Dec.
Dec. 21 Dec.
Dec.
Dec.
Dec.
15 Dec.
10 Nov.
SI
Dec.
10 Nov.
40c
Dec.
24 Dec.
90c
Dec.
15 Dec.
Extra
America
Petroleum & Trading Corp., A
Pfandles Co. (quar.)
Pictorial Paper Package Corp. (quar.)
Petroleum Corp. of
$1
Extra
-
Plymouth Cordage Co.
(quar.)
8Mc
21Mc
SIM
SI
SI
Extra
Pocahontas Fuel Co
Quarterly
Preferred
2 Dec.
19
5
21 Dec.
Dec. 21 Dec.
Jan.
2 Dec.
5
Dec.
11
Dec.
15
Dec.
10
Dec.
Dec.
10
12
Jan.
15 Dec.
1
Dec.
17 Dec.
11
ui
Dec.
19 Dec.
5
Jan.
Jan.
15 Dec. 20
15 Dec. 20
Jan.
15 Dec. 19
Dec. 29 Dec. 15
Dec. 29 Dec. 15
21 Dec.
2 Dec.
10
Dec. 28 Dec,
12
Jan.
15
Dec.
19
19
10
Dec. 21 Dec.
Dec. 21 Dec. 10
15 Dec. 31
Jan.
2 Dec. 15
Dec.
30 Dec.
18
Dec. 30 Dec.
Dec. 30 Dec.
18
Jan.
18
Wrigley (Wm.) Jr. (special)
2 Dec.
18
Dec. 22 Dec.
10
11
7i$35
7% pref
Dec.
26 Dec.
30c
Dec.
21 Dec.
10
5c
Wire (quar.)
Yukon Gold Co
Nov. 28 Nov. 25
75c
—
Dec.
21 Dec.
5
Below
give the dividends announced in
we
previous weeks
The list does not include dividends an¬
this week, these being given in the preceding table.
paid.
and not yet
nounced
Per
Name of
Share
Company
When
Holders
Payable of Record
Abbott Laboratories Co.
30c
-
Abraham & Straus, Inc
(quarterly)
Addressograph-Multigraph
A
Agnew Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (Watertown, N.
Afnsworth Manufacturing Corp
Akron Brass Mfg. Co., Inc
Extra
5c
25c
19
Dec.
Dec.
Dec.
Dec.
7
18
Dec.
Dec.
18
Jan.
Dec.
12
Jan.
Dec.
12
Jan.
Dec.
15
1
19
50c
Dec.
Nov. 20
Nov. 20
Dec.
Dec.
Dec.
4
Dec.
Dec.
15
SIM
$2
S3M
Dec.
Dec.
Dec. 15
Dec. 21
• an.
>ec.
15
25c
15c
Dec.
Dec.
Dec.
8
Jan.
Dec.
8
Dec.
5
/i$10M
Dec.
Dec.
10
2 Dec. 10
10 Nov. 30
Dec. 23 Dec. 12
Dec.
1 Nov. 24
Dec.
21 Dec. 11
Dec. 21 Dec. 11
Jan.
2 Dec. 21
Dec.
>ec.
Nov. 26
1?3ac
Dec.
Dec.
Nov. 26
Nov. 24
AC
—
—
Dec.
Dec.
3a
Dec.
18a
SI .04
Jan.
Dec.
American Enka
Dec.
Dec.
1
Dec.
Dec.
1
& Cigar—
Dec.
15 Dec.
2
Dec.
31 Dec.
15
Dec.
15 Dec.
1
$3M
Dec.
Dec.
15 Dec.
15 Dec.
5
Tob. Co. com. B stk
25c
(quarterly)
Extra
American Gas & Electric
Monthly
American Ice Co.,
-
preferred
American Mfg. Co., common
Preferred
quar »
American Meter Co
pref (quar.) —
$6 preferred
American Paper Goods Co.. 7 %
American Power &
Mar.
1 Feb.
20
June
1 May 20
Sept.
1 Aug. 20
Special
Dec.
1 Nov. 20
American
Light Co.,
Dec. 21 Dec.
Dec. 21 Dec.
5
15
15
5
58 l-3c
Jan.
50c
Jan.
2 Dec.
2 Dec.
Jan.
2 Dec.
15
Dec.
21 Dec.
12
prcforrod
»•»
Public
Service Co., pref. (resumed)-American Radiator & Standard Sanitary (quar.)
American
Dec.
1
4
12
25c
Jan
25c
Dec.
Dec.
23 Dec.
12
75c
31 Dec.
18
10c
Dec.
24 Dec.
20c
Jan.
14a
14a
50c
15c
Jan.
Dec.
1
2 Dec.
19 Dec.
4
2 Dec.
Dec. 31 Dec.
15
15
Dec.
15
*1 M
Dec.
M
*{'&
15c
30c
Rolling Mill Co. (quar.)
15 Nov. 30
16 Dec.
5
Dec.
18 Dec.
1
Dec.
18 Dec.
1
Dec.
9 Nov. 25
21 Nov. 27
Dec.
Dec. 21 Nov. 27
15 Dec. 15
Jan
15 Nov. 16
Dec.
50c
Dec.
19 Dec.
4
25c
(quarterly)
Special
Dec.
Dec.
19 Dec.
10 Dec.
4
10c
American Seal-Kap Corp. of Del
American Seating Co. (resumed)
Optional payment of 1-10 of a sh.
31
Dec.
75c
Extra
American Safety Razor
2 Dec.
$3
SIM
SIM
American Machine & Metals
10
1
si
Special
Pay. in l-20th sh. Amer.
6% pref. (quar.)
21 Dec.
Dec.
SIM
American Cigarette
21 Dec.TO
Nov.26
'OC.
SI
extra._
(quarterly)
American Chicle Co.
Dec.
8
20c
Jan.
Jan.
1
75c
(quarterly)
American Bemberg Corp., preferred.
American Box Board Co. (quarterly)
7% preferred (quar.)
7% preferred
.__
Preferred
preferred (Initial)
(quar.)
Nov. 30
Dec.
50c
Extra
American Chain Co.. 5%
Nov. 30
Dec.
30c
—
Dec. 21
Dec.
25c
Asphalt Roof Corp., 6% pref. (quar.)
Bakeries Corp.. 7% pref (semi ann )
American Bank Note (quarterly)
Jan.
50c
American
Preferred
Dec.
SIM
37Mc
American
American Can Co., common
Dec.
Dec.
S3
Alpha Portland Cement
Aluminum Goods Mfg. Co. (quar.)_.— —
Aluminum Manufacturing. Inc. (quarterly)
Extra
Jan.
50c
35c
1
10 Dec.
25c
(semi-ann.)
Extra
Dec.
5c
15
Dec.
e3 to 1
SIM
SIM
$4M
0-
Allied Stores, 5% preferred (quar.)
Allis-Chalmers Mfg. Co. (quar.)
25
41 2-3c
Dec.
Jan.
25c
Extra
SIM
SIM
SIM
SIM
SIM
50c
Nov. 30
75c
Co., common (quar.)__
American Hardware Gorp
(quar )
American-Hawaiian Steamship Co. (quar.)
American Hide & Leather, pre?, (quar.) —
American Home Products Corp
8
Dec.
Dec.
Jan.
Dec.
Dec.
12Mc
Y.)_
pref. (quar.)
Co. (s.-£
Dec.
10
10
Dec.
5
Nov. 27
Dec.
2
Nov. 30
Dec.
Dec.
h$33A
37Mc
SIM
—
Alabama Power Co., $7
Dec.
SI
25c
—
Dec.
Dec.
50c
75c
(quar.)
Extra
American Fork & Hoe
10
10c
Corp. .speciall
Jan.
25c
18
Dec. 24 Dec.
45%
75c
(monthly)
4%
New York
18
24 Dec.
Dec. 28 Dec.
Jan.
2 Dec.
68Mc
(monthly)..
5c
Extra
Woodside National Bank of
25c
AS3M
$2
2 Dec.
2 Dec.
2 Dec.
Jan.
12Mc
12Mc
5% preferred (monthly)
Trans-Lux Daylight Picture Screen
18
Jan.
50c
Toledo Edison Co. 7% pref.
10
7% preferred (quarterly)
12Mc
37Mc
34Mc
1M%
37Mc
52 Mc
43Mc
Corp
10
7
10
AllegUfii.v At W estern Ry gtd.
Allen Industries (quarterly)
Nov. 21
43 Mc
12 Mc
Special
12
Dec.
Dec. 24 Dec. 10
Dec. 24 Dec. 10
12
20c
Preferred (quar.)
Preferred (quar.)
24 Dec.
SIM
10c
10
SIM
Preferred (quar.)
Preferred (quar.)
12
19 Dec.
Dec. 22 Dec.
25c
.
Dec. 23 Dec.
Dec. 24 Dec.
35c
Allegheny Steel Co
25c
(quar.)
7
75c
19 Dec.
12
35c
(quarterly)
23 Dec.
Dec.
12
25c
SIM
Extra
5
15
Dec.
Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Dec.
(quar.)
1 Jan.
2 Dec.
Dec. 21 Dec.
Dec. 23 Dec.
2
Jan.
Timken-Detroit Axle Co.
6% preferred
10
Dec.
(quarterly)
1 Jan.
Feb.
15
12
17
5
50c
Co. (quar.)
$6 preferred (quarterly)
Albany & Susquehanna RR.
(quar.)
Todd Shipyards
10
21 Dec.
Dec.
Preferred
Tilo Roofing Co.
Extra
30 Dec.
15c
18
Dec.
Thompson Electric Welding
Dec.
$1
50c
2 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Jan.
pref
Bonus
22 Dec.
Jan.
Acme Steel Co.
of pref.for eachsh .held)
Texas Series C Corp. partic. certificates
Third National Investors Corp. common
Dec.
Feb.
Aero Supply Mfg., class
Class A (auarterly)
each sh. held
(quar.)
Stokely Bros. & Co
Conv. preferred (quar.)
Non-conv. preferred (quar.)
Stromberg-Carlson Telep. Mfg. Corp
6M % preferred
Sunray Oil Corp. 5M% pref. (quar.).
i
Teck Hughes Gold Mines
2 Dec.
SI
(quar.)
(R.C.) &Co
class B
Class A (quarterly)
Woodley Petroleum Co. (quar.)
11
Dec. 21 Dec.
Preferred
19
2 Dec.
Jan.
9M
1st & 2nd preferred
21 Dec.
Dec.
50c
(quar.)
19
Jan.
Winn & Lovett Grocery,
15
Dec.
Co
2 Dec.
Williams
7
14
Square D Co., class B
Preferred
Jan.
30c
Extra
White Rock Mineral Springs
Dec. 15 Dec.
Dec. 22 Dec.
Publishers, pref
Standard Products Co.
15
1 Nov. 20
30c
(quarterly)
preferred
Weyenberg Shoe Mfg. (increased)
Dec. 28 Dec.
7i$l
Special
—
7 % preferred
50c
Dec.
(quarterly)
Standard Oil of Ohio (quar.)
10
2 Dec.
West Texas Utilities $6
50c
7% pref. (quar.)
24 Dec.
Dec.
10c
ftSlM
Lines
Dec.
Jan.
20c
h$l%
(qu.)
Jan.
18 Dec. 11
21 Nov. 30
2 Dec. 19
Dec.
h3 7Mc
50c
Westmoreland, Inc. (quar.)
Westmoreland Coal Co. (special)
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)
9
Jan.
(quar.)
Sig
fc$2M
Ltd. (quar.)
15
Royalty Co—
Starrett (L. S.)
Extra
Wagner Electric (increased)
Walgreen Co. preferred (quar.)
Ward Baking Corp. preferred
Wayne Pump Co. (initial)
West Coast Telephone 6% preferred
1 Nov. 16
Dec.
Victoria Bondholders Corp
1 Jan.
75c
Extra
5
Dec.
Dec. 26 Dec.
60c
Series C 5M% preferred (quar.)___
Southern Canada Pow. Co., 6% cum. pref.
15 Nov. 30
1 Nov. 16
Dec.
Extra
1
Feb.
h$3
orig. pref. (quar.)__
10
15 Nov. 30
Dec.
Extra
11
8
Q
(quarterly)
15 Dec.
26 Dec.
Dec.
5
10
30c
SIM
Southland
Dec.
50c
(quar.)
.—
$6 pref. (quar.)___
Second National Investors Corp. preferred
Selected Industries, conv. stock—
Prior preferred (quarterly)
Seton Leather Co. (resumed)
Shepard-Niles Crane & Hoist Corp
Sherwin-Williams of Can., pref
Signal Oil & Gasoline, A & B (extra)
Signal Royalty Co., A (extra)
Signode Steel Strap, payable, lsh. of—
~5
Dec.
:
Preferred (quar.)
87Mc
fc$10M
Extra
15 Dec.
15
Scranton Electric Co.,
Southwestern Gas & Elec.,
10
1 Jan.
Ross Gear & Tool Co.
South West Penna. Pipe
1 Dec.
30c
(quar.)
South Penn Oil Co.
10
Feb.
37Mc
SIM
Southern Calif Edison Co.,
5
16
1 Dec.
1 Dec.
24 Dec.
Dec. 24 Dec.
Feb. 27 Feb.
Telephone, 6M% pref. (quar.)
Soss Mfg. Co.
5
Dec.
(quarterly)
15
7
Jan.
1st pref.
10
15 Jan.
Dec.
Veeder-Root (quar.)
Young (L. A.) Spring &
7
Jan.
Reynolds Metals Co.. common, extra
Reynolds (R. J.) Tobacco Co. (quar.)__
Riverside & Dan River Cotton Mills, pref
Preferred (semi-ann.)
(Pref. stk. div. of 1-3 sh.
15
22 Dec.
22 Dec.
15 Dec.
18
15 Dec.
Dec. 26 Dec.
Mills, pref
Sloss-Sheffieid Steel & Iron,
19
14
15 Dec.
Dec.
preferred
de Kamp's Holland Dutch Bakers
Yosemite Portland Cement
Dec.
--
of Amer., $3 M cum. conv.
Simmons Boardman
15
Jan.
Extra
Signode Internat., Ltd. for
15
14
2 Dec.
Jan.
Utica Knitting 7%
Weston (Leo),
Extra
14
2 Dec.
Dec.
Preferred
Extra
21
Dec.
15 Dec.
Dec.
7% original preferred (quar.)
Common (increased)
Pure Oil, 5M % preferred (quarterly)
6% preferred (quarterly)
8% preferred (quarterly)
Purity Bakeries Corp. (extra)
Quaker Oats Co. (quar.)
Preferred (quar.)
Quarterly Income Shares
Roos Bros,
2
15a
2 Dec.
23 Dec.
Jan.
Yellow Truck & Coach Mfg. Co.,
Dec.
_______
Ray-O-Vac, 8% preferred
Common (increased)
2 Dec.
Dec.
pref. (quar.)—-
Publication Corp. 7% 1st
2
11
8
20 Dec. 31
20 Dec. 31
2 Dec. 19
Dec.
(extra)
(extra)
(H. G.) Mfg. Co.
7
31 Dec.
Jan.
5
11 Dec.
25 Dec. 31
15 Dec. 31
15 Dec. 18
Dec.
Extra.
Rochester
Jan.
Jan.
(quar.)
Pressed Metals of America
Real Silk Hosiery
Dec. 22 Dec.
Jan.
12
2 Dec. 20
Dec. 22 Dec.
Jan.
12
15
Dec.
Common
Van
15
2 Dec.
Jan.
(special)--
Preferred (quar.)
United Stockyards Corp
Jan.
Jan.
(interim).
(quar.)
6% non-cum. preferred
Co.
Premier Gold Mining
Foundry (special)
United Engineering &
Jan.
Canada, Ltd., com.
(quar.)
6% cum. preferred
Radio Corp.
Jan.
Jan.
Preferred (semi-ann.)
Power Corp. of
Prentice
Dec.
Dec.
25c
*
Special
Pepperell Mfg. Co. (special)
Peter Paul, Inc. (quarterly)-
5
United Amusement,
Vick Chemical Co
certificates
Preference, voting trust
A & B (extra)
United Biscuit Co. of America (quar.)
Dec. 22 Dec.
Dec. 22 Dec. 12
2 Dec.
7
7
21 Nov. 30
Dec. 15 Nov. 30
1 Feb. 15
Mar.
Dec. 22 Dec. 12
Union Investment Co
15
10
$4,125
15
Dec.
Dec. 20 Dec.
25c
-—-—
(participating)
8
15
Jan.
Co. (111.) pref
Power Co. (Mo.) pref__
15
Dec.
18 Dec.
23 Dec.
Jan.
6% preferred (quar.)
Stock dividend
25c
11
21 Dec.
Dec. 21 Dec.
2 Dec.
Jan.
Union Brewing
2 Dec.
1.40c
50c
15
11
1 Dec.
Dec.
Union Electric Light & Power
Jan.
Jan.
15
2 Dec.
Dec.
Dec.
Dec.
Dec. 15
2 Dec.
24 Dec.
Dec.
Truscon Syeel Co., 7% pref
Tunnell RR. of St. Louis (semi-ann.)
Dec.
41 2-3c Jan.
Dec. 20 Dec.
20c
Oils & Industries
Otis Steel
Jan.
Dec.
58 1-3 c Jan.
Jan.
50c
Extra
Preferred
Dec.
(quarterly)
Holders
When
Payable of Record
Jan.
7% preferred (quar.)
Preferred
5, 1936
Jan.
6% pref. A (quar.)
Traders Finance Corp.
Jan.
SL65
SIM
SI.80
Share
Company
Jan.
"
Preferred
Name of
Tri-Continental Corp
21 Dec.
Ohio Brass Co.
Nova Scotia
Per
Holders
Payable of Record
Dec.
Dec.
Chronicle
50c
of com
$2
1
Dec. 21 Nov. 27
Dec. 21 Nov. 27
Volume
Financial
143
Per
Name of Company
Share
American Service Co., $3 cum. preferred
Cum. class A (initial)
American Smelting & Refining Co. (special)
1st preferred (quar.)—
2d
preferred (quar.)
M
..
h$ 17M
$1M
-
$1M
$2 M
12Mc
-
»1&
h$ 1
25c
25c
Mining Co
Extra-..--
...
-
-
Anheuser Busch, Inc
S3
50c
SI
Quarterly
Apex Electrical Mfg. Co. (special).—
7% preferred (quar.)
—
....
$in
Common (resumed)-Armour & Co. (111.), $6 prior pref. (quar.)
$1M
hSlM
7 % preferred
Armour & Co. (Del.), 7% pref. (quar.)—
Art Metal Works (quarterly)—
...
Special
SIM
15c
60c
35e
-
Asbestos Mfg. preferred (quar.)...—-.——.
Associated Breweries of Canada--.
Associated Dry Goods Corp. 6% 1st pref
25c
ti8
6% first preferred (quar.)
Associated Telep. & Teleg. Co., 7% 1st pref—
1st $6 preferred
28c
24 c
50c
75c
—
Associates Investment Co. (quar.)
Extra------Atchison Topeka & Santa Fe, pref. (s.-a.)
__
Atlanta Birm. & Coast RR. Co., 5% pfd.' (s.-a.)
Atlantic Coast Line Co. (Conn.)
—
Atlantic Coast Line RR. (resumed)——
Atlantic & Ohio Teleg. (quar.)
Atlantic Refining Co. (quarterly)
-
-
-----.
$2M
$2M
25c
3c
-
20c
3c
J1
2
c
__
Baldwin Co., preferred (quarterly)..
Preferred A (quarterly)
Baldwin Rubber Co. (quarterly)
SIM
SIM
12 Mc
Special
Bangor & Aroostook RR. (quarterly)
50c
62c
Preferred (quarterly)
SIM
SIM
-
Bangor Hydro-Electric Co. 7% pref. (quar.)
6% preferred (quar.)
Bank of Great Neck (G. N., N. Y.)
Bayuk Cigar Co
Special
Preferred (quarterly)
Beech Creek RR. (quarterly)
eech
Beech-Nut Packing Co. (quarterly).
eech-Nut
Dec. 21 Dec.
Jan.
1 Dec.
Dec. 21 Dec.
Jan.
Jan.
Jan.
18Mc
25c
Feb.
50c
$1
25c
$1
—
—
SI
——-—
SIM
SIM
50c
25c
HP
25c
SIM
SIM
35c
7
20
1
2
2
27
27
15
15
1 Dec. 31
2 Dec. 12
Dec. 23 Nov. 30
Dec. 23 Nov. 30
<2 Dec.
17
Jan.
Carman & Co., Inc., A._
-
——
Carnation Co., 7% preferred (quar.)
Carolina Telep. & Teleg. Co. (quar.) .
Carter
—
-------
(Wm.) Co., preferred (quar.)..
Carter (J. W.) Co. (extra).
-
Case (J. I.) Co., resumed-.-—
Preferred.
Preferred (quar.)
Catalin Corp. (special)-,
...—
Dec. 24 Dec. 12
Dec. 24 Dec. 12
Dec. 15 Nov. 15
—
Caterpillar Tractor Co. (extra)—
Pay. at the rate of 6-200th a sh. of 5% pf. stk.
81.20
Cayuga & Susquehanna RR. Co. (s.-a.)
$2
Celluloid Corp., 1st partic. preferred—
25c
Central Cold Storage Co. (extra)
Central Illinois Light Co., 4M% Pref. (quar.)
$1,125
Central Illinois Public Service, $6 pref
----6 % preferred
Central Illinois Securities, preferred
h$3.60
Central & Southwestern Utilities, S7 pref—...
11
-
$6 pr^orrod
Centrifugal Pipe Corp. (special)
Certain-Teed Products, pref. (quarterly)----6% prior preferred
Chain Store Investment Corp., S6M pref
Champion Paper & Fibre Co.—
6% preferred (quarterly)——
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry (quar.)——..
Extra (payable in new pref. ser. A stock)
;.
-
Extra
Extra
Chicago District Electric Generating—
Clark Equipment Co. (quar.)--—
Extra
——
—
-
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order Co., extra
Chicago Pneumatic Tool, preferred
Chicago Rivet & Machine (quar.)
Churngold Corp. (quar.)—
2:Dec. 21
Dec. 15 Dec.
Dec. 15 Dec.
7
1
Dec. 15 Nov. 30
Jan. 15 Dec. 31
Dec.
Dec. 14
Dec.
Dec.
Jan.
Nov. 25
Jan.
Nov. 25
Dec. 10
Dec. 10
Dec.
1
Nov. 30
Jan.
Dec.
Feb.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
14
Nov.
Dec.
Dec.
Dec.
Dec.
30
31
15
12
12
Nov. 27
Dec. lO
Dec. 10
Dec. 15
Dec. 15
Nov. 30
Dec. 23
Dec. 19
Extra
——
-
—-
Cluett, Pea body & Co., Inc., com. (special)
Preferred (quarterly)-——:
Coast Counties Gas & Electric, 6% pref. (quar.)
Coca-Cola Co., common (year-end extra)
—
Common (quarterly).
———-—.—
(semi-ann.)
Coca-Cola International Corp., com. (quar.)—-.
Extra.
Preferred
—
—
—-
(quarterly)—
;-x—
Dec.
Nov. 20
Dec.
5
Dec.
4
Columbus & Xenia RR. Co
Dec.
4
Commercial Credit Co. (quar.)—
Extra
Preferred (quar.)
Jan.
Dec.
Nov. 15
Dec.
1
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
sh.
SI
0 a sh.
50c
$1
Dec.
Dec.
Dec.
1
Dec.
1
Dec.
1
Dec.
1
4
Dec.
Dec. 15
Dec. 18
Nov. 30
Dec.
8
Special
„
_
...
.———
——
Commercial Investment Trust Corp. (quar.)—
Extra.-—----
---------
.
Conv. preference
$4M series of 1935 (quar.)—
Commercial National Bank & Trust (quar.)
Commercial Solvents Corp., common
(s.-a.)
Special--
Class B, payable in d. A stk. at the rate
Class B—
of
~
1-16
a
Dec.
Dec.
Dec.
Borg-Warner Corp. (quarterly)——.
Preferred (quarterly) ——
SIM Jan.
h%\ Dec.
Bornot, Inc., $2 class A—
—_—
Boston & Albany RR. Co
S2M Dec.
——
——
Boston Elevated Ry. (quar.)
SIM Jan.
Dec.
Boston Storage & Warehouse Co. (quar.)
Dec.
Boston Wharf Co. (semi-annual)
$3 Dec.
Boston Woven Hose & Rubber Co., preferred
:
30.015c Dec.
Brandywine Corp
Brewer (O.) & Co.. Ltd. (monthly)
SI Dec.
Dec.
10c
Bridgeport Brass Co. (quar.)-..--—..
Dec.
50c
Special
Dec.
50c
Bridgeport Gas Light Co. (quar.)
Dec.
Bridgeport Machine Co., common
—
—
Dec.
Preferred (quarterly)
—
Dec.
75c
Briggs & Stratton Corp. (quar.)—
7Mc Dec.
Bright (J. G.) Ltd. (quarterly)
SIM Dec.
6% preferred (quarterly)
SIM Jan
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred (quar.)
sm Apr.
----------75c Jan.
Brooklyn & Queens Transit, pref.
75c Jan.
Brooklyn Union Gas Co. (quar.)
—
Dec.
$1
Buckeye Pipe Line Co......
———
Jan.
Bucyrus-Erie Co., preferred (quar.)
Dec.
Budd Wheel Co., 1st pref. (quar.)
SIM
25c Dec.
1st preferred (participating dividend)
ut\
«jp
20c
Common
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Preferred (quar.)
Bullard Co.
Bulolo Gold Dredging Co., Ltd. (interim)
SIM
40c
SIM
SI -40
Dec.
Feb.
Jan.
Dec.
Dec.
15c
60c
Dec.
Dec.
60c
Butler Water Co., 7% preferred (quar.)
Dec.
Dec.
Byron Jackson (special)
....
Calamba Sugar Estates (quar.).—
Dec.
Jan.
Burroughs Adding Machine Co. (quar.)
Special
(resumed)
—
——
40c
—————
California Ink Co., Inc. (quar.)
Extra..
--——
—
California Packing Co. (quarterly)—,
Calumet & Hecla Consol. Copper Co——.—...
Campbell. Wyant & Cannon Foundry (extra) —
Canada Bread Co., class A pref
——
$1
50c
25c
37 Mc
25c
50c
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
62Mc
preferred
Canada Malting Co. (quar.)
—
Canada Permanent Mtge. (quarterly)
Jan.
r3im
Dec.
Dec.
Jan.
$2
Dec. 10
21"
1
Nov. 25
Dec. 20
Dec.
4
4
Dec.
Dec. 15
Dec. 10
Dec. 10
Dec.
5
Nov. 30
Nov. 30
Jan
2
Apr.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Nov.
Oct.
Oct.
1
15
1
20
16
17 a
17a
3a
15
15
10
19
30
30
Dec.
5
Dec.
1
Dec.
9
Dec. 15
Dec. 15
Dec. 21
Dec.
5
Nov. 30
Dec.
Dec.
Dec.
Dec.
Nov.
Nov,
Dec.
Dec.
Dec.
Dec.
Dec.
$5
$23
Dec.
31a
Dec.
Dec. 26 Dec.
Jan.
Jan.
4
31 Jan*
21
Dec.
19
1
Dec. 24 Dec. 17
Jan.
2 Dec. 16
Jan.
2 Dec. 16
Dec. 30 Dec.
Dec. 15 Nov.
2 Dec.
15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 24 Dec.
Jan.
Dec.
15
30
21
22
28
28
28
28
28
28
5
1 Dec.
5
1
Dec. 19 Dec.
Dec. 19 Dec.
1
Dec. 10 Nov. 20
Dec. 10 Nov. 20
Dec. 10 Nov. 25
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Jan.
1 Dec.
5
Dec. 15 Dec.
5
Jan.
1 Dec.
5
Jan.
2 Dec. 23
Dec. 15 Nov. 21
Dec. 15 Nov. 21
Dec. 24 Dec. 16
Dec* 17 Dec.
3
2 Dec. 11
Commonwealth Distribution (special)
Commonwealth Edison Co. (special)
Commonwealth & Southern, $6 preferred——-
Jan.
Compo Shoe Machine (quarterly)
Dec. 15 Dec.
5
Dec. 15 Dec.
5
Dec. 15 Nov. 30
Extra
;
-—'
—---——
Compressed Industrial Gases (quar.) —
Confederation Life Association (quar.)..
Congoleum-Nairn, Inc. (quarterly)
...
Dec
—
—
—
....
Extra
Consol. Gas, Elec. Lt. & Pow. Co. of Bait. (qu.).
Preferred (quarterly)
Consolidated Glass Ltd. (quarterly)
Consolidated Laundries, preferred
Consumers Power Co.. $5 preferred (quar.)
6 % preferred (quar.)
6.6% preferred (quar.)..
7% preferred (quar.)
...
6% preferred (monthly)
—...—
6.6% preferred (monthly)—
Continental Assurance (Chicago, HI.) (quar.)—
Continental Diamond Fibre Co—
Continental Insurance Co
Continental Oil Co. (Del.)-...-———
Continental Steel
------Preferred (quar.)
—
........
—
—
Copperweld Steel Co
(payable in form of certificates)
/
Cosmos. Imperial Mills. 5% pref. (quar.)
Crane Co., 7% pref.
cumulative—
-
—-
7% preferred cumul. (quarterly)
Creamery Package Mfg
Extra
Co
—
—
Creole Petroleum Co—
Crocker Wheeler Electric Mfg. Co-....——...
Crosley Radio Corp
Crowell Publishing Co. (quarterly)
Extra
1
5
15
15
Crown Cork International Corp., cl. A (quar.).
Common (quar.)—-—------------------
30
30
15
Crown Cork & Seal Co..
-
-
—
Crown Central Petroleum Corp. (initial)
Crown Cork & Seal Co., Inc..
$2M cum. preferred
(quar.)—Inc.,
com.
Dec.
25
1
Dec.
1
Dec. 15
Dec. 15
2 Dec. 15
Dec. 23 Dec.
1
Dec. 15 Nov. 30
Jan.
Jan.
Consolidated Biscuit (quar.)
Consol. Car Heating Co., Inc. (quar.)
Consol. Diversified Standard Securities—
$2M non-cum. preferred (s.a.)
Consolidated Edison Co. (N. Y.) (quar.)
Extra
Dec
15
15
1
2
Dec.
Jan.
Co. (quar.)
Consolidated Bakeries of Canada (quar.)
Extra.
31
Dec.
....
_
Extra
Connecticut Light & Power
Nov.
Dec.
Dec.
Dec.
Jan.
Colt's Patent Fire Arms (quar.)
SpOCi^l
Columbian Carbon Co. (quarterly)
Dec.
Jan.
15 Nov. 28
2 Dec. 15
2 Dec. 15
3
26 Dec.
15 Nov, 30
15 Nov. 30
15 Nov. 30
14 Nov. 20
21 Dec.
3
4
26 Dec.
i
Dec. 15 Nov. 30
Dec. 15 Sept. 30
Jan.
2 Dec. 19
-
—
15 Nov. 28
Dec.
30c
—
Class A (semi-ann.)
Colgate-Palmolive-Peet, extra
15 Nov. 28
Dec.
Jan.
Dec. 21 Nov. 27
Dec. 21 Nov. 27
S5M
City Ice & Fuel Co. (quarterly)
-—
Clark Controller Co. (special)—
—
Clearfield & Mahoning RR. Co. (s.-a.)
Climax Molybdenum Co
-
Class A
Dec.
Jan.
37 Mc
62 Mc
——————
——
2 Dec. 15
2 Dec.
2
1 Dec.
2a
11 Dec. 15a
Dec. 15 Nov. 28a
Jan.
Jan.
50c
—
—
(quar.)
5
30
23
23
4
18
18
1
Jan.
S3M
—
—
Extra.-.
Clorox Chemical Co. (quarterly)—
Dec.
Dec.
Dec.
Dec.
15
4
70c
$2
$1
$3 M
$1
SIM
Jan.
Cincinnati New Orleans & Texas Pacific (s.-a.).
Extra---...
Cincinnati Northern RR. Co. (s.-a.).
Cincinnati Union Terminal Co.—
5% preferred (quar.)—.
Clinton Trust Co.
Dec.
Dec.
Dec.
Nov.
Nov.
Nov.
HP
75c
Jan.
-
Chrysler Corp., Common,
2
Dec. 22
Dec. 22
Dec. 10
Dec.
7
Dec.
7
Dec. 15
Jan.
1
1
Jan.
Dec. 15
Jan.
SIM
—
-
-
Preferred (quarterly)
65c
SIM
SIM
7i$23
Dec. 28 Dec.
4
2 Dec. 19
Dec. 19 Dec.
5
Dec. 15 Dec.
5
Jan.
40c
50c
—
6M% pref. (semi-ann.)
Chesebrough Mfg. Co. (quar.)
15 Nov. 20
Dec. 15 Nov. 20
Dec. 10 Nov. 30
Dec. 10 Nov. 30
Dec. 19 Nov. 30
Dec. 19 Nov. 30
Dec.
8 Nov. 27
75c
——
of 2-10 0
10
10
10
10
7
20c
HP
35c
Class A, payable In cl. A stk. at the rate
Olftss A.
Class B
20
Nov, 27a
Dec. 24
Dec.
5
Nov. 30
—
Bohn Aluminum & Brass
Bonl-Ami—
*H
25c
—
Extra
1 Jan
10
Feb.
Jan.
Jan.
—
Extra——
2 Dec.
Dec. 15 Dec.
Jan. 15 Jan.
Jan. 15 Jan.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
Special..
Bel ding Oorticelli, Ltd. (quar.)
Preferred (quar.).
Bellows & Co., Inc., class A (quar.)—.
Bell Telephone of Canada (quar.)—
Bell Telep. of Penna.. preferred (quar.)
Bendix Aviation Corp
Berghoff Brewing Corp. (extra).
Bethlehem Steel, 7% pref. (quar.)—
——
5% preferred (quarterly)
..
Biltmore Hats, Ltd., 7% preferred (quar.)
Birmingham Water Works, 6% pref. (quar.)
Blaw-Rnox Co
Bloch Bros. Tobacco, 6% preferred (quar.)
Bloomingdale Bros
Bolsa Chica Oil Corp., 8% pref. (resumed)
Butler Bros,
2 Dec,
2 Dec.
Dec. 17 Dec.
Dec. 17 Dec-
Jan.
...
-
Dec. 21 Nov. 30
Dec. 21 Nov 30
8 Nov. 30
Dec.
Dec. 30 Dec. 20
25 Dec. 31
15 Dec. 31
Dec. 23 Dec.
1
Jan,
2 Dec. 15
2 Dec. 15
Jan.
Dec. 14 Dec. io
Dec. 19 Dec.
5
Dee. 15 Nov. 14
fan.
5; Dec. 20
Dec. 21 Oct. 15
Dec. 15 Dec. 10
Dec. 21 Dec. 21
Jan.
(quar.)
7% cumul.pref. (quar.)-----
Jan.
50c
(quarterly)
Auto City Brewing Co. (quarterly)
Extra.
Auto Signal Corp. (initial)
Extra
Common (special)...
B-G Poods, Inc., 7% pref
Jan.
2 Dec. 10
Dec. 15 Nov. 20
la
Dec. 15 Dec.
Dec.
Special
Babcock & Wilcox (quarterly).—
Extra.
Baker (J. T.) Chemical (resumed)
15
15
5
5
2 Dec.
1
15 Dec.
1
Dec. 15 Dec.
7
2 Dec.
Jan.
Jan. 15 Dec. 15
Jan.
1 Nov. 30
Jan.
Dec.
Jan.
25c
Atlas Powder Co.
Extra
Dec. 31 Dec.
2 Dec.
2 Dec.
Jan.
25c
50c
American Woolen Co., Inc., pref. (quar.)
Anaconda Copper
Canada Northern Pow.Corp., Ltd., com.
Preferred (quarterly)
Canfield Oil Co., 7% preferred (quar.)
Camion Mills-
Jan.
Holders
When
Payable of Record
Dec. 21 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
50c
SIM.
American Tobacco Co., preferred (quar.).
American Water Works & Electric Co., common
Per
Name of Company
Canada Wire & Cable Co. preferred—.
Canadian Canners, Ltd. (quar,)-..-
50c
-
American Sugar Refining (quar.)
Preferred (quarterly)
American Sumatra Tobacco Co. (quar.)
Extra.
American Surety Co. (semi-annual.)
American Tel p. & Teleg. (quar.)
American Thread Co.. preferred (semi-ann.)
-
Holders
Payable of Record
Deo. 19 Nov. 25
Dec. 19 Nov. 25
Dec. 22 Nov 30
Dec. 21 Nov. 30
-
American Steel Foundries (resumed)
7% preferred
Preferred (quar.)
American Stores Co. (quar.)
When
3573
Chronicle
(special)
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
15 Dec.
1
15 Nov. 16
15 Nov. 16
2 Dec.
2 Dec.
15 Nov.
Dec. 15 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2
2
2
2
15
15
30
5
15
15
15
15
15
15
15
Dec.
Dec.
Dec.
Jan.
Dec.
Dec. 31 Dec.
Dec. 21 Dec.
7
Dec. 28 Dec.
8
Dec. 15 Nov. 30
1 Dec. 15
Jan..,
Jan.
1 Dec. 15
Jan.
Jan.
Dec. 15 Dec.
1
Dec. 15 Dec.
1
15 Dec. 31
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec. 10 Dec.
1
Dec. 10 Dec.
1
Dec. 15 Nov. 30
Dec. 22 Dec.
7
Dec. 15 Dec.
1
Dec. 24 Dec. 14
Dec. 24 Dec. 14
Dec. 21 Dec.
1
Jan.
2 Dec. 10a
Dec.
7 Nov. 20a
Dec.
7 Nov. 20
Dec. 15 Nov. 30a
Dec. 18 Dec.
3a
Jan.
Financial
3574
Per
Share
Name of Company
/i$1M
Jan.
2 Dec.
14
h$ 1%
Dec.
Dec.
21 Dec.
5
1
15 Nov. 13
50c
Dec.
Dec.
(quar.)
25c
Dec.
15 Dec.
4
Dec.
Dec.
15 Dec.
21 Dec.
4
2
pref
SIM
h$lK
(quar.)
Curtis Publishing Co.. preferred
Curtiss-Wright Corp.. class A (initial)
Cutler-Hammer
Extra
Co.
$1
SIM
$1M
Dairy League Cooperative Corp., 5% pref
Delaware Rayon Corp. 7% pref. (quar.)
Demist * Supply *'o
of New York iquar.)
7% preferred (quar )„
.
—..
Deposited Bank Shares of N. Y. (seml-ann.)
Derby Oil & Refining Corp., $4 preferred
Detroit Hillsdale & South Western RR..
Detroib Motorbus Co. (liquidating)
Detroit Paper Products Corp. (quar.)
60c
$1 M
e2M%
$4
$2
15c
(quarterly)
Nov. 30
Extra.
Goodrich (B. F.) Co., $5 cum. preferred
Goodyear Tire &Rubber Co., $5 conv. pref.(new)
Gorham Mfg. Bo. common.
Grand Rapids Varnish Co. (quar.)
Great Lakes Dredge & Dock Co. (extra).
Great Western Sugar Co. (quar.)
Preferred (quarterly).
Greene Cananea Copper Co. (quar.).
Green RR. (semi-ann.).
Greyhound Corp., new (quar.).
Gulf Oil Co.
Special.
Gulf Oil Corp
Gulf States Utilities $6 preferred (quar.).
$5H preferred (quar.).
Gurd (Chas.) & Co. (special).
Hackensack Water Co.. preferred A (quar.)
15 Dec.
2 Dec.
19
10
Jan.
2 Dec.
10
Dec.
24 Dec.
14
Hall
Dec.
24 Dec.
14
Dec.
Jan.
20 Dec.
1
2 Dec.
15
15 Dec. 31
Jan.
5 Nov. 28
5 Nov. 28
Jan.
5
Jan.
5
Jan.
preferred (quar.)..
(quarterly)
2 Dec. 21
Dec.
22 Dec.
7
2 Dec.
15
Jan.
(quarterly)
Dec.
15 Nov. 25
Jan.
25 Jan.
8
Dec.
Dec.
I.)
(quarterly)
Duplex, class A & B (special) —
15 Dec.
10
Dec.
$6 preferred (quarterly)
East Mahoning RK Co (semi-annual)
East Tennessee Teleg. Co. (s.-a.)
Eastman Kodak Co. (quarterly)
15
1 Dec.
15
Dec.
15 Dec.
5
Jan.
_.
1
1 Dec.
Jan.
(quar.).
15 Dec.
Jan.
--
Eastern Gas & Fuel Assoc., pref.
15 Dec. 10
15 Dec.
1
Dec.
(special)
Duro-Test Corp. common
Extra
Extra
2 Dec.
Special
Electric Products Corp
Shareholdings Corp., pref., opt. pay¬
sh. of com. stk. or cash— $2,625
$1M
SIM
21 Nov. 10
Dec.
17 Dec.
1
Dec.
Dec.
21 Dec.
1
21 Dec.
40c
Dec.
15 Nov. 14
30c
Dec.
15 Nov. 14
5
15 Dec.
ment of 77-1000th
SIM
Dec.
(quar.)
SIM
Jan.
(quar.)
88
(initial, quar.)
Co. preierred (quar.)
Empire Power Corp., partic. stock
$6 cumulative preferred
Erie & Pittsburgh RR. Co., 7% gtd. (quar.) —
Equitable Office Building Corp
Erie & Pittsburgh RR., 7% guaranteed (quar.).
El Paso Natural Gas
Emerson Drug
Jan.
Jan.
40c
Dec.
50c
Dec.
15 Dec. 31
15 Dec. 31
15 Dec. 31
29 Dec. 19
Jan.
50c
1
2 Dec.
15 Dec.
15
1
1
Falcon bridge Nickel Mines (quar.)
Falstaff Brewing Co. (resumed)
Famise Corp. (increased)
Fansteei Metallurgical Corp.
-—
-
$5 pref. (quar.).
(quar.)
Farmers & Traders Life Insurance
Extra
Quarterly
Extra.
Preferred
Dec.
Hibbard, Spencer, Bartlett &
7% preferred
7 % preferred class A
Financial Assoc., Inc. (quar.)
Jan.
2
Ian.
2
Apr.
1
Apr.
1
Dec, 31 Dec.
Dec. 21 Dec. 14
7
Dec. 17 Dec.
1
2 Dec.
Jan.
Dec.
S2M
;.23U6%
Dec.
50c
12Mc
43 Mc
8
Dec.
15 Dec.
5
Dec.
24 Dec.
14
Dec. 24 Dec.
Dec. 24 Dec.
First National
First National
National
First National
Special
First Security Corp. of Ogden(Utah), A &
Series A (semi-annual)
First State Pawners Society (Chic., HI.)
B(s-a)
14
14
Jan.
15 Nov. 30
15 Nov. 30
2 Dec. 31
Dec.
31
Jan.
Dec.
2 Dec
24
15
15 Dec.
Dec. 21 Dec.
Feb.
5
16 Nov. 28
15a
21 Dec.
1 Jan.
15a
15
1
Investment Corp. of Phila.
;
Extra
General Finance Co. (quar.)
Fire Extinguisher
General Foods Corp. (extra)
General Gas & Electric Corp. $5 preferred
General Gas & Electric (Del.), $5 prior
Investors Fund of America, Inc.
19
(special).
15 Nov.
12 Nov.
Dec. 23 Dec.
Dec. 23 Dec.
2 Dec. 10
Jan.
Jan.
2 Dec.
10
1
General Refractories Co
Dec.
15 Dec.
General Theatres Equipment Corp
General Theatres Equipment
Dec.
10 Dec.
1
Dec.
15 Dec.
5
(quar.)
Jan.
15 Dec.
31
Dec.
18 Dec.
Dec.
18 Dec.
4
(quar.)
Gleaner Harvester Corp
Glen Falls Insurance (quar.)
Globe Knitting Works, 7% preferred
Globe-Wernicke Co. (resumed)
Preferred (quarterly)
Gold & Stock Teleg. (quar.)
Feb.
1 Jan.
16
Georgia RR. & Banking Co.
Gillette Safety Razor (quar.)
Extra
Preferred
4
Nov.
15
Nov.
3
Dec.
Nov. 25
Jan.
Dec. 20
Jan.
Dec. 31
Jan.
Dec.
Dec.
Dec.
Dec.
15 Dec.
15 Dec.
15 Dec.
15 Dec.
15 Dec.
15 Dec.
2 Dec.
1
1
la
la
1
3a
17
15 Dec.
15 Feb.
5
15 Dec.
5
15
15
2 Dec.
2 Dec.
1
1
15 Dec.
15 Dec.
1
2 Dec.
2 Dec.
15
15
Dec.
Dec.
Dec.
Jan.
1
15 Dec.
1
15 Dec.
15 Nov. 30
15 Nov. 30
15 Nov. 20
15 Nov. 20
7
21 Dec.
7
21 Dec.
15 Nov. 30
1
15 Dec.
31 Dec. 21
1 Dec.
14
Jan.
15 Nov. 30
24 Dec. 15
28 Jan. 11
Dec.
15 Dec.
4
2 Dec.
Dec.
Dec.
15 Dec.
10
1
Dec.
15 Dec.
21 Dec.
1
11
Jan.
(quar.)
Kelley Island Lime & Transport (quar.)
Dec.
Kelsey-Hayes WHeel Co., A & B (initial)
Kennecott
Dec.
Dec.
Extra
Dec.
$5 preferred (quar.)
General Railway Signal
Preferred (quarterly)
City Power & Light 1st pref. (quar.)
Co
Preferred (quar.)
Kaufmann Dept. Stores, Inc
Kansas
Katz Drug
Preferred
Dec.
General Metals Corp. (extra)
General Motors Corp. (quar.)
General Public Utilities, Inc., common
Dec.
Dec.
preferred
B.) Co. (special)
...
Kalamazoo Vegetable Parchment Co. (quar.)...
Extra
7
30
19
18
18
Dec.
Dec.
(W.
10 Nov. 30
15 Dec.
1
2 Dec. 31
1
15 Dec.
Dec.
(quar.)..
Special
1 Feb.
Dec.
31 Dec.
Dec.
Common
Jewel Tea Co., Inc., common
Jarvis
Dec.
5
Dec.
Jan.
Dec.
Jones & Laughlin Steel Corp.
pref.
1 Nov.
Dec.
Dec.
(quar.)
Dec
Dec.
Extra
1
17 Nov. 27
7
15 Dec.
19
SIM
Dec.
(quar.)
Jaeger Machine Co. common
Dec.
General
15
15 Dec.
Jan.
(quar.)
4
1 May 22
21 Nov. 27
Dec. 21 Nov. 27
Dec. 15 Dec. 10
21 Dec.
Jan.
Dec.
Extra
15 Dec.
Dec.
1 Mar. 15
Dec.
62 He
Jan.
21 Dec.
Mar,
7
2 Dec.
1
17 Dec.
30 Nov. 27
1
10 Dec.
Dec.
21 Dec.
June
Dec.
Jan.
Dec.
7% preferred
General Cigar Co., Inc., preferred (quar.)
Preferred (quar.)
General Electric Co. (quar.)
Apr.
Jan.
(resumed)
Dec.
General Cable Corp.,
e5%
$1M
Dec.
6% preferred (quar.)
Dec.
Extra
4
2 Dec.
Feb.
Intertype Corp. common
First preferred
Second
preferred
1
Dec.
Jan.
Power, 7% pref. (quar.)
5
1
1
15
15 Dec.
Dec.
21 Dec.
15 June
Dec.
Dec.
(quar.).
Interstate Hosiery Mills
Extra
Interstate Natural
Dec.
preferred (quar.)
International Shoe Co. (extra)....
5
15 Dec.
Jan.
Xw*x /o
25c
International Silver Co., preferred.
International Teleg. of Me. (semi-ann.)
International Vitamin (quar.)...
10
15
2 Dec.
2 Dec.
4
17 Dec.
12-1-41 Nov. 27
37Mc
12Mc
Extra
10
10
Dec.
h$ 3
International Salt Co. (quar.)
2 Dec.
21 Dec.
2 Dec.
31
1
Dec. 22 Dec.
1 Dec. 12a
Jan.
ian.
$1M
Till
$3
Preferred
23
Dec.
General American Transportation
Dec.
International Products Corp., 6% preferred
Dec.
Dec.
Common, no par.
Jan.
40c
2
Dec.
($1 par)
Jan.
Ocean Teleg. (quar.).
International Power Security, pref.,
2 Dec.
15 Dec.
5
Dec.
International
Jan...
31 Dec. 21
11
5
15 Dec.
15 Dec.
Jan.
International Nickel Co.
Jan.
Dec.
11
26 Dec.
2 Dec.
5
15 Dec. 31
Jan. 15 Dec. 31
5
Dec. 21 Dec.
Dec. 26 Nov. 25
Dec. 26 Nov. 25
Imperial Life Assurance of Canada (quar.).
Incorporated Investors
Indianapolis Water Co. 5% cum. pref. A (qu.)_.
Indiana Pipe Line Co
Indian Refining Co., common
Com. div. is pay. in 5-yr. 5% int. bear, notes.
Ingersoll-Rand Co., pref. (s.-a.)
Inland Steel Co. (special)
Imperial Chemical Industries, ordinary shares..
Inter-City Baking Co., Ltd
International Business Machine.
Quarterly.
International Harvester (quar.),
Prefered (quar.).
87 He
June
26 Dec.
Dec.
preferred (quar.)
$2 convertible preferred (quarterly)
Gas
1
Jan.
(quarterly)
Kansas Electric
18
5
Jan.
62Mc
Dec.
(quar.)
Franklin Rayon Corp. common
Free port Texas Co.,
Dec.
Dec.
Fobs Oil Inc. (quar.)
Foote-Burt Co. (increased)
Ford Motor of Canada
Dec.
SIM
$J
$25
11 Nov. 27
4
10 Dec.
Dec. 28 Dec.
50c
(quar.)
Bank of Jersey City, quarterly—
Bank (N, Y ) (quarterly)
Bank (Toms River, N. J.) (qu.)_
Stores, Inc. (quar.)
National Bank of Chicago
15
2 Dec.
15;Dec.
Dec.
Extra.
5
S2H
50c
15 Nov. 20
15 Nov. 30
2 Dec. 18
Dec.
Extra
21 Dec.
Dec. 21 Dec.
Dec. 15 Dec.
Dec. 21 Dec.
17
Dec.
Hygrade Sylvania (quarterly).
Dec.
4
3
15
10
24 Dec. 14
15 Nov. 20
15 Dec.
Jan.
Houdaille-Hershey, class A (quar.).
Class B (quar.),
Class B (extra) .
Household Finance Corp., A & B (quar.).
Partic. preferred (quarterly)
Hudson Bay Mining & Smelting Co., Ltd.
Humble Oil & Refining Co. (quar.)
Dec.
31 Dec.
11
Dec.
Illinois Bell Telephone (quar.)
8Mc
S2H
Extra
Jan.
Extra.
4
4
Dec.
2 Dec.
2 Dec. 11
31 Dec. 31
31 Dec. 31
Dec.
10 Nov. 30
$2
A & B_
Dec.
(quar.).
Horn & Hardart Co. (N. Y.) (extra)
Hoskins Mfg. (quar.).
15 Dec.
15 Dec.
87 He
(e)--
Dec.
Jan.
Home Fire & Marine Insurance
Dec.
50c
^increased)
Dec.
(D. H.), Ltd. (quarterly).
Dec.
10c
Ferro Enamel Corp.
Dec.
Extra.
Preferred
2 Dec. 10a
1
15 Dec.
18 Nov. 18
2 Dec. 11
Dec. 21 Dec.
Dec. 24 Dec.
Co, (monthly)
Jan.
Federal Motor Truck
Fidelity Fund (specia.
■
Fidelity-Phenix Fire Insurance..
Filene's (Wm.) & Sons
Finance Co. of Amer. (Bait., Md.), com.
Jan.
(quarterly).
25c
Federated Dept. Stores.
Feltman & Cur me Shoe Stores,
pref. (quar.)
Jan.
Dec.
87 He
50c
6M% pref. (quar.) —
Dec.
Ideal Financing Assoc., $8
5
15 Dec.
Jan.
10 Nov. 30
2 Dec. 15
1
15 Dec.
Dec.
Hepburn & McTavish.
15 Dec.
Jan.
15 Dec.
15 Dec.
Dec.
(quar.).
Dec.
SIM
*"7Mc
)$1M
8c
SIM
10 Dec.
Dec.
Extra.
Dec.
$2M
Fairmont Creamery Co.,
Dec.
Dec.
SIM
50c
Extra
15 Dec.
15 Dec.
20 Jan.
Jan.
Jan.
Preferred
1
16
15 Nov. 24
Dec.
(increased).
Hecla Mining Co.
Helme (Geo. W.) Co., common (quar.).
50c
Special
Fairbanks-Morse (quar.)
Dec.
HazeRine Corp.
25c
(quarterly)
Evans Products Co.
31 Dec.
10
5
15 Dec.
Dec. 21 Dec. 15
Dec. 21 Dec. 15
Dec. 31 Nov. 30
pref. A (quar.).
87 He
10c
„
Dec.
Dec.
Holophane Co., Inc.
Dec.
Nov. 30
Hazel-Atlas Glass Co.
Holmes
5 Nov. 20a
Nov. 30
Dec.
Extra.
Hawaii Consol. Ry. Ltd.,
Preferred A
Dec.
Electric Boat Co
Dec.
Dec.
Dec.
15 Nov. 30
Dec. 20 Dec. 10
Dec. 10
Dec.
Nov. 20
Dec.
Special.
Hiram Walker-Gooderham & Worts (quar.)
Preferred (quar.).
Hollander (A.) & Son (extra)
10 Nov. 20
5
2 Dec.
10 Nov. 20
Dec.
Dec.
2 Dec.
Jan.
(quarterly)
Inc., (quar.)
Eisler Electric Corp. (resumed)
To be distributed after listing on Curb
Preferred
Edison Bros., Stores,
-
Dec.
Dec.
Hercules Powder Co
5
7
14 Dec.
19 Dec. 11
21 Dec. 10
Dec.
7% preferred.
preferred
17
2 Dec.
5
Dec.
Elgin National Watch
El Paso Electric (Del.), 7% pref.
$6 preferred B (quarterly)
El Paso Electric (Texas), $6 pref.
Dec.
Dec.
Hamilton United Theatres,
Jan.
(quar.)
Jan.
Dec.
Jan.
Electric Storage Battery Co., common—
Cumulative partic. preferred (final) —
Jan.
(C.M.) Lamp Co.
,
21 Dec. 10
4
15 Dec.
Dec. 15
Dec. 15
Dec.
Extra
Hamilton Watch Co
1
15 Dec.
Dec.
6% preferred (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Hawaiian Commercial & Sugar.
Hawaiian Traction Co. (quar.).
$1M
Dec. 10
26 Dec. 18
Dec.
Hammermill Paper (quar.)
Jan.
Dec.
Haloid Co. (quarterly).
h50c
--
A
Jan.
Debenture
(new)
10 Nov. 27
15 Nov. 30
27
Nov. 20
Golden Cycle Corp.
Jan.
du Pont de Nemours (E.
First
18
Nov.
Extra.
SIM
Extra
Firsi
5 Dec.
Jan.
10 Nov. 27
(quarterly)
Electrolux Corp.
Extra
15 Nov. 30
10 Nov. 21
Drive-Harris Co., 7%
Electric
Dec.
Dec.
Draper Corp. (special)
Quarterly
Draper Corp. (quarterly)
Preferred
Dec, 21 Dec "li
Dec. 31
Jan.
2 Nov.* 15
Nov. 27
Goebel Brewing (quar.).
87 He
-—
7% preferred (quar.)
Dolphin Paint & Varnish $2 class
Dominion Textile Co. (quar.)
Durham
2
Holders
Payable of Record
Company
Jan.
(quar.)
(quarterly)
Doehler Die Casting Co
Class A
Preferred
Name of
37 He
62 He
50c
preferred (quar.) —
Dixie-Vortex Co.
Duke Power Co.
Jan.
...
Diamond State Telephone,
Preferred
15 Nov. 27
6 Me Dec.
Dec.
30c
25c
Dec.
Extra
Devonian Oil
15 Dec.
5,
When
Holders
When
Payable of Record
Crucible Steel Co,, preferred
Cuneo Press. Inc.. preferred
Crown Wilamette Paper, 1st
Dec.
Chronicle
Dec.
Copper (increased)
Dec.
Kentucky Securities Co
Kimberly-Clark Corp. (quarterly)
Jan.
Jan.
Preferred (quarterly)
Special)
Kings County Lighting Co. common (quar.)
7% preferred B (quar.)
6% preferred C (quar.)
5% preferred D (quar.).
Kingston Products Corp. (quar.)
Klein (D. Emil) Co. (quar.)
Preferred (quar.)
Koppers Gas & Coke, preferred (quar.).
Kresge (S. S.) Co. (quar.)
Preferred (quar.)
Kroehler Mfg. Co., class A preferred (quar.) —
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quarterly)
...
Krueger (G.) Brewing Co. (quar.).
_
22 Nov. 27
15 Nov. 30
2 Dec. 12
2 Dec.
12
23 Dec.
3
Jan.
1 Dec.
15
Jan.
1 Dec,
1 Dec.
15
15
1 Dec.
15
1
Dec.
Jan.
Jan.
Dec.
15 Dec.
Dec.
24 Dec. 14
1 Jan. 20
2 Dec. 12
Feb.
Jan.
Jan.
2 Dec.
11
Dec. 15 Dec.
1
Dec. 31 Dec. 23
2 Dec. 21
Jan.
Feb.
Dec.
1 Jan. 20
2
16 Dec*.
Volume
Financial
143
Per
Name
Share
of Company
Landers Frary & Clark
Extra
Lava Cap Gold Mining
Frary
,
-
Special
Liggett & Myers Tobacco (extra)
Class B (extra)
Preferred (quar.)
Lily-Tulip Cup Corp. (quar.)
Lincoln Printing Co. (increased)
Lindsay Light & Chemical Co., pref.
Dec.
Dec.
10
Dec.
Dec.
1
Dec.
1
Ian
#1 *i
Dec.
Tier
$14
Dec.
Dec.
10
45c
Dec.
Dec.
10
62 He
15c
Dec.
Dec.
10
21
5
Nov.
Oct.
30c
Dec.
Dec.
5
5c
8
15
Dec.
Dec.
25c
Mar.
Feb.
25c
June
25c
Sept.
25c
Decl'
May 15
Aug. 15
Nqv. 15
Dec.
Nov. 30
$14
18 Nov. 27
18 Nov. 27
2 Dec.
15
50c
20c
20c
Dec.
Jan.
2 Dec.
15
192H
21 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
12
$14
25c
12Hc
Jan.
5
Dec.
12
21 Dec.
Dec.
Extra
4
4
Dec. 21 Dec.
Feb.
(quarterly)
Preferred A (quar.)
"Si
National Malleable & Steel Casting
1 Jan.
18
Dec.
15 Nov. 27
Dec.
15 Nov. 28
18 Dec. 10
Dec.
$2
75c
Jan.
Dec.
15 Nov.'80
3
Neisner Bros,
50c
Dec.
15 Nov. 30
37 He
Dec.
10
10
5
15
1
31
11
2 Dec.
18
21 Dec.
11
21 Dec.
11
11
1 Dec.
15
1 Dec.
15
1
Dec.
2 Dec.
15 Dec.
15 Dec.
15 Dec.
Preferred (quar.)
l*a
17
1
1
1
24 Nov. 20
Louisville Gas <fc Elec. Co. (Del.), cl. A & B (qu.)
Louisville & Nashville RR. Co. (extra).
Louisiana Land & Exploration Co. (quar.).
23 Nov. 30
15 Dec.
Extra
la
15 Dec.
la
7
21 Dec.
Ludlum Steel Co., extra
15 Dec.
5
2 Dec. 21
2 Dec. 15
-
(quarterly)
Lynchburg & Abingdon Teleg. (semi-ann.)
10 Nov. 25
15 Nov. 30
Macfadden Publications, Inc.. preferred
Magna Copper Co. (year end dividend).
Manischewitz (B) & Co. (resumed)-.
7% preferred (quarterly)
Mapes Consol. Mfg. Co. (quar.)
Marsh (M.) & Sons, Inc. (quar.)
Mar-Tex Oil Co., common (initial)
Class A (initial)
Maryland Fund, Inc. (quar.)
15 Dec.
1
1 Dec. 20
2 Dec. 15.
2 Dec. 15
15 Dec.
1
Extra
1
15 Nov. 30
15 Nov. 30
Additional distribution
15 Nov. 30
15 Dec.
15 Dec.
(quar.)
1
15 Dec.
J
(quar.,/
Noranda
2 Dec.
15
2 Dec.
15
Jan.
2 Dec.
40c
50c
(quar )
1
19
cash
S1H
Dec.
Dec.
22 Dec.
1
Dec.
19 Nov
30
25c
(quar.)
Ohio Oil Co
Preferred
---
6% pref. (quar.)—.-
7% preferred (quarterly)
Old Dominion Co., irregular dividend
Irregular dividend
Omnibus Corp., preferred (quar.)
Oneida, Ltd. (quarterly)
7% preferred (quarterly)
Ontario Silknit, Ltd., 7% pref. (quar.)
Ontario Steel Products, preferred
15 Dec.
5
Dec.
16 Dec.
20c
Dec.
10 Nov. 27
35c
Jan.
$14
M
$1H
16
16
15 Nov. 30
Midvale Co
19 Dec.
10
15 Dec.
1
10 Nov. 26
Co
10 Nov. 30
Minneapolis Brewers
Mission Corp. (initial)
18 Dec.
Missouri Cottons, Ltd., pref. (quar.)
15 Nov. 30
2
15 Dec.
(special)
1
22 Dec.
Extra
10
12 Dec.
2 Dec.
Monarch Knitting Co., 7% preferred
Monolith Portland Cement
1
17
15 Dec.
Mobile & Birmingham RR., 4% gtd. (s.-a.)
15
2 Dec.
7% pref. (quar.)
1
22 Dec.
Mock. Judson, Voenrmger
1
15 Nov. 25
(quarterly).,
15 Nov. 25
Special
Montgomery (B[. A.) Co. (quar.)
24 Dec.
14
31 Mar. 15
30 June 15
15 Dec. 22
Quarterly
Quftrtsrly
Montgomery Ward Co. (quarterly)..
15 Dec. 22
Special-
2 Dec.
Class A
18
Extra
18 Oct.
21 Nov. 30
(quarterly)
Extra
Pennsylvania Gas & Electric Corp.—
7 % & $7 preferred (quarterly) - - _ . - - -----Penna. Glass & Sand, vot. tr. ctfs. (initial) —
Preferred (quarterly)
---— Penna. Power Co., $6.60 pref. (mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania RR
Pennsylvania Salt Mfg. Co. (quar.)
Extra
----
Extra
15
15
Murphy (G. C.) Co. (extra)--
Dec.
23 Dec.
12
Murray Corp. of America (resumed).
Muskegon Piston Ring Co. (quar.)__.
Dec.
15 Dec.
5
Dec.
Dec.
19 Nov. 13
19 Nov. 13
15 Dec.
5
Dec.
28 Dec.
17
Dec.
15 Dec.
1
Dec.
L
Muskogee Co., common
Mutual Chemical Co of Am. 6% pref. (quar.)_.
Nachmau-Spring-Filled Corp
National Aviation Corp. (resumed)
Corp. (special).
Dec.
15 Dec.
Dec.
National Biscuit Co
15, Nov. 13
15' Nov. 30
Dec.
1
1
1 Dec.
15 Feb.
15
Dec.
15 Dec.
4
Dec.
15 Dec.
4
Jan.
2 Dec.
21
$14
50c
(extra)
Finance Corp
(special)
Jan.
5
15 Dec.
.
5
1 Dec.
2 Dec.
15
19
1 Jan.
20
55c
Feb.
55c
Mar.
$1
Dec.
1 Feb. 20
21 Nov. 23
Dec.
15 Nov. 30
Dec.
15 Nov. 30
2 Dec. 15
$1
$24
Jan.
Jan.
Jan.
2 Dec.
15
2 Dec.
8
1
Dec.
15 Dec.
Dec.
17 Nov. 28
Dec.
Dec.
15 Nov. 25
23 Dec. 19
Dec.
21 Dec.
1
25c
Dec.
21 Dec.
1
Dec.
19
Dec.
10
Dec.
15 Nov. 24
Dec.
15 Nov. 24
25c
88
50c
Plymouth Oil Co
Jan.
2 Dec.
Jan.
2 Dec.
1
Jan.
1 Dec.
10
1
$1
Dec.
15 Dec.
25c
Dec.
15 Nov. 30
5(>c
Jan.
10 Dec
1
31
Jan.
2 Dec.
1
$14
Jan.
2 Dec.
10
$14
Fan.
5 Dec.
$2
lc
Dec.
21 Dec.
10
5
Dec.
15 Dec.
15
lc
Dec. 28 Dec. 21
r20c
25c
Dec.
22 Nov. 30
22 Nov. 30
15c
Extra
Pottsburgh Screw & Bolt
Powdrell & Alexander Co. (quarterly)
Pratt & Lambert, Inc.-----Procter & Gamble Co., 5% preferred (quar.)-__
Prudential Investors
Dec.
40c
Dec. 21 Nov. 24
15c
Dec.
15
50c
Dec.
21 Dec.
$14
Dec.
4
15 Nov. 25
Dec.
10 Dec.
25c
Jan.
1
15 Dec. 31
25c
Dec.
10 Dec.
1
lc
Dec.
18 Dec.
15
10c
Dec.
18 Dec.
15
2 Dec
21
$14
Preferred (quarterly)
Special)
Prudential Securities, 4% A
Dec.
Jan.
55c
25c
Phelps Dodge Corp
15
2 Dec.
15 Dec.
Feb.
75c
$1
(quarterly)
2 Dec.
Mullins Mfg. Corp. class A & B (special)
Muncie Water Works Co., 8% pref. (quar.)--.
Dec.
Jan.
25c
2 Dec.
Munningwear, Inc
Stock div. of H sh. of Wayne Knit. Mills for
each sh. of Munsingwear held, payable
Dec. 23 and Jan. 2.
7
50c
—
Class A
7
15 Dec. 31
Dec. 21 Dec.
1
Jan.
37Hc
-
Extra
Peter Paul. Inc.
2
25c
$14
h$ 20
preferred (quarterly)
Pioneer Gold Mines of British Columbia
Pittsburgh Ft. Wayne & < Chicago Ry. Co. (quar.)
7w
preferred (quarterly)
Pittsburgh Plate Glass
-_-—
Plymouth Fund. Inc. (extra)
21 Nov. 28
15 Dec.
1
15 Nov. 10
25c
(quarterly)
Philips Packing Co.
5a
Dec.
Dec. 23 Dec.
Dec. 23 Dec.
$14
15
10
10 Nov. 27
1
15 Dec.
$1
Power (quarterly)
15
10
Dec.
75c
15
28 Dec.
10
15 Dec. 31
$175
$1
$34
31 Dec.
2 Dec.
21 Dec.
28 Dec.
24 Dec.
Dec.
50c
31 Dec.
Extra
24 Dec.
Dec.
Jan.
16 Dec.
$1
(extra).
10 Nov. 20
Dec.
15
10
50c
Telephone (quarterly)----'-..----—
Peoples Drug Stores, Inc. (quar.)
6H% preferred (quarterly)--- — Pere Marquette Ry., prior preferred
Perfect Circle Co. (quarterly)
Perfection Stove Co. (quar.)
Pet Milk Co. (quarterly)
1
Nov. 30
Dec.
Dec.
20c
Class B
Special
i:
h$ 6
$i
,
31 Dec.
$5 cum. pref. (semi-ann.)
(quar.)
Mountain Producers Corp. (semi-ann.)
Mueller Brass Co. (quarterly)
10 Dec.
»lei-
fcllH
Co (increased)
(quar.)
7% preferred (quarterly)
Penney (J. C.) Co., common
31
Dec. 21 Nov. 30
Dec.
25c
;
Motor Wheel Com.
Dec.
Jan.
25c
Extra
Phoenix
Dec.
50c
Preferred
15
Dec.
$1H
6% pref. (quar.)
Pacific Mills Co. (resumed)
Pacific Public Service, 1st preferred
Penna. Water &
26
Dec.
---
Pacific Lighting Corp.,
Pacific Lumber Co
Class B
7% preferred (quarterly).
Morristown Securities Corp., common
10 Jan.
2 Dec.
15 Nov. 30
15 Nov. 30
1
15 Dec.
50c
15
15
_
Jan.
2H"
Special
---,
•---Philadelphia Co., $6 cumulative pref. (quar.)__
$5 cumulative preferred (quarterly)
Philadelphia Electric Power, pref. (quar.)
Philadelphia Insulated Wire
---
2
15
15 Not. 30
10 Nov. 25
Dec.
Feb.
Dec.
—
31 Dec.
31 Dec.
2 Jan.
Dec.
$2
(quarterly)
R.) Dry Goods (auar.).
Financing Co. (quarterly)-..
Class A (extra).
Moore (Wm
Morris
15 Nov. 30
15 Nov. 30
Dec.
Dec.
Co. (s.-a.)_
Pacific Can Co. (quarterly)
Peninsular
Dec.
15
15 Nov. 30
Dec. 15 Nov. 14
12Hc
43 He
r$lH
h$ 2
Preferred (quar.)
--Park & Tilford, Inc. (quarterly)
Penick & Ford Co.. Ltd. (quar.)
15 Nov. 30
11
2 Dec.
Dec.
50c
Packard Motor Car
24 Dec.
Machine Co
Dec. 21 Dec.
Jan.
88
$14
$2
Nov. 25
Extra
11
25c
(special)
(quarterly!
Paraffine Co., Inc.
Michigan Gas & Electric, 7% prior lien.
$6 prior lien—
Michigan Steel Tube Products
2
Dec.
15c
Nov. 25
Quarterly
Merrimac Hat Corp
Preferred (quarterly)
5
Dec.
15c
-
5
22
15
Dec.
35c
(quarterly)—
5
4
4
2 Dec.
Jan.
$14
(special)
North River Insuronce (quar.)
Northern Pipe Line Co
Northland Greyhound Lines, Inc., $6H Pf- (qu.)
Northwestern Teleg Co. (semi-ann.)
Northwest Engineering Co
Oklahoma Gas & Electric,
16 Dec.
15; Dec.
Dec.
75c
37Hc
A & B
North Central Texas Oil
4
15 Dec.
2 Dec.
19 Nov. 30
Dec. 16 Dec.
4
Dec.
25c
Extra
22 Dec.
15 Dec.
Extra
Dec. 31 Dec.
21 Nov. 30
21 Nov. 30
"8
Co. (quar.)
Preferred (quarterly)
North American Rayon, class
Extra
18 Nov. 30
10
Dec.
Dec.
Extra
22 Dec.
Memphis Power & Light Co., $6 pref. (quar.)-7% preferred (quarterly)!
Merck & Co., Inc
15
Dec. 15 Nov. 30
50c
Pacific & Atlantic Teleg.
1 Dec.
Jan.
Jan.
$5
North American Co.
15 Dec. 10
1
15 Dec.
2 Dec. 31
2 Dec. 15
Jan.
$1H
Mines
Norfolk & Western Ry.
15 Nov. 14
8 Nov. 25
19 Dec.
Jan.
$14
Preferred (quar.)
1
21 Dec. 14
15 Nov. 30
Dec.
$14
$1H
(quar.)
Niagara Hudson Power Corp., common
Niagara Shares Corp., class B
Preferred (quarterly)
Noblitt Sparks
Special,, option of l-20th share of stock or
Outlet Co., common
15 Dec.
Dec.
$1H
$6 preferred (quarterly)
York Steam Co., $7 pref.
$6 preferred (quarterly)
Ozark Corp
1
24 Nov. 30
Dec.
Dec.
New
15 Dec.
15 Dec.
Dec.
$2
60c
Otis Elevator Co
15 Nov. 30
15 Nov. 30
21 Dec. 10
21 Dec. 10
$2
New York & Mutual Teleg. Co. (semi-ann.)
New York Steam Co., $7 pref. (quar.)
21 Dec.
--
Dec.
New York Air Brake
Preferred (quarterly)
Maytag Co. (resumed)
Inc., pref. (quar.)
Melchers Distilleries, Ltd., class A__
Memphis Natural Gas Co.
Dec.
50c
—
Newport Industries (resumed)
McCall Corp. (extra)
McColl Frontenac Oil Co. (quarterly)
McKesson & Bobbins,
1
75c
•New England Gas & Electric Assoc., pref
New England Telep. & Telegraph
Newmont Mining Corp. (year end dividend)
23 Dec.
McKenzie Red Lake Gold Mines, Ltd
15
60c
Extra
10 Dec.
23 Dec.
McKeesport Tin Plate
2 Dec.
2 Dec.
40c
Extra
Newberry (J. J.) Co., (quar.)
Master Electric Co. (extra)
Mathieson Alkali Works (quar.)
10 Nov. 30
15 Nov. 28
2 Nov. 28
30c
$14
h$14
Jan.
24 Nov. 25
Nationa IBond & Share
Dec.
50c
31 Dec.
31 Dec.
Extra
Extra
Dec.
25c
35c
2 Dec.
-
Monsanto Chemical Co.
Dec.
25c
National Transit
10 Nov. 25
10 Nov. 25
Lone Star Gas
Modine Manufacturing
15 Nov. 30
15 Nov. 30
10 Nov. 30
3
21 Dec.
2 Dec.
(quar.)
Long Island Lighting Co. 7% pref. A (quar.) —
6% preferred B (quar.)
Loon*-Wqea Biscuit Co., 5% preferred (quar.)«_
Lord & Taylor (quarterly)-.
Lorillard (P.) & Co. (quar.).
Oil
Dec.
5
1 Dec.
(quar.)
Lone Star Cement Corp. (quar.)
Midwest
15 Nov. 30
5
4
15 Dec.
21 Dec.
Extra
Mesta
Dec.
18 Dec.
Loew's, Inc. (quar.)
Preferred
Jan.
50c
—
Jan.
43c
(quarterly)
(quarterly)
National Cash Register Co
—;
National Casualty Co. (quarterly)
National Casualty Co. (Detroit) (quar.)
National Container Corp. (initial)
Special
National Dairy Products
A & B preferred (quarterly)—
National Grocery Co., Ltd., preferred
National Gypsum. A and B
7% 1st preferred (quarterly)
5% 2nd preferred (quarterly)
National Lead Co. (quarterly)
Preferred
14 Dec.
18 Dec.
8% preferred (quar )
Masonite Corp. (new)
Extra
2 Dec.
10
15
14 Dec.
London Packing Co.
Preferred
10
10
Dec. 21 Dec.
National Oil Products Co. (extra)
National Standard Co. (quarterly)
National Sugar Refining Co. of N.
15 Dec.
Original capital
Lunkenheimer Co
21 Dec.
Dec. 21 Dec.
Extra
Class B
(quarterly)
Miami RR., special guaranteed (quarterly)
Extra
Dec.
National Breweries
Dec.
36c
$1.15
(quar.)
Preferred (quar.)
67 He
Holders
When
Payable of Record
75c
Dec. 21
Link Belt Co.. preferred
Lock-Joint Fine Co
Share
of Company
National Bond & Investment Co.
Dec.
Dec.
Life Insurance Co. of Va. (quar.)
Life Savers Corp. (quar.)
Little
21
Dec.
100%
100%
(quar.)
&
andis Machine ''o
Name
25c
2c
Clark (quarterly*.
preferred (quar.)Lawson (F. H.) Co., preferred B (quar.).
Preferred BB (quarterly)
Leath & Co., preferred (quarterly)
Lehigh Coal & Nav. Co. »semi-ann.).-Special)
Lessing, Inc
Le Tourneau, Inc. (quar.)
Quarterly
Quarterly
Quarterly
Llbbey-Owens-Ford Glass Co
:
Libby, McNeill & Libby, com.—Div. is opt.;
1 sh. of com. for each $10 of divs. due
Preferred (semi-ann.)
...
•
Per
Holders
When
Payable of Record
37Hc
(quar.)
Lake Shore Mines, Ltd.
Bonus
Landers,
3575
Chronicle
—
(quar.)
Extra
Bank & Trust Co. (quar.)
& Gas, pref. (quar.)
Public Service of N. H., $6 pref. (quar.)
$5 preferred (quarterly)
Public Service of Northern Illinois (special)
37 Ho
Public National
Jan
$14
___-
Dec.
$1H
$14
Public Service Elec.
Dec.
Dec.
19 Nov. 20
15 Nov. 30
15 Nov. 30
$1
Dec.
17 Dec.
3
Financial
3576
Per
Share
Name of Company
Public Service of N. J.
60c
(quarterly)
Extra
20c
_
c50c
When
Dec.
Dec.
Dec.
Nov. 27
Nov. 27
Dec.
Nov. 20
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
SIM
$1)4
Jan.
M%
Jan.
7% prior lien stock (quarterly)
6% prior lien stock (quarterly)
Pure Oil Co., 5M% preferred (quar.)-6% preferred (quar.)
8% preferred (quar.)
.—
Pyrene Mfg. Co., common (special)
Quaker State Oil Refining (quar.)
1
19
20c
Dec.
Dec.
Dec.
1
Nov. 30
10c
Dec.
Nov. 30
Jan.
$1 M
60c
37!tc
50c
50c
Dec. 15
Jan.
Dec.
Dec.
1
Dec.
1
Dec.
Nov. 30
Dec.
Nov. 30
Nov. 19
Dec.
Jan.
20c
Dec.
Dec. 24
Dec.
4
55c
Dec.
Dec.
Dec.
Dec.
Nov. 30
Nov. 30
Dec.
Nov. 30
Dec.
Nov. 27
Dec.
Nov. 27
(quar.)—~
30c
Reliance Insurance Co
Extra.
20c
4
el%
15c
Quarterly
(quarterly)
Republic Steel Corp., 6% preferred
6% preferred A (quarterly)
Revere Copper & Brass, Inc., 7% pref
5 M % preferred
Reynolds Metals Co., 5M% cum. conv.pf. (qu.)
Reynolds Spring
Jan.
Jan.
1.125
Remington-Rand, Inc
Jan.
10
Dec. 10
Dec. 10
h$ 12
Dec.
Dec.
9
SI M
Dec.
Dec.
Dec.
9
Dec.
5
Dec.
Dec.
5
Dec. 21a
Dec.
1
Dec.
1
$3)4
$2)4
$1%
25c
25c
Extra
3/j
Jan.
Dec.
Dec.
Jan.
Dec.
$1t!
Extra
(s.-a.)
Non-voting common (semi-ann.)
Dividend obligation (semi-ann.)
Dec. 15
Nov. 28
Dec.
Dec.
15
Dec.
Dec.
19
Dec.
-
Rich's Inc., preferred (quarterly)
Dec.
19
19
Dec.
4
Dec.
Dec.
15 Dec.
5
Dec.
Dec.
5
Jan.
Dec.
10c
Jan.
Dec.
19
19
>>Y\
Dec.
Dec.
8
$lg
25c
Dec.
Dec.
8
Dec.
Dec.
7
$3
year-end dividend
9
15c
(quarterly)
Dec.
25c
Robert's Public Market, Inc. (quar.)
Extra
Nov. 27
Dec.
25c
Royal Typewriter Co., Inc., preferred
Preferred (quarterly)
Dec.
15c
(quarterly)
Dec.
25c
Dec.
Dec.
7
Dec
fi
Dec.
Dec.
9
Dec.
Rlke-Kumler Co.
River Paper Co
Robertson (H. H.) Co. (quar.)_.
Extra
Ruberoid Co.
Dec.
Dec.
pref
Richmond Federicksburg & Potomac
Dec.
9
16C
Ruud Manufacturing Co. (quarterly)
$1
Safety Car Heating & Lighting Co
Extra
>
Sftfcwfty Storss-"
stock,
Dec.
$1)4
$1M
6% preferred (quar.)
7% preferred (quar.)
25c
Jan.
15 Dec.
1 Dec.
15
Jan,
1 Dec.
15
1
Dec. 21 Dec.
Dec. 21 Dec.
10
St. Louis Bridge Co. 1st pref. (semi-ann.)
2d preferred (semi-annual)
S3
$1M
Jan.
2 Dec.
15
Jan.
2 Dec.
15
3% 2nu preferreu (semi-annual)
St, Louis Rocky Mt. & Pacific, preferred
San Francisco Remedial Loan Assoc
(quar.)
$1)4
Jan.
1
15
SI M
Dec. 31
St. Joseph Lead Co
Special
—
San Joaquin Ligh & Power, pr.
Prior preferred A (quar.)
25c
Dec.
10
Sunset-McKee Salesbook Co., cl.
A (qu.)
Extra
Swan Finch Oil Corp., preferred----
Swift & Co.
(quarterly)
Special
Sylvania Industrial Corp. (quar.)
Initial
Dec.
15 Nov.
Dec.
15 Nov. 30
SIM
Preferred (quar.)
Dec.
Security Acceptance Corp
6% preferred (quar.)
Quarterly
Selfridge Provincial Stores Am. deposit rets..
Servel, Inc., 7% cum preferred (quarterly)
Sharon Steel Corp. (quarterly)
Special
Preferred (quarterly)
Shattuck (Frank G.) (quarterly)
Jan.
2 Dec.
15
15
Jan.
2 Dec.
15
Jan.
1 Dec.
la
Dec.
21 Dec.
la
Dec.
Dec.
15 Nov. 20
1
15 Dec.
Dec.
Dec.
Dec.
..
SIM
SIM
75c
75c
Dec.
Dec.
Jan.
Jan.
15 Nov. 30
5
15 Dec.
1 Dec.
20
2 Dec.
4
Dec.
15 Nov. 18
Dec.
15 Nov. 18
—
_ —
(quar.)
Dec.
21 Dec.
2
Dec.
$2
Dec.
21 Dec.
15 Dec.
8
15c
(extra)
Dec.
21 Nov. 30
Dec.
15 Dec.
15 Dec.
5
2 Dec.
10
xw 10%
SIM
SIM
S1s1
37 Mc
75c
Dec.
Jan.
Dec.
1
1
12 Nov. 27
Dec.
12 Dec.
12
Dec.
28 Dec.
18
Jan.
19
5
15 Dec.
(Chicago)
50r
75c
Dec.
80c
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp
Jan.
12Mc
Dec.
50c
Dec.
4
Dec.
1 Dec.
4
15 Nov. 23
1 Nov. 20
15 Dec.
1 Jan.
15
Dec.
19 Dec.
4
Dec.
9 Dec.
4
United-Carr Fastener (quar.).
Extra
50c
Dec.
15 Dec.
10
15 Nov. 30
40c
Dec.
15 Dec.
10
United Corp.
Dec. 24 Dec.
19
United
Dec. 24 Dec.
19
(quar.)
United Drug Co
Dec.
8 Nov. 13
Jan.
2 Dec
19
Dye wood Corp. common (quar.)
Preferred
(quar.)
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
SIM
Dec.
Dec.
Jan.
Jan.
18 Dec.
2 Dec.
1
Dec.
11a
11
United Milk Products Co.—
Cumulative participating preferred (quar.)
United National Corp., partic. pref
Dec.
24 Dec.
Jan.
15 Dec. 21
Dec.
21 Dec.
3
4
90c
Dec.
15 Dec.
1
1M%
2M%
Dec.
15 Dec.
1
Dec.
15 Dec.
1
25c
Dec.
24 Nov. 30
SIM
Dec.
24 Nov. 30
58 l-3c
15
—
Dec.
United New Jersey RR. & Canal Co. (quar.)—
United Paper board Co., preferred.
United Profit Sharing Corp. (resumed)
2
Dec.
Tan
2
Dec.
15
50c
Jan.
Jan
54c
Feb.
1
Dec.
10
SIM
Dec.
5
Nov. 18a
18
4
75c
_
Nov. 30
7
2 Dec.
15c
5% preferred (quar.)
United Gas Improvement (quarterly)-.
Preferred (quarterly)
United Light <x Kail ways, 7% pref. (mo.)
6 36% pref. (monthly)
(\% orpf (monthly)
Dec.
Dec.
15 Dec.
18 Dec.
Jan.
SIM
....
United Elastic Corp. (quarterly)
United Fruit Co. (quar.)
United Gas & Electric Corp., common
Preferred (quar.)
Dec.
Dec.
Dec.
75c
25c
25c
—
(resumed)
Preferred (quarterly)
25c
la
20c
Preferred (quar.)
Special
25c
Jan.
2 Dec.
15
75c
Jan.
25c
S2M
h$4M
2 Dec. 24
Dec.
15 Dec.
Jan.
10 Dec.
Dec.
31 Dec. 15
15 Nov. 20
15 Nov. 30
5
21
Southern Calif. Edison Co., Ltd., pref. B (quar.)
Originally pref. (quar.)
5)4% preferred series O (quar.)
Southern Colorado Power Co., 7% pref. (quar.)
-
Jan.
Dec.
10c
Dec.
10c
Dec.
Nov. 15
United Public Utilities Corp., $3 pref
/i$1.20
Dec.
SIM
(quar.)
Jan.
Dec.
hSl.10
Dec.
15 Nov. 30
50c
Jan.
Dec.
10
75c
Dec.
21 Dec.
2%
37Mc
37 Mc
34Mc
Jan.
Dec.
10
$1
Dec.
15 Dec.
1
Dec.
Nov. 20
$2M preferred
United States Freight Co. (extra)
United States Graphite Co.,
(extra)
United States Gypsum Co. (quar.)
50c
Dec.
31 Dec.
4
Jan.
Dec. 20
SIM
$2
Dec.
24 Dec.
4
10
15
Nov. 30
Dec.
Dec.
Dec.
Dec.
7
10
Dec.
Dec.
7
Dec.
Dec.
15
20c
Dec.
Dec.
5
$2
Spencer Kellogg & Sons (quar.)
Spencer Trask Fund
Spicer Manufacturing Corp
Spiegel May Stern Co.. preferred (quar.)
Standard Brands (quarterly)
Preferred (quarterly)
Dec. 20
Dec.
40c
Southwestern Light & Power, $6 pref
Jan.
1%
80c
$1
TiSlM
Southern Natural Gas Co. class A
Southwest Consol. Gas Utilities Corp
Dec.
Nov. 30
...
Extra
United States & International Security 1st pref.
United States National Corp. (liquidating)
_
nnited States Pipe & Foundry Co. common (qu.)
United States Playing Card Co. (.quar.)
6c
37 Mc
15 Nov. 30
2 Dec. 23
Dec.
21
Dec.
Extra
Jan.
1 Dec.
Jan.
1 Dec.
United States Steel Corp., preferred
United Stores Corp., preferred
16
16
Dec. 24 Dec.
h$ 7
h$ 11.81 M Dec. 15 Dec.
1
3
U. S. Sugar Corp
Stock dividend of M share Clewiston Realty &
Dec.
10 Nov. 20
Jan.
10c
20 Dec. 10
10 Nov. 20
Feb.
Jan.
15
Jan.
Dec.
4
Jan.
Dec.
4
Preferred
"S5
Dec.
Dec.
Nov.
9
Preferred (quarterly)
Preferred
(quarterly)
Preferred
SIM
SIM
SIM
SIM
Dec.
25c
Dec.
Nov. 30
SIM
Jan.
Jan.
25c
5c
Dec.
Nov. 16
Dec.
Nov. 16
30c
-
(quar.)
15
Nov.30
25c
25c
Extra
20c
SIM
11
Jan.
SIM
(quarterly)
1
15 Dec.
15 Nov. 30
15 Nov. 30
Feb.
Dec.
South American Gold & Platinum Co
South Carolina Power Co., $6 pref. (quar.)
15
Dec.
20c
Standard Cap & Seal Corp. (special)
Standard-Coosa-Thatcher Co., 7% pref.
15
2 Dec.
2 Dec.
Jan.
90c
Quarterly
19
15c
2 Dec.
Jan.
3c
208 S. La Salle Street Bldg. Corp.
Dec. 24 Dec.
Dec.
15 Nov. 23
2 Dec. 15
50c
h$ 26.12M Dec.
South Porto Rico Sugar Co., common
Preferred (quar.)
Twin Disc Clutch
19
25c
Jan.
Dec. 15 Nov. 30
SIM
ft$31M Dec. 15 Nov. 30
Dec. 15 Nov. 30
SIM
Troy & Greenbush RR., A (semi-ann.)
Truax-Traer Coal Co., preferred (quar.)
Tubize-Chatillon, 7% preferred (quar.)
Twentieth Century-Fox Film Corp., common..
Preferred (quar.)
14 Dec.
Dec.
Dec.
Jan.
25c
Extra
15 Nov. 30
14 Dec. 19
5c
42c
SIM
50c
Dec
h$ 25
24 Dec. 10
15 Nov. 23
75c
75c
12c
-
Dec.
SIM
25c
Siscoe Gold Mine, Ltd. (quar.)
Skelly Oil Co., 6% preferred
6% preferred (quar.)
Socony-Vacuum Oil Co., Inc. (special)
Sonotone Corp., preferred (quarterly)
Dec.
98c
50c
United Biscuit Co. of America, preferred
6
6
75c
Simmons Co
10
20 Dec.
United Carbon Co. (quar.)
Extra
50c
preferred
1
1
Dec.
2M%
preferred
Union Investment Co. (extra)-.
United Aircraft Corp
SIM
-
Oct.
-----
50c
Union Gas Co. of Canada
30c
S. M. A. Corp. (quar.)
Extra
15
1
20c
Resumed
15c
Shell Union Oil Corp. common
2
20c
Thompsons Products Inc
Prcforrod (qh&P*)
Tide Water Assoc. Oil, 6% prefferred (quar.)
Timken-Roller Bearing (quarterly)
37Mc
Extra
2 Dec.
Jan.
Apr.
July
7Mc
Extra
e50c
-
Jan.
20c
preferred
7% preferred (quar.)
Dec.
SIM
2 Nov. 24
20c
Thew Shovel Co. 7%
15c
xw2)4%
17
18
2 Dec.
Jan.
68Mc
Co. (quar.)
Texas & Pacific Ry. Co.,
Thatcher Mfg. Co
50c
Securities Acceptance Corp. of Omaha (quar.)
Extra dividend payable in 6% pref. stock
Standard Oil Co. of California
Extra
Texas Gulf Sulphur
Extra
Jan.
Dec.
1 Dec.
Feb.
Jan.
5c
SIM
75c
Dec.
15 Nov. 30
15 Nov. 30
31 Dec. 15
31 Dec. 15
25c
10
HP
75c
Extra
Schiff Co., common (quar.)
Extra
Dec.
25c
10
15 Dec.
Dec.
10c
Extra.
2 Dec.
15 Nov.
Dec.
10 Dec.
15 Dec.
15 Dec.
60c
2 Dec.
2 Dec.
15 Dec.
Dec.
Dec.
50c
Jan.
Dec.
Dec.
si II
Jan.
Dec
1
10
si .80
Jan.
Dec.
4
15 Dec.
20 Dec.
20 Dec.
5c
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)-Texas Corp. (quar.)
$2
SIM
SIM
25c
50c
15 Dec.
Dec.
50c
Transue & Williams Steel Forging
SIM
Preferred (quarterly)
Seaboard Oil Co. (Del.) (quar.)
Sears Roebuck Co. (quarterly)
Dec.
Dec.
15c
5
15 Dec.
10
10
21 Nov. 16
4
15 Dec.
$1M
-
15 Dec.
Dec.
Dec.
50c
Telephone Bond & Share 7% 1st pref
S3 first preferred
Tennessee Electric Power Co., 5% pref. (quar.)_
Dec.
$1
Special
Dec.
50c
$6
3
23 Dec.
23 Dec.
Dec.
35c
Extra
Quarterly (normally payable Mar. 15)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
5% preferred (quar.)
Talcott (James), Inc
New (initial)
5)4% partic. pref
Tamolyn (,G J Ltd. (initial, quarterly)
Quarterly
Quarterly
Quarterly.
Taylor (K.) Distilling Co
Tradesmens Nat. Bank & Trust Co.
15 Dec.
15 Dec.
15 Dec.
Dec.
10
1
5
5
20c
Dec.
1
/IS1.31M Dec. 15 Dec.
30c
Dec. 21 Nov. 30
Dec. 21 Nov. 30
30c
Dec. 15 Nov. 30
35c
Tonapah Mining Co
Dec.
15 Nov. 25
40c
5
Dec.
1
19 Dec.
15 Nov. 25
Dec.
Dec.
25c
Payable in 5 years 6% deb. notes.
Superheater Co., special
Sutherland Paper Co. (quar.)
15 Dec.
Dec.
Dec.
37 Mc
SIM
15 Nov. 30
50c
15 Nov. 30
25c
15 Nov. 20
15 Jan. 30
75c
Dec.
25c
—
—
15 Nov. 30
15 Nov. 30
Dec.
25c
Class B (quarterly)
Sunshine Mining (quar.)
Sunstrand Machine Tool
Dec.
60c
Extra
Scranton Lace Co
Dec.
SI
30c
37Mc
Sunray Oil
Dec.
16
75c
Dec.
5c
top
$1
1 Dec.
Feb.
Dec.
20c
$IYL
Jan.
Dec.
""20c"
(quarterly)
Tobacco Securities Trust Co. ordinary (final)
Extra, payable in 5M% pref. stock
5M% preferred (quarterly)
Scott Paper Co. (quar.)
conv.
6% 1st preferred (quar.)
5% 2d preferred (special)
Sterling Brewers (increased)
Sun Oil Co., common
-------Com. stk. div. of 6 shs. for each 100 shs. held-
15 Nov. 30
15 Nov. 30
17
17
15 Nov. 20
15 Nov. 20
Dec.
31 Mc
30c
Special
5% preferred (quar.)
Sun Ray Drug Co.
Extra
Jan.
15 Nov. 16
15 Nov. 16
24 Nov. 30
1 Dec. 15
75c
Dec.
17
Dec.
Dec.
27
40c
60c
Extra
15 Nov. 30
10
Dec.
h$l)4
Stanley Works (quar.)
31
2 Dec.
15 Nov. 16
15 Nov. 16
lc
Extra
Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec.
$2
S3
SI00 par value stock (s.-a.)
Standard Silver Land Mining (quar.)
Standard Steel Construction, $3 class A
Dec.
25c
19 Nov.
Dec.
75c
75c
$1)4
$2)4
SIM
Dec.
Dec.
25c
SIM
Extra
15 Nov. 16
15 Nov. 16
15 Nov. 30
15 Nov. 30
25c
Extra
—
10
Dec.
Dec.
Dec.
50c
Standard Oil of Nebraska (resumed)
Standard Oil Co. (N. J.), $25 par (s.-a.)
pref. (quar.)__
Preferred A (quar.)
Preferred B (quar.)
Savage Arms Corp. (resumed)
Preferred (resumed)
Savannah Electric & Power Co., 8% deb. A (qu.)
7M% debenture B (quarterly).
7% debenture C (quarterly)
6M% debenture D (quarterly)
Schenley Distillers Corp. (quar.)
Holders
When
$1
(Kentucky)
—
Dec*." 15
5, 1936
Payable of Record
25c
Standard Oil
Texas Gulf Producing Co
Common and extra div. payable in pref.
1-50 share for each common share
5M% cum.
25c
(quar.)
Standard Oil Co., Indiana
Extra
Sterchi Bros. Stores, Inc., resumed
12Mc
Extra
Reeves (Daniel), Inc. (quarterly)
Preferred (quarterly)
Reliance Grain Co., Ltd., 6>4% pref.
Special
19
Jan.
Jan.
/o
5%
Queens Borough Gas & Electric Co., 6% cumul.
preferred (quarterly)
Railway Eauip. & Realty Co., Ltd., 1st pf. (qu.)
Rapid Electrotype (quar.)
Raybestos-Manhattan, Inc. (quar.)
Special
Reading < o
first preferred (quar.)
2d preferred (quar.)
Reed Roller Bit Co. (quar.)
k
Dec.
Dec.
Jan.
Dec. 10
Dec. 10
Dec. 10
i;
Extra
Rice-Stix Dry Goods, 1st & 2d
Richardson Co
Share
Name of Company
Extra
Public Service Co. of Oklahoma—
Preferred
Per
Holders
Payable of Record
■I
6% preferred (monthly)
$5 preferred (quar.)
7% preferred (quar.)
8% preferred (quar.)
Dec.
Chronicle
Development Co.,
(quarterly)
common
Preferred (quarterly)
United Verde Extension Mines Co
25c
Jan.
15 Nov. 20
15 Dec. 15
Apr.
16 Mar. 15
July
15 June 15
15 Nov. 18
Dec.
Volume
Dec. 21 Dec.
Universal Consol. Oil (resumed)
Universal Insurance (Newark, N. J.)
10
Feb.
i
May 15
8
18 Dec.
1
Tune
.
Universal Products Corp
Dec.
-
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Utah Power & Light, $6 preferred
$7 preferred
Valley RR. Co. of N. Y. (s.-a.)
Feb.
1 Jan. 26
Dec. 21 Nov. 21
Dec. 21 Nov. 21
2 Dec. 16
20 Dec. 10
10
1
Jan.
Dec.
Van Norman Machine & Tool Co
Dec.
Vapor Car Heating Co., preferred (quar.)
Ltd. (interim)
_
Victor Equipment Co., $1 pref. (quar.)
8 Nov. 28
5
15 Dec.
2 Dec. 20
Dec.
Dec.
...
Victor-Monaghan Co., 7% preferred (quar.)
Viking Pump (special)
Jan.
Preferred (quarterly)
Virginia Electric & Power , $6 pref. (quar.)
Vulcan Detinning Co. (special)
Dec.
Dec. 21 Nov. 30
Dec. 21 Dec. 10
Jan. 20 Jan. 11
Preferred
(quarterly)
Apr. 20 Apr.
July 20 July
Oct. 20 Oct.
Preferred
(quarterly)
Wagner Electric Corp
Waldorf System, Inc. (quar.)
„
Ward Baking Corp., preferred
Ware River RR. guaranteed (semi-ann.)
Warren (S. D.) Co. (resumed)
Washington Water & Power 86 pref. (quar.)
Waukesha Motor Co. (quar.)
Wellington Fund (quar.)-—
1
1
15 Dec.
15 Dec.
Dec.
Preferred (quarterly)
Preferred (quarterly)
10
10
11
21 Nov. 30
Dec. 21 Dec. 10
Dec. 24 Dec. 10
Dec.
30c
SIM
Dec.
Dec. 22
Dec.
Dec.
Nov. 25
Wisconsin Power & Light, 6%
Dec.
Nov. 30
15 Dec.
2 Dec. 15
Dec. 31
Jan.
30
4-30-37
7-30-37
10-30-37
Jan.
.,
3-31-37
6—30—37
9-30-37
1-30-38 12-31-37
21 Dec.
21 Dec.
Dec.
Dec.
7
7
10 Nov. 30
Jan.
2 Dec. 18
Jan.
1 Dec. 15
Dec. 23 Dec. 12
Jan.
2 Dec. 21
Dec.
.,
West Virginia Water Service Co., $6 pref
Wheeling Steel, 86 preferred
Whitaker Paper Co. (resumed)
Preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (qu.)
Wilson Products (quarterly)
Dec.
2 Dec. 21
2 Dec. 16
1
10 Dec.
Dec.
10 Dec.
Jan.
Jan.
Extra
New York
The weekly statement issued by the
Clearing House is given in full below:
MEMBERS
THE
OF
Dec.
Nov. 20
Dec.
Nov. 30
Dec.
Nov. 30
Dec.
Dec.
Wright Aeronautical Corp. (resumed)
Wright Hargreaves Mines, Ltd. (quar.).
«)ec.
6
Vov. 27
Dec.
14
Jan.
Dec.
Feb.
Jan.
14
6
Jan.
Dec.
19
Feb.
fan.
20
Mar
Feb.
20
Jan.
Extra
Special interim dividend
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
\or.
Monthly.
Yale & Towne Mfg. Co
Mar. 20
.
_
7
Jan.
Extra
5
Dec.
Dec.
Dec.
19
1
Dec.
_*
Dec.
Jan.
a
Dec.
Dec.
Youngstown Steel Door Co, (quar.)
Dec.
Dec.
Special
Youngstown Sheet & Tube, preferred
Preferred (quarterly)
Dec.
1
7
Transfer books not closed for this dividend,
been made:
c
The following corrections have
e
Payable in stock.
q
An extra dividend on the outstanding common
stock has been declared
bonds due Dec. 31, 1951,
debenture bonds per share of
payable by means of 15-year 3 M% debenture
at the rate of
common
$1 principal amount of such
stock.
/ Payable in common stock,
g Payable in Rcrip.
ulated dividends.
/Payable in preforred stock.
American Chain Co. pref. stock, called
p
h On account of accum¬
for redemption with above
accumulated dividend.
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
r
a
reduction of
Deposited Insurance Shares, series A & B stock div. of 2H% payable
Holders have option of dividend in cash based on liqui¬
s
in trust shares.
dating value of shares.
1-200 sh. of 5% pref. stock.
Caterpillar Tractor, extra div. of 50c. or
t
Payable in U. S. funds,
u
Less tax.
x
y
w
Less depositary expenses.
A deduction has been made for expenses,
z
Per 100 shares.
1
of
Condition of the Federal Reserve Bank
New
The
City
YORK CLEARING HOUSE
SATURDAY, NOV. 28, 1936
in
York
following shows the condition of the
New York at the close of
Bank of
NEW
ENDED
THE WEEK
FOR
Nov. 20
______
Weekly Return of the New York City
Clearing House
OF
Nov. 30
Nov. 20
Dec.
6H% preferred
7% preferred
Dec. 23 Nov. 27
Weston Electrical Instruments
ASSOCIATION
Dec.
Dec.
Woodall Industries (quar.)
Extra
1
Jan.
Wesson Oil & Snowdrift Co., Inc
Extra
22
15
2 Dec. 21
2 Dec. 15
Jan.
5% preferred (initial)
STATEMENT
preferred
7% preferred
Wisconsin Public Service, 6% pref
15
Dec.
-
Class A (quarterly)
Dec. 22
Jan.
15 Nov. 25
15
Dec.
1 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Jan.
Westing house Air Brake (quar.)..
Quarterly
Quarterly
Quarterly
Quarterly
Special
Westinghouse Electric & Mfg
Partic. preferred
Dec.
Jan.
2 Dec. 31
81 Nov. 30
Jan.
Extra
Western Maryland Rwy, 7% 1st pref
Western Tablet & Stationery Corp.—
Dec. 22
-
;
6% preferred (quar.)
$5 prior preferred (quar.)
Wisconsin Investment Co
Worcester Salt (extra)
20 Dec.
10 Dec.
Dec.
Extra
Venezuelan Oil Consol.,
Vick Financial Corp
Extra
Holders
Payable of Record
Dec.
Wieboldt Stores, Inc. (quar.)
15
Mar
(quar.)
When
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
Quarter] v
3577
Financial Chronicle
143
Federal Reserve
business Dec. 2, 1936,
comparison with the previous week and the
corresponding
date last year:
*
*
Clearing House
Net
Surplus and
Time
Demand
Undivided
Capital
Members
Deposits,
Deposits,
Profits
Average
Average
,
Dec.
2,
1936
$
Com'l Nat. Bk. & Tr.Co.
7 ,000,000
Public N. B. & Tr. Co-
5 ,775,000
141,102,000
11,191,300
381,841,000
25,431,700
$53,577,400 al,446,938,000
493,156,000
52,738,100
178,070,700 61,503,315,000
466,325,000
35,132,900
757,564,000
64,217,500
254,400,000
16,866,400
525,053,000
90,750,600
512,703,000
59-,220.500
67,240,000
3,911,600
/121.233.300 c2,048,291,000
46,406,000
3,440,600
d865,524,000
69,954,400
16,396,000
2,702,200
83,309,000
8,494,300
318,793,000
23,129,200
76,554,000
7,873,900
78,327,000
8,595,100
522,480,000
836,531,800 10,073,282,000
Bank of N. Y. & Tr. Co.
6 ,000,000
Bank of Manhattan Co..
20 ,000,000
National City
ell ,500,000
Bank
Chemical Bk. & Tr. Co..
20 ,000,000
Guaranty Trust Co
Manufacturers Trust Co.
90 ,000,000
42 ,935,000
Cent. Hanover Bk. & Tr.
21 ,000,000
Corn Exch. Bank Tr. Co.
15 ,000,000
First National Bank
10 000,000
Irving Trust Co
50 ,000,000
4
Continental Bk. & Tr.Co
,000,000
/100 ,270,000
500,000
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
25 ,000,000
Title Guar. & Trust Co..
10 000,000
Marine Midland Tr. Co.
5 000,000
12 500,000
New York Trust Co
12,448,000
32,527,000
160,694,000
31,556,000
35,705,000
92,317,000
45,348,000
22,760,000
3,500,000
587,370,000
355,000
1,072,000
44,443,000
+
1935
$
and <3
3,396,137,000 3,355,108,000 3,189,882,000
United States Treasury x
973,000
973,000
1,257,000
56,387,000
Redemption fund—F. R. notes.
Other cash t
—
56,476,000
47,282,000
3,453,497,000 3,412,557,000 3,238,421,000
Total reserves
t
Bills discounted:
Govt, obligations
direct and (or) fully guaranteed
Secured
by
U. 8.
1,234,000
2,816,000
1,444,000
2,120,000
4,260,000
3,354,000
1,099,000
6,304,000
1,098,000
6,402,000
7,751,000
101,245,000
384,763,000
159,235,000
101,245.000
384,763,000
159,235,000
491,660,000
645,243,000
645,243,000
741,817,000
657,294,000
657,003,000
754,721,000
85,000
6,339,000
158,521,000
85,000
7.105,000
156,606,000
4,735,000
131,957,000
10,860,000
33,450,000
Total bills discounted
3,186,000
1,462,000
4,648,000
Other bills discounted
30,840,666
10,860,000
32,851,000
32,039,000
580,000
3,059,000
22,642,000
1,431,000
46,083,000
National, June 30. 1936; State, Sept. 30, 1936; trust
As per official reports:
Bills bought In open
market
1—
Industrial advances
United States government
Treasury
securities:
notes
Treasury
bills
/As of Sept. 30, 1936.
$247,175,000; 6 $95,799,000;
companies, Sept. 30, 1936.
e As of Aug. 1, 1936.
Includes deposits in foreign branches as follows:
4,
Assets—
Gold certificates on hand
Bonds...
Totals
Nov. 25, 1936 Dec.
$
$
Total U. S. Government
a
securities..
1,799,000
60,663,000
189,494,000
C$110,947,000; d $44,955,000.
"Times"
The New York
publishes regularly each week
banks and trust companies which
not members of the New York Clearing House.
The
returns of a number of
are
following
are
INSTITUTIONS
BUSINESS
IN
CLEARING
FOR THE WEEK
NATIONAL
AND
and
Other Cash,
Including
Investments Bank
Sterling National—
Trade Bank of N. Y.
Notes
25,059,100
21,399,000
4,924,809
4,128,000
Bank
CLOSING OF
27, 1936
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
$
$
256,000
12,136,000
4,320,046,000 4,277.067.000 4,174,295,000
Liabilities—
%
835,000
252,963
5,528,000
6,384,000
1,922,513
1,925,300
2,494,000
257,342
28,825,500
27,820,000
6,331,514
99,000
797,000
862,000
5,344,000
94,800
premises
All other assets
Total assets
FIGURES
Res. Dep.,
N.
$
$
Manhattan—
Grace National
THE
WITH
FRIDAY, NOV.
BANKS—AVERAGE
STATE
Loans,
Disc,
HOUSE
ENDED
banks
Federal Reserve notes of other banks—
Uncollected Items................
the figures for the week ended Nov. 27:
NOT
Total bills and securities....
Due from foreign
F. R. notes in actual circulation
Deposits—Member bank reserve acc't
U. 8. Treasurer—General aocount
883,585,000
869,520,000
790,376,000
2,997,784,000 3,013,945,000 2,908,420,000
Foreign bank
60,617,000
22,582,000
Other deposits..
72,429,000
13,808,000
10,380,000
20,832,000
76,363,000
184,621,000
14,856,000
3,153,412,000 3,124,948,000 3,118,277,000
Total derposlts
Brooklyn—
Peoples' National—
TRUST
COMPANIES—AVERAGE
Res.
Loans,
Disc,
and
Cash
N.
FIGURES
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
avallaDillty items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
—....
Total liabilities
$
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers
United States
58,602,400
8,575,299
12,017,722
20,734,400
28,762,400
63,218,126
%
*7,211,500
193,563
*882,204
*4,554,600
*7,937,200
27,187,204
156,380,000
50,259,000
50,825,000
7,744,000
8,849,000
8,992,000
156,253,000
50.259,000
130,488,000
50,825.000
7,744,000
8,849.000
8,669,000
49,964,000
51,003,000
7,250,000
7,500,000
Deposits
Elsewhere
Invest.
Deferred
$
$
4,320,046,000 4,277,067.000 4,174,295,000
$
11,704,700
1,273,565
2,782,800
3,475,769
71,007,500
11,546,585
771,940
790,500
434",300
11,321,795
21,963,500
38,154,000
3,664,100
17,020,840
19,437,000
77,689,677
deposit and
F. R. note liabilities combined
Commitments to make industrial ad¬
Ratio
of total
reserves to
f "Other
85.5%
85.4%
82.9%
8.851,000
vances
8.962,000
9,895,000
cash" does not Include Federal Reserve notes or a
bank's own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
*
77,291,000
34,049,742
3,290,000
2,228,578
Includes amount with Federal Reserve as
ciary, $529,149; Fulton,
43,656,000
9,816,658
follows:
Empire, $5,715,600; Fidu¬
$4,312,600; Lawyers, $7,094,000.
308,000 116,027,000
41,007,195
given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates
3578
Financial
Chronicle
Dec.
S, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The following was issued by the Board of Governors of the Federal Reserve
System on Thursday afternoon, Dec. 3
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 show's 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
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
in
appear
Dec. 2,
1936
ASSETS
Gold ctfs.
on
$
8,811,021
FEDERAL RESERVE
Nov.
18.
Nor.
1936
10,
1936
$
$
BANKS
AT THE
1936
$
Oct. 21,
28,
8,726,337
8,650,837
12,585
11,853
11,354
246,357
258,858
243,801
9,027,703
9,002,282
8,981,991
DEC.
Oct. 14,
1936
1936
S
8,730,839
.
CLOSE OF BUSINESS
1936
8,768,838
11,407
247,458
11,407
reserves
Oct.
Nov. 4,
9,068,785
Other cash *
Total
OF THE
Nov. 25,
1936
$
hand and due from U. S. Treas.x
Redemption fund (Federal Reserve notes)
notes between the
the Board of Governors of the Federal Reserve System
$
1936
2,
Oct. 7,
1936
$
Dec.
$
%
8,609,328
12,471
253,547
8,581,384
13,136
251,328
8,527,881
12,248
252,246
7,410,351
249,355
8,635,831
12,273
265,825
8,911,546
8,913,929
8,875,346
8,845,848
8,792,375
7,653,320
17,524
225,-.45
M.
U.
S.
Government
4,351
1,987
_
4,211
1,854
3,345
1,900
4,128
2,738
2,935
6,338
6,065
5,245
6,866
7,077
6,107
6,170
8,159
7,539
5,368
3,087
25,696
3,086
25,980
3,086
26,037
3,086
3,087
26,474
3,087
26.299
3,089
3,098
3,098
27.142
4,675
32,395
381,326
1,449,163
381,326
1,449,163
379,960
379,960
378,077
1,443,363
599,738
Total bills discounted
608,787
2,430,227
2,430,227
..
Bills bought In open market.
Industrial advances
_
_
United States Government securities—Bonds-Treasury notes.
Treasury bills
Total U. S. Government securities
Other securities
Tota
ted
obligations,
direct and (or) fully guaranteedOther bills discounted-.........
Foreign loans
4,
1935
Bills discounted:
Secured by
the
upon
department of "Current Events and Discussions."
our
COMBINED RESOURCES AND LIABILITIES
Three cipher a (000) omitted
The comments of
26,281
4,142
599,738
1,443,363
606,904
379,960
1,443,363
606,904
1,443,363
606,904
2,430,227
2,430,227
2.430,227
3,421
2,686
2,430.227
3,103
3,067
3,963
4,196
3,426
2,360
4,113
3,008
26,427
26,480
378,077
378,077
219,948
1,443,363
378,077
1,443,363
1,443,363
1,630,725
608,787
608,787
608,787
579,508
2,430,227
2,430,227
2,430,227
2,430.181
—J——
181
J
gold...
on
bills and securities
'
Ir
2,465,348
-
......
......
...
m
2,465,358
2,464,595
2,466,460
2,466.865
2,465,720
2,465,913
2,467,964
mm
m
4>-m
2.468.006
2,472,800
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
221
221
'"221
"""226
""220
220
""218
23,823
""216
25,464
26,926
23,289
24,852
651,945
48,066
615,194
48,066
718,925
573,938
42,673
41,725
48,067
40,988
24,720
573,806
48,062
24,797
654,301
48,066
556,847
48,067
43,285
40,255
39,116
48,062
38,307
24,791
841,169
48,062
40,657
12,301,473
12.224,679
12,302,740
12,134,953
12,048,652
12.065,573
12,106,944
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4.086,242
6,775,236
109,628
59,405
152,320
6,794.650
6,824,565
6,693,359
94,549
46,778
6.732,003
99,903
53,955
152,525
6,850,652
50,485
52,702
143,893
7,096,589
7,080,209
7,097,732
650,064
130,275
145,501
27,088
34,251
_
623,656
130,247
145,501
720,127
130,224
145,501
27,088
34,295
27,088
34,291
27,088
13,503
13,565
12,302,740
_
All other assets
Total assets
.
""217
644
21,297
18,550
592,617
5*3,286
48,060
39,247
43,413
12,268,707
11,961,819
10,782,292
4,091,064
4,093,187
4,077.724
3,648,243
6,616,920
6,478,948
5,905,115
135,246
195.786
88,904
159,828
74,395
39,109
153,316
65,479
154,170
6.693,447
88,337
63,782
163,492
197,022
244,335
7,070,398
6,988,002
7,051,555
7,009,058
7,000,898
6.946.151
6,231,231
570,910
575,644
577,408
130,232
145.501
145,501
144,893
27,088
27.088
23,457
34,237
130.241
145,501
27,088
34,236
588,543
130,178
"145,501
824,207
130,243
145,501
547,149
130,219
657,033
130.243
34,242
13,341
30,701
13,302
34,236
12,721
34,242
13,201
12,392
26,181
12,134,953
12,048,652
12,065,573
12,106,944
12.268,707
11,961,819
10,782,292
50,279
LIABILITIES
Federal Reserve notes in actual circulation
Deposits—Member banks'
reserve account
United States Treasurer—General
account--
Foreign banks
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
79,079
■
54,589
48,804
142,440
145,501
27,088
42,672
130,437
14,906
27,088
34,290
14,487
12,301,473
12,224,679
Ratio of total reserves to deposits and
Federal
Reserve note liabilities combined-
80.3%
80.3%
80.1%
80.1%
80.1%
80.0%
80.0%
79.7%
79.8%
77.5%
Commitments to make Industrial advances
21,544
22,040
22,138
122,436
22,574
22,790
22,774
23,086
22,906
27.719
5,082
4,832
4,054
5,130
5.250
4,262
4,337
6,579
5,834
3,718
Reserve for contingencies
All other liabilities
Total liabilities
.
Maturity Distribution of Bills and
Short-
1-15
erm
Securities—
dayslblll8 discounted
16-30 days bills discounted-
31-60 days bills discounted
61-90 days bills discountedOver 90 days bills discounted
272
73
62
51
94
594
527
576
250
144
1,077
317
209
319
525
431
874
845
192
43
9
156
155
162
252
117
233
1,114
6,065
5,245
6,866
7,077
6,107
6,170
8,159
7,539
5,368
5
2,275
134
163
141
83
341
615
158
204
264
154
67
31
204
717
1,768
116
227
174
285
278
295
2,620
282
721
471
2,592
2,514
2,566
2,617
2,739
497
1,758
1,571
3,087
3,086
3,086
3,086
3,087
3,087
3,089
3,098
3,098
4,675
1,022
1,017
991
852
1,035
1,092
334
1,081
894
407
.
220
£9
587
16-30 days Industrial advances..
31-60 days Industrial advances
61-90 days Industrial advances.
1,561
457
301
332
469
448
677
608
588
507
522
829
949
984
930
1,039
1,072
28,556
31
1,565
348
433
668
819
780
880
962
713
797
721
22,637
23,097
23,121
23,395
23,356
23,314
23.496
23,571
1,019
23,592
25,696
25,980
26,037
26,281
26,474
26,299
26,427
26.480
27,142
32,395
121,372
29,281
26,739
151,028
2,101,807
44,586
135,042
28,951
148,587
2,073,061
49,968
34,319
34,250
189,340
32,521
35,561
37,521
86,948
156,053
38,559
40,187
84,287
50,495
26,739
37,521
42,362
184,628
28,951
40,187
139,372
32,521
143,297
2,065,069
42,362
44,586
156,053
43,749
2,143,477
168,653
67,343
2,150,548
2,136,765
2,133,860
2,114,144
2,098,541
2,188,009
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
2,430,181
.
Tota 1Industrial advances
1-15 days U. 8.
18-30 days U. 8.
31-60 days U. 8.
61-90 days U. 8.
564
788
1,895
bills bought in open market
Over 90 days industrial advances.
565
860
528
1-15 days bills bought in
open market.....
16-30 days bills bought In open market
31-60 days bills bought in open market
61-90 days bills bought In open
market...
Over 90 days bills bought In
open market"
1-15 days Industrial advances...
511
386
6,338
Total bills discounted
Tota
479
504
145
.
542
311
.
-
Government securities.
Government securities....
Government securities
Government securities
Over 90 days U. 8. Government
securities..
Total U. 8. Government securities
1
49.968
168,653
•
34,319
1-15 days other securities
16-30 days other securities
31-60 days other securities
373
90,084
------
mm
***.****"*
-mmrnrnm
mm
mm
61-90 days other securities
Over 90 days other securities
181
Total other securities
mmmmmm
181
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as
Security for
Notes Issued to Bant—
Gold ctfs. on hand and due from U. 8. Treas
By eligible paper
United States Government securities
Total collateral
*
"Other cash" does not Include Federal
These
are
oents on Jan.
4,497,999
295,200
4,473,196
303,995
4,466,513
332,243
4,202,799
4,169,201
4,464,838
4,437,838
4,443,261
300,280
4,397,757
263,010
4,388,746
302,504
4,399,643
4,378,990
4,368,693
308,579
285,803
290,969
3,942,712
294,469
4.134,270
4,142,981
4,134,747
4,086,242
4,091,064
4,093,187
4,077.724
3,648,243
4,437,838
4,395,838
4,369,838
4.348.838
3,863,843
.
4,365,838
4,360,838
4,695
4,395
3,534
4,362,838
5,147
5,289
4,361
5,882
3,744
85,000
84,000
93,000
93,000
93,000
4,445
98,000
6,590
88,000
88,000
93.000
121,100
4,525,372
4,493.985
4.468,127
4.463,199
4,463,283
4,457,428
4,447,720
3,988,687
4,557,533
Reserve notes,
4,530,233|
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve
banks when
31, 1934, these oertlficatea being worth
the provisions of the Gold Reserve Act of 1934.
less to the extent of the difference,
the dollar
was
the difference Itself having been appropriated
devalued from
as
100 cents to 59.08
profits by the Treasury under
Volume
3579
Chronicle
Financial
143
Weekly Return of the Board of Governors of the Federal Reserve System {Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Bant, of—
Total
Boston
New York
Phila.
RESOURCES
$
9
9
$
Gold
certificates
on
hand
and
9
Atlanta
Louis Minneap. Kan. City
St.
Chicago
9
$
9
San Fran.
Dallas
$
9
9
9
9
DEC. 2. 1936
BUSINESS
due
from United States Treasury
Redemption fund—Fed. Res.
Cleveland Richmond
BANKS AT CLOSE OF
8,811,021
11,407
notes..
Other cash *
246,357
Total reserves
9,068,785
579,246 3,390,137
480,601
648.885
973
198
672
27,988
21,445
14,445
603,492 3,453,497
508,787
671,002
605,180
170,204
183,270
688
720
227
1.567
25,848
7,097
14,475
7,335
19,600
272,877
191,055
264,098
177,826
026,347
243,479 1,701,363
577
2,368
239
56,387
313,680
1,559
22.687
248,903
254,697
1,619
16,561
258,336 1,727,788
298,996
12,489
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and (or) fully guaranteed..
4,351
132
3,186
310
60
52
75
75
151
Other bills discounted
1,987
37
1,462
47
46
22
146
58
45
12
56
21
6,338
169
4,648
357
106
74
221
133
196
12
341
21
60
3,087
225
1,099
6,304
317
294
120
108
385
86
61
87
87
218
4,934
1,218
2,742
489
1,509
487
1,089
804
1,397
1,809
32,793
124,622
19,694
74,843
30.973
15,563
44,552
169,311
19,748
15,791
33,641
54,089
22,385
75,048
31,059
60,010
70,070
18,171
69,058
28,580
14,233
51,575
38,563
146,555
60,651
24,836
127,846
52,909
Total bills discounted
Bills bought In open market
Industrial advances
35
25,696
2,914
381,326
27,332
1,449,163
103,871
101,245
384,763
599,738
42,987
159,235
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
214,390
2,465,348
177,498
657,294
214,598
247,387
128,446
100,006
285,960
116,578
91,869
127,087
102,142
216,483
221
17
85
21
20
10
8
26
4
3
6
6
15
1,497
62,858
6,525
1,765
1,939
56,044
2,919
1,639
2,206
86,640
2,131
30,516
2,453
1,121
16,911
1,534
1,376
36,448
569
22,213
24,667
3,361
1,526
3,964
35,544
3,580
22p
290
307
360
387
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
23,823
Bank premises
All other resources
365
6,339
677
651,945
Uncollected items
Total
.
25
285
69,362
3,113
158,521
481
33,450
62,221
5,078
2,803
48,066
43,285
resources
12,301,473
....
10,860
1.200
59,147
24,478
2,284
1,438
4,833
567
854,328 4,320,046
784,185
991,054
504,238
385,924 2,108,020
424,784
302,789
432.683
307,102
886,320
LIABILITIES
4,202,799
F. R. notes In actual circulation
Deposits:
'
Member bank
367,727
883,585
307,568
403,441
207,397
186,098
941,127
183,049
135,814
159,840
93,234
333,919
6.775,236
109,628
381,492 2,997,784
60,617
3,662
382,355
450,176
13,579
5,335
72,429
5,393
3.087
24,936
217,838
2,121
2,551
4,084
151,091 1,018,113
3,516
22,582
393,171 3,153,412
394,351
494,026
226,594
156,380
48.901
62,004
55,341
.
reserve account
U. 8. Treasurer—General account.
Foreign bank
59.405
Other deposits
152,320
4,291
3,726
221,415
166,967
468,151
6,792
187,873
1,952
131,981
2,101
3,436
2,716
2,030
10,485
6,727
1,739
1,392
1,682
1,719
7.7C1
4,135
197
3.866
1,682
3,136
5,270
4,001
16,655
165,707 1,033,351
199,295
140,944
226.010
175,651
494,077
20,675
4,258
89,704
16,785
37,033
2,947
3,954
27,110
3,822
34,508
12,205
32,230
3,761
5,616
21,350
4,655
3,149
3,613
754
1,391
7,573
1,319
546
1,003
1,142
3,783
1.252
898
1,415
848
1,328
350
732
243
922
452
385,924 2,108,020
424,784
302,789
432,683
307,102
886.320
47
1,160
73
341
492
4,158
•
Total deposits
7,096,589
Deferred availability Items
Capital paid In
650,064
130,275
9.386
50,259
12,224
12.569
Surplus (Section 7)
Surplus (Section 13-B)
145,501
9,902
50,825
13,406
14,371
27,088
7,744
8,849
4,231
1,007
3,000
3,110
4,716
5,186
3,448
1,305
8,992
504
526
251
854,328 4,320,046
784,185
991,054
504,238
69,393
Reserve for contingencies
34,251
2,874
1,513
All other liabilities
14,906
362
Total liabilities
12,301,473
make
to
253
Industrial
'
1
advances
*
21,544
;
"Other cash" does not Include Federal
Reserve
242
8,851
2,172
1,696
1,849
I'
,
ommltments
2,563
10,174
9,645
1,354
294
2,360
notes.
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
S
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
by
$
9
Phila.
Cleveland Richmond
9
9
$
Atlanta
St.
Chicago
as
San Fran.
Dallas
9
s
9
9
138,769
2,955
169,751
9,911
101,675
8,441
381,984
31,800
191,483
8,434
941,127
183,049
135,814
159,840
93,234
333,919
166,000
986,000
166,632
163
75
390,123
22,396
969,453
85,868
323,940
16,372
429,478
26,037
220,317
12,920
208,099
22,001
972,927
367,727
883,585
307,568
403.441
207,397
186,098
4,464,838
396,000
980,706
325,000
433,000
221,000
4,695
Agent
Louis Minneap. Kan. City
$
$
9
4,497,999
295,200
4,202,799
In actual circulation
Collateral held
New York
Boston
132
3,394
310
60
52
48,065
security
for notes Issued to banks:
Gold
certificates
on
hand and
due
from United States Treasury
Eligible
paper
U. S. Government securities
Total collateral
4,557,533
131.000
168,000
102,500
389,000
326
6
25
30,000
lb", 000
3,000
196,784
141,000
171,326
102,506
389,025
152
45,000
88.000
396,132
984,100
325,310
433,060
221,052
211,163
986,075
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors ol
the Federal Reserve
System wpon the figures for the latest week appears in our department of "Current Events and Discussions, '
immediately preceding whicn we also give the figures of New York and Chicago——A——imhmm———i—n"mi— for a week later.
reporting member banks
iwn—
•
in—iin i
■
i
i
i
as"it
The statement beginning with Nov. 0, 1935, covers reporting hanks in 101 leading cities,
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 deposits standing to the credit of Individuals, partnerships, corporations,
also been revised further
associations, States, counties, municipalities, &o., 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
Federal Reserve District—
Atlanta
New York
Phila.
9
9
9
9
1,201
9,504
1,170
1,851
619
584
3,023
6
Total
Boston
9
ASSETS
Loans and Investments—total
101 LEADING CITIES, BY DISTRICTS,
22,401
Cleveland Richmond
Chicago
ON NOV. 25 1936 (In Millions of
Louis Minneap. Kan. City
9
9
9
9
9
9
St.
669
407
41
6
2
72
Dollars^
San Fran.
Dallas
9
9
514
2,167
3
3
13
42
692
Loans to brokers and dealers:
970
13
939
9
210
27
78
18
10
3
2,019
149
221
67
on
securities to others
Loans
on
paper
4
(except
banks)
Acceptances and com'l
2
3
In New York City
Outside New York City
Loans
bought.
real estate
Loans to banks...
840
146
52
198
29
46
321
42
143
22
3
9
5
30
9
9
26
2
21
1,154
88
242
62
182
27
25
71
44
6
18
24
305
64
3
32
2
4
1
1
10
8
2
157
1
Other loans
4,041
303
1,593
180
209
114
168
524
138
124
145
161
382
U. S. Government direct obligations..
9,178
407
3,929
331
894
264
202
1,593
226
178
259
186
709
Obligations fully guar, by U. S. Govt.
1,247
17
499
93
55
56
39
165
59
12
51
44
157
Other securities
3,197
152
1,209
307
273
78
86
388
107
47
140
52
358
Reserve with Federal Reserve Bank.
5,431
304
2,705
263
333
130
86
869
133
73
149
102
284
407
123
75
18
35
19
11
67
12
5
12
10
20
Balance with domestic banks
2,475
136
200
171
259
216
124
427
146
95
276
184
241
Other assets—net
1,356
82
563
90
109
41
42
105
24
19
24
29
228
15,464
5,034
1,041
6,956
815
1,107
428
320
2,331
417
280
492
377
900
280
988
273
711
197
177
817
180
122
147
122
1,020
449
9
106
49
46
23
32
78
9
3
15
34
45
6,228
246
2,608
321
367
250
222
875
283
131
406
220
299
Cash in
vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestlo banks
Foreign banks
Borrowings
Other liabilities
Capital account
1
13
9
417
4
2
1
1
6
......
894
27
390
24
15
36
8
32
9
5
3
7
338
3,545
234
1,580
226
339
90
87
352
86
57
90
79
325
454
......
......
2
2
Dec.
3580
S, 1936
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY
AND
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
account is taken of such sales in
computing the range for the
United States Government Securities
York
Below
we
furnish
a
the New
on
Transactions
Stock Exchange
on
Quotations after decimal point represent one
or more
32ds
Dec.
Shares
Saturday
Monday
Dec. 2
121.8
Low-
121.8
Close
121.8
121.16
121.18
121.16
121.19
121.12
121.16
121.14
121.16
121.22
121.16
121.18
121.14
121.19
121.22
4
15
16
51
6
6
110.12
110.11
110.12
110.16
110.16
110.8
110.14
110.16
110.16
Low.
Total sales in
110.9
110.11
110.12
Close
8Mb, 1943-45
110.11
110.11
110.12
110.9
106
$1,000 units...
20
2
116.4
116.7
Low-
116.3
116.4
116.7
Total sales in
116.6
83
Low-
----
Close
Total sales in
mmmm
mmmm
$1,000 units..
mmmm
(High
3Hb. 1943-47—
116.1
116.4
$600,000
410,000
1,326,000
1,870,000
1,403,000
850,000
$9,020,000
11,443,000
13,827,000
15,860,000
13,383,000
16,569,000
12,320,270
$64,527*000
$9,122,000
$0,459,000
$80,108,000
.—
116.6
116.8
mm m
Low.
m
mm mm
(Close
m
mm m
4
2
114.12
114.12
114.19
Stocks—No. of shares.
11,709,671
450,297,242
$6,459,000
9,122,000
64,527,000
$4,943,000
7,950,000
71,730,000
314,843,000
352,090,000
2,664,833,000
2,092,762,000
$80,108,000
$84,623,000
$3,280,634,000
$3,103,110,060
114.16
114.12
2
1
110.30
110.31
110.30
110.29
Bonds
110.31
110.30
110.28
110.31
110.30
110.28
111
m
Stock and
Below
2
47
6
3
106.11
106.14
106.15
Low.
106.12
106.8
106.12
106.12
106.14
106.13
106.13
106.8
106.14
106.14
$1,000 units...
4
13
12
the
are
Low
$1,000 units.—
(High
mm
108.4
107.31
108.3
107.30
108.1
108.2
107.31
108.2
108.3
108.2
107.31
108.3
108.5
108.4
129
29
108.10
108.10
5
.....
108.10
108.10
....
108.10
108.10
....
2
2
(High
mmmm
■! Low.
(Close
i
1
r
mm
mmmm
$1,000 units
109.14
109.15
109.15
3
1
(Close
1
II
*
108.8
108.12
19
1
1
1
1
1
....
1
II
1
1
1
1
1
35.15
64.65
107.78
113.79
94.89
106.85
105.83
35.33
64.79
107.65
113.68
94.53
106.89
105.69
35.36
64.51
107.65
113.64
94.53
107.04
105.72
Dec.
1
182.05
55.03
35.51
65.14
107.66
113.50
94.60
107.10
105.72
108.29
Nov.
30
183.22
55.40
35.75
65.56
107.70
113.38
94.28
107.09
105-61
Nov.
28
183.32
55.73
35.88
65 72
107 68
113.38
94.59
107.03
105.67
S3
108.6
i-»
108.6
00
o o 00 *.10*.
108
United States
108.6
00
108
Ill
109.16
109.15
109.15
109.15
109.13
109.15
109.15
109.15
109.15
3
51
3
110.14
110.10
110.14
110.13
Treasury Bills—Friday, Dec. 4
1
....
....
(High
110.12
110.14
4
108
9
108.2
205
18
...
Low.
110.10
110.10
110.10
110.10
110.9
110.10
(Close
110.10
110.14
110.13
110.10
110.11
110.13
$1,000 units...
10
5
24
4
19
103
(High
104.13
104.15
104.13
104.9
104.9
| Low.
104.9
104.12
104.7
104.12
104.9
104.2
104.8
(Close
104.13
104.15
104.11
104.5
104.8
$1,000 units...
6
8
458
64
8
52
(High
106.15
106.19
106.18
106.16
106.18
106.21
]Low.
106.11
106.14
106.16
106.11
106.12
106.18
(Close
106.14
106.18
106.17
106.13
106.18
106.20
32
176
22
133
28
15
104.14
104.18
104.17
104.15
104.15
104.17
Low.
104.14
104.13
104.15
104.8
104.11
104.17
C1086
Total Sales in $1,000 units..
104.14
104.18
104.17
104.11
104.15
104.17
120
5
56
71
135
28
Low.
Bonds
54 33
109.13
mmmm
90
1
1
109.19
—■
ties
54.57
108.29
109.17
2Mb, 1951-54
Rails
108.29
1
104.12
Rates
quoted
are
103
103
102.31
103.3
102.29
102.30
102.29
102.24
102.28
102.31
103.1
103.1
102.31
16
103.3
102.18
102.29
102.24
Total sales tn $1,000 units...
14
2
258
40
(High
102.15
102.12
102.13
102.13
102.16
102.14
102.13
Low.
102.11
102.6
102.7
Bid
Deo. 16 1936
7 1937.
Apr.
Apr. 14 1937.
102.12
102.13
Apr. 28 1937——
May
5 1937.
May 12 1937.
May 19 1937
May 26 1937—
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
Apr. 21 1937
Bid
Asked
0.10 %
Asked
0.10%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.13%
0.13%
0.13%
0.13%
0.10%
Deo. 23 1930
Deo. 30 1936
6 1937
Jan.
Jan.
13 1937
Jan.
20 1937
Jan.
27 1937
Feb.
3 1937
Feb.
10 1937
Feb.
17 1937
...
Feb. 24 1937
Mar.
3 1937
Mar, 10 1937.
Mar. 17 1937.
Mar. 31 1937.
June
June
June
2 1937.
9 1937.
16 1937
June 23 1937June 80 1937
July
July
July
July
7 1937
14 1937
Aug.
11 1937...
18 1937.
21 1937
28 1937
Aug.
4 1937
Aug.
0.13%
0.13%
0.13%
0.13%
0.13%
Aug. 25 1937.
102.13
102.9
for discount at purchase.
9 1936
Deo.
Mar. 24 1937.
103.1
103.1
Rails
54.48
108.31
12
(High
trials
180 25
108.28
....
2Mb. 1948-51
Stocks
180.97
108.31
109.19
(High
40
ties
181.29
108.30
....
$1,000 units.
Utili¬
roads
3
108.28
109.18
Total sales in
10
Grade
4
108.30
109.16
2Mb. 1945-47
Second
Grade
2
108.31
Close
Total sales in
First
Indus¬
Dec.
109.10
108.31
Low
2 ms, 1955-60
10
70
•
Dec
Dec.
109.13
108.31
109.18
1
Total
----
108.30
Total sales in $1,000 units...
Total sales in
20
Utili¬
25
mmmm
Total
20
Rail¬
trials
108.12
108.10
56
10
30
Indus¬
Date
108.29
'High
3mb, 1944-46
10
10
87
109
$1,000 units..
3MB, 1941
of representative
Bonds
Stocks
108.12
109.12
4
1
1
9
108.10
109.12
mmmm
(High
—]Low.
....
109.15
mm¬
mmmm
Close
Total sales in
«
mm
Low.
1
i
mm
(High
Total sales in
i
i
Total sales in $1,000 units...
8Mb. 1949-52
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.:
108.5
108.4
Total sales in $1,000 units..
3Ms, 1946-49
as
on
137
4
108.4
Close
3Ms, 1941-43
stocks and bonds listed
108.5
Low
3Mb, 1940-43
17
Bond Averages
daily closing
1
106.15
(Close
$658,258,000
2
176
106.12
(High
$300,958,000
111
110.30
Total
111
110.30
m
106.15
3s, 1946-48.-
347,085,796
114.17
106.14
mm
1935
1936
114.17
114.19
Jan. 1 to Dec. 4
1935
12,326,270
Government
114.17
114.45
114.16
(Close
Total sales in
1936
7
106.13
$1,000 units...
3b, 1951-55
Total sales in
Week Ended Dec. 4
Stock
York
Exchange
Railroad and Industrial
(High
Total sales in
Sales at
New
State and foreign.
78
43
(High
—•
116.8
110.3
114.16
$1,000 units...
8Mb. 1946-66
10
57
116.6
116.2
116.6
Close
4s. 1944-54
27
116.2
116.8
116
(High
Sales
$936,000
1,490,000
1,768,000
1,519,000
1,456,000
1,953,000
121.23
$1,000 units...
110.11
110.8
Bond
Dec. 4
Dec. 3
[High
Total sales in
Total
States
Bonds
$7,490,000
9,543,000
10,733,000
12,471,000
10,524,000
13,766,000
Tuesday...
Total.
High
United
State,
Miscell. Municipal tfc
For'n Bonds
Bonds
1,434,280
2,141,440
2,233,840
2,319,500
2,042,450
2,154,760
Wednesday
Dec. 1
of and
Number
4,11936
Thursday
Friday
Nov. 28 Nov. 30
Railroad
Stocks,
Week Ended
the New York Stock Exchange during
of a point.
4MB, 1947-52
the New York Stock Exchange,
daily record of the transactions in
the current week:
Treasury
at
Daily, Weekly and Yearly
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds
No
year.
102.18
(Close
2Mb. 1956-1959
(Close
102.15
102.14
15
19
42
1,056
48
105.27
105.29
105.31
105.28
105.27
105.28
105.29
105.31
105.28
105.27
105.28
105.29
5
K
1
79
6
46
$1,000 units
8Mb, 1944-64
(High
106
Low.
—
Total sales in $1,000 units.
1
105
105.2
105.1
105
105.3
104.31
105
104.30
104.30
104.29
104.31
105.2
105.1
104.30
105.3
105.6
8s, 1942-47
Low.
Close
____
....
Total sales in $1,000 units...
Federal Farm Mortgage
(High
24
79
mmmm
105.16
105.18
105.15
mmmm
105,15
105.18
105.14
105.15
mmmm
105.16
105.18
2
25
119
mmmm
mmmm
I Close
mmmm
Total sales in $1,000 units...
mm
more
or
50
33
mmmm
104.7
104.5
104.4
Asked
Maturity
Rate
103.29
102.29
102.31
2U%
101.5
101.7
2 %%
104,1
104.3
101.5
101.7
15 1937...
3%
3%
101.22
Mar. 15 1938—
3%
103.21
Sept. 16 1937—
3M%
102.24
101.24
103.23
102.26
1 H%
101.16
101.18
Feb.
1 1938—.
1H%
l H%
1M%
1M%
IH%
101.29
101.31
Dec.
15 1930—
102
102.2
June
15 1938
102
102.2
Feb.
15 1937...
102
102.3
Apr.
102.11
102.13
2H%
103.17
103.19
m%
....
104.4
104.5
104.7
1
m
Mar. 15 1939...
1
.
....
Mar. 15 1941...
11
....
104.26
104.26
104.26
104.24
104.26
104.29
\Low.
104.23
104.25
104.23
104.23
104.24
104.26
I
104.26
11
104.26
(High
103.5
103.5
103.3
103.2
103.3
103.1
103.3
103.2
103
102.30
103.1
103.3
15
Dec.
15 1940—
1940...
103.4
103.3
June
103.8
2Mb, series B, 1939-49. J Low.
I Close
103.8
8s, series a, 1944-52
Close
Total sales in $1,000 units...
Home Owners' Loan
103.5
Total sales in $1,000 units...
12
2mb. 1942-44
,
21
106
68
34
104.29
109
103
102.31
103
102.29
102.30
102.29
102.31
103
103
103.2
103
102.31
103
FOOTNOTES
103.5
table
1
12
includes
6
only
Transactions in registered bonds
1
Treasury
4
1
Treasury 3Mb, 1943-1945...
Treasury 2j|s, 1955-1960
1
Treasury 2Mb 1945-1947
48
26
sales
of
*
2
coupon
were:
121.13 to 121.13
4Ms, 1947-1952
110.10toll0.ll
-—
FOR
NEW
YORK
Bid and asked prices; no sales on this day.
t Companies reported In receivership.
a
n
Deferred delivery.
New stock,
r
Cash sale.
x
Ex-dividend.
V
Ex rights.
104.10 to 104.10
106.18 to 106.18
—
June 15 1939...
103.5
103
above
Mar. 15 1940
154
(High
103.2
Total sales in $1,000 units...
bonds.
103.5
55
20
8
4
104.25
104.24
103
(Close
Note—The
104.25
j Low.
Home Owners* Loan
Asked
m%
Sept. 15 1938—
2 H%
15 1941.-
Bid
103.27
101.25
....
104.7
Bid
101.23
15 1939...
June
104.4
104.4
Int.
Int.
Rate
Maturity
Dec.
(High
Home Owners' Loan
Z2ds of
point.
8
105.15
mmmm
| Low.
2mb, 1942-47
2
105.14
5
High
„■
a
105.14
Total sales in $1,000 units...
Federal Farm Mortgage
Figures after decimal point represent one
105.3
Close
(High
8s, 1944-49
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Dec. 4
105.6
Low.
Federal Farm Mortgage
1 1937
118
105.28
106
105.31
105.29
106
Total sales in
Federal Farm Mortgage
Sept.
STOCK
PAGES
Proctor
Abbott,
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
•
Buffalo
•
Montreal
•
•
Toronto
Cleveland
*
Indianapolis
•
AND
SALE PRICES—PER
HIGH
NOT PER
SHARE,
CENT
STOCKS
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 28
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. 4
On Basis
Week
*65
75
$ per share
*65
75
$ per share
*65
68%
S per share
64%
65
$ per share
*63
70
$ per share
*65
75
Par
Shares
60
-68
*68
68i2
68
1478
15*2
27%
34%
284
2738
15*8
2738
1512
2738
34i8
34
34
278
3
82
82
4%
4*4
8H2
4
1412
8214
5
514
58
*55
58
*55
58
52
52%
393s
39
111
*108
236
*233
478
57
58*2
56*2
*50
£38%
*108
235
313s
31%
1834
1878
31*8
1878
Abraham & Straus
No par
81
81%
4%
4%
14%
3%
80%
4
4
8034
4%
*100
T434
5"
484
57
58%
5784
4%
54%
*53%
15%
27*8
34%
3%
27
27
34*2
3434
334
34*8
334
7934
4*4
81
484
13%
14%
4%
4%
54*2
56
54
14%
"434
4*2
58
57
3,900
434
15,500
Air Way El Appliance. .No par
Ala & Vicksburg RR Co.. 100
14%
23",000
Alaska Juneau Gold Mln
"434
44,100
58%
19,400
Pref A with $30 warr
100
Pref A with $40 warr
100
100
58%
4,500
58
3,900
Pref A without
48%
2,200
2 X % prior conv pref.No par
38*2
3,600
238
23434 235%
3138
31
31%
1934
19
1984
33
38
111
233
37%
*108
230
38
3734
111
*108
230
*231*2 234
30*4
18%
111
"lJOO
30%
3,500
1834
50,400
30%
18%
*84%
31
30%
31%
19%
8734
18%
18%
87
87
86*2
86*2
1,200
68
69
68
69
68%
69%
16,200
87%
69%
32%
33%
32%
33%
32%
5%
5%
5%
5%
5%
37%
37%
100%
37
38*4
37
98*2
86%
85
9834
86*2
86*2
5i8
87%
35
36
39%
101
100
105*2
88%
37%
87%
88%
34
5%
34
534
1,700
24,500
3934
40
40
4184
40%
4I84
*66%
70
*66%
69
*66%
68%
*66%
68%
65
65
65
64%
64
65*4
62
66
2,600
*135
139
139
139
139
139
390
12234
119*2 120%
121% 123% *119% 120
12218 12334
119% 12034
175
*166%
166% 166*2 *166
*16584 166i2 *16534 166%
53
52
51%
52%
54%
533s
51%
55%
52%
5134
91
92
93
92
91
92*2
90%
90%
92*8
9178
67
68
65
67%
66%
67%
65%
66%
67%
6684
£112
112
H384 114%
113% 113%
113% 113%
113% 114
113
*112
*28
104% 104% *103%
*103i2
30%
*28
30*2
34
*25
*25
*101
32
*25
*25
14%
141}
14
14*4
14
14%
14%
14%
14%
15
33
341}
3284
33%
31%
32%
3184
31%
32
14%
31%
30%
32%
29
99%
28*2
29
99
99
6%
6%
*1234
285s
28%
28
2938
29
99%
99i2
7
9912
99i2
13%
*131S
714
13%
99%
684
99%
67s
13%
1?%
6i2
*13
7%
28%
99*2
6
*12%
13%
6%
13%
10,500
10
5,500
100
150
*133
67
67
68
69
*133
145
*67%
69%
*133
*64
150
68%
*133
£63
11%
11%
11%
1034
1138
11%
10%
11%
7934
79%
81%
0:79*2
79%
7934
78*2
82
67%
65
66%
65%
67*2
68%
69% £67% 68
23%
24%
23%
2234
23%
24%
23*2
2278
23%
*160% 182
*180% 182
*160*4 182
*160%
*160% 182
144
63
lll2
11
81%
7 884
34%
333s
34.%
34
*35%
36
35%
25%
35%
25
35%
24%
24
2434
40%
40
40
35%
24%
37*2
£35*2
25%
38
97U
96%
97
95
95
*149
150
*149
150
107
10?
*105
107% *105
353g
34i8
34%
36
36%
35i2
2478
25i2
25
38
39
96l4
957s
*149
*149
150
*104t4
*10414 107
67
6758
6758
145
145
145
95'4
5612
13812 138*2
*27*2
28
55
563g
57
5714
138
67
*66
145
*145
59
138
67%
*66
67*2
*145
58%
57%
*130% 138
58*4
6038
13
Jan
4% Oct
30
133% 134
2734
28
28
28
5634
56%
5634
56%
57*8
187
*243s
139
24%
188
98%
9812
9834
IOOI4 101
100k 10078
*146
146%
146
146
17%
167s
17
171s
9834
139
140
*138% 140
1
6% conv pref
50
1
No par
Ice
100
6% non-cum pref
Amer Internat Corp
No par
9% Apr 30
23% Apr 28
37,400
36
1,800
2384
7,800
330
8,500
""loo
500
50
131
131%
270
28
28
28
28
900
£56
56
5534
56
5,200
26
25
26
Preferred
No par
27
6% conv preferred
100
Amer News N Y Corp. .No par
Amer Powers Light..-No par
124
Amer Metal Co Ltd
No par
..No par
$6
preferred
$5 preferred
Am Rad & Stand
San'y.No par
100
Preferred
25
Amer Safety Razor new. 18.50
American Seating Co. .No par
Amer Shipbuilding Co.No par
Amer Smelting & Refg.No par
American Rolling Mill
300
4,900
600
14,900
28,400
200
1034
10%
1034
13,100
67%
67
68*2
15,300
8%
8%
7*2
8%
7%
7%
7*4
7*2
1%
7*4
7%
9,500
5*8
4%
5
4%
5
4%
5
4%
5
4%
5
8,700
*60
80
*60
80
*60
37%
37
37
*36
37%
*36
4934
48%
85*2
49*2
80
3634
37
*37
4984
503s
49
85
85
20
20
105i2 105*2
*30i2 32«4
47%
48%
47%
78
*60
37*2
*36
48%
83
85*2 *81%
20
20
21*4
20*2
2034
1934
20%
20*2
105% 105% *105*2 106*2 *105l2 106% *105*2 106*2
85%
*31
85%
32%
*31
85*2
32
82
30
30
30
30*4
12,600
59l2
17
Oct
May
33%
Dec
65
Dec
30
Mar
Jan
32
175
Oct
2% Mar
22*2 Mar
Deo
June
34% Aug
9*4
Aug
84 May
3%
Dec
Apr
9*4
Dec
72
284
Feb
9*4 Aug
9»4 Mar 23
2
Mar
56*2 Nov 27
14
Mar
42
3% Mar
17
12
21% July 20
83s Mar 6
46
Jan 27
3
Oct
28
Oct
/29%
Apr
1%
14%
Oct
4*2
Mar
9
Mar
32
Mar
51% Nov 18
5% Jan 14
Jan 14
15% Nov 12
Dec
3
45
122% Nov 3C
29% Jan 14
15
Feb 13
54% Nov
134
7
3934
Nov
8*4
Mar
Apr
Oct
18*2 Mar
4*4
Apr
13% Mar
Aug
Aug
38*4 Aug
Oct
6% Nov
16%
40
Nov
38% Nov
4%
3784
Jan
Feb
11% Nov
2734 Nov
75*4
Deo
33*4 Nov
12%
Dec
32%
Deo
2
72
Jan
130*2 Nov
£24
Jan
36*4 Nov
% Mar
10*8 Mar
49*2 Aug
8% Mar
July 16
Nov 30
14% July 28
37
Dec
Deo
2
20% Nov 28
46
Nov 28
24
Deo
3584 Nov
19%
9234
6*2
41% Aug
10% Mar
134*2 Mar
-
1534 Mar
9% Nov
25%
159
Deo
Sept
32% Nov
Oct 21
2884 Nov 18
45
Oct 13
Nov 10
4% Mar
20
31%
Mar
Apr
21%
26*4
64%
Deo
Jan
Dec
108%May 28
73*2 Jan 22
145
Nov 28
101%
Dec
117% Aug
100
Preferred
Amer Steel Foundries..No par
100
Preferred
American
No par
Stores
100
Sugar Refining
Amer
—100
Preferred..
American
129
19% Apr 28
9234 Jan
7% Sept
1
No par
Smelt
$5 prior pref
25
84 May
4*8 Apr
3% July
44
28
4,600
Anchor
91,000
700
—No par
$6.50 conv preferred.No par
Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd. No par
7%
""306
Copper
—100
preferred
Armour&Co(Del)pf 7% gtdlOO
Armour of Illinois new
6
No par
$6 conv pref
Preferred
3,200
Armstrong Cork
3,300
Arnold
6
8%June 30
20 May 13
52«4 Sept
1
25
Andes
43
Jan
Dec
70*2
Feb
145
Sept 23
26% Jan 28
6
35
400
Dec
50%
104
No par
Writing Paper
Cap..
32*2
88% Mar 13
136
Jan 2
Anaconda Copper Mining. .50
50
Jan
100
Preferred
Jan 29
63% Aug 29
36
6
No par
Preferred
{Am
113
102% Feb
Eleo.No par
Amer Zinc Lead &
Feb
145% Nov
190% Nov 27
100
Woolen
July
88
4
2434 Sept 1
48% Apr 30
20% Mar 21
10
Founders Inc
preferred
June
Mar
149*2 Apr 30
87
Mar 13
100
Preferred
1st
76
143
12
4
6
par
25
25
Tobacco
Am Water Wks &
Jan
Feb
100
Tobacco..No
& Teleg
Common class B
Am Type
63
61% Dec
10784 Jan
100
Co—No par
Constable Corp
5
24
Jan
150
35
2734 Oct 30
2
2
73% Mar
2
2
38
Nov
Dec
18*2 Jan
98% Mar
72% Apr
7434 Mar
Deo
140*2 May
27% Nov
160*2 Nov
104% Nov
107
Nov
141
Nov
129%
Jan
9
Mar
38%
Deo
7% Mar
2234
Deo
5
48
Mar
94% Nov
9
55% Nov
May 18
Jan 20
11% Feb
7084 Feb
2
10
9
43
July
1
7
37
Apr 30
50
May 11
122
1
1
5
Jan 10
Nov 12
2634Mar
118
3
4%June10
66*4 Jan 2
104
Aug 18
47*4 Feb 24
7*2 Jan 9
Feb
7'4 Mar
87
Jan
105% Jan
Jan 11
109'4 Sept
June
3
Mar 17
3
25
25
19
30
3
111
___
Feb
124
25*4 Nov
17% Nov 18
15% Jan 2
97
May 13
9
May
125
20*2 Apr 30
Anaconda W A Cable. .No par
1,000
For footnotes see page 3580.
168
Deo
Jan
57*2 Mar
133% Jan
1,200
1,400
167g
149%
104
25
Snuff
64,500
7
5914
Jan
100
preferred 6% cum
""300
115
*109
115
*109
115
*109
115% *105*2 115
59
60
59
59
58*2
59*2
5834
59*4
58*2
58%
16
16
16%
15%
16%
16%
16%
16%
16%
16%
110
Nov
42*2
3
34
103
5634 Jan
82
1151s *108
*108
Mar
96
165*2 Aug
7
35% Dec 2
18
Apr 30
25% Jan 2
37%
6%
5%
6%
6*8
6%
5%
*6%
6*2
6%
6%
41
40
40
40%
41%
40%
40%
*41*2 42
40%
*118*2 119*2 *118% 119% *118% 119% *118% 119% *118% 119*2 *118% 119%
109% 109*2 *109% 110%
10934 IO934
109% 109%
*1093s 110U *109% 110%
6
534
584
6*4
534
5%
5%
534
5%
6%
5%
5%
82
82
*81
82
82
82%
82i2
82%
82*4
8134
*81%
*81*2
Jan
21
Feb
7
Jan
70
43
66
1834 Apr 30
2334 July
Deo
5784 Feb
47% Nov
5
74% Sept
27% Jan
157
Oct
33%
87% Sept
48%
41
634
*40
7*2 Feb 20
Feb 20
Oct
80
Jan
36% Feb 20
79
30
J&n
41*2 June
13% Jan
48*2
8
43
48%
30
2234 Nov
2d
American
Preferred
78
20%
20*8
106% 106%
Mar
144
American
8*4
*60
Mar
14
Feb
1,400
5
80
12
69% Nov 9
114% Dec 4
113% Oct 26
69
x35% Jan
Nov
121
Am Sumatra
8
*60
Apr 28
May 9
Apr 28
Apr 30
Apr
Deo
9
75*4
37%
15234 Mar 11
Amer Telep
102% 102*2
1%
Dec
24%
June
136% Jan
1,900
10%
1%
Dec
3% Mar
100
8,400
65%
1%
Nov
22*2
/49
Preferred
130% 131%
103
2% 8ept 24
16% Sept 24
10
19,400
25%
31% Oct 29
37
Jan 2
Amer Mach <fe Metals..No par
37,500
Oct
6*2 Apr
21
61%
103
175
American Loco motive..No par
Preferred
2634
26%
26%
25*2
25%
25%
26
25%
*101*2 103
*101% 103
*101*2 103
*10l5s 103
10
10%
9%
10*8
10i2
934
10*2
Ids
66
64
63%
65*8
6678
66%
£64%
66i2
138
1%
1*2
1% I 1%
1%
1%
13s
934 Jan
Amer Mach & Fdy Co..No par
2,900
140
10
Amer Hide & Leather
Apr
3*2 Apr
6,400
60
*135,
Amer Hawaiian SS Co
89
66
66*2
24
24
24%
24%
2384
24%
2334 24
187
187% 1873}
188%
187% 190%
188% 189
98
99
99
98
98
98%
98*2
98*s
100
100
100% 10034
100%
100*8 100%
146% 147% *146*8 149
*146% 148
*146% 148
17
16%
16%
16%
16%
16%
16*2
16%
Amer & For'n Power...No par
16% Jan
100
6034
*13784 140
100
American
1,600
145
Co
Amer Home Products
31,700
68
No par
1,300
150
145
10
100
Tiling new_.l
5,300
""600
55*2 Apr 15
73
Nov 20
Nov 17
Aug 29
101
Sept 12
7% Nov 30
14% Feb 17
25
11%
125% Mar 29
89
Nov 20
15% Nov 19
35% Nov 20
No par
23%
23% 175,400
162% 162*2
'
50
*67
Nov 16
preferred
79*2
*149% 150
107% *105% 107
27
$6
4,400
Nov 4
Nov 12
Dec 0
Dec
*
7% July 10
20*2 July 1
1,000
63
96*2
Corp..20
87%May 11
6,100
9,800
Dec
Sept
25*2 Mar
Apr
Apr
2,000
32
173
4
12
36,400
Jan
Mar
93
2934 Jan
700
8
17
20% Nov 13
90
Nov 24
71%
34%
584
39%
21
125
Oct 13
Jan
No par
3,400
5
40% Oct
Apr
Mar
No par
4,500
Dec
Dec
Deo
184 Mar
10
preferred
39,600
6%
15184
Preferred
10,300
54% Nov 19
5
2d
10*, 800
Dec
Deo
14%
14%
33%
Mar
3
No par
Amer European Sees
Amer Express
3%
55*4 Dec
3
Jan
Apr
187
s4 Mar
169*2 Sept
Jan
74
£20%
14%
140
Nov 23
Dec
Sept
2
2
30
Feb
238
23S Mar
68
May
Oct
Apr
Dec
Nov
173
60% Nov 17
60
Nov 10
Apr 28
9
8
30
2
2
30
2
30
30
20
6% 1st pref
5% Nov 19
61% Nov 18
Sept
13*4
Apr 30
57% Apr 27
(Alleg Co)..25
Colortype Co
10
Amer Encaustic
74
186
—
162%May 29
Am Coal of N J
144
96
3
Apr
84
137% July 17
1,500
200
38*2
Jan
1
11534 Feb 24
31
13%
9584
124
111
90
95%
July
100
10,100
66*2
37
No par
37,600
1034
July 17
5% conv pref
American Chicle
6%
63
31% Nov 14
75
Jan 6
49
American Chain
Amer
Oct 28
Dec
83S
100
;
99*2
3784
58*2
Preferred
99*2
*76
4
37*4 Nov
20%
25
Can
American Crystal Sugar
*133
1934May31
Dec
2438
Nov 18
Nov
Jan 31
11%
6*2 Sept
10438 Mar
17% Sept 24
Mar 25
34
69
Oct
7484 Nov
Jan
195
Aug
35% Jan 21
share
52% Nov
2
Mar
111
Aug 14
7
per
116
4*2 Mar
86% Nov 10
103
i
8
21% Jan
245
65
American
June
8
7
par
...100
28
8
634 Jan
4*4 Mar
37% Oct; 13
Jan
23
per
3534 Feb114
Feb
40
514% conv pref
June
98
50
29
39
68
Preferred
51
5
1584 Nov
157
Am Brake Shoe & Fdy.No par
Am Comm'l Alcohol
*1234
Aug 5
2*8 Apr 28
12% Jan 2
12*4 Jan 2
12*2 Jan 2
27
Apr 28
26% July 7
_
10
American Bank Note..
6,500
39
67
50
14,300
6
1
No par
14%
35%
*149
new
(Del)..No
31%
2934
34*2
35*2
23%
*145
28
138%
2514
25U
107
56*4
18758 189*4
138M
150
27%
*137
24
33%
3534
35
38
65*2
No par
Amalgam Leath Cos Ino
6,500
34"
*156
300
*156
*156
300
300
300
*175
*156
300
300
7
7
7
7
7%
7%
634
6%
7
6%
738
7%
56
55
52
53%
52*2
52*2
54
52%
53%
52*2
53%
56
18
19%
19%
19%
18%
18*2
18%
19*4
183}
18%
1912
203s
44
43
44
46
44% 4534
44%
*41%
44%
44*4 44%
*41%
18
I884
18%
19*2
18%
1834
1834
18*2
18%
1834
19U
18%
7
684
6%
6*4
7*4
57s
6*2
684
634
6%
5%
534
39
39
40
39%
39*2
3912
37i2
*34%
39
39*4
36%
37
51
5084
50%
50*2
50%
50%
50*2
50*2
50*2
51%
50%
50%
2%
2%
234
2%
2*2
2%
234
2%
2*2
2%
234
234
19
19
*1834
1834
19
18%
19
19
19%
18%
18%
*18%
14
14
14%
1434
14l2
13%
14
14%
14%
13%
143g
1458
41
42
45
43%
4334
42i2
41% 4234
43*2 4434
42%
43%
120
120
119
119
121
120
120
122%
II8S4 119%
11784 120
22% 23%
23%
2234
22% 22%
22%
22%
22*2 2234
2234
2234
11%
12%
11%
12%
12*2
12%
1234
11%
107S
1138
12%
11*3
51
50
48
50
49
48
50%
49*2
50
51
48%
4834
150
100
No par
3,000
*175
*1?3
preferred
American Car & Fdy ...No par
Preferred
100
9,000
100
*101%
"34"
5%
Allls-Chalmers Mfg
Alpha Portland Cem
Am AgrlcChem
6934
*10638
No par
6% com preferred
Amerada Corp
40
138
No par
2,000
64
138
Allied Mills Co Inc
3,000
6984
138
No par
Allied Stores Corp
2,100
86*2
39%
136
Allegheny Steel Co
Alleg & West Ry 6% gtd__100
Allied Chemical & Dye.No par
37
64i2
64%
warr
105
403s
91%
68
41%
86%
534
139
90l2
67%
3984
99
33
70
122
No par
48*2
34%
*164% 1661»
5278
533s
July 17
56
*32%
*135
Mar 25
13
{Allegheny Corp
7434 Feb.10
$
share
Feb
6% Apr
2
91
57*8
230
Jan
178
57%
*108
2
Jan
9
Jan
7% Jan
58
110
2
Apr 28
Apr
10
49%
38%
£l%
32
1
per
70
118
Albany & Susque RR Co. .100
55
4%
6412
No par
Affiliated Products Inc.No par
Air Reduction Ino new .No par
49
111
59
Nov 12
share
Apr
3
28
30
9
21
14
22% Jan
5634
37%
share
Highest
Lowest
Highest
$
Mar31
10
50
*108
per
42
110% Aug
No par
Adams Mtllls
Address Multigr Corp
Advance Rumely
55%
39*8
$
9% Apr
17%June
No par
49
3334
39%
25
Express
51
*438
*68
Adams
80*4
*175
175
58
7934
4*2
11,500
100
100
1434
3%
800
1,600
Acme Steel Co
56
111
*56
14
*175
"
15%
27%
700
11,000
56
♦3278
88i8
334
15
15
50%
87*4
101
3%
67
52
6978
8834
34
67
68
68
58i2
5812
69l8
87
15%
26%
34
67%
100
57
8678
*1001? 1017S
26%
6*4
59
6978
414
3434
27*2
34
*175
8734
£33
15%
*2634
O3334
*100
~14%
6884
*86
14%
15
4*8
*175
57
67
338
*100
"l4% "1*484
*172
68
of 100-Share Lots
Lowest
Preferred
*67
Range for Previous
Year 1935
Range Since Jan. 1
Sales
the
$ per share
3581
New York Stock Record—Continued—Page 2
143
for
LOW
Norfolk, Va.
Richmond, Va.
•
5
Jan 30
Nov
5
Nov 28
1084 Sept
6834 Nov
2% Deo
3
Mar
11%
5%
Dec
Dec
31
Mar
49
Aug
8
Deo
2*4 Mar
Mar
30
16*s Apr
10% 8ept
37
96*2 Oct
3% Mar
109
1*2 June
7
36
Jan 13
117
Jan
110% Jan 20
73s Jan 25
Jan 28
84
125
4% Mar
35*2 Mar
% Mar
Jan 28
62% Mar 23
18% Nov 17
Jan
17%
12%
Deo
Jan
Apr
Dec
4
Dec
52
Aug
Aug
97
Apr
3*4 Apr
55*2 May
122% July
85
110
Jan
109
.6%
70%
Deo
Jan
Jan
Jan
25% July
5O84
Dec
Mar
9%
Dec
4
New York Stock Record—Continued—Page 3
3582
LOW AND
SALE
HIQH
PRICES—PER
SHARE,
NOT PER
CENT
Nov. 28
Nov. 30
$ per share
$ per share
17
16%
*100
26%
*96
*119
47%
74%
103
105%
Dec. 4
$ per share
$ per share
Shares
16%
*100
26%
*96
24%
105% *101
16i8
16%
107
*100
16i2
107
15%
: *100
24i4
26%
24%
10534 *101
103%
16%
*117
123
122
*117
122
126% *117
119% *117
*
*44
46
46
47
*4334
74
72
73%
"71% 73% "72% 73%
7134
72%
104
104
104
102
104
10238
*103% 103%
103% 104
46
46
47
47%
47%
44% 46%
45%
46% 48%
27
26
27
26
*26%
27
*2634 28
*27% 28%
*45%
46
47% 49 1
*48% 50
45%
46%
*45% 46
49%
6%
7tf
5%
7%
6
7%
6%
89%
92%
9078
23%
6%
89%
89%
21%
38
3534
™8 '
6%
5%
6%
*
w
-
6
6%
6%
6%
11341
8%
7%
89%
10%'
9
8%
91%
7%
89%
«
8%
6%
89%
8834
6%
91%
10
7%
10%
90
89%
8
9%
90
*120
90
89
91
*90
22%
22
35%
127
130
90%
22%
36%
37
35%
22%
36%
44%
21%
35%
44%
109%
127
*125
127
*115
127
*44
109% 109%
%
31
*124
127
19%
19%
19%
19%
19
19%
*19%
*111% 112% *111% 112% *111% 112%
1834
19
18%
19%
19
26%
20
19%
26
2638
193s
19%
19%
19%
12% 115
112% 112%
2634
2534
25% 25%
25%
25%
*102% 10334 *102% 10334 *102% 103%
*10234 106
103% 103% "102% 103%
14
14
14
13%
14%
14%
*83%
85%
83%
83%
85%
*833s
28
28%
28%
27%
28%
28%
22%
22%
22%
2234
22%
22%
26
*10278 103% *102% 103%
*102% 103% *102% 103%
14
13%
14%
14%
*83%
*83%
28%
2234
*68%
85%
29
293S
*22%
22%
69
69%
73%
73 78
1978
1978
32%
18%
18%
33%
120
33%
120
2234
*114
69%
68
71%
73%
20
73
19%
20
71%
19%
20
56
57
3138
329%
30
1934
18%
56
56
3138
1834
34
*32
118
118
34
*32%
*111% 119
35%
35%
33%
47%
47%
46%
95
95
95%
115
45
45
45
45
45
26%
44%
2734
44%
28%
27%
27%
86%
8634
86
87%
88%
z88
734
85%
7%
7%
*73s
8%
7%
8
478
4%
5%
4%
8%
434
26%
87%
7%
27%
86
4%
4%
4%
4%
17
17%
17%
16-%
16%
6138
55%
61%
56%
60%
56
60%
56%
16%
5834
16%
61%
16%
603s
5434
44%
7%
44%
44%
*43
46%
*53%
45%
45%
6%
7
634
6%
634
6%
6%
7%
38%
*37%
53%
38
*37%
3734
37%
37%
54
53
53%
37%
53%
39%
53%
473s
94
95
7%
4%
678
[i*37%
fc54%
35
3334
47
47
2:94
94
a95
2:44%
3334
46%
54%
53%
5438
10284 102341[*102% 103% al02% 102%1 *102
60
59
*.2%
"""400
45%
52
50%
5034
50
47%
47%
47%
*47
20%
20
51%
47%
20%
50%
47%
20
20
1984
1934
16%
17
17%
18
17%
1778
17
17%
"13%
1
14
13%
100
101% 101%
10%
11%
57
56%
33% 3334
30% 30%
7%
7%
29% 29%
28% 28%
1634
16%
32% 33%
4%
4%
23
*79%
110
*
"l3% 14
1378
1017B *100% 104%
11
210%
1034
56
56%
56%
3334
32%
30
30%
30
30%
55%
32%
2934
7%
31%
*26%
15%
31%
5534
33%
56%
33%
7%
30%
2734
8%
734
8%
32%
33%
3034
30%
16%
15%
31%
16%
3234
4%
24%
16%
32%
4%
32
3134
32%
4%
4%
23%
23
24%
25%
79%
78%
30%
81%
8034
82
30%
29%
43%
2%
29%
44%
2%
42%
2%
41%
4234
2%
2%
14
14%
3484
35%
*1378
35%
19%
18%
14
13%
*99% 104%
1034
41
13%
20
13%
36%
14%'
1334
67%
*10634
3634
35%
19%
14%
67%
.......
15141
68%
*107%
37
34%
54
54
51
52
91
91
72
72%
90%
71%
2%
5%
*134
2%
2%
5%
5%
1%
1%
10
10%
8%
1034
33%
33%
I84
334
1%
3%
134
3%
4
3%
3%
3%
3%
49
49
49
89%
88
69
70%
2%
67 34
6834
6634
8834
68%
10
*134
5%
1®4
10
2
5%
5%
5%
2
2
2
2
11%
3%
10%
21%
23
65%
64%
65
2
2
10
23%
22
64%
65
1%
*4%
2
1%
2
134
5
5
434
4%
4%
5%
5
478
478
*26%
.
28
see
page
934
934
*26
3580.
23%
5%
'
5
27
4
5%
5%
26%
*2
2
534
3%
10
28%
49
89%
9
2134
64%
1484 Mar
27% Sept
5
1
Dec
135% Nov 18
61
Nov 19
Jan
3
29% Nov
14% July
18%May
77% July
16% Apr
41
Aug
13
32% Nov
8
20% Dec
9
4
38% Nov 12
8
120
11
Oct 30
Dec
4
63% Mat
37
30
20
7
9% Mar
Nov
23% Aug
90
Dec
22%
59%
Dec
Jan
100% Apr 13
80%June 12
17
16% June
28% Mar
6% Mar
39% July
90
Jan
100
70%
Dec
878
Dec
1% July 16
5% Nov 25
% June
8% Apr
284
Dec
5
No par
No par
par
No par
No par
Co
5
7%
preferred new
Budd (E G) Mfg
39
47
June 30
y 12% July
18% Feb 13
2
100
No par
100
preferred
Jan 17
7
51% Mar
5
2
58% Sept 22
33% Jan
40% Jan
Jan
Debentures
100
Bush Term Bldg gu pf ctf8_100
Butler Bros
10
5% conv preferred
Butte Copper & Zinc
30
5
15
Dec
31
Dec
Byron Jackson Co
No par
California
Packing
No par
Callahan Zinc-Lead
1
% Jan
Calumet & Hecla Cons Cop..5
5
Capital Admin class A
1
Preferred A
10
Stamped
100
Carriers & General Corp
Case (J I) Co
Mar
3% July
4% Mar
Mar
5
34% Oct
7
33% Dec
9
16% Nov 25
33% Nov 28
6% Mar 20
Aug
71% Aug
6334 Aug
11%
8%
Dec
Dec
934 Nov
3% Mar
Mar
97%
2%
334
8%
13%
Mar
143s Nov
May
Mar
1484 Nov
24% Nov
Mar
28
Apr
Apr
1
1
31% Nov
Dec
4634 Aug
100
23
Mar 23
9
38
Dec
Dec
Nov
10
3%
Jan
10%
22%
Jan
Mar
5%
Jan
3% Nov
27% Dec
3
1% Mar
1138 Mar
20%
Jan
86% Dec
3
32
66
Dec
30
2
44% Nov 18
6
Jan
33%
3
6
Jan
6
Mar
Oct 22
30% Aug
Nov 25
16% Nov
2% Mar
7% Mar
5
2
20% Nov 30
60
Aug 20
6
16
"42% "Feb
% July
40% Apr
10% Apr 30
Jan
Jan")
5%
15
30
30
54
90
Mar
34% Nov 18
2
29
2% Jan
16% Apr
54%June
22
Apr
30% Apr
100
May
43
58% Nov 17
3
No par
14
36% Mar
53
14
3
Byers Co (A M)
Preferred
Dec
9
115% Sept 16
11% Jan 10
20% Apr 28
25
Apr 27
2% Jan 2
8% Jan 2
14% Apr 29
No par
Oct
42
Apr
138
Oct 20
8
No par
No par
6
8
Bulova Watch
JBush Terminal
55
23%
65% Jan 16
57
21% Nov
8% Apr 30
Bullard Co
Jan
303s May
24%
18% Oct 15
115
Sept 25
15%May 5
No par
Burroughs Add Mach. _Wo par
Oct
106
97% Feb 4'
44%May 11
45
Sept 21
8%May 19
8% Jan
85
Feb
17% Nov
553s Oct
5
4
107% Sept
9% Jan
Apr
12% Mar
4% Jan
Budd Wheel
6,200
Dec
57% Nov
27% Nov
Bruns-Balke-Collender. No par
7%
Oct
2234
Jan
11% Jan 30
Carolina Clinch & Ohio Ry.100
1%
Jan
6% Oct
3338 Nov
Dec
8% Sept
17%
Apr
56%
Oct
Oct
13%
Jan
June
40%
Oct
50
Feb 19
8%
10% Jan 20
37
Apr 30
68% Nov 18
30
438 Mar
32% Feb
82% Feb
48
88
Aug
85
Mar
95
July
7
Dec
12%May
45% Jan
8
18% Feb 24
8
53
Nov
4
87
Jan
4 zlOO
Oct
8
91
Jan
4
103% Oct 3
9% Feb 19
14
Nov
Nov
186
June 22
4534 Mar
8% Dec
111% Nov
7
143
July 15
83%
Apr
126% Nov
No par
54% Jan 16
x9l
Nov
6
Celanese Corp of Amer.Wo par
JCelotex Co
No par
21%May 22
19
Apr 30
Jan
6
36%
19%
Apr
34% Dec
3
16% Nov
21% Nov
100
54
55
6234 Nov
1,700
Central Aguirre Assoc. .Wo par
Central Foundry Co
1
Central RR of New Jersey. 100
35
1,800
Century Ribbon Mills._No
7,700
Cerro de Pasco Copper.JVo par
.1,500
470
1
100
Preferred certificates
4,800
100
Caterpillar Tractor
23,500
5,500
140
5%
5,700
44,900
preferred
Preferred
14
14%
6734
67%
107% 107%
3434 36l2
5034
34%
*31%
1%
10%
14%1
69%
107% 107%
33
35%
90
9
65
For footnotes
32%
14%
*64%
90
33%
134
4%
22
♦26%
14%
14%
67%
67%
10734 10734
*734
*9%
21%
76% Nov
20
24%
15% Mar
34
Apr 27
Brown Shoe Co
60
108% *103% 108% *103% 108%
68%
67%
66%
67%
67%
3234
I84
6484
23
6
Nov 10
Sept
1484 Nov
117% Mar
6
1,900
8%
1%
7
11% Mar
Sept
11% Mar
79
Dec
15%
16%
16%
16%
51
51
*49
*49%
*98%
*98%
10234 *101% 10234 *101% 10234
7%
7%
7%
7%
7%
153
155
155
153
152%
142
135
140
135% *135
90
2:8834
8834
8834
89%
28
27%
2734
2834
28%
33
34%
32% 32%
33%
78
78
*76%
77%
77%
35
35
34%
3434
34%
8
8
734
734
8%
3834
3834
38% 39%
38%
11
1034
10%
*1034
11%
16%
49
5%
184
934
10%
21% Jan 20
6
7
20% Nov
"95"
Mar
Brooklyn Union Gas
900
49
33%
*778
33
5
Oct
Dec
May
28% Jan
334 Mar
No par
71%
2%
4
3%
8%
2%
35%
53%
*8834
270%
*134
5%
134
72%
2%
5%
1%
4,220
Co
gfS$6 preferred series A .No
9,800
1,620
4234
9084
*48
91
2
June
14
"72" "Feb
115"
Nov
21
Cannon Mills
*62
13% Jan
83
Jan
14%
38
100
65%
28% Nov 12
105
July 30
103% Deo 2
16% Mar 4
8
107%
15% Nov
88
Nov 18
....25
*62
2
Feb
Feb
June
5% Mar
Dec
Dec
32% Aug 10
Canadian Pacific
66
Jan
Aug 18
3%
32
116
90% Nov 18
No par
Preferred
*56
13
85
8
Sept
25%
49% Aug
2
Canada Dry Ginger Ale
Canada Southern
-
18
100
May
Nov 23
20% Nov 9
22% Nov 10
114% Jan 15
Mar
Mar
Mar
Mar
Jan 21
29,500
-
110
13a
7%
9%
36%
106%
64
13%
64%
-
13%
6
41% Oct 7
49% Feb 28
118
July 2
% Nov 28
32% Dec 2
28% Nov 20
24% Nov
13% Jan
82% Jan
14% Jan 6
16%June 26
18
2
27% Nov
3
24
4
4
6
10
Dec
100
Bklyn Manh Transit
500
15,400
6,200
4,200
6,900
19%
20
-
41% Jan
Dec
Jan
40
25% Jan
par
13%
92
Apr 30
Apr 30
7% Apr
10
Campbell W & C Fdy__No
19%
6%
Feb
July
47% July
15,700
4,200
66,900
*56
5% Dec
1%
par
100
6%May 22
92% Jan
116
Jan
6
32%
May
1
86
25% Jan
6
35% Mar 13
6% Nov
4
8% Nov
Feb 21
12
Nov 28
108% Oct
2
2
Nov 10
74
47% Jan 21
Nov
22%
9
57
Apr 28
6% Apr 29
97%May
Sept 26
Jan
....
34
Feb
-
60
3538
29
Nov
Jan
May
—
Mar
6212 Aug
6% July
12%
96% Mar
Jan
109%
Jan
Jan
6538
Dec
3% Mar
15%
Deo
21
Deo
38%
'
67%
15%
67%
79,100
13%
13%
2% July
11% Dec 2
9% Dec 2
92% Nov 28
8
Apr 30
July 8
July
4
40
3334
20%
7% Mar 18
91
July
50% July 24
2,300
6,000
56,700
*56
Jan
69
Bucyrus-Erie
Oct
Dec
Jan
41
10,000
45%
63
47%June 30
400
Mar
35% May
Bristol-Myers
400
19%
15
15
(The)
Corp
Bridgeport Brass Co
1,200
Sept
Mar
46% Jan 24
Brooklyn & Queens Tr.Wo par
2,900
48% Nov
115
4
29%June 30
3
Apr 9
1,000
29
19%
No par
No par
Class B
Borden Co
5
Oct
Apr
106% Jan
3234
14
8,800
6,400
53,700
1978
Nov 30
30% Feb 14
54% Mar 6
6
438
26%
84%
19%
131
64% Mar
4%
27%
86%
13
Nov 18
43% Apr 30
4%
26%
8434
33%
84
Briggs Manufacturing.Wo par
Briggs & Stratton
No par
31
13%
34%
66
Bon Ami class A
9,700
4,500
31%
13
►
Bohn Aluminum & Brass
16,900
31
33334
12%
Bloomingdale Brothers.No par
Blumenthal & Co pref
100
Boeing Airplane Co
5
JBotany Cons Mills class A.50
3134
13%
No par
7,900
8,200
8,500
3534
2
45% Apr 30
Boston & Maine
15%
31%
13
Mar
20%
17% Dec
19% Dec
28
May
Nov 27
16% Apr 28
107% July 8
2,000
15
2%
6
35% Apr 10
118
No par
Borg-Warner
15%
43%
Mar
72
Blaw-Knox Co
110
xl5
2%
3
Jan 18
(Del)
„J9% Apr
31% Oct 19
64% Nov 10
Jan
7,800
15%
42%
Deo
Jan
48% Dec
4
17
preferred
...20
preferred
100
Bigelow-Sanf Carp Inc.Wo par
Black & Decker Mfg Co No par
14,200
30%
734
2%
92%
37%
48
No par
5%
7%
120
32%
42%
66% Mar
20
6
Aviation
Beth Steel new
3,000
13%
42
5
Dec
Oct 14
107
Best & Co
46,200
5534
29
100
Dec
60
5% May
% Dec
10
44
10% Jan 15
100 xl09% Nov
No par
Deo
Feb
35% Mar
Beneficial Indus Loan..No par
130
940
x29
Jan
100
2934
8
89%May
32% Oct
25% Oct
Bendix
3,200
55,300
27%
29%
50
No par
1st preferred
100
Beatrice Creamery
25
$5 pref w w
No par
Beech-Nut Packing Co
20
Beldlng Hemlnway Co .No par
Belgian Nat Rys part pref
1,200
10%
4%
25%
83%
28%
42%
2%
48
21
Bayuk Cigars Inc
800
26%
4%
24
22
24
100
6M% conv preferred
Barnsdall Oil Co
3,800
30
26%
21% Apr
11
Apr
13% Apr
26%June
109
Sept
Rights
51,700
100
29%
734
2
100
-
Barber Co Inc
1,800
2,600
31%
Mar
90% Jan
2%
2%
29%
33%
15%
100
Barker Brothers
16,200
4,000
32%
Corp of Del(The)new_3
Preferred
100
50
29%
No par
Bangor & Aroostook
3,500
47%
19%
17%
54%
A__
Preferred
1,900
30
35
13%
100
No par
Pref assented
"""300
110
"13%
48
Nov
18% Nov
88% Aug
26%June 5
5%June 30
Baltimore & Ohio
10
31
1378
13%
*
Oct 30
70
51% Feb 10
2
Jan 17
Preferred
60
30
35%
*56
17%
124
Jan
June 26
Assented
2,400
1
86
2%
Avla'n
61,100
31%
32
13%
13%
19%
Sept
14
Baldwin Loco Works. _Wo par
30
10%
7%
Prior
42,700
7%
31%
*2634
35
20%
13%
66%
50
*47
109
No par
Austin N'"hols
600
55%
54%
32%
29%
14
*
1384
8
*99% 102%
10%
10%
36
*56
m
3234
30
1934
1934
17%
17%
109% 110
13%
13%
102
90
7% Mar
8078 Apr
100 *112
Automobile.
Auburn
9%4273,700
7% 120,800
90%
3,000
91%
2,800
22% 21,600
36%
7,200
100
44%
120
109%
%
7,400
82%
29%
4%
24%
65
66
65% 66%
6534
66%
; 16%
16%
16%
16%
1534
16% 16%
48
*49
*49
49
51
51
ft 48
*98%
*98%
*98%
*98%
*101% 103
*101% 102% *101%
*101% 103
784
734
734
7%
7%
734
7%
156
156
153
157
153% 154
150%
142
*136
137% 138
137% 137% *135
89
88%
89%
8834 89%
8934
89%
28
27
27%
27%
27%
27%
27%
32
32
*31%
3138 32
33%
33%
77
7784
7734
77%
77%
77% 78%
34
34
34
35
34
3434
3434
7%
7%
734
7%
778
8%
734
40
38
40%
38%
38%
38% 39%
12
12
11%
11%
1134
11%
11%
*103% 108% *103% 108% *103% 108% *103%
70
70%
68%
6934
6834
66%
*65%
*10634
110
11%
31
6*55%
*_—.
10%
31
2%
100
102
103% *102
103%)
50%
49%
50%
*47
47%
47%
20%
*105
a;
Apr
Oct 30
No par
Preferred
Atlas Tack Corp
50
37
46
95%
45
100
No par
1,500
115
A
Atlas Powder
130
67
25
ser
1,200
6,600
*44%
26% 27%
85% 89
7%
8
4%
4%
15%
16
58%
59%
*51%
53%
44% 44%
7%
7%
39% 39%
54%
54%
54%
45
*92
$9%
55
35%
45%
16
47
100
~
15%
51%
*
"
36%
46%
95%
44%
27%
89%
100
Atlantic Refining
4% eonv pref
71%
72%
19%
19%
127% 127%
54% 56
29% 30
19%
20%
*32% 34
34
119
33%
*115
1934
73%
27%
3478
54%
Preferred
1,100
12,500
2,400
29
zl9%
35%
46%
*91%
*44%
26%
34
46%
44
Atl G & W I SS Lines._No par
Highest
$ per share $ per share
9% Oct
334 Mar
112
Atlantic Coast Line RR
600
6%,
22% Feb 27
May 13
27% Nov 19
Feb 21
100
share
108
May 21
Oil
per
June 19
103
59
19%
19%
*112% 115
25% 25%
*102% 103%
102% 102%
14
13%
*83%
85%
27% 28%
22% 22%
d28% 128%
*54%
56
29% 30%
19%
19%
100
100
98
41,300
67
3
Jan 20
12% Apr 30
36
20%
68
72
73%
130% 130% *130% 133%
120
68
69
*68
69%
72%
1934
56
3178
29
130% 130%
55% 55%
3134 32%
18% 18%
33% 33%
132% 132%
56
85%
19%
8% Jan
95
48,200
30% 31%
25% 26
126% 128
31%
25%
25%
1934
19%
6%
22
92
89%
21%
22%
35%
3634
*44
45
*44
*44
45
44%
4434
*44%
109% 109% *109% 110% *10934 110% *10934110
%
%
78
%
%
%
%
78
26
26
26
25%
26% 26%
26% 26%
26
32%
267«
29%
31%
30%
27% 29%
*8938
22%
37%
p
$
share
25
Associated
120
6%
1
$ per
Atch Topeka & Santa Fe._100
Preferred
100
10
.
'
100
6% 1st preferred
7% 2d preferred
200
31%
Year 1935
Lowest
Highest
18,300
1,100
31
31
31%
30%
30%
30%
31% 31%
30% 31%
*118
122
*118
122
*117% 122
*117% 120
*117% 122
*77
*78
80
78%'
78%
*75%
75%
82%
78%
75%
78% 78%
129
129
*128
131
129
131
128% 128% *128% 135
*128% 130%
16
15%
15%
15%
15%
16%
15%
15%
15%
15%
15% 16
33
33
3334
32%
34
32%
33%
33%
34% 34%
33% 343g
8
8
8
8
8
8%
8%
8%
*7%
7%
8%
7%
41
43
43
41
*43
41
41
40%
40%
45% *43% 45%
*117
No par
Associated Dry Goods
100
73%
28%
Artloom Corp
Preferred
3,900
"9^606
25%
103% 103%
*44
47%
75%
Par
107
24%
1936
Range for Previous
100-Share Lots
Lowest
Weei
$ per share
107
2534
5,
EXCHANGE
Dec. 3
1634
16%
*100
107
On Basis of
STOCK
NEW YORK
the
Dec. 2
1
.
Friday
118
122
103%
45%
49%
31%
Wednesday
$ per share
26% 26%
*99% 10534
26%
28
Dec
16%
16%
*100
107
45
x
Tuesday
Monday
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Dec.
9%
10
8%
11
8%
32
*31%
32
2
1%
2
4%
3%
1134
4%
4%
3%
4
2%
6%
6
26%
11
10%
22%
24%
64%
64%
11
2%
6%
2%
11%
8,600
Certain-Teed Products.No par
380
60
6% prior pref
Common
7,100
*
800
1,100
16,500
400
5,400
2,900
100
ChampPap & Fib Co 6% pf 100
Checker
19
Aug
22% Jan
No par
59
Jan
25
51
Jan
tChio & East 111 Ry Co
100
6% preferred
100
Chicago Great Western... 100
Preferred
100
1% Apr 28
4
Jan
Oct
37
Nov 30
69% Apr 17
100
Nov
438 Mar
36
77% Nov
3% Jan 13
Oct 13
2% Feb
12% Oct 16
Mar
37% Mar
1
Apr
% June
6%
%
1%
Feb
Feb
61% Nov
53%
Dec
2%
3%
Dec
2%
5%
Jan
Jan
Dec
9
9
140
fChic Ind & Louisv pref
100
Mar
9
Dec
31
800
Chicago Mail Order Co
5
2 5% May 13
33%Nov 13
19% June
z35
Nov
2
4,200
tChic Mil St P & Pac_.No par
Preferred
100
1% Apr 30
2% Apr 27
2% Apr 29
6%May 1
12% Apr 30
40%May 4
1% Apr 23
3% Apr 24
3% Apr 28
19% Jan 2
2% Feb 11
% Mar
3
1%
4%
334
10%
23%
6434
4%
3%
11%
24%
6434
26,300
20,000
3,100
30,300
Chicago & North
Western. 100
Preferred
100
Chicago Pneumat Tool.Wo
Conv preferred
1,600
par
No par
2%
2
2%
4,500
tChio Rock Isl & Pacific... 100
6%
5%
6%
6
6%
7,800
6%
5%
25%
5%
4,100
7% preferred
6% preferred
Chicago Yellow Cab
27
l%May 19
2% Jan
71
107% Dec
31
2
*26
19% Mar 24
8
Mar 13
No par
Cab
Chesapeake Corp
Chesapeake & Ohio
13,600
8%June
57% Sept
101
26
300
.
100
100
No par
6
May 12
12
Jan 31
1
Jan
5% Feb 11
34 Mar
434
Jan
4% Feb 21
12% Oct 19
138 June
5%
Jan
2438 Dec
4
65% Dec
1
Jan
3% July
10%
4% Mar
20%
Deo
5434
Dec
Dec
20
Mar
Jan
8
Jan 11
34 July
1% Mar
2%
4%
8
July 15
1% July
4
Jan
9% July
1934
Dec
3
32%
Feb
Oct
8
7
i
Volume
LOW
AND
New York Stock Record—Continued—Page 4
143
HIGH
SALE PRICES—PER
Monday
1
Hov .28
Nov
$ per share
1934
Thursday
Friday
Dec. 2
Dec. 3
Dec. 4
$ per share
1934
1278
$ per share
$ per share
$ per share
Shares
205a
45
45
14
1334
45
*4384
127*4 1283s
2014 20U
8784 8878
1247s 126*4
20*s
2O84
88*2 89*2
*51
*51
*51
12*2
33*2
*33*4
*97
135a
mmL
115s
33*4
12*4
35i2
21*4
2084
1234
*51
1158
88
121s
34*4
*97
2034
1212
13*a
4378
437a
12184 1237s
19*2
20*8
35
*97
122
1235j
19*2
89
1934
88*2
88
*51
11*2
33*2
203<
2058
137a
13*4
437a
4378
122*2 124*£
1934
19*2
88*2
88*4
207{
13*£
45
*4378
.
.
*51
.
1134
11*8
11*2
34l2
34
34
113s
11*8
32*2
32*2
*47
*97
*97
*97
109*2 110*2
39*4 4084
110*2 111
39*2
39*8
*82
*82
*82
*47
*47
*47
*47
....
60«s
....
6O84
5984
112
*24
26
IIII
30
30
*27
60
*
30
120
120
....
59*2
112
II2I4
*25
2978
39*2
4034
58*2
59*4
11212 11212
2484
2484
120
40
25
2534
*29*4
30*4
*29
31
*26
*20
30
*2584
54,000
970
4,200
3,200
*27
119
36*4
*4238
1758
37*2
*4278
375s
37*4
3784
37
44
42
43*4
42*4
37*2
42*4
36*2
*42*4
43*2
183s
I884
18*8
185g
1734
183s
175s
1778
104
*10358 104
104
*10378 104*4
1035s
*95
97
97
96*2
96*2
97
97
755s
76*2
75*s
76*4
74l2 7478
733s
0128*4 128*4 *124
128*8 *120
127&S *121
86
85*4
8534
858s
8434
8534
84*2
127*4 127*4 *126
128*2 127
12784 127
16*2
I684
16*4
1658
16*4
I684
16*4
35s
384
3*2
334
3*2
35S
3*2
73
72*4
73*2
72
73*2
72*4
7312
12*4
12
127s
12*2
1284
128s
12*2
35
35*4 £3384 35
3384 3378
33*2
20*4
20*4 *19
20
*19
20*4 ♦19
10478
18*2
♦158s
18*2
18*2
1584
18*2
16*8
*80
8334
80
81
*78
18*2
1578
1584
19*2
16
*18*2
15*8
8384
*78
3634
950
30
36*4
Col Pict
600
1778
59,000
900
98
97
97
240
127
*121
3*8
72
72
12
12
343s
34
126
16
16*2
9,700
100
5,400
500
1638
24,500
35g
61,600
7284
4,000
12
2,500
35
8,100
3*2
71s4
1178
3484
1978
*18*4
12*8
3434
1978
19*2
15*2
8334
18*8
1478
18*2
15*4
*16*8
19*2
110
15*4
15*4
1,100
*77
78
*77
*19
19*2
100
91
91
91
*88
91
*88
91
*88
91
*88
110
*78
110
*78
110
*78
110
*78
110
*78
*484
484
478
45g
5
478
*458
478
484
478
434
17*2
17*2
17
17*4
17*2
17
1612
16*2
16&8
I6S4
16*2
16*2
47
4712 48*4
47*s
483fj
46
4778
46*4
47*4
4634
453g
4678
♦107*4 108*2 *107*4 108
*107*4 108
107*4 107*4 107
107*4
107*4 108
9*4
9l2
95g
9
9*4
9
9
93s
9
9*8
884
9*8
1338
1358
13*4
13*2
13*8
133s
13*8
1358
13*2
1384
1378
14*2
*10434 106
*10434 106
♦10434 106
*10434 106
*104»4 106
*10484 106
1134
12*2
II84
11*2
107s
1134
12
10*2
11*2
11*2
11*8
1034
1
1
1
1*8
1
1*8
1
1
1*8
1*8
1*8
1*8
6*8
658
9
8
6*8
6*2
684
87a
7*2
778
738
778
26
27
26
36
32
26*2
35
25*2
30
32
31*2
30*4
1978
2034
20*2
20
20*8
20*8 20*2
20
203s
20
20*8
195s
31*4
3134
3054
31*2
29*2 3034
28
29*4 30*2
2884
2978
29*8
33«
3*2
3*4
312
3
3*4
33g
3
3*8
338
3*8
3*8
*106
107
*106
107
106
106
107
107
*107
107
109*8
107*
69
70
69
69*4
70
6984
69
69
68
69*2
68*4
6858
21*2 21l2
21*4
2134
2I84 22
213g
2238
2178
2178 £21*2 2I84
44
44
44
44
4378
4434
4334 44*4
43*4
43*2
44*8
44*8
234
377s
26
63
6312
71*2
25s
37*2
25*4
72*s
234
3778
25
64
6312
713s
25s
373s
255s
64
72
234
258
38
37
25
3
3*8
37*2
25*4
64*4
7212
25*8
37*8
25*2
6378
6334
64
71*8
7134
165l2 165*2
3*4
3734
27*2
64
3
3*8
37*2
27
6278
£70*8
39*4
283s
63
71*8
71*4
71*4
70*2
163
165
♦165*2 1663s 165
166
166
166
166*2
6*2
65g
634
65s
65S
678
634
678
7*4
67s
678
73g
45*4
47
4578
4684
4578
48
4834
47*2 50*2
498s
4834 4884
*137*2 142*8 *135
140*8 ♦135
*135
*134
*134
3678 367s
36
36
36
3634 367s
36
36
36*2
36
36
31
31
£30
30*2
29»4 2934
29*2
30
29
2834
29*4
2884
87
88*2 88*2
88
873s
8684
1/74U
78
74*2
75*4
74*4
74*4
5234
60
53*2
52
523S
528s
51
51
52
*51*4
5178
5178
45*4
44
45*2
4484
45
4484
44*2
45*4
45*2
45*4
4558
4578
*112
125
*110
125
*109
112
*109*2 125
*109
11212 *109
112*2
17
18
18*8
18*2
173s
183s
16*2
17*4
1634
173s
I684
17*4
50
51*2
5184
50
5084
51*2
48*2
50
51
49*4
49*2
50*4
122
122
*121*2 12212 122l2 122*2 *120*4 124
*119
*116*2 122
124
2*4
278
258
234
25s
278
234
284
234
27s
234
338
18*4
19*4
1784
18*4
18
17*2
18*4
17*4
18*2
18
18*2
20
13
13
125s
12*4
125s
13*4
12i2
1284
123s
125g
12*4
125s
163
....
......
900
125
39
125
125
39
125
39
21
21*4
113*2
638
658
20*2 2034
39
205s
*113
124
113
39
21*s
2038
113
63s
113
65g
2034
20*2
124
124
39
125
3878
8
8
16
60*2
32
32
45*2
46*2
1884
684
4558
18*4
47
47*4
45*2
18*2
18*8
19
6*8
578
634
144
14334 14334 *142
144
*64
*64
*7
16
61
263s
45
44i2
2984
*78
30
30
31
*134
758
2
*8
83S
I8O84 18034
*161*2 162
3884 39
14
1378
44*2 4484
112*2 112*2
125s
125s
6
6*8
31*4
3884
255s
*2258
23*2
4078
5238
45
64
60
*10*2
7234
1
*78
*1*2
758
16*2
77s
16*2
*117
18034 181*4
*132l2
61
27
23
4078
76*2
4434
*115
♦16*4
3212
3934
11
....
*7
9*4
16
743g
....
*64
-
....
11
18238
....
....
3158
47
6
73*4
182
1
18
11*8
*115
11
50
*10*2
.16*2
.....
....
2
Mar 27
Dec
1
Jan 27
7*4May
4
Apr 30
95*2 Apr 29
1*4 Sept 28
9
Sept 26
6*8
Jan
7
63*2 Jan
7
99*2 Mar 13
4
Jan 15
10*2 Jan
6
19*2 Apr 28
3684 Jan 20
1478 Apr 30
43s Jan 4
May 12
Jan 24
50*8
51*4
5038
5034
21,700
11
10*2
7684
47*2
400
Dominion Stores Ltd..No par
58,300
Douglas Aircr Co Inc. .No par
3584
7,100
2*8
2*4
1,600
7&S
784
1,600
120
*1584
16*2
300
179*8 181*2
133*4 133*4
*116
11934
180
181
18134
182
1323s 1323s *13212
7,900
*115
118
778
1534
118
....
*115
9
38*8
385s
13l2
1378
4384
4484
112i2 11212
12*2
1278
5*2
534
884
....
95s
*115
38*s
13*2
385s
43*4
44
112
14
125g
112*2
13*4
5*2
578
9*8
70
600
....
9*2
177*2
164
19", 400
1,400
40
...No par
40
Convertible class B..No par
100
Preferred
100
Dunhill International
1
Duplan Silk...
No
Preferred
2
Apr 28
Jan 6
Jan 6
Jan 10
58May20
1*8 Jan 6
478JulylO
13 *8 Aug 27
100
114
Feb
133
Apr 30
6% cum preferred
100
Eaton Manufacturing Co
9,800
Eitingon Schild
4378
112*2 112*2
16,000
1284
558
13
220
Aug 10
41i2 Jan
7*2
505s
29
6*2
7
8
6% non-voting deb
100
129
Feb 7
Duquesne Light 1st pref
100 xlllUJune 12
Eastern Rolling Mills
5
5i2July 1
Eastman Kodak (N J) .No par
156
Apr 28
3,000
6,700
Oct
Co.20
-
Du P de Nemours(EI)&
38*2
1378
19,000
par
5
37i2 Oct 28
18*4 Apr 30
19
3778
1338
4212
578
30*8 Oct
No par
Dresser(SR)Mfg conv ANo par
Elec Auto-Lite
4
No par
(The)
Preferred
Electric Boat
Elec & Mus Ind Am shares
5
100
3
738Mar
50*2 Dec
4*8 Mar
3578 Jan
1184 Sept
23*2 Mar
487g Nov
60
Oct
148*4
Oct
6
2
140
Nov
4
3778 Nov 18
3538 Sept 1
91*2 Nov 9
58I4N0V 9
4938 Nov 9
110
397s Mar
1938 Deo
in:::::
Nov 12
74*2 Mar
1834 Nov 27
3*2 Mar
5634
Oct
5
1245s Sept 21
338 Dec 4
20
Dec
9
126
Nov 24
Mar
47*2 Apr
1
Jan
5
4
14*4 Mar
14
Jan
5*8 July
40*2 Jan
114
Dec
4
9*4 Mar 11
2178 Dec
90
4
89*2 Mar
2
Mar
6*4 Mar
100
Deo
9*8
Deo
38
Dec
105*4
Deo
2*8
Deo
14
Dec
8*2 May
8O84 May
47*2 Jan
2484 Nov
105*4 June
45s Deo
12*4 Deo
Dec
23*4
Duluth S S & Atlantic
168*2 Apr 15
Deo
25*2
23*4
700
Dec
6984 Dee
78»s July
166
May
75g Dec
10*2
26
1
4I84 Mar
234 Nov
35
June
23
1
Jan
15*8 Mar
8
69*2 Oct 19
82*2June 18
6
75s Apr 27
23
1*8
2*4
34
4
Apr
Nov
2,700
1,200
11,100
2,200
*78
*218
7&8
734
16 . s.41534
Mar 20
Nov
31*2
32
4
75
39
1
99*4 Nov
20*2 Dee
4478 Deo
47
31
2*8
Jan
2878 Mar
£95
39
1,000
Jan
7
5
Feb 11
Dee
Mar
31
47*2
3378
69
Mar
3884
47*2
33*2
Jan
June
31*2
3884
255s
45*2
Jan 13
46
Dec
Dec
46*4
6284
16
Jan 10
No par
87*4
2488Mar
Deo
83
6
42
Class A
Dec
13s Nov
43*4 Jan
700
Dome Mines Ltd
Dec
8*4
73
60
100
101*8
61
60
*10*2
105*8 Nov
6«t Dec
12*4 Dec
Jan 21
61
5138
11
Jan
70*2 Jan 27
Apr 29
Co
7*2
22*8 Feb
3484 Nov
59
Sept 9
36*8May 17
June 12
Dixie-Vortex
Jan
l7s
Dec
60
26
74
23*8
ll7s
Mar
2
No par
Nov 18
Dec
15
Jan
Match
Deo
68 Apr
37
27
Participating preferred.. .25
Distil Corp-Seagr's Ltd No par
Oct
11
4*2 Mar
44*2 Jan 14
20
Diamond
109
22
Nov 18
24*4 Apr 13
4
4
3134
4
167sJune
13
39*2
2658
23*4
71
3s Aug
35*2May 26
6% non-cum preferied_.100
Devoe & Raynolds A. .No par
176
3580
Oct 26
Nov
Det & Mackinac Ry Co—100
*161
page
41
Det Hillsdale & SWRR Co.100
*162*2 164
see
55*4 Apr 30
635s Aug 22
158
Aug 20
4
July
60
"9%
Feb
112 Mar
100*2 Dec
2*2 Jan
46
1
Preferred
700
72*s
106*8June 30
1234 NOV 25
15g Jan 16
3914 Dec
Dec
700
100
Jan
Nov
45^4 NOV
6*2 Mar
25
7
Corp. 10
3
Mar
6
2*8 Apr 30
28i8June 6
20
164
For footnotes
67*2May 7
17*2June 30
35*2 Apr 30
20
*7*8
*163
45
44*4
112*2 112*2 *112
112*2
12*2
133s
1234
13*4
6
6
578
534
2
3
*16
93s
164
143s
4478
1b8 Jan
67*4 Jan
Jan
Diesel-Wemmer-GUb
Jan
578 Mar
Oct
235g
Dec
52
Delaware & Hudson
15*4 Mar
36
No par
2,600
7*s Feb 13
20*s Feb 13
483s Oct 30
109
July 14
958 Nov 30
26*4 Mar 9
353s Nov 18
Deere & Co
8,500
29*s
27
12*4June 18
20
164
1334
4412
5
Oct 26
1584 May 14
1038 Jan 6
*7
150*2 162
14
No par
105
Dec
61
177
1334
Inc
par
Feb 17
13*2
44*2 Jan
9
*16
£177
3878
No
82
June 18
9
179
3878
5
61
179
39
6
Jan
3gMay
20
45*8
32
8*4
101
128
179
8*4
3
Jan
378 Apr 28
1U2 Apr 30
9,100
*64
179
.8*8
102
Denv & Rio Gr West pref..100
Detroit Edison
100
45*8
3138
16
4*8 Sept 28
15*4 Apr 30
27U Apr 30
1,900
76*4
*117
1
preferred
9778 July
16*2 Oct
34 Mar
Nov 18
245s Feb 21
6*2 Feb 17
Feb
67S
14478 145
684
7458
758
8%
Aug
Mar
Delaware Lack & Western..50
10*2
7458
1
Class A
Cushman's Sons 7% pref..100
Oct
72
82
11,300
77
2
120
....
3078
76,700
1
58
Feb
80
19*8
75
1
758
144
19*8
4078
2
181*2 182*4
*13212
*115
*
183s
658
8
8*4
1795s 180
39
No par
32
74*s
46*2
29*4
*13212
Prelerred
Curtiss-Wright
Jan
56*4
Nov 21
58*2 Sept
11*4 Nov
28
700
39*2
Oct
Dec
Nov
Crucible Steel ol America_-100
50
83
72*2 Oct
3*4 May
14*4 May
1578 Feb
3,300
Curtis Pub Co (The)...No par
Mar
69
44
Cudahy Packing
31
Deo
1584
Nov 14
102
10
50
90*2 Dec
Nov 12
No par
100
48*2 Deo
338 Mar
35*2 Mar
94
w..No par
Preferred
Jan 22
Jan 23
July 28
Oct 5
103
Aug 24
847s Sept 30
Dec
95
42", 166
680
40*4 Dec
£45*2
51*4
23*s
IO884
Dec
17*2 Deo
101*4 Nov
4978 Deo
Mar
w
100
Jan
21
62
Pref ex-war rants
100
136*2 Aug 11
7
Nov
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c.No par
..No par
Feb
65s Mar
85
No par
*
7
4
6584June 24
72U Jan 27
73*2 Feb 13
Crown Cork & Seal
Preferred
Mar
21*2 NOV
2,800
21,300
36
Feb
155s Mar 16
4358 Jan 7
46*4 July 22
Cuba Co (The)
97s Nov
~22i2
Mar
No par
Cuba RR 6% pref
Cuban-American Sugar
Jan
Nov
Crosley Radio Corp
300
684
"1084 "Feb
7
2,300
2,180
Oct 29
36*4 Feb 20
3778Mar 11
9
35
24,800
Dec
24
136
pref
Deo
109
Nov 18
100
conv
Deo
50
6934 Mar
17
No par
$2.25
107*4
Mar
3312 Jan
7% preferred
Cream of Wheat ctfs
1,800
Jan
9
2584 Mar
Crane Co
2,000
101
3
2,800
......
Deo
Deo
2
Jan
No par
25
3178
31
61
118
13,900
100
Coty Inc..
3084
31
32
24
118
Preferred
22,500
Davega Stores Corp...
4078
*16
Corn Exch Bank Trust Co..20
Corn Products Refining
25
900
54
1684
5
94
11*8
73*2
*44*4
29*4
78
120
Motors
Oil of Del
*185s
90*2
3078
"54"
*16
1,000
Contli&ntal
1878
92*4
3084
32
*115
5,000
Continental
Continental Steel Corp.No par
1878
3934
26*8
778
6,700
610
91
40
78
178
65,500
31,000
20
19*4
32*s
178
784
Continental Can Inc
Continental Diamond Fibre. .5
Continental Insurance...$1.50
93i2
31*4
3934
"5^4
100
Cutler-Hammer
32
2584
Preferred
21
585s Dec
Aug 28
June
8
_
No par
600
60*2
24
Class B
77
20
*
No par
77
32
2634
Preferred
Consol RR of Cuba pref.
78*4
40
24
No par
£78*4
32
4078
Consol Oil Corp
78
*3958
2634
2378
*
No par
10
46
10
*7*8
♦155s
60
1
Preferred
Consol Ed Co of N Y..No par
$5 preferred
No par
Consol Laundries Corp
May
93
4478 Dec
136
15
160
19*4
94*2
Jan 10
16
80
19
97
126
15*8 June
9184 Nov 17
par
9,100
3,600
30
5234 Dec
72*2 Nov
533s Apr
116*2 Nov 16
Jan
Connecticut Ry & Ltg pf__100
Consolidated Cigar
No pai
100
110
6684 Nov
128
55
par
par
par
$6 preferred series...No par
Conde Nast Pub Inc
No par
Congoleum-Nalrn Inc..No
Congress Cigar
No
50
77*2
19*4
90s8
3034
Jan
44
100*4 July
14*4June 26
2*4 Apr 30
69*4 Apr 28
7
July 3
3078 Aug 7
80
92*2
*3084
31*2
....
16
pf ser '35.No par
Commercial Solvents..No
Commonw'lth & Sou
No
3,600
788 175,600
2178
8084 Jan
10
50
65s
21
90*2 Jan
4 H% conv
pref
100
Comm'l Invest Trust..No par
81
684
213s
2
Jan
100
6% preferred
Commercial Credit
conv
14
100
52
*77*4
60
Nov 30
*80
♦48
>
114
May 20
42
*48
*80*2
79
*64
114
31
July 28
20*2 Jan 6
106*2 Feb 28
19i8 Jan
No par
6&S
53
*>...
Aug 14
39*2 Apr 30
107*4 Jan
8*4 Jan
28U Sept 17
2H2 Jan
$2.76 conv pref
No par
Columbia Gas & Eleo..No par
2118
82
5212
82
*60
100
7
638
82
*141
June 30
2
20*4
*48
46*2
19
183s
6
6*2
*584
14334 *143
14384
13
Jan
65s
77
1938
No par
Jan
2084
53
32
Nov 17
16
63s
82
*3034
400
700
77
3138
32*4
48*2
19,000
7,200
*60
31*2
47*2
I884
*534
Nov 16
58
5% preferred v t c
100
Container Corp of America.20
Continental Bak class A No par
203s
*80
*3034
134
94
20*8
19*4
94*2
31*8
3238
4758
129
Jan 31
555s Jan 16
8,800
5,300
14,200
3934
78
19*4
Jan 15
84
2
20*8
113
Juno
57,300
3934
638
2058
48
July
Aug
Consol Coal Co (Del) v t C..25
20*2
113
Oct
June
6*2 Sept 23
39*2
53
93
126
87
48
20
.100
^Consolidated Textile..No par
20*4
8334
19*4
7,900
39*2
*50
95
124
Mar
Oct 13
748s Nov 17
22,400
3878
*80
19*8
124
......
20*4 2034
11312 113*2
2078
113
*76
94
124
4,800
99,400
....
•
80
51
Consol Film Industries
2,100
2,000
40,500
•
25s
37*2
Feb 26
124
Preferred series A
Aug
Apr 28
100
v t c
89
48*2 Dec
Mar 30
100
Corp
Dec
2758 July
82
Prior preferred
100
Prior pref ex-warrants.. 100
......
7
Oct
6*2 Nov
275s Deo
48
100
o
80
111*4 Aug 13
47*2 Oct 10
8884 Nov 24
4
No par
$4.25
Oct 31
98
Feb 10
July
May
37
3*4 Apr
12*4 May
48
50
110
5
33
100
Oct
60
Preferred
91
*78
90
107U Jan
Oct
6984 Sept
35
4
9378 Deo
247g May
par
40
78
*90
26
46*8 Mar 24
Colonial Beacon Oil
No par
Colo Fuel & Iron Corp.No
par
3,500
3684
43*4
104
16*4
3*2
Preferred
4% 1st preferred
4% 2d preferred
Columbian Carbon v t
104
*123
2384 Jan 21
Nov
100
1,300
74
745s
7378
7338
73*4
127*8 *120
127*8
127*8 *121
85*4 £82
8258
8284
81*4
35S
7284
1312Nov 17
No par
100
2984
3078
104
16*2
7
preferred...
Collins & Aikman
240
96
127
484 Jan
Colorado & Southern
36*4
43*4
17*2
43*2
1778
50
12
8984 Nov 17
100
310
119
Nov 17
23
2
4
No par
18,100
119
Mar
No par
25
*26*2
Nov
31
Nov
No par
4478
25*2
29
3078
Deo
26
7278 Jan
5
4214
*24
9
Feb
60
C C C & St Louis Ry Co
pf 100
Clev El Ilium Co pref.-No par
Clev Graph Bronze Co
(Thej.l
Clev & Pitts RR Co
7% gtd.50
6%
3184 Deo
9
..100
Colgate-Palmollve-Peet
100
Sept
3*2 Mar
..100
Equipment
25
Oct 23
13884 Nov 12
85*2 Jan 21
1514 Jan 2
.No par
Preferred
City Investing Co
City Stores
Class A.
103
97
..5
25
119
60
173s Sept 19
Highest
share $ per share
per
30*4 Jan 6
14UN0V 27
8
Preferred
112*2 113
25
3078
3
Jan
Coca-Cola Co (The)
3,800
29
Jan
1,600
59
6884
7
Special
Cluett Peabody & Co..No
12,100
$
25
Copper Co
Chrysler Corp...
1,500
....
25*2
29
290
2,400
10
$ per share
share
25
Chile
Clark
$ per
Year 1935
Lowest
Highest
No par
Chllds Co
City Ice & Fuel
5,400
------
..
42*2
4178
*24
117*2 117*2
*117*2 119
.
5858
59*8
112*4 11212
41*8
26*4
*26
30
120"
.
59
111*2 111*2
*24
2984
38*s
39*8
26*4
26*4
2978
2978
29«4
395s
2684
39*4
30
....
69*2 ~7~o"
69
69"
68*2 6984
68
70
68*2
68*2
*68*2 69^
*127
*126*4
*126*4
128*4 *127
128*4 *127
128*4
128*4 *127
128
*128*8 130
125
128*2 127
*125
125
127*2 124*2 127
126*8
*5534
*5578
*56*2
*56*2
*56*2
*56*2
18
18
18*2
1778
18*4
18*4
17*2
1778
17*4
1784
£17*4
1778
*104
104*2 *104
104i2 104*2 10412 *104
10412 *102*2 104*2 *102*2 104*2
112
7,200
23,100
*82
♦47
42*2
110*2 111
40
4034
*82
110
*4U2
*8884
Par
Chlckasha Cotton Oil
Range for Previous
100-Share Lots
Lowest
....
110*2 110*2 *108
110*2
41
4H2
40*2 4058
mmmtm
109
Range Since Jan. 1
On Basis of
Week
2034
22*f
135
1278
45
*4384
123*8 126*8
20
203{
88
88*2
12*8
EXCHANGE
Wednesday
Dec. 1
$ per share
1984
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Tuesday
30
.
SHARE,
Sales
for
Saturday
3583
152 July 24
28*2 Jan 6
534 Apr 28
30^ Apr 27
110*4 Jan 23
10
Apr 30
5*s 8ept 22
Nov
5
1978 NOV 19
101*2 Nov 5
323s Nov
6
33*2 Nov 4
5434 Oct 13
23 *s Feb 20
93s Feb 7
2284 Mar
19
Jan
5884 Nov
28
Sept
2412 Dec
187s Dec
23*2 Mar
43*2
11
Mar
19*8
Jan
Feb
5
Dec
1*2
Jan
153
Feb 17
65
Mar
130
Dec
65
May 12
Oct 24
45
Apr
Aug
45
Apr
6
Jan
19
Dec
40*2 Jan 25
43
Aug 6
5*8 Oct
35*2 Aug
26*2 Jan
343s Jan
3458 Jan
33
1178
213s Jan 31
61
25
Deo
1
2
2
Dec
5038
41
Jan
Nov
4li2 May
38*2 Dec
Nov 16
4078 Deo
1
61*2June 4
1178 Jan 23
82*4 Oct
60*2 Nov 18
3584 Dec 4
is4 Jan 15
3
34*8
Jan
684
17*2
13*2
638
May
Mar
4458 Deo
1258 Jan
583$ Deo
Mar
884 Oct 13
18*4 Jan 17
2
Nov
17*2
Dec
*4 June
Jan 15
32
Mar
*4 June
138
Dec
June
8*4
Deo
1284 May
1
Dec
19
Aug
116
Nov
118
Nov 30
103
18434
133*4
11534
978
8658 Mar
1267« Feb
146*2 Nov
132
Oct
104
Feb
115
Aug
334 Mar
110*2 Jan
8
Jan
185
NOV 21
Dec 2
Feb 14
Feb 11
Aug 8
172*4 Nov
166
Mar 13
141
164
Mar
Jan
40*2 Nov 16
1578Nov 16
165s ' Jan
3*4 Mar
47*2 Nov
193s June
115
6
Nov
6
173s Feb
4
784 Feb 21
107
Jan
378 Mar
55s Sept
305s
July
Oct
83s Nov
3834 Oct
113*2 Sept
1434
Deo
83s
Feb
New York Stock Record—Continued—Page 5
3584
AND
SALE PRICES—PER
HIGH
SHARE,
Saturday
Monday
Tuesday
Nov. 30
Dec. 1
Dec. 2
$ per share
$ per share
$ per share
$ per share
18%
184
87%
19%
874
19
1834
88
8934
87
81s4
83
80
45%
454
44%
44%
1
1
1
1
1
1
3%
3%
3%
24%
34
2484
3%
3%
8834
%
%
3%
2484
244
24%
60
59
59
24
*714
*73
80
9%
15%
29%
24%
134
3134
64
80
804
9
9%
9%
16%
154
15%
294
25%
28
29
244
14%
144
31%
31J
5%
6%
44
3%
224
244
6434
6434
214
634
4
t
195
*190
244
1434
31%
6
24
334
4%
3%
34
334
23
21%
22
21
64
644
634
3%
20%
£634
214
6434
64
*188
*186
4-%
45
44%
112
11234 1134
48
48%
49
48%
*39
44
34
34%
45
4484
112% 112%
112%
484
*39
44
45
3434
354
3P84
4534
45%
704
284
2834
704
41
%
274
*102
75
*72
434
5%
5%
%
3I6
27
27%
105
2734
284
110
74%
71
434
5%
46
45
110
115
*109
*120
*724
284
46
704
39
404
*103
*109
76
75
46
46
44
*39
34%
364
1784
35%
184
224
60
*127
17%
18%
150
"8%
94
23%
50
12984
*
128
68
3
39%
174
13
174
22
152
22
22
474
464
£121
126
51
51%
*1504 152
30
2734
6,300
49
152
43
44
174
174
*
474
2134
4634
152
620
76
17%
9%
22%
4634
122
51
57,100
7,400
2%
17,800
62
63
65
1,000
119
119
69
6934
*117
270
120
1194 120
86,800
70
69%
6734
68%
122
1,000
1224
*1224 125
*50
1,500
52%
524 53
16,000
934
934
934
934
10%
104
94
10%
72
600
72
*68
71
71
72
*694
704
109%
109% *109
*1074 109% *109
109% *109
4,000
4%
44
4%
44
4%
44
4%
44
50
52
12,800
47
474
474 514
48%
484
*1174
*1174
*1174
*1174
4
334 136,900
334
34
3%
34
34
3%
14,000
424 43
41%
4234 4334
424 4334
43%
5 4
56
2,700
5534
5534 5534
554 564
554
78
75
73
6,970
694
734
75%
124
724
120
-<----
—
34
41
34
424
864
55
614
40%
2834
*41
—
—
— — -
-
----
—
284
294
£27%
27%
27
28
40
404
*38%
40
£16%
29
16%
8684
16
16%
86
86
24%
24%
16%
414
174
41%
1634
41%
1734
88
8684
86%
86
264
244
86%
254
24%
2484
90
90
904
90
90%
414
*5384
41%
4034
41
404
4034
40%
54
54
54
544
544
544
54
684
5%
5%
684
6%
5%
684
26%
904
2584
*894
86%
254
904
90
41
4134
40%
40%
*54%
54%
54
54
5%
5%
5%
6%
634
3184
8434
294
1124
13%
*924
54
6%
32%
854
30%
1134
144
95
304
85
28%
113
54
17
5%
684
854
29%
6%
29%
684
32
31%
84%
29%
84%
284
114
112% 113
1334
14%
134
14
94
95
93
93
6%
30
31%
84%
85
29%
28%
1114 112
134
13%
93
*89
304
844
28
4034
544
5%
6%
31%
84%
2884
1114 112%
13
134
94
93
90
4,500
64,900
2,300
57,900
8,300
16,600
94
3
24,400
5,300
5
4%
434
234
344
51%
234
344
234
23
23%
23
24
34%
524
3434
34
50
34%
494
34
49
34%
484
484
49
204
214
204
20%
20%
20%
20%
21%
9,600
394
40
384
39%
3984
384
3984
39%
3834
3934
40%
18,500
5,900
147%
70
404
147%
143
68
*66
*143
68
*64
68
*63
145
68
*63
40
39%
145
*145
68
*63
37%
76
76
I684
16%
1634
16%
16%
16%
16%
164
164
3%
3%
58%
134
3%
3%
3%
34
3%
3%
34
60
61
14
*52
54
50%
50
50
129
129
129
34%
*34
134
37
*71
61
*124
514
48%
129
37%
*71
61 s4
58
134
13«4
514 U51
.
494
129
48
129
34%
*34
34%
*34
*36
36
364
364
134
30%
13%
30%
13
134
134
374
1334
3034
31
294
304
12134 *121
36%
85
36
*120
40
145
37
5534
129
145
80
*52
*34
40%
147%
,37%
*13
50%
394
143
37
36
85
*71
364
55
1334
54%
50%
134
134
51
52
504
514
129
34%
*34
36
36
*36
13
29
134
294
*121
121%
284
29
105
1024 1024 *1024 1044 1044 105
50
51
51
50%
50%
504
5034
514
*128
1354 *128
1354 1354 1354 *128
17
1734
174
17%
174
17%
17%
174
174
*102% 104%
5034
*128
*105
-
107
105
For foot notes
105
see page
*106
3580.
108
*106
108
*106
5134
—
—
174
108
3
No par
58
3
July 29
100
116
Preferred
10
$5 preferred
No par
Gen Outdoor Adv A...No par
Common
No par
General Printing Ink..No par
$6
preferred
No par
Gen Public Service
$6
100
1
preferred
No par
General Refractories
No par
Gimbel Brothers
$6
preferred
Glidden Co (The)
434 %
conv
..No par
preferred
Goodyear Tire & Rubb. No par
$7 2d preferred
No par
Gotham Silk Hose
No par
Preferred
70
9,300
1,900
17%
Feb
June 20
934
Jan
Dec
6% Feb
52
Dec
5
4
1184 Mar 14
39%
57 4 Nov 12
1684
Jan
334 Deo
78
14
Apr
51
12
Mar
Dec
4
30% Nov 28
444 Nov 10
19% Oct 2
154 Nov
No
par
..100
Mobile & Northern..100
Preferred
100
Gulf States Steel..... .No par
Preferred.
r.100
Hackensack
Hall
Hamilton Watch Co
15»4 Mar
26%
Jan
Apr
Dec
1
70
14% Dec
1
24 Apr
20
Apr
14 June
54 Mar
24 Mar
Nov 28
1494 Aug 14
65
Oct 17
Jan
104 Dec
85
Deo
44 Oct
13% Nov
5
Jan
2984
Jan
18% Mar
35% Nov
26
384 Sept
Mar
94 Mar
9% Mar
26% Jan
119
Jan
21
Apr
16
Deo
35%
Dec
34% May
140
May
50
Dec
28% Deo
39% Nov 18
25% Nov
95
34
Feb
95
1
Feb
284 May
434 May
Jan 23
17% Nov
Feb
Mar
6
Apr
12
Mar
1294 Sept
9
48
Mar
Jan 24
Dec
6
4
114 Deo
344 Dec
334 Nov
108
Dec
214
Jan
30»4
Dec
June 10
34% Oct 10
37
Aug 4
30
Jan
35
Deo
Jan
9
144 Nov 23
4
Mar
8
Jan
2
32
64 Apr
6
No par
14
100
109
May 19
June 22
120
92
14% May
19
100
130
31% Apr 15
8
8
10
Corp of America cl A
634 % preferred
Jan
Dec
4
Hanna (M A) Co $5 pf.No par
Hat
484
"144
1934 Mar
33
Preferred
494 Dec
Mar
"74
624 Oct
63
Aug
105
Aug
634 Nov 27
July
25
Printing
Feb
1% Apr
94 Jan
30
7% preferred class A
'23%
304 Jan
28% Jan
25
Water
194 Aug
93
334 Nov 25
4
1% July
24
Nov
864 Nov 24
114
9
Apr 28
May 21
704 Jan
2% Mar
Dec
Nov 19
504 Mar
Harbison-Walk Refrac.No par
Preferred
100
2,500
92
Green (H L) Co Inc
80
17%
274 Nov 18
Green Bay <fe West RR Co. 100
2,900
10
Jan 24
90
6
65
Oct
3% Deo
1434 Mar
Jan
22
109
84 Apr
2
136
1
Jan
Oct
44 Nov
414 Dec
2
June 30
Greene Cananea Copper... 100
80
109
Dec
4
964 July 18
6
1% Mar
15% Mar
43% Dec
41
*1024 1044
50
5034
106
Dec
1
64 Dec
42% Nov
6
l%July
100
—- —
Jan
34 Apr 30
16
Apr 29
244 Aug 4
284 Jan 16
121%
106
Nov
21
Aug
46% Oct 14
Gulf
17%
120
Mar
7
300
260
84 Apr 28
69% Nov
3
6
500
------
2
Jan
Aug
Apr
10
2
390
-
£107%) Jan
18
634Sept 21
10% Sept 21
Jan
14
*128
1234 Nov 28
Jan
54
29
Deo
26% Mar
16
Western Sugar..No par
Preferred
100
55
13
Oct
Jan xl204
116
9
Nov
31
100
Great
*12%
*51%
51%
*36
724
324 Jan
No par
Greyhound Corp (The) lNo par
34%
374
13%
Feb
Gt Nor Iron Ore Prop.No par
Conv pref series
Guantanamo Sugar
Preferred
129
59%
Great Northern pref
.
10,700
*34
18
6
Aug 24
44 Feb 19
114 Mar 20
6% Jan 15
x25%Nov 9
354 Apr 2
524 Nov 30
22% Oct 17
Granite City Steel.....No par
Grant (W T)
No par
11,100
8
87
2
1
17,500
58%
Sept 11
21% July
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd 100
2,600
2,900
4,100
10
(74
77
Grand Union Co tr ctfs
3,700
3984 June 11
100
1,600
------
Oct 15
154 Aug
Jan
110
6
37% July
14 Aug
Mar
Jan 17
July
1454 Oct
40% Nov
1584
•105
Jan 10
Nov
11
Oct
72
106
184 Nov
76
64% July
3
Feb 17
34 Apr 28
6% Nov
Oct 30
38
324 Apr 28
Aug
10% Nov
Oct
77
2
3
4 Feb
146
77
123
Jan 27
Sept
Deo
81
6
18% Jan
684 Jan
30
10%
484 Dec
*13% Oct
Oct
3
No par
Preferred
5% Nov
8
Oct
Gen Railway Signal...No par
Gen Realty <fc Utilities
30% Nov
2
71
53% Jan
118
464 Nov
1274 Jan
204 Jan
5
704 Jan
3%
*121
105
121
Jan
194 Jan
1634
28%
13
34%
374
13%
121
121
85
19
No par
16%
3%
129
129
121
12134
68
36%
No par
class A
53
55
59
129
36
*71
85
3
$7 pref class A
110
4%
404
4184
4% Feb
2
Jan
74 Feb 28
104 Feb 17
32% Nov 30
2%
394
404
1
Nov 10
554 Jan 14
55
July 27
5%
2O84
44
3% Jan 2
64 Nov 2
13% Jan 21
434
41
Dec
534 Nov 10
524 Sept 18
3
41
152
50
5
404
Jan 21
594June 20
Gobel (Adolf)
1
Goebel Brewing Co
1
Goodrich Co (B F)_.__No par
$5 preferred
..No par
434
214
Mar
28,600
5%
524
2034
Mar
84
434
5184
4
% Jan
General Motors Corp
Jan
19
14
General Mills....
7% Mar
115
9
No par
$8 pref
Deo
Nov
7
514 Oct
344 Apr 30
33% Feb 18
No par
Conv pref series A
Dec
Dec
36% Nov
474 Deo
12884 Nov 27
2
No par
434
51%
21%
Jan
Dec
No par
54
50
17
140
Gen'l Gas & Elec A
55
30
484 Mar
%May
2
304 July 7
13%June 25
70
Aug 21
684 Jan 6
2%
234
584 Jan
100
No par
Nov
Mar
Mar
No par
No par
125
15
2
2
preferred
Mar
1124 June
54 Mar
3
General Foods
70
9
704 Jan
General Electric
Apr
23% Nov
49
100
111
1134 Jan 11
par
5%
24
No par
Mar
Mar
Mar
2
Corp.No
5
3434
Oct 24
Oct
Dec
Gillette Safety Razor..No par
Conv preferred .....-No par
3
34
Nov 17
155
7
Gen Time Instru
5%
58
7%
20
Jan 23
141
preferred
9%
60%
1984
304
174
100% Sept
76
900
4%
2384
cum
Jan
54 Mar
84>4 Jan
3
Nov 17
28,000
2,200
17,200
1,400
4,800
1,300
2%
3
7%
Dec
6%
32% Mar
Jan
17
5
164
Class A
30%
7934 Dec
Jan
4 Nov 17
30
424 Apr 30
IO84 Apr 28
6
General Cigar Inc
24 Mar
204
4
97
No par
No par
68% Aug
Feb
134 Deo
par
3%
5%
24
6
44% Nov
"l9"
Mar
Corp.No
5
34
Baking
preferred
534 Feb 29
7% Aug
Sept
254 Dec
102% Dec
17% Nov 30
14% Nov 18
1044 Apr 21
Gen Theat Equip
5%
24
Feb 17
25
84% Apr
174 Dec 3
84May 20
7,100
3
374
$8
454 Dec
13% May
1054 Aug 27
Nov
Gen Steel Castings pf.-No par
5%
*76
General
5
Aug
25
4
100
2
Apr 28
264May 25
334 Apr 30
324 Apr 30
3%
584
34
3
No par
No par
Preferred
------
5%
2%
58% Nov 30
Apr 14
4 Nov 16
114May 11
No par
Gen Am Trans Corp
-
5%
3
364 Dec 1
10534 Nov 10
Nov 30
6
Jan
3% Aug
284 Mar
16
Apr
404 Sept 11
76
314 Apr 30
Feb
9
4934 Nov 10
Nov 13 £135
47% Jan 17
44
July
%
16% Mar
9
127
108
84 Dec
2
9584 July
384 Jan
par
Rights
70
61%
62
*614
614
61%
119% 120
*119% 120
68
69%
68%
69%
1224 1224
*1224 1224
52
52
504 504
No par
A..No
GamewellCo (The)
410
*61%
40
*65"
$6 2d preferred
Gabriel Co (The) cl
70
514
41%
334 Mar
Oct 15
35% Feb
700
50%
May
234 July 15
10
100
Preferred
Fuller (G A) prior pre!. No par
1,200
4034
2%
95
9734 Oct
8,100
5134
Aug
Apr
54
5
Cable
41%
72
1234 Nov 30
124 Mar 4
5% Mar 6
3
General
3,100
£85
63
Freeport Texas Co
21% Nov
Jan
Apr
Apr
304June
Bronze
51%
*1504 154
5% Mar
40
1134NOV 19
42% Nov 17
July
Deo
48
F'k'n Simon & Co Inc
7%pfl00
Dec
125
6
Mar
Aug 21
24% Apr 30
1
Dec
3% Dec
15
394 Deo
92
4684 Dec
General
41
2%
No par
Jan
Nov 30
Fourth Nat Invest w w
13,000
50%
238
...10
Preferred
Mar
27% Sept 21
994 Aug 11
June 26
106
4
17
115
38% Nov 18
32% July 31
lis4 Mar 2
474 Mar 5
32
preferred... 100
conv
Foster-Wheeler
------
62
39%
*
434 %
59
% Mar
Oct 13
464 Nov
115% Nov
1004 Feb 26
40
Apr 30
304 Sept 25
254 Mar 21
3% Aug 29
..No par
Gen Amer Investors
51%
62
t Follansbee Bros
100
4,500
11,100
414
2%
65
100
6,400
50%
24
Preferred series A
205
6
Apr 30
204 Jan 27
x24% Jan 2
10
Gar Wood industries Inc
41
*62
Firestone Tire & Rubber
9
Apr 28
38
50
6,000
51%
2%
100
4M % preferred
Fidel Phen Fire Ins N Y
Gannet Colnc conv$6 pfNo par
41%
63
204 Jan
IO6I4N0V
31,000
148
"~9%
*118
51%
%
28
105
17%
17%
1334
13%
*102% 103
74
122
1,330
4,200
%
73
9%
224
54
54
41%
02
Federated Dept Stores.No par
20
170
148
"9"
24 Jan
10
5034
30%
3
474
126
17%
*
94
7% Jan
3
Federal Water Serv A..No par
150
62
£294
40%
164
94
17%
Federal Motor Truck ..No par
Food Machinery Corp new—10
4,900
Aug 10
Federal Screw Works.-No par
150
30%
94
714
69% Mar 30
25,500
4,500
9,300
3
100
Preferred
7%
4434
3934
Jan
37
Florsheim Shoe class A .No par
75
17%
13%
1884 Apr 30
84
First National Stores.-No par
Fllntkote Co (The)
No par
79%
304
13%
152
7
31% Feb 24
100
Federal Mln & Smelt Co
300
3,600
3
1224 Jan
No par
Preferred
14,300
75
694
334
514
24
25
100
37%
3234
*75
664
854
21%
224
4S4 484
1244 125
51%
1134 Jan
Filene's (Wm) Sons Co.No par
115
*102% 103
148
"9"
1,700
2,100
44
*69
£54%
85
+
9%
3,800
5,100
14,100
2,500
75
674
28% 304
110% 1124
1334
17%
17%
148
"9"
preferred
Preferred
400
75
66
32
684 Mar 25
244 Nov 27
7084 Oct 7
75
4084
564
684
3
84 Apr 29
3434 Jan 7
*68
70
30
258June
Fairbanks Morse & Co-No par
75
65
,
Fairbanks Co
1,940
3,200
68
68%
904
3,270
6334
72
68
26%
34
2134
68
104
264
Dec
Nov
79%
624
524
16%
13
17%
13%
174
Jan
6
68
10
88
17%
1734
13%
Oct
Deo
14% Aug
*70
264
29
194 Dec
134 Dec
40%
*109
*103
14
84 Mar
Apr
75
%
7% Mar
5
Apr 30
Apr 29
74
May
74
27
8
344 Oct
11
16
554 Nov
2
464
105
44 Aug
4% Jan
74
%
2634
*103
5
June 30
Exchange Buffet Corp .No par
464
444
5%
154 Mar
104 Nov
184 Sept
6,600
120
27
144
97
7
634 Mar
464
274
Nov
894June30
4
15
*75
70
514
16U
5%
%
%
10234 10234 *1024 103
71
71 1
704
70%
4934
10%
87
5%
26
22%
51
3%
54
31«
*
123% *121% 125%
»«■--
534
44
46
43
4734
*704
105
94
*1074 109% *1074 109%
4%
4%
4%
4%
4734
46% 48
484
*118
75
55
6
Jan
104 Mar
115
*109
115
*70
Feb
Jan
7
*67
*75
94
274
274
*110
754
39%
*115
Nov
15% Aug 10
74
45%
*72
74
274
284
115
120
*115
50
40% Jan 8
84 Mar 19
112
112
Dec
Mar
14
8434 Oct 13
Sept
84 Nov
7
53
7%
444
1104 112
394
384
4634
*72
26
128
69
75
50
74
84
44
66
134
2
3
'
70
75
123
8
Jan
Jan
1% Mar
Jan
Second
400
36%
52%
12534
Feb
15% Apr 17
12
22,200
*32
7
July 22
69
116
234 July
35%
*52
37
4
4
5
104% 104%
324
7
5
3% Feb 6
26% Nov 17
1% Feb
6
2,900
5,300
10,400
79%
*69
624
*11834 119
69%
70%
36%
39
654 Jan
Evans Products Co
123
*38%
3434
354
32
394
*103
51%
524
524
524
*1504 152
*1504 152
524
52%
514
51%
42
41%
424
414
2%
284
24
2%
64
64
634 634
62
46
45%
44
10438 104%
53
£5138
434
120
27
184
149
2134
4934
384
120
105
17%
"9%
394
124
26
1334
134
134
13%
*1024 IO284
*1024 104
704
69%
714 £70%
*
*384
344
% Jan
1% Aug
834 Nov 30
2
Eureka Vacuum Cleaner
9
8%
5%
4%
44
4%
44
444 £43% 43%
1104 1114 *110% 111%
48
48
48% 48%
44
58% Nov
100
First preferred
700
44%
Mar
4 Mar
% Apr
.100
100
Erie
73%
123
24 Mar
34% Deo
31»4 Deo
54 Apr
73%
484
1
6,200
4,300
Mar
55
75
*103
105
10,700
74 Aug
3
48
96%
*734
44%
1114 112%
48
484
584
54
316
274
—
Federal Light & Traction... 15
112
124
—
300
*111
*115
—
400
4,100
44
394
40%
124
*115
-
1% Mar
1
110
"9;666
111% 111% *1104 112
*1104 111%
—
50
^100
..1
$5 conv preferred
No par
preferred
No par
$6 preferred
No par
Equitable Office Bldg.. No par
5% preferred
Engineers Public Serv
96
43
44
46
—
share
1
2284 Nov
534 July 25
Aug 18
74 Jan 3
454 Jan 14
3
Epdlcott-Johnson Corp
24
46
44%
444
200
El Paso Nat Gas Co
564
1044 1044 *1044 104% *1044 10434 *104% 10434
58
54%
56%
58%
56%
564
574
574
37
37%
36%
37
?64 37%
37%
38%
*31
324 *3034 324
324 *31
*3084
32%
8
6
6%
6%
6%
64
64
6%
44%
3,800
193
*186
123
124
*117
125
*118
1234 1234 *118
9
9
8%
884
8%
8%
8%
8%
5
44
*44
44
44
44
3%
4%
4
4
438
44
44
4%
4%
4%
4%
334
193
10
95
74
*39
34
204
*63%
6334
400
5534
74
444
34
21
5,800
per
19% Dec
8934 Dec
4 Jan
14 Jan
24
78
9%
334
24%
594
preferred
56%
78
80
44
3%
No par
No par
preferred
$6
244
*95
9
1%
$7
95
95
*44
J Elk Horn Coal Corp .No par
6% part preferred
60
1%
3%
244
43%
1%
56
25%
95
121
6,100
12,100
80%
244
58
244
95
121
Elec Storage Battery..No par
784
434
I per share
2
2
294 Jan 2
42% July 13
574
5634
254
79
3,300
3,200
81
44%
$ per share
6% Jan
97
59
2434
95
90,000
10,000
Lowest
3234 Jan
Electric Power & Light. No par
19%
874
25
544
2434
82
184
86
Highest
$ per share
Par
24%
5434
95
18%
884
Highest
Lowest
6% conv preferred
100
Fajardo Sug Co of Pr Rico.20
193
*187
24
80
Shares
Year 1935
Lots
EXCHANGE
56
195
54%
*93
$ per share
On Basis of 100-Share
Week
•
195
*188
Dec. 4
24
244
244
59
59
59
59
594
*58%
594
1124 1124 *110% 113
*110% 113
*110% 113
13%
13%
144
13%
13%
*134
13%
14%
75
80
75
*734
*73% 80
*734 77
*74
*75
78%
78% *74
*734 7834
78%
81
*75
81
81
*76
87
81
8434
10
10%
9%
94
9%
934
934
94
16
15%
154
1534
154
15%
154
15%
28%
284
284
274
274
27%
28%
2734
*22
24
24
23%
234 244
234
*224
14
144
1434
144
13%
1334
144
13%
31
314
31
30%
30%
324 £304
30%
534
534
534
54
54
534
5%
54
*1124 113
13%
144
13%
80
72%
*734
*75
79
78%
*110% 113
13%
72%
184
864
7934
444
1%
34
82
46
4634
Friday
3
$ per share
19%
884
834
82
*58%
184
814
45%
884
81%
46%
3
19%
Dec
STOCKS
NEW YORK STOCK
JOT
the
Thursday
Wednesday
Nov. 28
NOT PER CENT
5, 1936
Range for Previous
Range Since Jan. 1
Sales
<fnT
LOW
Dec.
Jan
304 Jan
Jan
4
3
3
1
12
Jan 20
100
104
Nov 24
Nov 18
1254 Nov 17
1054 Mar 18
524 Nov 17
184 Nov 24
Jan
Jan
112
Deo
1004 Sept
105
Nov
63
16
Mar
30%
121
Dec
Dec
9984
1354 Dec
115
Oct
144 Nov
9
Jan
54
Feb
14%
Dec
Feb
1134
Deo
81
Volume
LOW
143
New York Stock Record—Continued—Page 6
HIGH
AND
SALE PRICES—PER
SHARE.
NOT PER
Sales
CENT
Monday
Nov. 28
Nov. 30
$ per share
$ per share
638
6*4
105
105
135s
1334
12734
*160
164
*160
38
38
38
135
135
*133
68
*66
Dec
164
38%
136
129*4 129*2
*66
*417
427S
4278
42%
2884
29*8
28*4
*753s
77*4
*7538
68
68
Dec
$ per share
6658
*160
164
$ per share
67
*66
109
109
*109
42
114
42%
114%
26%
43
28%
77*4
66%
4134
444
39
444
43
*42%
28*4
*400
20*8
1938
20
19%
19%
178
243s
2
25*4
10*4
10%
5734
12%
19*4
12%
19%
11%
13%
19%
1934
1%
2384
*43%
24%
13
2
*44*2
46*2
*44%
45%
*70
72*4
72
16
16
13
13
12*8
13*4
39
3878
39*4
*138
11834 H884
14
14%
5*2
5%
5
2
24%
42
26%
*75%
66
10%
5734
4%
1234
19%
1%
24
119
1334
5*4
12%
39%
13434
--
120
14
12%
38
38%
135
135
118% 11884
14%
13%
12%
12%
13%
13%
13%
4*2
4%
4%
4*2
4%
1384
14*2
1334
14%
*4*4
13%
1434
4%
14%
4%
4*4
434
4%
4%
4*2
39
4134
39
41
190*2 190*2
190
191
38%
40%
191
38%
191
39
39
194
*192
4%
15%
434
39%
194
1,700
7,300
1,800
6,500
7,400
61,200
25,900
9,000
900
99
99
100
100
9984
98*4
98%
97%
98*2
9734
7,500
100*2
99%
*155
159
159
300
159
*156% 160
*15578 159
*156% 159% *156% 159%
5
5
5
7%
5
4%
434
5%
76,900
4%
534
484
4*2
6
6
6
6
6%
534
8,600
*57S
534
6*4
6%
5%
534
64
61%
62%
5984
6134
63*4
61%
62*8
36,600
£62%
6034
61%
6334
600
133% 133% *132% 134% *132% 134%
*133% 134*2 *133% 13478 0133% 133%
20
2284
20%
20*2
22*4
21*4
21*2
20%
21% 63,700
21%
20%
20*4
10
11
12
12%
10
1078
1034
10*2
12%
1134
10%
54,800
10%
5*4
438
4%
5%
4%
4%
5% 108,000
4*4
434
4%
5%
4*8
92
88
94
95%
97*2
9184
93*2
90%
9334
95*2
88%
51,800
91*4
48
48
4784
4734
48*4
47*2
47%
47*2
47%
47% 47%
2,000
*47%
111
111
111
50
111% 111% *110*4 111%
♦HO'4 111*2 111
111% 111%
10
500
9»4
984
10*4
934
934
9*2
9%
9%
9*2
10*4
9%
9
100
*8%
9*4
*8*4
9%
*83s
9*2
9*4
*8%
9%
*83s
9*2
56
*53
53
54
460
57
57
5384
5334
55*4
56%
53% 53%
29
*28
*28
29
100
29
29
*28*2 29
*29% 30
*28*2 29
49
49
49
*4884
4884
48*2
48%
48*2
49*2
48*2
48%
1,300
48*2
33
33
33
3278
3234
3184
32*4
32%
31%
31%
2,200
♦31% 33
£88
88
88
88
93
310
93
92%
92%
88*2
9134
9284
88*4
12
1234
13
133s
11%
125s
12%
12%
12%
13%
57,500
12%
12%
34
36
35
3534
33% 34%
3584
35%
3,100
36*2 36%
34%
34%
105
»10412 105
21
21
£2084
30
105
105
105
30
*19%
105
20
♦103*2 105
*19%
20
*103
*19%
126
48*4
48*4
128
*126
48
126
126
50
50
I884
19
18*2
18%
42*4
42*4
41
35
36
35*2
27*8
27*2
27*2
42%
35*2
2784
120
*111
2378
24
24
21
21
225s
2278
*111
21
22l2
107
*106*2 109
5978
59*4
126%
50*4
*117
*117
*117
*145
120
58*4
2334
20*4
1934
20
36
36
36%
36
6*4
6
7
513s
5434
5458
30*8
*15*2
16
148
*131
*45
50
*47
245s
25
28*4
29*4
44*2
19*2
44
19*2
*16*4
24l2
28*2
44*8
19*8
148
15
15
148
*47
50S4
2434
24%
24%
28*2
28*4
28*2
46
44%
44%
19*2
19*8
19%
17
17
1684
1634
17
18
18*4
1734
42*2
18*8
17*4
18
43
42%
42
43%
172
"19*4
3
17
*
3
278
16%
1738
*28*4
*106
*22
60
I884
20
20
63
62*4
63
79*4
978
28*4
79*2
10*8
78
28%
28
106
172
19*4
3*4
18%
9%
106
*112
2234
20*2
21%
107
57%
57
21
35%
*
6%
58
170
"l8%
166
19%
1834
7884
76*4
10*8
28*2
9%
28
3
17%
119
634
59%
166
19%
3%
17%
119
1,200
33%
26%
1,800
23%
20%
22%
107
6%
57
65*4
63
6434
64%
62%
106
*105% 106
*10558 106
3
3*8
3*8
3*8
60*8
5934
59*2
59*4
5%
5*2
*42
43
110
24*4
*
534
142
£141% 141*2
3284
33*4
32%
2638
9534
29*2
37*2
26%
95%
28*4
*36
5%
♦
"23%
♦
"32%
26
95*4
28*2
95*2
2834
*36
37
6%
43
109%
23%
142
26%
32%
26%
95%
28%
37%
453g
45
6234
62
2%
59%
6
*42*4
23%
*140
31%
2534
*92
28
37%
13%May
2
June
5
Jan
6
4% Jan
No par
Nov
6
16% Nov
5
7
6U Jan
6
Oct 27
778 Jan 18
11% Apr 30
1878 Jan 11
3
6*4
2234 July 10
Apr 28
2«4 Apr 30
412 Jan 2
Int Nickel of Canada..No par
Class B
No par
43%May 8
125U Feb 6
334 Apr 30
2U Jan 6
Class C
No par
15a Jan
Preferred
100
Inter Pap & Pow cl A ..No par
100
Preferred
Int Printing Ink Corp..No par
Preferred
100
Internat Rys of Cent Am.. 100
Certificates
No par
100
Preferred
20% Apr 30
37
May 22
107
Apr 27
'
334 Jan
7
3
Jan
9
19U Jan
9
International Salt
No par
23
International Shoe
No par
47
100
7%
preferred
15
100
International Silver..'
50
Inter Telep & Teleg
No par
Dept Stores.No par
Interstate
9
Apr 28
Oct
8
Apr 29
June
8
lli8 Sept 21
1038 Apr 30
100
82
Jan
2
.No par
15
Jan
2
1
Island Creek Coal
...1
Preferred
Jewel Tea Inc
No par
Johns-Manvllle
No par
100
Preferred
Jones & Laugh Steel
pref.-100
10
Stove Co
City P & L pf ser B No par
City Southern
100
2438 Aug 14
113
Apr 29
58iz Jan 18
88
May
7
140
140
32
32
£33%
35
25*2
25%
25%
94%
£28%
25%
94*4
29%
*92
28%
*3634
*133
95*2
29%
37%
....
*140
*3634
*133
142
116
37%
m
mm.
m
2
313s Nov 12
126
144
Nov 30
50*4 Dec
121
26
Apr
Apr
80
Jan
7
20
May 20
18
4
245s Oct
36*4 Dec
1
78s Jan
8
120*4 Deo
1412 Dec
22
Deo
20*4 Nov
30
Oct
90*8 Oct
31*4 Nov
28*4 Nov
3
18U Jan 7
3%May 11
30
Apr 28
par
No par
No par
5
100
50
No par
....25
100
No par
No par
Corp No par
Long Bell Lumber A ...No par
25
Loose-Wiles Biscuit
100
preferred
10
Co
20% Apr 28
9934 Dec 3
4% Apr 29
7478 Feb 26
3584 Aug 31
19%June30
20i2 Apr 27
32
June 10
157s July 29
7ig Jan 2
12
July 15
15i2 Apr 30
94i2 Apr 30
8i2 Jan
2
2
6
July
9&8 Apr 29
89
12
May 11
1
MacAndrews & Forbes—.-10
6% preferred
No par
43*2
44%
44*2
4434
44%
44%
4*800
Mack Trucks Ind
No par
62
59*2
60%
59
5934
59%
60%
7,000
Macy (R H) Co Inc
No par
Nov 30
323gNovl8
1103s Feb 10
18i2 NOV 13
130*2 Nov 23
51
28
Jan
8
3378 Jan 31
50*4 July
26»4 Feb
18I2NOV
18*2 Nov
45i2 Nov
13
6
17
18
10
180
Oct 19
33s Jan 2
x3884 Oct 15
107
May 19
21% Apr 28
6*8
41
Jan
July
Dec
Nov
Deo
Dec
2784 Nov
113
Apr
6*a Nov
Jan
80
"22*4
May
32
12
Mar
19*4 Mar
21»8 Oct
5
May
8*2 Mar
105s Mar
5
Mar
5*2 May
2184NOV10
65
13
115
Oct
Aug
27*2 Deo
46
Aug
28*2 J&Q
9
Jan
14*2 Deo
178s
Jan
Nov 17
Jan 16
5
6312 Nov 30
Nov 19
46*2 Dee 4
65*4 Nov 18
10878Julyl7
3&s Feb 11
6178 Dec
1
83a Mar 24
45
113
1*2 Mar
11*2 Jan
3*4 Aug
1584 Nov
9584 Nov
17*4 Jan
Nov 17
116*8 JanlS
169
Aug 19
Jan 17
Sept
21*2 Mar
63s Sept
21
Mar
49*4 Oct
1038 Nov
29% Nov
94*4 Apr
120
Aug
Apr
122
Aug
Jan
Oct
Mar
Mar
Mar
Feb
167*2 May
2834 Nov
275s Nov
93«4
151*2
15*2
13i2
17*8
24*2
31*4
102
Feb
1
Mar
227g Mar
1*4 Mar
33
Apr
1
107»4 Nov
26*2 Jan 27
43
Oct
37*2 Deo
55*8 Nov
10834 Oot
25g Oct
3678 Nov
43s Deo
4158 July
112
18*2 Mar
13
Jan
3
20
May
4
30*4
67% Jan
22% July
2
8
1023s
Oct 16
May
67*8 Mar
10*2 Oct
3
33
2
42
1
Dec
127*35 Jan 9
273s Jan 30
40% Apr 30
103*2 Apr
6
54
104% Feb 28
2
Apr 23
35i2 Jan 2
Oct
Mar
1984 Mar
Oct
23*4 Feb
3
2%
23
Feb
Apr 29
257S Jan 2
July
21
Mar
4
Marl6
19
10
19
97
Oct 28
18*4
96
3088
12384 Nov 20
31*8 Jan 29
160
Mar
1384 Mar
Nov 10
22
May
9734 Mar 13
3*4 Mar
10*4 Aug
84
Nov 13
25
7
Louisville Gas & El A..No par
100
61
Oct 28
8OI4 Nov 10
140
....
2478 Jan
253s Mar 20
107
2
May 19
7% preferred
100
f Louisiana OH preferred..100
Ludlum Steel
Jan
1734June
50
Louisville & N ash vllle.
Mar
6
par
No par
(P)
34
2
2
par
Feb 28
Loew's
Lorlllard
115*4 Mar
384 Mar
65s Mar
7*2 Feb
1584 Jan
Nov 18
283s Jan
5
Lily Tulip Cup Corp...No par
Lima Locomot Works..No par
5%
110
633s Nov
Preferred
Preferred
48*2 Aug
7
Lehman Corp (The)...No par
Lone Star Cement
120*2 Apr
37
Aug
99*2 Nov
126*2 Deo
1
28% Jan
4% conv preferred
Lehigh Valley RR
Loft Inc
Jan
Jan
Mar
par
100
Inc
Nov
36
Oct
49
2
Kress (S H) &
Preferred
Aug
16
24*2
110
4
100
Series B
90
1
Sept
June
—10
7% preferred
100
Kresge Dept. Stores—No par
Lehigh Valley Coal
70*2 June
6*8 Mar
933s Nov 14
2
17,700
mm
Oct 16
2284 Apr
2
32%June 3
43
Apr 21
100
107
Jan
36
8,500
165s Sept
Nov 24
No par
mmmrnm
878 May
19U Jan
13
No par
800
3778 Nov 18
Jan
Feb
Liquid Carbonic...
950
Deo
Nov
Link Belt Co
1,700
Oct
14
93
14,600
130
78
Dec
130
Liggett & Myers Tobacco...25
6,700
28
25
Feb
1,100
23%
July
1484 Jan
No par
(The)
Jan
55s Mar
87
1
preferred
Jan
5
16
par
Kresge (S S) Co
5%
Deo
Deo
43s
565s Dec
par
B
Preferred
110
Dec
Dec
19*4 Feb 17
33*4 Feb 25
No
A-No
KennecottCopper.....No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney Co
No
I84 Oct
9*4 May
2878
42»4
42U Mar
Jan 27
Corp
Oct
Dec
Deo
Nov 25
17
Class
2
Nov
5
3*8
28s
Nov 17
63*2 Feb 21
24i2Sept28
Kelvinator
4i2 Mar
2U2 Jan
98% Jan
130
93
Oct 30
Kay ser (J) & Co
Kendall Co pt pf ser
8s May
6*2 Oct
47*4 Deo
35
30
Kaufmann Dept
Stores.$12.50
5
Keith-Albee-Orpheum pf.,100
Kelsey Hayes Wheel conv cl Al
1*8 Mar
8jj July
Deo
484 Aug
20*2 Dec
36*4 May
49*2 Nov
6
2
8
36*4 Nov 17
100
Preferred
22*4 Jan
12378 July
655s Nov
154
Apr
1,400
"23%
538 Dec 2
97*2 Nov 28
4834 Nov 18
112
Sept 9
lll2 Oct 20
10% Oct 20
61*2 Nov 12
Jan
1*4 Mar
1% June
Jan
50
27%
23%
1
34*8 Mar
Jan
4284
190*2 Deo
130
*26*2
23%
12 '8 Dec
Jan
Jan
Dec
5
Nov 19
Llbby McNeill & Libby No par
Life Savers Corp
—.5
50
June
3
133s
129
9,600
100
Mar
July
Dec
235s Sept
75i8May27
39% July 15
10%
29,000
26
May
Oct
7*2
38*2 Mar
117*2 Mar
10
6
Mar
838
Nov 14
1034
43
Nov
Mar
126*4 Feb 24
4
110
108
4
150
2
534
46*4 Mar
2i2 Feb
5
Jan
*42%
1
Oct
2
Nov
47% Jan
6
Nov 20
2238 Dec
Dec
145
3878May
43%
663s Nov 18
136
368s
Dec
12184 Feb
No par
110
Feb 21
8
Deo
514
July
135
6658 Jan 8
14812 Jan 23
15
130
101% Nov 12
160
Apr 3
7% Dec 4
No par
100
Deo
Dec
Jan
109
Internat Harvester
Preferred
Oct
Jan
22*4
38*4
59*4
Nov
149*2
Int Hydro-El Sys cl A
25
Int Mercantile Marine.No par
17*2
37s
121
194
Llbbey Ownes Ford Gl-No par
*42%
Mar
160
Lehn & Fink Prod Corp..—5
+
40
4134 Nov 30
Deo 3
100
Lerner Stores Corp
534
43%
84 Apr
9i2 Mar
15
Apr
5% Feb 14
2,900
400
Deo
1584 Mar 4
678 Mar 11
Lehigh Portland Cement...25
4,600
1334
1
Lee Rubber & Tire
17,800
Jan
6*2 Mar
6*4 Mar
2
Lane Bryant
1,600
5*2
2% July 10
1,400
15,500
Dec
603s
95s July
2,300
46%
Nov
Jan
Feb
234
2U Jan
4,700
400
li2 Mar
42
No par
5,200
500
Nov
7
Int Business Machines.No par
Lambert Co
5,900
73
No par
Prior preferred
Jan
Jan
49
No par
Rubber
Iron
11
22% Deo
Dec
884
1*2
4*4
25s
Agrlcul
July
Dec
30»4
July
Dec
2*8 Mar
23*2 May
60*2 Mar
122
885s July
t Interboro Rap Trvt C..100
118
42
4*4 Mar
Sept 29
5
Jan
3158
Oct 19
135
10,100
106
20
Aug 24
19
*104
173s Feb
125
7684
106
Nov 10
Feb 14
61%
27
12% Jan 15
63
147
1
8184
495
6*2 Mar
May 12
20
Feb
3078 Mar
106
No par
338
4
100
Steel
65s Mar
44% Feb 20
No par
Inspiration Cons Copper
Jan
684 Mar
15% Nov 10
418s Nov 12
May 12
2
255sMay 21
10
45%
3580.
Jan
185s Apr 30
60*2
62%
1
10
4
100
Laclede Gas Lt Co St Louis 100
1,400
7
19
45*8
46*2
63%
62%
63%
106
106
*105% 106
3
2%
2%
2%
6034
61%
6O84
61%
61%
28%
37%
Nov 16
61%
7334
45*4
62%
106
94
78
63s Jan
104
36*2 Dec
17058 Nov 12
19*2
105
46*4
63%
2534
Mar
77
£26*2
33%
33
61
28
142
544
6
22s8 Nov 5
3% Feb 19
2912 Oct 17
643s Sept 2
73% Oct 4
380
9,500
12,500
8
73*4 Apr
19*8 Dec
8% Apr 27
Insuranshares Ctfs Inc
2,600
3%
17%
120%
2%
16%
120
Feb
142*2
6
578 Jan 23
5,400
110
4
Oct
3 >8 June 10
Co new..No par
Kroger Groo <fc Bak
No par
390
Dec
3
July
54^4 June
25
No par
preferred
Internat
42
100
Illinois Central
Interlake
3384 Oct 30
4834 Jan 21
Hupp Motor Car Corp
Intercont'l
5
5
Hudson Motor Car
Inland
Feb
4478 Feb 19
Aug 15
100
Manhattan..
Preferred
6%
119
1
115
19
934
2384
v t c new
Aug
39%June 5
22% July 2
65% Jan 14
Household Fin partic pref_.50
Class A
No par
Houston Oil of Tex
2
Feb 17
60
10
109% 110
414
No par
45
45*2
For footnotes see page
106
100
-
Jan
19% Jan 13
108
75*4
78%
♦133
*133
*133
*133
3
61%
*42
43 **
109%
2334
£23*2
106
3
60*4
"""466
18,000
166
64*4
9
5
100
Preferred
20
166
61
70
400
166
16534 *165*4 166
22l2 £21% 21%
59
13,400
19
105*2 105*2
63*2
2,500
22,100
166
105*4 106
105*2 106
104% 105%
16634 16634 *166% 167% *166% 167%
*21*4 2I84
*21%
2134
2134
2134
60
60
59*4 60
6134
61%
52 %
53
53
52% 53
52%
61
"2*966
50
107%
62
500
120
106*4 106*4
22
108
No par
Class B
Kan
2*600
107
21%
Hollander & Sons (A)
Kansas
19
5,900
45
62*?
20*2
22%
107
No par
preferred.-.No par
Kalamazoo
43
107*2 10734
107
470
13,700
3,860
52
45
23%
33%
26%
19*2
634
46
*36
120
18%
*41
34%
59%
52
9534
29*4
27
preferred.—-No par
conv
2,000
6%
59*2
6%
43%
63%
263s
127% 128
4834
*48%
56%
57*4
19%
35%
57%
6I84
~32f2
35
116
$5
Jollet & Chic RR 7% gtd—100
30*4 30%
30*2 £30%
30%
30%
*9934 100%
9984
9934
*9934100%
15
*13%
*13%
13%
13%
13%
*131
137% *131
137% *131
137*2
*48
49
48
48
£47*2 48
24
24
24
24%
24%
24%
28
26
26%
27%
*27%
27%
42
42
42
44%
44%
41%
19*8
19*2
19%
19%
19%
19%
17
17
17
1634
16%
16%
1634
17% *16%
1634
16%
17%
42
42%
4184
42%
40% 42
44
•
*20*4
22%
107
120
2,000
51
-2378
2034
22%
109
3,300
*145
35%
43
5*8
23
100
600
35
53
43
*112
23*2
3,500
20%
19%
*34
4484
*
*32*2
26*2
June 13
Conv
Holland Furnace
Preferred..
*117
19
43
Deo
Intertype Corp
22,500
4384
*51*4
120
*18%
*40%
3
3*8
3%
18*4
17*2
17*2
120
119% 119*2 *119
20
19
19%
19%
63
63
60%
6234
3*8
17%
121
80*4
10*8
28*2
107*4 10734
*165
172
19%
120
121*2 122
2034
*20*8
6234
79*2
978
172
"l8*2
1978
126% 127%
49%
49%
131
300
57*2
20%
6%
43
*
56*8
60%
*131
5034
22
19%
30%
30%
100*8 100*8
*9934 100*8
1534
1534
10178 10178
*131
20%
*107
36%
6%
30*2
23%
58
57*2
61
30*2
27%
♦111
22%
109
35*4
27%
21
22*4
35
*3434
2384
20%
20
303s
19*4
43
120
*111
........
*117
1834
27%
57%
19%
6
*117
35
*107
49%
42
27
59%
49%
18%
35
22%
126*2 127
42%
18%
*42
24*8
21*4
107
....
*145
Feb
210
30*4
♦145
*145
•
122
Jan 13
20
....
*142
Apr 17
80
105
30
30
30%
30*2 *29
30%
*12134
I2I84 12134 *12184
*12184
*12134
*12134
92
*90
90
90
£88
88
92
8934
92
*89*2
9134
8984
143
144
142
141
139
141
140% 141% 140% 141
141
141%
126
126*4 *125*2 126*4 126% 126% *125% 126%
126*4 126*4
*125*2 126*4
30
30
30
105
20
*19*4
2034
135
Industrial Rayon
Ingersoll Rand
5*8
*187
Aug 13
58% Sept 24
102
Sept 16
30% Jan 2
6,400
1434
38
126
cum
Indian Refining
14*4
4*4
190
100
No par
$7
2,700
*4*8
36
Oct
preferred
Hershey Chocolate
13%
12%
37%
38%
13434 136
4*4
190
90
11
5%
June
Mar
58
13%
June
162
71
30
118
141
Jan
127
Nov 17
100
5%
Jan
Jan 27
141
Oct
138
100
13
Nov
Jan 23
100
118
22
84
RR Sec ctfs series A
5*2
143s May
No par
Hudson &
*5*4
Deo
6
6*2
Hercules Powder
Howe Sound Co..
5*2
120
Jan
3,700
1,900
mmmmmm
Jan
15s Mar
11
2,400
1,100
85
Oct 14
25,400
7,500
6
41
4%
11,100
5
164
1034
2
Mar
Mar
8
25% Apr 30
5734
12,300
May 14
1 SOU July
Leased lines
1478
5
100
900
24%
4534
117
6% pref series A..
4*4
4*4
100
share
9
No par
100
15%
1434
4
25
Preferred
Houdallle-Hershey cl A .No par
9,000
66
1934
Aug 10
125s Aug 17
Hercules Motors
Holly Sugar Corp
7% preferred
Homestake Mining
76*2
*138
*138
Helrne (G W)
Highest
$ per share $ per
213s Jan
102
Hecker Prod Corp v 10.No par
Lowest
133
4% Apr 30
25
950
*70
*12
2
Hazel-Atlas Glass Co
500
13
$ per share
500
45
72
15
Hayes Body Corp
300
42
27%
$ per share
Par
15%
46
*70
15%
1234
1434
7,500
15,600
mmrnrn. m. mm
450
Year 1935
Highest
72
*44
72
134
13
13
1%
23%
42
46
*138
_
2
25%
450
4,500
590
40
15*4
12%
38%
39
13434
4*4
100
41%
114
2534
72
72%
15%
12%
39
15%
12%
38*4
1234
4*4
66%
56%
1534
1234
76
,
10%
47
1?
42
27%
57*2
4%
72*4
13
*41%
£27%
*4%
24%
120
121*2 121*2 £120
143s
1484
14*2
1478
5%
538
*53s
534
450
*400
40*4
114
*112%
10%
1%
2334
*138
2534
39%
56*2
15*2
*137*8
25%
10%
24%
13434 *134
41
58
24
*132*2 13434 *134
110
114
76
1934
65%
39
66
.*12*8
*70
110
-
40 84
114
69
12%
*45
*109
*109
77%
12l2
1%
160
300
*66*4
4%
2,900
1,100
68
*76
4*4
30
37
128
77%
67%
100
160
*65
28%
434
20,400
128
128
6534
66
65%
600
128
*112%
43
9,900
137%
39%
449
36%
Range for Previous
On Basis of 100--Share Lots
Lowest
Shares
$ per share
160
Range Since Jan. 1
cmnrk/^xr
OlUOK
Week
4
137
*42*2
2734
*75
38
iUKU
EXCHANGE
135% 135%
28*4
10%
2
36%
42
*112%
58*4
103s
58
no
160
160
vrvoxr
iNHiW
the
Friday
Dec
3
$ per shareI
67%
114%
2534
24%
39%
45«
1078
58*2
164
114
27%
39%
*112%
444
*160
67
4%
13*4
10%
58
*12
Dec
37
37
37*2
135% 136
136% 136%
128% 128*4 *128
130*2
10
4l2
2
*37
68
*112l2
450
450
1
Thursday
6%
6%
6%
105
104% *104
*108*2 110*8 *108*2 109*8
42
42%
4234
4284
114
114
114*8 114i2
27
27%
2778
28*2
40
38*4
3878
38*2
*112i2
Wednesday
6
6%
6%
6%
6%
6%
10434
104*4 104*4 *103
10434 *103
13
13*2
13%
13%
12%
13%
13%
12%
13%
13%
12734 12734 *124% 128
*124% 128
*124% 128
*125% 128
6*4
*104
*125
*128*4 129*2
Tuesday
STOCKS
\n?n7
for
Saturday
3585
151
Jan 30
51*2May 25
Oct 7
Oct 19
35
Feb 19
42
Jan 21
134*2 Nov 23
49*4
Oct 30
65% Nov 12
124
Deo
26*2 Nov
Apr 1149*8 Deo
4i2 June
108s Mar
15
Deo
23
Aug
34
64
Deo
Mar
1234 Mar
3778 Nov
113
Feb
1858 June
30*2
Apr
26
Sept
46
Feb
130
May
3084
57
Deo
Nov
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Range Since Jan. 1
STOCKS
Sales
On Basis of
NEW YORK STOCK
Saturday
Monday
Nov. 28
Nov
Tuesday
30
Dec
.
Wednesday
Thursday
Friday
the
Dec. 2
Dec. 3
Dec. 4
Week
$ per share
$ per share
$ per share
Shares
1
$ per share
$ per share
S per share
*1384
137g
1384
137g
1334
1384
135s
1378
*62
64
53 s4
5384
6884
5334
51
5212
5
6
2634
29l2
434
13i2
*52
1334
13i2
5234
13l2
1,600
53
800
584
2758
2914
2734
1612
4l2
2512
*15i8
67g
26lZ
16i2
17
*16
17
*15i8
17
15i8
297g
15i8
36
*33
36
♦33
36
*33
36
36
36
137g
1384
2214
147g
14
1458
4,600
2212
23
23
2414
4
4
4b
11
478
*33
22i2
14l2
14l2
233g
4i8
1038
1034
14
1438
14
2284
2234
4
4
22U
378
4ig
1078
1414
223s
1334
2212
4
37s
6
53g
lll2
*2i4
19
22
18
1834
17
1714
42 i8
4212
4384
45
42
44
4084
47g
4084
40i4
4lj
54l2
5484
2034
2134
40b
4i2
537g
2138
2178
8
8
5
478
27«
612
484
66
66
54
23
2l7g
234
5i2
5^4
5534
2258
ID4
214
2258
*52
55
25g
5
'
8l2
8i2
42
42
*161
163
2I84
8i2
4L78
8l2
41l2
8
884
8i2
42
884
.
41
163
41l2
*161
163
*161
2234
*161
417g
163
69
685g
6884
68
6884
6734
17b8
183s
16
183g
163s
165g
16i2
4612
4612
*68i2
46lg
*44
46
*44
*10912 110l2
3612
36l4
21
2l3g
10812
365g
*9988 101l2
*993g
*41
4312
*41
*2278
23
2278
4112
9212
13l2
£46b
18i2
41l2
9284
1378
4214
47U
4714
19ig
18b8
94
1418
47
4634
21
90
93
1378
1338
122
84
84
Ills
III4
97
98
98
*40
42
*41i2
64
63b
64l4
1214
1134
12
63l2
12
100
42
293g
28l2
2914
28l2
46l2
4512
4358
44b
44
4414
122
120
119
104
102
102
120
120
120
120
120
9
914
9*8
78
76
80i2
7812
138
3
3
*4i2
*2278
5
5
5
3i8
5i2
23ig
2234
23
718
27i2
714
283s
7b
278g
28
112
258
67«
2738
9984
57g
997g
99i2
6738
68
6684
4484
45
*68i2
70i2
lb
41i2
is4
2478
39
3938
36
417g
41
42
25
2438
247g
3838
99b
351/t
9912
35U
74
75
3758
*98i2
3434
74l2
3834
2434
3112
25lg
108
2H2
3138
217g
*31i2
36i4
32 lg
317g
353g
♦163i2 170
*143
12ig
*li2
*84
76
147
12i2
I84
78
76i4
*68
69
125
125
IH4
12i2
*56
*60
*108
III4
12l2
5938
62i2
40b
17b
£l3b
42
4034
17U
4034
40
40
175g
1734
17
17&8
13i2
13
13i2
133g
1334
33b
34
3318
33i2
3278
333g
32l2
161
160
36
147
*142
*142
123g
1178
1214
113s
117g
134
84
134
Hz
84
134
134
1®4
78
84
7538
755s
75U
6714
84
76
7484
70
*68
68i2
6812
125
*12312 125
11
IDs
125i2
11
11
123g
13
125s
1258
57ig
62l2
58
68
58i2
*60
62l2
28i4
27
28
28
79i2
x77
6284
*22
108
7?
74
4384
4484
4484
45b
4338
75i2
44.5g
4412
84
8434
84
8484
1234
15
134
...
31*8 '~4
10b
514
146
12i8
45i2
4514
15g
150
2784
30U
125
105g
1214
67i2
*60
*108
*22
293g
7S
76
67
1058
1234
1212
*22
30i2
"4*
Dec
80l2
4,300
No par
57U Jan 17
Minn St Paul & S S Marie.100
13s July 14
2i2 Aug
234 Jan
Hz
1,200
334
900
5b
2284
520
3,100
9,500
714
28
Mo-Kan-Texas RR
7b
19,500
6,200
Mohawk
98
6584
2,100
Monsanto Chemical Co
49,400
5
1
11
96l2
96U
3514
745g
9684
190
No par
70
May
36i4
3,200
21
Jan
75
1,800
745g
*106
19
10
18l2
*58
60
14,500
187g
Nashv Chat & St Louis...100
20i2May
National
Nat Aviation Corp
325g
3218
*15912 16034
14,900
National
12i2 Apr 30
9i2 Apr 30
2834 Oct 6
30
60
5,600
29,200
500
9,800
200
50
146
lll2
*112
1134
21,300
H8
700
*84
7714
68
1,100
78
68
78
15,300
900
125
2,400
*12512 126
11
105g
1212
1258
127g
57
31
200
10
2734
64,400
3238
1134
47g
6
618
1238
10,530
26
13,000
134
135
136
50
*120
160
*120
160
65g
5
3,100
134
5b
5
1334
5U
_
53s
1438
514
»
-
-
-
.
12,000
158
_
..
-
m
—
-
a»
38,500
51,100
2,500
478
1278
1212
1314
1258
13
127g
1234
137g
*70
79
79
81
78
78
*78
82
8184
82
*80
83
130
*98
101S4
*98
100
*95
100
*99
100
99
99
99
99
60
108lz 109
160
45g
1212
*106i2 108i2
*li2
178
434
478
10812 108i2
l7s
*112
108l2 109
178
*112
*284
28312 283l2
285
285
11012 H0i2
110
110i2 *110
32
3334
337g
3?
56i2
113s
6484
11
•102
102i2
10212
*100i2
275g
26i4
53
53
33ig
*547«
*11012
2658
*52b
384
378
1034
334
2914
30
30
148s
145g
143g
45
45b
45
For footnotes
2867g
111
33ig
55
5412
5412
IO84
lll2
102i2 *102l4 103
104
*10012 104
27
2578
265g
54
53
*5312
384
378
358
32
3178
317g
1434
1458
14i4
III4
45U
see
page
45
3580.
453.i
47g
123g
108i2 108i2
*ll2
178
28312
280
*110
31b8
112
325g
5412 5412
12is
llig
102&8 102&S
102
2534
*5312
33s
*30
47g
108
47S
108
Hz
Hz
280i2 280l2
*110
£3138
5484
12
103
112
47g
13
5
1334
4,900
15,700
267g
54
14U
14^s
I43g
145g
443)
443.4
44
45
100
26,600
20
5i600
35g
384
*2612
313s
150
I4i2
15i2
90,300
*44
44i2
i,200
28b July
11284 Mar
7
2
112
4
June
24b Nov 18
6
Oct 29
168
Mar 17
13784 Jan 21
147
N0V161
-No par
9&8May 11
78 Jan 8
i2 Jan 10
57U Apr 29
National Steel Corp
National Supply of Del
25
25
Preferred
100
Bros
Newberry Co (J J)
5% pref series A
t New Orl Tex & Mex
No
par
100
100
1978
Jan
2
74i8 Jan 6
77n July 10
lO^June 18
3234 Apr 29
41
Apr 15
1478 Feb 17
3
Feb 11
H2 Feb 11
78
Feb
Apr
Mar
Mar
Mar
108
Sept
xl06
Sept
li2 Mar
7
9
Mar
6
36
Mar
7738 Aug
12b Nov 10
13b Jan 24
60
Nov 24
64b Nov
9
7
110
Apr 14
12U Mar
36i2 Jan
2
95
15
Nov 30
1734
3i8 July 7
lOUMay 16
50
119
50
125
No par
1
N Y Laoka & Western
100
90
t N Y N H & Hartford
Conv preferred
100
Jan
No par
Corp part stk..l
preferred
100
N Y Steam $6 pref
No par
7%
$7 1st preferred
No par
Preferred
North Amer Aviation
No par
50
1
No Amer Edison pref.-No par
North Central
60
138
Northern Pacific.
Northwestern
100
Jan
2
July
9
2i2 Jan 7
9i2 Apr 27
May 21
Mar 17
93i2 Apr 23
H8 Aug 27
Jan
2
May 12
2318 Apr 30
5284 Feb 6
6^8 Jan
98
4
29b Nov 30
Jan 20
Jan 10
57
83
82
150
Api 24
738 Apr 28
4
323s Dec
6
3
N Y Railways pref
1158
Jan
13i8
Deo
Oct
4134
6D4
Dec
lli2
1078
Dec
Dec
Nov 23
43
x8U Mar
7b Jan
2H4 June
4312 Jan
Oct 5
Sept 29
N Y Shipbldg
112 Nov
84 Nov
75i2Nov
127i2 Nov
6318
100
Jan
8334 Nov
2078 Aug
2
N Y Ontario & Western._. 100
45S
4
Jan
10% non-cum pref
t N Y Investors Inc
Dec
23i2 Dec
2218 Dec
113U Nov
108
Aug
140i2 July
143s Aug
Nov 17
100
3638 Nov
158i8
1621s May
4958 Oct 13
...100
213s Nov
47i2 Oct
19i2 Jan
27i2 Jan
1458 Dec
1414 Dec
Jan
2
Preferred
26i2 Deo
12158 Jan
478 Mar
i2 July
b Mar
4038 Mar
2734 Jan
New York Dock
Deo
I684 Nov
150
No par
N Y & Harlem
1538
81s4 Nov
34i2 Nov
No par
100
Feb
32i2 July
New York Central
Preferred series A
66
65i2 May
li8 May
3318 Dec
May
N Y Air Brake
N Y Chio & St Louis Co... 100
943s Nov
4078 Dec
23 b May
35s July
43s Mar
18i2 Mar
1
Dec
Nov
21
4
9
Apr 30
32i2 Jan 8
Newport Industries
Jan
4i2
Dec
104i2 Apr
10U Feb
105
103
July 31
3258 Nov 30
155
100
26
164
100
Adjust 4% pref
North American Co
54
Mar
9
B
210
103
Mar
Preferred
Nat Rysof Mex lot 4% pf.100
2d preferred
100
Sept
13b Mar
4i2
684
22b
14H2
13i2
1278
10
.
7i8 Mar
9i2 Aug
62
14
100
National Power & Lt.
Dec
b Apr
31«4 Dec
4712 Oct 22
183s Oct 7
A
263sJune 30
60
Jan
Preferred
112
54
5
Feb
Apr
National Lead
*110
2634
Oct
55
2184 Mar
4178 Dec
434 Mar
3884 Jan
63s Nov
I6I4 Deo
3
11
9
July
23
30
153j} Mar
4
July
62i2Nov
37?8 Apr 14
36i2 Nov 30
Apr 28
1
2178 Feb 19
28
Nat Enam & Stamplng.No par
210
800
Oct 19
79i2 Aug
106i2 Dec
2284 Mar
333s Mar
100
50,500
Nov 18
3934 Nov 18
255$ June 11
100
5434
Feb 25
No par
Nat Distil Prod
10
t Norfolk Southern
12lg
13i8 195,700
400
*10234 103
7
10714 Nov 27
Norfolk & Western
3184
*10214 10312
2578
2658
54
*5314
3«4
334
3l2
30
30
3H2
10734
200
31
6
7% pref class B
100
t Nat Depart Stores...No par
1,000
l7s
5434
102
100
9
Apr 30
Apr 30
21
284
178
55
103
7% pref class A
-
284
3178
1234
No par
No par
11
15g
Nat Dairy Prod
Jan
21
No par
Neisner
110
153
100
cum pref
Nat Cash Register
7%
1,000
13
*96
10
Biscuit
Natomas Co
3,800
11
1
_
Aug 12
15
No par
No par
No par
8212
25U
Acme
National Tea Co
6134
.
*22
No par
4,000
57
*60
*108
Nash Motors Co
2,100
105g
5~l2
Jan
16,300
*143
1434
Apr 30
43
10,900
82
518
-
153s
82
5
14
4
17i2
8134
14
4478May
102i8 July
5%
40
8414
5U
14&8
No par
No par
preferred
100
Murray Corp of America.. 100
Myers F & E Bros
No par
Munslngwear Ino
Murphy Co (G C)
167g
19,100
Mar
Nov 28
Mar
li2 Mar
1034 Mar
7
10H2 Nov 23
36b Dec 4
1458
8212
418
117S
Preferred
40
17,700
Feb
43J2 Oct 19
100
310
Dec
27
2
24,100
160
1734
2i2 July
678 May
Oct 16
15i8 Jan
17
,
1038 Apr
Feb 21
2838 Apr 30
60
4178
Apr 14
2i8 Nov 30
Apr 30
Dec
Dec
Motor Products Corp. .No par
Mfg Co claSB B
Nov
25a
4i2
60!2 Jan
84 Jan
1634
17
71
68
lb Mar
Mother Lode Coalition.No par
6
Apr
8
6934 Feb
50
Mar
34
Feb
784 Feb 11
2812Nov 19
103
31
1
68
No par
Nov
XIID4 June
378 Mar
75s Nov
7
42
Motor Wheel
3578
1
Feb
85
Feb 10
3584 Jan
Mullins
8484
4i8
May 19
4
Dec
Mont Ward & Co Inc..No par
2,800
3,200
1158
434
79
10
8H2
234
5U
6i2
26i8
9*8
3338
Morrel (J) & Co
Morris & Essex
4,900
43
434
_
1978 Aug 24
3738
4H2
378
100
100
20
t Missouri Pacific
Conv preferred
Carpet Mills
243g
417g
103g
1634June 10
5i2 Jan 6
14i2 Jan
2
Sept 15
378 Jan
No
3b
417g
434
par
No par
100
Preferred series A
2778
9812
66I4
7
1238 Mar 23
6i2 Jan
100
100
13,700
4,100
43
103g
Preferred
7%
preferred
4% leased line ctfs.
Mission Corp
45
434
Oc%
20i2 Dec
2478 Sept
116i8 Oct
40,900
58,300
IOI4
Dec
912
37
134
684
Nov
74i2
Hz
9i2 Mar
8b Mar
6018 Mar
425g
85
2418
*96
5
2084 Mar
22
Apr
24i8 Jan
2i2 Mar
150
Feb 21
37
123g
6514 Nov
83s Nov
6OS4 Oct
33i2 Deo
Jan
8% cum 1st pref
Milw El Ry & Lt 6 %
2438
26
Mar
Jan
44
1H2
2314
97l2
Jan
3
Nov
7412
514
3078Nov
150
3H2
Dec
97i2 Dec
68
43
1*4
ZI714 Apr 30
2158 Jan
I84 196,000
405s
5,800
6H4
Dec
105
76
1&8
1378 Nov
68
2734
Dec
1434
Nov 10
4384
*96
3
n2
3934
110
Jan
1155s
Nov 12
74
1034
384
*60
*108
Dec
Dec
1538
126
4234
134
534 Jan
68
58
1034
40
112
75
I84
6
I78
40b
78
Dec
Dec
Nov
106UJune 19
44
*96
Nov 17
68l2
I84
11
1934
45'8 Sept
131
6% pref series A.
No par
Minn Moline Pow Impl No par
30
10U
(j
Oct 19
65
10
35i2 June
290
50
83
17S
1®4
45
6
400
146
IOI84 Dec
9
No par
Oct
41
Oct
4058 Jan
Miami Copper
7334
4212
41l2
29b
22'8
2412
2534
2284 24
134
132
*131
132
13378 *132
160
*120
*120
160
160
*120
*96
*57
May 13
Nov 30
3H2 Jan
7,100
Mar
7b Mar
3384 Nov
90b1i Jan
578 May
38i2 Dec
8i2 Apr
85i2 Mar
113s Oct 17
—5
45
773g
6734
125
2784
31&S
91
*44
7538
105g
6234
122
Dec
30
June
11934
3
997g
66ia
115g
68
110
1
678May 22
preferred
103
Apr
27l2
45
33
Apr 23
243s Nov 28
6514 Jan 31
Mesta Machine Co
Oot
Jan
Nov
Mar
27
28
1H2
*H2
*84
126
57l2
7%
108
Merch & Min Trans Co.No par
3,300
55
88
146
31
108
160
10
1
2
x95
54
Jan
110
146
*10714
2118
2712
*77i2
4458
44i2
*120
1,080
Dec
1234 Jan
118i2 Jan
1484 Nov 18
1
100
Mengel Co (The)
Jan
32i8
84i2
265
165U
2214
317g
2112
31lg
3214
Jan 31
493$ Jan 24
No par
$6 pref series A
Melville Shoe
33
100
pref..100
3538
36l2
*163i2 170
108
108
2412
*109i2
28
1212
120
1,400
13,700
x95
100
No par
No par
5784 Nov
20
Nov 18
213s Nov 18
6% oonv preferred
Mead Corp
Dec
Nov
Minn-Honeywell Regu.No par
32bs
25
46
24
49b Nov 17
10
11
3378 Nov
156
Jan
5i2
28
3
18,500
Deo
I
Oct
6
Aug
85s Apr 30
1
Dec
45U Dec
1414 Nov
500
7
714
2734
33g
714
161
315g
110
2734
22
15
Deo
Deo
119
79
175g
37
June 16
40i2Nov
No par
$3 oonv preferred
Stores....
McLellan
3578 Mar
10
2384
378
23i2Nov 12
101
lli2 Apr 29
1,300
11,400
104
32i4
325g
31b
245g
9
June 19
3734 Jan
14,500
161
161
*15912 161
31
325g
3034
3134
313g
3034
3H4
247g
2412 24?g
24&8
2414
2412 2478
*10912 110
110
*109l2 110
109l2 109i2
108
108
108
108
108
*107l2 108
2038
217g
21b
203s
2034
20i2 2034
31
3038
31
31l4
3058
31l4
30l2
33 J8
33i2
33i8
*30l2 33
*30l2 3258
36i2
3534 36l2 £3514
35i2
35l2
35U
170
168
168
165U *165
*16534 170
*22
IOS4
40
24
24l4 247g
3634 375g
363g
96i2 97l2
96i2
3478 3514
35U
74i2 74I2 *7312
106l2 10612 *106
195g £1858
19ig
*58
*58i2 60
167g
*38i4
17i8
1334
2884
27
£l58
17ig
*22
*13084 134
*68
1678
*108
110
7012
17l2
•IO8I4 IH84 *10814 no
108
45
Feb 24
2i4May
92
Feb 28
Jan
Sept
103i2 103l2
104
11914
93g
958
4434
2
Jan
55
June
2384 Mar
1114 Deo
3734 Dec
214 May
10
May
1214 Deo
6618 Oct
485s Sept 10
13D2Mar 30
109
Sept 16
122U *120
119
6684
50i2 Apr
110i2 Oct 30
85
Mid-Continent Petrol
658
27i2
9834
6478
Nov 20
McKeesport Tin Plate-No par
McKesson & Robbins
5
Midland Steel Prod
684
Nov 18
1,800
7,100
22
70
7
6
2,900
26i4
314
4
136
16
2912
73g
5
Mar
21i2 Feb 28
29
6
4314
122i2
28is
3l2
734
12
634 Mar
423s Nov 17
Aug 17
16 H2
38*8 Oct
90
Oct
25'8Nov 19
McGraw-Hill Pub Co. .No par
285g
Nz
584 Dec
Mclntyre Porcupine Mines. .5
4238
78
334 Mar
2,600
283g
62
160
preferred
437g
*120
Nov 30
13i2 Apr 30
46
Sept 3
No par
4278
20
18
Stores—10
McGraw Eleo Co
45
16,200
23
4058
89
•»
"900
43b
23
40l2
91
—
2i2
Mar
6i2 Apr 28
27i2 Apr 27
15378 Jan 17
43i4May 4
100
28
17
4012
31ig
91
*4212
1,200
38 June
Nov 30
20
103
12,400
5b Apr
7
3i8 Mar 19
23
5612 Nov 23
No par
McCall Corp
No par
McCrory Stores Corp new—1
6% conv preferred
100
Prior
Feb
5
May
44
"90
1234 Aug
Jan
Jan
Mar
No par
108l2 108l2
*36i8 36i2
20i2 2078
*99ig 101l2
1
Dec
Nov
5i2
1858
78
Ills Jan 22
Martin-Parry Corp
No par
Mathieson Alkali Wks.No par
May Department
6
5
1
41
No par
Marshall Field & Co...No par
Marlin-Rockwell
Preferred
Nov
4
ex-warr'ts. No par
19i2
I7S4
143g
337g
preferred
preferred
Preferred
*58i2
17b
4012
20
19l2
*58
19i2 Nov
3
May
978 Dec
178 Dec
Preferied
175g
175g
*15812 160
7434
Feb
500
5U
215g
405g
Mar
1
46
6
2
30
10
4612
*658
99
13b Mar
4
634 Mar 17
*44l2
6
28U
3
24b Dec
*46
*3
3
2314 Feb
Maytag Co
Hz
2212
29
7,100
4
634
57U Jan 10
Apr
Apr
"3",200
*3
2H2
3
16b
15g
27
2d
2,200
Jan
9
17i2May 4
214 Jan 3
8i2 Apr 30
li8 Jan 7
6i2 July 27
I834 Jan 10
2*4 July 7
100
100
2,400
4
18
6712
9l2
78
Prior
1,730
217g
8U
30i2Nov 24
June 30
32i2May 27
1334 Dec 2
100
1,200
18,600
2
2
I6I4
59i2
20b
593g
17*2
34
35
*106
693g
1434
99
119
l&s Jan
714 Jan
67
4
I84
40
41b
121
Preferred
1,000
55
1478 Oct 28
I6I4
46i2
Nz
*6884
2434
3838
178
28l2
4378
Market Street Ry
share
per
57
7
(Del).f
100
Marine Midland Corp
Highest
share $
per
6
67l2
3i2
5i2
78
6
2
67i8
2514
*106
43
9ig
7834
Hz
69
9978
69
2i8
9i8
45
4134
3518
7434
119
584
2734
9834
645g
*4378
70l2
*106
1934
278
57g
277g
*68b
l7fi
*9912 100
*71
7i8
28
*99i2
6534
*4414
68
45
2234
684
27i8
234
55«
27i2
28
*4438
.
x22
2S4
584
27b
99i2
53s
7U
234
578
2738
258
121
8H2
138
3
*188
*27g
li2
3
*13s
27,800
1,400
2,000
$
share
2
£16
*102l2 104
*102l2 104
10312 103l2 103i2 103i2
984
87g
8i2
75
120
103
120
108
*102
103
104
120
*102l2 104
122
104
*101
2784
43U
Bros
per
85g Jan
100
No par
Preferred
IH8
27g
2212
135g
29
t Manati Sugar
Mandel
$
34i2 Jan
Maracaibo Oil Exploration.. 1
534
Year 1935
Lowest
Highest
$ per share
o.No par
10
100
2,700
20
29
Magma Copper
Par
;•
6,700
13U
13l2
13i8
I3I4
13ig
133g
46i2
4638
4612 46l2
46i2 467g
19.
185g
19l4
18&8
187g
1834
108
108
*103l2 107
*103l2 107
*103i2 107 4
23
24b
2318
2284
23l2 24
2384 2414
x95
96
*96
*95
100
100
9714
9734
86
87
87
86i2
8484
*85i2
87l2 8712
III4
10U
10i2
05g
1058
1034
1078
113g
95
98
99
9912
9612
99i2
96i2
10134
44
*42
43
43
43
*41
*4134
43
63
63
62
6384
63l4
62t4
62l2
6212
12
1134
11U
1168
III4
1134
113g
IH2
8484
118g
IDs
Madison Sq Gard v t
1.
412
46l2
19U
122
122
*8312
5434
46
91
.
t Manhattan Ry 7% guar.100
Modified 5% guar
100
Manhattan Shirt
25
40
tr405s 405s
40l2
*15914 163
*15914 163
46
90
9214
46U
46l2
197g
*103i2 107
*103b 107
23
2334
2438
2338
*120
012
46
40
.
66
69
*44
4634
46
33
434
*5414
2112
8I4
*46i8
*44i2 46
*108i2 110i2 *108l2 110l2 *108i2 11012
110
37
37
3658
3612 365g
36U
£3618
20
20
21i2
205g
20U 2I84
2012
♦993s 10H2 *99i8 101l2
10112 *99
10H2
43
43U
42l8
42i4
4214
4214 4214
23
23
23
23
2278
227g
2234
42
4084 415g
41l2 4184
4084 41
*44
46
200
,
43g
107g
25g
175g
III4
25g
23
25g
4,290
•
41
1078
*214
18
1058
16,400
16
33
18
234
57g
287g
27
♦15U
1788
234
1078
53s
27
Range for Previous
100-Share Lots
Lowest
•
5278
5, 1936
EXCHANGE
25
484
Dec.
New York Stock Record—Continued—Page 7
3586
6
Oct
5
Sept 14
2U Feb 5
99b Sept
558 Feb
1434 Dec
5
6
3
7i2 Feb 24
19
No pur
1218 Aug 25
Oliver Farm Eu new
No par
2*i8
2
Jan
6
Aug 28
Jau
6
114b Mar
14 May
96
Nov
278 Oct
6&8 Oct
2&8 Mar
l8 Mar
6b Mar
June
115
Oct
2
3512 July 27
59
6U
1678
139
Dec
Dec
June
114U Mar
II4 Dec
99
8i2
May
Jan
1658 Aug
6i2 Nov
384
Dec
16i8
Jan
87
Jan
92i2 July
10218 Dec
79
May
84 Aug
158
Mar
218
Deo
99
Jan
108
June
Mar
28
Nov
35i2 Mar
55
9
2i2
Deo
June
9
I3i8 Dec
4
2
Mar
57
Jan
102
Nov
Aug
103
Norwalk Tire & Rubb. .No par
Preferred
60
Mar
69
7
Ohio oil Co
Mar
Nov 16
97i2 Apr
2378 July
7
Mar
4
104
106b July 21
Aug 18
2
112
Oct
2
50
Deo
Deo
51
f9b Aug 14
278 Jan 12
Dec
19
39
Sept 16
310i2 Oct 30
2934
978 Mar
53s Feb 24
155s Mar 13
36i2 Nov
Mar
99
Jan
'Telegraph...50
6
Nov
4
73s
Deo
Dec
86b Mar
99
3634 Feb 20
13b Mar
57
3578
2514 Dec
52i2 Dec
2U Jan
32i2 Jan
1414 Dec
2714 L>eo
Mar 24
4i2Mar
32
6
Nov 30
17i2 Jan 15
64*>8iViay
6
Jan
lis July
x20
Mar
914 Mar
16b
Oct
ar
Volume
LOW AND
New York Stock
143
SALE PRICES—PER
HIGH
Record—Continued—Page
Sales
SHARE, NOT PER CENT
NEW YORK
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 28
Nov. 30
Dec. l
Dec. 2
Dec. 3
$ per share
$ per share
$ per share
$
share
per
Friday
the
Dec. 4
$ per share
Shares
20%
20%
1934 20i2
19i2
2014
1914
1978
19i8
1934
19i8
1934
11012 ♦107
110i2 *107
11458 *107
110i2 *107
110i2 *107
110i2
19
1838
1834
18
18
18i2
18i2
1714
1778
17l2
1778
36
36
36
36is
36i8
36V
35i2
3638
3584
36
3534
36
♦129
130
130
130
*13014 131
131
131
*130i4 131
*130l4 131
16
1012
1678
16i2
1534
1612
155s
16t2
1578
1718
1612
17l8
115
116
116
♦11512 116
117is
119
120
116i2 116i2
117i2 118
♦6218 74
*63
71
*6018
74
*65
70
*65
*65
70
70
♦11412
*11412
*114i2
161
157i2 160
2034 213s
10i4
10%
16234
20l2 2078
*114*2
160
157
25
29
22lz
3634
22
3634
25
3714
383j
24iz
36i2
50
2214
36%
38is
485S
37
37
37l2
lOSg
25
22
a
24l2
21U
25
16012
20i2 2078
1034
12
10,500
37%
20U
12U
2834
---
30
31
25
2658
49
38i4
37
36i2
3812
4812
3714
150i4
38
4978
3734
4912
3612
♦149
149
149
149
149
149
*148
♦150
152
150
150i2
14912 149l2 *150
151
150
183s
18l2
18
lll2
11S4
1312
27s
1312
1U2
1312
62
0234
*75
3
3
34
77
37s
64
41i4
812
15i2
35s
*98
67l2
203s
8I4
8%
16*2
3%
3%
6214
62%
IIO84 111%
434
5%
734
8%
72
6914
*62i2
41
415s
4134
63
6
51
52i2
434
434
3978
39%
39i2
107
108
108
85
*84
♦2412
15i8
26%
15i2
ll&s
5£84
6314
10012
1134
5534
5412
5278
87
4658
10l2
74i2
45l8
1012
46%
74
7678
123s
941
278
2412
14%
11%
~12%
9512
1878
»18i4
1178
98l2
19
1878
12i8
*95
76 84
8
~7~7
8U
37
46
46
*49i4
50
♦45i4
46'4
13i4
13i2
*89
*234
•22
21s4
2278
8634
*100
*18712
96
27s
64i2
3
3*8
24
25
251?
3i2
108
100
7
15%
7514
14l2
7634
14X2
8734
*86
*54
15
°*63
7%
2%
10%
24i8
2334
6512 65%
52i2 5334
117V 117%
50%
49i8
77
76i2
734
8is
36i2
*44l2
*4914
36i2
2%
20
*20%
24%
4478
7638
77%
37%
44%
8
700
300
5,030
7,230
300
23.200
2,200
77
77%
78
78
78
330
120
87%
12%
2%
29%
12%
12%
13l2
3,400
2%
*29%
2%
2%
2x2
31,400
2934
2912
2934
1,700
58
*50
57
15%
*187
"l2%
22%
25X2
2%
20%
*20
21,700
2,500
12,400
734
2%
24%
23%
23%
24
23%
64
65%
65
52%
9,900
106
340
34%
280
2%
21%
4,600
36,300
24%
7%
2%
10%
23%
24%
24
100
22I2
28%
7%
2%
12%
24%
24%
7%
2l2
13%
65X2
53%
117%
49
27%
17%
111
99
900
1,900
34,200
27,400
2,700
65i2 65%
53%
53%
116% 117%
4834
4938
10634 *104i2 106i2
121% *118% 122%
138
*136% 138
15284
152% 152%
114
113% 113%
63i2
17,200
62%
6334
1734
19
3,300
5,900
200
25,700
600
24,900
48,600
220
109% 109%
99
99
1,100
18%
18%
9,800
18%
18%
200
12
11%
*95
75%
76%
7%
734
37%
3 684
834
37i2
11% 128,800
__
_
77
3~300
76%
8%
36%
8%
56,900
36%
4,200
*44
45
44
44
500
50
50
50
100
47
*49%
47
*45
47
*45
47
*45
1358
14i4
1334
92
93
93
96
27s
24i2
2134
284
2%
24i2
2I84
24i2
2214
23V
2338
87
98
27
115
3358
5978
64l2
2258
85
*107
110
5
5i8
2412
2512
*105
5
245s
4634
*45
46%
200
1434
98i2
3k
13*2
14
1334
1334
13%
2,800
95i2
97
9534
95%
370
26
31
31
23
21
2178
2234
87%
95%
35S
*25%
20%
22%
*1234
9434
3%
23
87l4
108
514
2538
22%
*85%
108
5
12284 123
123
12384
24%
12284
IOO78 10 n2
30
,30U
101
101i2
1013s
29i8
62i2
30
30l4
*61
63
63
63
129
130
130
130
*95
98
265s
*110
2714
115
*95
2714
*110
z33%
59i8
6934
*60
67
*60
3384
3314
6914
98
2814
115
3384
130
*95U
27l2
*110
33
58%
67
*60
108
6i8
263s
1233s
10138
30
63
130
98
28*4
115
3384
59%
67
*9i2
11
10%
10l8
*10i4
11
*934
11
271s
27's
27i2
27%
27
27
27
27
For footnotes
see
page
3580.
No par
2.50
Parmelee Transporta'n.JV® par
Pathe Film Corp
No
par
*85%
*106
5
25%
334
31%
21%
2234
87
110
5%
27%
122% 12434
10034 10034
29%
*62i2
2126
*95%
27%
3012
63%
126
96
2784
*110
115
33
33
59
*60
*9%
*26
67
Apr 28
7% Aug 22
59
59%
67
11
27%
*26
2034
22i2
8534
*106
5%
3%
11,800
311?
21%
2234
400
3,700
17,000
8534
800
110
5%
40
28,100
26%
2734 186,800
120X2 12234
4,500
100% 102%
1,100
2934 30%
8.400
900
*62% 631?
126
*951^
27X2
*110
3234
59
*60
127
640
96
2734
3,900
115
3234
591s
2,600
9,500
67
100
10
10
2u0
*25
27
600
June
3
8% Aug 19
17% Jan 13
234 July
40a4May 4
23
Apr 28
4% Jan 2
6% June 20
Patino Mines &
EnterprNo Par
Peerless Corp
3
10%May 20
Penick & Ford
No par
60
Aug 17
No par
69
Penn-Dixle
<
Corp
10
Cement
No par
Preferred series A
100
Penn G1 Sand
Corp
v t c No par
Pennsylvania
Peoples Drug Stores...No
50
1% Jan
2
4
Dec
July 16
18% Nov
13% Oct
20% Jan
4% Apr
74% Apr
97% Feb
22% Nov
16334 Nov
20% Nov
35% Nov
10
7
9
6
129
Nov
10
4
Dec
Mar
56
June
21
Jan
70
Jan
123
Dec
111%
Jan
142i2 Dec
684 July
3x2 Mar
10s4 Jan
% June
67
17
16
5% Jan 23
31% Deo
19
17
Nov
9% Aug
11
May
214 Mar
Nov
14
Deo
7i2
Oco
21
Dec
1% Dec
20
Nov
80%
Dec
12
Sept
IOI84 Sept
14i4 Sept
21% Nov
6
Apr
438
8%
Deo
47% Mar 10
32% Nov 5
10
Apr
11% Apr 2
17% Nov 7
3% Nov 27
73
Feb 21
112% Nov 30
6% Jan 28
74
17
84 Apr
4% Oct
8% Feb
84 July
64i2
Feb
5714 Apr
214 Mar
Dec
15
May
134 Nov
81
July
8434 Sept
6i2 Aug
2734 July 17
June 30
28% Apr 29
30
110
People's G L & C (Chic)... 100
38
4
Feb 19
Mar
10% Mar 24
45
Oct 19
59% Nov 12
11684 June
Apr 27
Jan
2
58
Oct 24
7% Feb 19
46% Aug 10
100
100
56
Jan
6
89
No par
16
Jan 13
31
Nov
18
Feb
112
Nov 18
Oct 16
3
Mar
18
Dec
25% Apr 28
64% Jan
Preferred
13*8 Mar
5% Dec
12
6i2 Mai
71*8 Dec
8
Aug
Mar 13
par
.
Mar
13
17
3%June23
4% Jan 2
2834 Jan 2
100
Preferred
Mar
17% Mar
30
Feb
108% Oct
1734 Mar
2% Feb
5i2 Aug
3084 Nov
32i2 Deo
39% Apr
11034 Mar
43X2 Aug
4
Nov
9% Mar
16*2 Mar
34I2 Nov
6434 Deo
13
54
Mar
13%
Oct
Deo
19% May
Petroleum Corp of Am
5
Pfeiffer Brewing Co
No par
Phelps-Dodge Corp
25
25% Jan
5534 Nov 28
1234 Mar
Philadelphia Co 6% pref...50
45% Jan
54% Aug 19
23
No par
81% Jan
102% Oct 19
60
3% Jan
12
Mar 13
1% July
50
8% Jan
1% July
16% Mar 13
3% July
3% Jan 13
1®4 Mar
4%
Jan
35X4
5i2
53X2
1334
Mar
*68%
Dec
Mar
1434
Dec
Apr
85
Deo
Mar
40
Dec
3
Mar
50
July
10% Dec
78i2 Nov
*6
preferred
t Phila Rapid Tran Co
7% preferred
No par
Morris & Co Ltd
10
Phoenix
No par
...100
No par
Hosiery
5
Preferred
...100
Pierce Oil Corp pref
Pierce Petroleum
12%June
10%June30
66
Preferred
100
25
Preferred
100
Mar 13
734 Apr 29
No par
Pressed Steel Car Co Inc
5%
conv 1st
pref
1
-..5
5% coav 2d pref
preferred
50
Jan
7%June 8
35% Apr 28
176
Feb
Jan
14
June 20
2% Oct 30
Jan
1% Apr 24
12
6
May 18
Jan
4% Jan
preferred
preferred
100
100
100
Pub Ser El & Gas pf 35-No par
Pullman Inc
No par
Pure Oil (The)
7
36% Jan
2
Raybestos Manhattan.No
Aug 21
May
1
91%May 4
9%May 9
16% Oct 2
934May 12
83% Jan 2
68% Apr 28
5
Jan
65% Aug
7
Mar
Feb
172
5i2 Mar
22% Mar
Nov
Nov
1
Mar
Dec
6*2 Mar
13
26% Mar
28% Dec
6i8 Mar
1284 Nov
5% Nov
13% Dec
24% Dec
1% Mar
*4 Feb
4% June
70% Nov
50% Nov 30
113
July 16
July 14
130
144% July 14
July 14
Oct
8
24% Mar 20
13384 Apr 17
117% Mar 27
20% Nov 16
1914
Jan
Jan
20% Mai
62%
73
Feb
Mar
85X8 Mar
29X2
Oct
5% Mar
14% Jan 17
108i2June 18
4
Oct
Mar
13%
Dec
35% Mar
92
Dec
10% Nov 17
1*4 Mar
6
Oct
80
July 15
36
33
Preferred
100
5H% preferred
Reynolds Metals Co
100
No par
5H% conv pref
100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
1
99% Sept 2
4% July 8
16% Apr 30
77
May 4
78%May 4
Apr 20
90
3
Oct
Mar
18
Nov
7
June
24% Nov 17
25
Nov 18
90% Nov
114
8% Mar 25
2784 Dec 4
12434 Dec
3
104% Oct 1
30% Nov 28
63
9734 Nov 24
98
22%May 25
Apr 25
25
July 3
117
34
Nov 28
Oct
2
2084
Dec
7
Apr 15
1
98i2 June
2% Mar
9
Mar
110
5% Dec
20»4 Nov
28% Mar
97
78%
5i2
13
75
Mar
Nov
Oct
95i2 Nov
Apr
16
Apr
Apr
115
Nov
32
Dec
113%
Dec
Dec
37% Nov
Nov 23
Feb
5
Jan 13
"l7%
101
Apr
June
30% Nov 18
35
No par
Nov
Mar
8
19% Feb
Mfg
72
1
2
Ritter
Dental
Aug
2
138
50
Dec
11
Dec
Rhine Westphalia El & Pow__
10
38
Dec
60% Nov 17
65% Feb 10
13% Jan 9
A
3i8 Apr
20i8 Apr
4
Apr 29
58% Sept 16
834 Nov 23
Class
Apr
Apr
30% Deo
43% Jan
43i8 Nov
31
9
105
Dec
1634 Jan 30
98% Dec 1
Apr 28
24%June
Dec
1734
2
9% Jan 2
65% Oct 13
1% Apr 28
12%May 7
16
Aug 21
17% Aug 21
10
Dec
Feb
3
10
Jan
17
103
June
884
Nov 30
Class A
52%
65
47
par
Dec
Oct 27
50
100
conv
ser A. 100
Revere Copper & Brass
5
Dec
119% Dec
7
preferred
prior pref
132
49% Mar
4
conv
117
Deo
Jan
6%
6%
104ia Deo
July
Jan
Republic Steel Corp—No
Nov
4684 Nov
113
39
5
5384 July
121
Jan
37
Reo Motor Car
Jan
148
50
Dec
2i8 Nov
16%
Mar
50
85
Dec
100
2d preferred
1
2% Aug
99
Apr
65%
42%
115
16*2 Mar
29% Mar
100
3i2 Sept
9
54% Nov 13
1221? Feb 26
3
Preferred with warrants..25
2% Nov
16*2 Dec
24% Dec
5034 Oct
Rensselaer & Sar RR Co
Oct
Feb
38% Nov 14
Remington-Rand
Dec
62
6
No par
100
Reliable Stores Corp—No par
10
65
25
3
1st preferred
Jan
12% Aug
4434 Aug
180
Aug
Apr
Mar
28% Jan
Reis (Robt) & Co
Deo
Nov
76i2
June
Apr 11
Nov
35% Jan
100
Nov
184
Apr
9%
112%
41%
384
21%
50
Preferred
8
38
Apr
par
5
Nov
10%
IX4
24X2
6%
28% Dec
Reading
1st preferred
Real Silk Hosiery
4% Nov
10
Mar
114
Jan
16
$3.50 conv 1st pref..No par
t Radio-Kelth-Orph
No par
Apr 29
19% Dec
28% Dec
1
112
103
No par
Nov 30
164
100
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
Oct 31
13% Nov 16
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
No par
8% conv preferred
6% preferred
Purity Bakeries
20i4 June
Dec
338 Jan 11
17% Oct 23
17»4 Oct 27
39
68
Apr
Dec
45% July
8514 Nov
% July
984 Mar
1% Jan
634May 21
14
284 July
31
3% Dec
68% Jan
20
38i2 Mar
Oct
96
l%May
Oct
Feb
37% Jan
62% Aug 26
1534 Deo
187
7% Apr 30
49
57% Oct 23
preferred
Mar
3
40%May 12
116% Nov 27
No par
88
Jan 15
Jan
50
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
Nov 12
17
8
1% Jan
2884 Dec
No par
Procter & Gamble
16
Feb 21
11% Jan
Class B
10134 July 24
84
July 13
Plymouth Oil Co
t Postal Tel & Cable 7% pf 100
11
70
21
Pond Creek Pocahon. .No par
Poor & Co class B
No par
Porto RJc-Am Tob cl A .No par
19% Mer
4938 Apr
11% Dec
Pittsburgh <& West Va
100
Pittston Co (The)
No par
5
7% Mar
68
May 29
38% Jan 6
5% July
100
A 0 par
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa
100
Preferred B
~
50
117
.1
Parke Davis & Co
Parker Rust Proof Co
6%
7%
8%
18%
*95
4
10
Park Utah CM
600
""206
18%
37
3V
.100
Park-Tilford Inc
$5
43
3
3
1
1st preferred
2d preferred.......
500
42
2538
2214
2238
18% Jan
Paramount Pictures Inc
100
*20
1
7
6% preferred
Pittsburgh United...
2212
27%
312 Apr
3
1% Jan
Panhandle Prod & Ref.JVo par
8% conv preferred
..100
Paraffine Co Inc
Ao par
1,430
2%
2034
32% Dec
29% Deo
3
3
Nov
1134 Apr 30
1
3%
8
4V Jan
34
4
Pitts Term Coal Corp
34%
2%
20%
3% Dec
2
7,500
106
1784 Nov
Mar
6% Jan
3i2
27%
3%
3%
Aug
1
12i4Aug
Pitts Ft W & Chic pref
..100
Pittsb Screw & Bolt...No par
Pitts Steel 7% cum pref
100
35
1234
77
par
1,960
106
Mar
14
No par
12%
3%
80
4
152
96
34
Deo
Dec
4
8
12%
27
92
55
115% Mar
Deo
Jan
95I2
3%
105
734
2%
52l2
52%
116% 116%
48% 49%
15
*187
3%
Mar
15
140
95%
27
38
114i2 Mar
2138 Nov 28
164% Mar
152
"l2%
3%
27
3%
34X2
234
2034
80
65
14l2
Jan
4% Mar
2234 Jan
2
3
.
12
94%
3%
105
57
*61
106
Nov
11% Nov
26% Dec
125
July
17% Sept
8
Transp_.5
Phillip
Phillips Jones Corp
7% preferred
Phillips Petroleum
6,000
15
11
66
7
Apr
Apr
2
Jan
Phila <fe Read C & I
47
15
Corp. .No
Packard Motor Car
Pan-Amer Petrol &
17,400
11
10%
23%
7%
20,500
46
25%
7%
2%
12%
75
5,900
1034
*62%
2
434
11%
share
per
2034 Dec
107
Jan
100
Pet Milk
87%
1534
6734
June 12
Jan
July
3% Jan
8% July
13
118
10C
76
*50
128
100
100
1,100
734
1434
2%
12i2
Nov 25
July 22
Pere Marquette
Prior preferred
26",700
100
*85
70
114
Peoria & Eastern
14%
14%
7
100
200
76
77
Jan
July 22
600
46
3%
34
5,100
IO84
*90
75s
3678
44V
Pao Western Oil
50
87%
116%
48%
*105
10634 *104% IO684
106%
122
*12114
121% 121% 121%
*135
138
*134% 138i2 *136%
*'160*2 155
*15012 15234 *150%
*11278 113% 112% 112% *113%
60
GO
61%
6012
60%
18
175g
1738
1734
17%
110
110
110
11034 109% 111
*109%
98l2
9812
983s
98*2
98X2 98% *98%
19
1878
18
19
1878
18
19%
*18
18i2 *18i8
18
18
18%
*18
12
1158
11%
12%
11%
1134
11%
*95
500
45%
28%
105
76
2084 Mar
12034 Nov
47
Corp
33,800
2%
2%
7
No par
Penn Coal & Coke
7%
136
2
114
1st preferred
Penney (J C)
14
2
July
Owens-Illinois Glass Co." .25
Paoiflo Amer Fisheries Inc__.5
Pacific Coast
10
4,200
11%
26
22
8,200
46
27
3%
8
15%
2%
*14
*97
100
7%
14
234
*174%
11%
*97
Jan
12i2July
70
100
._
6,000
70
9
par
..No par
_
64i2
104X2
5%
*18
8%
13%
2%
2%
2312
23i2
100
95
26%
72
20
12,300
900
94i2
3%
253s
800
112
12%
95i2
3%
22
440
29,100
2%
2834
20%
2,700
40% 41%
4034 4112
56
*56%
57i2
57i2
*110% 112
♦110% 112
50
50
50%
51%
49%
49X2
6
6
*4%
*434
6%
*434
38*2 38%
39%
39%
*36% 39%
*107
108% *104
108% 106% 106%
84
86
84
84
8?%
84X2
*24% 26%
*24% 2534
*24i2 26
15
17
16%
1534
16%
16%
12
11%
11%
11%
II84
11%
53
53%
5434
53%
54X2
54i2
521;
63
53% 53%
5312 5312
*11%
212
1978
140
57X2
2%
108
150
15%
3%
8
*19
_
Nov
100
8%
4%
72
20%
_
123
3% July
76
Nov 17
41
July 20
5834 July 22
38% Deo 2
41%
40%
57*2
111
12%
34%
♦7i2
*2%
8%
*63
100
^No
Prior preferred
Outlet Co
Feb 24
14%May 15
21% 21% 122,700
8,700
158% 161%
19%
18,400
19%
600
33i2 33X2
3%
6,400
334
44i2 4434
1,000
1,800
28% 2814
6%
4,100
0i2
9% 50,600
9%
104
2
Mar 30
47% Apr 30
6,500
5%
834
Jan
24i4 Apr 27
25%
115%
19%
3934
3034 Jan 11
1,000
75
345s
10
8%
63%
104%
5
8
par
No par
Preferred
Otis Steel
3,400
74l2
•»*»>»«•
xl04
2
No par
3%
64i2
3%
7
Jan
No par
4,100
1434
July
Highest
$ per share $
Paoific Ltg
66,600
3%
17
107
share
Pacific Mills
Pacific Telep & Teleg
6% preferred
*49
10H2
2978 3078
6212 83
127i8 127ig
333s
6878
12
95
10%
15%
5%
Oppenheim Coll& Co__2Vo
Otis Elevator
par
per
1,800
9,000
73
45%
68
9%
14%
3%
63%
$
39% Nov 10
19%
*10%
14
63%
74
*19%
11%
30
1512
338
110
72
/6%
6%
'
10
434
8%
46%
64
"l234
109
28%
share
4
50
♦101
2684
1412
87%
14i2
123s
15
28%
6%
per
6,000
75
Year 1935
Lowest
2d preferred
..No par
Paoific Finance Corp
(Cal).lO
Pacifio Gas & Electric
26
*49
5i8
25is
255S
*122is I23i2
*95
78
65
95
6%
8%
45
3,310
8,050
2,200
50
5
*110
2%
4
46
28%
8%
14%
57
*95
3634
55%
53
13
.
6484 66l2
65%
6512
525s 5284
5212
5284
♦11578 117U ♦11578 11714
48
49
4918
50i2
*106% 107l2
1057s 1061?
♦121U 122
121% 121U
*13612 139
*13558 13812
15284 15284 *15034 155
113% 11318
112% 113U
61
5984
6078
60l2
18
18V
18i2
1784
110
11%
58*2
14%
3i2
35s
384
*107
109
10784 108
35i2 35i2
3484
35%
»2i4
2i2
214
2**4
1934 20
1934
20i8
♦21
22i2
*2018 22
26
26l2
2578
263s
73s
7l2
7%
7%
*2i4
238
2%
23s
10i2
10%
10%
101?
24l4 2434
2378
243S
2414 2414
2414
24U
98i2
2i8
2958
*65i8
58
3!
*107
12V
2%
30%
54i8
3
2412
74
12
21«
*186
♦17414
15%
7
1312
23s
7634
*14i4
87U
455S
11%
79
*30
1278
57
9
238
12
68
1258
66'4
'
543s
87
*64
26i2
1478
78iS
2i4
85i8
*2412
1434
1158
*52
214
1278
6
39%
108
100i2 100i2
778
14
30
*39
52l2
63
♦1312
2i4
5118
*4%
99
a99
15
87i4
30
68
114
85
15%
1U2
41%
58
♦107
85
26l2
41
20%
*112
6712
114
♦1312
*12
33%
3%
45i2
28%
3U
7
74
33%
334
153s
14
214
80
10i2
33
312
7
46l4
20
3*4
9,540
11%
13%
*73
1834
*45
9,600
$
Highest
100
A
.
18i2
58
19%
16%
20V
58
7412
74l2
2O84 21%
1541? 161%
156
OmnlbusCorp (The) v t cNo
Preferred
3,500
11
1834
6%
13l8
2i8
79i4
*86
75
63a
*6134 6312
IIOS4 112%
5
4-8
758
778
6778
6778
20
203s
1,700
2878
zl3%
2%
3234
34
384
24,400
zl8
1812
11%
14%
234
234
56%
21%
28i8
♦56
15i4
1158
553s
63l4
19%
*45
4534
*112
♦25
159X2
19i8
378
75
2034
152
634
83s
58
85
77
28ig
114
39i8
58
3%
46%
28%
58
*105
58
21%
*33
♦112
5112
*434
13X2
7634
34
28is
6i2
63d
11034 112
♦4i2
484
73s
8
67
11
13i2
2%
388
283s
64
18
11%
8U
15%
46
283s
612
83g
16i2
35s
1834
11
13%
2%
21
15612
19*2
384
4534
17%
13i2
3
50
ar34U 34i4
3778 3834
48i2
49
3714
37i2
150i4 152
*14934
150
31%
60
156
*33i8
34
46
203s
77i2
215s
*57
19
20i4
3'4
3
154
18%
IH4
1312
234
02i2
21
223s
16J
1958
*18
62
79
213s
155
I8I4
1134
1378
149
6,500
3134
20i4
2978
36i8
38i2
48l2
3678
160U
49
29
32l2
28
3712
49%
Par
...
36l2
39
36l4
38iS
*485S
37i8
36l2
39
"2~4o6
*11412
*114l2
15934
15712 15934 *157
2058
2058 2078
20i2
21
13's
1278
1414
1334
15
—
Lowest
Preferred
160
Range for Previous
On Basis of IQb-Share Lots
EXCHANGE
♦107
18%
3587
Range Since Jan. 1
STOCK
Week
*
$ per share
8
STOCKS
Mar 10
43i8 Mar
55% Apr
68% Nov
11%
13% Mar
20% De
Dec
514 Mar
67
Nov
New York Stock Record—Continued—Page 9
3588
HIGH SALE PRICES—PER SHARE,
AND
Monday
Tuesday
Dec
Nov. 28
Nov. 30
Dec. 1
$ per share
$ per share
$ per share
*6014
Range Since Jan. 1
107
434
4%
13
13
*26
35
48%
*11212 113
477g
*112
113
1714
54%
*9778
17U
5478
2%
1978
258
20
75
7378
4314
178
2
4i2
*1218
*2712
*45%
13
35
46
*27
112
113
112
4i2
1121i 112,
167s
1714
98i2
13s
II2
9878
16%
53%
98%
2%
412
85U
85
3038
1878
1038
1834
2%
19%
*72%
1%
12534
126
4218
26l2
48
2314
16i8
2378
16%
4238
27
12412 125
11
lll2
45%
378
36i4
46
37.
3678
32
3258
151
42
30U
4278
2234
2318
30
49i2
55
*10l2
11
76
114
81S
115
1534
32%
*150
2934
41%
2134
48%
*54
*10%
*2212
44%
334
334
*11112 112
231a
11
36%
85
120
3,400
12,900
700
3,800
1,100
160
54,700
23,700
15,600
7
800
96%
9734
4%
4%
90
88%
2934
29%
18
1734
3034
31%
102% 102%
938
9%
59
5834
41%
41%
2634
263g
124% 125
13,400
1,500
710
800
15,200
1,100
210
16,300
8,400
3%
36%
4234
3%
36
38
10,500
5,400
9,200
1,300
125
125
*123
125
2,700
85
85
*81
90
260
118% 118% *118
118
46%
1534
16
15%
15%
112% 112% *112%
4%
4%
4%
3234
33%
151
151
29%
30%
30
41%
42%
41
22
22%
2134
49
47%
*51
57
4%
33
*112%
4%
32%
150
151
29%
4034
30%
41%
2234
1534
4%
33
151
*112%
438
32%
*150
2338
2234
3312
34
33%
52
5212
51
51
95
*80%
34
*33%
93
*80%
*33
22%
33%
23%
33
*80%
?3
*51
93
23%
3?%
31%
33
52
51%
51%
107
10734
10634 107%
10758
IO8I2 109i2 106
*10734 10918 *10784 109% *10734 109% *10734 109%
39% 40
*41
40% 41%
4178
40%
41
16
16
16%
16
16%
16%
16
16i8
127
1034
127
11
11%
11%
7%
2134
7%
7
738
22%
21
21%
49
49
49
49
59%
60
58%
59%
2%
2%
234
3834
43%
30%
66%
38%
39
43%
4334
30
30
66%
37%
66%
37%
38
38
74%
74%
7334
74
38%
43%
30%
65%
*80%
33
34
22%
37
37
72%
37%
7334
72%
72%
Schulte Retail Stores
1
100
Preferred
No par
t Seaboard Air Line..-No par
f cott Paper Co
100
Preferred
Seaboard Oil Co of Del.No par
—No par
Seagrave Corp
Sears, Roebuck & Co..No par
Second Nat'l Investors
1
$r conv prel
preferred
No par
1934 Jan
10
25
*3%June
19% Jan
100
112
Sloss-Sheff Steel & Iron... 100
64
100
7% preferred.
Socony Vacuum Oil Co Inc. 15
93
*80%
35
2,600
93
*33
61,100
24
32
51%
51%
110% 114%
22%
31%
108
108
40
40%
15%
15%
37
37
37
73%
72%
73%
""TOO
80,800
2,500
330
6,700
100
2,200
45,100
30
23%
14
*76%
*12584
4634
4%
27%
36%
*13%
19%
24%
14%
77
.4%
28
36%
13%
2484
25
32%
32%
18%
13%
18
13
8%
9%
49
24»4
13%
25%
14%
*763s
76%
8%
10
4934
3584
36
13%
24%
13%
2384
13%
24%
*13
32
32%
13%
24%
3134
17%
13%
32%
31%
3134
32
18%
17%
17%
13%
17%
14%
95
II84
3834
*12%
8<
10
10
49%
48%
7%
7'4
42
41
13%
10%
12%
10
1100 *925
8%
7%
4034
12%
10
10%
1100 *925
40
42
1100 *925
4384
43%
*62
65
*62
65
*63
65
14
14
*13%
14
14
14
*96
98
100
100
98
100
38%
1284
39
30
30%
30
6
6%
6
30
6%
*12%
43%
1034
11%
7
6%
40%
12%
40%
12%
36
33%
19%
19%
*10484 105
35%
13%
24%
32%
18%
No par
Standard Brands
Preferred
No par
Prefeired
1
No par
86 cum prior
pref
No par
$7 cum prior pref
No par
Stand Investing Corp. .No par
Standard Oil of Calif
Standard
Oil of
No par
Indiana...25
Standard Oil of Kansas
10
24
10
11%
6%
7
6%
41%
*39
40
*3934
*11%
12%
12%
98
1134
12%
13
*95
98
11%
28%
6%
113s
6%
4034
105
105
934
27%
72%
18
178.4
15%
10
26%
72%
1784
27%
73%
17%
26%
73%
2534
70%
17%
1734
17
1784
18
1734
18%
15%
9%
15%
10
17%
1584
9%
4
*108% 109% *108% 109%
9%
11%
37%
3634
3?34
36
37
47
47
47%
47
47
15
1434
15%
15%
45%
1434
99
99
434
4%
87%
14%
98%
4%
87%
87%
8634
S7
59
59
60
59
61%
47
99
99
4
4%
87%
^7%
87
58
99
4%
72
1
9
9%
45%
15%
100
-
8%
11%
36
45%
15%
100
9
12%
3634
45%
1638
10434
'
4%
*85%
4%
8684
60
63%
4%
8%
9
13%
15
36
36%
45%
45%
17%
16%
103% 10534
4%
4%
8684
85%
63
66%
Mar
6
5
63
Mar 13
99
Mar 12
2184 Apr 27
14% Apr 19
120% Jan 10
9% July 29
Apr 30
Jan
Mar 26
132
Feb
Oct
7
11% Nov 17
82
Oct 15
27
Oct
5
109% Nov 12
43% Nov 10
18% Nov 4
Feb 24
129
13®4Mar 17
9% Feb 17
24% Sept 8
56% Sept
8
Oct 21
64
70%
4034
78%
4%
13%
24%
2638
15%
Nov
Oct
5
9
9
Nov
Jan 28
Oct 30
Apr 16
Deo
1
Oct 13
23
Swift & Co
25
No par
28% Apr 28
..5
Tennessee
Texas
Corp
Corp (The)
5
25
Texas Gulf Produc'g
Texas
Gulf Sulphur
Co No
No
Texas Pacific Coal & Oil
1,100
No
.-No
120
25,900
1,300
1,800
6,600
9,500
1,300
The Fair
Preferred
Third Avenue
634May 14
5% Apr 27
28% Jan
6
Nov 23
5
7% Dec
44% Nov 13
6
15% Feb 29
1438Mar 6
Jan
2
Mar 25
834June 16
85
Oct
9
8%May 23
3% Jan 2
24% Jan 2
4% Jan 21
26
Apr 30
1434 Jan 6
100% Jan 3
14% Jan
Transue & Williams St'l No par
1038May 19
17,100
Tri-Continental Corp. .No par
Ulen & Co
Oct
7
11
7% Jan
93
Jan
1%
5
10
Dec
18%
Dec
15%
Dec
1034 Nov
Mar
77
Nov
Jan
Apr
121
Mar
30%
Dec
3%
Jan
Mar
Dec
Sept
1284 Aug
Dec
4% Jan
48% Nov 18
63%
16
110
12%
9%
41%
13%
Oct 24
Nov 17
Feb 28
Mar
5
Mar
9%
Jan
834
Dec
30% Deo
2834 Apr
3% Jan
8% Jan
3684
1050
14
Feb
9% Oct
12% May
Dec 1075
Apr
13% May
28%
4438
50
61
May
5% Apr
61% Jan
2% Mar
12%
100
10%
Dec
Dec
Deo
Nov
Oct
Oct
Dec
Feb 18
2
June
5
Jan
2
16
Mar
29
Nov
Deo
Nov 18
32% July 31
8% Mar 23
39% Feb 25
21% Nov 17
106% Mar 3
60
6% Sept
4
16% Mar
Mar 11
Jan
8% Nov
13% Mar
1% Mar
17
Apr
7% Mar
2684 Nov
5%
84
12
Feb
4
110
Oct
8
69
111%Sept
Jan
6
7% Apr 30
22%June 1
31% Apr 27
834May 20
65% Jan 22
No par
2%June30
74%June 29
38%May 21
27% Deo
74%
18%
27%
17%
1
Nov 12
Nov 23
Apr
4
Oct 16
9% Nov 25
15
Dec
4
38% Nov 17
47%
17%
10534
8%
99%
66%
Nov 16
Dec
Dec
4
4
Jan 20
Nov 13
Dec 4
Mar
Mar
5
Dec
28
Dec
15%
Dec
104% Nov
48
Dec
3
2
par
par
*11
6
Apr 30
100
Corp No
Dec
3
12% Jan 6
Apr 27
Under Elliott Fisher Co No par
Union Bag & Pap
Nov
4
2634
4%
28%
4%
7%
5%
1%
109% Sept 15
Trans.-No
68
Mar
Mar
Mar
Mar
Apr
1
6
Transcont»& West'n Air Inc. 5
6,900
8
3
Jan
8,500
5,700
2,400
17,100
9% Jan
11% Dec
50% Nov
7% Jan
6
Preferred
Jan
1%
3%
6%
2%
2%
60%
115%
Nov 27
3
Twin City Rap
5834
Nov 12
13
56
800
Feb
52% Dec
32% Nov
32% Dec
19
Nov
59
20th Cen Fox Film CorpNo par
Preferred
No par
32
35% Jan 30
2
15
par
No par
10
Oct
12% Mar
35% Mar
Dec
8% Jan
Truscon Steel..
Mar
20
Dec
2384June
Truax Traer Coal
2784 Mar
23
2% Nov
40% Dec
33% Dec
Sept
Bearing.No par
Transamerica Corp
No par
6,900
3,400
13,500
1,000
11,900
Deo
% July
9
Feb 18
No par
Deo
28%
Mar
25
.1
6% preferred
26%
6
2234
33%
48
100
11% Aug
434 Mar
17% Oct
3% Mar
25
Timken Detroit Axle
Jan
Apr
12% Dec
9% Aug
15
July 21
Tlmken Roller
19%
130
13% Nov 20
No par
10
31,800
7,100
27,300
Oct
105% Nov
26% Nov 18
49
100
Oct
84
37% Oct 15
Thompson (J R)
Preferred
Dec
Nov
4
28
10
134 Mar
18%
15%
48
3
Third Nat Investors
Tidewater Assoc Oil
12% Sept
122% June
2% Mar
1% Mar
36% May
Jan
33% Apr 27
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.50 cum pref.
No par
Nov
Dec
8% Dec
8% Oct
6% Jan
par
100
31
834 Nov
70% Nov
107
20% Apr 28
6
1
Apr
634 Mar 12
2934 Dec 3
33
100
Thermoid Co.
Mar
69% Apr
3% Mar
3% June
8
par
No par
5
42
Dec
9% July
100
Co
Thatcher Mfg
$3.60 conv pref
~1~2O6
4
9%June 30
100 1000
July 15 1375
Texas & Pacific Ry
Dec
2
par
10
July
Jan
3
Texas Pacific Land Trust—1
Old
~3~8o6
Dec
12% Nov 24
Telautograph Corp
15
21%
3334
8% Mar
33% Feb
43% Mar
101% July
Sutherland Paper Co...—10
Sweets Co of Amer (The)...50
Ltd
Jan
July
7% Mar
600
Without warrants
16%
7
4
53% Mar 20
114% Dec 4
Dec
5% July
Nov 19
50
Symington-Gould Corp ww__l
Oct
May
Dec
Jan 11
Swift Internat
"28%
Nov
27
200
Nov
15% May
27
47% Feb 8
45% Nov 12
3034 Oct 9
6
Deo
Deo
65% Dec
70% Nov
68% Dec
25%
Aug 21
9% Jan
20%
116%
152
35
Jan
20% Dec
1834 Jan
1234 Mar
3»4 Jan 17
8%May 8
16% Apr 30
14% Jan 2
Deo
Nov
19% Apr
10% Mar
Feb 26
2%May 21
July
32% July 28
160
2
2
111
30
Jan
Apr 28
Apr 30
Mar 27
16i2
112
~20
5%
9%
2434
2634
3
50
15% Apr
10% Aug
107%
July
Superheater Co (The).-No par
Superior Oil
1
Superior Steel
100
12,200
46% Nov
7% Feb 29
35% Aug 28
5,500
54,400
17,700
Preferred called
11%
*1434
26%
17%
17%
17%
18%
17%
17%
17%
1634
1534
16%
15%
10
10
9%
9%
9%
108%
109% *108% 109% *105
11%
3784
55%
108% 108% *105
263s
71%
17%
1534
9
37 s8
4%
10
26%
7184
17%
17%
11%
11%
99
934
1584
72%
11%
3734
11%
*86
*15
25%
71%
2634
9
8%
9%
11%
9%
72%
27%
—
Preferred
Tide Water Oil
25%
7I84
17%
17%
1534
24
1
Jan 31
Mar 12
2,300
55,800
20%
t Studebaker Corp (The)
Sun Oil
Oct
Jan
Jan
Nov 25
29
19%
Jan 22
25
Mar
6%
Mar
91
900
6%
33%
No par
Stone & Webster.
6
434
13
125
12
33
5
5% Mar
63% Mar
8% Feb
60
2
65
13
Stewart-Warner
534 Nov
34% Deo
April
2
1100
1334
No par
3% Mar
40% Nov
29% Dec
Nov 27
Jan
1100 *925
43%
44
3234 Jan
Mar
85
Jan
13,800
*62%
4
Dec
72
10%
65
127% Nov 9
14% Jan 25
48% Oct 19
634 Jan 15
118
10
43%
5
100
40
10%
42
Nov
No par
900
1338
43%
28
37
7
40%
40
Nov 12
24% Aug
2
65
12%
41
45
13% Jan
Jan
Apr
40
1
92% Oct 24
3634 Jan 25
1
Sterling Products Inc
40
7%
8%
11
Dec
10% Nov 28
July 12
60
15% Apr 30
9
1234
18%
13%
9
73%June10
2434May
41
33
Dec
32% Nov 17
11434 Nov 24
984Mar 6
Srarrett Co (The) L S..No par
50%
7%
32%
17%
1334
43%
*62%
13%
*95%
1034
6%
43%
34%
13%
24%
63%June 12
700
8%
10%
49%
7%
8%
11%
49%
*2838 29%
29%
7
6%
6%
6%
33
33
33% 35
19%
19%
19%
19%
*10334 105
104% 105
684
34%
*13
Nov
17
8
Spiegel-May-Stern Co.No par
6M% preferred
100
Square D Co
No par
4% Nov
12% Dec
2534 Nov
101% Mar 18
5»4 Apr 30
6% Jan 4
2934May
69% Nov
70
634July
Spencer Kellogg & Sons No par
Sperry Corp (The) vto
1
Spicer Mfg Co
No par
Conv preferred A
No par
Oct
Mar
1% May
31
7% Mar
4
Dec
59
Spalding (A G) & Bros-No par
1st preferred
100
2%
Dec
7% Mar
90
3
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
$5.50 preferred
No par
2034 Mar
31% Nov 16
1934Nov17
Jan
6
27,600
Jan
34
55% Jan
6,300
89,000
4%
Mobile & Ohio stk tr ctfslOO
2
Standard Oil of New Jersey.25
5,300
17,200
8,600
1,200
65,100
44,600
139,500
7,600
22,900
14
29
2934
7%
34
37%
19%
19%
104% 105
29%
6%
*40
41%
*40%
43%
37%
*12%
105
7%
13%
8%
10%
48%
7%
40%
1238
9%
11
12%
40
4184
12%
10%
2334
49
44
7%
105
10%
48%
4334
3884
13
20%
8%
35%1*35%
42%
11
33%
8
49%
7%
11%
6%
20
13%
10%
8%
10%
6%
*32%
*35%
14
984
*4838
925
14%
24%
4%
838
1038
1188
*6%
4%
13%
1100
95
47
48
1834
*10
44
*12334
14
6%
*41%
12%
65
125
18
63i
*62
77
125
13%
1338
*43%
24%
13%
36%
433s
4384
14
76%
36%
*13%
24%
6%
10%
26%
1334
76%
27
13
4034
25
19
18%
18% ~18%
25
25
24%
24%
1334
13%
13%
13%
13%
76
76%
77
76%
*76%
*12384 125
*12334 125
125
50
48
49%
47% 49%
4%
484
4%
4%
4%
29
29%
28%
28% 2934
19%
25%
2838
*46%
4%
26%
42%
*■925
~i8%
"l9% "l9%
*12334
4734
4784
4%
4%
2834
28%
125
48
1938
Deo
Jan 21
Preferred
19
7
45,200
2,300
Deo
36%
19
Sterling Securities cl A.No par
~19~
Jan
Feb 20
Nov
1%
1284 Apr 27
t Stand Gas & El Co._.No par
400
3% July 29
Apr 27
91
3
114
Mar
4% Nov
20% Jan
% Aug
28% Jan
17% Nov
12%May 20
Jan
% June
72
23% Jan
134 Apr
46
114% June
13% Dec
56% Nov
1»4 Feb
100
7,300
7,800
2,000
34,700
24,700
Jan
100
Preferred
Stand Comm Tobacco
2,000
Apr
47% Oct 13
25»4 Oct 13
50% Nov 28
.—100
9,400
13,300
8
55
118% Dec
Sept
25
700
Jan
Mar
21
150
-
.
Oct
109
132
Mar
65% Jan
25
Southern Pacific Co
23% Nov
113% June
538 Deo
38
Sept 29
Jan
Mar
6
40%June30
100
I referred
Southern Railway
33
834 July
Nov
12
Mar 31
104
July
Jan
3
14
31% Dec
10434 Mar
22
Feb
2
Apr
Apr
1
7
7
7
Mar
25'4 Deo
6
Nov 18
7% Nov 18
101% Nov 12
4% Feb 5
434 Jan
10% Mar
s4 June
Nov 18
3% July 24
59% Jan 21
43% Jan
30% Apr
1434 Apr 30
110% Jan
Smith (A O) Corp
10
Snider Packing Corp—No par
Mar 11
7
1
43% Mar 12
Simms Petroleum
Preferred
114%
17%
55%
101%
4%
9
2
Apr 23
30% Aug 22
% Jan
Skelly Oil Co
Simmons Co
Nov
76
89
par
49% Nov 18
20i2 Feb
par
par
Oct 24
37
114
6
2
21%
Oct 13
4
5,800
200
Dec
7%June
26
19,600
10
53% Jan
par
—100
Mines.5
Silver King Coalition
21,800
54
8
June
97% Nov 20
l%May 26
No par
No par
2234
48%
11
37% July 15
No par
1
1
Sharpe & Dohme
A o
Conv preferred ser A .No
Sheaffer (W A) Pen Co.No
Shell Union Oil
No
Conv
5
234May 25
61%May 13
15% Jan
11% Jan
2034 Jan
Preferred—
22
*125% 127% *12684 127% *123% 127% *123% 127%
12
12
11
1134
12
11%
1138
11%
7
7
634
7
6%
6%
7%
634
20
20
21
20
20%
20%
21%
2034
49
49
48%
*4634
47
47%
48% 49
58
57%
56%
56%
5734
5934
58%
57%
234
*258
234
234
234
2%
2%
234
39
38
38%
39%
41%
38%
38% 38%
43
451
43%
42%
42% 43%
42% 4334
29
29
*29
*29
31
30
30
30%
6434
663
6434
65%
64% 65%
65% 66
37%
72%
100
frouthern Calif Edison
23%
2234
31
3034
52
513S
10734 110%
*106% 109%
40% 40%
15%
*1534
37
5M% preferred
Aug
110% Sept 22
Solvay Am Invt Tr pref—100
South Am Gold & Platinum. 1
10
2234
*8018
July 29
So Porto Rico Sugar—No par
70
9
Jan 24
27
108
20,000
11434 *110
8
18
No par
110
47%
July
6% preferred...
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp... .5
Safeway Stores
9,600
30,200
*51
Apr
15
4234
54
Dec
3
7% Jan
4138
54
Deo
102
2% Jan
preferred
30
48
33
Nov
5
Nov
100
1st
share
Feb
82
65
t St Louis Southwestern. ..100
Preferred
100
155
55%
10%
638June
22
Highest
per
117% Feb 19
43% Nov 28
3% Mar 4
6% Mar 4
2 934
49
Lowest
$ per share
10% Feb 19
3
Jan
74»4 Apr 28
110
100
4%
33
*10
10
10
10%
10%
10%
76%
7534
76
76%
*72% 76% *74
*110
118
*110
118
118
11434 *110
834
8%
8%
834
838
8%
9%
8%
24
26%
26%
26%
26%
2534 26%
2634
10
420
2,300
4,500
58,300
32
Range for Previous
Year 1935
Highest
share
1% Jan
30%
42%
22%
4834
22
117% 117%
44% 45
24%
23%
15%
16%
per
X St Louis-San Francisco.>100
Servel Inc
43%
24%
100
10
St Joseph Lead
Shattuck (F G)
Sharon Steel Corp
3%
45
pref
Rutland RR 7%
10,400
125%
124% *123
85
85
84%
118%
Roan Antelope Copper Mines
Ruber'dCo(The) capstkNo par
$
Lots
5, 1936
$ per share
Lowest
Par
3,000
10,100
'
36
23%
15%
10%
7
250
*43%
3%
46
48%
lo'eoo"
4534
23%
*53
44
130
36%
36
46
57
*22
5%
10%
25,
44%
11%
43%
3%
23%
32%
10%
7,600
13,600
17,000
234
11
46
*150
42
2%
4%
11%
24%
3038
4238
22%
4958
41
7%
11
46
3234
*7%
200
11%
24
'22%
*3314
2%
7%
9734
4%
8934
50
23%
95
34
23%
34
*125% 127
7
96%
4%
87%
24i2
16%
151
400
1,400
*75
*110
8I.1
2334
33^
36%
124
*46
41%
26%
12334 12434
11%
11%
45% 46%
85
76
114
41%
26%
4%
'
10%
58%
124
50i2
55
10234 104
934
7%
97%
4%
30
44%
86% 88
30
30%
2934 30%
18
1734
17%
17%
31%
297s
29% 31
*102
103
102% 103
9%
934
9%
9%
5834
*58% 5834 *58%
42
*41
40% 41
25% 26
*25%
26%
124% 125
123% 125
86%
58%
34%
*7
30%
85
*112lS 113l8 *112% 113%
434
4%
4%
458
*150
3334
7%
99%
4%
124
85
4814
5834
134
5%
9634
35%
98%
4%
*8534
2%
19%
73%
5
5%
18%
43i2
*11112 114
2%
31
*58
27
85
98
18%
10%
H58
4614
4
3612
3678
124% 126l4
98
13
44
17%
98%
61
107
111
112% 112%
111%
112% 112% *112% 113%
*16
16%
16%
*16%
52
-5234
5238
52%
97% 98
98
*9738
2%
2%
23s
2%
19%
1834
1834
*1834
72%
*70%
72%
72%
1%
1%
1%
1%
5
5%
4%
4%
35
37%
34% 3434
53%
30%
59
*1112
451?
*378
1634
61
*105
2%
5%
*26
45%
52%
42%
5%
*10%
5%
13
17%
30
8534
1884
31
10138 102
934
lOU
43
43%
7%
4134
2%
35
*30
60%
107
*6%
234
54%
30i2
2678
4%
10%
46%
*1814
19
31i2
3134
*10018 102
*56
5
13
7%
30
4l2
2%
74%
134
34i8
9978
7%
4184
On Basis of 100-Share
WeeI
Shares
*58%
*111% 112%
113% *112% 11?%
1%
4%
412
82
30
41
Dec. 4
$ per share
*101
113
113
7
738
997s
7%
1834
*35
36
7%
4134
35
45%
378
71s
106
2%
4%
*9%
13s
4%
99
62
106
*73%
212
1878
*73
4
3578
*60
2
42
2
2
Dec. 3
63
107
*6%
41%
43U
43
7
*6i2
7
7
107
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
$ per share
2
$ per share
109%
*60%
62U
105
105
NOT PER CENT
Thursday
Wednesday
Sales
for
LOW
Saturday
Dec.
Mar
13% Dec
72% Nov
Mar
14
Mar
15% Nov
Mar
Mar
16
Apr
97% Nov
3% Oct
3% Mar
13
Aug
24% Oct
2% June
18
Mar
Dec
Dec
8% Nov
6% May
8% Nov
24% Dec
33% Dec
12% Nov
73
Dec
1% June
5334 Mar
5% Nov
87% Dec
29
50%
May
Jan
Volume
LOW
SALE PRICES—PER
HIGH
AND
NEW YORK
On Basis of
STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 28
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. 4
Week
$ per share
10234 104
10338 104
25*8
133
#130
133
130
130
102
25
2453
25*s
2478
243g
131
IO284 #101*2 102*2
2434
24*4
23%
27%
800
27%
60,800
United Aircraft Corp..
41,900
Un Air Lines Transp
13
98*4
1738
18*4
17*2
18*8
34i2
34i2
34
34
34
34
34
34*8
*33
35
32
31*4
31*2
3084
31*2
313s
3138
31
31
88
88
*33
34
7%
445g
43 78
153g
15*8
22*2
22
*101
22*2
103
*101*2
6*2
67g
684
50*8
5038
49*8
85
85
1478
15
85
1434
*110*2 111*2
111
I 12*2
12*2
*1134
*1734
18*8
98*2
99
98*2
*3*4
22*4
3478
35g
23»4
35*2
125*4
1778
3*4
2I84
7%
*1884
59%
41
96
55*8
125g
47*8
*27g
3*4
22l2
341?
20*2
?%
22
93
34*2
102
*57*8
585s
*58
40
40*8
39*4
40
38*4
?934
38*2
39
39
6
6
*94
55-4
137g
463g
98
75g
102
89
*158*4 160
♦103*4 105
384
102
35s
2*4
2*8
52
24
*42
23*2
43
43*8
*115
*4578
4512
*92
"
534
42
1434
9578
96
56
97*4
56*8
*94ig
5634
"e"
6
42*2
42*2
*30
34
*27
12934 *127
82
83
84
♦122U 130
3
784
*5*4
175g
3734
75g
8*8
67g
16*8
15%
4434
4534
95
96*4
94
90*?
92%
90
9034
8978
90
71*2
71*2
71*2
72*2
72*2
72*2
72*2
164
8
102
--
100*8 100*8
105
35g
2*8
51*4
2384
43*4
*115
4584
455S
23*2
4234
4534
45*4
*92
IIII
*92
6*8
7*8
44*4
678
44%
47*2
113*2 11312
7*2
884
65*
45
33
33
33
129
♦127
35
82
83
3
784
8*8
38*4
3734
115
49
1034
11*4
4678
47*2
1934
47
67fi
105
105
17
17*2
I684
•62*8
*6358
16%
17*4
6584
66*2
*64
49
678
105
45
95
7
47*4
46
46
95
*85
6*2
63a
44*2
46
36
36
36
12934 *127
82
78*8
*85
6%
44%
37
12984'*127
173s
69
107g
10%
1034
45*4
46
191?
1934
1984
684
163s
*64*4
5%
95
6%
45
40
31,100
47
67g
105
1634
68
47
*45
684
6%
*98
105
17
16*2
67*2
*64%
11
6*2
16%
*61
45
684
66,200
Warner Bros Pictures
1%
1%
14,600
10%
10%
10%
11*4
13,500
Warren Bros
34*2
34*2
300
18,000
178
1%
*32*4
31*4
3178
3034
3134
3078
317g
32
32%
368g
3678
3512
36*2
35
3534
34
341?
34
35
34*2
35
8
8
8
87S
8
8*4
8
8
pref
Warren Fdy & Pipe
Waukesha Motor Co
Webster Eisenlohr
6,600
8
8
I65"
42
80
82
106*2
*
43
43*4
*
106"
.106*4
45%
*95
96
95
95
*122
123
122
122
122
116
116
984
*18
2*8
82
100*4
80*4
80*4
100*4 100*4
400
100
106%
106% 107
280
97
230
106
45
9412
9%
18*2
463g
152
152
26*2
•37*2
38
»2334
237g
3234
6
*2
6
89
45*8
57g
89
903g
46
*106
106*2
106
96
96*2
122s4
97
97
97
122
122
*122
116
116
*116%
*122
*116
9*4
146
3134
122
*17%
145
26*2
94l2
97g
6
9*8
18
6
2*8
584
91
87*2
2*4
984
18
2*8
67g
8934
9%
18
2*8
6%
88*4
44*2
9*2
18*2
800
2*8
2,200
7,700
467g
4584
47%
34,500
Westingh'se Air Brake-No par
146*2
12,900
Westinghouse El & Mfg
15478
70
*113
120
*115
119
*115
119
33
26
27
3734
3734
23%
23%
32%
34
33%
*102% 103*2
25%
2434
16*2
16*2
16*2
6*8
584
584
41*2
39*2
3934
4
5
4*4
858
8*2
9*4
79
78*2
76*2
68
6734
66*2
3384
33*2
33%
33*2
33
33
103
103
884
584
5*2
584
584
16*4
5*2
39
41*2
40
4*8
4*4
4
4*8
4
85g
884
79
69*s
85S
884
8*2
40
79
79
68*4
6884
31*2
7884
32
32
77
*77*2
78*4
68*8
3178
69»8
6534
32l4
31*4
76*2
7278
33
*77*2
68*2
40
24%
79
79
79
80
74
74
74
74
74
74
122
124
122*2 123
123
126
125
'<7
*75
75*2
76
77
*46Ss
49
4784
1934
1934
20*2
*15212 154*2
4884
493g
83*8
83*2
*118
3934
8
154
49*8
823g
77%
48
20*8
154*2
493g
8338
120*2 *119*2 120*2
40*2
83g
39*2
778
4138
8*4
76*2
*75
4858
1984
485s
203g
152*2 152*2
49
4938
81
82%
120*2 120*2
40
4184
For footnotes see page
734
3580
8
48*4
19%
2578
805s
74i2
129
77
48*4
20*2
157*2 158
487s
48%
80
81*4
78*2
7984
75
75
126% 12984
77
7*2
40*2
734
77
48*4
17*4
157*2 160
4834
4834
80
817g
48*4
yl67g
12U? 121*2 #113
39
100
Western Pacific
144
14584 #143
153*2 153*2 *150
120
34
.-100
preferred
19,900
93
33
2d
89%
33
34
4*4
8%
5,500
100
6%
*87
34
100
pref
8734
93
*10188 103*2 *102l2 103*2 *103*8 103*2
27
25*2 26*2
26*4 2684
27%
1634
1634
1634
1634
I684
I6S4
-.—100
6% preferred
90
33
*115
Preferred
No par
A.-No par
100
100
Preferred
100
Western Union Telegraph .100
*87
93
preferred
2*4
6%
93
120
Conv
West Penn El class
6% preferred
Western Maryland
9%
*87
*87
1
20
18%
93
*115
100
Co
West Penn Power
2*8
67g
3134
93
Wells Fargo &
Wesson Oil <fc Snowdrift No par
60
9*2
3184
120
6
40
18*4
26
38
235g
*87
41*2
43g
....
*24*2
*37*2
23*4
*151*4 1547g *151
♦115
6
12284
44
45
4434
457S
14234 145*2
145*4 147%
15478 •153*2 153*2
26*2
2734
25*? 25*2
*3784 38
3734 38
233s
233s
23*4 238g
*32
32
32
3278
14434 14684
*87
41*2
11,500
*80
18*2
2*4
2*4
43
"2",360
83
*9%
91*4
42%
2%
100
*17*2
6
44*4
2%
*80
19*4
90*4
42
"2*8
*98
To""
2
43*2
2*8
Preferred
*81
*81
2*2
44*2
84
♦116
*115
2*4
100
*80
80*4
100
106
♦81
No par
39
7*2
Oct
Oct
3*2
203s
87
Nov
165
Dec
4i2 Mar
6
Sept
4*8 Jan
2884 Aug
2
7
27*4 Feb 23
493s Nov 5
Aug 8
48*4 July 21
80
Aug 20
84
Sept 2
116
4884 Mar 19
4
Apr 27
114*2May 15
1058 Dec 4
5
Jan
2
4*8June 29
9*8 Jan 7
30
Apr 30
114*8 Oct 15
5*2 Jan 3
26*8 Apr 17
1778 Apr 17
1078 Jan 4
2*8 Apr 29
478s Jan 2
9*4 Apr 30
44
Apr 29
*2June 18
45s Jan 2
1578 Jan
7
21
Apr 30
19*2 Apr 28
6*8June
9
Mar
9*8 Mar
24i2 Mar
9184 Dec
627g
Jan
48
165
3*2 Apr
Apr
78
133*4
29
1
*2
19*4
11*4
11*4
40
Dec
4
Deo
124*2 Apr
7384 July
27*2 Mar
7358 Mar
119*8 Jan
14984 Feb
5058 Nov
119*4 Nov
14034 May
7*2
Aug
Jan
Oct
Mar
73*2 Nov
Feb #159*2 Dec
73
Nov
Aug
Mar
4*4 Aug
2
Nov
Mar
Apr
56*2 Nov
Apr
2184 Jan
33
Nov
Feb
91
Feb
34
May
63
Dec
63
Dec
68
Dec
70
Aug
17*2 June
72*2 Jan
6
4
73
Sept
22% Dec
11*2 Dec
17*4 Jan
1434 Mar
114
2
June
15
Nov
44*8 Dec
2*2 Mar
Mar 24
May
Jan
838 Mar 16
109
14
53
47g
37
Dec
Dec
112*2 Dec
784 Nov
Feb
33
Nov
83
May
131*2 Aug 26
86
Feb 19
137*2June 10
4i2 Feb
1038 Mar 3
784 Mar 6
19
Nov
6
39
Dec
4
118
Jan 16
1138Nov 30
63*2 Mar
109*4 Feb
1
Apr
H784 Dec
3*4 Nov
I84 Mar
1
684 Deo
43$ Dec
May
4*8 Mar
97s Nov
26*4 June
114
1*4
Jan
33*4 Dec
Apr
120
Feb
638 Nov
4984 Nov 18
20
Nov^ 9
52
Nov 10
758Novl7
105
Nov 19
18*4 Nov 17
66
Nov 27
Mar
11
Dec
1*4 Feb
28*2 Jan
2*4 Mar
5
3
Dec
47
Dec
103s
Deo
52
Dec
278 Feb 29
14*2 Mar
% Mar
1178 Nov 17
2*2 Mar
3588 Nov 17
778 Mar
17
Aug
20% Aug
25*8 Dec
32
Sept
3258 Dec
39*4 NOV
6
4
85
1
30*4
Apr
Jan
30*2
6*8
Mar
June 23
1%
Jan
11*4 Feb
Dec
Jan
Dec
784 Nov
1
■
2*2
A o par
No par
5
Convertible
4,300
*7*2
417g
No par
No par
178
10%
32
31*4
100
100
5
$3.85 conv pref--—No par
37*2
41
No par
Preferred
67%
28*4
*80*4
No par
Class B
100
17
100
100
No par
Ward Baking class A ...No par
300
3,100
103
May
100 #114% Jan 16
70
Aug 8
100
Aug 31
100 120
2*4 Aug 21
—.100
Preferred
200
28*2
*....
84
No par
100
{ Walworth Co
No par
Walk(H)Good & W Ltd No par
5,400
45
-100
6M% preferred
83,900
46
*98
72
Walgreen Co
200
10%
19«4
Co comlOO
Waldorf System
2,900
45%
*19
100 #110*4 Feb 17
40
Apr 30
5
Preferred B
50
600
Aug 7
Apr 24
5434 Oct 28
Preferred A
7,000
Nov
3938 Dec
51
9
Preferred
Dec
Nov
96
Mar
9
Nov
June
t Wabash
Nov
15
46
30
No par
11*4
July
Nov 28
6*2 Mar 18
25g Oct 28
240
3,100
1*2
10*4
2*4
July 10
884 Nov 17
7
Chem
32
*81
168
9
pref
non-cum
107g
234
July 30
2
Virginia Ry Co pref
Vulcan Detinning
3412
238
144
Jan
16*4 Apr 30
34
*81
7934 Oct 19
15434 Nov 28
July
150
12934
9
1
6% preferred
3,480
27
"2*84
3
75*8 Apr
3*8 Jan
100
pref—No par
Virginia Iron Coal & Coke. 100
5% preferied
100
*32
23s
Oct
Apr 30
Nov 28
103»4 Nov 10
50
Va El & Pow $6
20
34*2
*81
5
2834 Jan 16
10*2
77g
160
5
Va-Carolina
22,000
34
*32
463s Jan 21
115*2 Jan 7
131
Apr 27
Corp of Am .No par
2
1078
2
3
4838Nov 30
101
100
Vicks Shr <fc Pac Ry
9234 May
18i2 Nov
110
5
3
Dec
No par
t Warner Quinlan
1%
68*2 Jan
Apr
pref. 100
1
Vick Chemical Co
1,000
*84
47
*45
2
42,100
1,400
103s
*100
2
Jan
72*4 July 30
25*2
24%
2578
2478
25*4
42
43
41%
42*2 42S4
116
*115
116
115*4 *115
46
*1938
163s Jan
47
17
210
3
*19*2
*44*4
684
6
75s Apr 30
5384
81
*77
81
78%
*122% 130
*122*2 130
*1221? 130
3
3
3
3*8
3*4
3*8
8
8
734
734
734
8%
8*8
5
*5
5
*5*4
7*4
7
7*4
1784
1734
1784
1734
*17%
1734
173s
39
38
38%
38%
383g
38*4
38*2
116
116
116
115
116*4 *116% 118
82
21*2 Jan
2*8
*122*2 130
3
8
115
45
Jan
11
978 Jan 27
1838 Jan 28
104
Sept 21
58*4 Dec
Vadsco Sales
*84
Dec
9*2 Sept
16*4 Sept
Jan
59
Utilities Pow & Light A
45*2
Oct
Mar
Mar
Jan
Mar
Mar
5s June
7*2
5058 Nov
3
Aug 17
6,100
7% 1st pref
60*2
9*4
87*2
2*8
4i2
65*4
Jan 23
153
Van Raalte Co Inc
3*4 July
Dec
3*8 Mar
7*2 Mar
412 Oct
8,200
Vanadium
Nov
100
Preferred
96
35*8 Mar
Aug 18
31*4 Aug 28
49
2*8
2*8
53*2
20*2 Dec
Mar
10*8 Nov
3%
2*8
4*2 Mar
65
Jan
165
51*2
1384
Feb
Mar 23
2*8
51*2
784 Nov
4584 Nov
884 June
5
60
51*8
24*4 Deo
143
164
160*4 *160
102*2 102*2 *102% 105
334
3%
3*2
3*2
Universal Picture* 1st
17*2 Oct
1*2 Feb
2084 Mar
20% Nov 18
62*4 Nov 18
92
60
Nov
169*4 Feb 18
575s Apr 29
Preferred
78
125*4 Nov 28
No par
160
Jan
2
Universal Leaf Tob
*85%
102
Jan
Aug
46
8
100
8884
*85%
*96
Nov
26*2
118
6
88*2
88*2
102
114*2 11412 *113*2 114*2 *113% 114%
9
10%
9
9*2
984
9%
12934 *127
*47
17g
24l2
43*2
5
Feb 17
2334 Nov 28
102
*98
Nov 19
39% Jan
1
105
115% *115
United Stores class A..No par
4
6734May
*102
2*8
51*8
2*8
100
Preferred
60
52,000
9
100
No par
160
51*2
-
100
100
No par
U S Tobacco
Jan
Apr 29
20
Preferred class A
160
3i2
-
U S Steel Corp
Preferred
600
4
87
19% Jan 8
113*4 July 9
133s Nov 19
400
101
*84
1138
10*2
3%
8812
*84
47*2
1984
2*8
105
101
50
Preferred
2
20
Oct
May
No par
100
50
June
Mar
87s Jan
100
20
No par
1st preferred
92,600
4,200
7
Jan
80*4May
160
71
U S Smelting Ref & Min
5,200
76%
74*4
76%
7458
75*4
73%
747g
763s
143
142
142
14234
142l2 144*2
138
138
13784 13734
139i2
138*2 138*2 *137
*160*2
162
162
*160*2
*160*2 167
8%
8%
8*4
8*4
8*8
77S
834
778
145*8 147
2
10
U S Rubber
400
433s
11
90
72%
378
2*4
52*4
247g
116
897«
72*2
Jan
24*4June
U S Realty & Impt
13,000
105
7*2 Nov 30
6*8 Apr 30
Apr 30
10
Foundry
4
29*2 Aug 10
7
20*4 May
111
5034 Nov 25
2
I4is Nov 14
No par
t c
v
U S Pipe &
74,700
95%
Leather v t c_.—No par
Prior preferred v t c
1,800
45*4
pref
conv
Class A
14,900
15*2
47*4
*1938
107g
U S
178,800
94*8
1984
2
16
44
11*8
10%
58*4
1634
•5*8
*100
99
56*2
95*2
477g
104
97*2
5678
20
.100
Corp—5
50
U S Industrial Alcohol.No par
9,000
10,400
45%
IO84
47*2
•100
97
5584
5
23,500
15%
*17*2
684
97
56*2
100
No par
7% preferred
1,000
43*2
94*s
6
47
97
No par
-
4
July 10
66I2 Jan
109
91
U S Hoffman Mach
3,100
17
115*2 115*2
7
6*2
15
9
June 18
4
100
U S Freight
U S Gypsum
50
9
13
U S Distrlb Corp
Preferred
100
Jan 15
Paperboard
100
Secur.—No par
Pi eferred
300
9834
*193g
♦684
3,000
U £ & Foreign
47*4
18
37*2
United Gas Improve.--No par
Preferred
No par
United
1534
*5*4
*115*2 116
3934
No par
United Fruit
1,100
•
Jan
1 32i8
United Eng & Fdy—
100
15
93
100
United ElectilcCoal—No par
3,000
96
*17*2
177g
38*4
6%
14
15
5
10
Preferred
29,200
45*8
*122*2 130
3
3
14i2
6%
57g
14
59
9634Nov
United Dyewood Corp
15%
*113*2 114*2 •113*2 114*2
7
7
8*2
83g
*127
55*4
6*8
-
Jan 11
2,400
483s
100
*84
*84
•92
1384
*103*4 105
53
*115
♦4584
13%
*858s
88*2
*86*8
88*2
160
*159
*158*4 160
334
2*8
5234
23%
6
14
13738 138
*162
734
6*4
-
Jan 21
3358 Nov 19
117
16*2 Feb
1,300
-
-
68
9
1034 Apr 27
33%
33*4
122
No par
Oct
United Drug Inc
1,720
*166*2
111
9,800
3,400
33
-
Dec
4878 Aug
33*2
59
-
Dec
1384
35*8 Nov 21
9*4 Feb 17
22
19*4
"
~
303s
6
37*4 Nov 16
Oct
15g
40*4 Apr 29
20,600
2,800
Oct
978 Mar
4*2 Mar
225s Jan 6
53s Apr 30
20
20*4
25*2 Sept 26
United-Carr Fast Corp.No par
United Corp
No par
Preferred
No par
*3
59
19
•»
100
United Carbon
300
22
*118
119*8 120
*168*4
7
32% Feb 18
7,900
3*2
193s
777«
75*2 76*2
15434 #146*2 148*8
*855g
33
3%
315g Feb
Deo
2
Jan
I6I2 Apr 27
24*4 Mar 18
No pai
Preferred
1,000
100
7584 Nov
24
111*2 Jan
90*2 July
26*2 July
78 Oct 27
United Biscuit
79,900
22*4
58*2
13*2
No par
5
Corp._>5
United Amer Bosch—No par
10
*234
19
584
108*2 Jan
100
Union Tank Car
500
20*2
58*2
92
7%
33
3i2
20*2
58*2
*70
164
*162
49
58
13*2
477g
♦1373s 13778
4834
*1884
71*2
7678
101*2 101*2
7*4
67g
1878
185g
100
Preferred
1,700
31
*116*4 122
166% 166%
19*8
19*2
1834
94*4
154
*27g
20
123*8
101
*69
34*2
83%
84
83*2
85
83*2
8412
857g #837g
14%
14*2
15
1484
14*2
145g
1434
1484
*110*4 111*2 *110*4 111*2 *110*4 111*2 *110*4 111%
12
12
11%
11*2
12
12
11*2
1134
12*2
18
18%
17
17*2
17*2
1734
17%
17*2
17?8
*9834 100
99
*98*2 100
9934
*98*2 100
9934
34
56
100
*33*2
*30*2
15
121
14
96
1778
853s
*168
57g
13*2
17%
111
167
41
584
173s
44*4
153a
23
103
103
*101
103
*101
*101
103
7
7
7*8
73g
7*4
67g
7*2
50
4934
4878
49*2
49*4
50*2
49*4
123
19*4
59*8
1778
*113*2 114*2 *113*2 115
114i2 11412 *113l2 116
87
87
86*2
86*2 87*2 #86*4
*86*4
88*2
33
35
*32*2
34
35
34
*34
*3278
7
7
7
#684
7*8
7
7*8
7*4
44
4434
44
44
44*2
447g
447g
44l2
1434
14*4
15
1434
15*8
#14*2
15*4
1484
22
2134
23
22%
22»4
*2134
22l2
23*2
12?
34
*98*8
Union Pacific
Rights
167
124
*166
79*2 Mar
26%
17*2
73fi
June 10
27*4
2734
27*4
89*2
3434
Feb
27
25%
7*8
4418
15%
Jan
1484
82*2 Mar
27%
1784
2734
27
89
44
28*2 Feb 7
14934 Aug 12
26*4
98
28*4
#26*4
3434
105*4 Nov 18
27
98
*2734
*11312 114i2 *113*2 114*2
3
71% Jan
Highest
$ per share $ per share
2084 Aug 26
25
Union Oil California
273g
98
27*4
1734
*3158
$ per share
2784
98
98
28*2
26*2
17*4
2,500
1,700
99
2634
*27
16,300
129*4
$ per share
Lowest
Highest
Union Carbide & Carb.No par
9,000
25*4
24%
126
98
98
Par
Shares
10238 10278
129% 130
28*4
98
Lowest
7
90*8 Jan 2
22% Jan 2
20% Apr 30
1291? 12978
98
$ per share
$ per share
$ per share
$ per share
10384 104
Year 1935
100-Share Lots
EXCHANGE
the
$ per share
Range for Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
for
25
3589
New York Stock Record—Concluded—Page 10
143
27
27*4
2.300
*37%
38%
30
23%
25%
33*4
3,100
34
34*21
3,200
200
2578
1634
24,800
5%
39*4
57g
40*4
2,900
4%
5*8
884
9*8
22,100
27,100
2,200
2,400
79
7934
1,300
66
67%
22,800
33%
34
8,400
79
80
1,300
75
75
1,000
16%
158
48%
80*2
4778
17%
7%
Aug 21
78
Feb 25
284 Jan 13
46*2 Jan
83*2 Aug 11
9184 Jan
7
107
96
Jan
2
110
87
Feb 20
102
116*2 Jan
III84 Jan
Sept
9
Apr 21
6
Sept 10
124i2Sept 18
6
116
8*8 Apr 27
Apr 30
178 NOV 6
15
5*8 Aug 26
72*2May 4
3484 Jan 13
94i2 Jan 6
123*2 Jan 7
225sJune 8
Mar 23
12*8 Feb 21
23*4 Sept 11
4
Feb
978 Feb
96*8 Nov
95
Jan
92
18
Feb
10
Jan
10*8 Dec
1984 Dec
33s
32
3
July 29
3184Nov28
35*4 Oct
34
91
Nov 17
5]A% conv preferred--.100
99
July 21 zl20
Jan
778 Jan
77*4 Nov
3534 Deo
9884 Nov
Mar
29
Jan
Nov
1203s Deo
11484 Deo
5*2 Mar
7*2 Mar
1*8 July
23s Feb
20% Mar
39
Mar
126
Dec
16s4 Mar
33*8 Dec
38*4 Dec
25*2 Nov
18
35*2 Sept
■
Oct 23
30
5% preferred
Jan 14
Wheeling Steel Corp...No par
Preferred
-——100
2112 July
1
84
July
8
—50
White Rk Min Spr otf—No par
White Sewing Mach..-No par
Conv preferred
No par
Wilcox Oil & Gas
6
183s Feb
3
1384 July
7
White Motor
No par
Wilson & Co Inc
$6 preferred
Woolworth (F W)
Co..
100
10
Worthington P & M
100
Preferred A
...—.-100
Preferred B
100
3*4 Apr 28
Apr 28
234 Jan 7
65sJune 19
16
70
June 20
4484 Apr 23
23*8 Apr 30
56
Apr 30
6
14*4 Mar
46*2 Jan
67g Mar
1758 Nov 17
684 Nov 17
12% Oct
1*4 Mar
43
Nov 17
5*4 Mar 30
11
Jan 14
6
Jan
1
Mar
37g
87
Jan 15
58
Apr
Apr
71
Nov 18
51
36*4
Oct 22
Jan
4
85*4 Oct 23
8O84 Oct 23
625s Jan
6
14084Sept 16
47
Jan
37*8 Jan 10
109*4 Feb 19
2838 Nov 12
63
Aug 21
79
Feb 10
Mfg Co
25
Yellow Truck & C«ft3h cl B—1
3338 Apr 28
51
Nov 17
32*4
102*2
19*2
24i2
484
20*8
3*8
9*4
79
20
515s Nov
Apr
35*2 Mar
61
68
35*4 Nov
9*4 Dec
Apr
3
8
2% June
6
162,
Dec
4
31*2 May
06
1
55
Apr
6
18
Mar
4184 Jan
6
8784 Oct 10
13
Mar
53*8
4678
800
5H% preferred
Zenith Radio Corp
100
Zonite Products Corp
No par
1
105
Jan
6
11*8 Jan 28
584 July 7
122
Aug
7
423s Nov 17
938 Jan
4
Dec
8284 Apr
1784
884 Jan
No par
Nov
7334 Mar
42*4 July
Youngstown S & T
NOV
65*4 June
25*4 Nov
83*2 Jan
2234 Oct
Dec
Dec
NOV
Jan
100
Preferred
Nov
Nov
Deo
Jan
Dec
II84 Mar
25*2 Mar
Young Spring & Wire..No par
20,600
7,700
Jan
Nov
99*4 Nov
Mar
3384 Jan 25
35*2 Oct 22
1934June29
Yale & Towne
18,400
36
90
Wrigley (Wm) Jr (Del) -No par
670
Jan
Mar
104*2
Feb
3
55*2 Nov
84*4 Oct
91*4 Dec
32% Mar
Oct 16
700
2,700
90
397g Mar
160
600
44,000
72
34
48*8 Mar
153i2 Oct 17
Wright Aeronautical...No par
49
734
1
335sJune 30
85
1,160
162
817g
113
*11134 113
40*4
38%
39%
734
——
25%
16%
*48
May 26
Wheeling & L Erie Ry Co—100
1,200
103% 103%
12784 130*4
77
*7584
50
preferred
--50
Weston Eleo instrum't.ATo par
Class A
No par
Westvaco Chlor Prod—No par
1st
83
38*2 Apr
1*4
May,
25s June
105
Nov
Dec
Dec
Dec
1484 Nov
784
Dec
Complete
Bond
RICHARD
Brokerage
WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
Exchange
Ecchange
NEW YORK
STREET,
Telophono BOwllng-Green 9-4600
A. T. & T. T.l.typ.
New York Stock Exchange
3590
Service
TWX. N.
Y. 1-1793
Bond Record, Friday, Weekly and Yearly
Dec. 5,1936
On Jan. 1, 1909 tile Exchange method of quoting bonds teas changed and prices are note "and
interest"—except for income and defauUebonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the
week, and «h«o selling outside of
The regular weekly range are shown In a footnote in the week in which they occur.
No account Is taken of such sales in oomputlng the range for tne year.
Friday
STOCK
Y.
Week's
Last
BONDS
N.
Range or
Friday's
Bid
dk
Asked
Sale
EXCHANGE
Week Ended Dec. 4
Price
Low
U. S. Government
Treasury 4Ms—Oct
TJeasury 3Ms—Oct
Mar
Treasury 3Ms—June
15
15
15
15
15
15
Sept
June
Treasury 3%s
June
Treasury 3 Ms
Mar
June 15 1946-1949 J
Dec
222
105.24110.16
116.
116.8
217
111
116.8
114.19
181
109
114.19
115.3
121.23
111,
1106.15
187
102.20106.19
107.30
108 5
269
102.29108.7
108.8
108.12
109.10
108.5
109.15
59
85
60
106.17111
107.19109
108
109.23
A
109.15 109.15
O 110.13
100
S
106.20 106.11
106.21
406
100.31106.21
104.18
415
103.3
345
M S
J
103.3
102.24
MIS 102.18 102.6
M
105.29 105.27
104.29
105.18 105.14
104.4
S
104.29 104.23
102.18 1329
106
97
104.19
101.7
104.18
100.23 103.6
100.30102.24
102.20106
105.6
151
100.20105.6
105.18
196
101.20105.18
104.7
13
100.15104.7
F
A
s f
7s series B
102 M
1951
1942
f 7s series C
f 7s series D
1945
♦External
s
f 7s 1st series
1957
O
90
105 M
100
18
89
105 M
105 M
14
104 M
101M
48
100M 102 M
99 M
91
M S
93 M
37
100 M
100M
8
A
O
44
1
73 M
74
16
60M
78M
72
2
61M
78
61M
21M
78
41M
70 M
O
A
44
71M
M
73M
*71
♦23
27 M
*68 M
M N
74 M
72
48 H
30 M
•■st
20 M
20 M
7
7
98 H
99 M
External 7s stamped
7s unstamped
9H
9M
9M
9%
9h
9M
1948
7 Ms unstamped
21M
9
eiM
20
100M
98 M
Deutsche Bk Am part ctf 6s
1932
{♦Stamped extd to Sept. 1 1935..
Dominican Rep Cust Ad 5MS..1942
1st ser 5 Ms of 1926
1940
2d series sink fund 5 Ms
1940
♦Dresden (City) external 7s... 1945
20 M
9
103 M
37 M
100M
99 M
105
Estonia (Republc of) 7 s
1907
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6Ms—- 1953 M N
D
French Republic 7 Ms stamped 1941
O
f 7s 2d series. 1957
92
101 x
99
99.17103.5
J
100
297
61
105M
95
1945
s
"2
101.
97:
1952
103.5
7
99
1955
Apr 15 1962
External gold 5 Ms
External g 4 Ms
102.29
9
34
99M 104
21
100
♦El Salvador 8s ctfs of dep
96 M
106M
22 H
128
22 X
128
93
106M
105
109
18
27
24
"d
..19 j
131
130 M
122M 183
116M 172 M
130
*99
1949
97 M
131
*99
-.19
German Govt International—
♦5 Ms of 1930 stamped
74
23
7
al05
59
100M
99.16103.10
9M
9M
9M
21
39
25 M
100.17104.30
1945
s
92 M
*97M
102M
395
9M
9%
9M
21M
92M 100"
88 M
98
70M 92;
40
•98 M
24 H
59 H
207
J
♦External
41
99 M
1949
103.8
20 H
♦External
100
101M
104.29
♦Sink fund 6s Feb coupon on. 1947 F A
♦Sink fund 6s Apr coup on.__1948 A O
Akershus (Dept) e*t5s
1903 M N
♦External
17 M
99M
25 M
102.36
Agricultural Mtge Bank (Colombia)
J
22
5
1
K
103.8
& Municipals—
♦Antioqula (Dept) coll 7s A... 1945
21M
21
101
Sinking fund 8s ser B
Denmark 20-year extl 6s
High
17
17 M
al 05
Czechoslovakia (Rep of) 8s
Low
14
91M
103.5
1 1944-1952 M N
1 1939-1949
1942-1944
No
20 M
21
98
Sinking fund 5Ms..Jjan 15 1953
♦Public wks 5 Ms
June 30 1945
109.25
High
20 M
1944
External loan 4 Ms
105.12110.14
Jan. 1
Asked
1949
108.5
165
596
105.6
1953 IVI N
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
dk
20 M
20 M
■
"99 M
Cordoba (Prov) Argentina 7s. .1942 J
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on
1951
103.19108.17
87
110.14
104.15
S
D
317
109.19
104.12 104.2
M
1952 J
103.24109
110.9
104.17 104.8
20 H
20M
A
230
M
15 1944-1904
1947 F
25-year gold 4 Ms
Bid
Low
O
Since
Friday's
Price
1946 MN
109
S
D
Foreign Govt. &Mun. (Concl.)
♦Colombia Mtge Bank 6 Ms
1947 A
Range
Range or
Sale
•5 a,
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
Weeks
)
Last
5
k
108.6
108
M
2 Ms
Mar
1 1942-1947
Home Owners' Mtge Corp—
Foreign Govt.
110.30
106.14 106.8
D
May 15 1944-1949 M N
J
Jan
15 1942-1947 J
May
111.
A
Mar
3s series A
114.17 114.12
108.0
3s
2Ms series B_.Aug
2Mb series G
8 116
108.29 108.27
3Ms
3s
High
98
110.16
F
Aug 16 1941
April 15 1944-1946
Treasury 2Ms
Mar 15 1955-1960
Treasury 2Mb...Sept 15 1945-1947
Treasury 2Mb
Sept 15 1948-1951
Treasury 2Ms
1951-1954
Treasury 2Ms..-Sept 15 1956-1959
Federal Farm Mortgage Corp—
Low
121.23
110.16 110.8
D
15 1949-1952 J
Treasury 3Ms
Treasury 3Ms
No.
121.22 121.8
1946-1956 M S
1943-1947 J D
1951-1955 M S
1946-1948 J D
1940-1943 J D
1941-1943 M S
Treasury 3s
Treasury 3 Mb
Week Ended Doc. 4
D
Treasury 3s
Treasury 3 Ms
Jan. 1
So
aq&a
1 Friday,
N. Y. STOCK EXCHANGE
O
Dec. 15 1944-1954 J
Treasury 3 Ms
High
BONDS
Since
O
15 1947-1952 A
15 1943-1945 A
Treasury 4s
3
Range
•3^
190
122M 182 M
k
12
D
22 M
22
25
22
29$*
♦5Ms unstamped
1965
♦German Rep extl 7s stamped. 1949 AO
7
12
19M
24
31
19 Ji
29
"36"
30
31M
67
24
24
27M
17
29 M
24
34
27
27M
29
19
27
45M
32 M
32 M
3
30
35
25M
37 M
1905 J
♦7s unstamped
1949
German Prov <fc Communal Bks
7s 3d series. 1957
o
M
9H
9M
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks 6s...I960
O
102 M
102M
102 X
51
Argentine 6s of June 1925
1959
D
102M
102 M
112
External s f 6s of Oct 1925.. 1969
O
102M
102M
102M
78
1957 M S
102M
102M
102M
102 M
External 6s series B
1958 J
D
102 M
102 M
102M
71
Haiti (Republic) a f 6s ser A...1952 A
1960 M N
102M
102 M
102 M
102 M
102M
102 M
102 M
102 M
87
1960 M S
102
102M
102M
110M
102 X
101M
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl. 7Mb '50 J
J
Helslngfors (City) ext 8Mb
1960 A O
Hungarian Com Municipal Loan—
39H
68
Extl
224
♦External sec
♦External
External
s
s
sec s f
f 6s series A
s
f 6s of May 1926
s f 6s (State Ry)
External
r9M
9
Sanitary Works 1
1961 F A
Extl 6s pub wks May 1027..1961 M N
Public Works extl. 5Ms
1962 F A
Australia 30-year 5s
1955 J
J
External 5s of 1927
1957 M S
External g
1950 M N
4Mb of 1928
Austrian (Govt) s f 7s_.
1957 J
2
97
D
Extl 6s
12
i02M
J
109M
109M
102M
96 M
♦(Cons Agrlc Loan) 0Ms
22
102 Ml
♦Bavaria (Free State) 6Ma
Belgium 25-yr extl 6 Ms
External
1945 F
A
1949 M S,
f 6s
s
1965 J
Bergen (Norway) ext
D
109
105 M
116
114M
110M
105M
116M
102 M
24 a
102 M
25
♦Berlin
(Germany) s f 6 Ms
1950 A O
♦External sinking fund 6s._-1958 J D
♦External
s
23 M
22
17
42
80
2
33
18
23 M
40
42
33 M
35 H
143
O
35M
33 M
35M
155
1952 J D
1957 M S
34 M
103
34 M
36 M
34
f 6 Ms of 1927... 1957 A
♦7s (Central Ry)
Brisbane (City) s f 6s
Sinking fund gold 5s
20-year sf 6s
..1958 F
A
1950 J
Budapest (City of)—
♦6s July 1 1935 coupon on
1902 J
65
102 M
102M
103 M
32
103 M
22
1Q4M
103
D
105M
3
*27
31M
D
J
100M
101
14
O
101
101
1
External s 1 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl 6s._.1961 M S
101
101
91
91
Buenos Aires (City) 6Ms B-2..1955 J
External s f 6s ser C-2
1960 A
♦6s stamped
1961 M
S
♦6 Ms stamped..
s f 4M-4M9—
1961 F
A
1977 M
S
73 H
1976 F
A
O
75M
Extl
Refunding
s
f 4 M-4 Mb
Extl re-adj 4M-4Ms
Extl 8 f 4M-4MS
1976 A
1975
3% external s f $ bonds
1984
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off. .1967
♦Sink fund 7 Ms May coup off1968
Canada (Domof) 30-yr4s
1960
5s
J
J
88 M
*81
22 M
17
18M
32 M
17 M
25«
16M
20
38
A
O
10-year 2Mb
Aug 15 1945 F A
26-year 3Mb
1961 J
J
(City) s f 8s
1954 J
J
♦Cent Agrlc Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s__July 15 1960 J
J
20 M
110M
115
100 M
103M
♦Carlsbad
f 6s..Oct
s
♦Farm Loan 6s
ser
15 1960 A
A Apr
♦Extl
s
f 6s
Jan 1961
51M
7
5
J
20M
110M
114M
100M
103 M
36M
4
2?M
111M
115M
101M
103M
7
68
19
50
37
"""4
31
32M
25
29
27
31
30 M
31M
15
15M
15
16
42
15M
15M
16
119
O
A
15 M
15M
16
38
J
15M
15
16
109
15M
16
39
S
"l5M
15M
15M
15M
15M
15M
25
13M
13M
13 M
18
13M
13M
13M
9
"l"3M
13M
198
14
14
32
12M
12M
21
49
51
1962 M
♦Guar
s
f 6s
1961 A
♦Guar
s
f 6s
1962 M N
O
..I960 M S
♦Chinese (Hukuang Ry) 6S-L..1951 J
"l2 M
D
♦Cologne (City) Germany 6 Ms. 1950 M
S
Colombia (Republic of)
•6s Apr 1 1935 coup on.Oct 1961 A
O
•««>
lulv
1
1935 roup on
For foot notes
see
page
Jan
3595
1961
19
28 M
19
27 M
27 M
42
35M
35M
36M
21M
95
104M
95
104M
101M 105M
22 M
22
I
*48M
113M
81M
1951 J
Italian Cred Consortium 7s A.. 1937 M
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7a...l952|J
D
82
S
35
50
H3M
1
82 M
176
*96M
S
"79"
J
68
65
68
Japanese Govt 30-yr s f 0Ms.. 1954 F A
Extl sinking fund 5 Ms
1905 IVI N
Jugoslavia State Mtge Bank—
99
99
100
83 M
83 M
85M
28 M
24 M
♦7s with all unmat coup.....1957
♦Leipzig (Germany)
s
A O
1947 F
f 7b
Lower AMtrla (Province of)—
7 Ms June 1 1935 coup on
A
1950 J
D
♦Medellln (Colombia) 6 Ms
D
1954 J
♦Mexican Irrlg assenting 4M8.1943 M N
♦Mexico (US) extl 5s of J899 £.1945 Q J
*93
9M
6M
s f
s
25
35
25M
22M
31M
9M
45
0M
29
9
7H
7H
1952 J
(City) 7s
♦6s series A
5X
5M
9%
7M
10M
4
7 M
10 M
10M
*_28
7M
12 M
20
7M
12 M
5
7H
9
5
6M
6M
"93
6M
375
10M
50
54
6M
5H
10 M
10M
11
18
O
64 M
64
67M
94
22M
22M
16
21H
66
14 K
22^
22M
65M
20M
65M
9
D
3
47
66
43
61M
1958 IVI
1959 M
6 Ma
f 6 Ma
95M 101
104M
8M
"16 M
♦{Small
♦Sec extl
28M
8M
6M
77
89 M
"9
6M
83
78
12 M
10
Milan (City. Italy) extl 6 Mb.—1952 A
Minas Geraes (State)—
51M
9M
5M
-----
60M
87 M
83 M 100
91M 100M
*9 M
"~6M
112M 115
53
80
7M
J
♦{Treas 6s of *13 assent (large) '33
♦Montevideo
79
9
1959 M N
8
5
24 M
New So Wales (State) extl 5s. .1957
External
s
f 5s_
23 M
22 M
23 M
144
23
22 M
23 M
1211
A
..Apr 1958
O
1943
*60 M
A
105
—-
50
15M
Hi
77
105M
18
100M 105M
105
104M
104M
108M
105
14
101
105M
110
11
104 M
110
109M
108M
16
101M
104M 109M
100
104M
99 M 103^
96 M 101M
A
1944
Norway 20-year extl 6s
20-year external 6s
External sink fund 5s
1963 IVI
101
109M
101M
External sink fund 4Mb
External s f 4Mb
1956 M
S
102 M
102 M
103 H
37
1965 A
O
101M
100M
101H
133
J
D
102 M
102 M
102M
F
A
22
S
"79 M
23M
79 M
24
1953 IVI
81
18
1958 M N
...1955 A O
74 M
99M
75
99M
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6s
Extl deb 5 Mb
Oslo (City) sf 4Mb
Panama (Rep) extl 5 Ms
♦Extl 8 f 5s ser A
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
♦Nat Loan extl
♦Nat Loan extl
s
1953 J
s
f 6s 2d
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
S
D
74 M
106
1963 IVI N
106
*70
146
1
102 M 104
18 M
27
78M
.1947 IVI
s
1959 M S
106
72 M
96M 100
1
104
90 M
58
81
12M
13M
19
ser.
70 M
19
1SH
19M
16 H
10 %
20
13M
13M
57 M
13M
143
10
13M
101
10
13
71
58 M
74
56 M
59
16M
13M
1961 A
O
13 M
1940 A
O
1947 A
O
"74"
1950 J
J
57 M
106M
67
82 M
67 M
D
80 H
82 M
17
27
"70 M
f 6s 1st ser..I960 J
♦External sink fund g 8s
J
A
30
49
22
27M
sinking fund 6s..Sept 1961 M S
♦Chilean Cons Munlc 7s
97M 102M
Italy (Kingdom of) extl 7s
F
D
♦External sinking fund 6s...1963 M N
♦Chile Mtge Bank 6 Ms
1957 J D
♦Sink fund 0Ms of 1926
1961 J D
♦External sinking fund 6s
32
105
110M
101M 109M
109
118M
*22 M
IVI N
1960 M N
f 5s
D
35
*41
O
15 1938 A O
1942 M N
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s
1960 A
♦Extl sinking fund 6s...Feb 1961 F
♦Ry ref extl
M
s
1954 J
56
18M
20M
24 M
110
24 M
♦4s of 1904
11
60
19M
15M
104
105 M
22 M
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
75
57 M
93M 100
19M
*22 M
1
*256
77 M
105M
99
25
*22 M
5
73 M
75 M
60
*l"05*M
99
23 %
*16M
J
1945 Q
85
76 M
79
99
23M
J
1945
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
72 M
74 H
76 M
79
O
31H
29M
M N
♦Sec extl
J
J
M N
1952 M N
♦Farm Loan
82
28
1968
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35M
24 H
27M
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40
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1941 J D
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27 M
26
21M
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1901
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15
24 M
105M
1960 M S
5s
s f
J
1955 J
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1908 F
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118
D
1958
78..1904 M N
1964
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ser
♦Sink fund secured 6s
38
103 M
98
f
■
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43
102M
102M
110M
110M
♦Greek Government
"_33
32
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10 M
16 M
80 M
130
44
55
40
111M
96
Volume
Last
Sale
Low
Foreign Govt. &Munlc. (Concl.)
1961 J
1966 J
1952 M
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♦7 H a July coupon off
Prague (Greater City) 7Ha
1952 A
6s
No
Hioh
BONDS
Since
N. Y. STOCK EXCHANGE
Week Ended Dec. 4
Price
D
J
N
S
O
Queensland (State) extl s f 7a. .1941 A O
25-year external 6s
1947 F A
♦Rhlne-Maln-Danube 7s A
1950 M S
2354
15
21%
90% 101H
18 •
2954
16
23 %
19%
19%
2354
1954
95
95
24 H
10
......
23 H
23
2354
31
18
28 H
11354
11254
11354
18
109
.......
......
113
5
1
8
113
27 H
24 H
38
♦8s April coupon off
♦6 Ha Aug coupon off
Rio Grande do Sul (State of)—
♦8s April coupon off
1946
♦6s June coupon off
1968
1966
1967
1952
1964
♦7s May coupon off
♦7s June coupon off
Rome (City) extl 6 Ha
Rotterdam
(City) extl 6s
A
J
M
J
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D
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24 H
24
24
1946 A O
1953 F A
28
15
18
14
6
16
1954
......
61
30 54
2054
40
14
2154
......
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30
1854
22
14
14 H
15
19H
1954
68 %
2
2154
68
48
69
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♦7s August coupon off
1959 F
♦8s May coupon off
21
1954
20H
5
♦External 6s July coupon.off .1968
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—.1940
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1945
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1946
6 Ha
g
J
J
S
J
32
15 54
26%
23
2354
14
24
88
90 H
48
81H
90 H
35
32 H
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.
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M N
1958 J D
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16
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49
33
2654
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1955 F
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s
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A
A
J
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......
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......
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106
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9554
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76
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gold 5s
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1970 F A
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June 15 1955 J D
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1966 F A
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73
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81
52
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23
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27
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J
81
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—
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-
—
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108
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21
32
1959 A
129
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22
11754
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BOND
213
10454
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1951 F A
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114
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9
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1946
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...
115
59
For footnotes see page 3595
....
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1964
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1955
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1995
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J
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1962 A
98 54
83 H
90 H
562
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Debenture 5s
1965 F
{♦Am Writing Paper 1st g 6s..1947 J
♦
Certificates of deposit
121H
1938 J
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16
125
94
78 H
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11254
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68 %
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A
Canada Sou
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J
109 %
2
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205
10654
1943 M N
3
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91 %
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1
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J
1940 J
2
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J
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1945 M N
4
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11054
deb 4HS.1945 M N
116
•
11354
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136
102 H
*92 %
86
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95%
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10
8054
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74
1947 IVI N
1950 J D
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2030 IVI 8
1953 J D
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Am
195
8
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80
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11154
246
2454
1945 IVI N
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{♦Bush Terminal 1st 4s
113
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9554
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_
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97
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1942 M S
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9054
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....
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....
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.
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.
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......
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88
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J
24
....
......
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446
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28
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75
42
121
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1950
93
113%
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1948
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277
92
101
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1951 A
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INDUSTRIAL
107 %
103JH 106%
102 H 109H
103
1
103
115
1st Hen A ref 6s series A
RAILROAD
10954
91H
1959
♦Debentures >68
1955
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1966
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1944 J
cons g
100 H 106
....
105
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113
70
2
79H
cons 3 Ha..1943
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Ha—1951
Bklyn Un Gas 1st
b
93 H
106
93
1951
♦Certificates of deposit....
Brooklyn City RR 1st 5s.
1941
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Bklyn Manhat Transit 4Hs—1966
BklyD Qu Co A Sub con gtd 6S.1941
1st 5s stamped
1941
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1950
102?* 106H
115
...I960
1st g 4 Ha ser JJ
3
65
91X
Belvldere Delaware
Boston A Maine 1st 6s A C
1st M 5s series II
87
103
103
102
1951
.
58
61
D
D
1941 M N
J
1950 J
♦Deb sinking fund 0Hs
75
12354 166
1936 M N
1995 J
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Beech Creek ext 1st g 3 Ha
33 H
10
O
1943
3054
......
Serbs Croats A Slovenes (Kingdom) —
♦8s Nov 1 1985 coupon on. .1962 M
♦7s Nov 1
108H
Bangor A Aroostook 1st 5s
26
40 %
14
84
105
O
1996
29%
33
54
*10554
1940 M N
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...1940
Bait A Ohio 1st g 4s
July 1948
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23H
21 54
26H
6254
10554
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70
5954
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1941
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Ref A gen 5s series D
2000
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i960
30
O
D
D
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Atlantic Refining deb 5s. ——.1937
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4
109
98
10654
8254
28H
33
204
9854
10754
105* 11454
95 H 105H
76
98%
81H
98%
95 H 107%
124
9854
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118H
103H 110H
118
6
105H
1959
30
14 H
Low
——
11454
5354
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17H
26
No
....
10454
60
1948
Baldwin Loco Works 1st 5s
....
Since
Jan. 1
113H
98
10654
May 1 1945 IVI N
J
1948 J
10-yr coll tr 5s
Hioh
122
Bonds Sold
96>4
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105*
25
22 H
22
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J
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J
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J
J
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122H
J
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30
'
San Paulo (State of)—
{♦8a July coupon off
1936
♦External 8s July ooupon off. 1950
♦External 7s Sept coupon offl956
54 H
11
25
2454
♦25
1952 M N
♦Extl 6Ha May coupon off--1957
24
*110
Ref A gen M 5s ser F
25
A
J
1953 J
3054
21&
23 54
110
114H
Roumanla (Kingdom of Monopolies) —
♦Saarbruecken (City) 6s
Sao Paulo (City of Brazil)—
24^
19%
*119
J
1944 J
Atl Gulf A W I S3 col tr 5s
Rio de Janeiro (City of)—
D
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 Hs A
1964 J D
LAN coll gold 4s
Oct 1952 MN
Atl A Dan 1st g 4s
2d 4s
114
109
10
27 H
Friday's
A
Asked
1946 J
1944 J
Atl A Charl A L 1st 4 Ha A
let 30-year 5s series B
113H
......
Bid
Low
Hioh
Low
5
23%
Range
Range or
Sale
Jan. 1
Bonds Sold
Atl Knox A Nor 1st g 5s
Porto Alegre (City of)—
♦8s June coupon off
s f
Last
Range
Range or
Friday's
A
Asked
Bid
Price
Week Ended Deo. 4
Week's
Friday
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
♦External
3591
New York Bond Record—Continued—Page 2
143
T. &
T.
Wires to Chicago, Indianapolis
-
Teletype
NEW YORK
NY 1-911
and St. Louis
1
81
77 H
93 H
Week's
Friday
Last
BONDS
N.
L
embers
f
Debenture 5s
Y.
O
J
1948 A
1955 F
1943 A
Conn Ry A L 1st A ref 4 %s
1951
O
A
75
77%
105
105
105%
104%
112%
*113%
108$*
108%
105%
104%
104%
O
104%
*110%
107%
106%
J
J
Low
HiO*
77%
105%
66
59$*
45
99
105$*
105%
120
8
Hioh
81%
105$*
99% 105$*
98$* 106$*
110
112%
109%
110$* 113%
107$* 109%
105
104
105%
104% 105
105% 110%
O
107
107%
47
105% 108
104% 107%
O
107%
107
107%
31
103% 107%
J
23%
107%
103%
23%
107$*
25%
4
25%
34%
26%
66%
2
61%
23%
107%
102%
25%
25%
*25%
25%
61%
344
110%
"13
107
110%
107%
108%
104$*
102%
109%
107%
107%
104$*
102%
104
108
102$*
106%
102%
106%
106%
3
1951 J
105%
104
105$*
19
101%
102%
1951,
_
Consol Edison (N Y) deb 3%s_1946 A
3 %s debentures
19561A
Cgo. 543
Since
Jan. 1
Asked
1950 M N
Stamped guar 4%s
Randolph 7711
Y. 1-761 A' 'Bell System
1961
Conn A Pas3um Rlv 1st 4s
135 So. La Salle St.
Connections
Teletype
Dlgby 4-5200
1952 A
15
Columbus Ry Pow A I.t 4s
1965 M-N
>
J
Commercial invest Tr deb 3%sl951
Chicago, III.
'Private Wire
15
Jan
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
%AILROAD 'BONDS
^ew York,
Apr
Debenture 5s.
One Wall Street
A
Low
<^ew Tmrk Qurh exchange
Range
Friday's
Bid
Price
4
Dec.
Colo A South 4%s ser A
1980 IVI N
Columbia G A E deb 5s—May 1952 IVI N
York Stock Exchange
{
Ended
Ranoe or
Sale
EXCHANGE
STOCK
Week
Bennett 'Bros. & Johnson
cm
Y.
1936
Dec. 5,
New York Bond Record—Continued—Page3
3592
108%
♦Consolidated Hydro-Elec Works
of Upper
Friday
BONDS
p
N. Y. STOCK EXCHANGE
Week
Ended
Dec.
Sa.
4
Last
Ranoe or
Sale
Price
A
Low
Cent Pao 1st ref gu g 4a
A
1949
112 X
m%
1941
M N
125%
1948
M
Champion Pap A Fibre deb 4$*sl950 M S!
Chesap Corp conv 5s
1947 M N
D
10-year conv coll 5a
1944 J
M N
M
m~x
2d consol gold 4a
Chic A Alton RR ref g 3s
Ch G L A Coke 1st gu g
{♦Chicago
5s
21
102%
102%
118%
S
o
111%
60
J
J
A
113%
115%
24
113
113"
26
117$*
113%
118%
*95
29 X
26$*
28 X
25$*
102%
M N
124%
102%
41%
IVI N
1937 J
42 X
*
*
20%
20X
1969 J
♦Chlo M A St P gen 4s ser A.. 1989 J
♦Gen g 3%s ser B__May 1 1989 J
60%
105
62
54%
20
66
41
66
57
25%
1960 M N
682
27%
8
1167
38%
40
32
40%
41%
42%
43%
*42%
43
136
8
42%
45%
42
10
45
36
46
99
47
49%
50%
26%
26%
25%
28%
27%
26%
25
27
15
14%
15%
80%
36
38
"50%
28%
16%
♦Conv g 4%s
28
67
26%
8%
39%
35%
17%
15%
18%
17%
17
16
9%
Ch St L A New Orleans 5s
1951
Gold 3%s
June 15 1951
8%
"78
60
122
99
720
11
196
5
35%
18$*
16%
18%
1571
119
68
38
17
202
9%
112
118%
124%
102% 105%
26%
46%
49
48%
46%
28
29
65%
43
58%
47%
47%
49%
68
99%
87%
1960
1960
1944 J
106%
.1963 J
112%
104%
106%
111%
1963 J
110%
110%
1951 M
108%
108
1944 J
107%
4s... 1952 J
105
1962 M
93%
1943 A
J
J
101732
*
IVI N
J
17%
29%
68
69%
35%
9%
48%
54%
36
54%
37
56
IVI
N
1st mtge guar 3%s series D..1971 IVI N
Clearfield A Mah 1st gu 4s
1943 J
Cleve Cln Chi A St L
gen 4s... 1993 J
General 5e serial B
1993 J
Ref A lmpt 6s ser C
1941 J
Ref A lmpt 5s ser D
1963 J
D
*108%
108%
108%
108%
107%
103
106
J
"103%
M
1
104%
106$*
112%
110$*
108%
4
20
24
41
42
108
49
105$*
94$*
66
66
102
66
42
61%
17
29%
30
105%
102%
106
102%
103%
*105%
105$*
103
98$*
106
"2
60
163
25
*107%
111%
Gen A ref mtge 3% sser G
1966 M
♦Detroit A Mac I st lien g 4s...1995 J D
J
Duquesne Light 1st M 3%s
1965 J
♦{East Cuba Sug 16-yr s f 7%s_1937 M
♦Ctfs of deposit
23
Erie RR 1st cons g 4s 4s
prior.. 1996
1st consol gen lien g 4s
1996
31
15
13%
20
15%
23%
14%
20%
7
11%
113%
-
Penn coll trust gold 4s
Conv 4s series A
Series B
Gen
101
89
O
A O
M «
A O
J
■»
J
•*
M N
M 8
1967
1975
1955
Genessee River 1st
s f 6s
1957
N Y A Erie RR ext 1st 4s... 1947
3d mtge 4%s
1938
105% 108%
Ernesto Breda 7s
108% 112$'
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
5s International series
9%
71
12
113
117
108%
5
108
110%
112%
17
108%
20
116%
....
....
40
4
117$*
10
103%
29
82
10
109%
46
66
794
108%
112%
108% 109
45%
50%
45
35
15%
112%
45
35
35
117%
103% 107
52%
86%
107
109%
12%
46
16%
104% 108
20
103% 115%
106% 108
128% 138%
114
144
%'
I
114
110
104%
104%
104 $*l
103% 104%
137% 155
144%
*110$*
110
147
100$*
90%
87$*
87
"91%
"Is
90%
90%
92%
87$*
87%
118%
117%
86%
86%
118%
*116%
113$*
110
105%
178
105
114
101% 111%
116"
108%
105%
92%
91%
*105%
107%
107
99% 106
77%
94
105
106$*
105%
45
74%
75
74
95%
95%
94
242
70
92
430
69%
91%
116%
119
116%
119%
111
113%
103
*103
1942 Nl
107
111$.
106% 108%
99% 108
1st lien
102% 105%
73
94%
47
108$* 113
104%
'
96$* 106
111% 119
103% 105$*
103%
78$*
98%
89
105
102$*
106%
42%
104$*
102$*
102$*
10
1942 Nl
1942 Nl
1942 Nl
*103
1954
*101%
1946
*77%
101$*
97% 103%
101$* 104%
103%
103%
*67$*
♦1st A ref 5s series A..
74
101% 105%
98
103%
99
102$*
f 5s stamped
s
62
102%
95
80
104
60%
87%
52%
68
80
76%
5'
66%
15%
17
295
7%
18%
15%
19741M
"78
16
♦Certificates of deposit
109
105
104%
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast Ist4%s..l959
100% 103%
106
104$*
1956
1st lien 68 stamped
30-year deb 6s series B
Flat debs fg 7s
15
16%
7
17$*
8
11
Fonda Johns A Glov 4%s
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner MN
62
10%
*3%
♦Certificates of deposit..
Fort St U D Co 1st g 4%s
1941
3%
4
4
3%
3%
*107
Framerican Ind Dev 20-yr 7%s 1942
{♦Francisco Sug 1st s f 7%s.._1942 IVI N
§11
105
107
106
110%
107%
107%
128
118
128
35% 128
127%
C94$*
♦Certificates of deposit
Galv Hous A Hend 1st 5%s A.. 1938
120
127%
96%
79
a94$*
*122%
123%
*102
103
75%
127%
97%
96
10
111% 112%
Gas A El of Berg Co cons g 5s. .19491J
Gen Amer Investors deb 6s A.. 19521F
Gen Cable 1st s f 5%s A
1947 J
D
A
105%
41%
♦Gen Elec (Germany) 7s Jan 15 1945 J
♦Sinking fund deb 6%s
♦20*year
114
23
19
176
U3"
105$* 114
105% 112
100% 109%
95
105%
110% 112
98% 108
107
80
81
94%
s
f deb 6s
1940 J
Gen Motors Accept
Corp deb 3sl946
15-year 3%s deb
{{♦Ga Caro A Nor 1st
♦Good Hope Steel A Ir
105%
F
1951 F
sec 7s._1945 A
Goodrich (B F) Co 1st 6 %s... 19471J
Conv deb 6s
19451J D
Goodyear Tire A Rub 1st 5s
1957 iM N
Gotham Silk Hosiery deb 5s w wl946 IVI
Gouv A Oswegatchle 1st 5s_... 1942 J
1941 J
27
101% 104%
101
100%
"42%
42%
29
42
40%
41
30
41
42%
104%
104
104
103%
42%
104%
104%
103
43%
104%
103% 104%
30%
72
256
104
1
102
97
224
76
98
29%
29%
12
29
34
"34"
103
95%
"96%
1945 J
ext 6s..1934 J
106
41%
D
.1948 IVI N
Or R A T ext 1st, am a 4 %s
3585.
3%
66
....
61
{♦Ga A Ala Ry 1st cons 5s
page
65%
115%
107%
1954
113
see
7
104% 109
113
For footnotes
32%
114$*
91%
1953
.1953
Ref A lmpt 5s of 1927
104%
105%
100% 105%
101% 107%
108% 112%
94%
23
46%
1953 A
4s series D
conv
*110
89
126
6$*
*138
105%
91$*
1981 J
94
38%
30
70
;*io7%
1951
Gen Pub Serv deb 5%s
.1939 J
Gen Steel Cast 5%s with warr. 1949 J
O
38
13%
20%
20%
65
*107%
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
99"
"83%
104
105%
108
29%
29%
13
45
1940
106"
A
105 $4
17
*107%
106"
O
85!
110
105% 108%
158
38%
*106%
110
110% 110%
D
91
100% 105
17%
B...1940
109%
*105%
1977IA
78%
98
102%
104% 107%
105
72
40%
1965 A
ser
*110%
s
102%
235
81
O
1965
3%s
1977 F
1st.
105
33%
109%
1956 M N
1939 J
1995 J
1950 A
Coal River Ry 1st gu 4s
19451J
Colo Fuel A Ir Co gen s f 5s... 1943 F
♦5s Income mtge
1970 A
13
191%
32$*
117%
103%
44
Erie A Pitts g gu
Series C 3%s
103%
109
157
*35
"45%
East T Va A Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
1948 M N
O
72
*50
81%
El Paso A S W 1st 5s..
5s 8tamped
111%
1973 A
108%
Detroit Term A Tunnel 4%s..l961 IVI N
Dul A Iron Range 1st 5s
1937 A
Series D 3%s guar
f 68 series B guar
f 4 %s series C
46%
100% 104%
104% 108%
107%
*35
1942 J
a
27
116%
108%
111%
108%
1995
*104%
*112%
1st
28%
D
82%
93% 102%
111%
72
100%
*50
1995 J
46%
43%
O
113%
110%
108%
108%
105%
104%
*111%
106%
106%
64%
76%
74
16%
16%
28%
1995
1942 A
113%
111%
103
69%
32
116%
Series B 3%s guar
O
102
103% 107
103% 106%
101$* 103%
1
"32%
108%
70
*112
O
103%
99%
74
1
F
32
O
1961 A
1972 A
100$*
74%
107%
1965 A
Series A 4%s guar
Series C 3%s guar
Gen 4%s ser A
Gen A ref mtg 4 %s ser B
Cleve Short Line 1st gu
4%s
Cleve Union Term gu 5%s
103% 108%
103
105
65%
*43
1941 M N
1951 J
1946 J
102%
111$*
66%
99% 103
53%
4%
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4 %s ser A
Conv deb 4$*s
104
I
O
18%
103
105%
42%
49%
49$*
107%
30%
"16%
29
108%
39
31%
25
107%
32%
29
106
29
7
107
1952 A
1937
20
96
"21
107
{♦Des M A Ft Dodge 4s ctfs
1935 J
{♦Des Plalnes Val 1st gu 4 %s.-1947 IM
Dul 8ou Shore A Atl
g 5s
31
30%
36
102%
*105%
10%
100
109
{♦Consol gold 4 %8
1936 J
{♦Den A R G West gen 5s. Aug 1965 F
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B
Apr 1978 A
♦1st 4s assented
32
19%
64%
*104
16
74
89%
1969 J
1961
20
20%
176
68
1971 J
s
F
4
102%
64
100%
107%
89%
191%
1969 J
ser
4
63
-.
f 5s...1951 IVI N
Stamped as to Penna tax
1951 IVI N
{♦Den A R G 1st cons g 4s
1936 J
Gen A ref M 4s
171
104$*
61
64%
16
61
"64"
1937 IVI N
Detroit Edison Co—
Gen A ref 4%s series D
Gen A ref 5s series E
108%
30
99% 104
74
D
1st lien A ref 6s ser B
.1936 3"
Cumb T A T 1st A gen 5s.-.--1937 J
Dayton Pow A Lt 1st A ref 3 %s 1960 A O
Del A Hudson 1st A ref 4s
1943 IVI N
1st A ref 4%s
107%
17
22%
105% 109%
73
1952 J
1936 J
♦Certificates of deposit
""§
101
W..1940 IVI
Cuba RR 1st 6s g
1st ref 7 %s series A
7
37
298
67%
40%
35
108$*
A
East Ry Minn Nor Dlv 1st 4s. .1948 A
101
*103
J
Cleve-Cllffs Iron 1st mtge 4%s. 1950 M N
Cleve Elec Ilium 1st M
3%s__.1965 J
Cleve A Pgh gen gu
4%s ser B.1942 A
105%
97
1977 J
M N
22
89
*119
D
J
100%
*105%
105%
69
D
1942 J
♦2d 4s assented
38
*""
J
M N
107%
104%
93%
101732
97%
w
D
J
Cuba Nor Ry 1st 5%s
♦Second gold 4s
*93
*96%
Willamette Paper 6s
1st mortgage 4%s
Den Gas A El 1st & ref
30
38%
f 4s
114
31%
33%
s
Gold 5%s
14
6
Crown Cork A Seal
J
1951 F
3%s
Del Power A Light 1st 4 %s
99
46%
f deb
s
1946 M N
113%
116%
105
*113%
1951
1939
Cln Wabash A M Dlv 1st 4s. 1991
St L Dlv 1st coll tr g 4s
1990
Spr A Col Dlv 1st g 4s
..1940
W W Val Dlv 1st g 4s
1940
109
92% 105$%
110% 111%
65
O
1952 M S
Ref A lmpt 4 %s ser E
Cairo Dlv 1st gold 4s
22
79%
{♦Secured 4%s series A
♦Certificates of deposit
Chile Copper Co deb 6s
1947
{♦Choc Okla A Gulf cons 6s... 1952
CIn H A D 2d gold 4 %s
1937
Cln Leb A Nor 1st con
gu 4s... 1942
Cln Union Term 1st
gu 5s ser C. 1957
104%
108%
107%
106%
29
64
--
con
60
16%
16%
38
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F
{♦Chic R I A P Ry gen 4s
1988 J
ser D
41
28%
105%
1970 IVI N
Crown Zellerbach deb 5s
Crane Co
104
J
D
May 1 1965 IVI N
3%s
mtge
1st mtge 3%s
Container Corp 1st 6s
118% 128
99% 102%
99% 102$%
J
♦Consolidation Coal s f 5s
1960
Consumers Gas A Chic gu 5s.. 1936
Consumers Power 3%s.May 1 1965
Crown
116
648
O
1st
14
381
1956
109% 112%
28%
1987 M N
1936 Nl N
♦1st ref g 6s
May 1 2037 J D
♦1st A ret 4%s stpd.May 1 2037 J
D
♦1st A ref 4%s ser C.May 1 2037 J
♦Conv 4$*s series A
1949 M N
4%s
29%
28%
124%
102%
43$*
42%
42%
•
J
15-year deb 5s with warr
1943
Copenhagen Telep 5s Feb 15. .1954
36
67
♦Stpd 4s non-p Fed Inc tax 1987 M N
♦Gen 4$*s stpd Fed lnc tax.. 1987 M N
♦Gen 6s stpd Fed lnc tax
1987 M N
Chllds Co deb 6s
95
22
53
♦Conv adj 5s
Jan 1 2000 A O
{♦Chic A No West gen g 3%b..1987 M N
♦General 4s
1987 M N
Chic A West Indiana
1st A ref M
67
J
1955
121% 127
89% 100
102% 107%
115% 176
110% 165%
82
65
C-.May 1 1989 J
4Ha series E-.May 1 1989 J
♦Gen 4$* series F._.May 1 1989 J
{♦Chic Mllw St P A Pac 5s A.. 1975 F
3%s guaranteed
11
"64
♦Gen 4%s series
1st mtge 4s series D
1st mtg 3$*s ser E
104
20%
20%
105%
*112%
60%
♦Gen
Chicago Union Station—
Guaranteed g 5s
Guaranteed 4s
89
~36~
1947 J
♦1st A gen 5s series A.
1966 IVI N
♦1st A gen 6a series B.May 1966 J
Chlo Ind A Sou 50-year 4s.... 1956 J
♦Certificates of deposit
{♦Refunding gold 4s
...1934 A
♦Certificates of deposit
33
103
1947 J
Memphis Dlv 1st g 4s
Chic T H A So East 1st 5s
lnc gu 5s
Dec 1
6
109
A
1947 J
Hs stamped
5 ♦Secured g 6%s
64
60
O
♦Refunding g 6s ser B
♦Refunding 4a series C
♦4
111%
108%
112%
115%
U3%
s
Hioh
103% 112$%
102
109$%
108% 111
11%
112% 118$%
108% 115%
110
111%
118%
D
.1955
♦Debenture 4s
110
59
{♦Chic Ind A Loulsv ref 6a
4%s
110
*114
IVI
Great West 1st 4a.. 1959 M
Chic L S A East 1st
136
*110
A East 111 1st 6a..1934 A
{{♦Chicago
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit
Chicago A Erie 1st gold 5s.... 1982
21
101X
*110$*
1977
A
110%
102
1971
ser
2
128
102 X
1958
1st A ret 4 %s ser B
1
109%
102%
1949
1st A ref 5s
29
F
Chic Burl A Q—111 Dlv 3%S-_.1949
Illinois Division 4s
1949
General 4a
65
142
IVI N
1989
1941
158
2
43
127
Potts Creek Branch 1st 4s__.1946
R A A Dlv 1st con g 4a
1989
Warm Spring V 1st g 6a
94%
125%
93%
107%
153
8|
A
176
104
94 X
125%
02%
107X
153"
1939
1992
Ref A lmpt mtge3 %s ser D-.1996
Ref A Imp M 3%s ser E
1996
Craig Valley 1st 6a
May 1940
1
1951
♦Debenture 4s
Low
68
102$*
93 %
General gold 4 Ha
109
140 X
SI
Ches A Ohio 1st con g 5a
112%
D
D
♦Debenture 4s
Jan. 1
Hioh
112
109
O
Through Short L let gu 4a. 1954
Guaranteed g 5a.
.1960 F A
Cent RR 4 Bkg of Ga coll 5a.. 1937 M N
Central Steel 1st g a f 8a
Certaln-teed Prod 5 Ha A
Since
Asked
1956
1951
{♦Consol Ry non-conv deb 4s. .1954
Range
Friday's
Bid
Wuertemberg 7s
Consol Gas (N Y) deb 4 %s
Consol Oil conv deb 3%s
Week's
35
20
35
30
36
*
34
107%
104
108
107% 108%
105$*
105%
106
104
104%
104
105
103% 106
107
107
108
*103%
*111%
98
106
108
100
112%!..
104
108
HI
Volume
3593
Record—Continued—Page 4
New York Bond
143
BONDS
N. Y. STOCK EXCHANGE
Week
Dec.
Ended
4
Low
1950 J
Gt Cons El Pow (Japan) 7s
1st A gen s f 6%s
J
*82
J
11%
116%
General 4 %s series D
General 4 %s series E
Gen mtge 4s ser G
Gen mtge 4s ser H
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5%s B
A
95
118%
10
109%
114%
109%
~26
103% 114%
96% 109%
i
108M
108%
107 M
108%
83
J
118 %
118M
119%
217
i
107 %
107 M
*69
108%
126
......
11
O
O
100%
106
53
A
O
105M
106
5
J
O
126
90 M
1957 F
♦Adjustment Income 5s.Feb 1957 A
O
Collateral trust gold 4s
Purchased lines 3%s
A
O
1953 M N
1965 M N
Collateral trust gold 4s
Refunding 5s
81 %
34 M
Aug 1 1966 F
A
103%
80 %
85
M
111
6
91
138
90%
84%
86%
132
106%
106%
5
107 H
"If
2
102%
27
62
F
96%
100
18
98%
33%
74
21
7
13
80
68
79%
31
53
102% 105%
107
♦Ref A ext 50-yr 6s ser A
M St P A SS M con g
4s lnt gu_1938 J
9
cons
6s
1938 J
cons
5s gu as to lnt
1938 J
J
1946 J
IVI
104%
1
102
115
4
107
115
100%
6
89
102
109
109
2
98
109
102
108
103% 106%
103% 106%
*103%
163
155
{♦Mo-Ill RR 1st 5s series A
1959 J
4s
1990 J
Mo-K-T RR pr lien 5s ser A—.1962 J
40-year 4s series B
1962 J
Prior lien 4 %s series D
1978 J
♦Cum adjust 5s ser A
Jan 1967 A
Mo Kan A Tex 1st gold
11
115%
3
103% 108%
112% 116%
119
5
118
"99%
99%
1
112%
112%
112%
12
99%
45%
44%
45%
99%
100%
64
71
66
Coll A ref 6 Ms series D
Coll tr 6s series A
1942
68%
68%
69%
70%
'103%
101%
103%
105%
105%
106%
35%
34%
105%
104%
64
102
85
102
1997
106
1964
32
34%
34%
♦Certificates of deposit
J
J
J
A
O
32
105
J
"104%
104%
105%
77
♦Mo Pac 3d 7s ext at 4% July..
5
135
100% 105%
99%
21
35%
29%
34%
86%
73
74
"76%
105%
9
57
97
77%
78%
10
60
73%
74
3
54%
72%
73%
9
53%
99%
8
98
100
82%
105
50
104%
95
101%
81
77
77%
61
75%
77%
18
67%
70%
210
A
40%
39%
41%
97
8
39%
5
14%
14
15%
215
41
39%
41%
362
39
17
40
40%
68
40%
*
40
"16%
"n%
11%
"641
FA
40
"40%
41
39%
3
39%
41
41%
179
39%
3
*99
MN
♦
107
99%
97
F
A
35%
"32%
35%
110
S
24%
23%
25%
69
S
26
23%
26
89
4s. 1991
M
8
97%
97
98%
27
Mohawk A Malone 1st gu g
IVI N
111%
111%
1
A
O
107%
108%
24
A
O
51
Monongahela West Penn Pub Serv
15
97
109
M
104
6
105
97
85%
M
98
93
"47% "33
94
86
1938
♦Sec 5% notes
60
99%
99%
47
96%
S
Monongahela Ry 1st M 4s ser A'60
105%
4
21
M
105
99%
104%
1938
98
105%
90%
31%
94%
*94%
{♦Mobile A Ohio gen gold 4s.-.1938
♦Montgomery Dlv 1st g 6S..1947
♦Ref A lmpt 4 %s
1977
22
S
99%
91%
12
39%
1981
♦1st A ref 5s series I
67%
A
105
30
94%
♦Certificates of deposit
F
72%
16"
9
43
69
J
♦Certificates of deposit
87
M
1954
30
39%
♦1st A ret g 5s series H
80%
7
42%
30%
O
1949 M N
1980 A O
♦Conv gold 5%s
65
277
37%
32
38%
♦Certificates of deposit
64
100% 104
4
36
J
1978 M N
♦1st A ref 5s series G
9
"37
"72
5
4
39%
1977 IVI
42
75
1942
80%
14
41
♦Certificates of deposit
104
104% 113%
64
J
4
29
70
31%
36%
'41%
J
D
m's
1975
♦1st A ref 5s series F
122
42% 48%
98% 102%
F
♦General 4s
1
100
1965
{♦Mo Pac 1st A ref 6s ser A
♦Certificates of deposit
163
108%
115%
118%
99%
8
J
1978 J
1941 M N
1st Chicago Term s f 4s
104%
115
100%
1949
4
"4
10%
4%
4%
J
32
17
32
*3%
14
J
1st
25-year 5%s
1st ref 5%s series B
J
J
1st
39
32
*161%
108%
S
F
44
38%
O
1937
1941
1949 IVI
1962 Q
♦1st A refunding gold 4s
100
1953
1960
38
*56
J
36
*107
1959
3595
85%
36%
105
8
40
35%
100%
Laclede Gas Light ref A ext 5s. 1939
page
83
91%
85%
{♦Minn A St Louis 5s ctfs.. —.1934 M N
22
J
see
91
6
90
90
69%
92
D
footnotes
105
*80
92
{♦Kreuger A Toll secured 5s
For
105
37%
74%
102% 106%
*109%
.1
J
26
16
*104%
D
92
4
Kinney (G R) A Co 7 % % notes 1936 J
Kreege Foundation coll tr 4s_.1945 J
1964
1971
51%
31
2
92%
105%
91
....
3
31
107
Con ext 4 %s
1939
{♦Mil Spar A N W 1st gu 4s... 1947 IVI
{♦Mllw A State Line 1st 3%s..l941 J
99%
109%
"5
91
104%
D
63
67
44
14
107
1961 J
J
40%
57
31
I *94
J
1st mtge 5s
108
3
*24%
J
{{♦MilwANorlst ext4%s(1880)1934 J
1st ext 4 %a
1939
4%
14
S
O
9
115%
1938
M
Milw El Ry A Lt 1st 5s B
95
110
2
104%
Ml N
1979 J
99%
O
109
D
1940 A
25%
108%
Secured 6% gold notes
1951
1952
Ref A lmpt 4 %s series C
33
J
Leb Val Harbor Term gu 5s
1966 J
2
118
37%
S
36
104%
106
106%
S
M
1977
Mid of N J 1st ext 5s
99
A
1964
1974
f 7s
25
1954 J
1954 J
1st A ref s f 5s
s
1977 M
56
102
78%
1
99%
S
*33
38
108
109%
104%
43%
*70
"93"
98%
102%
106%
Jack Lans A Sug 3%s
1st gold 3%s.
84% 100%
98%
*92%
*82%
97%
♦Mlag Mill Mach 1st
91%
99%
*108
Purchase money 6s
1997 A
Kings County Elev 1st g 4s... 1949 F
1st A ref s f 5s
10
33
33
102%
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
88% 102%
81% 100%
109
1937 A
1st A ref 8 f 5s
33
J*D
74
97%
1st A ref 6s series A..
1961
1954
1954
Lehigh & New Eng RR 4s A
1965
Lehigh ANY 1st gu g 4s
1945
Lehigh Val Coal 1st Arefsf5sl944
49
97%
♦4s (Sept 1914 coupon)
98
100%
*40
.,1961
Lehigh C A Nav s f 4 Ma A
Cons sink fund 4 Mb ser C
54
D
25
1961
♦Lautaro Nitrate Co Ltd 6s
57
51%
1943 J
A I Namm A Son 1st 6s
90% 102%
75%
98%
99%
104%
103%
J
5s
58%
51%
J
32
(par $925)-. 1943
1946 M
1948 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s._.1961
gold
56%
55%
♦Mex Internat 1st 4s asstd
1%
103%
stmp (par $925). .1943
8
2d
83
85%
79%
71%
35%
Keith (B F) Corp 1st 6s
Kendall Co 5%s
Lake Sh A Mich So g 3 Ms
21
85%
45
17
97%
108%
stmp (par $645)..1943
Coll tr 6s series B
84%
83
83
74
115
108%
O
Kansas Gas A Electric 4%s
1980
♦Karstadt (Rudolph) 1st 6s...1943 M N
Lake Erie A West 1st g 5s
82
51%
91%
98%
49
84
36%
3%
105
44
{♦Man G B A N W 1st 3%S—.1941 J
Mfrs Tr Co ctfs of partlc In
173
108
104%
O
106%
104%
104%
83%
33
97
12
104%
104%
82
55%
1990 A
106
104%
O
65%
85
"31
"93%
D
25
1939
Coll A ref 6 Ms series C
J
519
65
Uniform ctfs of deposit
2013
"26
104%
ser D
1968 IVI s
A O
Metrop Wat Sew A D 5%s
1950
{{♦Met West Side El (Chic) 4s. 1938 F A
135
First and ref 6%s
1960
*90%
IVI N
f 7%s...l942 A
s
96%
166"
*114%
Metrop Ed 1st 4%s
87%
Kings Co Lighting 1st 5s
1952
14%
75%
100%
99%
46%
65%
68%
79
94%
18
*115
47%
13
75%
2%
93
'"95%
9
72
3
98%
111%
1945
31
83%
75%
13
97%
*110%
23
84
A
11
104%
"98"
42
33%
102%
99%
41
108%
s f 5s
1953 M S
Manila RR (South Lines) 4s... 1939 IVI N
1st ext 4a
1959 IVI N
96% 102%
33
97
111
109%
111%
104%
1946
ser A
7
109%
108%
1980
f deb 5sl951
90
102%
111%
Marlon Steam Shovel s f 6s
1947 A O
J
Market St Ry 7s ser A...April 1940 Q
Mead Corp 1st 6s with warr
1945 IVI N
4
35%
12%
33%
102%
98%
s
98%
112
*101%
Manila Elec RR A Lt
86% 100%
115%
69%
97%
J
2003
♦2d 48
95%
65%
161
73%
1955 F
21
-
97
87%
102%
98%
125
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990 AO
♦Certificates of deposit.
60%
90
87%
48
4%s
{{♦Manatl Sugar 1st
103% 107%
89%
98%
33
A
Gen mtge
105
45%
'102%
124
McKesson A Robblns deb 5%s.l950 M N
D
Maine Central RR 4s ser A
1945 J
50%
108%
21%
7
96
128
2003
3%sser E
McCrory Stores Corp
105
99% 105
9
97%
48
Atl Knoxv A Cln Dlv 4s
1955 IVI N
♦Lower Austria Hydro El 6%s_1944 F A
95%
90%
105
106
J
Kings Count y El L A P 5s
71%
67%
94
101%
135%
1940 J
gold 4s
Mob A Montg 1st g 4 %s
South Ry joint Monon 4s
106% 108%
95
98
133
2003
93
102
135%
2003
45%
93%
68 M
93
O
1st A ref 5s series B
1st A ref 4 %s series C
1st A ref 4s ser D
97
7
11%
101
49
1944 A
97
33
103%
104%
101%
107%
111
1st mtge 4%s
6s debentures
Mont Cent 1st gu 6s.
1st guar
gold 58
1960
1965
1937
1937
107%
108%
J
J
*102%
103%
J
J
*102%
103
10&%
1943
1962
J
J
105%
105%
105%
J
D
10P,6
104%
104%
Montecatlnl Mln A Agric deb 7s '37
4
J
98%
98%
Montana Power 1st 5s A
Deb 5s series A
45%
104%
106%
98%
121%
96
18
106%
...1949
82
101%
*106%
*101%
131
108
68
S
91% 103
87
100% 101
87
100%
J
4%s unguaranteed
Unified
103% 108
"2
4%a_.1952
Plain
86
7
"72"
A A B...1947 J
Stamped.
64%
105%
88
•
warr
90
94%
A
{{♦K C Ft S A M Ry ref g 4s. 1936
♦Certificates of deposit
City Sou 1st gold 3s
1950
Ref A lmpt 6s
Apr 1950
Kansas City Term 1st 4s
1960
w
68%
25
46
1944 A
Kan
♦Ctfs with
89%
89%
90%
173
121
104%
S
5s
1951 F A
J
Louisiana A Ark 1st 5s ser A...1969 J
Louis A Jeff Bdge Co gu 5 4s._.1945 M S
Louisville A Nashville 5s
1937 M N
96
165%
101%
100%
M
Lorillard (P) Co deb 7s
69%
101
14
*106
95
81%
96
126%
1950 A O
1938 J D
79%
10
107%
136
125%
67
43
52%
1956 J
D
James Frank A Clear 1st 4s... 1959 J
Jones A Laughlln Steel 4%s A. .1961 M S
♦Ctfs w
A
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
33%
J ♦Iowa Central Ry 1st A ref 4s. 1951 M
w
ser
Long Dock Co 3%s ext to
Long Island gen gold 4s
"43
135
101%
A
103%
115
130
*108%
D
----.1952 J
91%
34
126%
F
75
11X
136
A
34
40
4
89%
94%
35M
O
O
1937 IVI N
49%
170
*128%
1949 M
50 M
N
O
1946
90
98%
A
1962
1st A ref
95%
109%
1944 A
f deb 3%s
87%
107%
51
O
Unified gold 4s
86
44
85%
109%
A
20-year p m deb 5s
Guar ref gold 4s
99
96
103
84
105% 112
88%
80%
108%
33%
76%
85
87%
104
70%
73%
M N
Lombard Elec 7s
109%
81%
69%
1951 F
s
Low
High
18
70%
Loews Inc
fa
is
196
76
Little Miami gen 4s series A
89%
39%
Asked
103%
103
103
M N
4s
5s
119% 124%
94 M
Ref s f 6s series A
1955 M S
lnt Rys Cent Amer 1st 6s B...1972 M N
1st coll trust 6% g notes
1941 M N
w
61%
J
J
101% 106%
102% 102%
106%
A
...2003 M N
cons g
4 %s
General cons 5s
Liggett A Myers Tobacco 7s
104
id
IVI N
cons
72%
95%
O
1966 J
Kan A M 1st gu g 4s
General
87%
107%
..1951 M N
Debenture 5s...
Lehigh Val (Pa)
1940
2003
2003
102%
41
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A..July 1952 A
♦Ctfs
2
*105
94
1947
110%
*105%
1932 MS
1st lien A ref 6 %s
Leh Val NY 1st gu g 4 %s
100% 103%
38%
Friday's
Price
4
1941
1965
105
Internet Cement conv deb 4s. .1945 M N
lnt Telep & Teleg deb g
Conv deb 4%s
Deo.
Leh Val TermRy 1st gu g 5s
Lex A East 1st 50-yr 5s gu
26%
107%
90%
106%
♦Certificates of deposit
ser
Ended
Range or
Sale
Low
89
112
*100
1932 A
Paper 5s
64%
Week
91
35
*97%
*100%
♦Certificates of deposit..
Internat
126
44%
72%
14
90
{ Interboro Rap Tran 1st 5s... 1966
♦Certificates of deposit
1941
116
113
109%
79%
*107%
106%
Week's
Last
BONDS
Y. STOCK EXCHANGE
N
*86%
Ref A Imp mtge 3%s eer B..1986
Inland Steel 3%s series D
1961
♦1st g 5s series C
17
217
109%
88%
103%
104
82%
94%
"89 M
Friday
83
103% 106%
124%
93%
86%
1965
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
34
81% 102
77%
75%
7
94%
1956
♦1st 6s series B
123%
79%
56
A. T. A T. Tele. N. Y. 1-1598
Telephone Whitehall 4-2900
14%
102%
Illinois Steel deb 4 He
1940
Ind Bloom A West 1st ext 4s.. 1940
Ind 111 A Iowa 1st g 4s
1950
Corp 6s stamped 1942....
102%
96
111 Cent and Chic St L A N O—
Joint 1st ref 6s series A
1963
1st A ref 4 %s series C
1963
Interiake Iron 1st 5s B
101%
53%
NEW YORK
St.
102% 106
101% 105%
102%
93
Springfield Dlv 1st g 3%s.. .1961
Western Lines 1st g 4s
1951
7% notes
6
....
92%
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s_—1951
Gold 3 Ms
1951
{♦10-year 6s
72%
93
Cairo Bridge gold 4s
...1950
Litchfield Dlv 1st gold 3s__. 1951
Loulsv Dlv A Term g 3%S—.1953
{♦Ind A Louisville 1st gu 4s
Ind Union Ry 5s series B
38
*106%
*91%
8
1955 M N
J
1962 J
Refunding 4s
124M
A
M
25
91
102%
101%
53 M
109%
Illinois Bell Telep 3%s ser B...1970
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
1961
1961
1952
126
Wall
75%
107% 110%
37%
29%
110%
106%
A
Extended 1st gold 3%s
1st gold 3s sterling
90
Exchange
Members New York Stock
63
106% 109
106
90
69
110
*102%
J
A
124%
72
1937 M N
J
.1937 J
A
....
J
Houston Oil sink fund 5%s A.. 1940 M N
D
Hudson Coal 1st s f 6s ser A.—1962 J
Hudson Co Gas 1st g 6s
1949 M N
ser
*109
J
Houston Belt A Term 1st 68...1937 J
lnt Agrlo
6
39
105%
1999 J
1944 A
4 %s
{♦Housatonlc Ry cons g 5s
H A T C 1st g 5s lnt guar
conv
105"
100%
O
1952 J
♦Hoe (R) A Co 1st mtge
{♦10-year
104 M
99 %
"83""
J
1949 J
Water 1st 4s
♦Harpen Mining 6s
40-year 4 %s
7%
J
1946
Hud A Manhat 1st 5s
I!
1966 A
10-year deb 4%s
cons g
11%
D. H. SlLBERBERG & Co.
96% 108%
109% 124%
99% 109%
60
75
*80 M
83
J
Hocking Val 1st
4
*108M
M N
A
C
99
117M
118%
Feb
Stamped
99
*113%
1950 A
Gulf A S I 1st ref A ter 5s Feb 1952 J
Hackensack
91%
J
Feb
1st mtge 5a series C
ser
88%
81%
"95%
BONDS
IN
FOR BANKS AND DEALERS
107% 115%
107% 118%
J
1976
1977
1946
1946 J
1940
1950
95
99
J
Great Northern 4%s series A.. 1961
General 5%s series B
1962
General 6s series C
1973
Gulf States Utll 4s
90
D
BROKERS
High
Low
High
*97
1947 J
1944 F
Grays Point Term 1st gu 6s
99%
New York Bond
3594
BONDS
N.» Y.
STOCK
Last
EXCHANGE
Bid
Price
A
LOW
Montreal Tram 1st A ref 5s
Gen A ref
Gen A ref
s
s
f 6s series B
103%
1965
s
f
Gen A ref
s
f 5s series D
*
1955
f 4%s
a
103 %
2000
96%
ioi a
1955 M N
Constr M4Hs 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) A Son—See Mfrs Tr—
Nash Chatt A St L 4s ser A
1978 F
Nash Flo A S 1st gu g 5s
1937 F
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
*117
111H
97%
97%
*102%
A
J
1942 J
"63%
I07H
1957
1957
J
A rets No 4
on
'57
A rets No. 4 on.1926 J
♦4s April 1914 ooupon on.-.1961 A
♦4s April 1914 Coupon off...1951 A
♦Assent
A rets No 4
warr
Nat Steel 1st coll
on
Newark Consol Gas
5s
107%
106
D
J
D
♦1st 5s series B
"60
6%
119% 124
14
94%
82%
19
75
94%
6
52
84
100
81
100H
99
H
99
44%
47 H
101%
100%
99%
44%
48%
50
162
21
10
64
1998
98
1998
96H
104%
94%
lOOH
1953
1953
33%
54%
N Y Lack A West 4s
1973 IVI N
4 Ha series B
1973 IVI N
N Y L E A W Coal A RR SHs.1942 IVI N
J
i03%
-
A
June 1992 M S
General 4s
1955 J
D
{♦N Y Providence A Boston 4s. 1942 A
N Y A Putnam 1st
O
N Y Queens El Lt A Pow 3 Ha. 1965 M N
Jan 1965 Apr
J
stamped 1958 J
1947 IVI N
mortgage
5s
mortgage 6s
...1956 M N
1937 J
J
1937 F
1940 F
Nord Ry ext sink fund 6Ha
O
^♦Norfolk
103%
107
94% 103%
103
109%
100% 103%
104% 106%
105% 108%
100% 100%
38%
37%
34H
33
39%
50%
A
A
1961 F
1957 IVI
A
Aug 15 1963 F A
Nov 15 1969 M N
North Cent gen A ref 5s
1974 IVI 8
Gen A ref 4 Ha series A
1974 IVI S
25
23%
26%
35%
15%
71
24
79
34
38
214
88%
90
49
28
48
80
36
42
43%
45
32%
"93 %
93
108%
"el"
104 %
59
104%
*107
100
103
93%
"23
108%
2
61
37%
37%
41
51%
26%
40%
84% 101
47%
56%
49%
103%
95
82%
104% 108%
31%
61
104%
199
105
105
Tom
88 H
108
107%
108%
107%
108%
107%
2
105% 107%
106%
106%
90%
7
106
47
54
87
85
82%
62%
*105%
65%
109%
116%
95
99
109%
13%
108%
106%
103%
102%
107 H
16
106%
105% 108%
17
12
108
45
111
107%
93
90
15%
46
73
100
91%
15%
Etfust
ser
ctfs
122%
"105%
104 H
104%
105%
121%
105%
104%
104%
105%
*126%
♦118%
F
"63
109
111%
44
80
95
45
80
99
186
109%
45
22%
12%
105% 109%
106%
21
105% 108
103%
110%
16%
56
96%
104
35
106%
155
61
12%
12%
22%
21%
51
63%
115
122%
107%
16
32
60
122%
105% 108%
99% 102%
-----
101
48
102
100% "400%
15
104%, 105%
59
8
1942 J
D
D
IVI N
A
S
100
71
101%
151%
36%
74
34
5
10
85
102%
106%
107%
107%
61%
69%
83
123
....
3
1
....
107%
106%
55
108%
101
2
*107%
107%
106%
36%
34%
36
104
*101%
106%
102
137
101%
85
S
93
100% 104%
102% 105%
105
123
A
1944 J
1963 F
4%s...l960
J
5
107%
82
107
J
106%
1965
D
Refunding gold
Peoria A Eastern 1st
114
1968
D
121%
1970
O
107%
O
cons
4s
April
1940 A
Peoria A Pekln Un 1st 5%s._.1974 F
Pere Marquette 1st ser A 5s... 1956 J
1st 4s series B
1956 J
1st g 4%s series C
Phila Bait A Wash 1st g 4s
General 5s series B
S
O
A
110%
110%
121%
115%
97%
97%
16%
15%
*112%
J
"105%
J
100%
1980 IVI 8
1943 M N
1974 F
32%
42
77
49%
119% 123
60
87
101
102%
104% 106%
105% 107%
104
107%
102% 107%
101% 107
D
J
Phlla Co sec 5s series A
D
1967 J
Phlla Elec Co 1st A ref
4%s__.1967 M N
1st A ref 4s
...1971 F
Phlla A Reading C A I ref 5s.. 1973 J
Conv deb 6s
1949 IVI
A
J
8
Philippine Ry 1st s f 4s
J
1937 J
Plllsbury Flour Mills 20-yr 6s__1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
106%
107
104%
47
24%
Series J
cons guar
108% 108%
124%
13
100% 103%
118% 124%
114
99
109
13
115% 122
97
47
99% 108
105% 111%
67
105% 111%
6
115% 121%
13
106% 116%
1
105% 107%
110% 114%
2
111% 116
17
167
121%
107%
111%
111%
121%
115%
98
58
16%
21
....
105
103%
♦111%
130
15
105%
100%
104%
114%
99%
117%
114%
106%
106%
104%
46%
24%
64
120
113
118
110
115%
105
109
108%
28
103
48%
125
37
26%
147
27
20
112%
114%
70
12
125
112%
111
114
111
113%
113%
1970 J
O
1977 J
J
Pitts Va A Char 1st 4s
guar___1943 M N
Pitts A W Va 1st 4%s ser A...1958 J
D
1st M 4%s series B
1958 A O
1st M 4 %s series C
1960 A O
111
123%
107%
111
109
114%
'■
,
---
126
----
*110
108% 115
115% 126
118
125
25
115% 123%
11
116
123%
3
123%
123%
107%
122%
107%
—
1
125
121%
D
1975 A
105% 106%
*124
1964 IVI N
4%s
General M 5s series A
General mtge 5s series B
General 4%s series C
.
85
110
*114
A
34
111
*113
1963 F
32%
109
....
*112
A
'
55
----
*113%
1960 F
15%
22
105%
2
82%
...1957 M N
89
103% 107%
23
D
89
80
105
112%
19%
29
107
82%
99
1
108
1953 J
9
1
....
117%
114%
107%
22
A
76
114
108% 112%
98% 106%
111
107
1949 F
111% 115%
100%
104%
113%
130%
45
22
...1945 M N
90% 100
104% 105%
103% 107%
111
*113%
*113%
*105%
Series E 3%s guar gold
Series F 4s guar gold
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
1
107
Pitts CCA St L 4 %s A.......1940 A O
Series B 4%s guar
1942 A O
Series C 4%s guar
1942 M N
Series D 4s guar
16
106%
114%
115%
115%
103%
*125
104
A
1977 J
1981 J
General g 4%s series C
General 4%» series D
107
110%
O
Apr
1990
la
*108%
106%
114%
115%
115%
102%
123%
113%
120%
111%
J
1947 M
5s
133
j
104
124%
1984
•
105%
104
A
1981
100
105
1960
1943 A
99%
D
O
103%
"23
Pitts Y A Ash
1st 4s
107
110
----
1
109% 110
73
96%
95
94%
94%
95
93%
94%
32
75
94
95
31
74
95%
2
110
112%
112%
1948 J
1962 F
*119%
96
F
105",(
105",,
M
74
F
"80%
40%
3%s 1966 J
J
-
"9§"
104%
20
104%
106%
27
102% 105
103% 106
101% 107
4%s without
Purity Bakeries
131%
120
{♦Radlo-Kelth-Orph
123
112% 120%
Pure Oil Co
s
for deb 6s A
f
4%s
w w
1950 J
J
warrants
1950 J
s
f deb 5si
-
15
80%
19
42%
105%
886
10
104% 1051%
10
122
■
—
97%
99
37
13
6
*80%
117
J
com
-
13
{♦Providence Sec guar deb 4s__1957 IVI N
{♦Providence Term 1st 4s
1956 M S
103% 107
-
77% 106
79% 106
66%
80%
104% 108
82%
64%
42%
27%
105ii,6 105%
74
73%
79%
38%
105%
-
----
10511,6 106
*106
J
J
1951
119% 120
-----
*115
{♦Postal Teleg A Cable coll 5s 1953 J
Potomac Elec Pow 1st M
Pressed Steel Car deb 5s
112%
*121
1974 J
...1977 J
Port Arthur Can A Dk 6s
A—.1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser
C..1960
1st 5s 1935 extended to
1950
Porto Rlcan Am Tob conv 6s. .1942
'"§8
127%
A
1st gen 5s series B
1st gen 5s series C
1st 4 %s series D
105%
56
ser
114%
117%
105%
100%
105
99%
1948
91
99
162
10
65
9
21%
79
84%
92%
110% 131%
102% 105%
91% 103
pt pd ctfs
stk
*230
(65% pd)... J
{♦Debenture gold 6s
For footnotes see page 3595
1941
74
8
1942 IVI
f 7s
s
O
100%
102%
36%
78%
106% 111
87
104
8
105
15%
14%
*55
D
S
57
36
226
43 H
1941 IVI N
1996 O
1941 J
60
47%
♦Certificates of deposit
Deb 6s series C
92% 101%
102
94
J
S
Nlag Lock A O Pow lst5sA
1955 A O
Niagara Share (Mo) deb5Hs.-1950 IVI N
Deb 5 Ha series B
101
24%
24%
1946
1950 A
South 1st A ref 5s.. 1961 F
122% 126%
113% 117
26
1939 M N
D
1946 J
{♦N Y Westch A B 1st ser 14Hal946 j
Niagara Falls Power 3 Ha
1966 M
1st ref
Gen mtge 4%a series E
Peop Gas L A C 1st cons 6s
33%
34%
34%
1943 IVI N
N Y Telep lit A gen ■ 14%a
N Y Trap Rock 1st 6s
6s stamped
82
32
*90
J
1944 A
Debenture g 4%s
General 4 %s series D
86
28%
A
5s
"72% '*82
31
A
Terminal 1st gold 5s
7
39
1951 IVI N
1st
1953
Gen mtge 3%s ser C
Consol sinking fund 4%s
General 4%s series A
General 5s series B
37
A.. 1951 IVI N
1st
N Y Susq A West 1st ref 5s
58
25%
48
8
48 sterl stpd dollar May 1.1948 IVI N
1970 A O
289
24
O
4s.-.1993 A
94%
100%
108%
34%
39
J
1968
Pennsylvania PAL 1st 4 %s..1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Consol gold 4s.
1948 IVI N
33
38
1967 IVI N
♦1st A ref 4Ha ser of 1927.. 1967 J
1955
Pa Ohio A Det 1st A ref 4 %a A.1977 A
4 %8 series B
1981 J
109
*106%
*107%
90
♦Debenture 4s
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
55
94
70%
100%
102%
36%
73%
A
1955
100% 104
111
30
f g 3s loan ctfs
98% 103%
108%
107%
*102%
71
s
Penn-Dlxle Cement 1st 6s A...1941 M
32
32H
65
78%
375
Penn Glass Sand 1st M
116%
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
J
O
15
102
115
337
126%
21H
J
1948 J
123%
108%
430
28-year 4s
105%
D
1956 J
105
^14
53
230
34%
1940 A
37
107%
100%
53%
1952
33
♦Collateral trust 6s._.
119
45%
12
126 %
8
44%
86
105%
122
*107
266
104%
113%
118
52%
95
74
109
"53%
108
%
104H
110
2
I {♦Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
Paramount Broadway Corp—
1st M
113%
113%
101% 103%
111% 116%
2
100%
105%
Guar 4s
105
30%
29%
34%
44%
19%
♦Conv debenture 3 Ha
100%
104%
112
Pacific Tel & Tel 1st 5s
1937
Ref mtge 3%« series B
1966
Paducah & 111 1st s f g 4%s...l955
189
34
♦Conv debenture 6s
'101%
39%
21
123
72%
110%
24
109% 109%
104% 108
111
21
107
99% 104
6
....
116%
112%
113%
121%
^
107% 109
107
8
U2 %
101
111
1937 M
32 H
1956 IVI N
s
108%
3%s coll tr A
Guar 3%s ooll trust ser B
Guar 3%s trust ctfs C
Guar 3%s trust ctfs D
*102
IVI
♦Non-conv debenture 3H6--1954 A
♦Non-conv debenture 4s
1955 J
♦Non-conv debenture 4s
95
100
77%
♦PauUsta Ry
97
107%
1946
53
102%
*106%
103%
*109%
J
23
45
112
102
115%
S
1964
1st <fc ref mtge 3%s ser H...1961
Pac RR of Mo 1st ext
g 4s
1938
♦2d extended gold 5s
1938
♦Income 4s
N Y L E A W Dock A lmpt 5s. 1943 J
N Y A Long Branch gen 4s
1941 M
IVI
Pacific Coast Co 1st g 5s
Pacific Gas <fc El 4s series G
50%
6
38
100
112%
111%
123
15
108
*101%
J
106
107
33
31
J
Guar stpd cons 5s..
...1946
Ore-Wash RR & Nav 4s
1961
Oslo Gas & El Wks extl 5s
1963
Otis Steel 1st mtge 6s ser A...1941 IVI
103
104% 107%
111%
107%
1946 J
Pat «fe Passaic G A E cons 5S..1949 M
23
93
28
*109
109%
107% 108
104
----
103%
Ore Short Line 1st cons g 5s
{♦Park-Lexington 6%s ctfs
Parmelee Trans deb 6s
39
100%
108%
*108H
30%
99%
19
-
102
105%
53
108%
*107
To§"
"21
106
112
53
116%
2000 IVI N
104
113%
120%
122%
107%
57%
96%
65
1946 IVI N
105%
108%
D
32%
98
69
N Y Greenwood L gu g 6s
N Y A Harlem gold 3 Ha
104%
104%
1945 IVI N
30
102%
1938
l26%
103%
1946 J
40
95 H
69
A
'ibl%
A
1943
38
476
"70%
D
12
4s
com g
53%
103%
1951
j05%
105H
109
O
46%
102 %
1937
N Y Gas El Lt H A Pow g 5s__1948 J
Purchase money gold 4s
1949 F
80% 100%
24%
49%
32%
55
49%
116%
103%
94%
"95~~
109
Ontario Transmission 1st 5s
Penn Co gu
2013
1966
100%
47%
111
114%
_.._1965
88% 101%
89
49
111
103%
93%
99%
103%
107%
93H
96%
Refunding 5 Ha series A
1974
Ref 4 Ha series C
1978 M S
3-year 6s
Oct 1 1938 A O
102
105% 108%
50
102 %
{♦N Y A N Eng (Bost Term) 4s 1939
t«NYNHAH n-c deb 4s
1947
♦Non-conv debenture 3 Ha. -1947
77%
127
"6
Jl5%
A
45%
108"
i03H
1st lien A ref 3%s ser E
N Y A Erie—See Erie RR.
83%
123%
103H
N Y Dock 1st gold 4s
Serial 5% notes
58
107
1946
N Y Connect 1st gu 4 Ha A
1st guar 5s series B
103% 107 H
61%
77%
120% 123%
122
1998
Mich Cent coll gold 3 Ha
6%
7
53
N Y Chic A St L 1st g 4s
2%
15
10-year 3%a sec s f
Ref A lmpt 4 Ha series A
A
1
"4%
60
Consol 48 series A
ser
8
2
"4%
127
51H
No Am Edlscn deb 5s
122%
61
51H
Pocah C A C Joint 4s
55
67
'46%
{{♦Norfolk A South 1st g 5s
N A W Ry 1st cons g 4s.
3%
"45
107%
A
2d gold 4 Ha
""3%
123 H
100%
l04H
110
Oregon RR & Nav
*104
ill
113
100
103%
3%
60
107%
107
16
108%
75
126%
l26H
93
53
Northwestern Teleg 4%s ext..1944 J
J
Norweg Hydro-El Nit 5%s_._1957 M N
1937
73
104% 112%
74%
85%
59
"105%
Ohio River RR gen g 5s
Ontario Power N F 1st g
82
76
65
109
O
5%
6%
74
111%
81%
104
—
88
104%
112%
O
J
High
64
112
1964 M N
2%
O
2013
1941 A
1961 A
"6%
1954 A
Ref A lmpt 4 Ha ser A
Lake Shore coll gold 3 Ha
1st & ref 6s ser B
Ref mtge 4 %s ser B
Ref mtge 5s
Connecting Ry 1st 4s
—
O
O
2%
4%s series D
Ref A lmpt 6s series C
2013
N Y Cent A Hud River M 3 Ha. 1997
Debenture 4s
.1942
1938 A
Low
108%
"109"
1941 A
A
ser
"2%
61
48%
J
Nor States Pow 5s
"12
99%
1944 MN
J
3%
44 %
1945 J
2047 J
27
*
N A C Bdge gen guar 4 Ha
N Y Cent RR conv 6s
112
3
69
81
J
1943 M S
♦Certificates of deposit
North Amer Co deb 5s
106
104
J
1948 J
♦1st 5%s series A
gold
103
J
Og & L Cham 1st gu g 4s
*47%
45 H
General
101% 104%
101% 108%
2047 J
2047 J
2047 J
Ref & lmpt 5s series C
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s
Ohio Edison 1st mtge 4s
1965 MN
Ohio Indiana & West 5s..Apr 11938
J
Ohio Public Service 7 %s A
O
1946
1st & ref 7s series B
A
1947
A
N. Y. A Rlchm Gas 1st 6s
N Y Steam 6s series A
73 H
Ref & lmpt 4%s series A
Ref & lmpt 6s series B
No.
87%
*81%
111%
111%
81%
Ohio
122%
i00H
99%
1954
Prior lien 6s series A
57%
J
F
4%
1956 F
1956 F
{♦N Y Rys Corp lnc 6s
102% 104%
1997 Q
2047 Q
2%
66
67
♦Certflcates of deposit
♦1st 6s series C
con gu
21
98
North Pacific prior Hen 4s
Gen lien ry <$c Id g 3s Jan
2%
2%
107
l07%
"82%
lnc 5s. .1935
N Y O A W ref g 4s
107
86
93
New Orl Great Nor 5s A
1983
NO A NE 1st ref A lmpt 4 Ha A. 1952
New Orl Pub Serv 1st 6s ser A. 1952
First A ref 6s series B
1965
New Orleans Term 1st gu 4s...1953
ser
33
♦Oct 1935 and sub coupons. .1945
♦Stpd as to sale of April 1 *33 to
April 1 1935 lncl coupons._1945
Since
Jan. 1
High
82%
*81%
2%
4%
*2%
*3%
3%
"~3%
1st g 4%s series B
1961 IVI N
N J Junction RR guar 1st 4s...1986 F A
N J Pow A Light 1st 4%s
1960
N Y Edison 3 Ha ser D
98
IS
Asked
&
LOW
83
84
86%
103% 105%
90
97%
90
101%
84
96%
109% 118%
108% 111%
*3
Friday's
Bid
{Northern Ohio Ry 1st guar 5s
♦April 1 1934 & sub coupons. 1945
88
""5%
J
♦1st
44
111%
*2%
*2%
3%
D
n-c
132
118%
3%
O
1948 J
tl*N O Tex A Mex
101%
94%
3%
5
1936
5,
Range
Range or
Sale
Price
*2%
O
{♦New England RR guar 5a...1945 J
♦Consol guar 4s
1945 J
New England Tel A Tel 5s A...1952 J
cons
118
"T%
1954 IVI N
4s
g
Last
EXCHANGE
*2%
O
J
STOCK
Week Ended Dec. 4
High
100% 104%
87
83%
*3
O
'61
1965 J
f 4s
s
{♦Naugatuck RR 1st
96%
3%
♦4s April 1914 coupon on
1977 A
♦4s April 1914 coupon off
1977 A
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4%s—
warr
2
105%
"
♦Assert
103%
106%
J
1957 J
♦4%s Jan 1914 ooup on
♦4%s July 1914 coup on
♦4%s July 1914 coup off
warr
Low
1957
J
Y.
85%
"63% "49
63
N.
80
D
Nat Dairy Prod deb 3^sw w__1951 IVI N
Nat Distillers Prod deb 4 %s—1945 IV1 N
♦Assent
15
82 H
103%
95%
100%
94H
94 %
A
1951 J
Nat Ry of Mex pr lien 4%s
No
*85
1939
MorrlB A Essex 1st gu 3%s
Constr M 5s series A
102 H
BONDS
Since
Jan. 1
*85
4%s series C..1955
Morris A Co 1st
Range
11
05
*85
1956
Gen A ref
Asked
Hioh
1941
f 5s series A
Dec.
5
Week's
Range or
Friday's
Salt
Week Ended Dec. 4
Record—Continued—Page
Week's
Friday
1941 J
120%
115%
158
260
120%
53
63
275%
122
Volume
New York Bond
143
BONDS
Last
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended Dec. 4
Friday's
Bid
Price
sR.
dk
Low
Reading Co Jersey Cent coll 4s. 1951 A
O
Asked
High
No
103
102*
103
44
102 *
30
107*
107 m
107 *
108
J
w w. 1956 M
S
Remington Rand deb 4*b
Rensselaer & Saratoga 6s gu._.1941 M N
Republic Steel Corp 4*8 ser A. 1960 M S
112
~172
100
180
30
106
109 M
106*
31*
45
102 M
27 m
106%
6
24*
26 *
24 *
12
21X
26*
7
24
28 %
34
♦26 m
27 *
23
33 m
26*
27 m
23
595
37
61
59*
51
61
546
35m
61
J
--
"so*
1
102
60
60
80 *
1
103
103
A
D
J
1
35
61
90
81*
O
S
122 *
122 m
..1962 M
S
108 *
108*
108*
{{♦R I Ark A Louis 1st 4 *8... 1934 M
S
"l4
122 M
45
44
19
18m
♦25
..1948
~30""
Rut-Canadian 1st gu g 4s
1949
Rutland RR 1st
1941
34
Saguenay Power Ltd 1st m4*sl966
105
4*s
28 m
32 m
105
46
19
105*
76 m
90
33
37 m
2
112M
122^4
8
107
13
54
25%
sec s
f 7s
1952 F
s f 7s
1945 M 8
Union Elec Lt A Pr (Mo) 5s
1957 A O
Un E L A P (111) 1st g 5*8 A_. 1954 J
J
{{♦Union Elev Ry (Chic) 6s... 1945 A
12-year 4s
conv
1947 IVI N
deb
Union Pac RR 1st A Id gr 4s....1947 J
1st lien A ref 4s
June 2008 M
1st lien A ref 5s
June 2008 IVI
35-year 3*s debenture
United
{{♦United Rys St L 1st
23
102 M
105M
11124
10224 105M
107 M
102 M
St Louis Iron Mt A Southern—
85
84 m
85
46
67*
87*
83*
83*
85 m
37
71
86
J
J
206
28 M
15
25*
26 *
1978
25m
24 m
23 m
98 *
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
1989 M N
♦2d g 4s lnc bond ctfs...Nov 1989 J
97
St Paul
64
26*
26*
25m
98*
69*
65M
52 *
51
62 *
100
100*
1
69m
1937
100*
1937
City Cable cons 5s
Guaranteed 6s
con g 4s.. 1968
{♦St Paul E Gr Trk 1st 4*8---1947
{♦St Paul A K C Sh Lgu 4*8.1941
*25
20*
185
44
20*
104 m
1943
104 m
S
1946 J
U4*
114*
♦Un Steel Works
1953 IVI
44
Scioto V A N E 1st gu 4s
1989
{{♦Seaboard Air Line 1st g 4s. .1950
{♦Gold 4s stamped
1950
♦Adjustment 6s
Oct 1949
A
120 m
"25m
O
O
30*
29*
98*
28*
100* 102*
100* 102*
Cons
120 M
1st
6*
12*
11m
13
17
♦Certificates of deposit
{♦Atl A Blrm 1st g 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs..1935 A O
16*
14
16 *
28 *
12
1951 IVI
Shlpyetau El Pow 1st 6*8
♦{Siemens A Halske s f 7s
1952 J
1935 J
♦Debenture
8 f
9*
...1951 M
6*s
♦Silesia Eleo Corp 6 *8
1946 F
Slleslan-Am Corp coll tr 78.... 1941
J
*50*
102*
1950
O
106*
South A North Als RR gu 58..1963
South Bell Tel A Tel 1st 8 f 5s. 1941
O
1951
Socony-Vacuum Oil 3 Ms
106
108*
107
So Pac coll 48 (Cent Pac coll). 1949
D
1st 4Mb (Oregon Lines) A...1977 IVI S
99
1947
106*
99
Gold 4Mb
Gold 4Mb
1968 IVI
s
95 m
99 *
94*
1969 M N
94 *
93 *
Gold 4 Ms
10 year secured
1981 M N
94 m
102*
...1946 J
3*8
8an Fran Term 1st 4s
So Pac of Cal 1st
con gu
1950 A
g
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
J
99*
1955 J
1st 4s stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A
J
S
1939 IVI N
Devel A gen 6 Mb
103
1956
Mem Dlv 1st g 6s
1996
103 m
206
104 m
100*
104*
101*
104*
S
90*
89*
110M
D.. 1960 M N
105*
109 *
105 m
106
Standard Oil N J deb 3s_.
A
J
D
1943 J
♦Studebaker Corp conv deb 68.1945 J
D
1961
Staten Island Ry 1st 4Mb
Swift A Co 1st M 3*8
Symington-Gould
1950 IVI
w w
Without warrants
Tenn Coal
B
or
R
1956 F
A
151
1956 F R
lnc
conv
Tcdp C eut 1st os A
J
34m
107*
'166m 100 m
*104*
u4m
114m
106 M
106*
115
1947 A
Iron A RR gen 5s.. 1951 J
148 m
38*
C...1944 IVI
Tenn Elec Pow 1st 6s ser A
Term
1953
99
Tex A N O
f g 4s
A
D
gold 6s
1943
2000
D
108
con
106*
85
81 m
105
33*
66
67*
89
64
78
64
65*
67
60
75
96
92
96
85
20
105
•
3
85*
96*
106* 111
4
107* 110*
2*
.6*
23
*2*
"38*
11
143
37*
30*
109*
109*
110
6
61*
67
16
67
*110*
"99*
99
106* 110
58
104
112*
100
*28
81
72
112*
100*
103* 109
108*
107*
108*
79
104
103*
104'
40
98* 104*
97
26
97
84*
85
67*
100* 103*
72
82*
96*
96*
88 %
103*
38
60
99*
85
"38* """9
35*
1978 AO
36*
35
36*
37*
t
99
26*
71
39
77
89
42*
20
*97*
35*
38*
40*
27
1
25
36
34
20
40*
"38"
"36*
108
38
24*
...
33
35
26
40*
25
1980 AO
36
103*
111*
109*
61
1955 A
O
86*
85*
86*
94
70
1955 A
O
96
71
8
98*
95*
97*
6
1939 M
98*
124
86
99*
M
8
56*
51
59
293
28
59
1941 M
S
77 *
76*
77*
7
41*
41*
77*
77*
77
83
108*
74
87
98
76
16
80
5
101
5
94* 101*
105* 109*
109* 110*
2
109* 112
121* 126*
75*
F
1945
1945
*110
A
*112
f 5s—..1939
109*
125*
s
105
104*
1977
107*
107*
109*
125*
122*
109*
109*
105*
107*
100*
100*
E.1963 M
1961 J
S
122*
J
109*
109*
1937 J
—
J
1943 A
Y A Pa lBt g 6s
O
IVI
s
1946
j
J
2361
D—1966
111
111
34
34
35
34
1946
33*
M
1949 M
F
J
151
28
107*
5
81
96
104
103*
37*
40*
50
37
40*
147
62*
14
105*
104*
35
A
102*
103*
18*
18*
45
1
105*
31
"98
27
13
22*
23*
40*
40*
68*
107 M
99* 104*
107
28*
"23"
99
90
86
115
*111*
28
112*
15*
15*
9
33
30
24
9
21
21
*15
J
107*
107* 114
114" """5
102*
"30*
33*
4
26*
j
22*
100
105*
103*
J
112
104
85
61*
104
42*
43
102
38*
39*
D
J
103*
2
103*
102*
D
1960 J
112
113*
S
J
103
*106
S
1938 J
107
65
95*
J
104*
25*
95*
1942 J
5
107*
108*
95*
44
32*
25
99
111*
32*
107
98*
7s A. 1935 MN
106
1
76
26
108*
109
100* 104*
69
112
1940 M N
1st gu g 5s
106
4
17
111*
98*
White Sew Mach deb 6s
111
112
J
A
1
104*
J
1966
119
123*
107* 110
107* 109*
96* 105*
1
104*
J
J
2
9
34*
104*
S
Wheeling Steel 4 *s series A
conv
109*
125*
1966
1952
ser
25
20*
*15
136
127
Conv deb 3 Ms
1951
F
1st mtge s f 4s ser C
1961
M N
104*
156*
11324 116*
74^ 10424
120
12624
103
131*
130
134
104
103*
104*
232
105* 140
63
98* 105
107*
e
Cash sales transacted during the current week and not Included in
the yearly
range;
105
108
"99"
52
109 %
119*
111*
108*
~"l
3
14
94
10224
109* 112
transaction
116
121
current week.
105 m
112
at
105 m
90
129m
"~2
105*
106*
106M
41
98
108
60
106*
97
108
107 m
108
7
97
108
109 m
109 m
1
1977
O
106 M
O
107 m
Gen A ref 5s series D
1980 J
D
109*
r
Cash sale only transaction during current week,
during
current
week,
n
a
Deferred delivery sale only
transaction during
Under-the-rule sale only
{ Negotiability Impaired by maturity,
exchange rate of 54.8484.
'
t Accrued Interest payable
87* 10824
128 m
1979
33
27
7
128
105 m
*105*
Gen A ref 5s series B
S
6
3
Youngstown Sheet A Tube—
105*
Gen A ref 5s series C
Tex Pac Mo Pac Ter 5Ms A..1964 M
138
103* 107*
27
33*
95* 104*
97* 106*
37
{♦Wor A Conn East 1st 4 *8.. 1943
"129 m
J
Texas A Pac 1st gold 5s
Qft
*109*
*119*
111*
J
A
s
38
108
106
No sales.
O
Gen refund
29*
29*
104*
104*
66*
25
*33
{♦Sup A Dul dlv A term 1st 4s *36 MN
{♦Certificates of deposit—_
143
41
Texarkana A Ft S gu 5Ms A.. 1950
Texas Corp deb 3 Ms
...1951
107*
29*
30*
29*
104*
29*
103*
114*
111
51
138
106*
♦Certificates of deposit
118*
35
1944
133
107
35*
{♦Wis Cent 50-yr 1st gen 4s...1949 J
100*
116m
D
135*
38
Winston-Salem S B 1st 4s.
8
104 m
1947 J
'"35*
A
Will A 8 F 1st gold 5s
155
104 *
ABsn of St L 1st g 4M8..1939 A
98
1
88
36
83
Wilson A Co 1st M 4s series A. 1955 J
107 *
113m
1st cons gold 5s
105
34*
80
S
ser
103*
114*
114*
j
♦Ctfs for col A ref
128
*125*
*104 m
S
Corp deb 6s
102 *t
106* 109*
100
12
J
Tennessee
103*
1976 F
Wllk A East
10
O
Tenn Cop A Chem deb 6s B...1944 M
1
A
38
38
107*
39
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
62
D
90*
110*
J
102
S
Wheeling ALE Ry 4s ser
10424 106*
10024 101M
99* 10824
117
S
{♦Spokane Internat 1st g 6s... 1955 J
8taley (A E) Mfg 1st M 4s
1946 F
102
101
107*
5*s A.1975 IVI
Registered
"44
1938 M
J
99
101M
S
30-year 6s
1960 IVI
♦Westphalia Un El Power 6s. .1953 J
West Shore 1st 4s guar
2361 J
141
1938 M
ser
gen
A
Funding A real est g 4*s—1950 IVI N
D
25-year gold 5s
1951 J
10
1951
3*sser B...1964
118
98
17*
107*
*68*
Western Union coll trust 5s... 1938
224
Mobile A Ohio coll tr 4s
S'western Gas A Elec 4s
112*
109
1941 IVI
♦5s assented...
148
St Louis Dlv 1st g 4s
East Tenn reor lien g 6s
S'western Bell Tel
116*
107* 111*
10
102*
Gen gold 4s
*105
'Ioom
111*
75
112*
1941
{♦Western Pac 1st 5s ser A
139
102
57
110
112
1939
West N
"*97
100
116*
109*
1941
{♦Wabash Ry ref A
113
80*
99
115*
109*
Dea Moines Dlv 1st g 4s
1st A ref 5*s series A
151
111M
79
99*
116
*85
West Penn Power 1st 5s
10
in"
80
123
Omaha Dlv 1st g 3*s
Toledo A Chic Dlv g 4s
46
108 M
105 m
"ill*
103
1939 F
RR 1st consol 4s
1956
45
1954
1st 40-year guar 4s
90
1994
107
Westchester Ltg 5s stpd gtd.__1950
144
1956
122*
105
105
1st lien g term 4s
Det A Chlo Ext 1st 5s
Wash Term 1st gu 3*s
"l2
I08*
25
119
♦2d gold 6s
13
102*
109*
107*
5
12
J
♦Deposit receipts.
16
95 m
*
S
1966 IVI
1st mtge 4s ser H
*103*
1955
Devel A gen 6s
5s.
1st mtce 3 *s series 1
Western Maryland 1st 4s
94 m
94 m
104
23
122
Washington Cent 1st gold 4a_.1948 Q IVI
176
101*
108*
108 M
D
Warren RR 1st ref gu g 3*s..2000 F
16
99*
89*
99*
104* 107*
115*
{Wabash RR 1st gold 5s
cons
♦Warner Bros Co deb 6s
61
93*
O
68..1937 M N
J
1937 J
23
1
4
13
95
106*
105*
121*
J
{♦Warner-Qulnland Co deb 68.1939
12
108 m
107 m
99*
105*
93*
116*
1965 MN
6s debentures
*128
J
J
Southern Colo Power 6s A
24 *
70
102 m
106 A
94*
106*
79
*110*
1942 J
A
ser
Warner Bros Plct deb 68
"ova
102*
69
94*
106*
98
91
*110*
Virginian Ry 3*s series A
81
*23 m
69
Ai.
88*
J
J
Walworth Co 1st M 4s
*102
.
J
Skelly Oil deb 4s
101
81
.
S,.
A
110*
100 m
100 *
S
D
11
110*
130
90* 100
84*
A
off
Wash Water Power
1951 M Ni
O
♦Certificates of deposit
Walker (Hiram) GAW deb 4*sl945
210
A
coupon
♦Certificates of deposit
♦Ref A gen 5s series D
310
27
115
93*
64*
O
677
9m
*89
♦Certificates of deposit
71
15
1935 F
86*
96* 103
101* 107
120* 122
♦Ref A gen 5s series B
199
16 *
"ii*
100
66*
1958 A
27 •
16*
102* 107*
101* 104*
104* 107*
1
1946 MS
♦Series B certificates...
75
99* 108*
31
123
100
1957 M N
f 48 series B
Virginia El A Pow 4s
31
23
14*
12
*106*
*122*
121*
104*
1959
♦Vertlentes Sugar 7s ctfs
107
141
8*
13*
123
104*
Va Iron Coal A Coke 1st g 6S..1949 M
Va A Southwest 1st gu 4s
2003 J
13
23*
A
s
{♦July
213
O
Sharon Steel conv deb 4 Ml8
Shell Union Oil deb 3*8
60
♦Certificates of deposit
♦Ref A gen 4*s series C
25 m
8*
F
♦Certificates of deposit
♦1st A cons 6s series A
79*
73*
43
103*
*110*
29*
29*
29*
{♦Vera Cruz A P 1st gu 4*s__1934 J
47
26
1959 A
{♦Refunding 4s
14*
13*
76*
117* 124*
23
25
J
Corp 6 *s A.. 1951
Vanadium Corp of Am conv 58.1941 A
Vandalla conB g 4s series A
1955 F
31
42 m
44 m
44
m
M N
A
44
40
O
♦Stamped
100*
108
s
s f 6*s series C
1951
♦Sink fund deb 6 *s ser A... 1947
Utah Lt A Trac 1st A ref 5s... 1944
Utah Power A Light 1st 5s
1944
Utll Power A Light 5*8
1947
46
42
8
♦Sec
in *
*41
J
♦Stamped
1946 A
15
17*
30
O
U 8 Pipe A Fdy conv deb 3*s_. 1946 IVI N
U S Rubber 1st A ref 5s ser A.. 1947 J
J
*112m
"44""
f 6*8 series B
32*
75
105
102 M
{♦Schulco Co guar 6*8
31*
30*
68*
56*
102*
102 M
Santa Fe Pres A Phen 1st 6s. .1942 M
15*
14*
17*
39*
123"
102
86
105
*107*
122 *
122 *
J
75
50
28
1940
1972
J
6
High
51*
70
30
*101*
8 A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s.. 1952 J
34*
12
21
..1937
St Paul Un Dep 5s guar
s
291
♦100m
♦105m
St Paul A Duluth 1st
St Paul Minn A Man 5s
23
*65 *
♦1st terminal A unifying 5s. .1952
♦Gen A ref g 6s ser A
-.1990
♦Guar
146
28*
26*
"26~"
M~8
♦Certificates of deposit
^Con M 4*s series A
Mont ext 1st gold 4s
tPaclflc ext gu 4s (large)
1
25
j~~j
I
83 m
60
25m
25
1950
♦Prior Hen 5s series B
I
*27m
42
83 m
26 m
J
{♦St L-San Fran pr lien 4s A...1950 J
♦Certificates of deposit
40*
8
1944 IVI
4s... 1934 J
g
Debenture 5s
41
J
S
1971 M N
Biscuit of Am deb 5s.. 1950 A
United Drug Co (Del) 5s
92
1955 J
57*
22*
103
A
U N J RR A Can gen 4s
101
St L Rocky Mt A P 6s stpd
46
106
107
O
Union Oil of Calif 6s series A_. 1942 F
43
85
J
Low
No
71*
39*
102*
*102
A
Uljlgawa Elec Power
35
78
102*
♦Guar
42 M
*100
1948 J
75
75
107*
O
Tri-Cont Corp 5s conv deb A.. 1953 J
J
Truax-Traer Coal conv 6*s.._ 1943 M N
♦Tyrol Hydro-Elec Pow 7*a_. 1955 M N
24 *a
*100*
gu 5s...
D
ser C
1942 M S
Toronto Ham A Buff 1st g 4s__ 1946 J D
Trenton G A El 1st g 5s
1949 M S
24
24^
St Jos Ry Lt Ht A Pr 1st 6s... 1937 M N
St Lawr A Adlr 1st g 5s
J
1996 J
2d gold 6s
1996 A O
{♦St L Peor 4c N W 1st
D
J
1950 A
47
"14
♦111*
1st g 4s ...1933 M N
♦Certificates of deposit
1953 J
3*s 1960
Tol W V A Ohio 4s
109
39
30
30*
35*
107*
St Joe A Grand Island 1st 4s... 1947
♦|Riv A G Dlv
1st 6s dollar series..
Tol A Ohio Cent ref A Imp
94*
94
1949 A
♦Ruhr Chemical s f 6a
37*
Jan. 1
33m
""8
27 m
61
1977 M
4s A
Since
Asked
High
70*
37*
102*
71
1937
Tol St L A W 1st 4s
33 m
23 m
26 *
34
27*
1955 F
Roch G A E 4 *s series D
Gen mtge 5s series E
con
95 m 100 M
51
{♦Rio Grande June 1st gu 6s—1930 J
♦Rio Grande West 1st gold 4S..1939 J
A
Tokyo Elec Light Co. Ltd—
12824
59 X
1962 J
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st a f 7«
con & coll trust
113^
112
108 *
31
O
♦Certificates of deposit
1960
106
IVI N
{{♦Richfield Oil of Calif 6s
1st ref 4s
♦AdJ lnc 5s tax-ox N Y..Jan I960
Range
Friday's
Bid
Low
Third Ave Ry
Third Ave RR 1st g 5s
105
A
*55 A
Range or
Sale
Price
108
1944 M N
1953 F
Week's
Las'
STOCK EXCHANGE
Week Ended Dec. 4
«
105 h
106
108*
1952 IVI N
warr
N. Y
High
96m 104%
105% 108 M
105
1950 M N
♦1st
Low
108 *
J
♦Direct mtge 6s.
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
u2m
BONDS
Since
Jan. 1
112
119
J
♦Rhine-Westphalia El Pr 7s.
34
42
128*
111*
98*
.
♦Rhelnelbe Union s f 7a
-.1946 J
♦Rhine-Ruhr Water series 6s.1953 J
107 *
♦111
*125
Gen mtge 4*s series B
1961 F A
Purch money 1st M conv 5*8 *64 M N
Revere Cop & Br 1 st mtge 4 * s 1956 J
J
3595
6
Fridav
Range
|s
J
Gen A ref 4*s series A
1997 J
Gen & ref 4*s series B._.._1997 J
Record—Concluded—Page
Week's
Friday
10124 106
99* 107
117* 12924
105* 110
t Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
♦
Friday's bid and asked price.
No sales transacted during current week.
♦ Bonds
selling flat.
c
Deferred
delivery sales transacted
In the yearly range:
No sales.
during
the current
week and
not
Included
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless
regular weekly range are shown In a footnote In the weekl n
In the following extensive
week
beginning
list
we
from the daily reports of
Last
Week's
Sale
of Prices
L010
High
Price
Adams Mlllls
Aero
Supply Mfg cl A
5%
4%
3%
29
preferred
3%
complete record of the transactions on the New York Curb Exchange for the
%
%
-
81
"82
Allen Industries com—
68%
26%
pref
$6 preferred...:
81%
72
Ala Power $7
25%
Low
Shares
40
May
49%
99
June
113%
15
Jan
1,200
300
%
81%
82
72
26%
2%
Apr
26
5%
19
Mar
Nov
Dec
Oct
9%
Aug
44% May
2% June
77%
Oct
4%
Mar
25
35
Oct
1%
Feb
24%
5
46
900
3
Jan
29
Jan
4%
8%
65
24%
24%
11%
21
110
58
Feb
76
Feb
100
Am dep rets ord reg._£l
1,400
19
Apr
29%
Nov
Jan
4%
Feb
7%
Apr
13%
Mar
29%
Mar
16%
Jan
Jan
27%
Apr
26% June
1,100
Registered
Am dep rets ord bearer
Amer Tobacco—
Jan
32%
Nov
28%
Mar
32%
Oct
2%
Oct
28
£1
British Celanese Ltd—
Jan
3%
36%
Jan
2
Nov
Brown Co
100
43%
43
48%
5,400
7% May
48%
June
25
Nov
Brown Fence & Wire com.l
10%
9%
Nov
21
Jan
Feb
Brown Forman Distillery .1
11%
9%
1,000
200
10%
9%
1,100
6%
Aug
Jan
152
12%
July
Jan
125
%
132
141
3,500
87
123% 125
1,100
109
10
150
Am dep rets ord reg
28
61%
66
63
Aluminum Ltd com
1,600
105% 107%
"l7%
3%
1
100
500
5,400
3%
17%
3%
2,300
66%
100
66%
10
16%
25%
Mar
Dec
9%
45
50
pref25
Buff Niag A East Pr
Mar
$5 1st preferred
*
Bunker Hill A Sullivan..10
Jan
75
Mar
Jan
107 %
Oct
Dec
18%
Nov
Sept
4%
Jan
66%
Dec
77%
Jan
•u
Burco Inc
24%
105
150
25
2,900
450
3%
Apr
26%
Jan
107%
99%
550
51%
Jan
500
1%
Jan
33%
%
Jan
=•16
Jan
9
Feb
Cable Elec Prod
2
Feb
a16
100
3%
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12%c
3%
8%
200
500
2%
7%
%
100
%
8
%
50
Jan
23%
4%
*
13%
10%
20
39%
103
99%
93
98
48
106
47%
25
105%
*
com
53 convertible pref
Warrants
Jan
5%
40
Jan
%
Mar
Nov
3%
8%
Jan
2%
Cables A Wireless Ltd—
27
Jan
36%
Mar
86%
*
*
Buckeye Pipe Line
Sept
13%
87
200
*
18%
16%
2%
4%
%
%
10c
Bruce (EL) Co
Sept
American Capital-
10c
6% pref
Feb
15
American Airlines Inc—10
Feb
Feb
Sept
Nov
21%
11
21
Oct
British
Aug
Aug
Jan
26%
•
83
Mar
21
108
1%
200
5%
50
Coupon.*
84%
Nov
Jan
Mar
13%
""466
Class A
British Amer Oil
Oct
Jan
10
86.60 prior pref
Am Cities Pow & Lt—
2,500
19
"2% ""2%
*
7% preferred
Brlllo Mfg Co com
Feb
125
100
S3 preferred
17%
97
"2%
100
Class A
*16
Goods Mfg—'
com
*
37%
67%
132
Aluminum Industries com
Class A
18%
100
Brill Corp class B
High
Low
Shares
British Col Pow cl A
Aluminum Co common—
Common class B
*
Preferred
Price
15
$3 conv pref
Allied Products cl A com 25
American Book Co
Bridgeport Machine
200
200
Common
American Beverage com..
Week
350
Allied Internat Investmen
6% preferred
for
of Prices
Low
High
500
2%
6% preference
Week's Range
Sale
Par
Nov
1 1936
Range Since Jan.
Last
High
40
19,700
Sales
Friday
STOCKS
{Continued)
Range Sines Jan. 1 1936
for
Week
Alliance Invest com
Aluminum
It is compiled entirely
stock or bond, in
the week covered:
100
3%
29
29
Alabama Gt Southern—60
5%
71
71
10
Air Investors com
Warrants.
a
75
22
22
Class B
Conv
furnish
200
110% 110%
7% 1st pf 100
Agfa Ansco Corp com
Alnsworth Mfg Corp
Range
47
43
Acme Wire v t c com—20
elllng outside of the
they are the only transactions of the week, and when
Sales
Friday
Par
1936
the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during
STOCKS
5,
which they occur. No account Is aken of such sales In computing the range for the year.
Saturday last (Nov. 28, 1936) and ending the present Friday (Dec. 4, 1936).
on
Dec.
Yearly Record
New York Curb Exchange-Weekly and
3596
Jan
91 %
Feb
%
*
v t c
Nov
Am dep rets A ord sh.£l
Am dep rets B ord shs.£l
%
%
516
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canada Bread Co com
*
Class A
25
38%
38%
40
350
38%
Clas A with warr
25
1
41
41
42%
6%
600
41
5,300
5%
May
38%
Nov
1M00
31%
29%
Jan
"34% "36%
Jan
40%
Feb
Canadian Canners pref
*
Canadian Car & Fdy pfd 25
3%
Jan
7
Feb
2%
5
Feb
"32%
%
.
"266
4%
24%
July
Nov
Jan
1%
*u
Feb
5%
Jan
32%
Jan
Deo
Canadian Hydro Eleo—
Nov
"32"
32
700
Class B
Amer Cyanamld
Class B n-v
5%
5%
class A. 10
*35%
-10
Amer Equities Co com
1
Amer Foreign Pow warr...
23
23
40%
Amer Fork A Hoe Co com*
*
Amer Gas A Elec com.
3,'900
2%
23%
39%
41%
17,300
112%
275
11%
5,900
2%
2%
112
600
-_*
112
American General Corp 10c
11
10%
40
41
33%
32
38%
1,250
25%
25%
25%
800
Preferred
82 preferred
34%
1
82.60 preferred
1
Amer Hard Rubber com.50
Amer Invest (111) com
400
36
125
Laundry Mach_.,20
Amer Lt & Tr com
26
"40%
100
Sept
Feb
19
Jan
25%
Oct
Apr
47%
Aug
July
108
Jan
114%
Jan
12
30%
Jan
39%
Jan
36%
Sept
43%
Mar
25
Nov
46
7%
Oct
19%
Jan
Feb
Jan
"2%
Am Superpower Corp com
45
July
17%
300
25%
Feb
30%
Jan
150
14
Jan
46
Oct
Carrlei Corporation
Casco
Jan
1%
Feb
48
200
18
Jan
53%
Nov
36
100
21%
Apr
45
29%
700
8%
Nov
2%
54,200
,516
2%
1%
58,500
».•
2
Apr
90
200
82
Jan
45
47%
900
32
May
3%
6
6
7,400
5
6
500
-----
6%
Common class A
5
6%
1,100
June
1%
4%
Jan
Jan
%
Jan
4
3%
Jan
vn
10%
3%
16,400
7%
Jan
93%
94%
80
Dec
7% June
5,400
15,400
1,500
Nov
Oct
36.400
6%
5%
5
Aug
6%
17
Oct
Feb
44
10%
6%
Feb
63%
112
9%
£16
4%
100
Jan
5%
6%
Dec
Mar
13
6%
-----
9%
104%
Jan
£16%
Oct
110
10%
10
Ashland OH A Ref Co
83
June
97
Feb
Mar
Mar
Dec
Oes
Jan
17%
Nov
Nov
9%
10,800
7%
Nov
Industries
12%
£
12%
12%
100
10%
Jan
13%
A
Assoc Gas A Eleo—
Common
1%
1%
2
Class A
3%
3%
3%
85 preferred
28
31
28
Option warrants
316
%
1,600
15,800
1,800
32,700
Assoc Laundries of Amer.
Assoclated Rayon com
60
Atlanta Btrm Cst RR pf 100
Atlanta Gas Lt 6% pref 100
60
Jan
98
10
"11% "l'2% "8400
47%
310
16%
50
50%
50
50%
3%
3%
29,100
2,400
13,100
*
18%
18%
Corp
3%
21%
Austin Silver Mines
1
1%
1%
1%
Automatic Products
6
8%
8%
9
8%
8%
Automatic-Voting
Mach. ♦
Axton-Flsher Tobacco—
Class A
10
common
Babcock A Wilcox Co
Baldwin Locomotive
43%
* 2130
2%
warr
Barium Stainless Steel.._1
4%
Barlow A Seellg Mfg A.-.6
18%
43
43%
121
133
2%
4%
6,500
16,900
100
Bellanca Aircraft com
Bell Tel of Canada
1
82.50
conv
W) A Co com
Blue Ridge Corp com
83 opt conv pref
Blumenthal (S) A Co
Bohack (H C) Co com
17
2%
2%
1%
15%
15%
2,800
3,100
3
47%
48
600
36
39
5,200
Preferred BB
Bowman-Biltmore
*
3%
35%
2%
3%
"26%
26%
20
4%
35%
8%
17%
18%
14,700
1,200
87%
31,300
4%
25,600
1%
1%
Apr
16%
31%
Nov
Jan
56
23
1%
21%
46
24%
44
19
21
86
2,375
350
Jan
75
20
Jan
600
17
May
30%
7%
5%
7%
7,000
x4%
May
16%
16%
400
15%
Sept
22
58
5%
Oct
70
105
1%
May
124%
56
58
1,600
38
Jan
66%
30
56%
31
200
24
Jan
34%
Jan
Jan
1%
86%
81
83
1%
2,900
%
86%
1%
925
34%
3%
3%
49,500
45%
49%
2,900
41 %
Jan
4%
4%
100
3%
May
40
3%
46
June
63
400
42%
70%
3
Jan
100
43
15%
6,200
11
%
11,300
*16
400
7%
7%
66
6%
Jan
com
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Dec
Colon Development
3%
200
49%
50
11%
12
12%
5
7%
1,225
1%
.....
1 sh
5% Income stock A
2%
7,500
Conv
5% preferred..100
1
Oct
10%
52%
16%
7%
3%
1%
May
Aug
10
12
Q
2%
£1
Columbia Oil A Gas
Jan
Oct
Nov
May
Aug
8ept
65%
6%
Q
"""166
6%
Sept
2%
4%
3%
3%
9,900
2%
Sept
4%
100
3%
14
3%
17%
400
16%
25,600
17%
60%
56
61%
4,700
91%
90%
7%
94%
9%
31,800
6% conv pref
warr.
41
2,900
.
8%
1,250
73
90%
%
Nov
Jan
116%
9%
113"
113
il4% "moo
45
Jan
97
Jan
117
July
Compo Shoe Machinery
39%
Oct
Consolidated Aircraft
1
1%
7%
Feb
Nov
Dec
Oct
Oct
3%
Dec
2%
Aug
Sept
Jan
35%
8%
18%
Dec
%
Nov
37
Aug
Aug
Dec
18,500
200
575
13
Jan
31%
1
Aug
Sept
%
2%
55%
31%
150
28
Sept
1%
800
1%
Jan
900
JaD
%
2%
Dlstrlb.l
Jan
Consol Copper Mines
6
Consol GELP Bait com.*
1%
1%
£18
23%
7
19
14,000
7%
50,800
3%
86%
89%
1,100
75
75
77%
700
Consol Retail Stores
10
10%
3,000
120
Consol Royalty Oil
10
Cont G A E 7 % prior pf 100
Continental Oil of Mex_._l
3
preferred
99
9%
July
June
Jan
84
112
100
Cont Roll A Steel Fdry
*
Continental Secur Corp..5
H
2%
55%
24%
89%
8% preferred
Apr
June
6%
23
100
f
%
1%
11%
14%
Consol Min A Smelt Ltd..6
5% pref A
Dec
Mar
52
%
Warrants
Commonwealths
July
36
Columbia Pictures com..*
54
For footnotes see page 3601
Feb
4%
1%
80%
56%
Cook Paint A Vara com.
£
42%
3%
1%
14%
63
31
9%
700
4%
86
54
Community P A L 56 pref *
Community Pub Service 25
Community Water 8erv__l
20% May
35
21
14%
Feb
18
%
19%
89
14%
54
Dec
Feb
Apr
Jan
Aug
3
16%
56%
102
Apr
Oockshutt Plow Co com..*
Cohn & Rosenberger Inc. *
June
4%
Mar
116
Apr
5,900
Jan
May
•
40
12
%
Aug
8ept
Dec
*
27
Nov
116%
62%
Mar
56%
2,500
4,300
3,900
15,800
2,020
%
99% May
107%
Feb
9
8ept
58
Cleveland Tractor
Nov
Nov
Oct
16%
62%
19%
July
12%
100
•
Oct
May
500
575
Nov
Oct
Commonwealth A Southern
6
40
15%
68
Mar
Nov
7%
Cities Serv P A L 57 pref. *
56 preferred
*
Nov
July
Feb
July
17%
*
Commonwealth Edison 100
34
50%
15
28%
..*
*
Preferred B
Dec
35%
Oct
13%
Jan
2%
Apr
43% June
14% July
48%
28%
Bridgeport Gas Light Co.»
*
Preferred
Oct
%
15
7%
17%
100
18%
3%
1%
July
48%
6
Braslltan Tr Lt A Pow
275
*
100
Childs Co pref..
Cities Service com
Ddc
3%
100
1
124% May
Bower Roller Bearing
preferred
Mining
158
37
"38""
Centrifugal Pipe
*
Charis Corporation
10
Cherry-Burred Corp..
*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
Jan
1%
75
110
43%
Jan
16
Apr
6
36%
68
19%
100
Conv pref opser '29.. 100
Cleveland Elec Ilium
Dec
Jan
Dec
"17% '*17% "18% """866
Conv preferred
Aug
13
112
18
Mar
Dec
11,400
109
100
2
400
9%
111
no"
100
warr
121
21%
*
Cent P & L 7 % pref
100
Cent A South West Uttl_.l
Cent States Elec com
1
142
31,000
30,700
8%
19%
Sept
Dec
Aug,
23%
40%
40
8%
"16
4%
4%
18%
95
7%
16
17%
*
60
3
700
82
180
1%
15%
10
10,000
39
10
Cent Hud G&Evtc
Chief Consol
Apr
Apr
75
90
24
38
95
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
6% pref without
7% preferred
102
86
22%
9% xlO
55%
4%
Jan
10
95
12,500
11
400
90
23%
Clayton & Lambert Mfg..*
133
Aug
Feb
Mar
24
*
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
300
200
96
Claude Neon Lights Inc_.l
Jan
1%
22
16%
Jan
2% May
18 %
Jan
_*
1st preferred
Dec
18%
33%
Jan
Jan
Oct
29%
101%
6%
Feb
33%
96
5
33%
400
Feb
1%
10,000
14
25
July
158
2%
24
5
Nov
12 %
Jan
2%
23%
4%
4%
55
Oct
Apr
100
16
21%
11
July
1%
1%
City Auto Stamping
*
City A Suburban Homes. 10
Apr
%
3,700
July
July
37
51
110
36
2d
July
Oct
6%
37
Colorado Fuel A Iron
20%
7% 1st preferred
1
May
Feb
6%
700
10%
Aug
1%
7%
30%
oom
7%
Dec
12%
11%
2%
600
10%
6
3%
Botany Consol Mills Co. .*
Bourjols Inc
*
Nov
2% May
Dec
71%
7%
6%
2
16
Oct
36%
25
50
40
20%
100
Nov
70
*
7% 1st preferred
47%
16%
260
l
Borne Scrymser Co
May
100
...
Aug
101%
4%
6%
1%
»
June
11%
1,080
52,100
»
pref
Bliss (E
28
3%
»
•
Jan
8%
Dec
7% 1st partic pref...100
7 % prior preferred
Celluloid Corp com
57 dlv preferred
Nov
121% 122%
com
Nov
16%
"2%
*
2%
157
Purchase warrants
97%
Nov
Aug
37%
10
17%
3%
122%
Blckfords Inc
Apr
June
Products...
Castle (A M) & Co
Catadn Corp of Amer
1
Celanese Corp of America
800
100
6
Aug
•
17,600
157%
Berkey A Gay Furniture. 1
98
Nov
Nov
130
16
*
4%
100
Conv pref
Nov
1%
pref...*
56 preferred
18%
3%
18
6%% pf.100
Benson A Hedges com
*
Bell Tel of Pa
6%
62%
88
2,200
1,000
Baumann (L) A Co com..*
7% 1st pref
Nov
Feb
92
98
15%
preferred
Jan
Oct
Nov
Nov
932
%
Sept
45%
Warrants-
2%
4%
33%
Jan
3i6
1%
11%
6%
Jan
'32
26%
47%
16%
Atlas Plywood
5%
250
5
....
Jan
1,200
Atlantic Coast Line Co..60
common.
Jan
1
5%
Atlantic Coast Fisheries-.*
Corp
1
60%
5%
Associates Investment Co
Atlas
*
1,900
36%
39%
107% £106
107%
1%
1%
1%
Arkansas Nat Gas com
Amer deposit rets
*
com
42%
4
Arkansas P A L 87 pref
Art Metal Works com
Class B
Carnation Co
Carolina P A L 17
36
12
29
71%
7%
»
28%
4%
Anchor Post Fence
Preferred
Convertible class A
22%
American Thread pref
Arcturu8 Radio Tube
25c
Nov
Mar
600
Carman A Co—
21%
90
1st preferred
Preferred
Appalachian El Pow pref.
Carlb Syndicate.
Nov
29
6%
Capital City Products...*
40
8%
American Seal-Kap com..
Angostura Wupperman..
Apex Elec Mfg Co com
Canadian Marconi.
Mar
Nov
*
1
Nov
14
67
100
non-voting
7
Oct
27%
Canadian Indus Alcohol A*
B
Nov
7
10%
11%
14%
*
com
6% preferred
30%
28%
25%
47
"36""
Amer Potash A Chemical-
Elec
9
Canada Cement Co
Jan
1%
Amer Meter Co
Associated
Jan
47%
28
21%
26
6% preferred
Amer Mfg Co com
Amer Maracalbo Co
48%
33%
27
*
Amer
Dec
Nov
Oct
53% June
3%
May
33%
3%
19
24%
7%
04%
116
80
11%
118% 122
240
90
Jan
3
1,200
2
May
3%
99
300
88
Jan
101%
2%
96
122
2
%
"18%
16%
~19%
13", 500
10%
10%
10%
50
17%
20%
5,100
62
62
19%
10
May
11%
6%
Sept
Jan
19%
16%
Oct
20%
60
Oct
62
11%
Last
Week's
Sale
of Prices
Low
High
Par
Price
Range Since Jan. 1
for
Georgia Power 50 pref
55 preferred
*
Gilbert (A C) com
Preferred
56 %
55%
10%
4%
56%
10%
5%
300
6%
10,200
3%
Jan
Aug
8
Mar
6%
7%
1,100
4%
July
8
Feb
Godchaux S
Jan
103
Nov
Class B
"fx
_
$0 preferred A
Cosden Oil com
1
Courtaulds Ltd
27%
25 %
5
Crocker Wheeler Eleo
*
Croft Brewing Co
Goldfleld Consol
%
1
~_32%
*13%
31%
13
34
14%
17,700
3,000
8,800
19%
H
%
13%
4?*
13%
4%
24%
5
1
IX
2
Crown Drug Co com...25c
Preferred
25
Gorham inccl A
*
*
36
Jan
34%
Feb
Feb
V t c agreement extended
Grand National Films Inc 1
Grand Rapids Varnish
*
24
10
Sept
1%
Feb
14%
Nov
1%
Jan
2%
Jan
11%
Jan
16%
July
3%
Oct
6%
22% June
*
Feb
7% 1st preferred
Feb
Gt Northern Paper
Greenfield Tap & Die
Dec
24%
150
Aug
4", 166
4%
Jan
2%
15%
200
37%
Feb
49
Nov
preferred
Mar
109
Apr
38%
49
106
100
Curtis Mfg Co of Mo
100
17
Cusl Mexican Mining..60c
X
Darby Petroleum com...5
16%
Davenport Hosiery Mills.*
Dayton Rubber Mfg com. *
Class A
35
Dennlson Mfg 7% pref.100
Derby OH <fe Ref Corp com*
Preferred
*
"l6
16%
14%
20%
32%
14%
"20
32%
"~5X
Detroit Gasket <fc Mfg coml
6% pref ww
20
Detroit Gray Iron Fdy__.5
Detroit Paper Prod
1
19%
19%
32%
14%
Sept
#1«
Sept
17%
18%
8%
48%
10%
Apr
20%
Nov
Haloid Co
32%
Dec
Oct
Oct
Hartman Tobacco Co
Oct
Harvard
Feb
Jan
81
18% July
21% June
Hazeltlne Corp
19%
Aug
Helena
27%
600
16%
Aug
19%
16%
9%
49%
27%
900
18%
Nov
1,700
1,100
1,900
8%
Jan
37%
36
10
9%
3,200
10%
1,200
Mining
.....
"30%
28%
30%
1,100
7%
Aug
10%
Apr
50%
30%
Oct
Hires (C
15
Aug
May
Oct
Jan
12%
Jan
Holllnger Consol G M
Holophane Co com
Mar
28%
Nov
May
38%
10%
Nov
4% June
""3%
Duke Power Co...
""3% "3% "2",300
74%
100
Durham Hosiery class B__*
Duval Texas Suplhur
*
Eagle Plcher lead
10
150
75
Aug
*94%
Apr
Jan
X
7%
16%
"7% "8% "2",200
15%
16%
15,600
5
7%
10%
108
Nov
Oct
Nov
41%
137
Nov
Dec
10
% prior preferred. 100
0% preferred
100
67%
62
70
5,600
70
4 %
63
7%
5
*
Hormel (Geo A) & Co...I*
Horn 4 Hardart.....
*
Malleable Iron.25
States Corp
*
$7 preferred series A...*
18%
45%
32%
104
Jan
7% preferred...""100
Hud Bay Mln & Smelt ..*
Humble Oil 4 Ref..
Huylers of Delaware
Oct
Oct
si«
Feb
*
7% pref stamped!"1100
7% pref unstamped.. 100
39
Jan
111
Sept
Jan
0
Mar
Illinois P 4 L 16 pref
85
Aug
July
Jan
Oct
0%
preferred
Jan
Illuminating Shares
10%
Jan
Imperial
16%
Nov
Jan
11%
Jan
85
Jan
83
Mar
410
50
2%
36
25%
4%
May
July
10
10
Jan
17
July
32%
Mar
130%
110%
Oct
Dec
Oct
Sept
Apr
Jan
Jan
Feb
130
Nov
Apr
24%
6% July
1% June
*41
Nov
124
37%
X
107%
37%
100
7%
3%
"is
8%
4%
%
3,900
9,500
106% 109%
7,500
72
Jan
76
Jan
88%
Apr
97
Nov
Sept
15
Dec
%
500
10%
4%
Jan
,
85%
86
175
15
15
100
7
3,300
24
200
81
15
9%
5%
1%
117
Feb
Dec
Feb
Nov
Oct
*6%
24
1%
3
17% *18%
16%
41%
8%
Oct
25%
Nov
Nov
11
Nov
Api
Oct
25
67
67
Aug
22
11
6%
24
66%
Nov
72%
1,900
1,300
1
Apr
2%
Jan
2%
Oct
0%
Mar
700
10%
Jan
19
Nov
19%
Nov
2,900
16
17
1%
41%
1%
41%
July
700
July
3
Nov
65
200
39
21%
Feb
13%
Feb
Jan
38%
Dec
Nov
13%
"13%
12~206
14%
"13%
15%
200
0% June
14% May
29%
Apr1
104% Nov
39%
^uly
111%
Aug
Jkn
33%
Dec
June
76%
Mar
Sept
2%
Feb
9% Aug
13% June
40%
Feb
30
Apr
38%
"38% "39"
""725
107%
105% 107%
31%
33%
71%
74
130
18,700
7,200
1
1%
2,100
17
17%
400
31%
72%
1%
17%
100
8
8
5
50%
5%
51%
9,000
50%
53
53
5
22%
57
-
Jan
16
Nov
22%
ten.
Chem
250
%
Jan
6
2%
32
9%
Jan
May
7%
Jan
52%
Nov
Oct
54%
2,150
36%
Jan
60
Sept
53
53%
250
57%
25
38%
62%
Jan
Feb
69%
57%
67%
Sept
Dec
9%
Jan
10%
Nov
19%
22
*20%
9,700
19%
100
20 %
Dec
Jan
24%
Feb
13%
cl A..*
Apr
14%
Mar
Industries
deposits
Amer
16%
400
130
100
1%
500
7%
Jan
2%
18% June
inc—
July
Oct
500
600
18%
129
.
rcts...£l
Registered
Imperial Tob of
20%
*20%
*
Can..""5
625
59%
1,175
41 %
23
Mar
42%
Feb
May
4%
Nov
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
24%
Feb
Imperial Tobacco of Great
Nov
1%
Eastern
Eastern
4
Nov
%
500
*
.
Imperial Oil (Can) coup..*
6%
Jan
7,600
1,000
1%
Hydro Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvanla Corp. *
86%
East Gas & Fuel Assoc—
*
Jan
8
24%
3%
13%
2%
Feb
00
Apr
1,900
23%
3%
13%
1%
June
25
105%
%
316
7
129
1%
7%
65%
2,000
134% 137
13%
24
36
3
Common
136%
40
4,500
2,450
5%
33%
*
Co_.I_"l25
34%
15%
*
Common
Hecla
._
Brewing Co
Hey den
23%
27%
%
1
*
Chemical
E) Co cl A
5
Rubenstein
17%
6%% pref
100
Douglas (W L) Shoe Co—
7% preferred
100
10
II
Mar
Nov
preferred
100
Dublller Condenser Corp.l
6%
.
1%
Julv
Driver Harris Co
73
Gypsum Lime & Alabast.*
Hall Lamp Co.
*
11
27 X
27
124
Hamilton Bridge Co com"*
Hartford Electric Light.25
8
*
16%
Jan
25
July
15%
45%
29%
18%
Gulf States Util $5.50
pf.*
$6 preferred
*
10% June
22
May
50
Aug
Dec
Sept
Feb
Nov
60
44
14%
120
4%
12
200
10%
47%
5
120
"~8%
100
5,100
108
Dow Chemical
Apr
Dec
13%
*
Mar
*
Draper Corp
1%
3%
25
x9
6
com
Nov
17
6%
Grocery Sts Prod com..25c
Guardian Investors.
1
Gulf OH Corp of Penna.25
25%
48 %
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel & Coal B 25
Dominion Tar&Chem
Oct
100
19,500
6,800
"~5% "6% ~l",806
15%
8%
15 H
Detroit Steel Products.__*
Diamond Shoe Corp com.*
Distilled Liquors Corp
Distillers Co Ltd—
17
916
15%
Gray Telep Pay Rtatlon..*
Great Atl & Pao Tea—
Non-vot com stock
*
25
"l0% "l5X
14
74%
800
Gorham Mfg Co—
%
vto._
Feb
Apr
10%
100
Jan
8,800
5
90%
250
16
Feb
800
13%
High
Apr
Apr
79%
68%
87%
*
Mines. 10
2%
15
3,900
x2
com
com
"27"
June
May
%
Low
Shares
86%
42%
Apr
9
Range Since Jan. 1 1936
for
Week
High
42
14%
53 preferred
Crown Cork Internat A.."
com
preferred
Feb
Nov
800
*
Crown Cent Petroleum
57
4%
28%
11% May
1
Crowley, MllnerA Co
*
*
Jan
Range
*
.1.11*
Jan
Low
9%
87%
class A.*
mars
1 %
15,500
2,700
£1
Cramp (Wm) & Soas Ship
&
Engine Bldg Corp.-.100
Creole Petroleum
Nov
6 %
3%
28%
VA\
2%
3
100
Oct
12%
Glen Alden Coal
05
*
Preferred
34
Week's
of Prices
Price
*
24 %
6
6%%
58
Oct
20%
Cord Corp
Corroon & Reynolds—
Cuneo Press
25%
23%
•
Cuban Tobacco
Jan
Jan
9%
Sale
Par
High
Low
Shares
5,900
1,000
Last
(Continued)
•
$3 preferred A
Crystal Oil Ref
STOCKS
1936
Week
*
com
Copper Range Co
Common
Range
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Cooper Bessemer
3597
New York Curb Exchange—Continued—Page 2
Volume 143
Jan
68
65
68
10 preferred series B__.*
Easy Washing Mach "B".*
67%
14%
64
67%
13%
14%
12,100
1,000
1,800
1,700
15%
Sept
Economy Grocery Stores.*
20
20
20%
100
15% June
23%
Mar
*
65%
65%
100
30
69
Elsler
l
4%
65%
4%
10,600
2%
21%
76,400
15%
64%
74%
100
43
8%
8%
900
37
Mar
5%
Jan
43
Dec
9%
Oct
Indian Ter Ilium Oil—
Edison Bros Stores com
43
8%
7% preferred
100
Ind'po-ls P 4 L 6%%pfl00
Electric Corp
Elec Bond & Share com
4
3%
4%
20
3%
19%
$5
preferred
..*
68%
67%
68%
1,100
$0
preferred
*
79%
78%
80
2,500
Eleo Power Assoc
6
10
1
com
Class A
l
Elec P <fe L 2d pref A
~~7%
73
*
7%
10%
8%
80
73
1,100
24%
Jan
68
Dec
23
Jan
67%
Dec
6%
Jan
9%
800
„
Jan
0%
215
18%
Oct
4%
Mar
Apr
Feb
27
Julv
Apr
79
Mar
Jan
88%
Julv
Apr
Apr
Jan
12
Mar
9%
80
July
Nov
V t c oommon
1
1%
'73"
Interna]
8
1,000
2
Jan
5%
2,500
5
May
$0 conv pref ww
*
96%
*96
97%
200
88
May
Elec Shovel Coal $4 pref..*
13%
12
13%
17%
550
10
Jan
29%
Feb
17%
300
15
Jan
19%
Apr
43
43
25
30%
Jan
45%
Nov
57
57
50
42
Jan
63%
Julv
International Products
50
53
100
43
Jan
65
July
July
InternatI Safety Raror B.*
Internat'1 Utility-
1
Electrographlo Corp com.l
Elgin Nat Watch Co
15
Empire District El 0%. 100
Empire Gas & Fuel Co—
t
0%
preferred
0%% preferred
7% preferred
"57"
53
"55"
Emsco Derrick &
Eureka
10c
44
Jan
66
55
450
43%
Jan
66%
Feb
Nov
2%
50
1%
July
38%
July
5.100
1
100
18%
19%
5,200
4,100
5,900
2,500
19
7%
6%
7%
9
1
•u
3,600
18%
8%
10%
24%
%
5
Jan
Aug
Jan
14%
100
1%
1%
prior
1%
10%
10%
1%
10%
10%
1%
6,500
1
preferred.....*
Dec
34
1%
Sept
Feb
International Vitamin
400
6%
Jan
300
28%
%
5,700
82%
240
37
%
81
81
20%
100
10%
10%
12%
17,800
75
72
76%
1,925
58%
59%
350
8%
4,500
*
7%
7%
22%
2,300
23
5%
Dec
Aug
39%
38%
7%
3% May
Jan *103
64
%
July
•1#
Jan
Sept
Jan
Jan
4
Class B
1,900
500
Sept
27%
20
Feb
May
Apr
Fel
Jan
Nov
2%
14%
2%
95
Jan
Feb
Feb
Nov
%
9%
Feb
Apr
37
Nov
33%
Mar
22%
340
Sept
%
May
X
5,300
23% May
1,150
16
Mar
18
18%
%
31%
26%
1%
%
Apr
Dec
17
Aug
Nov
9
Deo
*
.....
1
Jan
20%
.....
Dec
Jacobs (F L) Co
Jeannette Glass Co
%
Jersey Central Pow 4 Lt—
17
Jan
Nov
Jan
1%
Feb
7%
74%
July
89
Feb
Jonas 4
Apr
Apr
117
Jan
46
May
79
Oct
40%
May
64%
Oct
Nov
14%
100
100
preferred
,...100
Naumburg
2.50
9
12%
Nov
9%
28%
Feb
32
Feb
Feb
%
%
%
%
100
13%
15%
3,600
13%
8%
1,100
70%
8%
91
125
76
Jan
94%
95
105
80
May
Jan
93%
97%
105
Feb
Feb
Aug
Aug
Aug
Nov
1,400
30
Jan
6%
83%
1,700
28%
Oct
29
Mar
Jan
Jan
114
46
Oct
48
10
*
102% 103%
6%
6%
82%
80%
July
24%
Dec
Jan
3%
Mar
130
1%
*
°A
800
4%
600
'16
3%
113
Keith (G E) 7% 1st pf.100
Ken-Rad Tube 4 Lamp A*
..1
23%
100
Kingsbury Breweries
%
Feb
%
.....
0%
preferred A
Jan
90
94%
81%
V t c
9
May
91
Julian 4 Kokenge com
*
Kansas City Pub Service—
Common vto
Jan
1,100
1,500
%
5%% preferred
6% preferred
%
7% May
July
22% June
87
Feb
27%
Italian Superpower A
Warrants
Jan
19
Feb
Dec
X
Jan
1
Kansas G 4 E 7% pref.100
22%
Nov
27 X
1
Sept
4%
16%
14%
%
Irving Air Chute
36%
42%
112
26
27%
Investors Royalty..
Jones 4 Laughlln Steel. 100
10
112
112
6%
36%
36
Iron Fireman Mfg v 10..10
10%
24%
Nov
36
*6%
Feb
Feb
July
6
*
Feb
Jan
11%
Jan
3%
32%
400
1
Interstate Hos Mills
Feb
Apr
Sept
13%
Feb
Apr
»u
Feb
4%
23% June
22%
1
Jan
Sept
26%
900
%
4%
100
113
10
"23% "24% """400
1%
111%
1%
Nov
Oct
1%
0%
Mar
Mar
Aug
Oct
Kings County Ltg Co—
Ford Motor of France—
11%
5
10%
11%
2,800
10
Sept
4 %
Feb
Nov
2%
American dep rets 100 fos
Fox (Peter) Brew Co
11%
Dec
15
18%
18%
18%
350
10
Jan
*
Conv preferred
General Alloys Co
2%
2%
2%
1,400
2
Sept
19
Mar
4%
Feb
22%
22%
20%
*
20%
21
200
18%
Jan
23% 8ept
1,600
22%
dep rets ord reg..£l
Gen Fire proofing com
12%
Jan
21%
Nov
2%
2%
2,000
6%
6%
6%
28,700
4%
3%
4%
2,200
Klrkld Lake G M Co Ltd. 1
Klein (D Emil)
*
Rubber
Kleinert
Gen Electric Co Ltd—
2%
1
1
5% pref series D
Kingston Products
KIrby Petroleum
Froedtert Grain & Malt—
1%
1
preferred..
*
62%
1%
62%
50
1%
50,200
94
..*
Gen Investment com
94
""%
Warrants
Gen Rayon Co A stock..
$3 convertible pref
91
92
92%
Gen Outdoor Adv 0% pflOO
Gen Pub Serv $0 pref
*
91
92%
"21%
"17%
100
Knott Corp common
50
18%
%
100%
67
Jan
92%
200
500
4,200
10
1
12%
47
Kreuger Brewing
76
Lake Shore Mines
1
58%
Sept
Lakey Foundry 4 Mach..!
6%
5%
6%
Dec
Lane Bryant 7% pref. .100
99%
99%
99%
Jan
2%
Jan
24%
Nov
Jan
13%
Aug
Apr
52%
Mar
18%
Nov
102
Jan
1,400
Jan
Nov
4
July
6%
2%
Jan
J16 May
18%
Jan
6%
8
Jan
3%
Mar
%
24
Jan
Oct
Mar
Dec
Dec
20
Dec
21
125
«6%
Apr
107
100
10% May
600
14
Jan
Nov
11%
10%
200
80
2,400
7,300
12%
*25
Apr
Feb
Mar
June
Jan
78
Jan
*
*
20
17
20
10
*9%
,si
,316
11
,S16
4,300
1,100
4,500
11,100
113%
400
14%
7,600
7%
700
Lefcourt Realty com
Preferred
Refining
1
..*
*
74%
61
62%
Nov
8ept
Mar
Mar
3%
112
14%
2%
111
14%
7
4%
70
Mar
8%
100
11
30
Lehigh Coal 4 Nav
*
Leonard Oil Develop
25
Lerner Stores 6 % % pref 100
Lion OH
3601.
Ltd
Class A
Lit Brothers com
For footnotes see page
200
74
70
Langendorf United Bak-
Feb
Jan
85
1
21
105% 106%
11%
11%
20%
20%
76
77%
58%
60%
Lackawanna RR Co N J100
Nov
94
80
3,600
101
Apr
Jan
June
1%
17%
*i«
Kress (8 H) 4 Co pref.. 100
Feb
10%
20
106%
11
10
1
Kobacker Stores Inc com.*
Oct
2%
71
24%
101
40
70
775
21%
50
*
General Tire & Rubber...5
Jan
"i« May
2,400
1%
*
General Telephone com.20
100
532
%
91
13
10%
10
Koppers Co 0% pref...100
Gen Gas & Electric—
preferred A
*103
4,700
"l%
1%
21
23%
10%
400
6%
36
6%
*103
100
Oct
3%
47
3%
21%
84
New warrants
13
$0
4%
32%
5
6
»
22
46
Jan
Jan
Jan
33%
A
Jan
34%
37%
$6 preferred
Class
15
2%
Aug
6%
6%
Oct
5%
*
preferred
1,500
33,500
13
Am
100
Registered
57
%
Am dep rots ord reg..£l
Ford Motor of Can cl A..*
600
2
*
Class B
18%
Florida P & L $7 pref
Ford Motor Co Ltd—
27
2
Interstate Power 57 pref.*
..100
68%
3
Sept
46
1
600
1,350
4
July
21
Oct
Oct
May
1%
9
19%
75%
"34%
72
^__i
1st preferred
1,000
1%
73
26%
Warrants
31
34
7%
1X
Aug
International Petroleum..*
Jan
Metallrrglcal...*
Flsk Rubber Corp
$6 preferred
3
Aug
Jan
*18%
Fldello Brewery
.1
Fire Association (Phila). 10
First National Stores—
2%
7
21
Fedders Mfg Co com
*
Ferro Enamel Corp com..*
Fansteel
200
400
10
47
"2%
3
Brewing
Fanny Farmer Candy
Sept
3%
4%
5,100
1,700
13,200
100
16
Falstaff
100
14,400
350
»
Fairchild Aviation
Jan
12%
60
100
Ex-cell-O Air & Tool
92%
26
28%
Option warrants
preferred
75
*97
12
58
European Electric Corp—
7%
48
15%
28%
50
Evans Wallower Lead
June
12%
28%
Equip. .6
Corp com
Pipe Line
50%
51%
14
24
60
8% preferred
..100
Empire Power Part 8tk__*
Equity
25
50%
100
70
1
50
Intl Metal Indus A
Internal Mining Corp
6%
100
100
Feb
Nov
36%
18
Holding 4 In v..*
Internal Hydro-Eleo—
Pref 53.50 series
5
99
40
4
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
7%
Mar
Feb
3%
5%
00
10
*97
*
7%
9%
30
34%
Non-voting class A.
Class B
i
Shareholding—
33
industrial Finance—
Common
Option warrants
Electric
33
Aug
15%
Jan
4 %
Jan
5%
Oot
1%
Nov
11%
July
6%
Jan
%
Jan
2
Feb
107%
7%
Feb
113%
Dec
Jan
15%
3
Mar
7%
Sept
Nov
25
12%
Jan
Oct
New York Curb Exchange—Continued—Page 3
3598
Sales
Friday
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Par
Price
Range
Locke Steel Chain
5
14 %
13%
1
Lone Star Gas
*
11%
11%
10%
11%
Corp
1
Friday
Range Since Jan. 1 1936
Shares
Low
Par
12%
11%
7,400
12,500
6% May
15%
11%
12%
4,600
9%
14%
Nov
Jan
Nov
Dec
Mar
*
6
4%
100
100
90
88%
90
130
3%
72%
Apr
Jan
96
July
80
75
80
375
64
Jan
84
July
6%
12%
6%
13%
Common
preferred
6% pref class B
Loudon Packing
*
Louisiana Land & Explor.l
'"l3%
19,600
0%
7
Sept
600
5%
Oct
8%
Feb
9,900
9%
Jan
15%
May
Louisiana PAL Co—
101
99
6
Mangel Stores new
1
$5 conv preferred
*
Ma pes
Consul Marine..*
Lynch Corp common
43
10 J*
106
45
10
10%
300
24%
May
1%34%
4
3,100
Common
$6
...1
Low
3%
3%
Sept
56
40%
39%
Class B
*
17
May Hosiery Mills pref
McCord Had A Mfg B___*
12
McWilliams Dredging
*
32 %
Mead Johnson A Co
*
11%
Nov
Nor fits Pow com cl A..100
Nov
North Penn RR Co
Aug
109
27%
Feb
Northwest
Corp
Ohio Brass Co cl B
4,600
19
73%
100
Merchants A Mfg cl A...1
6%
15
preferred
10%
__1
"~6%
Securities
*
9%
31%
32
36%
1,200
Pacific G A E 6% 1st pf-25
100
700
PacJflo Ltg $6 pref
700
47%
5
$1 30
100
"28"
X
"l6
19,500
700
Parker Pen Co
200
Patchogue-Ply mouthMills *
Pender (D) Grocery A...*
1%
1%
1%
3
2%
3
6,200
3
46
108
109
400
108% 109%
111% 112
200
Peninsular Telep 00m
9%
Nov
14%
27%
6%
28
26% June
33%
9%
2,000
5%
June
31%
31%
28%
28%
105% 106%
1,500
"l~500
47
60
59%
61
7%
7
6%
61
28
*
27%
Penn Mex Fuel Co
—1
6%
1,800
1
Penn Cent L A P $5 pref..*
4%
*
5%
1%
5
5%
4,400
*
1%
1%
9
9
9
50
2%
July
Jan
8
Oct
6
2%
13
Jan
Pa Pr A Lt $7 pref
$6
*
23
23%
*
12 non-cum div ah*
Mid vale Co
74
75
Mid-West Abrasive com60c
4%
50
4%
3
2,700
40%
4%
2%
250
40
800
pref... 100
pref
19
Jan
39%
July
3%
Sept
28%
77%
5%
Apr
Nov
Oct
.100
116
10
116
Common
2.50
Molybdenum Corp
1
106%
105%
7%
Montana-Dakota
Peppered Mfg Co
Perfect Circle Co
Nov
Philadelphia Co com....-*
Jan
92
Nov
95
Jan
116
Nov
pref—25
Phillips Packing Co
*
109
108
*
300
155% 156%
33%
34
""160
Moore
40
Pioneer Gold Mines
6%
1
41%
National Baking Co com.l
Nat Bellas Hess com
1
Nat Bond A 8hare
Natl Container
$2
conv
Corp..*
new
corn..!
preferred
National Refining Co
Nat Rubber Macb
26
3%
109
"85"
400
*
New Jersey
Newmont
1
Mining Corp. 10
Producers
3%
109
7,900
Propper McCallum Hos'y
1%
1%
22,600
5%
34%
9%
35%
1,900
85
87
1%
350
Providence Gas
Prudential Investors
$6
700
1%
7%
25%
26%
1%
1%-
1%
1%
~29~"
Pub
8,800
"""566
100
21%
77%
2%
107
103"
103
10%
20
104%
18%
119%
115
"53"
N Y Water 8erv6% pref 100
Niagara Hudson Power—
Sept
Jan
62
Nov
1,100
7%
400
2%
Jan
Apr
19%
5%
Sept
5%
Dec
12%
Jan
Oct
A
1,400
1,400
300
112
Nov
11%
Dec
125
July
300
June
3,700
Jan
Nov
100
Dec
"37% "l'eoo
37%
Dec
3%
Sept
38%
1,500
38%
Dec
*16
716
%
29,500
•,«
1,500
4,500
1%
Feb
Feb
%
8,500)
106
July
108
16%
Oct
2,500
16%
11%
Sept
2,000
200
12%
Nov
108
100
Jan
Nov
105%
Oct
111
Oct
103%
Mar
250
37%
71%
34%
64%
36%
82
82
50
48
Jan
Jan
Apr
80
81
200
48
Apr
111
97%
98
30
92
20
98
63%
34%
103% 103%
4%
82
43%
.....
4
4%
80%
41%
19%
230
Oct
45
Oct
82
Dec
81
Dec
Apr
119
Sept
Jan
101
Sept
Jan
14%
110
44
950
47%
Sept
7%
Apr
%
%
%
18,700
%
Sept
2%
900
13%
14%
51%
9,000
3,700
3,100
*
Ni pissing Mines
6
"2%
2%
2%
1
10%
9%
10%
1,000
Jan
22
Jan
75
14
Jan
1,500
30
115
June
10
141
Jan
145
145
"19%
19%
19%
22%
22%
23
%
%
17%
100
2,100
%
18%
25
300
%
%
*
conv
preferred
2,500
Feb
5%
Jan
7%
July
87%
47%
Sept
22%
9%
137%
149
Sept
Dec
Dec
Jan
Apr
17
%
Jan
23%
Nov
Jan
14%
24
Nov
Jan
2%
Jan
1%
%
Feb
Feb
33%
*
Reybarn Co Inc—
75%
Feb
Richmond
17
Aug
Rad
com
*
4%
*
1
4%
14%
20
33
34%
400
10,300
1,200
1
May
% May
3% Aug
7%
28%
2%
3%
Jan
Apr
July
Jan
15%
Aug
52%
Nov
3%
Jan
11%
Oct
7%
20
Apr
Oet
June
Dec
34%
Nov
8%
8%
200
9%
Nov
%
%
3,500
1%
Mar
5%
5%
400
2%
2%
6,400
11%
11
12%
6%
1,600
16
10
1
19%
46
*
(Daniel) com
Reiter-Foster Oil
650
19
*
17
2%
"5%
4%
12,900
7
Apr
3%
12%
Mar
6%
Mar
106%
Nov
Oot
100
106
Nov
RochesterTel6% % IstpflOO
113
Sept
6% pref class D
Rogers-Majestic A
Roosevelt Field Inc..
Nilee-Bement-Pond
50%
2,675
Rochester G A E 7% pf 100
Noma
1% June
124% 125%
x9
124%
82%
250
22%
9%
*
Feb
6%
10
3601.
Oct
3%
*
.—
Reynolds Investing.
Rice Stlx Dry Goods
Aug
72,100
Jan
21
4%
17%
48%
96
41
Reed Roller Bit Co
6% May
14%
Apr
"53""
2
Dec
8,800
100
B
$3
15%
2%
Jan
July
15%
37%
Raytheon Mfg v t c...60c
Red Bank Oil Co
*
16%
14
10%
16~40(j
100
100
*
*
Common
Niagara Share—
92
Service of Okla—
Class
20
10%
21
119%
9%
6
For footnotes see page
June
3%
'16
Reeves
6
Feb
Dec
Raymond Concrete Pile—
Shipbuilding Corp—
Electric
1st preferred
Class
600
B common
Apr
40
23%
18%
11
1,600
200
Class
Jan
3%
12%
12%
2%
5,200
46
Class A opt warr
Class B opt warr
9%
Rainbow Luminous Prod—
50
4%
29%
*
15
Nov
7%
Jan
11%
5,500
10
43
Common
16%
Apr
11
2,500
2,300
N Y Pr A Lt 7% pref.. 100
New York Transit Co
34
Jan
Sept
360
11
80%
93
500
5,100
N Y Merchandise Co
N Y Steam Corp com
__*
N Y Telep 6% % pref-.lOO
Mar
Oct
£§6~
3%
7% prior Hen pref... 100
100
1
Jan
36
1,800
11%
Pub Utll Secur $7 pt
300
*
Jan
Feb
400
6% prior lien pref...100
100
15
18%
2%
15%
21%
77%
2%
107%
93
133%
—*
*
23
113
14%
17
3%
90
£129
2
15
pf...*
Puget Sound P A L—
$5 preferred
*
$6 preferred
*
Pyle-Natlonal Co
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
6% preferred
—100
Quebec Power Co
*
Ry A Light Secur com
*
Ry A Util Invest cl A
1
92%
27
90%
129
*
6% preferred
"10% ~io% """966
2,500
preferred
116%
42
Pub.Serv of Nor 111 com..*
Common
......60
1,600
5%
Founders shares
500
3,100
4%
1,100
'13% "15%
16%
$7 prior pref
$6 preferred
150
27
N Y
18
Public 8ervice of Indiana—
100
51
29
$6
41
18,600
18%
3%
*
*
preferred
6% 1st preferred
3,200
N Y A Honduras Rosarlo 10
*
Nov
Pub Serv Co of Colo—
600
%
1%
4%
com
8%
1
Royalty
Prosperity Co class B
600
110
com
N Y Auction Co
Apr
Apr
112%
Apr
33% June
9% June
50
17%
Pressed Metals of Amer..*
26%
5%
New Process Co
Oct
179
100
6% 1st pref
Premier Gold
1,200
1%
15%
100
New Mex A Ariz Land
Oct
Apr
Sept
Nov
85
Can com..*
2,700
113
"14%
......
*
26
20
9
19
"29"' "27"
100
2ilnc
38%
Pratt A Lambert Co
Nebraska Pow 7% pref. 100
6
Jan
Jan
Feb
Sept
149%
1,800
8%
*
Mining—-.1
Prentice-Hall Inc
*
46
1%
preferred
44%
Jan
Erie.50
200
%
"lOX
7%
77
Mar
May
2,800
6
1,200
"~7% "9% "3"l",666
12.60
New England T A T Co 100
New Haven Clock Co
*
5%
55
6%
39
23%
5%
*
Power Corp of
......
Corp_..l
New Bradford Oil
8%
1,925
15%
5%
59%
£56%
3%
%
1%
9%
Transit
com
Nov
112
Aug
6%
Ltd—1
13%
95
Nat Union Radio
Nev Calif Elec
Nov
Jan
99%
14%
6%
3%
Powdrell A Alexander
National Tea 5% % pref. 10
Nestle-Le Mur Co cl A
28%
Feb
Jan
12
3%
50%
18
"25%
*
15
Nov
Nov
87
31%
20%
21,200
National Sugar Refining..*
Neptune Meter class A
103
114%
100
20%
3%
1%
Nehl Corp common
*
Neisner Bros 7% pref. .100
Nelson (Herman) Corp.-.5
30
225
67
40%
300
500
3%
1
Nebel (Oscar) Co com
300
300
Feb
Aug
June
5% July
3%
Jan
68% June
42% July
16%
Dec
106%
Jan
14%
17%
3%
50%
13%
Conv part preferred...*
National Steel Car Ltd
*
National
100
32,200
37
11%
7%
3%
50%
13%
*
Nat Service common
149%
3%
3"O6O
200
4
*
17%
14%
11%
5,400
6%
"41% "42""
1
*
106
5
6
1,100
18
National P A L $6 pref
6%
5%
"l4%
38%
7%
58
*
100
4
37
"23%
Pittsburgh Forglngs
*
Nat Leather common
27%
1
Pittsburgh A Lake Erie.50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. l
Plough Inc
*
Potrero Sugar com
6
23%
*
Nat Mfg A Stores com
National Oil Products
35
100
1,125
38
5
1
1,150
7
*16
22
National Fuel Gas
$6.60 preferred
Warrants
Nov
%
38%
National Gypsum cl A
National Investors com_.l
29%
Pitts Bessemer A L
~
*
t c.._*
Mar
Apr
2,400
Mtge Bk of Col Am shs
v
Dec
7%
20
I 1
*<l a>\
Mountain Sts Tel A Tel 100
Nat Auto Fibre A
Jan
May
8%
4
50
6%
*16
Mueller Brass Co com
Feb
200
-.1
Meter.
Rights
Nachman-Sprlngfllled
Nov
66%
Dec
Pitney-Bowes Postage
7
10
xl37
~14%
*
Pines Wlnterfront
..100
Mountain Produoere
106%
Jan
100
Ry—100
Pierce Governor com
Corp Ltd com....*
Preferred A__
preferred
7%
350
41
146
10
pref ser A
Pie Bakeries Inc com—
300
.
*
Moore (Tom) Distillery--1
1
Piedmont A Nor
156%
*
—
Moody Investors pref
Jan
Apr
45%
3%
Phi la El Pow 8%
conv
7,300
3%
51%
92,100
-
16%
16%
109% 111
106
*
Common
1,975
7%
32% June
Phoenix Securities—
3,115
7%
Aug
Phlla Elec Co $5 pref...
3
Utll..10
Montreal Lt Ht A Pow
100
Nov
40%
Oct
Sept
6%
161% 170%
87%
90
*
Jan
1% May
1,300
13%
14%
104% 109
3%
Monroe Loan Society A..*
Montgomery Ward A
Co
22
Mock, Jud., Voehrlnger Co
Mob & Hud Pow 1st pref.*
2d preferred
*
110%
*
50
preferred
Penn Salt Mfg
Pa Water A Power Co
91%
*
Minnesota Mining A Mfg. *
Minn P A L 7%
Miss River Pow
500
16%
*
Dec
July
Nov
*
Pa Gas A Elec class A...
Midland Steel Products—
Mining Corp of Can
$2.80 preferred
Feb
Feb
Aug
8%
25%
5% May
20
110
Pennroad Corp v t 0
6,900
*
Aug
May
Apr
100
26%
7
2,000
pref
Dec
8%
28
59% a;63
1%
conv
108
50
Sept
3,500
45
6%
t o
200
9%
32%
29%
July
4,750
24%
1%
t o
9
July
9
Feb
July
110%
114%
109%
14%
5%
Sept
Nov
Feb
3,400
Nov
Sept
110
6%
Oct
Mar
109%
2,300
600
Dee
Nov
47%
10%
6
Middle States Petrol—
48
10
1%
v
160
100
Preferred
104%
30%
13 %
6%
v
Oct
26% May
101%
Jan
104%
Jan
100
10
Preferred
Jan
Jan
15%
Michigan Steel Tube..2.60
Michigan Sugar Co
*
17
300
98%
15%
33 %
38
Jan
Jan
24%
43%
*
Class B
600
17
2%
44
2,200
5,950
9%
85
preferred
5%
%
4%
10
800
29%
39%
4% June
21%
Jan
110
Dec
92%
*
Pantepec Oil of Venez
1
Paramount Motors Corp.l
10
535
X
1st
106%
*
Pacific Tin spec stock
*
Page-IIersey Tubes Ltd..*
Pan Amer Airways
10
1,300
49
45
*
Pacific Public Service
1,500
6%
104
27
Jan
Pacific P A L 7% pref. 100
50
105
6%
Apr
'"7% "8%
5%% 1st preferred—25
105
Apr
77%
Sept
15%
50
Overseas
Warr a:
*
"111%
5
com.
71
5%
101%
1,400
4%
48
MesabLlrou Co
-Metal*Texrile Corp com..*
MefEdison $6 pref
*
Mexico-Ohio OU
100
13%
45%
105
Merrltt
Michigan Bumper Corp.-l
Michigan Gas A Oil
-*
109
12
Participating preferred
Chapman A Scott ♦
6%% A preferred---100
"45"
121 % 121%
Mercantile Stores com...*
8,000
1st pref.. 10
Oklahoma Nat Gas
$3
38
37%
*
Ohio Oil 6% pref
35%
104
~28~
*
com
Ohio Power 6% pref... 100
2,550
35%
•
Ollstocks Ltd com
600
X5%
10
103
50
Engineering..*
4,000
5%
Dec
40
100
Oldetyme Distillers
Memphis Nat Gas com..5
87%
92%
92%
pf. 100
preferred
7%
70
Jan
92
7%
7
72 %
Jan
7t*
Nor N Y Util
Ohio P S 7%
*
8%
3,500
700
Mayflower Associates
Jan
3%
Jan
% May
100
316
87%
1.400
18%
Dec
Nov
6%
£5%
3
18%
39%
49%
Jan
%
87%
19%
7
Nov
Nov
3%
£5%
54
1
39%
49%
100
5
3
Massey-Harrls common
200
200
Nor European Oil cora___l
14%
Master Electric Co
40%
49%
4%
Ohio Edison $6 pref
1
63
Dec
4%
Nor Cent Texas Oil
Feb
Feb
Apr
36
39%
49%
Feb
19%
High
3%
36%
1,550
50
52
preferred
*
com—
55 %
42%
Low
900
2,200
Utility Securities.*
Prior preferred
No Am
Jan
Apr
Apr
Range Since Jan. 1 1936
Shares
7% 1st pf 100
Northern Pipe Line
10
100
8%
8%
Corp com
Class A
4%
55
36
Mar
...*
Mass Utll Assoc v t c
Class B
High
36
2%
90
24 %
102
for
Week
55
_
Novadel-Agene
Marlon Steam Shovel
Midland Oil
Range
of Prices
*
preferred.
Oct
100
106
103
94
100
1%
InternatlMfg
Amer dep rights
Margay Oil Corp
7%
100
101
1%
1936
Sales
Week's
Price
5,
Nor Amer Lt A Pow—
Nor Ind Pub 8er 6%
*
preferred
Lucky Tiger Comblnat'n 10
Masonlte
Sale
North Amer Rayon cl A...
7%
Marconi
Last
High
Long Island Ltg—
$0
STOCKS
(Continued)
Week
15%
Lockheed Aircraft.
for
Dec.
5
Root Petroleum Co
$1.20
conv
pref.
3%
14%
.20
3%
3%
14
15
17%
17%
6,100
10,900
100
Oct
8%
4%
19%
Feb
23
Apr
Apr
Volume
New York Curb Exchange—Continued—Page 4
143
Last
Week's
Sale
of Prices
Low
High
Par
Rossia International.
Price
%
—_
Royal Typewriter
Rustless Iron A Steel
11%
*
8afety Car Heat A Lt._100
St Anthony Gold Mines.. 1
St Lawrence Corp Ltd—*
8t Regis Paper com
5
7% preferred
-.100
Ryan Consol Petrol
75
204
700
38%
37%
11%
800
52,000
3%
200
3
-
8%
115%
123
%
6%
8%
9%
37%
Schulte Real Estate
%
50%
3X
IX
Common
June
Tri-8tate T & T 6 % pref.
Trunz Pork Stores
Tung-8ol Lamp Works
1
7%
*
*
7%% pref—25
1
950
Sept
IX
3,000
52
80c dtv pref
May
3%
3X
3X
400
*
Seeman Bros Inc
2H
Segal Lock A H'ware newl
2X
30
5X
6
6,700
8,400
29 X
5%
SelberUng Rubber com...*
Selby Shoe Co
Selected Industries Inc—
30
100
3%
3
3X
9,000
97
96
$5.50 prior stock
25
Allotment certificates..
Ulen A Co
Jan
6% preferred
05%
150
97
400
Aug
Union Gas of Canada
Shawlnlgan Wat A Pow.
Sherwin-Williams com. .25
142""
5% cum pref ser AAA 100
Sherwin-Williams of Can. *
2%
41%
1%
Tan
2
Warrants
United Chemicals com.-.*
5%
Nov
Mar
40
cum
7%
10%
8%
11%
3,300
Nov
14%
Nov
16%
3,600
4,100
10%
15%
11%
Apr
16%
17%
7%
6%
7%
2,100
5%
3%
6
4%
5%
4%
Oct
Oct
2,000
2%
12%
13%
3,500
4%
Feb
Jan
98 %
99
Oct
Oct
Option warrants
Jan
Oct
Apr
Jan
Oct
5,100
13%
16X
14,950
25%
100
143X
1,900
30
4%
139
12%
10%
"1%
1st $7 pref non-voting
2%
Mar
Feb
1%
Apr
15
5%
Sept
16%
28%
145%
3%
Nov
Nov
Apr
116
%
Apr
*
1
United Gas Corp com
8
10
7%
6
6
100
3X
30%
1,400
1X
2%
14,000
Mills*
2
Sonotone Corp
Oct
8ept
Jan
7%
July
Nov
19
Jan
16%
1%
Oct
Jan
34%
16%
3%
Mar
Oct
Feb
"T%
Southern Colo Pow ol A. 26
28X
300
27
25
26
27%
300
4%
4%
100
100
100
41*"
29*5
28*5
6*5
Oct
76*"
141
23%
6% original preferred .25
Feb
34%
27% Mar
Jan
25%
2% May
75
90
39
May
3,400
32%
50
*
$3 preferred
Molasses Co—
62
62
Am dep rets ord reg
£1
5%
2%
93%
94%
41
40%
41
U S Dairy Prod class
5
8%
43
8%
43
42
1%
_
U S and Int'l Securities--*
15%
2%
2%
95
1st pref with warr
*
*
10
U S Radiator Corp com..*
7% preferred
100
2
U S Lines pref
U S Rubber Reclaiming..*
U S Stores Corp com
$7 conv 1st pref
United Stores v t c
9%
8%
30%
9%
36%
1,000
X
%
200
37%
38%
900
%
38
Standard Cap A Seal com.5
550
8%
2%
%
33
Dec
10%
Sept
Utah Radio Prod.
37%
Nov
Utlca Gas & Elec 7 %
Apr
Jan
July
Feb
Jan
————*
*
Stand Investing $5.50 pf-*
63%
53
63%
1,300
35%
Jan
10
26
25
19%
13%
19%
13%
2,015
17%
Apr
July
37
37
20%
13%
39%
Standard Oil (Ohio) com
7,700
100
21**
97
~~3% "~4%
1
"lx
"58k
3%
58%
3X
00%
1,900
*
standard
Products Co.—1
21%
20%
21%
1,800
Standard
F«*
41%
Jan
Jan
6%
18%
63%
23%
Apr
Apr
Dec
Jan
Feb
14%
40
Oct
July
107%
Wholesale
Standard PAL
Common class B
Preferred
Utah Apex Mining Co—6
Utah Pow A Lt $7 pref.—*
26~,I66
200
May
Apr
25
Apr
19%
Oct
Sept
6
4%
64%
23%
Feb
Nov
Sept
"22"
Phosphate A Acid Wks20
16
Standard Silver Lead
1
%
Starretl (The) Corp
1
5%
16
X
4%
X
6%
100
%
Jan
6%
Deo
—*
m
+ mm
100
10
*
20%
100
20%
Nov
105% 105%
9%
11%
20
2,700
108%
12%
Oct
Nov
20%
•
•••
11%
Sterling Brewers Ino
6%
4%
Sterling Inc
Stetson (J B) Co com
Stlnnes (Hugo) Corp
40
100
11%
4,000
4%
11,500
22%
Stutz Motor Car
"V.350
3%
28%
1,400
Sullivan Machinery
3%
12,200
2%
*
----
Sunray Oil
3%
5%% oonv pref
50
Sunshine Mining Co—10c
Corp
2%
27
3%
4%
1,700
90
29%
Nov
11
90
800
50
2,300
475
*
pf 100
100
100
85
4%
4%
86
1
50
600
125
300
%
3%
4%
5,100
1%
Utll Pow A Lt common..
%
4%
preferred
1%
1%
10,800
3,000
3
3
100
22%
2%
21%
Venezuela Mex Oil Co—10
5%
5%
6%
2,500
1
1%
1%
2%
5,600
pref—100
*
"32%
1
Class B
7% preferred
Venezuelan Petrol
Va Pub Serv 7%
Vogt Manufacturing
Waco Aircraft Co
Wahl (The) Co
*
90
7
10
2,000
6
7%
2,600
10
""loo
9
9
1%
2%
800
36
35%
12,700
26%
25%
*
1
Wayne Pump common.—1
Wentworth Mfg Co
5
Western Air Express
1
Western Auto Supply A..*
West. Cartridge 6% pf.100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
Western Tab A Sta
*
90
32%
800
10
common..*
*
Waltt A Bond class A
Class B
31
24
66%
66
37%
26%
9%
67%
30
28%
30
9
8%
100
1,500
1,500
5,600
66
700
Westmoreland Coal Co—*
*
West Texas Utll $6 pref—*
West Va Coal A Coke
*
Westmoreland Co
C) A Co.—*
Williams Oll-O-Mat Ht—*
Wil-low Cafeterias Inc—1
86%
4%
86
4%
86%
90
4%
8,300
Williams (R
11%
1%
11
1%
8
11%
2,000
1%
800
50
53%
53%
53%
37%
2%
37%
300
2%
3,600
"lx
4:%
Technicolor Inc common.*
21X
20%
22%
1
Tenn El Pow 7 % 1st pf. 100
Tenn Products Corp com.*
5X
5%
5%
10,300
4,700
73%
75%
150
2%
12,800
Teck-Hughes Mines
75
2%
1
5
900
30
July
Wilson Products
1
16
17%
500
16
Dec
111% 112
100
"~6 X
.2
Thew Shovel Coal Co.—
45
Tllo Roofing Inc
13%
—
Tiahman Realty A Const.*
Winnipeg Electlc cl
4
4
Wise Pr A Lt 7%
Wolverine Portl Cement. 10
5%
4%
5%
4,100
Nov
Wolverine
2
13%
13%
3,500
1
8%
13%
8%
43%
*22% x22%
100
Oct
Tube com
Woodley Petroleum
Woolworth (F W) Ltd—
81
Yukon Gold Co
80
Oct
5
Oct
2,800
9%
Feb
750
Abbott's Dairy 6s
12%
7%
1,100
Nov
2,800
Dec
X22%
7%
64%
2%
7%
54
2%
8%
65
3%
500
200
32,600
8,400
3,500
Oct
1st A ref 5s
A"«
1st A ref 5s
21%
5%
Feb
1st A ref 5s
19%
4%
Mar
Oct
Jan
1st A ref
1967
4%s
%
1
%
IX
104% 104%
17,000
102
102
102%
17,000
84,000
98%
96%
98%
92
92% 109,000
106% 106%
Aluminium Ltd
Apr
Amer Com'ity Pow
Mar
113
1,000
92%
106% 106%
Dec
106
18
104%
106%
54
Nov
1,600
12,000
106%
Jan
102%
*ic June
%
Oct
107%
deb 5s '52
32%.
60
1,000
104
107
107
deb 5s 1948
Aluminum Co 8 f
150
107
49%
54
102% 103%
104
1942
—.1946
1951
—.1956
1968
1st A ref 5s
5%
~~3% "l",806
Am dep rets
20
22%
34%
17,000
8,000
37
35,000
Apr
Am El Pow
5%b'53
Corp deb 6s '57
"37"
Feb
Amer G A El deb 5s—2028
107%
11,000
106% 107% 184,000
2008
106%
106% 106%
Feh
5s
called
Am Pow A Lt deb 6s..2016
Amer Radiator
4%s..l947
Am Roll Mill deb 5S..1948
Amer Seating 6s stp ... 1946
Appalachian El Pr 58.1956
Appalachian Pow 5s. 1941
Debenture 6s...—2024
Arkansas Pr A Lt 5a..1956
3601.
16%
3
15%
Deo
Feb
Apr
July
Feb
Feb
42
Nov
17%
Nov
3
Oct
4
Feb
97
3*
1335%
Jan
7
Ji
Dec
14
N<
29
Jan
Jan
x22%
Dec
7%
Oct
36% Sept
1% June
11
43%
x22%
9%
65
4%
Dec
O
Mar
Nov
Dec
Feb
Dec
Feb
Alabama Power Co—
10 X
48%
14%
10%
Nov
14
TObacco Securities Trust
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev._ l
10
BONDS—
6%
46%
69
49%
Aug
D
Dec
6
3%
103X
8%
43%
Amer deposit rets
44
Tobacco and AlUed Stocks *
*
Oct
100
6%
Sept
7% May
9% May
80
B—*,
pref—100
5s
Amer dep rets (new)
*
Wrlght-Hargreaves Ltd..*
Youngs town Steel Door..*
2%
112%
Apr
1,400
4% Mar
6% May
32% Mar
6% July
4,100
1
10%
Oct
40
86%
5%
Mar
2% June
7%
Oct
10% May
30%
Dec
15%
54%
64
Jan
1
112%
30
39%
Mar
11
Apr
15%
Jan
7% May
9% May
*
*
Conv preferred
96
300
37%
For footnotes see page
1%
67
Wilson-Jones Co
Apr
24%
400
90
1
1
ord reg—.£1
Am dep rets def reg—.£1
Todd Shipyards Corp.—
Toledo Edison 6% pref. 100
1%
63%
"""loo
Sept
5
"13% "13% "l~4% "9.566
Tampa Eleotric Co com.
Tobacco Prod Exports
Apr
15%
29
2,000
4,300
102
10
15
...
Nov
June
x49
Taggart Corp common..
Talcott (J) Inc 5%% pf-50
TexasPAL7% pref
Texon OH A Land Co
Jan
5%
30
2lk "2l% "23% T.556
100
Taylor Distilling Co
Nov
25%
Syracuse Ltg 6% pref.. 100
Tastyeast Ino class A
Nov
Oct
5
225
27" "25% "27%
*
*
Nov
15%
7%
1,500
7%
43
5
Stroock (S) A
39%
11%
6%
4%
21%
50
—.20
Co
Oct
70
Co common. .*
Sterchl Bros Stores
Dec
16
5,700
25,300
"22
15
Walker Mining Co
16
21,200
29
1%
66%
700
250
6,900
1,150
1%
3%
4%
"22"
Utility Equities Corp
*
Priority stock
*
Utility A Ind Corp com..
Conv
11
10
8
-1
--*
Feb
Feb
Standard Dredging Co-
500
-
300
12,100
1,700
1%
.
600
%
8%
3%
Jan
29
56%
3%
Universal Consol Oil
37%
6%
21,400
%
7
1%
X
X
Jan
48
%
3%
U nl versal Pictures com
200
8
4%
Universal Insurance
%
55%
United Wall Paper
60
%
dep rets ord reg
£1
Spencer Chain Stores
*
Square D class A pref
*
Stahl-Meyer Inc com
*
Standard Brewing Co—
5%
United Verde Exten—50c
Universal Products
Am
6
600
100
17%
2%
95%
2%
34%
*
*
43
Feb
1%
7
'16k
Oct
%
%
1
6
100
Preferred
Jan
Spanish A Gen Corp—
Am dep rets ord bear—£1
250
Class B
Jan
Jan
1,150
A.—*
6%
1
25
Standard Oil (Neb)
"2% "5k T.600
94
.25
Preferred
44%
3% June
800
300
"1% "Ik ""760
•
32%
200
1%
8%
So'west Pa Pipe Line..-.50
Standard 011 (Ky)
25
5%
10
B—1
1,500
4%
1%
100
United N J RR & Canal 100
1,500
4%
*
Conv preferred
15,165
United
165*"
7V
25"
11*"
10
7%
1,100
32%
"57%
U S Playing Card.
33%
14%
94%
Aug
Aug
9,600
*
United Milk Products
July
40
Calif Edison—
39
Jan
Oct
Nov
Feb
July
Aug
Mar
67,700
7%
58%
*
1st pref
U S Finishing common.
29%
Southland Royalty Co
8%
123
"lx
*
$6
United Profit Sharing
Aug
328
July
4%
400
7%
56%
Common class B
United Shipyards com
83**
427
83% Sept
405
8%
3,900
8
1%
U S Foil Co class B
Southern Pipe Line
Southern Union Gas
10%
"1% "Ik
United Shoe Mach com..25
405
10
Feb
Feb
Oct
1,300
19
1%
United G & E 7% pref. 100
United Lt & Pow com A..*
conv
17%
121
"Ik
Nov
%
Aug
Oct
3
Typewriter v t o com..
Swiss Am Elec pref
400
7
Jan
*
& part pref
Jan
Smith (L C) A Corona
Swan Finch Oil
$3
United Corp warrants..—.
2%
78
Nov
15%
18%
Nov
81
Nov
10%
23%
Feb
13%
53
1,800
United Aircraft Transport
Preferred
-
2d preferred
May
3,200
Jan
Apr
Jan
25%
*
Simpsons Ltd 6% % P*d 100
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg..£l
preferred.
6
13%
4%
%
Conv pref
6% % Pref
13
60
Slmmons-Boardman Pub—
1st
*
29%
Shreveport El Dorado Pipe
Line stamped..—
25
Stein (A) A
Oct
Mar
11%
Union Traction Co
7%
112% 112%
4%
15%
8teel Co of Can Ltd
36%
Mar
8%
94%
700
25H
Seversky Aircraft Corp—1
South Penn Oil
Mar
Sept
100
900
X
13%
4%
%
12X
Shattuck Denn Mining—5
5%% pref series C
Feb
Jan
30
2
Amer dep rec. £1
Sentry Safety Control—
Seton Leather com
—*
6% preferred B
Jan
5%
51
10
Apr
*16
5%
Jan
12%
49%
13%
49%
2
Unexcelled Mfg Co
8elfrldge Prov Stores—
6% preferred
-
United Elastic Corp
3%
Common
Common
1
Twin Coach Co
May
26
Jan
800
8
Jan
100
9.100
11%
1
""300
37%
High
5%
21%
Tublze Chatlllon Corp
Class A
3%
Low
2%
*
Jan
60
4%
2%
10
Aug
42
*
Securities Corp general.—*
7% preferred
Southern N E Telep
4%
Am dep rots for ord reg_.
Jan
Jan
55
Range Since Jan. 1 1936
Shares
Triplex Safety Glass Co—
*16
90,000
High
Union 8tock Yards
Manufacturing.25
Southern
——1
Tri-Contlnental warrants..
Jan
Apr
70
Low
Trans Lux Plot Screen—
Mar
8
Price
2%
8cranton-Sprlng Brook—
Water 8erv $6 pref
Smith (Howd) Paper
Week
8,100
350
"2%
Schlff Co common
for
of Prices
200
%
7
..."_
-5
Savoy OH Co
250
117
115
—*
Sanford Mills com
8covllle
40
94%
115
Week's Range
Sale
Par
Jan
1,100
35%
10%
3%
120
Last
High
Low
Shares
93%
~37%
*
*
Russekfl Fifth Ave
"16
STOCKS
1Concluded)
Range Since Jan. 1 1936
for
Week
32%
40
*
*
Royallte OH Co.
%
Range
Sales
Friday
Sales
Friday
STOCKS
(Continued)
3599
0
99
103%
99
325,000
97%
13,000
103% 103%
38,000
103% 103%
106
"loo"
106
105% 106
107% 107%
121
104
12
121
103% 104%
3,000
55,000
107
107%
104%
103%
100%
94%
108%
Nov
Aug
107
Nov
Oct
Oct
Oct
Mar
23%
Oct
37
Oct
108*
106*
103*
105*
105
107%
107
Feb
Oct
5,000
108%
2,000
121
Nov
104%
Sept
92,000
Jan
New York Curb Exchange—Continued—Page 5
3600
Sales
Friday
BONDS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Price
Associated Elec
4348—1953
Range
for
LOW
$
5534
May
3534
2834
2734
Mar
1938
7534
75
7734
Conv deb *34a C—.1948
Conv deb 434s
1949
5234
5134
5134
5034
54
Conv deb 6s
1960
5634
5534
5334 119,000
5834
65,000
30
Jan
Debenture
1968
55 x
55
58 34
34,000
29
Mar
61
6334
2,000
52,000
33
Mar
75
Jan
634s
Conv deb
6a
534a
1977
9954 10034
86
8434
Atlanta Cas Lt 4348—1955
'10534
Atlas Plywood 634 s
1943
Baldwin Locom Works—
1053-4
10534 10534
10534 10534
1960
Assoc T & T deb
6s
534a A '55
stamped
w
78
6,000
1003
963
69
Oct
27,000
27,000
7734
174
14734
139
164
53,000
7334
148
135 34 1 64 34 603,000
11594
11534 11634
12234 12334
12234 12234
1st M 5s series B_—1957
5s series C
123
J143
1998
10494
Georgia Pow A Lt 5S..1978
Oct
61
Gesfurel 6s
Oct
Glen Alden Coal 4s. ..1965
66
Oct
Gobel
Oct
Grand Trunk West 4s. 1950
Oct
Grocery Store Prod 6s. 1946
79
Broad River Pow 5s. .1954
9734
1939
91H
Mar
10634
10534
Nov
Guardian Investors 5s. 1948
Oct
Apr
Apr
Apr
Apr
Guantanamo A West 6s '68
60
Hall Print 6s stpd
1947
Nov
19,000
117
Mar
Houston Gulf Gas 6s..1943
16,000
12334
12334
Dec
634s with warrants. 1943
Houston Light A Power—
Oct
145
Mar
10734
Sept
9834
Nov
10,000
90
98
9734
*10734 10834
10,000
10334
"2^666
11,000
1st 5s series A
1953
1st 434s series D
1st 434s series E
1981
109
Jan
Hygrade Food 6s A...1949
108
Feb
*102
10334
10434
6s series B.
"77"
1949
1947
10434
10434 10434
Idaho Power 5s
11034 11134
36 000
10634
11634
Aug
11134
Mar
Illinois Central RR 6s. 1937
10234
105
104
105
26.000
105
Sept
111 Northern Util 5s... 1957
10634
113
113
4,000
Nov
111 Pow A L 1st 6s
106
107"
10634 107
13,000
11434
10734
8,000
92,000
J
10534
Mar
10334
J
1968
10334
20,000
434 a series H
1981
9934
9334
10234
10334
10434
Dec
6s series G
10334 104
10334 10334
10334 10334
10034
1967
Central 111 Public Service—
1st & ref
1956
434a
ser F_
Cent Power 6s
ser
103J4
1,000
10334 10334
16,000
96
26,000
8834 Ju
8234
J
9034
D..1967
Cent Pow & Lt 1st 58.1956
"9534
Cent States Elec 5s
1948
6834
634a ex-warrants
1954
6834
7434
10534
Cent States P & L
Chlo DIst Elec Gen
534s *53
434s '70
J
10134 10134
Cent Maine Pr 434s E_ 1957
C<nt Ohio Lt & Pr 5e.l950
94
91
95
9534
86,000
6634
6834
6834
88,000
98,000
74
7434
10534 10534
38,000
3,000
61
J
N
M
A
6234 M
65
10434
A
A
102
10434
10434
Sept
Aug
Apr
*10494 106
1961
1st A ref 534a ser B.1954
1st A ref 58 ser C...1956
Sf deb
10534
10334
5348—May 1957
9634
Indiana Electric Corp—
6s series A
....1947
10134
634s series B._
1953
5s series C
1951
95
Feb
97
Sept
"94
Feb
Jan
105
St
106
Feb
Jan
June
99
Midland Ry 5s A.. 1956
Chlo Jet Ry A Union Stock
Yards 5s
5s
1957
Indiana Service 5s
1950
1st lien A ref 6e
1963
7834
78
8434
6s series B
7934
1955
Cities Service 5s
1966
Conv deb 5s
1950
Cities Service Gas 534s '42
Cities
Service
Gas
Pipe
Line 6s
1943
Cities Serv P & L 634 s.1952
634s
1949
Commerz A Prlvat 534s '37
Commonwealth Edison—
12,000
99
Dec
9934
79
7334
10234
10334
7034
7034
10934 11034
6,000
10234 10234
5,000
7934
8034
55,000
9934 100
9,000
10334 10334 22,000
76
7334
16,000
7334
7534 229,000
10234 103
22,000
10334 10334
4,000
7034
7234 111,000
7034
7234
63,000
55
5534
17,000
1st M 6s series A... 1953
11134 11134
1st M 5s series B
111
11234 11234
1st
434s series C...1966
1st 434a series D
1957
1st M 4s series F
1981
1965
Com'wealth Subsld 634a '48
Community Pr A Lt 6s '57
10734
10334
8134
434s series O
8134
10534
Consol Gas El Lt A P (Bait)
lstref h f 4a
..1981
1st A coll 6s ser A.. 1943
Conv deb 634a w w_1943
1958
6534
Mar
105
May
Iowa Pub Serv 5s
June
Isotta Fraschinl 7s
113
Jan
Mar
Mar
10834
Nov
108
Nov
105
Feb
8634
101
Oct
Sept
124
10534
10534
May
12834
Dec
10434
79
80
8,000
11,000
2,000
Derby Gas A Elec 5s
103
10234 103
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 8348—1937
Eastern Gas A Fuel 4s 1956
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '66
El Paso Eleo 5s A
1950
Empire Diet El 5s
1952
Empire Oil A Ref 534s.1942
107
10634
10634 10734
10634
106
41,000
9,000
10,000
9
10
42,000
8
934
16,000
234
334
8,000
3
234
15,000
*10234 10234
9334
9434 234:666
9434
9234 409,000
9034
9134
110
*109
i0334 10334 10334 17:66c
103
103
10334
14,000
8934
9034
84,000
9034
834
334
*59
107
61
10734
4,000
*28
93
9234
17:660
10134 10134
13,000
Firestone Cot Mills 5s. 1948
10334 10334
10434 10434
6,000
5,000
Fla Power Corp 534s.1979
10134
94
94
....
Feb
534s '65
Jersey Central Pow A Lt—
6s series B
1947
10434
434s series C
1961
10634
Kansas Gas A Elec 6s.2022
1947
10034
General Bronze 6s
1940
General Pub Serv 5a.. 1963
634s A. 1956
96
9434
Jan
10534
Sept
Sept
Apr
Feb
100
91
Jan
10434 May
10834 Dec
65
Jan
10134
108
Oct
11134
Feb
8494
Oot
84
9694
10634
17
50
Jan
54
Feb
Feb
Jan
83
8534
8534
10934
10334
88
Feb
59
Aug
Aug
79J4
Jan
8134
Apr
93
78
Apr
8734
10694
106
Jan
10634
Feb
Jan
107
Dec
June
53
5634
*10534 10534
70,000
10434 10534
10634 10634
12234 12234
10254 10234
13,000
44
Jan
75
May
90
Feb
Jan
71
June
61
Jan
3934
4734 May
10534
Aug
108
Jan
10334
Apr
106
Mar
Jan
10694
12234
10334
Mar
Sept
July
27,000
10334
2,000
7,000
11634
Jan
10094
Feb
9834
10634
90
Apr
14,000
101
10134
9534 9734
3,000
51.000
11.000
10334
10294
10394
10834
Nov
10494
Dec
Feb
10634 June
11234 June
102
Nov
37.0001
1942
11034
10334 104
10434
10534
10534
8934
4,000
Feb
10034
10834
9534
Feb
103
90
Apr
9994
Jan
10494
10454 10434
10434 10434
10554 10634
12,000
15,000
105
10534 10634
19,000
10394
7634
3,000
89
8934
4,000
2534
*—.
2534
2,000
10394
10234
105
Aug
Mar
Jan
10634
May
Jan
8994
Dec
27
Aug
June
58
June
62
Jan
103
Oct
Feb
106
Nov
Feb
1083
1033
10534
10234
Jan
Middle States Pet
434
Jan
434 May
34
Jan
34
Jan
10134
Jan
93
10634
5s
Miss Pow A Lt 6s
1,000
14,000
91
Jan
Miss River Pow 1st 5s. 1951
Missouri Pow A Lt 534s '65
Mar
534s
Munson SS
Jan
69
June
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Jan
108
June
July
31
Nov
9734
Oct
Jan
102
10534
10634
Aug
Feb
Feb
10,000
Jan
101
Dec
Nov
Dec
Dec
10054
8,000
82
Jan
101
5,000
96
July
10034
10234
2,000
51,000
1,000
98
May
103
79
Jan
9634
Jan
71
Nov
2734
2734
July
69
69
*26
28
2234 June
*26
2934
20
30
9834
10554
10734
June
10534
9854
92
93
10634 10634
10234 10254
10634 10634
93
9034
99
9834
10554 10634
10754 10734
10534 106
7734
7934
1,000
47,000
11,000
11,000
9434
78
Jan
Jan
96
Mar
Oot
Jan
Sept
Aug
10794
10334
59,000
10294 May
9834
Jan
10294 Mar
8334 May
8934 Mar
25,000
105
Jan
23,000
10634
10534
Dec
29,000
5734
Jan
10794 May
10934 June
10834 May
8234
Oct
2,000
17,000
3,000
Oct
6348 ctfs.. 1937
Deb 5s series B
2030
Nat Pub Serv 5s ctfs. 1978
Nebraska Power
4348-1981
2022
Nelsner Bros Realty 6s '48
Deo
Mar
Oct
Dec
Nov
1434
10634
9534
100
Sept
Oct
Oct
Sept
10334
9234
50
I25""
109
9734
N E Gas A El Assn 6s. 1947
Conv deb 5s
1948
"7834
1950
Debenture 534s
1964
9334
Jan
634 July
10234 May
18
Jan
107
6,000
107
Dec
124
125
6,000
109
10934
11734
Jan
10534 May
8634
Jan
10934
Jan
6494 May
6434 May
6494
Apr
1334
105
Nevada-Calif Elec 5s. 1966
New Amsterdam Gas 6s '48
Conv deb 5s
4,000
9934
1434 110,000
7,000
10534
31,000
10234 10334
65.000
9234
9334
77
544,000
4934
107
1944
Jan
Feb
107
"moo
Montana Dakota Utilities
Jan
Jan
101
94,000
"9234
Missouri Pub Serv 5s. 1947
10034
10334
100
1955
1957
Mississippi Rlv Fuel 6s '44
Nov
10254
1955
Mississippi Pow 6s
50
103
9854
634« *45
Midland Valley 5s....1943
Mllw Gas Light 4348—1967
Minn PAL 434s
1978
Jan
July
Oot
24
10394
9134
July
Sept
106
10434
10734
2,000
9934
Aug
Sept
Apr
June
Jan
Feb
Apr
107
Jan
10234
Dec
Oct
26,000
9734
"14:606
9934
102
July
65
28:666
101
Jan
Oct
Jan
Apr
7,000
7534
Dec
Dec
10534 10554
4034
10534
Feb
Aug
103
74
July
July
July
6934
McCallum Hosiery 634s '41
9934
10234
9834
8034
Oct
Feb
10494
10134
10354 10334
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
91
Oct
Jan
9834
McCord Rad A Mfg 6s '43
Certificates of deposit...
3601.
Sept
Sept
General Rayon 6s A.. 1948
Gen Vending O rp 6s. 1937
For footnotes see page
104 34
10234 May
10734 May
Jan
Jan
9634
Jan
103
5,000
t—
7s without warrants. 1941
8834
9234
8334
10234
Oct
96
Mansfield Mln A Smelt—
23,000
10034
9934
10034
10234
9934
Apr
10034
10334
101
104
Jan
14,000
11,000
6,000
109
New Eng Pow Assn 5s. 1948
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Jan
86
Nov
10334
Louisiana Pow A Lt 6s '57
Manitoba Power 5348-1951
Jan
102
95
10434
10934
Jan
Mar
100
14,000
5348-1950
Sink fund deb
Long Island Ltg 6s... 1945
Jan
Jan
1C354 10434
9734
Kimberly-Clark 5s
1943
Koppers Co deb 5e—1947
Aug
Nov
Feb
99
Kentucky Utilities Co—
Llbby McN A Libby 5s '42
9534
10334
56
Jamaica Wat Sup
Lone Star Gas 5s
Jan
Nov
Dec
27,000
Lehigh Pow Secur 6s..2026
Lexington Utilities 6s. 1952
10534
10034
"5234
1969
100
100
64
1942
Italian Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Stamped
10634
58 series I
Jan
1944
1958
.1957
101
Gary Electric A Gas—
6s ex-warr stamped.
1961
434s
8434
10434 10434
103
10334
10534 10534
10634 107
64
6334
85
*7034
56
5234
106
Apr
Gatlneau Power 1st 5e_ 1956
99
10434
10134
9734
9034
10434 10534
85
106
162,000
10534
9934
Florida Power A Lt 6s_i954
Iowa Pow A Lt
6s series A
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
Banks 68-6s stpd...l961
16,000
1948
110
Nov
Nov
10634
10634
106
28
9334
9134
1955
Ercole Marelll Elec Mfg—
6Hs series A
1953
Erie Lighting 5s
1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv 534s '54
Finland Residential Mtge
68
1st mtge 6s ser H..1961
Nov
Jan
105
2K660
10834 10834
Aug 1 1952
Certificates of deposit.
70
10434
17,000
67
6348 series D
5348 8eries F
Nov
10154
107
90
67
Jan
11234 May
109
5334
95,000
78,000
12,000
Jan
Jan
8534
10134
8834
7234
*10734 109
10234 10334
10334
73 34
7 4 34
7334
109
125
10234
Jan
64,000
109
Jan
10934
Jan
8234
5,000
39,000
14
Nov
Nov
Mar
Feb
Sept
106
11,000
85
1234
Nov
Sept
10534 10534
Deb 7s.
6s series B
Dec
88
10534
10834
634a
434« seiers F
1958
Iowa-Neb LAP 5s... 1957
July
July
69
1956
5534
28
Denver Gas A Elec 6e_1949
Det City Gas 6s ser A. 1947
5s 1st series B
1960
Detroit Internal Bridge—
1952
6s series D
8034
8034
5.000
10734 10834
tl0534 107 .
Dallas Pow A Lt 6s A. 1949
5s series C
1952
1946
Debenture 6s
Jan
Jan
107
8134
Interstate Public Service—
Feb
3,000
9234 178,000
103
1,000
Cumberl'd Co PAL 434a '56
__
International Salt 5s..1951
International Sec 5s.. 1947
Interstate Power 5s...1957
6634
12,000
9934 100
Cuban Telephone 734s 1941
Cuban Tobacco 5s
1944
Delaware El Pow 534s_ 1969
1955
34
10434 10434
103
1940
7934
10534
Nov
120
3134
21,000
83
10934
10134
10,000
"llooo
10134 Nov
10334 Nov
8634 June
8534 June
10334 July
102
Feb
Jan
9794
Jan
Jan
Jan
82
58
10834
Jan
Nov
114
Jan
93
Nov
Aug
11194 June
Jan
6634
Nov
8634
69
Mar
107
8694
5,000
6834
9734
10734
Mar
10694
10,000
67
Nov
104
2,000
76
1,000
9134
8,000
Oct
Mar
Dec
17,000
69
6,000
31
9234
7734
8434
80
6,000
75
12434
98
10134 10134
10334 10434
94
9334
68
Consol Gas Util Co.—
Oont'l Gas A El 5s
Crucible Steel 5s
1234
8,000
10394
Jan
108
11,000 10354
1,000 10234
*69
124
10434
10234
1957
10934 10934
1030
434s.._IIl954
Jan
July
1962
Conaol Gas (Bait City)—
5s
3234
10494
10734
7s series F
5,000
"8^666
2154 June
99M Nov
10334 May
9734
Jan
7s series E
81,000
10534 10634
10,000
"15:666
Aug
113
2,000
2534
*—
7634
35,000
7834
16,000
7634
7734
10734 10734
41,000
10034 10234 224,000
4,000
10634 10634
30,000
10534 106
10534 10534
32,000
103
104
73,000
97
19,000
9634
105
Oct
105""
June
9,000
12834 12834
*10534 10534
Jan
May
104
1,000
82
72
25
11134
11334
H334
104
53,000
4,000
Jan
Jan
International Power Sec—
Kansas Power 6s
1956
1962
103
105
Jan
66,000
11,000
23,000
10034 10034
1951
5s series D
11134 112
10734 108
10734 10734
Community P S 5s
1960
Connecticut Light A Power
7s series A
10534
Isarco Hydro Elec 78.1952
111
5,000
10334 10434
10234 10234
10434 10434
77
Jan
66 94
10834
Apr
Apr
10934
10134
14,000
7,000
1954
394s series H
Dec
Indianapolis Gas 5s A. 1952
Ind'polls P L 5s ser A. 1957
634s series C
1940
Chlo Pneu Tools 6348-1942
Chic Rys 5s ctfs
1927
Cincinnati St Ry 534® A '62
9934
44
5,000
10634 10734
9534
9634
*10434 10734
10834 10854
Indiana A Mich Eleo 5s '55
7634
7834
8034
10634
Chicago & Illinois
Gen Pub Util
A '63
Intercontinents Pow 6s '48
6s series B
Gen mtge
ser
Indiana Gen Serv 5s..1948
Indiana Hydro-Elec 5s *58
Sept
105"
1978
June
Mar
23,000
3,000
Jan
Sept
July
27
2534
Hydraulic Power Co of
Niagara Falls 5s
1950
Oct
64
1936
105
10534
106
27
Nov
90
77:660
87
98
Nov
Canada Northern Pr 5s '63
Canadian Pac Ry 6s.. 1942
6s series E
8234
Nov
Carolina Pr & Lt 5s...1956
Cedar Rapids M & P 5b.'63
Cent Ariz Lt A Pr 5s. 1960
Apr
Aug
175
16634
15,000
85
79
173
166
75
Mar
Apr
May
167:600
9034
106
1977
79
High
May
9554
29
5934 6034
6934
6934
11034 11034
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 634s
1938
150
106
"8634
86
8034 8534 172,000
10234 10334 27,000
$10634 10734
89
8534
10234
Hackensack Water 5s. 1938
29,000
106
1956
"893*
Low
S
35
t
Gt Nor Pow 5s stpd_.1950
Nov
70
10034
(Adolf) 4348—1941
High
94
11,000
9234
170,000
10334 105
86
8734 43,000
87
1953
6534
8634
86
Gen A ref 5s
July
*10694 107
9834
9834
Bingham ton L H A P 6s '46
Birmingham Elec 434s 1968
Birmingham Gas 6s
1959
Buffalo Gen Elec 6s
Low
92 3*
Hood Rubber 7s
1960
Steel 6s
Mar
8034
61
Range Since Jan. 1,1936
Week
Gen Wat Wks A El 56.1943
6s series A
166
1938
for
of Prices
Price
Jan
153
6s stam ped xw
Jan
Jan
159
68 without warrants 1938
Week's Range
Sale
May
1938
Bell Telep of Canada—
1st M 6s series A... 1955
Bethlehem
9,000
32,000
w.,1938
with warrants
6s
50,000
5,000
"9934
Assoc Rayon 5s
Last
High
Associated Gas & El Co—
Conv deb
BONDS
(Continued)
6234 154,000
6134
I
5, 1936
Sales
Friday
Range Since Jan. 1 1936
Week
Georgia Power ref 6s__1967
6194
Dec.
96
*120
78
7734
7734
7734
7734
6,000
139,000
12034
79
5moo
7834
29,000
7834 105,000
98
134,000
97
Apr
8534
Apr
9634
9954 10034
85
Jan
78,000
8834
Jan
93
9734
10034
9434
23,000
7434
92
27,000
New Orleans Pub Serv—
5s stamped
1942
Income 6s series A..1949
N Y Central Elec 534s *50
New York Penn A Ohio—
Ext
434s stamped.. 195C
88
88
Jan
9434
69
Jan
92
10434
97
May
105
*10834 10934
106
July
11034
*104
Dec
Nov
Oct
Mar
New York Curb Exchange—Concluded—Page 6
Volume 143
Last
Sale
Price
4%s '67
4%s registered—---1967
N Y State ID AG 4%8-1980
1st 6%s
1962
1055*
105% 106%
103""
N Y PAL Corp 1st
103
105
N Y A Westcb'r Ltg 4s 2004
—1954
Debenture 5s
Niagara Falls Pow5sA1959
86 H
8-.1953
Nippon El Pow
WeeVslRange
of Prices
Low
High
105
103%
$106% 106%
$103% 104%
$112% 113
$105% 107
86%
86%
for
4,600
3,000
3,400
—1956
95 4
67%
5%s series A
No Indiana G A E 68.1962
95%
66%
67%
$107% 108%
Price
1966
1969
105%
—1970
iolli
5s series O
4%i series E
5%s. —1940
N'weetern filec 6s stmpl945
N*western Power 6s A-1960
No States Pow
79 %
104 J*
110%
105%
N'weetern Pub Serv 6s 1957
1945
Ohio Edison 1st 5s
1960
Ohio Power 1st 5s B—1952
1st A ret 4%s «er D. 1956
Ogden Gas 6a
105%
105%
103%
103%
105%
105%
105%
104%
103%
105%
79%
79%
104% 104%
110% 110%
105% 105%
105
105
104%
104% 105
105
Dec
105
Deo
Jan
Mar
104
July
Aug
Apr
105% May
84% Mar
108%
Jan
105%
112%
Feb
Nov
109
Jan
90
Feb
90%
53
Jan
Apr
97
Mar
72
Oct
109%
58 series D.
1953
—1954
109% 109%
5%s series E
—1961
105
103%
101%
99%
Okla Gas A Eleu 58—1950
.1940
6e series A—
Okla Nat Gas
4%s
1951
108
Jan
Jan
106
June
Ternl Hydro-El 6%s—1953
Texas Eleo Service 5s. 1960
Jan
106%
Sept
Texas Gas Utll 6s
Jan
104%
104%
Nov
Mar
106
98
6,000
34.000
49,000
-1941
100% 102% 102,000
102
Okla Power A Water 5s '48
Oswego Falls 6s.
105% 105%
103% 103%
101% 101%
99%
98%
5,000
15,000
1,000
73,000
93
94
79%
Oct
6s
Dec
Tide Water Power 5s
Paoifio Ltg A Pow 5s..1942
Pacific Pow A Ltg 5s.-1955
Palmer Corp 6s
—1938
Penn Cent LAP
4%s. 1977
61
Jan
98%
Jan
105
Nov
Tletz
103%
105%
Jan
111
Nov
Mar
107
Penn Electrio 4s F—1971
Jan
107%
Mar
107
Mar
July
112
Feb
July
107
105%
Nov
107%
103%
June
107
Oct
105
103%
Apr
Apr
108%
104%
Deb
"87%
101$
97$
99
Oct
86
Apr
99%
102%
94%
Nov
"i04%
"162
Feb
Nov
Oct
Jan
Nov
United Eleo N J 4s
Pennsylvania Power 5s '56
Penn Pub Serv 6s C—1947
5s series D
1954
Penn Water A Pow 5s. 1940
105%
104%
107
"ioe"
4%s series B__
1968
Peoples Gas L A Coke—
99%
-.1981
27
1979
Peoples Lt A Pr 5s
111%
111%
98%
107%
Phlla Electrio Co 5s—1966
5%s..1972
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 4% '67
Pledm't Hydro-El 8%s '60
Phlla Elee Pow
Piedmont A Nor 6s—1954
105%
Pittsburgh Coal 6s—1949
Pittsburgh Steel 6s...1948
104%
Pomeranian Eleo 6s—1953
103%
Poor A Co 68--——1939
Portland Gas A Coke 5s '40
Potomao Edison 6s E. 1956
"107"
-.1961
4%s series F
101
107
105% 106
111% 112
105% 105%
Jan
121%
Mar
Mar
Apr
102%
114
Jan
Mar
98
101%
04%
102
1,000
101%
Mar
106% June
61,000
27,000
1,000
98%
Mar
Dec
106
Feb
Jan
Sept
Oct
6% s
78
101
101%
100
$25
6e series A
108%
108%
107
Dec
114%
Jan
108% June
5%s '57
Va Publlo Serv 5%s A. 1946
1st ref 5s series B ..1950
6s...
1966
4% s series D—. 1978
4%s series E
—1980
1st A ref 4%s ser F. 1981
4%s series 1
1960
103%
103%
105%
7s with warrants
Puget Sound PAL 5%s '49
1st A ref 5s series C. 1950
89%
86
1st A ref 4%s ser D. 1950
Quebec Power 5s
1968
Queens Boro Gas A Eleo—
5%s series A
..1952
Reliance Manag't 5s..1954
Rochester Cent Pow 5s '63
104%
106%
St Louis Gas A Coke 6s '47
San Antonio P S <5e B—1968
San Joaquin L A P 6s B '52
Sauda Falls 5s..
...1955
West Penn Eleo 6s
West Penn Traction 5s '60
Sohulte Real Estate—
6s with warrants. ..1935
32
32%
1935
1948
Servel Ino 5s
4mb series B
1968
1st 4%s series D
1970
Sheridan Wyo Coal 6s. 1947
2030
40%
8.000
Mar
Wlso-Mlnn Lt A Pow 5s *44
Wise Pow A Lt 4s
1966
Mar
Yadkin Rlv Pow 6s
1941
York Rys Co 5s
1937
70
Feb
112%
Sept
Baden 7s
103%
101%
Nov
Jan
107%
Oct
102
Jan
105%
Sept
18.000
102
Jan
104%
July
106
103%
Apr
106
July
105
Oct
106%
78
Jan
103
Apr
106% 106%
104% 104%
103
Jan
26%
27%
27%
32
102
33
102%
74
$66%
102% 102%
$107%
'104% 104% 104%
104% 104
104%
103% 104
'102%
Sou Carolina Pow 5s. 1957
Southeast PAL 6s...2025
70
99%
106%
Feb
93%
89%
106%
Feb
Mar
7s stamped
106%
104%
Sept
Dec
Jan
95
Feb
33
Feb
27
Feb
105%
73,000
19,000
101%
3,000
107%
24%
12
124
Aug
July
Jan
Jan
8,000
10,000
25% May
25% June
57,000
76
Jan
Jan
Jan
Jan
37%
102%
107%
106%
106%
96%
70
106
24
80
Jan
5,000
75%
101
90$t
92%
106
2,000
105
Jan
Mar
June
108%
Apr
"i'ooo
Jan
100% May
69:566
95%
26,000
Jan
Jan
9.000
96%
41
102%
107%
106%
Jan
'265,000
17
1,000
17,000
102
1,000
1,000
21,000
2,000
June
Oct
105% Mar
105%
Aug
105
Feb
97% 121.000
71
106%
37,000
7,000
106%
Sept
12:666
106
71,000
2,000
100% Sept
106
Mar
66,000
101%
Nov
21
3,000
22
Jan
108% June
19%
Jan
Sept
Sept
Jan
106%
Jan
132
Sept
July
110
t.ooo
1947
9
11,000
Jan
9,000
47,000
10,000
Jan
May
1952
24%
1955
99%
25%
24%
99%
2,000
98%
98%
99
6,000
"24""
$—
23%
5%s:
1953
5s
Jan
57%
Jan
7% May
24%
1951
5,000
24%
95%
89%
Nov
Dec
Jan
Jan
Danzig Port A Waterways
External
6%s
.1952
German Cons Munio 7s '47
Secured 6s
1947
Hanover (City) 7s
Hanover (Prov) 6%s
24%
20%
Issue of Oct 1927
6%s certificates—.1919
5%8
1921
5%s certificates—.1921
ii'ooo
2,000
Santiago 7s
"13%
.......1949
4,000
5,000
1,000
11,000
13
20%
$20%
13%
20%
21%
13%
"7:606
18%
1%
1%
21
May
19% May
9
May
13%
9%
"i4",666
18%
Aug
May
May
7,000
89%
$13%
$98%
20%
8,000
63
Jan
Jan
Feb
18
Jan
17%
12
Mar
Jan
14
12% Sept
98%
20%
19%
92%
1%
1%
1%
1%
1%
5,000
6,000
45,000
34,000
10%
12%
1
Jan
Jan
Jan
May
% May
19,000
1
62
1%
62
io,656
49
12%
12%
12%
43,000
11%
Jan
12%
1,000
11%
Jan
1%
1%
$1%
Santa Fe7s stamped..1945
5.000
20
60
19,000
88%
1951
Mtge Bk of Bogota 7s. 1947
Issue of May 1927—
13
19%
$12
.
Mtge Bk of Chile 6s—. 1931
6s stamped
1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
24%
23%
13
MedelUn 7s series E..1951
Mendoza 4s stamped.
63%
24%
24%
24%
23%
1939
1949
Lima (City) Peru6%a.l958
Maranhao 7s
1958
Rio de Janeiro 6%s..l959
Russian Govt 6%s
1919
35"66o
Jan
20
55%
6s series A....
Danish
Jan
33
18%
17
24
$81%
$81
8%
...1952
7%s stamped
Jan
70
99%
96%
May
22% June
6,000
Apr
15,000
101%
20%
$20%
1947
..1951
Cauca Valley 7s...
1948
Cent Bk of German State A
Sept
25
Mar
Buenos Aires (Province)—
Deo
105% 106% 22,000
92
93% 103.000
87%
89% 36,000
84% 86
47,000
104
104% 21,000
74
Aug
105
FOREIGN GOVERNMENT
Jan
98% May
Mar
AND MUNICIPALITIES—
108%
49,000
1.000
July
Mar
July
3,000
1,000
11,000
15,000
86
87%
Mar
Nov
111%
104%
106
103%
104
105%
2,000
Apr
Jan
Jan
111
Jan
Jan
June
35,000
14,000
$107%
107% 107%
102
102%
102%
106% 106%
"161% 101% 102
Agricultural Mtge Bk (Col)
20-year 7s
1946
83
24
106%
76%
Aug
101
Jan
98%
84%
111
Nov
91"
86%
July
2,000
1,000
113%
106%
105%
Wheeling Eleo Co 5s.. 1941
32
31,000
Jan
90
100%
111
Mar
145% May
105
Apr
104
5,000
112%
83%
99%
100%
105%
$107
105
97%
Jan
103%
Mar
29
104%
Jan
111
106%
132%
104%
105%
103%
§4*
105%
West Texas Utll 5s A. 1957
101$
1,000
Oct
Jan
77% May
41%
Jan
99% Jan
100%
81%
95
West Newspaper Un 6s '44
West United O A E 5%s '55
108%
4"6OO
83
98
108
11,000
89
90
15,000
4,000
105% 105%
90
91% 132,000
$102%
102% 103%
103%
100
98% 100
Jan
5,000
26
1937
Shawlnlgan WAP 4%s *67
1954
141%
86
4%s '79
Second Int'l Sec 5s... 1948
113%
"166%
105%
27%
25%
28
$26%
$ 26
107%
106% 107%
19
18%
18%
106
105% 106%
$131%
$109
Ruhr Gas Corp 0%s._ 1953
Ruhr Housing 6%s_—1958
6s ex-warrants
"90%
Wash Water Power 5a. 1960
Jan
116,000
Prov Banks 6s B
105%
93%
1966
Scripp (E W) Co 5%s.l943
Seattle Lighting 6s... 1949
94
Ward Baking 6s
.1937
Wash Gas Light 5s. ..1958
Wash Ry A Eleo 4S..1951
Pub Serv of Oklahoma—
Saxon Pub Wks 6s
83
Sept
107$
1,000
106%
Waldorf-Astoria Corp—
20-year 7s_...
111%
1st A ref 5s—.1956
116%
62%
June
106
40.000
105
104% 105%
116% 116%
62%
63%
1946
Mar
106%
Apr
"4",000
105%
105
1937
Vamma Water Pow
Nov
75
53
105
...1952
July
108%
Apr
Apr
105%
$106%
1944
68 series E
July
July
Aug
104
104
106% 107% 45,000
93
95% 160,000
48%
Aug
Sept
42
100
..1973
4%s
Pub Serv of Nor Illinois—
Safe Harbor Wafer
1952
6s series A...
141
6% perpetual certificates
"106%
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
Aug
Public Service of N J—
4s series A
1974
Mar
99% 28,000
27
29% 133,000
111% 111%
8,000
44.000
111% 112
98%
3,000
98%
1,000
107% 107%
63
27,000
61%
105% 105% 27,000
1,000
105% 105%
104% 104%
6,000
23%
23%
2,000
103% 103% 29.000
78
77%
11,000
107
107
14,000
$106% 107
100
Prussian Electrio 6s—1964
1,000
103% 104%
26% 26%
Utlca Gas A Eleo 6s D. 1956
105%
107%
Jan
104%
103%
f 6s—
Sept
Apr
Jan
111%
104%
)99%
27
s
Utah Pow A Lt 6s A—2022
Apr
6,000
3,000
100
27
Feb
104%
97%
104%
106%
39%
104%
112%
Oct
43
3,000
6,000
46,000
62
38,000
106
58,000
3,000
40%
11,000
105%
114
11,000
100% 217,000
1945
United Lt A Pow6s...1975
1st
May
100
59%
105%
44
8,000
6,000
4,000
94%
83%
27%
104
75"66o
94
50%
51%
51%
105%
105%
107%
108
27
Oct
~32~66o
51%
105%
105%
$106%
107%
6%s 1941
United Industrial
116% May
80
99%
77
Potrero Bug 7s fctpd—1947
Power Corp(Can)4%a B *59
Power Securities 6s.—1949
5s series C
1949
United El Serv 7s ex-w 1956
Aug
106% 106%
105% 106
104% 106
Feb
*114""
1967
108
104% 105%
$106% 106%
101% 102
49
2,000
1,000
Union Elec Lt A Power—
1967
103
83"666
Oct
51
40%
94%
5s series B
Jan
88%
105%
48%
4%s
Apr
119%
"61%
6%s '52
Jan
93
87
29%
82
3d stamped.;
1944
Union Amer Inv 5s A. 1948
6s
Valvollne Oil 7s..
1959
4s series B
1962
Feb
105
27,000
10,000
94
1954
7.000
$102% 103%
.-I960
5%s series B
1979
6s series A.
106
120% 120%
100%
100% 101
$115% 116%
108
(Leonard) 7% s. 1946
Twin City Rap Tr
men Co—•
May
104
Penn Ohio Edison—
6s series A x-w
BtpdI 1937
Toledo Edison 5s
101% 102
120%
—1979
5s
Co 6s
6%s
1941
A. 1948
Paoiflo Invest 5s ser
-2022
Thermoid
Pacific Gas A El Co—
1st 6s series B
-
1945
Oct
22,000
3,000
106
Paolfie Coast Pa wot 5s '40i
Low
44% 242,000
50
Texas Power A Lt 5s—1956
Aug
102%
102%
102%
100%
37,000
3,000
9,000
Range Since Jan. 1 1936
34
60%
Tenn Public Service 5« 1970
16,000
3,000
13,000
5,000
101%
93%
1946
5s conv debs
106
5s series B
1957
Tennessee Eleo Pow 5s 1956
106% Mar
7,000
$
51
42
7-4% stamped.-...1936
78 stamp ctfa dep. 1936
7-A% stamped
1946
7s stmp ctfs dep. 1946
Super Power of 111 4%s '68
1st 4%s
1970
Syracuse Ltg 5%s
1954
111%
16,000
19,000
for
Week
Stlnnes 'Hugo) Corp—
102%
Oct
Ohio Publlo Service Co—
6a series C
Starrett Corp ino 5s.. 1950
107%
Northern Indiana P S—
6s series D
of Prices
Low
High
Apr
105%
13,000
10,000
Week's Range
Sale
105
101%
1,000
Last
High
Low
No Amer Lt A Pow—
Nor Cont'l Util ft%s__1948
bonds
(Concluded)
Range Since Jan. 1,1936
Week
$
Sales
Friday
Sales
Friday
BONDS
(Continued)
3601
12%
June
%
Sept
June
101
5,000
29,000
106% 106% 108,000
1961
7s
Sou Calif Edison Ltd—
Debenture
3%s
1945
1 1960
108%
3%s B.July 1 '60
1st A ref mtge 4s..-I960
Sou Calif Gas Co 4%a. 1961
Sou Counties Gas 4%s.l968
108%
111%
Ref M SHs.May
Ref M
106% 107
103%
Southern Nat Gas 68—1944
103%
103
Convertible 6s
85
84%
.1935
Certificates of deposit.
Debenture 6s
105%
...1951
Debenture 6sDeo 1 1966
"83%
84
83%
Standard Investg 6%s 1939
Standard Pow A Lt 68.1957
"82%
5,000
107%
Oct
101
Jan
109
Dec
100%
106%
Jan
109
Deo
Mar
105%
Apr
107%
Dec
Oct
103
Feb
104%
June
86%
Nov
103%
Mar
111%
86%
64,000
87,000
21,000
101
Jan
104
92%
Jan
20,000
9,000
12,000
38,000
23,000
8,000
83,000
82,000
176,000
12,000
158,000
99
Jan
104% Nov
104% Sept
101% June
96
So'west Pow A Lt 6s—2022
20,000
37,000
25,000
29,000
14,000
103% 103%
103%
103
103
B* western Lt A Pr 5s—1957
Stand Gas A Eleo 6s—1935
Certificates of deposit.
103% 103%
85%
Sou Indiana Ry 4s.—1961
S'western Assoc Tel 58.1961
8'west Pub Serv 6s—1945
106
106%
108% 109
108% 109
110
111%
104
97
105% 106
84% 86%
83% 86
84%
85%
86
83%
82
84%
82% 84
101
101%
82
84%
56%
Jan
91
Jan
100
May
69
Jan
106
67% May
90%
90%
Jan
Oct
Oct
Oct
69
90
66
90%
8>»%
Oct
May
May
May
63% May
97
Jan
62% May
88
102%
87%
Oct
a
Deferred delivery sales not noiuded n yearV range,
n Under
r Cash sales not lnoluded In year's
not included in year's range,
Ex-dlvidend.
No sales were transacted during ourren week.
and not lnoluded In weekly or
Cash sales transacted during the current week
No sales
y
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
Feb
t
Deferred delivery sales transacted during the ourren
week and not
noiuded
weekly or yearly range:
}
t
$ Friday's bid and asked price.
e
Oct
Oct
No par value,
yearly range:
Oct
64
*
the rule sales
range,
No sales.
Used Above—"cod," cert ficates of deposl; "eons,' consolidated,
' cumulative; "conv," converts < "m," mortgage; "n-v," non-voting stock,
c." voting trust certificates: "w
when Issued "w w " wtth warrants
Abbreviations
cum
"v
t
"x-w," withou
warrants
Financial
3602
Chronicle
Dec.
5, 1936
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Dec. 4
Par
Bid
Unlisted Stocks
Ask
Bid
Ask
Pacific Mills Co
*
Pennsylvania RR
61 Bway Bldg 5%s.—1950
32
Dorset ctfs of deposit
8%
l6"
30%
26%
33%
Oliver Cromwell ctfs
Pennsylvania Bldg ctfs
Savoy Plaza Corp 6s ctfs '45
City & Suburban Homes.
Lincoln Bldg Corp v t 0
39 Bway Inc units
4
4%
Price
Low
25
37%
37%
40%
"3
Reece
7
Shawmut Assn tr ctfs
Folding Mach Co. 10
3%
26
2%
14%
23%
"3 %
3%
14%
26%
Suburban Eleo Sec Comm *
Torrington Co
99
99
27 %
27%
7%
7%
93%
40%
1%
Union Twist Drill Co
Orders Executed on Baltimore Stock Exchange
STEIN BROS. &> BOYCE
Established 1853
6. S. Calvert St.
New
Louisville, Ky.
Vermont & Mass
Yoik, Pa
.
1
94
40%
1%
15%
Jan
307
850
3,463
390
3%
Oct
26
Oct
Nov
NOV
3%
Dec
11
Jan
16*
July
14%
Feb
1%
Jan
26%
6%
Sept
Jan
1%
Dec
Mar
104
Jan
90%
21% June
99%
27%
8%
461
190
4
Jan
28%
9%
83
Jan
94%
Oct
37%
"is
42
Feb
220
94%
856
40%
1%
165
350
1.00
3,090
Aug
Mar
Mar
2%
Feb
1%
Jan
Aug
Jan
90c
1
1
15
30c
Apr
1%
5%
100
2%
6%
132% 132%
18
17%
5
Apr
Jan
90
*
"l7%
Warren Bros Co
*
10%
*
Co.—
45%
5%
Ry ColOO
Waldorf System Ino
37%
Apr
95c
Warren (S D)
Chicago Board of Trade and Commodity Exchange, Inc.
Apr
Dec
14% May
28%
1%
10
"5 H
*
.
Venezuela-Mexican Oil. .10
Slock Exchangee
York arut Baltimore
5
Venezuela Holding Corp.
NEW YORK
Hogerstown, Md.
Members
Utah Apex Mining
Utah Metal & Tunnel
39 Broadway
BALTIMORE. MD.
6
United Gas Corp.
1
United Shoe Mach Corp.25
Preferred
25
4
3
1%
Jan
56c
1,061
2,851
26
14%
24%
3%
*
Stone & Webster
High
Low
Sahres
20
37%
41%
3
Reece Buttonhole Mach .10
4%
Range Since Jan. 1, 1936
for
Week
High
250
60
Quincy Mining Co
54
.
of Prices
25
Old Dominion Co-
Unlisted Bonds
Week's Range
Sale
Exchange
%
124
135
19%
11%
37%
Jan
9%
4%
Oct
Oct
May
Nov
Nov
10%
34%
11%
787
36%
106
21
90
92%
$4,000
70
Jan
92%
Deo
100% 100%
1,000
90
Apr
100%
Nov
Jan
Mar
Oct
Bonds—
Eastern Mass St Ry—
Baltimore Stock Exchange
Nov. 28 to Dec. 4, both inclusive,
Week's Range
Last
Sale
Arundel Corp
(Conn)..60
Bait Transit com v t O—*
—*
pref
Black &
17%
47%
*
Atl Coast Line
1st
Price
Par
v t 0
Decker com
*
25
Preferred
,
_
8%
y30
27%
1%
Rights when Issued
Consol Gas E L & Power. *
preferred
100
Eastern Sugar Assoc com. 1
5%
1
Preferred
Fidelity & Deposit
20
Fidelity & Gu Fire Corp. 10
90
------
39%
47%
126
42%
Finance Co of Amer cl A..*
12%
Houston Oil pref
19
100
Mfrs Finance com v t
*
—1948
5s
1948
Series C 6s
Sales
Friday
Stocks—
Series B
compiled from official sales lists
of Prices
High
Low
for
Week
18%
17%
48
45%
2%
3%
8%
6%
32%
1/29%
27%
27%
2
1%
90
86%
113% 114%
30
Range Since Jan. 1. 1936
Shares
1,626
787
Low
16%
26%
478
%
2,743
817
2%
19%
128
27
2,474
July
June
Dec
5
Feb
8%
Dec
July
May
32%
Nov
Dec
1%
84
Jan
87
111
July
2,947
1,046
11
Jan
17
Jan
142
88
Jan
112
40
48
PaaJ H.Davis & ®o.
Members;
36
Feb
2
Dec
New York Stock Exchange
94%
Aug
New York Curb (Aasoolate)
116
40
Dec
48%
25
1
Mar Tex Oil
Merch & Miners Transp..*
MononW Penn P S
12
_
Dec
139
50
10 So. La Salle St.,
Jan
39%
9%
Apr
18
Jan
12%
14%
Aug
20%
Jan
105
%
Feb
1%
Mar
_
_
_
_
42%
4
450
42%
26%
380
31
101
23%
*3%
42
25%
7%pf25
119
Chicago Stock Exchange
Oct
Nov. 28 to Dec. 4,
both inclusive, compiled from official sales list*
76
------
15%
16%
1 %
1%
1%
165
80
6
-.100
Preferred
New Amsterdam Cas
76
Nov
Last
for
4
Week's Range
Feb
Dec
Sale
45
Oct
of Prices
Low
High
Week
Jan
Feb
1%
28
Aug
91
Penna Water & Pow com.*
Phillips Packing Co pref 100
U S Fidelity &
2
Guar
------
28%
Western National Bank.20
91
101
102
27%
35%
28%
35%
40
Deo
Apr
80
9%
Apr
17%
1
Oct
10
87
60
101
1,840
30
2
Oct
Jan
98
Aug
July
Nov
102
Nov
13%
Apr
30
Nov
34
Jan
36%
Apr
Bonds—
Bait Transit
A
..
------
106
106
$100
60,500
flat—1975
42
39
42
1975
4s
52
48
52
5s flat
Read Drug & Chem 5 %s
100% 100%
45
Boston Stock
Nov. 28 to Dec. 4,
102%
July
106
Dec
15%
17
33,200
100
2,000
Jau
42
Dec
Jan
52
Dec
June
—*
63%
"m
Common (new)
Par
Week's Range
for
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1936
Shares
Low
50
50
6% non-cum pref
1st preferred
100
Amer Tel & Tel
Blg-Sanford Carpet pf.100
Boston & Albany
100
5
189
------
------
..100
68
32
Boston Elevated
5
130
180
24
73
186% 190
------
Boston Herald Traveler..*
1%
1,635
23
110
110
149
151
67%
31%
20
81
1%
July
2
July
2%
5%
Nov
100
8
100
stpd. 100
1C0
Class B 1st pref stpd. 100
Cl B 1st pref
.100
Cl C 1st pref stpd.-.100
Cl D 1st pref stpd.
100
Class D 1st preferred -100
Boston Personal Prop Tr.*
30
Prior preferred
Class A 1st pref
7%
29
69
Nov
Feb
Sept
10
10
Nov
10
Nov
Apr
4%
June
7%
2%
July
5%
Jan
Jan
Associates Invest Co 00m.*
59
250
27%
Jan
62%
Nov
7%
Co
Brown-Dorrell
com..*
16%
------
Calumet & Hecla
25
Cliff Mining Co
25
13%
1%
Copper Range
26
10%
773
65
May
32
447
28
Oct
Feb
33%
Feb
11
Feb
180
1% May
13% Nov
5
July
160
18
300
19%
Nov
20%
Nov
1,200
18%
Dec
6,600
2,200
1,750
6%
Jau
Jan
7%
Jan
18%
22%
32%
14%
Dec
Nov
21%
3
Jan
conv
8%
105
5%
Apr
17%
4%
July
10%
Bergboff Brewing Co
1
Blnks Mfg Co A conv pref *
11%
41
Feb
14%
Feb
Apr
12%
Feb
6% May
17
Jan
Mar
14
Oct
98
5
June
15
Feb
45
8% June
Jan
9%
21
Sept
10
18
Feb
16%
17
60
12%
May
4%
12%
4%
225
2%
July
14%
520
5%
Jan
35
%
Feb
1,675
6%
Jan
1%
Dec
*
4%% prior pref
6% cum pref
100
100
6%
7%
/4
•
284
3%
/4
u
Preferred B
100
100
Adjustment
com
*
2
12%
11%
Isle Royal Copper Co
25
Loews Theatre* (Boston)25
Mar
Chicago Electric Mfg A..*
May
Chic Towel Co
cony
26
28
106
3%
i46%
Feb
Consolidated Biscuit com.l
9%
9%
Dec
3%
2%
1,200
200
300
30
7,800
4
18
33%
2%
19%
100
2%
Apr
Apr
June
Jan
Aug
Jan
6%
55%
25
58%
4%
32
Jan
106%
Mar
4%
3%
Jan
Nov
Feb
Oct
Aug
Oot
Jau
Feb
Consumers Co—
2
210
Feb
1
27%
2
16
Nov
450
40c
July
28
100
16%
Jan
2%
18%
H
Jan
325
Jan
1,962
9%
7%
18%
1%
347
3,215
11%
11
12
36
37
3
3%
57
200
10
370
171
435
1.75
Aug
Nov
28
3%
NOV
19
Nov
Jan
18
Mar
Jan
45
Mar
Feb
Jan
3%
38%
Jan
67%
Nov
7%
Dec
7%
Nov
20
8c
Aug
%
399
117%
2%
Mar
141%
Apr
5%
Feb
25o
Oot
85o
16%
Oct
70%
Narragansett Racing Ass'n
Common
7%
10c
141
5%
1,291
5,140
1,214
*
50c
45c
55c
100
19%
17%
19%
2
2
18%
600
1% May
4,950
1,350
30
Sept
96%
48
600
41
10
1,050
Jan
Sept
Dec
22
113% 114%
9%
38
116%
Oot
72%
Aug
11%
Aug
Feb
5
2,250
1%
6% prior pref A
100
7% cumul pref
100
Continental Steel pref—100
210
12%
Feb
1,030
7%
117%
Feb
Common
.*
Cord Corp cap stock
Crane Co common
Preferred
.5
25
40
Cudahy Packing Co preflOQ
Dayton Rubber Mfg com.*
Cum class A pref
35
Decker (Alf) 4 Cohn comlO
Jan
'Io§"
20
32%
12
900
47
7,500
1,800
8
50
Deo
20
27%
4%
48%
100
141
Nov
150
110
3,200
450
3,350
Apr
Apr
Jan
20%
Nov
33
Nov
12%
Dec
100
10
92
Nov
20
31
Nov
Sept
Deep Rock Oil oonv pref.*
Dexter Co (The) com
5
Nov
Dixie-Vortex Co
Preferred-
For footnote* see page 3606.
5%
105
*
"47""
27
10c
*26"
pref. *
Cities Service Co com
58%
3%
3%
Compressed Ind Gases cap*
Sept
3%
Feb
Nov
Nov
Feb
Feb
NOV
56
Mar
37
"57""
169
11%
*134
Sept
110
12%
Jan
5%
Dec
68
24
Club Aluminum Uten Co.*
Coleman Lp 4 Stove 00m. *
Commonwealth Edison. 100
Apr
5%
135"
100
%
July
7%
Jan
1
Feb
Nov
Jan
49
43%
15
»
(The) 100
2%
20% May
500
Jan
100
New England Tel & Tel 100
720
1,230
10,100
2,300
Feb
2%
7%
Dec
47
Feb
May
7%
4%
1%
%
5%
45%
3
Feb
54%
Oct
Apr
47,450
23
5%
46
8%
100
Old Colony RR
*
8%
com
100
73%
23
Aug
*
730
5% cum pref
Mass Utilities vto
Llnoty pe.. *
Jau
Chicago Corp common
Preferred
J
19%
2%
54%
Jan
July
57
Chic Cith & Con Ry pt pref *
Jan
2%
1
12
630
Nov
Apr
Apr
Oct
Feb
12,150
1,250
22%
July
18
17
68%
71%
1%
5%
18
58%
Jan
13%
------
Jan
Jan
Jan
Sept
13
Jan
657
—
1%
38%
Jan
1,048
—
50
8
17%
1%
7%
1%
—
100
Dec
40%
15%
1%
Nov
35
15%
1%
7%
1%
—
Nov
Dec
31
Nov
50
15
1
Int 1 Button Hole Mach. 10
Jan
60
16
*
Nov
July
7%
170
15%
------
2%
21%
69
3%
4%
95% 100
M60
66%
726
Apr
2
i
1%
16%
-.66%
14%
5%
20
2
15
31
12
525
*
9%
11%
15
18
Inc(The)Apref20
750
4,500
7,750
3,400
2,100
71%
%
3%
113
Jar
68%
62%
5%
11%
16%
14%
Jan
12%
Jan
Feb
50
71
Jan
12
Apr
66
1 74
%
24
North Butte
*
52
14%
5%
64
107%
._*
com
------
23
N Y N H & H RR
Preferred
Chain Belt Co
Chic & No W Ry com..100
23%
National Service Co
65
Chicago Flex Shaft com-.5
*
Inc
100
Jan
A
22%
430
*
4%
*
Mar
Employers Group
*
Hathaway Bakeries cl B__*
1%
-*
Preferred
83
Nov
Mergenthaler
Prior lien preferred
85
33
650
Oct
July
Centra] States Pr & Lt—
Jan
145
Maine Central
1
Common
Jan
1,236
c
17
268
41%
156
Helvetia Oil Co t
1
*
60
92
1%
54%
16%
33%
3%
55%
15
Conv preferred
373
135
11%
23%
21%
*15%
2%
Common
356
2
-11
31
Cent 111 Pub Serv pref.—*
Central S W—
64%
154
Class a
preferred
30
Canal Constr oonv pref.conv
70
155%
Gilchrist Co
22%
15%
62
-100
Georgian
5%
11
*
..10
67
53
22%
3,800
Cherry Burrell Corp com.*
Jan
Jan
Edison Elec Ilium
Gillette Safety Razor
*22%
1
Common
62
1%
/o
109
Jan
Brown Fence & Wire-
Chicago Yellow Cab Co--*
100
109
com.-*
67
100
Preferred
Eastern 8S Lines
Brach & Sons (E J)
35
*86
780
Nov
Eastern Mass St Ry—
Common
86
18%
22%
29%
12%
12%
36%
90%
Nov
7
16%
East Gas & Fuel Assn—
Common
27%
zll%
11%
"36%
100
Jan
15
11
20
20%
28
*
Castle4Co (AM) com..10
11
1%
18%
—5
Common
Central Cold Storage om 20
Central 111 Sec-
July
17
700
20
Bastlan-Bleasing Co com.*
Nov
11
10
P.
pre! *
Automatic Products com.6
Automatic Wash
70
69%
15
------
25%
12,250
1,600
Oot
11
10
.
"6%
11% June
3
157
8%
1,850
com.-.l
common...6
Asbestos Mfg Co
Jan
10
23%
Jan
117%
55
9%
Sept
May
Butler Brothers
12%
9%
12
Aug
Sept
9%
21
Nov
5
57%
21
20
110
20
Jan
180
Jan
508
Oct
June
5%
600
97%
1,805
15
66
Bruce Co (,E L) com
8%
50%
24
Jan
10%
30
21%
Nov
30%
1,900
1,550
10
25
8%
9%
25
190
9%
Cl A 1st pref
17
pref.100
Annex Hotel Co coin.. 100
19% May
Apr
149%
Boston & Maine-
Common
53%
8%
Class A
7% preferred
1%
4%
High
Common
Amer Pub Serv Co
Borg Warner Corp com. 19
25
Low
Allied Products Corp—
Bliss & Laughlln Inc cap.5
High
Amer Pneumatic Service—
Common
52%
17
Bendlx Aviation com
Sales
Sale
Stocks—
101 %
both inclusive, compiled from official sales lists
Last
Range Since Jan. 1, 1936
Shares
Backstay Welt Co com—*
Barber Co (W H) com—.1
Barlow & Seelig Mfg A—
Apr
Exchange
Friday
Price
Adams (J D) Mfg com___*
Advance Alum Castings..5
Armour & Co
Atlantic Coast L 5% ctfs
Par
StocksAbbott Laboratories-
1,075
953
1
'
Sales
Friday
13
7% May
Mt VerWdb Mills-
Owlngs Mills Distillery..1
CHICAGO
Oct
2,564
12
Chicago Stock Exchange
Chicago Curb Exchange
»
Feb
Mfrs Finance—
1st preferred
SECURITIES
Lit ted and Unlisted
Jan
22%
Jan
207
41%
48%
125% 128%
42%
42%
12
12%
19%
18%
1%
1%
CHICAGO
High
Apr
80
19%
Oct
*
200
24%
Nov
250
41% June
Nov
Class A...
Eoon Cunnghm Drug com *
Mar
Eddy Paper Corp (The)—*
com
18
"20%
2,300
190
22%
30
nov
Jan
I
Volume
Financial
143
Friday
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
3603
Sales
Last
Stocks (Concluded,)
Chronicle
Range Since Jan. 1, 1936
Week
Members
Low
Cincinnati Stock
Utll cap.6
Elgin Nat Watch Co
11%
10%
41%
16%
11%
41%
17
57
58
64
64
19
.15
Fitz Sim & Son(D&D)com*
20
8,850
9%
50
27%
Exchange
High
Active
Elec Household
18%
Nov
Trading Markets In
Jan
Jan
45
16
Nov
23
Apr
70
39
Jan
60
Cincinnati and Ohio Listed and Unlisted Securities
Nov
100
July
Gardner-Denver Co—
Common
$3 cumul
*
20
pre!
conv
Gen Household
100
62
Oct
65
11%
Jan
20
Nov
5%
Dec
10%
8,200
7%
Aug
14%
45
1,900
22 %
Jan
30
50
8%
Jan
44
2,250
22 %
46
26%
12%
14%
1034
27
2,850
26
Jan
July
700
6
Jan
20
Nov
310
9%
8%
Jan
Jan
17
Apr
4%
Class A
*
Class B
*
43%
Great Lakes D & D com./
10
"is %
Harnlschfeger Corp com .10
Hellemau Brew Co G cap.l
153*
1034
Hall Printing Co com
Heller (W E) pre!
13%
15%
10%
With warrants
25%
25%
Without warrants.
24
24
*
com
A
Houdaille-Hershey
25
IndepPneuTool vtc
Iron Fireman Mfg v t o
13%
Apr
Oct
11
Apr
17%
Dec
100
1,100
1,000
23
.27%
>23
43
28
50
*
Feb
July
250
440
Mar
18%
110%
May
60
Jan
32%
May
8
100
1,100
3,350
25%
43%
22
16% May
22%
70
75
A
July
250
110%
Nov
75
Nov
Dec
31
Feb
Feb
26
Nov
31% June
39
Sept
44
Aug
70
Mar
24
May
18%
♦
Co—
Common new
1
com
16%
Ky Utll Jr cum pref
38%
80
100
2%
1%
1
La Salle Ext Unlv com..
Common
10%
.*
$3% preferred
com.
75
6,250
1%
Jan
310
1%
310
750
28%
3%
10
21
2,480
7
Sept
Feb
Jan
Apr
May
Mapes Consol Mfg Cap..*
"21%
Marshall Field common..*
20
4
100
3,750
3%
33
May
9
Nov
35%
12%
Jan
Nov
Jan
13%
July
Jan
7
35%
3%
7%
50
July
1,050
34
Jan
6%
15%
8%
54%
590
33
Apr
54
Dec
46
Nov
850
Oct
Jan
Sept
Feb
Feb
"~6%
14%
6%
44%
54
42%
2%
24%
23
53%
7
3,800
5%
Apr
8
3%
2
Masonlte Corp com
*
Mer & Mfrs Sec cl A com.l
12%
44
Oct
Nov
Aug
Aug
Mar
Jan
53%
6%
41%
com
Nov
Nov
20%
*60%
6
com
140
16%
13%
26%
43%
90%
3%
24%
5
Electric
Feb
10%
3%
14%
6%
42%
50%
42%
1%
14%
McCord Rad & Mfg A...*
Manhatt-Dearborn
34%
12%
10
Lion Oil Refining Co com. *
Loudon Packing com
*
Lynch Corp com
160
44
*
LIndsayLt & Chem
Apr
Dec
Apr
4%
9
9%
12%
10
29
8%
29
Libby McNeil & Libby-_1G
Lincoln Printing Co—
16%
1,300
5,700
31
30
*
com
Cumulative preferred..*
4,000
2%
1%
2%
1%
Lawbeck 6% cum pref.100
Leath & Co
81
16%
9%
23
50
6% cumul pref
Kingsbury Brew cap
16%
10%
25%
40
10
23%
10
Ken-Rad T & Lamp comA*
4%
5,250
2%
4%
June
12%
5%
16,100
3,650
Jan
Apr
13%
3%
July
7%
Oct
Feb
%
Jan
100
Jan
Oct
6
250
27
Jan
4,310
1
July
30
20
Aug
1,950
400
11%
Jan
45
Oct
3%
Jan
27%
Mar
25%
100
Nov
Mar
Jan
3%
12%
5%
Middle West Corp cap
5
Stock purchase warrants
12
6
7
Midland United CoCommon
*
Conv preferred A
*
%
7%
Midland Utll 7% prllenlOO
6% prior lien..'.
100
""5%
6%
preferred
6,500
1
Mar
12
190
1%
Jan
30
Jan
760
%
3%
48%
400
38%
8%
50%
190
30
49
May
53
Common
Preferred
28" *
400
17
Jan
28%
21%
30%
22531
550
11
Jan
25
28
Apr
33
21%
National Battery Co pref.*
Natl Gypsum cl A com..5
National Leather com
10
1%
Nat Rep Inv Tr conv pfd. ♦
Natl-Standard Co com
*
60
950
38%
JaD
65
National Union Radio coml
750
1%
Jan
170
5%
32%
Jan
10
1%
52
1%
40
6%
3,200
July
Jan
%
550
11%
27%
7%
12%
29%
4,500
4,200
38
39
150
100
65
66
40
25
*
22
12
Feb
6%
11%
Northwest Bancorpcom..*
Northwest Eng Co com..*
Aluminum
6%
9%
Amer Laundry Mach--.20
Amer Prod part pref
.*
25%
8%
Burger Brewing
Carthage Mills A
90%
7% preferred
100
7% prior lien pref
Ontario Mfg Co com
Oshkosh Overall
Parker Pen Co
200
26
'
3%
Apr
Jan
7% June
15%
10%
6
Oct
Sept
Sept
Sept
Sept
11%
Jan
55
10%
2%
1%
45
14
B
6% preferred
Penn
2%
55
100
Gasjfc Elec A com.
""7%
Pictorial Pap Package com5
Pines Wlnterfront com
5
Potter Co (The) com
Prima Co com
Process
Corp
3%
*
*
com
Churngold
Common
7% preferred
100
124%
Preferred
100
146
10
34
Rath Packing Co com
v t c
JaD
49
50
9
Jan
19
30
2%
50
16%
A 7%
3%
•413%
1%
4%
3%
55
16%
7%
3%
4
2,650
1%
Apr
Jan
170
27%
Jan
55
200
16
2
400
4%
700
84%
1,650
i
33
200
1,400
900
Schwltzer-Cum
n
Ins cap_
.
29
1
Sears Roebuck & Co com.*
Preferred
"16%
Nov
6%
2%
2%
1%
Oct
23 %
15
3%
22%
Nov
Nov
Apr
Thompson (J R) com
United Gas Corp com
9%
Dow Drug
*
9%
10%
108%
140
7
June
11%
2
108
Sept
115
Mar
524
8
Jan
17
Nov
105% May
114
June
Preferred
1
3%
»
4*
Convertible pref
5%
Ward (Montg)
&^Co
A.*
Wleboldt Stores Inc com.*
Williams-Oll-O-Matic com*
Wisconsin Bankshares com*
Woodall Indust com.....2
Zenith Radio Corp. com
.
.*
-
157%
24%
11%
6%
13%
38%
For footnotes see page 3606.
Feb
111
111
3
24
24
40
18
July
25
17
17
10
9
Jan
17
Oct
32%
35
878
28
Jan
35
Dec
100
7
Jan
9
Nov
Gibson Art
*
Goldsmith
*
Hatfield
17
*
Fyr-Fyter A
prior pref
32%
8%
12
Partic pref
5
8%
18
5
4%
Nov
Jan
7
Jan
10
Kroger
Leonard
*
Little Miami Spl
Lunkenheimer
Feb
50
25
50
12%
Feb
25
26
10
23
Jan
30
Oct
10
50
10
Dec
14
July
24
24%
Sept
40
10
...
10
27
26
Julian & Kokenge
Kahn common
5
50
25
Jaeger
10
48
...100
Hobart A
24%
13
19%
6
50
July
4
60
6
5
106% 106%
Nov
Jan
33
Aug
60
18
2
Jan
7
Feb
4
61
*
10%
%
10%
1%
10%
Procter & Gamble
*
62%
52%
53%
24%
24%
Randall A
24%
11%
102
34
Dec
1%
10%
Nov
54%
Nov
16
Jan
27%
12%
Nov
Aug
48%
Jan
2,220
37
Mar
Feb
485
10%
10%
Feb
Dec
5%
40% June
100
37
B
Mar
3%
4%
18
Nov
5%
362
—*
3%
224
National Pumps
Jan
Sept
4
Rapid
27%
7
100
3%
Dec
107
305
33
Apr
Sept
July
18
3%
Moores Coney A..
17%
Jan
105%
18
33
...2.50
Magnavox
Manischewitz
Sabln Robblns pref
100
U S Playing Card
36
10
U S Printing
4%
-.50
18
.10
Preferred-
7
Western Bank
Jan
4%
Oct
10
25
102
30
101
Aug
102
Sept
39
132
26%
Sept
39
Nov
18
3%
Oct
8%
57
13%
Sept
28%
Feb
5% May
7%
Dec
Union Trust Building, Cleveland
A. T. A T. GLEV. 665 A 568
Cleveland Stock
Sale
Stocks—
Par
of Prices
Low
Price
27
Airway Elec Appl pref. 100
27
%
22
140
Jan
Oct
May
150
July
34
Dec
14
635
12
Sept
14
30
430
21
Oct
30
Dec
19%
19%
15%
Jan
23
Nov
54
Jan
95
100
19%
90
*
—
..
2%
Jan
7%
June
250
1%
Nov
Feb
4) 33%
3,500
3%
33%
17%
650
28%
29%
99%
16%
16
11
9%
35
155
24%
11
6%
13%
38%
5%
38%
157%
24%
11%
6%
14%
41%
Jan
18%
July
100
250
31%
t 5
Nov
1,150
65%
2%
Feb
Apr
Aug
Jan
900
32%
24
/ 25%
24% 28
12
1 12%
A 8 1
8%
I3%
3%
P %
1
'3%
4%
May
1
1
50
33
1,486
29
456
117
15
69%
70
*
50
100
.
20%
18
May
May
15%
Jan
Apr
Apr
24%
Jan
167%
24%
20
1,600
4
950
j
30
30
142
350
16
Apr
500
i
10
Mar
*
2,300
5%
Jan
2,450
13%
Nov
7150
11
Jan
9%
150
10
Jan
22
Deo
50
104
Aug
Miller Wholesale Drug
*
Apr
Murray Ohio Mfg
*
32
Feb
National Refining
Nov
Dec
25
cum
100
cl A— *
Nov
Nestle LeMur
Nov
Ohio Brass B
Packer Corporation
cum
.*
Patterson-Sargent
Jan
Peerless Corporation
3
Nov
Jan
Deo
Nov
July
Jan
15
Nov
42%
Nov
Rich man..
Selberllng Rubber
8%
8%
.50
pref
Sept
Nov
7%
107
*
National Tool
7%
*
100
Preferred
National Tile
pref
S M A Corporation
Union Metal Mfg
cum
Upson Walton
Vlchek Tool
*
*
100
1
............
"
2%
.*
34%
Jan
25
160
10
Jan
28
156
19% June
3% Mar
9
10%
Deo
43
Dec
Mar
44
43
409
655
15
107
6%
1%
10
1%
8
4% May
11
310
9
33
1,673
18%
5
575
7%
54
9
2
2%
150
9%
24%
3%
59%
5%
24%
3%
59%
25
235
17%
5%
6
38
37%
41
17%
17
163
15
17%
14%
9%
15%
85
85
9%
15%
8
34%
Nov
Jan
9
July
Jan
112
Sept
July
12
Nov
27
140
Aug
Apr
4%
20
4%
47
Jan
July
21%
3%
27
Jan
Feb
Feb
Feb
Nov
Oct
Jan
650
Oct
776
54
Aug
2
Jan
6
Dec
168
.
2
552
3%
62
Apr
1%
1,195
19
Deo
Mar
Aug
45
Dec
15
6
37
8%
Oct
4%
%
430
10
55
3.453
19
14%
June
968
107
Oct
Dec
44
10%
31%
7%
Nov
Nov
10%
39%
8%
28
Apr
21
170
6
107%
62%
30%
Dec
20% May
2,659
21
45
45
_.*
*
50
62%
25
40
8%
10%
.
Jan
8%
Jau
22
107
Nov
5%
16
55
20
2
6%
Feb
21
*
*
39
41
*
Nov
%
2%
1,250
100
*
26%
13%
8%
4%
Jau
50
Leland Electric
Jan
Jan
70
Lamson & Sessions
42
Nov
May
28
Metropolitan Pav Brick.
8%
45
6%
62%
25
McKee (A G) class B_..»
Medusa Portland Cement *
7%
2%
3,350
m m
...
Oct
28
Oct
70
107
—
Apr
700
Mar
.
m
28%
7 100
1,200
.
„
33
18%
Nov
117
Nov
35%
Nov
Aug
Nov
20
Apr
Apr
Aug
1
35%
20
Electric Controller & Mfg.*
Halle Bros pref
July
112
117
117
100
Foote-Burt
Nov
July
Oct
Sept
73
29
*
12% June
16%
Oct
28%
3.450
2,600
.
Dow Chemical pref
1
17
»
112%
Feb
*
7
Jan
26%
*
Mar
Mar
59%
32
Kelley Isl Lim & Tras
Mar
107%
205
28%
Interlake Steamship
91
30
64
63%
Jaeger Machine
30
110
32
Jan
Nov
Jan
1,100
no
Dec
77
100%
16%
m.
60
345
91
63%
*
Commercial Bookbinding. *
Federal Knitting Mills.
950
Mar
Nov
13%
29 i
Cleve-Cliffs Iron pref
June
40
14
Oct
1%
430
High
Mar
30
85
4%
11%
Low
25
35
27
*
141
77
Week
Shares
*
Oct
82%
High
Clark Controller
Mar
40
75%
Range Since Jan. 1, 1936
for
Akron Brass
6
5
124% 125
146
,,146%
32
official sales lists
Sales
Week's Range
Cleve & Buffalo Transit.*
■
Exchange
Nov. 28 to Dec. 4, both inclusive, compiled from
Mar
r50
Feb
WOODc'o
Telephone GHerry 5050
123
tarf
310
7%
GILLIS
Jan
34
20
Members Cleveland Stock Exchange
115
^34
4%
Ohio Listed and Unlisted Securities
112%
38
common..
16
Dec.
Dec
._*
Formica Insulation
10
"74
*
com
108
16%
Early & Daniel pref....100
180
Viking Pump Co corn..
Walgreen Co
110
10
Cleve Ry ctfs of dep...100
20
25
Utll & Ind Corp
Wahl Co
.100
Eagle Picher Lead
Cleve Elec 111 $4.50 pref..*
14%
Utah Radio Products com.*
July
25
Oct
*
27
Nov
102
Aug
3%
24%
Oct
Nov
100
Jan
120
*
..25
9%
Feb
Nov
Jan
49%
200
Swift & Co
Dec
June
Apr
5%
10
Sundstrand Mach ToolCo*
Jan
6%
108%
6
Last
Jan
Sept
1% May
St Louis Nat Stockyds cap*
"32%
85
Dec
44
Friday
Nov
15%
79%
15
150
Nov
Sept
26%
Convertible preferred. .*
96%
23%
12% May
Jan
1%
Jan
100%
Jan
5%
Oct
37
20
Feb
6%
90
Stein & Co (A) com
Swift International
524
100% 102
Nov
8
100
Standard Dredge com
9
143
37
107%
17%
17
Sept
Mar
*
com
340
8%
95%
96
129
6%
108%
Aug
Mar
no
49
/
30%
30
SIvyer Steel Castings
Mar
19%
1C2
298
103
*99%
Slgnode Steel Strap com..*
30
14
36
Jan
9%
30
82
117
10%
"77"
*
Nov
8%
150
«
1%
.10
Apr
90%
*
Apr
May
14%
Sangamo Electric Co
6%
Jan
Crystal Tissue
Sept
Apr
400
5
Rollins Hosiery Mills pf..»
Dec
73
Sept
76%
250
50c
6% preferred vtc
Reliance Mfg Co com
3
14
12
*
Jan
Apr
7%
28%
a*
Raytheon Mfg—
440
149
22
50
Cliffs Corp vtc
Common
June
35
4%
Mar
Nov
6
37
108
Jan
19%
13%
28%
Coca-Cola
Feb
Quaker Oats Co—
Common
4%
.....
Cintl Union Stock Yard..*
Nov
30%
22%
14%
117
...100
3%
90%
107% 107%
13%
13%
*
.119^119%
60
6% preferred.
50
32%
36
106%
Cinti Ball Crank pref
*
Cintl Gas & Elec pref. .100
Cincinnati Street Ry
50
Cincinnati Telephone
235
8%
35
*
.100
Canfleld Oil
...
High
Oct
Jan
Public Service of Nor 111
Common
3
40
Preferred
Jan
JaD
78%
81%
Peabody CoalCoBcom..*
Low
9
295
9%
25%
7% June
14%
10
Range Since Jan. 1, 1936
Week
Feb
28
*
com
com
*
100
Champ Paper & Fibre
Northwest Utii—
38
Industries
*
Nov
300
51%
1%
Jan
Jan
43%
*
Shares
Price
Feb
Jan
1,100
$
51
40
com..*
com
for
of Prices
jOW
High
Feb
$
"51%
Par
May
58
*
Nachman Sprlngfilled com
Stocks—
Week's Range
Sale
Oct
200
8
Muskegon Motor Spec A.
Last
Dec
8%
6%
6
46
8%
*
Sales
Friday
Oct
26
"46%
Modine Mfg com
Monroe Chemical Co—
North Amer Car
Mar
150
49%
pre!..*
Nobiitt-Sparks Ind
1
%
15%
5%
33
65
100
conv
Miller & Hart
A
both inclusive, compiled from official sales lists
B
Mickelberry's Food ProdCommon
Nov. 28 to Dec. 4,
Jan
27%
29
48
2734
*
Kalamazoo Stove com
29
Feb
50
17
Cincinnati Stock Exchange
Oct
25
20
110
*
Jeflerson Electric com
Kellogg Switchboard
CINCINNATI
BLDG.
Apr
20%
2:27%
* 16%
"75"
*
Jarvis (W B) Co cap....
McGraw
33%
Nov
Sept
100
20
2734
16%
cl B.. *
111 North Utilities pref.100
Katz Drug
32%
200
25%
24%
17%
17%
*
Co
Illinois Brick
800
45
26
com
TRUST
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel. Cln. 291
10
*
Goldblatt Bros Inc com..*
Hormel & Co
UNION
Utll—
Common (new)
Godchaux Sugars Inc—
Horders Inc
CO.
Aug
43
fit
Nov
4%
BALLINGER
Nov
200
30
5?
11,700
10
19
General Finance Corp coml
5%
4234
General Candy Corp A.-.5
8%
Jan
May
45
Nov
14
179
5%
Feb
19%
Feb
14%
Nov
8
1,065
135
Jan
68
Nov
,
Nov
10
Oct
9
May
17
Oct
70
Jan
88
Oct
West Res Inv Corp—
6% prior preferred... 100
50
Financial
3604
.
New York Curb Associate
New York Stock Exchange
Buhl
Exchange
Week's Range
Sale
Stocks—
Auto City Brew com
12
Burroughs Add Macb
Dolphin Paint B
Eureka Vacuum
6%
8%
1
*
Det Paper Prod com
1%
5
com
Federal Mogul com
*
Fed Motor Truck com—*
Fed Screw Works com
*
20%
*
Generl
Motors com.__ 10
Goebel Brewing com
1
Graham-Paige com
1
Hall Lamp com
*
Hoover Ball & Bear com. 10
10
Gemmer Mfg B
Kresge (SS) Co com
6%
Mid-West Abrasive comSOc
18%
10
Murray Corp com
*
com
*
5
2
Pfelffer Brewing com
Reo Motor com.,
Rlckel H W com
River Raisin Paper com..*
mmmw
»
*
620
7%
Aug
15234
7%
1034
Feb
Oct
Apr
4
Mar
%
Feb
12%
Jan
934
Jan
734
Jan
3% June
2,520
247
540
6
340
2
635
11
Jan
1,019
14
Apr
20%
5%
334
ni6
Apr
634
782
3,324
905
1,705
July
.
Aug
Oct
Jan
*
McKinney Mfg Co...
Mesta Machine Co
*
Jan
6%
3,286
3
Aug
522
32
Feb
534
4334
1,195
1,617
15
Apr
2234
1334
Nov
*
6
Oct
Mar
10334
Feb
109
6%
Jan
Jan
Jan
%
*
%
13%
900
335
'5,6
5%
%
1234
Sept
Mar
Mar
Feb
Jan
Nov
Apr
Mar
Oct
10
7%
Jan
Jan
Sept
July
Oct
Jan
40
Mar
1%
52%
Nov
Nov
Jan
10
Jan
14%
1
Apr
41
Jan
2%
64%
8c
2,994
14,180
9c
Oct
1
pfAfAPfPfi
50
.. —
4%
1%
1%
July
Jan
Jan
2c
Jan
Jan
Oct
65
15
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt-. *
Pittsburgh Steel Fdy
*
Plymouth Oil Co
5
400
1
Jan
Renner Co
Ruud Mfg Co
304
5
1
San Toy Mining Co
Preferred
Standard Steel
Victor Brewing Co
Waverly Oil Co A
Westlnghouse Air Brake.
Mar
Mar
Nov
Jan
20%
12%
Apr
13%
Jan
Jan
Nov
Deo
2
Dec
June
20
210
15
2c
Mar
4c
3,615
3%
Jan
100
11%
Oct
6%
14%
Nov
Nov
31
Nov
60%
4%
Nov
6%
12%
30
Aug
400
17
50%
655
4%
575
22%
1%
1i
1
1
200
60c
Jan
1
Jan
2%
2%
44%
46%
143% 147%
WestlnghouseElec&Mfg. 50
.
24
4
"4%
1
*
*
Jan
3
4,600
30
30
*
25
United States Glass
140
2c
48%
Spring
United Engine & Fdry
Dec
98%
Jan
7% May
Mar
1
5%
12%
5%
•»
Dec
1%
1,208
2c
*
Shamrock Oil & Gas
Nov
1%
18%
1%
18%
1
Dec
Nov
Oct
Jan
Pittsburgh Forging Co— 1
968
9c
Oct
Aug
7%
1,900
Feb
8c
11%
965
22%
Nov
7% Feb
10% Sept
19% Nov
50
25
50
60
Mar
Nov
4%
36%
13%
Aug
100
Preferred
107% Sept
97
7,512
1,826
19
100
25c
Preferred
Jan
405
1,069
1,560
9%
—
Mar
3
11%
134
1434
31
Pittsburgh Oil & Gas
20
3,745
1,840
2,200
125
Oct
2,461
2,175
6%
July
100
Nov
6%
1%
1
Pittsburgh Coal com.
Nov
5%
%
13%
6%
1%
300
Feb
Feb
Dec
27
660
1%
50%
12%
Jan
15%
2%
32%
8
662
4c
7
11%
1234
35
Apr
3
420
Jan
7%
6%
2%
Jan
Nov
100
720
12%
8%
12%
Nov
Jan
7%
50c
Pittsburgh Brewing Co—*
Preferred
*
955
109
1.05
July
2
85o
'"6%
Phoenix Oil com
Nov
Nov
Mar
27
18%
8%
734
Oct
200
*
Nov
Feb
50
1,980
7,177
Sept
10
3% June
14
11%
106%
11%
2%
5
Mountain Fuel Supply Co.
Natl Fireproofing com
31
350
450
1%
50%
*
Harb-Walker Refrao
Feb
Feb
Mar
Jan
333
4,015
2,542
30
33%
pref. .100
Brewing. 1
Lone Star Gas Co
5
1,485
Bros
Fort Pittsburgh
Hoppers Gas & Coke pf 100
594
180
190
9%
Oct
Deo
Jan
Oct
1,292
1,920
Follansbee
Mar
76%
1034
434
834
18%
2234
3234
834
634
1%
Jan
876
_
High
3%
Jan
7%
Jan
47% July
13% July
11%
*
Mar
5%
50
18%
17
Jan. 1,1936
Low
70c
Rights
Electric Products
12
10
"16%
com—6
Aug
Sept
54%
6%
1,302
1,620
Duquesne Brewing
for
Week
Shares
19%
5%
17%
16%
*
Columbia Gas & Elec
official sales lists
Range Since
6
10
59
18%
2%
2%
5%
.1
*
.
.
15%
23%
25
8%
11%
7%
5%
8
Wolverine Tube com
JaQ
Apr
100
109
8%
Univ Cooler A
1
4
10%
*
Clark (D L) Candy Co.
High
6%
8%
58%
6
*
Carnegie Metals Co
792
4%
5%
12
B
2%
Preferred
Armstrong Cork Co
Blaw-Knox Co
NOV
Mar
950
5%
1
*
Wayne Screw Prod com ..4
Wolverine Brew com
1
30%
6%
4%
1%
6%
4%
40%
19%
11%
45%
11%
5%
Jan
Jan
6
5%
5
United Shirt Dist com
Warner Aircraft com
7
18%
20
Wgek's Range
of Prices
Low
Price
1—*
100
Arkansas Nat Gas
Nov
2634
3%
Aug
1,312
225
Oct
135
Jan
128
100
Apr
5
45%
11%
M
...100
Preferred
6%
3%
137
Aug
2%
34
1,475
1,050
14
3334
2434
26%
-
Timken-Det Axle com. .10
Tivoll Brewing com
69
Last
Par
Stocks—
Feb
31
-
10
Scotten-Dillon com
123
1,195
3,225
6%
Jan
4134 May
1034 Sept
4% July
434
Oct
4% July
11
Packard Motor Car com.. *
Parke-Davis
334
Apr
%
6%
4%
40%
18%
*
Motor Products com
Jan
19
1
1%
6%
4%
10
Mich Sugar pref
86%
572
4
*
*
Mich Sugar com
448
6%
2%
6%
18%
19%
30%
5%
2%
6%
18%
Hudson Motor Car com..*
McAleer Mfg com
14
68%
68%
6%
10
Lakey Fdy & Mach com—1
15%
160
23%
3
3%
"16
%
143% 144
7%
6%
9
8%
1%
1%
14%
14%
20% 21%
8%
8%
4%
5%
10
9%
"if
1
585
23%
Detroit Edison com—100
Det-Mlch Stove com
12%
123
23%
1
Cripple Creek
High
30
2
and Bonds
Sales
Sale
Low
1%
Oct
9% July
25% May
15%
15%
123
Continental Motors com.l
Det
Range Since Jan. 1, 1936
for
Week
Shares
30
1
*
Capital City Prod com...*
Chrysler Corp com
5
Consolidated Paper com. 10
High
inclusive, compiled from
Friday
IK
11%
1%
1
Baldwin Rubber com
of Prices
Low
Price
NEW YORK
Pittsburgh Stock Exchange
Nov. 28 to Dec. 4, both
Sales
Last
Par
Pitb-391
A. T. & T. Tel.
Specialists in Pittsburgh Listed and Unlisted Stocks
both inclusive, compiled from official sales lists
Friday
PITTSBURGH, PA.
BROADWAY,
120
Randolph 5530
Detroit Stock
Nov. 28 to Dec. 4,
(Associate)
New York Ourb Exchange
Oourt-6800
Tel
DETROIT
Building
j
BANK BLDG.,
UNION
Chicago Stock Exchange
Telephone
/ Pittsburgh Stock Exchange
-
Members
Members
Detroit Stock Exchange
CO.
H. S. EDWARDS &
WATLING, LERCHEN & HAYES
S, 1936
Dec.
Chronicle
60
1,029
115
May
Oct
Mar
Jan
Nov
1.25 Sept
2% Sept
34%
Jan
97
Jan
47%
152%
Mar
Oct
Jan
5%
Oct
Unlisted—
167
4%
_*
Pennroas Corp vtc
3%
Established 1874
Deliaven & Townsend
Wm.Cavaiier&Co.
Members
MEMBERS
New York Stock Exchange
Philadelphia Stock Exchange
New York Stock
PHILADELPHIA
NEW YORK
1518 Walnut Street
80 Broad Street
Los
Exchange
523 W. 6th St.
Los
Chicago Board of Trade
San Francisco Stock Exclu
Angeles Stock Exch.
Angeles
Teletype L.A. 290
Philadelphia Stock Exchange
both inclusive, compiled from
Nov. 28 to Dec. 4,
Last
Sale
Par
Stocks—
Price
official sales lists
Sales
Friday
Week's Range
of Prices
High
Low
Range Since Jan.
for
1, 1936
Los
Nov. 28 to Dec. 4,
Angeles Stock Exchange
both inclusive, compiled
Last
High
Low
Sale
*
100
Baldwin Locomotive
*
Bankers Securities com..50
Barber Co
10
27%
185%
pref.. 100
12234
13%
American
Stores—
American Tel & Tel
Bell Tel Co of Pa
Budd (E
G) Mfg Co
*
Budd Wheel Co
9%
27
*
-5
Chrylsler Corp
*
Curtis Pub Co com
Electric Storage Battery 100
43%
10
Gimbel Bros com
..*
Horn & Hardart (N Y)—
General Motors...
Common
......—_*
Preferred
100
"16"
50
19%
Mitten Bank Sec Corp..25
......
25
Preferred
Nat'l Power & Light
*
11%
Pennroad Corp vtc
1
60
40%
Pennsylvania
RR
Penna Salt Manu
...
5
'115%
25
60
35%
7%
1434
Phlla Rapid
7%
Transit
50
preferred
Phil & Rd Coal & Iron...*
Philadelphia Traction
Reo Motor Car Co
Scott
50
20
*
Paper
*
Sun Oil Co
"76%
Tacony-Palmyra Bridge..*
...1
Tonopah Mining
Union
50
Traction
....*
United Coprcom
*
United Gas Improv com..*
Preferred
*
Westmoreland Inc
*
Westmoreland Coal..... *
Preferred
Bonds—
Elec & Peo tr ctls
5
6%
44%
14%
111%
""9%
li* '18
40%
115%
34%
7
13%
2%
12%
41%
172%
11534
35%
8%
15%
2%
13%
5
18% 20
273% 273%
76%
76%
33% 33%
"is
1%
4%
5%
6%
7%
44% 44%
14%
15
110% 111%
13
13%
9
10
Stocks—
620
Par
Price
Bandini Petroleum Co
1.991
Barker Bros pref
125
Bolsa Chica OH A
1.167
1
100
.10
7%
3606.
T
Range Since Jan. 1, 1936
for
Week
Low
Shares
8
8
8
27.000
125
6%
High
20
8%
1,900
2,000
Aug
8
Jan
130
Nov
6% May
10
July
Feb
2%
83
6C
Jan
6c
6c
6c
5c
5c
5c
3,000
5c
July
17c
Feb
2%
2%
3,600
1%
Sept
3%
Nov
1.40
Warrants
1.35
1.40
1,800
57%c
Oct
1.50
Nov
22%
2,364
19
Sept
1
Jan
125
Central Investment
552
Chapman's Ice Cream Co.*
1,514
Citizens Natl Tr & S Bk.20
"38%
30%
38%
2,200
26% June
30
Claude Neon Elec Prod..*
11%
11%
11%
600
Consolidated Oil Corp
Consolidated Steel com
*
14%
13%
14%
1,600
50
*
3%
3%
400
*
18%
6%
17%
5%
3%
18%
6%
3,900
10% Sept
11% June
Jan
3%
14 % May
Oct
6%
44c 57 %c
445
450
5,300
305
100
Preferred
2
Creameries of America
1,245
v8 ^
Exeter Oil Co A
709
1
Farmers & Mer Natl BklOO
3,598
General Motors Corp
General Paint Corp
21
21
2%
52 %c
450
500
3
700
9
7.168
2,457
10
69%
69
69%
300
14%
8%
1,100
Globe Grain & Mill Co..25
420
8%
29
23%
22
100
80
2,700
General Metals Corp
Hancock Oil A com
1,606
Holly Development Co
13%
8%
*
Goodyear Tire & Rub
172
13%
8%
*
Golden State Co
1.010
28%
8%
28%
390
23%
23%
21%
21%
1
87 %c
Jade Oil Co
1.50
.10c
57 %c
35c
Klnner Alrpl & Motor
2
19
Los Ang G & E 6% pref 100
Los Ang Industries Inc
2
1,735
Los Ang Investment Co.10
1,503
1,655
Mascot Oil Co
389
87 %C 97 %c
1.45
1.50
11
106%
28
Apr
4%
38%
Deo
Apr
16%
Feb
15%
Mar
5%
Apr
Feb
19%
54%
8%
8
Dec
87 %C
July
440
Jan
Jan
75
Nov
Apr
14%
Oct
Aug
430
6%
Feb
Feb
20c
July
Feb
Nov
Feb
July
13%
10%
30%
100
8%
22%
21%
Aug
20%
800
18%
Jan
28%
2,200
46c
Jan
1.50
Apr
200
95o
Sept
1.50
Dec
700
200
Dec
16c
Oct
Feb
9c
1,000
7c
Oct
55c 62 %c
51,000
36o
Nov
95c
Feb
32c
38c
30c
Nov
67 %c
Sept
10%
11%
106%
4,500
2,100
6% June
105
July
Nov
Nov
9c
9c
1
Lincoln Petroleum Corp__l
Lockheed Aircraft Corp.-l
20
2,318
8%
._*
International Cinema
1,019
16c
Dec
2%
Berkey & Gay Co
260
108
73
2%
Jan
11%
116%
5%
5
Jan
8
Jan
Jan
80c
75o
80c
July
1.00
Apr
1
4%
4%
4%
4,800
1,200
2,400
4,600
2%
Jan
6%
Mar
Merchants Petroleum Co.l
33c
33c
33c
500
17c
Jan
39c June
12%
Menasco Mfg Co
441
National
5.857
Pacific Finance Corp
Preferred A
781
4%
7%
4%
5%
7
7%
Nov
20
Mar
July
113
Feb
12%
12%
200
12%
Dec
12%
Nov
48c
38o
48c
9,400
25c
Jan
57 %c
July
1
70c
65c
70c
1,700
500
Jan
85c
Feb
36%
300
,18 %
Jan
39%
Nov
13%
100
13%
Jan
15
10
34
34
13%
Feb
10
13%
10
11
11
11
100
10%
Jan
11%
Mar
38%
28%
38%
38%
28%
100
31%
Feb
40%
July
100
27%
Mar
29%
Aug
Pacific Gas <fe Elec Co...25
5%% preferred
55c
1
Funding Corp
Occidental Pet Corp..
Oceanic Oil Co
115
515
12
12% $18,000
100
111% 111%
4s..1945
of Prices
High
Low
124
124
Buckeye Union Oil com__l
Common vtc
1
399
1,412
1,000
Preferred C
For footnotes see page
Week's Range
624
1
Phlla Elec (Pa) 1st 5s .1966
106% 106%
10%
11
18%
19%
2%
434
3%
4%
5
6
—1
Salt Dome Oil Corp
3d
165
50
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
32
121% 123
13%
14%
10%
11%
122% 12834
20% 20%
43%
4634
67%
70%
26% 26%
.39
Lehigh Coal & Navigation *
Lehigh Valley
27% 28%
185% 190
7
11%
3834 38%
fro|n official sales lists
Sales
Friday
Week
Shares
25
28%
Volume
Financial
143
Sales
Friday
Last
Sale
Stocks (Concluded)
Price
Par
6% preferred
Range
of Prices
Low
Range Since Jan. 1,1936
for
Week
Mar
35%
Jan
13%
1,000
Jan
40c
Apr
75c
July
32%
300
8%
27c
27c
82 %c 82 %c
Feb
50c
104
3%
400
1%
Jan
109% 109%
50
109%
Nov
3%
10
3%
pref..100
Secur Co unite of ben int. *
Security-First Natl Bk.,20
109%
52
51%
46%
52%
Signal Oil & Gas A com..*
33%
30%
33%
200
Sontag Chain Stores
15%
29%
15
15%
29%
30%
1,000
2,000
38%
38%
200
28%
28%
27%
38%
28%
700
27%
27%
400
26
SJLAP7%
ann
pr
25
Sou Calif-Edison Co
,..25
25
25
Orlg preferred
6% preferred
5%% preferred.
Sou Cos Gas 6 %
pref.
_
45
45
_
27%
106
-100
42%
Southern Pacific Co —100
41%
44
176
950
601
106
106
Go.
&
July
10c
Dean Witter
Nov
7,200
18%
2%
32%
7%
82 %c
*
High
Low
Shares
High
27c
Republic Petroleum Co--l
Rice Ranch Oil Co
1
Samson Coro Bcom
Week's
32%
8%
Pacific Indemnity Co.-.10
3605
Chronicle
Fen
July
54%
Apr
Jan
60
Jan
July
50%
Jan
37%
Dec
15%
Dec
25%
Jan
32%
Jan
40
New York Curb Exchange
SanFrancisco
Portland
Tacoma
Seattle
Los Angeles
Honolulu
NewYork
July
35
Exchange, Chicago Board of Trade
(Asso.), San Francisco Curb Exchange, Honolulu Stock Exchange
Members: NewYork Stock Exchange, SanFrancisco Stock
Nov
15
Aug
11%
Mar
29
Feb
Jan
24
Oakland
Sacramento
July
28%
Jan
106%
700
42%
3%
122
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
July
109%
46%
Aug
San
38
41
1,200
35%
Aug
47
Francisco Stock
41%
1,800
28
Oct
47
Nov
56
55
58
400
55
Nov
63
Nov
*
*
23
23
23
100
14% May
23
17%
18
12,900
11
Apr
18
Nov
Union Bank & Trust Co-50
140
130
120
Jan
150
Long Beach
Exchange
Nov
17%
Pasadena
Sales
Friday
Feb
39
Beverly Hills
4, both inclusive, compiled from official sales lists
Nov. 28 to Dec.
Oct
41
40%
Fresno
Stockton
*
Standard Oil of Calif
Supeilor Oil Co
Preferred
-
Taylor Milling Corp
Transamerica Corp
140
140
25
20%
24
25
1,900
20%
Aug
Universal Consol Oil Co.10
15%
14%
15%
2,600
7%
Jan
1
Corpl
9%
9%
10%
4,900
4%
9%
8%
9%
300
5%
Union Oil of Calif
Wellington Oil Co
Western Air Express
Feb
28%
Mar
28
July
Jan
10%
Nov
Jan
10%
Mar
Last
Par
Stocks—
Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc..-10
Atlas Imp Diesel Eng Co-5
80
Bank of Calif N A
5
Bishop Oil Co
Byron Jackson Co
*
Calamba Sugar com
Mining—
Blk Mammoth Cons M 10c
1%C
Gold Mining... 1
87 %c
44c
38c
34,300
22c
Jan
63c
Feb
2c
1%C
87 %c 92 %c
3,000
1%C
Nov
7 %c
Jan
4,300
8? %c
Dec
1.45
Aug
25c
27c
Calumet Gold Mines ColOc
Cardinal
Prince Cons Mining Co 10c
Zenda Gold Mining
44c
44c
700
31c
July
48c
Sept
7c
7c
4,000
4c
Oct
15c
Jan
7c
Co-.-l
Week's Range
Sale
20
20
1
7% preferred
Calif-Engels Mining
of Prices
High
Price
Low
23%
24%
6%
22%
100
Unlisted—
24
Amer Rad & St Sanitary..
Amer Tel & Tel Co
190
100
Atlantic Refining Co
186% 190
222
24
Dec
190
Nov
20% May
150
May
Jan
31%
31%
200
Apr
6%
1,200
27%
4%
34%
6%
Jan
7%
Mar
8%
11%
1,500
3%
Apr
11%
Dec
28
5
Corp
100
6%
9%
Baldwin Locomotive
Bendlx Aviation
24
31%
25
6
Aviation Corp (Del)
24
28
3%
Cities Service Co.
100
26%
July
32%
Oct
1,400
3%
Jan
7%
Feb
100
16%
28
3%
3%
16%
16%
16%
Cord Corp
5
4%
4%
4%
1
7
6%
7%
20%
Apr
7%
Mar
Apr
7%
Nov
Sept
24% May
14%
July
35%
July
13%
14%
Oct
Jan
10%
Nov
2,000
100
Oct
Aug
100
Curtlss-Wright Corp
Commerical Solvents
4
5%
12%
Int't Tel & Tel Corp
North American Co...
12%
12%
12%
33%
33%
33%
100
Packard Motor Car Co
11%
11%
11%
400
7
Radio Corp of America
11%
11%
12
400
9% May
8
8%
Radio-Keith-Orpheum
5%
1,100
8%
Jan
July
16
Texas
Corp—
United Corp (Del)
25
16
16
200
15
Aug
50
Standard Brands Inc
49%
50
700
38
Sept
100
6
7%
16%
Warner Bros Pictures lnc.5
7%
16%
7%
17
1,200
Oct
17%
50
Dec
May
8%
July
Apr
18%
Nov
9%
825
23%
1,027
17
Sept
26
15
186
Sept
203
3%
900
Sept
7%
1,380
15%
Jan
307
23%
21%
%
Jan
33%
32%
Oct
22%
21%
22
90
%
28%
3,300
44%
42%
102% 102%
89%
89%
1,368
%
28
102%
122
11
11
89%
270
5%
25
99%
Jan
Jan
90%
87%
Jan
139%
11
366
Oct
46
340
10%
41%
45
102
24
23%
24%
500
Consol Chem Indus A
*
33%
33%
33%
645
Creameries of Amer Inc.-*
6%
5%
6%
3,857
111%
150
17%
9,333
7%
16%
65
103%
$3 preferred
14%
July
24%
29
July
5%
100
110% 111%
220
91%
Apr
111
111%
295
91
12%
10%
14%
1,339
51
51
56
23%
24%
23
23%
790
24%
26%
2,000
14
Mar
19%
19%
19%
245
60
60
60
70
Apr
111%
111%
3%
Jan
23%
32%
Jan
75
22
Jan
14%
57% June
36%
35
36%
345
30% June
91
90
94%
452
86
Food Mach Corp
43%
43%
45%
961
4
813
32% June
3% July
com...10
Foster & Klelser com. ..2 %
4
3%
17
17
17
10
15%
38%
38
39
75
37%
com..*
14%
14
Preferred
*
*
37%
37%
37%
A
25
preferred
Gladding McBean & Co..*
Golden State Co Ltd
*
Business Established 1874
Enquiries Invited
on
St.
Louis
Stock
New
all
Exohange
Chicago
Curb
of
Louis, Mo.
Sales
Sale
of Prices
High
Low
Range Since Jan. 1, 1936
for
Low
Price
A S Aloe Co pref
100
113
113
113
5
Brown Shoe com
*
47
47
48
326
45
Sept
Burkart Mfg pref.
*
31%
31
11
31
Nov
Burkart Mfg com (new)__l
30
32
268
21
Aug
Coca-Cola Bottling com..l
95
98
46
57
Jan
98
Columbia Brew
com
3
Jan
(new)
25%
4%
26%
5
Dr Pepper com
4%
25%
502
25%
6%
26%
19
19
19
120
13%
Elder Mfg com
2nd
Preferred
Falstaff Brew
25%
101
100
9
1
com...
31
25
Hamilton-Brown Shoe com *
4
4
Hussmann-Llgonler com.*
Huttlg S & D com
17
Griesedleck-W Brew
Hydraulic Pr Br
com
com.
Preferred
16%
14 %
14
1%
1%
12%
.*
100
100
25%
101
10%
31%
4
17
17
1%
12%
10
International Shoe com..*
Key Co com
48%
*
Knapp Monarch pref...
Common
*
22%
10%
High
Jan
Dec
Apr
10
17
July
15
97
July
609
4%
113
64%
32%
32%
19
Jan
4
Jan
17
Aug
2
June
100
25
101
6%
16
45
1,311
1,347
25%
10%
31%
4%
17%
Jan
1,187
20
Landls Machine com
*26 %
25
Mo Portland Cement com 25
Natl Bearing Metals
32%
20%
12%
18
49%
11%
32%
22%
100
34
20
15
38
19%
15
415
26%
26%
110
20
Lacl-Chrlsty Clay Prodcom *
Laclede Steel com
17%
48%
11%
21
60
19%
20
525
49
com
Natl Candy 1st pref...100
49
119% 119%
%
4
Jan
Jan
1%
16
55c
Natl Oats
26
*
Pedlgo Co com...
4%
5
Rice-Stlx Dry Goods com *
12
12
27%
4%
12%
Nov
St.
Louis
Car pref
Common
4%
74
100
6%
10
...
St Louis Pub Serv com..*
"60c"
Amer Inv
7% pref
"lb"
14
15
21
20%
16%
21%
13
13
13
pref. .100
com..
com
8%
60c
*
Scullln Steel pref
Sleloff Packing com..
Stlx Baer & Fuller
80
50c
*
Scruggs-V-B D G com...25
Wagner Electric
4%
14
StLouis Screw&Boltcoml5
Southw Bell Tel
3
10
15
124%
15%
41%
25
123% 124%
15%
41%
27%
Dec
tScullin Steel 6s
For footnotes see page 3606
7%
622
8
37
37
37
320
27
Jan
38
13%
3%
13%
14%
982
11
Apr
16 %
3%
3%
300
2% May
5%
34
34
Corp pf 100
Magnavox Co Ltd
2%
Magnin (I) & Co com
*
6% preferred
100
106
106
3
3
Los Ang G & E
preferred
8
6%
22%
19
Dec
Jan
9% June
50
220
1
583
Oliver United Filters A...*
-
Nov
Pacific Can Co
Dec
Nov
Oct
Dec
Dec
Oct
*
Pacific G & E com
6% 1st pref
5%% preferred
*
6% preferred
*
Pac Pub Ser (non-vot)com*
(Non-voting) pref
*
£ Pacific Tel & Tel com.. 100
6% preferred
100
Pacific Lighting com
Preferred
Nov
Roos Bros com
10
1,205
2,300
Plg'n Whistle pref
29%
20%
6%
16%
21%
17
37%
31%
28%
48%
106%
7%
24%
150%
151%
5%
5%
21%
87%
46%
8%
1,580
419
482
7%
33%
Preferred
;
Signal Oil & Gas Co A
4%
80
Dec
Dec
100
Southern Pacific Co
*
5
100
So Pac Golden Gt A
*
*
10
Nov
14
Nov
Standard Oil Co of Calif..*
16%
Dec
B
Super Mold Corp of Cal. 10
125
July
'
17
31
1,480
1,822
1,928
429
373
30
3,623
1,960
35
175
387
28
Oct
100
6% preferred
Transmerica Corp
*
Union Oil Co of Calif—25
Union Sugar Co com
25
10
81
.*5.000
69
July
82
Nov
Wells Fargo Bk & U T.100
96
9S
178,000
22
Jan
102
Dec
Western Pipe
34%
34%
1,000
27
Jan
36
Nov
Steel Co. 10
Yel Checker Cab Co A. .50
68
101%
2
350
1,138
417
46%
1,695
8%
6,147
875
125
470
100
Nov
Dec
23
July
Feb
40%
32%
29%
58%
July
Jan
Jan
Dec
Jan
Sept
Jan
8%
26%
151%
July
Sept
Nov
Jan
152
Jan
Apr
Jan
7
Nov
4%
16%
80%
Jan
July
Jan
7%
24%
29
May
46%
13%
Dec
July
5%
23%
100%
104
Oct
34
Nov
121
July
112
Jan
41
3,534
Oct
Nov
2
1% May
6%
Jan
2%
Oct
9%
47%
14%
3%
20%
Oct
Feb
Oct
Feb
Nov
262
44
1,100
50
54.164
3,186
23%
17%
14%
24%
1,708
63
Nov
603
18
17%
376
15%
4,430
38%
64%
Feb
NOV
451
25
310
95
Feb
Nov
47%
17
37%
1%
15%
27%
125%
38%
Jan
May
1,328
24
310
Oct
Jan
38
37%
63%
Feb
Oct
Apr
%
Jan
2% May
15% Apr
115
93
Sept
20
310
Feb
Nov
9
17%
15%
Apr
108
42%
2%
1%
24
97%
July
31%
2%
1%
8%
13%
13%
3%
3%
20
19%
104% 105
Oct
July
July
108
Jan
42%
2%
1%
Nov
Dec
139%
75
85
-
21%
Jan
123
Nov
119
Jan
Sept
Apr
308
Mar
29%
26%
48%
104%
4%
18%
Jan
20
Jan
23%
3%
Nov
Nov
Feb
42
19%
104%
17%
24%
100%
99%
Aug
965
*
Jan
Nov
5%
12%
13%
504
Thomas Allec Corp A
Mar
13
22
Mar
95
Tide Wat Ass'd Oil com..*
Oct
Aug
Nov
Nov
19%
33%
40%
13%
27%
43%
5%
47%
Oct
Nov
33%
32%
14%
94
9
27%
109
Jan
30%
Dec
16
Jan
94
Nov
44%
Jan
Jan
Jan
4%
Aug
30
75
125
9
33%
13
127%
125
Jan
32% Aug
10% June
Nov
11%
19
Nov
Nov
Jan
12%
116%
Dec
Nov
26%
2%
Aug
Nov
325
21
1%
15%
26%
20
Jan
Jan
Jan
76
28
5%
12%
15%
1%
15%
25%
Jan
Nov
125
2,866
30%
*
1%
16
104%
19%
Jan
21%
17%
38%
40
July
12%
1,554
74
2
65
7%
16%
95
14%
29%
107% 108
6
5%
5%
4%
19
21%
86
89%
6% June
6% May
Nov
105%
30
6%
16%
21%
17
June
68%
97%
94%
12%
29%
20%
37%
31%
31%
28%
28%
48%
48%
105% 106%
8%
7%
24%
25%
149
150%
150
151%
25
80
98
Shell Union Oil com
Spring Valley Water Co.J*
June
100
1,045
Mar
1.34
Dec
27
130
8
22
90
3,378
43%
5%
38%
12%
19%
40
Nov
Apr
26
414
1
Mar
5
34
8%
9%
28%
780
111
Jan
139
27
108
104
Mar
421
1,304
3:
109
7
16
50
104
34
70
42%
27%
19
220
8,707
111
Nov
1%
24%
•40%
5%
37%
12%
10%
11%
106
104
1
S JL&P7% pr
15c
3% May
14
25%
108
1,240
pref...100
Dec
Feb
97%
94%
10%
10%
34
6% prior pref
100
Schlesinger & S (B F) com *
Preferred—100
Dec
55c
July
19
74
50
May
3%
25%
40%
5%
38%
12%
108
Nov
Feb
25%
108
*
20%
Dec
10%
11%
100
Paraffine Co's com
Mar
15
415
25
300
25
25
28
30%
Feb
11
480
25
*
Ry Equip & Rlty com
*
5%
*
6%-.--100
Rainier Pulp & Paper B._*
Republic Petroleum
1
July
Oct
15
Pacific American Flsherles5
102
2
*
Dec
Oct
407
10
Paauhau Sugar—
98%
9%
13%
Jan
5% Nov
7% June
100
100
6% preferred
5% % preferred
Nov
Feb
Nov
Dec
Jan
100
Occidental Insur Co
Mar*
July
*
Nov
14%
32%
22%
Oct
Apr
preflQO
100
Universal Consol Oil
1941
4%
July
6%
80%
United Ry 4s o-d's
July
6%
North Amer Oil Cons—10
Bonds—
102
33
1%
5%
6%
United Air L Trans Corp. 5
St LCar 6s extd
34
Jan
10
Soundview Pulp Co
*
54
Jan
27%
222
Mar
St. Louis Bank Bldg Equlpt
Common
Oct
21%
80
3
No Amer Inv com
53%
119%
55c
com
40
2,702
32
3
Jan
Oct
Jan
Nicholas Beazley Air com 5
13 %
53
34
3
Natomas Company
Jan
Jan
205
*
41
10
Feb
Aug
25
14
Common
39%
31
Natl Automotive Fibres..*
19%
116
13%
100
100
Jan
31%
Dec
Apr
8
30
Preferred
15%
47%
8%
32%
50
100
2nd
11%
26
34
Market St Ry prior
Hyde Park Brew Assn—
Common
20%
2,091
885
41
B...
Ely & Walker Dry Goods—
Common
25
Apr
23%
41
2d
*
625
3,064
10
Marchant Cal Mach com.5
Week
Shares
Par
Stocks—
37%
G) Inc-.-l
Libby McNeill & L com..*
Lockheed Aircraft1
tolDec.|4,|both inclusive, compiled from official sales lists
Week's Range
Oct
Island Pine Co Ltd pref-25
St. Louis Stock Exchange
Last
36%
14%
Ltd...*
20
LeTourneau (R
Friday
37%
480
Langendorf Utd Bak A... *
B
*
Telephone Central 3350
Nov. 28
14%
Nov
Jan
39%
Preferred..
Trade
48%
36
Dec
39
Hunt Bros A com
(Associate)
20
14%
39%
.
Oct
Oct
195
8%
5
31
36%
47%
4%
July
22
Honolulu Oil Corp
63%
112
10
20
8
21%
Home F & M Ins Co
Board
315 North Fourth St., St.
8
22
Honolulu Plantation
York
19%
19%
*
Hawaiian Pineapple
MEMBERS
New York Stock Exchange
37
Oct
30%
27%
22
1,428
14%
37%
37%
Hale Bros Stores Inc
Mid-Wettern and Southern Securities
Feb
Fireman's Fund Indem..l0
•
6%
18%
111%
55
34
112
Jan
Fireman's Fund Insur...25
General Paint Corp
i. m. simon &co.
Apr
110%
Emporium Capwell Corp.*
Emsco Derrick & Equip. .5
Ewa Plantation Co
20
A
LOUIS MARKETS
Oct
10
100
*
Eldorado Oil Works
16
46
106%
*
Preferred B
Galland Merc Laundry...*
ST.
Oct
105
100% June
*
Preferred A
Di Giorgio Fruit com
44%
55
5
45%
17
1%
45
706
103%
110
Jan
420
122%
pflOO
1
110
Sept
30% June
Cat Cos G & E 6% 1st
Consol Aircraft Corp
Crown Zellerbach v t c—-*
7
6%
122
Crown Willamette pref—-*
Apr
32%
*
5
Clorox Chemical Co. -*-10
25
30%
%
43
Caterpillar Tractor
Chrysler Corp
High
Jan
6%
28%
Calif Water Serice pref
17
32%
Claude Neon Elec Prods.. *
'
Low
1,433
28%
6%
28%
32%
21%
California Packing Corp.. *
24%
6%
194
Calif Cotton MilJs com.100
Shares
194%
6
22%
194
Range Since Jan. 1,1936
for
Week
36
1,505
330
23%
35
Aug
11%
Oct
3% June
14%
Jan
101
Jan
5
106%
Oct
Sept
Mar
11
Apr
18
Nov
20%
Aug
Jan
28%
28%
Nov
20%
Feb
Oct
Aug
10
14%
7%
290
26%
23%
Jan
28
Apr
327
Jan
Jan
38%
64%
July
Apr
Sept
Nov
3606
Financial
Chronicle
Dec.
I
Sales
Friday
Last
STRASSBURGER & CO.
133
SAN FRANCISCO
100
27
*
Sale
June
2
Feb
Par
Alaska Mexican
79
20
66
Aug
34 X
43
30
30
Jan
41
Aug
5
32
Jan
45
Nov
*
24
30
45
18
Aug
37
Feb
*
38
55
34
July
40
93
110
Mar
119
Feb
953
20
Apr
49
Nov
38
111
111
47
111%
43 X
48
2
2X
*
Toronto Stock
30c
25
Alaska United Gold
American Tel & Tel
200
50
Oct
20c
75c
1,400
187 X
190
99
150
1
88c
94c
4,130
39c
Jan
22
22%
1,355
Jan
14
14%
15X
10%
Anglo National Corp
22 %
Argonaut Mining
5
Arkansas Natural Gas A--Atlas Corp com
(new)
Preferred (new)
Aviation Corp
5%
15%
3
Bancamerica-Blair
......
1
49%
Bolsa-ChicaA
50%
42
8
24c
Feb
Apr
190
Nov
500
Dec
California Associates
Cal Ore Pow
6% 1927..100
z Cardinal
Gold
1
Central Eureka Min
45
52
Jan
10
12
May
3.75
25
2.00
17
B
98
20%
17
34
10
91
35
Pieferred
Cities Service.
Claude Neon Lights
July
98
22%
Dec
Nov
4.50
July
Jan
17
Apr
Dec
n,
63
30
Oct
75
Aug
33
Oct
75
Aug
3
Jan
Jan
89c
92
Dec
1.45
Oct
Aug
3%
2,549
7X
Feb
80c
90c
620
60c
Oct
1%
Feb
1.50
100
1.10
Oct
1.75
Jan
13X
Oil
110
Curtlss-Wright Corp
Holly Development
Honokaa Sugar Co
International Cinema.. .1
Italo Petroleum
1
Preferred
1
1.35
Nov
Jan
9X
Mpr
615
17
Jan
10
21
Apr
26%
22%
Dec
7%
4%
1.375
Apr
3,850
50c
Feb
1.55
4.50
Jan
16.25
3.15
Jan
7X
85c
Nov
2.95
50c
57c
4.00
4.30
54c
63c
M
27c
24
25
26c
22c
75c
4.30
North Amer Aviation
Oahu Sugar
95c
15
Jan
13c
7,950
58
Jan
35c
Feb
Feb
13%
10%
Mar
13%
Nov
4.20
4.25
700
2.65
Jan
6.50
Mar
65%
20
36%
Jan
65%
Dec
12
"is"
12%
6,320
4.10
Jan
12.75
17
100
9%
Mar
700
7%
Jan
13
75
21%
Jan
44
Nov
21
Jan
54
Jan
23 X
22 X
July
8
3.55
3,895
51 %
18X
100
11%
8%
6%
70
18%
Packard Motors
65
14 X
51 %
Pac Ptld Cement
pref. .100
Pacific Western Oil
2
21X
3.45
3.45
.
4,100
14
"
13
40 X
48
20%
20%
.
11%
270
17
June
86,325
11 %c
Jan
7c 120,900
5.50
345
3c
Nov
9%c May
2.25
Mar
8.00
Nov
Mar
16c
3%C
5
5.00
5.00
Cobalt Contact
1
2%C
2%c
2%c
11,000
1%
Jan
3%
Dalhousie Oil
*
97c
76C
1.10
90,845
380 June
1.10
Dec
East Crest Oil
*
10 %C
8%c
11c
Feb
*
60c
50c
60c
6%c May
30c Sept
13%c
Foothills Oil
22,238
8,000
70% c
Feb
Home Oil
*
1.84
1.33
1.95
72,622
Hudson Bay
*
31%
31%
33%
11,777
72 %c
22%c
Kirkland Townsite..
1
21c
11,000
I4%c
Jan
31o May
*
19%c
9%c
21c
Lake Maron..
3o
Jan
21c June
4c
4%C
91,625
l%c
Feb
7c
Jan
12,900
12c
Jan
47c
Nov
Jan
9%c
Malrobio Mines
13c 131,100
Apr
1.95
Dec
Jan
33% C
Nov
4%c
31%c
31c
34c
3%c
3%c
3%c
14,200
l%c
14c
12 %c
14o
14 400
10.'
Aug
5%C
*
Mandy Mines
Night Hawk
4c
6c 251,200
4c
July
7c
Jan
18c May
48c
Sept
NordenCorp.
*
Oil Selections
Pprkhlll
26 %e
Pawnee-Kirkland
28c
26C
■
4,700
6%c May
26c
Apr
3c
2%c
3%c 100,400
2c
NOV
2.21
2.00
July
2.60
Nov
7c
4c
Jan
15c
Mar
6c
2.58 109,529
7%c 101,300
8c
82,700
9%C 327,300
3%c
12,700
70c
7c
6c
.
lc
Jan
13 %c
Mar
4o
Sept
.
Pend-Oreille
1
Porcupine-Crown
...
Tltchie Gold
Robb-M ontbray
Sudbury Mines
Temiskaming.
1
8c
8%c
3C
3c
19c
17c
20C
10%c May
Apr
9%c
2%c
Oct
7%c
Mar
2c
Jan
27c
Sept
31.300
*
No par value.
c u R R E
N T
NO T I C E S
—Burt, Nelson & Ramser, Inc.,
firm to Banning &
and personnel of
Co., Inc.
announce a
This is
change in the
change in
a
name
name
of their
only and the officers
same
Burt, Nelson & Ramser, Inc. will continue to serve in
Their offices at 100 West Monroe Street, Chicago
capacities.
the
The
same.
J. Retz Ramser, President,
present officers are
Dec
Harry J. Nelson, Vice-President, Herbert J. Burt, Vice-President, John D.
Dec
Banning, Vice-President, Miles J. Hall, Vice-President, Daniel C. Glasser,
Nov
Secretary and Robert E. Sloan, Treasurer.
—With the increasing public interest and participation In trading in com¬
modity futures, Commodity Research Bureau, Inc., announces the forma¬
52%
Sept
13
25
Oct
May
18X
Nov
new
Jan
13%
Sept
furnish personal trading guidance in commodities both to Individuals and
Dec
6%
8%
8%
11%
500
669
10
Apr
8%
14%
15%
480
9
Jan
17
4.20
4.20
100
8%
their
remain
3.90
11%
A
July
21c
19c
Jan
July
57c
2c
2.50 May
44
Feb
15
com
14 %C
81,702
July
11
38
'is"
High
Low
lip
6%c
Nov
40
.20
Occidental Pete
O'Connor-M offatt.
Olaa Sugar
20
Pacific Coast Aggregates.
High
8%c
Coast Copper
Feb
17
2
Shares
Dec
July
10
13%
Niagara Hudson Power
Low
Price
Central Manitoba..
Feb
Jan
37c
1,700
28c
Jan
1.60
9,694
10,840
36,236
66%
12 %
Week
10%c
Feb
1.60
57c
Mountain City Copper
for
of Prices
Nov
55c
1
Nov
Range Since Jan. 1, 1936
Week's Range
Churchill Mining
July
2,195
12,520
1.35
Ward
Par
Brett-Trethewey
Apr
25
7%
1.00
4.25
1
„
14%
Kinner Airpl & Mot or.. 1
Kleiber Motors
10
2
Radio Corp
(Del)
Riverside Cement
Mar
22%
90c
2
Montgomery,
15%
111
7
7%
J&M&MOil
June
14
14
1
McKesson & Robbins
2 Menasco
Mfg Co
72
23%
6%
1
20
Idaho-Maryland.
11% May
100
23
7%
23%
2
75
14%
111
22%
1
2 General
Metals
Grt West El-Chem
pref-20
Oil
Dec
100
35
3%
85c
Crown Will 2d
pref
Pantepec
Mar
Nov
1.50
3%
1
Coen Co's A
Consolidated
Nov
30
95c
35
Mar
2,225
2,000
91
89c
30
33
com..
Nov
7%
12X
8%
Jan
98
'20%
Oct
16%
50%
Jan
6%
5% May
3.75
—
15%
7X
Feb
20%
10
2
Nov
25
Nov
49%
4%
22,190
97c
Mar
15
450
12 X
Feb
5%
239
8%
11%
8%
10
Bunker Hill-Sullivan
Calif Art Tile A
16%
6%
6
6%
12
335
275
6
3.00
Sept
Feb
88c
5c
Stocks—
Feb
Oct
5c
15c
187%
-5
Oct
Sales
Last
High
100
American Toll Bridge
z
5c
6c
NOV
Exchange—Mining Curb Section
Friday
Low
5c
5c
95c
460
2%
79
4, both inclusive, compiled from official sales lists
Week
30c
5c
—-5
Alaska Tread well
Nov
79
Nov. 28 to Dec.
Shares
Low
Price
Dec
July
2%
43
Sale
Stocks-
27
34%
Range Since Jan. 1,1936
for
of Prices
High
11
85
2%
Exchange
Sales
Week's Range
Last
225
27
4%
*
Common
Toronto Elevators pref. 100
United Fuel pref
100
compiled from official sales 1 ist
Friday
High
Jan
*
100
Suoer Petroleum ord
Waterloo Mfg...
Nov. 28Xto Dec. 4, both inclusive,
Low
1.15
10,470
Toronto Elevators
Direct Private Wire
Francisco Curb
4%
3%
26 X
2X
Range Since Jan. 1,1936
Shares
High
Thayers pref
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
San
Low
4
Preferred
(Since 1880)
Curb
Week
*
Supersilk
Members: New York Stock Exchange—San Francisco Stock
Francisco
for
of Prices
Price
Par
Standard Paving
Preferred
MONTGOMERY STREET
Exchange—San
(Concluded!)
Week's Range
Sale
Stocks
5, 1936
Dec
tion of
to
affiliated firm, Commodity Research Counsels, Inc., to
of personal
corporations.
Jan
Nov
an
type
B.
E.
commodity advisory
Officers of the
new
firm
are
provide a
The new firm will
service.
Harry Jiler, President, and
Shedd, Vice President, who hold similar
posts
with
Commodity
Research Bureau.
Schumacher Wall Board...
4.20
Shasta Water
South Calif Edison
6% pf25
So Calif Gas 6
% pref—
So Pac Gold Gate
6%pfl00
Standard Brands
46
43
46
225
31
28 X
32
2S%
476
27%
32
55
44
44
30
37
16
16
50
15%
Sterling Oil Devel.
25
25
Title
72
Guaranty Co pref
United Corp
U S Petroleum.
Rights
r
6%
33
7%
7%
—6
1.35
7X
No par value
Cash sale—Not
c
16
16%
36
43
16%
17%
18%
20
5
Cash sale,
Included
In
e
Sept
17%
Nov
31
Feb
25
Nov
2.10 June
72
Feb
5%
8%
Apr
25
1,559
2,685
66
Mar
25
2,000
8
St.
Jan
75c
310
36
appointed resident manager of their Chicago office at 208 South La Salle
Dec
Dec
22
95
—Chas. E. Quincey & Co. announce that William D. Sullivan has been
Aug
32
Jan
Dec
28%
July
25
10
2,758
Apr
46
Mar
Jan
2,400
72
16
Feb
8.25
Nov
16%
10% May
the
Sullivan at the age of 29 is one of the youngest managers
this
year
in
the firm's
was
New
Prior
York office.
445
—Edwin L. Lobdell & Co., 209 South La Salle St., Chicago, announce
Nov
Harold Cooper Pynchon has been admitted to the firm as a
Dec. 4,
45
Nov
associated with the stock exchange firm of Pynchon & Co.
18
Nov
and
20
Jan
15
65
Jan
60% stock dividend paid Aug
for year,
z Ex-dlvldend.
range
15.
Chicago.
of Crane &
During the past five
Co., Inc.,
that Michael J. Pascuma, who has
announce
partner in their firm.
of
the
on
Mr. Pascuma, who is only 27 years
of the
members
youngest
the New York Curb
—Robert
both inclusive, compiled from official sales lists
admitted
Last
Sale
Stocks—
Par
Price
Biltmore Hats pref....100
Bruck Silk
*
Canada
*
Malting
Canada Vinegars
*
Canadian Wire Box A—.*
Consolidated Press
*
Consolidated Sand pref. 100
Corrugated Box pref—100
of Prices
High
Low
109
•
Canada Bud
Week's Range
7
9X
36 X
19%
"l2%
9
36
19%
25%
109
York
New
June
37
465
30%
May
Nov
20%
25%
12%
450
19%
Dec
37%
27%
5
Aug
13
Nov
10
32
Sept
45
Nov
30
77
Apr
91
Dec
18
1,630
Jan
21
58
76
80
14%
16%
Bridge
55%
100
~ie%
Preferred
*
61
80c
Int Metal Indust
Mercury Mills pref
*
12%
14
85%
Nov
90
Jan
109
12%
65
1.25
Oct
Oct
80c
1.00
12%
25
7
Mar
15%
Oct
33%
81
28
Aug
35
Feb
14%
85%
19%
405
4
Jan
30
Jan
16%
90%
Nov
55
15
9
Jan
20
Nov
34
226
150
51%
155
117%
4
4%
2
4X
*
3
117% 117%
8 %
24%
9%
26
been
son
of Dr.
Herman
Baruch,
B.
Co., Inc.,
announce
Warbur ton & Paxson of Ehnira,
has been
New York
Since his graduation
associated
of the business.
that Hermon Wright, formerly of
N. Y., is
now
associated with them in
charge of their Owego, New York, territory and that Charles P. Blecha,
previously with Bonner & Bonner and Henry Seaver,
Arthur Warner & Co.
•
are now
interest table for U.
December, 1936,
on
S.
heretofore with J,
with their New York office.
—Chas. E. Quincey & Co., 24 Broad Street,
an
New York, have prepared
Treasury issues accrued during the month of
each different $1,000 bond or note, together with an
1,410
5,325
410
40c
Apr
30% June
13
May
1.00
Jan
Nov
36%
Oct
51%
Dec
1.75
Nov
4.50
Jan
1.25
Aug
3
Dec
10
111%
Jan
125
Nov
1,720
138
4
18%
June
July
9%
29%
—The
Dec.
1
issue
"The
of
New
Jersey
Municipal
Bond Market"
published by J. B. Hanauer & Co., 786 Broad St., Newark, N. J., shows
tax
collection data
as
of
Sept. 30 and revised ratings on approximately
200 New Jersey municipalities and counties.
—Grau & Co.,
Inc., dealers in securities, have changed their name to
Pohl& Co., Inc., offices are at 414 Dixie
The
principals of the firm
are
Terminal Bldg., Cincinnati, Ohio.
Wm. A. Pohl, Charles F. Connors, Edward F.
O'Connor and Peter C. Grubbs.
—Colyer, Robinson & Co., Inc., 1180 Raymond Blvd., Newark. N. J.,
are
distributing
bonds offered
as
a summary
of the available actual New Jersey
of Dec. 1, 1936, with an
municipal
added tabulation of one to 10-year
maturities.
Oct
3%
415
1,256
interest table for HOLC and Federal Farm Mortgage bonds.
Dec
Nov
12%
47
Nov
16%
Jan
150
Rogers Majestlo Corp Ltd.
Shawlnlgan
♦
80
Jan
May
*
5
NOV
Mar
4
34%
4
North Star
100
58
37
520
30
46
Star pref
Apr
16
1,230
56
13%
85%
—Ernstrom &
has
Nov
170
33
Prairie Cities OU
Mar
16
795
"33"
North
U%
Sept
12%
*
Robt Simpvson pref
Nov
10
63
33
100
cons
Oct
3
10
61
National Steel Car
Montreal Lt Ht & Pow
109
2
200
19
*
Int Metal Indust pref-.100
107
5%
11
.....
*
Humberstone
Jan
26% June
65
55
Preferred..
Jan
16
*
Hamilton Bridge pref. .100
Honey Dew
*
21
43
16
Hamilton
10
91
4
Baruch,
general partner in H. Hentz & Co., members of the
Stock Exchange and leading commodity exchanges.
Oct
Mar
10%
16
*
110
16%
*
Bridge
Nov
Dec
*
Dom Foundry & Steel
7
Mar
*
Dom Tar & Chemical
109
6%
Disher Steel
Don. inlon
5
80
43
12%
Curb Exchange,
The firm now holds two seats
Exchange.
with his father's firm, working in various departments
88
43
Parkes
as a
become
old and one
from the University of Virginia in 1932, Mr. Baruch has been
High
Low
2,176
8%
10%
DeHavlland
Preferred
Range Since Jan. 1 1936
for
Week
Shares
just
been admitted to membership in the New York Curb Exchange, has
a
Sales
of New York
he has been western representative
years
manufacturers of Dalton, Mass.
paper
—Heller & Levenson
1936
v Ex ngnts
or reorganization
Friday
that
general partner.
Nov
Toronto Stock Exchange—Curb Section
to
joining the Quincey
Mr. Pynchon is a nephew of George P. Pynchon and for many years was
associated with the firm for several years.
Nov. 28
to
months of
associated with Salomon Bros, & Hutzler in Cleveland.
9% May
30
12,557
of a
He has been associated with
Chicago office since the middle of 1933, but spent about 6
organization he
July
55
Jan
3 .10 June
Mr.
New York Stock Exchange house in Chicago.
Nov
Listed,
t In default
t Company In bankruptcy, receivership
c
27
25
39
—
Warner Bros Pictures
West Coast Life Ins.
*
6%
—
Victor Equipment
2 Preferred
1
80c
5.50
July
May
31
Sunset McKee Sales A
Texas Consol Oil
2
4.00
Nov
Nov
—Financial Independence Founders,
Inc. announce that Hy. W. Burton
Packard
has become associated with them in their Philadelphia office in the
Building and has been elected
an
assistant Vice-President of the Company.
Volume
143
3607
Financial Chronicle
Canadian Markets
LISTED AND UNLISTED
Provincial and
Bid
Province of Alberta—
Toronto Stock
Municipal Issues
Ask
Ask
Bid
Province of Ontario—
Exchange
Sales
Friday
5s
Jan
1
1948
/68
70
6 Ha
Jan
3 1937
100* 100*
4*s.
Oct.
1 1956
/67
69
6s
Oct
1 1942
112* 113*
Sale
6s
Sept
16 1943
119
120
Range Since Jan. 1 1936
Week's Range
Last
for
of Prices
Low
High
Week
122*
Prov of British Columbia—
5s
July
4*s
Oct
1 1953
97
98*
6s
May
1 1959
121
94*
96
4s
June
1
4 Ha
12 1949
Jan
108* 109*
114
115*
96
of Manitoba—
Province
Aug
1 1941
94
6s
June
15 1954
96
5s
Deo
2 1959
98
4*s
Apr
Apr
4*s
98*
Mar
2 1950
99*
4s
Feb
1 1958
109* 111
1 1961
112* 114
114
116
111
112
Province of Nova Scotia—
4 Ha
Sept
5s
Mar
15 1952
May
5 Ha
110* 111*
Oct
2*
Carnation Co pref
Cockshutt
100
92
Consumers
91
93
Cosmos
85*
87
*
Smelters..25
Crow's Nest
Gas
100
*
32
7,186
1960
117
Feb
10*
2,470
103*
10*
Nov
Nov
9*
74*
Nov
51
Apr
May
22
2.778
80
Nov
31
189
Jan
209
24
25
95
50*
25*
9*
22*
10*
Wood,
106
4*
English Electric A
&
Jan
Nov
Nov
12
Nov
205
370
10
Mar
20
10
86
Jan
108
10
1*
5*
Oct
20
38
61
10*
Jan
39
Nov
17
18
Aug
Aug
19
Nov
24
5*
22*
55
♦
24*
16,174
13*
Jan
22*
22*
23
6,534
18*
8
8
125
100
100
20
88
July
Jan
Sept
3
June
100
7*
*
Goodyear Tire
*
Preferred
60
6
210
8*
2*
7
24*
28*
Feb
Nov
9*
84
84
87
510
64*
Jan
90
56*
56*
57*
141
53*
Mar
69
2
2
100
13
15
18,755
1,330
Oct
3
6*
June
15
2*
Jan
6
1
97
debentures.
96*
111*
Sept 15 1942 fill
Dec
15 1944
102* 103*
Ju'y
1 1944
115* 116*
6s
4Ha
6s
"l4*
*
5*
32
100
"T*
2*
21*
20*
2*
21*
565
750
Apr
12* May
11
12
55
4* June
19
Paolflo
Ask
Ry—
104 H
109 H
4Hs
Sept
1 1946
104
6
20
5s
Dec
1 1954
109
4 Ha
July
1 1960
104 * 105
*
Hunts A..
Bid
Canadian
Pacific Ry—
4s perpetual
*
Hlnde <fc Dauch
Ask
Bid
Canadian
♦
Gypsum L. & A.
Railway Bonds
B
5
Intl Milling pref
In tern at 1 Nickel com
Guaranteed Bonds
Canadian
Lang &
Sons Ltd.
National
Ry—
Sept
1 1951
4*s
June
16 1955
4Hs
Feb
1 1956
115* 115*
4 Ha
July
1 1957
-July
1 1969
114* 114*
118
118*
6s
Ask
Canadian Northern Ry—
4Hs
115* 115*
July
6Ha
1 1946
127* 128
Oct
1
1969
Feb
1
1970
Qrand Trunk Pacillo Ry—
4s
Jan
1
1962
109
3s
Jan
1 1962
101
102
119* 119*
16
16
16
70
73
22*
21*
21*
22*
21
21*
B
Maple Leaf Milling pf.100
Massey-Harrls com...
*
100
100
Toronto Stock Exchange
Dec.
Sales
Friday
24
Jan
37*
35
125
1,197
440
*
*
Metals
*
17
78
23
90
2*
Oct
5,179
1.00
Jan
11*
980
7*
6,475
46*
3,957
2
Apr
^3*
Aug
12*
Sept
Jan
2b
Stocks—
Par
1
Abitibi
6% preferred
Alberta Grain
Week's Ranoe
for
Sale
of Prices
Low
High
Week
Price
100
32
*
Bathuret Power A
*
2*
17
B
Preferred
*
Bell Telephone
-.100
Blue Ribbon pref
100
158
*
Brewing Corp, of Canada..
255
97
Jan
11
85
Nov
43*
46
945
182
155
146
90
203
25
Apr
42
105
39
Jan
1,919
5
June
130
8*
138
"26"
21*
60
1
9*
140
20
61
,
101
7
270
25
23*
"2l"
Jan
182
Nov
140
July
22
July
15
1
Dec
1
75
79
Jan
110
8*
16,900
23*
75
4*
10
3*
Jan
21* June
4* Sept
11*
Jan
22
38*
838
19
36
320
28*
14*
99*
14*
14*
100* 100*
1,851
600
135
Jan
Aug
Nov
Nov
Sept
Building Products A
Burry Biscuit new
Burt (FN)
10
4*
5*
156* 158
690
3*
180
336
8
44*
45*
*
7H
103
50
48
Canada Packers
"26"
*
Canada Steamships pf.100
Canada Wire & Cable A..*
Canadian Canners
2nd preferred
Canadian
Car
Preferred
Canadian
104*
Canadian Pacific Ry
4*
Feb
Oct
Mar
Jan
18*
27*
Jan
58
Aug
Jan
Apr
Apr
7H
Nov
80
May
1*
Aug
6* June
91
3*
Nov
Feb
6*
6*
315
15
40
Jan
55
Nov
20
10
9
Feb
22
9
500
4
May
104* 104*
27
200
7*
7
11H
13*
13
13
*
Walker
com
8
7*
*
46
45*
(Hiram)
com
Preferred
*
Western Can Flour
pf..l0G
Westons
9
Nov
15
Nov
Nov
Oct
15
57
Jan
Nov
49*
Jan
73*
64*
16*
Nov
Nov
Nov
Jan
14*
July
7,280
2* May
9*
Nov
250
155
20
5,620
107*
Winnipeg Electric A
*
"3*
3*
3*
540
*
3*
3*
3*
480
110
15
53
53
10
*
5
6
119
100
89
89
35
Wood Alex & James pref 100
25
100*
9
(Geo) common..*
New preferred
100
Winnipeg Elec pref
100
B
Sept
4,075
10*
20
101*
12
19*
20
Sept
108
79
107* 108*
Dec
17
Jan
18*
19
Nov
36
Sept
19*
9*
"79"
38*
Jan
Nov
102
3,115
1,322
47*
22
Dec
Sept
35
75
19*
♦
Western Can Flour
13*
5*
Jan
6*
16
""376
27
7*
26*
17*
4*
36
13*
Apr
Mar
Apr
Nov
49*
20
11*
May
78
Apr
21
98
Mav
19*
1*
2*
Oct
Sept
38
Nov
109*
21
4
Nov
4
Jan
55
2* June
60
Feb
6
90
Banks—
58
3
Commerce
100
169
167
170
104
Imperial
100
225
222
225
75
Montreal
100
214
212
215
Nova Scotia
100
315
309* 315
Royal
100
200
197
200
Toronto
100
251
251
139
140
Canada
58
50
51*
Jan
60
Nov
173*
Nov
197*
July
225
Nov
115
182*
Apr
217
Nov
123
271
Jan
315
168
164
Jan
200*
Nov
17
220
July
252
Nov
149
Jan
Dec
Feb
50*
6*
123
10*
10*
105* 106
10*
8*
Mar
8
50*
90
1,470
11
106"
*
Gas
47*
104* |Nov
Dec
48*
14* Nov
Aug
29*
27
200"
.....100
Preferred
Nov
105
16
*
Zimmerknit
27
304
16*
Nov
103
2
16
25
Preferred
Sept
.
Jan
58
20
91
195
9*
23* Mar
296
14*
Aug
4*
1,830
47 H
25
Sept
37 *
26
10,385
100
June
28
Jan
19*
*
Oil pref
Oct
May
12
*
Canadian
34
30
11
Canadian OH
Jan
20
17*
*
Apr
Jan
18
Cndn industrial Alcohol A*
Nov
5
90
11
Canadian Locomotive
Nov
159
15
*
25
6*
103
8*
Dredge
B
48*
335
585
*
Canadian General Elec .50
5*
Apr
Aug
20
6*
50*
*
Canadian Canners 1st pref.
7*
33
26
1 *
*
B
46
104
15
16*
6
12 H
90
*
Canada Steamships
7
8
1*
11
100
12 *
..100
*
June
Jan
56*
*
3*
Nov
26
Preferred
1*
141
1.40
55
64*
Sept
Jan
18*
56 H
64*
64
107
93
Oct
*
655
United Steel
Jan
50c
73*
Nov
76o
64,813
72*
Nov
9*
22*
73
7
5.920
20
*
16
21,220
21H
Stee lof Canada
Aug
90c
..100
Canada North Power
Nov
18*
Bread
Canada Cement
18*
26*
*
25
9* June
3*
25
1,030
15
Union
27
4,441
15
Preferred
40
2*
15
Tip Top TaHors
33
15
*
Tamblyns Lts
75c
2H
Aug
Jan
16*
14
June
70
Jan
26*
2*
4
170
Nov
17
75c
180
6
26H
preferred
preferred
Canada
875
50
10
39
Oct
102
18
16
61
40
1
32
*
Oct
45
June
36
*
1.25
16*
20
36
Jan
Jan
99
Jan
Feb
Dec
102
23*
8
29*
105
46
10
Sept
Dec
Feb
98
Sept
Oct
Nov
10
40
Nov
90*
99
2*
14
65
Nov
46*
17*
41
.100
_
6*
2,735
705
4*
36*
20
Preferred
British American Oil
Jan
19
16
32*
*
6*
1.25
8
6,155
100
B
Simpsons Ltd pref
High
110
15
50
Brazilian
B
18*
3*
Brewers A Distillers
385
17
*
Brantford Cordage pref. 25
3,100
2*
102
15
Beauharnols
Blue Ribbon
36*
25
6*
Beatty Brothers
A
29
20,935
24
100
Low
Shares
4*
4H
Alberta Grain pref
Range Since Jan. 1 1936
4
6*
12*
13*
Standard Chemical
Last
22
180
180
....*
.
Oct
Jan
Jan
Mar
99*
*
Saguenay Power pref
Simpsons A
18*
17*
3
4*
*
Root Petroleum
13*
65
85
9
Corp
Pressed
Jan
6..
12*
"44*
100
Riverside Silk A
4, both inclusive, compiled from official sales lists
Jan
97*
Potrero Sugar Co
to
2.25
400
85
*
Photo Engravers
Power
66
6*
11
39*
43*
...
Orange Crush Ltd pref..
Orange Crush new
»
Page-Hersey
_*
Pan tepee Oil
1
WA. 3401-8
14*
43* May
75
*
common
Preferred
Exchange, Inc.
24*
105*
6*
7
13*
National Sewer Pipe
Toronto Stock Exchange
3
June
10*
10*
97*
National Grocers
New York Curb (Associate)
101
32
22*
May
3
*
National Breweries
STOCK BROKERS
July
Dec
13*
6
6
100
Muirheads
Duncanson, White & Co.
28
505
73
A
Nov.
195
*
Corp
600
37
*
Moore
King Street West, Toronto.
1.20
23
35*
*
Groc A
Preferred
16
23,855
22*
36
Monarch Knitting pref. 100
Members
64
Jan
(John)
M oColl-Frontenac
Canadian Commodity
10
Laura Secord
Preferred
119* 119*
5s
1.15
1.15
Maple Leaf Garden pref. 10
Maple Leaf Milling
117* 118
6s
104
Loblaw
Bid
Ask
725
27
28,231
14*
59*
*
*
5
12
21*
104
*61"
Lang Co.)
Bid
14*
100
Lake of the Woods
45
19*
13*
20*
Imperial Tobacco
5*
12
*
Imperial Oil Ltd
Internatl Utilities B
Government
5*
31*
*
Kelvlnator
Dominion
Feb
8
Great West Saddlery
Toronto and Montreal
Oct
Dec
105
Hamilton Cottons pref..30
Hamilton Utd Theatres.25
wres to
Dec
30
90
Harding Carpets
Private
Nov
Nov
Apr
May
7*
6*
♦
General Steel Wares
Inc.
34*
22*
10*
11
4*
Nov
Sept
June
30
Frost
Co.,
46
20
*
A
Preferred
New York
Apr
18*
Apr
14
May
4* May
8
May
29*
*
Equitable Life
Fanny Farmer
Gundy
30
27*
37
29*
English Electric B
14 Wall St.
JaD
15
Economic Investment... 50
Ford
5,935
1,415
6,821
17*
108
10*
19*
10*
♦
Easy Washing
Bonds
5
27
20*
*
15*
530
77
50*
.100
Aug
22
206
24*
5*
206
20*
74*
9*
Preferred
Deo
June
21*
Dominion Stores
Nov
101
""25*
Eastern Steel Products
Canadian
32
5
*
_
pref
Sept
3*
25
Dominion Coal
24*
Sept
...100
Distillers-Seagrams
118*
30
2
Dominion Steel & Coal B 25
1
Sept
310
21
206
24
3
2*
103* 103*
"~~9*
Consolidated Bakeries
90
55
30
30
30
High
Low
Shares
29
Wallpaper B__
15 1946
11951
Nov
4 Ha
Canadian
15 1943
June
Price
Canadian Wallpaper A..
Consolidated
Prov of Saskatchewan—
6s
Par
Canadian Wineries
111* 113
4*8
15 1960
15 1961
15 1965
Province of Quebec—
4 Ha
Prov of New Brunswick—
4 Ha
1962
Stocks (Concluded)
120
12.*
1,540
49
370
204
29
7*
7
2,085
205
n*
95
12*
39
126
13*
154
4,926
20*
88*
5
Jan
June
5*
Apr
13* May
37*
150
Oct
160
Feb
70
July
90
Mar
25
8*
Mar
Sept
100
Oct
117
July
75
Nov
95
Feb
6
196
Nov
Ontario Loan
50
108
108
3
Toronto General Trust. 100
84
84
6
Feb
value.
52*
/ Flat price.
Jan
Dec
Dec
18
Jan
Dec
140
Sept
Feb
Toronto Stock
Exchange- -Curb Section
See
Page 3808
Jan
58
214
5
201
No par
14*
Feb
56
201
*
Oct
Apr
56
100
11*
15*
120
33
11*
100
Jan
Jan
44
72
Landed Banking
Dec
11
11*
National Trust
June
12*
Erie
Nov
50
July
&
Nov
204
Sept
10*
12*
19*
29*
20%
11*
100
Nov
71*
100
Huron
Oct
Jan
5
120
105
Loan and Trust—
Canada Permanent
Nov
Jan
6*
1*
12*
9*
Financial
3608
Dec. 5,
Chronicle
1936
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
WAverley 7881
TORONTO
MEMBERS
Montreal
Noranda
The Toronto Stock Exchange
Hamilton
Sudbury
Kirkland Lake
Sarnia
North Bay
Owen Sound
Bourlamaque
Ottawa
>
Read-Authier
—1
Montreal Curb Market
Red Lake-Gold Shore.
Canadian Commodity Exchange(Inc.)
Chicago Board of Trade
Reno Gold
Stocks—
*
of Prices
Acme Gas & Oil
ll*c
1
Afton Gold
8c
.1
AJax Oil & Gas
Aldermac Mines Ltd
1.55
...
7 *c
40c
1.43
8*c
43c
1.68
3*c
3*c
6*c
6*c
8c
*
6.00
6.00
6.20
Anglo Iluronlan
Argosy Gold Mines
*
1.25
1.15
80c
1
94
1
9*c
.1
8c
9%c
9c
3*c
1.29
93c
8c
Arntfleld
Ashley Gold
Astorla-Rouyn
Bagamac Rouyn
Bankfield Cons Ltd
.1
c
8*c 10*c
9*c
56,600
9*o June
4c
May
40o June
Nov
1*0
3*0
lOo
Aug
4.10
Jan
Jan
1.00
Apr
65o
Apr
6*o May
Jan
2*0
Jan
6*o
1.68
52,712
1.40
Oct
4c
3*0
Mar
28c
34c
1.28
1.26
1.30
1.55
1.51
1.75
1
50c
50c
53c
,1
Bobjo Mines
19c
19c
20c
8.10
8.05
8.25
18c
18c
9c 10 *c
*
Bralorne Mines
.1.
British Dominion Oil
immmm
9c
60c
ii
1
Buffalo Ankerlte
*
Buffalo Canadian
4%C
*
—
♦
Calgary & Edmonton—
Aug
July
ll*o
Nov
Feb
2.15
Nov
lOo June
42c
Sept
1.20 June
1.84
2.00
July
Oct
76c
Jan
JaD
500
18c
Nov
18c
4,800
9c
Jan
25*o
3,240
22,500
3.80
Jan
4*c
20
Jan
12o
May
13c
5,070
6o
Jan
18o
Oot
Jan
2 70
12
2.70 114,530
45c
57,425
1.69
1.72
1.75
73o
12
June
56o
Jan
97C
1.00
Jan
2 95
NOV
2.87
Jan
6.10
Sept
Nov
1.37
1.30
1.45
43c June
1.45
4c
3*C
4*c
36,000
3*o
Nov
8*c
Feb
25c
25c
500
80
Jan
30c
Nov
72c
78c
75,500
28,200
18*0
Jan
890
Nov
........
1
2.30
2.27
2.47
1
4.25
4.15
4.50
Sladen Malartlc
1
m
Southwest Pete
*
....
*
-
*
79c
...1
16c
15c
18c
15o
Nov
Sudbury Basin
Sudbury Contact
*
5.55
5.40
5.95
5,420
3.00
Jan
6.40
Nov
...1
28 *c
28c
31c
21,900
6o
Jan
350
Nov
1.99
1.97
2.06
14,710
83o
Mar
2.50
3.35
3.26
3.45
14,833
2.25
Mar
3.65
Nov
1
17c
17c
19c
32,550
12c
Nov
680
May
*
5.35
5.25
5.75
25,380
4.30
Mar
6.70
July
Apr
Tashota
Goldfields
Gold...
Teck-Hughes
*
2.20
2.20
2.20
28,680
1.45
Sept
2.50
1
3.67
3.63
3.90
7,535
1.20
Jan
4.45
1.20
1.12
1.38
20C
Jan
1.38
Dec
*
2.88
2.81
2.99
81,990
30,595
1.60
Jan
3 15
Nov
Toburn Gold
Towagamac
—
Ventures
*
White
2.25
6,616
1.00
Jan
2.49
8*c
6*c
7 *c
74,300
5*0
Nov
20*o
Apr
*
4c
3*c
4*C
35,900
3o
Jan
60
Sept
7*c
7c
7*c
3c
JaD
7.85
8.40
13,000
8,156
7.50
Oct
9.00
Feb
33*c
39c
16,910
33*0
Dec
71c
Jan
.
_
Eagle
.1
Wiltsey-Coghlan
Wright-Hargreaves
.
*
.
*
2.00
-
7.90
Ymir Yankee Girl
...»
Toronto Stock
Dec
2.46
July
8c
7c
8c
30
Jan
14o
May
17*c
27c
4*0
Jan
27c
Dec
3.25
3.25
29,925
18,200
1,000
4,870
65,294
70,610
6,485
2,250
83,060
299,265
33,000
10,329
803,954
21,225
184,250
45,360
1.75
1.85
3.20
m
2.00
1.85
2.17
50*
50*
6*c
54*
Eastern Malartlc Gold M .1
1.20
1.12
1.25
1
2.33
1.87
2.45
7c
34c
32c
*
11*
10*
.1
14c
10c
19c
Francoeur Gold Mines Ltd.
1.00
1.00
1.08
26 *c
25c
29c
73c
44c
12
See Page
Sales
Par
Stocks—
1.18
Oot
1.69
Mar
4.95
July
Acme Glove Works Ltd--*
Agnew-Surpass Shoe
High
Low
2.80
8H
2*
*
Alberta Pacilic Grain A..*
29
29
25
14
Jan
29
Nov
54
54 X
15
55
July
12
12 X
340
109 % 109%
16 X
18%
15
Ang-CdnT pf7 %Can reg 50
Associated
1.10
Sept
2.17
Deo
Sept
Nov
82c
Aug
2.45
Dec
55c
Nov
54*
12
Breweries
100
Preferred
......
Bat hurst Pow & Paper A
Bawlf (N) Grain
*
2%
2*
100
157
158*
May
Nov
40c
July
Canada Cement
*
13
65o
100
100
Nov
1.46
3,600
9*c
Oct
23*c
Feb
4*o
Jan
49c
June
11c
13c
Jan
26*c
Feb
14c
18c
14,900
3*0
Jan
24o
Aug
Can North Power Corp.-.*
25o 27 *c
3,374
4,000
36,885
1,000
17o
May
40c June
Canadian Steamship
*
Canada Steamship pref. 100
2.25
Canadian Bronze
*
50
Canadian Car & Foundry.*
Preferred
25
18
27
27
Canadian Celanese
*
26X
25%
100
126 X
30
Grull Wihksne
.1
Gunnar Gold
.1
Halcrow-Swayze
.1
Hard Rock
Hargal Oils
1.05
7c
39c
13c 13 *c
1.05
1.08
4c
5c
5*0
Jan
15o
July
21c
Mar
860
Aug
8o
Feb
16c
Sept
1.20
May
Jan
36,050
75o
23,700
2o
Jan
3.63
10*c June
2.80
2.80
3.10
40,917
30o
24c
21c
28c
11,500
90
Apr
28o
Dec
15*c
15c
17c
47,500
7c
Jan
26c
Sept
14c
19c
39,300
11,548
10*o
13*
Oct
31c
Dec
May
1
*
Harkor Gold
1
High wood Sarcee
*
16c
Hollinger Consolidated.. .5
13*c
Homestead Oil
I
43c
40c
48c
33,500
lie
Jan
17*
8lc
Howey Gold
1
63c
60c
66c
51,650
55*c
Mar
1.00
43c
40c
45c
Jan
1.82
i.eo
1.87
300
Jan
Kirkland-L&ke
63c
61c
66c
19,577
48,145
28,450
290
1
41c
May
Laguna Gold Mines
93c
87c
93c
21,950
55o
Aug
95c
Jan
62*
J M Consolidated
Kirk Hudson Bay
July
JaD
13*c 13*c
June
July
Canadian Cottons
Nov
5o
Jan
47o
July
Aug
1.38
May
Lebel Oro
1
18c
17c
21c 100,326
12c
Jan
29*c
Mar
Lee Gold Mines
1
7c
6c
8c
56,800
2*c
Mar
15c
Little Long Lac
*
6.90
6.85
7.50
18,362
5.70
Aug
7.75
23c
5,700
7c
June
7.20
30,458
3.12
5.40 149,289
97
May
15
165
*
23%
Jan
106*
34
Jan
4,922
3,190
1,495
26
Apr
1,228
4,362
2,410
2,868
100
51
May
25
15
Mar
21*
34*
Jan
6% July
5% June
10%
5X
Aug
Jan
Aug
107*
Dec
12*
Feb
11*
Jan
11
Dec
16*
Feb
10*
Nov
80
Nov
Dominion Coal pref
21X
21
22
3,759
14%
Apr
22
Nov
100
115
115
30
Jan
116
Nov
100
150
152
205
Jan
155
June
102 X
102 X
10
Apr
102*
Dec
10 X
12,083
10*
Nov
Nov
Nov
Dec
Dominion Rubber
5*0
100
Dominion Glass
Preferred
Preferred
Dry den Paper
1.68
1.82
Mar
2 24
Jan
July
ll*c
10*C
20c
Nov
42c
Jan
1.78 June
Feb
*
9%
9%
18%
70
72
150
70
100
150
*
Electrolux Corp
20
143
1
2X
3
280
22 X
23
1,205
23
Heating Prod..*
3%
37%
3%
39
4% May
July
IX
19%
79
150
July
14*
4*
Jan
28*
10X
Nov
Nov
Sept
13c
12c
15c
17,900
100
Nov
24c
Famous Players C Corp..*
24
23
24
40
18
May
25
2.65
2.65
3 04
13.732
1.10
May
3.15
Nov
Foundation Co of Can...»
24 %
23*
27
7,240
13
Mar
27
23c
20*c
25c
7.400
7*0
Jan
1.00
Mar
General Steel
1,985
3
'June
41c
49c
12,500
2c
Mar
49c
Dec
1.70
1.93
Nov
85c
Oct
-
1.58
1.50
Jan
1
72c
70c
71,155
26,670
6*0
Morrls-Kirkland
54c
June
Murphy Mines
1
6c
5c
6 *c 117,300
*c
Jan
Newbec Mines
»
5c
5c
5 *c
20
Jan
New Golden Rose
1
Moneta-Porcupine
7c
1.40
Nov
-
*
Lime & Alabast.*
Hamilton Bridge
Hamilton Bridge pref.. 100
—
9,480
1,166
64%
110
64
1.00
July
Aug
Hollinger Gold Mines...
13*
2.30
July
3.05
Jan
Howard Smith Paper...
19%
6,703
44*
Jan
74*
Nov
55c
14,162
28*0
Jan
63c
May
9c 10*c
15,900
9c
Oct
18c
Sept
Jan
13*
Dec
-
*
11*
13*
121,770
34c
8*c
7c
8 *c
76,540
60
Aug
15c
May
52c
50c
56c
35,918
40c
Mar
85c June
3.60
3.10
3.60
12,630
3.10
Dec
5.20 June
Paymaster Consolidated. .1
1.12
Perron Gold
1
1.83
Peterson-Cobalt
1
1
Jan
L25 May
Preferred
7.60
Oct
1.72
3.50
3.34
3.53
1.80
Jan
3.66
Sept
21,360
Jan
100
92
5%
81
5X
92
5%
91
92
Jamaica Public Serv Ltd
36 X
36 X
John A Lang & Sons Ltd.
15X
16
Nov
12
Feb
Nov
Dec
5*
Preferred
*
No par value.
91
Mar
7%
Dec
*
Dec
14*
43% May
Dec
pf.100
Mar
Mar
Apr
7
5%
International Power
95c
Apr
13%
10 X
International Power
3.95
Dec
Mar
17*
100
Feb
July
5.40
20
119
300
Sept
11,235
June
5X
1.90
Oct
Oct
9%
10%
4*c
Dec
13%
88
5X
Jan
79,633
Nov
10 X
*
C
Julv
1.70 184,850
65
33 X
2o
6.00
12,424
1,061
Nov
Jan
25 X
32
1.12
7.60
50
Nov
13
Aug
32
50*0
1.40
3,385
7X
9*
14*
May
Industrial Acceptance
Int Paper & Pow B
3.500
5.40
14
7X
Mar
4
66%
33*
10*
68,821
6.70
102
213
Dec
Nov
5% June
5
63%
58,535
1.63
13*
8.346
5,646
68^
59%
1.18
5.50
7%
13%
20
Sept
61
1.85
7.45
13%
18%
54%
Int Nickel of Canada....*
2*C
Pioneer Gold
•
100
14
£1
1.60
1.10
Pickle Crow
-1
100
Imperial Tobacco of Can
2*c
Powell-Rouyn Gold
12 X
6,000
*
Premier Gold
14%
11
2,385
-
290
7%
12%
1.10
-
8
12
7%
2.65
Preferred
57
11
73
1.04
56 X
8X
U%
2.55
12*
O'Brien Gold
Pamour-Porcupine
Gypsum
70
1.09
50c
Norgold Mines Ltd
Omega Gold.
Gurd, Charles.
2.65
*
Northern Canada Mining
Olga Oil A Gas New
30,850
8*c Sept
56 X
70
Nlplssing
Noranda
80c
Goodyr T pref inc 1927.100
7X
Feb
6
♦
8
Oct
Nov
40
*
*
Jan
Nov
Jan
*
Wares
Oct
Jan
200
300
July
May
3,708
2X
English Electric A
95
60
12 %
14%
106
136%
548
13*
Eastern Dairies
Enamel &
18%
pref.100
1.70
-
July
73
Merland Oil
.1
Mar
105
Mining Corp
Mlnto Gold
Model Oil
Nov
38
Feb
6.40
Dec
Nov
Nov
7.35
86o
57
58*
24*c
2*0 May
19c July
Jan
Jan
Sept
19,050
Jan
48
18%
60c
22,880
30
32
49*
17c 335,550
Aug
4,591
Oct
95c
Oct
22
2,315
Dec
18c 19*c
Nov
58%
50,900 '36*0
86c
130*
55
44c
19c
31*
Mav
55%
42*
90c
May
May
25X
40*
*
Feb
13
25 %
112
Dominion Bridge....
36*c
1
Nov
Aug
Dominion Textile
McVlttle-Graham
19%
29X
Apr
Dominion Steel & Coal B 26
McMillan Gold
McWatters
27
13%
10%
Apr
Dlst Corp Seagrams
Jan
1 22
11
77
Aug
1
73
9 X
Aug
McKcnzle Red Lake
65
Feb
Nov
10
26 X
107
Feb
51
135
103
26 X
107
6%
15*
Jan
74%
18%
25X
3.50 June
38
103
6% June
31
Nov
125
57
10
30c
4,447
22,240
57
75
30c
37c
28
25
Crown Cork & Seal Co...*
Jan
40*
26X
13
Jan
20c
29%
13,918
5.345
1,186
126 X
30
126
18%
5*0
14c 18 *c 214,700
20*c
17%
19%
10%
10,725
17 *c
.1
Maple Leaf Mines
May 8plers Gold Mines.
6
Mclntyre Porcupine
348
440
7
21c
Manitoba A Eastern
*
7
50
*
Con Min <fe Smelt new
70c
15c
6%
48 X
*
Nov
53,700
6.75
3.25
25
38,050
4.65
27 %
Apr
7
16c
20c
60
Jan
1.25
7%
1.05
5.15
Dec
22%
355
7%
13c
6.95
9
650
2.25
6%
85c
*
May
July
66
6X
13c
1
51
103
26
1.90
7X
1.05
*
6X
,
Candn Industrial Alcohol- *
1
Macassa Mines.
May
Dec
1
Lowery Petroleum
Nov
50
Aug
1
MacLeod-Cockshutt
20*
Dec
1.87
Lava Cap Gold
51*
June
30
80*0
Lamaque-Contact
3,188
Jan
3
9
lix
Lake Snore Mines
59c 62 %c
58
125
Candn Hydro-Elec pref 100
Canadian Pacific Ry
Cockshutt Plow
59c
268
19
July
Canadian Locomotive
Nov
30
26 X
94c May
Jan
Nov
14%
56
100
*
Nov
58
103
Cndn Foreign Investment *
Preferred
100
Class B_
Nov
16
25
26
100
Preferred
Nov
18
100
Canadian Converters ..100
Jau
3% May
7
July
18%
38%
8%
30
100
18 X
Canada Iron Foundries. 100
Preferred 7%..
28
Jan
6
19o
55%
12%
26,800
20,100
36c
541
9%
9,211
*
13c
6*c
Nov
14%
Building Products A
40c
36c
Jan
159
Jan
Aug
36c
*
38
Mar
33
2.22
65c
.1
Sept
605
Oct
Jan
20
141
56%
75c
4.50
30
665
Bruck
ll*c
Grandoro
Sept
Jan
Feb
Nov
1,044
20,485
1,216
Dec
Preferred
1.00
18%
23X
8X
Nov
19c
6o
Mar
8%
12*
Jan
*
10*
7
Jan
Preferred..
15
110
7%
36
Dec
3o
Can Forglngs class A
July
35%
British Col Power Corp A. *
B
:
*
32c
6-90
Jan
Jan
38*
May
7*
16%
*
9%
7*
17
Mills
430
2X
51%
104
18%
36%
*
Brazilian Tr, Lt <fe Pr
15,336
21X
Sept
158%
28X
100
Preferred
Bell Telephone
Silk
Jan
50
Amal Elec Corp pref
Apr
June
Jan
Nov
Nov
1.25
Jan
6
6
3.30
9*o
10
Jan
2.75
61*
July
July
2
4.25 June
Jan
AUg
7%
2
25
Oct
Jan
60
6
Jan
July
225
6
May
42
8%
2%
*
100
Preferred
Amal Electric Corp.
36c
Greene Stabell
High
21
50
26
67c
16c
Low
14* June
26
1.22
51c
50
24
1.70
4*0
19%
19
H*c
13c
Range Since Jan. 1, 1936
Shares
Jan
2.41
Price
1
1
Exchange
both inclusive, compiled from official sales lists
•
1
lOo June
3808
Montreal Stock
Nov. 28 to Dec. 4,
.)
1
Nov
Exchange—M ining Curb Section
for
1.20
Granada Gold
Oct
Consolidated -50c
Walte-Amulet
Wayside
Sept
Exploration. 1
Texas-Canadian
Aug
52,050
Graham-Bousquet
Feb
1
Sylvanlte Gold
2.10
1.60
Goodfish
38*0.
Sullivan Consolidated. ...1
Jan
1.20
2.65
God's Lake
Oct
Stadacona-Rouy n
St. Anthony Gold
1.15
Feb
1.75
Golconda Lead...
Dec
Week
July
Glenora Gold
lil6
34 *c
83c
78c
of Prices
69o
Dorval Slscor Gd M Ltd. .1
Apr
76c
Week's Range
1.60
2.70
Eldorado
Jan
76o
78c
1.44
50,075
57,000
3,400
38,129
15,845
165,225
Sale
Oct
..
3.45
Last
Sept
«.
Aug
40
Aug
Friday
75o
.
750
Sept
1.00
Dec
30o
*
Mar
26*
Dec
21,065
.1
6*0
11,128
2.72
Nov
36c
♦
Dome Mines
47.400
40
2.40
45o
1.40
-
24c
20c
32
1.75
32c
5
Sept
Sept
Jan
1.10
-I
Coniaurum
1.46
Mar
1.30
Coniagas
Mar
5c
35c
1.35
4.40
Commonweath Petroleum *
2.46
1.00
10,510
95*0
1.25
1.24
4.00
*
July
Jan
14,500
2 40
5ftc
Mar
*
Clerlcy Consolidated
4.45
50c
1.40
*
Nov
*
1.28
Chromium Mining
Jan
1.50 219,870
Oct
66,873
1,100
16,752
32,285
140,600
4.05
Chemical Research
4.35
1.14
Nov
30c
.1
1.40 May
1.30
Aug
5.55
36*0
9.00
1.45
1
Oct
July
Feb
1.25
Oct
36c
Central Porcupine
D&rkwater Mines Ltd—
31c
Apr
1.58
Central-Patricia
Cons Chibougamau
1.89
1.20
10*
13o
1
Cariboo Gold
Castle Trethewey
2.50
14o June
12*c May
7.50
Aug
1.75 Sept
46c
_*
Calmont Oils
Canadian-M alartlo
10*
4*c
11*0
Feb
168o
1.40
♦
70o
Oct
3*c
.1
Feb
88o May
Jan
1.48
51,178
43,150
9,120
37,708
14,731
28,000
2,335
18*c
88c
4c
Bidgooe Kirk
Big Missouri.
Goldale
14,050
25,400
9c 169,300
High
3*c
Beattle Gold Mines
Falconbrldge
Federal-Klrkland
7,100
25,300
4,800
315,626
24,900
145,350
2,148
19,331
Low
*
Base Metals
Dominion Explorers
Shares
Range Since Jan. 1 1936
.1
Barry-Holllnger
Hill
10*c ll*c
*
Algoma Mining
Bunker
High
.1
Alexandria Gold
BRX Gold Mines
Week
Low
Price
Par
590
South TIblemont
Sales
for
900
Slscoe Gold
both inclusive, compiled from official sales lists
Week's Range
Nov
66c
...1
Sheep Creek
Sale
Jan
46c
Sherritt-Gordon
Exchange—Mining Section
Last
325
Oct
40
Shawkey Gold
Friday
2.25
Dec
30c
4.20
21c
San Antonio
Nov. 28 to Dec. 4,
Mar
1.25
45,300
1.34
♦
Royalite Oil
Toronto Stock
210
800
40c
1.34
4.30
♦
...1
Roche-Long Lac
Timmlns
17.970
1.30
66o
...1
1.40
35c
37c
Winnipeg Grain Exchange
High
Low
1.30
.......
Quebec Gold
Sabres
1.25
1.33
+
Prospectors Airways..
Paulore Golo Mines...
1936
Week
*
Preston (new)
Cobalt
§ 1 Since Jan. 1
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
Week's Range
Sale
OFFICES
Toronto
Sales
Last
GRAIN
BONDS
Exchange—Mining Section
Friday
28
Nov
92
Dec
Dec
Dec
27
Jan
60
3
July
356
57
Jan
95
20
33
Jan
37*
Oct
200
14
Oct
16*
Nov
35
6*
Nov
Sept
Vohum*
Financial
14$
Chronicle
3609
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Weet's
Sale
Stocks {Concluded) IPar
Lake of the Woods
100
36
Lindsay (CW)
Massey-Harris
*
8
*
Montreal Cottons
Low
34%
»
McColl-Frontenac Oil
Range
of Prices
Price
7
Montreal
Sales
Friday
High
Range Since Jan. 1, 1936
for
4,810
8
7%
2
6,635
13%
Jan
16%
7,542
May
Aug
12%
Stocks {.Concluded)
Hihg
4
146
6%
12%
Jan
38
Oct
8
Oct
8
Nov
Feb
17%
Low
315
47%
20%
17%
19%
19%
231
8%C
8%c
1.45
1.66
4o
4c
""50c
46c
57c
High
Apr
July
Mines—
Afton Mines Ltd
1
Aldermao
1
81o
Big Missouri Mines Corp.l
50c
50c
53c
266
85
Apr
Apr
Jan
91%
103
Jan
Bouscadillao Gold Mines. 1
47o
42c
47c
34c
Oct
58c
Oct
2,790
39
Jan
45
June
9c
9c
9c
500
5c
Nov
40o
Jan
44
117
30%
30%
1,065
27%
Sept
5
26
Jan
38
Nov
61
86
Jan
105
Dec
Montreal L H A Pr Cons.*
33
33
34%
8,658
30
May
36
Oct
...........
58
58
40
Montreal Tramways...100
MMM
......
*
41%
25
Niagara Wire
46%
42
36
105
Nat'l Steel Car Corp
Walker-Gooderh <fe Worts *
Walker-Good & Worts pf_*
90
36
102
Preferred
Range Since Jan. 1, 1936
for
Weel
of Prices
High Sahres
Low
41
36
Telegraph
Weel's Range
Price
1,500
108,050
1,000
52,739
1,900
18,710
105
Montreal
Par
43%
13%
100
National Breweries
Market
Sales
Sale
Low
100
Preferred
Last
Weel
Shares
37%
Curb
Friday
43
55%
Mar
39%
49
45%
51%
16,482
13
May
41%
»
new
40
41%
960
29
July
72%
4,955
60
,
1.52
Barry-Hollinger G M Ltd. 1
Beaufor Gold
.1
..
45%
51%
41%
Nov
Brazil Gold & Diamond Ml
Bulolo Gold Dredging Ltd 5
Deo
Cartler-Malartic G M Ltd 1
30c
30c
Dec
Cons Chin Gold Fields... 1
2.80
2.70
Dome Mines Ltd
31
5c
July
Sept
4o
Nov
10c June
30o
Mar
59c
48c
Nov
75c
410
Nov
3.30
Nov
Jan
61
75
Nov
64%
705
100
44%
199%
Jan
250
Jan
255
Nov
East Malartio
.1
1.20
1.12
1.2*
23,650
52o
July
1.25
170
23
152
Jan
170
Nov
Rldorado Gold Mines Ltd 1
2.30
1.89
1.79
Nov
2.45
*
15
16
80
6
Jan
20
Nov
Faiconbridge Nickel M._*
11%
11
2.45 207,145
12
2,770
6.90
Jan
99
99
99
56
88
Feb
101%
Aug
Francoeur Gold Mines Ltd*
1.00
1.00
1.08
10c
Oot
103%] Oct
Jan
129
69
70
250%
Ottawa L H A Pow
100
New preferred
100
103
103
103%
100
129
129
129
Power Corp of Canada...*
20%
20%
Quebec Power
19
19
*
9%
Regent Knitting
8%
Jan
22%
Nov
Greene Stabell Mines Ltd.l
J-M Consol G M Ltd
1
Lake Shore Mines Ltd
1
"~45c
11%
465
14%
Jan
24
Nov
Lamaque Contact G M._*
13c
9%
3,632
4%
May
51
101%
5
104
118
25
MM---
104
100% 100%
97
100
6%
6%
0%
50
23%
22%
24%
68
30
62%
55%
64
Shawinigan W A Power..*
25%
25
26
6,151
5,268
Sherwin Williams of Can.*
23%
23%
25
68
3.25
114
Jan
9
Oct
13
13
695
11
June
72
13%
73%
755
57
Jan
64%
576
49%
Jan
72
64
160
160
14
16
Twin City
*
Viau Biscuit new
6%
._*
United Steel Corp
Wabasso Cotton
6.70
7.60
10
130
Nov
Pioneer GMofB.C
1
5.60
5.60
Quebec Gold Mining Corp 1
Read-Authler Mine Ltd__l
69c
05c
4.30
4.25
Dec
15%
15
Nov
ShftWfrfiV
-
MOO-
M
Windsor Hotel pref....'100
1
Canadienne..
M
*
7.00
Dec
6.00
300
5.60
Dec
11.60
69c
1,400
590
Oct
1.40 May
4.40
9,200
1.43
Jan
4.45
15,575
Oct
1.10
July
5.00
Sept
1.45
Nov
1.99
1.98
2.05
32,568
Mar
2.47
5.30
5.65
4.30
Mar
6.65
Sept
July
Dec
Sullivan Coos Mines Ltd.l
10
Oct
8%
3,375
Teok-Hughes G M Ltd
1
Thompson Cad
1
Towagamac Exploration.1
Nov
116
20
May
32
Jan
62
9
48
Feb
62
Nov
11
5
4
12
Nov
4
Oct
4%
Oct
78c
1.15
1.28
4,900
1.28
Dec
290
2.90
2.98
600
1.00
Jan
3.15
Nov
..50c
8%c
7c
8%c
1,000
6o
Nov
21c
Feb
...»
Wayside Con Gold
"~80c
7.95
7.95
8.15
1,770
7.50
Oct
8.90
Feb
5o
6c
6,560
2c
Jan
11%0
Ventures Ltd
9%
1,277
2%
Aug
48
17%
Oct
21
May
Jan
Nov
50
1,180
87c 126,289
*
7
24
2
W right-Hargreaves
1.50
37 %o May
24c May
«.
Aug
Unlisted Mines—
Oct
Arno Mines Ltd
90
Oct
Cndn Malartic Gold
1
1
60
Nov
.*
1.50
1.65
10,400
1.72
98c May
4J25
4.30
220
5c
6%c
25c
6c
Mar
4.75
4o June
10% o
2.49
133
Jan
141%
Aug
Duparquet Mining
1
Howey Gold Mines Ltd__l
62c
51,400
1,500
Feb
93c
168
M
Jan
Nov
Mar
2,128
M
Sept
Mar
Mar
3%
M
Sept
1.95
3.95
77c 84 %c
80c
46 %o
Jan
18c June
750
3%
168
100
5.00 June
Oct
1.12
2.88
3
140%
..100
3.17
26,591
8,060
42 %c
83o
3
58%
100
Commerce
Deo
0,250
Central Patricia Gold
Dominion
13%
50,000
16
75
Jan
1.45
Mar
180
35c
Aug
4.40
Nov
58%
140% 141
Sept
1.29
9%
85
2.05
4.15
6
58
Nov
1.37
16
85
Jan
25c
4.25
Apr
Sept
-M-MMM
50
46%
..1
Banks—
Canada
14c
Oct
Sladen Mai
94
21
Apr
Siscoe Gold M fnes~Ltdl III
Nov
6%
20
Mar
Jan
3o
Nov
3%
Winnipeg Electric pref. 100
Woods Mfg pref
100
29o
13o
39
Nov
73%
64%
3%
*
B
July
160
62
7%
46 %o
Aug
Jan
150
11
*
Winnipeg Electrio A
7.50
24
7%
24
Western Grocers Ltd
6
Nov
25%
Dec
Jan
5
1.86
28%
3
25
25c
1.58
May
*
Preferred
26o
1.84
10
*
Steel Co of Canada
3.60
320
1.115
Tuckett Tobacco pref. .100
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd._l
Nov
6c
13% 102,385
3.60
2,250
28o
26,650
Perron Gold Mines Ltd___l
Pickle Crow G M Ltd
1
68
64
Nov
800
Nov
Jan
Jan
Aug
63o
70c
11%
July
81c
Oct
55c
12
18%
930
Jan
39,800
O'Brien Gold Mines Ltd__l
40
Jan
19c
Nov
Jan
8
Aug
23c
8%c
40%
1
2.24
28 %o
18c
Montague
Dec
Nov
July
54% d
6%c
40%
7c
Nov
20%
130
1
6%
25%
15%
130
1
Lee Gold Mines Ltd
May
12
— -
Lebel Oro Mines Ltd
Mclntyre-Poroup MJLtd-5
«._M-MM
MM—O
Oot
45c
Aug
Nov
15
10,800
6,400
41c
40c
101%
June
11,650
9,900
25,850
59 %c 62 %c
13c
16c
Nov
»
100
Simon (H) A Sons
Southern Can Power
Dec
9%
105
43
485
35c
59%c
1.5
6,355
St Lawrence Paper pref. 100
Jan
Nov
99%
12,547
St Lawrence Flour MlllslOO
50
50%
6,505
*
A preferred
*
22%
21%
100%
100
Saguenay Power pref
St Lawrence Corp..
Preferred
Jan
Jan
Apr
170
Ontario Steel Products
Roll and Paper pref
Jan
2c
29,785
250
*
*
Penmans pref
Sept
37
100
Noranda Mines Ltd
Ogilvie Flour Mills
Preferred
Deo
1.66
1.10
36c 126,750
3.23
Apr
95c
170
108
148
Apr
173
Nov
Macassa Mines
1
'6*95
6.90
7.15
6,160
3.18
Jan
7.30
220
220
1
195
Jan
220
Nov
San Antonio Gold M Ltd.l
2.45
2.45
2.55
400
1.64
Aug
3.40
252
184
May
216
Nov
Sherrltt-Gordon
98
271
Jan
312%
104
164
Jan
201
Montreal
100
215
212% 216
Nova Scotia
100
312
306
100
200
198
51%
72
312%
Royal
'
200
Dec
Nov
62c
2.35
2.28
2.45
79
72
80
1
Stadacona-Rouyn
_.*
SylvanlteGold
3.45
1
16,280
1.00
70,350
17%o
Jan
890
3.45
100
2.33
Nov
3.65
4%
3.00
Jan
Unlisted Stocks—
Abltibl P & P Co...
100
Ctfofdep6% pref-—100
HANSON BROS
Canadian Government
ESTABLISHED
Sparks St., Ottawa
19,124
3,797
35
15
60
"56"
36
35
60
12
*
75c
80c
90c
2%
2%
14%
9%
10%
1,325
*
Canada Bud Breweries
*
Canada & Dominion Sugar*
Canada Malting Co Ltd..*
Industrial Bonds
68%
36
37
21
Montreal Curb Market
Dec. 4, both inclusive,
5
12%
65
40c
Consol Paper Corp
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Price
87
6%
7
705
4%
4%
5%
130
Belding-Cort cum pref.100
127
Brit Amer Oil Co Ltd
»
21%
20
*
12
12
2.55
Cft.garyA Edmonton Ltd.*
Can Nor Pow Ltd pref.100
Low
7,418
7
BC Packers Ltd.
Canada Vinegars Ltd
Shares
77 %
109%
1.90
130
17%
3
High
Jan
87
Dec
Mar
8
Nov
6%
Nov
1.95 June
2,740
62
126%
Oct
22%
1,878
16%
Jan
27%
12%
397
May
13%
Oct
2.60
2,200
1.50
2.60
107%
109% 111
*
20
20
20
5
20
May
48
48
48
50
37
Jan
4%
Can Int Invest cum preflOO
2%
Canadian Vickers Ltd—*
Cum pref..
82
85
Cndn Pow A P Invest Ltd*
2%
4%
85
126
16%
68
8
8
2.00
4
2%
1.75
3%
2%
2.00
*
55
55
*
10%
10%
11
Dom Tar A Chemical Ltd *
16%
14
16%
107
58
108
4%
16%
68
Sept
3.00
Feb
4%
Jan
4
60
26%
Jan
7%
4%
July
337
50
Feb
Jan
12
16%
16
Mar
35
Mar
1.40
1.50
2.00
593
Fraser Cos Ltd
*
30
28%
33
Voting trust ctfs.
*
Freiman (A J) cum pf6%100
Home Oil Co Ltd
*
29
28%
32%
37
37
37
1.95
65o June
9
1,641
2.75
Apr
Jan
33
Nov
12,954
8
Jan
33
Nov
5
37
Nov
60
Feb
40,900
70c
Jan
1.95
Dec
Hunter Valley Oil
*
75c
67c
75c
1,250
70c
Nov
95c
Nov
Imperial Oil Ltd
*
20%
19%
24%
Apr
7%
7
19%
2%
Dec
*
21%
7%
22,482
Int Paints (Can) Ltd A.
Apr
9%
Oct
33
35%
5,392
33
Dec
39%
Apr
85
4
1.25
12%
*
4%
Mitchell A Co (Robt) Ltd *
B
13%
Montreal RefAStor v tr..*
1.25
11
4
13%
10
1.30
14
720
477
50o
9
2,955
910
2%
Aug
380
5
Apr
1.50
2.00
*
13%
13%
13%
25
9
Page-Hersey Tubes Ltd..*
MMMMMM
20
79
cum
Reliance Grain Co Ltd...*
7%
13
Sarnla Bridge Co Ltd A..*
Southern Can
*
Standard Clay Prod
LtdlOO
105
United Securities Ltd--100
Walkerville Brewery Ltd.*
7%
8
105
4
7%
15
8%
106
M
M
M
M
MM
MM
5
5
125
M
*
United Distillers of Can..*
105%
12
MMMMMM
P pref..100
Thrift Stores Ltd
103
4
*
Sarnia Bridge Ltd B
102
105
105
pref.100
Quebec Tel A Tel
125
May
6%
16
Nov
"20%
1.00
19
21
100
88
87
98
.*
Preferred
40
32
40%
8,526
3,078
10,825
9%
130
Royalite Oil Co Ltd
Feb
Oct
2.00
Apr
Jan
11%
Mar
Feb
110%
Nov
Mar
106%
Nov
Nov
7
Nov
Aug
10
Jan
Jan
15
Oct
20
290
220
50
6
/
9%
Western Can Flour Mills.*
Jan
2% May
27
May
26%
Apr
8%
Oct
nifc* *
SECURITIES
CANADIAN
Government
•
Municipal
•
New York
1.50
98
Jan
Jan
Bell System
Bid
10
116
Abltibl P & Pap ctfs 6s '53
Alberta Pac Grain 09
.
.
1946
/76%
96%
Bid
MacLaren-Que Pr 5%s '61
93%
98%
49%
Manitoba Power 5%s.l951
89
90
82%
84
Bell Tel Co of Can 5s. 1955
115% 116%
Brit Col Power
5%8_.1960
105
Mar 1 1960
104%
5s
Burns A Co
5%s-3%s_1948
Calgary Power Co 5s-.I960
Canada Bread 6s
1941
CanadaNorthPow 5s. .1953
74
96%
110
M
M
M
-MM
Canadian Vickers Co 6s '47
98%
99%
112% 113%
/64%
65%
5%s. 1901
Dom Gas A Elec
6%s_1945
94%
94%
Donnaconna Paper Co—
3
s
1956
81%
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
1
100
79%
82
—
MM
MM-
Oct
Dec
Gt Lakes Pap Co 1st 5s *55
102% 103%
102% 103%
103% 104%
81
/80
103%
Jan
1950
1956
Oct
Int Pr A Pap of Nfld 6s '68
Feb
Lake St John Pr A Pap Co
1.15
Nov
28%
3%
July
54
2%
1,055
20
1.75
Sept
Feb
5%s '57
value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 58.1937
0%8
0%s
*
Feb
Feb
No par value
...
1 1942 /120 * 121
1 1947 /102 * 103%
* Flat price
93%
94%
104% 105%
/51 %
105
52%
/50
50%
103% 104%
91
93
Northwestern Pow 6s. 1960
79%
80%
Certificates of deposit...
Nova Sootla LAP 5s. 1958
79%
80%
6%s. 1955
5%s '70
Power Corp of Can 4%s'59
Ottawa Valley Pow
5s
General Steelwares 6s. 1952
Fraser Co 6s
Gatlneau Power 5s
3.00
8
par
Ottawa Traction
Apr
Apr
Mar
Massey-Harris Co 5s.. 1947
McColI Frontenac Oil 6s '49
Montreal L H & P ($50
101% 102%
Consol Pap Corp
'38—5%s to '49
Montreal Island Pr
'49
Cedar Rapids M & P 5s '53
to
97%
Canadian Lt A Pow 5sl949
Inter Pap 6s
2%s
Minn A Ont Paper 68.1945
111
94%
Maple Leaf Milling—
76
103% 104%
100% 101
Canadian
Ask
77
/49
Sent
2
Utility Bonds
Ask
Beauharnols Pr Corp 5a '73
50c
24%
HAnover 2-6363
"y 'n#*
Industrial and Public
1.00
2%
*
Tele. NY 1-208
I
5
24%
Corporation
Royal Securities Corporation
30 Broad Street
1,600
10
•
Private wire connection between New York, Montreal and Toronto
Nov
3%
4%
M
-
2.50
14
97%
2%
^M -
M
Feb
30
1.15
M
1.50
14%
108
1.10
MM
Jan
June
4%
1.50
Power of Can
Jan
14%
45
Voting preferred
Sept
96%
Jan
Jan
*
28%
45
Nov
Dec
1
1,290
2,325
15
46
97
Dec
108
5
Inter Util Corp class B
28%
40
Sept
Nov
386
365
5,045
15
Melchera Dist Ltd A
26
43%
McColI-Frontenac OilpflOO
Price Bros Co Ltd
.100
Feb
80
9%
26
July
Sept
*
Deo
2
200
A...*
190
1,800
Dec
13
34
18
23
Nov
15
...
Jan
16%
Dec
.12%
12
*
Jan
Apr
Nov
Apr
15
Inter Util Corp class
2,740
22%
Nov
13
Int Petroleum Co Ltd
12%
4%
2%
8%
18%
17
Jan
15
1.30
Apr
2
22%
Nov
cumpflOO
1.90
15%
12,780
22,935
Ford Motor of Can A
Aug
European Elect Warrants A
Foreign Power Sec Ltd...*
...
100
8%
14%
13%
Eastern Dairies pref...100
July
55c June
30
Dominion Stores Ltd
49
3
1.00
13,820
2%
Dom Eng Works Ltd
108
12%
Apr
85
Jan
11%
2% June
220
4%
112%
27%
Sept
Feb
1.50
77
Commerlcal Alcohols Ltd *
Feb
145
1.10 June
309
City Gas A Elec Corp Ltd *
Dom TarAChem cm pf 100
35
8,865
13%
60
8
*
1.00
96
3
14%
Catelli Food Products B__*
East Kootenay P
30
60%
100
David A Frere Ltee A
4%
Sept
Dec
59
Aug
Feb
8
Can Dredge A Dock Ltd..*
Can lnt Invest Trust Ltd. *
*
Jan
Dec
15o
Massey-Harris Co pref. 100
Range Since Jan. 1 1936
83
Beauharnols Power Corp.*
A...,.*
12%
4%
64
1,500
21
7%
14
Apr
Nov
MacLaren Power A Paper*
Week
Asbestos Corp voting tr__*
Bathurst Pr A Paper cl B_*
21
7%
..*
B
Sales
Friday
Donnaconna Paper
Mar
Sept
19%
10
45c
Aug
Mar
30%
170
125
12%
64
12%
Consolidated Bak of Can.*
compiled from official sales lists
57
10
21
Sept
Sept
6%
129
205
Can Westinghouse Co Ltd*
to
11
10
68%
36
205
Claude Neon Gen Ad Ltd. *
Nov. 28
75o
1.75
895
50
Can Gen Elec Co Ltd
330 Bay St., Tariata
0% June
6%
Jan
16% Apr
2,995
\14%
1.30 May
1,345
2%
14%
Brewers A Dist of Van
Canadian Light & Pow. 100
Can Pow & Paper inv pref*
256 St. James St., Montreal
56
100
Preferred
Public Utility and
1113
7% pref
3%
29%
32%
Brewing Corp of Canada.*
Municipal
INCORPORATED
4
*
Cum 6% pref
Deo
Provincial Pap Ltd
1
1957
103% 105
101% 103
82
83%
102
101
103%
MMM
5%s '47
102
103
1968
104
Saguenay Power 4%s.l966
Shawinigan W A P 4%c '67
104%
105%
104
Quebec Power 5s
105
4%s '51
104%
101% 102%
Southern Can Pow 5s. 1955
103% 104%
Steel of Canada Ltd 6s '40
112
United Grain Grow 5s. 1948
95
Smith H
Pa Mills
United Secure Ltd 5%s *52
Wlnnlpge Elec 6s.Oct 2 '54
M
M
-MM
97
MM
90%
81
3610'.
Financial
Quotations
Bid
July
May
Nov
Mar
1 1976
11954
1 1954
1 1960
113
Bid
a4%s Apr 11966
a4%s Apr 15 1972
a4%s June 11974
a4%s Feb 15 1976
a4%s Jan
1 1977—
a4%s Nov 15 1978
a4%s Mar 11981
a4%s May 1 & Nov 1 1957
a4%s Mar 11963
a4%s June 11965
a4%sJuly 1 1967
a4.%s Dec 15 1971
a4%s Dec 11979
113%
113% 113%
114
114%
114% 114%
Jan 16 1976
July 1 1975
115
116
a4s
May 1 1967
120
120%
a4s
Nov
a4s
May 1195f
May 11977
a4s
Oct
120%
120%
121%
120%
124%
124%
124%
121
a4s
1 1958
1 1980
—_
a4%s Sept 1 1960
a4%s Mar 1 1962....
a4%s Mar 11964
121%
123%
123
125
125
125
Bid
b 2.30
less
1
3s 1981
b 2.40
less
1
World
War
George Washington Bridge
4%s ser B 1940-53.M&N
Par
Ask
Bid
105
115
Empire
...10
26
27
478
483
Fulton
..100
250
265
64
66
100
311
316
Bankers
.100
117
122
Guaranty
Irving.
Kings County
Lawyers
20
118
121
Manufacturers
Bank of Sicllly
Bronx
20
10
7
County
Brooklyn
Central Hanover
12
8%
9%
Chemical Bank & Trust. 10
57
59
86
90
50
Colonial Trust
25
10
14%
15%
1730
100 1680
25
Preferred
49%
54%
...20
New York
55
51
20
25
51%
56%
131
128
Title Guarantee & Tr__.20
13%
Continental Bank & Tr. 10
17
18%
Underwriters
100
80
Corn Exch Bk & Tr
62%
63%
United States
100 1995
20
,
16%
18%
14%
90
2045
Chicago Bank Stocks
Par
Bid
As*
American National Bank &
Bonus—
Trust
100
Barge C T 4s Jan '42 to '46
Ask
293
405
430
Northern Trust Co. ...100
800
840
115
Barge C T 4%s Jan 11946
Bid
288
Harris Trust & Savings. 100
Continental Hllnols Bank &
mmm
Par
First National
260
129
117%
134
109% 110%
106% 107
107
107%
Bayonne Bridge 4s series C
1939-53
J&J 3
Inland Terminal
4%s
ser
106
MAS
M&S
Holland Tunnel
4%s
ser
180
v'
•
BOUGHT
Members New
E
—
QUOTED
Tel.
114% 115%
York Stock Exchange
CENTRAL ROW
6
M&S b 1.50
M&S
SOLD
PUTNAM & CO.
111% 113
112%
1942-1960
—
107
111
1937-1941
113% 114%
Ask
D
1937-1941
176
Hartford Insurance Stocks
Bid
Ask
33 1-3
Trust
Authority Bonds
1942-1960
eer
Companies
Ask
Bid
Bk of New York & Tr. .100
Ask
129
'
136%
S, 1936
Banca Comm Italiana.100
Bonds
Highway Improvement—
4s Mar & Sept 1958 to '67
Bid
Gen & ref 3d
128%
130%
131%
100%
Canal Imp 4s J&J'60 to '67
Port of New York—
3%s '65
3%s '76
127%
129%
130%
100%
mmm
Port of New York
Gen & ref 2d aer
128
4%s April 1940 to 1949. b 1.80
Canal & Highway—
5b Jan & Mar 1946 to '71 6 2.70
Par
Clinton Trust
127
Bid
3s 1974
Gen & ref 4s Mar 1 1975.
m
Ask
136%
Ask
124% 125
125% 126%
125% 126%
126% 126%
126% 127%
127%
128%
125% 126%
126% 127%
Jan 25 1937
a6a
New York State
Highway Imp 4%8 Sept '63
Canal Imp 4%s Jan 1964..
Can & Imp High 4%s 1965
New York Trust
City Bonds
Ask
109% 110%
Dec.
Over-the-Counter Securities—Friday Dec. 4
on
New York
a3%s
a3%s
a3%8
a3%s
«3%s
a3%s
Chronicle
HARTFORD
A. T. T. Teletype
5-0151
Hartford 35
—
United States Insular Bonds
Bid
Phllllpplne Government—
4s 1946.
Ask
100
4%s Oct
4%s July
6s
April 1955
6s
Feb
1952
5%s Aug
101%
111% 112%
111% 112%
1959
1952
1941
102
1
119
Par
b
4%s July 1958
5s July 1948
2.75
3.75
112
3.50
113%
Aetna Casualty & Surety 10
Aetna Fire
113% 114
Aetna Life
113% 115
Agricultural
..10
J&J
J&J
M&N
M&N
3s 1956 opt 1946
3%s 1955 opt 1945
4s 1946 opt 1944
J&J
Bid
Ask
103% 103,5i6
103% 10315,6
103% 1031516
105% 105%
112% 113%
48 1957
108
51
53
Home Fire
28%
Homestead
5
Security..
Fire
opt 1937
M&N
4b 1958 opt 1938
M&N
4%s 1957 opt 1937
J&J
4%s 1957 opt. 1937. _M&N
4%s 1958 opt 1938..M&N
103 %
Ask
103%
37
40%
Knickerbocker
6
12%
15
Lincoln Fire
6
4
American of Newark.. -2%
12%
13%
Maryland Casualty
1
7%
American
77
80
31
33
Mass Bonding & Ins..12%
Merch Fire Assur com.2%
57%
59%
Merch & Mfrs Fire New'kS
32%
34%
9%
National Casualty
National Fire..
Re-insurance. 10
American Reserve
..10
100516 1009,6
American Surety
-25
101'516 102%
106% 107%
Automobile
104% 105%
Baltimore Amer
.2%
Shippers.. -25
.100
Camden Fire
8%
100% 104%
645
660
19%
Carolina
-10
27%
City of New York
JOINT STOCK LAND BANK BONDS & STOCKS
5
-10
27%
.
Connecticut Gen Life. -10
Continental Casualty. —.5
21%
29%
29%
Bought—Sold—Quoted
22
6
72%
74%
15%
18%
New Brunswick Fire
3nc.
New Jersey
New York Fire...
5%
48%
Excess
State 0540
5
Fidelity & Dep of Md. ..20
Fire Assn of PhlladelphlalO
Firemen's of Newark.. ...5
Teletype CGO. 437
Fireman's Fd of San Fran25
Bid
Atlanta 5s
100
Burlington 5s.
California 5s.
100
95
Chicago 5s
-
«.
-
—
7%
100
102
88
Denver 5a
Bid
-
98
-
90
Lincoln 5s
94%
Louisville 5s
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
63
90
102
86
89
Greensboro 5s
97
100
......
100
100
Illinois Midwest 5s
100
Kentucky of Lexington 5s.
100
La Fayette 5s
97
Par
Bid
Pac Coast of San Fran 5s..
....
"
---
99
---
92
20
22
Providence-Washington. 10
41%
43%
89%
100
100
Potomac 5s
100
St Louis 5s
/28
San Antonio 5s
100
82
Southern Minnesota 5s
fl 9
Tennessee 5s
100
Union of Detroit 5s
99
Virginia-Carolina 5s
91%
32%
44%
Republic (Dallas)
10
25%
27
30%
Rochester American
10
29
33
42%
St Paul Fire & Marine..25
100
99
As*
Bar
35
Lincoln
Atlantic
38
43
Dallas
75
Denver
10
Dee Moines
70
F I C
F I C
F I C
11
14
35
36%
28
30
-15
86%
Southern Fire
28%
29%
Springfield Fire & Mar..25
Stuyvesant
5
130% 133%
10
23%
24%
Sun Life Assurance
100
625
655
24
30
Travelers..
100
505
515
Hamilton Fire
100
68
10
10
,
8
F I C
37
39
U S Fidelity & Guar Co..2
27
29%
56%
58%
61
65
73%
30%
78%
75%
US Fire
75%
35%
37%
-
.
'
-
m
.
.
.
85
23
Bid
.
Bid
100
...
100
Ask
—
54
Potomao Cons Deb
San Antonio......
100
55
58
25c
75c
Bid
Issues) 2-5s
77%
Contl InvDeb Corp 2-6s'53
47
---
—
15
1937 b .40%
FIC
■
«
mm'
mm
(all
1953
77
Corp—
1953
46
48
Potomao Deb Corp 2-6s '53
46
48
46
48
2-6s
Potomao Franklin
Deb Co
55
Inc 2-5s
1953
1953
2-6s
Potomac Maryland Deben¬
80
ture Corp 2-6s
Nat Bondholders part ctfs
Potomao
(Central Funding series)
/34
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6s_1953
46
76
36
.
1953
..
48
Realty
Bond
&
70%
v
mm
Atlantic
Realty
Debenture Corp 2-6s *53
46
48
46
48
42%
44%
Mortgage
deb 2-6s
Unified Deben
..1953
Corp 5s *55
/
Ask
Telephone and Telegraph Stocks
Oct
15
1937 b .50%
Par
l%s„.Nov
15
1937 b .55%
Am Dlst Teleg (N J) com. *
100
Bid
131
Ask
134
132% 135%
Ask
Bank of Manhattan Co. 10
31%
33%
Bank of Yorktown__66 2-3
58
64
National Bronx Bank
Bensonhurst
National..50
50
13.55
43
45
National Safety Bank.
Penn Exchange
12%
36
38
Commercial National.. 100
Fifth Avenue.
..100
207
213
1016
2075
---
Par
Merchants Bank
Bid
Ask
100
95
50
30
12%
19
21
11%
Peoples National
10
50
25
Sterling Nat Bank & Tr.25
12%
Trade Bank
121% 123%
97
94%
Cuban Telep 7% pref__100
Emp & Bay State Tel..100
Franklin
41
Pac & Atl
6% % 100
Telegraph
25
Peninsular Telephone com*
Preferred A
Bid
As*
26
29
108
111
19%
27%
21
28%
100
110
111%
Roch Telep $6.50 1st pf 100
112
115%
45
65
100
44
48
104
106
13
102% 105
Sou New Engl Telep
100
158
115
S'western Bell Tel pref.100
123
156
133
Wisconsin Telep 7% pf.100
115%
Telegraph
59
Llhcoln Tel & Telegraph. *
Mtn States Tel & Tel..100
40%
42%
New England Tel & TellOO
28
35
57
159
Par
New York Mutual Tel. 100
N*west Bell Tel pf
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
64
Public National
110
157
Bell Telep of Pa pref--100
Cincin & 8ub Bell Telep. 50
York Bank Stocks
Bid
80
FI C
FIC l%s
60
Corp
Ask
56
44
75
Ask
1954
Bond
52
Associated Mtge Cos Inc—
1953
Series B 2-5s
Potomac
41
42
45
—
Mortgage Bond Co of Md
14
100
100
"m
"mmm
Interstate Deb Corp 2-5s'55
100
Potomao
Virginia-Carolina
-
Nat Union Mtge Corp—
Series A 2-6s
1954
55
18
Pennsylvania
14
5
80
46
100
80
;
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Bid
mmm
49
31
1937 b .35%
Kings bo ro National... 100
2.50
Ask
80
46
29
Virginia.
Allied Mtge Cos Inc—
All series 2-5s
1953
Empire Properties Corp...
2-3s„
1945
North Carolina
1937 b .40%
995
First National of N Y..100 2035
Flatbush National
34
100
Westchester Fire
28%
Surety Guaranteed Mortgage Bonds and Debentures
Bell Telep of Canada.. 100
City (National)
10
„
-
30
Preferred
Chase
4
U S Guarantee
•
Debenture 2-6s
15
Par
10
10
.
Hartford Fire
Cont'llnvBd Corp2-5s'53
15
New
9
Hartford Steam Boiler -10
_
6
1936 b .25%
1937 b .25%
10
-.10
Hanover Fire
Harmonla
...
—
83
—5
2d preferred.
Great American
Great Amer Indemnity -.1
Halifax Fire
..10
l%s._.May 15 1937 b .40%
FIC l%s—July 15 1937 b .40%
FIC i %s
Sept 15 1937 b .45%
15
13%
207% 211%
35
..
Federal Intermediate Credit Bank Debentures
Bid
11%
33
4
8
15
6
Seaboard Fire & Marine..6
100
6
l%s.—Dec
l%s...Jan
l%s—Feb
l%8___Mar
l%s_._Apr
Rossia
8urety
10
Security New Haven...10
Bank Stocks
30
F I C
6
110
Atlanta
3
88
Preferred Accident
12
102
Land
4
10
83
10%
Seaboard
100
Virginian 5s
First Carollnas
Phoenix
81
125% 129%
71
108%
Southwest 5s
Fremont
134%
22%
Phoenix 5s
mmm
100
Joint Stock
131
131
47
Pennsylvania 5s
mm-»
85
Illinois of Montlcello 4%s.
Iowa of Sioux City 4%s...
126
25
68
99% 100%
88
101
29%
National.25
Pacific Fire
6%
49
20
99
100
...
27%
47%
22%
104%
45
100
.i
19%
—5
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
Fletcher 3%s
44%
101
Glens Falls Fire
North Carolina 5s.
Pacific Coast of Portland 5s
Greenbrier 5s
16%
37%
43%
Globe & Republic
,5
Globe & Rutgers Fire. -15
100
92
Fremont 5s.
2.50
Northwestern
35%
42
96%
102
101
94%
2
12.50
11%
As*
99
99
98
10
15%
68
138
26
100
89
100
2
9%
133
24
100
New York 5s
First of Fort Wayne 4%s..
First of Montgomery 5s...
First Trust of Chicago 5s..
2
20
-10
100
First Carollnas 5s
First of New Orleans 5s...
First Texas of Houston 5s.
13%
21%
.5
,
General Reinsurance
11%
19%
66
Georgia Home
-mm
/6%
Dallas 5s
Bonds
Ask
100
Atlantic 5s
Bank
61
20
Northern
North River
51
57
Corp5
Franklin Fire
Joint Stock Land
5%
46
Federal..
MUNICIPAL BOND DEALERS
St., Chicago
37
31%
4%
8
66
New Hampshire Fire... 10
35
5
63
10
New Amsterdam Cas
29%
23%
8%
10
National Liberty
National Union Fire
-2%
Eagle Fire
7
10
Importers & Exporters
5
Ins Co of North Amer..l0
Employers Re-Insurance 10
MUNICIPAL BONDS
Ask
40%
6
23%
..10
Boston
135 So. La Salle
38%
..10
Bankers &
^
Bid
10
30%
86%
24%
84
American Alliance
Bid
Par
Home
104
American Equitable.. ...5
Conversion 3s 1947
Federal Land Bank Bonds
3s 1955 opt 1945
3s 1966 opt 1946
Companies
Ask
Bid
American Home
U S conversion 3s 1946
117
Insurance
3.00
121
Govt of Puerto Rico—
104
63.00
Ask
63.50
U S Panama 3s June 1 1961
113% 115
115
Hawaii 4%s Oct 1956
Bid
Honolulu 5s
For
Footnote
see
page
3613.
-■mm
So & Atl Telegraph
25
22%
24
159%
124%
mmm
135%
...
Volume
Financial
143
Quotations
Chronicle
3611
Over-the-Counter Securities—Friday Dec. 4-Continuei
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted,
3o$epb Walkers Sons
DUNNE&CO.
Members New York Stock Exchange
Members New York Security Dealers Ass n.
Dealers in
120 Broadway
;Tel. REctor
GUARANTEED
NEW YORK
20 Pine Street. New York
JOhn 4-1360
2-6600
STOCKS
Since1855,
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
—
Sold
—
Quoted
Earnings and Special Studies
on
Request
(Guarantor In Parenthesis)
John
Dividend
.
.
Par in Dollars
•
105
100
6.00
103
10.60
6.00
109
50
2.00
42
.100
8.75
149
153
41 Broad St., New York
& Co.
Tor\ Security Dealers Association
HAnover 2-2455
Bell System Teletype NY 1 -62*
154
8.50
158
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
(New York Central)
Sloane
E.
Members New
183
100
Albany A Susquehana (Delaware A Hudson)
Boston A Providence
Asked
.100
Alabama A Vicksburg (Illinois Central)
Boston A Albany
Bid
(New Haven)
•
•
111
Railroad
45
Bonds
Bid
4.00
102*4
100*4
5.00
Common 5% stamped
101*4
103
74*4
Akron Canton A Youngatown 5*49, 1945
97
101
3.50
89
91
2.00
50
52
25
2.00
48 *4
50
Boston A Maine
100
5.50
94
98
100
10.00
195
200
(Del Lack A Western)... .100
4.00
x75
78
100
York Central)
-.50
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D LA W)___ .100
50
Northern Central (Pennsylvania)
50.00
950
1100
Betterman stock
Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J
Michigan Central (New
102
103
106*4
107
70
71
85*4
87*4
87*4
3s, 1950
89*4
94*4
105*4
Prior Hen 4s,
1942
Prior lien 4 Ms, 1944
Convertible 5s, 1940-45
92*4
Buffalo Creek 1st ref 5s,
104
1961..
70
97
99
Choctaw A Memphis 1st 5s,
4.00
101
103
89
Chateaugay Ore A Iron 1st ref 4s, 1942
5.00
3.875
76
96
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4*4s, April 1, 1943
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y
76*4
73
6s. 1945
'
5.00
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
50
Cleveland A Pittsburgh (Pennsylvania)
Asked
60
57
3.00
.100
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio (L A N-A CL)4%... .100
*67
*
92*4
64
f58
1952
Cincinnati Indianapolis A Western
101*4
1st 5s, 1965
102*4
100*4
100
4.50
70
75
Cleveland Terminal A Valley 1st 4s,
Georgia Southern A Florida 1st 5s, 1945
65
67
50
1.50
42
44*4
101
3.00
84
88
Goshen A Deckertown 1st 5*4s, 1978
Hoboken Ferry 1st 5s, 1946
98
50
Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100
7.00
172
178
Kanawha A West Virginia 1st 5s,
7.00
188
191
Kansas Oklahoma A Gulf 1st 5s,
6.90
107
110
Little Rock A Hot Springs Western 1st 4s, 1939
/34
6.00
150
154
Macon Terminal 1st 5s.
105*4
3.00
75
77
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
Preferred..--.Rensselaer A Saratoga (Delaware A
Hudson)
Louis Bridge 1st pref (Terminal RR)
St
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)... .100
3.00
150
154
10 00
255
260
Utica Chenango A Susquehanna
100
6.00
93
97
.100
5.00
101
107
100
5.00
87
89*4
(D L A W)__
Valley (Delaware Lackawanna A Western)
Vicksburg Shreveport A Pacific (Illinois Central)..
5.00
91
95
3 50
61
55
3.00
Preferred
Warren RR of N J (Del Lack A Western)
69
71
1995
87*4
90*4
102*4
1955
1978
103*4
105*4
104
1965
102*4
59
67
92
94
104*4
77*4
New York Chicago A St Louis 4s, 1946
Portland RR 1st 3 Ma,
82
100
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
New York A Hoboken Ferry
36
107
80
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s. 1955
general 5s, 1946
105*4
79*4
78*4
-
80
94*4
1951
Consolidated 5s, 1945
96
98*4
Rock Island Frisco Terminal 4 *4s, 1957
96*4
St Clair Madison A 8t Louis 1st 4s, 1951
95
98
Shreveport Bridge A Terminal 1st 5s, 1955
92
94
Somerset Ry 1st ref 4s, 1955
50
West Jersey A Sea Shore (Pennsylvania)
68
71
93
Southern HUnois A Missouri Bridge 1st 4s, 1951
-
"
«•
112
113
Toronto Hamilton A Buffalo 4*4s, 1966
100
m
Union Pacific
101
Toledo Terminal RR 4 Ma,
EQUIPMENT TRUST CERTIFICATES
1957
3*4s, 1970
101*4
69
Washington County Ry 1st 3*4s, 1954.
71
Quotations-Appraisals Upon Request
LOUISIANA POWER &
Stroud & Company Inc.
Private Wires to
New
Bmtell Brothers
Philadelphia, Pa.
York
EST.
Railroad
Bid
MEMBERS
Equipment Bonds
Bid
Ask
Missouri Pacific 4*4s
AS*
Par
5*48
63.25
2.25
Alabama Power $7 pref--*
80
82
64.00
3.00
Arkansas Pr A Lt $7
pref. *
Assoc Gas A Elec orig pref *
$6.50 preferred
*
93
94%
12
ISM
Mississippi P A L $6 pf
25*4
27
Miss Riv Pow
27
29
Mo Pub Serv $7 pref...100
2.00
62.50
2.00
63.35
2.50
New Orl Tex A Mex 4Ma..
New York Central 4*4s
62.40
2.00
63.35
2.60
3*4s Deo. 1 1936-1944.
63.00
2.25
68
62.70
2.00
62.70
National 4*4s_
2.00
6S
62.60
Atlantio City El $6 pref-.*
111*4 113*4
3.00
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref. *
Buff Nlag A E pr pref...25
Carolina Pr A Lt $7 pref--*
132
*
pf 100
100
85
Cent Pr A Lt 7 % pref—100
NYNHAHarti4Hs
2.00
63.75
_
2.00
Pacific 4*4s
62.60
61.70
1.25
Northern Pacific 4 Ma
61.50
61.00
0.50
Pennsylvania RR 4 Ma
61.35
1.00
61.00
0.60
5s
41.25
0.75
62.25
1.25
4s series E due
61.75
6s
Chicago A Nor West 4 *48.
3.00
4.00
Pere
4.00
86
86
2.00
non
3.25
64.00
3.00
61.50
5*4s
Erie RR 6*4s
3.25
64.25
5s
64.25
5s
St. Louls-San Fran 4s
1.00
__
99*4
Newark Consol Gas
100
122
91
50
88
New Eng G A E 5*4% pf-*
N E Pow Assn 6% pref. 100
95
98
New Eng
82
84
$7 prior Hen pref
*
New Jersey Pr A Lt $6 pf.*
1st $6
$6.50 preferred B
$7
preferred
112
New Orl Pub Serv $7 pf..*
108*4
N Y Pow A Lt $6 cum pf.*
0.75
6% preferred
100
6.60% preferred
100
Continental Gas A El—
106
107
106
107
64
62
105*4 106*4
63.00
2.25
62.75
2.00
100
98
62.00
1.75
Dallas Pr A Lt 7 % pref 100
113
62.00
1.75
67
7%
preferred
61.50
1.00
1.75
62.60
2.00
62.25
1.75
5s
62.60
2.00
1.00
5*48
61.25
0.75
$6 cum preferred
61.50
1.00
62.00
1.00
61.30
0.75
4*48-
62.00
,1.00
6s
62.00
1.00
72"
Federal Water Serv Corp—
61.50
100
Hocking Yattey 5s
Union Pacific 4 Ma
$6.60 cum preferred
50 %
63 *4
52*4
54*4
$7 cum preferred
55
57
0.50
Hamilton Gas Co v t o—
0.75
Hudson County Gas.-.100
193
198
*
109
110
Sioux City G A E $7 pf.100
100
110
111*4
54*4
Sou Calif Edison pref
53
29
30*4
21
23
Internat Great Nor 4*4s_
64.00
3.00
Long Island 4*4s
62.50
1.75
100
102
62.50
1.75
5s
100*4
102 M
Hlinols Pr A Lt 1st pref..*
61.30
1.00
5 Ma
101
103
61.30
1.00
68
100
101M
*
Interstate Power $7 pref..*
Jamaica Water Sup pref .50
Jer Cent P A L 7% pf.-lOO
Kan Gas A El 7% pref. 100
5s
Loulsv A Nash 4 Ma
Philadelphia Co $5 pref--*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
0.50
1.00
5s
-
61.10
1.00
Wabash Ry 4*4s
Penn Pow A Lt $7 pref.
61.25
1.75
61.75
61.50
5s
100
Okla G A E 7% pref...100
Paciflo Pow A Lt 7 % pf 100
61.10
62.40
5Ma
Virginian Ry 4Hs
95
preferred
Foreign Lt A Pow units. .*
Gas A Elec of Bergen.. 100
5s
Illinois Central 4 Ha
198
193
7% cum preferred.-.100
N Y A Queens E L P pf 100
Nor States Pr $7 pref..100
Ohio Edison $6 pref
*
$7 preferred
*
Ohio Power 6% pref.-.100
Ohio Pub Serv 6% pf.-lOO
7%
61.25
0.75
Idaho Power $6 pref
7%
preferred
122
*4
M
Interstate Natural Gas
100
6% preferred C
Minn St P A S3 M 4s
2.50
2.50
63.75
5*4s
2.75
Western Maryland 4*48
6s..
Western Pacific 5s
5Hs
For footnotes see page
3613.
62.10
1.75
62.10
1.75
64.00
3.00
64.00
3.00
95
98"
107*4 109
113
115
111*4 112*4
103*4
107
108*4
102
112
115
81
82*4
110
110*4
89*4
110
86*4
92*4
112
88*4
105*4 106*4
97*4
95*4
198
69
71
75
77
preferred
90
94"
79
80*4
Utah Pow A Lt $7 pref... *
89
91
Utica Gas A El 7 %
72
75
Virginia
113
109
28
Kings Co Ltg 7% pref.. 100
104"
57*4
58*4
102*4 104
112*4 114
193
pref 100
100
7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pLIOO
102
106
B.25
Tenn Elec Pow 6%
7% preferred
100
Memphis Pr A Lt $7 pre!.*
63.10
63.10
Maine Central 5s
62*4
South Jersey Gas A El.lOO
7%
Texas Pow A Lt
54
83*4
62
Rochester Gas A Elec—
Long Island Ltg 6% pf.100
5s
51
82*4
Pub Serv Co—
107
62.50
Texas Pacific 4s
112
25*4
6s
fifl
7*4
53
37*4
97 M
4*48
Great Northern 4 *4s
18
36
89
preferred
6s
Southern Ry 4*4s
5*4
24%
6%
Derby Gas A El $7 pref..*
Essex-Hudson Gas
100
6s
16
Nassau A Suff Ltg pref .100
Nebraska Pow 7% pref.100
110
99
115*4 116*4
83"
preferred A—.100
100
Consol Traction (N J) .100
Consumers Pow $5 pref--*
97
81
81
Columbus Ry Pr A Lt—
97
71
81
79
49
1.90
/96
Ask
66*4
100
preferred
1.90
f 95
5Ma
*
2.00
/94
Southern Pacific 4 *4s
_
62.25
6s
St Louis Southwestern 5s
6% pref. 100
61.50
Marquette 4*4s
4*4s
6s
Denver A R G West 4 *4s.
*
Mountain States Pr com.
7%
Bid
76*4
preferred
62.40
Reading Co 4*4s
83
62.50
$7
62.50
call Dec. 1 1936-50
3.00
65.00
83
Chicago R I A Pac 4*4a—
1.00
*
preferred
Cent Maine Pow 6%
Jan A July 1936-49
65.00
68
3.00
2**sseries G.
64.00
6s
Chic Milw A St Paul 4 *4s,
63.75
-
1.00
64.00
5s
$7
Par
Mississippi Power $6 pref..
2.00
Chesapeake A Ohio 5*4s.
6*48
4*48
2.00
Ask
62.40
Cent RR New Jer 4*48
Canadian
Bid
62.60
6s
N Y Chic A St. L 4*4s
Canadian
Utility Stocks
3.00
2.00
62.50
6s
Public
N.Y.
Teletype N.Y. 1-1146
EXCHANGE
63.00
Baltimore A Ohio 4 Ma—
6s
ONE WALL ST.,
5s.
1.00
Boston A Maine 4 Ha
Tel. DIgby 4-2800
1908
STOCK EXCHANGE
64.00
61.50
Coast
N. Y.
AND N.Y. CURB
Line 4*4s
Atlantio
LIGHT CO.
$6 PREFERRED STOCK
Ry
pf—100
100
28*4
110*4 112
110*4 112
91
93
75
65*4
67"
100
102
142
146
Financial
3612
Quotations
of the
First Mortgage
System
O'BRIEN
Consumers Water Co.
H. M. PAYSON & CO.
HANcock 8920
New York and Boston
System Teletype—N.Y. 1-1074
Direct Private Telephone between
Est. 1854
Ask
Bid
Specialists in —
Ask
Green Mountain Pow 5s '48
102)4 103)4
Amer Tel Tel deb
102% 103%
Towa Sou Util 5
102
104
102% 103
1014 103
Kan
/534
Amer Wat Wks & El 6s '75
55 M
110)4
54B-1948
3%s 1961
Debenture 3)j[sw 1.1966
Ariz Edison 1st 6s.... 1948
1945
1st 6s series A
Ark Louisiana Gas 4s. 1961
Ark Missouri Pow 1st 6s '63
92
90
4s
1960
City Pub Serv 3s .1951
Kan Pow A Lt 1st 4 4s '65
Telep 5 4s. 1955
Superior District
88
90
Keystone
95
97
Lake
Power
103% 103%
87
85
"
3%s
A..1966
ser
Los Angeles G A E 4s 1970
Associated Electric 6s.1961
65
664
Louisville Gas A El 3 4s *66
Assoc Gas & El Co 4 4s '58
47
49
Metrop Edison 4s ser G '65
Montana Power 3)48.1966
Assoc Gas & Elec Corp—
110
Water Works Securities
Complete Statistical Information—Inquiries Invited
101)4 102 M
Swart. Brent & Co.
101% 102)4
106)4 106)4
INCORPORATED
40 EXCHANGE
105)4 106
108)4 109)4
101
HAnover 2-0510
Tel.
39%
40%
44%
404
Mtn States Pow 1st 6s 1938
414
Narrag an sett Elec 34s '66
107)4 107)4
1978
454
106
50
Newport N A Ham 5s. 1944
New Engl Pow 3)48.-1961
Income deb
348...1978
3%s... 1978
Income deb 44s
1978
484
Conv deb 4s
1973
78
Conv deb 44s
Conv deb 6s
1973
81
834
1973
89
91
...
Corp 4s
1965
Northern N Y Util 68.1955
...
964
Sink fund
514
46
Old Dom Pr 5s May 15 '51
Okla Gas A Elec 3%s_1966
...
98 M 100
Debenture 4s
1946
102
102)4
Alabama Water Serv 5s '57
1024 1034
102)4 103)4
1956
Ashtabula Wat Wks 5s '58
105
Atlantic County Wat 5s '68
1034
78
102 %
103
79)4
103)4
Sink fund Inc 6 4s_. 1983
61%
Sink fund Inc 4-5S-.1986
46
Sink fund inc 4 4-54s 86
514
Parr Shoals Power 5s. 1952
101
Sink fund Inc 6-6s.-1986
56
Pennsylvania Elec 5s 1962
105% 106%
Sink fund Inc 5 4-64s 86
61%
Pacific Gas A Elec Co
3%s series
...
103
102
1
1966
1044 104%
103
Birmingham Water Works
5s series C
1957
5s series B
1954
113
100
97
98
100
Newport Water Co 5s 1953
Ohio Cities Water 54s '53
Ohio Valley Water 5s. 1954
99
101
93
95
Calif Water Service 4s 1961
105% 106%
Public Serv of Colo 68.1961
1054 106 4
Chester Wat Serv 4 4s '58
1034
107
Citizens Water Co
110% 1114
102% 103%
108
108%
97
99
Central G A E 54s
1st Hen coll tr 6s
83 4
854
San Diego Cons GAE 4s '65
874
854
108% 108%
Sioux City Gas A El 4s 1966
1946
1946
Cent 111 Light 3 4s
1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s
Cinn Gas & Elec
Colorado
ser
G '60
3)48.1966
Power 6s...1953
Conn Lt A Power 3 4s 1966
107%
Sou Calif Gas 1st 4s._.1965
Sou Cities Util 5s A
106%
...
105% 106
108% 108%
594 61
56
58
Consol E & G 6s A...1962
6% secured notes..1937
64
644
101% 103
106% 106%
106% 106%
Edison El 111
109
Wise Mich Pow
107
...
3£4s--1961
93
95
107%
Wisconsin Pub Ser
91
89
1st A ref 5s
1054
1st consol 4s
1948
1014
1st consol 5s
1948
Prior lien 5s
1064
1942
WashA Suburban 5 4s 1941
Western Mass Co 3 )is 1946
Western Pub Serv 5 Mb '60
Wisconsin G A El 3 4s 1966
/624
1014
548 series A
1947
Community Water Service
Peoria Water Works Co—
1961
1946
83
86
Richmond W
Connellsvllle Water 58.1939
100
6s series A
Co 68.1957
1950
105
106
92
94
Roch A L Ont Wat 5s. 1938
92
95
98
1958
--.1958
44s
W
Roanoke W W 5s
Consol Water of Utica—
101
101% 102%
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
105
4 4s
105% 107
1942
103
1960
104%
105
1958
Scranton Spring Brook
Water Serv 5s
1961
1967
1st A ref 5s A
102% 1034
1942
5s series D
Sedalia Water Co
54a '47
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
1024
102% 103%
1014 103
1034 1054
102
102%
83
Hackensack Wat Co 5s '77
105
548 series B
1977
Huntington Water 5s B *54
1084
Spgfield City Wat 4s A1956
102
Terre Haute Water 5s B '58
&, CO.
102
1952
102
68 series B
inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
1952
101%
'55
5s series A
1960
5s series B
1960
103%
102% 1044
6s series A
102%
1962
103%
Union Water Serv 648 '51
Bell System Tel.
N Y 1-588
1954
5s
1949
Texarkana Wat 1st 5s. 1958
6s
INCORPORATED
103
Water Serv Cos Ino 5s '42
102%
106
105
95
100
W Va Water Serv 4S..1961
Illinois Water Serv 6s A '62
Indianapolis Water—
1st mtge 348
1966
Indianapolis W W Secure—
102
104
Western
N
Y
Water Co—
5s series B
1st mtge 5s
102
1950
1951
984 1004
98% 100%
Alden 1st 6s
Jan 11941
Broadmoor (The) 1st 6s
'41
B'way Barclay 1st 68.1941
B'way A 41st Street—
1st leasehold 6)4a..l944
Broadway Motors Bldg—
•
6s stamped..
1948
/46
/504
/36
Ask
534
/394
/31
1948
94
6s
5 f deb 5s
/504
/334
534
354
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
42 Bway 1st 6s
/10
874
524
54*4
374
Chicago
/304
1034
104%
103%
103
105
-
NEW YORK
-
Boston
32%
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
/8
Chain
554
1951
Store
Securities
Chain Store Stocks
10
704
/56
Par
69
165 Bway Bldg 1st 5)4s '61
58%
5Mb double stpd.._1961
Realty Assoc Sec Corp—
424
654
684
/504
514
/444
464
/294
/294
314
5»/4s.. May 15 194S
60 Park PI (Newark) 6s '37
/324
34 4
616 Madison Av 1st 6)4s'3S
/384
/31
/56%
5s income
/15
17
1949
1946
/46 4
75 4
Harriman Bldg 1st 68 1951
Hearst Brisbane Prop 6s '42
77%
684
86 4
Hotel Lexington 1st 6s *43
Hotel St George 4s...1950
Kelth-Albee Bldg (New
/59 4
614
51%
53%
Rochelle) 1st 6s..-.1936
Lefeourt Manhattan Bldg
73 4
1st 4-5s extended to 1948
654
—
/494
—
—
1943
Roxy Theatre—
71
83 4
1st fee A l'hold 6 %s. 1940
Savoy Plaza Corp—
Realty ext 1st 5)48.1946
6s
1945
314
Sherry Netherland Hotel
1st
61
Bway Bldg 1st 6 4s 1950
48
504
584
Syracuse Hotel (Syracuse)
1st. 6 4s
Oct 23 1940
1958
/484
1939
974
674
97%
London Terrace Apts 6s '40
51%
Walbridge Bldg (Buffalo)—
1st 6 4s
Oet 19 1938
Westlnghouse Bldg—
1942
73 4
1st fee A leasehold 4s '48
1936
734
Ludwig Bauman—
16
*
364
36%
8
7% preferred
100
Diamond Shoe pref..-.100
Fish man (M H)
Stores...*
Preferred..
Green
(H
100
L) 7% pref..100
Katz Drug
6
5%
14%
(H C) common.
preferred
9
47
52
1044 106%
21
234
-
17
100
83
91
Ask
12
113
130
100
*
125
16
20
46
51
104
Neisner Bros
100
111
pref-.100
108
5
no
Reeves
pref
(Daniel)
Schiff Co
110
11%
111
64% preferred
100
Murphy (G C) $5 pref.100
44% preferred
Miller (I) Sons com
Rose 5-10-25C Stores
105
Bid
100
Melville Shoe—
100
*
7% preferred
H) 6% pref
pref
1044
*
Kolmoker Stores
Kress (8
Lerner Stores
*
$2 50 conv pref
70
5 4s
Loew's Theatre Realt Corp
1st 6s
1947
98%
com..
Btck fords Ino
Bohack
20 4
19
103
preferred
100
United Cigar Sts 6% pf.100
6% pref ctfs
U S Stores pref erred ...100
107%
18%
18%
6
...
116
...
...
214
214
8
994
2 Park Ave Bldg 1st 4s 1941
B'G Foods Ino
Par
Ask
Bid
*
100
7% preferred
504
Sugar Stocks
Trinity Bldgs Corp—
1st
72
Berland Shoe Stores
/70
Textile Bldg 1st 6s
Lewis Morris Apt Bldg—
1949
W'msport Water 5s...1952
102
BURR & COMPANY INC.
654
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
-
PTudence Co
5)48 unstamped
Graybar Bldg 5s
4«( LC»
6s series A
1044 106
1960
67 William St.
103 E 57th St 1st 6s...1941
754
72%
484
1st I
100
5s series G
55
2nd mtge 6s
70%
(Bklyu)
Lexington Wat Co 5 4s '40
Long Island Wat 5 48.1955
101%
/634
/53
5 Mb series Q
1944
1st 6s
104%
34
/534
5 Mb series F-l
794
Apr 15 1937
Lincoln Bldg Inc 5)48 1963
102
Kokomo W W Co 5S..1958
1 Park Avenue—
73 4
6)48
Wichita Water Co 6s B '56
62%
5 Mb series C-2
Fuller Bldg deb 6s
1st
104%
784
/60
11%
/39
/504
1939
1941
1st mtge 54a
1950
Westmoreland Water 5s '62
101
105
34
Fox Theatre A Off Bldg—
1st 6)4s__...Oct 1
77
/324
/32
1st A gen 6s
1946
N Y Eve Journal 6 Mb. 1937
N Y Title A Mtge Co—
894
45
/344
1958
8tamped...1948
99
103
38%
85
1400 Broadway Bldg—
1st 6)4s
1945
6 Mb series BK
62d A Madison Off Bldg—
6s
1958
Sup 5 4s '55
Joplin W W Co 5s
1957
6s
97
/36%
99
600 Fifth Avenue—
1949
964
Munson Bldg 1st 6%s_1939
N Y Athletic Club—
East Ambassador Hotels—
6)4s unstamped
33
1st mtge 2s stmp A reg'55
74%
Court A Remsen St Off Bid
602 Park Ave 1st 68...1941
Ask
Metropol Playhouses Ino—
/72%
1st Aref 5)4s
1947
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 Legended..
50 Bway Bldg 1st 3s ino '46
1947
6s
--
/70
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s__1948
Apr 28 1940
(The) 1st 6s...1941
Majestic Apts 1st 6s._1948
Metropolitan Chain Prop—
38
72%
Dorset
Bid
Metropolitan Corp (Can)—
Chanln Bldg Ino 4s... 1945
1st 6s
Mortgage Certificates
Interstate Water 6s A.1940
Jamaica Water
Bid
85
103%
103%
105%
100% 102%
Sou Pittsburgh Wat 5s
5s series A
We invite
Real Estate Bonds and Title Co.
ioi"
108
Greenwich Water A Gas—
N.Y.
105"
103
6s series B_.
150 Broadway,
99
Plalnfleld Union Wat 5s '61
6s series A.—
2360
103
107
Pittsburgh Sub Wat 5s '58
E St L A Interurb Water—
BArclay 7
1948
824
1946
Davenport Water Co 5s '61
AMOTT, BAKER
103
99% 101
100
Phlla Suburb Wat 4S..1965
106% 107%
Real Estate Securities
101
80
5 4s series B
1st mtge 5s
1st mtge 4s
..1950
Pinellas Water Co 5 4s '59
1054
103%
1957
98
106
Commonwealth Wat (N J)
Virginia Power 5s
96
101%
103
5s series C
99% 101%
Penna State Water 548 '52
1957
88
89 4
1264 1274
Utica Gas A El Co Ss.1957
108
Penna Water Co 5s... 1940
Clinton W Wks Co 58.1939
102 4 103
Federated Util 54s— 1957
Ore-Wash Wat Serv 5s 1957
City W (Chat) 5s B..1954
100% 100%
103% 1034
Federal Pub Serv 1st 6s '47
103
54s series A
Sinking fund 4%s__1951
Consumers Pow 3)48.1966
109%
102
1951
5s
City of New Castle Water
5s
1941
Tel Bond A Share 6S..1958
Cumberl'd Co PAL 3^s'66
(Bost) 3 4s '65
Ohio Water Service 53.1958
(Wash)
1951
1st 5s series C
1094 109%
3%s A.1961
1958
86
Southn Nat Gas Pipe Line
104% 105%
.1966
34s series F
Conn River Pr
96
94
107
84
95
95
New York Wat Serv 6s '61
110%
Cent Ark Pub Serv 6s 1948
93^
1054
102 4 1034
...
1024
1951
Blackstone V G A E 4s '66
Pub Serv of N H 3%s D '60
Pub Util Cons 5 Mb
1948
New Jersey Water 58.1950
New RocheUe Wat 6s B '51
54s
Bellows Falls Hy El 6s 1968
...
103
104
105
103 4
64s series A
1954
Butler Water Co 5s...1957
Penn
Telep Corp 1st 4s '65 1064 107%
102
Peoples L A P 54s^-.1941 /100
100%
M uncle Water Works 6s '65
104% 1054
Ask
1064
Morgantown Water 5s 1965
■
...
Middlesex Wat Co 64s *57
Monmouth Consol W 5s '56
Monongahela Valley Water
54s
1950
103%
103)4
56
1940
Alton Water Co 6s
Bid
Ask
Bid
Sink fund Income 5s 1983
Participating 8s xw
Water Bonds
104)4 104)4
Y State Electric A Gas
...
Conv deb 54s
1973
Sink fund Income 4s 1983
lno44s~1983
N
PLACE, NEW YORK
Teletype: New York 1-1073
101)4
Income deb 4s
Income deb
Tel. 2-3761
PORTLAND, MAINE
Utility Bonds
Bid
Amer States P S
Inc.
(Maine)
75 FEDERAL ST., BOSTON
NEW YORK
COrtlandt 7-1868
Public
Bonds of Subsidiaries
American Water Works & Electric Co.,
CO.
Members New York Curb Exchange
Bell
5, 1936
WANTED
OFFERINGS
Associated Gas & Electric
ISO BROADWAY,
Dec.
Over-the-Counter Securities—Friday Dec. 4-Continued
on
Securities
S. A.
Chronicle
Eastern
/29
Ask
39
40%
Savannah Sug Ref com
1
46 4
48
West Indies Sugar Corp._l
*
Sugar Assoc
Preferred
Haytian Corp Amer
%
1
/764
—
For
footnotes
Par
Bid
1
Par
see
page
3613.
Bid
38
5%
Ask
40
5%
Volume
Financial
143
Quotations
3613
Chronicle
Over-the-Counter Securities—Friday Dec. 4 -Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
NEW YORK
STREET
BROAD
30
GROUP.
DISTRIBUTORS
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Kneeland 8C Co.—Western Trading
Am. Writ.
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Mangel Stores New Pref.
Paper, New
United Cigar Stores Com.& Pref.
Investing Companies
Electrol, Inc;
Inquirie* Invited
Members of the New York Security
BROAD
25
Amerex Holding Corp
12.06
3034
ST., N. Y.
*
Amer Business Shares
Dealers Assn.
1
Bank
1.71
Group Shares
Insurance Group Shares
1.38
Invest Co of Amer
15
Investors Fund O
Investment Tr of N Y
oom.
1.93
51
53
119.38 121.80
1.13
1.26
*
734
Corp *
434
534
Keystone Cust Fd Ino B-3.
24.80
734
734
434
434
Major Shares Corp
Maryland Fund Ino
*
5.33
1
.48
".68
Mutual Invest Fund
Bankers Nat Invest Corp *
Baslo Industry Shares
British Type Invest A
Co.
1.85
1.79
10
Assoc Stand Oil Shares..2
Am Insurance Stock
Climax Molybdenum
Ask
Institutional Securities Ltd
14
Amer A Continental Corp.
Amer General Equities Inc
Teletype N Y 1-1397
2-8780
Tel. HAnover
Ask
20.54
2834
1.26
*
Bid
Par
Bid
11.08
Administered Fund
Affiliated Fund Ino....
1919
Established
19.31
Par
M. S. Weill & Co.
Mass
Investors
m
m
m
27.14
334
»
tmmm
10.14
11.09
30.00
31.83
1
17.66
19.30
4.89
com..
Trust.. 1
.
Members
61 Broadway, New
4.79
Voting trust certificates.
2.26
2.42
4.60
5.00
NYBa
Central Nat Corp cl A
Class B
*
47
52
No Amer Bond Trust ctfs
334
1 6434
6834
*
6
No Amer Tr Shares 1953..
9
*
fcfgg
York
Series 1955
3.81
Series 1956
~13.76
Series 1958
13.78
19
18
Northern
3.13
Series A A
2.99
2.99
mmm
3.78
mmm
Series ACC mod
3.78
■mm*
Crum A Forster Ins
in the
Over-the-Counter Market
10
Common B shares
Bristol & Willett
Established
Deposited Bank Shs
38
1920
Deposited Insur Sh
Bell System
ser
Par
Bid
•
Amer Box Board com
Par
Ask
66
.1
1634
8% cum preferred... 100
Hardware
100
Mook Judson A Voehrlnger
3534
*
83
American Republics com.*
Andlan National Corp
mmrn
*
4634
2434
51
Preferred
5%
4834
*23
6
734
Beneficial Indus Loan pf.*
5134
.„.*
-
preferred
Northwestern
Norwich
5334
Ohio
Hotels
9H
33
100 ^02
Yeast...100
Pharmacal
6
10 H
36
107
4534
4734
19
21
100
33
38
Ohio Match Co
*
10
Canadian Celanese oom..*
25
28
Pathe Film
*
97
100
100
125
129
1
1
2
1st preferred
Preferred
7% pref
Petroleum Conversion
41
Publication Corp com
1334
1534
$1 cum preferred......*
25
27
Columbia Broadcasting A *
Class B
*
59
6034
48
1134
$7 1st preferred
Remington Arms oom
Climax Molybdenum....*
Columbia Baking com...*
Crowell Pub Co com.....*
$7 preferred
100
3934
5834
5834
10934
*
50
118
100 £112
*
334
434
Scovill Mfg.
25
5034 5134
400
Singer Manufacturing.. 100 385
Standard Cap A Seal
37
39
6
60
6034
Standard Screw
100
Dentists' Supply Co of N Y
60
63"
Dictaphone Corp
*
63
66
100
119
167
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Taylor Milling Corp
*
7034
7434
Douglas Shoe preferred. 100
Draper Corp
*
3234
35
78
82
175
4
Unexcelled Mfg Co
734
934
11
*
shares
*
*
Preferred
Gen Fire Extinguisher
*
Gen Flreproofing $7 pf. 100
Golden Cycle Corp
10
United Merch A Mfg com *
834
2134
7
89
47
Great Northern Paper..26
36
39
Preferred
$3
1
234
IX
234
134
3634
3834
100
260
110
120
106
3
M 334
334
1834
434
30
.
preferred
*
White (S S) Dental Mfg_20
White Rock Mln Spring—
$7 1st preferred
100
12
13
•
67
76
104
434
34 X
common.
2234
6% preferred
26
Fixed Trust Shares A
22.31
23.00
4.35
4.60
1.00
1.08
'
4.21
Super Corp of Am Tr Shs A
AA
4.41
BB
2.91
26.09
27.75
C
8.31
6.71
7.38
D
8.31
11.30
Foundation Trust Shares A
5.35
5~.65
Fundamental Investors Ino
a—
15.18
Supervised Shares
6.13
*7.04
7.66
Agricultural shares
£'2.52
2.72
Trustee Standard OH Su
Automobile shares
,
1.69
1.83
2.28
2.46
Trusteed Amer Bank Shs B
Chemical shares
1.75
1.90
Trusteed Industry Shares.
Food shares
1.08
1.18
U S El Lt A Pr Shares A..
Investing shares
1.69
1.83
1.80
...
...
4
--
.
.
10.50
3.26
Trustee Standard Invest C
General Investors Trust..
...
2.91
B
13.70
*
...
D
Group Securities—
Building shares
7.68
\
7-0-
B
1.20
•:.o9
1.83
1.65
B
3.14
20 34
3.24
Voting trust ctfs
1.20
1.28
20
Merchandise shares
1.66
Mining Shares
1.83
1.98
Un N Y Bank Trust C3._
334
Petroleum
1.45
1.58
Un N Y Tr Shs ser F
134
434
234
i.62
1.76
Wellington Fund
20.30
22.25
Steel shares
1.81
1.96
Tobacco shares
1.29
shares
RR Equipment shares
Guardian Inv Trust com_*
Investm't Banking Corps
1.41
Bancamerica-Blalr Corp..
25
.55
.75
Incorporated Investors..* *25.37
.88
Investors Fund of Amer
27.28
Huron Holding Corp
1134
1234
First Boston Corp
134
34
22
Preferred
4834
4934
£ 534
*634
Schoelkopf, Hutton A
Pomeroy Ino com
1.02
Miscellaneous Bonds
Bid
American Tobacco 48.1951
111
Am Wire Fabrics 7s..1942
35
100
River Bridge 7s
2s
1953
115
100
1348
104
15
Ask
101.7
102.19 102.23
101.20 101.23
10334 r-4
10134
97
93
t—
H
1948
oo
10034 102
102J4 10334
1939
Conv deb 6s
15834 16334
Cont'l Roll A Steel Fdy
9934 10034
conv
6s
104
Merchants Refrig 6s.. 1937
10234 10234
634
3734
2334
Nat Radiator 5s
99 34
/87
89
1946
98
Reynolds Investing 5s 1948
-
...
62
/60
N Y Shipbuilding 5s..1946
...
89 34
9134
106 34
10834
/3134 3234
Wltherbee Sherman 6s *44
/2934
3134
Woodward Iron 5s... 1952
Sept 1 193
134s
1945
Std Tex Prod 1st 634s as'42
Struth Wells Titus 6348 '43
/93
95
Scovill Mfg
Federal Farm Mtge Corp29
1937
Aug 15 1938
June
1 1939
Aug
101.19 101.22
10134 10134
22
/20
534s
37
126
941
.
.
.
57
100
154s
Bear Mountain-Hudson
1134
Worcester Salt
Bid
101.3
Ask
114
100
106
1134
WJR The Goodwill Station
31.06
---
3034
* 124.14
State Street Inv Corp
4434
*
B.
534
Young (J 8) Co com
Preferred
29""
534
10
Spencer Trask Fund
'
...
5.70
29
pf
*
Standard Utilities Ino._.»
47
101
.50
Willys Overland Motors..1
_
...
Macfadden Publlca'n com *
27
cum
Wllcox-Glbbs
...
.
100
"8.65
conv
Standard Am Trust Shares
3134
$734
West Dairies Ino com vtc 1
Lawyers Mortgage Co. .20
1st 6% preferred....100
2d 8% preferred
100
101
43
45
Lord A Taylor oom
48
gl04
preferred
Selected Industries
2.11
1634
46
*
conv
.10.92
Selected Income Shares...
mmm
37.95
24
1534
Welch Grape Juice pref. 100
West Va Pulp & Pap com.*
9
86
Lawrence Portl Cement 100
2234
4934
83
4534
Selected Cumulative Shs..
mmrnm
34
40
2254
105
20.35
4.24
25c 7 1.96
Warren Northam—
100
Klldun Mining Corp
3934
United Piece Dye Works.*
Preferred..
...100
Great Lakes SS Co com..*
Preferred
cum
*
pf. 10
10
1634
42
39
*
Graton A Knight oom
Corp
334
Foundation Co. For shs._*
American
Trico Products
Tublze Chatlllon
1
1534
♦
134
Flour Mills of America...*
Galr (Robert) Co oom
Steel oom
5.40
18.67
..
Eqult Inv Corp (Mass).-5 35.31
Equity Corp conv pref
4134
1
Fidelity Fund Ino
* 1-28.84
Taylor Wharton Iron A
Preferred
Dixon (Jos) Crucible...100
new
Selected American Shares.
mmm
I2
7.80
B
93
Leather
15.17
L.5.10
34
'
111
♦
100
New Haven Clock pf
2434
Indust Serv cl A*
Bowman-Biltmore
23
Nat Paper & Type oom
934
Art Metal Construction. 10
Bankers
99
48
"
86
934
v
Fundamental Tr Shares A.
100
Preferred
3634
30
American Mfg 5% pref. 100
Amer Maize Products
234
27 34
2934
114
116
Muskegon Piston Ring....
National Casket
•
10534 10934
25
1
preferred
6%
1834
Ask
2
Merck & Co Inc com
American Hard Rubber—
American
Bid
Maytag warrants
"
69
3.60
_
D
Teletype NY 1-1493
45
.100
mm
5.20
Dividend Shares
American Book
_
14.67
Selected Amer 8hs
mmm
C
Industrial Stocks
American Arch
B
20.53
Royalties Management
mmm
3.81
Diversified Trustee Shs B.
Tel. BArclay 7-0700
N. Y.
1.09
18.74
stock
Representative Trust Shs.
Republic Investors Fund. 5
mmm
*2.32
Deposlted Insur Shs A
Members New York Security Dealers Association
115 Broadway,
A.
ser
1634
434
.98
Quarterly Ino Shares
'
£
.139
1534
334
New
36
10
mmm
42
Plymouth Fund Inc A. 10c
115
7% preferred
100 *110
Cumulative Trust Shares. *
6.58
mrnm
80
*
Blass B
32
30
100
com
8% preferred
mmrnm
75
Securities... 100
Pacific Southern Inv pref. *
Class A
»
mmm
Series AA mod
COMPREHENSIVE SERVICE
mmm
2.92
.
Continental Shares pref
Corporate Trust Shares
Exchange, Inc.
Accumulative series
A
k Trust Shares...
Century Trust Shares...* £26.97 29.00
Consol. Funds Corp cl A.
10
..,1134
(New York Security Dealers Association
[commodity
Nation Wide Securities..1
2334
Bullock Fund Ltd.
& CO.
UNTERBERG
E.
38.47
2134
Canadian Inv Fund Ltd.l
C.
35.97
1
Broad St Invest Co Inc
Sylvania Industrial Corp.
7%
preferred
120~"
{Soviet Government Bonds
Dollar Bonds.
See Foreign Unlisted
PIERCE-ARROW MOTOR CORPORATION
*
Common and Preferred
No par
value,
<f Coupon,
e
o
Interchangeable,
Ex-righta.
/ Flat price,
selling on New York Curb Exchange,
ROBINSON, MILLER & CO.
b Basis prioe.
c
Registered coupon (serial)
to. < When Issued.
*
ex-dlvldend.
y
Now
t Now selling ex-coupons,
t Now listed on New York Stock Exchange.
X Quotations per 100
gold rouble bond equivalent to 77-4234 grams of pure gold.
INO.
HAnov?2?ie282 52 William Street, N. Y.
N.Y^i-
CURRENT
NOTICES
—Seligman, Lubetkin & Co., Inc., 50 Broadway, New
ROBERT
GAIR
prepared
$3 Cumulative Preferred
in
quarter ended Sept. 30, 1936 earned over twice
preferred requirement
.30 per share on Common
Allendale Corp $3.50 pfd.-com.
Bought—Sold—Quoted—Analyses
LANCASTER
&
NORVIN
GREENE
Incorporated
30 BROAD
HAnover 2-0077
STREET
Bell Tele. N.Y/1-1786
—At
a
a
York City, have
statistical report on General Box Corp. capital stock.
meeting of the board of directors of Sterling National Bank &
Trust Co., Frank
—Harriman &
the opening
J. O'Leary was elected an Assistant Cashier.
Keech, members New York Stock Exchange, announce
of offices at 230 Park Avenue, New York City.
—Wilson, Warkentin & Co. have moved to larger quarters in the same
building at 41 Broad Street, New
on
The
York City.
52 William St., New York, have issued a circular
Hendey Machine Co. class B stock.
—J. Roy Prosser & Co.,
3614
Financial
Quotations
:
Dec. 5. 1936
By R. L. Day & Co., Boston:
Over-the-Counter Securities
Friday Dec. 4 -Concluded
on
I
Chronicle
Shares
Stocks
8 per Share
100 First National Bank, Boston, par
6 Border City Manufacturing Co...
Nashawena
50
50^
3034
1424-1434
6334
$47 lot
$12%
....
Mills
5 New England Public Service $7 prior preferred
50 Helvetia Oil Co., par $1; 5 Sawyer Brothers, Inc.,
2 Central Maine Power Co. 7% preferred, par $100
Foreign Unlisted Dollar Bonds
25
Bid
A*k
f22
24
/27
95%
/21
/21
/19
/23%
Argentine 4 Ha...
Rid
30
jarlan Ital Bk 7%s *32
42
43 %
234 Indiana Gas & Chemical $6
100 Seneca Copper Mining Co
23
igoslavia 2d
1956
35
38
500
23
Coupons—
5s
ser
7s.
6s.
■
Brazil funding
Bremen
-
6s,
scrip
(Germany) 7s 1931
1940
Nov 1932 to May 1935 /50-60
24%
November 1935
Buenos
/113
8%
Luneberg
7 M
Power
Light
Water 7%-.-_
A
1948
10
Meridionale
72%
Munich 7s to
-
-
-
25%
Elec
—
'
mi
Natl
Bank
10%
10%
7%
15
/33
55
7%s
1962
20,000 Congress Copper Co.,
5
/22%
24 A
20 New England Power Assn. preferred
30 Southwest Dairy Products common ctfs. deposit
f23
25
1
/21
23 %
$500 Cuba Cane Products 6s, 1950; 5 Cuba Cane Products common, par $100;
3 U. S. Electric Power Corp. common, w. w., par $1; 20 N. Y. Title A Mtge.
/40
43 %
6%s '46
717 %
/23
2AM
Corp., and 6 National Service Cos. common, par $1
$8 lot
100 Andes Petroleum, par $5; 1 1-40 National Family Stores; 2 12-15 Mavis
Bottling Co. of Am., par $5; 71 Saranac Pulp A Paper Co.; 25 Financial Inv.
R C Church Welfare 7s '46
/22%
Church
(Ger¬
24
Salvador 7%
24
1945
1957
1957
7s ctfs of dep
48 scrip
8s
25%
-1948
8%
anta Fe
124 H 128%
July to Dec
f22%
1936
German scrip...
German Dawes Coupons
1947
7s stamped.:
Scrip..
antander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s. 1945
6%s..—_
1951
Saxon State Mtge 6s_1947
'
June 1 '35 to June 1 '36.
f 13
i
/98
131
)
..
November 1935
.
6%.
...
State
2d series 5s
8%
11%
13%
102
133
7s unstamped
..1946
1955
Tolima 7s
1947
—
24
Tucuman City 7s
1951
Tucuman Prov 7s...1950
94
98
fA9M
f21M
f31
3
/33
...
24
—
7% gold ruble
1943
United Steamship 6s. 1937
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
.
--
-
Wurtemberg
7a
1947
to...1945
834
$1
par
$20 lot
Athenaeum,
16
par
Sugar
common
365
current
were
$50 lot
PARIS
Nov. 28
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. A
Francs
19
Francs
Francs
Francs
Francs
Francs
8,400
1,349
8,100
1,329
8.100
8,200
1,308
1,322
565
560
550
548
Bank of France
29
43%
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parislenne..
Canadian Pacific
303
on
485
795
799
133
133
130
41
Courrleres
228
227
219
222
Credit Commercial de France..
Credit Lyonnalse
43
/22%
/58
/58
f93
/9%
/97%
/97%
620
605
595
1,630
1,450
1,610
1,440
329
326
326
631
625
613
Kuhlmann
705
98 M
Nord Ry
Orleans Ry 6%
Pathe Capital
98 M
LIqulde
Lyon (PLM)
HOLI¬
693
686
1,420
....
686
1,350
94%
10 M
L'Alr
1,320
1,320
1,320
735
718
695
760
733
1~350
715
772
DAY
745
391
382
"382
388
385
19
19
19
19
91.16
Pechiney
1,780
1,740
1,720
100
102
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%s, 1932 A
Rentes 4%%, 1932 B
Rentes 5%, 1920
77.50
77.10
76.90
77.30
77.70
77.40
76.40
75.90
76.80
76.90
76.50
76.90
/24
/22%
/23%
25 M
2AM
25 M
.
$100
$7 lot
m
'
—
mm
m
76.40
75.90
76.80
80.90
80.60
80.50
80.90
81.30
79.75
79.30
79.30
79.80
80.10
99.50
99.30
98.80
99.25
99.50
....
4,670
1,633
1,200
4,580
1,630
1,175
4,600
1,675
1,202
58
65
64
61
Soclete Francaise Ford
Soclete Generale Fonciere
Soclete Lyonnalse
Tublze Artificial
163
-
'
Silk, pref
:•
165
160
1,440
1,425
540
540
540
135
134
130
455
452
82
Wagon-Li ts
80
...
"61
150
1,455
540
480
Union d'Electricitie
.
1,190
1,470
■
4,620
"
1,645
78
m
m
m
m
mmmm
....
130
....
460
....
'
....
.
-
-
-
-
$22 lot
21
36
$12 lot
voting
$6 lot
25c.
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks
day of the past week:
$1..$4 lot
$9 lot
as
received by cable
each
Nov.
Per Cent
Nov.
28
30
Dec.
Dec.
Dec,
1
2
3
4
38
38
Dec.
■Per Cent of Par
Allgemelne Elektrlzitaets-Gesellschaft
Berliner
Handels-Gesellschaft
Berliner Kraft
u.
39
(6%)—....124
124
124
123
123
123
170
171
172
172
173
173
Llcht (8%)
Commerz'und Privat-Bank A.
40
38
G
39
bond...$100 lot
Stocks
$ per Share
53 Corporation Securities of Chicago
common, no par
...
50 Corporation Securities of Chicago $3 optional
pref., no par..
100 Dennlson Mfg. Co. class A first series, par $10
25 Llewellyn Laboratories, Inc., pref., no
par, and 50 common,
30 Keystone Warehouse Co., Buffalo, N. Y., par $100........
$2 lot
$2 lot
5%
no par._$3701ot
—
............
25 Tioga National Bank A Trust
-
-
40
14
395
'
$2 lot
..........
..........
Bonds—
40%
39%
Per Cent
$7,000 Nassau Beekman Realty Corp., Inc., 5a, Nov, 1, 1949, and 70 Nassau
Beekman common, v. t. c
$50 lot
...
.........
109
109
108
108
110
110
110
109
109
109
109
110
109
108
143
144
145
142
140
141
Deutsche Reiohsbahn (German Rys) pf 7% 125
125
125
125
125
125
106
106
106
106
(7%)
Deutsche Erdoel
(4%)__
Dresdner Bank
Gesfuerel (6%)
169
168
167
168
143
145
144
142
143
145
145
146
145
145
14
...
14
14
14
14
14
118
Mannesmann Roehren..
Norddeutscher Lloyd......
105
168
145
...
105
166
...143
....
Farbenindustrie I G (7%)
Hapag
25
Co., par $100
Corp., par $50
11 City National Bank of Philadelphia
Investment Bond & Securities
108
110
Dessauer Gas
Hamburg Elektrlzltaetswerke.
5
1 Fidelity-Philadelphia Trust
108
Deutsche Bank und Dlsconto-Gesellschaft.109
cum. Income
By Barnes & Lofland, Philadelphia:
1,640
1,420
86.56
Bonds—
.....
.
'
100 American ctfs. representing deposited participating debentures of Kreuger
& Toll Co
$2 lot
.....
.
611
int. in 10 shs. of stock
__$20 lot
Bank
.
130
325
Energie Electrique du Nord
Energie Electrique du Littoral..
24
.
1.610
1.450
....
615
1,660
Eaux Lyonnalse cap
50-60
13 New Voices & New Faces Mgt. Corp. pref.,
par $50, and 13 com., par
50 The Fourth Floor Back, Inc., class A, no par
National
25
495
820
.
MOO
^
490
Corp. (N. Y.) common, no par...
for 10-40,OOOths Seaboard Trust Co.
(Hoboken, N. J.) ctf. of ben. int.,
class B, and receipt evidencing right of holder to an
Penn
'
130
200 Sunrise Financial
Central
..
827
Ctf
20
•
1,370
504
Wednesday
10 The Cliffside Park National Bank of Cliffside
Park, N. J., par $100
12 Bush Service Corp. (Del.) pref., series A, par
$100, and 12 common
trust certificates, no par
17 Germantown Trust Co., par
26
Comptolr Nationals d'Escompte
Coty S A
Automatic Fire Protection Co. (Me.), par $100..
535 F-R Publishing Corp. (N. Y.), no par
50
25
Citroen B
$ per Share
Storage Co., par $25
Co., par $25
$10-.
1,400
39
Stocks
5 Bryn Mawr Ice Mfg. A Cold
"298
25,600
1,035
43
66
Shares
295
25.600
1,018
1,350
41
By Adrian H. Muller & Son, New York:
Co., Inc. (N. Y.) 6% real estate
295
25,600
1,020
Saint Gobain CAC
30 Hommocks Holding Corp. (N. Y.) common, no
par, and 30 pref., par
1 Harrison-Rye Realty Corp. (N. Y.), par $100
$500 Guild Theatre
306
25,700
25
Cle Generale d'Electricitie
Cie Generale Transatlantlque...
290
8,200
25,900
1,050
1,420
Canal de Suez cap
Cle Dlstr. d'Electricitie
Schneider A Cle
sold at auction
cable
received by
as
day of the past week:
26 %
week:
of the Steneck Trust Co
BOURSE
Quotations of representative stocks
Soclete Marseillaise
Shares
$20 lot
scrip
25%
3613.
following securities
the
83
...$5 lot
$300
Royal Dutch
of
$15 lot
Co. of N. Y., Ltd., par $10, and 10 Appalachian Gas Corp
10%
AUCTION SALES
The
9
$100
Insurance
38
35
par
52 5-10 Accumulative Royalties Corp. common, and 28 7% preferred...
$5 lot
13 New England Envelope Co. common, par $100; 11 Salamanaca Sugar pref.
v. t. c.; 6022-10000 Salamanaca Sugar pref. scrip, and 300-1000 Salamanaca
each
Union of Soviet Soc Repub
7
For footnotes see page
68
Oct 1935 to Oct 1936.
f22
3
/67
__._1956
Stettin Pub Util 7s...1946
Stinnes 7s unstamped. 1936
Trust,
par $25
THE
Coupons—
.
Craftsmen
Boston
Buildings
Gas Light Co.,
65
22 M
/75
/10
/18%
/24%
m%
m
/42
Massachusetts
10
86
75
/21
Mtge Bk Jugoslavia
1956
Toho Electric 7s
3
)
35 %
13
/34
fAl
1
r ii
/....
/....
Siem A Halske deb 6S.2930 /260
7s
1940
/98
113% 114%
Guatemala 8s 1948
38~"
-
m%
1956
Oct 1932 to April 1935
fl0%
23 %
132
/23
/—
Nov 1932 to May 1935 /50-60
17%
Dec 1 '34 stamped
129
18%
Coupons—
..
7%
18%
1956
2d series 5s
---
...
5s
Apr 15 '35 to Oct 15 *36.
German Young Coupons
1948
(Brazil)
Serbian 5s
/6%
Dec 1934 stamped
Catharina
Santa
24%
-
1834
2634
6334
-
19
25%
-
24
66
—
Royal Dutch 4s
-
3034
40 Merrimack Mfg. Co. preferred, par $100
55
1968
Saarbruecken M Bk 6s '47
Jan to June 1936..
170
$25
par
/18%
Panama 5% scrip
Porto Alegre 7%
8s ctfs of dep
July to Dec 1935
$ per Share
4 Brockton
24
.
;
Co., Rockland, Mass., par $100
Newbury, Wells River, Vt
12 Bay State Merchants Nat. Bank, Lawrence,
Mass.,
50 Berkshire Fine Spinning Assts., common
24
European Mortgage & In
Jan to June 1934.
Slocks
/22
763
25
/56
/38
/27%
126%
f2A%
f23%
Shares
1946
/23
f22
29
634 flat
52 %
Rom Cath Church
28
$190 lot
24
34
/25
10424 & iQt.
/22
23
Land-
Per Cent
/51%
/20
/31
/10
f 65
/27
$460 lot
:
.....
V-v,.
$3,000 City of Boston 334s, April 1939, reg., tax-exempt
$200,000 Cuban Cane Products 6s, Jan. 1950, stamped
$3,000 Times Square & 46th St. Building 6s, 1953, registered
14 Rockland Trust
/32
/97
North German Lloyd 6s *47
4s
1947
Rhine Westph Elee 7% '36
Rio de Janeiro 6%
1933
120
...
'7''
..
14 National Bank of
57
/22J4
■
Oberpfalp Elec 7%.-.1946
Oldenburg-Free State 7%
34
/25
$100
20 York Manufacturing Co., par $100
28 Berkshire Fine Spinning Assts. preferred, par $100
20 Hill Manufacturing Co
f55M
10%
par
24 Farr Alpaca Co., par $50
1948
/32
Jan to June 1935
96
«
/32
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s *36
/64
27%
/87
/86
1948-1949
Protestant
76
/52
/24%
Savings Bk of
to..
72%
/74
6%s '38
6%%
Mtge 7%
15
/70
German Building &
25%
National Hungarian A Ind
13%
5
By Crockett & Co., Boston:
1946-1947
Nat Central
1034
26 A
Co., Gardner,
Bonds—
Panama
Hungary
10%
f22
f22 ,
/23%
/23%
$50; 5 U. S. Worsted Co. common, and 41 U. S. Worsted Co. 1st pref.,
$100..
$1,000 lot
72%
Municipal Gas A Elec Corp
115
flAM
.-19553
24
f23%
Munlc Bk Hessen 7s to *45
(AAB)
(CAD)
7s assented......
Duisburg 7 % to.
par
common,
27
f22
1945
25%
/24%
/70%
/23%
7s..1957
24
fAM
6%s....._.
/24
Mannheim A Palat 7s. 1941
24%
f9M
/9%
Issue of 1934 4%.
$1;
$1; 20 Finance Corp. pref. of New Eng.,
Elec.
5 Brown Durrell Co. common; 5 Pneumatic Scale Co. common; 1 Brookside
Mills, par $100; 18 Wauregan-Quinnebaug Mills pref., par $100; 2 WaureganQuinnebaug Mills common; 1 Gosnold Mills common; 20 Gardner Trust
/12 M
..
&
/26
/26
no
Chile Govt 6s assented
Gas
Leipzig O'land Pr 6%s *46
Leipzig Trade Fair 7s 1953
16%
/25
/60
Corp.; 7 Assoc.
17
Nassau Landbank
Aires scrip
31
$25 lot
20%
f33
195!
par
-
preferred..
38 United Cape Cod Cranberry Co. common, par $100
102 Keyes Fibre Co. "A"
Corp—
6%s
par
/34
Recklinghausen 7s.. 1947
Bank
....196:
$100;
$60 lot
624
par
/25
/45
fl6
f7H
n
f8
f22%
72%
m
f21
7%s
95
Mfg. Co.,
Land M Bk Warsaw 8a '41
British Hungarian
Brown Coal Ind
American & Dominion
cum.
288 Assoc. Gas & Elec. class A, par
22
f2AM
-
27%
pref., par $100--
Falls
common
1956
ma
7s.
234 Indiana Gas A Chemical
1948
goslavla 5s
m%
Great
10 New York New Haven & Hartford RR. common, par $100
Ask
/31
20
common;
I feeder Steel 6s
/17%
oliv
Harbor Terminal
96%
Bavarian
8s.
Detroit
119
119
118
116
117
14
14
14
14
14
14
Relchsbank (8%)
186
187,
187
188
187
190
Rhelnlsche Braunkoble (8 %)
221
222
221
221
220
222
Salzdetfurth (734%)
190
...
184
189
188
187
Siemens A Halske (7%)
198
198
198
199
197
197
Volume
143
Financial
General
3615
Corporation and Investment News
RAILROAD—PUBLIC
FILING OF
Chronicle
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION
STATEMENTS
SECURITIES ACT
UNDER
Specialists
The Securities and
Exchange Commission on Nov. 27 an¬
filing of 21 additional registration statements
(Nos. 2630-2650, inclusive) under the Securities Act.
The
total involved is $67,282,325, all of which
represents new
in
nounced the
issues.
"r.-.■
.,//'>;*
Type
The total includes the
McDonnell & Co.
Total
Commercial and industrial
$67,282,325.00
following issues for which releases
w.-.i
ha ye been published:
Consolidated Gas Electric Light & Power Co. of
Baltimore—$23,000,000 of Series N 3 M % first refunding mortgage sinking fund bonds, due
Dec. 1. 1971.
(See details in V. 143, p. 3311.)
(DocketNo. 2-2640, Form
Filed Nov. 17, 1936, included in Release No.
1147.)
A-2.
Investment
series due
Co.—$10,000,000 of 10-year 3% debentures,
1946.
(See details in V. 143, p. 3458.)
(Docket No.
Form A-2.
Filed Nov. 19, 1936, included in Release No.
1149.)
Pacific Finance
Corp.
of
2-2643,
California—35,000 shares ($100 par) 5%
series cumulative preferred stock with warrants for
35,000 shares of com¬
mon stock attached and
35,000 shares ($10 par) common stock to be issued
exercise of the warrants.
on
2-2648, Form A-2.
(See details in V. 143, p. 3477.)
(Docket No.
Filed Nov. 20, 1936, included in Release No. 1152.)
Other issues included in the total
(The)
filed
Garford
Corp.
(No.
are
as
follows:
registration statement covering 100,000 shares ($10 par) 5% cumu¬
lative convertible preferred stock to be offered at
par, 200,000 shares
($1 par) common stock to be reserved for conversion of the preferred,
warrants to
purhase common stock before Jan. 1, 1942, at $5 a share, and
100,000 shares ($1 par) common stock to be reserved for exercise of warrants.
The proceeds are to be used for the purchase of
machinery and equipment
working capital.
The Bond & Share Co., of Cleveland, Ohio, is
the underwriter.
Homer K. York, of Marion, is President.
Filed Nov.
and for
13, 1936.
Times
Co.
(2-2631, Form A-l) of Chicago. 111., has filed
Such of the units
as are not
a
purchased by stockholders may
be sold to such persons as the board of directors
may authorize, at not less
$15 a unit.
The proceeds from the sale of the class A and class B
than
stock together with the proceeds from
6,375 shares of class B stock sold
to
employees are to be paid to the Times Publishing Corp., a wholly owned
subsidiary, and will be used by that company to discharge indebtedness
for the purchase of machinery and equipment, and for additional
working
capital.
S. E. Thomason, of Chicago, is President.
Filed Nov. 13, 1936.
Fabrica
Dominicana
de
Tejidos,
C. Por
A.—Charles
H.
have filed
a registration statement
covering preorganization subscriptions
5,000 shares of $105 par value $8 cumulative participating preferred
and 10,000 shares of $5 par value common stock of which
5,000
shares are to be reserved for conversion of the
preferred and 5,000 shares
are to be offered at $5 a share to the syndicate
managers and others.
The
subscriptions to the participating preferred stock are to be offered at par.
The net proceeds are to go to the company when incorporated and will be
used for the purchase of land, buildings,
machinery and equipment, and
for working capital.
Filed Nov. 13. 1936.
for
stock
Automobile
Banking Corp. (2-2633, Form A-2) of Philadelphia, Pa.,
registration statement covering 31,840 shares ($25 par) $1.50
preferred stock and 157,350 shares (25 cent par)
class A common stdck, of which 62,750 shares are
presently outstanding,
79,600 shares are reserved for conversion of the preferred stock, and 15,000
are unissued.
Of the preferred stock being registerred 11,840 shares are
to be offered to holders of the company's 2,960 shares of
8% cumulative
preferred stock on the basis of four new shares for each old share neld, the
company accepting the 8% preferred stock at $100 a share in payment for
the new preferred at a price of $25 per share.
The remaining 20,000 shares
are to be publicly offered at $26.50 a share
through Distributors Group,
inc., of N. Y. City, the underwriter, together with any of the shares being
offered to stockholders but not taken in exchange.
The preferred stock is
a
cumulative convertible
convertible into
common
stock
as
follows:
before Dec. 31, 1937, 2H
shares of class A common; thereafter and incl. Dec.
31, 1938, 2 shares of
class A common; thereafter and incl. Dec. 31, 1939, 1 2-3 shares
of class A
common; thereafter and incl. Dec. 31, 1940, 1 3-7 shares of class A
common;
and thereafter and incl. Dec. 31, 1941, 1M shares of class A
common.
The
cash proceeds to be received by the company are to be used for
on
or
capital and for redemption of the 8% preferred stock.
Philadelphia, is President.
Filed Nov. 14, 1936.
Eaton
&
Howard
Management
Fund "Al"
L.
(2-2635,
M.
working
Seiver, of
Form A-l)
of
Boston, Mass., has filed a registration statement covering 250,000 shares
of beneficial interest having a par value of $1 a
share, of which
shares
are
value and
to be issued in
202,918 shares
be used for investment
the
underwriter.
Poor
&
47,082
exchange for 23,541 outstanding shares of
are to
no par
be offered at market.
Tne proceeds are to
Eaton & Howard, Inc., of Boston, is
purposes.
Filed Nov. 14. 1936.
(2-2636, Form A-2) of Chicago, 111., has filed a registration
covering $1,500,000 of 10-year 4% sinking fund debentures due
Oct. 1, 1946.
The proceeds are to be used for refunding.
Harris, Hall &
Co. of Chicago, is expected to be one of the principal
underwriters/it is
stated.
Fred A. Poor, of Chicago, is President.
Filed Nov. 16. 1936.
Houston Cotton
Exchange Building Co., Inc.
of Houston, Texas
(2-2637,
Form A-l)
has filed a registration statement covering $500,000 of
first mortgage 4H % serial real estate bonds due 1938 to
1947, and $260,000
of second mortgage 4H% bonds due Feb. 1, 1947.
The bonds are to be
offered at par.
The proceeds are to be used for refunding.
K. E. Womack.
of Houston, is President.
Filed Nov. 16, 1936.
Louisiana Oil
Producing
Co.
(2-2638, Form A-l) of Boston, Mass.,
has filed a registration statement covering 150,000 shares
($1 par) common
stock to be offered at $1.25 a share.
The proceeds are to be used to dis¬
charge indebtedness, for the drilling of additional oil wells, the purchase of
machinery and equipment, and other corporate purposes.
H. M. Jenness
& Co., Inc. of Boston, is the underwriter.
Howard M. Jenness, of Holbrook, Mass., is President.
Filed Nov. 16, 1936.
Diversified Investment Fund, Inc. (2-2639, Form A-l) of
Detroit,
Mich., has filed a registration statement covering 499,000 shares ($1 par)
class A capital stock.
The proceeds are to be usedL for investment purposes.
Arthur L. O. Henry, of Detroit, is President.
Filed Nov. 16, 1936.
(The) Lima Cord Sole & Heel Co.
(2-264L Form A-2) of Lima, Ohio,
registration statement covering 60,000 shares ($1 par) common
stock all of which are presently outstanding
None of the proceeds is to be
received by the company.
A. H. Harrison & Co., of Chicago, is the under¬
writer.
J. E. Grosjean, of Lima, is President.
Filed Nov. 17, 1936.
a
NEW YORK
RECTOR 2-7818
Ray Airconditioning Corp. (2-2642, Form A-l) of N. Y. City, has
a
registration statement covering 75,000 shares (no par) common
capital stock to be offered at $3.75 a share.
The proceeds are to be used
filed
for inventories and for
is the underwriter.
Filed
working capital. A. W. Porter, Inc. of N. Y. City,
George Ray, of Port Chester, New York, is President.
18, 1936.
Nov.
(The) Standard Tube Co.
(2-2644, Form A-2) of Highland Park
Mich., has filed a registration statement covering 150,000 shares ($1 par)
class B
common stock, of which 90,000 shares are reserved for sale to the
holders of the company's class B common stock at $4 a share upon exercise
of stock purchase warrants and
any unsubscribed balance is to be offered
publicly at the market; 10,000 shares are to be sold through the underwriters
at market; 37,500 shares are to be sold to officers and
employees of the
company at $4 a share; and 12,500 shares are for future sale at the market.
have been
sold to the underwriters at $4 per share.
The proceeds from the sale of the
are
to be applied to the purchase of
machinery and equipment,
stock
to the repayment
of bank loans and to working capital.
Alison & Co. and
Carlton M. Higbie Corp., both of Detroit, are the underwriters.
George
B. Storer, of Highland Park, is President.
Filed Nov. 19, 1936.
(The) Packer Corp. (2-2645, Form A-2) of Cleveland, Ohio, has filed a
registration statement covering 15,000 shares (no par) common stock and
to
warrants
holders
purchase the stock.
The warrants are to be issued to share¬
Nov. 19, 1936, and will entitle them to subscribe pro
$15 a share.
The warrants are assignable and must be
of record
exercised
on or before Dec.
22, 1936.
The common stock not subscribed
by shareholders will be offered by the company to members of its organ¬
ization and to other shareholders at not less than $15 a share, it is stated.
The proceeds are to be used to discharge indebtedness, for a loan to Packer
for
Displays, Inc., for reconstruction of existing advertising structures and
expansion of existing plants, and for working capital.
H. H. Packer, of
Cleveland, is President.
Filed Nov. 19, 1936.
Universal-Cyclops Steel Corp. (2-2646, Form A-2) of Bridgeville, Pa.,
has filed a registration statement covering 100,000 shares ($1 par) common
stock of which 60,646.76 shares are presently outstanding.
The net pro¬
ceeds to be received by the company are to be used for plant improvements
and for working capital.
A. G. Becker & Co., Inc., is expected to be the
underwriter, it is stated.
Walter H. Baker, of Washington, Pa., is Presi¬
dent.
Filed Nov. 19, 1936.
Dictograph Products Co.,
Inc.
(2-2647, Form A-l)
of N.
Y. City,
has filed a registration statement covering 10,000 shares ($2 par) common
stock to be offered to stockholders at $20 a share.
The proceeds are to be
used for working capital.
P. W. Andrews, of Bronxville, N. Y., is President.
Filed Nov. 17, 1936.
Ventura Mines, Inc. (2-2649, Form A-l) of Nogales, Ariz., has filed
registration statement covering 500,000 shares ($1 par) common stock
$1.25 a share.
The proceeds are to be used for the develop¬
ment of property, the purchase of machinery and equipment, and for work¬
ing capital.
Joseph A. Michel, of Nogales, is President.
Filed Nov. 20,
a
to be offered at
1936.
•
Chevy Chase Club
(2-2650, Form A-2) of Chevy Chase, Md., has
registration statement covering $350,000 of first mortgage 4M%
bonds due Jan. 1,1957.
The proceeds are to be used for refunding.
Folger,
Nolan & Co., Inc., of Washington, D. C., is the underwriter.
H. Prescott
Gatley, of Washington, D. C., is President.
Filed Nov. 20, 1936.
filed
a
Prospectuses
were
filed for 11 issues under Rule 202 which
exempts from registration certain classes of offerings not ex¬
ceeding $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:
.
Hagerstown Industrial Savings & Loan Co. (File 3-3-735), Hagerstown, Md.
Offering 350 units of preferred and common stock, each unit
consisting of 4 shares of preferred ($20 par) and 2 shares of common (no-par)
at $100 per unit.
Andrew K. Coffman, above address, is President. The
Southeastern Investment Co., Inc., 1407 K St., N. W., Washington, D. C.#
named
as
underwriters.
Sanisol Products, Ltd. (File 3-3-853), 64 Wellington St., West, Toronto.
2, Ontario.
Offering 100,000 shares of common stock (no-par) at $1 per
share.
C. H. Hall, 50 Benlamond Ave., Toronto, Ontario, is President,
No underwriter is
named.
Dahlstrom Metallic Door Co. (File 3-3-846), Jamestown, N. Y.
Offer¬
ing 10,000 shares of common stock ($1 par) at $4 per share.
Paul N.
Anderson, 338 East Fifth St., Jamestown, N. Y., is President.
No under¬
writer
is
named.
Saybrook Corp. (File 3-3-411), Chicago, 111. Offering not to exceed 2,893
Co.
statement
has filed
TEL.
Wanzer,
Edward S. Paine and Howard R. Merrill (2-2632, Form
A-l) of N. Y. City,
syndicate managers of a proposed corporation to be organized in the Domin¬
ican Republic and known as '•Fabrica Dominicana de
Tejidos, C. Por A.",
has filed
BROADWAY,
rata for the stock at
registration statement covering 955 shares ($100 par) 5% preferred stock,
26,121 shares (no par) class A stock, and 26,121 shares (no par) class B
stock.
The preferred stock is to be issued to officers and
employees of the
company in return for their past contributions to the working funds of the
company.
The class A and class B stock is to be offered to holders of the
company's class A and class B stock in units consisting of one share of each
at $15 a unit.
120
Of the 90,000 shares reserved for
warrants, rights to 12,500 shares
2-2630, Form A-l) of Marion, Ind., has
a
Chicago
.../New York Stock Exchange
York Curb Exchange
Member8\ New
Pennsylvania State Water Corp.—$7,250,000 of first collateral trust
bonds, due 1966.
(See details in V. 143, p. 3329.)
(Docket No. 2-2634,
Form A-2,
Filed Nov. 14, 1936, included in Release No. 1141.)
Associates
Rights and Scrip
;V.n
No. of Issues
21
All
shares of common stock ($10 par) at the net asset value thereof at the time
the sale is made, plus 5%.
Frank N. Lay, Kewanee, 111., is President.
No underwriter is named.
Baird
Red Lake Gold Syndicate (File 3-3-855),
Bldg., 217
Bay St., Toronto,
Ontario.
Room 705, Re Ford
Offering 5,000 units of $10 par
value at par.
T. W. Dean, Toronto, Ontario, and Milton Rabow, Buffalo,
N. Y., are named as trustees.
The offering is to be made through Leland
Securities Co., Inc., 705-706 Wilder Bldg., Rochester, N. Y.
Stenshaw-on-Klamath Gold Mining Corp. (File 3-3-856), Room 1636,
Offering 150,000 shares of capital stock
16c. per share.
Charles P. Franchot, 60 East 42d St.,
is President of the corporation.
No underwriter is
60 East 42d St., New York, N. Y.
of 10c. par value at
New York, N. Y.,
named.
Northwest Cosmetic Sales
Corp. (File 3-3-858), Fargo, N. D.
15,000 shares of class A stock of $5 par value at par.
Ninth Ave., North, Fargo, N. D., is President.
415
Offering
John J. Preboske,
No underwriter is
named.
Apex Mines (File 3-3-859), 2023 Railway Exchange Bldg., St. Louis, Mo.
Offering 30,000 shares of common stock (no par) at $1 per share.
Arthur
Laure, 5523-A Alaska Ave., St. Louis, Mo., is ^President.
No under¬
N.
writer is named.
Wallingford Steel Co. (File 3-3-860), Wallingford, Conn.
Offering to
its stockholders 2,000 shares of capital stock ($25 par) at $50 per share.
E. B. Cleborne, above address, is President.
No underwriter is named.
Glenwood
Quebec.
Mining Co. (File 3-3-861), 920 Castle Bldg., Montreal,
Offering to brokers and security dealers 94,820 shares of common
Financial
3616
stock
(SI par) at par.
Chronicle
Frederick C. Todd, above address, is President.
Dec. S,
Akron Canton &
No underwriter is named.
Youngstown Ryv
1936
October—
New York
Navigation Co. (File 3-3-862), 900 Market St., Wilmington,
Del.
Offering to brokers and security dealers 80,000 shares of class A, 7%
cum. pref. stock of $1
par value and 20,000 shares of class B stock of SI
par value in unity of 4 shares of class A and 1 share of class B at $5 per unit.
Irving De Graw, 376 Main St., Little Falls, N. J., is President.
No
Gross from railway
Net from railway
underwriter is named.
Net from railway.....
Net after rents.
Net after rents
From Jan. 1—
Gross from railway
1,864,782
following registration statements also
the SEC, details regarding which are given
pages under the companies mentioned:
filed with
subsequent
were
on
Standard Cap & Seal Corp. (2-2673, Form A-2) covering 108,003
shares of convertible preference stock (par $10) and 327,858 shares (par $1)
common stock.
Filed Nov. 25, 1936.
Connecticut Light & Power Co.
000,000 1st & ref. mtge. 3M% bonds.
(2-2677, Form A-2) covering $16,Filed Nov. 25, 1936.
Mengtl Co. (2-2679, Form A-2), covering $2,500,000 1st mtge. conv.
sinking bonds, 65,896 shares of 5% conv. 1st pref. stock and 496,532 shares
($1 par) common stock.
Filed Nov. 25, 1936.
Missouri Power & Light Co. (2-2680, Form A-2) covering $9,000,000
15,000 shares (no par) $6 cum. pref. stock.
Sears, Roebuck & Co. (2-2698, Form
(no par) capital stock. Filed Dec. 1,1936.
A-2)
614,119
covering
shs.
i
Florida Power Corp. (2-2701, Form A-2) covering $10,000,000 1st mtge.
4% bonds due 1966 and $2,500,000 5% debs, due 1946.
Filed Dec. 1,
1936.
Houston
Armour
&
Co.
(2-2702, Form A-2) covering $20,000,000 1st
mtge. 20-year 4% sinking fund bonds, due 1957.
Filed Dec. 2, 1936.
The
following companies have been permitted to withdraw
General
Equities, Inc. (V. 142,
Maclou Corp. (V. 143, p. 2036).
Filed April 6, 1936.
Filed Sept. 10, 1936.
p.
Sterling Aluminum Products, Inc. (V. 143,
p.
2355).
Filed Sept. 28,
In making available the above list, the
In
in
The last previous list of registration statements was given
our issue of Nov. 21,
p. 3301.
498,660
273,705
Jan. 6.
A dividend of $1.50 per share was paid on the common stock on
July 15
last, this latter being the first payment made since Dec. 31, 1934, when
$2 per share was distributed.
A $2 dividend was also paid on Dec. 30,
1933.—Y. 143. P. 3457.
RR.-
Earnings—•
✓
1936
1935
1934
1933
$1,501,723
417,358
150,531
$1,399,261
400,118
147,274
$1,234,278
297,534
50,522
$1,252,876
13,373,030
2,869,615
261,301
11,483,510
1,655,598
def637,957
11,156,714
2,454,679
280,435
11,292,144
3,513,513
1,418,336
October—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
461,490
208,522
—V. 143, p. 3457.
American Bemberg
Corp.—Accumulated Dividend—
The directors have declared a dividend of $10.o0 per share on account
of
accumulations on the 7% cumul. pref. stock, par $100, payable Dec. 15 to
holders of record Dec. 5.
Accumulations as of Jan. 1, 1937 after the current payment will amount
$35 per shares—'V. 142, p. 4012.
to
American Can Co.—Extra Dividend—
Nov. 24 declared an extra dividend of $1 per share
Dec. 3.
quarterly dividend of $1 per share was paid on Nov. 16,
The directors on
the common stock, par $25, payable Dec. 23 to holders of record
on
The regular
last.
Extra dividends of $1 per share were also paid on Feb. 15,1936, Feb. 15,
1935, Nov. 16, 1931 and Nov. 15, 1930.—V. 143, p. 2824.
American
Commission said:
does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
no case
1,356,648
484.527
234,595
to holders of record Dec. 11.
At the same time the directors declared a regular semi-annual dividend of
$1.50 per share on the common stock, payable Dec. 26 to holders of record
Dec. 11, and the regular semi-annual dividend of $1.50 per share was de¬
clared on the preferred stock, payable Feb. 17, 1937 to holders of record
2652).
1936.
1,443,980
Dec. 26
their registration statements:
Chicago Rivet Machine Co. (V. 142, p. 2485). Filed March 30, 1936.
East Side Associates, Inc. (V. 143, p. 2036).
Filed Sept. 12, 1936.
$133,107
41,744
21,455
Alabama Great Southern RR.—Extra Dividend—
Filed Dec. 2, 1936.
(Del.)
1933
35.888
15.041
The directors on Dec. 1 declared an extra dividend of $2 per share on the
stock and on the participating preferred stock, both payable
Lighting & Power Co. (2-2702, Form A-2) covering $27,-
500,000 1st mtge. 3H% bonds, due 1966.
1934
$136,256
common
Alton
Montgomery Ward & Co. (2-2686, Form A-2) covering 652,143 share
(no par) common stock.
Filed Nov. 27, 1936.
-Earnings-
—V. 143, p. 3302.
1st mtge. 3M% bonds and
Filed Nov. 25, 1936.
Transwestern Oil Co. of Oklahoma City, Okla. (2-2682, Form A-2)
covering 750,000 shares (par $10) capital stock. Filed Nov. 25, 1936.
1,629,189
531,018
309,604
699,323
395,835
...
The
1935
$189,905
66.324
42,434
$212,746
86,636
57,639
._
1936
Cereal Food Corp., Clinton, Mass.—Stock•
Offered—Ellis & Co., Boston, are offering the 6% cumulative
Preferred stock ($25 par) and the common stock ($1
shares of
common
(see further
stock
par) in
'consisting of four shares of preferred stock and four
units
are
stock at
a
details below).
price of $104 for each unit
Separate shares of
common
offered at $2 for each share, and separate shares of
preferred stock are offered at $25 for each share.
Aero Supply Mfg. Co.—Accumulated
The directors have declared
Dividend—
Officers—Frank
dividend of $3.37H
cents per share on
account of accumulations, and the regular quarterly dividend of 37H cents
per share ordinarily due at this time (or for a total or $3.75 per share) on the
$1.50 cumulative class A stock, no par value, both payable Dec. 15 to holders
of record Nov. 30.
A dividend of $1.50 was paid on Oct. 1, last. Arrearages
after the payment of the current dividend will amount to $3.37 ^ per
share.—V. 143, p. 1217.
a
Knight,
President;
Bennison
Osborne,
Vice-Pres.
&
Factory Mgr.; Cleve O. Pulver, Sec. & Treas.
Directors—Frank Knight, Bennison Osborne, Vernon O. Punches, Oleve
O. Pulver, Millward C. Tart (Gen. Counsel).
Company—Incorp. May 8, i936 in Delaware. Was primarily created to
manufacture health foods to be sold in America.
The corporation has
a plant for manufacturing at Clinton, Mass., and plans the pro¬
"Weetabix."
The production of this
health foods was established in Australia approximately 30 years
ago, and has grown steadily since that time.
The manufacturing plants
located in Austrilia, together with those in New Zealand, are owned solely
by the Seventh-day Adventist denomination.
Other plants engaged in
manufacturing these health foods have been established in South Africa
and England.
These plants are privately owned.
Mr. Osborne, who was
acquired
duction of a cereal to be known as
type of
Ahlberg Bearing Co.—Class A Stock Offered—-Matthews,
Lynch & Co., Chicago, are offering (to residents of State
only) 35,000 shares of class A common stock at
$6 per share.
of Illinois
The class A common stock is callable at $7.50 per share.
Exempt from
personal property taxes.
Trust Company of Chicago, transfer
agent and registrar.
Preferred over class B common shares as to cumu¬
lative dividends of 7% per annum, payable Q.-J.; participates share for
share with class B common stock after dividends of 35 cents per share have
been paid on the class B common stock during any one year; convertible,
share for share, into class B common stock at holder's option, and entitled
to preference of $7.50 per share in liquidation.
Capitalization—
Authorized
Outstanding
Illinois
,
Class A
Class B
common
stock
50,000 shs.
($5 par)
35,000 shs.
common stock (no par)
x250,000 shs.
200,000 shs.
50,000 shares reserved for conversion of class A common stock.
was incorporated in 1916 in Illinois and acquired
the properties and business theretofore operated since 1909 as a co-partner¬
ship by C. J. Bender and K. E. Ahlberg.
Company produces and dis¬
tributes over 1,300 different types and sizes of anti-friction ball-bearings
for use in practically every field of industrial activity, utilizing machinery
for the development or transmission of power.
Approximately 70% of the
company's volume is derived from sales to industry, &c., and 30% from
automotive sales.
Company is one of the leading manufacturers and dis¬
tributors of ball bearings in the United States.
Through 28 company ware¬
houses and six affiliated warehouses and 387 authorized distributors in
289 different cities, the company not only carries stocks at more points
but has the largest distributing organization in the industry, blanketing
the entire country from coast to coast.
In addition to its own products,
the company distributes "Timken Roller Bearings" and "Norma-Hoffman
Precision Ball Bearings"—two non-competitive lines.
a
vital factor in the successful
operation of the above mentioned plants, is
controlling factor in the American Cereal Food Corp.
the American Oereai Food Corp. is privately owned (90,000)
shares of its common stock have been donated to the General Conference
now a
While
Corporation of Seventh-day Adventists for educational and other work of
These shares are in the name of Frank Knight, trustee,
privilege which these shares contain.
the denomination.
who holds the voting
Capitalization—*Capitalization as of Aug. 3, 1936, is as follows:
6%
cum.
Authorized
Outstanding To Be Offer'd
pref. stock, $25 par value. . 16,000 shs.
None
16,000 shs.
—600,000 shs. 312,000 shs. 279,000 shs.
Reserved for underwriters
9,000 shs.
Common stock ($1 par)
Common stock ($1 par)
x
History—Company
Purpose—To provide the necessary funds for the manufacture, stocking
and distribution of the new line of products; to retire 242 shares of preferred
stock and to provide additional working capital.
Comparative Income Account
—Calender Years—
■
1934
1935
9 mos.
end. Sept.
$752,560
385,936
$822,441
434,463
30, *36
$729,206
378,455
.....$366,624
6,384
$387,978
1,505
$350,750
934
$373,008
$389,483
$351,685
Taxes (except
321,971
13,721
5,672
346,144
14,869
3,933
280,531
13,112
x7,546
Gross sales...
Cost of sales
Gross income from operations..
Other income--....
Total income.
Oper., Adm., sell. & misc.
Fed.), etc.
Depreciation
exp.,
>
..
Prov. for Federal income Tax
...
tax.
Balance Sheet, September 30, 1936.
Cash
Aooounts
Liabilities—
$39,931 Notes payable
98,314 Accounts payable
11,678 Accrued expenses
327,476 Deferred credits
8,914 7% class A common stock
204,882 Class B common (200,000 shs.,
no
par)
90,570
6,944 Earned surplus.
....
receivable-
Customers' notes receivable..
Inventories
Investments & other assets...
Machinery A^equip. (net)
Real estate
Deferred expenses.
Total
,
$788,7091
Total
$12,000
50,157
15,521
220
110,405
465,198
xl35,207
$788,710
xThe above figures are before provision for Federal income tax and Federal
surplus tax for the nine months ended Sept. 30, 1936.
in
an
of control of the registrant.
The
without cost to themselves, the consent to use such
amount sufficient to assure them
vendors
obtained,
processes necessary in the manufacture
to market such product in the United
of "Weetabix," and exclusive rights
States and Canada, as contained in
agreement entered into on July 15, 1936, between the registrant and the
British & African Cereal Co., Ltd., of England, who held exclusive rights
an
to
processes for* manufacturing
"Weetabix."
Under this agreement, the
registrant also secured Mr. Osborne's release from a life agreement with
the above named company, so that his entire efforts might be placed to the
best interests of the registrant.
The above mentioned agreement is to
continue for a period of 25 years, and shah thereafter be renewed upon
such terms as may
2,000 Shares
be mutaully agreed upon.
issued to Millward C. Taft for legal services in matters
were
of organization and incorporation of American Cereal Food Corp.
Holders of preferred stock are entitled to dividends at a rate of
6% per
after Jan. 1, 1937, and cumulative after Jan. 1, 1938, to be paid
only from net earnings of the corporation before any dividends are declared
or paid to holders of common shares.
Preferred stockholders have preference
as to principal and cumulative dividends in the event Of dissolution.
The
preferred shares may be redeemed at $27.50 per share at any time after three
years from issue thereof.
Voting rights are privileged' only to holders of
common stock.
Neither class of stock has any conversion, preemptive, or
exchange rights.
After providing for cumulative dividends on the preferred
stock, the directors may, as they deem proper, reserve such portions of
remaining profits to meet contingencies, or for such other purposes as
they think conducive to the interests of the corporation, before declaring
or paying any dividends to holders of common stock.
Public Offering—The public offering consists of 16,000 shares of 6% cum.
preferred stock and 279,000 shares of common stock. The corporation plans
to accept subscriptions for 8,000 shares of preferred and 108,000 shares of
common stock at this time.
The remaining 8,000 shares of preferred stock
and 171,000 shares of common stock are to be withheld from public offering
at this time, and are only to be offered at such future date as additional
plant facilities are required.
Shares presently offered are to be sold in
units consisting of 4 shares of preferred stock and 4 shares of common stock
at a price of $104
per unit.
The corporation holds the right to sell separate
shares of preferred stock at $25 per share.
Additional common shares are
to be sold separately at a price of $2 per share.
It is intended that the
common shares, sold share for share with the preferred shares, shall be
valued on the records of the corporation at par value.
Of the $2 per share
received from sale of additional common shares, $1 is to be credited to the
capital account, and $1 is to be credited to the capital surplus account,
toward which account part of the underwriter's commission charges are to
be applied.
The registrant does not intend to sell any of its securities at a
annum
Net available for dividends
$31,643
$50,495
$24,535
xCalculated in accordance with the 1936 Revenue Act, subject to audit
and year end adjustment.
No provision has been made for Federal surplus
Assets—
The 312,000 shares of common stock*outstanding were issued as follows:
20,000 shares were issued to Frank Knight, and 90,000 shares were issued
to Frank
Knight, trustee, for the General Conference Corporation of
Seventh-day Adventists.
These shares were issued in payment of the
"Cameron Mill" at Clinton, Mass., and valued by the directors at $110,000.
110,000 shares were issued to Frank Knight, and 90,000 shares were
issued to Bennision Osborne.
These 200,000 shares were issued in considera¬
tion of secret processes and trademark " Weetabix" assigned to the corpora¬
tion for valuable experience of vendors and to compensate them for sacri¬
ficing profitable interests abroad, and with a view or issuing common shares
Volume
143
Financial
Chronicle
3617
price varying from that at which the securities are to be offered to the
public under this registration.
Purpose of Issue—The purpose of this issue is to obtain funds sufficient
to equip and operate one or more plants in the manufacture of health foods
in
We Invite
America.
Milwaukee and
It is estimated that approximately
$348,880 will be required at this time
for the following purposes:
To purchase and install
Clinton,
Purchase of grain, package cartons, and other stores
General working capital to be utilized for
payment of labor and
other expenses necessary in operation
75,000
50,000
Phone Daly 5392
Teletype Milw. 488
Comparative Statement of Income and Summary of Surplus (Co. Only)
Period End. Sept. 30—
1936—3 Mos.—1935
1936—12 Mos.—-1935
Gross inc. from subs....
$2,082,869
$2,408,842
$9,988,286 $10,692,382
2,000
units
(representing 8,000 shares of preferred and 8,000
shares of common stock) to be offered at
$104 for each unit
208,000
common stock to be offered at $2 for each share.. 200,000
Other
100,000 shares of
Total gross proceeds
Less: Underwriters' commissions
expense
5,755
Total income
Expenses, incl. taxes...
Int. (mcl.
intercompany)
$408,000
57,120
2,000
.
Registration and stock promoting
& other deductions...
Bal.
Net proceeds to corporation
It is further intended that the remaining 8,000 shares of
preferred stock,
171,000 shares of common stock are not to be sold until additional
required.
are
At that time, however, the corpora¬
2,000 units (representing 8,000 shares of preferred and 8,000 shares
of common stock) to be offered at
$104 for each unit
...$208,000
163,000 shares of common stock to be offered at $2 for each share._ 326,000
.$100,000
160,000
75,000
50,000
_
reserve
Merchandise stores
General working capital
74,240
Total estimated requirements
$459,240
Underwriters—The underwriter, Ellis & Co., of Boston,
firm commitment to purchase or to find
purchasers for all
these shares of 6% cumulative
preferred stock,
143, p. 2824
a
5% cumulative $10
five shares
or
shares of
common
common
par
dividend of 50 cents in cash and
was essential
are
The directors
Russell
such,
15,
1930, when 40
General
on
Corp.—Calls Second International
Issue $15,000,000 Debentures—
Dec, 1 called for redemption on Feb. 1,
$3,775,000 of the debentures outstanding, of which $44,000 are held in the
treasury.
American General Corp. has filed with the Securities and
Exchange Com¬
mission a registration statement
applying for the registration of $15,000,000
of its 15-year 5% debentures.
When and if the registration statement
becomes effective American General proposes to invite tenders of its
$17,893,000 assumed debentures—including those of Second International
Securities Corp.—to be exchanged par for
par for the new debentures with
ratable adjustment in cash for accrued interest and with additional
cash
payments to holders of the assumed debentures
ranging from $25 to $50 per
debenture.—V. 143, p. 3135.
American & Foreign Power Co. Inc.,
1936—3 Mos.—1935
Net
revs,
from oper..
$5,975,884
403,345
Gr. corporate income.
Interest to public & other
$6,031,173
res. approp.
995,046
Crl9,847
1,088,554
1,057,990
Cr7,239
918,788
Pref. divs. to public..
$4,315,476
669,407
Interest charged to cons.
Prop, retire,
Balance
x
$5,589,804 $22,610,896 $22,550,547
441,369
748,258
909,230
$6,379,229
deductions
Portion applicable to
minority interests
Net equity of Am.
Foreign
inc.
Pow.
in inc.
219,585
$23,359,154 $23,459,777
4,157,154
is
248,442
380,422
f
614,570
S.
$3,115,562 $11,721,329 $11,774,029
Net
equity of Am. &
For. Pow. Co. Inc. in
inc. of subs, (not all of
which is avail, in U.S.
currency)—before ex¬
change adjustments.. $3,426,484
Other income
5,755
Total income
$3,432,239
120,560
Int.
deductions
$3,115,562 $11,721,329 $11,774,029
5,600
22,895
79,047
$3,121,162 $11,744,224 $11,853,076
169,709
683,829
799,496
1,808,849
1,830,517
7,155,317
7,333,205
$1,502,830
$1,120,936
$3,905,078
$3,720,375
boforo 0xch8iii§0
adjustments
x
Full dividend requirements applicable to the respective
periods whether
earned
or
unearned..
Note—All intercompany transactions have been eliminated in the above
statement.
Interest and preferred dividend deductions of subsidiaries
full requirements for the respective periods, paid or accrued
(where not paid), on securities held by the public.
The "portion applicable
minority interests" is the calculated portion of the balance of surplus or
deficit for the respective periods (before exchange
adjustments) applicable
to minority holdings by the public of common stocks of
subsidiaries, except
represent
to
that for the three-month and
twelve-month periods ended Sept. 30,
1935,
minority interests in deficits were given effect in the summary of con¬
solidated surplus instead of in the above statement.
The "net equity of
American & Foreign Power Co. Inc. in income of subsidiaries (not all of
which is available in United States currency)—before exchange adjustments"
includes interest and preferred dividends paid or earned on securities
held,
and the amounts (before adjustments) applicable to common stocks held
by American & Foreign Power Co. Inc.
..$19,353,920
1935
516,882,666 488,403,154
10,200,082 - 9,318,977
3,905,242
29,623,534
2,458,719
3,665,181
12,771
5,507
245,525
6,982,984
7,057,735
76,832
83,193
Cash..
Sundry debits.
Total.
540,519,296 538,402,807
Liabilities—
393,940,452 393,940,452
50,000,000
50,000,000
32,676,610
31,907,048
42,500,000
42,976,762
3,344
272,779
92,457
75,008
1,952,513
2,037,162
19,353,920
17,193,596
Notes and loans payable—Banks
Electric Bond & Share Co
Contracts payable
Accounts payable
Accrued accounts
Surplus..
Total..
540,519,296 538,402,807
x
Represented by 478,995 shs. $7 pref. stock; 387,025 shs. $6 pref. stock
(inclusive of 5.65 shs. of scrip); 2,004,234 shs. $7 2d pref., series A in
1935
(2,628,783 in 1934), 1,976,334 shs. of com. stock in 1936 (2,623,962 in
1935), and option warrants to purchase 6,721,498 shs. of common stock
in 1936 (6,749,398 in 1935) for $25
per sh. (one sh. of 2d pref. stock accept¬
able in lieu of cash with warrants for four shs. in full
payment for four shs.
of common stock).—V. 143,
p. 3135.
American Ice
Co.—Preferred Dividend—
The directors have declared a dividend of 50 cents
per share on the 6%
non-cumul. pref. stock, par $100, payable Dec. 19 to holders of record Dec.
4
Dividends of 50 cents per share were paid on
1936
and
$1.50
per
on
Oct.
share
July 25, April 25 and Jan. 25,
25, 1935; prior thereto regular quarterly dividends of
distributed.—V. 143, p. 3135.
were
American Meter
Co.—Larger Common Dividend—
The directors have declared
a dividend of $1.50
per share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
A dividend of 75
cents per share was paid on Oct.
15, last, this latter being the first dividend
paid on the common stock since April 30, 1932, when 25 cents per share
was distributed.
A dividend of 75 cents was
paid on Jan. 30, 1932.
—V. 143, p. 2037.
American Power & Light Co.—Accumulated Dividends—
The directors
on Nov. 20 declared a dividend of $1.50
per share on the
pref. stock and a dividend of $1.25 per share on the no
pref. stock, both payable Dec. 18 to holders of record Dec. 1.
Similar payments were made on Oct. 1, last; dividends of 75 cents and
62
cents per share, respectively, were paid on
July 1, last; dividends of
37^ cents and 31H cents per share paid on April 1 and Jan. 2, last, and
no
par
par
$5
$6
cum.
cum.
dividends of 75 cents and 62^ cents per share paid on the
respective issues
on Nov.
15, 1935.
The dividends due July 1, 1935 were omitted, prior
to which the company paid dividends on both issues
the full rate in the nine previous quarters.
The
current
dividends
represent
declarations
at
that
only one-quarter
ordinarily
would
American Telephone & Telegraph
Co.—$140,000,000
Debentures Offered—A nation-wide syndicate headed by Mor¬
Co.
currency) — before
exchange adjust... $3,426,484
Am. & For.Pr.Co.Inc.
11,489
.
$4,061,634 $14,753,206 $15,154,688
697,630
2,651,455
2,766,089
Cr56,440
4,505,234
&
Expenses, incl. taxes
to public & other
267
$19,365,409
have been disbursed Jan. 2.
Payment date has been advanced in the light
of the surplus profits tax.—V. 143, p. 3457.
of subs.
U.
$2,630,034
4,175,138
Crl7,573
4,147,524
(not all of which is
available
$2,171,546
Loans receivable—subsidiaries
Accounts receivable—subsidiaries
Accounts receivable—others
Contracts receivable—subsidiaries
Unamortized discount and expense
(&Subs.)—Earn.
1936—12 Mos.—1935
Operating revenues
$14,340,916 $13,641,647 $55,445,630 $54,951,325
Oper. exps., incl. taxes..
8.365,032
8,051,843
32,834,734
32,400,778
Other income (net)
$413,912
1936
1937, at 102%
and accrued interest, the
outstanding 5% debentures due 1948 of Second
International Securities Corp., assumed by American General.
There are
Period End. Sept. 30—
Subsidiaries
$159,094
Investments in subsidiaries, &c
P.
to make dividend payment
on common has
been paid since April
share was distributed.—V. 143, p. 3303.
Debentures—To
7,341,899
Capital stock
Gold debentures, 5% series due 2030
preferred stock of American Distillers
Commercial Alcohol common held,
in this form.
No dividend
American
car. to sur.
X
both payable Dec. 24 to holders of record Dec. 14.
Cash requirements for purposes of tax
payments
cents per
7,155,806
Comparative Balance Sheet Sept. 30 (Company Only)
stock
of American
Brown, President, stated that it
1,830,821
Earned surplus, Sept. 30, 1936
has made no
any part of
American Commercial Alcohol Corp.—To
Pay Common
each
1,808,970
Total
or
Dividends-—
The directors have declared
79,047
$10,771,429
799,496
Miscellaneous adjustment
„
$534,000
74,760
....
ing specific purposes:
Cost of additional operating plant
Purchase and installation of machinery
two shares of
22,895
Summary of Surplus for the Twelve Months Ended Sept. 30, 1936
Earned surplus, Oct. 1, 1935
--$17,193,596
Balance from statement of income for 12 months ended
Sept. 30,
1936, before exchange adjustments (as above)
2,171,546
Net proceeds to corporation
$459,240
It is estimated that this amount would be devoted to the follow¬
Co.
5,600
$2,414,442 $10,011,181
169,709
683,829
Exchange adjustments (net)
Total gross proceeds
Less: Underwriters commissions
contained in this offering.—V.
$2,088,624
120,560
(before exchange
adjust.)
$348,880
and
manufacturing facilities
tion plans to offer:
MILWAUKEE, WIS.
63,880
Total estimated present requirements
$348,880
In order to raise these funds, the
corporation plans to accept
subscriptions for:
for
Wisconsin Issues
machinery and equipment in the plant at
<
$160,000
Mass
Advertising and promotion for establishing markets
Advertising
Inquiries in
Stanley & Co., Inc.; Kuhn, Loeb & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.; The First Boston Corp.;
Brown Harriman & Co., Inc., and Edward B. Smith &
Co.,
offered on Dec. 2 at 102 and accrued int., $140,000,000 of a
$160,000,000 issue of 30-year 334% debentures.
The re¬
maining $20,000,000 of the issue will be sold privately with¬
out underwriting to the trustee of the
pension fund of the
company and certain subsidiaries, on or before Feb. 1, 1937.
This is the second stage of company's
refunding program,
an issue of $175,000,000 of
25-year 3\i% debentures due in
1961 having been sold in Oct. and the proceeds
applied
toward redemption of $64,865,200 of
5% collateral trust
bonds due in 1946 and retirement of $117,984,700 of
35-year
5% debentures due in 1960. Ninety-six investment banking
houses in addition to Morgan Stanley & Co. are listed as
principal underwriters of the $140,000,000 new debentures,
and the selling group, it is understood, will include from 850
to 875 investment banking firms.
"
■
The offering met a nation-wide demand with insurance
companies and other institutions purchasing a large per¬
centage of the issue.
Morgan Stanley & Co., Inc., stated
that the syndicate books were closed at 5 p. m. the
day of
offering and that the issue had been oversubscribed.
gan
,
Dated Dec.
1, 1936; due Dec. 1, 1966. Interest payable J. & D. 1 in
Coupon debentures in denoms. of $1,000 and $500, registerable
principal. Registered debentures in denom. of $1,000, $5,000, $10,000
and $100,000.
Coupon debentures and registered debentures, and the sev¬
eral denominations, interchangeable. Red., at option of
company, in whole
or in part, upon at least 60 days' notice, on
any int. date, at the following
prices with accrued int.: to and incl. Dec. 1, 1941, at 107H%; thereafter
to and incl. June 1, 1956, at 105%; thereafter to and incl. June
1, 1961,
at 10234%, and thereafter at 100%.
N. Y. City.
as
to
3618
Financial
Company—Company incorporated in New York in 1885, and its tele¬
phone subsidiaries are engaged principally in furnishing communication
services, mainly telephone service, in the United States.
The properties
of the company consist mainly of toll lines and toll
switchboards, and those
of its telephone subsidiaries consist mainly of exchange and toll
lines,
switchboards, buildings, telephone instruments and related equipment.
The company and its telephone subsidiaries are subject to
regulation by
the Federal Communications Commission and
by public service commis¬
sions or State or local authorities, within their
respective jurisdictions.
The Federal Communications Commission is
presently engaged in an in¬
vestigation of the company and its subsidiaries.
Western Electric Co.,
Inc., a non-telephone subsidiary, is engaged principally in the manufacture
of telephone apparatus and equipment, about
90% of which is sold to the
company and its telephone subsidiaries.
Capitalization Outstanding as of June 30, 1936
(Company and principal telephone subsidiaries—consolidated):
$437,594,275
114,373,295
x440,943,600
11,022,113
Preferred stocks of subsidiaries consolidated—held by public104,311,530
Common stocks of subsidiaries consolidated—held by public,
y86,709,953
Capital stock (18,675,283 shares, par $100) of the company._zl,867,528,300
x Giving effect to the issuance of these
debentures and to the issuance in
Oct., 1936, of $175,000,000 of 25-year 3 %% debentures, due Oct. 1,
1961,
and to the redemption on Dec. 1, 1936, Jan. 1, 1937, and Feb.
1, 1937,
respectively, of three issues of bonds or debentures aggregating $332,849,900,
the total funded debt of the company would be
$443,093,700.
y Repre¬
sents par or stated value,
z In addition as of June 30,
1936, there were
11,559 shares under subscription at $150 per share by employees
(including
officers) of the company and of certain other corporations to which the
employees' stock plan was extended.
129,230 shares are authorized for
Funded debt of subsidiaries consolidated
Notes sold to trustee of pension funds—subs, consolidated
Funded debt of the company
Notes sold to trustee of pension fund—company
issuance to
cover
conversions of certain bonds of the
company.
110% of their principal amount ($165,000,000) and accrued
interest. Com¬
(approximately $5,372,000) of the re¬
redemption, exclusive of accrued interest, from its
cash and temporary cash investments.
pany expects to obtain the balance
quirements
current
of such
Consolidated Income Statements
(Company and Principal Telephone Subs.)
6 Mos. End.
June 30, 1936
Long-Distance Rates
Calendar Years
1935
1934
1933
$
$
$
Operating revenues
919,116,223 869,525,401 853,825,376
Net operating income--.104,806,678 183,160,747
175,042,544 165,969,789
Other income
11,583,352
14,346,928
5,596,902
Drl57,067
--116,390,030 197,507,675 180,639,446
Int. & other deductions. 31,310,177
64,589,182
69,332,407
Consol. net
income.85,079,853
132,918,493
165,812,722
65,304,258
111,307,039
100,508,464
The figures for 1934 reflect adjustments made in various
connection with refunds ordered in certain rate cases.
Provision, if any required, for Federal
for
1936
surtax on
accounts
in
undistributed earnings
be determined until the end of the
year.
Debentures—The debentures will be issued under an indenture dated as
of
Dec. 1, 1936, between the company and First National
Bank, New York,
trustee. This issue of debentures is not secured. It is limited
to
cannot
1936
J,
to Be Reduced—
Reductions amounting to $12,000,000 annually in the interstate long¬
distance rates of the company will become effective on or before Jan. 15,
1937, bringing to $22,000,000 the rate reductions ordered this year.
The present reduction, announced in
Washington on Dec. 2, by the
Federal Communications Commission, will
apply generally to the "long
but especially to day rates on calls of less
affecting the largest possible number of long¬
lines" system of the company,
than 300 miles, thereby
distance telephone users.
Reduced rate schedules
are now in course of preparation, and neither
Walker, Chairman of the Commission's telephone division, nor
Wheat, in charge of its special rates investigation, was prepared
to discuss them beyond
indicating a belief that they would range from
5 to 75 cents.—V. 143, p. 3457.
Paul
A.
Carl A.
American
The
Safety Razor Corp.—Extra Dividends—
directors
have declared a special dividend of 25 cents per share
quarterly dividend of 50 cents per share on the
$18.50 par common stock, both payable Dec. 19 to holders of record
in addition to the regular
new
Dec.
4.
The
stock was recently split on a three-for-one basis—three new
shares being issued for one old no par share.
common
$18.50
par
Holders
of
old
common
the equivalent
143, p. 3304.
receive
—V.
American
of
stock
dividend
which
of
75
has
yet been exchanged will
special, and $1.50 regular.
not
cents,
Seating Co.—Listing—
.
The New York Stock Exchange has authorized the listing of 20,287 shares
common stock (no par) on official notice of issuance as a stock dividend,
making the total amount of
V. 143, p. 3457.
American
common
stock applied for 256,522 shares.—
Smelting & Refining Co.—Larger Dividend—
on Dec. 1 declared a dividend of 75 cents per share on the
stock, no par value, payable Feb. 27 to holders of record Jan. 29.
This compares with 50 cents paid on Nov. 30 and on Aug. 31 last and 40
cents paid on May 29 and Feb. 28, 1936, this latter being the first dividend
distributed on the common stock since Feb. 1, 1932, when 12H cents per
share was paid.
In addition, a special dividend of $2.25 per share which had been pre¬
viously declared will be paid on Dec. 22 to holders of record Nov. 30.—
V. 143, p. 3304.
common
American
15, 1937, $500,000 of
5% debentures, at 105 plus the $2.50 interest payament
due last January, and accrued interest.
The bonds are convertible into
common stock of American Type Founders at $10 a share.—V. 143, p. 2990.
American Water Works & Electric
Period End. Oct. 31—
earnings.
Oper. exps., maint.
Morgan Stanley & Co., Inc.,
Tucker, Anthony & Co., N.Y.
N. Y
$20,000,000
Kuhn, I.oeb & Co., N. Y
10,000,000
Kidder, Peabody «fc Co., N.Y.
8,000,000
Lee Higginson Corp., N. Y-_
4,800,000
First Boston Corp., N. Y
7,200,000
Brown Harrlman & Co., Inc.,
► N. Y_
7,200,000
750,000
W. C. Langley & Co., N. Y__
A. G. Becker & Co., Chicago.
&
2,431,237
2,094,415
$2,067,531
$1,941,001
Interest, amortization of discount, &c. of subs
Preferred dividends of subsidiaries
27,047,397
24,499,801
$24,428,646 $22,761,629
8,900,143
8,829,561
5,712,819
5,714,035
Int., amortiz. of disc., &c. of A. W. W. & El. Co.,
Inc
1,069.611
3,868,474
1,200,000
1,512,597
3,517,949
1,200.000
$3,677,598
$1,987,485
—
Reserved for renewals, retirements & deplet'n
Preferred dividends
Balance for
stock and surplus
common
Weekly Power Output—Output of electric
energy of the electric properties of the company for
Nov. 28, 1936, totaled 44,832,000 kwh., an increase of
the output of 42,434,000 kwh. for the corresponding period
the week ended
5.6%
over
of 1935.
Comparative table of weekly output of electric energy for the last five
follows:
years
Wk. End.
Nov,
1936
1935
7
47,728,000
47,134,000
Nov. 21-_- 46,495,000
Nov. 28--- 44,832,000
—V. 143, p. 3458.
500,000
1934
43,446,000
43,756,000
44,400,000
42,434,000
Nov. 14-__
1933
34,257,000
35,014,000
35,437,000
33,317,000
33,629,000
33,065,000
33,231,000
30,030,000
1932
29.026,000
28,584,000
28,336,000
29,454,000
600,000
Biddle, Whelen & Co., Phila.
Alex. Brown & Sons, Bait
Central Republic Co., Chic._
Dick & Merle-Smith, N. Y__
1936—12 Afos.—1935
$4,035,416 $51,476,044 $47,261,431
Gross income
$160,000,000
shall pledge as security for any indebtedness
obligations any stock, owned by it at the date of said indenture or there¬
after acquired, of any telephone
corporation doing business in the United
States of America, or of any corporation
owning 50% or more of the voting
securities of any such telephone
corporation, the company will secure the
outstanding debentures of this issue ratably with the indebtedness or obli¬
gations secured by such pledge.
Underwriters—The names of the several principal underwriters of
$140,000,000 principal amount of these debentures, and the several amounts
underwritten by them
respectively are as follows:
$4,498,768
taxes
but the indenture does not limit the amount of other securities or
indebted¬
either secured or unsecured, which may be issued or incurred
by the
company or by subsidiaries of the company.
The indenture contains a
or
Co.—Earnings—
1936—Month—1935
Gross
ness,
covenant that if the company
Type Founders, Inc.—Bonds Called—
The company has called for redemption on Jan.
its convertible
$
488,870,271
Total income.
Dec.
The directors
Purpose—Net proceeds, exclusive of accrued interest, from the sale of
the debentures, after deducting the estimated expenses of the
company
in connection with such sale, are expected to
approximate $159,628,000
and are to be applied toward the retirement of the
company's presently
outstanding issue of $150,000,000 of 35-year 5% debentures, due Feb. 1,
1965, which the company is calling for redemption on Feb. 1, 1937, at
l
Chronicle
Edward B. Smith &
Co., N.Y.
Blyth & Co., Inc., N. Y
Mellon Securities Corp., Pitts¬
burgh
Bonbrlght & Co., Inc., N. Y.
Lazard
Freres
&
Co.,
Chicago
Hayden, Stone & Co., N. Y,
W. E. Hutton & Co., N. Y__
Lehman Brothers, N. Y
F. S. Moseley & Co., N. Y
&
W.
Seligman
&
N.Y
The Securities Co. of Milwau¬
kee Inc., Milwaukee
Bancamerica-Blair
Otis & Co., Cleveland..
N. Y
1,600,000
1,600,000
1,200,000
1,200,000
1,200,000
1,000,000
Corp.,
N. Y.
Chas. D. Barney & Co., N.Y.
Cassatc & Co., Inc., N. Y_._
E. W. Clark & Co., Phila
Coffin & Burr, Inc., N. Y-__
R. L. Day & Co., Boston
Estabrook & Co., N. Y
Field, Glore & Co., N. Y
Graham, Parsons & Co., N.Y.
Hallgarten & Co., N. Y
Hayden, Miller & Co., Cleve.
Hemphill, Noyes & Co., N.Y.
Kean, Taylor & Co., N. Y.._
Ladenburg, Thalmann & Co.,
N. Y
750,000
750,000
750,000
750,000
750,000
750,000
750,000
750,000
E. H.
G. H. Walker & Co., N. Y...
Green, Ellis & Anderson, N.Y.
Schwabacher & Co., N. Y
Stern Brothers & Co., Kansas
City.
Speyer & Co., N. Y__'
Stone & Webster and Blodget,
Y
Spencer Trask & Co., N. Y_,
500,000
500,000
500,000
500,000
Robert Garrett & Sons, Bait.
J. J. B. Hilllard & Son, Louisv.
750,000
Moore,
Illinois Co.
Apex Mines—Registers with SEC—
Leonard
Pittsburgh.
&
500,000
750,000
750,000
750,000
Callaway, Fish & Co., N. Y_
Elklns, Morris & Co., Phila..
Equitable
$657,477
356,231
$7,813,199
4,391,822
$7,234,571
3,834,447
$336,668
11,998
$301,246
6,079
2,050
$3,421,377
$3,400,124
539
116,834
10,328
23,296
15,497
$349,205
157,712
$309,375
156,687
$3,548,539
1,884,514
$3,438,917
1,885,398
y$191,493
y$152,688
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,664,025
597,600
$1,553,519
600,600
949,265
949,265
$117,160
$3,654
Net
400,000
rev.
from oper...
350,000
Rent fr. leased prop.(net)
350,000
Other income (net)
300,000
300,000
300,000
Gross corp. income
Int. & other deductions.
Balance..
300,000
Balance
300,000
300,000
300,000
300,000
Mltchum, Tully & Co., San
300,000
property
Dividends
retirement
Armour
accumulated
&
Co.
and
(Del.)—Files with SEC for $20,200,000
Bonds—
300,000
250,000
Before
——
reserve
appropriations and dividends,
unpaid to Oct. 31, 1936, amounted to
$1,265,687.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Oct. 1, 1936.
Dividends on these stocks are cumulative.—V. 143, p. 2825; 2666.
y
z
a
Company on Dec. 2 filed with the Securities and Exchange Commission
registration statement (No. 2-2705, Form A-2) under the Securities Act
sinking fund bonds,
of 1933 covering $20,000,000 of 1st mtge. 20-year 4%
series C, due Jan. 1, 1957.
250,000
Securities
250,000
According to the registration statement, the net proceeds from the sale
of the bonds will be applied as follows:
250,000
$9 ,326,655Ifor the acquisition from the company's parent, Armour & Co.
(111.) of three packing plants and one branch office.
7,453,080 to repay a loan made by the company's parent to North Ameri¬
can Provision Co., a wholly owned subsidiary, for the purpose
of redeeming on Jan. 1, 1937, at 103%, $7,263,000 of Morris &
Co. 1st mtge. sinking fund 4%% gold bonds, due July 1, 1939.
which loan is to be assumed by the company in connection with
the liquidation of North American Provision Co.
369,784 being that part of the purchase price of the property and assets
of J. K. Mosser Leather Corp., allocable to the outstanding
minority stock interest in that corporation, in the acquisition
of the properties and assets of that corporation.
Corp.,
Nashville
-
Nichols, Terry & Dickinson,
Inc., Chicago
Smith, Moore & Co., St. Louis
Stein Bros. & Boyce, Bait
Stroud & Co., Inc., Phila
Dillon, Read & Co.. N. Y_„
,
250,000
250,000
250,000
250,000
4,000,000
of the outstanding 35-year 5% gold debentures due Feb.
1, 1965,
been called for redemption on Feb. 1, 1937, at 110 and interest.
Payment will be made at the company's office, 195 Broadway, N. Y. City.
1936—12 Mos.—1935
$751,186
414,518
500,000
Debentures Called—
All
have
1936—Month—1935
Operating revenues
Oper. exps. and taxes...
300,000
Lawrence Stern & Co., Inc.,
N. Y
Co.—Earnings—
[Electric Power & Light Co. Subsidiary]
Period End. Oct. 31—
Lynch.
Newton, Abbe & Co., Boston
750,000
750,000
Arkansas Power & Light
500,000
300,000
750,000
750,000
750,000
See list given on first page of this department.
500,000
of Chicago,
Chicago
Francisco
Anheuser-Busch, Inc.—To Pay $3 Dividend—
The directors have declared a dividend of $3 per share on the common
stock, payable Dec. 8 to holders of record Nov. 30.
Regular quarterly dividend of 50 cents per share, which had been previ¬
ously declared, will be paid on Dec. 30 next.
A dividend of $2 was paid
on Oct.
15, last; 50 cents on Sept. 30, last, and $1 was paid on June 30,
last, and on Oct. 22, 1935.—V. 143, p. 2038.
500,000
350,000
Bacon, Whipple & Co., Chic.
Baker, Watts & Co., Bait
Blair, Bonner & Co., Chicago
Burr, Bennett & Co., Boston
$0.15
500,000
350,000
350,000
Mackubin, Legg & Co., Bait.
Merrill, Turben & Co., Cleve.
750,000
Net income after int., exps. on non-oper. units, est. U. S. & Chilean
inc. taxes & prov. for deprec. & obsol. if any, on undistrib. profs.$532,518
Earns, per share on 3,582,379 shs. cap. stock (no par)
—V. 142, p. 3663.
500,000
Wells-Dickey Co., Minneap.
750,000
750,000
Schoellkopf, Hutton & PomeInc., Buffalo
500,000
Yarnali & Co., Philadelphia-
The
Inc.,
SalomonBros.&Hutzler.N.Y.
Inc., N.
Co., Inc., N. Y_
Whiting, Weeks & Knowles,
Inc., Boston
750,000
Rollins & Sons,
N.Y..;
roy.
Washburn &
750,000
750,000
W. H. Newbold's Son & Co.,
Philadelphia
Paine, Webber & Co., N. Y..
R. W. Pressprich & Co., N.Y.
500,000
500,000
750,000
G.M.-P. Murphy & Co., N.Y.
500,000'
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1936
500,000
500,000
3,200,000 Arthur Perry & Co., Inc.,
Boston..
1,600,000
1,600,000 Rlter & Co., N. Y—
1,600,000 L. F. Rothschild & Co., N. Y.
Schroder Rockefeller & Co.,
1,600,000
Inc., N. Y
1,600,000 Shields & Co., N. Y
1,600,000 Singer, Deane & Scribner,
Pittsburgh
1,600,000
1,600,000 Starkweather & Co., Inc.,
Co.,
White, Weld & Co., N. Y__.
Hornblower& Weeks, N. Y_.
Jackson & Curtis, Boston
Dean Witter & Co., San Fran.
troit
Foster & Co., Inc., N. Y
4,000,000 Laurence M. Marks & Co.,
N. Y
:
3,200,000
Inc.,
N.Y--.
Clark, Dodge & Co., N. Y__.
Dominick & Dominick, N. Y_
Goldman, Sachs & Co., N.Y.
Harris, Hall & Co. (Inc.),
J.
7,200,000
4,000,000
Eastman, Dillon & Co., N. Y.
First of Michigan Corp., De¬
Andes Copper Mining
500,000
Volume
the deferred obligations under guaranty agreement to Jan. 2, 1937; (4) the
redemption on Jan. 2, 1937 of the corporation's outstanding convertible
preferred stock;
(5) the cancellation of $465,000 20-year guaranteed de¬
bentures held in the
treasury; and (6) the provision for the estimated
Any balance of the proceeds will be used for additional working capital
and for
expenses of the
other
corporate purposes.
The bonds are redeemable at the option of the company in whole at any
time after 60 days' notice or in part selected by lot in amounts of not less
than $5,000,000 on any semi-annual interest date after 30 days' notice at
the following prices plus accrued interest: if red. on or before Jan. 1, 1947,
Cash..
...
inl950, bearing int. at7% to Jan. 1,1939 and from 5% to 7%
thereafter to mat. (pledged as security for the 20-year 5%
guaranteed convertible debentures)
;
a Investments in securities in
rayon industries:
Based on market value at date of acquisition as determined
the corporation
At cost.
-
Estimated
Exchange Time Extended—•
Total
a dividend of 12 H cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 8.
Like
1863.
Associated Breweries of Canada,
Ltd,-j-Larger Div.—
S orations acquired, $469,835; $1,673,039. dividends a guaranty agreement
2, 1937, $2,453; balance, cumulated
c Under on preferred stock to
The directors on Nov. 20 declared a dividend of 25 cents per share on
the common stock, payable Dec. 15 to holders of record Dec. 1.
This com-
an.
dated May 1, 1931 with Vereinigte Glanzstoff Fabriken A. G., guarantor,
the corporation is obligated to repay amounts advanced by the guarantor
Sares with 15 on Dec. 31 on Sept. 30, June 30 and on March Sept. 30 and
5 cents paid cents paid and June 30. 1935 and on Dec. 31, 31, last, and
Jan.
2, 1934.
On Dec. 31, 1932 a
distributed.—V. 143, p. 419.
for the payment of dividends oh the corporation's
preferred stock to Dec.
1, 1932, together with interest thereon at the rate of 5% per annum.
This
was assumed in consideration of Vereinigte Glanzstoff Fabriken
A. G. guaranteeing the payment of Associated Rayon Corp. 20-year 5%
guaranteed convertible debentures and accrued interest thereon, as provided
in the agreement mentioned.
dividend of 15 cents per share was
"
Associated Gas & Electric
obligation
Co—Subsidiary Merged—
announced on Nov. 27 that the Van Wert Gas
Light Co. has been
merged into the Lake Shore Gas Co.
Both of these companies are Ohio
corporations operating as artificial gas utilities.
This brings the total of companies eliminated by the Associated Gas &
Electric System to 338.
Note—The net
assets
as
of
Nov.
16,
1936, after giving effect to the
transactions noted above and after providing for the reduction of the book
value of investments on the basis of market quotations (or estimated fair
value)
converted
at
demand rates
of exchange except as noted above,
amounted
to approximately $6,800,000, and on this basis the net asset
value of the common stock was about $5,67 per share on the 1,200,000
shares outstanding.
Weekly Output Increases 13.2%—
An increase in net electric output of 13.2%
is reported
by the Associated Gas & Electric System for the week ended Nov. 27.
This brings production to 83,246,244 units (kwh.), as compared with
73,553,795 units in the corresponding week of last year.—V. 143, p. 3458.
Associated Oil
over a year ago
Schedule Showing How
the Numbers of Shares Shown under Option (2) are
Arrived at
The assets of the corporation may be summarized as follows:
Cash and current assets
Co.—Merger with Parent Voted—
The stockholders on Nov. 10 voted to merge with the parent company,
Tide Water Associated Oil Co. (which see).—V. 143, p. 3138.
—
Guaranteed note receivable
Securities at market or fair value
Associated
Telephone
Preferred Dividends—
&
Telegraph
Co.—To
Pay
Total
The dividends will be paid on Dec. 15 to holders
The company paid dividends of 49 and 42 cents per
share on the respective issues on Aug. 10, last.
The previous dividend
paid on these shares was on April 1, 1932.- -V. 143, P. 1387.
the
Associated
—
-
$353,446
9,530,000
—
2,422,169
V.¬
Net assets
applicable to com. stock (or about $5.67 per share) $6,799,871
plan AKU will receive certain of the assets subject to all of
the corporation. If there is deducted from the obligations
($12,305,615), its present cash and current assets, the
$7,000,000 guaranteed note receivable at par, and the total British Bem¬
berg, Ltd. securities at their market value of $433, the balance of the
obligations is $4,057,696, and if there is added thereto the net assets ap¬
plicable to the common stock of $6,799,870 the total is $10,857,566.
If
the other securities (taken at market or fair value) are apportioned pro rata
over this total amount, the number of shares of each security distributable
to AKU and to the other stockholders is as follows:
Under the
Rayon Corp., Jersey City, N. J.- -Dissolu-
the ogligations of
of the corporation
A special meeting of the holders of common stock will be held Dec. 21,
(1) To take action upon the dissolution of the corporation, which has
been declared advisable by the board of directors;
(2) To approve an agreement dated as of Nov. 16, 1936 between the
corporation and Algemeene Kunstzijde Unie N. V., which has been ap-
Eroved by of the corporation.
quidation the board of directors, constituting a plan for the complete
DUt.
Other
perSh.
of Com.
Value
share
Stockholders
Stock
Shares
Shares
3,863.9864
321.0136
.00218
$ .15944
31,422.7342
2,577.2658
.01774
.19518
14,929.8650
1,221.1350
.00843
.09272
4,656.4123
378.5877
.00263
.13138
1.65048
Present Holdings—
4,185 shs. Am. Bemberg
Corp. pref
$305,505
34,000 shs. Am. Bemberg
Corp. common-. —
374,000
16,151 shs. Am. Bemberg
common, class B
177,661
5,035 shs. N. Am. Rayon
Corp. prior pret
251,750
84,334 shs. N. Am. Rayon
Corp. com., class A-.- 3,162,525
39,205 shs. N. Am. Rayon
Corp. com., class B---- 1,470,188
40,000 shs .Am. Enka Corp.
common.
2,320,000
shares American Bemberg Corp. pref. stock ($100 par)
shares American Bemberg Corp. com. stock (no par)
shares American Bemberg corp. com. stock, class B, (no par)
shares North American Rayon Corp. prior pref. stock ($50 par)
shares North American Rayon Corp. com. stock, class A, (no par)
shares North American Rayon Corp. com. stock, class B, (no par)
shares American Enka Corp. com. stock (no par)
shares Algemeene Kunstzijde Unie N. V. com. stock, of 1,000 florins
par value.
shares Erste Oesterreichische Glanzstoff Fabrik A. G. of 100 schill¬
ings par value.
shares J. P. Bemberg A. G. of 100 reichsmarks par value.
shares Asahi Bemberg Kenshi K. K. of 50 yen par value.
_
7,602.4
shs.
Kunstzijde
16,1936
(3) the provision for interest on the corporation's debentures and interest on
6,384.7729
.04401
2,967.3684
.02046
.76727
36,977.8520
3,022.1480
.02088
1.21078
1,869,639
7,029.6428
572 7572
.00397
.97574
227,327
18,719.5101
1,530.4899
.01057
.11864
302,400
-
36,977.8520
3,022.1480
.02088
.15782
396,845
18.488.9260
1,512.0740
.01044
.20711
Erste Oester¬
brik A. G
40,000 shs. J. P. Bemberg
A. G
-
20,000 shs. Asahi Bemberg
Kenshi K. K
certificate by July 1,1937, the shares of stock and fractions described above
which he would be entitled to receive will be sold by the liquidating agent
for his account, and he will be entitled thereafter only to the net cash
Consolidated Balance Sheet Nov.
77,949.2271
reichische Glanzstoff Fa¬
Stock certificates will be delivered for full shares and liquidating agent's
[Giving effect to U) the inclusion of dividends declared on shares held in
the portfolio and $12,500 which it is estimated will be paia by Asahi Bemberg
Kenshi K.K.; (2) interest accrued on the guaranteed note to Jan. 2, 1937;
Shares
*
Algemeene
Unie N.V.
common........
20,250 shs.
per Sh.
36,237.6316
.
certificates for fractions to which a stockholder may be entitled.
If any
holder of common stock of the corporation fails to surrender his stock
proceeds, together with any dividends theretofore received by the liquidating
agent upon such shares of stock.
Any fractions of shares represented by
liquidating agent's certificates outstanding on Dec. 1, 1937, shall be sold
by the liquidating agent for the account of the holders of the liquidating
agent's certificates, and they shall be entitled thereafter only to the net
cash proceeds, together with any dividends theretofore received by the
liquidating agent upon such fractions of stock.
i
As part of the proposed plan, the debentures and preferred stock of the
corporation will be retired.
Any holder of common stock of the corporation voting against the plan
and making demand within 20 days after the stockholders' meeting acting
upon it shall have the right to have his stock appraised in accordance with
Maryland law. Unless the stockholder votes againt plan and makes demand
within the period stated, he shall have no right of appraisal.
The board of directors believe the proposed plan to be fair and equitable
to the holders of the common stock.
Speyer & Co. and Lehman Brothers,
who are among the largest holders of common stock other than AKU and
who each are represented upon the board, have signified their intention to
vote in favor of the plan.
Value oj
DUt.
AKU's
B
Algemeene Kunstzijde Unie N. V. ("AKU"), the owner of approximately
88% of the common stock of the corporation, has proposed to the corpora¬
tion a plan for its complete liquidation.
Under the plan for the complete liquidation, each holder of one share of
common stock of the corporation, other than AKU, will have the following
options:
(1)
To receive $5.67 in cash for each share of common stock owned by
him, upon surrender duly endorsed, provided he exercises his election to
take cash by Feb. 1, 1937; or
(2) To receive for each share of common stock of the corporation owned
by him, upon surrender duly endorsed, the following shares of stock:
0.02088
0.01044
Balance for
Aggregate
The agreement between the corporation and "AKU" provides as follows:
0.01057
$19,105,486
Obligations under guaranty agreement
for the following purposes:
0.00397
$1,247,486
7,000,000
10,858,000
liabilities
Debentures
Proposed—Plan of Disrtibution—
0.00218
0.01774
0.00843
0.00263
0.04401
0.02046
0.02088
...
following liabilities will be met:
Current
the $6 1st pref. stock.
of record Nov. 27.
tion
—
From these assets, before any distribution to the common stockholders,
The directors, at their meeting held Nov. 20, authorized dividend pay¬
ments of 28 cents per share on the 7 % 1st pref. stock and 24 cents per share
on
bl,673,039
$54,638,702
______
,
12%-Cent Dividend—
The directors have declared
was
-
9,530,000
c2,422,169
24,000,000
16,660,048
a The
aggregate value of the above investments based on the average of
bid and asked market quotations (or estimated fair value in the absence
thereof) was approximately $10,858,000, or less than the above book value
by approximately $35,533,000. The market quotations in foreign currencies
were converted at demand rates of exchange except that in the case of
German securities having a market value of 4,320,000 reichsmarks the
rate of 7 cents per reichsmark was used,
b Balance at Jan. 1,1936, $1,713,921; net income for the period from Jan. 1, 1936 to Nov. 16, 1936 after
giving effect to the transactions noted above, $431,407; total, $2,145,327;
loss on disposition of investment, less discount on debentures of the cor-
of recapitalization.
distributions were made on Sept. 18, July 15 and March 25 last, and on
Dec. 20, 1935, this latter being the initial dividend on the stock.—V. 143,
It
20,000
_—
_
Arnold Constable Corp.—
p.
$2,841
280,606
50,000
-
of liquidation
Reserve for Federal taxes
The company advises that the time has been extended from Dec. 10 to
March 10, 1937, in which the old 7% preferred may be exchanged for $6
common
expenses
20-year 5% guar. conv. debentures, maturing Dec. 1,1950Def. obliga. under guaranty agree. & acc. int. to Jan. 2, 1937-Common stock (1,200,000 shs. no par)—
Capital surplus
Undistributed income.
1931.
plan
3,978,499
$54,638,702
Liabilities—
Accounts payable
Accrued int. on debentures to Jan. 2, 1937
1 to holders of record Dec. 10.
A like disbursement was
on Oct. 1, July 1, April 1, and Jan. 2, last and on Oct. 1 and July 1,
1935, this latter being the first disbursement on the issue since Jan. 2,
the
42,412,717
Total
made
under
7.000.000
by
-
payable Jan.
stock
166,056
406,470
-
(111.)—Accumulated Dividend—-
common
$671,961
3,000
Accounts receivable
Interest accrued on guaranteed note receivable Jan. 2, 1937
Dividends declared on shares held in the portfolio payable on or
before Jan. 2, 1937-----Guar, notes rec. from Vereinigte Glanzstoff Fabriken A. G, due
The directors have declared a dividend of $1.50 per share, applicable
to accumulations on outstanding shares of 7% cum. pref. stock, par $100,
which have not yet been converted into prior pref. and common stocks,
prior preferred and
—V. 143, p. 2358.
liquidation of the corporation.]
Assets—
105%, and thereafter and prior to Jan. 1,1955, the premium shall be reduced
by H% for each 12 months or part thereof between Jan. 1, 1947, and the
date fixed for redemption, and thereafter without any premium.
The prospectus lists Kuhn, Loeb & Co.; the First Boston Corp.; Brown
Harriman & Co., Inc.; Edward B. Smith & Co.; Blyth & Co., Inc. and
Lee Higginson Corp. as being among the principal underwriters.
The price to the public and the underwriting discounts or commissions
are to be supplied by amendment to the registration statement.
Consolidated statement of company for the fiscal year ended Oct. 31,
1936, shows net income of $7,458,331 after all charges and provision of
Federal income taxes.
No mention is made of surtax on undistributed
profits.—V. 143, p. 3305.
Armour & Co.
3619
Chronicle
Financial
143
$596,694 to reimburse the company's working capital for the cost of
two packing plants acquired in August 1936, from Armour and
Co. (N. J.), a subsidiary of the company's parent.
Total
-
.$5.66656
—V. 142, P. 4329.
Atlantic City
Electric Co.- -Proposes to Refund Present
Funded Debt—
filed a petition with the New Jersey Board of Public
authority to issue $18,000,000 of 3M% general
bonds of 1963 to refund its present funded debt outstanding in the
principal amount of $17,290,000.
Three issues are involved: $2,317,000 of 5s due March 1,1938; $12,914,000
of 5s due April 1, 1956, and $2,059,000 of 5s due March 1,1947.
Of the total, American Gas & Electric Co., of which the Atlantic City
is a subsidiary, owns $10,025,000.
The bonds owned by the parent comThe company has
Utility Commissioners for
mortgage
'
8,650,000 cost price to American Gas.
The bonds the subsidiary public
tany, the petition states, are to be bought back by in hands of the at the
will be called with the exception of the issue maturing in 1938.
That will
be redeemed at maturity by the trustee of the new bonds with whom there
deposited the principal and interest to maturity.
and 1947 are to be called at 104 and 102 H»respectively.
proposed bond issue also will furnish the Atlantic City company with
funds to liquidate a loan from its parent of around $2,200,000 incurred in
retiring last year $3,500,000 of 5)4% bonds.
The new issue is to be sold as a general mortgage but it will become a first
mortgage automatically with the redemption at maturity of the 5s of 1938.
—V. 143, P. 910.
will be
The 5s of 1956
The
3620
Financial
Atlantic Pipe Line Co.—ICC Valuation—
The Interstate Commerce Commission has tentatively valued
property of
the company used in carrier
operations at $14,250,000.
This is the first report issued by the Commission on pipe line
valuation,
Chronicle
Dec.
5, 1936
2 cents in addition to the regular 3-cent dividend was paid on Sept. 3, last,
these latter being the first payments made on the common stock since
Nov. 1, 1934 when a regular quarterly dividend of 3 cents per share was dis¬
tributed.—V. 143, p.
1220.
and will be followed
by 54 additional reports on other companies.
Property owned but leased to others of the Atlantic company were
valued at $37,000, property at present out of service was valued at $250,000,
and property designated as "owned but used for purposes other than those
of a common carrier" is tentatively valued at $1,175,000.
This latter class of property consists of tankage, which the Commission
tentatively classifies as being in excess of transportation needs.
Under the law, tentative valuations become permanent if no protests
are filed within 30 days.
The order is served on specified Federal and
Gross from railway
Net from railway
State officials and commissions
—V. 132, p. 314.
Net
as
well
as
on
the carrier under valuation.
Atlantic Coast Line
October—
Net after rents
From Jan. 1—
Gross from railway
Net from railway...
after
RR.—Earnings—
1935
1936
1934
1933
3,428,983
679,811
392,817
—.
L__.
rents
2,967,662
493,482
340,705
2,729,688
258,725
115,978
2,662,465
267,567
145,423
35,734,879
7,969,112
3,403,228
32,831,610
5,990.038
33,034,503
7,221,471
3,276,467
31,748,227
7,493,889
3,354,398
1,972,191
—V. 143, p. 3458.
Atlas Plywood
Corp.—Pref. Stock Offered—Public offer¬
ing of 70,000 shares ($20 par) cumul. cony. pref. stock was
made Nov. 30 by Van Alstyne, Noel & Co., Inc., by means
of a prospectus.
The shares priced at $25 each, have been
Automobile Banking
Corp.—Registers with SEC—
See list given on first page of this department.—V. 142, p. 4330.
Baird Red Lake Gold
Syndicate—Registers with SEC—•
See list given on first page of this department.
oversubscribed.
Transfer Agent: Bank of the Manhattan Co., New York.
Trust Co., New York. '
Baldwin
Registrar:
Bank of New York &
Company—Incorp. in Mass. in 1925.
Is one of the largest manufacturers
in the United States of plywood packing cases.
Plywood packing cases,
which combine extreme lightness in weight with strength and resistance to
rough treatment, are adapted to both domestic and export shipments and
ar
used today to transport over 200 different kinds of merchandise.
In
addition to packing cases, the company makes plywood panels and
single
ply veneers, the uses of which include furniture, interior finish and radio
of Sept. 30, 1936
as
5H% convertible gold debentures due 1943
Capital stock (no par)
_
"Announcement
x$l,584,000
131,100 shs.
_
Including $179,000 held in company's treasury..
Purpose—Proceeds of sale of cumulative convertible preferred stock
will be used to redeem at 105 and int. within 60 days of such sale the
pre¬
sently outstanding b)4% convertible gold debentures; any balance will be
applied to general corporate purposes.
Preferred Stock—Authorized 70,000 shares (par $20).
Entitled to cumu¬
lative preferred dividends at the rate of $1.25 per share per annum,
payable
Q-F.
Convertible at the option of the holder thereof, at any time, up to
30 days of redemption date if called for redemption, into common stock on
a share for share basis.
Is entitled to the benefit of a quarterly sinking fund,
based on 15% of the net earnings, to be used to purchase stock in the
open
market up to and incl. the call price.
Callable at $27 per share and divs.
Proposed Capitalization—After giving effect to the redemption of the
presently outstanding 5M% convertible gold debentures, the cancella¬
tion of the common stock presently held for their conversion and the sale
of 70,000 shares of cumulative convertible
preferred stock, the capitalization
of the company will be as follows:
Authorized
Cumulative convertible preferred stock
*
Of which
cumulative
amount
Outstanding
70,000 shs.
131,000 shs.
70,000 shs.
*209,360 shs.
70,000 shares will
preferred stock.
convertible
be
reserved
for
conversion
Net sales.
Cost of sales
gen.
Baltimore Transit
1936—Month—1935
Operating revenues
Operating expenses
$1,042,116
.
9 Mos. End. —Years End. June 30—
$980,550
817,523
84,871
$9,757,049
8,191,388
960,307
$9,216,448
8,015,083
810,952
Operating income
Non-oper. income
$114,219
$78,155
$605,353
1,322
806
17,044
$390,412
18,977
Gross income
Fixed charges
$115,541
10,157
$78,961
11,728
$622,398
101,996
$409,390
98.781
Taxes
Net income
$105,384
$67,233
$520,401
$310,608
The company will offer a limited form of fare reduction, effective Jan.
1,
1937, Bancroft Hill, President, has announced.
Under the terms of the
reduction the company will offer two fares for 15 cents between the hours of
10 a. m. and 4 p. m. on weekdays and all day Sundays both on its street
cars and buses.
A straight 10-cent fare is now in effect.—V.
143,
1936
1935
$2,644,788
2,098,006
$2,133,442
1,721,487
Period End. Oct. 31—
Gross earnings.
1936—Month—1935
Maintenance.
Taxes
$117,736
66,078
4,781
15,638
13,881
909,869
70,659
205,824
164,070
$17,357
$378,925
$411,955
302,621
$282,880
14,802
$249,512
17,382
$109,333
17,099
$297,682
28,499
$126,433
37,091
12,284
—V.
$77,057
Balance
18,152
40,377
$102,863
$228,805
$198,355
10,932
The
provision for Federal income taxes has been calculated for the
purpose of the above tabulation at rates of 13 % % in the fiscal years ended
June 30, 1935 and June 30, 1936 and at
x
15%
(the maximum bracket) for
the nine months and three months ended
Sept. 30, 1936.
In the provisions
made above for the nine months and three months ended
Sept. 30, 1936,
no
provision has been made for Federal surtax upon "undistributed net
income."
In the above figures no provision is made for interest
vertible gold debentures, as they are intended for the
on
the b%%
purpose
What
would
have
been
available
to
cover
Federal
income
and
Underwriter—Van Alstyne, Noel & Co., Inc.
The persons, firms or corporations, which Van
Alstyne, Noel & Co., Inc.
intends to invite to become members of the
underwriting group and the
to
be responsible
are
as
thereof, for which they
are
10,000
10,000
5,000
5,000
5,000
5,000
_
—V. 143, p. 3458.
shs.
shs.
shs.
shs.
shs.
shs.
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe. Ry.
Panhandle & Santa Fe Ry.]
Period End. Oct. 31—
1936—Month—1935
1936—10 Mos.—1935
Railway oper. revenues_$15,27l,318 $13,758,018$127,513,330$111,115,488
Railway oper. expenses. 11,569,298
10,433,819 103,149,742
89,872,943
Railway tax accruals
1,307,642
1,046,946
8,718,179
11,413,568
Other debits.
066,528
064,016
0400,544
130,644
Net ry. oper. income.
Average miles operated—V. 143, p. 2825.
_
$2,460,906
13,227
$2,341,269 $13,350,564 $12,393,721
13,260
13,231
13,290
Atlanta & West Point RR.
—Earnings—
1936
railway
Net from railway
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—V. 143, p. 2826.
1935
1934
1933
$161,078
25,795
def 1,465
$156,893
36,250
12,469
$126,670
$113,926
20,004
def 1,939
def 15,644
1,473,152
207,427
defl5,995
1,301,255
145,133
def49,011
1,171,488
61,344
defll9,255
1,071,037
22,812
defl84,930
5,032
Bell
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.*....
Net from railway
Net after rents
1936
-
1935
$308,399
53,949
10,220
$253,971
17,619
def4,980
$218,281
def 19,215
def38,943
$212,066
def 13,860
def32,704
2,819,749
360,269
2,504,971
178,703
def77,154
2,352,578
def21,226
def254,290
2,176,404
60,680
17,068
def215,185
—V. 143, p. 2825.
Auto
City Brewing Co.—20-Cent Extra Dividend—
The directors have declared an extra dividend of 20 cents per share in
addition to a regular dividend of 3 cents per share on the common stock,
par $1,
both payable Dec. 19 to holders of record Nov. 30.
1
■
■
*
■
\
$116,006
Ry.—Earnings—-
1935
1934
$164,103
55,136
19,766
1933
$112,429
11,401
def26,952
$107,061
13,973
def25,483
1,814,712
473,582
1,430,880
352,733
328,185
236,864
def53,389
defl03,508
defl80,164
1,406,415
1,118,699
revenues
Uncollectible oper. rev._
Operating expenses
Operating taxes
Net operating income-
1936—Month—1935
1936—10 Mos.—1935
$5,693,067
16,894
3,730,835
488,121
$5,274,213 $54,196,625 $50,655,039
20,077
142,028
201,353
3,656,666
36,591,015
36,058,075
319,118
4,121,000
2,918,532
$1,457,227
$1,278,352
$13,342,582 $11,477,079
—V. 143, p. 3139.
Beneficial Loan Society
(Del.)—Extra Dividend—
The directors have declared
an extra dividend of 20 cents
per share in
regular quarterly dividend of 10 cents per share on the com¬
mon stocx, no par value, both payable Dec. 5 to holders of record
Nov. 27.
Extra dividends of 5 cents were paid on Sept. 1 and on March 9 last.
For
detailed record of dividend payments see V. 142, p. 1807.—V.
143, p. 1389.
addition to
a
Bessemer & Lake Erie
railway
Net from railway
Net
after
rents
From Jan. 1—
Gross from railway
Net from railway
Net
—Y.
after
RR.—Earnings—
1936
Gross from
rents.
1935
$2,041,873
1,338,557
1,111,745
$1,035,620
418,680
403,069
$777,330
177,324
$705,605
115,348
88,944
13,132,319
6,737,301
8,368,828
2,899,929
2,569,001
7,417,608
1,656,438
1,459,214
5,857,621
1,886,162
1,690,953
5,840,392
1934
1933
212,745
143, p. 2827.
Birmingham Southern RR.—Equipment Trusts Offered—
Laurence M. Marks & Co., New York, on Nov. 30 offered
$900,000 3^2% serial equipment trust certificates (noncallable).
The certificates were priced to yield from 0.50
to 2.75% for maturities ranging from 1937 to 1946.
Dated Dec. 1, 1936, maturing annually $90,000 each Dec. 1, 1937 to
Dec. 1, 1946, incl.
Prin. and divs. J. & D. payable in lawful money of the
United States of America at the office of the New York Trust Co., New York
Certificates issued in definitive bearer form of $1,000 denoms., registerable
to principal only.
Guaranteed unconditionally as to principal and divs.
Issued under the Philadelphia plan.
These certificates are to be issued under an agreement and lease dated
Dec. 1, 1936.
There will be subject to the terms of the lease the following
as
by Birmingham Southern RR.
standard
gauge
equipment
which
cost
approximately
$1,273,750:
5
1933
1934
■
Telephone Co. of Pennsylvania—Earnings—
Operating
new
Atlanta Birmingham & Coast RR.-Earnings—
October—
1
$196,671
def36,654
Period End. Oct. 31—
October—
Atchison Topeka & Santa Fe
Ry. System—Earnings—
October
Gross from
after rents
Net after rents..
—V. 143, p. 2826.
expected
30,000 shs.
Washburn & Co., Inc., Boston
McGowen, Cassady & White, Inc., Chicago
Weed, Hall & Co., Detroit
Griffith-Wagenseller & Durst, Los Angeles
James M. Johnston & Co.,
Washington, D. C
1936
$196,340
61,402
10,895
From Jan. 1—
Gross from railway
Net from railway
follows:
Van Alstyne, Noel & Co.,
Inc., New York
Fenner & Beane Corp., New York
■
143, p. 3307.
the
preferred stock.
their proportion
166,310
$289,094
135,833
37,254
con¬
requirements of $87,500 on 70,000 shares of cumulative
convertible preferred stock, had such stock been
outstanding instead of the
debentures which are to be called with the
proceeds from the sale of said
or
dividends and surplus
Gross from railway
Net from railway
Net
$1,531,980
814,570
77,347
184,657
145,000
37,254
Beaumont Sour Lake & Western
annual dividend
number of shares
common
October—
of showing
taxes
reserve
•
Balance for
Deductions from income
Prov. for Fed. in. taxes x
$1,729,349
Preferred dividend requirements
$266,894
36,917
31,621
2666.
1936—12 Mos.—1935
$145,947
76,617
6,980
20,712
13,523
$28,113
Operation
$546,781
297,268
$131,948
p.
Rouge Electric Co.—Earnings—
$499,012
216,131
4,368
Gross income
1936—10 Mos.—1935
814,678
113,219
Appropriations for retirement
Net profit from sales.
p.
Co.—Earnings—
$199,761
72,182
Other income
143,
(Intercompany items eliminated)
Per. End. Oct. 31—
$127,579
& admin, exps.
of the Special Master's report
.
Interest & amortization.
Gross profit from salest
Sell.,
ago
of
Consolidated Earnings Statement
3 Mos. End.
days
request Judge Dickinson to fix a day for a hearing thereon."—V.
3459.
'
Baton
Sept. 30, '36 Sept. 30, '36
$866,157
$2,378,039
666,396
1,879,027
some
Section 77-B.
x
Common stock
made
was
acceptances to the plan in which he found that it had been accepted by
the number and amount of the bondholders and stockholders recquired by
on
"As soon as the rules of the U. S. District Court permit, the company
will file its petition for confirmation of the plan of reorganization and will
cabinets.
Capitalization Outstanding
Locomotive Works—Denies Rumors—
George H. Houston, President has issued a statement denying rumors
circulated Dec. 1 that the company has abandoned its plan of reorganization
under the provisions of Section 77-B.
Mr. Houston states that this is not
the case and further adds:
An extra of
new 125-ton 900 h. p. Diesel electric locomotives; 5 new 115-ton 900 h. p.
Diesel electric locomotives; 100 new 50-ton all steel box cars, and 25 new
70-ton 65-ft. gondola cars.—V. 143, p. 3139.
Black
&
Decker Manufacturing
Co.—Listing—
The New York Stock Exchange has authorized the listing of 60,909 addi¬
common stock (no par) upon official notice of issuance and
sale, making the total amount applied for 389,263 shares.
Holders of common stock of record Dec. 3 are given the right to sub¬
scribe to the additional stock of $21 per share at the rate of one share for
tional shares of
each five shares held.
Rignts expire Dec. 23.
Shares not purchased by
the stockholders prior to that time will be issued and sold to the following
underwriters: Lehman Brothers, Alex. Brown & Sons, Mackubin, I-egg &
Co., Baker, Watts & Co., Lehman Corp., Stone & Webster
Inc., and Wellington & Co.
ana
Blodget,
Volume
Financial
143
Of the net proceeds $1,080,000 Is to be applied on
redemption,
purposes.—V. 143,
p. 3459.
40,000
preferred stock.
The
for general corporate
.
Borg Warner Corp.—Larger Common Dividend—
The directors
on Nov. 20 declared a dividend of $1 per share on the com¬
stock, par $10, payable Dec. 21 to holders of record Dec. 4.
This
compared with 75 cents paia on Oct. 1, July 1, and April 1, last; 50 cents
paid on Jan. 2, 1936, and on Oct. 1, 1935; 37H cents per share paid on
July 1 and April 1, 1935, and 25 cents per share paid previously quarterly.
In addition an extra dividend of 75 cents was paid on Oct. 1. last, and an
mon
extra of 25 cents on Jan.
To Reduce Par
Bristol Brass
Dec. 31, 1936, to the
prior thereto, to the acquisition for retirement of
or
shares of the company's outstanding
8% cumulative
remainder of the net proceeds, if any, will be used
2, 1935.
value of each common share from $10 to $5 and to issue two shares of
the lower par value stock for each present share outstanding.
Directors
also voted to call all of the remaining 13,800 shares of 7% preferred stock
still outstanding for redemption on Feb. 1, 1937.—V. 143. p. 2827.
par
Boston Consolidated Gas Co.—Notes—
There was no opposition before the Mass. Department of Public Utilities
Nov. 25 to the petition of the company for authority to issue a 4% promis¬
sory note amounting to $10,900,000, payable March 1,1956,
of paying in part its outstanding demand note of $11,450,000
for tne purpose
dated March 1,
certificate
permitting abandonment by the road of its so-called North "Weare branch
extending from Goffstown station to a point known as Henniker Junction,
approximately 17 miles, all in Hillsborough and Merrimack Counties, N. H.
—V. 143, p. 3459.
Commerce
Commission
on
20 issued
Nov.
extra dividend
a
addition
of $1 per share in
a
1935, and
Dec. 15, 1934.
on
The regular quarterly
from 37H cents to 50 cents per share with the
—V. 143, p. 1389.
Broadway
Corp.—Deposits—
Building
Motors
dividend was increased
March 16, 1936 payment.—
Through Nov. 19, 1936, holders of over $2,910,000 principal amount of
1st mtge. leasehold 6% sinking fund gold bonds had accepted the 1st mtge,
bondholders' plan of reorganization, which was formlated by the com¬
Management,
(of which C. B. Hibbard is Chairman) and Property
Inc.
The statute requires that holders of 66 2-3% ($3,177,000 prin. amount)
of all the bonds outstanding must assent to the plan before it can be finally
confirmed by the Court.
This means that over 90% of the necessary
have
consents
bonds are
already been received and only $267,000 more
needed.
Acceptances have been received from about 1,500 different holders, in¬
cluding a large number of banks and other institutions, both for their own
accounts and for their trusts or clients.
In addition, a great many invest¬
ment dealers are actively supporting the plan and recommending its accept¬
ance.
The court has set Dec. 11, 1936 as the date for the next hearing on
the plan.—V. 143, p. 3308.
(E. L.) Bruce & Co. (& Subs.)—Earnings—
Years Ended June 30—
Sales to customers—net
Boston & Maine RR.—Abandonment—
Interstate
an
regular quarterly dividend of 50 cents per share on the common stock,
par $25, both payable Dec. 15 to holders of record Nov. 30. The company
paid an extra of 50 cents on Dec. 15, last; a special dividend of $1 per share
on Dec. 14,
1935, and extra dividends of 25 cents on Dec. 14 and June 15,
1936, issued to the Eastern Gas & Fuel Associates.—V. 143, p. 2991.
The
Corp.—Extra Dividend—
The directors have declared
to
mittee
Values—
Directors indicated their intention of submitting to the stockholders at
the next annual meeting in March, 1937, a recommendation to reduce the
3621
Chronicle
1936
$5,526,567
4,486,813
810,423
102,533
Cost of sales
Operating
expenses
Miscellaneous charges
1935
1934
$3,758,725
$3,408,256
3,204,024
691,203
32,046
2,810,165
$168,549
68,877
$38,380
pf$126,798
Miscellaneous income
112,084
Drl5,775
536,731
99,740
26,632
Dr2 8
Dr 550
$12,298
684,952
$99,699
548,058
713,482
225,324
37", 379
Cr 112,705
$1,400,651
55,166
$685,137
$550,512
185
2,454
$1,345,485
$684,952
$548,058
Botany Consolidated Mills, Inc.—Reorg. Approved—
Judge Guy L. Fake of the U. S. District Court at Newark, N. J., on
Nov. 30 approved the plan of reorganization submitted last April.
In confirming the report of the special master, John Grimshaw Jr., who
recommended the adoption of the plan, Judge Fake continued the trustees
as permanent and approved the appointment of 15 members of the board
Net loss
pf$223,107
Deficit at June 30
Deficit of R. G. Bruce & Co. not
650,919
con¬
solidated at June 30, 1935
Miscellaneous debits
of directors.
Judge Fake authorized the issuance of 141,140 shares ($25 par) preferred,
209,147 (par $1) class A common and 200,000 ($1 par) class B common
stock.
Proceeds of such sales are to be combined with the $1,800,000
loan from the Reconstruction Finance Corporation as new capital.
The company went into equity receivership late in 1932 and filed a
petition for reorganization under Section 77-B of the Bankruptcy Act in
November, 1934.
Under the plan a new company will be organized to
take over the assets of Botany Consolidated and of its operating company,
Botany Worsted Mills.
Holders of bonds, of which $7,007,000 are outstanding, will receive
2}i shares of preferred stock and 2\i shares of class A stock in the new
company for every $100 of bonds.
Holders of present class A stock, of whicfy 100,000 shares are outstanding,
will receive two shares of new class A for every five shares they now own.
Holders of present class B will receive one share of new class A for every
20 of present class B.
There are 380,129 shares of class B now outstanding.
In addition there will be
an
issue of new class B stock.
H. Johnson, Pres.,
Members of the management, headed by Charles F.
will
buy 50,000 of these shares at $1 each upon completion of the reor-
2
share and will have the option of No dividends will be paid before
fanization, and another 50,000 at $5. purchasing 50,000 more shares at
a
net
earnings aggregate $2,500,000.
The board
approved by the Court includes Mr. Johnson,
Fort, Joseph S. Maxwell, Ferdinand Wilckes, Henry C.
Whitehead, Louis H. Hall, Albert E. Howe, Alfred De Liagre, Karl
Panthen, Frederick Wandelt, John P. Maguire, Frederick R. Eddington,
Otto E. Kuhn, Fritz A. Burghardt, Max W. Stoehr.—V. 143, p. 3139.
Franklin
of directors
W.
Miscellaneous credits.
Deficit at June
Consolidated Balance Sheet June 30
Assets—
$170,948
$237,575
Customers'
receivable
20,585
580,809
7,535
Cust. accts. receiv.
726,786
Accounts
and employees--
receivable
56,864 Bal.
8,270
by Cutover
Land
from
5,990
10,284
17,028
8,853
6,417
23,135
1,419,958
53,310
Inventories
Prepaid expenses._
32,852
56,159
88,401
In & adv.
63,083
z4,450
i~5~205
for collection
expenses on
land
75,000
sales
46,759
7% preferred stock 1,416,200
y Common stock-- 3,703,757
97,403
519,869
not current
Res
13,444
1,027,464
Deficit
Notes & accts. rec.,
subsud.
Misc. current liabs.
&c
purchases
Consignments
Inv.
172,615
stk taxes,
Deferred liabilities
-
log & tie
on
& cap.
30,835
officers
and employees.
Advs.
124,953
Prov. for Fed. res.
49,060
Misc. accts. receiv.
650
1,836
177,254
due on timber
purchases
Accrued liabilities.
Notes & accts. rec.
Due
7,536
payable-
$395,500
Bal. due to officers
Bldg. contr. accts.
sec.
$545,500
2,438
190,076
Bank notes pay—
Other notes pay--
notes
1935
1936
Liabilities—
1935
1936
Cash
1,345,485
1,416,200
3,703.757
684,952
to
1.240.546
cos
Inv.in & advs. to
Bower
Roller-Bearing Co.—To Pay Larger Dividend—
share on the capital
stock, par $5, payable Dec. 19 to holders of record Dec. 10.
A dividend of
75 cents was paid on Oct. 24, last and previously regular quarterly dividends
of 25 cents per share were distributed.
In addition, a stock dividend of
20% was paid on Dec. 20, 1935.—V. 143, p. 1389.
HThe directors have declared
a
dividend
of $1
per
affiliated
Timber
Brantford
Farm—Bruce,
30,565
Miss
Prop., plant and
1,574,635
1,486,649
8,000
2,638
2,902
Deferred Ternslnix
1933
1934
1935
1936
Dairy
equipment
Cordage Co., Ltd.—Earnings—
105,158
27,071
111,940
274,035
tracts
Townsite &
x
W Years End. Aug. 31—
Net profit after prov. for
159,667
cos...
investments
Other
Adv. expenses.Patents
H\,deprec., doubtful accts
income & other taxes.
Previous surplus
Discount on shs. retired
3,627
27,688
$1,132,735
118,380
$1,038,722
through sinking fund.
Total surplus
$1,431,972
83,095
119,000
78,632
$1,250,115
112,868
303,022
3,548
$848,223
1st pref. divs. paid
2d pref. divs. paid..
Miscellaneous debits
$101,320
909,714
$222,043
907,065
$235,760
1,014,355
$298,273
1,133.699
on
1st
$1,133,699
7,000
pref. shs.
redeemed
Balance, surplus
1936
equipment...51 ,199,889 $1,192,059
Cash
570,510
1,383,862
stock
7%
80,000
12,801
60,243
Rss. for deprec...
69,557
836,833
826,724
Surplus
582,482
1,133,699
2,796
99,579 Accts. pay., incl.
all accrd. charges
591,274
254,950
Bills & acct. rec—
428,424
other taxes
1,612
1,447
412,850
prepaid
1934
1935
pat.
good will.
$477,831
178,494
28,919
173,510
29,517
2,000
86,937
195,531
30,134
2,000
84,203
190,210
31,034
2,000
76,503
$167,141
x4,689
$214,183
$178,083
x622
44
44
$3,872
1,397
$171,830
21,517
$214,227
29,994
$178,127
21,973
$2,475
576,868
$150,312
624,108
$184,233
552,375
$156,153
411,970
$579,343
$774,420
$736,608
$568,123
10,000
& other expenses
917
90,314
Depreciation
$3,250
Div. received on investTotal income
Profi t for year
-
Res. for doubtful accts
_
_
s
Old buildings and plants
written off
Total
$3,431,673 $4,693,237
Repressnted by 80,000 no par shares.—V. 143, p. 1867.
Adj. of deprec. applic. to
prior years
Dividends paid
23 declared
The directors on Nov.
a
dividend of 50 cents per share in
the capital
stock, no par value, both payable Dec. 18 to holders of record Dec. 4.
An extra dividend of 15 cents was paid on Sept. 30, last.
The company announced also a 7H% increase in all hourly wage rates
effective Nov. 28.
The wage adjustment will affect about 3,000 employees.
An increase of 5% was made on Sept. 12.—V. 143, p. 2828.
Shares common
238
141
47,553
100,000
150,000
112,500
$475,724
$576,868
$624,108
$552,375
125,000
$0.02
Balance, Oct. 31
Bridgeport Brass Co.—Special Dividend—Wages Raised—
5,607
3,380
Addl. income taxes
$3,431,673 $4,693,2371
1933
$526,052
Total surplus
993,798
Trade marks,
in
for Federal
$459,105
Previous surplus.
Prov. for Dom. &
prem,,
Total
1936
22,570
850,000
and $2,676,912
Provision
$301,894
Res. for income taxes._.
pref.
Common stock..
991,862
..
Inventories
x
2d
850,000
400,000
x
Dom. of Can. bds.
rts. &
cum.
81,000,000 $1,400,000
stock
Accrued interest on
Insur.
1935
z
8% cum. 1st pref.
&
lire
1936
'■
1936
Ltd.—Earnings—
profit from trad'gSelling, delivery, admin.
Operating income
Liabilities—
1935
Land, bldg., mach.
bank deposits
Bruck Silk Mills,
Years Ended Oct. 31
Bond discount amort'd-
$907,065
Balance Sheet Aug. 31
Assets—
After
Bond interest
$1,014,355
$5,070,004 $5,092,984
Total
depreciation reserves of $2,573,434 in
y Represented by 130,000 no par shares,
capital stock tax only.—V. 143, p. 2992.
x
1935.
Gross
Sundry disbursements..
Prem.
124,658
$5,070,004 $5,092,984
Total
125,000
$1.20
125,000
$1.47
100,000
$1.56
stock (no
par)
Earnings per share
_.
addition to the regular quarterly dividend of 10 cents per share on
Balance Sheet Oct. 31
1936
A
Inc.—Earnings—
Period End. Sept. 30—
1936—3 Afos.—1935
Cash
1936—9 Mos.—1935
Earns, per sh. on 145,310
shs. com. stk.(no par)
No provision was
p.
Sept.
1867.
25,000
call loan..
surr.
49,389
life insurance—
$40,655
x$164,534
$91,869
$0.26
$0.19
$0.87
$0.37
Trade accts.
Accounts
payable
.
39,490
9,659
174,611
467,134
3,402
—
rec.-
-
1935
$787,500
436,700
40,998
$787,500
444,900
z24,783
1,397
14,931
475,724
27,296
15,110
576,867
Reserve for Income
Res. for contlng..
Earned surplus—
Inventories
Investments
_
Funded debt
tax.
value
underwriters
x$50,409
made for Federal surtaxes on undistributed profits.
30, 1936, the company's balance sheet showed total current
assets of $497,186, of which $283,354 was in cash, and not including the
company's own securities held at cost of $163,670, compared witn current
liabilities of $119,102, a ratio of more than 4 to 1.
Earned surplus at Sept.
30, 1936, amounted to $673,588.
At Sept. 30, 1935, total current assets,
including cash of $230,686, were $430,167, not including company's own
securities at cost of $173,576, and current liabilities of $99,023.—V. 143,
x
At
on
$896,206
48,242
Deposit with lnsur.
Net profit after deprec'n,
amortiz.. Fed. & State
income taxes, &c
42,667
Cash
Cash
Brillo Mfg. Co.,
yCommon stock.
$898,598
plant, mach,, &c
1936
Liabilities—
1935
buildings,
xLand,
8,505
256,283
489,842
2,280
Cash In sink. fund-
305
305
Deferred charges._
6,309
5,127
105,176
105,176
Trademarks,
cesses,
&c
Total
pro¬
$1,757,250 $1,876,456'
Total
.$1,757,250 $1,876,456
depreciation reserve of $585,778 in 1936 and $514,607 in 1935
y Represented by 125,000 no par shares,
z Includes bills payable.—V. 143,
p.101.
x
After
Financial
3622
Budd Wheel Co.— To Pay
stock, payable Dec. 15 to holders of record Dec. 3.
This will be the
first distribution made on the common shares since Sept. 30, 1931, when
25 cents per share was paid.
The directors also declared
a regular quarterly dividend of SI .75 per
participating dividend of 25 cents per share on the first pre¬
ferred stock, both payable Dec. 31 to holders of record Dec. 17.—V. 143,
p. 3140.
share and
a
Bunte
$1
common stock, on
This compares with 50 cents paid on
April 1, last, this latter being the first dividend paid since Feb.
when
Si
1936
prof$281,790
partly28,893
from
owned subs
rec.
1, 1932
26,207
investments—
20,510
5,363
27,518
41,638
22,113
74,600
52,962
120,122
!-_prof$336,555
$393,822
$716,632
$853,306
on
Net loss
88,230
2,060
88,365
3,044
11,890
12,025
12,515
prof $7,685
$497,256
$729,147
$853,306
sur$7,685
1,859,874
$497,256
2,357,130
$729,147
3,086,276
$1,351,592
4,437,868
$1,867,558
$1,859,874
$2,357,130
$3,086,276
expenses
Fees
of
and
directors
executive committee.
_
226,690
Depreciation
Net total loss
1936
October—
1935
S115.081
28,238
9,872
$92,588
5,676
def8,377
$149,538
61,454
38,234
706,687
def89,215
706,178
defll5,005
670,416
def91,143
def252,621
def277,371
def225,643
765,922
108,122
def41,798
$115,351
20,688
1933
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—"V. 143, p.
498,286
Preferred dividends
1934
def 231
Gross from railway
Net from railway
Net after rents
2828.
Deficit
Previous surplus
Profit
&
loss
surplus
Sept. 30
Consolidated Balance Sheet Sept. 30
1936
Assets—
The New York Curb Exchange has admitted the common stock,
par, to listing
12Kc.
and registration.—V. 143, p. 3308.
Butler Brothers—Removed
from Unlisted Trading—
Liabilities—
x
Prov.
The New York Curb Exchange has removed the common stock, $10 par,
to
1936
$4,315,602
1,597,808
Operating revenues
Operating expenses, maint. & all taxes
Met oper. rev. (before approp. for retire. res.)_.
Other income
1935
$3,943,880
1,755,262
(before
$2,193,212
$2,421,947
239,416
48,939
reseve
$1,893,212
238,394
1,031,305
156,963
14,200
Rent for lease of electric properties
Interest charges (net)
Amortization of debt discount & expense.
Other income deductions
183,619
292,860
1 ,234,894
292,358
1,565,293
416,507
367,252
108,299
Including $33,340 for the 12 months ended Oct. 31, 1936 and $166,660
for the 12 months ended Oct. 31, 1935, for amortization of extraordinary
operating expenses deferred in 1931.—V. 143, p. 2829.
Water Service
California
1935
19,564,352
Total
Capital surplus
19,799,558
Earned surplus...
1933
$1,021,696
$1,017,070
$992,740
—V. 143, p. 3140.
See Vertientes Sugar Co. below.—V.
Cambria & Indiana
October—
143,
Gross from railway
p.
1868.
1935
1934
$98,281
def61,546
4,537
$87,365
24,270
68,690
1,048,037
Gross from railway
$127,720
def5,881
41,571
914,188
211,927
695,599
867,435
84,519
607,977
995,782
318,365
780,133
Net from railway227,621
Net after rents
655,398
Canadian National
Period End. Oct. 31—
Operating revenues
Operating expenses
Co., Ltd.—Accumulated Class B Div.—
a dividend of 62 % cents
per share on account
the 5% cumul. pref. class B stock, par $50, payable
Jan. 2 to holders of record Dec. 15.
A dividend of 50 cents per share was
on
Oct. 1, last.—V. 143,
Rys.—Earnings—
1936—10 Mos.—1935
$18,786,278 $17,823,839$153,234,590$142,922,914
15,147,759
14,195,774 143,390,610 133,160,289
p.
Gross earnings_;
Steamship Lines, Ltd.—Reorganization Plan—
$49,244
Earnings—
1933
$143,440
2,005
def20,145
$129,754
defl2,195
def33,593
1934
$117,625
def9,399
def29,876
$110,352
14,616
def3,632
1,777,706
108,469
defl69,492
1,551,736
60,875
def183,747
1,671,976
215,644
def49,578
1,307,395
157,551
def100,920
October—
1935
1936
railway
Net from railway
Net after rents.;
Gross from railway
Net from railway
Net after rents—
Canadian Pacific Lines in Vermont
October—
1936
1936.
The modified plan provides amongst other things:
(a) The $2,153,476 5% consol. 1st mtge. debenture stock and(or) bonds
maturing Aug. 15, 1943, shall be redeemed on Aug. 15, 1937.
(b) All claims ro interest accrued and to accrue on the existing 1st &
gen. mtge. bonds shall be extinguished and the rights and claims of the
bondholders shall be compromised or arranged so as to consist solely of
the right to receive upon distribution, against surrender of such bonds and
the interest coupons pertaining thereto, tne
following:
For each $1,000 of existing 1st & gen.
mtge. bonds, $600 of new bonds,
series A, 5%; 13 1-10 new preference snares
(par $50); three new common
shares (no par).
(c) All arrears of dividends accrued and tne dividends to accrue on the
existing preference shares snail be extinguished and the rights of the
preference shareholders shall be compromised so as to consist solely of
the rignt to receive upon distribution,
against surrender of the certificates
following:
existing preference share, 1
new common shares.
(d) All rights to dividends attaching to the existing common snares shall
be extinguished and tne rights of the common shareholders snail be com¬
promised so as to consist solely of the right to receive upon distribution,
against surrender of the certificates representing tneir respective existing
common shares, the following:
For each one existing common shares, M of one new common.
(e) Tne paid-up share capital of the company shall be reduced from
$18,084,523 to $14,854,000 by the elimination of the company's total
deficit as of Dec. 31, 1936, the readjustment of its
capital structure and
one
the revaluation of certain of its fixed assets.
The present capitalization of the company will
compare with the new
capitalization after effect has been given to the modified plan, as follows:
Present Capitalization
Existing debentures, 5%
Existing 1st & gen. mtge. bonds, 6%
Existing preference shares, 6%
Existing common shares (120,000 shares
_
no
par)
__
$2,153,476
.*17,500,000
15,000,000
3,084,523
Proposed New Capitali \ation
Existing debentures, 5% (to be red. on Aug. 15, 1937).
New bonds, series A, 5%
New preference shares (229,250 shares, pat
$50) 5%
New common shares (300,000 shares no par)
$2,153,476
10,500,000
11,462,500
3,391,500
*
Not including $48,000 of existing 1st & gen.
mtge. bonds neld by
Century Coal Co., Ltd., a wholly owned subsidiary.—V. 143, p. 2669.
Canadian National Lines in New
October—
Gross from railway
Net from railway
Net after rents.
England—Earnings—
1936
1935
1934
1933
$131,051
26,690
14,700
$98,679
defl7.132
$80,106
def35,450
def84,028
$93,208
def29,198
def76,655
899,985
def207,289
def684,078
894,027
defl50,064
def646,570
53,027
From Jan. 1—
Gross from railway
Net from rail way......
1,133,922
defl54,327
def568,641
954,060
def205,526
def599,486
1935
—
—Earnings—
1933
1934
w
$95,537
def7,145
def26,341
$74,800
def32,381
def54,086
$79,258
defl7,518
def37,736
$75,013
defl2,918
def33,336
847,957
def263,856
def513,757
777,906
def219,298
def433,885
786,843
defl83,909
def398,707
757,358
def 112,491
def336,135
Gross from
railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway
—V. 143, p. 2829.
Canadian Pacific
Period End. Oct. 31—
Ry.—Earnings—
1936—Month—1935
1936—10 Mos.—1935
$14,249,421 $ 14,198,208$114,193,000$ 106,238,631
9,846,238
9,948,865
97,962,349
90,602,529
expenses.
Net profits
$4,403,183
$4,249,343 $16,230,651
$15,636,101
Earnings of System for Week Ended Nov. 30
Oct. 1,
Increase
$4,583,583
$4,633,071
Gross earnings
1868.
The holders of the 1st & gen. mtge. 6% gold bonds, series A, will vote
21 on approving a modified general plan of reorganization, dated
Net after rents
$9,762,625
1935
—V. 143, p. 3460.
Jan.
—V. 143, p. 2829.
,,
1936
Working
eacn
De¬
1936—Month—1935
$3,638,519
$3,628,065
$9,843,980
Earnings of System for Week Ended Nov. 30
Net after rents
The directors have declared
For
y
Quebec.—V. 143, p. 1391.
Net after rents
—Y. 143, p. 2829.
the
19,564,352 19,799,558
Total
Represented by 365,800 shares common stock of no par value,
Act of
1933
$129,043
63,977
85,641
Net from railway
Net after rents
From Jan. 1—
Canada
869,867
—V. 143, p. 2829.
RR.—Earnings—
1936
Canada Bread
1,859,874
From Jan. 1—
Camaguey Sugar Co.—Time for Deposits Extended—
of accumulations
863,679
1,867,558
90,494
118,676
Canadian Pacific Lines in Maine-
1934
125,033
266,000
posited with Royal Trust Co. as guarantee under Workmen's Compensation
Gross from
$1,192,430
deprec., &c)
Co.—Earnings—
1936
31,301
266,000
other taxes
x
12 Mos. End. Oct. 31—
Gross corp. inc. (balance
before
bond
interest
and
296,553
reserves)
Cash In banks
Netrevenue
Net income
provincial
serve
Matl. suppl., &c_.
$452,350
930,112
300,000
455,908
pay¬
Dom.,
Accts. receiv. (less
x
for
retirement reserve)
Appropriation for retirement
$2,188,618
4,594
$2,721,947
300,000
approp.
$2,717,794
4,153
$1,019,862
Net oper. rev. & other inc.
222,310
for
Operating, &c., re¬
Deferred charges—
.
&c.,
able
partly-owned
sub.co
Co.—Earnings—
12 Months Ended Oct. 31—
x
32,500
Investments
Accts.,
5,274
cos—
Invests, in & ad vs.
from unlisted trading privileges.—V. 143, p. 3460.
California Oregon Power
5,274
Ordinary stock..
7,077,875
9,145,000
312,938
gd-will, pats.,&cl6 ,988,926 17,201,480
4,000
y Govt, bonds
4,000
Dom. of Can bds.
113,840
3,120
assoc.
$
$
7,077,875
9,145,000
Preference stock..
by
1935
1936
1935
$
Real estate, plant,
Co.'sown shs. held
Burry Biscuit Corp.—Admitted to Listing & Registration—
on
$973,429
$870,401
share was distributed.—V. 143, p. 2042.
per
Burlington-Rock Island RR. -Earnings-
paid
1933
$485,091
Interest earned (net)—
Profit
Legal
share on the
per
Divs.
1934
1935
Years End. Sept. 30—
Combined losses
Salaries of officers——
Brothers—Larger Dividend—
The company paid a dividend of
Dec. 1 to holders of record Nov. 22.
5, 1936
CanadianJCar &jFoundry Co., Ltd. (& Subs.)—Earns.
20-Cent Common Dividend—
The directors have declared a dividend of 20 cents per share on the com¬
mon
Dec.
Chronicle
1936
Gross earnings
—V.
143,
p.
$3,554,000
1935
Decrease
$93,000
$2,647,000
3460.
Canadian Wire Bound Boxes,
The directors have declared
of accumulations
a
Ltd.—Accumulated Div.—
dividend of 37H cents per share on account
A participating stock, no
value, payable Jan. 2 to holders of record Dec. 15.
Like payment
made on Oct. 1 and July 1 last, as against dividends of 25 cents per
share paid in each of the seven preceding quarters and on June 30, 1934,
and 37}4 cents per share distributed on April 1 and Jan. 2, 1934.
Accruals
after the Jan. 2 payment will amount to $3.25 per share.—V. 143, p. 1553.
on
the $1.50 cumulative class
par
was
Cannon Mills Co.—Dividend Aqain Doubled—
on Nov. 20 declared a dividend of $2 per share on the com¬
stock, no par value, payable Dec. 19 to holders of record Dec. 5.
This
with $1 paid on Oct, 1, last; 50 cents per share paid each three
months from April 2, 1934 and to including July 1, last, and 25 cents per
share paid quarterly previously.
In addition an extra dividend of 15 cents
was paid on Jan. 20,1934 and an extra of 10 cents on Sept. 30,1933.—V. 143
p.
1553.
The directors
mon
compares
Cannon Shoe
Co. (Md.)—Stocks Offered—Baker, Watts
Mackubin, Legg & Co. and W. W. Lanahan & Co.
of Baltimore in October offered 10,000 shares of 5)/2% cumu¬
lative preferred stock (par $50) and 10,000 shares of com¬
mon stock (par $1) in units of one share of
5^2% cum. pref.
stock and one share of common stock, at $50 per unit (plus
divs. on the pref. stock from Oct. 1, 1936).
& Co.,
Transfer agent,
Baltimore National Bank, Baltimore, Md.
Registrar,
First National Bank of Baltimore, Md.
Proceeds to Company and Stockholders—The underwriters are purchasing
from the company 5,400 shares of 53^% cumulative preferred stock for a
price of $45 per share, or a total price of $243,000 plus divs. from Oct. 1,
1936 to date of delivery.
The underwriters are purchasing from the company's stockholders 4,600
shares of 5H% cumulative preferred stock and 16,667 shares of common
stock at a price of $45 per unit consisting of one share of preferred stock and
approximately 3.62 shares common stock, or a total price of $207,000 plus
accrued divs. on preferred stock from Oct. 1, 1936 to date of delivery.
The company has given no consideration for the common stock to be
included in the units offered.
History and Business—Company is engaged in the manufacture
of shoes
and in the operation of retail stores in various parts of the United States
in which are sold low-priced shoes, slippers, rubber and canvas footwear'
shoe accessories, ladies'
ladies' ready-to-wear.
handbags and hosiery.
Four of the stores also seli
The sale of merchandise other than shoes con¬
16% of the company's sales volume during the fiscal year
ended Jan. 31, 1936.
There are being operated at the present time 112
such retail stores located in 28 States and the District of Columbia. These
stituted about
Volume
stores
Financial
143
generally in the downtown retail sections of the cities in which
they are located, except in the larger cities where the stores are generally
located in neighborhood shopping centers.
f
The company operates a factory located at McSherrytown, Pa., where it
manufactures practically all of its requirements of men's and buys' leather
shoes, as well as small quantities of women's Arch Support type leather
shoes.
The capacity of the factory is estimated at 3,900 pairs of shoes per
day.
Company, during fiscal year ended Jan. 31, 1936, manufactured approxi¬
mately 45% of its shoe requirements, and purchased from outside sources
approximately 55% of its shoe requirements.
It purchased all of its require¬
ments of hosiery, rubber and canvas footwear, slippers, ladies' accessories,
&c.
Of the total volume of sales during the fiscal year ended Jan. 31,
1936, about 84% resulted from the sale of shoes, about 10% from the sale
of hosiery and about 6% resulted from the sale of other items.
Purpose—Of the shares of stock being offered only 5,400 shares of pre¬
ferred stock are being purchased from the company.
The net proceeds
to be received by the company from the sale of these 5,400 share of preferred
stock, after deduction of the company's share of estimated expenses in
connection with this registration and offering, are 8237,000 plus divs. from
Oct. 1, 1936 to date of delivery.
Of these net proceeds other than accrued
divs., it is intended that approximately $60,000 will be used for the purpose
of expansion of additional stores.
The opening of these additional stores
will require larger inventories for which approximately $75,000 will be
used.
The balance of the proceeds will be used to improve the cash position
of the company.
All of the consideration to be received from the sale of
the 5,400 shares of preferred stock sold by the company, other than accrued
dividends, is to be credited to capital.
No part of the proceeds from the
sale of 4,600 shares of preferred stock and 16,667 shares of common stock
sold by the stockholders will be received by the company.
are
Earnings Based on Capitalization after Financing a
Pref. Div. bEarnings
Requireper Share
merit for
on
Period
Common
Net Income hEarnings
Gross Sales
LessDiscts.,
{After Fed'I
Returns &
Income
Period from—Allowances
May 13, 1932 to
Jan.31, 1933-$2,113,572
Sh. on
Preferred
{Par $50)
per
Taxes)
$156,702
$15.67
$1.98
$0.91
1934
2,771,083
Jan. 31, 1935-_ 3,516,869
Jan. 31, 1936— 3,351,181
124,150
172,257
101,940
12.41
17.22
10.19
2.75
2.75
2.75
0.64
0.96
0.49
5 Mos. End.—
June 30. 1936—
c88,602
c8.86
1.14
c0.51
Yrs
Ended—
3623
Chronicle
Central Newspapers,
Bond & Share Corp., Ind.
Inc.—Notes Offered—Indianapolis
and Albert McGann Securities Co.,
Inc., South Bend, Inc., are offering (to residents of State of
Indiana only), $375,000 coll. trust 5% serial notes at prices
to yield from 4% to 5^%, according to maturity.
Dated Dec.
Principal and semi¬
Bank at Indianapolis,
is due Aug. 1, 1937.
Callable in whole or in part at any time on 30 days' notice at 103 to and
incl. Aug. 1, 1938; at 102 thereafter to and incl. Aug. 1, 1939; at 101M
thereafter to and incl. Aug. 1, 1940; at 101 thereafter to and incl. Aug. 1.
1941; and at 100y% thereafter and prior to Feb. 1, 1942, in each case with
accrued interest.
Coupon notes in denoms. of $i,000 and $500.
1936; maturing serially 1937-42.
1,
annual int. (A. & F.), payable at American National
trustee.
The first coupon is for eight months and
Data from letter of Eugene
C. Pulliam, President of Company
Present Status—Company owns all of the common stock of its three
present subsidiaries, namely, Huntington Newspapers, Inc.
(owner of
the "Herald Press" and originally founded in 1848), Vincennes Newspapers,
Inc. (owner of the "Sun-Commerical" and originally founded in 1804),
and Oklahoma Newspapers, Inc.
All of these newspapers have been under
the present management for over six years.
Oklahoma Newspapers, Inc.,
has entered into contracts for the sale of six of its seven newspapers.
As a
result, Oklahoma Newspapers, Inc., holds instalment sales contracts
(payable monthly) which total about $335,000.
This consists of contracts
in the amount of $282,427 as of Sept. 30, 1936, received on five newspapers
early in 1936 and a contract for $53,000 received on one newspaper in
November of this year.
In addition, Oklahoma
the El Reno "Daily Tribune" in Oklahoma.
owns
Network.
Jan. 31,
1.715,323
a 10,000 shares preferred and
150,000 shares common stock,
b Before
giving effect to the use of the money to be received by the company from
the sale of 5,400 shares of preferred stock,
c After normal Federal taxes
but before deduction of Federal surtax on undistributed net income from
May 1, to June 30. 1936.
Capitalization—After giving effect to the issuance and sale by the company
of the 5,400 shares of preferred stock included in the 10,000 shares of pre¬
ferred stock and the 10,000 shares of common stock offered the company will
have the following capitalization.
Authorized
Outstanding
5H% cumulative pref. stock (par $50)
10,000 shs.
10,000 shs.
Common stock (par $1)
150,000 shs.
150,000 shs.
Underwriters—The
principal
but not jointly underwritten by
underwriters and
each follows:
the amounts
Amt. of Shs.
Name—
Preferred
3,334
3,333
3,333
Baker, Watts & Co., Baltimore
Mackubin, Legg & Co., Baltimore
W. W. Lanahan & Co., Baltimore
—V. 143, p. 2359.
severally
Underwritten
Common
5,556
5,556
5,555
It has been estimated by radio executives that this contract
annual revenues of WIRE by $60,000.
Security—Company agrees to deposit with the trustee collateral having
a total value of $944,400, or over 2
times the amount of this issue, based
upon figures compiled by Geo. S. Olive & Co.
The collateral consists
principally of all the common stock of all subsidiaries, including that of
Indianapolis Broadcasting, Inc., to be acquired, $100,000 first mortgage
bonds of Vincennes Newspapers, Inc., $40,000 first mortgage bonds of
Oklahoma Newspapers, Inc., and all of the instalment sales contracts of
the latter
(being about $335,000).
In addition, Euegne C. Pulliam,
personally guarantees all of these collateral trust notes.
Earnings—The average cash earnings of company, and those of WIRE
for the last two years and nine months (including payments from the sales
contracts) available for service on this issue amounted to about $109,620
and more than covers maximum interest and maturities.
Maximum
interest charges alone were earned over six times on this basis.
Giving
effect to the estimated increase in the earnings of WIRE, Mr. Pulliam
expects the cash balance available for service on this issue to be at least
$150,000 in 1937, as compared with total interest and principal payments
due on this issue of $55,969 next year, and a maximum of $89,375 in 1938.
will increase the
Jan.
Operating
Operating
expense
Net
operating profit—before
ducting fixed charges
The company sent a letter to
stockholders outlining a proposed plan for
paying off arrears, amounting to $295,000 or $19,50 a share, as of Dec. 3
on its outstanding 15,090 shares of 6% preferred stock.
In order to save an estimated surtax of around $50,000 on 1936 un¬
distributed earnings and, at the same time, conserve working capital,
directors propose to pay the dividend accumulations before Dec. 31 by means
of one-fifth share of new 5% pref. stock of $100 par value plus $1.50 in cash
for each 6% share outstanding or under a section option, by paying $19.50
Interest
Calendar Years.
1934
$596,413
454,023
1, '36 to
Sept.'SO '36
$389,323
268,970
revenue
1935
$640,674
464,189
de¬
-
Taxes
$120,352
$176,484
$142,389
$28,195
6,307
(Philip) Carey Mfg. Co .—Plan to Pay Preferred Arrears—
in
Newspapers, Inc.,
Purpose—Company will purchase with the proceeds of this issue all of the
common stock of Indianapolis Broadcasting, Inc., and Broadcasting Sales
Corp. of Indiana.
Indianapolis Broadcasting, Inc., owner of radio broad¬
casting station WIRE in Indianapolis, expects soon to complete an improve¬
ment program increasing its power to 5,000 watts for daytime broadcasting,
and to 1,000 watts for night broadcasting.
Recently, its has entered into
a five-year contract with the National Broadcasting Co., by which WIRE
is designated as a basic station of the National Broadcasting Co.'s Red
$39,615
6,089
$42,531
6,881
$34,502
$45,704
$49,413
$85,849
17,108
$130,780
30,106
$92,976
31,833
$68,741
9,366
$100,673
21,508
$ 61,142
6,164
$59,375
Net profit—before deprec. &
$79,164
$54,977
adminis.
expense
Depreciation
Net profit—before executive salaries
cash.
Stockholders
are asked to amend the company's articles of incorporation
provide for issuance of 5,000 shares of 5% cumul. pref. non-voting stock,
junior to the 6% pref. but senior to the common.
Company states it cannot pay the accumulated dividends without im¬
pairing its cash resources and that directors will not adopt the proposed
plan unless a sufficient number of 6% shareholders elect to receive $20
par value of the new 5% shares and $1.50 in full payment of back dividends.
—V. 141, p. 4012.
to
Carib Syndicate,
Ltd.— To Sell Columbian Holdings—
Stockholders at a special meeting held on Nov. 25 authorized directors to
dispose of the company's entire holding of stock in Colombian Petroleum
Co., namely, 20,868 shares at a price of not less than $2,000,000. Directors
had previously unanimously approved a contract for the sale of this stock
—V. 143, p. 2517.
(not paid in cash)
Executive salaries (not paid in cash)__
Net profit-
Note—Reduction in total operating revenue and in total operating expense
preceding years, is due to the sale, in 1936, of
plants previously owned by Oklahoma News¬
papers, Inc. (a subsidiary of Central Newspapers, Inc.), with a resulting
change in the nature of income, from newspaper revenue, to interest on
for 1936, as compared with
five newspaper publishing
instalment sales contracts.
Central of Georgia
Railway—Interest-—
The interest due Feb. 1, 1933, on the first mortgage 5% gold bonds, due
1945, is now being paid.
Earnings for October and Year to Date
Casco Products
Corp.—Earnings—
Net
profit
after
depreciation
undistributed profit.
155,000 shares capital stock
taxes but before surtax on
Earnings per share
(no par)
—V. 143, p. 3308.
on
8 Months
Federal income
and
1936
October—
Month
Period Ended Oct. 31,1936—
-
$124,485
$341,340
Gross from railway
Net from railway
declared
an
dividend of &-200
extra
a
share of 5% pref. stock, in addition to the regular quarterly cash
of 50 cents per share was paid on the common stock on Nov.
—V. 143, p. 3460.
Celluloid Corp.—Accumulated
a
dividend
25, last.
-
262,483
141,569
61,481
13,092,108
2,116,636
897,383
12,075.528
1,853,303
11,132,754
1.668,402
10,242,282
1,614,731
823,187
560,346
600,733
Centrifugal Pipe Corp. of Del.—Extra Dividend—
of 65 cents per share on the
stock, payable Dec. 15 to holders of record Dec. 4.
The regular
quarterly dividend of 10 cents per share was paid on Nov. 16, last.—V. 142,
p. 3842.
The directors have declared an extra dividend
common
1936
October—
,
$194,525
62,991
44,452
Gross from railway
Net from railway
Net after rents
From Jan.
Co.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$668,945
$604,848
$8,146,727
$7,383,456
Oper. expenses & taxes._
366,345
335,481
4,327,543
3,678,267
Prov. for retire, reserve.
75,000
60,000
Int. & other fixedcharges
76,066
41,800
65,113
57,751
900,000
883,290
620,628
803,435
826,142
693,013
$109,733
$86,502
$1,415,265
$1,382,598
Divs. on pref.
stock
$143,461
36,468
29,234
1933
$145,545
37,400
20,032
1,632,611
433,740
271,949
1,613,850
501,561
319,540
1,590,815
546,913
368,760
1934
1,845,407
587,217
Net from railway
369,230
—V. 143, p. 2831.
lA Subsidiary of Commonwealth & Southern Corp.]
revenue
Ry.—Earnings—
1935
$164,872
46,748
37,700
1—
Gross from railway
Net after rents
Period End. Oct. 31—
Cheney
Hearing—
South Manchester,
Brothers,
—
77-B reorganization plan before Special Master Albert
Hartford, Conn., has been postponed until Dec. 21 at the
The hearing of the
S. Albrecht, at
/
Acceptances of the plan
of reorganization, filed Oct. 15, have been
re¬
by the debtor from the following percentages of its creditors and
stockholders: Bondholders, 86%; trade creditors, 95%; preferred stock¬
holders, 86%, and common stockholder, 68%.—V. 143, p. 2671.
ceived
Listing—
authorized the listing of $7,178,000
1st & consol. mtge. bonds, 3M% series due April 1, 1966 and 111,464 shares
of 4^% pref. stock (cumulative) $100 par value, all of which have been
sold and are outstanding in the hands of the public.—V. 143, p. 2993.
The New York Stock Exchange has
Central Illinois Public Service Co.—Accum. Pref. Divs.
The directors have declared dividends of $1 per share on account of
accumulations on the no-par $6 cumul. pref. stock, and the 6% cumul.
pref. stock, par $100, both payable Dec. 22 to holders of record Dec. 5.
Similar payments were made on Oct. 15, April 15 and Jan. 15, last, and on
July 15.1935.
Dividends of 50 cents per share were paid on Dec. 24, 1934,
and on Oct. 15, July 15 and May 15, 1933.
Prior to this latter dividend,
regular quarterly disbursements of $1.50 per share were made on both
18SU6S
after the payment
share.—Y. 143, p. 2993.
Accumulations as of Jan. 15 on each of the above issues
of the Dec. 22 dividend
Conn.—77-B
At the next hearing, however, it was indicated that
request of counsel.
the obstacles at present delaying completion of the 77-B reorganization will
be adjusted.
Balance
1933
$1,029,476
133,736
245,803
Gross from railway
Net from railway
Charleston & Western Carolina
Dividend—
dividend of $2 per share on account of
payable
Oct. 16,
June 12 and Feb. 20, last, this latter being the first payment made on the
issue since Dec. 1,1930 when a regular quarterly dividend of $1.75 per share
was distributed.—V. 143, p. 3309.
v
Gross
1934
$1,159,641
248,973
share of
accumulations on the 7% 1st pref. partic. pref. stock, par $100.
Dec. 19 to holders of record Dec. 5.
A like payment was made on
Central Illinois Light
1935
$1,390,717
' 355,166
—V. 143, p. 2830.
of
5% cumulative preferred stock, par $100, on the common stock, no par
value, payable Dec. 24 to holders of record Dec. 4.
An extra dividend of 50 cents per share payable in cash or 1-200 of a
The directors have declared
$1,500,313
370,190
Net after rents
Net after rents
have
-
From Jan. 1—
$2.20
Caterpillar Tractor Co.—Extra Dividend—
The directors
-
will amount to $17 per
Chevy Chase Club—Registers with SEC—
See list given on first page
of this department.
Chicago Burlington & Quincy RR.—Earnings—
October—
railway
railway
Gross from
Net from
Net after rents
From Jan.
1936
$9,834,129
3,691,439
2,332,464
1935
$8,960,932
3,052,035
80,483,511
21,255,435
10,284,814
2,115,455
1934
$8,087,196
2,712,018
1,930,224
1933
$8,334,042
-3,072,889
2,082,220
67,948,398
14,411,829
5,982,422
67,369,584
18,715,719
10,426,462
65,048,687
20,291,434
10,759,120
1—
Gross from railway
Net from railway
Net after rents—
—V. 143, p. 2831.
Financial
3624
Chicago & Eastern Illinois Ry,—Equip. Trust
Earnings
Issue—A
consisting of Hallgarten & Co., Lehman Brothers and
Graham, Parsons & Co., have purchased privately, $1,080,000
Sy2% equipment trust certificates, series C, issued under an
equipment trust agreement dated Nov. 1, 1936, entered into
by Charles M. Thomson, as trustee of the company. These
certificates are due $36,000 semi-annually each May 1 and
Nov. 1, 1937 to 1951, incl., and are being re-offered at prices
to yield 0.80% to 4.00%.
group
From Jan.
Net from railway
49i,853
Net after rents
267,547
12,974,733
3,196,334
1,009,390
1933
$1,159,018
306,132
100,154
10,617,222
2,243,911
381,278
10,924,317
2,120,775
351,217
Gross from railway
10,121,535
2,138,393
96,458
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$5,845,270
991,842
485,008
$5,779,145
1,115,078
479,846
-iWjpT
61,087,273
52,425,436
6,869,134
5,518,374
def639,349
def751,142
..
53,914,912
8,480,162
1,832,802
51,838,158
10,354,477
3,229,913
1—
Gross from railway...
Net
from
railway..
Net after rents
..
..
—V. 143, p. 2831.
-Earnings—
Chicago Rock Island & Gulf Ry.October—
1934
$1,109,377
235,491
43,777
1935
$1,280,685
358,183
173,324
1936
$1,497,961
1933'
1934
1935
56,112,245
1,064,558
526,467
$6,585,722
1,110,038
411,772
..
after rents
Net
S, 1936
of Company Only
1936
October—
Gross from railway.
Net from railway
Earnings for October and Year to Date
October—
Dec.
Chronicle
From Jan.
1,855
30,044
$335,293
79,175
15,456
$350,078
93,595
3,226,712
862,410
31,808
3,060,303
739,268
defl6,288
2,780,791
661,449
def308,407
$347,151
$387,820
133,235
Net after rents
1933
1934
1935
1936
Gross from railway.....
Net from railway
65,623
t 6.625
1—
Gross from railway
Net from railway
3,603,465
1,004,225
253,218
Net after rents
—V. 143, P. 2993.
—V. 143, p. 2993.
Chicago St. Paul Minneapolis & Omaha Ry.— Earnings
Chicago & Illinois Midland Ry.—Earnings—
$297,831
90,125
75,055
Net from railway
Net after rents
From Jan. 1—
1934
$302,395
96,730
87,279
1933
$276,327
107,225
89,432
2,725,557
792,888
710,105
2,463,377
695,263
653,150
2,495,166
883,324
786,445
1935
1936
$416,225
222,737
175,690
October—
Gross from railway
October—
$1,640,789
379,197
206,301
$1,402,219
256,237
87,137
$1,332,913
350,033
194,369
15,336,778
2,682,470
481,467
12,720,325
1,714,863
34,896
12,512,797
2,268,538
780,172
12,316,280
2,908,711
1,393.086
Gross from railway..'...
Gross from railway
3,020,752
-
l,148,i00
Net from railway
941,014
Net after rents
1933
1934
1935
1936
$1,705,975
377,273
143,663
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Net from railway
Net after rents.
—V. 143, p. 2831.
—V. 143, p. 2993.
Great Western
Opposition at Hearing—
Chicago
Meet
It is intimated that strong
scheduled for Dec. 8 in Washington.
Interstate Commerce Commission
on it before the Commission now
Buckner, counsel
Co., represented by Root, Clark &
It is also stated that some
definite ideas as to the plans
they will advance.
Further, it is stated, that as the road will end 1936
with charges earned 1H times, and is currently running at the rate of
covering the charges twice, that the plan proposed by the bondholders will
be radically different from that of the management.
it is said, oppose the proposed plan.
Eastern insurance companies have some very
will,
Earnings for October and Year to Date
Net after rents
From Jan.
1935
$1,600,908
505,049
252,214
1934
$1,528,724
420,381
157,588
1933
$1,413,442
425,440
168,009
15,328,839
4,314,319
1,576,138
Net from railway
of this department.
Chile Copper Co.—Debentures
Called—
The company has called for redemption on Jan. 1, 1937,
^
Earnings for 9 Months Ended Sept. 30, 1936
Net income after int., U. S. & Chilean income taxes loss on
debs, retired, prov. for deprec. & obsol. & discount on debs.,
but before deple. & before any prov. for Fed. surtax on un¬
12,865,147
2,869,572
13,053,075
3,460,029
574,040
1,015,728
12,210,295
3,399,703
861,259
Earns per sh. on 4.415,503 shs. capital stock (par
—V.
142,
p.
...
Net from railway..__
Net after rents
Cleveland Electric Illuminating Co.
Operating
(& Subs.)—Earns.
1936
1935
$26,460,095 $23,921,415
9,224,609
8,574,881
1,522,250
1,536,539
3,212,464
2,730.938
Total opearting revenue
expenses
Maintenance
Taxes, other than Federal income taxes
—V. 143, p. 2993.
$3,966,034
$0.90
$25)
2148.
12 Months Ended Sept. 30—
1—
Gross from railway
its outstanding
5% gold debentures aggregating $26,067,000 principal amount.
The funds required for this purpose will be furnished to the extent of $25,000,000 by a five-year serial bank loan at interest rates that will effect a
material saving over the coupon rate of the outstanding debentures.
The
remaining funds will be provided from the treasury of the company.
20-year
distributed profits
1936
$1,903,799
677,714
355,254
October—
Gross from railway
See list given on first page
opposition to plan of reorganization filed by
the management of the road with the
is expected to develop at the hearing
The Guaranty Trust
Chicago Times Co.—Registers with SEC—
RR.—Debtors Plan Likely to
895,043
Provision for Federal income taxes
485,738
Chicago Indianapolis & Louisville Ry.—Earrtings—
1936
$941,819
227,297
79,785
Net from railway
Net after rents
From Jan. 1—
1934
$673,247
111,039
13,429
6,230,627
1,041,210
def330,825
6,680,390
1,166,328
defl4,429
$680,491
166,399
33,163
6,034,782
1,186,623
def66,350
1935
$795,629
179,679
65,062
8,474,705
1,724,333
293,152
October
Gross from railway
!
Gross from railway
Net from railway
Net after rents
—V. 143, p. 3310.
Chicago Mail Order Co.—50-Cent Extra
Dividend—
declared an extra dividend of 50 cents per share on
26 to holders of record Dec. 3.
addition to the regular quarterly
dividend of 37 H cents per share was paid on Dec. 1, Sept. 1 and June 1,
last, and in each of the four quarters of 1935.
In addition, an extra dividend of 50 cents was paid on Jan. 20, 1936,
and on Jan. 21, 1935.
■
<
The regular quarterly dividend was increased from 25 cents to 37 H cents
per share with tne March 2, 1936 payment.—V. 143, p. 2993.
The directors have
Chicago Milwaukee St. Paul & Pacific
$10,458,585
3,063,680
1,849,172
1934
$8,534,475
1,916,589
982.415
1933
$8,193,415
2,210,454
1,233,003
90,440,357
18,887,263
6,803,182
Gross from railway
Net from railway
RR.—Earnings
1935
$9,849,300
2,608,581
1,634,230
76,396,019
11,923,502
2,376,175
74,200,664
15,729,891
5,833,857
72,453,567
18,322,351
7.673,118
1936
October—
—
Net after rents...,.
From Jan. 1—
Net from railway
Net after rents
—V. 143, p. 3460.
Chicago & North Western Ry .—Earnings—
1936
October—
$9,140,102
2,681,176
1,885,325
Gross from railway
Net from railway
Net after rents
1,059,226
76,708,272
11,627,103
64,368,683
9,460,405
3,293,475
Gross from railway.—.
2,191,547
Net after rents.
$7,364,251
1,796,880
1,043,119
$7,332,034
2,162,962
1,310,016
64,842,012
12,174,983
4,618,364
62,308,536
13,691,166
15,227
3,286,764
reserves
Period End. Sept. 30—
Net profit after Federal
Subs.)—Earnings—
1936—3 Mos.—1935
1936—9 Mos.—1935
-
$201,476
x$789,027
$552,591
19,469
shs. com. stk. (no par)
$0.74
$0.22
$1.57
$0.40
x Includes $35,000 for the 3 months and $85,000 for the six months earned
in foreign countries having exchange restrictions.
Note—Net profit for 1936 periods is after surtax on undistributed profits.
—V. 143, P. 3310.
Earns, per sh. on
_
Rivet
_
& Machine Co.—Withdrawal of Regis¬
tration Statement—
the request of the regis¬
Oct. 28,1936, has consented to the withdrawal of the regis¬
The Securities and Exchange Commission upon
tration statement.—V. 143, p.
3310.
Clinchfield RR.-
-Earnings—
1936
1935
1934
1933
$569,626
253,222
234.352
$499,568
225,690
219,179
$444,452
175,081
179,275
$415,793
176,647
195,978
5,066,571
2,178,683
2,087,841
4,306,604
1,702,270
1,547,272
4,378,499
1,861,594
1,735,884
4,039,819
1,811,538
1,550,270
October—
Gross from railway
Net from railway
after rents.,
Net
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 143, p. 2832.
Uncollect, ry. revenue
share on the
value, payable Dec. 30 to holders of record Dec. 15.
This compares with 65 cents paid on Oct. 1 and July 1, last, and previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition an extra dividend of 12)4 cents per share was paid in each of the
five quarters preceding July 1,1936 and one of 50 cents was paid on Dec. 28,
1934.—V. 143, p. 1394.
directors
stock,
have
declared
a
dividend
a
System—Earnings
1930—10 Mos.—1935
$6,461,260 $64,690,739 $55,679,333
5,302,941
56,817,379
300,000
1,906
4,814,004
209,654
2,498,738
90,246
946,749
a
49,271,106
4,660,000
27,443
2,541,139
898,978
$556,513 def$386,131 $def719.333
Net ry. oper. income..
Includes Railroad Re¬
$477,395
tirement Act accruals.
122,841
994,566
35,766
353,265
——
Includes
accrual
of
Fed.
U nemploy ment
insur. effective Jan. 1,
1936
1, 1936 included in appropriate revenues
I. O. O. classification
of 75
cents
per
no par
Colgate-Palmolive-Peet Co.—Extra Dividend—
The directors
share
on
was
on
the
Dec.
on
Nov.
common
an extra dividend of 25 cents per
value, payable Dec. 24 to holders of
20 declared
stock,
no
par
The regular quarterly dividend of 12cents per share
paid on Dec. 1.
Extra dividends of 25 cents per share were also paid
5.
Dec. 1, 1935 and on Dec. 1, 1934.—V. 143, p. 3143.
143,
p.
1935
1934
1933
$752,733
215,629
113,245
$658,065
212,209
129,659
$586,568
171,541
88,030
$649,668
239,061
155,577
6,013,160
1,263,239
374,542
i_
Net from railway
Net after rents
—V.
-Earnings—
1936
October—
Gross from railway
Net from railway
4,958,245
749,276
12.963
4,630,842
819,820
72,903
4,325,655
account new
797,960
56,346
2994.
Columbia Broadcasting System,
Period End. Oct. 31—
Gross revenue
Div. Action
Inc.—Earnings—
1936—Month—1935
1936—10 Mos.—1935
$2,754,808
$1,930,512 $18,304,878 $14,029,437
Deferred—-
The following notice was mailed on Nov. 25 to stockholders of the
Columbia Broadcasting System by William S. Paley, President:
"Due to
various tax problems with which the Company is confronted, action on the
fourth quarter dividend, usually taken at the
Columbus & Greenville
1936—Month—1935
211,596
95,675
Equipment rents
Joint facility rents
S
Clorox Chemical Co.—Dividend Increased—
common
deferred until early in December."—V.
Chicago Rock Island & Pacific Ry.
Period End. Oct. 31—
Railway oper. revenue._ $6,973,542
Ry. oper. expenses
5,730,268
x Railway tax accruals._
458,608
2,981,593
$5,817,743
Note—No allowance has been made for the 9 months ended Sept. 30,
1936 for Federal surtax based upon undistributed income, as it is impractic¬
From Jan. 1—
Gross from railway
x$307,195
counton bonds
1,895,833
49,978
36,270
able to estimate it at this time.—V. 143, p. 1554.
Net after rents
taxes, deprec., int. &
amortization
of
dis-
Effective Jan.
$6,899,608
Colorado & Southern Ry.-
Chicago Pneumatic Tool Co. (&
1,500,000
5,553,541
—V. 143, p. 2831.
a
Appropriations for depreciation
188,098
$11,701,599 $10,781,418
Interest on funded debt
;
Amort, of bond discount & expense
Other interest charges
record
Net from railway
x
95,870
revenues
Gross income
1933
1934
1935
$7,666,505
1,799,411
From Jan. 1—
x
^
The
Gross from railway
trant received on
Non-operating
$li;605,729 $10,593,320
Net income
the common stock, par $5, payable Dec.
An extra dividend of 12 H cents per share in
Chicago
Net operating revenues
1933
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
—V. 143, p. 2832.
Combustion
p.
November meeting, will be
2672.
Ry.—Earnings—
1935
1934
1933
1936
$141,165
35,602
24,094
October—
Net from railway
Net after rents
143,
_
$122,713
3y,396
31,606
$91,512
7,926
4,156
$106,847
37,353
33,847
981,062
140,466
80,421
786,454
42,953
23,360
707.985
15,595
3,107
648,646
83,872
83,837
,
.
Engineering Co., Inc.—Bonds Called—
The company, announced that it will redeem on Dec. 29, 1936, all of its
outstanding 5% debentures due June 1, 1943, at their principal amount plus
accrued interest at the rate of 5% per annum.
Bonds should be surrendered
on tha date at the principal office of City Bank Farmers Trust Co., 22
William Street, New York City.—V. 143, p. 1870.
Volume
Financial
143
Compo Shoe Machinery Corp.—Extra & Larger Div.—
The directors have declared
an extra dividend of 75 cents per share in
quarterly dividend of 25 cents per share on the common stock,
both payable Dec. 15 to holders of record Dec. 5.
A regular quarterly
dividend of 12^ cents per share was paid on Sept. 2, last.
addition to
a
The New York Curb Exchange
has approved the listing of the voting
(expiring Sept. 17, 1946) representing 52,907 outstanding
stock, $1 par, and will list voting trust certificates
(expiring Sept. 17, 1946) representing 97,070 additional shares of common
stock, $1 par, upon notice of issuance.—V. 143, p. 3143.
trust certificates
shares
of
common
Connecticut Light & Power Co.—Files
with SEC—
The company on Nov. 25 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2677, Form A-2) under the Securities
Act of 1933 covering $16,000,000 of 1st & ref. mtge 3)4% bonds,
due Dec. 1, 1966.
series G,
According to the registration statement, the net proceeds from the sale
will be applied
of the bonds together with such other funds as are required
to the
redemption of $8,530,500 of first & refunding mortgage 4)4 %
sinking
fund gold bonds, series C, due July 1, 1956, to be redeemed at 105% and
accrued int. to Jan. 1,1937, and of $7,287,000 of first & refunding mortgage
5% sinking fund gold bonds, series D, due July 1, 1962, to be
105% and accrued int. to Jan. 1, 1937.
redeemed at
whole or
in part or any int. date after 30 days' notice at 108% and accrued int. if
redeemed on or before Dec. 1, 1940; at 106% and accrued int. if redeemed
thereafter and incl. Dec. 1, 1942; at 105% and accrued int. if redeemed
thereafter and incl. Dec. 1, 1944; and if redeemed after Dec. 1, 1944, at
104 H % with successive reductions of K of 1 % for each two-year period to
and incl. Dec. 1,1962.
No premium will be paid if the bonds are redeemed
The bonds
are
redeemable at the option of the company as a
after that date.
named
Putman & Co. and Chas. W. Scranton & Co. are
as
underwriters
in the prospectus.
\
v
The price to the public and the underwriting discounts or commissions
be furnished by amendment to the registration statement.—V. 143,
.
are to
3462.
p.
Connecticut Power Co.
9 Months Ended Sept. 30—
Gross earnings
-
(& Subs.)—Earnings—
--
-
Operating expenses & taxes
Interest charges & other deductions
1936
$5,200,883
3,376,843
101,603
1935
$4,860,524
3,227,117
109,061
Consumers
Power Co. (Me.)—Bonds Offered—A syndi¬
by Morgan Stanley & Co., Inc., and Bonbright
& Co., Inc., on Dec. 3 offered at 1023/2 and int. $12,000,000
1st mtge. bonds, 334% series of 1936, due 1966.
Other
bankers making the offering include:
The First Boston
Corp.; Brown Harriman & Co., Inc.; E. W. Clark & Co.
A prospectus dated Dec. 3 afforded the following: ■
cate headed
Dated Nov. 1, 1936; due Nov. 1, 1966.
The affiliates of the company were merged into
Consolidated Biscuit
Co.—Listing—
New York Curb Exchange has approved
The board of governors of the
the original listing application of company to list 323,000 outstanding shares
common stock (par $1), with authority to add to the list 20,000 additional
common
shares, upon
official notice of issuance.—V. 143, p. 2833.
Consolidated Gas Utilities
The interest due Dec.
p.
Corp.—Interest—
6%
1943, was paid on that date.—V. 143,
1, 1936, on the first mortgage and collateral
gold bonds, series A, due June 1,
2833.
Consolidated
Laundries
Corp.— To Pay
All Preferred
Arrears—
quarterly meeting held on Nov. 24 the directors authorized
the $7.50 cum. pref. stock.
May 1,1933 and the arrears
amount in the aggregate to $26.25 per share.
Payment will be made on
Dec. 15 to holders of record Dec. 5.
A total of approximately $90,000
will be disbursed to preferred stockholders in paying up these accumulated
At the regular
the payment of all accumulated dividends on
No dividends on this stock have been paid since
in denom. of $1,000 and $10,000.
Coupon bonds and registered bonds are
interchangeable.
Red., at the option of the company, in whole or in part,
on any int. date prior to maturity, on at least 30 days' published notice, at
the principal amount, plus a premium of % of 1 % for each year or fraction
thereof of unexpired life, except that if redeemed on or after Nov. 1, 1963,
at the principal amount without any premium.
Legal Investment—In the opinion of counsel for the company, for savings
banks in New York, Calif., Conn., Maine, Mass., New Hampshire, New
Jersey, Rhode Island and Vermont, and in Mich, when approved by the
Securities Commission of that State.
Listing—Company will make application for the listing of the bonds on the
York Stock Exchange.,
Issuance—Sale authorized by the Michigan Public Utilities Commission.
Company—Company, 70.06% of the voting capital stock of which is
owned by Commonwealth & Southern Corp. (Del.), was incorp. in Maine
on April 14,1910, and admitted to do business in Michigan on July 21,1915.
Company is engaged principally in the generation and purchase of electricity
New
and its distribution and sale in 890 communities and townships as well as
rural areas, in the production of manufactured gas and its distribution and
sale in 124 communities and townships and in the purchase of natural gas
and its distribution and sale in 102 communities and townships.
Total
population servied is estimated to be in excess
quarterly dividend of $1.87^
payable Feb. 1, 1937 to holders of record
daily manufacturing capacity of 40,430,000 cu. ft. (including inactive
capacity of 12,290,000 cu. ft., but not including duplicate water gas
generating capacity of 15,000,000 cu. ft.), together with electric substations,
electric and gas transmission and distribution lines, &c., serving as of
Oct. 31, 1936, 366,377 electric and 181.691 gas customers' meters.
Capitalization Outstanding
,
Calendar Years
1933
Textile Corp., now in process of reorganization under Sec¬
the Bankruptcy Act, at a hearing before Federal Judge Henry
Consolidated
W. Goddard.
objected to by minority bondholders, as it provided
would gain full control of the Windsor print
plant at North Adams, Mass., while at some future date the six
Southern mills would be sold for benefit of the bondholders.
The minority
contended that the North Adams plant was the most valuable asset the
The offer had been
that the Reblane organization
works
company owned.
Another objection
was that some bondholders asserted that Reblane
Corp. was formed by officials of Consolidated Textile Corp. and was
planning to retain as its chief executive officers at the North Adams plant
Frederick K. Rupprecht, President of Consolidated, and Henry Stimson,
Secretary and Treasurer of Consolidated.
Following the withdrawal of the offer, a hearing was held before Peter B.
Olney, referee in bankruptcy, at which Jacob Meadow, representing a group
of independent objecting bondholders, urged the referee to appoint a trustee
to run the business in view of difficulties encountered by bondholders'
groups in obtaining information from company officials.—Y. 143, p. 3143.
Toronto—Earnings—
Consumers Gas Co. of
$11,628,341 $12,006,261
$12,984,023
$10,549,524
4,371,842
4,676,769
3,325,496
311,867
421,654
313,844
272,738
$6,967,814
Net earnings
$7,212,764
1935
1934
1933
Miscellaneous revenue--
$5,226,763
1,640,060
252,898
6,384
$5,234,375
1,688,708
228,971
7,661
$5,362,195
1,713,725
167,587
7,121
$5,459,076
1,400,346
161,302
6,919
Total gross earnings.-
$7,126,104
$7,159,714
$7,250,628
$7,027,644
30—
Residuals reduced
Merchandise sales
Interest on funded debt-
&c~.
Net income
x
After
4,348,660
provision for
taxes
reserve.
The annual interest charges on the $113,396,000 bonds to be outstanding
completion of the present financing will amount to $4,026,185.
SH % Series Bonds—The 3 fi% series bonds will, in the opinion of counsel
for the company, be secured, pari passu with the other series of bonds out¬
standing under the mortgage, by a 1st lien on substantially all of the fixed
property of the company, subject, as to a relatively small portion of the
property, to the lien of the $270,000 Jackson Gas Co. 1st mtge. bonds.
The mortgage permits, under certain conditions, the issuance of additional
bonds thereunder, of the 3 H% series or of other series, which would rank
pari passu with bonds of all series outstanding under the mortgage, and
provides, on certain conditions, for releases of and substitutions for property
covered by the mortgage.
No notice is required to be given to bondholders
in connection with any release or substitution.
The mortgage provides for semi-annual cash sinking fund payments equal
to at least ^ of 1 % of the aggregate bonded indebtedness of the company
outstanding on the date of such payments, to be used to purchase bonds
issued under the mortgage or to reimburse the company for expenditures
for extensions, enlargements or additions.
The mortgage also provides for the annual deposit in a general reserve
fund of an amount in cash at least equal to the amount by which 4% of the
bonded indebtedness outstanding
expenses
5,200,370
5,287,566
5,405,887
5,264,577
$1,925,734
77,632
$1,872,148
$1,844,740
81,172
96,999
$1,763,067
102,387
$2,003,366
$1,953,320
$1,941,739
$1,865,453
Nil
Nil
Nil
463,288
504,215
508,294
and replacements,
$2,466,654
1,405,520
$2,457,535
1,405.520
$2,450,033
1,405,520
$2,442,334
1,405,520
1,061,134
1,052,016
1,044.513
31
and for extensions, enlargements and additions not there¬
tofore availed of under the mortgage, and for the purchase of bonds issued
under the mortgage.
of the several principal underwriters
bonds and the several principal amounts underwritten
ively, are as follows:
Morgan Stanley & Co., Inc., New York
Bonbright & Co., Inc., New York--First Boston Corp., New York
Brown Harriman & Co., Inc., New York
E. W. Clark & Co., Philadelphia
—V. 143, p. 3462.
21,205
555,675
;
of the
by them, respect¬
$3,750,000
3,750,000
1,036.814
and taxes—
Net earnings
Interest earnings
Total net income
on Dec.
for each year since Jan. 1, 1920, exceeds the aggregate amounts (together
with any unexpended balances) expended during such period for maintenance
Underwriters—The names
& admin.
(including
$7,993,409
$6,951,289
Federal taxes) and retirement
upon
aggregate sum of the toyal
1936
Yearns End.Sept.
Gas sales
distrib.
—10 Mos.End.—
1935
Oct. 31, '36
1934
$26,000,000 $28,685,138 $30,477,295 $26,834,367
Total gross earnings
Other int. charges,
Consolidated Textile Corp.—Reblane Withdraws Offer—
Reblane Corp. on Nov. 23 withdrew its offer to purchase the assets of
Prod,
of Oct. 31, 1936
as
1934 4% due 1944
$8,168,000
SH% series of 1935 due 1965
18,594,000
3H% series of 1935 due 1965
18,925,000
3 Yi% series of 1936 due 1970
55,709,000
Pref. stock, cumul. various series b
70,682,823
Common stock, no par (1,643,080 shs.) stated at
34,284,725
a On Oct. 31, 1936, there was an deposit with the trustee under the in¬
denture securing the same money sufficient to pay the principal amount of
and interest to maturity on $270,000 outstanding Jackson Gas Co. 1st
mtge. 5% 40-year gold bonds due April 1, 1937 assumed by the company
but not included above,
b Outstanding in series: $5 (no par—liquidating
value $100)—191,924 shares stated at $18,690,923; 6% (par $100)—323,656
shares; 6.6% (par $100)—168,479 shares; 7% (par $100)—27,784 shares.
On Nov. 18,1936, the Michigan P. U. Commission authorized the company
to refund its outstanding pref. stock.
Purpose—Entire net proceeds from the sale of these $12,000,000 of 3 M %
series bonds (estimated at $11,926,552 after deducting expenses)will be used
to reimburse the company's treasury in part for uncapitalized expenditures
heretofore made for capital purposes, as provided in an order of the Michigan
P. U. Commission dated Nov. 5, 1936.
Upon receipt of such proceeds, the
company will pay any balance due on a $1,700,000 loan from Commonwealth
& Southern Corp. made to meet current obligations pending reimbursement
of such expenditures.
Summary of the income statements:.
.
1st mtge. bonds: series of
also declared the regular
share on the preferred stock,
Jan. 15. 1937.—V. 143, p. 2205.
per
tion 77-B of
Company
reserve
x
directors
of 1,900,000.
owns and operates electric generating plants with an aggregate rated in¬
stalled generator capacity of 403,435 kws. (effective capacity 385,935 kws.;
reduced to an estimated 329,665 kws. in low-water season), gas plants with
dividends.
The
Interest payable M. & N. 1 in
N. Y. City.
City Bank Farmers Trust Co., New York, trustee.
Coupon
bonds in denom. of $1,000 registerable as to principal.
Registered bonds
a
$1,722,438
$1,524,346
and with it as of June
30, 1936 and the net earnings statement is shown on a consolidated basis.
The figures for the nine months of 1936 are shown as though the consolidation
had been effective for the full period covered and the figures shown for the
nine months of 1935 have been compiled so as to make them comparable
with the 1936 figures.—V. 143, p. 1555.
surplus)
Balance (reserves, dividends &
3625
Chronicle
Special surplus account
brought forward
Transfer from reserve fd.
Total
Dividends
Plant and buildings, re¬
newal fund
Spec, sur. acct. Sept. 30
Nil
Continental Insurance Co.—Listing—
The
York
140,552
140,552
140,552
140,552
Stock Exchange has authorized the listing of 50,404
amount
applied for
2,000,000 shares.
Continental Paper & Bag Corp.—Bonds Called—
The company
announced that it will redeem and pay off on Dec. 31, 1936,
first (collateral) mortgage 5% bonds, due May 1,
all of its outstanding
at 100% of their principal amount together with accrued interest.
Bonds should be presented for payment at the principal trust office of
The Chase National Bank of the City of New York, trustee, 11 Broad St.,
on or after the redemption date.—Y. 142, p. 2495.
1960,
$14.26
renewal fund
New
dividend, making the total
—V. 143, p. 2833.
stock
Shares of stock outstand¬
ing ($100 par)
Earnings per share be¬
fore plant and bldgs.,
1,500,000
1,500,000
1,500,000
additional shares of capital stock (par $2.50) official notice of issuance as a
Nil
Nil
Nil
-
$13.82
$13.90
$13.29
Comparative Balance Sheet Sept. 30
1936
5
Assets—
1936
1935
5
22,093,925 21,900,807
Plant, &c
1,989,861
1,991,562
&C---- 1,318,690
15,118
Accounts recelv-
1,340,259
775,992
758,310
37.074
105,835 /
S
Liabilities—
Reserve fund
Cooper Bessemer
1935
$
14,055,200 14,055,200
5,962,436
6,425,723
4,371,636
4,936,462
Capital stock
103,819
Other investments
Materials,
Cash
>
able
Accrued
int.
taxes----
Renewal
fund
Accounts payable-
37,074
364,430
506,340
Reserve for divs..
454,350
495,040
351,380
351,380
81,623
Bank advances
(not
due)
Prepaid
11,073
68,195
Prov. for Dominion
Govt,
taxation.
President.
Shareholders of the company were notified on
Total
—.26.336,496 26.142.904
thus exchanged.
—Y. 143, p. 2362.
and dividend distribution is contingent upon the deposit
the City Bank Farmers
justify the board in declaring the plan operative, according
B. B. Williams, President.
The exchange
Total
26.336.496 26,142,904
Nov. 28 that it would
exchange its outstanding cumulative preferred stock share for share for a
$3 prior preference stock upon which there will be payable dividends
of six-tenths of a share of common stock and 50 cents in cash for each share
new
of
I
Corp.—Recapitalization Plan Voted—
Stockholders approved the company's plan of capital readjustment at a
special meeting held Nov. 24.
Affirmative vote was more than 75% of
both preferred and common shares outstanding, according to B. B. Williams,
a
sufficient number of preferred shares with
Trust Co. to
to
Financial
3626
Listing—
The Board of Governors of the New York Curb Exchange has approved
list 83,300 shares $3 prior preference
stock, without par value, upon official notice of issuance in exchange, share
for share, for 83,300 presently listen and outstanding shares of $3 cumulative
preferred stock, series "A", without par value. Authority was also granted
to the company to add to the list 66,640 additional shares common stock,
without par value, upon official notice of issuance in payment of stock
dividends on the old 83 prior preference stock.—V. 143, p. 3311.
Copper Range Co.—To Pay 50-Cent Dividend—
directors
The
stock,
declared
have
no par
a
dividend of 50
cents per share
on
the
value, payable Dec. 22 to holders of record Nov. 28.
when 25 cents
This will be the first distribution made since July 15, 1930
share was paid.—Y. 142, p. 3338.
per
Crane Co.—Accumulated Dividend—
The directors have declared a dividend of $15.75 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Dec. 15
holders of record
to
Dec.
A dividend of $1.75 per share was paid on
1.
Sept. 15, June 15 and March 1, last.
Dividends of $1 per share were paid
Jan. 25 last, Oct. 25, July 10, and April 25, 1935.
This latter payment
ings under the Revenue Act of 1936.
Crocker-Wheeler Electric Mfg.
The directors
have
declared
a
Co.—To Resume Divs.—
dividend of 10 cents per share
on
the
ments
stock,
Nov. 20 declared a dividend
on
no
par
value, payable Dec. 15 to holders of record Dec. 1.
with 50 cents paid on July 1, last, and 25 cents paid on
July 1, 1935, this latter being the first dividend paid since April 1, 1930
when a regular quarterly dividend of 25 cents per share was paid.
Directors
Bonus—Wage Increase—
announced
check would
bonus
Christmas
a
be paid
to
al
employees on the payroll between Nov. 20 and Dec. 20, the check to each
employee amounting to not less than one day's pay and no more than one
week's pay, the payment to be based on the formula of one day's pay for
each year employed.
Directors also announced a flat increase in factory pay amounting to
about 6%,
Dec. 24.
The Christmas bonus checks will be paid
effective Nov. 30.
increase and the bonus together were estimated by Powel
Crosley, Jr., President; to amount to about $250,000 on the year's payroll.
V. 143, p. 2834.
The
pay
Crowell
Publishing
Regular Dividend—
The directors have declared
Dividend—Larger
Co.—Year-End
company.
Inasmuch
as
the corpora¬
by the entire
1936
$725,449
1935
$640,288
—V. 143, p. 3144.
Crown Willamette Paper Co.
(& Subs.)—Earnings—
[Including Pacific Mills, Ltd.]
6 Mos. End. Oct. 31—
Net sales.
1936
1935
1934
1933
$3,147,744
1,180,206
295,976
540,129
189,474
$2,566,146
1,142,115
263,365
566,386
108,510
$13,651,890 $12,237,663
__
Cost of goods sold, oper.
10,185,901
9,049,607
$3,465,989
Dr47,226
$3,188,056
43,894
Gross profit
Depreciation
Depletion.
$3,418,763
bl ,081,551
300,059
$3,231,950
1,135,388
234,077
512,925
225,929
&c
expenses,
Operating profit
Bond interest
319,608
U. S. & Can. inc. taxes._
321,984
Minority
equity
stockholders'
in profits of
Pacific Mills, Ltd
25,762
18,629
17,081
8,299
a$l,369,799
Netprofit
$1,105,002
$924,878
$477,471
$5.52
$4.62
$2.38
Earns,
per
share
on
200,000 shs. 1st pref.
stock
$6.84
a No provision has been made for any surtax on undistributed
earnings,
b As a result of agreement with the U. S. Treasury Department as to
depreciation rates and policy, depreciation provided for the six months
ended Oct. 31, 1936, has been reduced approximately $100,000 below
the amount that would have been charged on the basis used in computing
the depreciation provided for previous years.—V. 143, p. 3463.
year-end dividend of 25 cents per share in
quarterly dividend of 75 cents per share on
stock, both payable Dec. 24 to holders of record Dec. 14.
a
of Crown
Crown Drug Co .—Sales—
Cuba RR.—Interest
a
the no-par common
Regular quarterly
dividends of 50 cents were paid on Sept. 24, June 24 and March 25, last,
prior to which dividends of 25 cents per share were paid each three months.
Extra dividends of 25 cents per share were paid on Sept. 24, and June 24
addition to
stocks of that
Other inc. or exp., net-.
of 75 cents per share on the
This compares
Christmas
the preferred
on
Month of October—
Sales
stock, payable Dec. 22 to holders of record Dec. 7.
This will be
the common shares since 1925.—V. 143, p. 2833.
Crosley Radio Corp.—Dividend Increased—
profit
outstanding common stock, is carried at cost, this excess which accrues to
the equity of the common stock, is not reflected in the above income account.
Due to the dividends in arrears on Crown Willamette pref. stocks, aggre¬
gating $3,690,167 at Oct. 31, 1936, such excess is not available for the pay¬
ment of dividends to Crown Zellerbach Corp.
As the result of agreement
with the U. S. Treasury Department as to depreciation rates and policy
depreciation provided for the six months ended Oct. 31, 1936, has been
reduced approximately $100,000 below the amount that would have been
charged on the basis usee, in computing the depreciation provided for pre¬
vious years.—V. 143, p. 2834.
the first payment made on
The directors
Consolidated net
tion's investment in Crown Willamette Paper Co., represented
was the first made on the pref. stock since March 15, 1932, when a regular
quarterly dividend of $1.75 per share was paid.
Arreareages after the payment of the current dividend will amount to
$8.25 per share.—Y. 143, p. 2205.
common
1936
5,
Willamette Paper Co. and its subs, for the six montns ended Oct. 31. 1936,
less minority stockholders' proportion, amounted to $1,369,799 (subject to
audit adjustments), which was $546,799 in excess of the dividend require¬
on
common
Dec.
Note—No provision has been made for any surtax on undistributed earn¬
the application of the corporation to
common
Chronicle
Paid—Principal Not Paid—
The interest due Dec.
series
1, 1936, on the 1st lien & ref. mtge. gold bonds,
A7]^%, and series B 6%, due 1936, is being paid but the principal
paid.—V. 143, p. 2996.
due Dec. 1, 1936, is not being
Dahlstrom Metallic Door
See list given on first page of
Co.—Registers with SEC—
this department.
last., Dec. 24, Sept. 24, and June 24, 1935.
Crown Cork & Seal Co.,
more.—V. 143, p. 1396.
Inc.—Listing—Rights—-
The New York Stock Exchange nas
_
scribe at $58 per share for the additional common stock
extent of one share for each four shares held.
The rights to
(no par) to the
subscribe expire
Dec. 23.
Paine, Webber & Co.; Hayden, Stone & Co.; W
C. Langley & Co.;
Hallgarten & Co.; Cassatt & Co., Inc.; Estabrook & Co.; Stone & Webster
and Blodget, Inc.; Alex. Brown & Sons,; Mackubin, Legg & Co.; Baker,
Watts & Co.; Mitchum, Tully & Co., and Putnam & Co. nave entered into
an agreement with the corporation to underwrite severally the entire issue
and to purchase at $56 per share,-.sucn shares not subscribed for by
stockholders.
'
The net proceeds to be derived from the sale of common stock will
depend upon the number of holders of outstanding $2.25 cumulative pref.
stock, witn common stock purchase warrants attached thereto, who exercise
,
warrants and become
Dec. 3,1936.
common
stockholders of record on or before
In the event that all such pref. stockholders become common
net proceeds
after deduct¬
ing estimated expenses would be $6,015,685, and the minimum net proceeds
which would be so derived would be $5,924,975.
In the event that none of
such pref. stockholders should exercise their warrants after the close of
business Nov. 12, 1936 (a date chosen for comparison purposes only), the
maximum net proceeds which would be derived from the sale of common
stock offered, after deducting estimated expenses, would be $5,388,938,
and the minimum net proceeds which would be so derived would be $5,307,616. The entire net proceeds so to be received by the corporation will
be applied to the further development and completion of the property of
Crown Can Co., a wholly-owned subsidiary recently organized by the
corporation for the manufacture of cans and metal containers, for the
expansion of this and other lines of the corpprations' business and to
reimburse the corporation's treasury for expenditures made for these and
other purposes.
Consolidated Balance Sheet, Sept. 30,
accounts receiv.
$2,807,225
-
Cash with sinking fund trustee
Notes rec. not due within year
Value of life insurance
&c
Prov. for Fed. inc. and capital
11,091
125,000
157,083
130,150
Due to affiliated or other sub¬
Loans to employees
21,582
Due from closed banks
12,577
stock taxes,
2 029,059
124.081
Invests, in affll. or subs
Due from affil. or other subs.
716,587
i
4% sinking fund bonds
Reserve for liability insur—
per
(387,211)^
shs.
at
$5 per share)..
Capital surplus
7,389
Property plant & equip, (net) 11,937,111
Patents, trade-marks, &c—
204,577
Earned surplus, as
annexed.-
Common stock in treasury.
1,936,057
598,249
6,432,244
Dr266,733
766,443
Deferred accounts
$25,905,396
Total
a
a
Profit from operations
Otherexpenses.net
Depletion
Debenture interest
$15,381,260 $13,729,122
13,018,924
11,523,777
„
_
Federal income tax.
Netprofit
Not
available.
$2,205,345
93,772
$2,362,336
48,467
!,313,869 $ 2,111,573
521,648
610,642
36,761
20,341
Profit
Depreciation
19,129,776
19,526,807
1,811,641
1,230,888
18,327,780
73,882
2,051,673
1,241,842
1933
$2,061,671
341,237
277,765
1,446,940
672,084
—V. 143, p. 2834.
Delaware Lackawanna & Western
October—
RR.—Earnings—-
1936
1935
1934
1933
$4,480,680
Gross from railway
Net from railway
$3,951,177
880,729
563,753
$3,784,230
870,293
457,644
$3,775,136
701,969
233,183
37,132,186
37,566,006
7,761,611
3,988,742
36,084,439
7,331,965
2,847,750
1,210,437
Net after rents
872,546
From Jan. 1—
Gross from railway
-
Net from railway
Net after rents
41,007,917
8,225,448
4,726,302
6,046,474
2,564,589
—V. 143, p. 2151.
Denver & Salt Lake Ry.— -Earnings—
October—
1936
Gross from railway.
Net from
-rom
1934
1933
.
railway
Net after rents
$301,083
167,953
179,165
$269,493
186,615
$208,403
113,874
104,780
2,265,971
620,543
783,037
Net after rents
Net
1935
$385,113
190,258
178,431
.-
_
railway
From Jan. 1—
Gross from railway
1,705,763
724,546
991,486
1,279,989
542,281
602,184
1,372,024
613,480
582,554
163,007
—V. 143, p. 2834.
Co.—Reorganization Plan—
Formal approval to the reorganization plan of the company was given
by Judge A. J. Tuttle in Federal Court.
The court
at Detroit on Nov. 9
instructed
trustees to set up a new operating organization and report to
Judge Tuttle when it is completed.
Board of directors of the new corporation, as approved by Judge Tuttle,
will be George R. Cooke and Jules G. Hoffman, Fred T.
Murphy. John
McKinley of Chicago and John B. Aylesworth of Windsor.
A digest of the
plan was given in V. 143, p. 1874.
Detroit Gasket &
Mfg. Co.—Extra Common Dividend—
an extra dividend of 25 cents
per share on
stock, payable Dec. 21 to holders of record Dec. 8. A quarterly
dividend of 25 cents was paid on Oct. 20, last.—V. 143, p. 2834.
the
common
Detroit Harvester Co.—Stock
$1,516,214
582,883
8,451
204,355
95,290,
177,054
163,013
125,017
75,736
$1,483,116
$1,192,560
$644,789
Offered—E. E. MacCrone
& Co., Brown, Schlessman, Owen & Co., Detroit, and PolkPeterson Corp., Des Moines, Iowa, in October offered 74,000
common
as
13,617 3-5 shares at cost.—V. 143, p. 3463.
Total operating income
Net from railway
Net after rents
common
$25,905,396
Total
Crown Zellerbach Corp. (& Subs.)—Earnings—
[Not Including Crown Willamette Paper Co. and Subsidiaries]
6 Months Ended Oct. 31—
1936
1935
1934
Net sales
$14,706,246 $13,187,822
Other operating income
675,014
541,300
Cost of goods sold & oper. expenses._
20,753,946
3,571,668
2,267,451
1934
.946,486
123,965
75,760
145.657
The directors have declared
9,562,500
share)
Common
$1,930,277
Net after rents
From Jan. 1—
Gross from railway
70,256
$2.25 cum. pref. stk. (225,000
shs.at stated value of $42.50
I,and and buildings not used in
operation
93,397
5,500,000
sidiary companies
287,885
Sundry investments
$1,051,978
210,858
payable
Acer, int., salaries, wages,
Inventories
Accrued interest receivable.
Accounts
1,834,280
5,449,862
(net)
1935
$2,337,885
576,445
436,247
Detroit & Canada Tunnel
Liabilities—
Cash
-Earnings-
1936
Net from railway
1936
[And wholly-owned domestic subsidiary companies]
Assets—
Delaware & Hudson RR.October—
Gross from railway
,
stockholders by the exercise of their warrants, the maximum
which would be derived from the sale of common stock offered
Notes and trade accept, and
The New York Curb Exchange has approved the listing of 139,767 out¬
standing shares of common stock, $1 par, and will list 10,233 additional
shares of common stock, $1 par, upon notice of issuance.—V. 143, p. 2519.
authorized the listing of an additional
106,717 shares of common stock (no par) upon official notice of issuance,
making tne total amount applied for 547,204 shares of stock.
f
Holders of common stock of record Dec. 8 are offered the right to sub¬
such
Dejay Stores, Inc.—Listing—
of week's salary not to exceed $100
Directors also voted to pay a bonus
to all employees with the company a year or
shares
shares
amended).
at
$13,123^
per
share
(part of 145,365
registered under the Securities Act of 1933,
Of the offering, 50,000 shares were pur¬
chased from certain shareholders and 24,000
were
purchased from the
common
shares
company.
Company—Company was incorp. in Michigan on Sept. 16, 1922.
It is contemplated that the proceeds to be received by company from
the sale of the 24,000 common shares of its unissued capital stock are to
be used in the purchase of a controlling stock interest in Dura Co., in con¬
nection with which purchase Detroit Harvester Co. will guarantee the
pay¬
ment of the principal and interest of the first motrgage 6% serial
gold bonds
of Dura Co.
Thereafter Detroit Harvester Co. will propose and endeavor
to place in effect a plan of reorganization of Detroit Harvester Co. and
Dura Co., combining the two enterprises, in the course of which Detroit
Harvester Co. will issue 10,000 common shares in exchange for or upon sur¬
render of the remaining minority stock interest in Dura Co.
Dura Co. was incorp. in Ohio, as Dura Building Co., on June 27, 1928*
its name was changed on Oct. 15, 1932 to Dura Co.
It is contemplated that in the course of reorganization the name of Detroit
Harvester Co. (or the successor company resulting from the reorganization)
will be changed to Detroit-Dura Corp.
Volume
Financial
143
Business—Detroit Harvester Co. manufactures power take offs, mowing
attachments for tractors, motor scythes, snow and street sweepers for trac¬
tors and trucks, and a diversified list of production automobile parts.
No material change is contemplated in the manufacturing and sales acti¬
vities of Detroit Harvester Co.
Dura Co.—Company, manufactures
automobile hardware of a
general
nature, including window regulators and channels, door handles, radiator
caps and other small parts and equipment for automobiles.
These products
are sold largely to automobile manufacturers and
parts markers in the
Detroit area.
At the present time the company is suppluing parts to all
of
the
important automobile manufacturers.
No material change is contemplated in the manufacturing and sales acti¬
vities of Dura Co.
It is believed that the proposed reorganization of Detroit Harvester
and Dura Co. will make possible manufacturing and sales economies
both.
Co.
for
Property—The plant of Detroit Harvester Co. is located in Detroit,
irregular piece of ground of an area of approximately 31,000
feet.
The building of brick and steel construction, has a total floor
space of approximately 27,600 square feet.
Of this space, Detroit Motor
Valve Co. division of Eaton Manufacturing Co. occupies approximately
9,000 square feet, under lease.
The plant of Dura Co., located in Toledo, Ohio, occupied a semi-circular
piece of ground, of an area of approximately 18 acres.
The total floor
space of the building is 180,820 square feet.
occupies an
square
Capitalization
Detroit Hutvester Co.—The capitalization of Detroit Harvester Co. as
June 30, 1936 and as of the date of this prospectus, was as follows:
"
Authorized
Capital stock ($1 par)
200,000 shs.
Dura Co.—The capitalization of Dura Co.
as
of
Outstanding
Ill ,365Vz shs.
of June 30, 1936 was as
follows:
Outstanding
Authorized
1st mtge. 6% serial gold bonds,
1, 1936 Dura Co. paid and retired the $50,000 first mortgage
6% serial gold bonds then maturing, leaving $500,000 of such bonds out¬
standing.
Underwriting—Brown, Schlessman, Owen & Co., E. E. MacCrone &
Co., and Polk-Peterson Corp. are the principal underwriters with respect
to the present offering of 50,000 presently outstanding common shares
and 24,000 common shares to be issued by Detroit Harvester Co.
Detroit Harvester Co. is informed that Brown, Schlessman, Owne & Co.
and E. E. MacCrone & Co. have agreed between themselves that E. E.
MacCrone & Co. shall be manager of the underwriteing group, and that
their respective participations as to the 50,000 presently outstanding
common shares shall be 21,000 shares to Brown, Schlessman, Owen & Co.
and 29,000 shares to E. E. MacCrone & Co., and as to the 24,000 shares
to be issued, all to Brown, Schlessman, Owen & Co.
Detroit Harvester
Co. is informed by Brown, Schlessman, Owen & Co. that in entering into
the underwriting agreements it was acting on behalf of Polk-Peterson Corp.,
as an undisclosed principal, as well as on its own behalf.
It is believed that
a privity of contract results from this
relationship which constitutes PolkPeterson Corp. a principal underwriter.
The participation of Polk-Peterson
Corp. is limited to 16,000 of the 50,000 presently outstanding common
shares; it has no participation as to the 24,000 common shares to be issued.
Use ofProceeds—Purchase of Outstanding Stock Interest in Dura Co. and
Guaranty of Its Bonds —Reorganization of Detroit Harvester Co. and Dura Co.
None of the proceeds to be received from the sale to Brown, Schlessman,
Owen & Co. and E. E. MacCrone & Co. of the 50,000 presently outstanding
common shares are to be received by Detroit Harvester Co.; these proceeds
are to be received by certain shareholders.
The net proceeds to be received by Detroit Harvester Co. from the sale
to Brown, Schlessman, Owen & Co. of the 24,000 common shares of un¬
issued capital stock are estimated, after deduction of expenses to be borne
by the company in connection with the sale by shareholders of the 50,000
presently outstanding common shares and the sale by Detroit Harvester
Co. of the 24,000 common shares, at $225,675.
It is contemplated that
such net proceeds, with other funds of Detroit Harvester Co., will be used
to purchase the 1,600 presently outstanding class A shares and 1,830 of the
3,050 presently outstanding class B shares of the capital stock of Dura Co.
for the sum or $250,000, as follows: the 1,600 class A shares and 1,220 of
the class B shares to be purchased from Richardson Securities Co., T.oledo,
Ohio, for $160,000 and $60,000 respectively, and the remaining 610 class B
shares to be purchased from Grace W. Folsom, Cleveland, Ohio, for $30,000.
It is further contemplated that upon such purchase Detroit Harvester
Co. will guaranty the first mortgage 6% serial gold bonds of Dura Co,
which will provide, among other things, for the guaranty by Detroit Har¬
vester Co. of the payment of the principal and interest of the bonds.
Con¬
currently with the execution and delivery of the instrument of guaranty the
obligation of the bonds and of the trust indenture will be modified in such
one of the following manners as Detroit Harvester Co. shall elect:
(1) To reduce the rate of interest to 4% per annum from and after
the date of
modification, or
To reduce the rate of interest to 4H% per annum from and after the
the respective serial maturities of the
bonds to be as follows: $25,000 on Oct. 1 in each of the years 1936 to 1945,
inclusive, and $300,000 on Oct. 1, 1946.
*
(2)
of modification and to alter
The
bonds and trust
indenture will also be modified to eliminate the
premium payable on the redemption of bonds and to permit redemption
as an entirety or in part on any date, &c.
It is contemplated that subsequent to the purchase by Detroit Harvester
Co. of the 1,600 class A shares and 1,830 class B shares of Dura Co., Detroit
Harvester Co. will propose and endeavor to place in effect a
plan of reor¬
ganization of Detroit Harvester Co. and Dura Co., which will provide for
the acquisition of all or substantially all of the property and assets of
Dura Co., or for Dura Co.'s merger or consolidation with Detroit Harvester
Co., or otherwise, in the course of which Detroit Harvester Co. (or a suc¬
cessor company resulting from the reorganization) will issue 10,000 common
shares in exchange for or upon surrender of the remaining 1,220 class B
shares of Dura Co. (which will be retired), as follows:
5,000 common shares
to be issued to C. G. Seldom Detroit, in exchange for or upon surrender of
610 class B shares, and 5,000 common shares to be issued to Ruth G.
Selden, Detroit, in exchange for or upon surrender of 610 class B shares.
It is further contemplated that upon such reorganization Detroit Harvester
Co. will assume all liability of Dura Co. with regard to the
Net from railway
Net after rents
—V. 143, p. 3463.
provided, however, that the property of Detroit Harvester Co. shall not
subject to the lien of the trust indenture.
Sales and Income
Calendar Year, 1933—
Detroit
$498,663
Net income, after all charges except
Federal taxes
Net income, after all charges*—
Calendar Year, 1934—
Net sales
—
Dura
$698,034
$1,196,698
87,593
79,201
lossl75,112
lossl75,112
loss87,518
loss95,911
874,424
1,214,833
Net income, after all charges*
Calendar Year, 1935—
—
Net sales
1
Net income, after all charges except
Federal taxes
-
Net income, after all charges*
6 Mos. Ended June 30, 1936-—
Net sales—
Net income, after all charges except
Federal taxes
-
Net income, after all charges*
*
lossl07,121
lossl07,121
1,151,863
1,868,886
3,020,750
230,411
192,623
115,202
105,591
345,614
298,214
1,037,747
1,682,357
171,528
150,868
72,591
63,721
244,119
214,589
In
Detroit-Michigan Stove Co.—Listing—
has approved the listing of 439,992 out¬
standing shares of common stock, $1 par, and will list 60,000 additional
shares of common stock, $1 par, upon notice of issuance.—V. 143, p. 2675.
535,573
98,535
107,703
506,941
73,598
37,948
1933
1934
1935
$550,767
280,555
197,879
$363,016
137,164
78,845
$375,448
147,563
98,216
6,354,934
3,168,886
2,197,009
.
Net from railway
Net after rents
6,711,174
3,609,831
2,639,528
4,948,520
2,435,68*
3,357,371
1,339,563
896,826
1,69^910
—V. 143, p. 2834.
y
Detroit & Toledo Shore Line RR.— -EarningsOctober—
Gross from railway
Ne
from railway
1936
Gross from railway
Net from railway
Net after rents
1934
1935
$334,720
198,005
106,304
3,146,730
1,709,633
858,779
—
1933
$218,374
104,509
43,181
2,847,384
1,525,578
793,298
$220,623
101,666
39,970
2,440,009
1,267,758
610,443
$313,112
173,775
93,460
Net after rents.——
From Jan. 1—
2,121,544
1,053,591
438,853
/
—V. 143. p. 2835.
Co.—Earnings—
9 Mos. End. Sept. 30—
Gross earnings from all
1935
1934
1933
$2,631,836
722,397
$2,461,665
$2,548,167
580,004
287,118
683,893
333,615
$1,530,659
5,897,443
577
1936
$2,363,490
Fed., State & city taxes630,305
Depreciation
212,653
sources..-
1
$1,697,817
5,913,027
7,379
$1,594,543
5,851,558
$6,921,457
$7,618,223
$7,446,706
825",006
Total surplus
Approp. to
211,622
:'i
$1,520,531
5,585,915
Drl84,990
Surplus adjustments
795",660
675",606
604
gen. reserve.
Preferred dividends
Common dividends
$7,428,679
250,000
680,653
000
shs.
(no par)
—V. 143,
on
com.
p.
1,365,000
700,000
525,000
$5,458,223
$6,071,706
$5,973,025
$1.21
Earns, per sn.
1,225,000
$4,871,457
$1.46
$1.31
$1.21
700,stock
1556.
Inc.—Registerswith SEC—
Dictograph Products Co.,
See list given on first page of this department.
Dealings Suspended—
The New York Curb
capital stock (par $2).
Exchange has suspended dealings in the company's
*
I '
Officers Make Offer to Make Up Losses—
Alleging tlfet the collapse of the market for common stock of the com¬
which resulted in the suspension of that issue from trading by the
New York Curb Exchange, was the result of a "raid," Archie M. Andrews,
Chairman of the Board, and Harry Aaron, a Vice President have offered
to assume all debit balances secured by the stock.
Mr. Andrews said in a statement that "a certain group who had informa¬
tion that certain forces were bringing pressure to bear on the board of
governors of the Curb to suspend trading in the stock" conducted the
alleged "raid."
Several stockholders were advised the day before the stock
was suspended to dispose of their holdings,
he said.
He added that he
would release "startling" information at a meeting of stockholders in "the
pany,
near
future."
bill of Dictograph and
the SEC which sought to prevent the commission from
investigating into stock market dealings.
He also denied the application
of the SEC for an injunction against A. M. Andrews and others to prevent
alleged manipulation of the stock.—V. 143, p. 2996.
Federal Judge Mack on Nov. 23 denied the cross
others against
Distillers Corp.-Seagrams,
Ltd.—Listing—
The New York Stock
Exchange has authorized the listing of 150,000
preferred stock 5% series, with and without warrants
attached of a par value of $100 (United States currency) which are issued
and outstanding in the hands of the public; and 150,000 additional shares
of common stock (no par) on official notice of issuance upon the exercise
of warrants attached to the cumulative preferred stock 5% series; with
authority to add to the list 30,000 additional shares of such common stock
on official notice of issuance upon the exercise of options, making the total
amounts applied for
150,000 shares of cumulative preferred stock and
1,922,645 shares of common stock.
shares of cumulative
Consolidated Earnings for 3
Cost of goods sold
Months Ended Oct. 31
1936
3 Mos. Ended Oct. 31—
Sales (net)
-
—
—
$5,395,542
22,536
,
Profit
——
-
Expenses, &cInterest (net)
xDepreciation
—
—
$5,418,078
2,953,430
176,257
$4,275,078
35,867
39,053
389.696
$4,310,945
2,824,170
58,505
28,134
353,000
$1,859,642
$1.07
$1,047,136
$0.60
—
Normal income & profits taxes.
1935
$18,039,191 $13,248,583
12,643,649
8,973,505
Gross profit--------—
Other income—
—
Net income-
—
——
Earns, per share on 1,742,645 shs. cap. stock.
xDepreciation provided during the quarter ended Oct. 31,1936, amounted
to $177,490 of which $138,437 was charged to cost, of production and $39,053
as
above, while in quarter ended Oct. 31, 1935, depreciation provided
amounted to $118,931 of which $90,797 was charged to cost of production
and $28,134 as above.
Note--No provision was made for Federal Surtax on undistributed profits
or dividend taxes in respect of earnings of the United States subsidiaries
for the October quarter of 1936,.which computed at present rates would be
approximately $140,000.—V. 143, p. 3314.
Diversified Investment Fund, Inc.See list given on
-Registers with SEC
first page of this department.
Dominion & Scottish
Investments, Ltd.—Accum. Div.
The directors have declared a dividend of 25 cents per share on account of
accumulations on the 5% cum. red. preference stock, par $50, payable
Dec. 1 to holders of record Nov. 20. A similar payment was made on Sept. 1,
last, and compares with $1 paid on June 1, last, 25 cents paid on March 2,
last, Dec. 1 and Sept. 1,1935; 50 cents paid on June 1, 1935; 25 cents per
share paid on March 1, 1935, and Dec. 1 and Sept. 1,1934; 33 1-3 cents per
share on June 1, 1934, 25 cents per share paid quar. from Aug. 1, 1932, to
and incl. Feb. 1,1934, and 50 cents per share paid on May 1,1932, prior to
which the company made regular quarterly distributions of 62
cents per
share.
Accruals after the Dec. 1 payment amounted to $6 per share.—V.
143, P. 1876.
Draper Corp.—Special $2
Dividend—
The directors have declared a special dividend of $2 per share in addition
regular quarterly dividend of 60 cents per share on the common stock,
no par value, both payable Jan. 5 to holders of record Nov. 28.
A special
dividend of $1.60 was paid on Jan. 2, 1936, a special of $2 on Jan. 2, 1935,
and a special of 60 cents per share was distributed on Jan. 15, 1934.—V.
142, p. 4337.
,
to
The New York Curb Exchange
540,751
84,235
50,837
$566,639
250,649
172,082
—
From Jan. 1—
Gross from railway
44,457
19,614
Combined
determining the net income of Detroit Harvester Co., after all
charges, Federal income and excess profits taxes which are reported by
that company on a fiscal year basis have been allocated on a calender year
basis.—V. 143, p. 2048.
v
f
$71,023
28,812
22,994
1936
Net from railway
Net after rents
Net income, after all charges except
Federal taxes
1933
$73,412
23,321
19,249
Detroit Toledo & Ironton RR.—Earnings—
October—
Gross from railway
2,089.257
151,579
126,735
644,610
Net sales
1934
641,627
133,915
82,541
From Jan. 1—
Gross from railway——
1935
$81,235
33,916
28,077
principal and
interest of its first mortgage 6% serial gold bonds and the other obligations
thereof and of the trust indenture dated Oct. 1, 1932 securing said bonds,
become
1936
$96,716
32,623
24,606
Diamond Match
$550,000
1,600 shs.
3,050 shs.
$550,000
'1,600 shs.
3,050 shs.
On Oct.
date
Detroit & Mackinac Ryv -Earnings—
October—
Gross from railway
Net from railway
Net after rents
maturing
serially from 1936 to 1946
Class A shares (no par)Class B shares (no par)
/
3627
Chronicle
a
3628
Financial
Chronicle
Dryden Paper Co., Ltd.—Earnings—
r Year Ended Sept. 30—
a Profit from
operations.
Dec. 5t
1936
Economical-Cunningham Drug Stores, Inc.—Earnings
1935
$112,438
105,623
1934
1933
Interest, &c
1936
$182,263
104,706
$87,632
87,670
$32,488
99,726
Net profit
$77,556
$6,815
loss$38
loss$67,238
Years End.
1936
Sept. 30—
disc'ts,
1935
1933
1934
Gross sales, less
$5,402,8tifc
4,105,517
3.672,869
Other oper. revenues...
$2,703,996
60,769
$2,329,766
55,732
$2,123,023
26,634
$1,729,939
20,175
$2,764,765
2,061,964
$2,385,498
Expenses (incl. deprec.),
$2,149,657
1,741,584
$1,750,114
1,467,915
$702,801
45,775
$536,768
45,836
$408,073
37,958
$282,199
51,735
Includes income from investments.
a
Balance Sheet
Assets
1936
1936
1935
$43,371
$18,464
1,481
1,000
1,896
9,243
1st mtge. bonds.
14,000
122,739 Reserves
1,132,179
6% 1st mtge. bds. 1,342,000
14,340
1,088,866
1,399,500
Profit before inc. tax.
$657,026
Prov. for est.Fed.inc.tax
88,452
$490,933
69,000
$370,115
50,900
$230,464
36,750
y5,365,706 z5,331,462
Previous earned surplus.
$568,573
755,275
$421,933
550,907
$319,215
342,757
$193,714
175.271
Total
$7,900,632 $7,862,874
$1,323,848
22,293
$368,985
26,228
3,225
200,339
$972,840
24,891
11,328
181,346
$661,972
Class A dividends
Class B dividends
Common dividends
$1,097,991
$755,275
$550,907
$33,245
Accounts
99,843
326,494
8,267
notes
Accrued
receivable
Inventories
Deferred charges..
7,477
Invest, in bonds &
stocks
79,668
Mills, bldgs., ma¬
chinery & plant,
real est.,
Liabilities—
Accounts payable.
$26,276
138,947
327,341
&
Sept. 30
1935
surplus
Cash
taxes
Interest accrued
x
7,313,954
Total
charges..
Dominion & other
Net profit
7,279,255
$7,900,632 $7,862,874
Represented by 150,000 (no par) shares,
Capital paid in and capital
surplus, $5,400,000, less deficit from operations of $34,294.
z Capital
paid in and capital surplus, $5,400,000, less deficit from operations of
$68,538.—V. 141, p. 3688.
y
Ry.—Earning
1935
1934
1933
$3,078,327
2,166,489
1,886,862
$1,654,937
993,237
868,383
$1,054,072
478,221
404,490
$1,444,494
841,516
761,365
17,512,218
10,604,073
8,993,555
11,364,843
5,744,993
4,790,844
9,295.290
3,471,034
2,740,931
9,539,738
4,931,921
4,291,718
From Jan. 1—
Assets—
Cash
Net after rents
South
z
1936
Gross from railway
Net from railway.
■Earning
1935
$453,954
63,164
1,155,406
149,998
979,090
Notes & accts.rec
$4,726
$3,658
873,908
Dividends payable
Accrued expenses-
561,021
58,039
32,002
102,494
439,462
49,144
22.010
81.011
payable
Accts. pay. for pur.
&c_.
niture,
fixtures
& equipment
1
1
Federal income tax
220,372
exp.
138,331
Long-term notes &
title-retaining
$238,726
46,777
35,627
$203,026
50,963
38,116
$173,055
23,551
487
2,488,830
799,683
587,837
2,031,157
510,913
377,293
1,910,090
397,431
193,376
1,629,741
257,646
32,988
contracts
October—
1936
Gross from railway
From Jan. 1—
Gross from railway
1,127,816
202,158
def23,939
1934
a
1933
$88,314
defl,988
defl4,806
861,863
def8,097
defl43,309
$82,370
6,287
12,219
738,261
683,049
def67,323
52,537
def62.133
def63,363
—V. 143, p. 2835.
Total
x
Eastern States Financial
Housing Administration mortgages was recently an¬
nounced by the Eastern States Financial Corp.
Trust certificates, ranging
from $2,000 to $16,000, will be held by the Underwriters Trust Co., 37
Broadway, New York, who have been approved by the Federal Housing
Administration as mortgagees.
The Underwriters Trust Co. acts as trustees
and holds as trust funds all payments received on mortgages upon which
based.
The Eastern States Financial Corp. announce that the certificates have
been declared legal investments for trust funds in the State of New York.
are
The certificates also comply with the regulations of the Federal Housing
Administration and have been exempted from registration by the Securities
and Exchange Commission.
Certificates have
years and yield approximately 4.28%.
Eastern Utilities Associates
Period End. Oct. 31—
Gross earnings
Operation
Maintenance
Retirement res. accruals
Taxes
Int.
(incl. inc. taxes)
—
& amortization
maturity of from 10 to 20
a
(& Subs.)—Earnings—
1936—Month—1935
$743,958
$725,438
363,086
348,672
29,292
29,299
60,416
60,146
83,498
86,597
43,435
51,334
Balance
$164,227
$149,117
1936—12 Mos.—1935
$8,643,496
$8,446,575
4,231,400
4,086,137
340,892
343,254
725,000
725,000
969,979
1,008,311
550.281
562,757
$1,825,942
77,652
B. V. G. & E. Co
The P. G. Co. of N. J....
Pref. dividend
$1,721,115
77,652
47,855
$3,358,193 $2,834,765
y
October—
1936
Gross from railway
Net from railway
30,598
30,121
Applicable to Eastern Utilities Associates
143, P. 3314.
Eastern Utility
$1,717,692
$1,565,486
From Jan. 1—
Gross from railway.
Net from railway
Net after rents.
$931,118
194,104
49,183
15,286,578
4,572,139
3,082,171
Net after rents
$775,925
121,115
18,258
11,504,022
3,198,784
2,225,745
8,706,265
1,681,482
489,152
8,483,367
2,226,044
570.413
—Y. 143, P. 2836.
Elgin National Watch Co.—Larger Dividend—Bonus—
The directors have declared a dividend of $1.25 per share on the capital
stock, par $15, payable Dec. 15 to holders of record Dec. 5.
A dividend of
50 cents was paid on Sept. 15 and on June 15, last, and compares with 25
cents paid on March 16, last; 55 cents paid on Dec. 16, 1935, and 15 cents
per share distributed in each of the three preceding quarters, prior to which
no payments were made since Feb.
1, 1931, when a dividend of 37H cents
per share was disbursed.
A dividend of 50 cents was paid on Nov. 1,1930,
and quarterly payments of 62
cents per share were made previously.
Directors also voted a special bonus to employees of one week's pay for
those employed one or more years and one-half week's pay for those in
employ six months or more but less than one year.—V. 143, p. 1878.
El Paso Electric Co.
Period End. Oct. 31Gross earnings
Associates,
Interest & amortization
and
Exchange Commission, upon the request of the
Nov. 7, 1936, has consented to the withdrawal of
Section 8
(d) of the Securities Act of 1933, as amended, the stop order
proceedings having been heretofore on Oct. 16, 1936, instututed and
hearing having been opened on Oct. 27, 1936, evidence received and hearing
closed, with respect to the aforesaid registration statement, and to that
effect.—V. 143, p. 2049.
Howard
Balance for
$661,069
335,000
46,710
182,972
$649,885
334,166
46,710
186,582
common
div. & surplus.
Management Fund "Al"—Reqisters
$96,387
Ebasco Services,
page
of this department.
Mfg. Co.—Earnings—
$544,054
Net income for the year
Additional assessment of Federal income tax for year 1934
Excess of purch. price over par value of pref. cap. stock acquired
$459,054
209
613
Net surplus for the year
Net surplus, Oct. 1,1935
$458,233
82,293
85,000
...
Inc.—Weekly Iwpiit—
Light
Co., Electric Power & Light Corp., and National Power & Light
Co.,
compared with the corresponding week during 1935, was as follows:
as
1936
99,577,000
50,273,000
73,966,000
1935
Amount
90,515,000
41,373,000
65,229,000
9,062,000
8,900,000
8,737,000
\h
21.5
13.4
Electric Auto-Lite Co.—Bonus to
is to be one week's extra pay and one week of
vacation
with pay for each
The cash bonus will be paid Dec. 18.—V. 143,
The directors
on
Nov. 20 declared
$1.25 per share
on
the
p.
3315.
a
final dividend for the year 1936 of
and the cumulative par tic.
common stock
a
Dec. 30, 1935.
Dividends of 50 cents per share
quarters of 1936 and 1935.—V. 143, p. 2520.
was
were
1935
$139,710
Accts. and trade
547,715
2,788
1,222,467
327.619
1,710
833,699
Notes
rec. matur'g
subseq.to 1937-
Acct's
1936
f $142,902
payable—J
Wages,
taxes
sundry
expenses
Pref. 7% cum. stk.
1,077,622
Common stock
24,887
Surplus
$3,289,684 $2,405,249
Total
$2,591
45,677
and
accrued....
15,092
1,207,970
45,308
1935
payable]
(mdse.)
accept, recelv..
Advs. to salesmen.
Inventories
Liabilities—
Accept's
373,167
883,100
1,350,000
540,626
36,588
888,100
1,350,000
82,293
goodwill,
&c
1
Total
$3,289,684 $2,405,249
a After reserve for bad debts of
$12,500.
b After reserve for depreciation
of $1,440,174 in 1936 and $1,345,551 in 1935.—V.
141, p. 3377.
Sref. stock, par $25, $1 and final Dec. 21 to holders share
special dividend of both payable dividend of $1 per of record Dec. 1.
paid
a
Patents,
Electric Storage Battery Co.—Final Dividend—
.
1936
$248,343
Def'd debit items.
Employees—
company on Nov. 27 announced a bonus of $800,000 to its 15,399
employees in the 23 plants in the United States and Canada.
The bonus
no-par
Balance Sheet Sept. 30
Assets—
Cash
b Fixed assets
The
$540,526
Note—Dividends on pref. stock, payable during the period from April 1,
1933 to Oct. 1, 1936, incl., amounting to $231,814 have not been declared
or
paid.
For the week ended Nov. 26, 1936, the kilowatt-hour
system input of
the operating companies which are subsidiaries of American Power &
Operating Subsidiaries of—
American Power & Light Co.Electric Power & Light Corp..
National Power & Light Co...
—V. 143, p. 3464.
$82,426
Earnings for the Year Ended Sept. 30, 1936
Surplus, Sept. 30,1936
See list given on first
1,216.250
162,921
314,763
433,274
Net income before prov. for Fed. & State income taxes
Prov. for Federal & State income taxes
with SEC—
employee.
22,335
36,130
$2,777,095
V. 143, p. 3315.
Inc.—Withdrawal of Registration
registrant received on
the registration statement and the registration statement being so withdrawn
the Commission further dismisses a certain stop order
proceeding under
&
$65,232
14.471
$2,947,823
1,342,884
175,266
334,748
433,854
Appropriations for retirement reserve.
Preferred dividend requirements of subsidiary Co.
Pref. div. requirements of El Paso Elec. Co. )Del.)
Emerson Electric
Securities
Eaton
_
$242,300
104,131
$74,003
Maintenance
Statement—
The
1936—12 Mos.—1935
$271,131
110,842
20,393
29,731
36,159
Balance.
Judge John P. Nields in Federal Court, Wilmington, on Nov. 17 said
would have a trustee appointed for the corporation.
A trustee was
requested by Government representatives on tax claims.
The plan for
reorganization has been deferred.—V. 142, p. 622.
Side
(Del.) (& Subs.)—Earnings—
1936—Month—1935
,
Investing Corp.—Trustee—
he
East
1933
$1,310,915
412,569
308,214
Taxes
—V.
1934
1935
$1,707,794
539,842
361,997
Operation.
Applicable to minority interest.
$3,358,193 $2,834,765
Total
After allowance for depreciation of $497,664 in
Elgin Joliet & Eastern Ry.—Earnings—
Corp.—To Sell FHA Mtqes.—
Federal
the certificates
98,500
477,262
482,135
755,275
476,995
492,784
Earned surplus.. 1,097,991
1936 and $433,928 in
Represented by 190,798 no par shares in 1936 and 190,905 no
par shares in 1935.
z After allowance of $16,000 in
1936 and $9,582 in
1935.
a Surplus is restricted in the amount of $11,339 in
1936 ($83,999
in 1935), representing the cost of reacquired stock canceled and in treasury.
—V. 143. p. 2365.
A plan whereby the general public may buy trust certificates of beneficial
interest in
393,100
53,300
(par $100)
Common stock..
Capital surplus
1935.
Net from railway.
Net after rents
371,100
stock (par $100)
y
$103,153
10,878
def4,319
6,000
7,326
Class B pref. stock
Ry.—Earnings1935
$116,069
30,392
14,175
40,000
Class A prior pref.
—V. 143, P. 2835.
Net from railway
Net after rents
19,880
5,000
pay'le
sub. cos.
to
for cap.
Res.
Duluth Winnipeg & Pacific
62,741
stock..
for conting..
Due
From Jan. 1—
Gross from railway..
Net from railway.
Net after rents
payrolls,
exps.,
1933
$287,200
108,029
84,173
_.
after rents
1935
re¬
taining contracts
Land, bldgs., fur¬
Prepaid & def.
1934
1936
Notes and title
S648.465
44,518
1,331,838
133,909
Other assets
x
Liabilities—
1935
on
Good-will
Shore & Atlantic Ry.-
October—
Net
hand &
deposit.
—V. 143, p. 2835.
Duluth
on
1936
Inventories
Gross from railway
Net from railway
$342,757
Balance Sheet Sept. 30
1936
Net from railway
Net after rents
25,830
6,549
66,855
11,832
Organ, exps. written off.
Earned surplus
Duluth Missabe & Northern
October—
Gross from railway
Income deducs. (net)
1,848,730
on
Common stock &
timror
& water powers.
x
$6,887,926
4,558,160
$6,228,539
Cost of goods sold
$7,958,204
5,254,208
on
paid in the first three
Erie RR.—To Vote
Stockholders at
on
Guaranty—
special meeting to be held on Dec. 21 will consider and
by Erie RR. Co of interest on the firs]; mortgage
refunding 50-year 5% gold bonds and second mortgage 50-year 4H% gold
bonds of New York, Susquehanna & Western RR.
during the period of
extension of maturities to 1940.—V. 143, p. 3465.
i
vote
upon
a
guaranty
Volume
Financial
143
3629
Chronicle
The
Empire Gas & Electric Co.
1
12*Months Ended Sept. 30—
operating revenues
Operating expenses
1935
1936
'
$3,206,943
2,071,818
$3,410,261
Total
2,183,767
i
279,870
228,055
234,327
268,886
254,117
212,769
$484,242
$399,353
Maintenance
Provision for retirements
Provision for taxes
headed by Aldred & Co., Ltd., of Montreal,
oversubscribed at the price of $6 per share.
Proceeds of the issue will be added to capital which is required for the
growth of business due to increased demand for aircraft.
Fairchild Engine
& Airplane Corp., newly organized to take over Fairchild Aviation Corp.'s
investments in the airplane and engine manufacturing fields, continues
to hold its substantial stock interest in Fairchild Aircraft, Ltd.
The
latter company nas a license to manufacture Fairchild and Lockheed
planes in Canada.
The prospectus for the issue states that 50% of the
single engine freighter circraft operating commercially in Canada are. of
group
Earnings—
(& Subs.)
17,024
1,399
$501,266
268,990
95,916
26,486
was
$400,752
268,955
101,223
26,383
issue
Other income.
Fairchild manufacture.—V.
Interest
on
funded debt
Interest on unfunded debt
-
Amortization of debt discount and expense-
a
Cr581
$9,941
174,430
construction
Preferred stock dividend
174,430
requirements
$69,267
$164,489
its preferred stocks
accumulated unpaid dividends amounted to
Deficit
a
Cr459
$105,163
Interest charged to
Dividends have not been
paid by the company on
Dec. 1, 1934.
The
$319,788 at Sept. 30. 1936.
Note—No provision is made in this statement for
distributed profits, if any, for the current year.—V.
since
Equitable Office Building
1936
offices).. $1,579,722
162,079
^
_
x
,oi
1935
$1,571,340
133,385
$1,741,801
40,492
repairs.
$1,704,726
123,505
391,500
299,543
6,098
18,187
38,751
67,036
Total operating income
Real estate taxes
Other operating expenses
Provision for doubtful accounts.
Taxes
-
Alterations for tenants
Other general expenses
interest on funded debt, prov.
& surtax on undistrib. profits
funded debt
Provision for Federal income tax
Net income before
408,900
290,327
22,077
17,111
41,853
62,707
$695,938
8,215
$765,997
564,525
for Fed. inc. tax
Net income before
31,500
$704,153
577,056
17,500
funded
provision for surtax on un-
$169,972
$109,598
income before provision for surtax on un¬
profits ($169,972) the sum of $119,594 will be paid in reduction
debt from the reserve set up for additional depreciation and
credit of the
undistributed
the above net in¬
charged directly to earned surplus, leaving $50,377 to the
surplus account for the period before provision for surtax on
profits.
(For the corresponding period last year, when
come was $109,598 the sum of $104,187 was paid in reduction of funded
debt from the reserve set up for additional depreciation and charged di¬
rectly to earned surplus, leaving $5,411 to the credit of the surplus
The corporation is obligated to make in each year certain payments on
account of the principal due on its funded debt; during the six months
Oct. 31, 1936, $243,100 has been accrued on the books of the corporation to
provide for such payments.
Of this amount $123,505 will
the reserve set up for depreciation and charged against operations for the
account.)
ended
be paid from
period, in accordance with rates allowed by the United States
Department.
The balance of $119,595 not so permitted as
against operations, will be paid as above described.—V. 143, p.
_.
Treasury
a charge
1719.
Service Co. (& Subs.)—Earnings—
1936—12 Mos.—1935
Engineers Public
1936—Month—1935
Period End. Oct. 31—
Gross earnings
$3,789,929 $48,050,869 $44,714,169
1,658,247
19,623.336
18,494,634
223,836
2,805,393
2,616,608
332,673
5,261,139
5,260,854
$4,180,260
1,758,913
Operation
271,200
434,133
Maintenance
Corp.—Stock Dividend—
;
-
Balance
Inc. from other sources.
Balance
Interest &
amortization.
Balance
$1,716,012
34,733
$1,575,172 $20,360,999 $18,342,072
$1,750,746
737,262
$1,627,383 $20,978,206 $18,968,756
683,767
8,219,799
8,312,291
Bal applic. to E. P. S. Co., before
unearned cumul. pref. divs. of
$12,758,406 $10,656,464
5,293,853
5,037,775
2,525,756
2,226,251
1,450.846
950,922
15,118
4,875
$943,615
$1,013,483
-
626,684
617,206
52,211
Appropriations for retirement reserve
Dividends on pref. stocks, declared
Cumulative pref. dividends earned but not
Amount applicable to minority interests
decl. _
25 cents per share was paid.
Merger—
^
•
Corp. (Md.) and Fal¬
The agreement of merger between Falstaff Brewing
staff Brewing Corp. (Del.) has become effective and the
has been merged into the Delaware Corp.
As a result the
Maryland Corp.
capital stock of
Falstaff Brewing Corp. (Del.), which is listed on the New York Curb
Exchange, has been redesignated as common stock.—V. 143, p. 921.
Corp.—Books Closed—
Famise
& Co., Inc. announced that the books have been
of common stock of the corporation.
agreed to make application now to list the stock on the
New York Curb Exchange.—V. 143, p. 3315.
Dewitt
Reichert,
closed
on
the offering of 45,000 shares
Inc.—Earnings—
Fidelio Brewery,
1935
$693,412
9,819
$464,271
$703,231
757,485
830,501
$471,791
717,556
10,355
deducting
_
Other income
Total income
Expenses
Loss
on
6,311
12,800
117,904
Depreciation
100,029
44,893
y$20,679
Net loss for year
...
$270,504
3,472,831
433,947
Cumulative pref. divs. of
2,436,640
1,237,547
certain sub. cos., not
earned
Sept. 30
Balance Sheet
Cash
payable
Accounts payable-
$207,161
$155,595
205,555
6,106
163,510
21,964
234,759
1,973
111,556
32,204
234,653
in banks)
298,034
(less reserve)
Accts.rec.—miscell
Inventories
Other assets
353
interest,
&C-.__
net
(partly curr.)
share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, par $5, both payable Dec. 15 to holders of record Dec. 4.
The current regular dividend takes the place of that which would be
In commenting on
1,243,546
1,198,125
Mortgage payable-
12,000
12,000
Cap. stk. (par $1).
Prepaid expenses,
supplies, &c
42,916
52,222
the action of the board,
York
143, p. 3315.
Depreciation
National Stores, Inc.—Special Dividend—
declared a special dividend of $1 per share in addition
dividend of 62cents per share on the common
stock, no par value.
The special dividend will be paid on Dec. 21 to
holders of record Dec. 5 and the regular quarterly distribution will be made
on Jan. 2 to holders of record Dec. 5.—V. 143, p. 3315.
regular quarterly
Firestone Tire &
$30,363 prof$l 1,018
Net loss
—V. 143, p.
Fabrica
25,510
1936
Mfg., adm. &
$32,143
first page of this department.
Fairbanks, Morse &
V
"The volume of sales so far in 1936 is substantially larger than the
comparable sales in 1935.
The present trend is distinctly upward, with
the sales volume of recent months showing a better than average increase.
In the opinion of directors this upward trend in sales requires the main¬
tenance of a strong cash position in order that this additional business may
be adequately financed."—V. 143, p. 1398.
of the company.
Aircraft,
of Canada—Stock Oversub¬
sold 30,000 shares to a Ranking
Ltd.,
scribed—Tbe company has
$4,058,522
673,302
$8,471,098
1,086,334
$6,720,329
976,482
$4,731,824
980,396
2,082,203
1,735,618
1,157,151
1,157,982
307,040
125,000
196,385
$9,142,654
$5,649,146
2,796,776
1,725,083
2,796,309
751,575
$4,154,656
2,799,604
$2,397,060
2,814,966
772,588
1,037,340
$4,620,796
$2,101,262
36,330,897
34,429,746
incline,
minor, int. in
&
Liberia develop, exps—
Add'n to res. for
conting
Net profit
Dividends—6% pref
Co.—Extra Dividend—
declared an extra dividend of 50 cents per share and
a quarterly dividend of 25 cents per share on the common stock, no par
value, both payable Dec. 21 to nolders of record Dec. 5.
An extra of 25
centsin addition to a quarterly dividend of like amount was paid on Sept. 21
last, these latter being the first disbursements to be made on the common
stock since June 30, 1931, when a dividend of 40 cents was paid.
In connection with
the current dividends, President Morse stated:
"In declaring this dividend due consideration was given to the 1936 Revenue
Act as it affects undistributed profits as well as to the financial needs
The directors nave
Fairchild
484,555
$12,342,521
1,117,664
Total income
taxes
with SEC—
See list given on
$8,071,333
399,765
$6,235,774
811,391
$11,531,131
subsidiaries'oper
C. Por A.—Registers
1933
Other deduc'ns,
1398.
Dominicana De Tejidos,
1934
sell. exps. 117,855,418
Other income.
$20,377
52,520
Years Ended Oct. 31
1935
$135,701,916$121,670,572 $99,130,244 $75,402,268
107,100,988 87,090,175 65,718,650
6,315,367
6,498,251
5,804.295
5.625,096
Net sales
Interest
$42,037
Rubber Co. (& Subs.)—Earnings—
Consolidated Income Account
Balance
1936—6 Mos.—1935
$36,529
Co.—Recapitalization Voted—
The directors have
to the
Depreciation
Lossi5,072
25,291
Profit
N. Y.—Listing—
authorized the listing of 114,070
$2.50) upon official notice of issuance
amount applied for 1,500,000 shares.
Stockholders at a special meeting held Nov. 30 approved recapitalization
proposal which will leave the 4 %% preferred stock and no-par common
stock as the only authorized capital stocks of the company.—V. 143, p.
Exchange-Buffet Corp.—Earnings—
$10,079
52,116
$2,137,412 $2,096,469
Total
—V. 143, p. 2837.
President E. 8. Evans stated:
1936—3 Mos—1935
763,106
441,067
Stock Exchange has
additional shares of capital stock (par
as a stock dividend, making the total
substantially ahead of 1935, we feel that this extra
entirely merited. While it is not policy of this
earnings, we approach the end of the calendar
year with a large volume of orders on the books for practically every division
and there is every reason to believe that earnings will continue at a satis¬
Period End. Oct. 31—
48,971
275,000
1,177,604
311,746
Deficit
Fidelity-Phenix Fire Insurance Co. of
The New
44,601
275,000
1,177,604
763,106
4165.
payment to stockholders is
company to predict future
factory pace."—V.
Capital surplus
$2,137,412 $2,096,469
Total
-V. 141, p.
38,051
Customers' dep. on
and
equipment
3,339
30,901
Accrd. wages,taxes,
kegs, boxes and
&c
estate
credit
balances
Kegs, boxes,bottles,
Real
$157,592
bottles in trade-
Customers'
rec.—trade
Accts.
1935
$42,000
189,464
Notes
hand and
on
1936
Liabilities—
1935
1936
Assets—
First
Evans Products Co.—Special Distribution—
declared a special dividend of 50 cents per
The directors have
"With earnings running
x$256,119
dpreciation amounting to $121,135.
Before including life insurance proceeds of $150,000.
3465.
2997.
payable Jan. 1.
x
Included in the above loss in
(William) Filene's Sons
certain sub.
See
30,405
Provision for loss on containers
y
7,520
3.2 labels, &c
Other deductions
x
1934
1936
$879,107
26,807
$905,914
Years Ended Sept. 30—
Gross profit on sales after
allowing for
cos
—V. 143, p.
the common
uividend of $1.50 per share on
The directors have declared a
Outside real estate
Taxes
Avia¬
stock, payable in 6% cumulative convertible preferred stock, par $1, on
Dec. 15 to holders of record Dec. 3.
This will be the first distribution made
on the common stock since Oct. 16, 1933, when an initial cash dividend of
Federal and State beer taxes
Note—From the above net
of
Fairchild
organized and all of Fairchild
Ranger Engineering Corp., Fairchild
Aircraft Corp., and Fairchild Aircraft Ltd., have now been transferred
to the new company, the common stock of which in turn be distributed to
Fairchild Aviation shareholders.—V. 143, p. 3145.
The company has
Interest on
distributed
Engine and Airplane Corp., nas been
tion's investments in and advances to
36,934
$756,689
9,308
Other income
3315.
$33,488, and unfilled orders were at $977,254.
4
In accordance with the plan of recapitalization a new company,
128,877
Depreciation.
p.
Corp.—Report Announced—
The corporation has released its first report of operations giving effect to
the plan of recapitalization and to the segregation of its investment in the
airplane and engine manufacturing fields.
Gross sales of the subsidiaries
which manufacture aerial cameras and instruments and make aerial surveys
for the nine months ended Sept. 30, 1936 amounted to $721,316; net profit,
after parent company expenses but before provision for taxes, totaled
Falstaff Brewing
Corp —Earnings—
Oct. 31—
Rental income (incl. rent on corp. s own
Other operating income
6 Months Ended
Maintenance and
Federal surtax on un¬
143, p. 1227.
143,
Fairchild Aviation
Common
Surplus for period
Previous surplus
Excess ins. res.
to
—
$582,463df$l,455,246
33,815,325
33.247,175
returned
2,149,263
surplus
$40,951,693 $36,531,008 $34,397,788
Total surplus
Charge
resulting
cancel, of empl.
contracts, &c
from
stock
0424,975
Dr200,lll
Cr31,958
$33,941,192
Drl25867
Oct.31-$41,376,668 $36,330,897 $34,429,746 $33,815,325
Common shs. outstand'g
1,970,849
1,897,597
1.866,007
(par $10)
1,932,497
Nil
a
Consol.sur.
sh. on com—
$3.28
Summarized as follows:
General surplus
$38,282,587
Surplus arising
from
issuance of common
stk.onpresent empl.
stock contracts
2,230,755
Earns, per
a
$1.53
$0.71
$34,525,117 $32,423,855 $31,841,392
1,805,780
2,005,892
1,973,933
3630
Financial
Comparative Consolidated Ba lance Sheet Oct. 31
1936
Assets—
x
1935
i
1936
Liabilities—
$
Land, bldgs. &
equipment
61,451,704
11,279,479
43,762,364
61,603,467
11,613,287
35,995,720
20,651,677
6.815,388
Deferred charges
1,398,631
19,134,780
7,799,193
Cash
Inventories
Customers'notes
I
accounts, &c
Other assets
Res. for invest.-
S
Min.
600,000
1,366,643
Accts. payable.-
1,773,049
Acer, taxes & int
40,513,341
Notes payable
1,746,088
16,000,000
750,000
600,000
-
_
723,839
5,586,458
9,000,000
5,023,775
36,330.897
Total
147,105,332 139,286,1391
Total
147,105,332 139,286,139
for depreciation of $28,761,648 in 1936 and
$30,584,585
After mortgages thereon and accrued interest of $28,022 in
1936 and $97,572 in 1936.—V. 143, p. 2997.
After
x
in
reserve
1935.
y
First
Sectirity Corp. of Ogden— Earnings—
Only)
$212,595
Interest received
Profit
on
405
sale of stocks and bonds
Recoveries
on
24,309
51,732
charged off assets
Miscellaneous income.
31
Total income
$289,074
1,159
1,919
2,925
1,262
29,393
Legal and accounting expenses
Premiums on life insurance policies—
Taxes
___■_
Stock register fees
Provision for valuation
reserve on
stocks
Miscellaneous expenses
1,800
_
Net income for year
$250,614
166,366
Dividends paid
Note—Earnings shown above represent only cash income received and do
not include accrued and undistributed earnings of subsidiaries.
Balance Sheet Sept. 30, 1936 (Company Only)
WtF j\ QO/jf Q
...
a
Bonds
25,855
Inv. of stock of sub.
Net
cash
surrender
235,716
2,928,884
cos
Capital surplus
;
663,083
288,095
Earned surplus
Total
$3,373,0081
value
$27,365.
Total
$3,373,008
b Market value
$254,956.
c
At
appraised
values of corporation's officers as at Sept. 29, 1934, plus
subsequent ad¬
ditions at cost, including $67,673 premium on class A stock
exchanged for
subsidiary stock:
companies in active operation, $2,799,967; companies
in liquidation, $128,916.
Condensed Consolidated Income Account for the Year Ended
x
$2,125,169
449,793
Other income
Total income
$2,574,962
1,324,201
461,877
expenses
Interest paid
Normal operating profit
$222,038
11,918
Total
$999,003
_____
arbitrary net transfer to reserve for
contingencies from
year's income, none of which is now needed on basis
current
of latest examination
Does
y$846,995
include bank and office building subsidiaries, which are
self-sustaining basis; and liquidating companies, the invest¬
ment of which is stated at $266,559 less than
present appraised value,
y Segregated as follows:
Div. on pref. stock of banks, $52,819; minority
int. (common stock of banks), $36,271; int. of first
Security Corp. based on
percentage of stock ownership of subsidiaries at Sept. 30, 1936 ($3.13 per
share for the 242,183 shares A and B stock
outstanding Sept. 30, 1936,
$757,905; total, $846,995.
a
Consolidated
Balance
Assets***"
Cash
on
hand & in banks
$18,269,958
19,607,131
5,362,408
Other invests. bonds & securs
347,560
c Loans and discounts
21,064,247
d Stock in Fed'l Res. Bank—
121,500
a
U.S. bonds
Municipal & listed
securs
Custs.'letters of credit
e
Banking
houses,
c
671,486
92,705
Real estate...
Net
Cash surr.
value of life
Insurance
5,342
f Inv. in subs, not consol.
c
Sept.
30,
Total
..$59,465,069
19,550
Res.
for taxes,
530,496
13,822
def58,408
566,412
48,143
def21,499
defl 1,491
544,532
55,325
2837.
Brewing Co.—Earnings—
Years Ended Oct. 31—
Gross income from operations
Other income
1936
1935
1934
$140,258
2,618
$122,795
10,085
$424,905
5.897
$142,876
12,905
10,148
Total income
Interest charges
Uncollectible accounts charged off
Net loss from rental of property not
$132,881
8,557
5,781
$430,802
192
24,998
1
used in operations
Flood expenses
830
Net loss
1,578
46*513
2*7*620
10,114
*9*7*62
40,425
46,215
$48,928
340,651
disposal of capital assets,
Provision for Federal income taxes.._
on
950
12,722
46,533
Depreciation
$61,317
282,953
$289,771
52,483
$344,270
$357,953
75,000
696
_
Net income
Previous
surplus
Adjustments
15.699
'
"5",372
Balance Sheet
1936
1935
Accts. receivable..
$37,836
14,110
Inventory
122,663
$35,567
27,335
145,964
Cash
Real est. not used
in oper.,
Res.
12,207
1,468,500
1,180,204
Min. int. in cap. stock, surp,
& undivided profits of subs.
277,440
h
Outstanding A & B
Consol.
com.
2,421,830
surpl.
&
undivided
1,928,913
Total
$67,118,777
The corporation on Dec. 1 filed with the Securities and
Exchange Com¬
mission a registration statement (No. 2-2701. Form
A-2) under the Securities
covering $10,000,000 1st mtge. 4% bonds, series O, due Dec. 1,
1966, and $2,500,000 5% sinking fund debentures, due Dec. 1, 1946.
According to the registration statement, the net proceeds from the sale
of the bonds and the debentures are to be
applied as follows:
To redemption at 105% and int. of $9,000,000 1st
mtge. 5J^%
6,602
3,775
31
Liabilities—
Accts.
1936
1
Equipment
J
Permanent assets
1,054,386
40,043
1,110,792
35,872
1
6,976
34,069
8,695
Notes pay. to bks.
10,114
192,000
241,000
Royalties payable-
2,831
8,181
15,256
500,000
384,208
12,472
17,138
500,000
340,651
12,471
194,668
210,273
Customers' dep. on
barrels and cases
Paid-in surplus
y
$9,450,000
104% and interest of $2,000,000 1st mtge.
gold bonds, series B, due Jan. 1, 1956, requiring, ex¬
clusive of interest
To retirement or discharge of $50,000 of
City of Apalacbicola
electric light plant 6% bonds, due Jan.
2,080,000
1, 1946, requiring,
$1,339,731
After
1935 —V.
for
reserve
9,762
Surp. arising from
reval. of plant &
equipment
Total
($46,470
$21,206
Earned surplus
Deferred charges..
1935
payable-
Trade..
Common stock
414
$1,428,7141
Total
$1,339,731 $1,428,714
depreciation of $210,119 in 1936 and $171,149 in
141, p. 3535.
Fort Worth & Denver
October—
Gross from railway...
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
City Ry.—Earnings—
1936
$570,212
222,264
148,585
__
__
1935
$593,079
250,191
183,974
1934
$477,976
145,778
89,626
4,856,752
1,494,869
827,083
—
Net from railway
Net after rents
4,374,432
1,083,517
496.496
4,806,997
1,771,956
1,155,760
—V. 143, p. 2998.
Fort Worth & Rio Grande
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
1936
$36,964
Gross from railway...
railway
—
__
1933
$654,175
339,981
264,963
4,489.070
1,731,122
1,149.485
Ry.—Earnings—
1935
1934
1933
$49,556
def6,449
defl6,954
def 12,985
defl7,135
$49,339
def6,072
defl0,184
383,538
defl05,116
def212,680
370,048
def131,860
def214,483
385,144
defl27,200
def221,187
344,861
def237,454
def342,000
def9,978
._
..
Net after rents
—V. 143, p. 2998.
$44,287
def23,719
Francisco Sugar Co.—Distribution—
Bankers
Trust Co., as trustee for the first mortgage
20-year 7H%
sinking fund bonds, announces that it has received from tne receivers of the
company $85,193 under the Moratorium Laws of Cuba, and beginning
Dec. 11 will make pro rata distribution of these funds
on
account of coupons
which matured Nov. 15, 1933.
The amount distributable is $29.58 per
$1,000 bond and $14.79 per $500 bond.
1979, requiring, exclusive
To redemption at
maturity
600
rec.
47,391
15,000
deposit in
Net from
of interest
15,000
8,891
402
for divs. on pref. stock
issued by banks
Pref. stock issued by banks..
gOther reserves
stock
gold bonds, series A, due Jan. 1,
45,801
Refund claim
y
$0.58
Oct.
Federal income tax
low'ce for depr.
Ctfs. of deposit...
on
$282,953
$0.16
Accrued taxes
less al-
Miscell. notes
$340,651
$0.09
Balance Oct. 31
Earns, per sn. on 500,000 shs. capital
stock (par $1)
3*619
$384,208
Charges to surplus...
215,746
expenses
Florida Power Corp.—Bonds and Debentures—Files with
SEC—
Deposits Under Plan—New Securities—
The company announced that deposits will be
accepted under the plan
of reorganization, dated as of
July 15, 1936, up to and including May 14,
1937, and it is expected that the new securities to be delivered under such
plan of reorganization will be ready on or about Dec. 12, 1936.—V. 143,
p.3146.
50,000
The balance of the proceeds will be used for additional
working capital.
The bonds are redeemable at the
option of the company at any time or
from time to time as a whole or in
part after 30 days' notice at the
following
prices plus accrued interest:
If redeemed on or before Nov. 30, 1941,
105%; thereafter and incl. Nov. 30, 1946, 104%; thereafter and incl.
Nov. 30, 1951, 103%; thereafter and incl. Nov.
30, ,1956, 102% thereafter
and incl. Nov. 30, i961, 101%; and thereafter at
par.
"
The debentures are redeemable as a whole at the
option of the company
or from time to time in part after
30 days' notice at the following prices
plus accrued interest:
If redeemed on or before Nov. 30, 1938,
....
int. & other
value,
exclusive of interest to
22,040
129,317
$20,445,078.
b Market value, $5,723,739.
c After
elimination of items classified by bank examiners as "doubtful" or "loss."
d At par value, e After depreciation as allowed
by U. S. Bureau of Internal
Revenue, f Bank and office building companies, $1,146,121; companies in
liquidation (at book value of First Security Corp.), $128,916. g Available
for future market fluctuation of
investments, none of which are now needed
on basis of latest bank examination:
Minority interest, $53,292; interest of
First Security Corp. ($4.65 per share on
outstanding A and B stock),
$1,126,912.
h 242,183 shares of a par value of $10 per share.—V. 135,
p. 305.
Act of 1933
p.
1933
$85,469
29,319
20,008
655,070
114,881
27,046
From Jan. 1—
Gross from railway
143,
1934
$67,074
11,803
3,796
33,771
Net from railway
Net after rents
—V.
1935
$68,279
14,821
6,218
Net from railway
Net after rents
bks. oper. under
Other liabilities
1,275,037
$67,118,777
Market
amendment, bondholders
Ry.—Earnings—
1936
$95,971
restriction
profits
a
Fort Smith & Western
October—
Gross from railway..
1936
Letters of credit
281,851
Other assets
an
committee, is an essential requirement of any plan of reorganization of the
debtor, and the program proposed in the company plan has been approved
by Arthur G. McKee & Co., engineers appointed by the court.
Other members of the committee, in addition to Professor
Chapman,
include George Akerson, Jack Coles and William Rosenblatt.
Alfred E.
Turner, 40 Wall St., New York, is Secretary for the committee, for which
Tachna & Pinkussohn, New York, and W.
Denning Stewart Pittsburgh,
are counsel.—V. 143,
p. 3466.
Cash
Sheet
Deposits
19,550
furniture
& fixtures
With such
plan proposed and sponsored by
bondholders' committee contemplates no modernization or re¬
habilitation.
A rehabilitation program, in the
opinion of the Chapman
Liabilities—
b
preferred.
another
Assets—
not
Condensed
new
an
152,008
Net income after appropriations
x
have
opportunity to participate in any future increased earnings
of the reorganized company."
The committee announcement points out that the
company plan provides
for the raising of $5,500,000 of new
money, of which $4,700,000 is to be used
in the rehabilitation and modernization of
machinery and equipment at
the Toronto, Ohio, plant, while a second
Cash dividends paid-
210,119
operated on
for each share of
$788,883
Net profit on bond sales
Losses in excess of recoveries & non-oper. income
Less
bondholders, "will recommend
acceptance of the company plan, provided the plan is amended so as to
provide that the new preferred stock to be allotted to bondholders be made
convertible into common stock on the basis of tnree shares of new common
$389,580
Sept. 30,1936
Interest received
Operating
subject to
amendments, of the plan of reorganization sponsored by the com¬
certain
pany, and, in this connection, is requesting bondholders to communicate
with the committee to express approval of the plan with
proposed changes.
"This committee," says the letter to
Fort Pitt
740
Market
Follansbee Bros. Co .—Endorsement of Plan—
5,342
Other assets
1936
The independent bondholders' committee for the first
mortgage sinking
fund gold 5% bonds of 1947, headed by Professor John M.
Chapman, an¬
nounces that it will recommend to the court the
acceptance,
value—
life insurance
a
Class A com. stock ($10 par)..$2,221,830
CI. B com. stock ($10 par)
200,000
$176,470
b Stocks
c
I
*
Liabilities—
Cash in banks
5,
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. 3465.
will
Income Account for the Year Ended Sept. 30, 1936
(Co.
Dividends received
Dec.
thereafter and incl. Nov. 30, 1940, 1023^%; thereafter and incl. Nov. 30,
1942, 102%; thereafter and incl. Nov. 30, 1943, 101 J^%; thereafter and
incl. Nov. 30, 1944, 101%; thereafter and incl. Nov.
30, 1945, 1003^%;
and thereafter at par.
stockhldrs
int. in subs...
Surplus
Devel.Co
18,660.070
724,708
6,610,982
12,000,000
5,437,930
Firestone Park
y
.
46,611,100
630,000
Insurance res've
.
1935
$
6% pf. stk.ser.A 46,613,400
Common stock. 19,324,970
Bds. of sub. cos. 14,650,000
Chronicle
103%;
Franklin Rayon Corp.—Initial Dividend—
The directors
on
on
Nov, 20 declared
an initial dividend of 60 cents per share
an initial dividend of $1.20 per share on
both payable Dec. 21 to holders of record Dec.
the $1 par common stock and
the no-par common stock,
15.—V. 143, p. 2998.
Froedtert Grain & Malting Co.,
(
Inc.—Listing—•
The New York Curb Exchange has approved the listing of 420,000 out¬
standing shares of common stock, $1 par, and will list 140,000 additional
shares of common stock, $1 par, upon notice of issuance.—V. 143, p. 1878.
Volume
143
Financial
Chronicle
Fuller
Mfg. Co. (Del.)—Stock Offered—Sadler & Co. and
Fuller, Cruttenden & Co., Chicago, in October last offered
115,000 shares of
Transfer
stock a't" $4 per share.
common
Agent, Chicago Title & Trust Co.
a dividend of 30 cents per share on the com¬
(par $3), payable Dec. 21 to holders of record Dec. 10.
An
initial dividend of 25 cents was
paid on Oct. 5 last.—V. 143, p. 3146.
Registrar, City National
since.
j
The company numbers among its customers for truck transmissions the
F. W. D. Auto Co., Clintonville, Wis.; Brockway Motor Co., Inc.; Inter¬
national Harvester Co.; International Motor Co. (and Mack Branches);
Stewart Motor Corp., Buffalo, N. Y.; and White Motor Co.
Among its customers for forgings are:
Oliver Farm Equipment Co.;
Outboard
Motor
Corp.
of
America;
Wisconsin
Motor
Co.;
Waukesha
Motor Co., and Allis-Chalmers Co.
As a condition precedent to the obligation of the underwriters to buy the
issue above described, the company is required to acquire title to the
Kalamazoo, Mich., plant and the forging plant at West Allis, Wis.
Out
proceeds of the issue the company is required to purchase 7,746
shares of stock of Universal Power Shovel Corp., a partially
of the
additional
owned
subsidiary, which together with the present holdings of such stock,
over 81 % of the outstanding stock of the Shovel Corporation.
will constitute
The operation of the power shovel plant will be continued under the direct
control and supervision of the company.
The
company
was
organized
under
the
name
of Unit
Holding
Corp.
pursuant to a plan of reorganization of Unit Corp. of America and under
a decree making such plan effective entered Aug. 9,
1935, in the Circuit
for
Court
Milwaukee
County,
in
the receivership
proceedings
of Unite
Corp. of America.
The corporate name of the company was changed to
Fuller Manufacturing Co. on Sept. 24, 1936, by amendment of its charter.
At the date of the decree United Corp. of America owned in fee and
operated the forgoing plant at West Allis, Wis.
It also owned all of the
capital stock of Fuller Manufacturing Co. (Mich.), which owned the plant
at Kalamazoo, Mich., and also owned or controlled
approximately 50%
of all of the capital stock of Universal Power Shovel Corp., which owned and
operated the power shovel plant at West Allis, Wis.
Under the decree and plan of reorganization, the receiver of Unit Corp.
of America conveyed title to the forging plant and all other physical assets
Unit Drop Forge Corp., a new Wisconsin corporation organized on June 26,
1935.
In consideration of said conveyance, all of the capital stock of Unit
Drop Forge Corp. was issued to the receiver of Unit Corp. of America.
Prior to Aug. 9, 1935, Fuller & Sons Manufacturing Co. had gone into
receivership and had been reorganized by transferring all of its assets to
Fuller Manufacturing Co., a new Michigan corporation organized on July 28,
1933.
The new corporation issued all of its capital stock to the receiver of
Unit Corp. of America as consideration for the transfer.
Universal Power Shovel Co. had also been reorganized prior to Aug. 9,
1935, by transfer of title to its assets to Universal Power Shovel Corp., a
new Wisconsin corporation organized on April 2, 1934.
The new corpora¬
tion issued approximately 42% of its stock to the receiver of Unit Corp. of
America and approximately 9% of its stock to Fuller Manufacturing (Mich.)
as
(The) Garford Corp .—-Registers with SEC—
of the capital stocks of Unit Drop Forge Corp.; Fuller
Manufacturing Co.,
Corp., then held by the receiver, issued all of
its authorized capital stock consisting of 200,000 shares (no par). 139,000 of
said shares were exchanged, share for share, for the pref. shares of Unit
Corp. of America and were placed in a voting trust for the benefit of the
holders and owners of said shares.
The remaining 61,000 shares of the
company's no par value stock were directed by the receiver to be delivered
to the treasury of the company to be used by it in obtaining working capital
or for distribution among its employees and those of its subsidiaries, as
and Universal Power Shovel
directors might determine.
On Sept. 24, 1936, the company's charter was
amended by changing its
corporate name to Fuller Manufacturing Co. and by changing its authorized
capital stock from 200,000 shares (no par) to 500,000 shares of $1 par.
After the company has acquired title to the assets of its subsidiaries, Fuller
Manufacturing Co. (Mich.), and United Drop Forge Corp. (Wis.), the
company will make application to become licensed to do business as a
foreign corporation in the States of Wisconsin, Michigan and Illinois.
Purpose—Proceeds of the sale of the issue will be used (1) to retire its
outstanding first mortgage collateral bonds and the liens prior thereto,
(2) to pay certain past due general and personal property taxes, (3) to
acquire additional shares of the stock of Universal Power Shovel Corp.,
(4) to pay the expenses in connection with this issue, and (5) to provide
additional working capital.
Underwriting—The company has entered into an underwriting agree¬
ment dated Sept. 1,1936, with Sadler & Co., and Fuller, Cruttenden & Co.,
Chicago.
Under the terms of the underwriting agreement, the underwriters
have agreed to purchase 115,000 shares of the company's new $1 par
common stock at $3.40 per share and to offer the shares to the public at
alprice not to exceed $4 per share.
Total consideration to the company is
$391,000.
Income Account for Stated Periods
Co. of Rock Island—-Stock Offered—The
public financing on behalf of the company was an¬
nounced Dec. 1 with the offering of 150,000 shares of common
stock by Floyd D. Cerf Co.,
exclusively wholesalers and
underwriters of securities.
The stock was priced at $3.50
per share and each 10 shares carries a purchase warrant
entitling the holder to buy before Oct. 17, 1941, one share
of
common at
-
464,305
61,656
Net operating profit
Other income
Total income
$102,414
8,111
$56,451
Selling, general and administrative expenses
698,627
69,333
$48,933
7,518
Cost of sales
$110,525
charges.
574
393
7,926
3,154
7,036
11,700
$44,795
:
The company is a
Prospective Balance Sheet
wrapping and sealing machine which has met with enthusiastic response
industry. This new machine has been developed to sell for less
$1,000, which is less than one-half the price at which comparable
machinery has hitherto been sold. The company expects that the intro¬
duction of this new product will be an important factor in enabling smaller
units in the bakery field to compete on a comparable basis with the
large
organizations. The company estimates that there are around 25,000 mod¬
erate size bakeries in tne
country, of which 15,000 may be considered logical
prospects. Units will be sold on an instalment plan basis.
The company has had a favorable record of growth during the depression
period, the sale of units having increased each year. Distribution is main¬
tained through 180 well-established jobbers covering every section of the
United
States.
General Candy
in
Invest,
owned
Other
$141,563
11,175
131,092
203,866
stock
of
partly-
as
of June 30, 1936
extra
was
30 cents
paid
1
49,777
587,798
18,268
Prop., plant <fc equip, (net)—
Prepaid exps. & del. chargesPatents and trade marks
1
$1,188,540
Total
-V. 143, p.
Notes payable
Accounts payable, trade
Other accounts payable
Accrued wages, interest, &c.
Capita 1 stock
Capital
—
—
surplus
Earned surplus
24,252
74,111
299,000
481,073
185.255
Total—
Galveston-Houston Electric
$1,188,54
Ry.—Earnings—
1936—Month—1935
$16,903
11,483
Operating revenues
Operation
3,519
1.337
$16,327
11,240
3,790
1936—12 Mos.—1935
$215,296
130,541
$211,619
125,057
42,352
17,564
1,083
40,858
16,358
$213
5,108
$27,539
1,620
$26,645
5,108
def$4,545
def$4,895
$29,159
61,300
$26,737
61,300
$32,140
$34,562
Maintenance
Taxes
Net oper. revenues.
Non-oper.
45,017
Provision for Fed. income tax
Notes payable
2367.
Per. End. Oct. 31—
$562
__
income—Net
Interest on first-mortgage
bonds
Net deficit—
-Y. 143, p.
2208. 2838.
paid
Sept. 21, last, and
on
one
of 15 cents per share
General Fireproofing Co.—Earnings—
Earnings for 10 Months Ended Oct. 31, 1936
Net profit after all charges
Approximate earnings per
outstanding
$459,741
share
315,382
on
common
shares
$1.29
Sales for the first nine months of 1936 were $5,546,556.
as of Oct. 31, 1936 amounted to $2,836,922 against cur¬
rent liabilities of $589,456, a ratio of about 5 to 1.
This compares with
Current assets
current assets of
1935,
or a
$2,536,307 and current liabilities of $756,406 as of Dec. 31,
ratio of about 334 to 1.—V. 143, p. 1878.
General
The
Equities,
Securities
Inc.—Withdrawal
of
Registration
—
and
Exchange Commission upon the request of the re¬
gistrant received on Oct. 31, 1936, has consented to the withdrawal of the
registration statement.—V. 142, p. 3343.
General Investment
Corp.—Sells Buenos Aires Loan—
The corporation has sold all the obligations of the Buenos
RR. & Terminal Co., formerly owned by it, to interests in
Aires Central
Buenos Aires,
retaining, however, a sub-participation to the extent of $1,750,000 in a
syndicate formed by Buenos Aires bankers, which has made a loan to the
Instituto Movilivodar de Inversions Ban Carias and will have an option
on certain new securities which it is contemplated will be issued in con¬
nection with the reorganization of the properties.
General Investment
Corp., in addition to its interest in the syndicate, received a consideration
of $5,600,000 cash.—V. 141, p. 3073.
General.Metals Corp., Ltd.—Extra Dividend—
The directors
the
on
Nov. 20 declared an extra dividend of 50 cents per share
stock, no par value, payable Dec. 15 to holders of record
A regular quarterly dividend of 3734 cents was paid on Nov. 15,
last, and compares with dividends of 25 cents per share previously dis¬
tributed each three months.—V. 143, p. 2521.
on
common
Nov. 30.
General Public Utilities,
Inc.—Special Common Div.—
The directors on Nov. 24 declared a special dividend of $1 per share on
the no-par common stock, payable Dec. 23 to holders of record Dec. 18.
The directors at the same time declared the regular quarterly dividend
of $1.25 per share on the $5 preferred stock, payable Dec. 23 to holders of
This is the regular dividend for the quarter ended Dec. 31,
record Dec. 18.
1936, wnich has customarily been paid
Period End. Oct. 31—
Jan. 1 of the succeeding year.
1936—12 Mos.—1935
inc. tax
on
$4,528,774
2,895,504
$136,793
3,261
$131,037
1,485
$1,825,326
44,477
$1,633,270
$132,523
$1,869,803
$1,661,041
5,919
39,111
8,236
34,227
67,383
420,713
42,118
452,936
72,597
870,087
873,770
3,242
Exp. & taxes of G. P. V.,
Inc. (excl. oper. divs.)
Chgs. of subs, cos,
Int. on fund, debt & Fed.
$4,955,467
3,130,141
74,686
Total
$376,037
244,999
$140,055
Net oper. income
Non-operating income--
Divs^
on
1936—Month—1935
3,242
38,910
38,910
$416,229
279,436
Operating expenses
•
.
27,770
G. P. U., Inc.
$5 pref. stock
avail,
for
com..
stk. & surplus
92
Automobile
$17,095
$14,219
$472,709
$253,305
Motors
Acceptance
Corp.—Financing and
Companies Charged with Misleading Public by FTC
False and misleading representations as to the amount of interest charged
purchasers of automobiles under deferred paynent plans are alleged in
eight complaints issued Dec. 3 by the Federal Trade Commission, charging
violation of Section 5 of the Federal Trade Commission Act, which forbids
unfair competition in commerce.
The eight complaints name 21 respondents, including both automobile
companies and automobile financing companies.
In addition to the
automobile manufacturing companies, the list of respondents includes
the General Motors Corp. and the sale corporation of the Chrysler group.
Respondent automobile companies are:
The Nash Motors Co., General Motors Corp., and its subsidiaries which
produce Chevrolet, Olds, Pontiac, Buick and Cadillac cars, Chrysler
Corp. and its subsidiaries, Chrysler Sales Corp. and those manufacturing
De Soto, Dodge and Plymouth cars; Graham-Paige Motors Corp.; Hudson
Motor Car Co.; Ford Motor Co.; Reo Motor Car Co., and Packard Motor
Car Co.
Financing companies named as respondents in the complaint are:
General Motors Acceptance Corp., joined with the General Motors
group;
Commercial Credit Co., joined with Chrysler Corp. and its sub¬
sidiaries; Universal Credit Corp., with Ford Motor Co., and Commercial
Investment Trust Corp., with Graham-Paige Motors Corp. and Hudson
Motor Car Co.
The complaints against the Nash, Reo and Packard corporations do not
any financing companies as respondents, but it is set out that those
companies employ the services of the Commercial Investment Trust Corp.,
which is named as a respondent.
1
In advertising their nethods of financing the purchase of motor vehicles,
the respondent corporations allegedly feature in their advertisements that
they will sell their cars on an annual 6% time-payment plan.
According
list
Balance
was
June 20, last.—V. 143, p. 922.
General
$24,274
48,853
6,702
45,000
Organization expenses (est.).
on
—V. 143, p. 2839.
expenses
subsidiary
investments
Corp.—75-Cent Extra Dividend—
The directors on Nov. 25 declared an extra dividend of 75 cents per share
in addition to the regular quarterly dividend of 15 cents per share on the
class A stock, both payable Dec. 21 to holders of record Dec. 10.
An
Liabilities—
Assets—
Inventories..
leading manufacturer of automatic bread slicing and
than
[After giving effect to the recapitalization, financing, and other matters]
Notes and accounts receiv—
share.
from the
Bal.
Net income.
Cash
a
bread wrapping and seaUng machinery, as well as other devices used in the
bakery field.
The company has just introduced a new automatic bread
$91,395
Interest charges
U. S. Govt, securities, cost__
$4
Proceeds from rhe offering will be utilized for plant extension and new
machinery and equipment necessary to meet increasing demands for the
company's products.
Gross oper. revenues
[Fuller Manufacturing Co. Unit Drop Forge Corp. & Unit Holding Corp.
Consolidated]
6 Months Ended—
v
Dec. 31,'35. June30, '36.
Net sales
$574,894
$870,374
Income taxes
Gellman Mfg.
first
Statement—
consideration for the transfer.
Under the decree and plan of reorganization, the company as partial con¬
sideration for the transfer to it by the receiver of Unit Corp. of America
Miscellaneous
stock
See list given on first page of this
department.
Company—Incorp. in Delaware, June 24, 1935.
ever
Industries, Inc.—Larger Dividend—
The directors have declared
mon
Bank & Trust Co. of Chicago.
Company through its
subsidiary, Fuller Manufacturing Co. (Mich.) manufactures heavy duty
truck transmissions and clutches, and other automotive truck equipment at
Kalzamazoo, Mich., and through its two subsidiaries, Unit Drop Forge
Corp. and Universal Power Shovel Corp., both Wisconsin corporations,
manufactures forgings and small power shovels at plants located at West
Allis, Wis.
The business conducted in the Kalamazoo, Michigan, plant
was commenced prior to 1913, and has been
continuously conducted ever
since.
The power shovel plant and the forging plant at West Allis, Wis.,
were commenced prior to 1928, and each has been conducted continuously
3631
Gar Wood
Financial
3632
financing plans
the complaints, the
to
employed actually involve a. 6%
date it begins
until
complaints charge, the
about 100%
General Refractories Co.—Dividend Again Raised
•
declared a dividend of $1.25 per share on the
common stock no par value, payable Dec. 15 to holders or record Dec. 1.
This compares with $1 paid on Sept. 30, last, and 50 cents paid on June 30
last, and on Dec. 30,1935, this latter being the first distribution to be made
since Nov. 25,1931 when a dividend of 25 cents per share was paid.—V. 143,
3460.
194,128
9,290,843
130,380
5,962,842
$659,158
1.228,837
$464,880
851,510
$1,894,459
$1,316,390
39,900
47,223
—
Net income
—
90,188
b,464
Total surplus
Preferred dividends cash
—_—--
39,800
118,013
Common dividends, cash
adjustments due to prior years
Goodwill acquired and charged off
Net sundry
430
------
28,281
—
.,228,837
72,201
$6.02
$5.88
Earnings per share
Gross from railway
Net from railway
3,352
71,406
90,188
officers,
empl., & others-
117,890
Res. for contlng__
54,217
90,973
42,385
royalty
Sundry assets
Empl.
5,749
notes
rec.
Real est., bldgs.
504,044
695,281
and trade-marks
1
for insur.
8% conv.pref. stk.
20,890
496,300
497,500
481,099
1,228,837
1,396,852
1,708,365
Common stock
Surplus...
$4,186,742 $2,553,837
Total
3317.
30 declared a dividend of 85 cents per share on
the common stock, par $20, payable Dec. 21 to holders of record Dec. 4.
A dividend of 25 cents per share was paid on Aug. 20 and on April 20, last,
this latter being the initial payment on the common stock.
President John Winn issued the following statement in connection with
the current dividend:
_
,
,
,
dividend of 85 cents per share, 69 cents per share was declared
out of earned surplus and 16 cents per share out of paid-in surplus.
The
payment out of paid-in surplus represents a distribution on account of
dividends received on certain stocks of subsidiaries which were not taken
into earned surplus by the corporation because they were applicable to
arrearages for periods prior to the dates such stocks were acquired by
General Telephone Corp.—V. 143, p. 3148.
Of the total
Equipment Corp.- ■To Pay 90-Cent
General Theatres
Dividend—•
...
The directors on Nov.
24 declared a dividend
of 90 cents per share on the
brings to
of $1.10
holders of
capital stock, payable Dec. 15 to holders of record Dec. 5.-This
$2 per share the dividends declared this year, an initial distribution
per share having recently been declared, payable Dec. 10 to
record Dec. 1.
Earle G. Hines,
,
.
,
,
President of the corporation, announced that up to
24, subscription warrants covering 25,268 shares
capital stock of the corporation had been exercised.—V. 143, p. 2999.
the close of business Nov.
Investments
$360,566
93,000
74,797
Net after rents
3,059,039
559,886
560,068
2,695,484
456,566
489,089
$287,851
76,821
80,222
Net from railway
Net after rents
p.
,
2,536.484
35,941
39,787
431,076
438,574
-
425,466
496,285
2840.
RR.—Earnings—
Georgia & Florida
Railway
oper. revenue.
Net
from ry. oper__
Net ry. oper. income—
$91,511
$103,681
9,486
defl07
-
1,371
Gross income-
$2,636
998
_
7.580
1,305
1,331
$1,264
Non-operating income.
1936—10 Mos.—1935
$989,184
$931,286
87,631
78,032
27,222
def7,864
13,018
13,203
1936—Month—1935
Period End. Oct. 31—
rev.
$258,862
2,659,511
From Jan. 1—
Gross from railway
1933
1934
1935
$318,391
73,284
75,205
1936
Net from railway
143,
Deductions
$265
Surplus applic. to int
942
•
—Third Week
1936
$23,150
Gross earnings
—V. 143, p. 3466.
$5,339
9,712
$40,241
10,384
$1,694
def$4,372
$29,856
of Nov.
1935
-Jan. 1 to Nov.
$20,050
1936
21
1935
$989,612
$1,057,583
Glenwood Mining Co.—Registers with
first page of this department.
SEC—
Inc.—$1 Class A Dividend—■
Godchaux Sugars,
The directors have declared a
dividend of $1 per share on
the class A
record Dec. 18.
Dividends of 50 cents
last, this latter being the first dividend
this issue since Jan. 1, 1932, when a similar payment was made.—
stock, payable Jan. 1 to holders of
were paid on Oct. 1 and on July 1
V. 143, p. 1558.
Goebel Brewing
Properties
Materials, supplies
•
Mines & mineral lands
Graham-Paige Motors Corp. (&
Period End. Sept. 30—
Subs.)—Earnings—
1936—3 Mos.—1935
1936—9 Mos.—1935
de¬
preciation, other chgs.
incl. write-off of tools
& dies for prior models
—V. 143, p. 314S.
$429,246
Gold Bell Mining Co.,
$753,665
$645,894
$944,492
Ltd.—Order Refusing Consent to
Withdrawal of Registration Statement—
The Securities and Exchange Commission, upon
received on Nov.
Deficit.-------
(other
-----
5,444,114
Copper Mountain)—
at nominal value
than
&
plant
est., bldgs.,
equipment
2
3,229
Prepaid insurance
Total
$2,609,402
Total
After reserves for
depletion of $1,511,771 and depreciation
above figures
are
$2,609,402
of $1,645,-
expressed in Canadian dollars, with
$5,836 and $12,095, respectively.—V. 143, p.
to
the
2999.
Grand Central Newsreel Theatre, Inc.—Organized—■
The company has been organized for the purpose of constructing and
operating a newsreel theatre and cocktail lounge on the main station level
of Grand Central Terminal between the Hotel Commodore and the Graybar
Building.
The company has leased the site for the theatre from Eastern
Offices, Inc., owners of the Graybar Building, for a 20-year period at an
aggregate rental of approximately $586,500 and construction will be started
immediately.
which has been subscribed for, has
Associates, Inc.
similar projects which the company,
The stock of the new company, all of
been underwritten by Fairfield
through subsidiaries, proposes to establish principally in railroad stations in
the larger cities throughout the country.
John Sloan of Sloan & Robertson, architects, is President of the new com¬
pany, and the other officers are Donald Bayne of
and W. Wallace Lyon, senior partner of W. Wallace
Presidents; and Harold A.
Secretary-Treasury.
5,
Ley,
Lyon & Co., ViceVice-President of Fred T. Ley & Co.,
Grand Trunk Western RR.
1936
$1,995,542
434,387
October—
Gross from railway.Net from railway
113,301
Net after rents--
-Earnings—
1935
1934
1933
$2,037,692
$1,289,836
492,351
327,428
123,495
6,642
$1,250,344
53,491
defl09,365
17,123,340
3,243,285
1,834,308
14,744,871
2,191,756
498,636
12,700.860
1,110,568
def690,570
From Jan. 1—
19,447,035
4,392,835
Gross from railway
Net from railway
2,069,817
Net after rents
—V. 143, p.
2840.
Knight Co.—$1,250,000 Bonds Offered—
of $1,250,000 1st mtge. sinking fund 4ZA%
bonds, due 1951, was made Dec. 3 through an underwriting
&
Graton
Public offering
headed by Lee Higginson Corp. and including Brown
Co., Inc.; Paine, Webber & Co., and Pickhardt
& Ellis.
The bonds are priced at 99M and accrued interest.
group
Harriman &
Net
proceeds from the sale will be used to redeem an issue of $1,081,500
bonds, due 1947, and to reimburse the company in
purchase price of the 534 % bonds previously purchased for
first mortgage 5M%
retirement.
As
the application of .the
1935, for withdrawal of its
a
sinking fund for the purchase or redemption
of the new bonds, the
company will pay $60,000 annually beginning Oct. 1,
vision that bonds may be delivered in lieu of all or any
1937, with the pro¬
part of any sinking
credited at their cost to the company.
The bonds are
redeemable at prices ranging from 105 through Dec. 1, 1937 to 100 after
June 1, 1951.
Under the sinking fund provisions, the bonds may be re¬
deemed on any interest date at the redemption price then applicable, or at
face value plus a premium of 3 %, whichever is lower.
Company, incorp. in Massachusetts in 1926, is engaged in a leather
belting business founded approximately 85 years ago.
Most of its output
is in the form of leather belting for power transmission.
Its principal plant
is located in Worcester, Mass. and its products are distributed in most of
the United States and in many foreign countries.
Service facilities are
maintained in Chicago,
Cleveland, Detroit, Kansas City, Los Angeles
Milwaukee, Minneapolis, New York, Philadelphia, San Francisco, St. Louis
fund
payment,
and Seattle.
Bonds Called—
for redemption on March 1, 1937,
The company has called
mortgage sinking fund 534 % gold bonds,
outstanding in the amount of $1,100,000.
—V. 143, p. 3317.
Great
Lakes
all of its first
due March 1, 1947, which are
The bonds are called at 102)4.
Dredge & Dock Co.—Extra
Dividend—
of 25 cents per share
value, payable Dec. 15 to holders of record
Dec. 4.
The regular qqarterly dividend of 25 cents per share was paid on
Nov. 14, last.
An extra dividend of 50 cents per share was distributed on
Feb. 15, 1936 and on Nov. 15, 1935.—V. 143, p. 1880.
The directors
the
common
on
Nov. 19 declared an extra dividend
stock,
no
Great Northern
Occtober—
Gross from
Net from
railway
railway
Net after rents
Gross from railway
declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 5 cents per share on the
common stock, par $1, both payable Dec. 18 to holders of record Nov. 27.
Previous extra distributions were as follows:
10 cents on Sept. 30, last;
5 cents on June 30 and March 31 last, 10 cents on Dec. 20, 1935, and 5
cents on Sept. 30, 1935.—V. 143, p. 2840.
company
&
equip, held in reserve
Metal ores
-
par
Ry.—Earnings—
1936
1935
$10,526,828 $11,090,055
6,276,615
6,003,131
4,203,372
5,184,393
1934
1933
$8,083,450
3,628,431
2,790,768
$7,294,850
3,170,092
2,259.632
69,150,682
27,238,159
20,150,636
59,832,148
18,730,720
11,663,664
52,377,079
17,720,507
10,148,010
From Jan. 1—
Co.—20-Cwnt Extra Dividend—
The directors have
Net loss after taxes,
5,159
Provision for contingencies.20,000
a2,102,062 Capital stock (par $100) — - 45,000,065
Capital distributed to share¬
auto
holders
Z>rl4,765,581
92,993
3,915 Discount on capital stock__ Z>r22,208,875
Allenby & Copper Mountain
on
See list given on
paid on
$1,282
1,465
part for the
Georgia RR.—Earnings—
October—
Gross from railway
—V.
;
Fairfield Associates, Inc.
Corp.—Larger Common Dividend—
General Telephone
The directors on Nov.
of
supplies
Sundry
This is to be the first of a humber of
$4,186,742 $2,553,837
Total
-
advances, &c—
&
equip., less depr.
Goodwill, patents
—V. 143, p.
&
of
Reserve
238,541
not current
Deps.
8384,484 Accounts payable
12,705 Acer. liabl.,est. taxes, &c—
4 Unclaimed cap. distributions
(arising in 1932 &pr. yrs.).
10,004
Cash in banks and on hand..
Accounts receivable
356.
Note—The
Prov. for Fed. taxes
753,803
85,901
897,386
mdse
Power Co.,
Liabilities—
exception that no account has been taken of the exchange discount, if any,
on bank balances and accounts receivable in the United States amounting
191,391
141,012
436,310
mdse
143, p. 3148.
1935
balances
Raw materials and
927.676
133,950
65,541
$48,094
credit
Prov. for payroll
Inventory of mfg.
917,831
59,996
defl7,743
261,466
137,063
1936
—not due
Customers'
1,179,831
$54,077
payable
Accounts
$475,176
734,910
$765,010
Accts. rec., less res. 1,124,165
Misc. accts. rec_.30,048
hand
$99,054
15,491
12,357
Assets—
a
Liabilities—
1935
1936
Assets—
on
after rents
—V.
Balance Sheet Oct. 3
Cask in banks and
20,930
14,910
..
Real
$1,708,365
102,791
Surplus, Oct. 31, 1935.
Shares common stock
$115,172
1,333,312
312,872
138,455
after rents
From Jan. 1—
Net
56,712,039
799,493
Provision for Federal taxes
Surplus, Oct. 31, 1934
Sundry minor adjustments
1935
,.1936
.
&10,o7y,»/4
transacted
Inter-company sales of subsidiary plants
Cost of merchandise sold and all expenses
$135,835
37,614
22,463
Granby Consolidated Mining, Smelting &
Ltd.—Balance Sheet Aug. 31, 1936—
General Shoe Corp .—Earnings—
Years Ended Oct. 31—
$150,124
33,976
14,741
Net from railway
Net
1933
1934
1935
1936
October—
Gross from railway
The directors on Nov. 20
Net business volume
1936
& Western RR.- —Earnings—
Green Bay
complaints in which
p.
5,
filed (April 15, 1934) una^ vae Securities Act of 1933,•'as
amended, the Commission, having due regard to the public Interest and
the protection of investors, and being now fully advised in the premises,
has refused to consent to the withdrawal of the registration statement.
—V. 139, p. 1084.
statement
charged on the full amount of the account from the
it is closed, regardless of the fact that the account is amortized in
equal monthly payments.
For that reason, the
financing plans used involve interest payments actually
greater than the 6% interest rate, or approximately 12%.
Respondents are allowed 20 days from service of the
to file their answers to the charges contained therein.
V. 143, p. 2679.
rate
Dec.
Chronicle
registration
Net from railway
Net after rents
—V.
143,
p.
75,762,661
28,174,163
20,447,594
2840.
Great Lakes Paper
Co., Ltd.-—Bondholders
Meeting—
holders of the 5% first mortgage 20-year sinking fund
be held Dec. 22 for the following pin-poses:
••(1) Extending the time for payment of the interest on the bonds which
fell due and became payable on Oct. 1, 1936, ana the coupons representing
such interest payment, until July 2, 1938, upon wnich date the postponed
interest and coupons will become payable at the face amount thereof without
any interest thereon, and authorizing the trustee to grant such extension
accordingly.
(b) Extending the time for payment of the interest on the bonds which
will fall due and become payable on April 1, 1937, and the coupons rep¬
resenting such interest payment until July 2, 1939, upon which date the
postponed interest and coupons will become payable at the face amount
thereof without any interest thereon, and authorizing the trustee to grant
such extension accordingly.
A meeting of the
bonds of the company will
.
Volume
r
Financial
143
(c)*WaIving the default
duelon the bonus
on
on the part of the company to pay the interest
Oct. 1, 1936, and authorizing the trustee to grant such
waiver accordingly.-—Y. 143. p. 3467.
Greene Cananea
Hartford Steam Boiler Inspection & Insurance
Copper Co.—Earnings—
Previous extra distributions were as follows:
20 cents on Dec. 1, 1934; $1 on July 2, 1934,
Dec. 1, 1933 and 1932—V. 141, p. 3537.
,
Earnings for 9 Months Ended Sept. 30, 1936
Consolidated net income after deprec. and obsolescence, United
Ite States and Mexican income taxes, expenses during strike
period, &c
Earnings per share on 500,000 shares of capital stock ($100 par)
x$624,736
_.
$1.25
Hat Corp. of
The company paid a dividend of $1.50 per share on account
on the 6% cumulative preferred stock, par $100 on Nov.
of accumula¬
16 to holders
5, thus clearing up all back dividend on this issue.
A
regular quarterly dividend of $1.50 per share will also be paid on Jan. 2 to
holders of record Dec. 21.
See also.—Y. 143, p. 3467.
of record Nov.
preference stock:
There has been declared, subject to the condition mentioned below, an
dividend of 75 cents per share on the common stock, payable to
holders of record Dec. 10 in cash, or, at the option of the respective holders,
to be exercised by written notice received by the company at its office,
extra
of Trade Bldg., Chicago, 111., on or before Dec. 15, 1936
[time extended from Dec. 10—Ed.], in 5)*% preference stock of the
company at its par value of $10 per share.
Cash will be paid in lieu of
2600 Board
fractional shares to holders who elect to take the dividend in stock.
Underwriters have agreed to purchase at par such of the shares of
this dividend
as
not
are
Hawaiian Sugar
Hearn
such authorization is obtained.
Preferred stockholders of the company are reminded that in order to
get the benefit of the dividends which have been declared on the common
stock, the preferred stock must be converted
on or
last
Christmas.
Gulf & Ship Island
Gross from railway
(Walter E.) Heller & Co.—Listing—
The New York Curb Exchange has
approved the listing of $2,500,000
outstanding principal amount 10 year 4% notes, due Oct. 1, 1946 (with
warrants), 65,645 outstanding shares of 7% cumulative preferred stock,
$25 par (with and without warrants), and 240,593 outstanding shares or
common stock,
$2 par.
The Exchange will also list 68,501 additional
shares of common stock, $2 par, upon notice of issuance.—Y. 143, p. 3468.
Hercules Motors
$106,004
11,568
def9,915
$105,912
13,753
defl0,934
$95,985
8,977
defl7,311
1,077,444
164,677
def67,208
968,431
124,154
defl29,430
898,823
140,704
defl39,672
2841.
Gulf Mobile & Northern
October—
6,041,734
2,332,113
1,191,259
Net from railway
Net after rents
3,392,967
1,108,424
567,804;
4,354,632
1,205,168
405,026
Corp.—100% Stock Dividend—
The directors have declared
a
stock dividend of
100%
on
quarterly dividend of 25 cents
per
share will be paid on the common stock
143, p. 3148.
10 to holders of record Nov. 20.—V.
Gulf Power
Period End. Oct. 31—
Regular quarterly dividends of $1.25 per share were paid on Sept. 25
and
(A.) Hollander & Son, Inc.—Rights to Subscribe—
Holders of capital stock of record at the close of business on Dec. 8,
1936, will be offered the right to subscribe at $18 per share for capital stock
($5 par) to the extent of one share for each seven shares held.
The rights
to subscribe expire Dec. 28.—V. 143, p. 3319.
(D. H.) Holmes Co., Ltd.—Extra Dividend—
The directors have declared an extra dividend of $1.50 per share in addi¬
tion to
a
regular quarterly dividend of like amount on the common stock
both payable Jan. 2 to holders of record
$127,004
Honolulu Rapid Transit
rev.
from trans—
Net rev. from transp—
—
Interest & amortization
Balafice
-
Balance for common div. & surplus
750,000
567,183
$
567,182
335,295 $
53,350
were invited from preferred stock shareholders for sale to the
of 100 shares of preferred stock for the purpose of redemption.
The Montreal Trust Co., transfer agents, was authorized to receive such
tenders from shareholders of record, up to Dec. 4th, following which they
shall be opened by officers of the Montreal Trust Co. and submitted with
recommendations to the directors of the company for consideration and
action at a special meeting to be called for the purpose.—V. 143, p. 3467.
Tenders
Hagerstown Industrial Savings & Loan Co.—Registers
with SEC—
have declared a dividend of 20 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 5.
paid on June 30, and March 31, last, Dec. 10
and July 15, 1935, Dec. 28, Sept. 15 and June 15, 1934, and on July 20,
1933.
Dividends of 5 cents per share were paid on Dec. 23, 1932 and on
July 1, 1932.—V. 142, p. 4341.
The directors
common
This compares with 10 cents
Ltd.—Accumulated Div.—
The directors have declared a dividend of $1.25 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
Dec. 31 to holders of record Nov. 30 leaving arrearages of $5.75 per share.
A dividend of $1 per share was paid on Sept. 30, last.—V. 143, p. 1401.
,
Hampton & Langley Field Ry.—Bonds—
*
Nov. 21 authorized the
pany to issue not exceeding $27,200 of first mortgage bonds to be
for a like amount of outstanding matured first mortgage bonds.
$296,150
191,321
$12,425
$106,788..
$104,828
29,282
to the
Houdaille-Hershey Corp.—-Extra Dividend—
The directors have declared an extra dividend of 37 )* cents per share in
a regular quarterly dividend of 37 H
cents per share on the
class B stock, no par value, both payable Dec. 15 to holders of record
Dec. 5. An extra of 62cents in addition to the regular quarterly dividend
addition to
37)*
cents per share was paid on Oct. 1, last.—-V. 143, p. 2681.
Cotton
Exchange
Building
Co.,
Inc.—
Registers with SEC—
See list given on first page of this department.
Houston
Lighting & Power Co.*—Files with SEC—
Company on Dec. 1 filed with the Securities and Exchange Commission
registration statement (.No. 2-2702, Form A-2) under the Securities Act
of 1933 covering $27,500,000 of 1st mtge. 3)*% bonds, series due 1966.
According to the registration statement, the net proceeds from the
sale of the bonds together with such other funds as may be required are
to be used for the refunding by redemption on Feb. 1,1937, of the following
a
bonds of the company:
of this department.
(C. M.) Hall Lamp Co .—20-Cent Dividend—
on
$304,383
197,595
no par
Houston
company
The Interstate Commerce Commission
$31,145
18,719
have declared an extra dividend of $1.25 per share in
regular quarterly dividend of 50 cents on the common
value, both payable Dec. 26 to holders of record Dec. 11.
An extra of 25 cents was paid on Sept. 26 and on June 26, last.
An extra
of $1 per share was paid on March 26, last, and extra dividends of 25 cents
were paid in each of the six preceding quarters.
The regular quarterly
dividend was raised to 50 cents from 25 cents with the Sept. 26, 1935,
payment.—V. 143, p. 2843.
stock,
of
Hamilton United Theatres,
$272,045
24,105
$275,101
$33,034
21,092
opers.."
$28,636
2,508
directors
addition
(Charles) Gurd & Co., Ltd.—Tenders—
page
$777,947
505,902
—V. 143, p. 2842.
730,916
—V. 143, P. 3318.
given on first
$836,924
561,823
$11,942
from
revenue
The
$98,325 $110,094 $1,652,478 $1,351,450
-
1936—10 Mos.—1935
_
Net
retirement
dividend requirements
•Earnings
Hoskms Mfg. Co.—Extra Dividend—
Co.—Earnings—
reserve
$82,798
54,161
$29,371
3,662
transp—_
Deductions
1936—Month—1935 1936—12 Mos.—1935
.$484,209 $461,662 $6,034,722 $5,650,725
218,218
200,088
2,511,512
2.436,844
20,588
19,379
225,796
238,432
Crl8,311
42,236
491,615
542,752
165,390
89,862
1,153,318
1,081,245
Operation
rev.
Co., Ltd.-
1936—Month—1935
Period End. Oct. 31—
Gross
Net
Co.—Listing—
Maintenance
Taxes
A dividend of $1.50
$139,018
Exchange has authorized the listing of $7,000,000
1st (closed) mortgage sinking fund 4H% bonds, due Oct. 15, 1961.—
V. 143. P. 2999.
Gross earnings
Dec. 18.
per
The New York Stock
Period End. Oct. 31—
,
,
$9,418
$14,189
Gulf States Utilities
Finance Committee—
At a meeting of the board of directors held on Nov .25 C. A. Higgins,
Vice-President, was elected Chairman of the Finance Committee to fill
the vacancy caused by the death of J. T. Skelly.—V. 143, p. 2999.
Rev. other than
Gulf States Steel
against; 75 cents paid in each of the eight preceding
$89,400
Operating expenses—60,028
199,699
67,019
2999.
for
June 25 last, as
on
quarters; 50 cents paid on March 24, 1934, and 373^ cents per snare each
three months from Sept. 24, 1932 to and including Dec. 22, 1933.
In
$1,230,018
774,794
61,500
$102,434
.65,345
..-.—...
Inc.—Fear-End Dividend—
on Nov. 25 declared a year-end dividend of $2 per share
the common stock, no par value, payable Dec. 21 to holders of record
Dec. 10.
$1,440,180
931,968
91,000
211,179
67,014
$124,589
78,935
8,000
17,880
5,584
reserve.
Hercules Powder Co.,
5,500
16,586
5,584
1936—Month—1935
and taxes..
Int. & other fixed charges
Dividends on pref. stock
See list
$1.12
Before provisions for surtax on undistributed profits.—V. 143, p. 1401.
1936—12 Mos.—1935
Co.—Earnings—
Gross revenue
Preferred
$1.35
share was paid on Oct. 1, last, and compares with dividends of $1 per
share paid each three months from Oct. 1, 1934, to and including July 1,
last.
The Oct. 1, 1934, dividend was the first paid since Jan. 2, 1933,
when a quarterly dividend of $1.50 per share was distributed.—Y. 143,
p 1231.
[A subsidiary of Commonwealth & Southern Corp.]
Appropriations
$0.33
The directors
the common
stock, par $25, payable Dec. 21 to holdors of record Dec. 10.
A special cash dividend of 50 cents per share in addition to the regular
—
$349,830
$0.55
sh. cap. stock._
New Chairman of
$448,853
140,483
64.879
58,644
5,058,940
1,684,014
886,947
par
on
1933
$460,681
134,166
251,197
160,375
—V. 143, p. 3148.
p.
x$420,785
addition, extra dividends were paid as follows:
50 cents on Dec. 20, 1935,
75 cents on Dec. 21, 1934 and on Dec. 22, 1933.
1934
1935
$635,273 1
$715,211
331,254
190,915
Net after rents
From Jan. 1—
Gross from railway
143,
$104,315
and
RR.—Earnings-
1936
Gross from railway
Net from railway
Balance-
1936—9 Mos.—1935
1936—3 Mos.—1935
x$170,687
charges
x
1,222,632
165,635
def84,085
From Jan. 1—
Gross from railway
—V.
Corp.—Earnings—
Period End. Sept. 30—
Net prof, after taxes &
1933
1934
1935
$122,450
14,453
9,820
Net from railway
Net after rents
Prov. for retire,
Each will receive
market quotation.
Other employees, who went on the permanent pay roll of the store this year,
prior to September, will also receive a bonus.it was said.—V. 143, p. 3148.
RR.—Earnings—
1936
Net from railway
Net after rents
exps.
Practically every employee who has been
in the service or Hearn for a year or more will participate.
at least three shares of stock, worth $15.50 each, at present
Earns, per sh. on310,100
October—
Oper.
Company estimated to be worth
The distribution will be made on the basis of length of service and the
no
Dec.
Department Stores, Inc.—Stock to Employees—
position held by each employee.
before Dec. 10, 1936.—
V. 143, p. 3317.
on
'
almost $110,000 at
present market price, will be distributed among 2,300
regular employees or the store as a Christmas gift, it was announced Nov.
23 by Maurice Levin, President.
The value of this distribution was
estimated at twice the amount of the cash bonus distributed to employees
5 )■*%
obtaining prior to Dec. 30,
1936, the authorization of the Interstate Commerce Commission to issue
the 5)4
preference stock for this purpose.
The dividend will be payable on Dec. 21, 1936, if such authorization has
been obtained on or before that date; if the authorization is obtained
thereafter but prior to Dec. 30, 1936, the dividend will be payable when
Gulf Oil
Co.—Pays 7G-Cent Dividend—
on Nov. 24 declared a dividend of 70 cents per share on the
stock, par $20, payable Dec. 1 to holders of record Nov. 24.
This compares with $2 paid on Oct. 15, last; 90 cents paid on July 15,
last, and regular quarterly dividends of 60 cents per share previously.
In
addition, an extra dividend of 60 cents was paid on Oct. 15, 1935.—V. 143,
P. 2052.
taken by stock¬
above provided.
This cash or stock dividend is conditional upon
as
p.
America—Listing—
A total of 7,000 shares of stock of the
The following notice was sent to stockholders on Nov. 30 regarding the
payment of extra cash dividend and their option to receive it in 5)* %
143,
1935;
common
Greyhound Corp.—Notice of Dividend—
—V.
Dec. 2,
The directors
System—Arrears Paid Up—
tions
holders
40 cent .on
and 20 cents per share on
The New York Curb Exchange has approved the listing of 109,660 out¬
standing shares of class B common stock, $1 par.—V. 143, p. 3468.
x Before
depletion and before any provision for Federal surtax on undis¬
tributed profits.—V. 142, p. 2160.
preference stock available for
Co.—
30-Cent Extra Dividend—
The directors have declared an extra dividend of 30 cents per share on
the capital stock, par $10, payable Dec. 1 to holders of record Nov. 23.
[Including Cananea Consolidated Copper Co., S. A.]
Greenwich Water & Gas
3633
Chronicle
com¬
exchanged
$12,000,000 1st lien & ref. 5% mtge. gold bonds, series A, due March 1,
1953, to be redeemed at 103.
$6,000,000 1st lien & ref. 4)*% mtge. gold bonds, series D, due Nov. 1,
1978, to be redeemed at 101%.
$9,500,000 1st lien & ref. 4)*% mtge. gold bonds, series E, dud June 1,
1981, to be redeemed at 103
The price to the public, the names of the underwriters, the under¬
writing discounts or commissions, and the redemption provisions are to
be furnished by amendment to the registration statement.—V. 143, p. 2843.
Illinois Central
RR.—Earnings of System—
1935
1934
1933
$11,258,577
3,326,353
2.214.029
$9,717,804
2,752,567
1,923,703
$8,248,514
2,119,989
1,193,858
$8,627,442
2,720,734
1,905,514
93,495,968
80,414,539
Neb from railway..—.. 22,539,697
16,905,397
9.448,769
75,794,508
19,336,731
10,827,862
72.956.865
21,288,682
13,227,110
October— ,
Gross from railway—.
Net from railway
Net after rents
From Jan. 1—
Gross from railway..
Net after rents
1936
12.053,787
Financial
3634
1934
1933
8,312,297
2,235,901
1,607,955
$7,088,908
1,815,550
1,113,971
$7,302,105
2,189,470
1,602,251
70,137,441
14,374,495
8,800,576
66,022,733
16,807,399
10,303,840
63,253,966
18,128,817
12,287,208
151,474
1935
$497,104
179,714
132,667
1934
$421,209
124,821
82,644
1933
$421,030
136,548
75,470
Net from railway
4,934,774
1,803,261
4,341,792
1,376,483
4,080,370
1,213,626
3,967,982
1,299,497
Net after rents....
1,235,677
950,006
783,361
734,287
1935
1936
$9,592,883
2,716,877
1,843,116
Net after rents
From Jan. 1—
80,806,264
18,544,762
Gross from railway
Net from railway
Net after rents
10,234,148
—V. 143. p. 3468.
Illinois Terminal
Co.—Earnings1936
October—
$547,838
218,720
Gross from railway
Net from railway
Net after rents.
1—
From Jan.
Gross from railway
—V. 143, p. 2843.
Indiana Pipe Line
Co.—20-Cent Dividend—
have declared a
The directors
May 15, last, prior to which semi-annual
of 10 cents per share was
distributed on Nov. 15, 1933.—V. 143, p. 1882.
Ingersoll Rand Co.—New Chairman, &c.—
George Doubleday, President of this company,
of the Board, and Donald O.
elected President.—V. 142, p.
1935
$1,119,458
287,212
174,197
Net after rents
10,704,537
2,916,569
* 536,358
110,557
-
1,344,602
$969,381
239,624
108,531
From Jan. 1—
railway—10,037,366
Net from railway
1,604,216
Net after rents
—126,861
—V. 143, p. 2844.
Gross from
10,539,719
3,049,753
1,438,675
Interstate
hour to all factory
announced on Nov. 30.
principal works amounts to an additional 5 cents
At other works some differences in the
employees.
of adjustment were called for by local conditions,
McAllister, President of the company, explained:
"This wage increase is made in recognition of the present and
basis
Sydney G.
prospective
International Mercantile Marine Co.—New Official—
John M. Franklin, President of the company, announced the appoint¬
ment of Charles S. Hand, as Assistant to the President.
Mr. Hand has
been associated with the company for the past two years.—V. 142, p. 3680.
Years Ended June 30—
Combined profit from operations..
Counsel and solicitors fees, and salaries
tive officers incl. all salaried
of execu¬
299,760
directors
a
declared an extra dividend of 50 cents per share in
quarterly dividend of 623^ cents per snare on the common
(John) Irving Shoe Corp.—Common Dividend—•
dividend of 12H cents per share on the
2 to holders of record Nov. 30.
An
paid on Sept. 15, last.—V. 143, p. 1561.
The director^ have declared a
common
stock, par $1, payable Jan.
275,006
Supply Co.—Bonds Called—
Jamaica Water
announced that it will redeem on Jan. 1, 1937, all of its
gold bonds, series A, tnen outstanding. The
bonds will become payable on that date at par and accrued interest plus a
premium of 5%, at the office of City Bank Farmers Trust Co., 22 William
St., New York. At the option of the holders bonds will be redeemed at the
full redemption price if presented on and after Dec. 3, 1936.
The company
first mortgage 30-year 514 %
Will Issue 3 %s to Replace
maximum
5^s—
S. Commission has
of $5,745,000
authorized the company to issue
bonds, to be dated Sept. 1,
1st mtge. 3H%
1936, and to mature on Dec. 1, 1951.
The bonds are to be sold by Dec. 15
at not less than 104.998%
of par, to realize proceeds of not less than
$6,032,135.
The proceeds are to be applied to refunding by redemption on Jan. 1
at 105 and interest, all the outstanding
% bonds, consisting of $5,788,700
maturing on Jan. 1, 1955.
Balance Sheet
1936
1936
S
1,715,941
1,715,941
1,000,000
1,000,000
1,000,000
1,000,000
5,748,700
5,803,300
600,000
225,000
65,746
99,786
62,500
79,492
84,717
92,237
201,909
Pref. 7}4% cum..
Pref.S6 ser(no par)
xl ,055,236
792,815
1st
62,571
45,093
20,885
75,281
receiv¬
Accounts
able.
Material
and
...
Int. & divs. rec
Prepayments
Miscellaneous
30-year
mtge.
5}4 % gold bond
sup¬
plies
------
13,109
2,200
2,300
337,312
Suspense accounts
Notes payable
Accounts payable.
Consumers
as¬
sets
series A
306,158
depos.
Dividends declar'd
Taxes accrued
Interest accrued.
Balance
4,531,700
Profit
2,395,354
Other
income
;
2,463,897
--$24,023,757 $21,666,535
$1.65
$1.48
Net profit
Earnings
share on 14,324,088 shs. of com. stock
per
refining, manufacturing and sitributing
expenses, and income taxes amounting to $2,374,446 in year ended June 30,
1936, and $1,558,483 in year ended June 30, 1935.
b Includes $1,814,500
profit realized on sale of securities.
Consolidated Balance Sheet June 30
a
After charging all producing,
•
Preferred stock.
aLand.produc'g
wells,pipe lines,
bldgs., plant &
equipment
30,088,640
b Concessions,
rights,
Common
27,762,878
19,791,020
18,915,767
Cash
Bonds
presented
director
6,000
Crude oil and
507,094
payment
2,579,228
5,180,031
Materials & sup.
Def.
accts.
2,612,775
4,947,784
rec.
and
advances
3,234,534
eInvestments.. 45,568,242
The
6,280,633
plicable thereto
Approp. surplus
------
51,698,486
1,382,955
g4,867,863
59.672,800
for the
petition
2852.
Extra Common Div.—
Nov. 30 declared an extra dividend of $1 per share
quarterly dividend of 75 cents per share on the common
stock, no par value, both payable Dec. 24 to holders of record Dec, 11.
Dividends of 50 cents per share were paid on Sept. 24, July 15, April 15,
and Jan. 15 last, and 25 cents per share was distributed on Oct. 15 and
directors
in addition to
on
a
The latter payment was the first made on the common stock
16, 1932, when a dividend of 25 cents per share was also paid.
July 15,1935.
from 1927 to and including
321,413
dividends of 75 cents per share were paid
Oct. 15, 1931.
In addition, an extra dividend
24 last.
of 50 cents per share was paid on Sept.
50.1,546
Bonus to
Total
166,286,862 177,504,689
a After
depreciation and depletion,
b After amortization,
c After
d Since repaid,
e Investments (at cost): shares which have a
quoted market value (market value $18,671,170) $18,504,804; cum. pref.
shares which have no quoted market value (all pref. divs. paid and sinking
Provisions compiled with) $11,857,900; secured
vessel mortgages
$13,578,198; bonds, at cost, plus accrued interest (subject to pledge as
coll. security under guarantees—market value of $1,610,602) $1,594,739;
miscellaneous investments,
$32,602.
f Represented by 14,324,088 no par
Amount reserved under South American laws.—V. 143, p.3149.
International Rys. of Central America—Earnings—
Period End. Oct. 31—
Gross revenues
exps.
company
stay was granted in the U. S. Circuit Court of Appeals
Circuit by Federal Judge Martin T. Manton upon the
since Jan.
reserves,
Oper.
the
Prior to then regular quarterly
388,786
g
of
debentures
Johns-Manville Corp.—Larger &
The
1,312,379
51,275,013
166,286,862 177,504,689
shares,
Second
proport'n
of surplus ap¬
3,660,037
103,199
charges
Total
shares
Corp.
of Associated Gas & Electric interests.—V. 143, p.
Cap. stock held
by min. ints.
Special tr. funds,
dep. on con¬
tracts, «fec
Def. and prepaid
auctioning the 712,411
held as collateral for National Public
pending an appeal from the order of Federal
Judge Samuel Mandelbaum dismissing a 77-B petition for reorganization
The New York Trust Co. has been restrained from
-j
6,622,840
Earned surplus.
& miscl. loans
and registration.—V. 143, p. 3321.
of National Public Service Corp.
Reserve for fire,
and
re-
fined products
I
Listing & Registration
The New York Curb Exchange has admitted the common stock, no par.
to listing
Service
insurance
15,595,004
3469.
common
marine & other
7,760,789
p.
Jeannette Glass Co.—Admitted to
Jersey Central Power Co.—Auction of Common Stayed—
3,032,991
for
Accts. & notes
d Housing loan to
15,090,732 14,554.625
Total.....
$722,004 for fire protection from City of New York accrued
885,350
5,778,157
receivable
c
143,
Accts. and notes
Div. coupons not
devel.
&c_ 25,576,989
13,924,403
31,882,020
Includes
hydrant per annum to March 1, 1936 and at $40 per hydrant per
annum to Sept. 30, 1936.
Rate suspended by City of New York as of Jan.
1, 1934.
Payment offered at $18.50 per hydrant per annum or $304,096.
Offer rejected,
y Includes $722,004 segregation of earned surplus repre¬
senting hydrant rentals billed to City of New York for period from Jan. 1,
1934 to Sept. 30, 1936—in litigation.
The earnings for the 12 months ended Sept. 30 were published in V.
500,000
500,000
stock. 100,375,000 f100,375,000
payable
expenses,
x
at $45 per
$
Bank overdraft.
32,115,452
reven.
1935
$
Liabilities—
$
.
1936
1935
1936
Assets—
15,090,732 14,554,625
Total
332,966
316,376
Minority interests..
_
billed in advance
$24,340,133 $21,999,501
Total income
79,795
102,564
13,791
178,065
1,674,406
2,397,471
Consumers'
4,754,443
$20,033,780 $19,260,723
b4,306,353
2,738,778
-
62,500
124,837
79,045
100,195
Misc. unadj. cred.
14,220
Miscell. reserves-.
*230,427
Retirement reserve 1,761,023
Earned surplus
y2,533,657
$26,960,834 $26,479,063
...
Depreciation and depletion
Provision for amortization of concessions, &c
8
Common stock
157,876
Cash
1935
s
Liabilities—
13,409,458 13,163,152
Plant & property.
Sept. 30
1935
$
Assefs—
Subs.)—Earns.
1936
1935
$27,260,595 $26,754,069
•
Dividend-
The directors have
improvement in the company's business and of the current upward trend
in cost of living," said Mr. McAllister,
i "It becomes effective at once
throughout the United States and Canada. —V. 143, p. 759.
International Petroleum Co., Ltd. (&
Inc.—Increases
Mills,
stock, no par value.
The extra dividend will be paid on Dec. 15 to holders
of record Dec. 5 and the regular quarterly payment will be made on Feb.
15 to holders of record Feb. 1.
Previously regular quarterly dividends of 50 cents per share had been
distributed.—V. 143, p. 1233.
a
$5,500,000 in the payroll of the company in the
United States and Canada was
The increase at the
Hosiery
Extra Dividend—
The New York P.
International Harvester Co.—Wages Increase—
An increase of more than
which is engaged in the sale of a general line of home
on weekly conditional sales contracts through its 17 branches,
registration statement with the Securities and Exchange Com¬
mission covering 196,250 shares ($1 par) common stock.
The company
will receive the proceeds from the sale of 50,000 shares to be offered for its
account, the balance being acquired from certain present stockholders,
and according to the registration statement, these funds will be used for
the general development and expansion of sales outlets and the opening
of such branches as may be considered necessary to accomplish this purpose.
Brown Young & Co., Inc., is named as the principal underwriter.
The company was incorporated in Delaware on Nov. 18, 1936 for the
purposes of consolidating Interstate Furniture Co., Inc. (R. I.), originally
formed in 1924, Interstate Furniture Co. of Conn., and the A. L. Nichols
Co., Inc. (Mass.), which has been in existence for more than 65 years,
and has acquired all of the assets of these companies.
The articles which
the company sells are manufactured by others.
Combined net sales have increased from $1,230,420 in 1931 to $2,054,427
in 1935.
For the 10 months ended Oct. 31, 1936 net sales were $2,352,095,
and net income $469,287; for the 12 months ended Oct. 31, 1936, net sales
were
$2,690,564 and net income $528,575.
1933
1934
$1,191,620
347,999
199,005
9,656,626
1,746,616
1936
$1,182,385
266,803
October—
Gross from railway
Net from railway
a
company,
initial dividend of like amount was
International Great Northern RR.—Earnings—
an
The
has been elected Chairman
Keefe, Executive Vice-President, has been
3679.
Providence,
has filed a
addition to
In addition, an extra dividend of 20 cents was paid on Nov. 14, last;
an
extra of 5 cents on Nov. 15, 1935 and on Nov. 15, 1934 and an extra
Inc.
Co.,
1936
furnishings
dividends of 15 cents per share
distributed.
were
Equipment
5,
R. I .—Files With SEC—
dividend of 20 cents per share on the
capital stock, par $10, payable Dec. 17 to holders of record Dec. 4.
Semi-annual dividends of 20 cents per share were paid on Nov. 14 and
on
Home
Interstate
Earnings of Company Only
October—
Gross from railway
Net from railway
Dec.
Chronicle
1936—Month—1935
$294,126
$294,717
263,228
233,779
& taxes
1936—10 Mos.—1935
$4,223,770
$3,843,882
2,499,539
2,321,826
Employees—
meeting of the board of directors held on Nov. 30 approximately
pay was voted each employee in the company's service longer
than a year, and approximately a half week's pay to those in its service
more than six months but less than a year.
It does not apply to certain
At
a
a
week's
officers and employees operating on a profit sharing basis and there are
special regulations applying to certain sales personnel working on extra
compensation or commission plans.
It is to be paid Dec. 21, 1936.—
Y. 143, P. 2524.
Kansas City
Public Service Co.—Earning
Period End. Oct. 31—
1936—12 Mos.—1935
1936—Month—1935
$591,673
442,545
28,217
Operating income
Non-operating income—
$6,654,416
5,096,455
290,786
$6,203,362
4,954,696
354,657
$120,911
$86,493
$1,267,176
155
300
23,362
$894,009
4,121
$86,793
110,669
$1,290,538
1,328,229
$898,130
1,344,713
$11,075
Taxes
$551,075
433,628
30,953
$121,066
109,990
Operating revenues
Operating expenses
def$23,876
Income applic. tc fixed
-V.
charges
143, p. 3149.
$30,898
$60,938
$1,724,231
$1,522,056
International Vitamin Corp.—Larger Dividend—■
The
share
Dec. 5.
of
directors
on
Gross income
Deductions
on Nov. 20 declared a
quarterly dividend of 12^c. per
capital stock, par $1, payable Dec. 15 to holders of record
A dividend of 10c. was paid on Oct. 1,
last, and an initial dividend
Net income
—Y.
def$37,69l def$446,583
143, p. 2682.
the
10c. in addition to
July 1, last.—V. 143,
an
p.
extra dividend
3469.
<af 2Mc.
per
share was paid on
Kansas Electric Power
The company has
Co.—Bonds—
filed a declaration with the
Commission under the Utility Act
Securities and Exchange
covering the issuance of $5,000,000 first
Volume
bonds, series A, due
mortgage
1966.
Hearing
3635
Chronicle
Financial
143
declaration has been
on
scheduled
for Dec. 14.
The Commission has declared effective the declaration filed
We Will Purchase
by the com¬
in connection with the issue and sale by it of two 3% notes, one for
$500,000 and the other $300,000. The notes are to be issued to Middle
West Corp.—V. 143, p. 3470.
pany
Kansas Gas & Electric
La
Francisco Sugar Coll. Trust 6s,
due 1956
Buff., Roch. & Pitts. Ry. Cons. Reg'd 43^s, due 1957
Lehigh Valley R.R. Gen'l Reg'd 4s & 4J/2&t due 2003
Penna. & N. Y. Canal & R.R. Cons. 4s, 43^s & 5s
Co.—Earnings—
American Power & Light Co. Subsidiary
Period End. Oct. 31—
Operating revenues
Oper. exps., and taxes..
1936—12 Mos—1935
$5,767,568
$5,366,577
2,953,120
2,731,557
1936—Month—1935
$505,339
$456,312
251,034
248,339
Net revB. from oper-.
Other income
$254,305
Gross corp. income—_
Int. & other deductions.
$207,973
$2,814,448
599
14,175
13,737
$208,572
82,381
$2,828,623
990,309
y$172,114
y$126,191
appropriations
applicable to preferred stocks for
period, whether paid or unpaid
$1,838,314
A. T. & T.
$1,660,599
600,000
$254,765
82,651
Balance.
600,000
reserve
Balance
$539,815
October—
1936
Gross from railway
Net from railway
Net from railway
Net after rents-..
Profit
Non-operating income
Interest
Interest
1933
1934
$195,192
94,881
61,949
$159,608
59,095
30,939
$183,034
90,886
55,654
2,053,081
1,068,534
654,356
From Jan. 1—
Gross from railway
1,623,865
696,910
1,584,290
748,900
440,206
1,513,168
735,337
418,248
405,720
common
a
dividend of 25 cents per share on
stock, payable Dec. 15 to holders of record Nov. 30.
The common
recently split on a three for one basis—three new shares being
Lake
paid
Inc.—-Extra and Larger
Lake
1935
1934
an extra dividend of 25 cents per share in
37 34 cents per share on the
stock, par $25, both payable Dec. 28 to holders of record Dec. 21.
—V. 143, p. 1885.
The directors have declared
1933
$1,199,445
1,147,107
$1.05
$1,203,439
1,110,068
$1.08
$723,561
1,125,592
$0.64
Lautaro Nitrate Co., Ltd.—Plan Confirmed—Time for
Deposit of Bonds Extended—
The company announced Dec. 1 that the plan for the readjustment of the
financial structure of the company was confirmed by the High Court of
Justice in England on Nov.
been extended to Jan. 31.
distributed earnings for the year of these subsidiaries.
If this amount were
added the aggregate net profit for year ended Sept. 30, 1936, would be
$1,689,086 against $1,249,448, on a similar basis, for previous year.—V.143,
p. 3321.
Lehigh Coal & Navigation Co.—Special Dividend—
special dividend of 30 cents per share on
24 to holders of record
paid on Nov. 30
and May 29, last, and on Nov. 30,1935, as against 25 cents paid on May 31,
1935, Nov. 30 and May 30, 1934; 20 cents paid on Nov. 29, 1933, and 10
cents distributed on May 31 and Feb. 28, 1933.—V. 143, p. 3151.
The earnings statement appearing under Kelsey-Hayes Wheel Co. in
"Chronicle" of Nov. 28, 1936, pertain to this company.—V. 143, p. 3470,
5,012
541
Taxes
Interest & amortization-
1,886
2,176
Balance$3,490
Appropriations for retirement reserve
Preferred dividend requirements
Deficit for
common
$12,040
5,341
1,127
1,369
1,967
$147,890
59,160
8,393
18,462
26,509
$2,234
$35,363
20,000
24,374
$22,082
20,000
24,500
$9,010
$22,417
dividends and surplus
From Jan.
Gross from railway
Net from railway
Net after rents
—V.143,
1,209,228
400,432
162,713
Earnings—
P.
1934
1935
1933
$366,387
107,872
78,365
$318,965
81,322
71,170
$301,085
55,966
$259,717
58,945
53,293
3,293,032
861,392
650,776
2,908,499
745,084
738,891
2,946,011
733,395
658,063
2,522,459
609,330
570,672
-
$62,995
2846.
Lehigh Portland Cement Co.—Special Dividend—
The directors have declared a special dividend of $1 per share on the
common stock, par $25, payable Dec. 21 to holders of record Dec. 10.
A
quarterly dividend of 25 cents in addition to an extra dividend of 50 cents
per share was paid on Nov. 2, last.
(G. R.) Kinney Co., Inc.—Listing—
The New York Stock Exchange has authorized the listing of $650,000
15-year convertible secured gold coupon notes, extended at 5J4% to Dec.
1, 1941, on official notice of Issuance, upon stamping of outstanding notes.
The New York Stock Exchange has received notice from the company
that funds are available to effect payment of the notes.
However, an
The company paid a quarterly dividend of 25 cents per share on Aug. 1,
last, this latter being the first payment made on the $25 par stock, the last
previous distribution on the common stock was the 25-cent dividend paid
on May 1, 1931, on the $50-par stock.—V. 143, p. 2525.
offer has been granted to holders of the notes to extend the same from
Dec. 1, 1936 to Dec. 1, 1941 at 5H%. This offer has not been terminated
and will continue in effect for an indefinite period.
Lehman
The
In view of the above, the Committee on Stock List, at its
meeting held
Nov. 30, determined that it would not suspend the notes on Dec. 1, 1936.
but would permit the same to remain on the list pending the listing and
Corp.—Special Dividend—
have declared a special dividend of $1.50 per share in
the regular quarterly dividend of 75 cents per share on the
directors
addition
i
Dec. 12 to holders of record Dec. 5. The stock was recently split on a twoAn initial dividend of 25 cents and an extra of like amount
1,212,908
346,055
119,135
1936
Gross from railway
July 16, 1934.
This latter dividend was the first paid on the issue since
Feb. 1, 1931, when a semi-annual dividend of 75 cents per share was paid
on the old $25 par stock.—V. 143, p. 1561.
(S. H.) Kress & Co .—Extra Dividend—
1,255,232
415,585
173,098
2846.
Net from railway
Net after rents
From Jan. 1—
on Nov. 27 declared an extra dividend of $2.50
per share
dividend of $1 per share for $3.50 per share) on the common stock
(par $16.66 2-3) bothfpayable Dec. 15 to holders of record Dec. 5.
Divs.
of $1 were paid on July 10, last, Dec. 20, July 10, and Jan. 15, 1935 and on
The directors on Nov. 27 declared an extra dividend of 50 cents per share
the new and larger amount of common shares now outstanding, payable
p.
October—
a
on
$120,390
35,588
12,408
Lehigh & New England RR.-
Keystone Watch Case Corp.—Extra Dividend—
3470.
$119,537
31,542
8,676
1-—
Gross from railway
143,
1933
$141,807
52,882
25,575
1,297,977
397,706
146,057
—
Net from railway
Net after rents
—V.
1934
1935
1936
Net from railway
Net after rents-—-
The directors
p.
a
value, payable Dec.
$147,606
62,946
34,240
Gross from railway
$151,167
69,349
19,516
16,234
23,984
registration of the extended notes.—Y. 143,
par
October—
1936—12 Mos.—1935
—V. 143, p.3321.
and
no
A regular semi-annual dividend of 15 cents was
Lehigh & Hudson River Ry.—Earnings—
Key West Electric Co.—Earnings—
Operation
stock,
common
Dec. 5.
2682.
Maintenance
30, 1937. The time for the deposit of bonds has
1937.—V. 143, p. 3151.
The directors have declared
the
Kentucky Utilities Co.—Correction—
$13,105
Superior District Power Co.—Listing Approved—
common
1936
1936—Month—1935
1,710,930
1,008,180
759.162
addition to the regular quarterly dividend of
The above net profit of $1,552,163 includes dividends from subsidiaries
but does not include $136,923 of the corporation's proportion of the un¬
Per. End. Oct. 31—
1,351,070
555,161
350,384
Landers, Frary & Clark Co.—Extra Dividend—
$1,552,163
1,159,331
Gross earnings
2,039,429
1,127,539
836,730
approved the listing of $5,600,000
outstanding principal amount 1st mortgage bonds, series A, 33^ %, due
Oct. 1, 1966.—V. 143, p. 2846.
(& Subs.)—Earnings—
share
per
1933
$349,976
237,157
190,195
The New York Curb Exchange has
3470, 2845.
$1.34
stock (no par)
1934
$163,275
74,310
51,902
—V. 143, P. 2846.
Kelsey-Hayes Wheel Co.—Correction—
charges
Earnings—
1935
$425,216
306,628
250,404
2,676,565
1,649,201
1,216,043
Net from railway
Net after rents
The earnings statement appearing under this co.'s head in "Chronicle"
of Nov. 28,1936, pertain to Kentucky Utilities Co.—V. 143, p.
Kelvinator Corp.
1936
$417,775
294,719
232,853
From Jan. 1—
Gross from railway
a
Years End. Sept. 20—
Net profit after taxes and
Superior & Ishpeming RR.-
Net from railway
Net after rents
have declared an extra dividend of $1.25 per share in
quarterly dividend of 40 cents per share on the common stock,
no par value.
The extra dividend will be paid on Dec. 15 to holders of
record Dec. 4 and the quarterly dividend is payable Jan. 11 to holders of
record Jan. 8.
Regular quarterly dividends of 25 cents per share were paid from Jan. 28,
1936 to Oct. 28, last, inclusive, nad dividends of 20 cents per share were
paid on Dec. 16, April 27 and Jan. 28, 1935, on July 28 and Jan. 27, 1934,
and on Aug. 15, 1933—V. 142, p. 3857.
Earnings
Cr7,537
183,678
13,097
$87,662
-
October—
Gross from railway.
directors
com.
—
$2,052,592
1,944,497
6,520
charge to earned surplus.
A stay order has been obtained against the
Commission order, but if the Commission order is sustained the refunds wil
decrease the operating revenue and increase the net loss as shown in the
above statement by approximately $323,700.—V. 143, p. 1082.
the new
Common Dividend—
Shs.
unfunded debt
Net loss
was
Kaufmann Department Stores,
The
funded debt
Note—Provision for possible refunds to consumers under rate reduction
of the Missouri Public Service Commission has been made by a
Co.—25-Cent Dividend—
issued for each old share held.
Dividends of 75 cents per share were
each three months on the old stock.—V. 143, p. 3321.
addition to
-
on
order
The directors nave declared
stock
-
on
789,777
$1,636,399
416,192
Interest charged to construction
Amortization of debt discount and expense
Taxes on interest and other charges
—V. 143, p. 2844.
Katz Drug
380,232
499,460
—
Gross income
$213,711
107,030
64,235
Net after rents
-
Taxes, exclusive of income taxes
Ry.—Earnings—
1935
$6,892,755
3,586,886
-
Provision for retirements
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. 2844.
y
Kansas Oklahoma & Gulf
Co.—Earnings—
Earnings for the 12 Months Ended Sept. 30, 1936
Operating revenues
Operating expenses
Maintenance
520,784
$717,530
Philadelphia
Laclede Gas Light
Dividends
520,784
Teletype—Phila. 22
1528 Walnut St.
$2,648,757
988,158
Property retirement
z
YARNALL & CO.
$2,635,020
460
France Textile Industries 1st 6s, due 1942
to
capital stock, both payable Jan. 8 to holders of record Dec. 24.
A special
dividend of $1 was paid on Oct. 9 and on July 10 last, and an extra idvidend
of 25 cents per share was distributed on April 5, 1935.
In declaring the current dividends, th8 directors stated that the special
dividend was declared in view of the provisions of the Revenue Act of
1936 impsosing a tax on undistributed profits.
The company also calls attention to the fact that its fiscal and taxable
year enas June 30, 1937.—V. 143, p. 2846.
for-one basis.
paid on Nov. 2, last.
Dividends paid on the common stock before the two-for-one split follow:
50 cents regular and 50 cents extra on Aug. 1, last; regular quarterly divi¬
dends of 25 cents per share paid from Feb. 1,1927, to and including May 1,
1936; extra dividends of 50 cents payable in special 6% preferred stock,
par $10, paid each May and November from 1931 to May 1, 1936, incl.,
in August and November of 1930, and in November of 1929,1928 and
1927;
extra cash dividends of $1 per share paid on Dec. 10,1935, and an extra cash
dividend of 50 cents per share paid on Dec. 20, 1934.—V. 143, p. 3150.
was
(G.) Krueger Brewing Co.—Stock Increase Voted—
Stockholders have voted to authorize an increase in the company's
capital stock to 250,000 from 200,000 common shares.—V. 143, p. 1885.
Lake Shore Gas Co .—Merger—
See Associated Gas & Electric
Co., above.—V. 137,
p.
865.
Lerner Stores
Corp.—Listing—
listing of 40,000 addi¬
(no par), on official notice of issuance in
pref. stock (convertible until Feb. 1, 1942),
making a total of 440,000 shares applied for.
The directors, Oct. 29, 1936, proposed the Issuance and sale of 32,000
shares of 4H% cum. pref. stock (convertible until Feb. 1, 1942) proceeds
to be used to retire outstanding shares of 6 H % cum. pref. stock, to reim¬
burse the corporation for expenditures made and to provide additional
working capital.
Holders of the old preferred stock, which is to be called for redemption,
will be offered the privilege of exchanging their stock for an equal number
of shares of 4
% convertible preferred stock at the public offering price
of $104 per share, the difference between such public offering price and
the redemption price of the old preferred stock to be paid in cash by the
corporation to the holders of the old preferred stock, making such exchange
The New York Stock Exchange has authorized the
tional shares of common stock
conversion
of 4H%
cum.
Financial
3636
The corporation will receive par from the sale of
vertible preferred stock.
Stockholders on Nov.
the shares of 4 H % con¬
23, 1936, plan to amend
Loft, Inc.—Option Agreement Modified—
option agree¬
9, 1936 entered into by this company and Phoenix Secur¬
Corp., providing for the purchase of all or any part of 300,000 shares
of the authorized but unissued capital stock of Loft, Inc., by Phoenix
Securities Corp. at any time, or from time to time, prior to, but not after
5p.m. June 9, 1939, has been modified so as to permit the exercise of each
portion of said option throughout a period of five months beyond the respec¬
tive dates specified in said option agreement.—V. 143, p. 3151.
July 31, 1936
Net
income
after
depreciation,
amortization of leasehold
^ improvements, Federal income taxes, but before surtax on
per
ities
$1,117,319
$2.67
profits
share on 400,000 shares common
stock—-
Consolidated Balance Sheet
■
•
July 31 '36 Jan. 31 '36
§2,252,870 $1,943,740
4,779
2,519
Assets—
Cash
Rents recelv. (net)
1936
ment dated June
Earnings for 6 Months Ended
undistributed
5,
The New York Stock Exchange has been notified that the
the company's charter.
Earnings
Dec.
Chronicle
Liabilities—
Earnings for 3 Months Ended Sept. 30,1936
less discount
$361,575
296,610
13,148
2,499,932
108,187
3,941,409
188,129
43,617
Mdse. inventories. 2,335,107
Other assets
291,378
Fixed assets (net). 4,157,086
Deferred charges.
317,864
notes receivable.
.
$421,593
230,204
107,474
89,968
93,555
9,984
121,106
141,484
14,200
40,900
84,000
84,000
423,502
Accrd. sal. & exps.
Miscell. accts. and
Loomis-Sayles Second Fund, Inc.—Earnings—
July 31 '36 Jan. 31 '36
Accts. pay., trade,
442,203
Income—Dividends
Interest
•
$18,101
1,713
-
bonds
on
Accrd. taxes, other
than Fed.income
Other
and
accts.
Customers' deps. &
unred.
credits.
-
Custodian and transfer agent fees and expenses
Miscellaneous
_
$19,814
5,803
1,578
1,032
2,966
Total income
Management fee—
payable.
notes
expenses
Provision for Federal capital
stock and Mass. excise taxes
Mtge. instalments,
due within year.
Mtges.pay.,
past
Res. for Fed. taxes
Total
and conting
Accts. pay., not due
within year
9,000
905,250
20,844
1,431,600
Deferred Income
Preferred stock
10,000
907,600
26,130
1,436,600
Com. stk. (400,000
700,000
shares)
570,134
4,261,589
Capital surplus
Earned
surplus
Total..
$9,400,443 $8,699,326
700,000
570,621
3,588,034
profits
over expenses
and divs.
$39,711
paid for the period
basis of market quotations for
5-Cent Dividend
on
New Stock—
of five cents per share on the
stock, payable Dec. 10 to holders of record Dec. 8.
The stock was recently split on a three-for-one basis—three new $1 par
shares being issued for each old $3 par share.
)
The company paid quarterly dividends of 15 cents per share on the
old common stock.—V. 143, p. 3151.
Liquidating value per share, on the basis of market quotations
for the securities and after giving effect to State taxes on
unrealized profits, was
Balance Sheet, Sept. 30,
par common
Liabilities—
$2,522,900 Dividend payable—
192,426 Provision for Federal and
State taxes.--—————
Cash on deposit for dlv. pay.
17,932
Dividends
receivable
7,421 Capital stock (par $10)
Accrued interest receivable.
1,962
Total
$2,742,640 Total
-
Libby McNeill & Libby—Listing—
—
listing of 208,136
notice of issuance,
applied for 2,289,496 shares.
This is the maximum
number of shares to be issued to common shareholders of record Nov. 27,
1936 in connection with options given to common shareholders to take
common stock instead of cash dividends (see V. 143, p. 3151.)
Stock Exchange has authorized the
on official
New York
making the total amount
468,945
622,565
$2,560,607
142,578
Producing Co.—Registers with SEC-
Louisville & Nashville
—
1936
1935
$2,132,071
360,673
railwayI
$2,019,955
668,502
273,331
$1,983,898
584,581
defll0,208
def92,171
174,969
21,404,998
5,277,945
868,563
Net after rents
20,022,668
20,478,299
5,881,004
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
_
Net fromrailway
4,677,789
524,484
Lowell
1933
®r>"-1934
$1,895,097
333,385
1933
$6,044,382
1,311,708
1,061,151
61,949,287
14,410,231
11,033,740
58.248.949
13,729,405
10.472.950
55,052,434
13,237,222
9,943,847
—V. 143, p. 3471.
Earnings for October and Year to Date
October—
—
Gross from railway
Net after rents..
is^expected in the near future.
Gross from railway.
1934
$6,087,481
1,497,732
1,212,573
From Jan. 1—
is reported to be negotiating with Kuhn, Loeb & Co.
issue of $10,000,000 or more ref. mtge. bonds, public offering of which
company
Net from
1935
$7,192,974
1,800,395
1,468,684
73,820,060
20,192,713
15,592,920
_
Net after rents
on an
RR.—Earnings—-
1936
$8,773,696
2,853,582
2,150,463
October—
Gross from railway
Net from railway
$10,000,000 Bonds—
$2,703,185
given on first page of this department.
See list
Interstate Co nmerce
Long Island RR.—May Issue
39,711
equity as of Sept. 30, 1936, per bal. sheet
Total capital stock
-V. 143, p. 2376.
Louisiana Oil
The
$1,938,042
$1,808,997
102,867
first page of this department.
Cotmnission on Nov. 20 issued a certificate
permitting abandonment by the company of part of its line of railroad ex¬
tending from a connection with tracks of the Maine Central at the south end
of Rockland, in a northerly direction to Tillson Wharf and Crockett's
Point, 1.53 miles, all in Knox County, Me.—V. 129, p. 956.
Together
$1,340,052
$597,990
153,620
RR.—Abandonment—
Rock
S2.742.64
outstand'g Sept. 30, '36 75,161
$751,610
Surplus—Balance June 30, 1936
Excess of income and realized profits over expenses
and dividends paid for the three months ended
Sept. 30, 1936, as per attached
with SEC—
(The) Lima Cord Sole & Heel Co.—Registers
See list given on
Capital
Surplus
Value
Shares
Capital stock & cap. surplus:
Balance outstand'g June 30,'36 59,799
Shares issued during the three
months' period ended Sept.
30, 1936 (net)--—
15,362
Bal.
additional shares of common stock, no par,
21,523
2,703,185
Capital Stock Equity
Chrysler Order—
$1,500,000 order from the Chrysler Corp. for
5,000,000 square feet of safety glass to be made over a period of 30 weeks.
It will be made in Libbey's newly equipped plant at Ottawa, 111., which
was acquired several years ago from General Morors Corp.—V. 143, p. 2846.
Lime
$17,932
_
Par
Libbey-O wens-Ford Glass Co.—Receives
Company has received a
The
$41.54
1936
Cash in bank
,
The
$41.73
—
jLSS6tS"~~mm
s, Inc.—To Pay
directors have declared a dividend
$1
Excess of income and realized
Net asset value per share, on the
for the securities was
Securities at cost
Lessing
The
101
year)
17,932
$9,400,443 $8,699,326
-V. 143, p. 3470.
new
$57,744
r
Provision for Federal income tax (prior
Dividend paid
Real estate mtges.
Total
securities sold
Net profit on
due...
$8,435
49,309
Excess of income from divs. and interest over expenses
20,405,393
7,195,587
3,355,610
1,826,990
Bleachery,
Charles C. Hoyt,
Inc.—Annual Report—
President, states in part:
By a resolution adopted at a special meeting of stockholders held Sept. 29,
1933, the directors were authorized to make distributions to stockholders,
from time to time and in their discretion, of capital assets no longer needed
in the conduct of the business.
Since the last annual meeting and under
authority three such payments aggregating
this
$8 per share have been
on account of capital to common stockholders, namely $3 per share
Dec. 20, 1935, $2 per share on May 7, 1936 and $3 per share on Oct. 9,
1936.
Owing to the present uncertainty as the applicability of the un¬
made
on
—V. 143, p. 2847.
(which became effective as to company on Oct. 1,
1936) directors feel that, irrespective of the financial condition of company,
distributed profits tax
Loomis-Sayles Mutual Fund, Inc.—EarningsEarnings for 9 Months Ended Sept. 30, 1936
$55,569
2,403
ncome—Dividends
on bonds
Interest
it may be advisable to defer any further distribution of the time being.
The St. Louis bleachery for the 12 months ended Sept. 30, 1936, showed
net income after
depreciation charges of $153,866.
This amount compares
$148,018 in 1934.
After deducting administrative
with $63,171 in 1935 and
Total income
$57,972
19,160
2,448
1,286
15,340
.
Management fee
Custodian and transfer agent fees
Miscellaneous
and expenses
expenses
Provision for Federal capital stock
and Mass. excise taxes.
Excess of income from divs. and interest over expenses-.
$19,738
366,981
.
Net profit on securities sold
Total
$386,719
831
Provision for Federal income tax (prior year)
64,944
Dividends paid
Excess of inco
ne
and realized profits over expenses
on
deposit for dlv. payreceivable
cost
net
Prop,
Stated
Shares
Value
Together
Capital stock & cap. surplus:
22,935
$573,375
$847,215
$1,420,590
Treasury shares re-issued dur¬
ing the nine months ended
Sept. 30, 1936 (net)
795
19,875
61,568
81,443
23,730
$593,250
$908,783
$231,992
$1,502,033
320,943
552,936
a
Surplus—Balance, Dec. 31, 1935
statement attached
407,797
6,092
10,133
—V. 143. p. 1886, 1404; V. 142, p. 4024.
$738,247
$740,435
Total
in excess of cost, net after provision for deprecia¬
141, p. 3865.
Macassa Mines,
Ltd.—Earnings—
Net inc. after deprec. but before
Shares outstanding
1936
depl-
Earnings per share
Mack
quotations
$119.79
The liquidating value per share, on the basis of market quotatations for the securities and after giving effect to State taxes
unrealized profits, was
$738,247
(par
$253,961
2,678,068
$0.09
1935
$174,607
2,628,068
$0.07
1934
$253,749
2.628,068
$0.10
—V. 142, p. 1992.
$2,054,969
on
$740,435
2,549
reserves
30,000
419,600
6,092
12,384
_
Trucks, Inc.—Year-End Dividend—
stock, no par value, both payable Dec. 24 to
Dec. 14.—V. 143, p. 3003.
common
Maclou
The
$118.71
dividend of 50 cents per share
quarterly dividend of 25 cents per share on the
The directors on Dec. 3 declared a year-end
in addition to the regular
The net asset value per share, on the basis of market
for the securities, was
1,677,821
1,241,561
year
Other
Lowell,
At St. Louis, Mo., not
tion.—V.
243,100
on
72
6 Months Ended Sept. 30—
Excess of income and realized profits over expenses
and dividends paid for nine months ended Sept.
as per
57,523
53,689
72
Total
Capital
Surplus
Balance outstand'g Dec. 31, '35
30,1936,
79,643
70,127
accts.
Investments
at
244,600
Paid-in surplus..- 1,571,532
Earn, surpl. (def.) 1,154,602
loss
leases
$10)
prov.
Plant & equip.
19,267
on
leases for
for
Common stk.
Mass., less res..
Prepaid items
Capital Stock Equity as of Sept. 30,1936
—Capital Stock—
Total
207
Mortgages receiv.
Represented by 23,730 no par shares.
Statement of
4,166
57
rec.
Inventories
$2,113,227
Total.
4,533
loss
ensuing fiscal yr.
prop,
4,166
for dubt.
8,250
for
be¬
yond ensuing fls-
at
on seo..
after
10,383
Res.
Prov.
(market $4,-
34,568
x2,054,969
a
x
notes
$8,539
20,282
Accrued Items
prop,
25,109
short-
020)
and
140
$2,113,227
Total
67,370
cost
$23,690
-
$90,879
69,217
1935
$24,568
39,419
Accounts payable.
U. S. Govt. sec. at
Municipal
1936
Liabilities—
1935
$64,286
&
hand
Accts. & notes
$1,966,394 Dividend payable
119,442 Provision for Federal
State xt axes
23,690
3,661 Capital.stock
Accrued interest receivable--*
banks
Acer. int.
Liabilities—
Cash la bank
in
Savings bank dep.
$320,943
Securities at cost
Cash
Comparative Balance Sheet Sept. 30
1936
Assets—
term
Balance Sheet, Sept. 30, 1936
*1 sects
earnings of the company were $92,014.
Cash
and divs.
paid for the period
Dividends
net
on
-
-
loss realized on mortgage notes after foreclosure sales at public
auction of the Lowell real estate securing said notes and reserves for Federal
and Missouri income taxes, and after adding miscellaneous income, the
expenses,
holders of record
Corp.—Withdrawal of Registration Statement—
Securities
and
Exchange
request of the
the withdrawal of the
Commission, upon the
registrant received on Nov. 9, 1936, has consented to
registration statement.—V. 143, p. 2058.
Volume
Financial
143
Majestic Radio & Television Corp.—Listing—
The New York Curb Exchange has approved the listing of 350,000
outstanding shares of capital stock, $1 par, and will list 200,000 additional
shares of capital stock, $1 par, upon notice of issuance.—V. 143, p. 3004.
Manhattan Railway—Interest
4% Gold Bonds—
The court has entered
on
an
on
Consolidated Mortgage
order for payment of the
Oct. 1, 1936 Interest
the consolidated bonds.
In this order (as in prior orders for payment
the consolidated bonds and taxes on tne Manhattan properties)
the court has reserved for future determination the question of what funds
of interest
3637
Chronicle
Dayton Keith, Frederick J. Curry, Walter J. Sugden, Charles S. Tuttle
for the protection
and Charles "VV. Weston are members of the committee
of holders of first mortgage bonds sold through American
Co., Inc.
Benjamin L.
Bond & Mortgage
Frederick Hodgdon and John "Watson "Wilder are
members of tne committee for the protection of tne holders of general
mortgage 7% sinking fund gold bonds.
I. J. Berkson, Harry Steiner and H. Coen, are members of the com¬
mittee for the protection of the holders of convertible preference stock.—
V.139, p.1407.
Dall,
on
Maryland Fund, Inc.—Extra Cash Div.—Stock Div.—
The
directors
Nov.
announced
24
the
of the
declaration
regular
property shall eventually be charged with such payment, and whether
payment shall be made a charge on the earnings or properties of
Manhattan Ry. prior to the lien of the consolidated mortgage.
As of
Dec. 31, 1936, unpaid real estate and special franchise taxes on the Man¬
quarterly distribution of five cents per share in cash, an extra of 7 H cents
in cash and an additional distribution in stock of 3%, the latter having
hattan
the total distribution which will be
or
such
properties,
$6,180,000.
with
interest
and
penalties,
Funds for the payment of the Oct. 1,
bonds
deposited with
aggregate approximately
consolidated
hand of
1936 interest on the
the protective committee are now in the
Central Hanover Bank &
Co., New York, depositary.
Holders of
certificates of deposit may obtain payment of interest upon presentation
of their certificates to the depositary for appropriate stamping, accompanied
by ownership certificates in accordance \ ith Federal income tax law.
The Committee on Securities of the New York Stock Exchange rules that
Trust
the bonds be quoted ex-interest 2% on Nov. 30, 1936; that the
continue to be dealt in "flat" and to be a delivery in settlement
bonds shall
of transac¬
a
on
cash value at the close, Nov.
23, 1936, of approximately 31 cents.
Thus,
made on Dec. 15, to holders of record
Nov. 30 will be equivalent to 43cents per share.
This distribution will be made against approximately
1,110,000 shares
outstanding.
}/* cents per share in addition to a quarterly dividend
of 5 cents per share was paid on Sept. 15, last.
A stock dividend of 100% was paid on July 20, last.
Regular quarterly
dividends of 10 cents per share were previously distributed on the smaller
amount of stock then outstanding.
In addition an extra dividend of 10
cents was paid on March 15, last, and extra dividends of 5 cents per share
were distributed in each of the first three quarters of 1935.
An extra dividend of 2
3% was paid on June 15, last, Dec.
tions made beginning that date must carry the April 1,1937, and subsequent
coupons.
The Committee further rules that the certificates of deposit be
quoted ex-interest 2% on Nov. 30, 1936; that they shall continue to be dealt
in "flat" and to be a delivery in settlement of transactions made beginning
that date must be stamped to indicate payment of the Oct. 1, 1936, interest.
—V. 143, p. 3323.
com.
15 and June 15,
1935.—V. 143, p. 1888.
A stock dividend of
Master Electric Co.—Extra Dividend—•
The directors have declared
directors
have
declared
a
dividend
of 25
cents
per
share on the
value, payable Jan. 9 to holders of record Dec. 19.
A similar payment was made on Oct. 10 and April 10, last, Oct. 10 and on
April 20, 1935, this latter being the first dividend paid since Jan. 10, 1933,
when a regular quarterly payment of 25 cents per share was made.—
V. 143, p. 1564.
stock, no
par
Market Street Ry. Co.
Net oper. rev. (before approp. for retire, res.)-..
Other income
Net
operating revenue & other income
appropriation for retirement reserve)
Appropriation for retirement reserve
Interest charges
Amortization of debt discount and expense
Other income deductions
Net income
1935
$7,525,184
6,242,856
$7,354,480
6,280,742
$1,282,328
$1,073,738
7,817
maintenance and all taxes
7,951
$1,290,145
500,000
484,594
24,937
$1,081,688
476,911
502,265
26,756
(before
4,614
5,640
$276,000
$70,115
—V. 143, p. 2848.
Marks Bros. Theatres
The directors have declared a dividend of 50 cents per
mon
stock, no
par
value, payable Dec. 21 to holders
Inc.—Reorganization Plan—
The plan of reorganization, dated Oct. 18, 1935, as amended, was con¬
firmed by order of the U. S. District Court at Chicago on June 4, 1936.
Thereafter pursuant to orders of Court action was taken to carry out the
provisions of the plan and the new corporations, Midcity Theatres, Inc.,
Marbro Corp., Granada Corp. and Broadway Strand Corp. have taken title
to the properties of the debtor pursuant to the plan and all of the new
securities and cash payments distributable under the plan are available for
distribution.
23, 1936, an order was entered by the Court directing the dis¬
tribution of such securities and cash and the manner of making such dis¬
tribution. Pursuant to said order distribution will be made in the following
On Oct.
manner:
(a) Holders of certificates of deposit of Marbro Theatre & Commercial
Bldg. 6h% 1st mtge. bonds (issued by Paradise Theatre, Inc.) Marks
Bros. Theatres, Inc., 6K % 1st mtge. bonds (.referred to Old Granada bonds)
and Broadway Strand Bldg. Corp.,
% 1st mtge. bonds for which claims
were filed by the first mortgage bondholders committee may obtain in
exchange therefor new first mortgage bonds secured by the respective pro¬
perties securing the respective old bonds by surrendering for exchange such
certificates of deposit to the depositary which has issued such certificates.
Holders of such certificates of deposit who have filed separate claims therefor
must procure from the respective depositary issuing such certificates the
old bonds in respect of which such certificates were issued and surrender
them for exchange in the manner provided in paragraph (b).
(b) Holders of old Marbro bonds, old Granada bonds and old Broadway
Strand bonus or holders of receipts issued therefor by Charles A. McDonald,
as Special Master, may obtain in exchange therefor new first mortgage
bonds secured by the respective properties securing the respective old bonds
by surrendering for exchange such bonds or receipts to American National
Bank & Trust Co., Chicago, as trustee.
(c) Before being entitled to receive any new first mortgage bonds, the
holders of old Marbro bonds, or old Broadway Strand bonds or certificates
of deposit or receipts issued in respect thereto must surrender therewith all
appurtenant interest coupons matured or maturing, in the case of old Marbro
bonds and old Broadway Strand bonds, on and after Jan. 20, 1933, and,
in the case of old Granada bonds, on and after Oct. 20, 1932, unless such
holders shall provide proper indemnity on account of such coupons not
Mengel Co.—Files with SEC—
covering $2,500,000 first mortgage convertible sinking fund
of 5% convertible cumulative first preferred stock
shares
Holders of certificates of deposit for general mortgage bonds for
a claim was filed by the general
mortgage bondholders committe
obtain in exchange therefor the sum of $7.50 in cash and one share of
preferred stock of Midcity Theatres, Inc., for each $100 of face value of
general mortgage bonds in respect of wnich such certificates of deposit have
been issued by surrendering for exchange such certificates of deposit to the
depositary which has issued such certificates. Holders of such certificates of
deposit who have filed separate claims therefor must procure from the
depositary issuing such certificates the bonds in respect of which sucn cer¬
tificates were issued and surrender them for exchange as set forth in para¬
graph (c).
(e) Holders of general mortgage bonds who have filed claims with respect
thereto or holders of receipts issued therefor by Charles A. McDonald, as
Special Master, may obtain in exchange therefor the sum of $7.50 in casn
and one share of preferred stock of Midcity Theatres, Inc., for each $100
of general mortgage bonds by surrendering for exchange such bonds jor
receipts to Midcity Theatres, inc., 175 North State St., Chicago. Holders
of undeposited general mortgage bonds who have not filed claims with
respect thereto may obtain the cash and preferred stock by surrendering
the same for exchange to Harold G. McKey, as successor trustee, at 38
South Dearborn St., Chicago.
(f) Before being entitled to receive any cash or preferred stock of Midcity
Theatres, Inc., the holders of general mortgage bonds or certificates of
deposit or receipts issued in respect thereto must surrender with the bonds or
certificates of deposit or receipts issued in respect thereto all appurtenant
interest coupons matured or maturing on and after Oct. 20, 1932, unless
such holders shall provide indemnity on account of such coupons not
(d)
which
may
surrendered.
Holders of receipts of the preferred stockholders committee for con¬
vertible preference stock certificates of Marks Bros. Theatres, Inc., may
obtain in exchange therefor the sum of $2 in cash for each share of con¬
vertible preference stock in respect of which such receipts have been issued
by surrendering for exchange such receipts to the committee.
(h) Holders of filed claims in respect of convertible preference stock of
Marks Bros. Theatres, Inc., or holders of receipts issued therefor by Charles
A. McDonald, as Special Master, may obtain in exchange therefor $2 in
casn for each share of stock by surrendering for exchange such stock cer¬
tificates or receipts to Midcity Theatres, Inc., 175 North State St., Chicago.
Pursuant to tne order, dated Oct. 23, 1936, the holder of any bonds or
convertible preference stock certificates not on deposit witn a depositary or
with the Special Master and not surrendered by such holder within two
years from the date(from Nov. 6, 1936) shall have no rights with respect to
any new bonds or preferred stock of Midcity Theatres, Inc. or cash dis¬
tributable in accordance with the provisions of the plan of reorganization.
bonds, 65,896
($50 par) and
496,532 shares ($1 par) common stock.
According to the prospectus, there securities are being registered in ac¬
cordance with a plan which includes first, the recapitalization of the capital
stock of the company, and second, the refinancing of its present outstanding
first mortgage 7% serial gold bonds.
The proceeds from the sale of the
bonds will be used for this redemption and for working capital.
The new
company's common stock
of stock for the first five years after the date of
five years.
The bonds are to be
dated March 1, 1937, and to be due March 1, 1947.
The preferred stock and some of the common stock are to be issued under
the plan providing that each holder of presently outstanding preferred stock
may exchange that preferred stock and his right to cumulative accrued
dividends to April 1, 1937, for the new preferred stock and common stock,
on the basis of one share of present preferred stock and said cumulative
dividends for two shares of the new preferred stock and three shares of the
bonds
on
are
convertible into shares of the
be
to
the basis of eight shares
issue and six shares of stock for the next
common
stock.
underwriters are Metropolitan
The price to the public, the
underwriting discounts and commissions, and the net proceeds to the
registrant wiil be supplied by an amendment to this registration statement.
—V. 143, p. 3472.
The prospectus states that the principal
St. Louis Co. and James C. WLUson & Co.
Melchers Distilleries,
The directors
on
Ltd.—AccumulateTlItvidend—
of 50 cents per share on
the $2 cumulative class A stock, no par value,
Nov. 20 declared a dividend
account of accumulations on
payable Dec. 15 to holders of record Dec. 1.
A similar payment was made
on Dec. 15, 1935, and on Dec. 15, 1934, this latter being the first dividend
since Sept. 15, 1930, when a regular quarterly dividend of 50 cents per
share was distributed.—V. 143, p, 434.
Melville Shoe
Corp.—Sales—
Four Weeks Ended—
Jan.
18
Feb.
15
Mar. 14
-
1936
$2,121,902
1,413,889
1,886,886
$1,748,419
1,421,024
1,699,250
1934
$1,325,240
1,290,858
1,543,401
1933
$1,060,914
1,017,182
1,010,003
1935
3,812,588
2,795,262
2,516.819
3.364,128
2,720,111
2,323,145
1.945,178
1.444,198
6
3.601.140
3,249,480
1,807,272
1,708,958
3,387,267
2,910,143
2,152,583
2,054.505
July
4
Aug. 1
Aug. 29
Sept. 26
2.985,692
2,6;>4,d.»»
1,377,870
1,596,796
2,878,307
1,283,701
1,562,967
2,549,956
1,770,716
1,242,728
1,500,476
2,028,993
2,602,212
2,382,025
2,305,298
2,148,161
1,829.453
1,860,431
Apr. 11
May
9
June
Oct.
-
24
Nov. 21
—
3,124,864
2,644,547
—V. 143, P. 3004.
Merck &
Co., Inc.—Extra Dividend—
dividend of 20 cents per share in
(or 40 cents per share) on the common
The directors have declared an extra
addition to a dividend of like amount
stock, both payable Dec. 15 to holders
of record Dec. 4.
A dividend of 20
share was paid on Oct. 1, last, and prior thereto regular quarterly
dividends of 10 cents per share were distributed.—V. 143, p. 1888.
cents per
surrendered.
(g)
share on the com¬
of record Dec. 5. This
1, 1930,
be the first dividend paid on the common stock since Oct.
when 25 cents per share was distributed.—V. 143, p. 2686.
will
The company on Nov. 25 filed with the Securities and Exchange Com¬
a
Securities Act registration statement (No. 2-2679, Form A-2)
1936
revenues
expenses,
25 cents per share on the
Dec. 1.—V. 143, p. 3324.
mission
(& Subs.)—Earnings—
12 Months' Ended Oct. 31—
Operating
Operating
extra dividend of
Maytag Co.—To Resume Dividends—
Margay Oil Corp.—25-Cent Dividend—
The
common
an
stock, payable Dec. 10 to holders of record
Merrimac Hat
Corp.—Larger Common Dividend—
dividend of $3 per share on the common
Dec. 1 to holders of record Nov. 25.
This
with a dividend of $2 paid on Sept. 1 last; dividends of $1 per
share paid in the two preceding quarters; $2 on Dec. 2, 1935; $1 per share
distributed each three months from Sept. 1, 1934 to and including Sept. 3,
1935; 50 cents paid each quarter from Dec. 1, 1930 to June 1, 1934, incl.,
and $1 per share paid quarterly previously.—V. 143, p. 1237.
The directors have declared a
stock, no par value, payable
compares
Mesta Machine Co.—Correction—
"Chronicle" page 3472 it was stated that the company
a stock dividend of 66 2-3% in November 1935.
This is in¬
correct, the company having paid this dividend in November, 1934.—V.
143, p. 3472.
In last week's
distributed
Miami
Bridge Co.—To Modify Trust Indenture—
bonds will hold a meeting
provisions of Article VI of the
Holders of the 20-year 6% income debenture
Dec. 21 to consider modifying the existing
agreement dated as of Oct. 7, 1931 between Miami Bridge Co. and
Chatham Phenix National Bank & Trust Co., trustee (Manufacturers Trust
trust
Co., successor trustee) with reference to the disposition of funds in the
hands of the trustee from the sale of property.
F. E. Frothingham, President, says:
The urgency of some such modification lies in the fact that changes in the
tax laws since the organization of the company and changes in operating
conditions, make the present indflexibility in the use of such funds work
against the best interests of the bondholders.
The suggested changes do
not divert funds received from the sale of property from either the pro
distribution to bondholders or from the purchase and cancellation of
rata
bonds, but merely provide for a more flexible use of such funds and the
meeting of the expenses and tax questions involved as occasion may dictate
as best.
The change is also urgent if funds which are soon to be received
by the corporation from such sales are to
be used to the best advantage
for the bondholders.—V. 143, p. 2378.
Michigan Bell Telephone Co.—Earnings—
Per. End. Oct. 31—
1936—Month—1935
1936—10 Mos.—1935
Operating revenues—$3,189,861
$2,848,797 $30,195,304 $27,028,206
Uncollectible oper. rev__
3,881
20
31,366
37,122
Operating expenses
1,925,361
1,819,098 18,654,279 17,704,238
Operating taxes
379,092
342,187
3,561,862
3,206,482
Net oper. income
—V. 143, p. 3004.
$881,527
$687,492
$7,947,797
$6,080,364
3638
Financial
Chronicle
Dec.
5,
1936
Mississippi Power Co.—Earnings—
IA subsidiary of Commonwealth & Southern Corp.]
Michigan Gas and Electric Co.
1st
&
ref.
A
6
&
ref.
B
5
Dec.
$239,699
165,191
$2,047,510
1,982,246
9,000
6,100
114,000
73,200
—V.
Y. 1-752
on
2526.
1934
1935
$144,738
75,465
57,598
$129,873
58,898
39,633
$146,900
80,653
62,811
1,266,523
593,784
421,871
1,091,676
476,354
329,288
1,089,455
453,567
314,509
1,157,818
536,118
370,365
Net after rents
1933
Missouri Illinois
2850.
Middle West
Corp.—RFC Sells Holdings—
523,763
130,866
794,059
163,654
732,448
,151,883
68,695
55,857
41,552
1936
$88,945
28,150
15,487
143,
p.
$103,576
27,248
1933
$92,225
23,445
22,479
9,522
11,095
929,668
216,856
878,596
174,688
805,364
175,950
708,375
153,162
52,306
after rents
—V.
1934
1935
$79,466
21,917
8,387
37,334
47,690
18,233
$128,796
41,697
1—
2850.
Missouri Power &
Net after rents
—V. 143, p.
8,149
RR.—Earnings—
•
Net after rents
From Jan. 1—
Gross from railway
Net from railway
1,596
40,080
Gross from railway
Net from railway
From Jan.
1936
1933
$72,211
15,553
...
Gross from railway
Net from railway
$159,861
93,403
72,161
1934
$89,675
12,374
849,349
157,440
Netafterrents
Net
Midland Valley RR.—Earnings—
Ry.—Earnings—
1935
—V. 143, p. 3005.
October—
be the first payments made since May 1, 1935 when
dividends at one-quarter the regular rate were distributed.—V. 143, p.
will
October—
$113,228
defl,119
Netfromrailway
Gross from railway
Net from railway
$245,126
446,908
$92,089
14,479
Net from railway
the 7%
prior lien stock and $4.20 per share on the $6 prior lien stock as payments
on arrears.
These dividends will be paid on Dec. 15, to holders of record
Nov. 30.
The above
$9,587
1936
Netafterrents
From Jan. 1—
Nov. 23 declared dividends of $4.90 per share
253,112
Missouri & North Arkansas
Michigan Gas & Electric Co.—Accumulated Dividends—
on
453,074
253,062
$27,557
Gross from railway
Directors
37,731
21,088
143, p. 3005.
Gross from railway.
New York
A. T. & T. Teletype N.
36,946
October—
YORK STOCK EXCHANGE
$2,733,549
1,847,100
21,088
Balance
DEPARTMENT
Broad Street
15
revenue..
Int. & other fixed charges
Dividends on pref. stock
Eastman, Dillon 8 Co.
MEMBERS NEW
1936—12 Mos.—1935
$283,375
188,783
Provision for retire, res._
1956
Bought—Sold—Quoted
TRADING
1936—Month—1935
Oct. 31—
Oper. exps. and taxes—
Gross
Sept. 1943
1st
Period End.
The company on Nov.
Light Co.—Files with SEC—
25 filed with the Security and Exchange Commis¬
registration statement (No. 2-2680, Form A-2) under the Securities
Act of 1935 covering $9,000,000 of first mortgage 3% % bonds, series due
1966, and 15,000 shares (no par) $6 cumulative preferred stock.
According to the registration statement the net proceeds from the sale
of the bonds and the preferred stock together with other funds of the
sion
a
which will include $770,000 in cash
to be contributed by North
be applied as follows:
Chairman Jesse H. Jones nas confimred reports tnat the Reconstruction
Finance Corporation had sold to brokers all of its stock in the corporation.
company,
Through the receiver for the Central Republic Bank & Trust Co., Chicago,
the RFC held until recently 184,000 shares in the company.
The holdings
were sold for an average net price of $12.50 per share.
Several small
blocks were sold for $12 a share to Chicago interests, while the largest
block went to a New York group at $13 per share.
The identity of the
$6,825,000 for the redemption on March 1, 1937, at 105%, of $6,500,000
of first mortgage 53^ % gold bonds, series A, due Sept. 1, 1955.
1,545,000 for the redemption on May 1, 1937, at 103%, of $1,500,000
of first mortgage 4gold bonds, series B, due May 1, 1958.
783,360 for the redemption on March 1, 1937, at 102%, of $768,000 of
first mortgage 4H% bonds, series C, due Sept. 1, 1960.
1,900,000 for deposit under the mortgage securing the bonds being regis¬
tered, withdrawable against gross property additions made after
Nov. 30, 1936, or for application to the retirement of a like
principal amount of bonds.
purchasers was not disclosed.—V. 143, p.
3324.
Midwest Oil Co.—Extra Dividend—
The directors have declared an
addition to
dividend of 7 cents per share in
extra
semi-annual dividend of 50 cents per share on the common
a
stock, par $10, both payable Dec. 15 to holders of record Dec. 1.—V. 137,
page 503.
Milwaukee
Electric^Ry. & Light Co.—Earnings—
""l2
Mos. Ending Sept. 30—
Total operating revenues
Operating expenses
Maintenance
2,246,898
$8,653,158
3,114,275
2,890,912
...
Net operating revenues
Non-operating revenues
Gross income
Interest
on
..._,
-
funded debt
...
Amortization of bond discount & expense
$7,423,364
3,129,379
149,858
91,516
Cr316,570
23,886
2,670,821
$1,674,473
148,326
w
Other interest charges
$7,384,796
38,567
$2,391,508
Provision for income taxes
3,314,228
370,772
$8,611,182
41,976
-
2,077,457
3,331,855
715,145
.........
Taxes, other than income taxes
91,602
Cr6,478
1
Interest during construction
23,012
Other deductions
Appropriations for depreciation reserve
Net income
Note—No allowance
has been made for the
Sept. 30,
9 months ended
1936 for Federal surtax based upon undistributed income, as it is
cable to estimate it at this time.—V. 143, p. 1724.
impracti¬
Minneapolis & St. Louis RR.—Earnings—
October—
1936
1933
1934
1935
$863,594
205,188
107,713
$863,708
230,338
137,697
$828,008
206,415
141,333
$763,532
137,014
91,656
7,546,719
1,583,030
657,879
6,297,995
614,163
20,882
6,378,706
623,9,67
59,463
6,450,869
821,416
249,046
Gross from railway
Net from railway
Netafterrents
From Jan. 1—
Gross from rail way
Netfromrailway
Netafterrents
...
—V. 143, p. 3004.
Minneapolis St. Paul & Sault Ste. Marie Ry.
Earns.
1936
1935
1934
1933
$2,700,819
866,147
517,672
$2,748,485
997,274
707,415
$2,148,000
572,351
364,599
$2,121,143
22,452,267
5,045,550
1,946,198
19,968,363
3,680,202
1,344,716
19,003,508
3,698,242
1.082,538
18,758,812
3,757,968
951.686
October—
Gross from railway
Net from railway
Net after rents
From Jan.
543,921
258,821
1—
Gross from railway
Net from railway.
Net after rents
Interest on the bonds to be redeemed is to be paid out of other funds of
the company.
The price to the public, the names of the underwriters, underwriting
discounts or commissions, and the redemption provisions of the bonds are
be
to
1936
1935
$28,359,107 $26,643,679
13,454,027
13,496,426
......
American Light & Power Co., a parent, are to
—V. 143, p. 3472.
p.
furnished
Missouri-Kansas
Netafterrents
From Jan. 1—
Gross from railway
Netfromrailway—
Netafterrents
.....
1935
1934
1933
$69,233
11,591
6,542
$56,683
7,100
1,697
$55,653
6,445
761,241
198,100
125,778
599,449
95,693
38,040
539,768
52,627
def2,S55
510,902
46,683
defl6,031
889
—V. 143, p. 2850.
fields.
Panhandle Eastern Pipe Line sells its gas to the Illinois Power & Light
Co., Missouri Power & Light, Central Illinois Public Service, subsidiaries
of Commonwealth & Southern, Columbia Gas & Electric, and many cities
and communities.
With the completion of the Pipe Line from the Indiana
towns
[Including Missouri Transmission Co.]
_
Ended\Sept. 30—
(electric)
Operating revenues
1936
incl.
gross
217,973
28,687
239,590
237,486
$3,005,707
122,451
$2,628,478
961,229
40,808
17,478
260,000
Provision for income taxes
Net operating revenues
Non-operating revenues
Gross income
funded debt
Amortization of bond discount & expense
Other interest charges
Appropriations for depreciation
^Net income...
$3,755,046
546,439
250,804
27,295
230,547
225,716
...
Taxes, other than income taxes
on
^
$3,786,990
$3,128,157
967,214
69,731
Cr 9,246
260,000
._$1,348,963
$1,84(^459
...
Operating expenses
Maintenance
1935
charges
$2,506,189
122,288
under firm power contract
Purchased power
Interest
reserve
........ ..... ..
..
25,604
™~Note—No allowance*has"been^nia'de"for the"nine^oionths~ended"Sept7*30,
1936 for Federal surtax based upon undistributed income, as it is imprac¬
ticable to estimate it at tnis time.—V. 143, p. 1238.
&
State Line to
(Michigan Gas Transmission Line, subsidiary of the Columbia
Electric) the Panhandle Eastern Pipe Line feeds natural gas into
The Pipe Line to Detroit was opened in July, 1936 and at the present
time, the city is using natural gas at the rate of about 10 billion cubic feet
per year, and when the change has been fully made the city will use about
20 billion cubic feet per year.
The demand for that area has expanded
greatly beyond original expectations.
It is understood that the Panhandle
Pipe Line is sending out at the present time about 111 million cubic feet
per day, or at the rate of 41 billion cubic feet per year.
With the addition of
a number of compressors, tne Line can deliver as much as 70 billion cubic
feet per year.
Panhandle Eastern Pipe
Mississippi River Power Co.—EarrtiUgs—
12 Mos.
Pipe Line Co.—Status, &c.—
Detroit.
1936
$77,469
17,491
10,617
railway
Netfromrailway
143,
and its relation to the Panhandle Eastern
Pipe Line Co. is given in a circular issued by Campagnoli & Co., Inc.,
41 Broad St., New York.
The circular affords the following:
Texas Panhandle—The Texas Panhandle field, located in the northern
part of Texas, is the largest single producing gas field in the world, having
a length of 115 miles and an average width of 20 miles.
Its present defined
limits contain approximately 1,350,000 acres of oil and gas lands.
Of this
total area, approximately 1,000,000 acres may be classified as sweet gas
land and 350,000 acres classified as sulphur or sour gas land; 150,000 acres
in the field having been proven as being productive of oil as well,as gas.
In this field, the oil occurs within the same reservoir as the gas, there being
no classification of "oil sands" and "gas sands" in the producing formation.
The oil is produced from a number of localities throughout a narrow band
90 miles in length and lying along the north flank of the structure.
The pipe lines originating in the Texas Panhandle field now serve directly
a great number of cities and towns, a combined population of millions of
people with natural gas.
The main pipe lines contain a total of approximately 4,200 miles of largediameter pipe, not including laterals or branch lines.
They have a daily
capacity of approximately 900 million cubic feet of gas.
The daily average
market during the year 1933 being 299,123,000 cubic feet and now it is
stated that about 400 million cubic feet are sent through the different
pipelines.
Panhandle Eastern Pipe Line Co.—Was organized early in 1930, as a
wholly owned subsidiary of Missouri-Kansas Pipe Line Co.
In Oct., 1930,
the latter company sold a 50% interest to Columbia Oil & Gasoline Corp.,
affiliate of Columbia Gas & Electric Co., which also acquired all of the
$20,000,000 outstanding 20-year sinking fund mortgage 6% bonds of
Panhandle Eastern Pipe Line Co.
The Panhandle Eastern Pipe Line Co. owns gas leases on approximately
180,000 acres of land where there are estimated already proven natural gas
reserves of over two trillion cubic feet, which used at the rate of fifty billion
cubic feet per year would last about 50 years.
This acreage is largely in
the Texas Panhandle gas field and the Hugoton field.
The Hugoton fields,
among the largest, are located in southwestern Kansas and are about
180 miles north of the Texas Panhandle field.
Most of the natural gas now
used by the Panhandle Eastern Pipe Line comes from the Texas Panhandle
Gas
Mississippi Central RR.—Earnings—
October—
the registration statement.—V.
A short study on the company
Detroit
Gross from
by amendment to
3472.
Line Co. during tne nine months beginning in
Feb., 1936, in wnich it has operated under Federal trusteeship as an in¬
dependent unit in the natural gas industry, has increased its sales of natural
gas to more than 17,400,000,000 cubic feet, according to a report issued
Nov., 1936, by President Creveling (tnis includes only about the first three
months of the Detroit load).
This compared with approximately 11,200,000,000 cubic feet in the corresponding period of 1936—a gain of 55.3%,
and the natural gas sales for 12 months ended Oct. 31, 1936, were approxi¬
mately 23,000,000,000 cubic feet, as against 14,800,000,000 cubic feet in
the preceding 12 month period, wnich means sales in 1936 are running at
the highest rate in the company's history,
President Creveling said that the 50% increase demand for natural gas
by Detroit City Gas Co. alone had so far exceeded contractual provisions
and earlier estimates that additional pumping capacity had to be supplied.
In addition to the Detroit market, it has been reported that service con¬
nections have been received from Commonwealth & Southern properties in
Southern Michigan, from large utility systems in Missouri, Illinois and
Indiana, and from Columbia Gas & Electric, which has large natural gas
"replacement" requirements in the western sections of its territory.
President Creveling said that he had completed arrangements with pipe
an<d equipment manufacturers to supply all 1937 construction requirements
at 1936 prices, and that business now in sight would call for a daily supply
of 398,000,000 cubic feet of gas within five years.
Initial blocks of additional natural gas will be provided by steppingup
pumping capacity and looping transmission lines over large sections, and
eventually by duplicating in its entirety the pipe line from producing fields
Volume
Financial
143
in tne Texas Panhandle to
consuming
Chronicle
in the vast industrial areas of
the Middle "West, which, of course, would mean large increased earnings.
Tne main pipe line of Pannandle Eastern is about 890 miles long.
The
Detroit extension is about 300 miles long.
The lateral major lines are about
400 miles long and witn smaller pipe lines, the total is about 1,500 miles.
From tne Panhandle fields and through Kansas, tne size of the pipe is
24 inches and from that point into Illinois, 22 inches.
It is understood that, with the producing properties, the Panhandle Pipe
Line Co. in 1931 had an estimated value of about $80,000,000.
The
properties and the pipe line have been kept in good condition and it is
therefore believed that because of the tremendous increase in business
and earnings the present value of the
company should be higher than the
above figure.
Capitalization
3639
areas
We have
prepared
a
short study
on
_
Missouri-Kansas Pipe Line
First mortgage 6% bonds due 1950
a$17,600,000
6% preferred stock ($100 par)
_bll,000,000
Common stock
:
c648,652
a It is understood the bonds are
to be refunded on a 4% basis,
b It is understood the preferred shares are to be refunded on a lower
dividend
Company
rate.
To be increased
by 160,000 shares to 808, 652 shares.
80,000 shares to be purchased by Columbia, and 80,000 shares to be
purchased by Mokan stockholders (through rights at $25 a share.)
c
and its relation to the
Earnings Period Ended Sept. 30
Period-
1936-
Sales (cu. it.)
Total revenue—
Operating profit.-Int
-
& bond discount
.
1935
3 Mos.
-9 Mot.-
1936-
5,157,766,000 3,609,904,000 17,112,734,000
$798,920
$3,786,273
$1,888,356
475.026
741,790
2,372,097
300,150
918,347
269,997
-1935
11,192,630,000
$2,559,634
1,559,916
Panhandle Eastern Pipe Line Company
990,741
Net inc. before deprec.
&
depletion...
174.876
471.793
569,175
1,453,750
i
Missouri-Kansas Pipe Line Co. (Mokan)
Copies
Company was incorp. in May, 1928 in Delaware to engage in the produc¬
tion, purchase, transportation and distribution of natural gas.
For two
or three years, the Missouri-Kansas operated in a small way in the vicinity
of Kansas City, disposing of its gas chiefly to the Cities Service Co. Seeking
to free itself from market dependence on Cities Service and financial
dependence on borrowed money with fixed obligations, in 1930 it sold
millions of dollars of its stock to the public and quietly acquired large gas
reserves
in Texas Panhandle fields and the Hugoton fields in Kansas.
The company prepared itself then to build a projected major pipe line
system to whatever markets appeared feasible.
Engineers and surveyors
were
employed by the company to work actively surveying markets,
acquiring rights-of-way to build the pipe line from the producing fields at
the Texas Panhandle.
Because of active competition with at least three
other large interests for the Omaha, Minneapolis and St. Paul markets,
and in view of the delay and uncertainty o£ those markets, and although
in view of getting into largest industrial markets, the company entered into
contracts for the Missouri and Illinois markets changing the direction of its
line from the
The
Campagnoli & Co.
Incorporated
41 Broad Street
through great troubles during the next few months, financial assistance
being denied to it so that finally 50% of the Panhandle Eastern Pipe Line
stock was taken up by the Columbia Oil & Gasoline Co. in exchange for
financial assistance.
This happened in September, 1930.
Columbia Gas
& Electric besides acquiring the above-mentioned interest bought through
Telephone HAnover 2=?3^90
the National City Co. $20,000,000 of bonds secured by the first mortgage
the Panhandle Eastern properties so as to finish the line.
In this way,
Columbia was the principal secured creditor of Panhandle as well as half
Including bonds, notes and stock purchased, the total investment
of Columbia in Panhandle Eastern was over $33,000,000.
Tnis did not end
the troubles of Missouri-Kansas Pipe Line Co., which troubles continued
because of difficulties on certain important contracts.
Because of it, the
Missouri-Kansas Pipe Line Co. was not able to pay the interest on the
Panhandle corporation notes and Missouri-Kansas Pipe Line notes, and
other obligations, and Missouri-Kansas Pipe Line Co. was put into re¬
ceivership in 1932.
A plan for settlement of the receivership was proposed
in the Delaware Chancellery court which would have wiped out the MissouriKansas Pipe Line stockholders' equity, but this was fortunately rejected
by the Chancellor in 1935.
In March, 1935, the Department of Justice filed an anti-trust suit in the
United States courts in Wilmington, Del., against the Columbia Gas &
Electric Corp., Columbia Oil and Gasoline Corp. and certain of their officers
and directors and others.
In the summer of the same year, the receivers of
Missouri Pacific R R.—Earnings—
October-
owner.
also
filed
District
an
of
anti-trust
New
suit
in
the
United
States
courts
for
in
scribe for one-half of an additional issue of said stock.
A release of the Mokan guarantee upon the Panhandle notes.
Eastern against Mokan in the amount of
A release of claims of Panhandle
$42,607.
From Jan.
which
for
dividends
or
in
liquidation
is
worth
only
l-20th
of
$5 common.
Arrangements were made with the Columbia corporations to underwrite
up to $1,000,000, the sale of Panhandle Eastern stock acquired through
the settlement in order to raise sufficient funds to pay claims as finally
adjudicated and all allowances for fees and expenses made by the Chancellor.
The receivers are of the opinion at the present time that they will have to
offer for sale about 60,000 shares of Panhandle stock acquired by them
under the settlement with the Columbia corporations.
This will create a
fund of from $1,500,000 to $2,000,000 which will be used, together with
the $300,000 obtained from Columbia, to pay all claims as finally adjudicated
in the proceedings and administration expenses of the receivership, including
allowances made by the Chancellor of the State of Delaware, and to furnish
Mokan with working capital after receivership.
It is the general opinion that claims will be somewhat reduced—which
means that only part of the 60,000 shares will have to be sold.
When these
payments are made, Mokan will have a "clean slate", with no debts
The
warrants
which
stock
will
be
of
Panhandle
distributed to
paid, it is expected that an application will be made for the discharge of
the receivers, at which time the corporation will be reinvested with title to
which will consist principally of large holdings in the Ken¬
tucky Natural Gas Corp. (common and preferred) stock, the 324,326
shares of Panhandle Eastern stock less the amount sold as aforesaid, cash
working capital and the anti-trust suit against Henry L. Doherty, et al.
all of its assets,
In order to raise sufficient funds to construct
necessary to
mon
the
compressor stations
supply gas to the City of Detroit, 160,000 shares of
stock of Panhandle Eastern will be issued.
new com¬
One-half of this stock will
1934
1933
$907,459
159,820
73,036
$731,455
92,427
5,964
$773,598
114,161
8,181
8,797,323
1,902,220
901,376
7,325,860
972,355
82,547
7,206,189
1,062,849
62,174
6,822,928
From Jan. 1—
Gross from railway
„
.
1,191,092
155,293
—V. 143, p. 2850.
Modine Mfg.
Co.—$1 Special Dividend—
The directors have declared
a special dividend of $1 per share on the com¬
stock, no par value, payable Dec. 22 to holders of record Dec. 10.
xx
regular quarterly dividend of oO cents was paid on Nov. 2, last and
each of the three preceding quarters and compares with 25 cents pak. on
Nov. 1, Aug. 1, May 1 and Feb. 1, 1935 and 15 cents per share distributed
in each of the four preceding quarters and from May 1, 1932 up to and
including Feb. 1, 1933.—V. 143, p. 2527.
mon
Monarch Knitting Co.,
The directors
have declared
of accumulations on the
7%
a
Ltd.—Accumulated Dividends—
dividend of $1.75 per share on account
pref. stock, par $100, payable Jan. 2
to holders of record Dec. 17.
A like dividend was paid in eacn of the seven
preceding quarters as against $1 paid in each of the four preceding quarters,
and $3 per share paid on Feb. 20, 1934.
The current dividend will be paid
in Canadian funds.
Non-residents of Canada will be subject to a 5% tax.
After the payment of the current dividend accruals will amount to $49
per share.—V. 143, p. 595.
cum.
Monarch Machine Tool Co.—Extra Dividend—
The directors have declared an extra dividend of 20 cents per
share in
a regular quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 1 to holders of record Nov. 25.
An extra of
15 cents was paid on Sept. 1 last and an extra of 5 cents per share was
distributed on March 1 last.—V. 143, p. 1238.
addition to
Monolith Portland Cement Co.—Accumulated Dividend
The directors have declared a dividend of 50 cents per share on account
of accumulations on the
8% cumulative preferred stock,
Dec. 15 to holders of record Dec. 1.
par $10 payable
A dividend of 25 cents per share was
paid on Aug. 12 and May 9, last, Dec. 10, 1935; Dec. 10, June 10 and
March 10, 1934, and on Sept. 28, 1933.
The last regular semi-annual pay¬
ment of 40 cents per share was made in January 1930.—V. 143, p. 763.
Monongahela Ryv
Gross from railway.
Earnings—
1936
October—
.
$454,961
1935
1934
1933
291,888
172,343
$314,366
177,518
80,684
$318,166
183,647
83,332
$300,862
175,291
72,089
3,839,435
2,343,600
1,211,339
3,178,458
1,906,293
926,981
3,227,897
1,923,465
926,895
2,954,003
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,869,696
981,227
—V. 143, p. 2850.
Montgomery Ward & Co., Inc.—Files with SEC—
purchase the shares and the number of shares which the Chancellor deter¬
mines the receivers shall sell will be distributed to stockholders of Mokan.
After the warrants are distributed, and adjudicated claims and allowances
1935
$1,098,033
326,466
220,109
Net from railway
Net after rents
Net after rents
common
57,157,430
13,627,413
6,383,075
1936
As soon as the Chancellor has decided, rights to purchase such number
Missouri-Kansas Pipe Line stock¬
holders, except that the class B stockholders shall be entitled to anly 1-20
of the rights accruing to each common stockholder.
It is planned at the
same time and in tne same manner,
that the receivers are expected to
of
62,339,547
13,656,762
5,915,537
1933
RR.—Earnings—
Net after rents
of shares will be issued pro rata to the
shares
61,570,538
11,215,244
4,076,923
October—
Gross from railway
Net from railway
Net from railway
the
$6,533,369
1,628,067
801,946
143, p. 3153.
Mobile & Ohio
whatsoever.
distribute the warrants for
Eastern above mentioned.
1934
$6,771,365
1,403,995
544,098
1—
Gross from railway
Net from railway
Net after rents
—V.
1935
$7,402,(M3
1,822,767
976,270
74,308,021
18,056,023
8,738,158
Net from railway
Net after rents
There are approximately 27,000 stockholders of Mokan holding 1,586,617
shares of the common ($5 par) and 781,977 shares of the class B ($1 par),
the
1936
$8,631,801
2,435,823
1,520,025
Gross from railway
the
York
against the same people.
January, 1936, the Government action was terminated by a
consent decree whereunder Columbia Gas & Electric Corp. agreed to divest
itself of all control, either directly or indirectly, of the Panhandle Eastern
Pipe Line Co., this to be acomplished primarily by the dissolution of the
voting trust controlling Columbia Oil & Gasoline Corp., and by a recapitali¬
zation of that company.
Columbia Oil & Gasoline was to retain its 50%
ownership of Panhandle Eastern, but such stock while so owned, was to
be held by a trustee appointed by the court, until such time as certain
provisions have been attended to.
The receivers suit was settled by authority of the Chancellor of the State
of Delaware on April 29, 1936.
Under the settlement and dismissal of
said suit against the Columbia corporations, and the execution and delivery
of releases to the defendants and certain other parties connected with the
Columbia corporations, the receivers received for Mokan the following:
$300,000 in cash.
324,326 shares of the common stock of Panhandle. Eastern, being 50%
of the total issued and outstanding.
Warrants to subscribe for 80,000 shares of common stock of Eastern at
$25 per share up to and incl. Jan. 1. 1937, representing the right to sub¬
but
[Bell Teletype NY 1-1489
be taken by Columbia at $25 per share.
The stockholders of MissouriKansas Pipe Line Co. will be given an opportunity to purchase the remain¬
ing one-half of 80,000 shares, at $25 per share.
Such part of said 80,000
shares as are not purchased by Missouri-Kansas stockholders will be pur¬
chased by Columbia, and it will give to Missouri-Kansas, or its receivers,
a call on that stock at any time within six months after the receivers have
been discharged at $25 per share, but in no event beyond Dec. 31, 1937,
at $25 per share plus interest.
Kentucky Natural Gas Co.—Missouri-Kansas Pipe Line Co. owns about
47% of the common stock of the Kentucky Natural Gas Co. and a fairly
large number of shares of preferred stock.—V. 143, p. 2850.
on
Late
New York
for the Missouri-Kansas Line got mid-way between the
had an interest.
Missouri-Kansas decided to go ahead and place an order
for over $15,000,000 of pipe and had other large funds available to begin
construction of the Panhandle Eastern Pipe Line.
Because of tremendous opposition, Missouri-Kansas Pipe Line Co. went
Southern
request
Texas Panhandle to Indiana.
new route
Standard Oil of New Jersey and Electric Bond & Share Line to St. Louis
and the Chicago Line in which the Standard, as well as where Cities Service
Mokan
on
The company on Nov. 27 filed with the Securities Exchange Commission
registration statement (No. 2-2686, Form A-l) under the Securities Act
of 1933, covering 652,143 shares (no par) common stock, warrants to pur¬
chase the common stock, and common stock subscription instalment
a
receipts.
The company is issuing to its common stockholders of record Dec. 22,
1936, common stock purchase warrants evidencing the right to subscribe
before Jan. 29, 1937, for the common stock at $40 a share, in the ratio
of one share for each seven shares held.
Shares not taken by the stock¬
on or
holders may be offered by the company to its officers who may
and to other officers and employees at $40 a share.
be directors,
3640
Financial
According to the registration statement, approximately $10,000,000 of
the proceeds from the sale of the stock will be used to reimburse the com¬
pany for dividends on common stock to be paid prior to Jan. 31, 1937, out
of the current fiscal year's earnings, and the balance of the proceeds wil
be added to the company's working capital.
The common stock subscription instalment receipts will be reserved for
common stock pursuant to the warrants,
Issuance to such subscribers for
elect to take advantage of the instalment payment plan set forth in the
as
warrants.—V.
143,
p.
3474.
sinking fund 5% gold bonds, series A, due July 1,
1943, have been called for redemption on Jan. 1, 1937 at 105 and int. and
5% gold debentures, series A, due June 1962, have been called for redemp¬
tion on Dec. 31,1936, at 104 ana int.—V. 143, p. 3473.
(Tom) Moore Distillery Co.—Rights-—
Holders of the common stock of record Dec. 1, 1936, are offered the
right to subscribe at $6 per share to one additional share of common stock
for each three shares held.
The right to subscribe will expire at 3 o'clock
p. m. on Dec. 21, 1936.—V. 143, p. 3005.
Muskegon Motor Specialties Co.—Accumulated Div.—
The directors have declared
on
a dividend of $3 per share on account of
the $2 cum. class A stock, no par value, payable Dec. 21
15.
A dividend of 50 cents was paid on July 30,
to holders of record Dec.
June 1 and
April 4 last, and compares with 25 cents paid on Aug. 10 and
July 10, 1935, and 50 cents on May 4, 1935, this latter payment being the
1, 1932, when a regular quarterly dividend of 50
cents per share was distributed.—V. 143, p. 1238.
first made since June
Mountain States Power
Co.—Earnings—
12 Months Ended Oct. 31—
1936
Operating revenues
Operating expenses, maintenance and all taxes
Net oper. rev.
income
(before
approx.
oper. revenue and
other income
appropriation for retirement reserve)
$3,195,645
2,169,547
$1,229,907
247,584
$1,026,097
246,686
$1,477,490
for retir. reserve)
Net
1935
$3,590,331
2,360,424
Other
$1,272,784
354,241
(before
"
Appropriation for retirement
5, 1936
will be
payable from Nov. 1 1 936 at the rate of 4K% per annum to the
extent that the net profits of the new company shall be sufficient for the
purpose.
Until the aggregate nrincipal amount of new income loan cer¬
tificates has been reduced from $3,030,500 to $1,500,000, there will be paid
into a sinking fund for the retirement of new income loan certificates,
through purchases in the open market or after tne solicitation of tenders
from the registered owners thereof, the entire net profit of the new com¬
pany, after interest on the new income loan certificates.
After the aggre1,500,000, 50% of such net profit after interest will be paid into the sinking
remaining 50% may be used for general corporate purposes,
including distributions to the stockholders.
The voting trust certificates wnich will be attached to the new income
loan certificates to be delivered to the holders of outstanding participation
certificates will represent 6,061 shares of the authorized class A common
stock.
Since the voting trust certificates representing the class B common
stock will be delivered only upon the happening of certain events specified
below, it is possible that none or only a part of the voting trust certificates
representing such stock will be issued.
If none of the voting trust certifi¬
cates representing the class B common stock is issued, the voting trust
certificates issued to the holders of presently outstanding participation
certificates will represent in excess of 70% of the total common stock of the
new company.
If all of the voting trust certificates representing the class
B common stock are issued, the voting trust certificates issued to the holders
of the presently outstanding participation certificates will nevertheless
represent in excess of 50% of the total common stock of the new company.
The voting trust certificates will be issued pursuant to a voting trust
agreement under which all of the class A and class B common stock of the
new company will be held.
The voting trustees will be five in number and
will be designated by the Roosevelt committee and the Allen committee
(formerly known as the Hoagland committee) subject to tne approval of
the court.
The voting trust agreement will vest in the voting trustees the
rights and powers usually given to voting trustees and will terminate at
the end of five years from the date of the consummation of the plan.
Holders of Slock—Voting trust certificates representing 2.500 shares of
the authorized class A common stock will be delivered to the trustees of
Munson Steamship Line, who hold substantially all of the stock of Munson
Building Corp. subject to the lien of an indenture executed by Munson
Steamship Line.
In addition, voting trust certificates representing 1,900
shares of the authorized class B common stock will be delivered to Munson
fund and the
The first ref. mtge.
accumulations
Dec.
fate principal amount of new income loan certificates has been reduced to
Montana Power Co.—Bonds Called-—
L
:
Chronicle
300,000
reserve
Steamship Line, or to its successor, if, but only if,—
(i) The trustees of Munson Steamship Line, during their tenure of office,
least 15,000 square feet of space in the Munson Building at the
fair market value of such space; and
(ii) Munson Steamship Line or its successor occupy at least 15,000 square
feet of space in the Munson Building for a term, of tnree years from the
date of the consummation of the reorganization of Munson Steamship
Line, at the fair market value of such space; and
(iii) The annual net profits of the new company, as defined in the plan,
average at least 2H% of the principal amount of the new income loan
certificates for the first two years after the consummation of tne plan and
at least 3% thereof for the next ensuing three years.
The class B common stock will have no voting rights unless and until the
new income loan certificates have been reduced to $1,500,000 in aggregate
principal amount.
Participation of Realty Parcels, Inc.—Realty Parcels, Inc. has represented
that it is in a position to obtain desirable tenants for available space in the
Munson Building under leases running for at least three years at rentals
aggregating at lease $37,000 a year.
The plan provides that if Realty
Parcels, Inc. obtains such tenants on the foregoing terms no commissions
or other charges will be payable in connection witn the obtaining thereof,
but that Realty Parcels, Inc. will receive voting trust certificates repre¬
senting 1,600 shares of the authorized class B common stock of the new
company.
However, even if Realty Parcels, Inc. obtains new tenants on
tne above terms, the voting trust certificates representing such 1,600 shares
of class B common stock will not be delivered to it unless the annual net
occupy at
Gross
$1,177,490
Interest
477,522
income
Rent for lease of electric property
on funded debt
■!
403,245
5,047
504,665
2,851
370,034
4,692
$279,677
$24,301
Amortization of debt discount and expense
Other interest (net)
„
Other income deductions
x
Net income
x
\
Before
$918,542
12,000
12,000
provision
for
amortization
of discount
and
expense
on
first
mortgage bonds.—V. 143, p. 2850.
Municipal Service Co.—To Remain In Control—
Judge William H. Kirkpatrick in U. S. District Court, Pnilad6lphia, has
signed an order allowing the company to remain in control of its affairs
pending the outcome of proceedings for its reorganization under Section
77-B of the National
Bankruptcy Act.
The company petitioned for
reorganization Oct. 28 and its plan has already been fully set fortn.
See
V. 143, p. 3153.
Munsingwear, Inc.—Dividends—
The directors
on
Nov. 24 declared
a
cash dividend of 75 cents per share on
he common
stock, no par value, payable Jan. 2 to holders of record Dec.
A like payment was made on Oct. 1, last, and a dividend of 50 cents
15.
was
paid
on
July 1, last.
A special dividend of $1
was
paid
on
Jan. 2, last,
this latter
being the first distribution made since June 1, 1932, when a
dividend of 25 cents was paid.
A dividend of 35 cents per share was paid
on March 1, 1932; 50 cents per share in each of the three
preceding quarters
and 75 cents per share quarterly previously.
.•••;
The directors
on
next
ensuing three years.
Statement of Income and
lunson Building Corp.
Expenses of
Nov. 24 also declared two dividends
payable in common
stock of Wayne Knitting Mills (of a par value of $5 per share).
A total
of 75,000 shares, equal to one-half share of Wayne Knitting Mills stock for
each share of Munsingwear, Inc., stock, is payable Dec. 23, 1936 to holders
of record Dec. 8, 1936, and 75,000 shares, equal to one-half share of Wayne
Knitting Mills stock for each share of Munsingwear, Inc., stock, is payable
on Jan. 2, 1937 to holders of record Dec. 15, 1936.
These two payments
comprise all outstanding common capital shares of the subsidiary, Wayne
Knitting Mills.—V. 143, p. 929.
Munson
profits of the new company, as defined in the plan, for the first two years
after the consummation of the plan average at least 2^% of the principal
amount of the new income loan certificates and at least 3 % thereof for the
Building (Corp.)—Plan of Reorganization—
June 20,'34
July 4,-'35
tO
tO
June 30,'35
$461,081
249,532
operating
$369,464
259,518
211,549
36,136
Operating revenues_
Operating expenses and property taxes
Net
June 30,'36
109,946
38,498
revenues
Administrative and general expenses
Interest on debtor's certificate of indebtedness
3,878
interest charges on funded debt,
amortization of debt discount and expense and
Profit, before
The Real Estate Bondholders Protective Committee (George E. Roose¬
velt, Chairman) in a circular to depositors of participation certificates
representing shares in the first mortgage 15-year 6M % sinking fund gold
$71,448
$171,535
provision for depreciation
—V. 140, p. 3724.
loan states in part:
By a notice dated July 6, 1936, the holders of participation certificates
were advised that on Oct. 14, 1936 a plan for the reorganization of Munson
Building Corp. would be submitted to tne U. S. District Court for the
Southern District of New York in the proceeding for the reorganization of
such corporation.
At that time the plan and a number of amendments
thereto were formally proposed in the proceeding.
The committee has
approved the plan and, pursuant to the deposit agreement, has filed a copy
thereof with tne depositary with respect to this issue.
The plan in its
present form also has the approval of the various other groups representing
the holders of participation certificates, and has been accepted by the
trustees of Munson Steamship Line, the owners of record of all of the
stock of Munson Building Corp.
The Court has fixed Dec. 19 as the time for a hearing for the approval
of the amendments to the plan and for the confirmation of the plan as
amended.
At such hearing, or adjournment thereof, the court will be
requested to approve the amendments to the plan and to confirm the plan
as
amended, if sufficient acceptances thereof have been obtained.
The
amended plan must be accepted by the holders of at least two-thirds in
amount of the
outstanding participation certificates before it can be
confirmed.
The committee will file
acceptance of the plan on behalf of all
depositors
who do not withdraw their participation certificates from deposit or who
do not file with the depositary notice of dissent from the plan in the manner
provided. Accordingly, depositors who assent to the plan are not required
to file any acceptance of the plan and need take no action.
Property Dealt with Under the Plan
The only assets of Munson Building Corp. of any substantial value are
(1) the Munson Building property, 67 Wall St., New York., and (2) the
property at 80-92 Beaver St., New York.
The Munson Building property
is subject to the mortgage securing tne
participation certificates, of whicn
$3,030,500 are now outstanding and upon which approximately $475,000
of interest is now owing.
The 80-92 Beaver St. property is subject to a
mortgage of $705,000 held by Bowery Savings Bank, upon which approxi¬
mately $115,000 of interest is now owing. It is the opinion of the committee
that the Beaver St. property does not have a value equal to the principal,
interest) and other charges owing with respect to the mortgage on it, and
that the interest of Musnon Building Corp. in it is without value.
For
this reason, the plan deals primarily with the Munson Building property.
an
Nashville Chattanooga & St.
From Jan.
company
1st mtge. 4H% income loan certificates due Nov.
common stock
;
Class B common stock
1, 1951
Class A
Treatment
of Holders
of
Participation
Certificates
Corp.
$3,030,500
8,561 shs.
3,500 shs.
and
of
Stockholders
of
Munson Building
Participation Certificates—Each holder of
a
participation certificate will
be entitled to receive, for each $500 of participation certificates held, (1)
a new income loan certificate in the
principal amount of $500, to which
will be attached (2) a voting trust certificate representing one share of
class A common stock.
The new income loan certificates will be in
registered form, will be
secured by the mortgage agreement pursuant to which the presently out¬
standing participation certificates were issued, will be dated as of Nov. 1,
1936 and will mature on Nov. 1, 1951.
Interest, which will be cumulative,
1933
$1,083,317
91,675
35*223
217,788
after
—V.
11,608,678
1,609,241
1.056 572
rents
143,
10,221,566
950,695
375,844
65,079
10,414,860
1,458.664
914,734
10,754,016
1,520.949
890,065
2851.
p.
National Acme
Co.—Special Dividend—
The directors have declared
a
special dividend of 25 cents per share on the
stock, par $1, payable Dec. 22 to holders of record Dec. 8.
A
regular quarterly dividend of like amount was paid on Nov. 20, and on
common
Aug. 20, last, this latter being the first dividend paid by the company
dividend of 20 cents was distributed.—
V. 143, p. 3154.
since May 1, 1931 when a quarterly
*
____
National Bond & Investment Co.—Initial Dividends—
The directors have declared
an
extra
dividend of 75 cents per share in
an initial dividend of 36 cents per share on the common stock,
both payable Dec. 21 to holders of record Dec. 10.
The directors also declared an initial dividend of $1.15 per share for the
addition to
period Sept. 28, 1936-Dec. 21, 1936,
on the 5% class A pref. stock par
$100, likewise payable Dec. 21 to holders of record Dec. 10.
The
New
York
Stock
Exchange has
authorized
the listing
of 60,000
shares of its 5% cumulative prf. stock, seires A. with and without common
stock warrants attached (par $100) and 612,200 shares of common stock
without par value;
common
common
and for authority to add to the list 60,000 shares of
stock, upon official notice of issuance thereof upon exercise of the
stock warrants attached to and issued in connection with the shares
of pref. stock, making the total amount applied for 672,200 shares of com¬
mon stock and 60,000 shares of 5% cumulative pref. stock, series A (see
also Y. 143, p.
2059)—V. 143,
National Container
p.
3326.
Corp.—Earnings—
(Including Airdepot Realty Corp.)
will be organized.
The new company will acquire the
Munson Building property and the other assets of Munson Building Corp.
except the Beaver St. property.
The new company will thereupon issue
the following securities:
new
1934
$1,086,330
114,012
167,252
113,016
1—
Gross from railway
Net from railway
New Company and Securities to be Issued
A
1935
$1,102,606
Net after rents..
Net
Louis Ry.—Earnings—•
1936
$1,349,525
281,333
October—
Gross from railway
Net from railway
6 Mos. End.
9 Mos.End.
Sept. 30,'36 June 30, '36
Sept. 30,'36
3 Mos.End.
Period—-
Net income after charges and Federal
income taxes, but before surtax on
undistributed profits
$80,671
Earns, per share on 55,503 shs. com.
stock (no par)
$71,085
$151,756
$1.04
$2.37
1936
$500,226
391,437
1935
$449,898
365,544
$1.33
—V. 143,p. 3326.
National
Paper & Type Co.—Earnings—
Years Ended Aug. 31—
Gross profit on operations
Selling and administrative
Operating
expenses
$108,790
64,899
Net profit
-
$84,354
90,062
Cr82,388
profit
Other expenses and charges
Other income
Cr78.545
$126,278
$72,837
Volume
143
Financial
Assets—
1936
Cash
Accts.
a
receiv...
b Notes rec. & int.
Mdse.
on
hand
1935
$122,925
311,381
261,980
Prov. for U. S.
386,983
362,689
foreign
Chgs. paid on con¬
signing goods on
hand
Furn.
&
of the three
for. labor laws—
8%
196,761
135,982
26,806
26,806
328,419
treas.
20,349
745,500
pref. stk.
cum.
d Common
64,392
stock.
Conting. profit
315,285
The directors have declared an extra dividend of 16 cents per share
in addition to a
quarterly dividend of 20 cents per share on the common
stock, both payable Dec. 1 to holders of record Nov. 28.
This compares
with 16 cents paid on Sept. 1 last; 15 cents per share!distributed in each
21,735
183,333
57,331
preceding quarters, and 12)4 cents per share paid each three
previuosly.
In addition extra dividends were paid as follows:
June 1 and March 2 last, 15 cents on Dec. 2, 1935, and 2^ cents
Sept. 3, 1935—V. 143, p. 1408.
months
5
cents on
on
Res .for liabs.under
10,388
Amt. due from for.
c
8,850
39,669
116,667
38,834
taxes--
Note payable
Res. for cont. liabs
0,801
govt., less res_.
Investments
264,398
1935
$147,483
173,791
8,579
&
e
Notes & accts. rec.,
due subseq.
to
Aug. 31, 1937..
1936
$17,343
Accounts payableComms. & int
&
in transit
Naval Stores Investment Co.—Extra Dividend—
Liabilities—
Notes payable
$120,995
286,943
336,981
16,845
1,491,000
1,195,900
on
250
stock—.
240,948
Earned surplus
126,278dfl,635,310
-
--
equipment--
31,411
19,895
Goodwill
Total
1
$1,683,229 $1,660,9391
.$1,683,229 $1,660,939
Total
Includes $3,378 in 1936 and $6,194 due from employees, but is after
for doubtful accounts,
b After reserve for doubtful accounts,
a
After
for depreciation of $178,050 in 1936 and $172,540 in 1935.
d Represented by 64,392 shares par $1 in 1936 and
11,959 shares par
$100 in 1935. e Instalments of $16,666 payable quarterly, next instalment
reserve
due Nov.
1, 1936.
Consolidated Balance Sheet
$9,800;
amt.
as at
Aug. 31, 1936
notes & accts. receiv. due subsequent to Aug. 31, 1937,
from foreign govt., less res., $26,806; investments,
$245,707;
$210,613;
fistx., plant & delivery equip. $242,877, (less res. for deprec.
$195,491). $47,386; def. chgs., $23,779; goodwill, $1; total, $1,948,117.
Liabilities—Notes payable, $57,343; accounts payable, $266,846; comms.
& int., $13,638; prov. for U. S. & foreign taxes,
$43,384; note pay., (instal¬
ments of $16,666 pay. quar., next instalment due Nov. 1, 1936), $116,666;
res. for contingent liabs., $42,611; res. for liabs. under
foreign labor laws,.
$20,349; pref. stock, 5% non-cum., $745,500; common stock, $64,392;
capital surplus, $240,948; earned surplus, $149,619; excess of net assets of
sub. co. over cost to holding co., $186,817; total, $1,948,117.—V. 142,
P. 3517. '
'
;
&
National Pole & Treating
9 Months Ended Sept. 30—
/
x
1935
1936
$718,227
760,027
$994,945
919,605
-
Cost of sales (including mill burden)
\
_
Electric
&
Association—50-Cen
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $5.50 cumulative preferred stock, no par value,
payable Dec. 24 to holders of record Nov. 30.
Dividends of 25 cents per
share were paid on Oct. 1, and July 1, last, and compares with 37 H cents
paid on Oct. 1, July 1, and April 1,1935; 75 cents paid on Jan. 1, 1935, and
regular quarterly dividends of $1.37Yi per share previously.—V. 143,
p. 3155.
'■
""
,0c
New Orleans Texas & Mexico
October—
Gross from railway
Net from railway
1936
Ry.—Earnings—
1935
$75,339
109,949
loss$41,800
88,568
$34,610
3,560
$130,368
3,636
$31,050
77,903
15,398
expense
$158,771
50,746
40,952
28,116
25,153
$103,659
defl0,887
7,377
$97,953
def4,399
9,782
1,690,038
397,176
285,924
1,435,593
307,985
363,272
1,395,960
306,467
446,636
1,048,850
74,418
223,791
Net after rents
From Jan. 1—
Gross from railway
—V. 143, p. 3474.
New York Central Electric
Corp.—Earnings—
1936
$1,839,207
1,017,413
186,019
83,263
147,239
Provision for retirements
Provision for taxes
$126,733
Other income
Interest
on
funded debt
Amortization bond discount and expense
Miscellaneous credits
1,841
$122,510
858,695
—
Surplus at beginning of period
on
-
_
funded debt.
unfunded dent
Interest charged to construction
$275,504
238,298
137,452
17,121
18,000
GY877
Cr237
$71,616
326,767
$135,130
326,767
$398,383
$461,897
80,515
15,896
168,668
$54,476
955,827
-
Net loss
on
Amort, of debt discount and expense.
Amort, of miscellaneous suspense
Net loss before charging interest and other special
deductions
Interest
$439,993
Dr164,489
$344,469
238,298
144,044
17,121
17,500
Maintenance
Interest
1935
$1,773,216
913,223
149,903
114,525
155,572
$405,274
Dr60,805
expenses
Gross income.
Operating loss
Other income—net
1933
1934
$193,423
Operating income
Gross profit
Selling, administrative
230,891
def2,270
def29,874
>
—V. 143, p. 2852.
Operating
(including railroad revenue) less freight, al¬
lowances and cash discount
$30,093
5,797
3,634
299,710
69,105
37,754
322,562
80,091
56,509
12 Months Ended Sept.30—
Total operating revenues
Co.—Earnings—
1933
$42,871
17,003
12,609
$41,112
16,492
14,283
452,513
189,712
137,549
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Net from railway
Net after rents
Gypsum Co.—To Pay Stock Dividend—
The directors have declared a stock dividend of $2.50 per share payable
in second pref. stock to holders of class A and class B common shares on
Dec. 21 to holders of record Dec. 5.—V. 143, p. 3326.
Sales
$0.26
1934
1935
$48,738
19,747
14,158
England Gas
Preferred Dividend—
due
National
1936
Gross from railway
Net from railway
Net after rents
New
Assets—Cash, $129,195; accts. receiv. (incl. $3,377 due from employees),
less reserve, $352,752; notes receiv. & int., less
res., $401,503; merch. on
hand & in transit, $500,571; chgs. paid on
consignment goods on hand,
furn.
$15,784
$0.60
Nil
$0.53
^,
$36,648
loss$26,052
—V. 141, p. 2743.
October—
reserve
c
$32,358
Nevada Northern Ry.—Earnings-
28,916
22,817
1
■
1936—9 Mos.—1935
1936—3 Mos.—1935
outstanding
Capital surplus—
fixts.,
Nekoo8a-Edwards Paper Co.—Earnings—
Period End. Sept. 30—
Net inc. after all charges
Earns, per share on stock
plant & delivery
Deferred charges—
3641
Chronicle
Balance Sheet Aug. 31
a
Balance of income (loss)
Pref. stock dividend requirements.
Deficit.
Dividends have not been paid on the cumulative pref. stock of this
July 1, 1932. The accumulated unpaid dividends amounted
to $1,388,760 at Sept. 30, 1936.
Note—No provision is made in this statement for Federal surtax on
a
company since
Surplus at end of period
$736,185
$901,351
$2,101
43,193
$401
44,678
$45,293
x
$45,079
Included in cost of sales—depletion
Depreciation
undistributed profits, if any, for the current year.—V. 143, p. 1239.
New York Central
—143, p. 1085,
:
.
National
Public
Service
-N'":'--.'
■
■"
-
',
-v;.
Investing Corp.
Nov.
27
(General Utility Investors Corp.
Associated
and Gen. Realty & Security Corp.) in a notice dated
to holders of National Public Service Corp. secured
,
addressed
gold debentures, 5% series due 1978, stated;
"Pursuant to an order made by Hon. Martin T. Manton, U. S. C rcuit
Judge, dated Nov. 25, 1936, General Utility Investors Corp. Associated
Investing Corp., and General Realty & Securities Corp., have executed and
delivered to New York Trust Co. an undertaking unconditionally guaranteed
by NY PA NJ Utilities Co., that they will, within 48 hours after the tender
thereof, purchase or cause to be purchased at $450 per $1,000 any debenture
of National Public Service Corp. of the secured gold debs.,
5% series due
1978, or certificates of deposit therefor, which may be tendered to them or
to any one of them at the office of Transfer and Coupon
Paying Agency, 61
Broadway, New York, N. Y., at any time up to 30 days after the decision
of the Circuit Court of Appeals on the
appeal from the order of the United
States
Hon.
District Court for
Samuel
the Southern
Mandelbaum
on
Nov.
District of New York, granted by
24,
1936,
dismissing
proceedings
therefore
instituted for the reorganization of
National
Public Service
Corp. pursuant to Section 77B of the Bankruptcy Act.
"The attention of holders of debentures above mentioned, and certificates
of deposit therefor, is directed to the fact that the certificates of
deposit are
traded in on the New York Curb Exchange and that debentures are
dealt in the over-the-counter market in New York, and they should consult
their banker
investment counsel and ascertain current quotations there¬
(on Nov. 25, 1936 the closing price for certificates of deposit was $620
for
or
$1,000) before making any tender pursuant to the above offer.
"Holders desiring further information or desiring to be advised of
develop¬
ments concerning these debentures should address General
Utility Investors
per
Corp., Room 707, 26 Journal Square, Jersey City, N. J., with
a
description
of their holdings."
Sale
Postponed—•
v
public auction by the New York Trust Co. as trustee under
trust indenture dated Feb. 1, 1928, of 712,411 shares of tne common stock
of Jersey Central Power & Light Co., originally advertised for
Sept. 10,
1936, and from time to time adjourned, will be held at the auction block
of Adrian H. Muller & Son, 75 Montgomery St., Jersey City, N. J., on
Dec. 21, 1936, at 12:30 o'clock in the afternoon.—V. 143, p. 3154.
Rys. of Mexico—Earning s-
Tax accruals & uncollect¬
2
Other income
140,201
440,966
Deductions
Net oper. income
Kilometers
—V. 143, p.
operated
$843,964
11,282.817
119,557
303,990
30,163
1,274,446
4,247,929
397
925,703
2,870,537
The
following is
a
list of the roads and the amount of their borrowings
from the RFC that have paid in full;
City of New Orleans Public Belt Ry
Central RR. Co., of New Jersey
$6,000,000
Great Northern RR
6,000,000
8,300,000
28,900,000
22,525
53,500
800,000
700,000
30,000
41,300
2,550,000
2,300,000
18,200,000
3,000,000
18,672,250
22,000,000
39,000
27,499,000
464,299
Cincinnati Union Terminal Co
Pennsylvania
RR
Wrightsville & Tennille RR.
Copper Range RR
Litchfield & Madison Ry
Texas & Pacific Ry.
Texas South-Eastern RR._
Birmingham & Southeastern RR.
Maine
Central RR
Missouri-Kansas-Texas RR
New York Chicago & St. Louis
Pere Marquette RR
St. Louis Southwestern Ry...
Southern Pacific Co.
—
New York Central RRTotal
$145,571,874
Railroad securities purchased from PWA that have been paid or sold to
private investors:
Lehigh and New England RR. Co.-Chesapeake & Ohio RR. Co
Railway Co
Pennsylvania RR. Co
Grand Trunk Western RR. Co
Great Northern RR. Co
Delaware, Lackawanna & Western RR. Co
New York Chicago & St. Louis RR
a
;
New York Central RR. Co
—
In addition to the foregoing, 42 roads nave made partial pay¬
ments on their borrowings from the RFC,
aggregating
and on loans from PWA now held by the RFC, of
Premium received from sale of railroad securities
$1,204,000
15,938,000
1,220,000
250,000
70,165,000
250,000
5,785,000
4,652,000
12,000,000
4,809,000
6,969,000
$123,242,000
31,443,975
5,427,000
4,491,550
Split Stock—
passed resolutions proposing to
stockholders changes
in
the company's capital structure which, will result in the issuance of two new
shares of $10 par value capital stock in exchange for each share of present
outstanding no par capital stock.
These proposals are subject to approval
of stockholders at the annual meeting Dec. 17.—Y. 143, p. 1565.
The New York Central is the 25th railroad to pay its indebtedness to the
RFC in full.
This includes 5 roads that had borrowed both from the RFC
and PWA.
Total
3006.
directors
balances, with
that canot be
easily met.
Southern Pacific RR
$1,452,619 $13,435,068 $18,693,579
11,289.017
National Standard Co.—To
The
without borrowing elsewhere, and still have ample working
bank debts or other maturities over the next few years
no
Interstate
[Mexican Currency]
revenue
following statement by Jesse H. Jones, Chairman, Reconstruction
Finance Corp. was issued Nov. 30:
The New York Central RR. has
anticipated all of its remaining notes to the RFC including $6,969,000
collateral notes purchased from PWA.
The total payment aggregated
$16,858,950.89.
Mr. Harold VanderbJt came to "Washington last week and made the
arrangement.
The note for borrowings direct from the RFC was due
July 1, 1941, and the notes taken over from PWA matured serially from
June 1, 1937, to June 1, 1944.
The road was able to make the payment
Northern Pacific RR. Co
Period Ended Sept. 30—
1936—9 Mos.—1935
1936—Month—1935
Railway oper. revenues_$10,085,971
$8,938,368 $93,544,987 $85,963,338
Railway oper. expenses8,941,241
7,301,313
77,106,172
65,324,528
ible
RR.—Pays Debt to RFC in Full Withof Borrowing—Total Aggregated $16,858,950—
Tuckerton RR
The sale at
National
Aid
The
Corp.—Offer for Debentures—
The following companies
out
Total repayments, including premium
$310,176,399
The RFC now has outstanding loans to 55 railroads, aggregating $412,026,890. including $66,976,500 bought from PWA.
23 of these roads are in receivership or trusteeship.
Loans to these
aggregate $163,811,686, but the security in most cases is good for the loan.
Financial
3642
actually made and disbursed to railroads, the RFC
The fact that the
from tne RFC made it possible for them
to borrow at fair rates from private sources.
Prominent among these authorizations was one for $100,000,000 to the
Great Northern RR. to meet a like amount of 7% bonds that matured
Aside
from loans
number of loans that were not taken.
has authorized a
roads
were
able to get the money
The new 4% issue was taken almost entirely by the
and the little remaining was privately subscribed.
Another authorization was for $13,946,097 to the Maine Central RR. to
July 1 of this year.
tockholders of the road,
1935.
The bankers took and distributed
also bore 4%.
and conditional commitments at present outstanding
enable it to meet a maturity Dec.,
this issue, which
Commitments
aggregate
some ro
Some of this is to assist in meeting maturities and
of new equipment.—V. 143, p. 3475.
$39,223,250.
finance the purchase
New York Hamburg
Corp.—Liquidating Dividend—
paid a liquidating dividend of 64 cents per share on the
The company
general stock on Nov. 19.—V.
New
York
New
137, p. 1423.
& Hartford
Haven
vestment Losses Studied
RR.—Road's
In¬
by ICC—
Investment losses of the New Haven
5, 1936
"constructive loss" computed by the examiners as applicable to the 50.2%
stock control of this company, over the period July 1, 1913 to
common
Oct. 23, 1935, is $9,071,626 which figure is the total amount by which the
Haven's investment in this stock has failed to show a 4% annual
New
return over the entire
period.
Impossible to Avoid Many "Constructive Losses"
This investment, originally made in 1904, has produced certain definite
advantages to the New Haven and neither its value nor its productivity
can be measured simply by dividend rates and market price.
The present
have been justified in disposing of the
of "constructive loss" charged
management would certainly not
stock in order to avoid this particular item
against the road.
Finally, it is certainly unusual to build up losses by charging 4% interest
annually up to 1935 on "recorded" losses which took place as far back as
1917.
This is as if the heirs of a man who suffered a $50,000 loss 20 years
have really lost $90,000, because of
ago should now complain that they
failure to receive interest on the original
that t he present management could not
"constructive loss."
Some "Constructive
$50,000.
In any case, it is clear
possibly have avoided this sort of
Gains"
Too
the Commission of "con¬
gains," which might offset any of these "constructive losses."
Although it seems unwise to venture very far with the so-called "con¬
structive" theory, there are submitted herewith some examples of the
"constructive gains" for which no credit has been given in the current
study.
As to "potential losses," it should be pointed out again that these are
simply estimates or guesses.
In some cases, they give recognition to im¬
pairment of assets which have been evident for many years.
In other
instances, however, the use of current market prices to determine values
is distinctly open to question.
No estimates have been made by examiners for
in the period from July 1, 1913, to
Oct. 23,1935, were detailed at an Interstate
which opened in New York, Nov. 30.
Commerce Commission hearing
Accountant of the ICC, said that he intended to
by the company were as results of investments in
properties and others not directly connected with the railroad
Lewis F. Orman, Chief
show losses suffered
traction
Dec.
Chronicle
industry.
The hearing is a part of the investigation instituted by the ICC last year
into the "history, management and accounts" of the company, and covers
the period since the close of a similar investigation up to the date on which
the railraod availed itself of Section 77 of the amended Bankruptcy Act.
Actual losses recorded on the books of the company in the period covered
Principal items among these were $21,199,566
for the New York Westchester & Boston Ry.; $29,701,156 for the Rhode
Island Co.; and $14,154,684 for the New England Navigation Co.
Total of all variety of losses which the parent company suffered in the
period covered as a result of its investments reached the figure of $300,118,829 at the close of the session, with more to come.
In a statement issued Nov. 30 in connection with the ICC's study into
the financial history of the road, E.G. Buckland, Chairman, says:
"The present study of the financial history of the New Haven system,
from July 1, 1913 to Oct. 23, 1935, will supplement and bring up to date a
previous investigation, the results of which were set forth in a report to the
United States Senate: 'No. 6569, In re Financial Transactions of The New
York, New Haven & Hartford Railroad Co.' which covered a period of
years previous to June 30,1913.
"The New Haven is now in process of reorganization, as provided under
the Federal Bankruptcy Act.
The principal immediate cause leading to
reorganization proceedings was, of course, loss of revenue due to the great
business depression.
"It is an undeniable fact that investments, dating almost exclusively to
the period prior to July 1, 1913, have proved burdensome to the New
Haven.
Figures for 'total loss* as stated by the Commission represent
theoretically calculated losses on investment made prior to 1913, not actual
cash losses suffered by the New Haven.
"It must be emphasized that virtually all these losses of every variety
have been incurred by reason of investments made prior to July 1, 1913—
amounted to $72,289,284.
...
structive
Future May Greatly Reduce
"Potential Loss"
single "potential loss" found by the examiners is in con¬
the Boston Railroad Holding
Co.
The sole function of this company, orgained prior to 1913, is to hold
stock of the Boston & Maine RR.
The Boston & Maine is entirely solvent
and its stock may well sell at much higher prices under more favorable
conditions.
I
A substantial item of "potential loss" is also shown for the investment
in the New York Ontario & Western, another solvent road the "potential"
earnings of which are by no means limited to present levels.
The largest
nection with the New Haven's investment in
Effect of Federal Control on Earnings
some weight may properly be given to the unfortunate
earnings of Federal control of the New Haven during the
War.
In 1917, net railway operating income had been $16,333,815.
In
1918, under Federal control, it was only $7,379,268.
A further reduction
took place in 1919 and in 1920, the New Haven, for the first and only year
in its history, failed to earn its operating expenses.
It was not until several
years following termination of control that the management was able to
reestablish normal earning power.—V. 143, p. 3475.
In conclusion,
effect
upon
New York
Telephone Co.—Earnings—
1936—Month—1935
Period End. Oct. 31—
Operating
revenues
Uncoil, oper. revenue—
Operating expenses
Operating taxes.
than 23 years ago.
"A material portion of
1936—10 Mos.—1935
$17,378,888 $16,639,176 $165464,952 $157081,745
75,421
86,199
684,459
824,741
11,408,832
11,703,474 112,874,737 113,105,156
2,107,035
1,670,597
20,569,986
16,602,565
more
the recorded losses actually occurred in 1920 or
substantial item of what the Commission has called 'constructive
4% on the amounts of these actual losses
since the time they were suffered.
Substantial items of recorded losses were
sustained as a result of liquidation ordered by the courts.
In general,
there has been virtually nothing which the management since 1913 could
have done to alter the course of events described in the present study."
Payment of $2.50 per $1,000 bond was made on Dec. 1, 1936, on sur¬
of participation warrant No. 4, from first mortgage 6% sinking
fund gold bonds, due 1946, "stamped."—V. 142, p. 3862.
The following statement was also issued by E. G. Buckland, Chairman:
Granted—
before;
a
Net oper. income
—V.
$3,787,600
$3,178,906 $31,335,770 $26,549,283
143, P. 3007.
loss' is based on failure to earn
Haven, according to the calcula¬
for the Commission, more than 93% was upon
affiliated or controlled companies.
None of these
companies was acquired subsequent to June, 1913.
A majority of them
were controlled in 1907 or before.
Cash transactions between the New Haven and four of these subsidiaries
since June 30,1913 show an excess of receipts by the railroad over disburse¬
ments to these companies.
For the eight subsidiaries as a whole, the
result is a decrease in New Haven cash of $33,224,919 over the 22-year
period from July 1, 1913 to Oct. 23, 1935.
Two situation are chiefly responsible for this result.
In the case of the
Rhode Island Co., which controUed traction properties, the New Haven
cash account suffered to the extent of $18,076,642.
This entire loss was
suffered previous to the close of 1920, in which year the property of the
Rhode Island Co. was sold at auction under court order.
Its affairs were
entirely wound up on June 1, 1921.
The other situation, which brought about net cash disbursements by the
New Haven of $24,580,136 over the 22-year period, was that of the New
York, Westchester & Boston RR.
This electric passenger line has been
directly controlled by the New Haven since 1909. Because of its guarantee
of principal and interest on the first mortgage bonds of this line which are
dated July 1, 1911, the New Haven was required to advance large sums
for many years to the Westchester, earnings being far below the amounts
necessary to meet such interest.
If this obligation had not been met, the
parent company itself might have been forced into receivership.
The
management was naturally anxious to avoid any such contingency.
Because of charter obligations, it also became necessary to complete an
extension of the Westchester line, which required additional cash advances.
Besides the question of charter obligations, it was believed that the extension
might result in increased use of the older portion of the route, and thereby
bring about increased earnings for the line as a whole.
Of the "total loss" suffered by the New
tions made by examiners
investments
in eight
New York
New
to
its
"recorded loss" of $72,483,217 to the New Haven
in certain affiliated or controlled companies,
July 1, 1913 to Oct. 23, 1935 does not represent actual decrease in
such amount, but rather reflects the decrease in asset values
resulting from various developments during the period.
Of this "recorded
loss," over 88% is accounted for by three situations.
Of these, the Rhode Island Co., as noted above, was liquidated in 1920.
Another, the New England Navigation Co., terminated its active existence
cash of any
through liquidation in 1917.
The third of the principal situations con¬
tributing to "recorded loss" is that of the New York Westchester & Boston.
Losses
Inflated by "Constructive Loss" Theory
calculated by examiners for the Com¬
mission is termed "constructive loss."
Besides the amount by which
actual income on investments fails to equal a return of 4%., it also includes
a figure representing 4% interest on "recorded loss" from the time the loss
Norfolk & Southern
1935.
Managements representing the stockholders of many types of enterprise
have often made investments which have failed to return 4% on the capital
invested.
At this late date, it is certainly impossible for us to evaluate
properly the investment outlook as it appeared in 1907 or 1910.
In ordi¬
nary business, loss of dividend income is not used to inflate the loss actually
suffered on any investment.
Court Action Took
passing, it may be observed that operating control of various sub¬
sidiaries—including the more important traction properties—was taken
from the New Haven for considerable periods as a result of court order
following anti-trust proceedings brought by the government against the
road.
The Connecticut Co., for example, was out of New Haven control
from Oct.-, 1914 to Nov., 1925—or nearly half the time covered in the
current study.
Similar situations existed in the case of the Rhode Island
Co. and the Boston Railroad Holding Co.
In connection with these anti-trust proceedings, the New Haven was
required W the Department of Justice in 1914 to dispose of its interest in
the Merchants & Miners Transportation Co. and Eastern Steamship Corp.
The sale of these assets resulted in a total loss of $6,083,875.
Shortly
thereafter, the wartime shipping boom brought about great increases in the
value of the securities of these companies.
The loss on these investments,
which events proved to be unnecessary, cannot be charged to any failure
on the part of the New Haven management.
Another difficulty of assessing losses on the so-called "constructive"
theory is shown in the case of the New York Ontario & Western Ry.
The
Ry.—Extension
1935
1933
1934
$382,801
65,417
16.352
$439,236
105,996
53,746
$405,349
81,570
19,919
$424,189
129,427
116,492
3,692,608
678,436
Net after rents
3.969,614
833,238
311,017
4,088,420
1,045,027
479,596
3,707,191
637,722
From Jan. 1—
Gross from railway
Net from railway
Net after rents
213,712
176.904
—V. 143, p. 2854.
Norfolk & Western
Period End. Oct. 31—
Ry.—Earnings—
Gross income
Int.
on
$3,808,644
178.816
143,
$3,580,893 $27,795,352 $22,277,691
178,816
1,788,133
2,482,280
$3,629,828
funded debt
Net income.
—V.
1936—10 Mos—1935
$7,747,958 $76,733,199 $63,552,638
3,877,235
35,537,024
26,358,650
3,508,317
27.343,916
21,363,285
72,575
451,436
914,405
1936—Month—1935
Railway oper. revenues- $9,429,726
Net ry. oper. revenues._
4,626,521
Netry. oper. income
3,851,080
Other income items
42,435
$3,402,076 $26,007,219 $19,795,411
3475.
p.
North American Investment
Corp.—Accumulated Divs.
The directors have declared a dividend of $4 per share on the 6% cum.
preferred stock, par $100, and a dividend of S3.66M per share on the 5Yi %
cum. preferred stock, par $100, both on account of accumulations and pay¬
able Dec. 5 to holders of record Nov. 23.
Dividends of $3 and $2.75 per
share
were
paid
on
Oct. 20, last; distributions of $2 per share
and $1.83 1-3
share respectively, were made on these issues on April 20, last; dividends
one-half these amounts were paid on Oct. 20, and April 20, 1935, and
Oct. 20 and April 20, 1934.
Pref. dividend payments were discontinued
per
at
on
after
April 20, 1931.—Y. 143, p. 1240.
North American Rayon
The
Corp.—Larger & Extra Divs.—
directors
have declared an extra dividend of $1.25 per share in
quarterly dividend of 37 XA cents per share on the class A
and class B common stock, all payable Dec. 15 to holders of record Dec. 5.
A 25-cent dividend was paid on Oct. 1 and July 1, last, and compares with
12 }4 cents distributed on April 1, last, and 50 cents per share paid on
Jan. 1, last, this latter being the initial dividend of the issue.
In addition extra dividends of 25 cents per share were paid on Oct. 1,
last.—V. 143, p. 3007.
addition
to
a
Northeastern
Away Management Power
In
Boston
RR.—Earning s—
1936
October—
Gross from railway
Net from railway
Nearly half of the "total loss"
is shown on the books of the New Haven to Oct. 23,
&
The company nas been given an extension of time until Jan. 4 in which
file its plan for reorganization under Section 77-B of the Bankruptcy
Act, by Federal Judge Carroll C. Hincks.
The trustee was also given an extension until Jan. 4 in wnich to report
to Court the advisability of affirming or disaffirming contracts and leases
to which it is obligated.
The Court provided that until Jan. 4 and there¬
after as long as a plan of reorganization was before it any other parties
qualified under the Bankruptcy Act may file their own plan if advisable.
—V. 143, p. 3007.
investments
from
Westchester
York,
to
Chief Items of "Recorded Loss"
As indicated above, the
incident
Trap Rock Corp.—Interest—
render
Water
&
Electric
Corp.— To
Pay
SI
Special Dividend—
The directors
the
p.
common
dividend of $1 per share on
stock, payable Dec. 15 to holders of record Dec. 5.—V. 143,
on
Nov. 25 declared a special
2061.
Northwest Cosmetic Sales
Corp.—Registers with SEC—
See list given on first page of this department.
Northern Pacific Ry.—Earnings—
1936
Net from railway
Net after rents
1935
1934
1933
$6,719,439
2,367,456
2,086,728
October—
Gross from railway
$6,302,803
2,177,599
1,951,367
$5,119,168
1,173,937
958,339
$4,979,302
1,576,182
1,330,376
51,051,327
10,307,873
7,789,454
44,615,885
7,074,215
5,136,569
43,315,757
r8,374,796
6,322,858
39,812,629
7.012,123
4,338,367
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V.
143,
p.
2854.
—
!
Volume
Financial
143
Northern States Power Co.
(Minn.)—Plans Under Way
for Refunding Operations—
Robert
F. -Pack,
President,
said
Nov.
on
28,
regarding the probable
immediate refunding of the funded debt of his company, that such a plan
was now under consideration with a
banking group headed by BancamericaBlair
Corp.; H. M. Byllesby & Co., and Schroder, Rockefeller & Co., Inc.
He further added that such plan of refunding, of course, would require the
approval of the Securities and Exchange Commission, in accordance with his
recent statement to the effect that he would recommend that his board of
directors approve registering with the SEC under the provisions of the
Public Utility Act of 1935.
''Although no official comment has been made as to the amount or approxi¬
mate date of the proposed financing, it was said in other circles that the
operation would be about $100,000,000, of which $75,000,000 would consist
of low-interest bearing bonds and $25,000,000 of prior pref. stock, and that
registration with the SEC probably would not take place until after the
new year.—V.
143. p. 3328.
.
Northwest Engineering Co.—$1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
Dividends of 25 cents
per share Were paid on Nov. 2 and on Aug. 1, last, this latter being the first
distribution made since Feb. 1, 1932, when a dividend of 25 cents was
also paid.—V. 143, p. 2061.
Northwestern Pacific RR.—Earnings—
October—
Gross from railway
1933
1934
1935
1936
$369,551
68,856
48,279
$345,892
68,735
45,271
$312,013
44,462
16,104
$273,741
32,057
7,175
3,152,645
440,228
265,534
2,807,012
219,643
2,832
2,794,836
329,287
53,996
2,393,309
115,289
defl81,677
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 3007.
Ohio Bell
Telephone Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Uncollectible oper.rev..
Operating expenses
Operating taxes
1936—Month—1935
$3,412,778
11,241
1,984,867
481,814
Net operating income.
1936—10 Mos.—1935
$3,080,713 $32,460,925 $29,599,442
4,510
75,338
55,897
1,867,201
19,561,855
18,443,832
399,009
4,591,673
3,802,236
$809,993
1936
1935
$45,678
14,021
1934
968
$32,473
8,769
defl,138
452,540
204,103
111,479
From Jan. 1—
Gross from railway
Net from railway
Net after rents_
357,13 9
128,887
37,933
283,912
92,320
def5,218
1933
$33,634
13,191
3,198
Netafterrents
$30,979
8,589
defli304
.
269,259
93,730
defll,825
2855.
Oklahoma Gas & Electric Co.—Two Bond Issues
Aggre¬
issues aggregating
The larger, $35,000,000
1st mtge. bonds 3%% series due in 1966, was priced at 1023^
and accrued interest, and the other, $9,500,000 4% deben¬
tures due in 1946, was priced at 1003^ and accrued interest.
The issues were offered by a syndicate headed by H. M.
Byllesby & Co., Inc.; Schroder Rockefeller & Co., Inc.,
and
Bancamerica-Blair
Corp., and including: W. C.
Langley & Co.; A. C. Allyn & Co., Inc.; The First Boston
Corp.; Blyth & Co., Inc.; Bonbright & Co., Inc.; Emanuel
& Co.; Field, Glore & Co.; Halsey, Stuart & Co., Inc.;
Granbery, Safford & Co.; Kidder, Peabody & Co.; Hemphill,
Noyes & Co.; Harris, Hall & Co. (Inc.); A. G. Becker &
Co., Inc.; E. H. Rollins & Sons, Inc., and Central Re¬
public Co.
gating $44,500,000 Offered—Two
$44,500,000 were offered on Dec. 3.
the
company in New York, and
int. payable J. & D. either at office of
Chicago or at agency of company in New York; both principal
payable in lawful money of the United States of America.
Coupon in denom. of $1,000, registerable as to principal only and inter¬
changeable with fully registered bonds, in denom. of $1,000, $5,000 and
$10,000 or such multiples of $10,000 as company may determine to issue.
Red. all or part on any date at option of company on 30 days' notice, at
principal amount and accrued int. thereon to date of redemption, and a
premium on princupal amount, if any, as follows: 7H% if red. date occur
prior to Dec. 1, 1941; 5% if red. date occur on or after Dec. 1, 1941, and
prior to Dec. 1, 1942, this premium decreasing H% on Dec. 1, 1942, and
on first day of December of each year thereafter to and incl. Dec.
1, 1961.
trustee in
and interest being
The
be
company
no
premium if red. date
will reimburse to
any
on or after Dec. 1,
of bonds of the Z%%
occur
owner
1961.
series
due 1966, any taxes, other than estate, succession, income and inheritance
taxes that are or may be imposed and paid under the laws of Pennsylvania
bonds or upon such owner as a resident of Pennsylvania by
reason
of the ownership of such bonds, not exceeding, however, in any
year 5 mills upon each dollar of the taxable value of such bonds.
Company
will also reimburse to any owner of bonds of the Z3A % series due 1966, any
income or corporation taxes in respect of or measured by the interest on
such bonds (or, in case of savings banks or trust companies having savings
departments, measured by the amount of deposits invested in such bond
or bonds), which such owner may lawfully pay under any present or future
law of Massachusetts on account of the ownership of such bonds or on
account of the interest thereon, not exceeding in the aggregate in any
year 6% of the interest thereon.
Company will reimburse to any corpo¬
ration (not organized or existing under the laws of Oklahoma) any income
tax, including interest and penalties thereon, imposed upon such corporation
pursuant to the provisions of the income tax law enacted by Oklahoma in
1935 in respect of or measured by the interest on such bonds which such
corporation may pay under such law by reason of the ownersnip of such
bonds or by reason of the receipt of interest thereon, not exceeding in the
aggregate in any year 6 % of the interest on the bonds so owned plus interest
and penalties, upon the condition that payment of such income tax, interest
and penalties shall be made under protest, and that a claim for the recovery
thereof shall be assigned to the Company by such owner, such protest and
assignment to be in the form to be supplied to such owner by the company
on written demand addressed to it at Oklahoma City, Okla.
4% Debenture Due 1946—Dated Dec. 1, 1936, to mature Dec. 1, 1946.
Principal and int. (J. & D.) payable either at office of trustee in New
York, or at agency of company in Chicago, both principal and int. being
payable in lawful money of the United States of America.
Company will
covenant that it will on Dec. 1 of each year commencing Dec. 1. 1937, and
continuing so long as any of the 4% debentures are outstanding, pay to
the trustee as a sinking fund for the benefit of the debenture holders, an
amount equal to the amount required to redeem on February next following
the date of each such payment, $475,000 of such debentures.
Coupon
in denom. of $1,000, registerable as to principal only.
Red. as a whole
or in part, on any date at option of company on 30 days' notice, at principal
amount thereof and accrued int.
thereon to date of redemption, and a
premium on principal amount, if any, as follows: 4% if red. date occur
Trior to Dec. II, 1938, this premium decreasing
on Dec. 1, 1938, and
on Dec. 1 of each year thereafter, to and incl. Dec. 1, 1945.
There shall
be no premium if the redemption date occur on or after Dec. 1, 1945.
Company will reimburse to any owner any taxes, other than estate,
succession, income and inheritance taxes that are or may be imposed and
paid under the laws of Penna. upon such debentures or upon such owner as
a resident of Penna., by reason of the ownership of such debentures, not
exceeding, however, in any year 5 mills upon each dollar of the taxable
value of such debentures.
Company will also reimburse to any owner
upon
.
gate in any year 6% of the interest thereon.
Purpose—Net proceeds of tne issues offered hereby, $44,090,267 (esti¬
mated without including accruedint. from Dec. 1,1936, and after allowance
for $267,232 estimated expenses), togetner with other funds of the company
estimated amount of $555,009 will be used to redeem all of the
company's funded debt now outstanding.
Tne principal amount of each
series of such funded debt and proposed redemption dates and prices,
including accrued interest to redemption dates, are set forth below:
in the
$34;500,000 1st mtge. 5% gold bonds, series A, due March 1, 1950, on
March 1, 1937 at 103%.
7,217,000 6% gold debentures, series A, due March 1, 1940. on Jan. 11,
1937 at 101^%.
.
632,800 Oklahoma Power Holding Co. 1st mtge. 5M% sinking fund
gold bonds, due Jan. 1,/1943, on Jan. 11, 1937 at 102^ %
such
,.
_
„
„
f
,
t
„
Company and Business—Company was incorp. under the laws of the
Territory of Oklahoma (now State of Oklahoma) on Feb. 27, 1902.
Com¬
an operating electric utility company and is now engaged and
expects to continue to be engaged in the production, transmission, dis
tribution and sale of electricity in the States of Oklahoma and Arkansas.
It has been continuously engaged in this business since 1902 in Oklanoma
and since 1928 in Arkansas.
The territory served by the company extends
through the central part of the State of Oklanoma from the Kansas border
on the north to Texas on the south and throughout the central part of the
State from west to east ; and it also includes six counties in western Arkansas.
Retail electric service is supplied in 222 communities and contiguous rural
and suburban territory.
Company furnishes at wholesale for resale the
entire electric energy requirements of 15 additional communities.
Of tne
total communities served 214 are located in Oklahoma and 23 are located
in western Arkansas.
The estimated aggregate population of the territory
served, both retail and wholesale, based on the 1930 Federal census, is
over 590,000.
Company furnishes electric service to various industries
both witnin and without the above communities served by it.
Among
these industries are flour mills, grain elevators, oil refineries and petroleum
production, cotton oil mills, cotton gins, stockyards and packing plants,
creameries and dairy product plants, glass factories, brick and tile factories,
building material plants, furniture factories, machine shops, coal mines,
ice plants, railroad shops and the Oklahoma Railway.
pany is
Authori!ed
4% debentures, due 1946
Preferred stock—7% cumulative
6% cumulative
Outstanding
xNot limited $35,000,000
$9,500,000
9,500,000
14,647,800
14,647,800
19,643,800
2,231,700
40,000.000
19,190,000
-
Common stock
x Additional bonds
may do issued under the indenture only upon com¬
pliance with the provisions thereof.
Years Ended Dec. 31
9 Mos.End
bl933
1934
1935
Sept. 30 '36
Operating re venues.... _$10,463,072 $10,938,851 $11,372,683
$9,263,666
a Operating expenses...
5,264,084
5,682,305
5,914,969
4,606,077
$5,198,988
62,536
Balance
Other income
$5,256,546
24,888
$5,457,714
2,488
$4,657,589
1,789
$5,261,524
950,000
$5,281,434
1,025,000
$5,460,202
1,025,000
$4,659,378
900,000
$4,256,434
$4,435,202
$3,759,378
new
First Mortgage Bonds—Dated Dec. 1, 1936 to mature Dec. 1,
1966.
Principal payable either at office of trustee in Chicago, or at agency of
There shall
present or future law of Massachusetts on account of the ownership of such
debentures or on account of the interest thereon, not exceeding in the aggre¬
$7,297,477
$8,232,059
Oklahoma City-Ada-Atoka Ry.—EarningsOctober—
p.
or
1st mtge. bonds, 3?^% series due 1966
Gross from railway
Net from railway
143,
corporation taxes in respect of or measured by the interest
on such debentures i.or, in case of savings banks or trust companies having
savings departments, measured by the amount of deposits invested in such
debenture or debentures), which such owner may lawfully pay under any
income
any
Capitalization (After Giving Efject to Proposed Financing)
$934,856
—V. 143, p. 3008.
—V.
3643
Chronicle
Total income.
i,
Approp.forretirem'tres.
Balance before income
taxes, int. and other
income charges
"
$4,311,524
Including taxes other than income taxes, but excluding appropriation
reserve,
b The accounts for the year 1933 include the opera¬
tions of Mississippi Valley Power Co., a wholly-owned subsidiary, which
was dissolved after transferring its net assets to the company as of July 31,
a
for retirement
1933.
Standard Gas &
Corp., the
companies
(including the company) of the Standard Gas & Electric Co. system,
furnishes operating, financial and engineering services to Oklahoma Gas &
Management and
Electric
Co.
Control—Company is a unit in the
system.
Public Utility Engineering & Service
owned by certain of the operating utility
of which is
stock
Electric Co.
Standard Gas & Electric Co., as of Oct.
or
31, 1936 owned 191,900 shares
100% of the common stock, including 9 shares held of record by directors,
but owned beneficially by Standard Gas & Electric Co.
Underwriters—The name of each principal underwriter and the
respective
principal amounts of bonds and debentures severally to be purchased by
each, are as follows:
Bonds
Debentures
$6,000,000
4,719,000
6,000,000
$1,625,000
1,281,000
1,625,000
950,000
950,000
587,000
214,000
214,000
640,000
192,000
192,000
320,000
139,000
139,000
108,000
108,000
108,000
108,000
Name—
H. M. Byllesby & Co., Inc., Chicago
Schroder Rockfeller & Co., Inc., New
Bancamerica-Blair Corp., New York
York
"W. C. Langley & Co., New York
3,500,000
3,500,000
...
A. C. Allyn & Co., Inc., New York
First Boston Corp., New York
Blyth & Co., Inc., New York
Bonbright & Co., Inc., New York..:
Emanuel & Co., New York
Field, Glore & Co., New York
Halsey, Stuart & Co., Inc., Chicago
Granberry, Safford & Co., New York
Kidder, Peabody & Co., New York.
Hemphill, Noyes & Co., New York.
Harris, Hall & Co. (Inc.), Chicago.
A. G. Becker & Co., Inc., Chicago
E. H. Rollins & Sons Inc., New York
Central Republic Co., Chicago
~
2,163,000
786,000
786,000
2,360,000
708,000
708,000
1,180,000
.
511,000
511,000
392,000
™
392,000
392,000
392,000
—V. 143, p. 3470.
Otis Co.—Earnings—
Sept. 26, '36
Years Ended—-
Oct. 5, '35
Cose of sales
$3,413,754
3,361,608
Depreciation
269,253
279,043
$217,107
59,121
$870,250
16,270
3,938
$276,228
130,514
$890,458
145,814
411,573
890,458
1,302,031
Sales
-
Interest, adjustment reserve, etc.
$4,344,603
4,935,810
Tax adjustment
Credit to surplus (prior years).
Surplus decrease for year.
Surplus Oct. 5, 1935
Profit and loss surplus
$265,759
—
$411,573
Condensed Balance Sheet
Sep*.26,'36
Assets—
aSl, 052,386
6,365
Cash
Notes
Accounts rec.
Oct.
5,'35
$300,699
8,513
(less
269,280
b750,152
433,598
1,202,933
59,389
71.649
5,128
c43,478
45,554
reserves)
dl,512,308
$3,698,486 $4,018,8491
Sept. 26,'36
$39,927
items
&
$71,274
116,367
259,650
445,000
265.887
Accounts payableAcc.
Oct. 5, '35
411,573
res.
lor taxes, &c
Other res. for In¬
1,943,335
Total
Liabilities—
reserve)
Inventory
Estimated
ins.
reb.
dep.
of
& pre¬
paid insurance..
Other prep'd items
Investments
Plant
a
12,567
ventory, unfilled
orders, &c
Surplus
Capital stock
445,000
(par
$80)
Stock
3,263,200
Dr431,896
3,263,200
Dr431,848
(less deprec.
Does not include
Total
$3,698,486 $4,018,849
$50,000 deposited by Textile Industries Inc. on signing
1936.
b Includes inventories of the Boston
agreement dated Aug. 26,
Duck Mills and Bondsville
$10,000 higher than the
Bleachery at about $94,000 which is about
are to be acquired by
basis on which inventories
Financial
3644
Textile
Water
Industries
Co.
Inc.
Investments
c
These shares
$25,000.
at
include shares of the Bondsville
with property sold to Textile
go
Industries Inc.; also other investments, the book value of which is estimated
be realized,
d Plant reflects
of the flood waters
of the Ware River, less expenses connected with suit.
Commitments for cotton waste, &c., on September 26 were not above
be about
to
$10,000 higher than value to
credit to land accounts of verdict for damages for taking
the market value
that date.
on
company's authorized capital includes
$1,000,000 par value of preferred shares.
Of these only $400,000 were
issued, all of which were purchased some years ago pursuant to call by
the company, and are now held in its treasury.—V. 143, p. 1890.
In addition to common stock, the
Natural
Oklahoma
Gas
Co.
(& Subs.)—Earnings—
1936
1935
$7,497,894
2,897,534
$6,730,956
2,581,518
194,311
a655,897
151,299
609,763
12 Months Ended Oct. 31—
Operating
Operation
revenues
-
Maintenance
Taxes
$3,750,152
77,503
-
$3,388,377
113,504
Balance
194,583
Provision for depreciation
Taxes other than Federal income tax—
General and administrative expenses
Provision for doubtful accounts—
Provision for insurance and casualties
Rents
Non-operating
expenses
9,169,076
Miscellaneous income
$534,319
$1,444,322
Net income (incl. gas revenue in dispute
Crl94,596
deducting minority interests in earns
—V. 143, p. 3329.
$1,182,708
66,600
$1,638,918
funded debt
on
Amortization of bond discount and expense
Miscellaneous interest
^
Net direct charges
Balance
Dividends accrued:
6% prior pref
conv.
32,643
38,425
Crl29,076
Interest charged to construction
Provision for Federal income tax
Crl53,086
1,753,741
1,143,638
910,003
Net income
Total
329,310
$41,451,218 $41,825,645
12,469,988
13,884,625
796,745
968,227
income
$3,501,881
1,231,380
1,736,182
Interest
252,117
$32,282,142 $41,496,335
operating revenue
$2,475,573
1,292,865
Earned surplus—beginning of period
194,583
Commercial expenses
New business expenses
$836,656
1,638,918
Net income
9,781,379
2,843,802
452,193
771,415
Cr4,836
expenses—other than
$3,827,656
1,342,349
1,648,651
Interest & amortization, &c
3,267,971
1,860,424
12,706,807
7,613,753
2,269,787
356,828
615,088
657,159
—
department
repairs
3,789,890
12,076,202
767,466
4,707,024
maintenance and
Gross
Retirement accruals
3,142,277
11,179,841
663,100
3,904,544
252,117
2,625,423
1,513,840
9,530,798
Transmission expenses
Distribution expenses
railway
1936
Company
Consolidated
$76,801,280 $94,962,772
Maintenance of capital
Production expenses
Street
5,
Co.—Earnings—
Pacific Gas & Electric
12 Months Ended Sept. 30, 1936—
Total gross operating revenue
Net
Net operating revenues
Non-operating income—net
Dec.
Chronicle
-
$27,137,280
and before
of subs—
$25,333,712
Indemnity Co.—Extra Dividend—
Pacific
The directors have declared an extra dividend of 20 cents per share
Earned surplus—end of period
$1,116,108
$1,638,918
No provision has been made for a Federal tax on undistributed profits,
since the tax is not applicable to this company until the fiscal year which
a
ends Nov. 30,
addition to
stock, par
1281.
p.
1937.
Package Machinery Co.—Pays Extra Dividend—
Comparative Consolidated Balance Sheet Oct. 31
135
1936
:
Assets—
Liabilities—
Property,
plant &
equipment
65,307,963 66,162,567
199,039
185,902
Other investments
Notes receivable
Interest
.
43,328
23,129
6,975
368,777
144,513
9,021
3,648
398,049
332,795
13,754
171,720
_
receivable
Accounts receiv
Mat'ls & supplies.
Prepayments
Special deposits
399,107
15,789
10,121
1,233
Sinking fund
Unamort. debt dis¬
Conv.
1,409,155
41,829
debits
86,670
79,682
prior
6%
Total
68,018,349 67,396,415
143,
p.
(The) Packer Corp.—Registers with SEC—
See list given on first page of this
Pan American
This company, which is owned 99.33% by Standard Oil Co. (N. J.),
has called a special meeting of stockholders for Dec. 15 to act on a plan of
liquidation and dissolution as a means of eliminating duplicate taxation
under the Revenue Act of 1936.
approved, it is expected that it will be promptly con¬
of the stock of the company
summated and thereafter no further transfer
507,662
549,550
27,411
1,116,108
department.—V. 139, p. 1717.
Foreign Corp.— To Liquidate—
26,475
549,785
18,819
Interest accrued-.
179,183
Dividends accrued
11,100
Retirement reservel9,604,681
Oper. & other res..
128,003
dividend of 50 cents per share in addition to
amount on the common stock,
regular quarterly dividend of like
$50, on Dec. 1.—V. 143, p. 2381.
If the dissolution is
Div.
certificates
(unclaimed)
Unadjusted credits
Total
the
par
pref. stk. (par)
$100).
2,220,000
Pref. stk. (par $50) 4,552,500
4,720,825
Com. stk.(par $15) 8,249,790
8,249,790
Long-term debt...30,000,000 29,108,675
Notes payable
1,750,000
Accounts payable.
186,801
215,883
Consumers'deps._ 1,174,403
1,149,815
Earned surplus...
—V.
1935
$
Taxes accrued
count & expense
Unadjusted
The company paid an extra
1936
$
$
Cash
in
regular quarterly dividend of 30 cents per share on the common
$10, both payable Jan. 2 to holders of record Dec. 15.—V. 141,
a
Pan American Foreign Corp. was incorporated in May, 1932, to acquire
all the properties and interests outside the United States (including tanker
fleet) of Pan American Petroleum & Transport Co., an affiliate of Standard
Oil Co. of Indiana.
The consideration payable by the Standard Oil Co. of
19,290", 795
121,804
65,990
1,638,918
-68,018,349 67,396,415
will be made.
N.
J.
was
approximately $50,000,000 in cash over a period of four years
and $96,000,000 in shares.
Pan American Foreign Corp.'s
outstanding capital comprises 999,957 A
by
2,416,125 B shares, each of $1 par value, nearly all held
(N. J.).—V. 142, p. 4188.
shares and
Standard Oil Co.
3476.
Pan-American Petroleum &
Outboard, Marine & Mfg. Co. (& Subs.)—Earnings—
Earnings for the Year Ended Sept. 30, 1936
Net profit from operations
Other income—
Transport Co. (& Subs.)
1936—3 Mos.—1935
Period End. Sept. 30—
1936—9 Mos.—1935
Net profit after
$785,304
a41,318
deprec'n,
depletion & Fed. taxes
Earns, per sh. on 4,702,-
x$595,251
y$258,626
$163,299 x$2,196,263
999 shs. common stock
Net profit before other
charges & income taxes
$826,622
on past due note rec., restricted funds in foreign
& domestic banks, &c
Interest paid
x
7,646
20,420
Exchange
on United States funds
Prov. for Fed., Wis. & Canadian (Dominion & Provinvial) in¬
come taxes
Before
provision for possible surtax on undistributed profits,
579
To
Earnings
a
per
share
Consisting
of
on
297,143 shares cap. stock (par $5)
discount
purchases, interest received, scrap sales
and miscellaneous income (net), and including discount of $2,755 on bonds
purchased.
Note—Provisions included above: depreciation of plant and equipment,
$112,070 and depreciation and obsolescene of jigs, dies, tools and pat¬
terns, $77,415.
on
Consolidated Balance Sheet Sept. 30, 1936
Assets—
directors
have
stock, par
of record Dec. 7.
Cash in banks &
on
hand
$890,669
314,842
a214,834
Inventories
Bal.
of
702,574
prem.
Mutual
deposits
ins.
Cos.,
with
value
ins.
of
a
of
12,423
corporate life
face
amount
of
receivable
due
3,570
note
Requirement for deposit with
trustee of bond sinking fund
38,000
49,500
1st mtge. 6% serial gold bds.
Reserves
45,406
&
$50,000
Past
$117,100
96,625
121,906
Prov. for income taxes
(est.)
Insurance, &c
Cash
Capital stock (par $5)
Capital surplus
1,485,719
cl,369,785
restricted funds in foreign &
domestic banks, less res.
of
$13,384..
3,245
Notes rec.—Johnson Motor
Co. Employees'
res. of
Stock
Assn., less
$2,580
invest;
4,080
in
First
Na¬
tional Bank of Waukegan,
111.—at cost
1,400
Prop, under lease to others—
at cost less res. for deprec..
Cash dep. with trustee of bond
34,479
sinking fund
Panhandle Eastern
to Double
jected construction work in 1937, the company having received requests
for additional natural gas supplies that will double the current 110,000,000
cubic feet average daily output by the end of next year.
J. D. Creveling, President, said that the 50% increase demand for
natural gas by the Detroit Gas Co. alone had so far exceeded contractual.
provisions and earlier estimates that additional pumping capacity had
to be supplied.
The company borrowed $400,000 at 1^% interest to
provide the additional pumping equipment.
Mr. Creveling said also that he had completed arrangements with pipe
and equipment manufacturers to supply all 1937 construction requirements
at 1936 prices, and that business now scheduled would call for.a daily supply
of 398,000,000 cubic feet of gas within five years.
Initial blocks of addi¬
tional natural gas will be provided by stepping up pumping capacity and
looping transmission lines over large sections, and eventually by duplicating
in its entirety the pipe line from producing fields in the Texas Panhandle
to consuming areas in Missouri, Illinois and Michigan and at the Indiana
State line.—Y. 143, p. 3477.
$3,324,0411
reserve
Representing
excess
$3,324,041
Total
b After reserve for depreciation
of recorded net assets of Outboard
Finance Corp. of Calif.—Extra Dividend—
directors
have
declared
an
extra
dividend
quarterly dividend of 45 cents per share on the
both payable Dec. 22 to holders of record Dec. 7.
on
Oct.
1
last
and
compare
with
of $1
share and a
stock, par $10,
per
common
Similar payments were
dividends of 30 cents per share
paid in each of the four preceding quarters; 15 cents paid on July 1, April 1,
and Jan. 2, 1935: 5 cents per share paid each three months from July 1,
1932 to and including Oct. 1, 1934, and 22 cents paid previously each
?uarter. 1933.
In addition an extra dividend of 20 cents per share was paid on
>ec. 15,
Changes in Capitalization—
tributed.—V.
The company has notified the N. Y. Stock Exchange of proposed de¬
in authorized preferred stock, series A, from $2,000,000 to $1,500,000,
143,
p.
dividend of 50 cents per share
on
the
stock dividend of 1%
was
dis¬
3158.
Patchogue-Plymouth
Rights Expire Dec. 10—
Mills Corp.—Capital
Increase—
special stockholders' meeting held on Nov. 19 the authorized capital
which 30,000
stock.
The
30,000 shares of capital stock outstanding have been redesignated as common
stock.
Stockholders of record Nov. 23 have been offered the right to
subscribe at $1 per share to one share of 3% preferred stock (par $1) for
each share of present stock held.
The subscription rights are in non¬
transferable form and will expire on Dec. 10, 1936.—V. 121, p. 2531.
At
a
stock was increased from 30,000 shares to 530,000 shares, of
shares are common stock and 500,000 shares are preferred
Pennsylvania Glass Sand Corp.—Initial Common Div.—
The directors
on
the
on
common
Dec.
Nov. 24 declared an initial dividend of 50 cents per share
voting trust certificates,
payable Dec. 15 to holders of
5.
The directors also declared the reguiar quarterly
,
crease
C,
a
cash dividend of 75 cents per share and a
record
series
have declared
stock, par $1, pyaable Dec. 21 to holders of record Dec. 1.
This
will be the first distribution made on this issue since July 14, 1930. when a
for bad debts of $20.140.
c
Tilford, Inc.—Resumes Common Dividends—
Park &
common
and Johnson Motor Co.
(predecessor companies), as at
Sept. 30, 1936 less capital stock issuable under agreement and act of con¬
solidation.—V. 143, p. 3329.
made
negotiating with investment bankers relative
refunding of $17,800,000 of 6% 1st mtge. bonds due in 1950 through
of 4 to 4M % debentures.
Of the total amount,
$14,574,500 of the bonds was sold recently to three insurance companies
by the Columbia Gas & Electric Corp., which was divorced from indirect
control of Panhandle Eastern Pipe Line Co. by a consent decree in a Federal
anti-trust suit in January.
In addition, Panhandle, it is said, is discussing with investment and
commercial banks means of financing $15,000,000 to $25,000,000 of pro¬
The directors
2
Total
of $1,327,382.
Motors Corp.
The
Pipe Line Co.—Seeks $15,000,000
Daily Output for Year—Also Plans Refunding—
The company is reported
bl, 141,834
—at nominal value
Pacific
of 60 cents per share on the
Dec. 21 to holders
90
Plant & equipment
After
dividend
Last previous dividend was one share of Pan American Southern Corp.,
paid in 1933.
The last previous cash dividend was 20 cents paid March 15,
1933 —Y. 143, p. 2856.
Pats., licenses & trademarks
a
a
to the
Accounts payable
Accrued liabilities.
unexp.
declared
$5, payable in 7-year 3H% notes on
the issuance of $20,000,000
Liabilities—
U. 8. Qovt. sec., incl. Int...
Receivables
Nil
Before
Pay 60-Cent Dividend in Notes—
The
common
$679,853
$2.29
y
Federal income taxes.
118,125
Net profit for the year
$0.46
$0.03
$0.12
(par $5)
Prov. for loss
share
to
on
the
$7
dividend of $1.75 per
cumulative convertible preferred stock,
Dec. 15.—V. 143, p. 3329.
payable Jan. 1
holders of record
from
$2,000,000 to $1,500,000, series D, from $2,000,000 to
$1,500,000, and elimination of $1,000,000 series E; also increase by 70,000
shares new preferred stock, par value $100, to be issued in series, the first
series to consist of 35,000 shares designated "5% series."—Y. 143, p. 3477.
1
Pennsylvania Power Co.—Bonds Called—
The company announced that it will redeem on Dec. 29,
outstanding first mortgage gold bonds 5% series of 1956 at
1936, all of its
their principal
Volume
Financial
143
Balance Sheet Oct. 31 (Incl
amount and accrued interest to Jan.
1, 1937, together with a premium of
4% of the principal.
Bonds should be presented for payment at the
principal office of City Bank Farmers Trust Co., 22 William St., on or after
the^redemption date.—V. 143, p. 282.
Pennsylvania RR.—Earnings—
October—
Gross from railway
1936
1934
1933
1935
$42,559,658 $34,570,625 $29,732,441 $30,212,982
13,570,719
11,391,646
9,642,851
9,507,619
9,276,073
7,768,366
6,139,707
5,731,675
_
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Assets—
1935
1936
Earnings
of
4,560,984
650,128
119,648
6,055,327
1,401,442
15,499
revenues.
258",303
559,809
5,499",818
232,508
186,533
2,158,888
>,257,149
1936
1935
\ x$6,006,175x$6,031,176
Investments
Res. for Federal &
905,316
962,357
stock. J
2,459,000
154,612
checks
Divs.
49,180
157,559
798,784
385,253
214,400
Sundry accts. pay.
2,459,000
79,166
3,560
49,180
First mtge. bonds.
200,000
out¬
standing
Accrued interest.
_
State taxes
Earned surplus—
Surplus by elimlna.
of inter-co. stk.,
ownership
Total
_
Net ry. oper. income.
Liabilities—
Common
32,645
System
Period End. Oct. 31—
1936—Month—1935
1936—10 Months—1935
Railway oper. revenues_$42,642,227 $34,653,272 $363446,707 $304814,268
Railway oper. expenses. 29,073,605
23.259,361 258,235,367 217,664,021
22,045,079
Railway tax accruals...
2,996,300
2,854,652
23,138,600
Unemploy't insurance..
1,636,822
174,234
Equipm't rents
Joint facility rents
Tech. Food Products Co.)
Preferred stock.
[Excludes L. I. RR. and B. & E. RR.]
RR. Retirem't Act
.
franchises,
less depreciatlon$7,270,048 $7,250,431
Cash
776.366
336,205
Cash in closed bks.
20,664
20,804
Notes & accts. rec.
280,133
272,535
Inventories
531,020
448,937
Accrued interest..
2,683
2,192
Plant &
362,579,512 304,169,705 290,220,748 272,673,184
105,248,472
87,151,267
81,138,086
84,109,315
68.374,669
57,472,093
51,268,204
52,543.596
Net from railway
Net after rents
Uncollect, ry.
3645
Chronicle
$7,777,418 $68,216,228
$57,528,751
—V. 143, p. 3158.
x
and
$9,843,270 $9,236,419
$9,843,270 $9,236,419
Total
Represented by 121,002 (122,022 in 1935) shares pref. stock (no par)
119,245 common stock (no par).—V. 143, p. 3009.
Pittsburgh & Shawmut RR.—Earnings—
1935
1934
1933
$6l ,657
$36,489
10,071
7,633
def 3,093
1,532
$58,256
7,747
9,824
$52,978
3.721
9,497
437,969
defl9,123
defll,177
477,789
6,224
35.218
535,304
52,591
93,860
553,125
94,649
98,580
1936
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from rilway
Net from railway
Net after rents
—V. 143, p. 2857.
Pennsylvania Reading Seashore Lines—Earnings—
October—
Gross from railway
$411,132
$423,345
35,128
defl06,917
$391,976
def30,483
defl82,989
def232,004
5,670,058
4,954,006
971,310
267,491
..def 988,072 dfl,403,547
5,105,220
3,371,998
393,359
229,328
def961,527
$541,290
102,867
def79,664
..
Net from railway
Net after rents
..
From Jan. 1—
Gross from rai 1 way
Net from railway
..
Net after rents
def62,907
dfl,530,383
—V. 143, p. 2857
directors
declared
have
Gross from railway
a
Peoples Light & Power Corp.—No Opposition to Plan—•
No opposition to the proposed plan of reorganization of the corporation
recorded at the hearing Nov. 30 neld before Judge John P. Nields in
the U. S. District Court for the District of Delaware.
plan class A common stock of the new company would be
issued to holders of first lien bonds.
The affairs of the present company,
which have been in the hands of Hugh M. Morris and Harold S. Schutt,
trustees, since November, 1931, will be continued under the present status
until full interest at 6% on the collateral lien bonds, issuable in reorganiza¬
tion, has been paid for three consecutive years together with accumulation.
tificates under
will be issuable in the form
common
a
of voting trust
cer¬
of accumulations
a
Dividend—
the 5% cum. class A stock, par $25, payable Dec. 15
Dec. 8.
A dividend of 35 cents was paid on July 15,
with 25 cents paid on Dec. 20, and on June 28, 1935 and
50 cents paid on Dec. 28, 1934.
From May 1, 1929 up to and including
May 1, 1930 regular quarterly distributions of 31 Pi cents per share were
made. A similar distribution was made on Sept. 2, 1930.—V. 143, p. 283.
on
Philadelphia, Baltimore & Washington RR.—Stock—
The Interstate Commerce Commission
on
authorized the
Nov. 21
com¬
to be delivered at par to
the
Pennsylvania RR. in partial reimbursement for advances made by
that company for capital purposes.
Authority was granted to the Pennsyl¬
vania RR. to assume obligation and liability as lessee in respect of the
stock authorized.—V. 143, p. 3158.
Philadelphia Insulated Wire Co .—Special Dividend—
The directors have
common
A
declared
special dividend of $1 per share on the
stock, payable Dec. 15 to holders of record Dec. 1.
a
regular semi-annual dividend of 50 cents per share
was
paid
on
Aug. 1.
last.—V. 143, p. 2064.
Philadelphia Traction Co.—-Plans Reorg.
Withdrawal—
The stockholders have adopted a resloution authorizing the directors to
from transit reorganization proceedings in Federal Court, and
withdraw
following the withdrawal to take steps to enforce the company's legal
rights under the lease contracts in the event an amicable settlement cannot
be obtained with Philadelphia Rapid Transit Co.—V. 138, p. 4136.
The directors have declared
a special dividend of 25 cents per share on
stock, no par value, payable Dec. 15 to holders of record
An initial dividend of like amount was paid on this new stock
12 last.—V. 143, p. 2692.
common
Nov. 30.
Nov.
on
Piedmont
&
Northern
Ry.—Securities Authorized—
The Interstate Commerce Commission
on
Nov. 28 authorized the
com¬
issue not exceeding $6,250,000 of first mortgage bonds 3%%
1966, and not exceeding $475,000 of serial debentures, to be
sold at 97
and 98^ and accrued interest, respectively, and the pro¬
ceeds, together with treasury funds, used to redeem outstanding bonds.
See offering in V. 143, p. 3478.
pany
series
to
due
Pitney-Bowes Postage Meter Co.—Earnings—
r'
9 Mos. End. Sept. 30—
Net prof, after chgs. & prov. for Fed. inc. taxes
Earns, per share on 872,067 shs. cap. stock
x
Before federal surtax on
Pioneer Mill Co.,
1936
x$347,101
$0.40
undistributed profits.—V. 143,
p.
1935
$293,654
$0.33
1243.
Ltd.—80-Cent Extra Dividend—
have declared an extra dividend of 80 cents per share in
regular monthly dividend of 15 cents per share on the
both payable Dec. 1 to holders of record Nov. 21.
Extra
dividends of 20 cents per share were paid on Nov. 2 and Oct. 1, last, and
r The
directors
addition
common
to
the
extra
and
Dec.
1, 1933.—V. 143, p. 2692.
Pittsburgh Brewing Co.—Earnings—
(Income Account Years Ended Oct. 31 (Inct. Tech. Food Prod. Co.)
1936
1935
1934
1933
$6,862,909
5,797.285
$4,848,368
4,325,442
$4,744,938
4.361,238
$4,664,574
3,342,983
$1,065,623
147,862
i
$413,700
151,302
27,731
147,106
$1,321,591
154,789
148,169
190,345
State and Federal taxes.
160,858
Depreciation, &c
Loss on assets disposed of
or destroyed
Prem. on own bds. purch
158,046
$522,926
150,406
31,984
188,128
19.324
91,334
Net earnings
Interest
Dividends paid
x
Exclusive
4,449
4l"059
45~373
64~,66l
$534,533
X121.002
$20,015
x60,501
•$42,187
61,001
$764,287
aividends.
$196,201
45,312
58,083
2,462,111
777,877
2,311,686
634,690
2,143,241
714,516
833,694
729,311
797,918
1,060,481
.Net after rents
—Y.
1933
1934
1935
3,179,116
983,088
Gross from railway
Net from railway
>
143, p. 3330,
Co.—Registers with SEC—
Poor &
See list given on
first page of this department.—V. 143, p. 3159.
Ponce Electric
Co.—Earnings—
1936—Month—1935
$25,663
$28,340
16,633
13,384
971
1,651
2,264
3,104
Per. End. Oct. 31—
Gross earnings.
Operation
1936—12 Mos.—1935
$340,599
174,853
15.622
33,891
$312,862
192,845
24,711
27,470
$116,232
30,000
25,081
$66,378
31,666
25,334
$61,151
$9,377
1,456
charges.
$10,880
Balance
$5,112
Appropriations for retirement reserve.
Preferred dividend requirements
Balance for com. divs. &
-V. 143, p.
surplus.
3159.-
Power Corp.
of Canada, Ltd.—To Pay Common Dividend
declared an interim dividend of 25 cents per
stock, payable Dec. 21 to holders of record Dec. 5.
The directors on Nov. 27
share on the common
This will be the first payment
—V. 143, p.
made on the common stock since May, 1932.
1727.
Pratt &
Lambert, Inc.—50-Cent Dividend—
dividend of 50 cents per share on the com.
Dec. 21 to holders of record Dec. 4. A similar
Oct. 1, last and compares with dividends of 25 cents
per share paid each three months from April 2, 1934 to and including July 1,
last; prior thereto regular quarterly distributions of 12Y6 cents per share
were made.
In addition an extra dividend of 25 cents was paid on Jan 2,
last, and an extra of 12H cents on Jan. 2, 1934.
The company stated that the current payment is being made in December
instead of on Jan. 2, ordinarily the date for payment.—V. 143, p. 2065.
The directors have declared a
stock, no par value, payable
payment was made on
Preferred
Accident
Increased—Stock
Insurance
Co.
of
N.
Y-Stock
Dividend—
held on Nov. 18 approved an increase
$875,000 to $1,000,000.
Stockholders at a special meeting
stock dividend of one additional share of common
stock for each seven held.
This dividend was paid on Nov. 25 to holders
of record Nov. 18.—Y. 141, p. 4022.
Price Brothers & Co., Ltd.—Evolves Own Plan—
of receivership in which a series of reorganization plans
submitted but refused by one or other of the interests concerned,
the company has evolved a plan, according to Montreal dispatches. While
official announcement of the proposed set-up is still lacking it is known,
state the dispatches, that underwriting arrangements have been made to
provide approximately $19,250,000 of new money through a sale of bonds
to redeem the present bonds with accumulated interest, to pay creditors
and to leave approximately $6,000,000 for working capital.
The plan, it is said, entails the creation of $15,000,000 of new bonds,
presumably 5s, and approximately $4,250,000 of debentures which would be
convertible later into common stock.
Present holders of preferred stock would receive, it is indicated, share for
share, a new 5H% preferred issue, in place of the present 6H% preferred,
as well as 1 % shares of common in place of dividend arrears.
The preferred
would become cumulative two years after ratification of the plan.
Present holders of common stock would retain their shares, but total
outstanding common would be increased the amount to be received by the
preferred holders, as well as by the potential amount required for the con¬
version of the proposed debentures.—V. 143, p. 3479.
After three years
has been
Procter & Gamble
Co.—Bonus and Wage Increase—
Nov. 24 posted notice that it is increasing wages of
employees 7H% to 10% and that it will pay a bonus
equal to 4% of total wages or salary earned during the year 1936.
About
8,000 workers in domestic plants and offices will be affected.
The bonus will be paid as soon after Jan. 1 as possible.
Wages of workers
receiving up to 50 cents an hour were increased 8% on Nov. 30, employees
getting more than 50 cents an hour 10%.
Clerical workers' salaries were
advanced 7H% effective Nov. 30-Dec. 1.
Tbe company's action was due to increasing business and profits rather
than to the pressure of the Federal Revenue Act, inasmuch as company
will not be forced to take action to avoid the payment of penalty surtax on
undistributed earnings until nearer the end of current fiscal year, June 30,
The
company
on
factory and clerical
1937.—V. 143, p. 2692.
Prudence Bonds
Corp.—Payment
on
AA Series—
reorganization trustees have announced the payment of $1 on each
AA series.—V. 143, p. 2857.
'
$100 of bonds of the company's
40,551
of inter-company
826,322
155,980
88,387
$204,808
31,099
62,654
Net afte rents
From Jan. 1—
The
Miscellaneous
749,644
8,400
def67,573
$309,561
114,628
125,874
stock,
Dec. 2, 1935, while an extra of five cents was paid on Dec. 1,1934, and
dividends of 30 cents per share were distributed on Oct. 2, Nov. 1
on
del 8,702
1936
in the capital stock from
The directors voted a
Phillips Packing Co., Inc.—Special Dividend—
the
$101,862
30.449
23,065
$356,459
77,142
88,870
Net from railway
Interest
compares
pany to issue $10,000,000 capital stock (par $50)
1933
$70,441
def1,126
def9,070
Pittsburgh & West Virginia Ry.—Earnings—
October—
Gross from railway
dividend of 90 cents per share on account
holders of record
to
last, and
768,310
61,578
36,307
;
Taxes
Petroleum & Trading Corp.—90-Cent
def4,781
872,174
124,612
from railway
Is et from railway
ross
Maintenance
10-year voting trust.—V. 143, p. 3158.
The directors have declared
$61,025
def 2,422
From Jan. 1—
v
was
The class A
$105,664
23,545
11,252
Net from railway
Net after rents
Earnings—
1934
1935
-V. 143, p. 2857.
special dividend of $1.75 per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Dec. 21 to holders of record
Dec. 12.
An extra dividend of 50 cents was paid on Oct. 1 and Jan. 2
last, and an extra of 25 cents per share was distributed on July 1, 1935.
The company paid a stock dividend of 100% on Dec. 31, 1934.—V. 143,
p. 3158.
Under the
1936
October—
Net after rents
Peoples Drug Stores, Inc.—Special Dividend—
The
Pittsburgh Shawmut & Northern RR.-
1933
!1934
1936
1936
.
Public Service Co. of New Hampshire—Files with SFC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 for $1,400,000
3 H% Urst mortgage bonds, series F, due 1966, and 11,500 shares of pref.
stock, $5 dividend series, no par value.
Financial
3646
Proceeds from sale of the securities will be applied toward reduction of
bank indebtedness of $2,825,000.
Names of underwriters and offering price for the bonds and stock will be
filed by an amendment.
Redemption prices also will be filed by amendment.
The company also filed an application under the Utility Act for exemp¬
tion from the requirements for filing a declaration covering the bonds and
prefrred stock and in addition 10,000 shares of common stock. The common
stock will be sold to New England Public Service Co. for $50 per share.
Proceeds from sale of the
common
shares will be used to reduce bank in¬
debtedness and for the acquisition of property.
tion will be held Dec. 17.—V. 143, p.3330.
Hearing
on
the applica¬
Puget Sound Power & Light Co. (& Subs.)—Earnings
1936—Month—1935
Period End. Oct. 31—
Gross earnings
$1,163,821
549,347
77,550
169,966
470,011
64,417
125,583
$497,035
34,733
$503,809
34,733
$6,549,343
416,800
$5,738,110
416,800
$531,768
317,469
$538,542
322,413
$6,966,143
3,812,612
$6,154,910
3,873,878
$3,153,531
1,444,603
550,000
1,583,970
$2,281,032
1,362,191
550,000
1,583,970
$425,041
$1,215,129
MaintenanceTaxes
.
Inc. from other
1936—12 Mos.—1935
$1,293,899
Operation
—
sources.
Balance.
Int. & amortization
$14,906,777 $13,694,580
5,652,838
5,339,371
862,172
786,644
1,842,422
1,830,454
Balance
$214,298
$216,129
Appropriations for retirement reserve..
Prior preference dividend requirements.
Preferred dividend requirements
........
Deficit for
common
dividends and surplus
-V. 143, p. 3330.
Pyrene Mfg. Co.—50-Cent Special Dividend—
5, 1936
stock offered for the purpose of
underwriters of its portion of the common
on Feb. 1, 1937 at $105 per share plus all unpaid dividends ac¬
cumulated to such date, all the 3,211 outstanding shares of 1st pref. stock.
The remainder of said net proceeds is to form part of the company's general
redeeming
fund to be used for working capital
.
History ^nd Business—Company was mcorp. Jan. 26, 1907 in Ohio under
Name was changed in 1909 to present
title.
Company is engaged principally in the manufacture and sale of
general purpose and fan cooled electric motors, both polyphase and direct
current, and modifications of such motors for special power purposes.
It also manufactures and sells generators, motor generator sets, gear motors
and mine motors.
In the manufacture of its products the company pur¬
chases raw materials, such as wire, castings, electrical sheet steel, bar steel,
copper bars and insulating materials and certain parts such as ball bearings,
brush-holders, brushes, gears and gear reducers.
Less than 20 % of the com¬
pany's total purchases of raw materials and parts during the first 10 months
of 1936 were for parts.
The manufacture and sale of polyphase alternatingcurrent motors in frame sizes ranging generally from lh.p. to 250 h. p. in a
variety of types represents at present about 40% in dolar amount, of the
company's total business.
Direct current motors are built in frame sizes
ranging generally from 1 h. p. to 500 h. p.
A small portion of the gross
the name Lincoln Motor Works Co.
income of the company and of its subsidiary has been derived from the sale
of motors and electrical products purchased from other manufacturers.
The volume of business done
by the company under patents and licenses
constitutes only a minor portion of its business.
The bulk of the company's products is sold to
is engaged primarily in the resale thereof directly
its fully-owned sub. which
to a wide list of customers
application to machinery which is resold.
District offices of the sub. are located in Cleveland, New York, Boston,
Philadelphia, Pittsburgh,
Detroit, Chicago, Birmingham,
Greenville,
Buffalo, Cincinnati and St. Louis and commission agencies in other in¬
either for their own use or for
dustrial localities.
,
.
,
,
Capitalization—After giving effect to the issuance and sale by the company
of common stock, and after application of portion of
proceeds to retirement of outstanding 1st pref. stock, capitalization will be
of its 35,110 shares
The directors have declared a special dividend of 50 cents per share on
the common stock, par $10, payable Dec. 15 to holders of record Dec. 1.
A special dividend of 20 cents was paid on Sept. 15 and June 15 last and
Aug. 15, 1935, this latter being the first payment made since Aug. 1,
on
Dec.
Chronicle
1931, when 10 cents per share was distributed; prior to this latter date
of 20 cents per share were distributed each three months.—
follows:
as
^
....
.
..
Outstanding
Authorized
xl50,000 shs.
15,000 of the remaining authorized but unissued shares of common stock
200,000 shs.
Common stock (par $5)
x
such officers and employees
dividends
have been reserved for sale from time to time to
V. 143, p. 2065.
time designate and upon such
fix, provided, however, that
none of the shares so reserved for sale to officers and employees shall be
sold by the company at less than $18 per share.
Dividend Record—No dividends have been paid by the company on the
common stock since 1931.
The dividends on the 1st pref. stock were in
arrears from Aug. 1,1932, to Aug. 1,1935, at which time quarterly dividend
payments were resumed.
The accumulated arrears were paid off in cash in
March, 1936.
Dividends on the 2d pref. stock (which has been eliminated
from the capital structure) were similarly in arrears and have been paid
of the company as directors may from time to
terms and conditions as the directors may
Radio Corp. of
America—Preferred Dividend—
David Sarnoff, President of
dividend
a
1st
the company, on Nov. 28 announced that
the outstanding shares of the corporation's $3.50 cum. conv.
on
pref. stock was declared by the board of directors, at its regular meeting
held Nov. 27.
The dividend is 87M cents a share, covering the period from Oct. 1 to
Dec. 1, 1936.
It is to be paid on Dec. 26, 1936, to the holders of record
of such stock at the close of business on Dec. 9, 1936.
A like payment
made on Oct. 1 and on July 1 last, this latter being the initial dividend.
Mr. Sarnoff stated that the dividend will also be paid, as soon as prac¬
was
off in cash.
.
Consolidated Income Statement
ticable after Dec. 26, to holders to whom $3.50 cum. conv. 1st pref. stock
is issued after Dec. 9 and prior to Jan. 1, 1937, upon the conversion of
B pref. stock of the corporation, or upon the surrender of deposit receipts
for B pref. stock or of scrip certificates for fractional shares of $3.50 cum.
conv. 1st pref. stock.—V. 143, p. 3010.
-Years Ended Dec. 311935
1934
1933
Gross
sales,
less
counts, &c
Cost of goods sold
Railway Express Agency, Inc.—Earnings—
1936—Month—1935
1936—9 Mos.—1935
5 114,052,100 $12,850,993$113,647,375$102,942,933
7,952,642
7,490,204
67,491,193
63,093,656
410,286
131,520
3,124,910
1,173,086
Operating expenses
Express taxes
Interest and discount
on
funded debt
Other
133,135
3,479
deductions
144,353
6,997
581,813
$855,235
•627,509
$1,820,440
1,200,995
$1,754,614
1,156,001
$143,877
165,382
$227,726
208.755
3,634
849
2,550
4,055
2,713
3,355
3,191
2,176
$619,445
358,654
2,302
2,867
3,798
2,432
$598,613
291,106
4,558
2,087
6,384
1,706
loss$34,458
$9,397
3,742
4,779
$249,389
5,707
$292,770
4,253
_loss$30,715
9,377
$14,177
10,060
$255,097
33,618
$297,023
11,926
43,278
47,500
20,000
$178,199
$217,596
$725,690
Gross profit
Period End. Sept. 30—
Revenues and income
1,206,215
18,998
Sell.,
gen.
& admin, exp.
Prov. for doubtful accts
_
Depreciation
Taxes (oth. than income)
Rents
1,309,510
23,452
Gross
profit
Other income
Rail transp. revenue x
x
$5,552,558
8 Mos: End.
Aug. 31, '36
dis¬
$5,077,919 $41,806,059 $37,343,229
Total
Payments to rail and other carriers—express privileges.—V. 143, p.3010.
income.
Other deductions
Ray Airconditioning Corp.—Registers with SEC—
Prov. for Fed. income &
See list given on first page of this department.
excess
profits taxes
S pecial charge
Reed Roller Bit Co.—55-Cent Extra Dividend—
N et
The directors have declared an extra dividend of 55 cents and a quarterly
dividend of 20 cents per share on the new no par common, both payable
Dec. 15 to holders of record Dec. 4.
Similar payments were made on Sept.
An extra of 10 cents in addition to an initial quarterly dividend
of 20 cents per share was distributed on June 30 last.
The stock was on
Consolidated Balance Sheet Aug. 31,1936
3-for-l basis.
The old stock was receiving quarterly
In addition, an extra dividend of 25 cents
was paid on March 30, last, and an extra of 50 cents was paid on Dec. 26,
1935.—V. 143, p. 1727.
on a
dividends of 25 cents per share.
Liabilities—
Assets—
30 last.
May 16 last split
Marketable securities
The
Stock
Exchange has authorized the listing of 178,044
($5 par) in substitution share for share for a like
number of common shares of $10 par value previously authorized to be
listed and now outstanding.
The directors by resolutions adopted Nov. 5,1936 proposed an amendment
to the articles or incorporation by which the par value of the authorized
common shares would be decreased from $10 per share to $5 per share,
and
common
directed
the submission
of the amendment
to
the shareholders at
381,977
Accrued taxes—estimated
Inventories
474,282
25,271
Miscellaneous accrued items.
Other assets
Earned
Total
—V.
$1,517,688
Total
--2
81,517,688
a cash dividend of 15 cents per share
the common stock, par $1, both payable
Similar payments were made on Oct. 1
and July 1 last, these latter being the first payments made on the common
stock since Jan. 1, 1931, when a regular quarterly dividend of 40 cents per
The directors^on Nov. 24 declared
and
a
stock dividend of 1%
on
Jan. 1 to holders of record Dec. 10.
share
was
distributed.
initial
dividend of $1.12^
per
share on
$4.50 preferred stock, payable Jan. 1 to holders of record Dec. 10.
—V. 143, p. 3331.
the
June 30, 1936
new
Liabilities—
hand and in banks
$254,698
2,411
303,931
Claims and current accts. rec.
5,903
Value of life insurance
68,871
Merchandise inventory
2,027,709
Miscell. accts. receivable (net)
729
Investments (net)
903
Prop., plant & equip, (net)
2,090,923
Prepaid exps. & def'd charges.
117,914
Goodwill, patents & trademarks
1
Notes
payable
....
$12,242
305,914
266,884
257,522
215,236
4,805
5,370
111,000
f
Acceptances
Accounts
payable
payable
Accrued liabilities
Res. for Fed., State & local tax
Due to branch mgrs., &c
Customers'
deposits
Secured gold bonds...
Liability on cond'l sales contr.
Miscellaneous deposits, «fcc._.
Bonds, serial notes, &c
2,000
7%
cum.
Common
pref. stock
stock
Capital surplus
Earned
Total
$4,873,990
p.
-
deficit
Total
$4,873,996
3331.
Reliance Electric & Engineering Co.—Stock
Offered—
Hayden, Miller & Co.; Otis & Co.; Merrill, Turben & Co.,
and Curtiss, House & Co. on Nov. 24 offered at $21
per
share 50,000 shares of
common
stock
Underwriting—The names and addresses of
number of shares underwritten are as follows:
underwriters
and
the
Hayden, Miller & Co., Cleveland
Otis & Co., Cleveland
Merrill, Turben & Co., Cleveland
Curtiss, House & Co., Cleveland
from Company from Stockholders
14,044
5,956
7,022
2,978
7,022
2,978
7,022
2,978
trust by the company concurrently with
general funds (equal to the dividends referredthe below), will be deposited
to sale and delivery to the
$100, likewise payable Dec.
3331.
par
P.
Reynolds Spring Co.—Extra Dividend—
The directors have declared
an extra dividend of 25 cents per share in
regular quarterly dividend of like amount on the larger
stock, par $1, now outstanding, both payable Dec, 15
to holders of record Dec. 1.
An initial dividend of 25 cents was paid on
the new stock on Sept. 29 last.
A stock dividend of 100% was paid in common stock on June 29, last.
Regular quarterly dividends of 25 cents per share were distributed on the
common stock from Sept. 30, 1935 to June 29, last, inclusive, dividends of
10 cents per share were paid each three months from Dec. 29, 1934 to
June 29, 1935, inclusive.
In addition, an extra dividend of 10 cents was
paid on June 29, 1935.
addition
to
the
amount of common
Bonus to
Employees—
The company will pay a bonus Dec. 15 of one
have been on the payrolls since Dec. 31,
week's pay to all employees
1935, and one-half weeks'
1936.
Approximately
employees on the payroll since June 30,
2,000 employees will benefit.—V. 143, p. 3331.
pay
to
have declared a dividend of $1 per share on the no par
stock, payable Dec. 14 to holders of record Nov. 28.
This
with 40 cents paid on Sept. 14 and on June 15 last; 20 cents on
March 12, last; 80 cents paid on Dec. 28 last; 40 cents paid on Dec. 28,
1934; 20 cents on Dec. 22,1933, and 5 cents per share paid on Dec. 30, 1932,
this latter payment being the first made since Nov. 15,1930, when a regular
quarterly dividend of 40 cents per share was distributed.—V. 142, p. 1830.
The directors
Total
20,000
10,000
10,000
10,000
Purpose—Net proceeds to be received by the company from its sale of the
35,110 shares of common stock are estimated to be $641,823.
$337,155 of
such net proceeds, plus an amount to be supplied from the company's
l
cum. conv. preference stock, series A.
19 to holders of record Dec. 9.—V. 143►
1936 of $1.50 per share on the 6%
Richardson Co.—Dividend Increased—'
No. of Shares
No. of Shares
to Be Purchased
to Be Purchased
Name and Address—
this issue since Oct. 1, 1930, when a regular quarterly dividend was ppid.
The directors also declared a dividend for the quarter beginning Oct. lt
on
who
(par $5).
the
Republic Steel Corp .—To Pay $12 Preferred Dividend—
The directors on Nov. 20 declared a dividend of $12 per share on account
of accumulations on the 6% cumulative preferred stock, par $100, payaole
Dec. 19 to holders of record Dec. 9.
This will be the first distribution made
7,874
167,500
268,451
1,950,000
1,780,440
25,445
506,691
Reserves
143,
shs.)—
surplus..
143, p. 3160.
The directors also declared an
Assets—
on
—
208
40,000
326,800
372,600
201,850
261,276
Dr5,710
1st pref. stock in treasury
State of Illinois.
Cash with silk brokers (net)..
Accounts receivable (net)
-V.
Common stock (4,037
24,552
mm
263,601
42,135 6% 1st pref. stock....
12,760 7% 2d pref. stock.__
—
-
payable—officers—
Remington Rand, Inc.—1% Stock Div.—Initial Pref. Div.
in stated capital account and the remaining amount of approxi¬
mately $490,220 will become paid-in surplus, from which dividends on the
preferred shares may be legally paid under the Business Corporation Act
as at
Accounts
a
deficit
Cash
(net).
Deferred charges
,
The effect of the amendment will be to reduce the stated capital in respect
of 178,044 common shares at $10 per share from $1,780,440 to $890,220.
Of the amount of the decrease, approximately $400,000 will be absorbed by
Consolidated Balance Sheet
96,407
Notes, accepts. & accts. rec—
stock
special meeting Nov. 30, 1936.
of the
—
Good will, patents, &c
Hosiery Mills, Inc.—Listing-—
York
New
shares of
$103,831
95,872
8302,143 Accounts payable—trade
15,519 Pay rolls & compensation
Cash
Fixed assets
Real Silk
$4,116
_loss$40,093
profit
common
compares
Richfield Oil Co. of Calif.—Plan
Approved—
Federal Judge William P. James on Dec. 31 approved the reorganization
plan for Richfield Oil Co. of Calif, and Pan American Petroleum Co. as
Volume
Financial
143
submitted by Consolidated Oil Corp .and Cities Service Co., subject to
certain minor revisions, none of which will alter the amount of stock and
debentures
in
the
new
company
accruing to bondholders
and creditors
Grande
Oil
Co.,
as
well
as
the
Safety Car Heating & Lighting Co.—Extra Dividend—
The directors have declared
of court
in Rio
to
quarterly dividend of like amount on the common stock,
both payable Dec. 23 to holders of record Dec. 9.
Similar
payments were made on Oct. 1 last.—V. 143, p. 1892.
San Diego Consolidated Gas
companies.
amounting to
and
an
a minimum for each company of about 18% stock
indeterminate amount of debentures.—V. 143, p. 3331.
Richmond
Fredericksburg & Potomac RR.—Earnings
October—
1936
Gross from railway
Net from railway
1933
1934
1935
$581,502
143,072
86,218
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$468,862
27,783
defll,186
$412,384
defl8,089
def37,923
5,389,425
865,112
270,339
5,097,774
900,217
313,865
Period End. Oct. 31—
Dec. 21 to holders of record Dec. 10.
paid
Sept. 1, July 1 and Jan. 2 last, July 1, 1935, and on Nov. 2, 1934, this
latter being the first dividend paid since Jan. 1, 1931, when a regular semi¬
annual dividend of $3 per share was distributed.—V. 143, p. 2224.
Dividends of $3 per share were
on
$3,263,093
$3,417,382
1,250,000
Sanisol Products,
Ltd.—Registers with SEC—
Savage Arms Co.—Resumes Dividends—
stock,
be
dividend of $1.50
extra of 25 cents per
share
was
was
distributed
first
dividend of $1 per share on the common
distribution
when 25 cents per share was
distributed.
a dividend of $6 per share on the 6% nonpreferred stock, par $100, likewise payable Dec. 15 to
holders of record Dec. 5.
This will be the first dividend paid on the pref.
stock since Feb. 15, 1932 when a regular quarterly dividend of $1.50 per
share was disbursed.—V. 143, p. 3162.
The directors also declared
cumulative second
Savannah Electric & Power Co.Per. End. Oct. 31—
Earnings—
1936—Month—1935
$1,821,653
16,166
31,441
$38,428
$524,063
60,000
$387,103
150,000
149,114
60,000
$119,948
$27,988
$154,184
" 58,773
9,373
Balance
$52,694
Appropriations for retirement reserve
Interest & amortization-
1936—12 Mos.—1935
$1,949,425
730,681
111,184
205,836
377,659
$173,491
62,458
10,255
16,590
31,492
Taxes
paid on Dec. 14, 1935 and an
on
a
value, payable Dec. 15 to holders of record Dec. 5.
This will
made on the common stock since Sept. 1931.
no par
the
Maintenance.
The directors on Nov. 24 declared a special year-end dividend of $3 per
share in addition to the regular quarterly dividend of 25 cents per share on
the common stock, no par value, both payable Dec. 21 to holders of record
1,205,000
$2,212,382
See list given on first page of this department.
Operation
Co.—Special Year-End Dividend—
Employees Compensation Plan—
Herbert Abraham, President of the company announced adoption of a
plan effective in December under which it was estimated that over 50%
of the company's factory employees will receive annually, at their option,
either one extra week's pay or a week's vacation with pay.
Under the
plan all factory employees will receive some extra cash compensation.
Another announcement was that of the acquisition by Ruberoid of the
assets of Lang Co., manufacturers of dry felts used in the production of
roofing and building products, operating at Gloucester City, Camden
County, N. J., the largest plant for this type of manufacture in the United
States.—V. 143. p. 3331.
Joseph Lead Co.—Special and Larger Dividends—
The directors have declared
a special dividend of 25 cents per share in
a quarterly dividend of like amount on the capital stock, par
$10, both payable Dec. 21 to holders of record Dec. 10.
A dividend of
20 cents was paid on Sept. 21 and on June 20 last, comparing with dividends
of 10 cents per share paid each three months from June 20,1934 to and incl.
March 20, 1936; 15 cents paid on March 21, 1932; 25 cents per share dis¬
tributed on Dec. 21, Sept. 21 and June 20, 1931, and 50 cents paid on
March 20, 1931.—V. 143, p. 1416.
Balance for
com.
703,335
111,548
204,797
414,868
195,000
149,114
Debenture dividend requirements
Preferred dividend requirements
Dec. 15,1934.
$7,418,149
3,407,587
-V. 143, p. 3482.
—V. 143, p. 442.
St.
9,795
$233,150
res.
Gross earnings
extra
776
Gross income
Roxy Theatres Corp.—Reorganization Planned—
An
3,262,317
694
$2,013,093
Approp. for retire,
Howard Cullman, trustee in reorganization proceedings for the cor¬
poration announced Nov. 27, at a meeting of creditors before Federal Judge
Francis G. Caffey that a reorganization plan would be submitted on Dec. 20.
Dec. 7.
$7,819,652
232,455
The directors have declared
Inc.—$6 Dividend
The directors have declared a dividend of $6 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Ruberoid
$598,779
122
Total
143, p. 2858.
Riverside & Dan River Cotton Mills,
1936—12 Mos.—1935
$635,486
258,488
revenues
Net operating revenue-Other income
4,966,306
1,112,134
383,166
& Electric Co.—Earns.—
1936—Month—1935
$258,611
Operating
$390,550
42,283
8,665
6,139,629
1,380,395
589,931
Net after rents
—V.
interest
dividend of $1 per share in addition
par value,
Richfield and Pan American petroleum
Under the plan, both Consolidated Oil Corp. and Cities Service Co.
become holders of substantial amoonts of securities in the new company,
an extra
the regular
no
proposed in the original plan.
Approval of the plan of reorganization follows almost six years
hearings and involved negotiations.
The reorganization takes
as
3647
Chronicle
divs. & surplus
—V. 143, p. 3332.
Saybrook Corp.—Registers with SEC—
See list given on first page of this department.
Schenley Distillers Corp.—Extra Cash and Stock Div.—
The directors
on
dividend of $1.50 per share
payable in
% pref. stock, and the
Nov. 20 declared an extra
in cash, a dividend of $2.50 per share
regular quarterly dividend of 75 cents per share, all on the common stock,
par $5, and all payable Dec. 21 to holders of record Dec. 17.
A dividend
of 75 cents per share was paid on Oct. 8, and on July 8, last, this latter
being the initial distribution on the common shares.—V. 143, p. 3482.
addition to
St. Louis Brownsville & Mexico
October—
1936
•
Gross fromrailway
Net from railway
Ry.—Earnings—
1934
1935
1933
$444,604
92,197
61,115
Gross from railway
Net from railway
Netafterrents
$353,835
71,501
42,067
$257,121
20,049
def696
4,454,884
979,882
503,659
Netafterrents
From Jan. 1—
$318,909
41,335
11,381
3,785,013
3,853,127
1,141,274
643,113
3,346,928
957,970
453,480
826,728
430,607
—V. 143, p. 2859.
St. Louis-San Francisco
1935
1934
1933
$3,967,014
757,705
524,700
$3,579,574
$3,658,038
793,030
508,786
518,825
233,792
From Jan. 1—
Gross from railway—-
Net from railway
Netafterrents
39,539,148
7,409,139
4,580,710
33,598,954
3,947,375
1,498,476
Earnings of
Period End. Oct. 31—
Operating
Operating
34,074,512
5,979,877
3,065,233
32,530,960
6,307,643
3,172,633
System
1936—Month—1935
$4,936,194
expenses—.3,667,631
revenue
a$958,533
12,027
$970,561
5,729
Deductions
months.
In addition,
cents per
$494,391 a$3,945,420
18,460
186,087
$872,735
264,766
$512,851
6,928
$4,131,507
61,929
$1,137,501
69,705
$964,832
$505,923
$4,069,578
$1,067,796
charges of $99,802 for October 1936, and $780,685 for period
1, to Oct. 31, 1936, for accruals for Federal Railroad Retirement
Act of 1935, and Federal and State unemployment acts.
Other expenses for the period Jan. 1, to Oct. 31, 1935, included credit
of $363,123 for reversal of 1934 accruals under Railroad Retirement Act
of 1934.—V. 143, p. 2858.
After
St. Louis San Francisco & Texas
1936
Gross from
railway
$122,204
4,685
def26,410
Net from railway
Netafterrents
Ry.—Earnings—
1935
$107,995
def5,359
def31,788
1934
$79,220
def22,808
def48,420
1933
$107,365
14,913
defl7,462
From Jan. 1—
Gross from railway
From Jan. 1—
1,118,299
909,788
813,113
891,254
def4,080
def383,617
Net from railway
Netafterrents
defl03,219
def386,235
defl21,248
def413,483
11,339
def300,500
—V. 143, p. 3011.
St.
Louis
Southwestern
Period End. Oct. 31—
Railway
oper. revs
Net rev. from oper
Net r'y oper. income--.-
Non-operating income--
Ry.
Lines—Earnings—
1936—Month—1935
$1,835,580
618,267
401,784
6,020
Gross income
Deductions
$407,804
273,386
an
Distribution to
organization in carrying out so effectively the policies
1936—10 Mos.—1935
$1,424,609 $15,756,885 $12,948,568
485,231
5,103,768
4,064,069
312,898
2,655,623
2,019,342
5,653
61,264
64,563
$318,552
261,089
$134,417
made at the same time
October—
Gross from railway
distribution
Gross from railway
Net from railway
Netafterrents
—V. 143, p. 2859.
1936
defl6,845
1,067,474
306,653
23,188
the dividend to stockholders
(Dec.
15, 1936),
on
Sears, Roebuck & Co.—Files with SEC—
The
$2,716,888
2,837,422
$2,083,906
2,625,356
on Dec. 1 filed with the Securities and Exchange Com¬
registration statement (No. 2-2698, Form A-2) under the Securities
company
a
Act of 1933 covering 614,119 shares (no par) capital stock.
The company is granting to its stockholders of record
right
one
new
to subscribe for approximately 489,119 shares
share
for
each
10
shares
held.
The price
RR.—Earnings—
1935
1934
1933
$57,666
def24,273
def48,248
$81,684
31,158
7,528
$63,908
13,613
def6,606
713,131
def47,013
def292.313
905,562
292,465
623,901
120,627
defll3,950
49,094
Dec. 26, 1936,
in the ratio of
is
to
be
fur¬
by amendment.
Transferable subscription warrants exercisable
only in amounts calling for full shares and expiring on Jan. 15, 1937, will
be issued to stockholders.
All shares not subscribed for by the warrant
holders are to be sold to the underwriters, it is stated.
nished
The company is also grating to its employees and officers and to em¬
ployees and officers of its subsidiaries the privilege to subscribe for an
aggregate of 100,000 shares of the stock subject to the terms and conditions
of a plan to be known as Plan A.
The stock will be offered only to persons
who are employees or officers on Dec. 26, 1936, at the same price at which
it will be offered to stockholders.
The offerings to employees will expire
Jan.
7,
1937.
The remaining
as
Plan B
who
same
on
or
25,000 shares are to be offered under a plan to be known
officers of the registrant and its subsidiaries
Dec. 26, 1936, have stock purchase contracts, at the
to employees and
about
price at which the stock will be offered to
ratio of one new share to each 10 shares
stockholders and in the
remaining undelivered under such
respective stock purchase contracts on that date.
exercised not later than Jan. 15, 1937.
This privilege must be
will be granted the privilege under
of 1 % of the total number of shares
included under that plan, and under Plan B not in excess of 5% of the
total number of shares included under that plan.
According to the registration statement, the proceeds from the sale
of the stock to stockholders and to officers and employees Under Plan A
will be applied to working capital for the purpose of discharging unsecured
current indebtedness to banks incurred for general business purposes in
the ordinary conduct of the company's business and of carrying increased
current assets resulting from recent expansion in the company's business.
The net proceeds from the sale of the stock under Plan B may be paid
in instalments on various dates not later than Dec. 31, 1941, and it is the
intention of the company to use such proceeds for general business purposes.
The company states that Goldman, Sachs & Co., New York, is expected
The company states that no person
Plan A to subscribe for an excess of M
principal underwriters.
Stock Increase Voted—
Stockholders
$109,047
10,659
as
of the company on the payroll at that time will receive a
the following basis: Those employed before Jan. 1, 1936,
will receive one week's wages or salary, limited in the case of salaried em¬
ployees to a payment of $60; and those employed after Jan. 1,1936, but be¬
fore Nov. 20, 1936, will receive one-half of one week's wages or salary,
limited in the case of salaried employees to a payment of $30.—V. 143,
p. 2694.
and employees
$57,463 def$120,534 def$541,450
San Antonio Uvalde & Gulf
of the manage¬
ment, the directors at a meeting held Nov. 20 voted a special organization
distribution to all employees excepting directors.
This payment will be
—V. 143, p. 2859.
Net from railway
Netafterrents
From Jan. 1—
Employees—
An organization distribution to be paid to approximately 900 employees
Dec. 15 was announced on Nov. 23 by Ralph E. Rhoads, Secretary and
to be one of the
Net income
cents per share and a stock
paid on Dec. 31, 1935, and extra dividends of 25
distributed on Dec. 31, 1934, and on Dec. 31, 1933.
extra cash dividend of 20
were
were
1936—10 Mos.—1935
Jan.
October—
share
on
$4,171,544 $41,348,589 $35,155,319
3,411,850
34,067,7.53
31,459,900
Bal. avail, for int. &c.
a
25 cents per share in
no par
dividend of 50%
the
Total income
extra dividend of
a
stock,
mission
Net ry. oper. incomeOther income
an
regular quarterly dividend of 50 cents per share on the com¬
value, both payable Dec. 15 to holders of record Dec. 3.
A dividend of 50 cents was paid on Sept. 15, last, and compares with divi¬
dends of 45 cents per share paid in each of the five preceding quarters;
42cents paid on March 31, 1935, Dec. 31 and Sept. 30, 1934; 37H cents
per share each quarter from Sept. 30, 1933, to and including June 30, 1934,
and dividends of 35 cents per share distributed previously each three
mon
entire
1936
Netafterrents
Paper Co.—Extra Dividend—
Personnel Manager of the company, who made the following statement:
"In consideration of the efforts, loyalty and efficiency of the company's
Ry.—Earnings—
$4,738,259
1,269.809
1,000,801
October—
Gross from railway
Net from railway
Scott
The directors have declared
addition to
approved the proposal of directors to increase
the com¬
pany's authorized capital stock to 6,000,000 shares from 5,200,000 shares
at a special meeting held Nov. 27.
The new stock will be utilized for
issuance to stockholders on the basis of one share for each 10 shares held at
a
price to be determined by directors, but which will not be
Ek
less than $60
sll3.T0
Approval was also voted to authorize the board to offer to employees
125,000 shares of stock or any part thereof at a price not less than $60 a
share.
4
Lessing J. Rosenwald, Chairman, who presided at the meeting, said he
would take under consideration the suggestion to place before directors a
proposal to change the stock from no par value to $1 par.
The suggestion
Financial
3648
Second International Securities
See American .General
Corp.—Debs. Called—
Corp. above.—Y. 141, p. 3550.
Servus Rubber Co.—To Increase
Chronicle
this change would have
State.—V. 143, p. 3482.
offered by a stockholder who explained that
certain tax advantages to share owners in New York
was
Southern
—Third
_
__
Shell
Union Oil
Corp.—Clears XJp Preferred Arrears—
To Pay Common Dividend-^-
•
1936
Week of Nov.
1935
Jan. 1 to Nov. 21
1936
1935
$2,218,710 $112,367,890 $95,988,260
$2,631,747
Gross earnings (est.)
—V. 143, P. 3483.
Wages—
Kalter, well-known New York auctioneer, and President of this
announced a wage increase 'aggregating $100,000, which will be
spread among the company's 1,100 employees.
The increase will become
effectives. 1.—V. 143, p. 1572.
Ry.—Earnings—
Period—
Southwest Consolidated Gas Utilities
Max
company,
Dec. 5, 1936
Corp.—Dividend
Again Increased—
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 21 to holders of record Dec. 10.
This compares with
75 cents paid on Sept. 1, last; 50 cents paid on June 1, last; 25 cents on
March 2, last, and $3.50 per share on Dec. 30. 1935, this latter being the
initial payment on
the issue.—V. 143, p. 2537.
The directors
on Nov. 24 declared a dividend of $26.12M per share on
cumulative convertible preferred stock, thus clearing up all ar¬
rears, and at the same time declared a dividend of 25 cents per share on
the common stock, the first on this issue since 1930.
No reference was
made to future dividend policy on the common stock.
Both dividends are
payable Dec. 15 to holders of record Dec. 4.
Dividends of $1.37)4 per share on the preferred stock were paid on
July 1 and Oct. 1 this year and the next regular payment at this rate, on
which action is yet to be taken, is due Jan. 2. 1937.—V. 143, p. 2860.
Southwestern Light & Power
the 53^%
Scranton Lace
The directors have declared
a
Co.—Accumulated Div.——
dividend of $1.75 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable Dec. 19
to holders of record Dec. 7.
A dividend of $1.12 ^ per share was paid on
Oct. 1, and July 1, last, and compares with dividend of 75 cents per share
paid
on
April 1, last; dividends of 50 cents paid in each of the 10 preceding
75 cents on July 1, 1933, and $1.50 per share previously each
143, p. 2862.
quarters;
three months.—V.
Spear & Co.—To Pay Bonus-—-
Co.—Special Dividend—
The directors have declared a special dividend of $1 per share in addition
tola regular quarterly dividend of 60 cents per share on the common stock,
no par value, both payable Dec. 15 to holders of record Dec. 4.
A dividend
of 60 cents was paid on Sept. £0, last; $1 was paid on June 30, last; 50 cents
per .share distributed on March 31, last; $1.50 on Dec. 31, 1935; 50 cents on
Oct. 1, 1935, and $1 per share paid on July 1, 1935, this latter being the
first payment made on the common stock since Aug. 1, 1930, when a
regular quarterly dividend of $1 per share was paid.—v. 142, p. 4353.
According to an announcement made on Nov. 30 by Nathaniel Spear
President of the company, it will pay to more than 1,000 employees, ad¬
ditional compensation approximating 5% of the estimated net profits for
the fiscal year
ended Dec. 31.
for six months
or
more
-
,
Spencer Trask Fund, Inc.—Dividend Again Increased-—
The directors have declared
Simmons Co.—Common Dividend Increased—
All employees in the service of the company
participate in the distribution.—V.
to Dec. 1, will
143, p. 3162.
a
dividend of 20 cents per share on the capital
common
stock, $1 par payable Dec. 15 to holders of record Dec. 5.
This compares
with 15 cents paid on Sept. 30, last; 1234 cents paid each three months
from June 30, 1933, to and including June 30, last, and 25 cents per share
A dividend of 75 cents
quarterly previously.—V. 143, p. 2226.
The directors
Nov. 24 declared
on
dividend of $1.75 per share ol
a
j
e
stock, no par value, payable Dec. 21 to holders of record Dec. 4.
was paid on Nov. 24, last and one of 50 cents per
paid on Sept. 1, last, this latter being the first dividend paid
by the company since May 1, 1930, when a regular quarterly payment of
75 cents per share was made.—V. 143, p. 2860.
share
was
S. M. A.
Theldirectorsjhave]declared fan lextra^dividend of 25 cents per share in
Jthe jjregular quarterly dividend of 20 cents per share on the
Thejextra dividend is payable Dec. 15 to holders of
record Dec. 5 and the regular^quarterly dividend will be paid on Jan. 2 to
addition Jto
commonJstock, parj$l.
cents^was paid
South Carolina Power
on
Jan. 2, 1936.—Y. 142, p. 4037.
$1,436
Oper. exps. & taxes
Prov. for retire, reserve.
Int. & other fixed
Divs.
on
chgs_.
preferred stock
$220,286
124,445
$9,059
Balance
—V. 143, p. 3012.
$2,664,495
1,478,541
648.323
171,438
170,000
645,547
171,438
$91,569
$198,968
v
.
^
South Penn Oil
-
••••••"
an extra
a
Southern California Gas
.
_
_
_
_
Natural gas purchases, less gas used by company
Production exps. (principally field collecting & measuring)
Transmission expenses
Distribution
expenses
Commercial expenses
business expenses.
New
Maintenance and repairs
Provision for retirements
Taxes (other than Federal income & excess profits taxes)
Consultation & advisory service fees
General and administrative expenses
Provision for doubtful accounts..
Water
department
-
...
expenses
4,644,875
110,668
567,152
831,247
818,689
512,011
501,524
1,770,000
988,486
60,000
701,752
219,219
1,209
'
Net operating revenue
$5,235,178
Other
Income—JDr2,925
...
T
Total
Interest
on
$5,232,253
funded debt.
1,225,137
236,220
Amortization of bond discount & expense
Taxes paid for bondholders
Interest on parent company credit account
Other
10,049
interest
...
Interest charged to construction
Provision for Federal Income and
Net
...
excess
profits taxes
income
5,409
5,011
Cr2,387
717,236
$3,035,577
—V. 143, p. 1091.
'
Southern Colorado Power Co.—Accumulated Dividend—
The directors have declared
a dividend of $1 per share on account of ac¬
on the
7% cumulative preferred stock, par $100, payable
15 to .holders t.bf record Nov. 20.
A similar amount has been paid
on this issue
quarterly since and incl. June 15, 1933, as against $1.25 per
share on March 15, 1933, and $1.75
per share in preceding quarters.—V.
143, p. 3483.
cumulations
Dec.
Southern Indiana Gas & Electric
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935 1936—12 Mos.—1935
Grossrevenue
$297,149 $268,528 $3,553,152 $3,072,080
Oper. exp. taxes.
158,956 166,065
1,987,627
1,738,943
Provision for retire reserve
30,000
23,141
298,274
277,700
Int. & other fixed charges
27,323
26.930
314,633
321,267
Dividends on preferred stock..
41,868
45,206
532,374
542,473
Period End. Oct. 31—
Balance
—V.
$39,001
...
$7,184
$420,241
October—
Co.—Earnings—
1936
1935
1934
Gross from
Net from
Net after
railway.....$15,290,087 $12,815,170 $10,491,306
railway
5,064,555
4,440,094
3,149,852
rents
3,588,909
2,792,062
2,057,986
...
From Jan. 1—
Gross from railway
124,568,062 102,934,697
27,730,076
19,861,957
13,901,380
Net from railway...... 34,574,006
Net after rente
mmmm\
•
191,695
143, p. 3012.
Southern Pacific
95,392,459
26,477,273
14,796.612
1933
$9,770,486
3,194,513
2,353,597
80,414,413
19,360,227
7,175,758
I4o, p« ooo4.
Southern Pacific SS.
October—
Net.fronm-ailway
Net after,rents
From
Jan.
Lines—Earnings—
1936
Gross from railway
$630,596
79,778
80,000
1935
$426,263
Netjafter rents
—V. 143, p. 2862.
1934
1933
def 49,781
def56,579
$414,295
def92,273
def91,317
$368,491
def2,653
defl,831
3,953,532
def463,081
def487,529
3,757,680
def662,392
def663,243
3,564,026
def320,226
def328,728
1—
Gross from railway
Net from railway
48,773
18,721
def38,154
373,312
def30,079
def95,832
48
Net after rents
def 12,475
1935
1936
Gross from railway
1934
1933
$928,781
420,201
278,159
$769,505
394,906
196,208
$474,191
196,175
112,048
$414,762
151,438
90,751
6,899,822
2,374,784
1,100,410
6,295,137
2,379,726
1,254,483
4,916,913
2,148,024
1,297,705
3,826,880
1,512,445
681,297
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
_
Net from railway
Net after rents
—V. 143, P. 3012.
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co.
system for the week ended Nov. 28, 1936 totaled
106,959,675 killowatt hours, an increase of 17.9%
corresponding week last year.—V. 143, p. 3484.
Standard
Cap
&
Seal
compared
with
the
Corp.—'To Issue Preferred and
Common in Recapitalization- -Files with SEC—
Co.—Earnings—
Earnings_for_12_MonlhsJZnded July 31,_1936
"""" ' '
_7L
IT".$1679627010
_
OperatingTrevenues.
435,750
Standard Gas & Electric
dividend of 52
cents per share in
regular quarterly dividend of 37 14 cents per share on the
capital stock, par $25 both payable Dec. 29 to holders of record Dec. 15.
Extra dividends of 22^-cents were paid on Sept. 30 and June 30, last.
An extra dividend of 1234c. was>paid on March 31, last.
See V. 142, p.
1485, for detailed ..dividend record.—V. 143, p. 2536.
to
494,278
—V. 143, p. 3012.
Co.—523^-Cent Extra Dividend—
The^directors]have ^declared
addition
$40,671
5,167
Spokane Portland & Seattle Ry.—Earnings-
$2,808,381
1,677,050
220,000
20,000
52,495
14,286
$52,278
8,751
4,835
653,472
163,737
85,636
October—
1936—12 Mos.—1935
$238,769
151,347
18,000
53,699
14,286
1933
$62,462
5,058
def3,618
From Jan. 1—
Gross from railway
Net from railway
Co.—Earnings—
1936—Month—1935
1934
$74,765
20,521
19,998
Net from railway
Net after rents
[A|Subsidiary of Commonwealth & Southern Corp.]
Period End. Oct. 31—
Gross revenue
,\
/;
1935
1936
Gross from railway
Corp.—-Extra Dividend—
holders of record Dec. 5.
An extra dividend of 10
Spokane International Ry«October—
The Securities and Exchange Commission has announced that the corpora¬
tion filed with the SEC on Nov. 25 a registration statement (No. 2-2673,
Form A-2) under the Securities Act of 1933 covering 108,003 shares of
convertible preference stock (par $10—cumulative dividends, $1.60 per
annum) and 327,858 shares ($1 par) common stock, to be offered in con¬
nection with a proposed plan of recapitalization.
According to the prospectus, a special meeting of the stockholders of the
company has been called for Dec. 11, 1936, for the purpose of considering
and taking action upon a proposed recapitalization of the company, so as
to provide for (1) an authorized capital stock of $1,580,030, divided into
108,003 shares of $10 par convertible preference stock and 500,000 shares of
$1 par common stock in lieu of the present authorized capital stock of 250,000 shares of $5 par common stock, and (2) the change of the outstanding
shares of common stock into shares of the new convertible preference stock
and common stock by the issuance of one-half of one share of new oreference
stock and
now
one
share of
new
common
stock for each share of
common
stock
outstanding.
The registration statement states that of the 108,003 shares of convertible
preference stock to be offered, 53,561 shares are to be offered to the public
by American Cities Power & Light Corp., the majority stockholders of the
company, at a maximum offering price of $30 per shjfre; a maximum of
15,000 shares are* to be offered to the public by stockholders of the company
other than American Cities Power & Light Corp. at a maximum offering
price of $30 per share; 36,942 additional shares are to be issued by the
company to stockholders upon recapitalization but are not to be offered to
the public; and 2,500 shares are to be issued by the company pursuant to
employee stock plan at a price of $25 per unit of one-half share of preference
stock and one share of common stock.
Of the 327,858 shares of common stock to be offered, 82,122 shares are to
be offered to the public by American Cities Power & Light Corp., the major¬
ity stockholders of the company, at a maximum offering price of $25 per
share; a maximum of 10,000 shares are to be offered to the public by stock¬
holders of the company other than American Cities Power & Light Corp.
at a maximum offering price of $25 per share; $25,000 shares are to be offered
by American Cities Power & Light Corp. to certain officers and directors of
the company at prices of $18.50 and $22.50 per share; 93,883 additional
shares are to be issued by the company to stockholders upon recapitalization
but are not to be offered to the public; 8,850 shares are to be issued by the
company pursuant to employee stock plans, 5,000 thereof at a price of $25
per unit of one-half share of preference stock and one share of common
stock, and 3,850 thereof at a price of $25 per share; and 108,003 shares are
to be reserved by the company for issuance upon conversion of shares of
covertible preference stock.
The principal underwriters are Riter & Co., Hemphill, Noyes & Co.,
and Eastman, Dillon & Co., all of New York, New York.
The amounts
to be underwritten by each will be supplied by amendment to the registration
statement.
The registration statement states that the company will receive no
proceeds from the sale of any of the shares covered by the registration
statement except, in certain events, in the case of shares sold under employee
stock plans.
The company does not expect to receive any proceeds with
respect to such last-mentioned shares.
Proceeds from the sale of the shares
will go to American Cities Power & Light Corp. and certain other stock¬
holders and the amounts of such proceeds will be supplied by amendment.
Underwriting discounts
or
commissions and final offering prices are also to
be supplied by amendment.
50.77% of the voting stock of the company is owned by American Cities
Power & Light Corp.; 69.79% of the voting stock of American Cities
Power & Light Corp; is owned by Central States Electric Corp. and its
wholly owned subsidiary, Utilities Shares Corp.
In addition, New Empire
Corp. and its wholly owned subsidiary, Onondaga Corp., own 1.77% of
the voting stock of American Cities Power & Light Corp.
Central States
Electric Corp. is controlled through the ownership of
50.63% of its voting
stock by New Empire Corp. and its wholly owned subsidiaries.
All of the
voting stock of New Empire Corp. is owned by Harrison Williams.
H. E. Talbott of New York, N. Y.f is chairman of the board, and Jarvis
Williams, Jr.. of Monmouth Beach, N. J., is President of the company.
Special Common Dividend—
The directors have declared
4,924,619
def11,403
def52,057
the
common
stock,
no
par
a special dividend of 30 cents per share on
value, payable Dec. 11 to holders of record
Nov. 30.
The regular quarterly dividend of 60 cents per share was paid on Nov. 2,
last.
Volume
143
Financial
Chronicle
a,^'eyio1us .exHa orAsPeci'al dividends
Aug. 1, last; 40 cents on
were paid as follows: 20 cents on
Dec. 30, 1935, Dec. 29. 1934, and on Dec. 29,
19,Tr ,a?od 50 ce„nts Per share Paid in December of 1932, 1931 and 1930.
—V. 143, p. 3483.
c.
fvi
r?u
n
c
„
.
_
~
rd Ul1 ^°* of Kentucky—Extra Dividend—
extra
an
dividend of 25 cents
paid
t
.V.
this
*
list given on first page of
^
—V. 143,
p.
nf+S
TNiPt
7^™
1936
idfli'ooo
^
«
3871.
'
1933
$142,722
def38w34
def33,818
1.251,642
1,419.890
1,429,226
218.661
329,422
30,372
725
def36°,566 def429.704 defl23.038
Stenshaw-on-KIamath
Gold
Mining
Corp.—Reqisters
Q7?C
wuri
See list given on first page of this department.
0
;
.
Sterling
Aluminum
Products,
Inc.— Withdrawal
•
.
of
Registration
The
SEC,
RtnnwnLrtmJ
fmLriprt
^ther dismisses a ceribam
Securities Act of 1933, as
having been heretofore on Nov. 13,
Ho
ff? I
v
iucso autnorizea.
oqoc
v .143, p. 2385.
Nov. 24 declared
on
'
'
„
of proprietary interest
,
or
total
Superior Oil Corp. (& Subs.)—Earninqs—
cent
on
ioQc
QA/fno
inQ«_l__n
inoc
1936-3. MOS.-1935
•
Eipt!ora:ux,&i::::::
i.fo,
lOMM
101 AM
325:439
$189 362
$478 842
747
6 488
8 443
*
sti
Total
lotalincome
308-253
'
$^40 721
12 100
S
$195,850 —ug7
$487,285
8,439
15,741
«1m
$153,854
4,548
Interest, &c___
Deprec. & depletion
miK
193^9 Mos.-1935
$153 107
Operating profit
Other income
92-343
3f.i?l
Net profit
Earns, per sh. on 988,979
x$26,487
$0.03
265,143
y$74,955
shs. cap. stk. (par $1).
o
$552,831
28,415
Gross
x$142,807
y$229,646
$0.14
Nil
Federal surtaxes on undistributed
inrom^ ^
account
068
ftir
the 12 months nndnd 8pr»t
^03^nnfiraHnj? f^n?iiRpq ^rHinarv
$432^67popCTa°h^pr<ffit?^'36fl^
30
192R
tnYP.c
iucoimB^$s!732^^otaM^c<me:
other
$644,929; interest on indebtedness, &c., $22,480; deprec. & depletion,
$349,960; losses on leases surrendered, &c., $94,177; provision for Federal
income taxes, $8,301; net profit for period $170,011.—V.
143, p. 3336.
directors
Nov.
on
20
declared
an
extra
dividend
of 50
cents
per
share in addition to the regular quarterly dividend of 35 cents per share
on
the capital stock, both payable Dec. 15 to holders of record Nov.
30.
The directors, in view of the undistributed profits tax, also decided
that
the regular dividend of 35 cents per share normally
payable on March 15
1937 for the first quarter of 1937, be anticipated, and paid out of 1936
Dec. 15 to holders of record Nov. 30.
Directors also decided to change dividend payment dates hereafter to an
early part of the first month of each quarterly period, commencing April.
1937.
&
*
'
The company paid a dividend of 35 cents per share on
Sept. 15, last,
and prior thereto regular quarterly dividends of 25 cents per share
were
distributed.—Y. 143, p. 1249.
earnings
/v
\
on
1
tp
t-.*
,
.i,,
~
Earnings for 10* Months Ended Oct. 31, 1936
&c., but
■nt
f
Net i
Income after deprec., Federal income taxes,
surtax on undistributed profits..
V. 143, p.
|oo«e on
333b.
^
■.,
.
,
,
Thompson Products, Inc.—Dividend Tripled—
The directors have declared
mon stock,
no par
a
dividend of 90 cents per share on the
com-;
value, payable Dec. 15 to holders of record Dec. 5.
Dividends of 30 cents were paid on Oct. 1 and on July 1, last, this latter
being the first made on the common stock since Jan. 2, 1932, when a regular
1936—3 Mos.—1935
$2,439,656
Net sales.
Eosts
_.no
,r
1936—9 Mos.—1935
$8,196,317
l,94i,i/u
________
Manufacturing profit-
.oe
$498,486
Expenses
372,773
~
„.0
Operating profit
Other income.-.— _____
b,218,loo
_.ork
..
.
....
$489,414
$1,978,131
300,0$3
.ltm
$1,491,111
1,069,655
773,069
001
$125,713
25,510
$189,331
26,495
$908,476
53,273
$718,042
65,087
$783,129
$151,223
$215,826
$961,749
Develop, exp., interest,
royalties, &c
34,561
27,671
89,514
Depreciation.
Federal income taxes—
46,911
9.402
i«
inn
16,634
100,631
Net profit
Shs. com. stock (no par)
x$60,349
283,510
$135,587
263,160
x$634,408
283,510
77,468
He nit
aqi
68,013
$528,713
263,160
Earnings per share
$0.17
$0.49
$2.10
$1.93
* No provision was made for any possible excess profits tax and surtax on
undistributed income.
Current assets as of Sept. 30, 1936 including $227,993 cash, amounted to
$3,802,477 and current liabilities, were $792,325. This compares with cash
of $306,799, current assets of $2,559,114 and current liabihties of $754,386
on
Sent
P
1935—Y. 143.
30
1
'
P.
'p
1418.
Water Associated
Tide
Oil Co.—Merger of Associated
and m Water Oil Co. ApprovedmiThe stockholders on Nov. 19 approved the
merger with the company of
The Associated Oil Co. and Tidewater Oil Co.
William M. Humphrey, President, in outlining the reason for the merger
stlTide^Water
Associated is a holding company, its income consisting
primarily of dividends received from subsidiaries. Its principal operating
subsidiaries are Tide Water Oil Co. (Del.), and Associated Oil Co. (Calif.).
»
°f T'de
of the entire capital stock ot Associated.
°" ^ 98*21%
^
Disadvantages of Holding Company Operation
being treated as a wljole. By amendment to the Federal income tax law
*n 1934, each corporation is required to file a separate mconie tax return
and pay taxes on its separate net taxable mcome as reported therein, so
that the losses, if any, of one subsidiary m a group cannot now be offset
against the profits of another subsidiary in the same group, with the result
that the aggregate of the income taxes that may be payable by the corporations in the group may be substantially greater than the amount of
such taxes that would be payable by them if they were taxed on the basis of
consolidated returns.
Moreover, the Federal income tax law has been further amended so that.
„
,,
,
„
it
,
effective Jan. 1, 1936, it provides in substance that 15% of the dividends
received by a corporation from another corporation shall be Included as
taxable income, with the result that under the law as now in effect, company
^(^nsohdatioifofp'roperties and operations through merger of Tide Water
before
oil and Associated with company will eliminate these tax disadvantages,
$281,373
shares common stock
'
•
is subject to a tax of approximately 15% upon 15% of (or 2%% upon all)
the amount pf the dividends received by it on and after Jan. 1, 1936.
n
(K.) Taylor Distilling Co.—Earnings—
per
.
Holding companies are now subject to various tax disadvantages.
For
many years prior to 1934, Federal income taxes of a corporation and subsidiaries were based upon their consolidated net income, the enterprise
Sylvania Industrial Corp.—Extra Dividend—
The
per share was distributed.-
for the order, Mr. Myers stated that the money is needed to buy cotton
to fill orders within the next few months.
The petition stated that orders have already been received, making
necessary the cotton purchases.—V. 137, p. 4710.
££•£
Nil
profits0 ^Prr^i^bpforp
The coMolidated income
.
Jud®e E- Yat^. Webb.of the Wratern Federal District of North Carolina.
268,924
J.9*!?
follows
■
$500,000—
Total income
Ray Drug Co.—Listing—
The New York Curb Exchange has approved the
listing of 100,000 outstanding shares of common stock, $1 par, and will list 10,000 additional
shares of common stock, $1 par, upon notice of issuance.—V.
143, p. 3484.
$eP1' 30
last, this
D was specified in the order that Mr. Myers could likewise borrow, at
future times, up to $250,000 to be used in the operation.
In the petition
on
subscription agreements with officers and employees, making the
amount applied for 6554300 shares.
See also V. 143, p. 2537.
j?„,i
to holders
10 cents per sub-share payable Dec. 21 to holders
105,000 shares of
official notice of issuance from time to time upon conversion of the 7% cumulative convertible
preferred stock on the basis of
1J4 shares for each share of 7% cumulative non-convertible preferred stock,
and 15,000 shares of common stock upon official notice of issuance under
p„r
.
^
Textiles, Inc.—
Per. End.Sept. 30—
New York Stock Exchange has authorized"the
listing of 535,000
shares of common stock ($1 par) which are issued and
outstanding in the
hands of tne public; with authority to add to the list
Gross*
made on Aug. 31
was
quarterly dividend of 30 cents per share was distributed.
The
Sun
dividend of $2.50 per share on the
An order permitting A. G. Myers of Gastonla, Receiver, to borrow up to
$500,000 for the operation of the corporation, has been signed by U. S.
Stokely Brothers & Co., Inc.—Listing—
common stock
a
A similar payment
°'™ord Pec. 1-V. 143, p. 3485.
the request of the registrant, has consented to withregistrant, and the registration
upon
2863.
Texas Pacific Land Trust—Initial Dividends—
The directors have declared an initial cash dividend of $10 on certificates
28,968
1.338,351
...
23,883,175
3,893,676
def281,025
1,932^^ quarterly dividend of $1.25
1934
$132,558
poi'lo^
i
26,440,532
3,843,732
def466,537
latter being the first dividend paid on the
preferred stock since Mar. 31,
def38,282
NetiftSSn«ay
Ne^after rents
oiJfh
1935
$134,066
$136,350
GrSSaW--
p.
of record Nov. 30.
Staten Island Rapid Transit
Ry.—Earnings—
October—
Gross from railway.
28,110,535
4,865,434
1,687,214
5% non-cumulative preferred stock,par$ 100 .payable Dec.15
SOW
.
142,
7,371,301
3,474,200
Texas & Pacific Ry.—Preferred Dividends—
TUm directors
Tfonooiorro o.Jih
1933
$2,646,569
577,069
136,697
__
on Dec. 15, 1934.—V. 143,
Registers With oEC
department.—V.
1934
$2,956,289
647,156
216,023
Net from railway
March 15, 1935
on
Earnings
/ 1935
$3,437,744
999,741
734,702
Net after rents
i
(The") Stanriarri TnKo
Qfifi
See
was
ra of 50 cents Per share was paid
1936
$3,997,327
1,215,241
895,713
Net after rents
From Jan. 1—
Gross from railway—__ 33,478,186
The directors have
194*8
October—
Net from railway
.
mi«
In addition
Enrninnz
*e*as & INew Orleans KK,
^
Gross from railway
declared an extra dividend of 25 cents
per share in
ionA0 a Quarterly dividend of like amount on the common stock, par
$10, both payable Dec. 15 to holders of record Nov. 30.
A dividend of 35
cents per share was
paid on Sept. 15, last and prior thereto regular quarterly
dividends of 25 cents per share were distributed.
n
p. 1248.
3649
Texas & New Orleans RR
and result in a very definite saving to the stockholders.
$0.81
in
addition,
declare
a
each
corporation is required under Federal tax laws to
value for its capital stock and pay a capital stock tax, and is then
Telephone Bond & Share Co .-Preferred DividendsThe
directors
at
op<£ spare on
the
their
meeting held Nov. 20 declared dividends of 98
the 7 % first preferred stock and 42
cents per share on
be paid on Dec. 15 to holders of record
Dividends at one-half of these amounts were
paid on
$3 first preferred stock, to
Nov. 23.
last.
taxes
Aug. 10,
J?J*or t0 which no dividends
p. 3164.
Tennessee Central
were paid since April 15, 1932.—-V. 143,
Ry .—Earnings—
1936
1935
$2§8,000
railway
86,265
JNet alter rents
1934
$228,097
Z§'§4£
55.597
/3,U5i
1933
$189,458
$166,106
43,565
38,904
21,615
from Jan. 1
Nfi?Sfr?m^fw^v
fJu'wv?
Net after rents
391,860
S
QQ1
fts'7nfi
Qza
ccn
o2Sl
-356,986
Tpvnc Corn
rphf
Extra
Dividend
f_o
A'
-A
The merger agreement provides for the merger of Tide Water Oil and
Associated with and into Tide Water Associated on the following basis:
m Company, after such merger, will be the surviving corporation, continuing with the name Tide Water Associated Oil Co.
The certificate of
incorporation of Tide Water Associated, with certain changes will become
JuT-non
Nov. 20 declared an extra dividend of 25
*
^
savings, consolidation of operations should result in
ootthe amended certificate of incorporation of the merged corporation.
237,657
(2) There will be no increase in the total number of shares now authorized.
The merged corporation will have an authorized capital stock of
1
626,221 shares ($62,622,100 par), of 6% preferred stock (par $100), the
class of preferred stock of company now outstanding; 873,779 shares of
cents per share
preferred stock (no par), authorized but not issued, which will take the
287,778
v. 143, p. z»63.
1
in addition to tax
other savings, and, more important, in greater economy in administration,
rj,be merger, with the greater flexibility of the capital structure should
a^sojacilitate future financing and permit of financing on a more advantageous
is.
Terms of the Merger Agreement
•
October—
Gross from railway
Net from
that merger of the companies in the group will simplify the attendant
problems and permit of some savings in the aggregate amount of such
por
_
o7co°4S,nKk (p^SloH-hlth
Oct. 1 last.
^
V. 143, p. 2697.
Tnvns Mexican Rv
texa
an
\.y,
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Earninas
learnings
1936
$99,112
14,786
4,183
1935
$88,510
13,655
4,801
1934
$96,702
32,319
24,502
1933
$57,496
def745
def7,552
.
Gross from railway.
Net from railway
Net aftOT rents
—V. 143, p. 2863.
1,066,332
278,788
156,010
1,003,475
276,889
171,975
783,876
184,392
98,616
538,853
def21,032
def97,122
number of
MS;
^ Th0 glares of the 6% preferred stock of company outstanding in
the hands of the public will remain outstanding, without any change in
the dividen(i rat6t liquidation price or redemption price, or any other
change, except as outlined below, but new certificates representative of
such shares will be issuable in exchange for the old certificates upon consummation of the merger.
/
(4) The shares of common stock (no par) of company outstanding in the
hands of the public will be converted share for share into shares of common
stock (par $10).
The relative rights of the common stock to dividends and
to share in the assets will not, of course, be affected by this change.
Shares
of
stock of the company held by the respective companies when the
becomes effective will be canceled.
common
merger
•
3650
(5)
Financial
other than Tide Water Associated will be converted into shares of the com¬
mon stock of the merged corporation at the rate of 3 shares of such common
stock for each share of capital stock of Tide Water Oil.
There are only
19,112 shares of Tide Water Oil held,by sucb stockholders and, accordingly,
the aggregate number of shares^of common stock of the merged
corporation
issuable to the stockholders of Tide Water Oil will be only 57,336 shares.
(6) The shares of the capital stock of Associated held by stockholders
other than Tide Water Associated will be converted into common stock of
the merged corporation at the rate of 2 H shares of such common stock for
each share of capital stock of Associated.
There are 41,050 shares of capital
stock of Associated held by such stockholders and, accordingly,
thejaggregate number of shares of common stock*of thejuerged corporation issuable
to the stockholders of Associated will be
only 92,362)$ shares.
On the basis of the application of the above ratios to the shares of
presently outstanding in the hands of the public,
626,221 shares of 6% preferred stock and approximately 6,252,789 shares
of common stock of the merged corporation will be
outstanding upon the
31(7)
the respective companies
consummation of the merger.
At the present time company has 636,221 shares (including 10,000
shares held in the treasury of Associated) of the 6%
preferred stock out¬
standing and 863,779 shares of such 6% preferred stock authorized but
unissued.
On the consummation of the merger, the 10,000 shares held
by
Associated will be canceled, and the authorized 6% preferred stock reduced
to 626,221 shares.
The remaining 6% preferred stock presently authorized
will become 873,779 authorized but unissued shares of
preferred stock,
without par value.
Company was authorized by its original certificate of
incorporation to issue any unissued shares of any class at any time for such
consideration as the board of directors might -determine and as
might be
permitted by law (subject to the restrictions on the last 500,000 shares of
6% preferred stock), leaving to the board of directors determination of
when the best interests of company
wou)d be served by such an issue.
The merged corporation will be authorized to issue the
873,779 shares of
preferred stock (no par) from time to time, in one or more series, as the
board of directors may determine (subject to the restrictions on the issue
of the last 500,000 shares), and such shares will be on a
parity as to divi¬
dends and payments on liquidation
(subject to differences in rates) with the
shares of 6% preferred stock now
outstanding.
Directors will be author¬
ized to fix the dividend rate of each series, not in excess of
$6 per share
per annum, the redemption price of each series, not in excess of $105 per
Bhare and accrued dividends
(the redemption price of the present 6% pre¬
ferred stock), and the liquidation prices of each
series, not in excess of $100
per share on involuntary liquidation and $105
per share on voluntary
liquidation (the liquidation prices of the present 6% preferred stock), the
above-mentioned limitations as to dividend rates,
redemption prices and
liquidation prices applying so long as any of such 6% preferred stock is
outstanding.
Directors are also authorized to determine, in connection
with the issue of shares of each
series, whether or not there shall be any
sinking or purchase fund for the retirement of such shares, whether or not
the same shall be convertible into other
shares, whether or not such shares
shall be entitled to any voting rights and whether or not there shall be
any
restrictive provisions on other issues of stock or creation of indebtedness.
Until all of the 6% preferred stock has been
retired, or until directors
have given due notice of redemption
thereof, the merged corporation will
not be authorized to issue any shares of
preferred stock (no par) of any
series (1) without first
offering to the holders of the 6% preferred stock the
preferential right to exchange their shares, pro rata, for such number of
shares
(no par) of such series as the board shall determine and (2) without
according to the holders of such 6% preferred stock for a period of not less
than 20 days the opportunity to make such
exchange.
After the expiration
of such offer, the shares offered and taken
up may be issued to others,
but not at a price less than the price used as the basis of such offer of ex¬
change, unless such shares shall first be reoffered at the lesser
price to the
holders of the 6% preferred stock.
(9) The amended certificate of incorporation of the merged corporation
will be the
same as
that of company, except for the necessary changes.
quotations)
companies
Mission Corp. (101,969 shares of capital stock at cost)
Other investments & receivables
Properties & equipment (net)
Prepaid taxes, ins. &
$8,713,841
5,159
32,231,961
750,000
6,395,220
1,320,619
1,116,518
3,205,042
118,986,066
2,326,492
457,016
Cash deposited in
escrow, against judgments
Capital stocks of affiliated and associated companies
Due from affiliated & associated
rents
Other deferred expenses
Total
$187,546,974
Liabilities—
Notes payable to banks, due within
one year
Purchase money obligations, due within
Accounts payable, trade
one year
j
Wages and misc. accounts payable
Accrued interest
Accrued taxes—property, oil,
excise, &c
Common stock dividend,
;
payable Sept. 1
Instalments payable on 1935 Federal income tax
Provision for est. normal Fed. tax on 1936 income
..
Due to affiliated and associated
companies
Notes payable to banks, due
serially to 1940
Purchase money obligations
Reserves for repairs on marine
equipment, Federal taxes in
process of adjustment, etc....
Discount on preferred and common stocks in
treasury
Other deferred credits
-
Ca,S^al^tocks of Sub-in
$2,000,000
413,677
5,901,345
1,652,712
95,066
5,525,708
853,696
224,103
648,874
1,960,543
17,000,000
3,074,658
company,
no
Consolidated Earnings for 9 Months Ended Sept. 30
9 Mos. End.Sept.30—
_
Associated Oil:
Capital stock (41,062 shares $25 par)
Surplus applicable thereto
6% Preferred stock ($100 par)
Common Sjtock (5,690,358 shs.
(no par) stated at $10 per
„
share)
1,607,307
522,670
125,130
511,600
89,077
1,026,550
497,950
62,622,100
56,903,580
Surplus
1936
1935
Total vol. of business_$56 403,414
Total exps. incident to
35,323,179
27.354,540
$8,650,660
239,490
$13,530,211 $11,486,676 $11,652,894
$8,890,150
Other income
Total income
&
disct.
on
36,519,008
$12,938,834 $10,861,484 $10,906,925
591,377
625,192
745,970
Operating income
Int.
1933
1934
$47,380,492 $46,230,104 $36,005,200
43,464,580
operations
funded
debt
d598,455
d251,455
196,953
111,384
50,831
310,038
205,867
535,675
5,695,155
702,000
422,298
6,231,462
345,000
447,156
5,947,200
654,000
794,446
5,881,980
265,811
$5,801,974
$4,125,076
722,271
2,522,071
$4,037,803
735,922
2,739,779
$1.51
$1,850,397
747,923
Other int., discounts, &c
Prop, retirement (net)—
97,517
un¬
developed leases
Depr.&depl. charged off
Est. Fed. income tax
Net profit 9 months..
dividends
Preferred
Common dividends
3,292,160
$2.64
Earns, per common share
$1.55
$0.50
c Exclusive of inter-co. sales and transactions.
d Interest paid only.
Note—The above statement for the 1936 period does not include the
.
of $11,918,764 collected for the Federal Government and State
governments in the form of taxes on gasoline, lubricating oils and other
amount
products.
As a result of transactions consummated on or before Aug. 24, 1936,
the company acquired all the assets of Tide Water Oil Co. (N. J.), except
all the stock of the company held by Tide Water Oil Co. (N. J.) and cash
and accounts receivable sufficient to pay the debts of the latter, which has
been dissolved.
Since the above transactions do not affect the continuity
of operations of the properties involved, the above statement includes
operations of Tide Water Oil Co. (N. J.) to Aug. 24, 1936.
No provision for surtax on undistributed profits is included in the above
accounts.—V.
143, p. 3336.
Thermoid
Co.—Earnings—
[Including wholly owned domestic subsidiaries and Southern Asbestos Co.]
Consolidated Profit and Loss Statement
Period End. Sept. 30—
Profit
Prov. for-depreciation..
Interest charges
1936—3 Mos.—1935
$161,025
$74,269
44,778
42,607
40,651
37,283
1936—12 Mos.—1935
$603,168
171,312
157,121
$351,021
168,230
147.692
Amort, of exps. re note-
holders'plan
10,500
9,673
11,520
1,800
43,500
23,973
47.320
20,528
$55,423
loss$18,941
$207,262
loss$32,748
Prov. for Fed. inc. taxes
Net
profit to stock¬
or surplus..
143, p. 2697.
holders
-V.
Timken Detroit Axle Co.—Extra Dividend—
The directors have declared a quarterly dividend of 25 cents per share
in addition to an extra dividend of $1.25 on the common stock, both pay¬
able Dec. 21 to holders of record Dec. 10. A quarterly of 25 cents and an
extra of like amount was
paid
on
Sept. 21, last, these latter being the first
disbursements made
on the common stock since April 1, 1931, when a divi¬
dend of 20 cents per share was paid.—V. 143, p. 1418.
a dividend of 3 cents per share on the com¬
stock, payable Dec. 21 to holders of record Dec. 1.
A similar payment
made on Aug. 1, last, this latter being the first distribution made
since Oct. 31, 1929, when a semi-annual dividend of 7)$ cents per share
was paid.—V.
143, p. 127.
was
Toro
Manufacturing Co.—Earnings—
Years Ended Sept. 30—
Net operating profit before deprec
Miscellaneous income
24,290,627
1936
$82,365
18,901
$49,625
22,485
3,500
$63,719
46,916
$51,264
$23,640
46,916
$16,803
$51,264
def$23,276
$1.36
Surplus
$48,256
1,368
18,321
8,700
Net income.
Dividend
$81,345
1,019
$90,739
Total income
1934
904
Depreciation
1935
$89,835
Prov. for Fed. & State inc. taxes
$1.09
Earns, per sh. on 46,916 shs. common
stock (no par)
12,200
$0.50
Comparative Balance Sheet Sept. 30
Assets—
1936
1935
Liabilities—
Cash
(incl. certi¬
ficates of dep.).
$117,637
$187,115
Accounts payable.
Accrued pay roll &
Accts. & notes rec.,
less reserve
Invet.—at cost...
Accrued int.
164,454
151,745
153,399
117,860
rec..
250
579
Prepaid insurance
Sundry accts. rec.
3,768
3,894
&
5,888
5,390
21,150
241,211
Prop., pit. & equip
Pat., trade-mks. &
$15,348
3,982
16,653
102,677
18,930
98,386
10,000
Common stock..
281*496
281,496
Paid-in surplus
Earned surplus...
186,984
101,767
186,984
101,618
$717,138
$716,747
Accrued
Federal,
State & local tax
Res. for deprec
Res. for contlng..
11,034
Total
x
$22,810
17,300
231,206
value
officers' life ins.
1935
4,750
x
advances
surr.
1936
interest
good-will
par)
18 approved the merger of the company with
Tide Water Associated Oil Co. (which see).
c
Cash
hands of public:
Tide Water Oil Co.:
Common stock (20,464 shares
Surplus applicable thereto
Co.—Merger Approved—
The stockholders on Nov.
the parent
The directors have declared
739,908
Due from employees
Inventories
1936
mon
1,782,353
9,516,780
Accounts receivable (less res.
$501,071)
Notes & trade accepts, receivable
5,
Tonopah Mining Co. of Nev.—Three-Cent Dividend—
Consolidated Balance Sheet, July 31, 1936 (Inch Sabs.
Assets—
Cash in banks and on hand
U. S. Gov. mark, sec., at cost
(less reserve for reduction to
market
Dec.
Tide Water Oil
Amortiz. of invest. &
(8)
a
Chronicle
The shares of the capital stock of Tide WaterlOil held by stockholders
$717,138
Represented by 46,916
Transwestern
Oil
$716,747
no
par
Co.
Total
shares.—V. 141, p. 3876.
of
Oklahoma
City,
Okla.—
Files with.SEC—
The company on Nov. 25 filed with the Securities and Exchange Commis¬
sion a registration statement (No. 2-2682, Form A-l) under the Securities
Act of 1933 covering 750,000 shares ($16 par) capital stock.
According
to the
Total
$187,546,974
The New York Stock
Exchange has authorized the listing (upon official
notice of the consummation of the
merger of Tide Water Oil Co. and Asso¬
ciated Oil Co. into the
company) of: (a) 6,132,104 shares of common stock
(par $10), to be outstanding upon such consummation of the merger; and
(b) 149,699 shares of common stock, of which 149,698)4 shares are to be
outstanding upon such consummation of the merger; also upon official
notice of such consummation of the
merger and of issuance and payment in
full under its
"management stock plan" of (c) 195,512 shares of such
mon
com¬
stock.
The 6,132,104 shares of common stock
(par $10) are to be outstanding
upon such consummation of the merger by virtue of the conversion into
shares of such stock of a like number of shares of common stock without
par value outstanding in the hands of the public and presently listed.
The 149,698)4 shares of common stock
(par $10) are to be outstanding
upon such consummation of the merger by virtue of the conversion into
shares of such stock, of shares of the
respective capital stocks of Tide Water
Oil and Associated
outstanding in the bands of the public.—V. 143, p. 3013.
Toledo Peoria & Western RR.
,
October—
1936
Gross from railway
Net from railway
Net after rents
From Jan.
1935
1934
1933
$223,061
62,068
28,137
$193,555
73,955
42,799
$171,190
56,388
21,626
$160,397
48,805
26,128
2,005,066
559,686
252,136
1,502,452
358,163
156,192
1,472,828
332,651
130,388
1,403,153
364,891
194,014
statement.
Arthur A. Seeligson of San Antonio, Texas, is
President of the company.
1—
Gross from railway
Net from railway
Net after rents
—V.
Earnings
registration statement, the proceeds from the sale of the stock to
with bank loans aggregating $3,000,000, are to be applied toward the payment of $9,500,000, the purchase
price of properties to be acquired by the company from the trustees of the
Thomas B. Slick Trust Estates and Berenice Slick Urschel, and the balance
will be used for working capital.
In connection with the underwriting
agreement, the company states that the obligation of the underwriters to
pin-chase the stock is conditioned upon the simultaneous purchase from
the underwriters at $12 a share of 173,267 shares of capital stock by Arthur
A. Seeligson, O. F. Urschel and Berenice Slick Urschel, as trustees of the
Thomas B. Slick Trust Estates, and of 86,633 shares by Berenice Slick
Urschel as an individual.
The trustees and Berenice Slick Urschel are
to deliver to the underwriters separate options covering an aggregate of
60,090 shares of the company's capital stock.
The underwriters have
advised the company, it is stated, that they do not intend to include the
stock covered by the option in the initial offering.
The registration statement further states that upon transfer of the
properties the trustees of the Thomas B. Slick Trust Etsates and Berenice
Slick Urschel are to deliver to the company an option ocvering 50,000
shares of the company's capital stock, which are to be offered at $16 a
share to executives of the company to be selected from time to time by the
board of directors on or before Dec. 13, 1941.
The price at which the stock is to be offered to the public and the names
of the underwriters are to be furnished by amendment to the registration
be received by the company, together
143, P. 3164.
Truax-Traer Coal Co.—To Vote
Stockholders will hold
merger
of
Truax-Traer
V. 143, p. 3485.
on
Merger—
special meeting on Dec. 26 to consider proposed
Lignite Coal Co. into Tuax-Traer Coal Co.—
a
Volume
Financial
143
Tri-Continental Corp.—Common Dividend—
r
The directors have declared
share on the
stock, no par, payable Dec. 24 to holders iof record Dec. 11.
t An initial distribution of like amount was made on Oct. 1, last.—V.
143, p. 2698.
a
dividend
of 25
cents per
common
Turners Falls Power & Electric Co.—Bond Bid by
Company
Agent for Insurance Company—
as
Trust
Guarany Trust Co. of New York, the sucessful bidder for $3,000,000,
1st mtge. bonds 3J£s awarded to it by the company on Nov. 16 last, acted
solely as agent for a New England insurance company which it Is understook
will hold the bonds for investment
purposes.—V. 143, p. 3337.
Union Bag & Paper
and preferred stocks on Oct. 1, July 1, and Jan. 2 last.
In addition the
regular quarterly dividend of 75 cents per share was also distributed on the
preferred stock.
The preferred stock is a $3 cumulative issue, which after full payments
have been made, participates dollar for dollar with the common stock
in any further disbursements.—V. 143, p. 2070.
^.Wk
United Merchants & Manufacturers,
,
Pi The
Years Ended July 31—
Operating profit
Depreciation reserves
Collateral trust note int.
Profit.
Corp.—Acquisition—
Shs.
In order to simplify its capital structure, the company announced on
Nov. 30 that it had acquired all the assets of the Scutan Co., Inc., a sub¬
sidiary company, manufacturers of waterproof papers, thereby eliminating
this subsidiary from its corporate
organization.
BfcBy unanimous consent of the stockholders of the Scutan Co., Inc., that
corporation has been dissolved. The business will be conducted in the
future as the Scutan Division of Union Bag & Paper Corp., with J. D.
Griffin in charge.—V. 143, p. 3485.
3651
Chronicle
com.
Earnings
share
per
rThe directors"
have
declared
a
dividend 'of80 cents
'per
share on the
common stock, no par
value, payable Jan. 1 to holders of record Dec. 4.
This compares with 70 cents paid on Oct. 1, last; 60 cents paid on July 1,
last, 50 cents paid on April 1 and Jan. 1, last; 40 cents paid on Oct. 1,
July 1 and April 1, 1935; 35 cents in each of the three preceding quarters,
,25 cents per share paid each three months from April 1, 1933 to and incl.
April 2, 1934, 30 cents on Jan. 2, 1933 and on Oct. 1 and July 1, 1932, 50
cents April 1, 1932 and 65 cents per share each quarter from July 1, 1929
to and incl. Jan. 1, 1932.—V. 143, p. 2699.
Union Electric Light & Power Co. of
111.—Bonds Called
** The
Chase National Bank of the City of New York announced that
$125,000 principal amount of this company's first mortgage gold bonds,
5H% series "A," due Jan. 1, 1954, have been drawn for account of the
sinking fund for redemption on Jan. 1, 1937, at par and accrued interest.
Bonds should be presented for payment at the principal office of the bank,
corporate trust department, 11 Broad St., New York.
12 Months Ended Sept. 30—J
Income rent, net, from lease of electric plant to
Power Oper. Co., a wholly owned sub. of Union
El. L. & Power Co. (Mo.) (parent)
Int.
Union
El.
L.
&
1936
Co.
(parent)
on
in
banks
$2,500,013
..
Total income
funded debt.-•
Amort, of bond discount & expense
Other interest charges
on
Appropriation for depreciation
reserve
Net income
25,305
3,096
1,015,517
Note—All taxes including Federal Income taxes are borne by Power
Operating Co., Lessee, under the terms of lease agreements covering the
property of the company; accordingly, no provision for income taxes has
hand
Current
practicable to estimate it at this time.—V. 143,
merchants
Inventories
Deferred accts. rec
b Accts. A notes
1935
1936
$29,576,825 $27,393,308
6,913,477
7,691,007
1,402,120
2,739,775
1,223,077
expenses
Taxes, other than income taxes
Provision for income taxes
Net operating revenues
Gross
1,201,641
2,724,664
1,084,314
$16,520,846 $15,469,211
40,162
Dr. 51,792
revenues
$16,561,008 $15,417,419
Interest on funded debt
4,597,379
4,618,709
Amort, of bond discount & expense
212,528
234,247
Other interest charges
51,457
36,821
Interest during Construction charged to property
h & Plant
Cr. 17,455
Cr. 10,429
Preferred dividends of subsidiaries
1,018,044
985,099
Minority interests
3,633
7,921
Appropriations for depredation reserve
3,773,445
3,744,524
Net income
$6,921,978
Split Voted—
Stockholders
on Nov. 16 approved a two-for-one
split-up of the company's
stock. It is expected that the split-up will become effective within
45 days.—V. 143, p. 3014.
common
and distribution.—V.
143, p. 3485.
stock, no par value, both payable Dec. 19 to holders of record Dec. 4.
A
dividend of 75 cents was paid on Oct. 1, last andftcompares with 60 cents
paid each three months,, from Oct. 1, 1934 to and including July 1, last;
44 cents paid on July 2, 1934. 43;cents on April 2, 1934 40 cents per share
paid on Jan. 2,1934 and 25 cents per share distributed on Oct. 2,1933 and
July 1,1933, this latter payment being the first made since Jan. 2,1931
143, p. 3485.
when 25 cents per share was also disbursed.—V.
Inc.—To Pay 25-Cent Common Diviaend—
The directors
have declared a dividend of 25 cents per share on the
stock, par $5, payable Dec. 18 to holders of record Dec. 4.
A
dividend of 50 cents per share was paid on Oct. 1, last, this latter being
the first dividend paid on the common stock of this company.—V. 143,
p. 3165.
common
United Fruit
The special dividend will be paid on Dec. 21
to holders of record Dec. 3, and the regular quarterly distribution will be
made on Jan. 15 to holders of record Dec. 21.
An extra dividend of 50
cents per share was paid on April 14,1934^—Y. 143, p. 2540.
United Gas
7,320,631
33,881
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh.)
—V. 143, p. 3010.
Nov. 28 '36 Nov. 21
91,010,299
United Gold Fields of Nova
Scotia, Ltd.—Withdrawal
Pref. Divs.
dividend of $1.25 per share on the common
stock, and an extra dividend of $1.25 per share on the $3 participating
preferred stock, no par value, both payable Dec.tl to holders of record
Dividends of 25 cents per share had been paid on the common
......
1,098,640
&
wages,
tax
Dom. income tax
266,430
963,831 Unearned int. &
1,040,796
commissions
19,859
585,000
Investments
329" 159 Sundry reserves
332,390
Treasury securities
3,790,719
43,035
176,327 Funded debt
Mln. int. in cap. &
Land,
bldgs.
A
machinery
surplus of subs.. 2,240,209
b6,534,193 e6,952,768
Deferred charges..
419,697
280,239 c Common stook.. 6,000,000
a Capital surplus.
Goodwill
1
511,790
213,344
Inv. in & advs. to
Argentine sub..
Treasury bonds
surpl.
62,822
4,496,219
2,143,904
6,000,000
511,790
since
3,435,718
Aug. 1, 1932... 4,930,055
Total
26,469,532 22,025,6631
26,469,532 22,025,663
Total
a Arising
through exchange of preferred stock for common stock, b After
balance of reserve appropriated for revaluation at July 31, 1932, and
July 31, 1935, $4,377,828, less amount used during year, $1,022,790;
balance, $3,355,039, and after reserve for depreciation or $3,822,973.
cPar value $1
(stated value $10).
d Accounts only,
e After reserve
appropriated for revaluation at July 31,1932, of $3,433,008; capital surplus
as at July 31,
1934, arising through readjustment of capital stock trans¬
ferred of $1,071,542; total, $4,504,550, less amount used during year,
$126,721; balance, $4,377,828, and after reserve for depreciation of $3,999,543.
f Secured by minority stock of certain subsidiaries, stock of
parent company and other stock.—Y. 143, p. 2865.
United Public Service Corp.on
Nov. 21 declared
the common stock,
an
-Initial Dividend-
initial dividend of 30 cents per share
payable Dec. 26 to holders of record Dec.
Period Ended Sept. 30, 1936—
Income, interest on notes receiv. from subsidiaries:
Kentucky Power & Light Co..
Total income
General expense....
-
.....
.....
....
63
$28,020
$58,047
4,476
8,478
749
-
....
Amortization of bond discount of sub. company..
Net income
x
$45,000
12.984
$15,000
12,984
36
Taxes
x
12.
9 Months
3 Months
-
Southern United Ice Co
Miscellaneous income
2,097
1,650
4,950
$40,143
$23,524
No
provision has been made for Federal surtax on undistributed profits.
143, p. 1250.
—V.
United Public Utilities
The directors have declared
pref. stock,
no par
value, and
a
a
Corp.—Accumulated Dividends—
dividend of $1.20 per share on the $3 cum.
dividend of $1.10 per share on account of
accumulations on the $2.75 cum. pref. stock, no par value, both
Dec. 15 to holders of record Nov. 30.—V. 143, p. 3015.
United
payable
Scores Corp.—Accumulated Dividend—
The directors have declared
a
dividend of $11.81 M per share on account
of accumulations
on the $6 cumulative preferred stock, par $100, payaole
Dec. 15 to holders of record Dec. 3.
A dividend of $3 was paid on June
15, last and
p.
of 81M cents per share was paid on Dec. 15,1934.—V. 143,
one
1097.
Universal Consolidated Oil
Co.—Earnings-
after depreciation, depletion, intangible drilling
expenses and estimated Federal income tax...............
—V. 143, p. 1420.
Net
profit
$201,639
With SEC—
Corp.—Registers
See list given on first page of this department.—V. 143, p.
3486.
Upressit Metal Cap Corp.-—Accumulated Dividend—
The directors have declared a dividend of $3 per share on the 8% cum.
pref. stock, par $100, payable on account of accumulations, on Dec. 23
to holders or record Dec. 12. A dividend of $2 was paid on Oct. 1 and on
July 1, last, and compares With $1 paid on April 1, last; $3 paid on Dec. 30.
1935; $1 paid on Oct. 1 and April 1, 1935; $2 per share paid {on Dec. 28,
Oct. 1, July 1 and April 1,1934; $3 per share on Jan. 8,1934; $2 per share on
Oct. 1 and July 1, 1933; $1 per share on April 1, 1933; $2 per share on
Dec. 28, Oct. 1 and July 1, 1932, and $1 per share on April 1, 1932.
The dividends have been accumulating on this stock since Jan. 1, 1925.
Dividends prior to Jan. 1, 1925, were waived by the pref. stockholders.
—V. 143, p. 128.
Corp.—Earnings—
Earnings for the Year Ended April 1,1936
Gross
$18,052
15,215
profit on sales & rentals
Expenses
.
......
Net income from sales.
$2,837
295
Deductions from income.
Net profit for
Year.
$2,542
Balance Sheet April 1,1936
Liabilities—
$10,278 Accounts payable
$1,397
2,897 Deferred—accounts A notes pay.
5,219
Inventories—machines, motors,
Capital stock ($1 par)......... 448,860
cabinets A parts
10,164 Capital A earned surplus
133,398
Rental equipment—meters
6,120
Furniture A fixtures less depreo.
2,038
Dies, Jigs A patterns
112,617
Development (cost)
.....
435,818
Cash in bank
United Milk Products Co.—Common & Partic.
Nov. 24.
763,871
payable..dl,492,172
notes
Accrd.
78,836,695
The Securities and Exchange Commission, upon the request of the
registrant received on Oct. 15, 1936, has consented to the withdrawal of
the registration statement.—V. 142, p. 2849.
a
of
Ac
235,697
203,775 Process tax pay..
130.916 Res. for Fed. &
212,909
169,759
'36 Nov. 30 *35
94,143,268
of Registration—
The directors have declared
Trade
accts.
U. S. Postal Meter
stock, no par value.
credit
425,590
104,358
Co.—Special Dividend—
The directors have declared a special dividend of $1.25 per share in
addition to the regular quarterly dividend of 75 cents per share on the
common
to
mfgrs. & merch.
for accts. purch.
35,862
Universal-Cyclops Steel
The directors on Nov. 20Ideclared an extra dividend of 75 cents per share
in addition to a regular quarterly dividend of like ambunt on the common
United Drug,
Bal.
58,695
17,395
7,726,448
25,890
Earnings for 10 Months Ended Oct. 31,1936
United Carbon Co.—Extra Dividend—
on
436,279
(secured by trust
receipts).
after
RR.—Listing—
The New York Stock Exchange has authorized the listing of $20,000,000
34-year 3H % debenture bonds due Oct. 1, 1970, on offidal notice of issu¬
ance
466,825
maturing
prior to July 31.
Trade accept, pay.
562,603
$5,800,527
Note—No allowance has been made for the nine months ended Sept.""3"^
1936 for Federal surtax based upon undistributed income, as it is impractic¬
able to estimate it at this time.—V. 143, p. 1250.
Union Pacific
30,000
ments
July 31,1937...
income
Union Investment Co.—Stock
4,303.698
Adv. to employ..
Sinking fund assets
on
Light & Power Co., Mo. (& Subs.)—
Maintenance
Non-operating
due
rec.
30,000
7,903,319
119,304
manufacturers A
Sundry accounts..
$
3,067,000
1,058.877 Fund, debt Instal¬
to
The directors
1250.
p.
12 Months Ended Sept. 30—
Total operating revenues
Operating
advs
1935
$
5,395,000
1,280,703
Misc. notes & advs
been made.
No allowance has been made for the nine months ended Sept.
30, 1936 for Federal surtax based upon undistributed income, as it is im¬
Union Electric
LiaMlUies—
Notes pay. to bks.
Trade acct. A notes
61,312
$3,978,306
35,625
398,750
$2.51
(Mo.)
Expenses
Interest
$2.01
1936
S
A
Earn,
76,763
$1,445,207
557,079
1935
$
Assets—
Cash
$3,916,995
$4,002,474
34,666
385,000
32,509
3,025
1,017,777
Pow.
$3,925,711
J___ $2,529,497
from
rec.
1935
1936
243,240
$1,171,530
557,079
$772,919
600,000
$1.28
$2.49
1933
$2,147,097
458,650
499,832
236,475
Consolidated Balance Sheet July 31
receivable
Union Carbide & j^arbon Corp.—Div. Again Increased
_
1934
$1,907,837
$1,348,588
362,063
213,606'
$1,494,337
stk. (par $1).
600,000
Inc.—Earnings—
'
1935
1936
$1,996,909
311,276
191,296
—.....
Accounts receivable.
.........
...
...........
1
Organization expense..........
8,943
Patents...
$588,875
Total
—V. 135, p.
4571.
Total
.$588,875
Financial
3652
Utah Light &
1936—Month- -1935
$93,812
198,659
83,827
95,878
Operating revenues
Oper. exps., and taxes._
income
(net)
$9,985
42,594
$2,781
50,018
Net rev. from oper—
Rent from leased prop—
Other
Wamsutta Mills-
Traction Co.- —Earnings—
Period End. Oct. 31—
1936—12 Mos.—1935
$1,124,766
1,005,092
$1,032,622
933,904
$119,074
$98,718
528,075
2,786
508,861
314
—
Dec.
Chronicle
Years End. Sept. 30—
Gross income
$52,893
53,221
$52,799
53,127
Gross corp. income
$3,945
$3,941
$155,503
75,980
61,052
$92,865
20,986
8,757
$111,657
42,287
21,466
785,147
538,257
77,580
def98,049
229,033/
45,083'
—V. 143, p. 2867.
the 7 % cum. pref. stock, par
Earnings for 3 Months Ended Oct. 31, 1936
Net income after depreciation, Federal and
$178,311;
$0.44
Earnings per share on 400,000 shares capital stock (par $5).
—V. 143, p. 2542.
Wellington Fund, Inc.—10-Cent Extra Dividend—
share in addition
quarterly dividend of 15 cents per share on the common
The directors declared an extra dividend of 10 cents per
Light Corp.—Corporation §ues H. L.
Clarke—Misappropriation of Funds Charged—
Utilities Power &
The corporation has
filed
a
bill of complaint in the U. S. District Court,
Chicago, against Harley L. Clarke, who recently resigned as its president.
The corporation asks for an accounting, and payment with interest, of
funds, moneys and property in an amount in excess of $3,000,000, which it
alleges were fraudulently converted and appropriated by the defendant to
his own separate use and benefit over a period extending from or about
1929 to or about December 1935.—V. 143, p. 3486.
the regular
to
stock, par $1, both payable Dec. 30 to holders of record Dec.
Holland
Kamps
Dutch
Bakers,
Inc.—Extra
Dividend—■
have declared an extra dividend of $1.81 A
addition to the regular quarterly dividend of 12A,
per
share in
cents per share on the
15.
Similar
payments were made on Sept. 30 last.
An extra of five cents was paid on
June 30, last; extra dividends of 10 cents per share were distributed on
June 1 and March 1, last, and on Dec. 1 and June 1, 1935, and extras of
5 cents were paid on March 1, 1935, Sept. 1 and March 1, 1934, and on
Dec. 1 and March 1, 1933.—V. 143, p. 3166.
Wesson Oil & Snowdrift
Co., Inc.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per
share in
regular quarterly dividend of 12 ^ cents per share on the
common stock,
no par value, both payable Jan. 2 to holders of record
Dec. 15.
Previous extra distributions were as follows: 87 A cents on Oct. 1,
addition
The directors
State income taxes, but
before surtax on undistributed profits
—V. 143, p. 939.
de
Dividends—•
per share on the common
Dec. 21 to holders of record Nov. 30.
This will be the
first dividend paid since Feb. 15, 1931, when $1.75 per share was dis¬
tributed.—V. 142, p. 4199.
The directors have declared a dividend of $1
Waukesha Motor Co.—Earnings—
$100, payable to holders
of record Dec. 15.
A dividend of $3.50 was paid on Sept. 1 last; $1.75
per share was paid on June 1 last; $3.50 on March 2 last; $1.75 paid on
Dec. 2, 1935; $3.50 paid on July 1 and March 18, 1935; $1.75 paid on
Sept. 1, 1934; $7 on March 1, 1934, and $1 per share on March 1, 1932.
The last regular quar. dividend of $1.75 per share was paid on July 1,1930.
Van
$7,208,677 $6,955,216
Total
stock, payable
have declared a dividend of $5.25 per share on account
on
Deprec. & surplus.
562,619
406,693
726,196
635,620
726,370
888,907
payable
753,660
419,895
$7,208,677 $6,955,216
Total
Co.—Accumulated Dividend—
Utica Knitting
The directors
Notes and accounts
(S. D.) Warren Co.—To Resume Common
774,967
215,982
93.835
845,377
237,821
152,427
Net after rents
Capital stock
—V., 141 p. 3706.
From Jan. 1—
Gross from railway
Net from railway
1936
1935
$5,593,400 $5,593,400
Liabilities—
1935
1933
1934
1935
1936
$115,359
59,119
46,908
$52,963
Balance Sheet Sept. 30
Cash & accts. rec.
October—
1,714
40,335
58,582
1936
Assets—
Mdse., materials &
stock in process.
Gross from railway.
loss$82,036
Land, bldgs., &c.,
machinery
36,035,122 $5,985,904
Utah Ryv
Net from railway
Net after rents
$1,366,714
1,214,833
55,000
$1,319,293
1,264,355
45,224
$1,640,688
1,667,724
$156,789
—V. 143, p. 2867.
-Earnings—
1933
1934
1935
1936
2,062,246
55,000
Operating expenses
Depreciation
Reduct. of valuation of
cotton, in v., &c
$629,579
633,524
$628,535
632,476
$328
$328
Deficit
of accumulations
Earnings—
$2,274,035
Net profit
Int. & other deductions.
S, 1936
to the
last; 37 A cents on July 1, April 1 and Jan. 2, last; 87H cents on Oct. 1,
1935; 37 A cents per share in the three preceding quarters, and 50 cents on
Oct. 1, 1934.—V. 143, p. 3016.
stock, both payable Dec. 15 to holders of record Dec. 5.
Extra
diviends of 123^ cents per share each were paid on Oct. 1 and
July 1, last.
A dividend of 12 A. cents was paid on April 1, last, this
latter being ther first payment made since Jan. 2, 1931, when a regular
the
quarterly dividend of 37 A cents per share was distributed.—V. 143, p. 2541.
hearing
common
Westchester Service
and quarterly
on
Veeder-Root, Inc.—$4 Extra Dividend—
The directors have declared
an extra
dividend of $4 per share in addition
Corp.—Amended Reorg. Plan—
An amended plan of reorganization has been agreed upon by the debtor,
Van
Suetendael committee
and
the
Buckingham committee.
A
plan will be held Dec. 14 in the U. S. District Court for
on the
the Southern District of New York.
A preliminary statement to the plan says:
In 1928 corporation was organized as a consolidation
Westchester
to the regular quarterly
companies in
no
and fuel business in this terr tory.
Because of the steady decrease
dividend of 50 cents per share on the common stock,
value, both payable Dec. 15 to holders of record Nov. 30.
Extra
dividends of $1 per share were paid on Sept. 15 and June 1 last, while
an extra dividend of $2 per share was paid on Nov. 30, 1935, and an extra
of 50 cents was distributed on Dec. 29, 1934.—V. 143, p. 1251.
par
Ventura
Mines, Inc.—Registers With SEC—
See list given on first page of this department.
Vertientes
Notice
mittees
of
Sugar Co.—-Time for Deposits Extended—
issued
was
Nov.
extension
an
to
30 by the bondholders'
protective com¬
the close of business Dec. 31 of the time in
7% gold
bonds, due Dec. 1, 1942, and of Camaguey Sugar Co 1st mtge. sinking
fund 7% gold bonds, due Oct. 15, 1942, may deposit their bonds in assent
to the respective plans of reorganization for these corporations.
Manu¬
facturers Trust Co. is depositary for the Vertientes bonds and Chemical
Bank & Trust Co. for the Camaguey bonds.
The committees have filed with the Securities and Exchange Commission
registration statements for certificates of deposit to be issued upon the
deposit of bonds under the two plans.
Copies of a prospectus relating to
Vertientes may be obtained from W. A. Chadbourne, secretary of the
committee, 25 Broadway, N. Y. City; copies of a prospectus relating to
Camaguey may be obtained from James B. Guaraglia, secretary of the
committee, 7 Hanover St., N. Y. City.—V. 143, p. 3166.
which holders of Vertientes Sugar Co. first mortgage sinking fund
iCounty.
of 10 ice and fuel
Company conducts the largest ice
in earnings from the ice business, due
partly to competition from mechanical refrigeration and price competition
and partly to the depression, it became apparent in Sept., 1935 that the
company could pay its Oct. 1, 1935 bond interest only by so depleting its
cash as to endanger its future existence.
It was decided to file a petition
under 77-B of the Bankruptcy Act and seek a reorganization which would
preserve the assets and going concern value for security holders and adjust
fixed charges in line with decreased earnings.
On April 29, 1936 the company filed a plan of reorganization with the
Court.
To this plan the Van Suetendael bondholders' committee made
objections and filed proposed amendments and modifications and various
objections to the plan were stated in court by the attorneys for the Bucking¬
ham committee.
The court adjourned hearings on the plans and modifications thereto,
urging prompt preparation of a compromise plan satisfactory to the various
interests.
After many conferences by the representatives of those interests,
a compromise plan was evolved.
Its salient features are:
Present Capital Structure
6 % bonds
6A% convertible sinking fund debentures..
$7 participating cumulative prior preference stock (no par)
$7 cumulative preferred stock (no par)
Common stock (no par)
$1,508,800
1,011,000
10,330 shs.
ll,770shs.
90,495 shs.
1st mortgage
Proposed Capital Structure
Vick Chemical Co.
(& Subs.)—Earnings—
3 Months Ended Sept. 30—
Net profit after depreciation,
1934
x$808,171
$840,104
$631,919
$1.15
$1.20
$0.90
taxes
and other charges
Earnings per share on 700,280 shares
(par $5) capital stock
x
First
1935
1936
'
Before possible surtax on undistributed profits.—V. 143, p. 2867.
Vick Financial
Corp.—Larger Dividend—
The directors
have declared a dividend of 35 cents per share on the
capital stock, par $5 payable Dec. 8 to holders of record Nov. 28.
This
compares with 15 cents paid on June 20, last, ana semi-annual dividends of
7 A cents per share paia on Dec. 20, 1935, and each Aug. 15 and Feb. 15
previously.
Dividends are now being paid each June and December.
In
aduition an extra dividend of 2 A cents per share was paid on Dec. 20, 1935.
—V. 143, p. 3015.
Virginia Electric & Power Co.—Earnings—
Period End. Oct. 31Gross earnings
Operation
Maintenance
Taxes
Inc. from other
sources.
Balance
1936—Month—1935
1936—12 Mos.—1935
51,439,618
$1,303,883 $16,209,304 $15,251,007
559,805
585,205
6,390,905
5,955,426
112,213
87,786
1,126,905
996,526
178,104
77,612
1,829,277
1,819,590
144,888
151,052
60,000
$444,607
$402,227
Interest and amortization
Appropriations for retirement reserve
Preferred dividend requirements
$6,922,216
1,909,954
1,883,333
1,171,556
$6,479,464
1,859,063
1,800,000
1,171,632
$1,957,371
mortgage 4% cumulative income bonds
$1,508,800
4% income convertible debentures (est.)
997,860
Common
stock
(est.)
x61,182 shs.
x 39,912
(est.) shares (reserved for conversion) and 21,270 (est.) shares
to be issued forthwith.
The existing securities would be exchanged for new securities on the
following basis:
Each $1,000 first mortgage 6% bonds would receive $1,000 first mortgage
4% cumulative income bond, $100 4% income convertible debenture and
2 A shares common stock.
Each $1,000 6A% debenture
debenture and
Each $1,000
6A
would receive $750 4% income convertible
shares common stock.
notes payable would receive
$750 4% income convertible
debenture and 23^ shares common stock.
Each $1,000 accounts payable would receive
debenture and
2A
$750 4% income convertible
shares common stock.
participating cumulative prior preference stockholders would
receive approximately 7,976 shares of common stock.
Present cumulative preferred stockholders would receive approximately
Present
1,994 shares of common stock.
Present
of
common
common
stockholders would receive approximately 664 shares
stock.
To protect their senior position, the plan gives bondholders a represen¬
tation of six out of ten directors for a period of ten years unless the bonds are
earlier reduced to $500,000.
The junior interests are represented by the
remaining four directors.
Upon confirmation of the plan, all assets will be held by the reorganized
company.
Business will continue without interruption and under no
burdensome fixed charges, thus permitting the company to rehabilitate
itself and earn its way out of present difficulties.
$1,648,768
Consolidated Balance Sheet April 1, 1936
Balance for
common
dividends and surplus
( After giving effect to plan of reorganization)
—V. 143, p. 3486.
Liabilities—
Assets—
Plant & equipment
Virginian Ry.- -Earning
1936
October—
Gross from railway
.
Net from railway
Net after rents
From Jan.
.
-
1935
1934
1933
$1,771,161
1,059,144
1,016,492
$1,677,966
1,032,854
905,004
$1,254,459
705,695
625,023
$1,123,329
14,405,071
7,880,887
7,243,066
13,106,481
7,095,627
5,968,715
11,888,921
6,292,247
5,493,177
11,158,207
5,723,199
4,996.888
576,461
522,281
1—
Gross from railway
Net from railway
-
.
Net after rents
.
■—V. 143, p. 2868.
Invs. in bonds & securities.
_
$1,508,800
$2,657,935 First mortgage bonds
138,000
1,936 Purchase money mortgages..
Cash
55,251
162,409
Accts. & notes receivable (net)
Inventory...
Income debentures
Notes payable
42,718
Deferred charges
997,860
172,497
7,599
22,098
Accounts payable
79,777
....
Accrued payroll &c
Goodwill
1
Common stock
21,270
132,905
Capital surplus
$3,000,031|
Total
$3,000,031
Total
Earnings for the Month of October
Wagner Electric Corp.—Dividend Increased—
The directors have declared
1936
a dividend of $1.50 per share on the com¬
stock, par $15, payable Dec. 21 to holders of record Nov. 30.
This
compares with 25 cents paid on Sept. 21 last; 50 cents paid on June 20 last;
25 cents paid on March 20 last; 50 cents on Dec. 20, 1935; 25 cents on
Indirect operating expenses
July 20, 1935, and 50 cents on Dec. 20, 1934.
Prior to this latter date no
payments were made since Sept. 1, 1932, when a regular quarterly dividend
of 12 A cents per share was paid.—V. 143, p. 607.
Net profit from operations.
Non-operating revenue
mon
Wallingford Steel Co.—Registers With SEC—
See list given on
first page of this department.
Sales
revenue
Cost of goods sold
Direct operating expenses
Earnings before fixed charges.
—V. 143, p. 3488.
1935
1934
$130,600
,
78,623
32,362
13,541
$125,612
79,696
30,391
13,374
$158,556
97,428
35,813
15,478
$6,076
1,316
$2,150
414
$9,835
1,351
$7,392
$2,565
$11,187
Financial
Volume
143
Western
Maryland Ry.—Earnings—
Period End. Oct. 31—
Operating
$1,532,876
624,471
537,371
6,986
revenues
Net operating revenue._
Net ry. operating income
Other income
Dec. 22.
p.
$1,296,832 $13,418,404 $12,242,794
406,806
4,690,142
3,649,558
364,890
3,808,496
3,277,520
4,930
63,519
70,002
Gross income
Fixed charges
$544,357
262,816
$369,820
264,972
Ne< income
$281,541
$693,593
of Nov.—
Jan. 1 to Nov. 21—$316,546 $14,389,092 $13,192,432
$104,848
—Third Week
Gross earnings
(est.)...
$322,903
$3,872,015
2,634,366
$3,347,522
2,653,929
$1,237,649
—V. 143, p. 3488.
Wilson & Co., Inc.—Files
The company has filed a motion
From Jan. 1—
Gross from railway
1934
1933
$1,803,629
585,354
377,731
.
...
Net from railway
Net after rents
1935
$1,792,096
694,711
459,533
$1,485,487
$1,305,285
492,941
328,825
443,001
316,666
10,566,744
1,743,365
418,927
10,350,716
2,212,521
1,179,367
8,961,046
1,592,881
12,173,522
1,264,157
def346,131
Net from railway
Net after rents
667,580
Inc.—Stock Offered—An issue of 5,000
7% cumul. pref. stock was recently offered by Robert
N. Baltz & Co., Inc., Chicago, in units of 1 share pref. stock
and warrant to buy 2 shares common stock at $21 per unit.
Offering made only to residents of the State of Illinois.
Winter & Hirsch,
Western Public Service Co.
(& Subs.)—Earning
1936—Month—1935
Period End. Oct. 31
Gross earnings
$171,487
90,740
11,288
16,228
28,719
$185,662
96,578
12,251
19,016
28,853
Operation
Maintenance
Taxes
Int. & amortization
1936—12 Mos —1935
$2,023,471
$2,202,011
1,052,204
1,130,695
116,048
118,330
185,594
192,346
350,434
346,368
$414,271
$24,509
Balance
$28,962
Appropriations for retirement reserve.
Preferred dividend requirements
226,916
119,451
$67,902
Balance for common dividends and surplus
—V. 143, p. 3488.
Western Ry. of
Alabama
October—
Gross from railway.....
$319,190
209,000
119,451
def$9,261
Earnings1933
1934
1935
1936
$109,094
def7,068
defl5,693
$150,292
24,9,97
7,534
$134,211
20,692
16,378
$119,950
11,448
7.327
1,294,680
10.9,268
26,010
Net from railway
Net after rents
1,117,960
def29,294
def67,194
1,079,081
1,032,563
def21,582
def39,040
def30,633
def80,659
FtomJan. 1—
Gross from railway
Net from railway
Net after rents
—V..143,
2869.
p.
over
common
shares
as
to cumul.
divs. of 7% per annum,
payable Q-M.
Pref. stock entitled to pref. of $21 per share in liquidation,
callable at $22 per share.
Warrants may be exercised at any time within
three years after the public offering of the pref. stock at a price per share for
common stock of $1, $2 and $3 for the first, second and third years,
respectively.
Both the common and pref. stock are exempt from Illinois
personal property tax.
Transfer Agent, National Builders Bank of Chicago.
the
registrar, Trust Company of Chicago.
Corporation was incorporated in Illinois on Aug. 30,
business is the financing of individuals
—V. 143, p. 3337.
Motion—
in the Delaware Supreme Court for a
of its reorganization plan was
shares
Preferred
1936
29 to holders of record
Dec. 30,1935.—V. 143
1422.
re-argument of the case in which a portion
declared void.—V. 143, p. 3167.
Western Pacific RR.—Earnings—
October—
Gross from railway
no par value, both payable Dec.
An extra dividend of 25 cents was paid on
stock,
common
1936—10 Mos.—1935
1936—Month—1935
3653
Chronicle
Western Union Telegraph Co.,
a
full year.
'
Wisconsin Electric Power
Co.—Earnings—
1936
Taxes assign, to oper...
327,540
$1,176,111
92,979
Gross income
Deductions
$1,192,852
94,196
$9,981,066
1,059,070
$8,585,034
1,056,130
$1,269,091
616,362
Operating income
Nonoperating income
$1,287,049 $11,040,136
688,821
6,029,689
$9,641,163
6,226,261
Net income
$652,728
$598,228
$5,010,446
$3,414,902
funded debt
on
-
Amortiz. of bond discount & expense
Other interest charges
$3,236,240
$2,825,113
400,900
110,567
Gross income
Interest
$3,215,867
$2,229,397
363,031
-
1935
$2,513,030
14,824
$2,527,854
26,472
271,985
12 Months Ended Sept. 30—
Income: rent from lease of electric plant....
Interest
Provision for income taxes
1936—9 Mos.—1935
$72,438,455 $66,497,533
59,027,460
54,897,016
456,737
465,483
283,334
2,973,192
2,550,000
.
Authorized
Outstanding
10,000 shs.
5,000 shs.
100,000 shs.
100,000 shs.
The net proceeds from the sale of the cumul. pref. stock may be used by
the corporation for any or all of the following purposes: to expand the busi¬
ness of the company, to increase the working capital, to pay bank loans and
other obligations, and to have available funds for other corporate purposes.
Expenses
Inc.—Earnings
Principal
Capitalization—
7% cumul. pref. stock (par $20)
Common stock (par $1)
Total income
Period End. Sept. 30—
1936—Month—1935
Teleg. cable oper. revs.. $8,352,858
$7,550,089
Teleg. & cable oper. exp,
6,807,442
6,021,051
Uncoil, oper. revs
41,764
52,851
1921.
under the Small Loans Act of Illinois,
requiring as security chattel mortgages on automobiles and wage assign¬
ments, and the financing of individuals and dealers who discount instalment
notes, conditional sales contracts and chattel mortgages on automobiles, as
well as engaging in other types of financing authorized by its corporate
charter.
The operations of the company are conducted principally in the
Chicago metropolitan area.
Taking into consideration, the savings of interest on bank loans that will
be made possible upon the completion of this financing, the average yearly
earnings for the past two years and two months would be approximately
twice the dividend requirements for a full year, and in the two months ended
July 31,1936, they would be equal to more than 3
times dividend require¬
ments for two months and to more than 65 % of the dividend requirements for
74,650
233
CY39
20,373
39,877
371,250
6,417
CV254
Interest during construction
Other deductions
83
Net income
990,615
$906,334
—
3,471
843,218
Appropriations for depreciation reserve
$1,355,284
30,1936
it is impracticable
Note—No allowance has been made for the 9 months ended Sept.
for Federal surtax based upon undistributed income, as
to estimate it at this time.—V. 143, p. 1254.
—V. 143, p. 3167.
Western United Gas & Electric Co.
9 Months Ended Sept.
(& Subs. —Earns.
Total gross earnings
Gas purchased
...
.......
$5,941,441
purchased
Operation
723,315
76,564
691,655
66,686
1,745,389
230,180
382,532
121,882
283,025
505,907
136,372
530,430
Maintenance
State, local & miscell. Federal taxes
;
Federal income taxes
Provision for depreciation
Net earnings from operations
Other income
$1,794,722
2,978
6,040
$1,791,438
1,058,625
20,018
62,135
$661,454
Amortization of debt discount & expense
Electric Co.—Earnings—
Gas &
625,268
1935
1936
$5,986,505
operating revenues
Operating expenses
$5,733,398
2,813,750
Total
2,961,328
Maintenance
249,182
268,886
Taxes, other than income taxes
634,095
666,021
Provision for income taxes
165,545
106,817
Provision for
depreciation
723,639
654,283
Net operating revenues
Non-operating revenues
$1,400,294
26,019
$1,076,064
Dr9,661
$1,426,313
452,846
23,734
8,847
Crl55
206,501
2,437
$1,066,404
508,450
18,180
9,344
Cr489
194,396
3,457
$732,102
$333,066
Gross income
$650,659
621,106
unfunded debt
on
526,911
$1,785,397
$1,797,700
1,058,625
13,182
64,438
...
Net earnings
Interest on funded debt
Interest
$5,550,635
1,891,103
...
Power
Wisconsin
12 Months Ended Sept. 30—
1935
1936
30—
Net income
Div. requirements of Western United Gas & Elec.
Interest
funded debt
on
Amortiz. of bond discount & expense
Other interest charges
Interest during
Interest
on
construction
depreciation reserve balances
Other deductions.!
Net income
Co. preferred stocks
Note—The income account for the nine months ended Sept. 30,1935 gives
effect to the allocation of certain year-end and interim adjustments.
Net
Note—No allowance has been made
for the 9 months ended Sept. 30,1936
for Federal surtax based upon undistributed income, as it
to estimate
is impracticable
it at this time.—V. 143, p. 1254.
income before allocation of these adjustments amounted to $583,181.—V.
Wisconsin Investment Co.
143, p. 778.
The directors on Nov. 20
Wheeling & Lake Erie Ry.—Equip. Trust Certificates—
The Interstate Commerce Commission
on
Nov. 25 authorized the
com¬
obligation and liability in respect of not exceeding $750,000
equipment trust certificates, series E, to be issued by the Union Trust Co.
of Pittsburgh, as trustee, and sold at 103.411 and divs. in connection with
(Del.)—Div. Doubled—
declared a dividend of 20 cents per share on
stock, payable Dec. 15 to holders of record Nov. 25.
initial dividend of 10 cents was paid on July 1, last.—V. 143, p. 2869.
the
common
An
pany to assume
the procurement of certain equipment.
Tne certificates were offered for sale through competitive bidding.
In
received, and tne highest bid, 103.411 and
accrued dividends, made by the Northern Trust Co., of Chicago, 111., has
been accepted, subject to approval of the ICC.
response
thereto 21 bids
were
Gross from
1933
1934
1935
1936
$1,412,726
415,597
372,121
Gross from railway
Net from railway
Net after rents
$1,351,863
456,438
362,276
$839,183
186,845
117,354
$975,522
175,000
107,603
12,709,096
3,620,115
2,770,753
railway
Net from railway
Net after rents
From Jan. 1—
11,095,224
9,486,111
2,220,831
1,286,965
9,083,274
2,676,938
1,592,927
2,789,172
1,966,915
—V. 143, p. 2869.
directors
have
declared
a
dividend
of $4 per
share
on
of
50 cents paid on July 1 and April 1, last Dec. 24, Oct. 1, July 1 and April 1,
1935, this latter being the first dividend paid since Jan. 2, 1932, when the
paid 75 cents per share. An initial dividend of 75 cents was paid
Oct. 1, 1931.
Accruals after the payment of the Dec. 23 dividend will amount to
$23.50 per share.—V. 143, p. 2869
company
on
412,475
on
funded debt
and expense
Other interest charges
Interest during
construction
Net after rents
From Jan. 1—
Net from railway
Net after rents
ended Sept. 30,
1936 for Federal surtax based upon undistributed income, as it is imprac¬
ticable to estimate it at this time.—V. 143, p. 1422.
Wisconsin
Power
&
Light
Co,—Preferred Dividends—
The directors on Nov. 20 declared a dividend of
75 cents
per
share on the
6% cumulative preferred stock (par $100), and a dividend of 87^ cents
per share on the 7% cumulative preferred stock (par $100), both payable
Dec. 15 to holders of record Nov. 30.
Similar payments were made on
dividends were paid
1935, at the rates of 50 cents and 58 1-3 cents per
respectively.—V. 143, p. 3488.
1935
1934
1933
Sept. 16 and June 15,
$52,084
14,186
$58,455
25,240
19,942
share,
8,866
$43,637
10,661
6,101
470,578
129,756
467,252
128,887
78,225
439,411
104,128
47.727
460,333
128,817
69,417
to listing
76,009
Wolverine Tube Co,—Admitted to
Wieboldt Stores, Inc.—Extra
Listing
Exchange has admitted the
and registration.—V. 143, p. 2704.
(Alan)
Wood
Steel
Dividend—
The directors have declared an extra dividend of 35 cents per share in
the regular quarterly dividend of 25 cents per share on the
& Registration
common
stock, $2 par,
Co .—Accumulated Dividend—
The directors have declared a dividend of 50 cents per
2869.
$323,764
Note—No allowance has been made for the 9 months
The New York Curb
_
$816,288
475,000
13,395
3,125
Cr7 74
1,778
$511,320
Gross income
Amort, of bond discount
$813,234
3,053
$992,519
460,816
16,281
1,772
Cr472
2,800
Non-operating revenues
131,008
416,942
$983,826
8,692
depreciation..
$48,708
11,788
6,632
Gross from railway
to
434,452
Net operating revenues
1936
Net from railway
addition
108,381
449,646
132,849
Taxes, other than income taxes ....
$2,797,937
893,920
Sept. 15, June 15, March 16, last, and on Dec. 16, 1935, prior to which
on the 6% and 7% cumulative preferred stocks on
Wichita Falls & Southern R R.—Earn i n gs—
October—
—V. 143, p.
123,567
—.....
Maintenance
Net income
account
accumulations on the 6% cum. pref. stock, par $100, payable Dec. 23 to
holders of record Dec. 12.
This compares with $1 paid on Oct. 1, last and
Gross from railway
$3,067,202
964,837
—.....
Provision for income taxes
Interest
1935
1936
—.......
...
Other deductions
Wheeling Steel Corp.—$4 Preferred Dividend—
The
Co.—Earnings—
30—
Operating expenses
Provision for
Earnings for October and Year to Date
October—
Wisconsin Michigan Power
12 Months Ended Sept.
Total operating revenues
share on account
of accumulations on the 7% cumulative preferred stock, par $100, payable
Dec. 15 to holders of record Dec. 1.
This will be the first payment made
since Jan.
2, 1935 when $1.75
per
share was distributed.
A dividend of
50 cents was paid on June 15, 1934 and prior thereto no distributions were
Financial Chronicle
3654
made since April 1, 1031 when a regular
share was paid.—V. 140, p. 155.
ad
f Worthington
Adjourned—
quarterly dividend of $1.75 per
Corp.—Meeting
Machinery
Pumpj|&
The special meeting of stockholders called for Nov. lOJto approvelreincorporation was adjourned to Dec. 10.—V. 143, p. 3488.
fcto
Wright-Hargreaves Mines, Ltd.—Extra and Special Divs.
The directors on Nov. 18 declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
stock,
common
no
value, both payable
par
Like amounts
Dec. 14.
were
5er snare, and in addition paid an extra dividend of 5 cents per share on
2, 1934.
an.
on
Nov. 18 also declared
cents per share on the common
record Jan. 6, 1937.
Years Ended
Proceeds from
special interim dividend of 10
stock payable Feb. 1, 1937 to holders of
Aug. 31—
bullion
1936
1934
1935
$7,595,231 x$6,844,539 x$6,797,579
686,827
488,238
357,223
748,532
848,399
713,854
275,119
260,998
278,500
459,090
477,974
462,896
274,762
292,287
306,737
275,000
470,000
700,000
182,111
462,318
521,830
390,374
Develop., exploration & pumping
Stoping
Transporting ore (hoisting, &c)
Milling charges
Deprec., buildings & equipment
Prov. for taxes( excl. or bullion tax)..
Prov. for depletion of mining propOther expenses
a
........
Profit from operations
Other income
$3,874,964
68,345
$7,901,570
3,320,561
30,088
;
$7,266,421
3,308,160
$6,460,977
3,040,601
Additional inc. tax for 1935
Surplus
x
as at
Aug. 31
$3,958,261
$3,420,375
Cash
on
1936
1935
hand and
Accounts payable.
Res've for taxes.
with banks.....$5,165,142 54,023,369
Bullion in transit..
Aoo'ts receivable.
310,173
1,520
8,978
.
Accrued interest..
Mat'ls
on
&
supplies
hand.
Solutions in mill.
240,189
4,916
34,358
.
Prepaid charges...
1935
1936
$94,896
770,430
57,418
3,697
_.
369,508 Accrued payroll..
1,638 Accrued expenses.
17,913 Dividend declared
'825,000
Capital stock
2,205,000
245,374 Surplus.
4,550,921
4,634
29,531
$68,540
556,946
L 54,382
>4,231
*
825,000
2,205,000
3,958,261
curities
373,809
Mining properties. 1,000,000
y Plant & equip... 1,368,278
Propor. cost Shaft
No. 4 (defer'd).
369,078
1,000,000
1,516,315
Dec. 26 to holders of record Dec. 11.
This will be the first payment made
the preferred stock since Jan. 1, 1928 when a regular quarterly dividend
on
Class B Stock—Rights to Subscribe—
Holders of class B stock of record at the close of business on Dec. 4,
1936, are offered the right to subscribe at $10 per share for class B stock
of $1 par value to the extent of three shares for each seven shares held.
Subscription rights expire Dec. 24, 1936.—V. 143, p. 3488.
Youngstown Steel Door Co.—Extra Dividend—
The directors on Nov. 20 declared an extra dividend of $1 per share in
addition to the regular quarterly dividend of 25 cents per share on the
stock, both payable Dec. 15 to holders of record Dec. 1.—V. 143,
common
1897.
P.
CURRENT
NOTICES
—Eastman, Dillon & Co., members of the New York Stock Exchange,
that Albert C.
Beeson has become associated with the firm at
its Rockefeller Center office in the International Building.
McDermott
P.
prepared for distirbution
a
&
Co.,
39
bulletin
Louis,
Tenenbaum
distributing
are
a
&
have
Continental Boll & Steel Foundry
Harris,
circular
New York City,
Broadway,
on
Co., with special reference to the no-par
common
stock*.
Boatmen's
Inc.,
discussing
profit
Bank
Bldg.,
possibilities
St.
among
preferred stocks carrying dividend accumulations.
—Campagnoli & Co., Inc., 41 Broad St., New York City, are distributing
a
short study of Missouri-Kansas Pipe Line Co. and its relation to Pan¬
handle
Eastern
Pipe Line Co.
—G. L. Ohrstrom & Co., Inc., 40 Wall Street, New York City, has pre¬
a
comparative tabulation of
common
stocks of electrical equipment
—Sheilds & Co., members of the New York Stock Exchange, announce
Department of
their Philadelphia office.
85,000
$8,507,363 $7,662,3621
—Walton, Sullivan & Co., Little Bock, Arkansas,
$8,507,363 $7,662,362
Total
After provision for depreciation of $1,805,530 in 1936 and $1,498,793
in 1935.—V. 143, p. 1254.
of their St. Louis office.
announce
the closing
Frederick W. Schumacher will hereafter be located
at the Little Bock office.
—Homer & Co., Inc., 40 Exchange Place, New York City, has
(Wm.) Wrigley Jr. Co.—Special Dividend—
Directors on Nov. 30 declared a special dividend of 25 cents a share on
the no par common stock, payable Dec. 22 to holders of record of Dec. 10.
The regular monthly dividend of 25 cents was paid on Dec. 1, last.
for
distribution
its
periodical
circular
on
the
prepared
high-grade railroad
bond
market.
—Lebenthal & Co., specialists in odd lot municipal bonds, announce
that
Edward Hummel and Budolph A. Haas have become associated with them.
Wages, &c.—
The company will give all employees receiving $3,000 or less a year a
5% wage increase, effective Jan. 1.
Philip
Mfg. Co.—To Pay $35 Dividend—
that Charles P. Davis has become associated with the Bond
y
Increases
939.902
and appliance companies.
(cost)..
Total
9,702,899
3,159,865
of $1.75 per share was paid.
pared
Govt. & munlc. se¬
9,771,775
2,529,332
422,646
Yellow Truck & Coach
—Peltason,
Liabilities—
10,277,098
2,530,902
584,118
531,264
303,263
The directors on Dec. 1 declared a dividend of $35 per share on account
of accumulations on the 7% cumulative preferred stock, par $100, payable
—Peter
After deducting special bullion tax.
Balance Sheet Aug. 31
Assets—
$1,159,606
304,439
69,442
$1,325,337
516,666
310,748
—V. 143, p. 2870.
announce
Total
Dividends.
1933
1934
$1,405,507
12,689,704
3,994,935
1,728,842
Gross from railway
Net from railway
Net after rents
$3,836,131
2,624,845
$4,550,921
Previous surplus
$3,846,046
3,420,375
1935
1936
$1,665,694
609,476
360,613
Net from railway
Net after rents
From Jan. 1—
$3,763,422
72,709
$3,943,309
3,958,260
Net to surplus
$3,765,890
80,155
5, 1936
Mississippi Valley RR.—Earnings—
October—
Gross from railway
Jan. 2 to holders of record
distributed in each of the 11 preceding quar¬
ters, prior to which the company made quarterly distributions of 5 cents
The directors
Yazoo &
Dec.
K.
Wrigley, President, explained that the company does not
believe in general increases, making adjustments whenever necessary in
individual cases.
The coming increase, he said, will be made to provide for
deductions from pay envelopes made under the company's pension plan
and under the Social Security Act.
The company also announced that effective Jan. 1 all employees receiving
$6,000 annually or less will receive two weeks' pay when their employment
are renewed each year.
The contracts are made under a plan established serveral years ago, when
the stockholders voted to set aside in the company's surplus accounts
contracts
$1,000,000 to insure performance.—V. 143,
p.
—Walter Scott Christie, formerly with the First National Bank of Pater-
New Jersey, has joined the research staff of Lord, Abbett & Co., Inc.
son,
—Bingham,
announce
Sheldon
&
735
Co.,
North
Street,
Water
Milwaukee,
their removal to larger quarters, suite 1216 in the same building.
—Hetfield
Company
associated with them
announce
as manager
that J.
Howard
Sindberg has become
of their bond trading department.
—Carl V. Chandler and Putnam King have become associated with the
bond department of Goldman, Sachs & Co. in their Boston office.
—William Dunlap is now associated with W. W. Schroeder &Co.
2704.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY
coffees
COMMERCIAL EPITOME
at
Friday Night, Dec. 4, 1936.
Coffee—On the 28th ulto. futures closed
1
to 8
points
were
12J4c.
lower.
GOODS—WOOL—ETC.
scarce
and firm in
Havre futures
On the 1st inst. futures closed 4 to 5
contracts closed 5 to 9
contracts closed 2 to 7
reis lower, but
Old Rio contracts closed with
1,500 bags.
higher.
to 10
gains of 11 points, with sales of
Rio de Janeiro futures were 150 to 200 reis
Cost and freight offers from Brazil
points higher.
Santos 4s
were
were
unchanged
quoted at 10%c. up,
price with Manizales rated
134 francs higher to 34 franc
Old Rio contracts closed 5 to 7
1,250 bags.
points higher, with sales of
Rio de Janeiro futures
on
were
the other hand, the
unchanged to 75
"C" contract in
new
Santos showed net gains of 550 to 725 reis, and the official
Santos No. 4 price was up 300 reis per 10 kilos to 126 milreis
per
bag.
Cost and freight offers from Brazil
Local spot prices continued firm.
in most cases, while Manizales were scarce at
were
held
responsible for the firm tone
futures
were
and unusual
activity. Havre futures were 134 to 234 francs
On the 30th ulto. futures closed 2 to 5 points higher,
with sales of 15,500 bags.
Four transferable notices were
inst. futures closed 22 to
contract, with sales of 315 lots.
issued.
contract closed 8 to 3
new
Rio contract closed 3 to 6
with sales of 8,250
bags.
points,
with
totaling
futures
were
sales
points higher,
The old Rio contract gained 13
2,250
50 to 225 reis lower.
bags.
Rio
de Janeiro
Cost and freight
offers
16 to 21
Santos 4s
points
up,
18
points down, with sales of 3 lots.
The
the prospect of higher prices
for actuals being maintained by
leading producing countries
signatory to the recent accord program carried out at Bogota.
Current reports, are that Brazil will
Colombian
Havre
On the 2d
market's strength was based on
4s
In the local spot market
held at lie.
1234c.
with sales of 89 lots, while the old Rio
crop
available at 11.05c.
5 to 10
points higher for the Santos
The new Rio contract closed
from Brazil
were
unchanged to 10 points higher, with new
Santos 4s at from 10.40 to 10.45c., while old crop were
were
34 franc lower to 34 franc higher.
higher.
The
were
points higher, with Santos 4s rated at from 10.35 to 10.50o.
while Colombian Manizales were held at 1234c. and
from the Pacific Coast
New Rio
points higher, with sales of 8,000 bags.
get.
hard to
Small warehouse stocks here coupled with the demand
points higher
for the Santos contract, with sales of 23,000 bags.
higher for Santos contracts, with practically all months from
spot December through next September being quoted at one
price, 9.80c. Sales of Santos were 10,750 bags. New Rio
points higher, with sales of 5,250 bags.
were
on a
futures
cost and
were
fix the price of Santos
freight basis around 1034c.
unchanged to 100 reis higher.
Rio de Janeiro
The Rio spot
Volume 143
quotation
Financial
unchanged at 19.500 milreis and the
was
open
Chronicle
week.
3655
The sale of
market dollar rate continued at 16.780 milreis to the dollar.
Santos spot quotation was 300 reis
amounts
quoted
raws
consisted of 10,000 bags of March
and believed
on
higher than when last
Havre futures were unchanged to .75
Dec. 1st.
francs lower.
On the 3d inst. futures closed 11
points higher to 1 point
lower for Santos contracts, with sales of 63,000 bags.
New
Rio contracts closed 2 points lower to 3 points higher, with
sales of 37,750 bags.
The old Rio contract closed 8 to 13
**
points
were
was
up,
with sales of 1,750 bags.
Rio de Janeiro futures
100 to 200 reis lower, but the new Santos "C" contract
425 to 575 reis higher, and the free market exchange
rate firmed 60 reis to 16.720 milreis to the
dollar, the best
and freight offers from Brazil were 10
Santos 4s were quoted at from 10.45 to
10.80c.
In the local spot market Santos 4s were quoted at
llMc. while Manizales were at 12 He.
Firm actual prices
are pointed out as
responsible for the sharp advance of the
rate this year.
Cost
to 20 points higher.
gast few Today futures closed 5 to werepoints to 2H Santos
weeks. Havre futures 10 1% up for francs
igher.
contracts, with sales totaling 169 contracts.
New Rio con¬
13 to 3 points up, with sales of 47 contracts.
Old Rio contracts closed 7 to 23 points down, with,fsales of
tracts closed
30 contracts.
Trading
was
active despite
a
holiday in Brazil,
which closed the futures market there and caused a decline
in cost and freight tonnage offered.
Cost and freight offers
by Brazil
unchanged to 10 points higher, with Santos
Local spot prices were firm.
Havre
H to 1H francs higher.
were
4s at 10.45 to 10.80.
futures
were
Rio coffee
prices closed
December
as
follows:
7.15" July
March
7.15
-.7.19
7.01 September..«...
7.09
_
May
Santos coffee prices closed as follows:
March
10.181 December
May
July
10.20
10.24
September
10.22
-
_10.221
Cocoa—On the 28th ulto. futures closed 2 to
10
points
higher.
The bull market continued during this session, with
the undertone strong in spite of liberal profit taking.
New
highs were recorded for the period since February 1930.
Transactions totaled 506 lots, or 6,780 tons.
The London
market was steady and continued to show an excellent
demand on the part of both domestic and Continental
manufacturers.
Offerings from producing countries con¬
tinued scarce.
Local closing: Dec., 10.30; March, 10.32;
May, 10.39; July, 10.43; Sept., 10.47; Oct., 10.51.
On the
30th ulto. futures closed 39 to 41 points up.
This was
regarded as one of the broadest advances of the bull market.
The 11c. level was reached for the first time since September,
1929.
What meagre offerings there were from producing
countries were at considerably higher prices than current
market levels.
Cocoa buyers on the
Gold Coast were
reported competing aggressively for the farmers' pickings.
A total of 284 transferable notices
contracts, all of which
facturer
were
were
issued
stopped by
one
on
December
large
manu¬
Transactions in the local market totaled 1,032 lots,
13,829 tons.
Local closing: Dec., 10.70; Jan., 10.70;
March, 10.73; May, 10.79; July, 10.82; Sept., 10.87.
On
the 1st inst. futures closed 14 to 17 points lower.
The
decline was attributed to profit taking following the sky¬
rocketing of prices the past few days.
Transactions on the
local Exchange totaled 595 lots, or 7,973 tons.
New York
warehouse stocks
increased
1,737 bags.
Local closing:
Jan., 10.55; March, 10.59; May, 10.62; July, 10.66; Sept.,
10.71; Oct., 10.74.
On the 2d inst. futures closed 5 to 9
points higher.
At one time during the session prices scored
15 to 20 points over the previous close.
However, it was a
comparatively normal session.
There
were
195
more
December notices, bringing the total thus far to 806.
There
was extensive profit taking, which was more than offset
by
manufacturer and speculative support.
Transactions for
the day totaled 560 lots, or 7,504 tons.
London closed 3d
lower on the outside and lHd easier to unchanged on the
exchange, with 2,440 tons changing hands on the latter.
Local closing: Dec., 10.61; Jan., 10.60; May, 10.70; July,
10.75; Oct., 10.82; Dec., 10.85.
|H,On the 3d inst. futures closed 20 to 29 points up. This
session registered the highest prices in seven years.
The
London market was steady and the major portion of the
.
or
New York advance occurred after the London market had
closed.
Reports from West Africa were that the crop con¬
move slowly to market, which indicates that either
growers are .holding for higher prices or the crop is short, or
both.
New Yorkiwarehouse stocks increased 8,000 bags.
Volume of transactions in futures totaled 361 lots, or 4,837
tons.
Local closing: Jan. 10.89; March 10.91; May 10.93;
July 10.95; Oct. 11.93; Dec. 11.06.
Today futures closed
36 to 38 points'up. %This|was one of the most sensational
tinues to
sessionsJcocoa has experienced in a long while. Early ad¬
scored approximating 75 points as buyers found
the market empty of offerings.
On that early bulge July
sold at 11.70c. iMarch sold at 11.30, up 40 points.
Heavy
profit taking ensued, but offerings were pretty well absorbed.
Sales totaled 1,047,'contracts, trading being the most active
in some time.
Local closing: Dec. 11.27; Jan. 11.27; March
11.27; May 11.30; July 11.32; Sept. 11,36;. Oct. 11.38.
vances were
Sugar—On the 28th ulto. futures closed unchanged to 2
points lower.
Sales were 4,050 tons. The slightly easier
tone near
at
3.75c.,
the close
or
was
attributed to
a
sale in the
raw
market
8 points under the top price paid earlier this
shipment
Puerto
to Arbuckle
Cubas and Puerto Ricos
of
Ricos
at
3.75c.
were
Limited
held at 3.80c.,
possibly available at slight concessions, while
buyers were standing back at the moment. London futures
were H to
Md. higher, while raws were held at unchanged
levels.
On the 30th ulto. futures closed 3 to 4 points up.
Buying was believed to have been influenced by a 3 point
rise in the raw market and evidence that refiners were again
interested in acquiring raws.
Sales were 7,300 tons. I The
advance carried prices to within 2 to 3 points of the seasonal
highs established early last week.
In the market for raw3
Sucrest paid 3.78c. for 4,150 tons of March shipment Puerto
Ricos, andfMcCahan 2.88c. for 3,000 tons of January ship¬
ment Cubas.
Further offers ranged from 3.80 to 3.83c. and
were
not large in volume.
Resale sugars were reported
around $4.65.
It was felt that the anticipated advance in
the refined price from the current $4.80 level may be post¬
poned pending further developments in raws.
London
futures were H to Id. higher.
On the 1st inst. futures
closed 1 to 2 points up. Sales were 10,300 tons. The market
for futures received its chief stimulus from further activity
in the market for raws, prices for the latter moving higher.
Operators paid 3.83c., the previous top price, for 3,000 tons
of Philippines, April-May shipment, and 10,000 tons Feb¬
ruary-March shipment. 'Following these early sales further
offers appeared at 3.83c.
An operator bought 5,000 tons
Philippines January-February shipment at 3.82c. late in the
day. First change in the official spot price in more than a
month was recorded when Sugar Sales .Corp. sold to National
Sugar Refining Co. 71,000 bags of Cubas ex store at 3.85c.,
an advance of 20 points in the
spot basis, and setting a
price which is a new high for the year. London futures were
Hd. lower to Hd. higher. On the 2d inst. futures closed 1
to 3 points higher, with sales totaling 270 lots or 13,500 tons.
Firmness of the actual market was responsible for the
strength in futures during this session. Wednesday and in
the previous session, 3.83c. was paid for raw sugar in forward
shipment positions, and the spot price advanced to 3.85c.,
the highest in nearly six years.
The spot firmness was attrib¬
uted to the tie-up of Hawaiians Jwhich, because of the strike,
are
overdue in the East.
In the market for
raws
the
only
reported sale Wednesday was 2,300 tons of Philippines for
January-February shipment at 3.83c. delivered to Henderson.
The market at the close was reported to be a trading affair
at that level.
The London market was quiet but steady.
Raw offerings were unchanged at 4s. 9d., equal to .85o.
f.
o.
b. Cuba.
On the 3d inst. futures closed 3 to 4
points lower. Sales
5,400 tons.
In the market for raws American bought
3,000 tons of Cubas, late December—early January shipment
at 2.90c." (3.80c. duty paid), and Godchaux paid 3.80c. for
3,000 tons of Phillippines due to arrive in January. Further
sugars were offered at 3.80c. with buyers backing away from
that price.
In London futures were unchanged to yd.
higher, while raws were reported offered at 4s 9%d. or about
85f.o.b. Cuba.
Cables from Hawaii reported offered at
4s 9%d. or about 85He. f.o.b. Cuba.
Cables from Hawaii
report no sugar shipments to the West Coast of the United
States during November, as contrasted with 30,629 tons of
raw during October.
Shipments to the East Coast were
25,941 tons.
It is believed the shipping troubles are re¬
sponsible.
Today futures closed unchanged to 1 point up.
The futures market was virtually featureless.
In the market
were
for
raws
it
was
disclosed that Rionda yesterday had pur¬
chased 4,100 tons of March-April shipment Philippines at
3.81c.
Buyers today were reported unwilling to pay above
Withdrawals of refined sugar continued fair, with
cleared up and the trade starting to
work on business booked at $4.65.
London futures were
3.75c.
most $4.50 contracts
unchanged to He. higher excepting for the spot month
which was %d.
Raws were unchanged. In the local futures
market transactions totaled 120 contracts.
Prices
July
were as
follows:
2.86 January
March
2.83
September
2.87 December
May
2.80
-
2.86
2.87
Lard—On the 28th ulto. futures closed 27 to 42 points
higher.
The pronounced strength was attributed to heavy
buying both for speculative and trade account, influenced
largely by the lighter hog receipts than anticipated and
firmness of the outside markets.
In spite of heavy profit
taking and some hedging, the market continued to soar,
closing at about the highs of the day.
Western hog receipts
totaled 22,500 head, against 15,600 head for the same day
last year.
Chicago expected alx>ut 11,000 hogs, but final
marketings only amounted to 8,000 head.
Export ship¬
ments of lard as reported on Saturday were heavy, and
totaled 308,555 pounds destined for Manchester, Newcastle
and Hamburg.
Liverpool lard futures closed very steady
On the 30th ulto. futures closed
unchanged to 6d higher.
15 to 22 points higher.
Chicago lard futures last week
advanced some 65 to 75 points.
The sharp advance in
today's (Monday's) session was attributed to general com¬
mission house buying encouraged by expectations of a smaller
lard production next spring.
There were no export clear¬
ances
over the week end.
Total receipts of hogs at the
leading packing centers were 141,400 head, against 93,199
head for the same day last year.
Closing hog prices at
Chicago were mostly 10c. to 15c. higher, the top price
Financial Chronicle
3656
portion of sales ranging
Is 6d
to 25
points up.
In the late trading a sudden broad outside
demand developed, evidently influenced by the skyrocketing
of prices in the grain markets.
Largely as a result of this
buying lard prices shot up 15 to 25 points, futures closing at
about the highs of the day.
Hog receipts at the principal
registering $9.95, with the major
$9.20 to $9.90.
Liverpool lard futures closed
to Is 9d higher.
On the 1st inst. futures closed 17
from
markets
western
were
again very heavy, totaling 140,300
against 81,300 head last year.
Prices at Chicago
closed 5c. to 10c. lower.
The early top price was $10.
Most of the sales reported ranged from $9.20 to $9.90.
Liverpool lard futures were firm, with prices 3d to 6d higher.
Export clearances of lard as reported yesterday from the
Port of New York were light, and totaled 18,750 pounds to
head,
Domestic trade in general was looking for an
the month of November,
Glasgow.
increase in the stocks of lard for
The report issued after the
4,500,000 pounds.
about
of
increase of 9,475,131 pounds.
marketwise.
On the 2d inst.
close of the market showed an
had
It
little
or
no
effect
futures closed 17 to 22
points down.
Twenty tenders
were
this forced liquida¬
also a good deal of
selling stimulated by the bearishly construed monthly lard
stock report issued after the close of the market on Tuesday.
issued against December contracts, and
tion in the nearby delivery.
There was
The
latter
showed
that
lard supplies increased 9,475,131
pounds during the month of November, which was about
double the increase expected by the trade, and such a large
increase is very unusual for the month of November.
Hog
prices were firm and .at the close were 10c. to 15c.'higher at
Chicago.
The bulk of the sales reported ranged from $9.30
to $10, with the top price for the day at $10.10.
Receipts
totaled 113,700 head, against 63,700 for the same day a year
ago.
Liverpool lard futures continued firm, with prices 6d
to Is higher.
On the 3d inst. futures closed unchanged to 5 points lower.
January lard broke 47 points under the previous close, while
the more distant deliveries went 12 to 27 points lower.
This
sharp break shortly after the opening was due to heavy
speculative liquidation.
At the inside prices active buying
developed, and this buying found the market bare of offer¬
ings.
As a result of this support all the early losses were
recovered.
The top price for hogs during the day was
$10.25.
Western run of hogs totaled 101,800 against 59,000
head for the same day a year ago.
Shipments of lard from
the Port of New York Thursday totaled 31,528 pounds
destined for London.
Liverpool lard quotations were un¬
changed
deferred
on
the spot position and Is. to Is. 3d lower on the
months.
Today futures closed 3 points up to 5
,
points down.
The close represented a drop of 10 to 15
points from the highs of the day, which was largely due to
profit taking.
DAILY CLOSING PRICES
Sat.
December
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
..12.37
12.52
12.75
12.55
12.57
12.60
12.55
13.17
13.37
12.70
13.27
13.47
12.90
13.45
13.65
12.70
13.22
13.40
12.70
13.25
13.47
12.70
13.22
13.45
January
May
July
Pork—Mess, $31.50 per barrel; family, $31.00 nominal,
barrel; fat backs, $22.25 to $24.00 per barrel.
Beef:
nominal; packer nominal; family, $17.00 to $18.00
per barrel nominal; extra India mess nominal.
Pickled hams,
picnic, loose, c. a. f., 4 to 6 lbs., 14c.; 6 to 8 lbs., 13%c.;
8 to 10 lbs., 13He.
Skinned, loose, c. a. f., 14 to 16 lbs.,
21 %e.', 18 to 20 lbs., 19c.; 22 to 24 lbs., 17J4c.
Bellies, '
clear, f. o. b., New York, 6 to 8 lbs., 19c.; 8 to 10 lbs., 19Hc.;
10 to 12 lbs., 19 He.; Bellies, clear, dry salted, boxed, N. Y.,
16 to 18 lbs., 17^c.; 18 to 20 lbs., 17^c.; 20 to 25 lbs.,
17^c.; 25 to 30 lbs., 17 He.
Butter: creamery, firsts to
higher than extra and premium marks, 31 to 34c.
Cheese:
State, held, 1935, 22 to 23c. Eggs: Mixed colors, checks to
special packs 24 to 37c.
per
easy; mess,
Oils—In linseed oil market crushers tend to have
a
firmer
attitude, and it is stated that 8.6c. definitely is the minimum.
Quotations: China Wood: tanks, old crop 12.8c.; M—A
forward 12.6c.; drums, spot, 13 He.
Cocoanut: Manila,
tanks, Coast, 7 Hp.; Jan., 7 He.; J—M. 7 He. Corn: crude,
tanks, outside, 9HC-; nominal.
Olive, denatured, nearby,
Spanish $1.30 to $1.35; shipment $1.25.
Soy bean: tanks,
mills 8Mc-; C. L. drums, 9.5c., L. C. L. 10.0c.
Edible, 76
degress, 13He.
Lard: prime 13 He., extra strained winter
12c.
Cod: crude, Japanese 47c.; Norwegian Yellow filtered
38He.; light 38c.
Turpentine: 42 to 48He.
Rosins: $9.15
10,610 tons.
Local closing: Dec., 18.46; Jan., 18.46;
March, 18.46; May, 18.46; July, 18.46; Sept., 18.46; Nov.,
18.46.
On the 1st inst. futures closed unchanged to 3 points
lower.
Transactions totaled 1,-850 tons.
Spot ribbed
smoked sheets remained unchanged at 18.50c.
London and
Singapore closed unchanged to l-16d. higher. Local closing:
Dec., 18.46; March, 18.45; May, 18.45; July, 18.44; Sept.,
18.43; Nov., 18.44.
On the 2d inst. futures closed 16 to 18
points higher.
Transactions totaled 840 tons. On a sharp
pickup in factory buying, outside prices advanced to a spot
basis of
18 ll-16c. for standard
sheets.
All deliveries
through June demanded the same price. Certificated stocks
of rubber in warehouses licensed by the Exchange decreased
10,100 tons.
There were 20 tons tendered for
delivery against December contracts. London and Singapore
closed steady and quiet, the former unchanged to
Hd.
higher, while the latter declined l-32d. Local closing: Dec.,
18.63; Jan., 18.63; March, 18.62; May, 18.61; July, 18.60;
Sept., 18.60; Oct., 18.60.
On the 3d inst. futures closed 3 to 4 points lower. Trans¬
actions totaled 550 tons.
Spot ribbed smoked sheets de¬
clined to 18.63 cents. London and Singapore closed steady,
the former l-16d lower to l-16d higher, the latter l-16d
510 tons to
higher. Local closing: Dec. 18.59; Mar. 18.60; May 18.57;
July 18.56; Sept. 18.60.
Today futures closed 32 to 41
points up. The opening was 12 to 20 points higher with
prices rapidly advancing to new high seasonal levels, March
selling at 18.93 cents, up 33 points.
Trading was very
active, totaling 253 contracts. London was strong, advanc¬
ing 1-16 to 3-16d. Singapore remained unchanged. Local
closing: Dec. 18.91; Mar. 18.98; May 18.98; July 18.91;
Sept. 18.91; Oct. 18.92.
Hides—On the
28th ulto.
futures closed 3 to 9 points
Transactions totaled 840,000 pounds.
In the
domestic spot market sales totaled 12,500 hides, with heavy
native steers selling at 15He.
In the Argentine spot market
4,560 frigorifico steers sold at 14He. Local closing: May
13.44; June 13.74; Sept. 14.03.
On the 30th ulto. futures
closed 6 to 11 points down.
Transactions totaled 1,720,000
pounds. Stocks of certificated hides remained unchanged at
832,618 pounds.
No trading was reported in the domestic
spot hide markets on this date (Monday).
Local closing:
Dec., 13.06;March 13.35; June 13.67; Sept.,13.96; Dec.,14.24.
On the 1st inst. futures closed 11 to 15 points lower.
Trans¬
actions totaled 2,400,000 pounds.
The stocks of certificated
hides remained unchanged at 832,618 hides.
No new devel¬
opments were reported in the domestic spot hide market
during the course of the day.
Local closing: Dec., 12.93;
March, 13.22; June 13.53; Sept., 13.85; Dec., 14.13. On the
2d inst. futures closed 10 to 18 points higher.
Transactions
totaled 4,120,000 pounds.
Stocks of certificated hides in
warehouses licensed by the Exchange remained unchanged
at 83,618 hides.
No new developments in the domestic
spot hide situation.
Local closing: Dec., 13.10; March, 13.39;
June, 13.67; Sept., 13.95; Dec., 14.23.
On the 3d inst. futures closed 21 to 23 points up.
The
market was active and strong, prices scoring new highs and
closing at about the best prices of the day. Transactions
totaled 5,560,000 pounds.
In the domestic spot market
sales totaled 61,000 hides at unchanged prices.
Light
native cows sold at 13H cents. Ih the Argentine spot market
fractional advances were registered on sales of 3,000 frigori¬
fico steers at 14H to 14Hc., and 5,000 extremes at 14 3-16
cents.
Local closing: Mar. 13.60; June 13.90; Sept. 14.16.
To-day futures closed 14 to 17 points higher. Trading was
very active, sales to midday totaling 3,360,000 pounds.
In
the domestic spot market 75,000 branded cows sold at 13
cents and 2,800 light Texas steers at 14 cents.
In the Argen¬
tine market 12,000 frigorifico steers sold at 14H cents and
2,500 cows at 13 15-16 cents.
Local closing: Dec. 13.45;
Mar. 13.75; June 14.05; Sept. 14.33; Dec. 14.60.
Trans¬
higher.
actions in futures totaled 132 contracts.
Ocean
as
fair.
rates
Freights—The demand for charters
was repor
The dock strike is not helping matters much,
were
ed
but
quoted at the tops.
Charters included:
Grain booked: This included a few loads to Copen¬
hagen at 15c.
10 loads to Antwerp-Rotterdam, 12c.
Grain: St. Lawrence
May to United Kingdom basis, 2s. 6d.
Sulphur: Prompt South Africa,
19s.
Trips: Trip across, Gulf, no rate.
To Japan via Vancouver, 5s. 6d.
2 to 4 months, West Indies, $1.40.
Delivery Cuba, trip up, $1.45.
3 to
6 months, $1.35; round trip, $1.30.
Sugar: Prompt, Cuba-United King¬
dom-Continent, that is A. R. A., 16s. 6d.
Coal—New York
report demand
to $10.15.
Dec. 5, 1936
to
as
representatives of Pittsburgh producers
good and prices firm. It is reported that
no sensational drops in temperatures,
while there have been
Cottonseed Oil, sales, including switches, 357 contracts.
Crude, S. E., 9Hc.
Prices closed as follows:
December
_.10.74@10.76 April
January
February
10.69@10.70 May
10.75 @
June
__10.79@
July
March
10.85@
10.95@
11.00@
11.03 @
Rubber—On the 28th ulto. futures closed 3
points lower
Transactions totaled 346 tons.
Spot
ribbed smoked sheets remained unchanged at 18.56c.
Lon¬
don closed unchanged to l-16d. higher.
Singapore closed
1-32 to l-16d. lower.
Local closing:
Dec., 18.54; March,
18.55; May, 1855; Sept., 18.55.
On the 30th ulto. futures
closed 9 to 10 points down.
Transactions totaled 1,100 tons.
Spot ribbed smoked sheets declined to 18.50c. The London
and Singapore markets closed unchanged to l-16d. lower.
to
1
point higher.
Certificated stocks in licensed warehouses decreased 30 tons
the first week of December ushers in
a
settled demand for
heating coal. Anthracite domestic size sales are maintained
at a rate
warranting output of 1,200,000 tons weekly.
Domestic coke is active in outlying areas as well as in short
haul Brooklyn and Queens markets.
In the Western markets
the movement of bituminous lump, egg, stove and chestnut
has been somewhat speeded up.
Hampton Roads loadings
approximate a 400,000 ton weekly volume.
opened for March officially on
rush to buy.
It is said that the
best feature of the local situation just now is the requesting
in several directions that shipments to consumers be made
sooner than specified in contracts.
Thus, though many con-^
sumers are theoretically well bought into April requirements,
it may turn out that they will have anticipated shipments
Copper—Books
Tuesday, but there
were
was no
Volume
are
than specified dates. The opening of bids on 2,500,000
pounds of copper by the Navy Department on Wednesday,
was postponed one week until Dec. 9, it being reported that
not all bids conformed to the new Walsh-Healey bill.
The
European copper market has been somewhat unsettled during
most of the week, there being marked irregularity of prices,
ranging from 10.55c. to 10.72^c. per pound.
The total of
domestic copper sales in November was 88,176 tons, accord¬
ing to the Copper Institute.
sooner
Tin—There
which
higher
It is stated that the
bulk of unsold domestic wool in Boston is held by a single
house.
Choice spot wools such as graded fine territory and
Texas 12 months bring $1.05, the average 12 months Texas
$1.02, with delaine wool of the Ohio type firmly established
them that additional
best weeks of the past few
World lead consumption outside the United States
in the last three months averaged 104,005 tons, compared
months.
flecting the wide break in values here on Tuesday.
Grade D
lost 323^ yen at Yokohama the price dropping to 877K yen.
At Kobe grade D dropped 25 yen to the price of 880 yen.
At Yokohama Bourse quotations were 18 to 28 yen lower,
and at Kobe quotations were 21 to 25 yen down.
Cash sales
for both centers were 1,350 bales, while futures transactions
totaled 12,150 bales.
Local closing: Dec., 1.943^; Jan.,
1.943^; Mar., 1.93^; May, 1.933^; July, 1.92.
month during 1935 of 98,665 tons.
are
On
features to the situation that give
good grounds for the optimism that prevails generally in the
trade.
For instance, heavy consumption and the unfilled
orders on books, indicating a good consumption in the future.
The steel industry is breaking former production records for
this year, thereby accounting for a good zinc consumption.
The statistics for November that will appear shortly, per¬
haps early next week—are expected to be favorable.
On the 3d inst. futures closed 3 to 4c. lower.
Steel—The
optimism that has been so prevalent in the
industry for some time past is now being more than
justified. Steel ingot output has risen to 76 per cent of
capacity, the peak for the year. The chief factor in this rise
has been a flood of orders from railroads and equipment
.
COTTON
Friday Night, Dec. 4, 1936
and according to the "Iron Age", prospects are for a
higher rate of output before the end of the month. The
new
buying movement, impelled by price increases on
products applying to the first quarter of 1937, is reported to
have virtually filled up mill schedules for December with a
considerable overflow into January, creating conditions sel¬
groups,
The
still
seen
in the
1920 and
1929.
Iron—The outstanding developments of the week
were the announcements of price increases on the part of the
Mystic Iron Co. and the sole importer of Royal Dutch pig
iron. The advance of $1. per ton made by the latter is the
third advance of $1 per ton made in three months by this
concern.
The advance by the Mystic Iron Works of $1.25
per ton in pig iron has led some in the iron trade to believe
that this heralds another general price advance.
At the
present time the pig iron business seems to be at a low ebb.
However, the feeling prevails among not a few in the trade
that large consumers will soon start to buy their estimated
first quarter requirements.
It is pointed out that there are
several incentives for those who are strong financially to buy
requirements several months ahead. In the first place
indications are that prices will continue to rise, and in the
second place iron promises to be none too plentiful.
for
Wool—Optimism among dealers in the wool trade runs
high. Wools of all classes, domestic and foreign, advanced
steadily during November, closing the month at the top.
Territory, fleece and pulled wools were up fully 10%, Aus¬
tralians 11 % and Montevideos 17 %. Latest sales of domestic
Crop,
as
indicated by
our
tele¬
bales.
many sources in a most substantial way.
and truck accessories of more than 800,000 tons were
coming from
Pig
the
from tjie South tonight, is given below.
For the week
ending this evening the total receipts have reached 211,898
bales, against 217,563 bales last week and 251,440 bales the
previous week, making the total receipts since Aug. 1, 1936,
4,440,257 bales, against 4,722,214 bales for the same period
of 1935, showing a decrease since Aug. 1, 1936, of 281,957
as
for steel is well diversified,
Rails
placed
on mill books in the last week, rails alone accounting for
650,000 tons. Railroad equipment orders were also in sub¬
stantial volume, these orders covering 153 locomotives and
about 4,100 freight cars, and inquiries are pending for 8,650
additional freight cars and sixteen locomotives.
Unless
something unforeseen develops, the outlook for the new year
continues most promising.
A serious labor disturbance is
about the only thing that could seriously change the picture.
Additional price announcements have been issued, including
S3 on sheet piling, $3 on cut spikes, $4 on screw spikes, $5 on
track bolts, $5 on steel car axles, and $4 to S5 on cold rolled
strip.
of
Movement
grams
industrygg&cepting in such unusual years
The "demand
Crack XX
futures totaled 3,200 bales.
1.91; March 1.90; May 1.89;
July 1.883^.
Today futures closed ZlA to 4 points up.
Trading was fairly active, with sales totaling 269 contracts.
declined 23^c.
Transactions in
Local closing: Dec. 1.913^; Jan.
steel
dom
to 2c. higher,
the
exception of December, which was 3^c. lower.
Transactions totaled 2,530 bales.
Crack XX advanced 2c.
to $2.07.
Cables reported grade D 12^2 yen higher at
Yokohama, with the price at 910 yen; at Kobe grade D was
10 yen higher, with the price at 910 yen.
Bourse quotations
were 15 to 23 yen higher at Yokohama and 12 to
16 yen
higher at Kobe.
Cash sales for both markets were 1,150
bales, while futures transactions totaled 4,200 bales.
Local
closing: Dec., 2.00; Jan., 2.01; Mar., 1.99^; May, 1.99;
July, 1.99.
On the 1st inst. futures closed 6 to 6^c. lower.
Transactions totaled 3,020 bales.
Crack XX declined 2c.
to $2.05.
Bearish cables from Japan and the publication of
disappointing statistics on raw silk takings during November,
sent silk prices on the local Exchange sharply lower.
There
was
liquidation by both local and Japanese
operators.
Cables reported grade D unchanged in Yokohama and 5 yen
lower in Kobe, the latter going down to 905 yen.
Bourse
quotations at these centers were 7 to 14 and 2 to 6 yen lower
respectively.
Total sales for both markets were 775 bales
of cash silk and 5,325 bales of futures.
Local closing:
Dec., 1.94; Jan., 1.943^; Mar., 1.93; Apr., 1.93.
On the
2d. inst. futures closed lc. higher to
lower.
Trans¬
actions totaled 2,270 bales.
A single notice brought Decem¬
ber deliveries thus far to five.
Cables came in weak, re¬
have been
Zinc—Trading in this metal has been generally quiet .
be acquired only at
Silk—On the 30th ulto. futures closed
with
In fact it is believed that sales this week will compare very
the other hand there
can
at $1 or better.
Lead—Trading in this metal continues active, with de¬
lead holding up very well. The buying is about
equally divided between the December and January delivery
positions.
The price situation is steady, and it is believed
that the recent advancing movement has run its course with
no further changes in sight over the rest of the year.
One
prominent producer reported yesterday that demand is in¬
creasing again. Books opened for January shipment Tuesday
and a good demand for that delivery month was in evidence.
average per
wool
prices than have hitherto been paid.
mand for pig
an
being purchased in good sized quantities by manu¬
Australia and elsewhere.
It is reported that
are not showing quite the urgency in seeking
supplies, but this is accounted for by the fact
that the trend of the wool market is so decisively against
gained 4,100 tons, according to the Commodity Exchange,
Inc.
Stocks of tin in warehouses of Commodity Exchange
have been reduced another 30 tons to 120 tons, the lowest
with
are
additional
was the largest in many years.
The world's visible
supply of tin increased 4,875 tons during November, while
the total in sight, which embraces visible supply and carry¬
over in the Straits Settlements and at Arnhem,
Holland,
the
highs, but the quantities involved are so small
manufacturers
country
those of
new
facturers in
nothing spectacular in the way of happen¬
ings in the tin situation the past week. The feeling prevails
in some quarters that there will not be any real activity in
the tin markets until after the next meeting of the inter¬
national tin committee, which is scheduled for Dec. 11.
The
"President Polk" arrived Wednesday with 625 tons, con¬
sisting of 600 tons of Straits and 25 tons of Chinese tin,
making the amount of tin afloat to this country 10,940 tons.
At the start of this week the amount of tin en route to this
favorably with
at
that any further general advance seems unlikely, especially
as fine wool
prices are now higher than similar foreign woos
was
point in several years. Tinarrivals this month
880 tons, all at Atlantic potts.
3657
Chronicle
Financial
143
Receipts at—
Galveston
Hcmston
Thurs.
Wed.
Fri.
Mon.
Tues.
21,504
7,333
6,569
14,181
51
178
748
248
52
8,024
7,045
1,474
11,334
1,420
9,679
Corpus Christi__
5,017
5,162
6,403
3,780
4,269
17,585
2,618
30,381
1,333
Savannah
177
47
41
55
116
154
85
118
619
84
687
Wilmington
457
1,448
206
191
72
166
114
42
57,720
1,347
76,892
8,454
1,987
Lake Charles
58,383
538
152
Charleston
New Orleans
Mobile
,
Total
70
20,108
Sat.
14.621
Norfolk.
—
—
831
461
3,060
108
277
779
400
797
—'
-
397
48,624
62,475
23,848
588
3,047
144
297
—
__
Baltimore
Totals this week.
1,071
24,088
19,935
32,928 211,898
the week's total receipts, the
1936 and stocks tonight, compared with
The following table shows
total since Aug. 1,
last year:
Stock
1935
1936
Receipts to
Dec. 4
This
Week
Galveston
Since
Aug
1,1936
58,383 1,341,823
City
Texas
Houston
Corpus Christi
57",720
1,347
9.426
Beaumont
New Orleans
Mobile
76",892
8,454
Pensacola, &c
Jacksonville
Savannah
1,025,477
275,721
1,220,663
157,466
77,607
3,516
"588
95,482
3",047
133,391
This
Since Aug
Week
1, 1935
58,712 1,083,255
2,587
39,604
81,607 1,161,766
1,637
251,316
31,162
62",563 1,175,977
32,577
293,781
972
123,457
3,497
4~,128
271,794
1935
1936
118,232
8,295
2,698
152,361
795,854
21,953
719,396
61,582
25,040
682,655
177,926
22,331
4,378
204,226
949,702
50
624,706
65,846
27,054
,795,160
Brunswick
Charleston
Lake
Charles
Wilmington
Norfolk
11", 188
183",576
65",304
6"l",595
831
52,293
138
3,060
14.239
516
779
21,124
1,546
53,712
14,755
25,180
27,636
19,991
31,536
29,637
22,808
33,102
"loo
'"4",845
"797
12", 029
"779
"9",382
2,565
1,025
1,525
Newport News
New York
Boston
Baltimore
164
Philadelphia—__
Totals
211,898 4,440,257 258,950 4,722,214 2,892,261 2,869,017
Financial
3658
In order that
we
coinparison may be made with other years,
give below the totals at leading ports for six seasons:
1935
1936
Receipts at—
1932
1931
"5",982
3,060
516
494
841
779
1,546
2,232
808
2,631
3,010
1,736
"2,975
"6413
"8,267
lO", 347
14.377
14409
211,898
258,950
104,0|4
218,332
298,545
227,112
Savannah
Brunswick
688
Charleston
"3",047
28,960
23,447
27,403
4,662
2,627
68,712
81,607
62,563
32,577
4,128
Yf,l88
Mobile
1933
1934
70,018
67,377
60,445
2,885
1,630
2,215
1,766
Galveston.
Houston
New Orleans-
68,383
67,720
76,892
8,464
......
Wilmington
Norfolk
N'jport News.
All others
Total this wk.
77,825
113,571
73,303
7,547
3,250
65,638
70,371
52,361
18,023
2,462
1,231
"3",031
788
393
Since Aug. 1.. 4,440,257 4.722,214 2,886,429 4,892,303 5,138,781 5,487,933
The exports
for the week ending this evening reach a total
of 156,262 bales, of which 40,055 were to Great Britain,
10,472 to France, 12,466 to Germany, 16,155 to Italy, 52,639
to Japan, and 24,475 to other destinations.
In the corre¬
sponding week last year total exports were 350,891 bales.
For the season to date aggregate exports have been 2,323,566
bales, against 2,719,357 bales in the same perid of the pre¬
vious season.
Below are the exports for the week.
Week Ended
Exported to—
Dec. 4, 1936
Exports from—
Great
Ger¬
Britain
Galveston
France
Italy
many
Other
China
Japan
8^539
Houston..
8,769
5,929
1,457
Total
7~,096
12
Corpus Christl..
New Orleans
4,348
70,838
37.004
1,502
33,927
1,950
"104
6,420
3,967
8,730
9,031
13~,944
1,328
2,037
28,010
10,685
1,950
17,681
5,355
458
33
"927
Lake Charles—
927
Mobile
Jacksonville
23
23
113
Pensacola, &c._.
feavannah
230
11
239
3,645
4,799
Charleston
Norfolk
Total.
40,055
Total 1935
Total 1934
10,472
12,466
16,155
88,951
17,521
55.653
5,353
19,399
23,409
63J68
82,272
From
950
24,475 156,262
52,639
66,847
18,509
...
3.884
4.799
"40
"910
544
1,050
55,729 350.891
29,912 178,026
Exported to—
Aug. 1, 1936
Dec. 4,1936
Great
Exportsfrom—
Britain
Galveston.....
77,722
87,486
47,278
6,657
83,566
6,748
47,931
1,271
34,737
38,170
43,595
1,200
Houston
Corpus Christ! *
Beaumont
New Orleans-.
Lake Charles.
Ger¬
France
-
Mobile
Jacksonville
Pensacola, &c_
Savannah
Charleston
Wilmington—
91,887
79,047
41,048
813
666
67,059 23,181
129
2,564
30,369
2,582
1,258
4,069
1,091
24,857
655
1,791 '28,071
27,744
mmmm
....
.....
..
Gulfport
907
482
60
New York
«».
4
....
Philadelphia...
132
Los Angeles—
San Francisco.
4,528
1,552
.
.
18,000
-
....
....
....
....
....
2,222
..
....
748
.
.
....
...
.
....
....
....
3,831
....
1,259
1,200
9,670
1,615
1,989
1,581
58
....
100
58,407
15.464
487
153
....
....
166
....
....
....
....
50
.
....
....
....
....
2,560
....
....
....
100
-
54
....
2,850
....
955
133
222
....
....
5,921
Boston..
....
5,400
688,664
485,502
188,367
50
8,186
76,940 462,119
33.512
7,936
9,246 110,558
2,529
69,390
1,786
74,674
5,987
91,581
2,242
92,733
74,478
21,007
....
.
1,312
500
74,278
...
215
570
355
....
....
....
136,595
16,135
15,030
Norfolk
Baltimore
9,422
79,226 46,895 290,779
57,704 38,137 148,080
8,045
61,994
8,640
Total
Other
China
Japan
Italy
many
—
1,631
2,460
1,169
1,763
71.886
18,722
483,921 388,028
Total 1935
Total 1934
339,512 124,441
675,252
10,947 301,465 2323,566
657,970 356,541
291,294 186,342
Total
385,841 174,773 689,734
207,800 194,718 700,116
16,741 437,757 2719,357
46,415 319,718 2036,403
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
districts on the Canadian border are always very slow in coming to hand.
inquiries
numerous
we are
customs
In view,
receiving regarding the matter, we will
that for the month of October the exports to the Dominion the present season
have been 37,574 bales.
In the corresponding month of the preceding season the
say
exports were 20,103 bales.
61,882 bales exported
as
For the three months ended Oct. 31, 1936, there were
against 44,400 bales for the three months of 1935.
In addition to above exports,
our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared }or—
Dec. 4 at—
Leaving
Great
Ger¬
Britain
Galveston.....
Houston.
New
Orleans.
_
France
10,200
17,009
24,476
38,400
7,759
30,998
Other
many
Foreign
wise
Stock
Coast¬
10,000
1,494
10,115
57,300
21,980
10,394
Total
829,802
576,296
719,177
152,361
65,154
110,219
31,536
155,260
4,000 119,900
168
48,410
75,983
"834
4"; 184
2,995
Total 1936.
.
52,519
48,428
26.478
Speculation
active, though
For
four
*
#
8,013
!""
Total 1935
Total 1934
cipally
"150
"150
Other ports
days
as a
80,152
28,546
7,637
in
no
21,609 93,858
16,091 112,292
3,321
57,355
cotton
for
future
4,318 252,456 2,639,805
2,350 207,707 2,661,310
3,743 98,534 2,930,328
delivery
was
fairly
spectacular developments were recorded.
the
market
sharply.
The spot position con¬
good demand from domestic mills, with the
basis strongly maintained.
Foreign demand, however, was
again small.
It is reported that uncertainty over the outlet
for surplus American cotton above home needs has dis¬
couraged general buying.
This, of course, is attributed to
reports of large yields of cotton of foreign growths which are
expected to play no small part as a factor operating against
exports of American cotton.
Southern spot markets as
officially reported were 5 to 10 points higher.
The average
price of middling in the ten designated spot markets was
market
advanced rather
tinued firm with
12.13c.
On the 30th ulto. prices closed 9 points up to 3 points
There was active overnight trade buying in Decem¬
down.
ber, January and March as well as scattered purchasing by
foreigners and commission houses.
The strength and active
demand in December and fixed prices against purchases of
spot cotton have attracted more than usual attention on the
part of trade interests and prompted many to take on sub¬
stantial committments.
However, the advance brought out
active hedge selling, particularly in March and May, and
October, which latter represents the next crop, felt the effects
of this pressure in a marked way.
The strong spot position
on the other hand is having a most wholesome effect on the
nearby positions.
Attention is being called to the excellent
technical position of December contract because of the hedge
sales earlier in the season.
This condition has brought about
rapid changes in differences between near and far months,
with the result that active exchange operations have been
under way recently between active months.
Southern spot
markets as officially reported, were 5 to 13 points higher.
Average price of middling at the ten designated spot markets
was
12.21c.
On the 1st inst.
prices closed 8 to 16 points higher.
A
good healthy demand for spot cotton made itself felt in this
The usual counteracting influence in the form of
hedge selling was much lighter, and as a result the market
responded readily to demand.
There was active buying by
trade interests and foreign sources.
Some early hedge
selling and profit taking out prices, but offers were small and
evidences that the weight of the new crop had spent itself,
gave renewed confidence and toward the close there was
general broadening in demand, with prices ending at about
the highs of the day.
New Orleans was an active buyer,
especially in December, and this position continued to show
strength.
The bulk of the foreign buying went into the
later months.
The recent firmness of cotton and the strength
of commodity markets generally are serving to develop more
and more an increasing outside interest in cotton.
Southern
spot markets, as officially reported, were 15 to 17 points
Average price of middling at the ten designated
higher.
spot markets was 12.37c.
On the 2d inst. prices closed 5 to 9 points higher.
The
December delivery was again the feature of the trading, this
contract touching the season's peak on active covering by
trade shorts and a broader general demand.
Realizing and
hedge selling caused a partial reaction, but the closing tone
of the market was steady.
There were no further December
session.
notices issued here.
to the certificated
There
stocks at
were
746 bales of cotton added
delivery points, but 795 with¬
drawn and the total
was reduced 49 bales to 41,934.
A much
general demand developed in the local futures
market, with evidences of more outside participation.
Liverpool was conspicuous on the buying side, and there was
also a good demand from trade sources and Wall Street.
Hedge selling has recently fallen off, and consequently
contracts were less abundant.
At the advance heavy real¬
izing developed and prices reacted late 6 to 10 points.
Spot
cotton was firm.
The trade is looking forward with more
than usual interest to the forthcoming Government crop
estimate on December 8th, and private estimates are being
watched
closely.
Southern spot markets', as officially
reported, were unchanged to 6 points higher.
Average
price of middling at the ten designated spot markets was
showed consistent
gains, prin¬
result of the strength displayed in the Decem-
ber delivery and the relatively light hedge selling.
12.41c.
On
the
down.
Savannah
Charleston..
MobUe
Norfolk
S, 1936
broader
♦Includes exports from Brownsville.
however, of the
Dec.
Chronicle
Outside
9 to
3rd
inst.
Liquidation
prices closed 2 points
and
to 2 points
prices down
Subsequently the market
foreign selling
up
sent
14 points early in the day.
on trade
buying. Demand seemed to
rallied
improve on all
declines, and the December price at the close held its
premium over the late months.
Most hedge selling went
into the later months.
Price-fixing was mainly in the same
months as the hedging.
The volume of hedge selling was
not heavy, and the fact that contracts of this sort are
steadily falling off is becoming an increasingly encouraging
feature.
Considerable interest is shown in the forthcoming
government crop estimate due next Tuesday.
that
the
figures
It is expected
will
not disclose any serious departure
from last month's estimate of 12,400,000 bales.
The average
price
was
of
middling
at
the
10
designated
spot
markets
12.43c.
Today prices closed 2 points down to 2 points up.
Fu¬
steady at the opening, about 3 points lower to 2
points higher.
Liquidation and hedge selling was rather
speculative interest was noticeably in evidence. The trade
now is looking forward with no little interest to the
coming
tures were
government crop report.
well
taken by commission house and trade purchasing.
Nearby positions held fairly steady, although there were
notices posted against 1,500 bales of December at the open¬
ing.
A good deal more attention was centered around
On
the
28th
ulto.
prices closed 2 to 9 points higher.
Operations in December contracts continued a feature.
Considerable trade covering in this contract together with
trade price-fixing in March gave the market a firmer tone.
Toward the close spot houses were active buyers and the
future crop prospects, with a number of dealers wating for
the official estimate of the government on Tuesday before
Volume
Financial
143
they enter into
commitments.
Several private re¬
placed
production
between
12,197,000 bales and 12,498,000 bales compared with an
official estimate of 12,400,000 bales made
by the Census
ports
issued
any new
this
morning
Bureau in November.
dealers
Cables from Liverpool reported that
were
adopting a cautious
constitutional developments.
stand
pending further
of average
Differences between
of
grades established
for deliveries on contract to Dec. 10, 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
;
•lz markets quo tin
for deliveries on
Dec. 25,1936
15-16
inch &
Inch
longer
.38
.70
.38
.70
.38
.70
.38
.70
.37
.65
.32
.60
.28
.49
.38
.70
Good Middling...
.38
.70
Strict Middling
do
do
.37
.68
Middling
do
do
.32
.60
.28
.49
Middling Fair
White
8trict Good Middling.,
do
Good Middling
do
Strict Middling
do
Middling
do
Strict Low Middling
do
Low Middling
do
♦Strict Good Ordinary.,
♦Good Ordinary
.62
Good Middling
.61
.45
do
49 off
1.81
do
do
on
.35
do
do
even
do
do
do
.54
.48 off
do
do
.
do
1.13
do
.
do..
do
1.80
do
...2.37
do
do
Middling
do
07 off
do
Of the
do
.41
Good Middling...
.21
.41
.53 off
do
1.26
do
do
Manchester stock
.35 off
do
Bremen stock
do
Havre stock
...
....
do
1.16
do
Other Continental stock
do
1.84
do
do
2.38
do
American afloat for Europe
U. S. ports stock
Yellow Stained
.97 off
do
♦Strict Middling..
.21
do
do
...1.52
do
do
do
2.18
.39
Good
Middling
Gray
Strict Middling
do
.61 off
do
•Middling
U. S. interior stock
U. S. exports today
do
74
do
do
1.10
Total American
on
498,000
40,000
63,000
41,000
29,000
80,000
184,000
370,000
570,000
.......
Bremen stock
future contract.
Havre stock
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 28 to Dec. 4—
Sat.
Mon.
Tues.
12.36
Middling upland
12.43
12.58
Wed. Thurs.
12.63
12.64
Fri.
6,472,208 6,037.515 8,282,920
6,252,442
East Indian, Brazil, dec.—
Liverpool stock
Manchester stock
Not deliverable
follows:
are as
252,000
229,000
215,000
431,000
42,000
48,000
31,000
44,000
133,000
122,000
269,000
214,000
79,000
139,000
24,000
97,000
89,000 1,045,000
326,000
618,000
266,000
470,000
2,892,261 2,869,017 3,028,862 4,039,191
2,366,617 2,358,279 1,960,556 2,207,139
2,564
51,912
39,097
46,590
do
.39
*
647,000 1,127,000
bales.
.63
.....
do
•Middling
.21
437,000
8,127,442 7,786,208 7,854,515 9,968,920
Liverpool stock
1.91
do
Tinged
Good Middling
898,000
576,000
287,000
29,000
82,000
131,000
14,000
8,000
above, totals of American and other descriptions
♦Strict Low Middling...
♦Low Middling.
.39
900,000
326,000
162,000
27,000
71,000
43,000
10,000
8,000
504,000
♦Middling
.21
566,000
184,000
95,000
15,000
51,000
79,000
11,000
2,000
A7H6Tic(lTl"~~-
do
Strict Middling
22,000
8,000
6,000
Total visible supply
do
do
.21
810,000
88,000
1,336,000 1,003,000 1,547,000 2,025,000
80,000
62,000
68,000
59,000
American cotton afloat for Europe 326,000
618,000
266,000
470,000
Egypt, Brazil,&c.,afl't for Europe 184,000
133,000
171,000
129,000
Stock in Alexandria, Egypt
370,000
288,000
284,000
423,000
Stock in Bombay, India
570,000
403,000
490,000
570,000
Stock in U. S. ports
2,892,261 2,869,017 3,028,862 4,039,191
Stock in U. S. interior towns
2,366.617 2,358,279 1,960,556 2,207,139
U. S. exports today
2,564
51,912
39,097
46,590
.17 on
...Spotted
♦Strict Low Middling...
♦Low Middling
842,000
58,000
832,000
196,000
255,000
17,000
Stock at Genoa
Stock at Venice and Mestre.....
Stock at Trieste
493,000
73,000
Total European stocks
India cotton afloat for Europe
do
2.37
1932
1934
750,000
82,000
Total Continental stocks
Mi
1.14
do
Strict Middling
.24
do
1935
1936
bales.
-
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
do
do
Strict Low Middling
Low Middling
.33
.54
VisibleJSupply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, incuding in
it the exports for Friday only.
Total Great Britain
Stock at Bremen
do
.35
The
cable and
Stock at Manchester
Mid.
on
Basis
Extra White
♦Strict Good Ordinary
♦Good Ordinary
.34
74
.64
3659
Ded. 4—
Stock at Liverpool...
Staple Premiums
60%
Chronicle
Other Continental stock
Indian afloat for
Europe..
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
264,000
25,000
62,000
16,000
61,000
62,000
133,000
288,000
403,000
627,000
379,000
44,000
27,000
57,000
23,000
70,000
68,000
171,000
284,000
490,000
......
82,000
59,000
129,000
423,000
570,000
12.64
Total East India, &c
Total American
Market and Sales at New York
L—1,875,000 1,314,000 1.817.000 1,686,000
6,252,442
6,472,208 6,037,515 8,282,920
Total visible supply
Spot Market
Saturday
Monday
Tuesday
"WednesdayThursday
Friday
-
-
Futures
Market
Closed
Closed
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
9 pts. adv..
7 pts. adv..
15 pts. adv.
5 pts. adv..
1 pt. adv...
unchanged
-
SALES
Spot
Steady
Steady
Very steady
Steady...
Steady.
Steady
Total
Contr'ct
245
245
12",900
6,200
100
400
"300
200
200
Continental imports for past week have been 139,000 bales.
The above figures for 1936 show a decrease from last
week
Total week
745
Since Aug. 1
41,822
Futures—The
highest,
and
lowest
......
......
12",965
6,200
8,127,442 7,786,208 7,854,515 9,968,920
Middling uplands, Liverpool
6.81d.
6.67d.
7.02d.
6.75d.
Middling uplands, New York
12.64c.
12.20c.
12.70c.
10.10c.
Egypt, good Sakel, Liverpool
11.45d.
10.53d.
9.73d.
7.75d.
Broach, fine, Liverpool
5.63d.
6.02d.
5.74d.
4.16d.
Peruvian Tanguis, g'd fair, L'pool
8.06d.
C.P.Oomra No.l staple,s'fine.Liv
5.67d.
19,200
52,000
19,965
93,822
closing fprices
at
New York for the past week have been as follows:
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Nov. 28
Nov. 30
Dec. l
Dec. 2
Dec. 3
Dec. 4
of
23,409 bales, a gain of 341,234
of 272,927 bales over 1934, and
1,841,478 bales from 1933.
1935,
decrease
over
increase
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
corresponding period of the previous year—is set out in
detail below:
Dec. (1936)
Range— 11.79-11.92 11.96-12.02 12.01-12.17 12.17-12.32 12.11-12.28 12.23-12.27
Closing
11.91 —
12.00
12.16-12.17 12.25
12.25-12.26 12.23-12.24
Movement to Dec.
.
Movement to Dec. 6, 1935
4,1936
Jan. (1937)
Range- 11.69-11.79 11.82-11.90 11.89-12.02 12.01-12.14 11.97-12.09 12.05-12.11
Closing. 11.77-11.78 11.86 —
12.01
12.06 —
12.08
12.06
Feb.—
Receipts
Towns
Season
Stocks
ments
Week
Ship¬
Dec.
Week
4
Ship¬
Season
Stocks
ments
Receipts
Week
Dec
Week
6
Range..
Closing. 11.76n
11.85ft
12.00ft
12.05ft
12.06ft
12.05ft
March—
1,981
Eulaula
Range.. 11.63-11.75 11.77-11.85 11.85-11.99 11.98-12.13 11.94-12.05 12.02-12.08
11.74-11.75 11.83-11.84 11.98-11.99 12.03 —
Closing
12.04 —
12.04-12.05
.
April—
11.76ft
11.91ft
11.98ft
11.97n
11.98ft
530
Selma
574
Helena
4,470
1,442
I,893
743
Hope
Range.. 11.56-11.66 11.63-11.70 11.72-11.86 11.86-12.01 11.83-11.95 11.91-11.96
Closing. 11.60-11.61 11.68 —
11.84-11.86 11.93 —
11.90 —
11.92
June—
Jonesboro—
633
Little Rock-
5,534
800
Newport
Range..
Closing
185
Montgomery.
Ark., Blythville
Forest City—
Range..
Closing. 11.67n
May—
Pine Bluff—
11.65ft
11.62ft
11.77ft
11.86ft
11.83ft
11.86ft
July—
7,539
Walnut Ridge
1,040
33
Ga., Albany—
Range.
11.46-11.53 11.51-11.58 11.60-11.69 11.70-11.84 11.66-11.80 11.76-11.83
11.55 —
Closing. 11.50 —
11.69 —
11.78 —
11.76 —
11.76
Aug.—
Range..
11.42ft
11.54ft
11.63ft
11.62ft
11.59ft
17.520
125,348
140,132
8,125
30,515
400
252
Macon
1,000
Rome
La., Shreveport
Closing. 11.30ft
11.29ft
11.39ft
11.48ft
11.48ft
11.42ft
Oct.—
578
Miss.Clark8dale
4,661
340
Columbus
Range.. 11.16-11.22 11.16-11.25 11.17-11.25 11.23-11.40 11.22-11.36 11.26-11.38
11.20 —
11.25 —
11.17 —
11.33 —
11.34 —
11.26
Closing
8,059
Greenwood..
Range—
Jackson
113
Natchez
Nov.—
1,659
936
Vlcksburg—
Closing.
Nominal.
1,807
II,814
17,458
97,061
129,796
35,420
228,826
55,820
15.355
34,499
39
50,419
135,598
5,488
8,135
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
2,087
153,778
55,957
1,344
236 10,640
2,647 63,949
2,291 72,392
7,873 108,937
162
16,840
2,668 32,293
1,166 21,186
1,230 12,226
4,525 120,404
2,210 19,251
3,848 79,730
2,700 22,668
112
10,893
165
Atlanta
Columbus
Closing. 11.40n
65,782
8,135
36,764
51,615
159,741
29,719
53,769
51,199
17,858
158,109
26,410
102,545
42,078
17,253
2,758
Athens
Augusta
Sept.—
Range.
n
Ala., BIrming'm
161
337
731
9,745
1,395
1,548
2,090
700
6.817
1,938
4,975
2,656
119
18,038
750 22,277
7,017 162,420
6,590 134,542
500 34,700
55,716
15,514
76,961
82,330
84,088
21,967
31,972
25,864
6,713
112,098
19,360
92,537
20,530
23,810
104
63,832
10,974
177,387
146,583
2,880
800
266
39,572
249
200
620
4,375
9,878
31,017
38,632
58,429
867
35,574
1,015
3,324
1,425
2,810
13,820 106,647
1,897 27,672
1,461
7,077
1,175 19,067
1,775 25,170
818
11,599
80
2,727
21,039
46,616
13,046
68,919
99,880
38,415
746
154,087
60,298
8,577
26,179
37,001
6,632
72,681
951
85
474
297
202,845
39,429
27 12,340
483 74,556
1,440 76,328
4,911 102,957
746
24,169
25,580
23,885
597
1,664
5,803 106,767
1,969 21,590
6,760 76,041
2,037 19,539
68
18,567
870 69,929
6,513 165,214
3,071 154,588
300 21,800
330 45.524
250 25,409
995 36,264
3,887 42,895
2,397 27,841
8,232 70,971
2,396 35,144
130
6,776
1,404 15,407
765 29,133
83
6,632
2,565
1,728
2,918
21,592
1,384
3
3,088
Oklahoma—
Range for future prices at New York for week ending
Dec. 4, 1936, and since trading began on each option:
15 towns ♦
S.C., Greenville
Tenn.,Memphis
Texas, Abilene.
Range for Week
Option for—
Range Since Beginning of Option
Nov. 1936—
9.80 Jan.
9 1936 12.78
July
10 1936
3 1936 12.32
Dec.
2 1936
9 1936 12.78
July
July
10 1936
Oct.
8 1936
Dec.
1936— 11.79
Nov. 28 12.32
Deo.
2 10.12
Jan.
1937- 11.69 Nov. 28 12.14
Dec.
2
Feb.
1937Dec
2 11.52
Feb. 25 1936 12 76
Nov 12 1936 12.13
10.20
Mar. 27 1936 12.78
Apr.
1937—
May 1937—
1937- 11.46 Nov. 28 11.84
Deo.
1937
July
10 1936
11.51
Nov. 12 1936 12 14
Oct.
14 1936
June
1 1936 12.78
July
10 1936
2 11.41
Oct.
14 1936
July
Nov.
Brenham
Dallas
Paris
Robs town
San Antonio
Texarkana
Waco
—
91
3,884
79,855
77,258 1,111,567
3,324
36,406
1,639
425
16,730
345
10.630
1,981
1,709
35,219
27,852
10,478
4,122
20.631
72,857
77
444
936
160
1,547
2,177
12,971
676
8,192
2.818
15,336 144,396
4,291 61,748
75,311 707,219
3,012
2,882
904
4,035
408
5,350
2,216 13,356
583 16,129
247
1,881
165
907
700
13,278
13,620
2,351
Total, 56 towns 195,7264,060,852 226,2972366617182,0813,325,110 174,2272358279
27 1936
11.52
ilY6"'Nov."28 ii?4*o""beo"""2
Nov. 12 1936 12.08
11.50 Aug. 29 1936 12.55
Aug. 1937—
Sept. 1937Oct.
10 1936
10.48
11^56 "Nov."28 l2h"l~D~ec~"~2
June 1937-
July
9.76 Jan.
9 94
Mar. 1937— 11.63 Nov. 28 12.13
Mar.
Austin
6,614
108,660
94,356 1,551,914
35,008
1,162
609
14,308
225
6,372
1,397
60,015
1,839
64.521
21
13,383
438
7,315
689
33,225
1,120
72.356
8,929 114,221
6,400 77,893
103,848 727,805
2,012
4,956
531
1,311
338
2,700
2,609 11,865
2,466 11,376
Nov.
4 1936 11.52
11.05 Nov. 12 1936 11.61
Oot.
4 1936
19 1936
*
Includes the combined totals of 15 towns in Oklahoma.
The
above
decreased
totals
show
during the week
that
the
30,571
interior
bales and
stocks
are
have
tonight
Financial
3660
8,338 bales more than at the same period last year.
The
receipts of all the towns have been 13,645 bales more than
the
week last year.
same
New York
Quotations for 32 Years
middling upland at New York
Dec. 4 for each of the past 32 years have been as follows:
The
1925
—
1933
1932
1929
1926
—
1923
—10.45c.
—
—
-
-17.50c.
1921
16.30c.
39.50c.
1912
1918 —-28.55c.
1917
29.85c.
1910
1909
1920
1919
1908
1914
20.10c.
12.50c.
7.50c.
1906
-18.80c.
1913
13.50c.
1905
—
—
1916
1915
on
12.75c.
9.30c.
15.05c.
14.85c.
9.35c.
11.90c.
11.00c.
12.35c.
1911
„_25.10c.
1922
„
19.95c.
12.35c.
—20.75c.
__23.30c.
36.65c.
—
—
1924
6.15c.
-
—
-20.55c.
1927
.12.65c.
—
...
1934
1931
1928
.-12.64c.
12.25c.
—10.05c.
5.75c.
1936
1935
1930
quotations for
1907
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
Chronicle
William
Weather Returns by Telegraph—Reports to us by tele¬
graph this evening indicate that generally bad weather over
the cotton belt has put a temporary stop on harvesting but
with Christmas so near, it will be resumed with renewed
energy
Via St. Louis
Week
4,715
34,000
136,658
72,122
2,924
5,755
76,914
289,520
-56,729
583,893
11,599
5,707
Via Mounds, &c
Via Rock Island
157
Via Louisville
551
Via Virginia points.—
Via other routes, &c
as
the weather settles.
days will be
Rain
3 days
Amariilo
Austin
2 days
4 days
Abilene
7 days
Brownsville
1 day
Corpus Christi
2 days
4 days
5 days
Dallas
Aug. 1
Del Rio
Houston
4
Palestine
Port Arthur
4 days
4 days
San Antonio.
4 days
72,831
35,759
"448
5,513
31,833
5,855
72,580
202,197
Oklahoma—Oklahoma City—2 days
Arkansas—Fort Smith
4 days
47,868
389,417
Louisiana—New Orleans
195
Deduct Shipments
797
779
-13,767
12,029
5,248
168,820
6,240
9,440
3,765
98,873
-14,878
186,097
7,251
112,078
-41,851
397,796
40,435
277,339
.-
*
314
232
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 41,851 bales, against 40,435 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
120,457 bales.
this
year
1936
In Sight and Spinners'
1935Since
Since
Aug. 1
Week
Takings
Week
Aug. 1
211,898
41,851
125,000
4,440,257
397,796
2,290,000
258,950
40,435
105,000
4,722,214
277,339
1,800,000
.378,749
.*30,571
7,128,053
1,183,850
404,385
7,854
6,799,553
1,233,941
Receipts at ports to Dec. 4
Net overland to Dec. 4
South'n consumption to Dec. 4
days
6,632
3,260
•
Little Rock
..
an
Texas—Galveston
Since
Since
Aug. 1
soon
The rise in prices
added incentive for saving the
last remnants of the Crop.
1935-
1936
Week
as
of the last few
The results for the week and since
Aug. 1 in the last two years are as follows:
Dec.
4 days
4 days
Shreveport
Mississippi—Meridian
Vicksburg
6 days
4 days
3 days
Alabama—Mobile
2 days
Birmingham
4 days
Montgomery
4 days
Florida—Jacksonville
3 days
Pensacola
3 days
Tampa
2 days
Georgia—Savannah
4 days
Atlanta
4 days
Augusta
4 days
Macon
4 days
South Carolina—Charleston_4 days
North Carolina—Asheville
4 days
Charlotte
3 days
Raleigh.
3 days
Wilmington
3 days
Tennessee—Memphis
2 days
Chattanooga
3 days
Nashville
2 days
Rainfall
0.88 in.
0.22 in.
0.76 in.
0.64 in.
0.02 in.
0.14 in.
1.32 in.
0.19 in.
1.86 in.
1.72 in.
1.94 in.
0.48 in.
0.18 in.
0.86 in.
1.40 in.
1.40 in.
1.28 in.
2.80 in.
4.22 in.
1.48 in.
1.44 in.
1.69 in.
0.39 in.
3.00 in.
0.48 in.
0.96 in.
1.02 in.
0.94 in.
1.04 in.
1.27 in.
0.40 in.
0.88 in.
0.36 in.
0.80 in.
0.25 in.
0.68 in.
0.04 in.
Thermometer
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
64
64
66
66
78
72
62
68
64
58
62
66
58
54
50
56
59
66
60
64
62
60
68
64
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
78
67
60
64
64
64
58
60
60
64
61
62
low
low
low
low
low
50
Dec. 4, 1936
Orleans
Above
Nashville
of gaugeAbove zero of gaugeAbove zero of gauge.
Shreveport
Vicksburg
Above
Above
Memphis
412,239
348,178
8,335" 609
8,829",906
Total in sight Dec. 4
North, spinn's' takings to Dec. 4.
735,997
87,673
470,707
47,947
Movement into sight
in previous
years:
Since Aug. 1—
Bales
Week—
Bales
5,548,870
8,172,087
8,141,475
1934
219,588
.362,081 1933
--—375,436 1932
1933—Dec. 8
—
1932—Dec. 9
-
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:
45
55
mean
67
mean
62
mean 52
mean
56
mean
55
mean 50
mean
54
mean 56
34
34
36
42
37
24
36
30
mean 46
mean 44
mean
43
mean 49
mean
48
mean 45
mean 48
mean
26
28
49
mean 44
mean 44
30
40
32
28
20
24
24
30
12
22
22
26
24
20
26
mean 49
mean
mean
52
55
mean 48
mean 40
mean 44
mean 44
mean
47
mean 35
mean 41
mean 41
mean
45
mean 42
mean 41
mean 38
Dec. 6, 1935
Feet
Receipts
from
the
2.4
1.9
3.8
9.1
10.7
zero
9.2
zero
of gauge.
4.0
9.8
zero
of gauge-
2.6
8.6
Plantations—The
following table
Southern 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.
Week
Receipts at Ports
Stocks at Interior Toums
Receipts from Planations
Ended -
1936
1935
1934
1936
1935
1934
1936
| 1935
1934
Aug.
28.. 141,365 159,138 122,5331.140,781 1,119,686 1,102,173 149,970184,700 120,080
Sept.
Closing Quotations for Middling Cotton on—
Week Ended
Saturday
Dec. 4
mean
mean 53
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
^♦Decrease.
1934—Dec. 7—
mean 57
mean
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New
518,003
consumption to Nov. 1
49
26
44
40
56
52
42
44
46
42
46
46
The
Feet
over
5, 1936
of
Dallas, Tex.
He is President of Wm. F.
Neale & Co., who do a merchanding business.
Mr. Neale is also a member
of the Dallas Cotton Exchange.
Pietro B. Crespi of Crespi, Baker & Co., Inc., of Charlotte, N.
O.,
who do a cotton merchandising business.
Mr. Crespi is also a member
of the New Orleans Cotton Exchange.
Daniel Edwards Conklin of Tuller & Conklin, Atlanta, Ga.
They do
a general cotton business.
Mr. Conklin is also a member of the New Orleans
Cotton Exchange, Memphis Cotton Exchange, and Dallas Cotton
Exchange.
reports Friday night.
Shipped—
Dec.
Forrester Neale
Monday
Tiiesday
Friday
Wed'day Thursday
12.04
12.23
12.13
12.28
12.33
12.34
12.34
New Orleans
12.28
12.44
12.50
12.55
12.55
Mobile
12.04
12.13
12.33
12.34
Savannah.-
12.55
12.64
12.28
12.79
12.83
12.84
12.34
12.84
12.48
12.55
Galveston
4_. 201,842 188,943 137,0901,219, 831 1.178, 879 1,152,815 280.892 248, 136187,732
il¬ 271,456 215,017 191,7281,339, 682 1.274, 081 1,226.568 391,307 310, 219 265,481
ls.. 340,815 265,021 230,0701,499, 275 1.414, 604 1,339,176 500,408 405, 544342,678
25.. 314,287 336,897 237,2051 677, 862 1,610, 222
322,464 492.874 532 515344.223
Oct.
1319,754 326,252 244,448'1,832,
2..
I
026 1.784, 489 1 547 572 473,918 500,519 345,826
9- 330.033
387,060 240,6031,980, 336
16- 370,723 372,945 208,9632,098, 733
23.. 378,683 405,164 232,059 2.179, 563
30
385,111 372,149 201,932 2,266, 371
1,990, 723 L640!092 478,343 593 294337,159
2,132, 345 1,735.609498,120 514 566 300,444
2,220, 751 1,829,198,483.163 493 570 325,648
2,253, 100 1,882,223471,919 404 498,254.957
12.70
12.70
12.70
Montgomery
Augusta
Memphis
12.00
12.13
12.30
12.33
12.33
12.35
12.59
12.68
12.83
12.88
12.89
12.89
11.75
11.85
12.00
12.05
12.15
Houston
12.16
12.21
12.36
12.41
12.41
Little Rock
11.70
11.79
11.79
11.94
11.98
11.99
12.04
13.. 264,096 330,485
Dallas
11.88
12.03
12.08
12.09
12.09
Fort Worth
11.79
11.88
12.03
12.08
12.09
12.09
20.. 251,440 271,993 133,5252,373, 757 2,321, 538 1,983,174282,311276, 748153,406
27.. 217,563 222,432 119,7552,397, 188 2,350, 425 1,973,968240,994251, 319110,549
Norfolk.
_
12.70
*
12.15
12.36
_.
Nov.
6_.
259,641 363,686 148,5012,301, 784 2,287, 554 1,922,254295,054 398, 140188,532
134,427,2,342, 886 2,316, 783 1,963,293 305.198
359, 714175,466
Dec.
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Nov. 38
Not. 30
Dec. 1
Dec. 2
Dec. 3
Dec. 4
Nov (1936)
December.
11.98
Jan.(1937)
11.81
February
Bid. 12.23-12.24 12.24
12.14
Bid,
12.22
11.93
119861199a 120161203a 12.04
4..
.211,898
258,950 104,0142,366,6172,358,2791,960,556
181,327'266,804'
90,602
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1936, are 5,619,800 bales;
in 1935 were 5,935,123 bales and in 1934 were 3,689,503
bales.
(2) That, although the receipts at the outports the
past week were 211,898 bales, the actual movement from
plantations was 181,327 bales, stock at interior towns
having decreased 30,571 bales during the week.
.
Alexandria
11.78-11.79 11.94
11.99
11.98-11.99 12.00
11.64-11.65 11.82
11.87
11.87-11.88 11.88
weekly
dria, Egypt.
115161152a 11.64
March
11.72
117261173a 11.75
for
April
ceive
May
June
July
the
August
111561116a 112461125a 11.31
Bid. 11.33
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following
past week and for
previous two
September
October
a
years:
are
the receipts and shipments
the corresponding week of the
,
.,
.
12.276-.29a
Tone—
Spot
Steady.
Steady.
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Strong.
Steady.
Steady.
Steday.
New York Cotton Exchange Declares Extra Holidays
—At
meeting held Dec. 3 the Board of Managers of the
New York Cotton Exchange declared Saturday, Dec. 26,
following Christmas Day, and Saturday, Jan. 2, 1937,
following New Year's Day, Exchange holidays.
a
Four New Members of New York Cotton
Exchange—
The Board of Managers of the New York Cotton Exchange,
at a meeting held Dec. 3, elected the following to membership
in the Exchange:
Alfred Louis Stamm of Abraham & Co., New York City, who are also
engaged in a stock brokerage business.
of the New York Stock Exchange.
Alexandria, Egypt,
Steady.
Mr.
Stamm is also
a
member
1936
1935
1934
340,000
4,822,610
420,000
4,727,926
180,000
3,627,534
Dec. 2
Receipts (cantars)—
Tbis week
bince
Aug. 1
This
Exports (bales) To
To
Liverpool
Manchester,
Week
&,c
To Continent and
To America
India
_
Total exports
Note—A cantar is 99 lbs.
This
Since
Aug.
1
Week
This
Since
Aug.
1
Week
Since
Aug. 1
56,146
47,863
277,857
13,302
9,000 74,185
11,000 76,824
8,000 203,544
10,004
10,000
9,000
15",000
22",600
28,000 364.557
26,000 455,980
31,000 395,168
91,240
57,809
293.619
1,000 13,312
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 2 were
340,000 cantars and the foreign shipments 28,000 bales.
Volume
3661
Financial Chronicle
143
Boles
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
World's
Supply and Takings of
takings
obtainable; also the
are
To
To
Week and Season
Visible supply Nov. 27
Visible supply Aug. 1
7,697,174
8,150,851
—
American in sight to Dec. 4—
4,899,258
8,829,906
56,000
11,000
84,000
15,000
63,000
10,000
193645
68,000
14,000
8,654,029 15,402,364
Total supply
4,295",259
412"239
346,000
187,000
966,200
174,000
348,178
Bombay receipts to Dec. 3
Other India ship'ts to Dec. 3Alexandria receipts to Dec. 2Other supply to Dec. 2 * b
Season
Week
Season
•
8,335,609
389,000
181,000
937,600
154,000
8,275,413 14,292,468
Deduct—
8,127,442
Total takings to Dec.
Of which American
8,127,442
7.786,208
7,786,208
526,587
366,587
Visible supply Dec. 4
7,274,922
5,668,722
1,606,200
489,205
323,205
6,506,260
4,650,660
1,855,600
4 a
160,000
Of which other
166,000
o
27—Ida, 464
Dec 1—Jolee, 1,397
28—Vasaholm, 52—.Dec 3—Toledo, 180
.
30—Svan-
Gdynia—Nov
28—Vasaholm,
1,818—-Nov
held, 255—Dec. 3—Toledo, 1,452
-
3.525
655
100
1.992
10,685
8,539
215
------
-
503—Dec 3, Toledo, 62
.
To Genoa—Dec
To Japan—Dec
1—Jolee, 1,992
1—Fernwood, 6,980; Mecklenburg, 3,705
NEW ORLEANS—To Liverpool—Nov 24—Sapinero, 8,539
To Antwerp—Nov
28—Michigan, 215
To Havre—Nov
28—Michigan, 5,673
To Dunkirk—Nov. 28—Michigan, 1,423
To Japan—Nov. 25—Mecklinburg, 13,944
To Copenhagen—Nov. 30—Toledo, 100
To Rotterdam—Nov. 28—Briedijk, 2,083
To Gdynia—Nov. 30—Toledo, 1,000
To Gothenburg—Nov. 30—Toledo, 350
To Riga—Nov. 28—Briedijk. 100
To Abo—Nov. 30—Toledo, 300.
To Valparaiso—Nov. 28—Metapan,
200
„
5,673
1,423
13,944
100
2,083
1,000
350
100
300
200
>—
CORPUS CHRISTI—To Bremen—Nov. 27—Jolee,
12
12
33
1,364
69
24
33
To Genoa—Nov. 27—Jolee, 1,364
To Venice—Nov. 27—Jolee, 69
To Trieste—Nov. 27—Jolee, 24
To Rotterdam—Nov. 27—Jolee,
in 1936 and 1,800,000 bales in 1935—takings
being available—and the aggregate amount taken by Northern and /
foreign spinners, 4,884,922 bales in 1936 and 4,706,260 bales in 1935,
of which 3,378,722 bales and 2.850,660 bales American,
b Estimated.
Southern mills, 2,290,000 bales
not
Ports—The receipts
Cotton Movement from All
India
of Indian cotton at Bombay
and the shipments from all India
from Aug. 1 as cabled,
ports for the week and for the season
for three years, have
been
as
follows:
1934
1935
1936
Dec. 3
346,000
63,000
For the Week
389,000
56,00(
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
Since
Since
Since
Receipts—
Bombay
31,000
323,000
Great
from—
|
Britain
'
Great
Conti- Jap'ndk
ment
Total
I China
i
1,000
12,000
11,000
31,000
14,000
42,000
8,000
Other India:
ment
China
8,000
9,000
72,000
85.000
10,000
97,000
Total
237,000
225,000
263,000
317,000
319,000
370,000
O
1
10,000
71,000
10,000
11,000
67,000
39,000
187,000
181,000
190,000
116,000
114,000
150,000
1,000
19,000
12,000
12,000
11,000
31,000
25,000
42,000
18,000
i~,o66
1934
927
2,961
1,838
12
11
156,262
-
Stand¬
High
ard
Density
Stand¬
High
Stand¬
High
ard
Density
ard
Density
.30c.
.45c.
Trieste
.50c.
,65c.
Piraeus
.85c.
1.00
.45c.
Flume
.30c.
.45c.
Salonica
.85c.
1.00
Antwerp
.30c.
.45c.
Barcelona
Venice
Havre
.27c.
.42c.
Japan
Liverpool
*
.50c.
.65c.
*
*
Copenhag'n .42c.
.57c.
*
*
Naples
.40c.
.40c.
.42c.
.57c.
*
79,000
76,000
49,000
188,000
237,000
199,000
247,000
225,000
504,000
500,000
263,000
559,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
7,000 bales.
Exports from all India ports record a decrease
of 6,000 bales during the week, and since Aug. 1 show an
increase of 4,000 bales.
increase
Rotterdam
.30c.
.45c.
Shanghai
.45c.
.60c.
Bombay x
.50c.
.65c.
Leghorn
Oslo
1
1935
9,190
40
1,250
700
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Genoa
all—
79
11
230
Manchester .30c.
10,000
i~66o
To Manchester—Nov. 28—Saccarappa,
Cotton
Japan &
Britain
9,000
2,000
1936
239
1,913
1,732
34
104
To
Total
Conti-
1
Bombay—
•
Liverpool—Nov. 28—Saccarappa, 1,913
1,732
PENSACOLA, &c.—To Liverpool—Nov. 28—Jolee-Jay, 34
To Ghent—Dec. 3—Gateway City, 104
To Manchester—Nov. 28—Topa Topa, 79
To Havre—Dec. 3—Gateway City, 11
To Bremen—Dec. 3—Gateway City, 230
NORFOLK—To Hamburg—Nov. 28—City of Havre, 520; Osiris,
334
Dec. 4—City of Baltimore, 56
-—
To Varberg—Dec. 4—City of Baltimore, 40
MOBILE—To Gdynia—Nov. 28—Toledo, 1,250
To Varburg—Nov. 28—Toledo, 700
:
LAKE CHARLES—To Bremen—Nov. 21—Osiris, 927
I
CHARLESTON—To Liverpool—Dec. 1—Saccarappa, 2,961
To Manchester—Dec. 1—Saccarappa, 1,838
JACKSONVILLE-^To Liverpool—Nov. 26—Saccarappa, 12
To Manchester—Nov. 26—Saccarappa, 11
SAVANNAH—To Rotterdam—Dec. 3—Tulsa, 239
Since August 1
Exports
Total
2,076
1,861
232
*
To Gothenburg—Nov 28—Vasaholm,
To Susak—Nov 27—Ida, 100
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
*
1.725
4 2,242
27—Ida, 2,076
To Venice—Nov
1935
1936
1.307
2,037
a
27—Minden, 2,242
Hamburg—Nov
To Oslo—Nov
Week
30—Svan-
Copenhagen—Nov 28—Vasaholm, 753—Nov
held, 238--Dec 3—Toledo, 406
27—San Mateto, 2,037
To Bremen—Nov
27—Minden, 1,725
To Dunkirk—Nov
______
Takings,
2,462
—
To
To Trieste—Nov
sight for the like period:
Cotton
27—San Mateto, 660
27—San Mateto, 2,462—
Antwerp—Nov
To Ghent—Nov
of
amounts gone out
or
To
5,355
660
24—Loch Ranza, 5,355
HOUSTON—To Liverpool—Nov
.46c.
.61c.
Bremen
.30c.
.45c.
Gothenb'g
Stockholm
.42c.
.57c.
Hamburg
.32c.
.55c.
.47c.
♦
Rate Is open,
.550.
Only small lots.
x
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port;
58,000
712,000
247,000
98,000
Total stocks
Of which American
Total
imports
Of which American
received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for cloth is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
57,000
Dec. 4
58,000
727,000
248,000
49,000
12,000
222,000
87,000
62,000
725,000
253,000
85,000
40,000
217,000
86,000
237,000
89,000
Amount afloat
Nov. 27
Nov. 20
Nov. 13
Forwarded
59,000
730,000
252,000
80,000
26,000
218,000
100,000
each
Manchester
Market—Our report
Cotton
32s Cop
Middl'g
Twist
to Finest
Cotton
32« Cop
8!$ Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Upl'ds
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday
Saturday
Spot
1935
1936
8M Lbs. Shirt¬
ings, Common
Of which American
Thursday
Wednesday
Tuesday
Friday
A fair
Market,
12:15
Moderate
Quiet.
■
More
business
demand.
doing.
Quiet.
demand.
P. M.
♦
Quiet.
*
d.
s.
d.
s.
d.
d.
d.
s.
d.
s.
d.
d.
Aug.—
10 1
@10 3
6.70
9J*@11
9
2
@94
6.21
10
IOH@II&
28
1
@10 3
6.70
9
@11
9
2
@94
6.11
10 3
@10 5
@10 2
6.99
6.98
@10 2
6.73
7.02
li
10!$ @12
18
10^ @11% 10 0
io*A@DH 10 0
25
9!$ @11
9
2
@94
@11
9!$@11
9
2
@94
6.53
9
3
@95
6.40
9H@HH
9 5
@97
6.59
9
5
@97
6.50
9
5
@97
30
10
@11!$
9
6
@10 0
6.47
10
@ll!$
9
6
@10
6.45
@10 2
10 0
@10 2
6.86
10
10 3
6.99
10
10
2
@10 5
@10 4
6.96
10
6
@11
6.81
0
to
0
11
@12
10
@10 7
6.92
11
@12!$
@12M
10 6
@110
6.71
10
@ll!$ 10 0
10!$@11!$ 10 0
11
10
2
@10 4
6.76
10!$@12
10
1
11
6
20—
@12 X
10
6
@11
0
6.72
10!$ @12
10
10 6
@11
0
6.81
10!$@12
10
5
to 1 to 4 pts. 3 to 4 pts. 2 to 4 pts. 4 to 5 pts.
advance.
decline.
advance.
advance.
Steady,
un¬
pts. changed
Steady,
Quiet but
Very stdy.
un¬
to changed
4 pts. adv.
7
to 5 to
5 pts. adv.
pts. stdy.,
but
Quiet
5 to St'y; 1 to 4
pts. adv. j
6 pts. dec.
advance.
@10 2
6.77
@10
2
6.77
3
@10
5
6.59
3
@10 5
6.67
Thurs.
Wed.
Tues.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
6.47
@10 2
Liverpool for each day are given below:
Mon.
Sat.
Nov. 28
Dec. 4
13
2
decline.
Prices of futures at
Nov.—
27
1
Steady,
Quiet,
2 pts. adv.
Steady,
f
{
6.81d.
6.81d.
Steady,
Steady,
6.40
10 0
10!$ @12
23
Market,
P. M.
@11!$
@11!$
10^@11 %
11
@12!$
11
@12!$
l0Ji@12
2
9
un¬
to changed
3 pts. dec.
opened
Quiet,
6.17
9A
Oct.—
16
changed
Market
SeDt.
4—
Futures.' Steady, un¬
6.82d.
6.77d.
6.77d.
6.71d.
Mid.Upl'ds
New Contract
6.50
6.49
March
Dec.—
d.
d.
d.
December U936)
January (1937)..
6.49
m
-
-
d.
d.
6.53
-
6.55
6.53
d.
d.
6.58
6.56
-
-
-
6.60
6.57
d.
d.
6.64
-
-
6.59
6.62
6.58
d.
W
—
•
6.57
6.60
d.
6.59
6.58
up
6.56
6.60
6.62
6.57
6.60
6.59
6.50
6.49
6.52
6.53
6.57
6.59
6.56
6.54
6.57
6.56
6.42
6.45
6.44
6.47
6.47
6.52
6.54
6.51
6.49
6.52
6.52
October.
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 156,262 bales.
The shipments in detail, as made
Shipping
6.55
6.47
July
1l!$@12!$
4
6.22
6.22
6.23
6.22
December
6.18
January (1938)..
6.18
May
-—---
from mail and telegraphic reports, are as follows:
6.53
6.23
6.52
6.18
--
6.18
6.18
6.26
6.18
-
.
-
-
6.59
6.28
6.24
6.26
-
-
-
»
6.26
6.22
6.18
6.18
6.24
-
-
--
--
6.26
6.22
6.22
BREADSTUFFS
Bales
GALVESTON—To Liverpool—Dec. 1—Magician, 6,930—Nov. 30
—Lochranza, 7,501
Nov. 28—Jumma, 3,150-17,581
To Antwerp—Nov. 30—Sanmateo, 101
101
To Ghent—Nov. 30—Sanmateo, 2,393
2,393
To
To
To
To
To
To
To
To
Copenhagen—Dec. 1—Vassaholm, 831—Nov. 28—Svanhild, 362
Dunkirk—Nov. 30—Sanmateo, 1,328'
Bremen—Dec. 1—Minden, 6,369.
Hamburg—Dec. 1—Minden, 51
Venice—Dec. 1—Ida, 2,648
Nov. 28—Jolee, 100
Trieste—Dec. 1—Ida, 3,762
Oslo—Dec. 1—Vasaholm, 348
Gdynia—Dec. 1—Vasaholm, 2,223—Nov.-28— Svanhild,
145
-
Gothenburg—Dec. 1—Vasaholm, 2,327
To Japan—Nov. 25—Belfast Maru, 3,706;__Nov. 25—Munsterland, 12,566...Nov. 30—Bordeaux Maru, 11,738
To Genoa—Nov. 28—Jolee, 1,959
To Naples—Nov. 28—Jolee, 300
To
1,193
1,328
6,369
51
2,748
3,762
348
2,368
2,327
28,010
1,959
300
Friday Night, Dec. 4, 1936
Flour—Unusual
strength
developed
in
this market the
past week, with bakery grades and family patents showing
price advances
Sales offices of leading mills found encour¬
aging developments.
Since the advance in family patents,
Tuesday, there has been very substantial business worked.
Bakery patents were more active than they have been for
the past
fortnight.
The spectacular rise in wheat and
rye
undoubtedly has done much to stimulate the flour demand.
Wheat—On the 28th ulto. prices closed firm at 1 to l^c.
higher.
In the late trading
an
outburst of buying lifted all
Financial
3662
Chicago wheat futures to
market
was
and this
new
active and strong
high price levels; in fact the
throughout the entire session,
despite heavy profit taking.
Indications of
a
big
export demand, together with a forecast of continued dry
weather in United States
were
that
were
the factors largely
prevailed.
not lost
as an
influence
on
Italy continues to be
European political uncertainties.
an
Estimates were that, in¬
cluding 1,000,000 bushels of Canadian wheat taken today
for shipment abroad, a total of 7,000,000 bushels has been
bought from Canada this week to go to foreign countries.
Meanwhile, further substantial purchases
of Southern
aggressive purchaser of wheat.
Hemisphere wheat for Italy were reported, and statements
current
wheat this
bushels..
that Italy will import 40,000,000 bushels of
season,
having already contracted for 20,000,000
On the 30th ulto. prices closed
unchanged to ^o.
Substantial buying was again in evidence based
largely on the political news from abroad, which continues
of a grave nature.
As a result of the demand prices touched
new highs for the past six year period.
A further stimulus to
higher.
the
upward swing of values were export purchases of 2,000,wheat, making the total in the last
000 bushels of Canadian
week about 9,000,000
in months.
After
a
bushels, the largest amount witnessed
rise of lMc.
a
bushel, however, lively
profit taking sales caused a setback, but a
substantial portion
held to the close. The chief factor operating
in favor of the upward movement was the buoyancy of the
Liverpool market, where substantial net gains of 2^c. a
bushel over Saturday's levels, were shown. It was reiterated
that the British government intends to accumulate reserves
for food protection against possible war.
Estimates current
were that a year's reserve of wheat for Great Britain would
aggregate 135,000,000 bushels.
On the 1st inst. prices
closed Kc. to 3%c. higher.
A sudden outburst of buying
swept over all the grain markets.
One of the outstanding
influences in favor of the upward side of wheat was the report
that the [day's shipping sales of wheat out of Chicago were
the largest witnessed in months, presumably for the use of
domestic millers. Contributing to the late strength of wheat
values were late estimates that exporters had bought 1,000,000 bushels of Canadian wheat for shipment abroad.
A
bearish item that had its effect in the early wheat trading,
was in the form of cables stating that English millers were
adamant against following wheat price upturns.
A reason
given was the fear of wheat selling pressure from the Southern
Hemisphere after the turn of the year. Another transient
bearish influence was timely snow and rain highly beneficial
to domestic winter prospects in dry areas in the Southwest.
On the other hand Canadian visible stocks of wheat showed
a
drop of 7,591,000 bushels last week and now are only
127,000,000 bushels, against 265,000,000 a year ago.
On
the 2d inst. prices closed He. lower to Hfi. higher.
The
peak was reached in this session after seven successive days
of advancing prices. In the early trading it looked as though
prices would continue soaring without interruption when
waves of heavy speculative buying again struck the market.
However,
after
advancing about 2c. to new
record
top quotations, heavy profit taking took place. Anxiety over
the European political crisis, especially as to chances that
open hostilities outside of Spain might develop, focused in
large degree the attention of traders. The market developed
a decidedly reactionary tendency towards the close, with big
selling in progress to realize profits.
Heavily increased
of the gains were
proposed import purchases of wheat for Italy
werefcurrent, one prediction pointing to a probable total of
56,000,000 bushels. Great strength shown in the Liverpool
market, together with reports of enlarged domestic flour
business and sustained demand for cash wheat shipments out
of Chicago, were^the factors largely influencing the buying
estimates of
in wheat futures here.
Following
than 2c.
took place, and on this advance prices touched the highest
levels in six years.
The world-wide tightening of the gen¬
eral wheat supply and demand situation is becoming in¬
creasingly evident, and this is being reflected in the sub¬
stantial price advances.
Estimates are current that import¬
ing countries this season will be in need of more than
50,000,000 bushels of wheat beyond that of last season's
requirements.
Transient weakness of wheat at Chicago
came about largely because of more than 3c.
break in the
Liverpool market, where action of Argentina discontinuing
government-guaranteed minimum prices was construed as
On the 3rd inst. prices closed
an
% to 1*4c. up-
interval of weakness, a sharp recovery of more
bearish.
/
Today prices closed unchanged to %c. lower.
Prospects
of wheat shipments to Chicago from other domestic markets
did much late today to wipe out gains scored earlier.
The
Chicago spot wheat basis was quoted 1 to 2c. lower.
Ad¬
vances at Winnipeg also failed to hold, despite late esti¬
purchases
of
Canadian
CLOSING PRICES OP WHEAT
DAILY
Sat.
DAILY
today
wheat
PRICES
CLOSING
OP
WHEAT
Sat.
May
117%,
10734I
July
Season's
High and
December
126%
May
July.....
122%
109%
DAILY*"CLOSING
Tues.
PRICES OP WHEAT
Sat.
Frl.
139%
139%
CHICAGO
IN
Wed.
120% 123%
118
119%
107% 107%
Low
Season's
When Made
Dec.
4, 1936 December
Dec.
4, 1936 May
Dec.
4,1936 July
Thurs.
139%
FUTURES
Mon.
119 %
NEW YORK
Wed.
138%
135%
December
IN
Tues.
Man.
135
No. 2 red
the upward side. The
provide food for emergencies now threatening because of
were
export
3,000,000 bushels.
Political uncertainties in Europe
and competitive demand for Southern Hemisphere wheat
were conspicuous bullish factors.
Open interest in wheat
was 93,781,000 bushels.
drought regions the coming week,
pronounced strength abroad was said to be due in large
measure to the announcement of a British government plan
to
that
mates
5, 1936
totaled
responsible for the bullish enthusiasm
Sharp advances in the Liverpool market
sight of
Dec.
Chronicle
Thurs.
124%
120%
107%
125% 12U
and
120%
108%
When
85
Fri.
120%
107%
Made
May 28, 1936
Sept. 2, 1936
Oct.
2, 1936
105%
96%
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs.
Fri.
109%
108%
December
May
July
110%
109%
109%
108%
November
110%
112% 112%
113% 113]
109%
110%
111 %
111
111%
112%
111
112]
112j
Corn—On the 28th ulto. prices
The firmness of this grain was
closed %c. to He. higher.
largely in sympathy with the
strength in wheat.
Argentine news was bullish, with corn
prices there higher.
Shipping demand was moderate, and
arrivals from the country were light.
The basis for spot was
steady to easier.
On the 30th ulto. prices closed unchanged
to ^c. up.
There were no tenders for delivery on December
contracts.
However, despite a firmer tone in the spot
market, there was considerable liquidation of long accounts
in the December delivery.
On the 1st inst. prices closed
33^c. to 4%c. higher.
The December delivery of corn
reached $1.09%, the highest price paid in Chicago since
1927.
This sudden rush of buying was due primarily to
extremely
apprehensive shorts.
The sudden rush by
previous speculative sellers to switch to the long side of
December corn contracts started
the buying stampede.
extremely light arrivals of corn at Chicago, together
complete absence of any deliveries on December
corn contracts aggregating nearly 20,000,000 bushels, have
shocked many on the short side of the spot delivery into a
realization of their critical position, and the stampede to
cover resulted.
A tremendous whirlwind of stop-loss orders
The
with the
buy December delivery overwhelmed brokers and in the
of a short time all grains went skyrocketing.
An out¬
to
course
standing feature
deliver
were
on
corn
was
that
no
notices had been posted to
December contracts Wednesday.
other
that
current
market centers
Reports
outbidding
were
Chicago for corn, indicating rather strongly a critical shortage
corn to meet big December requirements in the Chicago
market,
On the 2d inst. prices closed %c. to l%c. lower.
Influenced largely by the action of wheat, corn continued its
upward movement in the early session.
However, heavy
profit taking sales were encountered as soon as prices reached
new peaks,
and the market dropped off sharply. Prices
closed at the lows of the day.
On the 3rd inst prices closed unchanged to %c. lower.
Corn was under some selling pressure as a result of the
increased rural offerings to arrive here.
Notice was posted
of
that
40,000 bushels of corn would be tendered for delivery
contracts this Friday.
Today prices closed
December
on
Trading was comparatively quiet
special feature.
Open interest in corn was
52,669,000 bushels.
unchanged to %c. higher.
and
without
DAILY CLOSING PRICES OP CORN IN
Sat. Mon.
Tues.
NEW YORK
Wed.
Fri.
123% 120%
CHICAGO
DAILY CLOSING PRICES OP CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
107!
98%
99
102% 101% 101
101!
95%
95%
98%
97%
97
97]
100% 110% 103% 102% 102% 102 \
96%
96%
99%
98%
98%
98]
104%
December
May
July
May (new)
July (new)..
103%
Dec.
Dec.
98%
Dec.
104%
100
Dec.
Dec.
105%
109%
108% 107%
Season's Low and When Made
Season's High and When Made
December... .110%
May
July
May (new)
July (new)
Thurs.
125% 126% 130% 126%
No. 2 yellow
2, 1936 December
2, 1936 May
2, 1936 July
2, 1936 May (new)
2, 1936 July (new)
—
June
2, 1930
July 29. 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2, 1936
52%
85%
85
89%
86%
closed 3^ to %c. higher.
trading, which was light.
On the 30th ulto. prices closed }^c. lower to
higher.
There was very little of interest in this market, though prices
held fairly steady. On the 1st inst. prices closed
to 134ohigher. This pronounced strength was due in large measure
to skyrocketing of corn and wheat prices.
On the 2d inst.
prices closed unchanged to Ha. down. There was very little
of interest, trading being very quiet.
On the 3rd inst prices closed %c. off to %c. up.
Trading
was light and without feature.
Today prices closed % to
V2C. up. The firmness of this grain was rather surprising,
Oat8—On the 28th ulto. prices
There was no special feature to the
in
view of the backwardness of the other grains.
DAILY CLOSING PRICES OP OATS IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
No. 2 white
—
58%
49%
59%
December
May
July
Season's
December
May
July
45%
45
41%
46%
45%
42%
59
Thurs.
Fri.
46
46
45%
WINNIPEG
Mon. Tues. Wed. Thurs.
44%
45%
45%
45%
45%
45%
46
46% 46%
,
May
Fri.
CHICAGO
46%
46
46%
42%
42% 42%
High and When Made
|
Season's Low and When Made
46% 'Dec.
2, 19361 December.... 26%
May 27, 1936
.48%
Aug. 3, 1936 May
40%
July 29, 1936
43%
Dec.
4, 19361 July
37%
Oct.
1,1936
45%
45
41%
DAILY CLOSING PRICES OP OATS FUTURES IN
December
58%
58%
DAILY CLOSING PRICES OP OATS FUTURES IN
Sat. Mon. Tues.
Wed.
Sat.
L
45%
Fri.
46'
46
Volume
Financial
143
Rye—On the 28th ulto. prices closed unchanged to l%c.
higher. This grain closely related to wheat as a breadstuff,
is generally influenced more or less by the action of wheat.
Today was not an exception to the rule, prices of rye respond¬
ing quite fully to the pronounced strength in wheat. On the
30th ulto. prices closed % to lc. higher.
This grain, the
same as wheat, scored new
highs for the past six year period.
Rye, however, held its gains much better than wheat. On
the 1st. inst. prices closed 1 ^ to 1
higher. While the wheat
and corn markets in their vigorous upward movement of
prices played their part in influencing other grains in their
upward trend, the market for rye had its own inherent
strength b&sed on a healthy spot demand and good prospects
of a long looked for revival of heavy flour demand.
On the
2d inst. prices closed
3^c. down to Y&. up. Trading was
quite active, with considerable profit taking. Fluctuations
were more or less irregular.
The late weakness of wheat and
corn had an unsettling effect on rye.
On the 3rd inst. prices closed 1% to l%c. up.
This was
the strongest of the grain markets.
A factor that operated
considerably in the strength of Chicago rye was the advance
of 3c. a bushel in rye at Winnipeg.
Today prices closed % c.
down to %c. up.
Trading was fairly active, with price
fluctuations
more
or
DAILY CLOSING
less
PRICES
RYE
85 X
Season's High and When I Made
December
101k
Dec. 4, 1936
May
Dec.
4. 1936
Dec.
July
90k
4. 1936
Tues.
97 Vs
93 k
88
93
k
86
Fri
Thurs.
99H
95k
89k
99k
95 k
89k
I
Season's Low and When Made
December
55k
June 3, 1936
Aug. 11, 1936
Oct.
71
3. 1936
May.
July.
Mon.
Sat.
79k
79k
May
Wed.
97 \
DAILY CLOSING PRICES OF RYE FUTURES
December
79
80
Tues.
Mon.
December
88k
88k
May
80
80k
Mon.
Sat.
.
63k
60k
_
May
Closing quotations
83k
83k
80k
83k
83k
Tues.
Wed.
88k
80k
88k
81k
Thurs.
Fri.
88k
81k
88k
81k
Tues.
Wed.
Fri.
Thurs.
64k
64k
64k
65k
65
61k
62 k
63k
64
63k
follows:
were as
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
289,000
Albany
41,955
96,000
Sorel
1,235,000
"21666
New Orleans
2,325",666
Montreal
Halifax
1
Total week 1936.
4,465.000
2,181,000
.
Same week 1935
1
1
1
1
t
I
GRAIN
Corn, New York—
No. 2 yeUow, all rail.
No. 2 white
59
Rye, No. 2. f.o.b. bond N. Y,._ 96k
Barley, New York—
47k lbs. malting...
103k
Chicago, cash
100-140
Hard winter patents
6.10
6.60<
5.55i
Hard winter clears...
16.45 Oats, good..
15.65 Cornflour
16.65 Barley goods—
Coarse
16.85
15.75
and Since
Wheat
3.00
3.10
Week
Since
Week
Since
Nov. 28
July 1
Nov. 28
July 1
Nov. 28
July 1
1936
193G
1936
1936
1936
1936
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom. 105,830
Continent..
17,980
11,500
23,500
2",145
160.955
61,560
2,402,976
1,600,894
Other countries—.
Total 1935
The
visible
granary
357,083
295,000
Wheat
Oats
Rye
230.000
85,000
708,000
311,000
Milwaukee...
971666
Detroit......
26,000
20,000
171,000
7,000
Indianapolis.
St.
Louis....
Peoria.......
Kansas City..
Omaha..
St.
138,000
38,000
15,000
Joseph...
Wichita
Sioux City...
Buffalo......
Total wk.1936
453,000
Same wk.1935
376,000
Same wk.1934
306,000
Since Aug. 1—
1936
1935
1934
136,000
42.000
1371666
32,000
Toledo
1,543.000
144,000
6,000
23,000
42,000
7,000
603,000
741,000
310,000
460,000
95,000
27,000
12,000
6,040,000
6,126,000
7.044,000
5,093,000
7,020,000
2,686,000
907,000
2,345,000
1,224,000
62",665
60,000
6,000
GRAIN STOCKS
Wheat
Boston
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
.....
New_York
"
Corn
Bushels
United States—
88,000
afloat.
.........
Philadelphia
776,000
Baltimore*
....
New Orleans
1,262,000
...
Galveston
835,000
3,376,000
928,000
Fort Worth
Wichita
Hutchinson
4,697,000
St. Joseph
1,450,000
Kansas City........... 14,506,000
Omaha
4,380,000
503,000
........
Indianapolis.
Peoria
...
Chicago
On Lakes...
Milwaukee
"
afloat............
...
....
Detroit
-
—
Buffaloz
afloat
Total Nov.
Total Nov.
Corn
750,000 1,869.000
714,000 2,512,000
635,000 1,560,000
Oats
Rye
Philadelphia
.
Baltimore.
New Orleans *
183,000
23,000
10,000
20,000
Montreal
B 08 ton
40.000
9,000
89,000
"12.666
Galveston....
iio1665
57.000
8,000
10,000
10.000
30,666
87I660
"6",660
2.325.000
280,666
23,000
3,558,000
1,703,000
9,000
7,525,000
998,000
310,000
198~66O
"1I666
91666
"V", 000
123,000
31,000
8,000
13,000
"7I660
26,000
66,000
246,000
343,000
113,000
523.000
938,000
68,000
1,315,000
184", 000
1,421,000
3,291,000
379,000
1.109,000
980,000
12,000
9,039,000
41,000
50,000
II—II
5,O3OI6OO
8~6~55O 17,389~5O5
1,512,000
442,000
7,000
255,000
483,000
5,996,000
1,964,000
160,000
1.631,000
90,000
......
2,576,000
....
5,961,000
4,460,000
140,000
7,222,000
1,151,000
28.1936— 65,838,000
21,1936.. 66,330,000
75.434.000
36.000
4,000
1,470.000
4,804,000
6,000
1,570,000
163,000
409,000
7,097,000 41,202,000
5,801,000 42,888,000
4,237,000 45,858,000
40.000
64,000
31,000
105,000
-----
2,391,000
5,927,000 18,010,000
5,837,000 17,671,000
9,828.000 16.566,000
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
2,644,000
1,380,000
1,102,000
305,000
841,000
4,000
1936.. 64,364,000
5,126,000
5,361,000
5.454.000
1,150,000
1,137,000
J,418,000
points
28,680,000
-
Ft. Wm. & Pt. Arthur— 17,965,000
Other Canadian
—
Total Nov. 21,
12,213,000
1,000
1,473,000
3,718,000
388,000
5,579,0(M
6,566,004
3,699,001
Summary-
65,838,000
58,858,000
American
Total Nov.
28,1936.-124,696,000
21,1936—130,694,000
Total NOV. 30.1935—206,598,000
The world's
7,097,000 41,202,000
5,126,000
5,927,000 18,010,000
1,150,000 5,579,000
7,097,000 46,328,000
7,077,000 23.589,000
5,801,000 48,249,000
6,974,000 24,237,000
4,237,000 51,312,000 13,246,000 20,265,000
shipment of'wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 27, and since July 1,1936, and July 1, 1935, are
shown in the
following:
Wheat
Corn
Week
India
—
Oth. countr's
Since
Week
Since
Since
July 1,
July 1,
July 1,
1935
Nov. 27.
1936
July 1,
1936
1936
1935
Bushels
Black Sea...
Since
Nov. 27.
1936
Exports
Australi
8.000
Bushels
Bushels
Bushels
Bushels
Bushels
5,943.000
1,224,000
964,000
1,146,000
856,000
448,000
102,337,000
35,120,000
23,749,000
27,475,000
5,676,000
11,520,000
65,967,000
1,000
1,000
25,802,000 1,0031666
9,041,000
3,583,000
45,910,000 8,327,000 167,332,000 132,022.000
38,288,000
256,000
13,968,000 1,0891666 11,125,000 22,585.000
82",666
520,000
Halifax—
7,000
Total wk.1936
376,000
4,712,000
Since Jan.1'36 13,833,000
124,728.06O
480,000
9.931,000
132,000
7.353.000
1,834,000
62.446,000
430,000
14,915,000
1,143,000
16,648,000
334.000
Since Jan.1'35 12.048.000
*
89,000
4,413,000
84,000
3,896,000
53,000
385.000
4,616,000 4.686.000
Receipts do not Include grain passing through New Orleau
through bills of lading.
Total
10,581,000 205,777,000 190,191.000 10,419,000 187,499,000 158,191,000
1,000
1,235_, 000
Three Rivera.
on
3,000
"
61,000
gorel
Week 1935—
429,000
45,000
Wheat
Argentina...
559,000
14,000
"3I660
35,000
Montreal and other water
North Amer.
York...
"2I066
Note—Bonded grain not included above:
Barley—Buffalo, 527,000 bushels;
Duluth, 2,778,000; on Lakes, 241,000; total, 3,546.000 bushels, against 96,000
bushels In 1935. Wheat—New York, 2,463,000 bushels; New York afloat, 16,000;
Barley
bbls. 196165 bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.b&bs. bushA8lbs.
New
"3",000
5181666
*
Baltimore also has 104,000 bushels foreign corn in bond,
x Duluth includes
120,000 bushels feed wheat, z Buffalo also has 129,000 bushels Argentine corn in
Total Nov.
9".55O 1
203,000
receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 28, 1936, follow:
Wheat
73,565
Tg'ooo
store.
~
1,000
7.551,000 127,964,000 66^279,000 39.355,000 8.932,00051,885,000
6,912,000 217,460,000 47,488,000 80,439,00011,709.00044,852,000
6.649,000 124,650,000 104,072.000 26,539,000 8,142.00034.329.000
Flour
155,000
181,000
40,000
483,000
129,000
78,000
17,000
765,000
......
Canadian.....---.
Total
JReceipts at—
1,000
45,000
Total Nov. 30,1935.. 131,164,000
45,000
136,000
24,000
26,000
120,000
348,000
321656
55,000
42,000
77,000
38,000
2,000
35,000
192,000
43,000
2,181.000
Total Nov. 28,1936.. 68,858,000
86,000
289,000
740,000
355,000
304,000
63,000
781,000
131666
80,000
24,000
666,000
132,000
26,000
184,000
1,000
3.606,000
1,437", 066
68,980,000
41,380.000
4,465,000
supply of grain, comprising ^the stocks in
of accumulation at lake and
Saturday, Nov. 28, were as follows:
Canadian—
Duluth
1,000
......
at principal points
seaboard ports
Barley
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bvsh.SGlbs. bushASlbs.
Chicago
Minneapolis..
199,000
11,000
Buffalo, 7,951,000; Buffalo afloat, 2,701,000; Duluth, 5,065,000; Erie, 2,462,000;
Albany, 3,048,000; Chicago, 247,000; on Lakes, 745,000; Canal, 1,497,000; total,
26,195,000 bushels, against, 32,000,000 bushels in 1935.
,
Corn
41,883,000
25,450,000
520,000
11,000
59,983
Brit. No. Am. Col.
Total 1936
2,271,000
2,189,000
5,000
1,159,910
On Canal
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New
Yo|h 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
Flour
Corn
Since
Total Nov. 30.1935..
Receipts at—
82.000
Week
July 1 to—
"
4.75
Fancy pearl.Nos.2.4&7 6.90® 7.25
of the last three years:
335,000
tJo oo oo oo
Exports for Week
Duluthx
7.45@7.70 Rye flour patents
5.60® 5.75
7.05@7.75 Seminola.bbl., Nos. 1-310.60® 10.70
5.40<
6.40(
9,000
34,000
oc 00
below:
as
Flour
Minneapolis
IFLOUR
Spring oata, high protein.
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
00
160,955
61,660
.
The destination of these exports for the week and since
July 1, 1936, is
Sioux City
St. Louis
Oats, New York—
120k
~8~2".66o
I
.......
Wheat, New York—
No. 2 red. c.i.f., domestic
139
Manitoba No. 1. f.o.b. N. Y.126
"9",000
7,000
l
1
5201666
Three Rivers
87~,666
11,000
....
Fri.
Thurs.
80k
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
December
Exports from—
IN WINNIPEG
Wed.
80k
80k
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat.
statement:
West Indies
CHICAGO
IN
FUTURES
Sat. Mon.
95
96
92 H
92
December.
May
July
3663
The exports from the several seaboard ports for the week
ended Saturday, Nov. 28, 1936, are shown in the annexed
So. & Cent. Amer.
irregular.
OP
Chronicle
for foreign ports
Weather Report for the Week Ended Dec. 2—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 2, follows:
The week was characterized by scanty precipitation in most sections, and
subnormal temperatures over much or the country.
Early in the period
much colder weather prevailed in North-Central States, and by Nov. 26
there was a sharp drop in temperature in the Atlantic area.
On Nov. 27
and 28 high pressure prevailed in the Southern States, with subfreezing
Financial
3664
weather reported from northern Florida on the morning of the latter date.
Again, near the close of the week, an extensive high-pressure area over¬
spread the eastern half of the country and much colder weatuer prevailed,
especially in the Middle and North Atlantic States, witn subzero temper¬
atures in the Northeast and readings of 12 degrees to 14 degrees in the
Potomac Valley and adjacent sections.
Rainfall was rather frequent, with
some
neavy amounts, in the South,
but over most other sections fair
weathei
was
Chronicle
considerably below zero in
observed in the upper Lake
lowest reported from a first-order station was 16 degrees
below zero at Canton, N. Y,, on Dec. 1.
White River, Ont., had a temper¬
ature of 38 degrees below zero, and Doucet, Que. 36 degrees below.
In
the Ohio Valley the lowest ranged from 10 degrees to 18 degrees, while in the
Middle Atlantic States similar readings were reported.
Freezing weather
extended well southward over the Florida Peninsula, but in southern Texas
the temperature remained above 40 degrees.
The temperature for the week averaged much below normal over the
eastern half of the country, and also in a limited area of tne far Northwest.
From the Mississippi Valley eastward the minus departures ranged generally
from 6 degrees in the south to as much as 15 degrees in some more northern
sections.
Similar departures occurred in the interior of the North Pacific
area.
belt, extending from eastern Montana
was abnormally warm, the plus
degrees in the south to as many as 14
On the other hand, over a wide
North-Dakota soutnward, the week
departures ranging from about 4
degrees in western North Dakota.
Light to moderate precipitation occurred in the Lake region and North¬
locally heavy falls in Gulf sections.
Other¬
eastern States, and moderate to
wise, there was very little precipitation, with the Ohio Valley ana all central
and northern sections from the Plains westward receiving no appreciable
amount during the week.
Northwest there was no
In much of the interior of the country and the
precipitation of consequence during the entire
November.
Because of the generally scanty rainfall in November, much the greater
montn of
portion of the country is now in need of moisture.
Following an extremely
dry summer, September brought good rains to most central-valley sections
and to the southern Great Plains, but in a large northwestern area precipita¬
tion continued deficient and the drought has never been appreciably relieved.
East of the Mississippi River the soil in most sections still is fairly well
supplied with moisture, though more is needed in the middle Atlantic area
and there are increasing complaints of dryness locally in the western Ohio
Valley.
Except in a few sections of limited extent, droughty conditions now
prevail rather generally from the Mississippi River and central-northern
districts westward to the Pacific Ocean.
Moderate duststorms occurred
in many sections of the Great Plains and as far eastward as western Iowa.
In the Pacific States, especially in the central and northern portions, the
drought has become serious.
With the exception of considerable damage to tender-truck crops in
Florida, low temperatures and frost during the week did no serious harm.
In fact, the cool weather in Florida favored ripening and coloring of citrus
fruits.
In the west Gulf area temperatures aid not go low enough to harm
vegetation, although there was local damage in the extreme lower Missis¬
sippi Valley.
Picking the remnants of the cotton crop made fairly good progress in
northern sections of the belt; there was some damage to open staple in
the Mississippi Delta Counties.
Considerable cotton remains ungathered
in some lowlands of the Mississippi Valley.
A good deal of corn was
husked and cribbed during the week and this work is well along generally.
In general, outside work was inactive in eastern and northeastern sections
becauso of low temperatures.
Small Grains—Because of insufficient moisture the winter-wheat crop
is not
maintaining its earlier favorable condition in the western portions
East of the Mississippi River there is mostly still sufficient
and condition is good to excellent rather generally, but there
of tne belt.
moisture
are some complaints of dryness in the western Ohio Valley.
West of the
Mississippi, practically all wheat sections are in need of moisture.
In
Missouri the crop made little growth and the soil is too dry forlateseeded.
In the Plains and eastern Rocky Mountain States precipitation is needed
generally from Oklahoma northward.
weeks in succession.
In the eastern
been damaged, except the late planted, but
In Kansas there have been five dry
half of the State wheat has not
plants are making little or no growth, while in the west, especially the
western third, the crop is deteriorating.
There was some soil drifting and
moaerate duststorms.
Deterioration is reported also from Nebraska, with
high winds and duststorms, though in the eastern portion of the State the
crop continues in fair condition.
In the Pacific Northwest the outlook is
extremely bad.
In Washington drought and cold have severely damaged
winter wheat, and moisture is entirely inadequate in Idaho, Oregon, and
northern California.
In the spring-wheat area, much of which had one of the driest falls of
record, following a dry summer, the subsoil is extremely dry, and a next
year's wheat crop will depend almost entirely on the occurrence of spring
rains.
The
and
1936
hard freezes stopped
the rule.
THE DRY GOODS TRADE
The
region.
Unseasonably cold,
Kentucky—Louisville:
5,
growth.
Fall grains dormant; good condition.
Pastures useless and
feeding much increased.
Corn gathering nearly finished; grain thoroughly
dry.
Tobacco stripping suspended; too dry. Considerable winter plowing.
Soil becoming rather dry, but moisture remains ample for grains.
Minimum temperatures for the week, were
the Northeast, and some subzero readings were
and
Dec.
Weather
Bureau furnished the following resume of
conditions in the different States:
Virginia—Richmond:
Temperatures considerably below normal; rain¬
light.
Germination of clover and grass retarded and wheat stands
injured somewhat.
Pastures holding up.
Threshing peanuts and picking
late cotton continue.
Heavy shipments of southeastern spinach.
North Carolina—Raleigh;
Rather cold, though mostly favorable for
fall
gathering corn and cotton.
Seeding small grains about completed; early
grain doing well.
Cabbage, lettuce, and other hardy truck in good
condition.
Considerable butchering done.
South Carolina—-Columbia:
Moderate rains at beginning and end of
week; fair otherwise, but too cold for much farm work, except butcher¬
ing, and gathering corn; freezing to coast Saturday.
Growth of grain and
truck rather slow.
Cotton picking slow in north account cold; considerable
in fields locally.
Pastures in winter condition in north.
Georgia—Atlanta:
Good rains in some sections on 24th, but only light
in south.
Mostly favorable for sowing grain, except in southeast; some
wheat up in north; condition mostly good.
Week cold in all sections, with
freezing throughout State Saturday morning.
Florida—Jacksonville:
Frost on 28th did considerable damage to tender
truck; freezing temperatures as far south as Arcadia and Wauchula. Citrus
good; cold coloring and ripening fruit; shipments increasing.
Strawberries
set back by cold; some bloom frozen.
Cane mostly good; harvesting main
crop in Everglades district begins this week.
Alabama—Montgomery:
Freezing temperatures early in week did
little harm, summer crops having been gathered.
Dry until general rains
set in at close of week with the moisture badly needed in many sections for
sown
grain, cover crops, vegetables, and pastures.
.
Mississippi—Vicksburg:
Some damage to unpicked staple cotton in
extreme northern delta counties, with slow progress in picking, although
conditions generally favorable.
Corn generally housed.
No damaging
cold; recent rains favoring progress of cover crops in south and central.
Louisiana—New Orleans:
Cold most of week with heavy frost and
freezing almost to coast Thursday and Saturday, resulting in scattered
damage to tender vegetation and sugar cane buds.
Moderate temperatures
at close, with general, locally heavy rains.
Too cold for much growth of
winter crops.
Good progress in plowing and harvesting cane.
Pastures
fair to poor.
Averaged warm in Panhandle, cold in northeast
in east, middle, and extreme west,
elsewhere.
Winter wheat sowing made excellent advance and
nearing completion; early planted up to good stands and in very good
condition, although rain now needed in Panhandle.
Minor grains, truck,
cattle and ranges generally good, but rain needed in extreme south.
Oklahoma—Oklahoma City:
Light rain in east, but none elsewhere.
Week favorable for outdoor work and considerable plowing accomplished.
Winter wheat made slow growth and needs rain practically over entire
State; condition fair.
Livestock fair to good.
Arkansas—Little Rock:
Weather cold; otherwise favorable for farm
work until last of week, when delayed by rains.
Cotton nearly picked,
except on some eastern lowlands.
Rice threshed.
Some corn and feed
crops still in fields.
Wheat, oats, rye, winter pastures, and winter truck
good to excellent.
Considerable plowing and terracing done.
Tennessee—Nashville:
Plowing and sowing continued until Thursday
when snow and much colder interrupted most farm work.
Precipitation
Texas—Houston:
and about normal elsewhere; good rain
and light
light and ground too dry for best growth; cover crops, however, in good
condition and affording some grazing.
Pastures about gone. Some progress
made in harvesting remnants of summer crops. Considerable hog killing.
New York, Friday
maintained
Night, Dec. 4, 1936
brisk
pace, and, notwith¬
standing inclement weather conditions during part of the
week, total sales again exceeded those of a year ago by a
considerable margin. Particularly impressive showings were
made by department stores in industrial districts, owing to
the numerous wage increases announced in recent weeks.
Gift items moved in large volume, notable in the higher
priced lines, and apparel and home furnishings als/o were in
good demand. A feature of the week was the early scattered
buying of Winter resort goods which usually does not get
under way until after the holidays. Department store sales
for November are expected to show an average increase for
the country as a whole of between 10 and 12 per cent, while
early estimates for December point to a gain of 10 to 15 per
Retail
trade
its
cent.
Trading in the wholesale dry goods markets continued
developed into something like / a scramble for spot
goods. The delivery situation has grown quite serious, and
retailers in general after having hesitated to cover
too
freely against their requirements, now find that their stocks
are too low for the anticipated holiday business.
Orders for
staple items for post-holiday sales were also placed in good
volume. Wholesalers slackened their own purchases to some
extent, in anticipation of the usual slowing down in new
commitments by retail merchants, immediately prior to the
holidays and the turn of the year. Business in silks quieted
down somewhat, chiefly due to a rather disappointing raw
silk consumption report, as a result of which prices of the
raw material developed an easier trend.
Trading in rayon
yarns continued active.
Books were opened for February
business, and in view of the large amount of inquiries re¬
ceived, it was expected that producers will have to continue
allotting their output to buyers.
Contrary to previous
expectations, however, prices were left unchanged, partly
due to fears of increased foreign competition, notably of
Italian yarns, the importation of which has been stimulated
by the recent lire devaluation. While the resumption of
operations by the largest acetate plant relieved the situation
in that field, it was expected that it would take some time
before the present scarcity of yarns could be alleviated.
active and
Domestic
Cotton Goods—Trading in the gray cloth
proceeded at a slow pace and was mostly limited to
a search for spot
and nearby goods, the supply of which
continued to be very light.
Several second-hand offerings
appeared in the market, but were quickly absorbed at
prices either equal to or but slightly below mills' quotations.
The decline in activity was believed to be due in part to the
unwillingness of buyers to accept the protective price clause
insisted on by most mills, and partly to the growing diffi¬
culty of adjusting finished goods quotations to the rapid rise
of gray cloth prices.
In general, however, quotations held
strong, reflecting the large amount of unfilled orders in
mills' hands.
Business in fine goods was fairly active, and
prices advanced sharply.
Later in the week, however,
trading slackened because of the appearance of second-hand
offerings at prices considerably below mills' quotations.
Closing prices in print cloths were as follows: 39-inch 80's,
9% to 11c.; 39-inch 72-76's, 9Y2 to 10^c.; 39-inch 68-72's,
8V8 to 9c.; 38H-inch 64-60's, 1% to 8c., 38M-inch 60-48's,
9% to 7c.
markets
Woolen
Goods—Trading in men's wear fabrics con¬
higher wool quotations and increased
While mills continued to raise their
prices, clothing manufacturers were reluctant to place addi¬
tional orders, inasmuch as most of their Spring needs were
believed to have been covered. Mills, on the other hand,
tinued quiet, due to
costs of production.
saw
reason
no
filled orders
for
over
to plress
was
said to
for business, as the amount of un¬
assure
continued active operations
Reports from retail clothing centers
satisfactory account, reflecting the sus¬
three months.
continued to give a
tained consumer demand
for
Winter
apparel and Winter
Business in women's fabrics made an improved
showing, as garment manufacturers covered freely on new
Spring lines. Flannels, fleeces and sport fabrics also moved
in large volume, and some lines were withdrawn by mills,
partly due to an oversold condition, and partly for repricing
purposes.
Deliveries by garment manufacturers maintained
their large volume, as the heavy consumer demand for all
classes of apparel continued unabated.
sports wear.
Foreign Dry Goods—Trading in linens
remained active,
with the demand centering on gift and household items. The
call for various types of dress linens, notably of sheer crepes
for
use
in
in resort wear, was
also quite heavy, as crush resist¬
have stimulated the movement of these goods
distributive channels.
Business in burlaps expanded
ance
processes
in fair
higher
cables, due to favorable statistical developments in the
primary market. Domestically lightweights were quoted at
somewhat, and shipments as well as spot goods were
demand.
Prices held steady in
sympathy with
3.90c., heavies at 5.40c.
Volume
143
Financial
Chronicle
3665
1,030,000 Minneapolis, Minn., bonds, due serially from 1937 :to 1946incl., were awarded to Phelps, Fenn & Co. of New York as
1.70s, at a price of 100.162, a basis of about 1.67%.
The month of November
MUNICIPAL
BOND
SALES
IN
for the sale of
NOVEMBER
Long-term financing by States and municipalities during
the month of November
awards in the
was
severely restricted in volume,
period having amounted to only $62,923,080,
compared with $83,353,067 in October.
as
last
month's
total
the
not
was
result
of
The smallness of
any
lessening in
demand for tax-exempt liens, but was caused largely by the
temporary cessation of activity
generally
pending
outcome
the financial
markets
the
of
in
Presidential
election.
This
which
for
the
months of the present year
for
1936
will
recorded
in
probably
1935,
period since 1931.
of
sales
cancel the sales
indicate that the total of emissions
fall
short
which figure
of
was
the
the
$1,220,150,097
largest
for
any
However, the fact that flotations in the
11-months'period of the present
year
have exceeded $1,000,-
000,000, demonstrates beyond question of doubt
the
$15,000,000 Colorado (State of) highway fund revenue anticipation war¬
rants, due serially from 1939 to 1954, incl., were awarded to a
nation-wide banking group managed jointly by Lazard Freres
& Co., Inc., and Lehman Bros., both of New York, on a bid
of par for $11,690,000 as 3s, maturing from 1939 to 1951, incl.,
and $3,310,000 as 2Ms, due from 1952 to 1954.
Reoffering
of the 3s was made at prices to yield from 1.25% to
2.85%,
according to maturity, while the 2Ms were all priced at par.
6,450,000 Greensboro, N. C., refunding bonds, including $350,000
4Ms, due from 1940 to 1944, incl., $3,300,000 4s, maturing
from 1945 to 1956, and $2,800,000
3Ms, maturing serially
from 1957 to 1962, were awarded to the Chase National
Bank of New York and associates at a price of
100.02, a cost
basis of about 3.72%.
Reoffered on a yield basis of from
2.75% to 3.70%, and at dollar prices of 98 and 99, according
to coupon rate and date of maturity.
4,400,000 Board of Administrators of the Charity Hospital of
Louisiana at New Orleans, La., bonds,
comprising $341,000
4Ks, maturing from 1938 to 1941, $1,925,000 4s, due from
1942 to 1956, and $2,134,000 3 Ms, due serially from 1957 to
1966, incl., were sold to an account headed by Lazard Freres
& Co., Inc., of New York, on a bid of
100.049, an interest
cost of about 3.69%.
In reoffering the bonds the bankers
priced the 3 Ms from 99.50 to 98.50, according to maturity,
the 4s to yield from 2.75% to 3.65%, and the
4Ms on a yield
basis of from 1.25% to 2.50%.
3,237,000 Toledo, Ohio, refunding bonds, due serially from 1938 to
1949, incl., were sold as 2M®, at a price of 100.37, to a group
managed by Stranahan, Harris & Co., Inc., of Toledo.
3,011,000
aout} municipal light and power muuuo,
Seattle, Wash., xjliuxuvipat nguu ttuu pu vv ot bonds, LOllipi 10ui5
comprising
$2,511,000 3 Ms, maturing serially from 1943 to 1958, incl.,
$500,000 3 Ms, due in the same period, were awarded to
a syndicate
headed by the Bancamerica-Blair Corp. of New
York, at a price of 95.50.
The bankers obtained a six-months'
option on an additional $2,489,000 bonds as 3Ms at a price of
95.50.
In the reoffering the 3 Ms due from 1943 to
1946, incl.,
were priced to yield from
3.10% to 3.40%, while those matur¬
ing from 1947 to 1958, incl., were offered at from par to 99.50.
The 3Ms sold on a yield basis of from
3.10% to 3.65%, accord¬
ing to maturity.
ucalltvi
tt
and
2,500,000 Rhode Island (State of) bonds were sold as follows: $1,500,000
public works 3s, due from 1952 to 1961, incl., went to Edward
B. Smith & Co., Inc., of New York and
associates, at a price
of 115.60, a basis of about
2.10%.
The $1,000,000 unemploy¬
ment relief issue, due $500,000 each in 1942 and
1943, were
awarded to the Industrial Trust Co.
price
of
of Providence
as
Is at
a
par.
1,881,000 Orleans Levee District, La., refunding bonds were sold as
3Ms and 4s to an account managed by Stranahan, Harris &
Co., Inc., of New York, at a price of 100.11.
1,550,000 Jersey City, N. J., bonds, embracing $1,350,000 3 Ms, due
serially from 1937 to 1957, incl., and $200,000 3s, due from
1958 to 1965, incl., were purchased by Lehman Bros, of
New
York and associates, at a price of par.
1,500,000 Orleans Parish, La., 4% school bonds, due serially from 1937
to 1967, incl., sold to an account headed
by Graham, Parsons
& Co. of New York at a price of
108.78, a basis of about 3.34%.
Reoffering was made on a yield basis of from 1% to 3.30%,
according to maturity.
1,500,000 Water bury, Conn., relief bonds, including $625,000 2s, due
serially from 1940 to 1944, incl., $500,000 lMs, due from
1945 to 1948, and $375,000 2s, due from 1949 to
1951, were
sold to a group headed by Lazard Freres & Co.,
Inc., of New
York at a price of 100.032.
Reoffering of the earlier dated 2s
and all the
lMs
was
made at
prices to yield from 1.15% to
1.95%, according to rate and maturity, while the 2s due from
1949 to 1951, incl., were priced from 99.50 to 98.50.
1,332,000 San Francisco (City and County),
Calif.. 4% water dis¬
bonds, maturing serially from 1936 to 1953, incl.,
an account headed by the Nat onal
City Bank or
New York at 112.56, a basis of about 2.47%.
The bankers
reoffered the bonds at prices to yield from
0.35% to 2.50%,
according to maturity.
tribution
were
sold to
offerings
unusually ready reception
however, thatour
a
record of
originally proposed.
value
par
of
The number of issues
during November
the
issues
being
19,
was
$1,575,050.
tabulated below, the information
given
number of the "Chronicle" where a report of
the failure may be found—name of the
prospective borrower,
being the
are
page
interest rate and amount of the issue
involved, and the nature
of the report, if any, given as a reason for the
non-sale:
Page
Name
3507 Bedford, Ohio.
3359 Bonesteel, S. Dak
3359
int. Rate
Bridge
4%
6%
Hackensack, N. J
not exc.
Los Angeles
exc.
6%
3M%
6%
3%
6%
exc.
3191 Newton Falls, Ohio
Notus, Idaho
not
3M%
4%
6%
County, Calif
not
3508 Loyalsock Township S. D., Pa.__
3358 Mansfield, Ohio
3038 Marinette County, Wis...
3502
386,000
x
3508 Harris Township Sch. Dist., Pa..not
3185 Levy County, Fla
3351
6,400
400,000
24,500
22,700
6,000
12,500
13,150
100,000
180,000
6%
exc.
3507 Plain City Sch. District, Ohio
3036 Poteau, Okla
6,800
4%
x
3353 Webster City, Iowa
2M%
3034 Wheatland County, Mont
not exc. 5%
3193 Zerb Township Sch. Dist., Pa ...not exc.
3M%
*
Rate of interest
New
issues
was
Report
Bids rejected
Not sold
Offering canceled
Dis-
w
3353 Gibson County, Ind
3189
$136,000
7,500
30,000
x
Isle-Sedgwick
^irict'^e
Amount
4%
Charles Mix County, S. Dak_.
3354 Deer
un¬
usually favorable conditions which prevailed for the dis¬
posal of municipal bonds in 1936.
The issues in amounts of $1,000,000 or more sold during
the month, were as follows:
an
It should be noted,
not sold as scheduled
were
aggregate
Such
municipal bonds for the 11
offerings.
offerings in November, were in that category
only because of the decision of the prospective borrower to
the
of
practically all of the municipalities
unsuccessful
to
The results
rather difficult period
considerable portion of the issues included in
which
November to modest proportions.
a
new municipal issues.
sharp contrast with the record for previous
to market found
came
their
proved
large pumber of
months of this year, when
Then, too, the other holidays during the month contributed
reducing the aggregate of sales of municipal bonds in
in
was
rather
a
90,000
50,000
7,500
Offering canceled
No bids
Offering canceled
Offering canceled
No bids
Bids rejected
No bids
Bids rejected
Bids rejected
Offering canceled
No bids
Offering canceled
Bids rejected
Bids rejected
46,000
Offering canceled
50,000
No bids
optional with the bidder.
of
notes
and
other
municipal
obligations
temporary in character were sold in the amount of
$40,899,387 during the month of November.
The
City of
responsible for $25,500,000 of the total;
large emissions being those of $6,000,000 by Boston,
Mass., and $3,000,000 by the State of Texas. As in
previous
New
York
was
other
months of the year,
negotiated
on
virtually all of this interim financing
small
very
interest
cost
to
the
was
borrowers.
One feature of
municipal financing throughout the present
has been the tendency of municipalities of avoiding the
a large amount of
temporary debt with the
thought of converting such obligations at a later date in
permanent form.
It was this practice, incidentally, which
was responsible in
large measure for -the financial ills which
beset numerous entities during the
period when it was almost
impossible to fund these debts through the sale of bond issues.
Long-term borrowing by Canadian municipalities in
year
incurrence of
November
was
limited to the sale of several issues of
minor
size, all of which made
minion
up a total of $1,303,685.
The Do¬
again indulged in the disposal of
Treasury bills,, the amount involved being
Government
short-term
$45,000,000.
None of the United States Possessions
offered bond
issues during the month of November.
Below we furnish a comparison of all
various forms of
obligations put out in November during the last five
1936
1935
^
S
Perm'tloans)U.S.)_ 62,923,080 112,713,762
*Temp. loans(U. S.) 40,899,387
39,856,000
Canadian—
Placed in U. S...
None
Placed in Canada.
1,303,685
$
92,091,301
72,031,145
None
26,535,000
General fund bonds
(New York City).
Bds.of U.S.Posses'ns
1934
None
4,577,914
1933
$
82,680,536
73,839,381
None
3,407,764
None
None
None
None
None
1,750,000
None
None
years:
1932
<£
29,588 884
58,003 247
None
80 342 000
None
500,000
Total
105,126,052 180,854,762 168,700,360
159,927,681 168,434,131
*
Includes temporary securities Issued
by New York City: $25 500 000 in Nov.
1936; $25,000,000 in Nov. 1935; $50,900,000 in Nov.
1934; $55*411 900 in Nov
1933; $28,200,000 in Nov. 1932.
*
*
° '
The number of municipalities
emitting bonds and the
number of separate issues made
during November, 1936, were
235 and 261, respectively.
This contrasts with 323 and 368
for October, 1936, and with 414 and 520 for
November, 1935.
For comparative purposes we add the
following table,
showing the aggregate of permanent loans,
excluding Cana¬
dian and United States Possessions
issues, for November and
the 11 months for
a
series of years:
3666
Financial
Month of
November
1936
For the
1934
11 Months
21,691,126
1913
444,862,916
358.611,490
358,893,919
1905
30,708,685
13.021,999
19,738,613
24,456,351
18,906,555
28,427,304
4,408,381
12,511,550
25,888,207
1904—
32,597,509
—
1903
14 846,375
13,728,493
6,989.144
9,956,685
8,790,489
7,721,284
6,868,775
34,913,894
6,524,901
4,549,580
7.309.770
1912.—.
—
1933
1932
1911
1910
..
1931
1909
„
1930
1908
..
1929
1907
..
1928
1927
1926
1925—
1906
—
1922
1921
1920
1919
1901
—
1923
1902
—
1924
1900
1899
1898
1897
..
1918
1896
..
1916
1915
1895
..
1917
1894
1893
..
Includes $70,000,000 bonds sold
For the
of
November
1914
11 Months
..562,923,080 $1,020,137,033
—112,713,762 1,086,582,869
92,091,301
817,751,815
._a82,680,536
475,260,703
29,588,884
731,527,808
54,364,707 1,210,494,700
88,682,310 1,300,540,012
84,687,874 1,139,822,962
.*171,281,282 1,265,355,715
-.101.528,336 1,398,557,694
71,074,222 1,220,179,240
66,926,289 1,241,650,345
74,765,203 1,305,270,172
98,521,514
949,473,914
44.379,484 1,034,567,913
-119,688,617
988,081,613
627,711.624
57.602,117
629,435,991
47,564,840
273,572,370
27,783,332
418,719,565
15.890,626
421.361,571
18,813,239
463,644,631
28,815,595
--
1935
a
Month
by New York City,
*
360,830.804
283,414,600
307,673,842
285,747,250
213,924,703
180,483,172
174,825.430
240,819,161
138,789,258
136,895,772
116,092,342
123,572,311
113,131,789
95,778,450
120,128,531
95.831,773
105,475,839
103,869,851
60,114,709
Includes $55,000,000
bonds sold by New York City.
In the following
table
we
give
a
list of November loans in
the amount of $62,923,080, issued by 235 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" wherelaccounts of the sale are given.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
PUBLIC
WORKS ADMINISTRATION
Grants—Secretary Harold
L. Ickes, as Public Works Administrator, on Nov. 23 an¬
nounced Presidential approval of 272 PWA projects in 37
States, estimated to cost $25,336,250, including 11 projects
in New York, two in New Jersey and one in Connecticut.
37
States
Get
$12,015,044 in
The PWA grants totaled $12,015,044 and there were 62 loans totaling
$1,540,600.
The applicants, either from their own treasuries or other
will furnish the balance of 55% needed for the construction pro¬
sources,
gram.
Since July 28 the PWA has made 1,805 allotments for projects
There were grants totaling $121,519,435
estimated to cost $268,820,909.
and 249 loans totaling $13,894,600.
The allotments announced Nov. 23 included:
NEW
?
YORK
Location and Description—
Grant
Mamaroneck—Waterworks
$188,446
Viola—County home improvements
31,445
Central Islip—Fire Department
28,192
Croton-on-Hudson—Storm sewer and street impts—
20,454
New Rochelle—Bathouse
19,350
Pittsford—Waterworks
9,818
Penfield—Waterworks
20,403
Niagara Falls—City Hall—
67,500
Bridge
29,430
Steuben County—Highway improvement
45,675
150,000
65,400
13,252
101,500
29,450
——26,181
58,181
43,650
97,000
Buffalo—Fire Department
NEW
JERSEY
Spotswood—Waterworks
improvement
Fairlawn—School
Est. Cost
$418,770
69,878
62,650
45,454
43,000
21,818
45,340
—
CONNECTICUT
Stamford—Storehouse
.
25,006
The Pittsford (N. Y.) project also called for a loan of $12,000,
Spotswood (N. J.) project for a loan of $32,000.
55,570
and the
RECONSTRUCTION FINANCE CORPORATION
Chronicle
Dec. S, 1936
4,000 Village of Avon, Livingston County, New York, 4% waterworks
improvement bonds, Bacon, Stevenson & Co., New York, N. Y.,
$1,031.34 per $1,000.
35,000 Village of Maybrook, Orange County, New York, 4% sewer
bonds, Sherwood & Merrifield, Inc., New York, N. Y., $1,111.10
per $1,000.
13,000 Board of Trustees of Common School District No. 3 of South¬
ampton, N. Y., 4% school district bonds, Riverhead Savings
Bank, Riverhead, N. Y., $1,156.64 per $1,000.00.
6,000 Village of Suffern, N. Y., 4% sewer bonds, The First National
Bank of Southampton, N. Y., $1,150.00 per $1,000.
47,000 Town of North Wilkesboro, N. C., 4% waterworks improvement
bonds, William B. Greene Co., Winston-Salem, N. O., $1,028.10
per $1,000.
100,000 County of Randolph, N. C., 4% school building bonds, Wheelock
& Cummins, Des Moines, la., $1,049.42 per $1,000.00.
66,000 City of Winston-Salem, N. C., 4% surface drainage bonds,
The Milwaukee Co., Milwaukee, Wis., $1,107.70 per $1,000.
20,000 Dresden School District No. 9 of Cavalier County, N. Dak.,
4% school bonds of 1936, Allison-Williams Co., Minneapolis,
Minn., $1,012.70 per $1,000.
7,500 The Board of Education of the Village of Hannaford, N. Dak.,
otherwise known as Hannaford Special School District No. 22
Griggs County, N. Dak., 4% school bonds, of 1935, AllisonWilliams Co., Minneapolis, Minn., $1,007.80 per $1,000.
32,000 Norman School District of Traill County, N. Dak., 4% school
construction bonds, Allison-Williams Co., Minneapolis, Minn.,
$1,005.80 per $1,000.
364,000 City of Akron, Summit County, Ohio, 4% street bonds, first
series, (1936) and sewer bonds, second series
(1935) and third
series
(1936), Provident Savings Bank & Trust Co., Cincinnati,
Ohio, $1,023.80 per $1,000.
19,000 The Village of Blanchester, Clinton County, Ohio, 4% first mort¬
gage water works revenue bonds, Seasongood & Mayer, Cincin¬
nati, Ohio, $1,046.10 per $1,000.
41,000 City of Dover, County of Tuscarawas, Ohio, 4% first mortgage
waterworks system revenue bonds, Joseph & Co., Inc., Cleve¬
land, Ohio, $1,101.00 per $1,000.
19,000 Town of Granite, Greer County, Okla., 4% sewer bonds of 1934,
The Brown-Crummer Co., Wichita, Kans., $993.60 per $1,000.
52,000 School District of the Borough of Exeter, Luzerne County.
Pennsylvania, 4% building bonds, The First National Bank of
Exeter, Exeter Boro., Pa., $1,000 per $1,000.
25,000 School District of the Borough of West Wyoming, Luzerne
County, Pa., 4% school district of the Borough of West Wyoming
building bonds, series of 1935, Foster Petroleum Corp., Westerly,
R. I.. $1,015.10 per $1,000.
4,000 Town of Gloucester, R. I., 4% school bonds. Burr & Co., Inc.,
Boston, Mass., $1,154.80 per $1,000.
69,000 Town of Batesburg, Lexington County, S. C., 4% waterworks
revenue bonds, McAlister, Smith & Pate, Inc., Greenville, S. O.
$952.50 per $1,000.
47,500 High School District No. 2, Dillon County, S. G., 4% school1
bonds, McAlister, Smith & Pate, Inc., Greenville, S. O., $1,023.10
per $1,000.
30,000 Mullins School District No. 16 of Marlon County, S. O., 4\
school bonds, The Davis National Bank, Mullins, S. O., $1,029.i
per $1,000.
17,000 City of Marion Junction, S. Dak., 4% sewer bonds, 1933,
Farmers Trust & Savings Bank, Marion, S. Dak., $1,005.88 per
$1,000.
4,500 City of Mitchell, S. Dak., 4% city hall bond, sewer bonds (issue
dated Nov. 1, 1933) and (issue dated Jan. 1, 1934) and water¬
works improvement bond, Mitchell National Bank, Mitchell,
S. Dak., $1,033.33 per $1,000.
25,000 Northville Independent Consolidated District No. 31, of Spink
County, S. Dak., 4% school bonds of 1935.
E. J. Prescott &
Co., Minneapolis, Minn., $1,003.25 per $1,000.
19,000 The City of Spencer, McCook County, S. Dak., 4% water bonds
of 1933, Allison-Williams Co., Minneapolis, Minn., $1,007.80
per $1,000.
15,000 County of El Paso, Tex., 4% El Paso County Hospital warrants,
The State National Bank, El Paso, Tex., $1,029.35 per $1,000.
15,000 County of Jefferson, Tex., 4% county office building and jail
bonds of Jefferson County, Tex.,
Dallas Union Trust Co.,
Dallas, Tex., $1,052.60 per $1,000.
126,000 Board of Regents of the University of Texas, 4% library notes,
Dallas Union Trust Co., Dallas, Tex., $1,091.39 per $1,000.
86,000 Wharton County, Tex., 4% bridge warrants, series 1934, First
National Bank, El Campo, Tex., $1,046.55 per $1,000.
329,000 The College of William and Mary in Virginia, Williamsburg,
Va., 4% building improvement bonds, Nelson, Browning & Co.,
Cincinnati, Ohio, and associates, $1,025.70 per $1,000.
Official Report on Awards of Municipal Bonds—The follow¬
ing is the text of the statement issued by the above corpora¬
tion relative to the sale of the greater portion of the 57 issues
municipal
of
sealed bids at
columns
bonds
noon on
WE OFFER.
$5,000 Hillsboro County School Dist. No. 4
$4,133,000, offered on
reported in detail in these
3348.
aggregating
Dec. 1,
recently.—V. 143,
p.
5% Bonds due July 1,1940
as
Forty-five issues of bonds offered by Reconstruction Finance Corporation
public sale on Dec. 1, 1936 have been awarded to the highest bidders.
face amount of the bonds sold was $3,778,000 and the sale price
$3,972,202.56, a net premium of $194,202.56, representing an average price
at
The
Price—-4.05 Basis
Thomas M. Cook & Company
Harvey Building
WEST PALM BEACH,
of over 105
The bonds, the successful bidders
FLORIDA
and the prices paid were:
$16,000 Arden School District of Sacramento County, Calif., 4% school
bonds. Dean Witter & Co., New York, N. Y., $1,017.50 per
$1,000.
19,000 La Canada School District of the County of Los Angeles, Calif.,
4% bonds, William R. Staats Co., Los Angeles, Calif., $1,051.00
$1,000.
1,074,000 Long Beach City School District of Los Angeles County, Calif.,
4% general obligation bonds, Anglo California National Bank of
San Francisco, Calif., and associates, $1,113,745 per $1,000.
250,000 Special Tax School District No. 1, Leon County, Fla., 4% school
bonds, C. W. McNear & Co., Chicago, 111., $1,009.30 per $1,000.
65,000 City of Sedan, Kans., 4% water revenue bonds, The BrownCrummer Co., Wichita, Kans., $973.30 per $1,000.
178,000 Board of Regents of the Morehead State Teachers College, Morehead, Ky., 4% revenue bonds of 1935, Stein Bros. & Boyce,
Baltimore, Md., and associate, $970,101 per $1,000.
29,000 Town of Mt. Vernon, Rockcastle County, Ky., 4% waterworks
revenue bonds,
Security Trust Co., Lexington, Ky., $960.00
News Items
per
$1,000.
Caledonia Township School District, County of Kent, Mich.,
4% general obligation bonds, Siler, Carpenter & Roose, Toledo,
Ohio, $980.00 per $1,000.
Delton Rural Agricultural School District, County of Barry,
Mich., 4% general obligation bonds, Siler, Carpenter & Roose,
Toledo, Ohio, $1,003.00 per $1,000.
Fernwood Rural Separate School District of Pike County, Miss.,
4% school bonds, Magnolia Bank, Magnolia, Miss., $1,010.00
per $1,000.
The Board of Education of the Borough of Dunellen, Middlesex
County, N. J., 4% school bonds, Lehman Bros., New York,
N. Y., $1,053.70 per $1,000.
The Board of Education of the Township of Freehold, Monmouth
County, N. J., 4% school bonds of 1935, Lehman Bros., New
York, N. Y., $1,065.00 per $1,000.
Borough of Rockaway, Morris County, N. J., 4% sewer assess¬
ment bonds of 1934, B. J. Van Ingen & Co. Inc., New York, N. Y.,
$1,018.09 per $1,000.
Board of Education of the Township of Sparta, Sussex County,
N. J., 4% school district bonds, H. B. Boland & Co., New York,
N. Y., $1,051.35 per $1,000.
Village of Almond, New York, 4% water bonds, series of 1934,
Sherwood & Merrifield, Inc., New York, N. Y., $1,066.60 per
$1,000.
Central School District No. 1 of the Towns of Bradford, Bath,
Wayne, and Urbana, Steuben County, and Orange and Tyrone,
Schuyler County, New York, 4% school building bonds, Sher¬
wood & Merrifield. Inc., New York, N. Y., $1,077.70 per $1,000.
per
60,000
40,000
15,000
59,000
48,000
137,000
89,000
,
24.500
37,000
Comparative Tax Rates of Various Cities—The follow¬
ing letter to Mr. William Stanley Miller, President of the
Department of Taxes and Assessments, was made public on
by the Citizens' Budget Commission:
Nov. 23
November
19,
1936.
Mr. William Stanley Miller, President, Department of
Taxes
and
Assessments,
Municipal Building, New York City.
17 attributed to you a statement
York compares favorably with the
Dear Mr. Miller—The press of Nov.
that the tax rate for the City of New
tax rates of other
prove your
point.
cities.
You submitted a table of tax rates for 1935 to
You apparently overlooked the fact that the basis of
assessed valuation in the various cities listed varies greatly.
is assessed at 37% of full value.
In
claimed to be assessed at 92% of full
value; actually the assessment in many instances exceeds the full value.
It is therefore natural that Chicago should have a tax rate of $71.20 per
In Chicago, for example, property
New York City property is officially
$1,000 of assessed valuation while New York in the same year showed a
tax rate of $28.20 per thousand.
When proper consideration has been given to the difference in the basis
of assessed valuation, quite a different picture is presented.
That picture
shows that in New York the rate adjusted to full value in 1935 was $25.94,
as against Chicago's similarly adjusted rate of $26.34.
The accompanying table shows the true picture with respect to the cities
listed by you.
The figures are furnished by the Detroit Bureau of Gov¬
ernmental Research, as published in the "National Municipal Review
of December, 1935.
While the rates as given by you for the 19 other cities listed show only
two with lower tates than New York City, the equalized rates show eight
lower than New York City.
The tabulation referred to shows the true
comparable tax rates of 310 cities in the United States.
Of these, 126 are
higher than the New York City rate and 184 are lower.
Municipal gov¬
ernment throughout the United States is notoriously wasteful.
The posi¬
tion occupied in the list by New York City gives New Yorkers scant cause for
pride.
,
,
""(SAlBY J.AMY.
Executive Director.
Volume
Financial
143
COMPARATIVE TAX RATES OF VARIOUS CITIES WITH THE ADJUSTED
RATES IN THE SAME CITIES AFTER EQUALIZATION OF ASSESSED
VALUATION
Tax Rates
Ratio of
as
Assessed Value
Reported bp
Wm. Stanley Miller
New York
to
on
Adjusted Rate
Uniform 100%
Assessment Basis
Legal Basis
$28.20
92
37
26.34
26.75
90
24.08
Detroit..
30.02
100
30.02
Los Angeles
44.00
50
29.90
80
23 92
St. Louis
27.40
80
6% of the entire country,
was
carrying close to 13%
of "all the taxes of
every variety taken in by agencies in the
United States."
The Committee recommended that this
report be circulated in the State Legislature
Board of Estimate for consideration.
22.00
Cleveland
less than
3667
and
in the
According to the report, there are now being collected in
New York City, in a single year, taxes in excess of
$1,200,000,000 and revenues used for the support of Government in
25.94
71.20
Chicago
Philadelphia
Chronicle
21.92
.
of
excess
$1,300,000,000,
a
total of $2,500,000,000.
The
taxation total does not include $166,715,219.62 in customs
receipts at New York in 1935.
Baltimore
25.50
100
Boston
37.00
100
37.00
Pittsburgh
33.87
65
22.02
San Francisco
36.82
52
19.15
ation
Milwaukee
Yonkers
32.90
90
29.61
which
25.50
33.97
90
38.80
100
38.80
43.00
80
37.40
75
28.05
Buffalo
28.60
82
23.45
Newark, N. J
33.60
100
33.60
Rochester
33.76
83
28.02
Jersey City, N. J
42.78
100
of Debt-Hit Cities Urged—Cre¬
municipal finance commission, a State agency
virtually would dictate the financial affairs of heavily
indebted communities, was recommended on Nov. 28
by
30.57
Elizabeth, N. J.
Camden, N. J
Paterson, N. J
New York State—Control
42.78
the
34.40
Tax
of
a
New York
State
Commission for
the
Revision
of the
Laws.
The proposed body would approve or
disapprove contemplated munici¬
pal bond issues.
In addition the commission would have tae
autnority
to examine and reduce local
budgets on the petition of 10% of the regis¬
tered voters of a
municipality or on petition of the owners of
10% of the
Connecticut—Legislature Adopts Jobless Insurance Bill—
The General Assembly on Nov. 30 adopted the unemploy¬
ment insurance bill and
provided that it should become
inoperative if the Federal Social Security Act is declared
unconstitutional before 1938.
The bill was signed by Gover¬
nor Cross
immediately after its passage.
We quote in part as follows from a Hartford dispatch to the
New York "Hearald Tribune" of Dec. 1, regarding the
legislative action:
#
The clause linking the bill to the Federal Act was reinstated after once
having been dropped by the special committee whicn held hearings on
the measure, but was inserted again after a conference in the Governor's
office.
It was agreed that if the Federal Act becomes invalid the State law
will be suspended, the money collected in taxes will be held in
reserve, and
the next Legislature will be asked to create a permanent Act.
The biU provides for contributions by
employers only.
The Assembly
which adopted it today was called into special session on Nov. 5 so that
law would become effective in time for the State to receive benefits
under the Federal Act.
The Assembly adjourned until Dec. 9, when it will act on several other
the
including authorization of
measures,
a
$2,250,000 bond refunding plan for
the City of Bridgeport; the extending from Jan. 1 to Feb.
1,1937, of the time
limit for the report of the State Commission on
reorganization; on validat¬
ing a Newington town meeting, and on extending the time for filing old-age
pension poll-tax lists in New Haven for persons between 21 and 60.
Maryland—Special Legislative Session to Be Called—Gov¬
Harry W. Nice stated on Nov. 27 that he will call a
special session of the State Legislature for Dec. 15 in order to
consider the State's participation in the national
security
ernor
program.
New
nor
Jersey—Legislature to Act on Social Security—Gover¬
Harold G. Hoifman made known on Nov. 30 that he
had called
special session of the State Legislature for Dec.
problem of unemployment compensation,
according to Trenton advices.
This special session is said
to have been made necessary by the
Legislature's failure, at
its regular session last spring, to pass an
unemployment in¬
surance
bill fulfilling the minimum requirements of the
Federal Act.
Unless such a measure is passed by Jan. 1,
New Jersey employers will be taxed under the Federal law
during 1937, without receiving any return or share in the
proportionate benefits.
a
21 to deal with the
New
York
City—$554,998,917
Voted as 1937 Budget—
Nov. 30 adopted the city budget
for 1937, amounting to $554,998,917.
This was the exact
amount which was fixed by the Board of
Estimate,
The Board of Aldermen
on
being
approved without change in spite of appeals by civic
ganizations to cut it down some $16,000,000.
or¬
The document was forwarded to
Mayor La Guardia for
signature and will then go to the Comptroller for certifica¬
tion.
It is about $9,000,000 higher than the 1936
budget.
In spite of this it is estimated that the tax rate for 1937 will
be lower than for this year owing to the fact that assessments
real estate were increased this year.
property as valued
on the assessment rolls.
The commission, as
recommended, would be composed of five members,
three of whom would be
appointed by tne Governor with the consent of the
State Senate.
The State Comptroller and the Commissioner of Taxation
and Finance would be ex-officio members.
Rhode Island—Legislature to
Convene on Dec, 8—A
proclamation calling for the members of the General As¬
sembly to meet on Dec. 8 in special session in order to pass
legislation changing the date of the meeting of presidential
electors and to consider such other business as
may properly
be presented was issued on Nov. 25
by Governor Green, ac¬
cording to the Providence "Journal" of Nov. 26.
!
At the same time, it was learned authoritatively that the Democratic
administration has dropped plans for a special election next month for the
election of
an additional Senator each from Providence and
Pawtucket.
While legislation providing for the
redistricting of the two cities to pro
vide for the additional Senator for each will be
considered, it was believed
impossible to provide for
an
additional Senator at large from either city or
3, due to the constitutional provisions
to invalidate the elections of Nov.
in regard to
redistricting.
Texas—Pamphlet Prepared
on
Municipal Bonds—Donald
O'Neal & Co. of Dallas, has gotten up a
pamphlet entitled:
"Texas Municipal Bonds and Their Investment
Status,"
which
consists
of
addresses
two
delivered
before
the fi¬
nancial section of the American Life Convention at
Dallas,
on Oct. 13.
One of the two addresses, both of which are
excellent
discussions
of the obligations of this particular
given by C. D. Simons, investment officer of the
University of Texas.
His subject was "Texas Municipal
Bonds."
Donald O'Neal, partner in the firm
publishing the
pamphlet, spoke on "The Investment Status of Texas
State,
was
Municipals."
Vermont—State's
Case Against Governor Dropped—The
against Governor Charles Manley Smith, charged
with "misprision of a felony," was
dropped on Dec. 1 by
State's Attorney Asa E. Bloomer, who announced that he
had been requested to do so by the Executive
Council, ac¬
cording to a United Press dispatch from Rutland on Dec. 1.
State's
case
Governor Smith had been arrested on Nov. 30 on
charges
of concealing a felony in connection with the
alleged defalca¬
tion of $251,000 from the Marble
Savings Bank, of which he
was
President for
number of years.
a
Governor Rearrested
C. M. Smith
was
on
Felony Charge—On Dec. 3 Governor
on a charge of
misprision of a
rearrested
felony in connection with the theft of funds from the Marble
Savings Bank by a former bookkeeper, according to Rutland
news advices.
He is said to have pleaded innocent in Munici¬
pal Court and was released in $3,000 bail. On Dec. 1 the
misprision charges against the Chief Executive were dis¬
missed in County Court on the ground
they are classified as
misdemeanors and should come up before the
Municipal
Court.
-
.
,
on
_
Bureau
OFFERINGS
Industrial Affairs Set Up—AnJ Industrial Rela¬
on
tions Bureau for the city has been set
up as an adjunct to the
Department of Public Welfare, it was revealed on Nov. 30,
as the
starting move on Mayor La Guardia's
plan for
labor
a
MUNICIPAL BONDS
regular
Francis, Bro.
department of the city's government to aid business
in their contacts with the city and to
prevent industrial
disputes.
The new bureau is said to take the place in the
men
budget of the old free employment agency of the Welfare
Department and is created merely by a change of title in its
budget lines.
It will reduce the expenses of the unit to $8,000
annually, it is said.
Court
Upholds Validity of City's Utility Tax—The city's
of 3 % against public service corporations was
again upheld on Nov. 30 by a decision in the United States
Court of Appeals, dismissing a suit filed
by the Southern
Boulevard Railroad Co., which operates a short
strip of
'WANTED
Arkansas—Illinois—Missouri—Oklahoma
ESTABLISHED
& Co.
1877
Investment Securities
ST. LOUIS
Bond
TULSA
Proposals and Negotiations
emergency tax
surface
covery
nine
car
line
in
the
The company sought re¬
its gross income for the first
The Court, dismissing the
action,
months
of
1935.
on
"The Legislature in order to meet
dealing with
taxation.
it uniformly,
We
are
unable
reasonable."
a
vital public need'and,
a heavier burden of
imposed
say that its action
to
McALISTER, SMITH & PATE, Inc,
67 BROAD
STREET
NEW YORK
Telephone WHItehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
was ^un¬
ALABAMA
City's 6 % of Nation's Population Pays 13% of Taxes—The
Committee of Taxation and Public Revenue of the Mer¬
chants' Association of New York, in a
report made public on
Nov. 30, charged that New York City, with a
County, Ala., Bonds
Bought—Sold—Quoted
Bronx.
of $8,776.73 paid
said:
Mobile
population of
BIRMINGHAM, Ala.—BOND OFFERING NOT CONTEMPLATED—
In connection with
a
report given in
our columns Nov.* 28, to the effect
offering $230,000 of bonds for sale on Dec. 10—
V. 143, p. 3500—we are informed by C. E. Armstrong,
City Comptroller,
that this information was incorrect as the city does not
that the above city was
sale of any bonds in the near future.
contemplate the
Financial
3668
Chronicle
LOS
ARIZONA
(P. O. St. Johns), Ariz .—BOND OFFERING—
Sealed bids will be received until 1 p. m. on Dec. 28, by Byron P. Hunter,
Clerk of the Board of Supervisors, for the purchase of an issue of $165,000
coupon refunding bonds.
Int. rate is not to exceed 4%, payable F. & A.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows: $9,000, 1940 to 1944, and
$10,000, 1945 to 1956, all incl.
All bonds maturing on and after Feb. 1,
1948 are optional on or after that date at par and accrued int.
Prin. and
int. payable at the Chase National Bank in New York.
Int. rate to be
stated in multiples of M of 1 %.
Bids must be for at least par and accrued
int., also must be unconditional.
The county will furnish the printed
bonds and approving opinion of Pershing, Nye, Bosworth & Dick, of Den¬
ver, together with a transcript of proceedings.
A certified check for $3,30C,
payable to the County Treasurer, must accompany the bid.
APACHETCOUNTY
NOGALES,
ATTORNEY
Ariz .—CITY'S REFUNDING PROGRAM AIDED BY
OPINION—In
connection with the report
GENERAL'S
given in these columns last July, that the city would refund all its general
obligation bonds by extending the maturity date 10 years and reissuing
new bonds bearing 4% interest, the following clipping from a local newsseal
Saper agent:
has been forwarded to us by Kirby L.
"The
State
Board
Loan
Vidrine & Co. of Phoenix,
of Arizona has been authorized to
exchange
$14,000 in City of Nogales bonds bearing interest at the rate of b)4%
new Nogales refunding bonds bearing 4%
interest, according to
the
formation received
for
in¬
here.
General John L. Sullivan
refunding plan of the City
Attorney General Sullivan in his
"The exchange was authorized by Attorney
and was hailed here as a long step in favor of the
of
Nogales which is now under way.
opinion
on
the exchange of bonds said:
"
'It is the opinion of this office that the State Loan Board may exchange
bM% bonds of the City of Nogales in the amount of $14,000 for the pro¬
posed refunding 4% bonds.'
"A check-up at the First National Bank made by the 'Herald' has revealed
that the $14,000 in bonds have reached here for exchange for the refunding
bonds.
.
~
"The opinion of Attorney General Sullivan, it is believed by Kirby L.
Vidrine, refunding attorney of the city, clarifies the bond refunding matter
for this city and will lead to the exchange of other bonds to aid the refund¬
ing program.
The refunding program, according to Mr. Vidrine, is advanc¬
ing satisfactorily.
The city is refumding approximately $600,000 in general
obligation bonds over a long period of years at 4% interest.
The refunding
program has slashed the city tax rate and was necessary due to the decline
in the assessed valuation of this city."
Dec.
ANGELES
1936
5,
COUNTY
(P. O. Los Angeles), Calif.—BOND
OFFERING—L. E. Lamp ton, County Clerk, will receive bids until 2p.m.
Dec. 8 for the purchase at not less than par of $20,000 County Water
Works District No. 22 bonds, which are to bear interest at no more than
6%.
Denom. $1,000.
Dated May 1, 1936.
Principal and semi-annual
interest payable at the County Treasury.
Due $1,000 yearly on May 1
from 1938 to 1957, incl.
Certified check for 3 % of amount of bonds bid for,
payable to the Chairman of the Board of Supervisors, required.
BOND
OFFERING—L.
E.
Lampton, County Clerk,
will
receive
bids
until 2 p. m. Dec. 15 for the purchase at not less than par of $9,000 bonds
of Enterprise School District, which are to bear interest at no more than
Denom. $1,000.
Dated June 1, 1936.
Principal and semi-annual
payable at the County Treasury.
Due $1,000 yearly on June 1
Certified check for 3% of amount of bonds bid
for, payable to the Chairman of the Board of Supervisors, required.
5%.
interest
from 1938 to 1946, incl.
REDWOOD
CITY, Calif.—BOND ELECTION—It is stated by B. E.
City Treasurer, that at the election to be held on Dec. 8, the
4% refunding bonds to be submitted to a vote is $350,000,
$425,000, as we had prviously reported—V. 143, p. 3501.
Myers,
amount of the
not
SAN DIEGO COUNTY
(P. O. San Diego), Calif.—BOND OFFERING
Sealed bids will be received by J. B. McLees, County Clerk, until 11a.m.
Dec. 7, for the puchase of a $600,000 issue of County Special District
on
refunding bonds.
Int. rate is not to exceed 6%, payable A. & O.
Denom.
$1,000. Dated Oct. 1, 1936. Due as follows: $260,000 in 1939 and 1940, and
$80,000 in 1941.
Bidders to name a single rate of int. for all of the bonds,
in multiples of )4 of 1%.
Prin. and int. payable in lawful money at the
County Treasurer's office.
The legal approving opinion of O'Melveny,
Tuller & Myers, of Los Angeles, will be furnished to the successful bidder.
Payment for and delivery of the bonds will be made at the office of the Board
of Supervisors.
A certified check for 3%, payable to the Chairman of the
Board of Supervisors, must accompany the bid.
TULARE COUNTY
(P. O. Visalia), Calif.—BOND OFFERING DE¬
TAILS—In connection with the offering scheduled for 10 a. m. on Dec. 7,
of the $60,000 issue of Lindsay Unified
columns recently—V. 143, p. 3501—it
School District bonds, noted in these
is stated by Gladys Stewart, County
Clerk, that the interest rate is not to exceed 5%, payable J. & D.
Dated
Dec. 7, 1936.
Due $4,000 from Dec. 7, 1937 to 1951 incl.
Prin. and int.
payable at the County Treasurer's office.
A certified check for 5% of the
amount of the issue, payable to the Chairman of the Board of Supervisors,
must accompany the bid.
•
j
UTILITY
PUBLIC
WASCO
DISTRICT
BOND SALE—A block of $15,000 4)^ % sewer
(P. O. Wasco). Calif.—
construction bonds has been
Huntley & Co. and Griffith, Wagenseller & Durst of Los
price of 100.20.
sold to Banks,
Angeles at
ARKANSAS
a
BONDS
Rocky Mountain Municipals
Largest Retail Distributors
ARIZONA—COLORADO—IDAHO—MONT ANA
NEW
WALTON, SULLIVAN & CO.
LITTLE ROCK,
MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
ARK.
DENVER
Telephone: Keystone 2805
ARKANSAS
TO BE
BONDS It Is stated by the City Re
issued to secure a loan in that amount from the
Public Works Administration for water system extension and improvement
will be taken up by*the Federal Government.
(This report supplements
the notice on the approval of these bonds by the voters at the Nov. 10
election, given here recently—V. 143, p. 3500.)
—
Teletype: Dnvr 580
COLORADO
BENTON, Ark.—
corder that $21,000 bonds
CONWAY,
until 10
a.
m.
Ark.—BOND
on
OFFERING—Sealed
bids will be received
report, for the
ADAMS COUNTY SCHOOL DISTRICT NO. 7 (P. O. Derby),Colo.—
BONDS TO BE SOLD—It is stated by Alice M. Hunt, District Secretary,
Gray B. Gray, Inc., of Denver, has contracted to sell $10,000 school
building bonds approved by the voters in June.
that
ANTONITO, Colo.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuanceFof $85,000 refunding bonds.
Dec. 16, by the City Clerk, according to
purchase of a $10,000 issue of 5% semi-ann. hospital and impt.
Due $1,000 from 1940 to 1949.
These bonds were approved at the
bonds.
Nov. 3
election.
LITTLE ROCK,
Ark.—CHANGE IN INTEREST RATE ON
WATER
Little Rock had the following to say
proposed financing of water bonds by the said city:
"Mayor.aR. E. Overman and John A. Sherrill, project attorney, will
recommend to City Council that interest rate on $1,240,000 of authorized
$2,500,000 water revenue bonds be reduced from 4% to 3%%, as recom¬
mended by Bancamerica-Blair Corp. and Stranahan, Harris & Co., Inc.,
which purchased first block of $1,260,000 of the issue.
The bankers,
however, reserve the right to buy the remaining $1,240,000 at a discount
to place the obligations on a 4% yield basis.
Mayor Overman and Mr.
Sherrill, who conferred at New York with Bancamerica-Blair Corp. and
Stranahan, Harris & Co., Inc., announced the proposed interest change
had been approved by Public Works Administration at Washington."
BONDS SOUGHT—A news report from
in regard to
election will be held on Jan. 12
of $493,000 in bonds, divided as follows:
BOND ELECTION—It is reported that an
in order to vote on the issuance
$468,000 auditorium and $25,000
public library bonds.
COLORADO
Council
has
IDAHO
SPRINGS,
authorized
current expense
the
Colo.—BONDS AUTHORIZED—1The City
of $125,000 sewage disposal plant
issuance
funding bonds.
SPRINGS
SCHOOL
DISTRICT
(P.
O.
Idaho
Springs),
Colo.—BOND SALE—It is stated by the Superintendent of Schools that
$60,000 3K% semi-annual high school construction bonds have been
purchased by the J. K. Mullen Investment Go. of Denver.
Denom. $1,000.
Dated Nov. 1, 1936.
Due as follows: $2,000, 1939 and 1940; $3,000,
1941 to 1948, and $4,000, 1949 to 1956.
These bonds were approved by
the voters at the election held on April 17.
COUNTY SCHOOL DISTRICT NO. 1 (P. O. Grand JuneColo.—BONDS REFUNDED—The district has made a contract
Christensen of Denver for the refunding of $75,000
building bonds on May 1 next at an interest rate of 2>^ %.
MESA
tion),
witn Peters, Writer &
school
MONTE
VISTA, Colo.—BOND OFFERING—Geo. B. Boutwell, City
Clerk, will receive bids until 8 p.m. Dec. 15 for the purchase of the follow¬
ing bonds:
$8,000 Sewage Main District No. 1 bonds.
37,000 Water Improvement District No. 1 bonds.
Interest is not to exceed 6%.
Dated Jan. 1, 1937. Principal and semi¬
payable at the City Treasurer's office. Due serially over a
period of about 13 years. Certified check for 5% of amount of bid required.
The city will furnish the bonds and the legal opinion of Pershing, Nye,
annual interest
California Municipals
Bosworth & Dick of Denver.
NORTH
STERLING
IRRIGATION
(P.
DISTRICT
O.
Sterling),
Colo.—BOND ELECTION—It is reported that an election will be held on
DONNELLAN & CO.
Dec. 8 in order to vote on the issuance of $150,000 in
irrigation bonds.
OURAY COUNTY HIGH SCHOOL DISTRICT (P.
111 Sutter St.
San Francisco, Calif.
Teletype-S P
Telephone Exbrook 7067
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland), Calif.—BOND OFFERING—
bids will be received until 10 a. m. on Dec. 8, by G. E. Wade,
the
visors, must accompany the bid.
p.
(This report supersedes the offering
3500.)
notice given here recently—V. 143,
CALIFORNIA (State of)—BONDS TO BE OFFERED—John R. Quinn,
of Military and Veterans' Affairs, announces that $3,000,000
veterans' welfare bonds will be offered for sale on Jan. 7 at 2\i%.
Director
IMPERIAL COUNTY (P. O. El Centro), Calif.—BOND OFFERING—
Edw. H. Law, County Clerk, will receive bids until 4p.m. Dec. 7 for the
purchase of $40,000 5% building bonds of Brawley Union High School
District.
Dated Dec. 7, 1936.
Due Dec. 6, 1941.
Cert, check for 5%
required.
Assessed valuation of taxable property $7,819,977; bonded
debt $108,500: area 360 square miles; population 13,000.
KERN COUNTY
(P. O. Bakersfield), Calif.—BOND SALE—The
$90,000 issue of Mojave School District bonds offered for sale on Nov. 30
—V. 143, p. 3184—was awarded to Blyth & Co. of San Francisco, as 3s,
paying a premium of $101.00, equal to 100.112, according to the County
Clerk.
Calif.—BOND SALE—The $48,School District bonds offered on Nov. 27
KINGS COUNTY (P. O. Hanford),
000 Lemoore Union Elementary
143, p. 3500—were awarded to the Treasurer of Kings County on a
bid of par for 3s.
The Bankamerica Co. of San Francisco offered a premium
of $579 for 3 Ms.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows: $1,000,
1937 to 1943; $2,000, 1944 to 1956, and $3,000, 1957 to 1961.
—V.
District has
sold
RIO GRANDE COUNTY SCHOOL DISTRICT No. 8
fP. O. Monte
Vista), Colo.—BOND ELECTION—At an election to be held on Dec. 19
proposed $80,000 school building bond issue will be voted upon.
a
Preeley), Colo.
been sold
coming election and
WELD COUNTY SCHOOL DISTRICT NO. 6 (P. O.
—Sealed
County Clerk, for the purchase of a $10,000 issue of Tennyson School Dis¬
trict bonds.
Int. rate is not to exceed 4%, payable J. & D.
Denom. $500.
Dated Dec. 15, 1936.
Due $500 from Dec. 15, 1937 to 1956 incl.
Rate of
int. to be in multiples of M of 1%.
It shall not be necessary for such
rate to be uniform for all the bonds.
Split rate int. bids will be accepted.
A certified check for $1,000, payable to the Chairman of the Board of Super¬
O. Ouray), Colo.
election to be held in January,
$40,000 3%% school building bonds to Bosworth,
Chanute, Loughbridge & Co. of Denver.
Dated Dec. 15, 1936.
Due
$2,500 yearly beginning two years after date of issue.
—BOND SALE—Subject to approval at an
—BOND SALE—An issue of $100,000 school building bonds has
to
Boettcher & Co. of Denver, subject to approval at a
approval of a Public Works Administration grant.
CONNECTICUT
BRIDGEPORT, Conn .—PLANS $2,250,000 REFUNDING ISSUE—
the State Legislature for authority to issue $2,250,000
refunding bonds.
The city has applied to
EAST HADDAM (P. O. East Haddam),
Conn.—BOND OFFERING—
sealed bids at the office of
Elmer N. Peck, Town Treasurer, will receive
Day, Berry & Howard, 750 Main St., Hartford, until 10 a. m. on Dec. 14
for the purchase of $80,000 coupon funding bonds.
Dated Jan. 2, 1937.
Denom. $1,000.
Due $4,000 on Jan. 2 from 1938 to 1957, incl.
A certi¬
fied check for $1,000, payable to the order of the town, must accompany
each proposal.
The bonds will be certified by and payable at the National
Bank of New England of East Haddam.
They will be issued subject to
approving legal opinion of Day, Berry & Howard of
NEW
BRITAIN,
bonds described
were
Conn .—BOND
Hartford.
$125,000 2% coupon
3501—
Co., both of Boston, on a
SALE—The
below, which were offered on Dec. 3—V. 143, p.
awarded to R. L. Day & Co. and Burr &
joint bid of 101.599, a basis of about 1.91%:
$75,000 water fund bonds, 13th series, 3rd
from 1938 to 1952, incl.
issue.
Due $5,000 on July 1
50,000 school bonds, 27th series, 2d issue.
Due $5,000 on July 1 from
1937 to 1946, incl.
All of the bonds will be dated July 1, 1936, issued in $1,000 denoms. and
rational
Sayable asBank of principal or atsemi-annualBritain National at the First
to both Boston, and the New interest (J. & J.) Bank, New
Britain, at holder's option.
L. S. Carter & Co. of Boston were
second high with a bid of 101.54.
Volume
143
Financial
Chronicle
3669
VILLA PARK SCHOOL DISTRICT NO. 45, 111.—BOND SALE—
Harold E. Wood & Co. and Welsh & Green, both of Chicago, have pur¬
chased a new issue of $229,000 refunding bonds, due in 1956 and optional
beginning in 1937.
BONDS
FLORIDA
INDIANA
JACKSON
PIERCE-BIESE CORPORATION
JACKSONVILLE
Ind.—BOND
TOWNSHIP
(P. O. Burnettsville), White
OFFERING—Perry F. Hanawalt, Trustee, will
receive sealed Dids until 4 p. m. on Dec. 10 for the purcnase of $17,600 4%
school building bonds. Dated Aug. 1, 1936. The first two bonds will be for
$700 each, and the remaining 27 bonds in denomss of $600.
The bonds
will mature in numerical order eacn six months beginning July 1, 1937.
All bids shall be received subject to the approval of the State Board of Tax
Commissioners. The bonds are direct obligations of the township, payable
Miami
Orlando
Tampa
County,
SCHOOL
out of ad
valorem taxes to be levied within tne limits prescribed by law.
Legal opinion of Maison, Ross, McCord & Clifford of Indianapolis will be
furnished the successful bidder.
No conditional bids will be considered.
The bonds will he ready for delivery within 10 days after the day of sale.
JACKSON SCHOOL TOWNSHIP,
Harrison County,
Ind.—BOND
OFFERING—Ivan C. Emily, Trustee, will sell at public auction at the
office of the trustee of Jackson Township, Harrison County, at 2 p. m.
Dec. 26, an issue of
on
$13,650 4% school building bonds.
Due
as
follows:
$500 July 15, 1938; $500 Jan. 15, 1939; $500 Jan. 15 and July 15 from 1940
incl.; $500 Jan. 15, and $150 July 15, 1952. Interest payable J. & J.
15.
A certified check for 3% of the amount bid must accompany each
to 1951
Orlando, Fla.^^^HJacksonville, Fla.
Bell
Orlando
System
proposal.
Teletype
Jacksonville
10
No.
JONESBORO
96
TOWN
SCHOOL
(P.
O.
Jonesboro),
Ind.—BOND
OFFERING—The Board of School Trustees will receive bids until 2 p. m„
Dec. 15, for the purchase of $1,400 school improvement bonds.
KOKOMO,
FLORIDA
COUNTY
O.
(P.
in the State.
Holders of bonds of units other than the school districts who deposit their
bonds before Dec. 15 will receive payment of the second interest coupon.
The association represents $10,857,000 of the $14,236,200 of bonds of
the various taxing units included in the plan.
Chapman & Cutler, of
Chicago, have furnished the approving opinion.
Bank & Trust Co.. New York:
of water works and electric light refunding,
Denom. $500.
119, of 53^ % water works and electric
light refunding, series B bonds.
Denom. $1,000.
Nos. 1 to 328, 336 to 358, 401 to 472, 538 to 557, and 568, of 5% general
refunding, series A bonds.
Denom. $500.
Nos. 1 to 270 of 5H % general refunding, series B bonds.
Denom. $500.
Nos. 1 to 1,725, 1,806 to 1,848, 2,101 to 2,247, and 2,301 to 2,954, of
general refunding, series C bonds.
Denom. $1,000.
Nos. 1 to 36 of 53^ % general refunding, series D bonds.
Denom. $1,000.
Dated Feb. 1, 1932.
Due on Feb. 1, 1952, redeemable at par and ac¬
crued interest on any interest date on or after Feb. 1, 1933.
Nos. 1 to 138, and 151 to 300,
series A
5H% bonds.
Nos. 1 to 42, 46 to 100, and 102 to
Good,
City
will
Clerk,
bids until 2 p.
m. on Dec. 14 for the purchase of $12,000
4% interest building improvement bonds.
Dated Dec. 1,
1936.
Denon. $1,000. Due $1,000 on Jan. 1 from 1939 to 1950 incl.
Bidder to name one rate of interest, expressed in a multiple of M of 1%.
The bonds are direct obligations of the city, payable from ad valorem taxes
within the limits prescribed by law.
Successful bidder will be furnished
with the approving legal opinion of Matson, Ross, McCord & Clifford of
Indianapolis.
No conditional bids will be onsidered.
not
exceed
to
MARION COUNTY (P.#0. Indianapolis), Ind.—BOND OFFERING—
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
Dec. 21 for the purcahse of $54,200 not to exceed 4% interest "refunding
bonds of Jan. 1, 1937."
They will be dated Jan. 1, 1937.
One bond for
on
$l,OO0 each.
Due June 1 as follows:
$ll,0OO from 1938 to
1941 incl. and $10,200 in 1942.
Bidder to name a single interest rate,
expressed in a multiple of M of 1%.
Principal and semi,annual interest
payable at the County Treasurer's office.
A certified check for 3% of the
bonds bid for, payable to the order of the Board of Commissioners, must
$200, others
No conditional bid will be accepted and offers
Legal opinion to be furnished
each proposal.
accompany
ORLANDO, Fla.—BOND SALE SCHEDULED—It is reported that the
City Council has adopted an ordinance calling for the sale on Dec. 14 of
$3,221,000 in refunding bonds.
BOND CALL—J. A. Stinson, City Clerk, states that the following bonds
are being called for redemption on Feb. 1, 1937, on which date interest shall
be paid with accrued interest upon presentation at the Central Hanover
• OFFERING—Mel
Ind.—BOND
receive sealed
Fort Lauderdale), Fla.—BOND REFUBDING ARRANGED—Trustees of the Broward County Bon downers'
Association announce that present obligations of Broward County, Fla.,
School Districts Nos. 2, 3, 4 and 5 are to be exchanged on Dec. 1 for new
refunding bonds issued under the plan of readjustment of Dec. 16 last year.
At the time of exchange an interest payment will be made covering the
first year's interest on the new bonds.
This action, according to Welsh & Green, Inc., of Chicago, who have
acted as administrative agents for the association, marks the first step in
the rehabilitation of the credit of four of the eight major taxing units in
Broward County, Fla., which is one of the principal taxing subdivisions
BROWARD
made subject to the legality of the issue.
by the successful bidder.
are
ST. JOSEPH COUNTY (P. O.
South Bend), Ind.—BOND OFFERING
Thompson, County Auditor, will receive sealed bids until
(central standard time) on Dec. 22 for the purchase of $210,000
not to exceed 3% interest airport bonds, authorized by Chapter 48 of
Legislative Acts of 1920 (special session).
The bonds will be dated Dec.
1, 1936.
Denom., $1,000.
Due as follows: $15,000 July 1, 1938; $15,000
Jan. 1 and July 1 from 1939 to 1994, incl. and $15,000 Jan. 1, 1945.
Bidder
to name a single rate of interest, expressed in a multiple of M of 1%.
A
certified check for 3% of the bonds bid for, payable to the order of the
Board of Commissioners, must accompany each proposal.
County will
furnish the successful bidder with the approving legal opinion of Matson,
—Glenn
10
a.
M.
m.
McCord & Clifford of Indianapolis.
Ross,
No conditional bids will be
considered and the bonds will be ready for delivery within 12 days after the
award.
the county, payable from ad
within the limits prescribed by law.
The bonds are direct obligations of
valorem taxes
VINCENNES, Ind.—BOND OFFERING—The City Clerk will receive
of $55,000 swimming pool revenue
bids until 11a.m. Dec. 8 for the purchase
GEORGIA
TIPPETTVILLE
SCHOOL
DISTRICT
(P.
bonds.
O.
Vienna,
R.
F.
D.),
Ga.—BOND OFFERING—It is stated by Roy B. Friedin, Attorney for the
Iowa
District, that $8,000 5% semi-annual school bonds approved by the voters
at an election on Nov. 24, will be offered for sale on Dec. 28, if validated
on Dec. 7.
Due from 1941 to 1957.
Polk-Peterson Corporation
IDAHO
Des Moinea
Ottumwa
Waterloo
been sold recently.
INDEPENDENT
SCHOOL
A.
DISTRICT
T.
A
NO. 1 (P. O. Idaho Falls), Ida.—BOND SALE DETAILS—It is now
reported by the Clerk of the Board of Trustees that the $100,000 refunding
bonds purchased by Murphey, Favre & Co. of Spokane, as 2^s and 2 Ms,
as noted in these columns in October—V.
143, p. 2718—were sold for a
premium of $525, equal to 100.525, a net interest cost of about 2.64%, on
the bonds divided as follows: $48,000 as 2Ms, maturing $6,000 from Oct. 1,
1937 to 1944, and $52,000 as 2Ms, maturing on
and
Oct. 1; $6,000,1945 to 1950,
$16,000 in 1951.
ROADS DISTRICT NO. 1 (P. O. Kendrick),
$21,000 issue of coupon refunding bonds
offered for sale on Nov. 21—V. 143, p. 3185—was awarded to Paine, Rice &
Co. of Spokane, as 3Ms, paying a premium of $110.00, equal to 100.523, a
basis of about 3.13%.
Dated July 1, 1936.
Due from 1938 to 1943.
The
only other bid was submitted by the Potlatch State Bank of Potlatch, Idaho.
LATAH COUNTY GOOD
Idaho—BOND
SALE—The
NOTUS, Idaho—BOND SALE—The $6,800 water, sewer and drainage
which were offered unsuccessfully on Nov. 24—V. 143, p. 3502—
National Bank of Parma at par.
The $4,700
water works bonds will bear interest at 6% and the $2,100 sewer and
drainage bonds 53^%.
Due serially on Dec. 1 from 1938 to 1956.
bonds
have been sold to the First
REXBURG, Idaho—BOND OFFERING—Edna S. Dietrich, City Clerk,
Dec. 18 tor the purchase at not less than par
$37,000 coupon refunding bonds, to bear interest at no more than 3%.
Denom. $500.
Dated Jan. 1, 1937.
Interest payable Jan. 1 and July 1.
Due on Jan. 1 as follows: $3,500, 1939, 1940 and 1941; $4,000, 1942; and
$4,500,1943 to 1947. Principal and interest payable at the City Treasurer's
office.
Certified check for 5% of amount of bid required.
will receive bias until 8p.m.
of
ILLINOIS
CHARLESTON, 111.—BOND OFFERING— T. E. Walton, City Clerk,
Dec. 3 for the purchase of $100,000 4% water¬
and sewerage revenue bonds.
Denom. $1,000.
Dated Nov. 1,
1936.
Prin. and semi-ann. int. payable at the First National Bank,
Chicago.
Due on Nov. 1 as follows: $2,000, 1937 to 1941; $4,000, 1942 to
1949; $5,000,1950 to 1953; $6,000,1954 to 1957, and $7,000,1958 and 1959.
Certified check for $2,000, payable to Leonard L. Prather, City Treasurer,
required.
Sale will be made subject to legal approval by Chapman &
Cutler of Chicago, and to Public Works Administration grant of $47,000
for sewerage
disposal plant.
Purchaser is to furnish bonds and legal
Sioux
Davenport
Iowa City
Cedar Rapids
COUNTY
Building
DES MOINES
INDEPENDENT SCHOOL DISTRICT NO. 45 (P. O.
Boise), Ida.—BOND SQLD—It is reported that $5,500 school bonds have
ADA COUNTY
BONNEVILLE
Municipals
T.
City
Sioux Falls, S. D.
Teletype: DESM 81
IOWA
DISTRICT, la.—BOND SALE—An issue
of $7,250 2% school bonds has been sold to the Carleton D. Beh Co. of
Des Moines at a price of par, plus a premium of $50, equal to 100.689.
BIRMINGHAM
SCHOOL
Iowa—BOND
CLINTON,
OFFERING—Bids
will
be
received
until
7:30 p. m. on Dec. 4, by Harry W. Cowles, City Clerk, for the purchase of a
S38,000 issue of fire equipment bonds.
The bonds and attorneys' opinion
will be furnished by the city.
(This report supplements the offering notice
given here recently.—V.
143, p. 3502.)
CRESCO, Iowa—BOND OFFERING—It is stated by E. A. Hoopman,
City Clerk, that he will receive bids until 1:30 p. m. on Dec. 4, for the
is not to
furchase of a $25,000exceed 4%, payable semi-annually. Due from 1938
issue of sewer outlet and purifying plant bonds.
nterest rate
to
1954, optional on Nov. 15, or on any interst paying date.
and approving
Printed bonds
opinion of Chapman & Cutler of Chicago, will be furnished.
DAVENPORT, Iowa—VOTERS REJECT MUNICIPAL WATER PURCHASE PLAN—At the special election on Nov. 27—V. 143, p. 3185—the
voters are
stated to have voted down the proposition calling for municipal
ownership of the local water works system, owned and managed by the
Electric Co.
The acquisition of the plant was
to be financed by the sale of the $3,000,000 water revenue bonds, which
were taken over recently by a syndicate headed by C. W. McNear & Co.
American Water Works &
of Chicago, as 2Ms, and
these columns—V. 143,
3s, at par, subject to this election, as reported in
p. 3353.
We are informed that the vote was
5,105 to 2,224.
It is stated that the water company took no part in the
campaign before the election except to state its willingness to sell upon a
favorable vote of the people.
will receive bids until 7 p. m.
GREENE COUNTY (P. O. Jefferson),
works
opinion.
GENESEO, 111.—CERTIFICATES CALLED FOR REDEMPTION—
C. Hanford, City Clerk, announces the call for redemption on
Jan. 1, 1937, of a total of $217,000 6% municipal electric light and power
public utility certificates, nos. 9 and 10 (renumbered 311 and 312), and
nos.
14 to 310, incl.
Denoms. $1,000 and $500.
The Central Trust &
Savings Bank of Geneseo, trustee, has been advised of the call.
The
certificates, dated Dec. 1, 1933, together with all interest accrued and
unpaid to Jan. 1, 1937, will be paid upon presentation of them, together
with all subsequent interest coupons attached, at the City Treasurer's
is
stated
by
Charles
Cleveland,
Iowa—BOND OFFERING— It
County Treasurer, that he will receive
sealed bids until 2 p. m. on Dec. 14, for the purchase of a $55,000 issue of
county hospital
by the county,
LADORA
bonds.
The bonds and attorney's opinion will be furnished
he reports.
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Ladora),
Iowa—BOND SALE—The $18,900 issue of school building bonds offered
1—V. 143, p. 3353—was awarded to W. D. Hanna & Co.
for sale on Dec.
of Burlington, as
of about 2.54%.
2Ms, paying a premium of $434. equal to 102.296, a basis
Dated Nov. 1, 1936.
Due from Nov. 1, 1939 to 1955.
Charles
office.
MAQUOKETA, Iowa—BOND OFFERING—It is stated by J.G. Thorne,
City Manager, that he will receive bids until 10 a. m. on Jan. 7 for the
purchase of a $25,000 issue of water revenue bonds.
MARSHALLTOWN,
Iowa—BOND EXCHANGE—In connection with
bonds, given in these columns early in October
the call notice on the original
143, p. 2406—it is stated by the City Clerk that $28,000 water works
refunding bonds have been exchanged at 2 M % for an equal amount of
water works bonds held by the Carleton D. Beh Co. of Des Moines.
—V.
ROCK FALLS, III.—BOND ELECTION—A special election will be held
on Dec. 18 at which a proposal to issue $27,000 electric lines bonds will be
submitted to the voters.
OSCEOLA COUNTY ^P. O. Sibley), Iowa —CERTIFICATE SALE
DETAILS—It is now reported by the County Treasurer that the $20,000
Financial
3670
road
anticipation
Chronicle
RINGGOLD COUNTYr(P. O. Mount Ayr), I a.—CERTIFICATE
OFFERING—Earl T. Hoover, County Treasurer, will receive bids until
anticipatory certificates of indebtedness.
KANSAS
BONDS OFFERED
FOR
INVESTMENT—'The
successful
re-offered the above bonds on Nov. 30 for public subscription,
CHANUTE SCHOOL DISTRICT, Km.—BOND SALE—The district
recentlysold $27,500'school building bonds to the Dunne-Israel Investment
Oo. of Wichita at a price of 100.363.
CLARK COUNTY SCHOOL DISTRICT NO. 1 (P. O. Ashland).
Kan.—BOND SALE—The $55,000 issue of school building bonds offered
on Nov. 16—Y. 143, p. 3186—was purchased jointly by the SmallMilburn Co., and the Dunne-Israel Investment Co., both of Wichita, as
Due
LABETTE
as
ST. MARTIN PARISH (P. O. St.
(P.
O.
6 ated Dec. 1, 1936. Due fr<^m Dec.&1, 1938 to of Newincl.
2886—was purchased by Sutherlin Scranton 1956, Orleans, as 3)4s.
Kan.—BOND SALE—The
Oswego),
MARYLAND
county has sold $13,800 highway relief and $20,000 poor relief bonds, all
bearing 2)4% interest, to the Dunne-Israel Investment Co. of Wichita at
101.738.
Due serially in 10 years.
SALE—An issue of
CUMBERLAND,
COUNTY
1936.
Interest payable J. & D.
A certified check for 2)4 % of the bonds
offered must accompany each proposal.
informed
DISTRICT
SCHOOL
MARYSVILLE
O.
(P.
Marysville),
MASSACHUSETTS
MONSON, Mass.—NOTE SALE—The First Boston Corp. of Boston
was
Kan.—
were as
Due
follows:
Discount
Second National Bank of Boston...
First National Bank of Boston
......
Faxon, Gade & Co
...
...
.....
0.319%
0.374%
0.39%
CLINTON, Mass.—NOTE SALE—The issue of $19,000 notes offered
sold recently by the County Com¬
on Nov. 27 was awarded to the Clinton Trust Oo. of Clinton at 0.56%
discount.
Due April 1, 1937.
Other bidder was Faxon, Gade & Co. of
*
SHERMAN COUNTY COMMUNITY HIGH SCHOOL DISTRICT
(P. O. Goodland), Kan.—BOND OFFERING—H. R. ShimeaU, Secretary
Boston, at 0.64%.
LAWRENCE, Mass.—BOND SALE—The $302,000
of the Board of Trustees, will receive bids until 2 p. m. Dec. 10 for the pur¬
chase of $140,000 school building bonds.
Denom. $1,000. Certified check
for 2% of amount of bid required.
water filtration
improvement bonds offered
on
coupon or
Dec. 4
were
registered
awarded to
a
group composed of Arthur Perry & Co. of Boston; Graham, Parsons & Oo.
and Kidder, Peabody & Co., both of New York, as 2s, at a price of 100.645,
COUNTY (P. O.
Wellington), Kan.—BOND SALE—
An issue of $18,000 bonds has been sold to the Brown-Crummer Invest¬
ment Co. of Wichita at a price of 100.525.
SUMNER
a basis of about 1.93%.
Dated Dec. 1, 1936, and due Dec. 1 as follows:
$17,000 in 1937 and $15,000 from 1938 to 1956 incl. Other bids were as
follows:
Bidder—
I
Int. Rate
Brown Harriman & Co. and First Boston Corp........ 2%
Tyler, Buttrick & Co
..........................
2%
Dick & Merle-Smith
2%
First National Bank of Boston
2%
WILSON COUNTY (P. O. Fredonia), Kan.—BOND SALE—The
$9,500 unemployment relief bonds offered on Nov. 30—V. 143, p. 3503—
were awarded to tbe Baum, Bernheimer Oo. of Kansas City at a price of
101.057. Tbe W. E. Davis Co. of Topeka bid 101.056.
i
The bonds are 2% coupon bonds in the denom. of $500 each, and are
dated Nov. 1, 1936.
Interest will be payable semi-annually on Feb. 1 and
Aug. 1.
Due $1,000 yearly from 1938 to 1946; and $500 in 1947.
Goldman, Sachs & Co., Stone & Webster and Blodget,
Inc., and Hornblower & Weeks
2)4%
Whiting, Weeks & Knowles and Harris Trust & Savings
...
WINFIELD, Kan.—BOND SALE DETAILS—"We are now informed by
$75,000 dike construction bonds purchased jointly
by tbe Brown-Ourmmer Investment Co., the Small-Milburn Co., and the
Ranson-Davidson Co., all of Wichita, at a price of 100.81, as noted here
recently—V. 143, p. 3353—bear interest at 2%.
Coupon bonds, dated
Nov. 1, 1936.
Due on Nov. 1 as follows: $7,000, 1937, 1939, 1941, 1943
and 1945; $8,000 in 1938; 1940,1942,1944 and 1946, giving a basis of about
Bank
the City Clerk that the
1.84%.
Other bidders
Bidder—
Hutchinson). Kan.—BOND SALE—An issue
of $15,000 1H% poor fund bonds was
missioners at a price of 100.27.
awarded on Dec. 3 an issue of $25,000 notes at 0.315% discount.
July 1, 1937.
BOND ELECTION—An election is said to be scheduled for Dec. 15, to vote
on the issuance of $104,000 in high school bonds.
RENO COUNTY (P. O.
Matheney,
W.
tion of $500,000, provided for in Chapter 131, Acts of General Assembly of
Marysville), Kan.—BOND SALE DE¬
by the County Clerk that the $14,800
public works relief bonds sold on Nov. 13 to the Baum, Bernheimer Oo. of
Kansas City, Mo., as noted in these columns—V. 143, p. 3353—are coupon
bonds, dated Nov. 13, 1936.
Denominations $300, $500 and $1,000.
Due on Nov. 13 as follows: $1,300, 1937, and $1,500, 1938 to 1946, incl.,
with the bonds maturing from 1937 to 1940 as 1
and the bonds maturing
from 1941 to 1946 as 2s.
The price paid by the successful bidder was par,
plus cost of legal approving opinion.
now
OFFERING—Harry
of Finance and Revenue, will receive sealed bids until 10
Dec. 14 for the purchase of $100,000 2)4 % flood bonds.
Dated
Jan. 1,1937.
Denom. $1,000.
Due $25,000 on Jan. 1 from 1947 to 1950,
This is the second instalment to be issued of an original authoriza¬
MARSHALL COUNTY (P. O.
are
on
incl.
Payne & Co. of Topeka.
TAILS—We
Md.—BOND
Commissioner
a. m.
(P. O. Leavenworth), Kan.—BOND
$25,000 bridge rebuilding bonds has been sold tq Estes-
LEAVENWORTH
Martinsville), La .—BOND SALE—
The $100,000 court house impt. bonds offered for sale on Dec. 1—V. 143,
follows: $3,000, 1938 to 1954, and $4,000 in 1955.
COUNTY
bidders
priced to
yield from 2.50% to 3.50% on the 4s, and priced from 101.50 to 99, on the
3)4 % bonds. It is stated that the bonds are callable at 110.
for sale
3s, at par.
S, 1936
according to Schedule A of maturity, as follows: $632,000 as 4s, maturing
on July 1:
$94,000. 1940; $17,000, 1951; $34,000, 1942; $44,000, 1943;
$69,000, 1944; $32,000. 1945; $^5,000, 1946; $55,000, 1947; $36,000, 1948;
$53,000, 1949; $70,000, 1950; $44,000, 1951 and $38,000 in 1952; the
remaining $1,249,000 as 3 )4s, maturing on July 1: $70,000, 1953; $90,000,
1954; $112,000, 1955; $95,000, 1956; $120,000, 1957; $109,000, 1958;
$134,000, 1959; $120,000, I960; $48,000, 1961; $50,000, 1962; $52,000.
1963; $54,000, 1964; $56,000, 1965; $59,000. 1966; $61,000, 1967, and
$19,000 in 1968, giving a net interest cost of about 3.58%.
certificates^sold to the Sibley State Bank, at 134%,
a premium of $5.00, as noted here recently—V. 143, p. 3503—are in
the denomination of $1Q,000 each and mature on June 1, 1937.
plus
Dec. 4 for the purchase of $35,000
Dec.
Rate Bid
100.2199
100.199
100.08
100.077
101.982
......
2)4%
Lazard Freres & Co., Inc.........
Halsey, Stuart & Co., Inc
.....
...
Edward B. Smith & Co., Inc., and Burr & Co., Inc
H. O. Wainwright & Co. and C. F. Childs & Co..
100.79
2)4
2)4
2)4
2*4
—
%
%
101.50
101.385
%
101.277
%
101.06
NORTHAMPTON, Mass.—TEMPORARY LOAN—The issue of $125,000 notes offered on Dec. 2—V. 143, p. 3503—was awarded to the Second
National Bank of Boston at 0.183% discount.
Dated Dec. 4, 1936 and
Interest payable M. & N.
due
KENTUCKY
$65,000
and $60,000 Aug. 10, 1937.
June 30, 1937
on
Other bids
follows;
Bidder—
were as
KENTUCKY, State of—BOND CALL—Robert Humphreys, Com¬
Highways, states that in accordance with the provisions of
Article II of the trust indenture securing such bonds, the following out¬
standing Commonwealth of Kentucky bridge revenue refunding bonds are
being called for redemption on Jan. 1, 1937, on which date interest shall
cease, at the Chemical Bank & Trust Co. in New York City:
Discount
New England Trust Co. of Boston
Merchants National Bank of Boston
First Boston Corp
missioner of
0.225%
0.23%
I
0.248%
Whiting, Weeks & Knowles
0.25%
0.25%
First National Bank of Boston
Leavitt & Co—.....
0.25%
......
R. L. Day & Co
$240,000 3% Project No. 1 bonds. Dated June 1,1936. Due July 1,1950.
55,000 3 % Project No. 2 bonds. Dated June 1,1936. Due July 1,1950.
70,0003)4% Project No.3 bonds. Dated July 1,1935. Due July 1,1950.
132,0003)4% Project No. 8 bonds. Dated July 1,1935. Due July 1,1945.
40,000 3)4% Project No. 9 bonds. Dated Aug. 15,1935. Due July 1,1955.
275,000 3 % Project No. 10 bonds. Dated Nov. 15,1935. Due July 1,1950.
Jackson & Curtis
,
0.26%
0.33%
....
SPRINGFIELD, Mass.—NOTE SALE—The $250,000
revenue
notes,
dated Dec. 7, 1936, and payable Sept. 15, 1937, which were offered on
Dec. 4, were awarded to the Second National Bank of Boston on a .159%
discount basis.
The Merchants National Bank and Jackson & Curtis
Payment of the principal amount of said bonds, together with a premium
of 2)4 % of such principal amount will be made on or after date called on
surrender of said bonds in negotiable form, accompanied by all coupons.
each bid
.18%
TAUNTON.
discount.
Mass.—BOND SALE—The
$45,000 coupon, registerable
to principal only, municipal relief bonds offered on Dec. 1—V. 143.
3503—were awarded to the Merchants National Bank of Boston, as 134s,
a price of 100.18, a basis of about 1.465%.
Dated July 1, 1936 and duo
$5,000 on July 1 from 1937 to 1945 incl.
Other bids were as follows:
as
BOND REDEMPTION—Robert
Humphreys, Commissioner of Highways, has issued a call for redemption
of $812,000 bridge revenue bonds as of Jan. 1, 1937. It is said that the
funds to be used for redemption have been accumulated from payment of
bridge tolls.
The bonds covered by the call include the following six projects: Ashland,
$70,000; Paducah, $40,000; intrastate group, $240,000; Maysville, $55,000;
Evansville, $132,000; Cincinnati, Newport Bridge, $275,000.
KENTUCKY,
State
of—BRIDGE
p.
at
Bidder—
sewer
revenue
Faxon, Gade & Co
Tyler, Buttrick & Co
Immediate Firm Bide
...
....
WINCHENDON, Mass.—NOTE SALE—The issue of $40,000 revenue
anticipation notes offered on Dec. 4 was awarded to R. L. Day & Co. of
Boston, at 0.39% discount.
Due Nov. 15, 1937.
Other bids were as
follows:
Bidder—
Discount
Second National Bank of Boston
Merchants National Bank of Boston.........
First National Bank of Boston
TELEPHONE RAYMOND 1189
New Orleans
Faxon, Gade & Oo
Corp. (plus $2.25 premium)
First Boston
Bond & Goodwin
LOUISIANA
of—BOND
OFFERING
100.277
$100,000 each on Sept. 15 and Oct. 15, 1937.
INCORI»ORATCD
State
101.012
receive sealed bids until 3:30 p. m. on Dec. 9 for the purchase at discount
of $250,000 revenue anticipation notes, due $50,000 May 17, 1937, and
Scharff L. Jones
LOUISIANA,
100.171
100.171
100.599
1H%
WATERTOWN, Mass.—NOTE OFFERING—The Town Treasurer will
on
LOUISIANA MUNICIPALS
T. T. TEL. N. O. 180
134%
134 %
1%%
1)4%
2%
...
Burr & Co., Inc
bonds.
100.116
100.09
101.069
.........
;..
First National Bank of Boston
Edward B. Smith & Co., Inc
LANCASTER, Ky.—BOND OFFERING—Sealed bids will be received
by the City Clerk for the purchase of a $47,000 issue of 4%
Rate Bid
1)4%
1)4%
±
Whiting, Weeks & Knowles.
Webster, Kennedy & Co
until Dec. 8
semi-ann.
Int. Rate
Jackson & Curtis
.......
CONTEMPLATED—It
...
...
.........................
Jackson & Curtis
t
National Shawinut Bank
reported in investment circles on Dec. 1 that the above State expects
to offer for sale soon after the turn of the year an issue of from $10,000,000
to $12,000,000 refunding and highway bonds.
It is expected that the
flotation will consist of $5,500,000 refunding obligations and from $5,000,000 to $7,000,000 of the newly authorized highway bonds.
.....
........
....................
...
.......
...
0.397%
0.42%
0.439%
0.445%
0.45%
0.45%
0.47%
0.49%
was
BOND SALE PLANNED—It is reported by A. P. Tugwell, State
urer,
We
MICHIGAN MUNICIPALS
Treas¬
that the State plans to offer $5,500,000 highway refunding bonds,
authorized by the voters at the general election on Nov. 3.
It is said that
the proceeds of the sale will be used to retire the same amount of outstanding
short-term series H and I highway bonds.
It is expected that these bonds
will be called for payment on the next int. payment dates, March 30 and
Gray, McFawn & Company
DETROIT
April 15, 1937, respectively.
Telephone CHerry 4828
NEW ORLEANS,|La.—CERTIFICATE CALL—It is stated by Jess S.
Cave, Commissioner of Finance, that the city is calling for payment on
Jan. 1,1937, at par andfoccrued interest, various 4)4% semi-annual refund¬
ing paving .'certificates, dra wn jby lot for redemption.
Dated Jan. 1, 1936.
Holders or said,certificates should present same with all unmatured coupons
attached for redemption on date called, at any of the places of payment
designated on,the face thereof.
ORLEANS
LEVEE
Interest shall
DISTRICT
cease on
date called.
New Orleans), La.—MATVRITY— In connection with the sale of the $1,881,000 refunding bonds
on Nov. 27 to the syndicate headed by Stranahan, Harris & Co., Inc., of
Toledo, at a price^of 100.11 for 4s and 3Ms, as reported in our issue of
Nov. 28—V. 143, p. 3403—we are now informed that the bonds are divided
(P.
O.
Buy for Our Own Account
A. T. T. Tel. DBT347
MICHIGAN
j
BLOOMFIELD TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O.
Bloomiield Hills), Mich—BONDS NOT SOLD—BONDS REOFFERED—
The $35,000 not to exceed 4% interest school bonds offered on Nov. 27—
V. 143, p. 3354—were not sold. Because of an error in the advertising, none
of the bids were opened. A new offering will be made on Dec. 15.
The bonds will mature on Sept. 1 as follows: $2,000,1939 to 1942, incl.;
$4,000 from 1943 to 1948, ind., and $3,000 in 1949.
The original notice
stated that the bonds would mature annually on Jan. 1.
Volume
Financial
143
CRYSTAL LAKE TOWNSHIP SCHOOL?DISTRICT NO. 1 (P. O.
Frankfort), Mich.—BOND SALE—The $35,000 4% coupon school bonds
offered on Nov. 24—V. 143, p. 3354—were awarded to the First of Michigan
Corp., Detroit, at par, plus a premium of $1,089.24, equal to 103.112, a
basis of about
3.16%.
Dated Dec. 1, 1936.
Due $7,000 yearly on
from 1938 to 1942, incl.
Other bidders were:
►
Name—
Int. Bate
3 54%
Siler, Carpenter & Boose, Toledo
Meilink & Co., Detroit
Meiljnk & Co., Detroit
Bonn!well,NeaJ & Camden, Coicago
Cray, McFawnffc Co
354 %
4%
354%
4%
Dec. 1
Premijm
$140.00
112.00
493.00
116.00
367.50
I
2,988,000 bonds, dated Jan. 15, 1937, in $1,000 denoms., due Jan. 15
as follows:
$47,000 from 1938 to 1944 incl.; $128,000 in 1945;
$141,000 from 1946 to 1962 incl. and $134,000 in 1963.
Provisions Applying to This Issue
Proposals are to be for the purchase on all or none basis of $22,345,000
bonds, series F, and on an all or none basis of $2,988,000 bonds, series F,
at the greatest premium above par, or a single bid may be submitted on an
all or none basis for the purchase of the entire issue of $25,333,000 bonds,
series F, at the greatest premium above par; and all of said proposals shall
stipulate the lowest rate or rates of interest which the prospective purchaser
will require thereon in multiples of 54 of 1%, payable
semi-annually, not
to exceed 354% per annum on the above
group of $22,345,000 bonds;
and not to exceed 3 54 % per annum on the above group of $2,988,000 bonds.
Not more than two different coupon rates will be accepted on each of the
two series of bonds; or if a single bid be
proposed on an all or none basis
for the purchase of the entire issue of $25,333,000 not more than two
different coupon rates will be accepted thereon.
The bonds will be issued in coupon form or in registered form, and if
issued in coupon form will be exchanged for bonds in registered form at
any time upon application of the owner.
The principal and interest are
payable in lawful money of the United States at the current official bank
of the City of Detroit, in the City of New York, or at the office of the City
Treasurer in the City of Detroit, at the option of the holder.
The bonds
will be approved as to legality by Thomson, Wood and Hoffman, attorneys,
or New York City.
A copy of tneir opinion as to the legality of said bonds
will be furnished to the successful bidder without charge.
Proposals are
to be conditioned only on such approval.
The bonds will be delivered in
New York City upon payment of amount named in
proposal and of interest
on principal accrued to date of
delivery.
Payment to be made in Federal
Reserve funds in Detroit.
They are exempt from all taxation in the
State of Michigan.
Bids must be accompanied by a certified check for
2% of the bonds, payable to the order of the city.
F EAST GRAND RAPIDS, Mich.—REFUNDING ISSUE APPROVED—
The State Public Debt Commission has approved the issuance of
$174,611
refunding bonds to bear interest at not
more
than 3
1-3%.
P ECORSE, Mich.—OFFICIALS SIGN REFUNDING BONDS—Mayor
William Voisine and City Clerk John Beckman
recently started the tedious
task or affixing their signatures to 5,000 refunding bonds having an aggregate
valu® of $711,000. The new bonds bear 354 % interest, as against that of
on the debt to be refunded.
The city has authorized the refunding
of its entire funded debt of $2,800,000.
par
554%
ELBERTA, Mich.—BOND OFFERING—Louis Stott,
Village Clerk, will
receive sealed bids until 5 p. m. on Dec. 9 for the purchase of $10,000 5%
coupon sanitary sewer and sewage treatment plant revenue bonds.
Dated
Dec. 1, 1936.
Denom. $500.
Due $500 each year on Dec. 1 from 1939
to 1958, incl.
Callable on any int. payment date at a price of 101.
Registerable as to rrfn. only and payable as to both prin and int. (J. & D.) at
the Village Treasurer's office.
Bids to be conditioned only on approval
of issue by bond counsel.
GLADSTONE. Mich.—BOND ELECTION—City Manager E. H. Waterhouse informs us that an election will be held on Jan. 19 to secure the voters'
authorization to issue $105,000 454 % 15-year serial mortgage bonds for the
construction of a generating plant.
LOCKPORT TOWNSHIP AND CITY OF THREE RIVERS SCHOOL
DISTRICT NO. 1, Mich.—BOND SALE—The issue of $83,000 refunding
bonds offereu on Nov. 28—-V. 143, p. 2504—was awarded to Stranahan,
Harris & Co., Inc. of Toledo, as 254s. at par plus a premium of $141.10,
basis of about 2.23%.
Dated Dec. 1, 1936 and due
Feb. 1 as follows:
$5,000, 1938 to 1941 incl.; $6,000, 1942 to 1946 incl.;
$4,000, 1947; $7,000, 1948; $5,000 from 1949 to 1951 incl. and $7,000 in
equal to
100.17,
3671
will be received at 2
p. m. on'Dec. 9, by O. E. Froelich, District Clerk, for
the purchase of a $25,000 issue of
refunding bonds.
Interest rate is not to
exceed 3%,
payable J. & J. Denom. $1,000. Dated Jan. 1, 1937.
Due
as follows: $2,000,1938 to
1942, and $3,000, 1943 to 1947. Prin.
payable at any suitable bank or trust company designated by the
TheTapproving opinion of Junell, Driscoll, Fletcher, Dorsey &
Barker .of Minneapolis, will be furnished.
A $500 certified check, payabel
to the District, must
accompany the bid.
on
Jan. l
and int.
purchaser.
P* DETROIT, Mich.—BOND OFFERING—John N. Daley, City Con¬
troller, will receive sealed bids until 10.30 a. m. on Dec. 14 for the purchase
of $25,333,000 non-callable series F refunding bonds, divided as follows:
$22,345,000 bonds, dated Jan. 15,1937, in $1,000 denoms., due Jan. 15 as
follows:
$350,000 from 1938 to 1944 incl.; $996,000 in 1945;
$1,050,000 each year from 1946 to 1962 incl. and $1,049,000
in 1963.
Chronicle
a
1952*
SHERBURNE COUNTY SPECIAL SCHOOL DISTRICTfNO.*l
(P. O. Clear Lake), Minn.—BOND SALE—The|$27,000 coupon series]®
refunding bonds offered on Oct. 23—V. 143, p. 2561—have been sold to
T. G. Evenson of Minneapolis at
par,(the bonds to bear interest at 254%»
3%, 354% and 4%, on aigraduated scale.
Denom. $500.
Dated June 1,
1936.
Interest payable June 1 and Dec. 1.
Due June 1,1966; redeemable
afterjfive years.tbdat;
*
WILLMAR, Minn .—CERTIFICATE OFFERING—Sealed bids willlbe
received until 7 p. m. on Dec. 7, by Hans Gunderson, City Clerk, for the
purchase of an $8,000 issue of 4% street impt. certificates of indebtedness.
Denom. $1,000.
Dated Dec. 1,1936.
Due $2,000 on Dec. 1,1937 to 1940.
accrued int.
Prin. and Int.
(J. & D.) payable at one of the local banks.
A certified check for $100,
payable to the City Treasurer, must accompany the bid.
No bids will be accepted for less than par and
Offerings Wanted;
LOUISIANA & MISSISSIPPI
MUNICIPALS
Bond Department
WHITNEY
NATIONAL BANK
NEW
Bell Teletype
ORLEANS, LA.
N. O. 182
Raymond 6409
MISSISSIPPI
BROOKHAVEN SEPARATE
SCHOOL DISTRICT (P. O. Brookhaven), Miss.—BOND CALL—Eben M. Bee, City Clerk, is calling for
payment on Dec. 5, on which date interest shall cease, a total of $105,000
in
554 % semi-annual refunding bonds, numbered from 1 to 210.
5, 1934.
Denom. $500.
Due from Dec. 5, 1939 to 1963.
Dated
These
Dec.
bonds should be presented for redemption with Dec. 5, 1936 and all sub¬
sequent coupons attached, to either the Brookhaven Bank & Trust Co.,
or to the Mercantile-Commerce Bank & Trust Co., St. Louis.
CLEVELAND, Miss.—BOND OFFERING—It is stated by Mayor W. W.
Simmons, that he will receive bids until 7:30 p. m. on Dec. 3, for the pur¬
an issue of $125,000 general obligation sewer bonds.
Denom.
$1,000.
Due serially over a period of 25 years as follows: $3,000 per annum
during the first five years; $5,000 per annum during the next 10 years and
$6,000 per annum during the remainder of the 25-year period.
The bonds
will bear interest payable semi-annually at such rates as may be determined
by the terms of the sale.
chase of
LAUREL, Miss.—BOND SALE—The $71,000 issue of revenue bonds
on Nov. 18—V. 143, p. 3188—was purchased by J. S. Love
Co. of Jackson, according to report.
offered for sale
&
LAUDERDALE COUNTY (P. O. Meridian), Mia*.—BONDS SOLD—
is reported that $50,000 county bonds were purchased recently by
George T. Carter, Inc., of Meridian, as 354s.
It
LINCOLN
COUNTY
SUPERVISORS
ROAD
DISTRICT
NO.
X
(P. O. Brookhaven), Miss.—BOND SALE—It is stated that $40,000 3 54 %
semi-annual refunding bonds have been purchased by J. S. Love & Co. of
Jackson.
Due $4,000 from Dec. 1, 1937 to 1946, incl., optional on any
interest date in the inverse order of numbers and maturities.
It is said
that the proceeds of these bonds, together with funds currently on hand,
will be used to retire $43,000 554% road bonds, dated Feb. 9, 1912, due
on Feb. 9, 1937.
MERIDIAN, Miss.—BOND SALE—It is reported by R. S. Tew, City
Olerk and Treasurer, that the $45,877.96 issue of 4% semi-ann.
refunding,
series C bonds approved as to legality recently by Charles & Trauernich,
of St. Louis, as noted in these columns—V. 143, p. 3355—has been pur¬
chased jointly by Geo. T. Carter, Inc., of Meridian, and
J. G. Hickman,
Denom. $1,000, one for $877.96. Dated Nov. 1,1936.
$1,877.96 in 1937; $1,000, 1938 to 1946; $2,000,
1947 to 1956, and $3,000, 1957 to 1961.
Inc., of Vicksburg.
Due
on
Nov. 1
as
follows:
OKTIBBEHA COUNTY SUPERVISORS DISTRICT NO. 5 (P. O.
Starkville), Miss.—BONDS SOLD—A $10,000 issue of 454% semi-ann.
refunding bonds is reported to have been purchased by Saunders & Thomas
of Memphis.
Dated Sept. 1,1936.
Northwestern Municipals
f
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlan^ 4201
-
®l0*ype—Mpls287
MINNESOTA
BARNESVILLE, Minn.—BONDS SOLD—It is stated by the City Clerk
that $10,000 3% semi-ann. sewage disposal
plant bonds approved at an
election held on Nov. 16, have been purchased by the State of Minnesota
Clarksdale), Miss.
Dec. 8
by G. F. Seals, Secretary-Treasurer of the Board of Commissioners, for the
purchase of a $250,000 issue of refunding bonds. Dated Jan. 1, 1937. The
Board will receive such proposals pertaining to maturity dates and interest
rates as the bidders for the bonds may wish to submit, with the maturity
dates not to exceed 19 years. These bonds are being issued in order that a
like amount of callable bonds may be redeemed and a lower interest rate
obtained on the refunding bonds. The bonds to be redeemed consist of a
block of $300,000 bonds which mature $100,000 in 1952 and $200,000 in
1955, of which bonds the Board will retire $50,000 with funds available.
Bids only for the entire issue will be considered. Denom. $1,000. Coupon
bonds payable semi-annually. Callable on any semi-annual interest-paying
date.
A certified check for 5% of the amount bid is required.
ITASCA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Grand Rapids),
Minn.—BOND OFFERING—Allen J. Doran, District Clerk, will receive
bids until 3 p. m., Dec. 12 for the purchase of $185,000 3% school budding
bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Interest payable Feb. 1
and Aug. 1.
Due on July 1 as follows: $25,000, 1942 to 1946; and $30,000,
1947 and 1948.
YAZOO-MISSISSIPPI LEVEE DISTRICT (P. O.
—BOND OFFERING—Sealed bids will be received until 1:30 p. m. on
Minnesota, North and South Dakota, Montana,
Oregon, Washington
MISSOURI
BONDS
Markets in all State, County
& Town Issues
Cert, check for $3,700, payable to the District Treasurer,
required.
SCHERCK, RICHTER COMPANY!
MAHTOMEDI, Minn.—BOND SALE—The $6,000 issue of water system
bonds offered for sale on Nov. 27—V. 143, p. 3355—was awarded to a
local investor, as 3 54s at par, according to the Village Clerk.
Dated Dec. 2,
1936.
Due $500 from Dec. 2, 1939 to 1950, inci.
MEADOWLANDS INDEPENDENT SCHOOL DISTRICT No. 50
(P. O. Meadowlands), Minn.—BOND SALE—The $26,000 issue of school
bonds offered for sale on Nov. 25—V. 143, p. 3355—was purchased by
the Wells-Dickey Co. of Minneapolis, as 354s, paying
a
premium of
$150.00, equal to 100.57, a basis of about 4.41%.
Dated Jan. 1, 1937.
Due from 1940 to 1947.
f
MINNEAPOLIS.
Minn.—BOND
DISPOSAL
REPORT—It
was
an¬
nounced on Nov. 30 by Phelps, Fenn & Co. of New York, that the $1,030,000 1.70% coupon or registered various purpose bonds purchased by them
on Nov. 24, as reported in detail in these columns—V. 143, p. 3504—have
all been placed privately. Due serially from 1937 to 1946.
F BONDS OFFERED TO PUBLIC—The $950,000 2.20% sewage disposal
bonds that were sold on Nov. 27 to Halsey, Stuart & Co., Inc., as reported
in our issue of Nov. 28—V. 143, p. 3504—were offered on Nov. 30 for gen¬
eral investment at prices to yield from 1.00 to
2.25%, according to maturity.
It is reported that these bonds are general obligations of the city.
MOOSE PARK (P. O. Blackduck), Minn.—BOND OFFERING—Anna
Kupcho, Town Clerk, will receive bids until 1 p. m., Dec. 10 for the pur¬
t
chase of $3,250 refunding bonds.
NORTH MANKATO (P. O. Mankato), Minn.—BONDS SOLD—It is
reported by the City Clerk that a $10,000 issue of park and playground
bonds approved by the voters on Nov. 3, will be purchased by the State
LANDRETH
BUILDING, ST. LOUIS, MO.
MISSOURI
JACKSON COUNTY PUBLIC WATER SUPPLY DISTRICT NO. 1
(P. O, Independence), Mo.—BONDS SOLD—It is reported that Estes,
Payne & Co. of Topeka, purchased recently the following bonds aggre¬
gating $169,000: $85,000454 % water, general obligation and $84,000 4 54 %
water, special obligation bonds.
Dated Oct. 1, 1936.
(.A loan of $169,000
and a grant of $138,272 for a water works system is said to have been
approved by the Public Works Administration.) «*
,t
ST. CHARLES, Mo.—BOND SALE—It is stated by Clarence G. "Weas¬
ier, City Olerk, that $50,000 254% semi-ann. refunding fire equipment
bonds were purchased by Oallender, Burke & MacDonald of Kansas City
at a price of 100.278, a basis of about 2.295%. Due on March 1 as follows:
$5,000, 1937; $4,000, 1938; $5,000, 1939, and $1,000 in 1940.
F SULLIVAN, Mo.—BOND SALE—The $21,000 city hall bonds offered
on Nov. 27—V. 143, p. 3355—were awarded to the Boatmen's National
Bank of St. Louis, as 354s, at par, plus a premium of $118.42, equal to
100.564, a basis of about 3.20%. Stifel, Nicolaus & Co. of St. Louis offered
a
premium of $44.10 for 3 54s.
Dated Nov. 10,1936.
Due $3,000 March 1,
1946; and $2,000, yearly on March 1 from 1947 to 1955, incl.
MONTANA
Board of Investments.
ST. CLAIR CONSOLIDATED SCHOOL DISTRICT NO. 146 (P. O.
St. Clair), Minn.—BOND OFFERING-—Both sealed and acution bids
BUTTE, Mont.—BOND CALL—It is reported that a total of $883,000
6% funding bonds are being called for payment on Jan. 1, 1937, on which
date interest shall cease.
Due on July 1,1941, optional on Jan. 1,1936.
Financial
3672
(An $883,000 issue of refunding bonds was
these columns in October—V. 143, p. 2408.)
CARTER
sold recently, as noted in
Dec.
Chronicle
5,
Proceeds of the present offering will permit the conversion into permanent
of all temporary debt of the city maturing prior to Dec. 1, 1937.
Principal and semi-annual interest (J. & D.) payable at the First Camden
National Bank & Trust Co., Camden, or at the Guaranty Trust Co., N. Y.
City.
A certified check for 2%, Davable to the order of the city, must
accompany each proposal.
The i
& Longfellow of New York will be
form
COUNTY HIGH SCHOOL DISTRICT
(P. O. Ekalaka),
Mont.—BOND OFFERING—It is stated by the Attorney for the School
Board that sealed bids will be received until Jan. 4 for the purchase of a
$20,000issue of 4% semi-ann. school bonds. Dated Jan. 1, 1937. Due on
Jan. 1, 1957, optional in 15 years.
These bonds were approved by the
voters at the Nov. 3 general election.
Camden), N. J.
t DELAWARE RIVER JOINT COMMISSION (P. O.
—CONSIDERS PLAN FOR LOWER TOLL RATE—Following two
CUT BANK, Mont.—BOND ELECTION—An election is scheduled for
15 at which a proposition to issue $31,000 natural gas system bonds
Jan.
will be voted upon.
ware
HILL COUNTY
(P. O. Havre), Mont.—BOND SALE—The $70,000
refunding bonds offered on Nov. 30—V. 143, p. 3188—were awarded to
the First National Bank of St. Paul, as 2s, at a premium of $500, equal
to 100.714, a basis of about 1.75%.
Bigelow, Webb & Co. of St. Paul bid
a
premium of $494 for 2s.
Both bids called for a five-year serial matruity,
a three-year optional provision.
with
BOND CALL—It is stated
by Warren A.
Lepper, County Treasurer,
that all outstanding 5M% road bonds dated Jan. 1, 1920, due Jan. 1, 1940,
optional Jan. 1, 1935, are being called for payment at the Northwestern
National Bank of Minneapolis on Jan. 1, 1937, on which date interest shall
No specific date was set for further consideration of
Counsel for Pennsylvania members of the Commission was
River Bridge.
the matter.
instructed to file an opinion as to whether such members could vote legally
for reduced rates.
Under an Act of the State Legislature they are pro¬
specific revenues have been
Leon H. Rose, counsel for
with the Com¬
mission data on rates on other toll bridges throughout the country.
Mayor
George Brunner declared that issuance of commutation tickets would
relieve parking congestion in Camden, where workers leave automobiles
to travel to Philadelphia by bus and high-speed line.
'
hibited from approving lower rates until certain
obtained through
operation of the structure.
the American Automobile Association, was requested to file
DELRAN
cease.
Burlington
TOWNSHIP,
J.—BONDS
N.
County,
AUTHORIZED—The Township Committee has given its final
MUNICIPAL
BONDS
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
NEBRASKA
OTHER
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. O. Quakertown),
N. J.—BOND SALE—The $46,000 coupon or registered bonds offered on
Nov. 30—V. 143, p. 3356—were awarded to the West Hudson County
The First National Bank of Milford bid for
Due $2,000 on Oct. 15 from 1937 to 1959, incl.
TYust Co.,
3Jis.
ISSUES
Hairison, as 3s.
Dated Oct. 15,1936.
The successful bidder paid a price of par for the
The 'National company
approval to
the issuance of $58,000 refunding bonds.
ordinace authorizing
an
NEBRASKA
hours*
discussion of the proposal on Nov. 27, the Joint Commission laid aside for
future consideration a plan for commutation rates to motorists on the Dela¬
The First Na¬
issue.
tional Bank of Milford offered to pay par for 334s.
HOBOKEN,
N.
J.—ISSUE RECEIVES THIRD READING—'The
providing for an issuejof $168,000 refunding bonds, previously
columns, received third and final reading by the City
The bonds, to be issued under Chapter 77, Public Laws
of 1935, will permit thejrefinancing of an equal amount of 5% tax revenue
bonds of 1932.
The refundings will be dated Dec. 1, 1936 and mature
$56,000 each year on Dec. 1 from 1937 to 1939 incl..
►
OF
First National Bank
OMAHA
Bldg-
ordinance
A. T. & T. Teletype OMA 81
NEBRASKA
referred to injthese
Council on Dec. 1.
BROWN COUNTY (P.
O. Ainsworth) Neb.—BOND SALE DETAILS
funding bonds
purchased on Nov. 10 by Steinauer & Schweser, Inc., of Lincoln, as 2%&,
at par, as-noted here—V. 143, p. 3355—are dated Dec. 1, 1936.
Denom.
$1,000. Due from 1941 to 1956; optional on or after 1947. Interest payable
May and Dec. 1.
—It is stated by the County Clerk that these $60,000 warrant
CRAIG, Neb.—BOND SALE—The village has sold an issue of $42,000
3 H % refunding bonds to the State Board of Education Lands and Funds in
exchange for 4J£ % and 454 % bonds now held by theBoard.
FAIRBURY, Neb.—BOND SALE CONTRACT—The city is said to have
entered into
contract with the First
a
State Bank, for the purchase of $30,000
National Bank, and the Fair bury
3% semi-annual refunding bonds.
FURNES COUNTY (P. O. Beaver City), Neb.—BOND SALE DE¬
TAILS—It is now reported that the $35,000 2 H% refunding bonds pur¬
chased by the First Trust Co. of Lincoln, as noted here recently—V. 143,
p.
3505—are dated Dec. 1, 1936 and mature $7,000 annually from Dec. 1
Interest payable J. & D.
1941 to 1945 incl.
KNOX COUNTY (P. O. Center), Neb.—BOND SALE CONTRACT—
It-is reported that the E. B. Laurer Co. of Cedar Rapids, hhs agreed to
purchase $286,000 4% semi-annual Missouri River Bridge bonds".
REDWILLOW COUNTY SCHOOL DIST. NO. 16 (P. O. McCook),
Neb.—BOND SALE—It is stated by the Superintendent of Schools that
$1,400 school bonds have been sold to the First National Bank of McCook,
as 3s, paying a premium of $42.00, equal to 103.00.
JERSEY CITY, N. J.—NE WISSUE OFFERING OF $1,087,000 BONDS
comprising Lehman Brothers, Graham, Parsons & Co.,
—A banking group
B. J. Van Ingen & Co., Inc., and Mercantile-Commerce Bank
of St. Louis is offering a new issue of $1,087,000 2%% bonds.
dated July 15, 1936, are priced to yield 1.10%
maturities which range from 1938 to 1943.
Proceeds from the sale of the bonds will be used to retire
which
are
bonds maturing between 1937 and 1942.
in the opinion of the bankers, for savings
of
New
& Trust Co.
The bonds,
for
to 2.75%
_
$1,087,200 4%
The bonds are legal investments,
banks and trust funds in the State
Yoi!-k.
LYNDHURST, N. J—REFUNDING BONDS OFFERED—An offering
of $316,000 Township of Lyndhurst refunding bonds bearing interest from
3 to 5H% is being made by M. M. Freeman & Co., Inc., of Philadelphia.
The bonds, which mature in various amounts each Jan. 1, from 1940 to
1959, incl., are priced from 90 to 95, yielding approximately 4.66 to 4.93%,
according to maturity.
,.A
These bonds are direct and general obligations of the entire municipality
and are issued pursuant to Chapter 233 Pamphlet Laws of New Jersey
1934, which by acceptance voluntarily limits the township's future bonded
township's
The
indebtedness.
financial
f
,
_
statement,
as
included
,
in the
offering circular, shows the present total gross debt as $2,895,819 compared
$3,761,689 on Jan. 1, 1935.
The water department for the first 10
months of 1936 shows a surplus of $22,871 compared with a deficit of $20,199
in 1934.
The same statement also descloses that the township has no
current debt and all State, county and school taxes are paid to date, and
that cash receipts are substantially in excess of requirements.
The bonds bear date of Jan. 1, 1935, are issued pursuant to Chapter 233,
with
Pamphlet Laws of New Jersey of 1934, and mature serially on Jan. 1 as
$47,000,
1940; $37,000,
1941; $16,500,
1942; $36,500, 1943;
follows:
H. L. Alle* & Company
New Jersey
Tel eph
Mfttytipal Bonds
oiw&fefior 2-7333
NEW MILFORD,
100 Broadway
New York
*
N. J.—BONDS
NOT SOLD—The issue of
$35,000
registered sewer bonds offered as not to exceed 6s on Dec. 1—V.
143, p. 3356—was not sold, as no bids were received, according to report.
Dated March 1, 1936, and due $1,000 on March 1 from 1937 to 1971, incl.
coupon or
N. Y. 1-528
A. T. & T.
$25,500, 1944; $6,000, 1945; $26,000, 1946; $14,500, 1947; $30,000, 1948;
$2,000, 1949; $1,000, 1951; $9,500, 1952; $5,500, 1953; $26,500, 1954;
$2,000, 1956; $28,500 in 1957 and $2,000 in 1959.
Callable at par by lot
on any interest payment date on 30 days' notice.
Legality approved by
Caldwell & Raymond of New York City.
NEW
JERSEY,
State
of—MUNICIPAL FINANCE DATA COM¬
Jersey Municipal Bond Market,
PILED—The Dec. 1 issue of the "New
published by J. B. Hanauer & Co. of Newark and New York, shows
collection data as of Sept. 30 and revised ratings on approximately
New Jersey municipalities and counties.
MUNICIPAL BONDS
New Jersey and
Ingen & Co. Inc.
WILLIAM STREET.
A.
T.
Sc.
T.:
N.
Y
N. Y.
Telephon
Newark Tel.:
1-730
:
John 4-6364
Market 3-3124
$55,000 Town of West New York, N. J. \l/z$
Due December 1, 1938-40
-
to yield
2.25%-2.75%
Colyer, Robinson $ Company
INCORPORATED
1180 Raymond
Blvd., Newark
New York Wire:
REctor 2-8066
MArket 3-1718
A. T. & T.
Teletype
NWRK
NEW
24
informed the Town Commission of the collection of 70% of the current tax
levy, the highest percentage recorded in the last 20 years.
According to
the Mayor, indications are that collections for the entire year will reach
75%: and possibly 80% of the amount die.
Collections from all sources
amounted to $1,428,059, or $297,731 in excess of the $1,130,308 set for the
1936 operating budget.
DISTRICT, N. J.—BONDS VOTED—The voters
of the district recently gave their approval to a proposal to issue $36,000
school building bonds.
CALDWELL TOWNSHIP, Essex County, N. J.—TO ISSUE BONDS
—The township plans to issue $14,000 4% township hall bonds, dated Nov.
15,1936 and to mature $1,000 on Nov. 15 from 1937 to 1950 incl.
Denom.
$1,000.
Interest payable M. & N. 15.
The Federal Government will
a grant of about $9,500 toward the cost of the project.
furnish
CAMDEN, N. J .—BOND OFFERING DETAILS—Clay W. Reesman,
City Clerk, will receive sealed bids until noon on Dec. 10 for the purchase
of the $3,000,000 refunding bonds, previously mentioned in these columns.
The bonds will bear interest at a rate of not more than 4 %, to be expressed
in multiples of H of 1 %.
Split interest rates may be named.
The obliga¬
tions will be issued in coupon or registered form, dated June 1, 1936, in
$1,000 denorns. and to mature Dec. 1 as follows: $30,000, 1945 and 1946;
$40,000, 1947 to 1950 incl.; $80,000, 1951 to 1954 incl.; $95,000, 1955;
$125,000 from 1956 to 1963 incl.; $130,000, 1964; $190,000, 1965; $205,000,
1966; $210,000 from 1967 to 1970 incl.
The bonds cannot be sold for
less than $2,850,000, and are part of a total authorized amount of $8,985,000
to be issued pursuant to Chapter 77, New Jersey Pamphlet Laws of 1935,
with covenants providing for a cash budget basis of operation by the city.
N. J .—BOND OFFERING—William
<
F.~ Christiansen, City
the purchase or
bonds, divided
follows:
$124,000 public improvement bonds. Due Jan. 1 as follows: $5,000
1938 to 1945 incl., and $7,000 from 1946 to 1957 incl.
75,000 emergency relief bonds.
Due Jan. 1 as follows: $10,000
from
from
—1938 to 1944 incl. and $5,000 in 1945.
Dated Jan. 1,1937. Denom. $1,000. Bidder to name one rate of interest
on all of the bonds, expressed in a multiple of
of 1%. Principal and
interest (J. & J.) payable at the Orange First National Bank, Orange.
The price for which the bonds may be sold cannot exceed $200,000. A certi¬
fied check for $3,980, payable to tne order of the city, must accompany
each proposal. The approving opinion of Reed, Hoyt & Washburn of New
York will be furnished the successful bidder.
PENNSAUKEN TOWNSHIP (P. O. Merchantville), N. J .—BOND
tax revenue bonds, described
below, offered on Nov. 30—V. 143, p. 3504—were awarded as 4s, at a price
of par, to M. M. Freeman & Co., Inc. of Philadelphia, the only bidder.
SALE—The $240,000 coupon or registered
$45,000
45,000
45,000
45,000
45,000
15,000
JERSEY
BELLEVILLE, N. J.—TAX COLLECTIONS—Mayor Williams recently
BOGOTA SCHOOL
ORANGE,
Clerk, will receive sealed bids until 8 P. m. on Dec. 15 for
$199,000 not to exceed 4% interest coupon or registered
as
B. J. Van
S7
General Market Issues
tax
200
dated
dated
dated
dated
dated
dated
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
9.
10,
11,
12,
13,
14,
1936,
1936,
1936,
1936,
and
and
and
and
1936, and
1936, and
Nov. 9, 1938.
Nov. 10, 1938.
Nov. 11, 1938.
Nov. 12, 1938.
due Nov. 13, 1938.
due Nov. 14, 1938.
due
due
due
due
RIDGEFIELD PARK, N. J.—BOND OFFERING—Sealed bids addressed
Elwood G. Hoyt, Village Clerk, will be received until 8:30 p. m. on
to
Dec. 15 for the purchase of $130,000 or $75,000 coupon or
registered general
refunding bonds of 1936.
Bonds will be issued to bear interest at not more
than 5%, to be expressed by the bidder in a multiple of
of 1 %.
Bids are
requested on either amount of bonds and only one series will be sold, the de¬
termining factor to be based on the offer considered the most advantageous
to the village.
In either instance, the bonds will be dated Dec. 1, 1936 and
mature as follows:
$130,000 due $15,000 on Dec. 1 from 1937 to 1944 incl. and $10,000,
1945.
Dec. 1,
„
_
75,000 due $10,000 on Dec. 1 from 1937 to 1943 incl. and $5,000, Dec.
1,
1944.
Prin. and int. J. & D. payable at the Ridgefield Park Trust Co., Ridgefield Park, or at the Chase National Bank, N. Y. City.
Denom. $1,000.
A certified check for 2% of the bonds offered must accompany each proposal.
furnish
Legal
furnished
Bidders submitting offers for each of the two series are requested to
certified checks in amounts of $1,500 and $1,100, respectively.
opinion of Hawkins, Delafield & Longfellow of N. Y. City will be
the successful bidder.
an election to be
Dec. 8 the Board of Education will ask the voters to approve a bond
RIDGEWOOD, N. J.—BOND ELECTION—At
on
held
issue
of $60,000 for school improvements.
offering of
H. L.
equal
to 100.837, for 2s, a basis of about 1.84%.
B.J. Van Ingen & Co. of New
York were second high, offering $200,211.91 for $199,000 2%
bonds.
Dated Dec. 1, 1936.
Due $20,000 yearly on Dec. 1 from 1937 to 1945,
RUTHERFORD,
N.
J .—BOND
SALE—Award
of
the
$200,000 refunding bonds on Dec. 1—V. 143, p. 3189—was made to
Allen & Co. of New York on a bid of $200,666.63 for $199,000 bonds,
and $19,000 Dec. 1, 1946.
Volume
Financial
143
nkers reoffered the issue for public investment at
prices to yield
to 2%, according to maturity.
The bonds are legal invest¬
ment for savings banks and trust funds in the States of New York and Ne£
Jersey, according to report.
from 0.50%
Chronicle
3673
DANNEMORA, N. Y.—BOND SALE—The $5,000 coupon or registered
awarded to Roosevelt &
as 4)4s, at a price of 100.11, a basis of about
4.46%.
Dated Dec. 15, 1936 and. due $1,000 yearly on Dec. 15 from 1937
street improvement bonds offered on Dec. 3 were
Weigold, Inc. of New York
to
1941
incl.
SADDLE RIVER, N. J.—BOND OFFERING—Sealed bids Will be re¬
ceived by Russell G. Ackerman, Borough Clerk, until 8 p. m. on Dec. 15
for the purchase of $30,000 not to exceed 5% interest coupon or registered
ESSEX COUNTY (P. O. EHzabethtown), N. Y.—BOND OFFERING
—Charles W. Straight, County Treasurer, will receive bids until 2 p. m.
improvement bonds.
Dated Nov. 1, 1936.
Denom. $1,000.
Due $2,000
on Nov. 1 from 1937 to 1951 incl.
Rate of interest to be expressed in a
registerable,
multiple of M of 1%.
Prin. and int. M. & N. payable at the First National
Bank, Allendale.
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.
SAYREVILLE,
N. 3.—BOND SALE—The $194,000 coupon or regis¬
3506—were awarded to Schlater,
tered bonds offered on Dec. 2—V. 143, p.
Noyes & Gardner, Inc. of New York and MacBride, Miller &
Newark, jointly, as 3^s, at a price of 100.514, a basis of about
I1 he sal©
consisted
Co. of
3.45%.
1936.
Each issue is
dated,Dec. 1, 1936.
&
3)4%
a3 M %
h3X%
100.19
4)^ %
Co., and Joseph G. Kress&Co., Inc
100.53
Par
H. L. Allen & Co.; C. A. Preim & Co., and Charles P.
Dunning &Co__
-
-
ajs $170,000; b Is $24,000.
193465
/
John B. Carroll & Co. of New York were associated with Schlater,
Noyes
Gardner, Inc., of New York, and MacBride, Miller & Co. of Newark in
the purchase of the bonds. The group made public re-offering of the bonds,
wnich mature serially on Dec. 1 from 1937 to 1955 incl., at prices to yield
from 1 % to 3.50%, according to maturity. All bonds of the first six maturi¬
ties were placed in investment account on Dec, 3. The borough, which has
always operated on a cash basis, according to the bankers, reports tax collec¬
tions on its current levy of $358,070 amounting to $249,420 as of Nov. 20,
1936, or about 70% of the year's levy.
Only 15.80% of the 1935 levy
remains uncollected, borough officials report.
&
TEANECK TOWNSHIP (P. O. Teaneck), N. J.—BOND OFFERING—
J. Pearson, Townsnip Treasurer, will receive sealed bids until
Richard
Dec. 15 for the purchase of $80,000 not to exceed 3)4%
interest coupon or registered general funding bonds of 1934, being part of
an
authorized issue of $2,910,000.
The bonds are dated Aug. 1, 1934.
Denom. $1,000.
Due Aug. 1 as follows: $10,000, 1944; $8,000, 1945;
$3,000, 1946; $24,000 in 1947, and $35,000 in 1949.
Rate of interest to be
expressed in a multiple of X of 1%.
Principal and semi-annual interest
payable at the West Englewood National Bank, West Englewood.
A
certified check for 2% must accompany each proposal
.Legality to be
approved by Hawkins, Delafield & Longfellow of New York City.
on
m.
NEW
YORK
ALBANY,
N. Y.—TAX RATE LOWEST SINCE 1928—The tax rat
for 1937 will be $32.88 per $1,000 of assessed valuation, the lowest since
1928, when the figure was $32, and with that exception, the smallest since
1923.
The current tax rate is $34,68.
The sharp reduction in the rate,
according to Mayor Thaoher, was made possible by a slash of $202,000
in the 1937 city budget and a like cut of1'approximately $200,000 in the
county budget."
The decrease, moreover, was effected in the face of a
lowering of the assessed valuation of taxable property from $233,371,414
to $233,027,890 for 1937.
The reduced tax rate and the lower city budget
the Mayor said, "have been accomplished without lowering our standards
of government, abolishing jobs or decreasing salaries."
BINGHAMTON, N. Y.—BOND OFFERING—Everette E. Allen, City
Comptroller, will receive sealed bids until noon on Dec. 10 for the purchase
of $230,000 not to exceed 4% interest coupon or registered bonds, divided
as
follows:
$200,000 flood
control
bonds.
Dated
Dec.
1,
1936.
Due $20,000 on Dec. 1 from 1937 to 1946, incl.
Denom.
$1,000.
Interest payable
J. & D.
30,000 airport bonds.
Dated Sept. 1, 1936.
Denom. $1,000.
Due
$6,000 on Sept.l from 1937 to 1941, incl. Interest payable M. & S.
Rate of interest to be expressed in a multiple of X or 1-10th of 1%.
Principal and semi-annual interest payable at the City Treasurer's office.
A certified check for 2% must accompany each proposal.
The approving
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
the successful bidder.
Financial Statement
Assessed valuation (incl. real property & special
Total bonded debt (incl. present offering)
Population,
franchises) -$104,208,685.00
7,304,556.35
1930 Federal census, 76,701.
Tax Collection Report
Uncollected End
Fiscal Year—
—-
-
Tax Levy
$3,880,837.24
3,646,141.10
3,638,639.01
3,631,481.17
Uncollected
Fiscal Year
$342,489.61
318,357.68
264,714.67
on
Nov. 16, 1936
$7,270.59
5,553.52
10,743.51
275,479.12
BUFFALO, N. Y.—BONDS AUTHORIZED—'The City Council recently
its approval to a $2,000,000 bom* issue to provide funds for relief and
gave
welfare purposes.
BUFFALO, N. Y—CERTIFICATE OFFERING—W. A. Eckert, City
Comptroller, will receive bids until 11 a. m. Dec. 8 for the purchase at not
less than par of $1,900,000 tax anticipation certificates of indebtedness, of
which $1,200,000 are designated "Series of 1934-1935" and $700,000 "Series
of 1935-1936."
Bidders are to name rate of interest, not to exceed 6%.
Denominations to suit the purchaser, in multiples of $5,000.
Dated Dec.
Principal and interest payable June 15, 1937, at the City Comp¬
15,1936.
troller's office, or at the Central Hanover Bank & Trust Co. in New York,
holder's
option.
Certified check for $38,000, payable to the City
required.
Delivery to be made at the City Comptroller's
office or at the Central Hanover Bank & Trust Co. in New York, on or
about Dec. 15.
Approving opinion of Caldwell & Raymond of New York
will be furnished by the City.
at
Comptroller,
CANISTEO, N. Y.—BOND SALE—The $10,500
coupon or
registered
drainage bonds offered on Nov. 27—V. 143, p. 3356—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo as 2.l0s, at a price of 100.079,
a basis of about 2.07%.
Dated Dec. ,1, 1936, and due Dec. 1, as follows:
$2,000 from 1937 to 1940, incl.
I
CORNING, N. Y.—BOND SALE—The issue of $15,000 coupon or
register ea Gibson Water District bonds offered on Dec. 1 was awarded to
the Manufacturers & Traders Trust Co. of Buffalo, as 2.90s, at a price of
100.299, a basis of about 2.88%.
Dated Dec. 1, 1936, and due $500 on
Dec. 1 from 1938 to 1967, incl.
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—NOTE SALE—
The issue of $200,000 tax anticipation notes, dated Dec. 1, 1936, and
payable March 1, 1937, which was offered for sale on Dec. 2, was awarded
to Barr Bros. & Co. of New York on a .119% interst basis.
Denom.
$100,000.
Legality of the issue is approved by Clay, Dillon & Vandewater
of New York.
Other bidders were:
Name—
National City Bank, New York
First National Bank, Poughkeepsie
Salomon Bros. & Hutzler, New York
Int. Rate
-
i
.40'
R. W. Pressprich & Co., New York
I.47'
Halsey, Stuart & Co., New York
.48'
Poughkeepsie Savings Bank, Poughkeepsie
.50'
Poughkeepsie Trust Co., Poughkeepsie
......
.55'
Berry Corp., Poughkeepsie
l
.60'
B. J. Van Ingen & Co., New York
i
.70%
Farmers & Manufacturers Nat. Bk., Poughkeepsie.. 1.50%
Premium
.15'
.25'
$3.00
3.00
$100,000
coupon,
fully
general obligation, unlimited tax, highway bonds.
Bidders
interest, in a multiple of X % or 1-10%, but not to
exceed 6%.
Denom. $1,000. Dated Dec. 1, 1936.
Principal and semi¬
annual interest (June 1 and Dec. 1) payable at the Ticonderoga National
Bank, Ticonderoga, in New York exchange. Due $5,000 yearly on Dec. 1
from 1937 to 1956 incl. Certified check for $2,000, payable to the county,
required. Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished by the county.
GRAND
on
ISLAND, N.
Y.—BOND SALE—The
$76,000 water bonds
Dec. 2—V. 143, p. 3356—were awarded to A. C. Allyn & Co.
on a bid of 100.28 for 2.70s, a basis of about 2.68%.
Dated
of New York
Dec. 1,1936.
Due
on
Dec. 1
as
follows: $3,000, 1938 to 1941, and $4,000,
1942 to 1957.
JAMESTOWN, N. Y.—BONDS ALL SOLD—R. W. Pressprich & Co.
and Rutter & Co., both of New York, which were awarded
27 an issue of $200,000 1.60% emergency relief bonds at a
have announced re-sale of the
Rate Bid
Int. Rate
First National Bank of Sayreville
for the purchase at not less than par of
year from
Other bids were as follows:
Bidder—
B. J. Van Ingen & Co., Inc.; Van Deventer, Spear
8:30 p.
11
to name rate of
offered
of*
$170,000 refunding bonds.
Due Dec. 1 as follows: $2,000, 1937 to 1942
incl.; $6,000, 1943 and 1944; $9,000, 1945 and 1946; $11,000,
1947 and 1948; $14,000 from 1949 to 1951 incl., and $16,000 from
1952 to 1955 incl.
Authorized pursuant to Chapter 233, New
Jersey Laws of 1934, as amended.
24,000 emergency relief bonds.
Due $3,000 on Dec. 1 from 1937 to
1944 incl.
Authorized pursuant to Chapter 24, New Jersey Lavs
of
Dec.
are
1942 to
MASSENA,
N.
entire loan.
jointly on Nov.
price of 100.079
Bonds mature $40,000 each
1946, incl.
Y.—BOND
OFFERING—O.
T.
McGuiggan,
Village
Clerk, will receive bids until 3 p. m. Dec. 15 for the purchase at not less
than par of $40,000 coupon, registerable, general obligation, unlimited tax,
public works bonds.
Bidders are to name rate of interest, in a multiple of
X% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated/Dec. 1,
1936.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
the Massena Banking & Trust Co., Massena.
Due $5,000 yearly on Dec.
1 from 1938 to 1945, incl.
Cert, check for $800, payable to the Village,
Approving opinion of Clay, Dillon & Vandewater of New York
required.
will be furnished by the village.
MOUNT KISCO, N. Y.—NOTE SALE—An issue of $10,000 street impt.
notes, bearing 1.90% int. and due in nine months, has been sold to Lockwood, Sims & Co. of New York City.
MOUNT VERNON, N.
on Dec. 8 at which
be held
Y.—BOND ELECTION—A special election will
a
proposal to issue $165,000 school bonds will be
voted upon.
NEW
YORK CITY—COMPTROLLER
IN CITY'S FINANCES SINCE
REPORTS ON BETTERMENT
1933—ComptroUer Frank J. Taylor, in
address before the trustees of the Citizens Budget Commission, meeting
at the Hotel Astor on Dec. 3, delivered a clear, comprehensive statement
an
to the status of the
as
of reasons for the
city's finances, giving, at the same time, a continuity
depressed condition which led to the Bankers Agreement
in 1933, and the steps taken since that time whicn lifted the municipality,
as it were, "out of the red and into the black," so that now its credit is
considered gilt edged.
Mr.
Taylor pointed, particularly, to the foundation, for this recovery—
was laid by city officials in 1933, and borne out by the
principal cause of the creditable reflection of city finances
dining the past two years.
He showed how the budget had jumped $118,800,000 between 1928
and 1932; how the assessments of taxable real estate had likewise climbed
$3,771,000,000, in that period, while the tax levy went up from around
$434,700,000 to the neighborhood of $526,200,000. or close to $92,000,000
which he declared
records—as the
of
increase.
an
Collections of taxes, as well as the arrears of prior years, began to fall
off, until at the end of 1932, there were $196,150,000 uncollected, and the
city began to realize that it was facing "a financial crisis."
Money began to be hard to borrow, and, when borrowed, commanded
rates like 5 to 6% for revenue bills pledged in anticipation of the collection
such
of
taxes.
At this period, when skies were darkest, said Comptroller Taylor, the
officials in office, realized that the moment "had been reached when some¬
thing drastic had to be done."
Amortizations for subway bonds had to
by the board, capital outlay investments had to be forgotten, and finally,
by a law passed through an extraordinary session of the Legislature, the
salaries of city employees had to be sliced $18,000,000.
Even then the municipal ship still continued with a depressing list to
starboard, and more cargo had to be dumped overboard.
Another hack
was taken at the city employees' salaries—this time lopping off an additional
$11,000,000 and bringing the total cuts up to something like $30,000,000
go
in all.
*
Then, when the bankers threatened to extend no further financial help
house in order"—Mayor John P. O'Brien, "know¬
ing it meant political doom, and to save the credit of the city," called the
bankers and signed the pact, which marked the beginning of the upward
swing in municipal credit.
Comptroller Taylor said that, in all this. Mayor O'Brien "had the active
and intelligent support of George McAneny, who was comptroller during
those trying days."
From that on, it was a steady climb back to solvency, said Mr. Taylor.
The Home Owners Loan Corporation, the banks, savings institutions, and
the State Mortgage Commission helped materially, by salvaging real estate,
restoring mortgage values, so that taxes—both current and arrears—could
be paid, and thus swell the increasing income of the city.
—"unless the city put its
YORK
NEW
CITY—COMMITTEE
FORMED
TO
DISTRIBUTE
WORLD'S FAIR BONDS—A volunteer committee composed of 40 repre¬
members of the Stock Exchange was organized at a meeting
held on Dec. 1, to distribute the $27,829,500 New York World's Fair 4%
sentative
debenture issue among Stock Exchange firms.
Frank R. Hope of Paine,
Webber & Co., 25 Broad St.. New York, accepted the chairmansuip of the
said committee.
NEW
YORK,
N.
Y.—NOVEMBER FINANCING—Temporary
fin¬
ancing by the city during the month of November involving the borrowing
of $25,500,000.
This includes an issue of $5,000,000 tax notes which was
awarded at public sale on Nov. 5 to the National City Bank of New York
at 0.30% interest, at par plus a premium of $200.
The notes mature
Nov. 5, 1937.
Other items were as follows:
$3,500,000 1% certificates of indebtedness for work and home relief pur¬
poses.
Due May 12, 1937.
1,500,000 1% certificates of indebtedness for work and home relief pur¬
poses.
Due May 12, 1937.
Due Feb. 12, 1937.
6,000,000 1% special corporate stock notes.
Due Feb. 12, 1937.
5,000,000 1% special corporate stock notes.
Due Nov. 10, 1937.
4,500,000 1% special revenue bonds of 1,936.
NEW
N. Y.—BONDS NOT SOLD—No bids were sub¬
Fire District bonds offered on Nov.23
Due as follows: $700 from 1937 to 1940 incl., and $900
WINDSOR,
mitted for the $3,700 Quassaick Bridge
—V.
in
143,
p.
3357.
1941.
ONEIDA, N. Y.—BOND SALE—The $50,000 coupon or registered re¬
funding water bonds offered on Dec. 1—V. 143, p. 3357—were awarded to
Halsey, Stuart & Co., Inc., of New York as 1.60s at a price of 100.225, a
basis of about 1.55%.
Dated Dec. 1, 1936 and due $5,000 annually on
June 1 from 1937 to 1946, incl.
Rutter & Co. of New York, second high
bidders, offered to pay 100.73 for 1.70s.
An offer of 100.13 for 1.75s was
made by Sherwood & Merrifield, Inc. of New York.
OYSTER BAY (P. O. Oyster Bay), N.
Y.—BOND SALE—The issue of
$11,000 Plainview Water District refunding bonds offered on Dec. 1—
V. 143, p. 3506—was awarded to Roosevelt & Weigold, Inc., of New York,
as 2.40s at a price of 100.30, a basis of about 2.37%.
-Dated Dec. 1, 1936
and due $1,000 annually on Dec. 1 from 1941 to 1951, incl.
The $5,000 coupon or registered Central Park Water Distric , Bethpage
Extension, bonds offered on the same day were awarded to the Riverhead
Savings Bank of Riverhead as 2>£s at a price of 100.10, a basis of about
2.23%.
Dated Nov. 15,1936 and due $500 on Nov. 15 from 1937 to 1946,
inclusive.
'
ROCKVILLE CENTRE, N. Y.—BOND OFFERING—James H. Patten,
Village Clerk, will receive sealed bids until 2 p. m. on Dec. 16 for the pur¬
chase of $195,000 not to exceed 4% interest coupon or registered lighting
system bonds. Dated Dec. 1, 1936. Denom. $1,000. Due Dec. 1 as fol¬
lows: $9,000 from 1937 to 1941 Incl. and $10,000 from 1942 to 1956 incl.
Financial
3674
Chronicle
Dec.
Bidder to namela single interest rate on all of the bonds, expressed in
multiple of H, or 1-10 of 1%. Principal and interest (J. & D.) payable at
the Ohase National Bank, New|YorkxOity. The bonds are general obliga¬
tions of the village,
payable jfrom unlimited taxes.
5. 1936
$80,000.00
A (certified check for
FARMVILLE, N. C. El. Lt. & Wtr. & Swr. 4s
Due November 1945-56 at
NEW 10RK STATE—ALLOTMENTS OF $60,000,0001NOTE ISSUE—
The $60,000,000 }i% notes dated Dec. 2,1936 and due June 10.1937, which
3.00%-3.35% basis
F. W. CRAIGIE & COMPANY
sold by State Comptroller Morris S.Tremaine on Dec. 1, were allotted
in amounts and to the various subscribers to the loan as indicated herewith:
were
Richmond, Va.
$600,000
$1,600,000
Shore
South
Chase National Bank.
Trust
of
Rookvllie
Center.
National City Bank.
The Bank of The Manhattan Co.
Bankers Trust Co.
Central Hanover Bank & Trust Co.
Bacon, Stevenson & Co.
NORTH
Emanuel & Co.
Gertler & Co.
Guaranty Trust Co.
$6,000,000 municipal electric plant has been given by the Local Government
Commission.
Manufacturers & Traders Trust Co. of
$400,000
Buffalo.
Marine Trust Co. of Buffalo.
J. P. Morgan & Co.
First National Trust Co. of Albany.
I*LEE COUNTY (P. O. Sanford) N. C.—NOTE SALE—The National
'Bank of Sanford is reported to have purchased recently $3,000 bond an¬
Sterling National Bank & Trust Co.
Trust Co. of North America.
Barr Brothers & Co.
United States Trust Co. of New York.
Bancamerica-Blalr Corp.
A. C.
Brown Harrlman & Co.
Allyh & Co.
First of Michigan Corp.
Harris Trust & Savings Bank.
R.tW. Pressprlch & Co.
Salomon Brothers & Hutzler.
Edward B. Smith & Co.
William E. Lauer & Co.
G. M.-P. Murphy & Co.
Paine, Webber & Co.
48 to 102.
Butter & Co.
$800,000
48,000 6% street improvement funding and refunding bonds, numbered
$200,000
Adams, McEntee & Co.
Burr & Co., Inc.
Bank of New York Trust Co.
Chemical Bank & Trust Co.
City Bank Farmers Trust Co.
Empire Trust Co.
National Commercial Bank & Trust Co.
Albany.
New York State National Bank of Albany
Public National Bank & Trust Co.
J. Henry Schroder Trust Co.
James H.
Denom. $1,000.
Dated July 1, 1934.
Due on July 1, 1954.
Each of
together with interest coupons maturing on or after July 1,
1937, should be presented for redemption at the Central Hanover Bank &
Trust Co., New York City.
(The issue refunding the above bonds was
sold on Nov. 24, as noted here.—V. 143, p. 3506.)
Causey & Co.
said bonds,
C. F. Ohllds & Co.
Darby & Co.
Dick & Merle-Smith Co.
Eastman, Dillon & Co.
Equitable Securities Corp.
OXFORD, N. C.—BOND SALE—The $48,000 bonds offered
First Boston Corp.
Goldman, Sachs & Co.
Halsey, Stuart & Co.
Ladenburg, Thalmann & Co.
—V. 143, p. 3507—were awarded to McAllister, Smith & Pate of Green¬
Estabrook & Co.
ville
$20,000 water refunding bonds at
Speyer & Co.
The interest cost
Morse Bros. & Co.
Brooklyn Trust Co.
Federation Bank & Trust Co.
F. S.
Fifth Avenue Bank of New York.
Trust Co.
Robinson, Miller & Co.
Roosevelt & Weigold, Inc.
Irving Trust Co.
Kings County Trust Co.
Lawyers County Trust Co.
Liberty Bank of Buffalo.
Co.
Spencer Trask & Co.
Stone & Webster and*Blodget, Inc.
Van Anstyne, Noel & Co.
White, Weld & Co.
$5,000 4H% coupon bonds. Denom. $1,000. Dated Dec. 15,1936. Inter¬
payable Jan. 1 and July 1. Due serially beginning five years from
date of Issue.
TROY, N. Y.—PLANS NEW SCHOOL B UILDING—The'city plans to
undertake after Jan. 1,19373thei'construction'i|of a new high^school building.
At that time, it isfeaid, thedcity will have a sufficient margin for the incur¬
rence x>f furtherl|debt|inforder
/tojissue bonds for the project, part of the
be IborneibyJthelFederal (government. AtsMrecent meeting
of municipal officials, it was determined that the toresent0uebt (margin is
about $400,000.
The {redemptionJnext year lof $450,000 bonds from tax
revenues will increase
thejfigureitolaboutii$900,000.
I
UTICA, N. Y.-—BOND OFFERING—'Thomas J. Nelson, City Comp¬
troller, will receive sealedlblds until noon on Dec. 10 for the purchase of
$165,678.79 not tofexceedx4%(interest bonds, divided as follows:
$76,724.41 delinquent tax (bonds. <«tOne bond (typewritten) in amountfof
$724.41, others|$1,000Teach.
Due Nov. 1 as follows: $16,724.41 in 1937 and $15,000 from 1938 to 1941, incl.
Interest
payable semi-annual, i
46,954.3JTdefeired^ass^Weht*boridi^""
^
One bohd_(typewritten)_in amount
of $954.38, others $1,000 each. Due Nov. 1 as follows: $2,954.38
in
1937; $4,000 in 1938, and $5,000 from 1939 to 1946, incl.
Interest payable annually.
42,000.00 public improvement»bonds.
Denom. $1,000.
Due Nov. 1
as follows: $6,000
in|1937 and $9,000 from 1938 to 1941, incl.
Interest payable semi-annually.
im
All three issues will be dated Nov. 1, 1936.
Rate of interest to be'ex¬
pressed in a multiple of H or l-10th of 1%.
Principal and interest payable
at the City Treasurer's
office, with New York exchange.
A'certified check
for $3,313.58 must accompany each
proposal.
Legal opinion (of Clay,
Dillon & Vandewater of New York
will'beifurnished the successful bidder.
Bonds will be delivered on Dec. 24, 1936 or at such other time mutually
agreed upon by the city and the successful bidder.
Financial Statement |
$131,009,206.00
11,376,315.08
194,529.38
1,147,000.05
j.
12,717,844.51
offering)
391,016.98
12.326,827.53
Net bonded debt-..
'
Tax Collection Report
1933
Fiscal Year—
Levy-----
-
Uncollected end of fiscal year..
Uncollected Dec. 1, 1936..
1934
*
1935
$3,341,893.97 $4,234,177.31 $3,908,709.20
535,263.13
685,102.47
504,003.03
None
_None
on
the smaller issue will be about 4.11%, while on
the
(J. & D. 15),
Financial Statement Oct. 30,1936
est
tax bonds
Total bonded debt (incl. present
Sinking fund and cash
4 %.
bonds, numbered 1 to 48, and 51 to 70; water refunding bonds, numbered
1 to 25.
Dated Jan. 1, 1934.
Due on Jan. 1, 1948.
These bonds will
be paid upon presentation at the National City Bank, New York City.
SHERRILL-KENWOOD WATER DISTRICT (P. O. Kenwood),
N. Y.-—-BOND OFFERING—Vernon L. Alien, District Secretary, will
receive bids until 10 a. m. Dec. 15 for the purchase at not less than par of
Delinquent
premium of $102, equal to 100.51, the
BOND CALL—It is announced by W. P. Stradley, Clerk of the Board
of Commissioners, that the following bonds aggregating $95,000, are being
called for payment on Jan. 1, on which date interest shall cease: Refunding
L. F. Rothschild & Co.
J. & W- Sellgman &
Assessed valuation
General purpose bonds
Deferred assessment bonds
a
larger issue the net interest cost will be about 4.13%.
Denom. $1,000.
Dated Dec. 15, 1936.
Prin. and Int.
payable in New York City in legal tender.
Moseley & Co.
Ritter & Co.
Fulton
follows:
28,000 refunding bonds at a premium of $142.80, equal to 100.51, the
first $13,000 to bear 4££% interest and the balance 4%.
Due on
Dec. 15 as follows: $2,000, 1942 and 1943, and $3,000, 1944 to
1951, all incl.
Lee, Hlgginson Corp.
$600,000
as
first half of the issue to bear interest at 4 M % and the balance at
Due $2,000 from Dec. 15, 1942 to 1951, incl.
Hannahs, Ballln & Lee.
Heldelbach, Iokelhelmer & Co.
Hemphill, Noyes & Co.
Kidder, Peabody & Co.
Lazard Freres & Co.
_
Nov. 30
on
Ernst & Co.
Field, Glore & Co.
Henry Green & Co.
Hallgarten & Co.
Blyth & Co.
cost of which 'will
194326-7 195406-372 1956-328407*
103 to 150.
22,000 5H% water and light and public improvement funding and refund¬
ing bonds, numbered 151 to 172.
Cassatt & Co.
Commercial National Bank & Trust Co.
Continental Bank &,Trust Co.
ticipation notes at 4%, plus a premium of $5.00.
MONROE, N. C.—BOND CALL—It is stated by H. L. Burdette, City
Manager, that the city is calling for redemption at par and accrued interest
on Jan. 1, 1937, on which date interest shall cease, the following bonds
aggregating $172,000:
$47,000 6% general funding and refunding; bonds numbered 1 to 47.
55.0O0 6% water, light and sewer funding and refunding bonds, numbered
Domlnlck & Domlnlck.
Lehman Brothers.
CAROLINA
HIGH POINT, N. C.—BONDS GIVEN PRELIMINARY APPROVAL—
It is stated that preliminary approval of the issuance of $3,171,750 in
revenue bonds to match Public Works Administration grants for a proposed
George B. Gibbons <fe Co.
Phelps, Fenn & Co.
First National Bank.
of
A. T. T. Tel, Rich. Va, 88
Phone $-9187
Co.
7,095.43
Note—Taxes uncollected on Dec. 17*1936, $565,371.96 (current year).
Population of city, 1930 Federal Census, 101,652.
UTICA, N. Y.—CERTIFICATE OFFERING— Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon on Dec. 8 for the purchase of
$500,000 tax anticipation certificates of indebtedness.
Dated Dec. 10,
1936.
Denom. $500,000.
Due Sept. 10, 1937. payable at the Chemical
Bank & Trust Co., New York City.
Legality approved by Clay, Dillon
& Vandewater of New York City.
Population—1930 U. S. Census, 4,100; estimated present, 4,500.
Outst. Debt—Bonded Indebtedness- Refunding..—.......... $68,000
Street improvement
25,000
-.—$178,000 Water refunding.,.
Public improvement.......
36,000
32,000 Water funding
Sewer.
96,000 Waterworks..........—. 224,000
Sidewalk
10,000
$705,000
Funding
36,000
Bonds
......
............
...
now
offered will replace like amount as
included above.
Sinking Fund—Cash
North Carolina State bonds, P-V
—
Home Owners' Loan Corporation bonds, P-V
.......—
$65,377.15
Total
Other Cash—Town
—......
....
....
Water Company.........
.........
.................
Total....
-
Tax Data—
1935
1934
Assessed valuation
$31,477.15
30,000.00
3,900.00
$52,338.29
6,247.09
$58,585.38
1936
$3,892,409.00 $3,790,055.00 $3,819,861.00
1.45
1.45
1.35
Tax levy
56,836.00
55,336.72
51,962.05
Uncollected (1930-1934)—.—.
9,453.69
5.261.94
31,126.20
.....
Rate.......................
Estimated valuation taxable property
..$5,000,000.00
Maturity of Outstanding Bonds Including Bonds Now Offered
$36,000
28,000
43,000
28,000
26,000
35,000
40,000
26,000
22,000
22,000
1937-38
1938-39
1930-40
1940-41
1941-42
1943-44
1944-45
1945-46
1948-49
1949-50
$14,000
8,000
8,000
8,000
8,000
8,000
8,000
$106,000
22,000
22,000
22,000
22,000
22,000
17,000
15,000
15,000
13,000
1947-48
...
1955-56
8,000
8,000
The proceeds from the sale of the 48 bonds offered together with the free
cash available in the town treasury will be used to retire an issue of 93
refunding bonds floated in 1934. Forty-five of the bonds will be paid in
cash.
The town is not in default on any of its obligations and has had a
surplus after its expenses including debt service and bond retirement for
the past two fiscal years. The bonds to be retired are callable Jan. 1,1937.
REIDSVILLE, N. C.—NOTE SALE—It is stated by the Town Clerk
purchased by the First
Dated Nov. 19,1936.
that $30,000 revenue anticipation notes has been
Citizens Bank & Trust Co. of Smithfield, at 1M % •
Due on March 19, 1937.
(This report corrects the sale notice given here recently—V. 143, p. 3507.)
NORTH
BOWDON.
N.
Dak.—BOND
DAKOTA
Zacher. Village Clerk,
purchase of $2,500 bond.
OFFERING—E.
will receive bids until 2 p. m. Dec. 14 for the
OXFORD SCHOOL DISTRICT NO. 13, Rolette County. N. Dak.—
SALE—The $3,000 certificates of indebtedness, which
offered on Nov. 27—V. 143, p. 3357—were awarded to A. B. Langen-
CERTIFICATE
were
feld of St. John
Nov. 27, 1938.
on a
53^ % interest basis. Dated Nov. 27,1936 and payable
Fulton)",
VOLNEY COMMON SCHOOL DISTRICT NO. 11 (P. O.
N. Y.—BOND SALE—The $3,100 5% school bonds offered on Aug. 21—
V. 143, p. 1123—were awarded to Florence L. Distin of Fulton, at a price of
.
par.
Dated July 20,1936 and due $310
NORTH
on
CAROLINA
CHOWAN
COUNTY (P. O. Eden ton), N. C .—BOND CALL—It is
stated by George C. Hoskins, County Treasurer, that the following $13,000
bonds are called for payment at the Bank of Edenton, at par and accrued
Int., on Dec. 5:
$5,000 5K% road and bridge bonds.
Dated April 1, 1924.
Due on
April 1, 1937.
2,000 4H% road and bridge bonds.
Dated June 1, 1925.
Due on
June 1, 1937.
3,000 5%^bridge bonds.
Dated Jan. 1, 1929.
Due on Jan. 1, 1937.
1,000 5% Edenton Graded School bonds.
Dated March 1, 1916.
Due
on
June 1,1937.
2,000 5H% Edenton Graded School bonds.
oniApril 1, 1937.
OHIO
MUNICIPALS
July 1 from 1937 to 1946 incl.
Dated April 1, 1924.
Due
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CANTON
AKRON
/
CINCINNATI
CLEVELAND
COLUMBUS
SPRINGFIELD
OHIO
ALLEN
COUNTY
(P. O. Lima), Ohio—BOND OFFERING—Sealed
bids will be received by the Clerk of the Board of County Commissioners
until Dec. 16 for the purchase of $456,000 refunding bonds.
The purpose of the issue, according to report, Is to refinance an equal
amount of Westwood and Lost Creek
bonds
now in
default.
These bonds.
Volume 143
Financial
t Is
said, were originally issued in amount of $1,000,000 in 1924, and have
been the subject of continuous litigation for
many years.
Taxpayers con¬
sistently opposed the refunding of the obligations on the ground that they
had been
irregularly issued. A few years ago, however, the Ohio Supreme
Court ruled that the securities were a valid
obligation of the county, ac¬
cording to report.
The United States ^Supreme Court later refused to
ieview the State Court's decision.
BARBERTON, Ohio—BOND SALE—The $231,000
gage sewer revenue bonds offered
on
coupon first mort¬
Dec. 2—V. 143, p. 3507—were awarded
toBonniwell, Neil & Camden, Inc., of Chicago,
as 4s, at a price of 102.731.
follows: $5,000 March 1 and Sept. 1 from 1938 to 1941
incl.; $5,000
March 1 and $6,000 Sept. 1, 1942; $6,000 March 1 and
Due
as
Chronicle
Braun, Bosworth & Co. of Toledo
weresecondihigh bidders, offering a premium of $329 for 2s.
Dated Nov,
1, 1936.
Due $17,000 yearly on Nov. 1 from 1938 to
1947, incl.
TOLEDO SCHOOL DISTRICT. Ohio—SEEKS RULING ON BOND
ISSUE—The Board of Education filed suit on Nov. 25 in the Court of
Appeals asking for a mandatory order to compel May P.
Foster, Clerk of
the Board, to
certify to the county order a recent resolution for a $280,000
bond issue.
The bonds are the unsold
portion of an issue of $11,000,000
authorized by the voters in 1920.
Purpose of the suit is to obtain legal
approval of the Board's act.
TOLEDO,
Sept. 1 from 1943
to* 1957 incl.
BEREA.
Ohio—BOND
Nov. 27—V. 143, p.
SALE—The
$94,811.20
bonds
offered
on
3191—were awarded to Stranahan, Harris & Co. of
Toledo, as follows:
$76,811.20 refunding bonds sold
3%s, at
Ohio—BOND
Due Dec. 1
in 1948.
90,000 2%%
plus
a
CAMBRIDGE, Ohio—BOND SALE—An issue of $16,700 4M% tax
anticipation bonds will be purchased by the Sinking Fund Trustees * Dated
Nov. 15,1936. Due Nov. 15 as follows: $1,600, 1938;
$1,700, 1939; $1,600,
follows:
LYME TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. MonroeOhio—BOND OFFERING DETAILS—'The issue of $35,000 4%
school bonds being offered for sale on Dec. 15, as
reported previously in
these columns, will mature as follows: $500,
April 15 and $1,000, Oct. 15
from 1938 to 1959, incl.; $500, April 15 and
$1,500, Oct. 15, 1960.
The
maturity schedule previously given was incorrect.
MANSFIELD, Ohio—BOND OFFERING—P. L. Kelley, City Auditor,
will
Dated Nov. 1,
1936.
Denom.
$4,000 from 1938 to 1942 incl.;
Interest payable M. & N.
„
UNION COUNTY (P. O.
Marysville), Ohio—BOND OFFERING—
Frank E. Smith, County Auditor, will receive bids until noon
Dec. 14 for
the purchase of $8,200 poor relief bonds.
Dated Nov. 1, 1936.
Due on
March 1 as follows: $1,100, 1937;
$900, 1938, 1939 and 1940; $1,000, 1941;
$1,100,1942 and 1943, and $1,200, 1944.
Certified check for $160, payable
to the Board of
County Commissioners, required.
$48,000
Oklahoma
County Road & Bridge
4%% & 5% due 1945 and 1946
R. J. EDWARDS, Inc.
GREENSPRINGS VILLAGE SCHOOL DISTRICT
(P. O. Greensprings), Ohio—BOND OFFERING—Laura M. Peddicordo, Clerk of the
Board of Education, will receive bids until noon Dec. 18 for the
purchase
of $68,750 6% bonds.
Denom. $1,000, except one for $750.
Dated Jan.
2, 1937.
Interest payable semi-annually.
Due $2,750 Sept. 1, 1938, and
$3,000 yearly on Sept. 1 from 1939 to 1960. Cert, check for $1,500, payable
tojthe Board of Education, required.
ville).
$9,000 from 1938 to 1947 incl. and $10,000
$5,000 from 1943 to 1948 incl.
FRANKLIN COUNTY (P. O. Columbus), Ohio—BOND OFFERING
CANCELED—Fred L. Donnally, Clerk of the Board of Commissioners,
informs us that the sale originally scheduled for Dec. 9 of
$204,000 4%
emergency poor relief bonds—V. 143, p. 3358—has been canceled.
The
issue has already been sold at par to the
Sinking Fund Commission.
HOPED ALE SCHOOL DISTRICT, Ohio—BOND SALE—The State
Teachers Retirement System has purchased an issue of
$15,000 3M % bonds
a price of par.
Denom. $500.
Due one bond each six months from
1937 to 1951, incl.
aggre-
Interest payable J. & D.
1940; $1,700, 1941; $1,600 in 1942, and $1,700 from 1943 to 1947 incl.
Principal and interest (M. & N.) payable at the City Treasurer's office.
at
bonds
50,000 3% park boulevard bonds. Dated Nov. 1, 1936. Denom. $1,000.
Due Nov. 1 as follows: $4,000 from 1938 to 1942 incl. and
$5,000
from 1943 to 1948 incl. Interest payable M. & N.
30,000 3% city hall bonds. Dated Dec. 1, 1936. Denom. $1,000. Due
Dec. 1 as follows: $2,000 from 1938 to 1940 incl. and
$3,000 from
1941 to 1948 incl. Interest payable J. & D.
25,000 2 M% University of Toledo
dormitory and machine shop bonds.
Dated Nov. 1, 1936. Denom. $1,000. Due Nov. 1 as follows:
$2,000
from 1938 to 1942 incl. and $3,000 from 1943 to 1947 incl.
BRUSH
incl. and $250 in 1950.
as
50,000 2% % intercepting sewer bonds.
$1,000. Due Nov. 1 as follows:
BETTSVILLE, Ohio—BOND OFFERING—D. F. Thompson, Village
Clerk, will receive bids until noon Dec. 31 for the purchase of $4,000 5%
fire equipment bonds.
Denom. $400.
Dated Feb. 1, 1937.
Int. payable
semi-annually.
Due $400 yearly on Oct. 1 from 1937 to 1946, incl.
Certi¬
fied check for $500, required,
CREEK TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
Otway), Ohio—BOND SALE—The $6,250 4% school bonds offered on
Sept. 30 were sold to the Security Central National Bank of Portsmouth.
Dated Dec. 15, 1936 and due Dec. 15 as follows: $500 from 1938 to 1949
following
fire station construction bonds.
Dated Nov. 1, 1930.
Denom. $1,000.
Due $9,000 on Nov. 1 from 1938 to 1947 incl
Interest payable M. & N.
premium of $532.34,
equal to 100.69.
Due Oct. 1 as follows:
$8,811.20 in 1943;
$9,000 in 1944 and 1945, and $10,000 from 1946 to 1950 incl.
18,000.00 series No. 1 sewage disposal plant bonds sold as 3s, at par plus a
premium of $70.20, equal to 100.39.
Due Sept. 1 as follows:
$1,000 in 1938 and 1939, and $2,000 from 1940 to 1947 incl.
Each issue is dated Sept. 1,1936.
par
EXCHANGE—The
f&tihg $345,000 will be exchanged with the Sinking Fund Commission:
100,000 3% work house-farm bonds. Dated Dec. 1,1936. Denom. $1,000.
^
as
3675
equal to 100.53, a basis of about
1.90%.
Established 1892
OKLAHOMA
CITY, OKLAHOMA
AT&T O. K. CY 19
Long Distance 158
OKLAHOMA
OKLAHOMA COUNTY CONSOLIDATED
SCHOOL
DISTRICT
NO. 1 (P. O. Oklahoma City Route No. 3), Okla.—BOND OFFERING
—A. E.
Clark, District Clerk, will receive bids until 8 p. m. Dec. 3 for the
purchase at not less than par of $23,000 school building bonds, which are
to bear interest at rate named at the time of sale.
Due $1,500 yearly,
beginning five years after date of issue, except that the last instalment will
amount to $2,000.
Certified check for 2% of amount of bid, required.
PAULS VALLEY, Okla.—BOND ELECTION—A proposal to issue
$50,000 impt. bonds will be submitted to the voters at an election scheduled
for
Dec.
bids until 1. p. m. Dec. 14 for the purchase of
$13,150 6%
special assessment street improvement bonds.
Denom. six for
$1,000, six for $700, three for $800, and one for $550. Dated Oct. 1, 1936.
Interest payable April 1 and Oct. 1.
Due each six months as follows:
$1,700, April 1, 1937 to Oct. 1, 1939, incl.; $800, April 1, 1940 to April 1,
1941; and $550, Oct. 1, 1941.
Certified check for $150, payable to the
city, required.
8.
receive
coupon
Oregon Municipals
MONROEVILLE, Ohio—BOND OFFERING—Jacob
J. Kessler, Village
Clerk, will receive bids until noon Dec. 21 for the purchase at not less than
par of $10,000 6%
electric light system improvement bonds.
Denom.
$1,000. Dated Dec. 1, 1936. Interest payable semi-annually. Due $1,000
yearly on Dec. 1 from 1938 to 1947 incl. Certified check for $500, payable
to the
CAMP a CO., INC.
Porter
Village Treasurer, required.
MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND OFFERING
DETAILS—The $340,000 not to exceed 6% interest refunding bonds
being
offered for sale on Dec. 10, as reported in a previous issue—V,
143, p.
3507—will be payable as to both principal and interest (J. &
D.) at the
County Treasurer's office.
The county announces that reputable attorneys
are supervising the preparation data incident to issuance of
the bonds and
their approving legal opinion will be furnished the successful bidder.
MUSKINGUM
CONSERVANCY DISTRICT
(P. O.
New
Philadel¬
phia), Ohio—WARRANT OFFERING—Sealed bids will be received until
2 p. m. on Dec. 4 for the purchase of $3,000,000 warrants, dated Jan.
1,
1937, and due Jan. 1,1938.
Proceeds will be used to retire short-term notes
due next January and to finance the purchase of
lands, in anticipation of
the sale of long-term bonds,
MUSKINGUM WATERSHED CONSERVANCY
DISTRICT, Ohio—
WARRANT SALE—An issue of $3,000,000 1K % warrants, dated Jan.
1,
1937, and due Jan. 1, 1938, optional July 1, 1937, was sold on Nov. 27 to
a group composed
of BancOhio Securities Co., Columbus; Otis & Co.,
Cleveland; Burr & Co., Inc., New York; McDonald, Coolidge & Co.,
Cleveland; Charles A. Hinsch & Co., Inc., Widman, Holzman & Katz,
Walter, Woody & Heimerdinger, all of Cincinnati; Nida, Schwartz &
Seufferle of Columbus, and Johnson, Kase & Co. of Cleveland. The
syn¬
dicate paid a price of par plus a premium of
$2,044.44, equal to 100.068.
Warrants are in denoms. of $10,000 and $5,000.
Legality to be approved
by Squire, Sanders & Dempsey of Cleveland.
(The above issue was previously reported as being scheduled for award
on Dec. 4.)
Van Lahr, Doll & Isphording of Cincinnati were second
high bidders,
offering a premium of $1,809.90 for l%s.
OREGON
BANDON, Ore.—BOND SETTLEMENT PLAN CONTEMPLATED—
are informed by W. A. LeGore, City Recorder, in a letter dated Nov.
24,
We
that the city was destroyed by fire on Sept. 26 and the officials of tbe city
trying to locate the holders of outstanding bonds in order to effect
settlement plan with them.
There is no intention of issuing refunding
bonds, he reports.
are now
some
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 35 (P. O. Mollala),
Ore.—WARRANT OFFERING—Sealed bids will be received until 8 p. m.
Dec. 1, by J. O. Echerd, District Clerk, for the purchase of $1,500 4%
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
$500 in 1937 and $1,000 in 1940.
Prin. and int. (J. & D.) payable at the
office of the County Treasurer.
on
interest bearing warrants.
CITY OF PHILADELPHIA
4% Bonds due Jan. 1, 1978/48
Price:
112.849
&
Interest to
Net 2.65%
Moncure Biddle & Co.
1620
Locust Street
»
NORTH COLLEGE HILL VILLAGE SCHOOL
DISTRICT, Ohio—
BOND SALE—The $105,000 coupon or registered school
building bonds
offered on Nov. 27—V. 143, p. 3191—were awarded to
the^Banc Ohio
1959 incl.
Portland, Oregon
ATHENA, Ore.—BOND SALE—The $15,000 4% series D water bonds
offered on Nov. 30—V. 143, p. 3507—were awarded to Holt, Robbins &
Werschkul, of Portland at 101.705, a basis of about 3.84%.
Dated July
1, 1936.
Due $2,000 yearly on July 1 beginning in 1947.
NEW KNOXVILLE VILLAGE SCHOOL
DISTRICT, Ohio—BOND
ELECTION—The voters of the district will pass on Dec. 15 on a
proposal
to issue $78,000 school building bonds.
Securities Co. of Columbus, as 2Ms, at par plus a premium *of
$682.50,
equal to 100.65, a basis of about 2.44%.
Dated Dec. 1. 1936 and due
Dec. 1 as follows: $4,500 from 1938 to 1947 incl. and $5,090 from 1948 to
Building,
Philadelphia
PENNSYLVANIA
ABINGTON INDEPENDENT SCHOOL DISTRICT (P. O. Waverly),
Pa.—BOND SALE—The $17,000 4% improvement bonds offered on July
21 were awarded as follows:
$10,000 to the Scranton Lackawanna Trust Co. of Scranton, at
PARMA CITY SCHOOL DISTRICT, Ohio—BOND
EXCHANGE—The
$94,000 4% refunding bonds for which no bids were received on Nov. 23—
V. 143, p. 3507—will be exchanged for a like amount of bonds
presently
outstanding.
ROSS
COUNTY
(P.
O.
Chillicothe),
Ohio—BOND
OFFERING—
Charles O. Yose, Clerk of the Board of County Commissioners, will receive
bids until noon Dec. 14 for the purchase of $75,000 6%
emergency poor
relief bonds.
Denom. $1,000. Dated Dec. 1, 1936. Interest payable semi¬
annually.
Due on Oct. 1 as follows:
$9,000, 1938 to 1942; and $10,000,
1943 to 1945.
Certified check for 1%, required.
SANDUSKY,
Ohio—VICTOR
IN POWER PLANT SUIT—Common
Savord on Nov. 24 sustained a demurrer to the
petition filed on behalf of the Ohio Public Service Co., seeking to perma¬
nently restrain the issuance by the city of $1,400,000 notes or bonds to
finance the construction of a municipal light plant.
The Justice at the
Pleas Judge Edmond H.
same
time dissolved
a
temporary injunction granted when the petition
filed.
The suit is expected to be carried to the Court of Appeals.
officials confidently expect a favorable decision from that source.
voters authorized the project in November, 1932.
was
City
The
STARK COUNTY (P. O. Canton), Ohio—BOND SALE—The $170,000
refunding bonds offered on Dec. 4—V. 143, p. 3358—were awarded to
Merrill, Turben & Co. of Cleveland, as 2s, at par, plus a premium of $901
a
price of
115.40.
7,000 to the Abington National Bank, Olarks
108.75.
The issue is dated June 1, 1936 and due June 1
$1,000 from 1943 to 1954 incl. and $2,000 in 1955.
Summit,
as
at a
price of
follows: $3,000, 1941;
BEAR CREEK TOWNSHIP SCHOOL
DISTRICT (P. O. East End
Boulevard, R. D. No. 1), Pa.—BOND SALE—The Citizens National
Bank of Parsons has purchased as 4s, at a price of par, an issue of $8,000
coupon building bonds.
These columns, together with a refunding issue
of $5,000, were offered on Oct. 12.
The bank has now purchased the
entire offering of $13,000,
having previously taken the $5,000 block
as
4s, at par.
BELLEVUE
SCHOOL*DISTRICT, Pa.—BOND OFFERING—Homer
J. Freese, Secretary of School Board, will receive bids until 7 P. m., Dec. 11
for the purchase of $293,500 3% coupon bonds.
Denom. $1,000, except
for $1,500.
Interest payable Jan. 1 and July 1. Due as follows: $9,000,
1944; $12,000, 1946; $11,000, 1947; $13,000, 1949 and 1950; $15,000,1952;
$14,000, 1953; $16,000, 1955 and 1956?' $19,000, 1958; $14,000, I960:
$21,000, 1961; $23,000, 1962 and 1963; $24,000, 1964; $25,000, 1965; and
$25,500, 1966.
Cert, check for $2,500, required.
one
BETHLEHEM, Pa.—BONIFOFFERING—Bertram L. Nagle, City Clerk,
will receive sealed bids until 9:30
a.
m.
on
Dec.
18 for the purchase or
Financial
3676
$110,000 2% coupon, registerable as to principal only, street and sewer
improvement bonds.
Dated Dec.
15,
1936.
Denom.
$1,000.
Due
$11,000 on Dec. 15 from 1937 to 1946 incl.
Any one or more or 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 re¬
demption.
Prin. and semi-ann. int. payable at the City Treasurer's office.
Ajcertified check for 2% of the amount bid must accompany each proposal.
Bonds will be issued subject to approval of the Pennsylvania Department
of Internal Affairs.
pf BROWNSVILLE, Pa.—BOND SALE DETAILS—The $30,000 funding
bonds sold recently to Singer, Deane & Scribner, Inc. of Pittsburgh, at a
price of 100.52—V. 143, p. 3359—bear 3%% interest, dated Oct. 1, 1936
and due $3,000 on Oct. 1 in the yeasr 1938, 1940, 1942, 1944, 1946, 1948,
1950, 1952, 1954 and 1956.
Principal and interest payable at the National
Deposit Bank of Brownsville.
CANONSBURG, Pa .—BONDS VOTED—A bond issue of $60,000 for
repairs, sewers and a shelter house at the city park, was approved by
the voters at the recent general election.
COAL TOWNSHIP
SCHOOL DISTRICT
(P. O. Shamokin), Pa.—
BOND OFFERING DETAILS—The issue of $251,000 coupon or registered
143, p. 3507—will be sold at pulbic auction
school bonds mentioned in V.
at 8 p. m. on
Dec. 9, according to W. J. Ryan, District Secretary.
They
will be issued to bear interest at one of the following rates: 3, 3 K, 3 14, 3 ZA,
4,' 414, 414, 4% or 5%.
Dated Dec. 1, 1936.
Interest payable J. & D.
They will be sold subject to approval of the Pennsylvania Department of
Internal Affairs, and of Saul, Ewing, Remick & Saul of Philadelphia.
The
attorney's legal opinion will be furnished the successful bidder.
CONSHOHOCKEN, Pa.—BOND OFFERING—Joseph J. Quinn, Bor¬
ough Secretary, will received sealed bids until 8 p. in. on Dec. 9 for the
purchase of $135,000 2, 2U., 2H. 2% or 3% coupon, registerable as to
principal only, sewer bonds.
Dated Dec. 15, 1936.
Denom. $1,000.
Due Dec.
15 as follows: $10,000,
1941; $15,000, 1946; $20,000, 1951;
$25,000, 1956; $30,000 in 1961 and $35,000 in 1966.
Bidder to name one
rate of interest on all of the bonds.
Interest payable J. & D.
A certified
check for 2% of the bonds bid for, payable to the order of the Borough
Treasurer, must accompany each proposal.
The bonds will be issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
Pa.—BOND OFFERING—J. O. Weaver, City Clerk, will
purchase of $50,000 coupon refund¬
ing and improvement bonds, which are to bear interest atl%, 1M %, 114 %,
1J£%, 2%, 2H%, 2}4% or 3%.
Denom. $1,000.
Interest payable June
15 and Dec. 15.
Due $5,000 yearly from 1937 to 1942; and $10,000 in
1943 and 1944.
Cert, check for 2%, required.
The bonds will be sold subject to favorable legal opinion of Townsend,
Elliott & Munson of Philadelphia.
y DU BOIS,
receive bids until 8 p. in. Dec. 15 for the
EVANS CITY SCHOOL DISTRICT, Pa .—BONDS VOTED—On Nov. 3
Date
at
a
price of 100.26,
due Dec. 1
as
a
basis of about 2.475%.
Dated Dec. 1, 1936, and
$8,000 in 1955 and
follows: $5,000 from 1937 to 1954, incl.;
$5,000 from 1956 to 1966, incl.
BLYTHE TOWNSHIP SCHOOL DISTRICT (P. O.
Cumbola), Pa.—
BOND OFFERING—Joseph Devlin, District Secretary, will receive sealed
bids until 5 p. m. on Dec. 15 for the purchase of $80,000 2%, 3, 334, 314,
3 % or 4% coupon, registerable as to principal only, funding bonds.
Dec. 15, 1936.
Denom. $1,000.
Due Dec. 15 as follows: $10,000
and
$5,000 from 1950 to 1963 incl.
Bidder to
name one
Dated
in 1949
after Dec. 15, 1950.
all of the bonds.
Interest payable
Optional
rate of interest on
on or
A certified check for 2% of the bonds bid for, payable to the
J. & D. 15.
order of tne District Treasurer, must accompany each proposal.
Approved
Municipality and Purpose—
Borough, Montgomery County—Purchase
electrical generating equipment for said Borough. _
McKeesport, City of, Allegheny County—Grading,
curbing, paving, sewering and replacing water lines
Buckingham Township School District, Bucks County
Funding floating indebtedness, $7,000; constructing
an
addition to grade and high school building,
$21,000
-
Amount
Hatfield
Nov. 23
$16,000
Nov. 23
400,000
Nov. 24
28,000
SCHOOL
DISTRICT,
Pa.—OBTAINS PWA
$1,270,800—The Public Works Administration announces
Presidential approval of a grant of $1,270,800 to the District toward the
cost of constructing two new schools involving an estimated outlay of
$2,824,000.
The difference will be supplied by the district from other
PHILADELPHIA
OF
sources.
READING SCHOOL
DISTRICT, Pa —BOND OFFERING—Oscar B.
Heim, Secretary of the Board of Directors, will receive sealed bids until
8 p. m. on Dec. 14 for the purchase of $100,000 coupon, registerable as to
principal only, improvement bonds.
Bidder to name one of the following
rates of interest: 1, 134, 134, 134. 2, 2)4., or 234%.
Dated Dec. 15, 1936.
Denom. $1,000.
Due $200,000 on Dec. 15 from 1937 to 1941, incl.
Prin¬
cipal and interest (J. & D.) payable at the District Treasurer's office.
A
certified check for 2 % of the amount bid for must accompany each proposal.
The approving opinion of Townsend, Elliott & Munson of Philadelphia will
be furnished the successful bidder.
RICHLAND SCHOOL
coupon
DISTRICT, Pa.—BOND SALE—The $13,500
building bonds offered on Nov. 24—V. 143, p.
3193—were awarded
Palmyra Bank & Trust Cq. of Palmyra, as 2 %s, at par plus a premium
of $184.34, equal to 101.36, a basis of about 2.60%.
Dated Nov. 1, 1936,
and due Nov. 1 as follows: $3,000,1941; $5,000 in 1946 and $5,500 in 1951.
to the
Pa.—BOND SALE—
school bonds offered on Nov. 27—V. 143, p. 3037
Stuart & Co. of Philadelphia at 106.6788, a
basis of about 2.58%.
Brown, Harriman & Co. of Philadelphia bid 103.60.
Dated Dec. 1,1936.
Due Dec. 1 as follows: $5,000 in 1941,1946, and 1951;
$10,000 in 1956, and $20,000 in 1966.
SCHUYLKILL HAVEN SCHOOL DISTRICT,
The $45,000 3% coupon
awarded to
—were
Halsey,
SALE— The $100,000 coupon bonds
awarded to R. W. Pressprich &
plus a premium of $1,303, equal to
101.303, a basis of about 2.09%.
Halsey, Stuart & Co. of Philadelphia
offered a premium of $1,139 for 2Hs.
Dated Oct. 1, 1936.
Due Oct. 1 as
follows: $5,000 from 1937 to 1946; and $10,000 from 1947 to 1951.
Pa .—BOND
SHARPSBURG,
offered
on
Nov. 30—V. 143, p. 3359—were
Co. of Philadelphia, as 234s, at par,
ISLAND
PHILIPPINE
building bonds.
p HOMESTEAD, Pa .—BOND SALE—The $153,000 bonds, including
$93,000 refunding and $60,000 funding, offered on Nov. 30—V. 143, p.
3359—were awarded to S. K. Cunningham & Co. of Pittsburgh, as 214s,
APPROVED—The
ISSUES
the voters of the district approved a proposal to issue $60,000 high school
TRAFFORD,
Pa.—BOND
OFFERING—W.
B.
Meager,
Borough
Secretary, will receive bids until 10 a. m. Dec. 19 at the office of A. C.
Scales, Solicitor, Greensburg, for the purchase of $20,000 bonds, which are
to bear interest at no more than 414 %.
Interest payable April 1 and Oct. 1.
Due $1,000 in 1939, 1940 and 1941; $2,000 in 1942; $3,000 in 1943, 1944,
1945, 1946 and 1947.
Cert, check for $500, required.
5, 1936
Department of Internal Affairs
Bureau of Municipal Affairs, has approved the following issues of bonds.
Details include name of the municipality, amount and purpose of issue and
date approved:
LOCAL
GRANT
street
Dec.
Chronicle
ISLANDS^tGovernment of)—FINANCIAL CONDI¬
TION REPORTED IMPROVED—Official data received by O. J. Devine
& Co., Inc., New York, show continued improvement in Philippine Govern¬
PHILIPPINE
ment finances.
As of Dec.
Government
31, 1935, the accumulated current surplus of the Philippine
$41,042,639, as against $37,589,000 on Dec. 31, 1934.
was
For the year ended Dec. 31, 1935, revenues of the Philippine Government
exceeded expenditures by $3,453,000, increasing the accumulated current
surplus by an equal amount. Unofficial advices indicate that for the year
ending Dec. 31, 1936, Philippine revenues will again exceed expenditures.
As of Oct. 13, 1936, total Philippine Government deposits in the United
States were $91,116,929, as against $74,575,698 on Dec. 31, 1934, and
substantially exceeded the net Philippine funded debt, Insular, Provincial
and municipal, of $45,570,000 on June 30, 1936.
Philippine Government
deposits in the United States Treasury amounted to $85,174,620 on Oct. 13,
1936, as contrasted with $65,438,803 on Dec. 31, 1934.
Proceeds from excise taxes levied and collected in the United States on
Philippine coconut oil under the 1934 Federal Revenue Act amounted to
$37,746,178 on Oct. 31, 1936, as contrasted with $16,013,673 on June 30,
1935.
Proceeds from this tax in recent months have accrued at the rate
approximately $1,500,000 a month.
accumulated surplus or cash balances
of
This balance is not included in the
shown above.
(This report of the offering supersedes that given in a previous issue.)
MANCHESTER SCHOOL
DISTRICT, Pa.—BOND OFFERING—
W. H. Everhart, District Secretary, will receive bids until 7:30 p. m. Dec.
18 for the purchase of $7,500 314% coupon, registerable as to principal,
bonds.
Denom. $300.
Interest payable Jan. 1 and July 1.
Due $300
yearly on Jan. 1 from 1940 to 1964, incl.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND
MUHLENBERG SCHOOL DISTRICT, Pa.—BOND SALE—Halsey,
Stuart & Co., Inc. of New York were awarded on Nov. 30 an issue of
$246,000 school bonds as 214s, at a price of 100.175.
CASTLE
Affairs.
NORTH CHARLEROI SCHOOL DISTRICT, Pa .—BONDS VOTED
a bond issue of $64,000 for construction of a school building
—On Nov. 3
was
approved by the voters.
•
VERSAILLES
TOWNSHIP, Allegheny County,
Pa.—
Kenderes, Secretary of Board of Township
Commissioners, will receive bids until 7:30 p. m. Dec. 19 for the purchase
of $25,000 coupon bonds.
Bidders are to name rate of interest, in a multiple
of 34%, but not to exceed 4%.
Denom. $1,000.
Dated Jan. 2, 1937.
Interest payable Jan. 2 and July 2.
Due Jan. 2 as follows: $1,000, 1938 to
1942; $5,000 in 1944, 1946, 1948 and 1950.
Certified check for $1,000,
NORTH
BOND
KIRCHOFER
OFFERING—Michael
required.
The following is the
latest public record of bond issues which nave been
Place and Purpose—
Amount
Date
$250,000 Harrisburg, City of, Dauphin County—Replacing paving
SOUTH
S. C —BOND CALL
by W. D. Thomasson, County Treasurer of York County,
that all township road improvement bonds, dated July
called for redemption on or after Jan. 1, 1937, on which
1, 1919, are being
date interest shall
Bonds are optional any time after July 1, 1929.
is stated that although the bonds are payable at
cease.
It
the Importers &
York, holders of these bonds should present them
York, or at the County
for payment at the Chase National Bank, New
Treasurer's office in York, on or after date called.
SOUTH
DAKOTA
CARTHAGE SCHOOL DISTRICT (P. O. Carthage) S. Dak.—BOND
SALE DETAILS—It is stated by the District Clerk that the $10,000 4%
gymnasium-auditorium bonds purchased by the O. W. Britton
Co., Inc., of Sioux City, as noted here recently—V. 143, p. 3508—were
Nov. 16
110,000 Fountain Hill Borough School District, Lehigh County—
Purchase or acquire sites or grounds for nigh school
building; erect, equip and furnish same
Nov.
17,000 Horsham Township, Montgomery County—Erect and
furnish a town house; paying cost of county-aid roads. _Nov.
75,000 Turtle Creek Borough School District, Allegheny County
—Pay operating expenses
Nov.
13,000 Bear Creek Township School District, Luzerne County—
Refund bonded indebtedness, $5,000; purchase material
and cost of work for completing scnool building
Nov.
300,000 The Directors of the Poor of Coal Township, North¬
umberland
County—Fund
floating
indebtedness,
$252,000; construct and equip hospital; alter and im¬
prove real estate, $48,000
:
Nov.
14,000 Mechanicsburg Borough,
Cumberland County—Fund
floating indebtedness, $11,000; refunding bonded in¬
debtedness, $2,000; street improvements, $1,000
Nov.
20,000 Ligonier Borough, Westmoreland County—Constructing
17
17
and mature $500 from 1937 to 1956
FLANDREAU,
18
sold
incl.
S. Dak.—BOND OFFERING—Mary Snuggerud, City
Treasurer, will receive bids until Dec. 14 for the purchase at not less than
of $5,000 4% hospital equipment bonds. Denom. $100. Dated Dec. 1,
1936. Interest payable annually. Due Dec. 1, 1946.
par
KENNEBEC,
S.
Dak.—BONDS
SOLD—It is
now
reported
by the
that the $12,000 refunding bonds offered unsuccessfully on
noted here at that time, have since been sold to the Northwestern
National Bank & Trust Co. of Minneapolis, as 4)4s.
Denom. $500.
Due
as follows: $500 on Nov. 1,
1938, and on May and Nov. 1 from 1939 to
May 1, 1950.
Town
17
July 6,
Clerk
as
LEAD, S. Dak.—BOND OFFERING—E. C. Thorpe, City Treasurer,
10 a. m., Dec. 31 for the purchase of $40,000 4%
registerable as to principal, municipal building bonds.
Denom.
$1,000.
Dated Jan. 2, 1937.
Principal and semi-annual interest (Jan. 2
and July 2) payable at the City Treasurer's office.
Due $5,000 yearly on
Jan. 2 from 1939 to 1946, incl.
Purchaser is to pay 10% of purchase price
at time of award, and balance upon delivery of bonds.
will receive bids until
18
19
a municipal building, equipping and furnishing same
Nov. 20
125,000 Lower Merion Township School District, Montgomery
County—Purchase or acquire sites for school buildings;
erect, enlarge, equip and furnish any school building or
buildings, and (or) to repair or rebuild any new or old
„
CAROLINA
KINGS MOUNTAIN TOWNSHIP (P. O. York),
—It is stated
at par
installation of call and fire alarm boxes; purchase of fire
apparatus; building a fire tiouse
T. T. TELETYPE RLGH 80
(P. O. Dorchester), S. C
SALE
—It is stated by the Secretary of the County Board of Directors that a
$66,000 issue of hospital bonds was purchased by McAlister, Smith & Pate
of Greenville and E. H. Pringle of Charleston, jointly, as 4s, at a price of
101.11, a basis of about 3.91%.
Dated Aug. 1, 1936. Due as follows:
$1,000, 1937 to 1943; $2,000, 1944 to 1955; $3,000, 1956 to 1964, and
$4,000 in 1965 and 1966.
semi-annual
incident to removal of street railway tracks; purchase
and installation of traffic safety devices; purchase and
ARNOLD
DORCHESTER COUNTY
approved by the Department of Internal Affairs, Bureau of Municipal
Affairs.
The information includes the name of the municipality, amount
and purpose of issue and date approved.
A
RALEIGH. N. O.
Traders Bank, of New
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
&
INCORPORATED
SCHOOL
DISTRICT, Pa.—BOND OFFERING—
John B. Bechtol, District Secretary, will receive sealed bids until7:30 p. m.
on Dec. 16 for the purchase of $30,000 series E of 1937, coupon or registered
refunding bonds.
Bidder will be required to make separate offers on each
of the following interest rates: 3, 334, 314, 3M, and 4%.
Bonds will be
dated Jan. 1, 1937.
Denom. $1,000.
Due $5,000 on Jan. 1 from 1949 to
1954, incl.
A certified check for $400, payable to the order of the District
Treasurer, must accompany each proposal.
Bonds will be issued subject
to approval of proceedings by the Pennsylvania Department of Internal
NEW
MUNICIPALS
Certified check for 1 %, required.
coupon,
—
_
_
„
building
Nov. 20
tion of water lines
Nov. 20
25,000 South Fayette Township, Allegheny County—Construc¬
TENNESSEE
CHATTANOOGA, Tenn.—BOND TENDERS INVITED—It is stated
that T. R. Preston, Chairman of the Sinking Fund Commissioners,
receive sealed tenders of any issues of the city, until 10 a. m. on Dec.
that the Sinking Fund Commissioners have available for
purchase of said bonds the sum of $100,000.
It is reported
will
12.
the
Volume 143
Financial
CHATTANOOGA, Tenn.—BOND SALE—The
annual
bonds aggregating $120,000,
two issues of
offered for sale
on
Dec.
4% semi¬
1—V.
143,
S1. 3509—were& Co. of Nashville, paying a Fenn & Co. $6,703.20, equal to
of New York, and
ack M. Bass awarded jointly to Phelps,
premium of
105.58,
basis of about 3.36%.
a
$80,000 local
improvement
The issues
are
diviaed
as
Due
$4,000
from
Dec.
1,
1937
bonds.
Due
$2,000
from
Dec.
1,
1937
to
1956 inclusive.
40,000 local
improvement
to
1956 inclusive.
I
r COLLlERVILLE, Tenn.—BOND OFFERING—Sealed bids will be re¬
ceived until 2.30 p. m. on Dec. 9, by W. W.
Hutton, City Reg»ster, for the
purchase of a $42,000 issue of coupon sanitary sewer construction bonds.
Denom. $1,000. Dated Dec. 1, 1936
Due on Dec. 1 as follows: $1,000,
1938 to 1955, and $2,000, 1956 to 1967.
Bidders are to name the rate or
int.
Prm. and int. (J. & D.) payable at the Chemical Bank & Trust Co.
in New York.
No arrangement can be made for the deposit of funds,
commissions, brokerage fees or private sale.
These bonds are stated to be
full faith and credit obligations of the
city.
HAMILTON COUNTY (P. O. Chattanooga). Tenn.—BOND SALE—
The $73,000 issue of public works industrial
school, first series, coupon
bonds offered for sale on Nov. 3(F-V. 143,
p. 3193—was awarded to C. H.
Little & Co. of Jackson, as 3s,
100.25, a basis of about 2.97%.
1939 to 1956 inclusive.
paying a premium of $185.00, equal to
Dated Jan. 1, 1936.
Due from Jan. 1,
TENNESSEE, State of—EXCHANGE
3677
Dec. 19 in order to vote on the issuance of $2,500,000 in not to exceed
4% road improvement bonds.
Due in 7 years.
on
SAN ANTONIO, Texas—BOND OFFERING DETAILS—In connection
the offering scheduled for Dec. 17, of the various issues of bonds
aggregating $325,000, notice of which was given in these columns recently—
V. 143, p. 3509-it is stated by James
Simpson, City Clerk, that the bonds
mature as follows:
$100,000 fire station bonds. Due $5,000 from Jan. 1, 1938 to 1957 Incl.
60,000 police and fire station bonds.
Due $3,000 from Jan.
1, 1938
to 1957 incl.
12,000 health building bonds. Due $1,000 from Jan. 1, 1938 to 1949 incl.
with
follows:
bonds.
Chronicle
OFFER ON HIGHWAY NOTES
—In view of the fact that
approximately 58% of its outstanding obliga¬
tions issued for highway purposes mature in
1939, the State of Tennessee
is desirous of refunding a
portion of such
obligations on a yield basis, which,
allowing for the current market on the respective obligations, will be
entirely fair and equitable to the holders who wish to exchange.
In ex¬
change for highway 4j^ % notes due Jan. 1, 1939, highway
% notes due
Jan. 1, 1939, and highway
4j^% notes due Feb. 15, 1939, the State is
offering a like principal amount of 3 M % highway refunding bonds dated
Dec. 1, 1936, and due Sept. 1, 1955.
Tne Funding Board of the State of
Tennessee has limited the amount of
exchanges to $5,000,000 and the offer
expires Dec. 31, 1936, subject to withdrawal or termination without notice
prior to that date.
The banking group, acting as
refunding agents, through which the ex¬
change is being effected consists of the Chase National Bank, Chemical
Bank & Trust Co., Hanvs Trust &
Savings Bank, the American National
Bank, Nashville; the Northern Trust Co., Chicago; Union Planters National
Bank & Trust Co., Memphis; Hamilton National
Bank, Chattanooga
and Knoxville; the First National Bank of
Memphis; Equitable Securities
Corp.; Robinson, Webster & Gibson, Nashville; Cumberland Securities
Corp., Nashville; Gray, Shillinglaw & Co., Nashville; Commerce Union
Bank, Nashville; Third National Bank, Nashville; Nashville Trust Co.;
the Robinson-Humphrey Co.,
Atlanta; Jack M. Bass & Co., Inc., Nashvdle;
J. W. Jakes & Co., Inc., Nashville; Thomas H.
Temple & Co., Inc., Nash¬
ville; W. N. Estes & Co., Inc., Nashville; Nunn, Schwab & Co., Nashville;
Nashville Securities Co.; O. H. Little &
Co., Jackson; and Park National
Bank, Knoxville.
The 3H% highway refunding bonds
constitute, in the opinion of counsel,
general obligation .of the State and the full faith and credit of the State
are pledged for their
payment.
As additional security for the payment of
these bonds there is appropriated and set aside for that
purpose
tion of any tax, other than ad
such propor¬
valorem, as was pledged for payment of the
bonds to be refunded, including the
proceeds from two cents or the gasoline
(and [or] motor fuel) tax.
The income which is primarily pledged for the
payment of all such obligations is ample, on the basis of past experience,
to provide for their payment
prior to the maturity date of these refunding
30,000 airport bonds. Due on Jan. 1 as follows: $1,000,1938 to 1947, and
$2,000, 1948 to 1957, all Incl.
30,000 bridge bonds.
Due on Jan. 1 as follows: $1,000, 1938 to 1947,
and $2,000, 1948 to 1957, all incl.
45,000 street improvement bonds. Due on Jan. 1 as follows: $2,000,1938
to 1952, and $3,000, 1953 to 1957, all incl.
48,000 sewer construction bonds. Due on Jan. 1 as follows: $2,000, 1938
to 1949, and $3,000, 1950 to
1957, all incl.
The entire issue of $325,000 matures on Jan. 1 as follows:
$15,000, 1938 to
1947; $17,000, 1948 to 1952, and $18,000, 1953 to 1957.
SAN ANGELO, Tex.—BOND CALL—E. F. Riedel,
City Treasurer,
a total of $150,000
6% street improvement, Series 3 bonds are
being called for redemption at the Chase National Bank in New York, on
Jan. 2, 1937, on which date interest shall cease.
Dated Jan. 2, 1922.
reports that
Due in 30 years, redeemable
any time after 15 years.
SHAMROCK, Tex.—CORRECTION—In connection with the report
given in these columns, that the Brown-Crummer Investment Co. of Dallas
was refunding a total of
$183,000 in 5% bonds for outstanding 6% bonds—
V. 143, p. 3509—it is reported that the said firm is exchanging them with
the holders of the old bonds.
SPUR,
.
Tex.—BOND SALE—The
$15,000
issue
of
4^%
semi-ann.
water system bonds offered for sale on Dec.l.—V.
143, p. 2893—was
awarded to the Ballard, Hassett Co. of Des Moines, according to the
City
Manager.
TEXAS, State of—INCREASE IN DEFICIT REPORTED—Pointing
a report to Governor James V. Allred that the State
general revenue
fund has reached a deficit of $19,313,349, the highest ever known. State
Treasurer Lockhart states that "the condition of the fund is growing steadily
out in
worse."
The large deficit is due in part to the necessity of providing a
sinking fund for Texas relief bonds, the amount to be set up this fiscal year
being $2,731,000; also to the appropriation of $3,000,000 to the Texas
Centennial, and other large appropriations, it was explained.
The deficit
in the Confederate Pension Fund as of Nov.
20, the date of the report,
was $5,349,186.
UNIVERSITY PARK (P.
O. Dallas), Tex.—BOND OFFERING—
Sealed bids will be received until 5 p. m. on Dec. 7, by Theo. E. Jones,
City Clerk, for the purchase of a $65,000 issue of municipal building bonds.
Interest rate is not to excedd 4%, payable M. & S.
Dated Dec. 1, 1936.
Due on March 1 as follows:
$3,000 1938 and
1939;
1941
to
1943;
1945 to 1947; 1949 to 1951; $4,000, 1953 to 1955, and $5,000, 1957 to 1959,
and
1961.
Prin. and int. payable at the First National Bank, Dallas.
The approving opinion of W. P. Dumas of Dallas, will be furnished.
The
expense of other opinions must be borne by the purchaser.
These bonds
were
approved by the voters at an election held on Nov. 21.
check for 2% must be furnished by the purchaser.
A certified
bonds.
The
bonds
are
exempt from all
OFFERINGS
present Federal income taxes and tax
exempt in
the State of Tennessee, and according to the bankers, legal
investment for savings banks in New
York, Massachusetts, Connecticut,
Tennessee and certain other States.
^
W
WAVERLY, Tenn .—BOND OFFERING—Sealed
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
bids will be received
until 2 p. m. on Dec.
14, by J. F. Porch, City Recorder, for the purchase
$45,000 issue of 4% land purchase bonds .Denom. $1,000.
Dated
Nov. 1, 1936.
Due on Nov. 1 as follows: $1,000, 1937 to 1939; $2,000,
1940 to 1959, and $1,000 in I960 and 1961.
Prin. and int. (M. & N.)
payable at the city hall in Waverly or at the office of the city's fiscal agent
of
a
in
New York.
The approving opinion of Caldwell & Raymond, of New
York, will be furnished. No bids at less than par will be considered. Blank
forms upon which bids may be made will be furnished
by the City Recorder
upon request, or bids may be made in the usual form under the terms of the
notice or sale.
The bonds will be delivered in Waverly or at the
city's
fiscal agency in New York.
They are stated to be general credit obligations
of the city and are also said to be
exempt from taxation in Tennessee.
A
certified check for 2% of the face value of the bonds bid
for, is
required.
FIRST SECURITY TRUST CO.
SALT LAKE CITY
\
Phone Wasatch 3221
UTAH
SOUTH
JORDAN, Utah—PWA ALLOTMENT APPROVED—The
Public Works Administration is reported to have approved a loan of $10,500
and
a
grant of $8,590 for water works acquisition and improvement.
VIRGINIA
TEXAS
BRENHAM,
Texas—PWA
GRANT
APPROVED—Approval
of
the
Public Works Administration has been given to a
grant of $140,000 for the
construction of a municipal electric light and power
plant, according to
news reports. It is said that the total cost of the
plant will be about $310,000,
of which sum $170,000 will be provided by a bond issue.
CORPUS
CHRIST!, Texas—BOND ELECTION POSTPONED—It is
reported that the election previously scheduled for Nov. 28, to vote
the issuance of the $3,850,000 in bonds, as noted in these columns re¬
now
on
cently—V.
are
divided
143,
as
p.
3359—has been postponed to Dec. 19.
The bonds
$3,200,000 refunding, and $650,000 water system
follows:
improvement.
EL PASO, Texas—BOND CALL—W. R.
Collins, City Clerk, states that
the following 4 H % bonds are being called for
redemption at the Chemical
Bank & Trust Co., New York City, on Jan.
1, 1937, on which date interest
shall
cease:
$100,000 septic tank bonds, numbered 1 to 100.
75,000 drainage system bonds, numbered 1 to 75.
40,000 sewer extension, series No. 7 bonds, numbered 1 to 40.
40,000 street and alley improvement and grading, series No. 3, numbered
1 to 40.
Denom. $1,000.
20.years
on any
Bell Teletype: 8L K-372
ARLINGTON COUNTY (P. O. Arlington), Va.—BOND OFFERING
—Sealed bids will be received until 2 p. m. on Dec. 15, by Fletcher Kemp,
Superintendent of Public Schools, for the purchase of a $208,000 issue of
Interest rate is not to exceed 6%, payable J. & D. Rate to
Denom. $1,000.
Dated Dec. 1, 1936.
1940; $12,000, 1941 to 1944; $13,000,
1945 to 1952, and $12,000, 1953 to 1956, all incl.
Prin. and int. payable in
lawful money of the United States at the County Treasurer's office, or at
the Chase National Bank in New York, at the option of the holder.
The
approving opinion of Thomson, W ood & Hoffman, New York City, will be
furnished to the purchaser.
A certified check for 2% of the bonds bid for,
payable to the order of the County Treasurer, is required.
school bonds.
be state in multiples of
of 1%.
Due on Dec. 1 as follows: $8,000,
FRONT ROYAL, Va .—BONDS AWARDED—It is stated by L. B.
Dutrow, Town Manager, that the $100,000 4% semi-annual water works
refunding bonds offered for sale on Nov. 23, the award of which was de¬
ferred until
Nov. 25, as noted here—V. 143, p. 3509—was sold on that
date to the highest bidder, Frederick E. Nolting, Inc., of Richmond of
of 109.178, a basis of about 3.52%.
Dated Dec. 1, 1936.
Due on Dec. 1, 1966.
their tender
ROANOKE, Va.—BOND ELECTION POSTPONED—It is
Dated Jan. l, 1917.
interest payment date.
Due in 40 years, redeemable after
LOOP
COMMON SCHOOL DISTRICT No. 14
(P. O. Seminole)
Tex.—BOND CALL—It is stated that all outstanding 6% school bonds
one to 18, aggregating $9,000, of an issue dated
May 15, 1928,
were called for payment on Nov.
15, on which date interest ceased.
Denom.
$500.
Due in 40 years, redeemable any time after 5 years.
Payable at the
Fort Worth National Bank, Fort Worth.
now
reported
that the election originally scheduled for Dec. 26 to vote on the issuance of
$48,000 in parklpurchase bonds, as noted in these columns recently—V.
43, p. 3360—has been changed to Jan. 9.
numbered
MARSHALL, Tex.—BOND ELECTION—It is stated by H. .T. Graeser,
City Manager, that an election will be held on Dec. 15 to vote on the issu¬
ance of $160,000 in 3H% water
supply bonds.
PLAIN VIEW,
Texas—LITIGATION
TERMINATED
ON
PWA
ALLOTMENT—The following is the text of a dispatch from Plain view to
the New York "Journal of Commerce" of Nov. 30,
supplementing the
previous report given in these columns on the action—V. 143, p. 3509:
"Settlement has been made out of court between the Texas Utilities Co.
and the City of Plainview, involving the application of the
city for a Public
Works ^Administration loan and grant of $423,000 for construction of a
municipal electric light and power plant.
"Under terms of the agreement the city withdraws its application for the
loan and grant and dismisses the penalty suit now on appeal
against the
Texas Utilities Co. for alleged failure to file financial reports as
required by
Texas law.
"The utilities company agrees to cease opposition to an
application for
$100,000 PWA loan and grant with which the city would construct a
plant, and to pay fees to engineers and attorneys for which the city
may be liable.
Schedules of reduced rates for light and power by the Texas
Utilities Co. were included in the agreement."
a
water
POLK COUNTY (P. O. Livingston), Tex.—BOND CALL—It is stated
by the County Attorney that Jesse Tullos, County Treasurer, is calling for
redemption at the First National Bank of Livingston, on Dec. 10, on which
date interest shall cease, a total of $114,000 in
bridge bonds.
Denom. $1,000.
optional in five years.
RUSK
COUNTY
(P. O.
5% M semi-ann. road and
Dated Aug. 15, 1929.
Due in 40 years,
Henderson),' Tex.—BOND ELECTION—It
is stated by W. E. Youngblood, County Judge, that an election will be held
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
SEATTLE
Teletype—SPO 176
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
WASH INGTON
ISSAQUAH, Wash .—BOND SALE CONTEMPLATED—It is stated
by Minnie W. Schomber, Town Clerk, that the sale of $42,500 water
system bonds approved by the voters on Oct. 10, has been tentatively fixed
for Jan. 3.
Interest rate is not to exceed 5%, payable J. & D.
Denom.
$500.
Due on June 1 as follows: $2,000, 1939 to 1947; $3,000, 1948 to
1954, and $3,500 in 1955; optional in five years.
Principal and interest
payable locally.
Legal opinion by Shorett, Shorett & Taylor, of Seattle.
SEATTLE, Wash.—BOND CALL—H. L. Collier, City Treasurer, is
reported to be calling for payment from Nov. 29 to Dec. 9, various local
improvement district bonds.
YAKIMA
COUNTY
(P.
O.
Yakima), Wash.—BOND OFFERING—
Sealed bids will be received until 1 p. m. on Jan. 2, by C. D. Stephens.
County Treasurer, for the purchase of a $12,000 issue of Harrah School
District coupon bonds.. Interest rate is not to exceed 6%, payable J. & J.
Denom. $500.
Dated Jan. 1, 1937.
Due in 22 years.
Prin. and int.
payable at the office of the County Treasurer.
A certified check for $600
must accompany the bid.
Financial
3678
WILLAPA VALLEY WATER DISTRICT
BOND SALE—An issue of $19,000 4%
(P. O. Raymond), Wa.h.—
bonds has been sold by the district
of Washington.
to the State
WEST
CLINTONVILLE,
Wis.—BONDS
TO
connection
ISSUED—In
BE
143, p. 3360—we are informed by I. J. Tilleson, City Clerk, that
they will have to advertise for bids on this work before they can offer bonds
for sale.
Probably about Dec. 15 the city will know how much the plant
will cost and how many bonds will have to be offered.
—V.
WISCONSIN
WBARRON COUNTY (P. O. Barron), Wis.—BONDS AUTHORIZED—
The issuance of $120,000 road impt. bonds has been authorized by the
County Supervisors.
BARRON JOINT SCHOOL DISTRICT NO. 1
—BONDS VOTED—At an election held on Nov.
approval to a proposal to issue $50,000 school
PERE,
(P. O. Barron), Wis.
24 the voters gave their
building bonds.
Wis .—BONDS AUTHORIZED—A
resolution authorizing
been passed
purchase
4% from
Que.—BOND
OFFERING—
will be received
CADIEUX
(P.
Montreal),
O.
until 4 p. m. on Dec. 4 for the purchase of $43,000 4%
due serially on Sept. 1 from 1937 to 1962 inclusive.
improvement bonds,
LAVAL SUR LE LAC (P. O. Montreal), Que.—BOND OFFERING—
Sealed bids addressed to H. Gohier, Secretary-Treasurer, will be received
I
improvement bonds.
until Dec. 7 for the purchase of an issue of $46,000
f- MONTREAL WEST, Que.—BOND OFFER IN
to
Charles I.
on
Dec. 10 for the
G—Sealed bids addresse
Secretary-Treasurer, will be received un til 5 p. m
purchase or $210,000 3)4% improvement bonds, dated
due serially on Nov. 1 from 1937 to 1956 inclusive.
Fraser,
Nov. 1, 1936, and
(Province
of)—PREMIER
EXPECTS $360,000
Scotia budget for 1936 was
predicted by Premier A. L. Macdonald at a public meeting this week.
The Premier said he expected to balance the budget in 1937.
"Frugality has been practised, the finances have been guarded, and our
efforts are showing results," said the Premier, claiming the present Ad¬
ministration was faced with a deficit of $1,600,000 when it took office.
SCOTIA
NOVA
(P. O. Madison), Wis.—
—The $300,000
1% corporate purpose notes offered on Dec. 3—V. 143, p. 3510—were
awarded to the Milwaukee Co. of Milwaukee at a premium of $1,072,
equal to 100.357, a basis of about .46%. The Marine National Exchange
Bank of Milwaukee was second high, offering a premium of $1,071. Dated
Dec. 1. 1936.
Due Aug. 2, 1937.
DANE COUNTY
J. Gorman, Secretary-
Sealed bids addressed to F. X. Nixon, Secretary-Treasurer,
ISLE
with the report given in these columns recently, that the City Council
intended to offer for sale a $50,000 issue of sewage disposal plant bonds
P DE
BUCKINGHAM. Que.—BOND OFFERING—H.
S, 1936
Treasurer, will receive sealed bids until 5 p. m. on Dec. 14 for the
of $50,000 bonds to bear 3)4 % interest until Nov. 1, 1946, and
that year to 1956 incl.
Dated Nov. 1. 1936.
VIRGINIA
CHARLESTON, W. Va —BOND ELECTION—An election will be held
on Dec. 29, according to report, in order to have the voters pass on the
proposed issuance of $550,000 in bridge bonds.
Dec.
Chronicle
DEFICIT—Deficit of $360,000 in the Nova
ONTARIO
(Province
oi)—VOIDING
POWER
OF
CONTRACTS
Appeal
ILLEGAL—A majority judgment of the Ontario
19 held sections of Ontario's Power Commission
1935 to be ultra vires the Legislature, in allowing an appeal by the
DECLARED
Court
on
Nov.
Act of
Ottawa
Valley Power Co., Ltd., whose contracts with the Ontario Hydro-Electric
Commission were canceled under the legislation.
By a 3-2 decision, the Court decided the power company had a right to
bring against the Power Commission an action seeking a declaration that
contracts between the company and Commission were valid, binding and
issuance of $200,000 sewage disposal system bonds has
by the City Council.
still in force.
COUNTY (P. O. Superior), Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Dec. 23, by A. R. Cole, County
Clerk, for the purchase of an issue of $150,000 4% semi-ann. relief bonds.
on
the
DOUGLAS
F LINCOLN COUNTY
The County Supervisors
(P. O. Merrill). Wis.—BONDS AUTHORIZED—
have passed a resolution authorizing the issuance
$520,000 highway impt. bonds.
of
MERRILL, Wis.—BOND OFFERING POSTPONED—It is now reported
by Otto A. Jahnke, City Clerk, that the sale of the $75,000 current expense
bonds, previously scheduled for Dec. 1, as noted here—V. 143, p. 3194—
was
postponed to Dec. 15.
Interest rate to be named by the bidder.
Dated Jan. 1, 1937.^
WYOMING
POWELL, Wyo.—BOND CALL—We are informed that all outstanding
bonds of a 5% sewer bond issue, dated July 1, 1926, are being called for
payment on Jan. 1, 1937, interest to cease on that date, at the office of the
Stock Growers National Bank, Cheyenne.
Due on July 1, 1946, optional
on July
1, 1936.
Bonds and interest coupons due on Jan. 1 should be
presented for payment.
The appeal, against a judgment by Chief Justice Hugh E. Rose in Ontario
High Court, was allowed with costs. Chief Justice Rose dismissed the action
the grounds that a clause in the Power Commission Act granted the
Commission immunity from suit.
Today's majority judgment held the
clause did not provide immunity.
Constituting a majority of the Court, Justices C. A. Masten, R. G.
Fisher and W. E. Middleton gave judgments in favor of the Ottawa Valley
Co. and Joseph Singer of Toronto, a bondholder, who entered action last
January.
Dissenting but in the minority. Chief Justice F. R. Latchford and
Justice W. R. Riddell contended the High Court Justice properly dismissed
the action on the grounds that the act specifically stated "without the con¬
sent of the Attorney General, no action can be brought against the Hydro
Commission or any member of the
Commission for anything done or
omitted in the exercise of his office."
M
During his 7,000-word written judgment , in which Justices Fisher and
Middleton concurred, Justice Masten remarked: "The contracts in question
must under existing circumstances remain valid and effective as between
the parties to them."
Regarless of today's judgment, an appeal from one side or the other
was destined for the Privy Council, highest tribunal of appeal in the Empire.
Attorneys made this plain during argument many months ago before the
Appeal Court judges.
General Arthur W. Roebuck in England, no
take an appeal to the
In the absence of Attorney
formal declaration of the Government's intention to
Privy Council was made tonight.
Mr. Roebuck is in London to present
to the Privy Council Ontario's viewpoint on reform measures passed by
Canadian Municipals
the
Bennett
Information and Markets
in the
on
BRAWLEY, CATHERS & CO.
S5
KING
ELGIN 6438
ST. WEST, TORONTO
Government.
QUEBEC, Que.—BANKS LOWER INTEREST RATES ON LOANS—
Under a new agreement recently concluded, interest rates on loans to the
city by the Banque Canadienne Nationale will be reduced from 4 to 3%
of credits within the city's credit balance
case
and from 4)4 to 3)4 %
temporary loans.
offered
Co. of
The sale con¬
ST. CATHERINES, Ont.—BOND SALE—The $170,000 bonds
Nov. 30—V. 143, p. 3510—were awarded to Wood, Gundy &
on
Toronto, at a price of 102.2658, a basis of about
3.26%.
sisted of:
CANADA
new city hall
from 1 to 30 years.
$150,000 3)4%
ALBERTA (Province of)—BONDHOLDERS CAUTIONED AGAINST
CASHING COUPONS AT REDUCED RATES—Holders of Alberta bonds
should refrain from cashing coupons at a rate lower than their face value
long as the general question of the Province's policy with respect to the
funded debt is under consideration by the Province.
This is the recom¬
mendation of the Alberta bondholders' committee, who are advised that
so
acceptance
of partial
payment by bondholders involves acceptance of
obligation on the coupon cashed and also
full discharge of the Province's
acceptance of the lowered interest rate on all future coupons.
It is the understanding of the committee that, generally speaking,
holders of Alberta coupons are not presenting them for payment.
advice has been given to holders of Alberta bonds in
protective committee established there when the order-in-council
ing the first default was passed.
BRITISH
COLUMBIA
(Province
the
Similar
Great Britain by the
authoriz¬
of)—ADOPTS MUNICIPAL RE¬
amendments to
FUNDING LEGISLATION—Debt refunding legislation and
general application on the Provincial Marketing Act was the
chief business disposed of at the special session of the British Columbia
Legislature which adjourned about two weeks ago.
Before the House meets again in January, municipalities, including Van¬
couver, will exercise the right to refund their debts providing 51%-invalue holders of outstanding debentures are in agreement.
The municipalities were given the right to issue refunding debentures
on passage of a by-law for which elector-consent is not necessary.
Approval
of the inspector of municipalities, however, must be obtained.
effect
a more
CANADA,
Dominion of—BOND OFFERINGS UP $164,000,000 FOR
ELEVEN MONTHS—Total offerings of Canadian bonds in the first eleven
months of 1936 amounted to $751,047,395 compared with $586,385,400
in the same period of last year—an increase of $164,661,995, according to
The Dominion Securities Corp.
November offerings, however, amounting
$11,491,130, were lower than in November, 1935 when the Dominion of
Canada sold an issue of $75,000,000.
Divided according to the various
classes of borrowers, Canadian financing for the eleven months compares as
to
follows:
1936
68,874,000
Municipal
Public Utilities
Railways
Industrial & Misc
120,657.000
43,519,471
33,801,800
116,175,000
133.000,000
107,143,924
Provincial
(a)$346,000,000
10,888,000
48,400,000
26,638,600
$586,385,400
$751,047,395
(a)—Not including Dominion of Canada Treasury Bills of less than one
Sear. These amounted to $440,000,000 as compared with $258,300,000 in
same period of 1935.
ie
Governmental financing this year is considerably below that of 1935.
On the other hand, there have been substantial gains in financing of public
Utilities, railways and industrial corporations.
EXETER, Ont.—OTHER BIDS—The $34,000 4% 30-year serial and
16-year serial bonds awarded on Nov. 16 to the Midland
London, Ont., at a price of 105, a cost basis of about
3.59%—V. 143, p. 3360—were also bid for as follows:
Securities Corp. of
Rate Bid
,
J. L. Graham & Co. and Isard, Robertson & Co
Jennings, Petrie & Co
Fry & Co
Wism or, Harper & Co
Harris, Mac Keen, Goss & Co
N. J. Robinson & Co
C. H. Burgess & Co
McLeod, Young, Weir & Co
J
Griffis, Fairclough & Norsworthy, Ltd
A. K. Ames & Co., Ltd
F. L. Craig
...
_
♦Bid received too late.
101.3294
101.32
Midland Securities Corp., Ltd
Griff is, Fairclough & Norsworthy, Ltd
McTaggart, Hannaford, Birks & Gordon, Ltd
Harrison & Co., Ltd
R. A. Daly & Co
J. L. Graham & Co., Ltd
Harris, MacKeen, Goss & Co
Royal Securities Corp., Ltd
:
101.32
101.31
101.11
101.098
-
101.077
100.697
100.4959
Bank of Montreal
100.33
--100.13
99.209
99.14
Draper Dobie & Co
Cochran, Murray & Co., Ltd
McLeod, Young, IWeir & Co., Ltd
Mills, Spence & Co., Ltd
98.25
A. E. Ames & Co., Ltd
BeU, Gouinlock & Co., Ltd
96.822
-
SAINT HYACINTHE, Que.—BOND SALE DETAILS—L. G. Beaubien
& Co. of Montreal were associated with the Bank of Montreal in the recent
purchase
of $248,000 3)4% bonds at a price of
99.83.—V. 143, p. 3510.
Other bids were as follows:
Rate Bid
Bidder—
94.02
99.31
99.223
97.11
Mills, Spence & Co
Hanson Bros., Inc
Dominion Securities Corp
Harris, MacKeen & Goss, Ltd
Banque Canadienne Nationale
99.635
-—
ST. JEROME, Que.—OTHER BIDS— The $17,000 bonds awarded re¬
cently to the Banque Canadienne Nationale of Montreal as 3)4s, at a price
of 99.76, a basis of about 3.55%—V. 143, p. 3510—were bid for as foUows:
Bids
Bidder—
3)4 %
Banque Canadienne Nationale
99.76
Provincial Bank of Canada
Paul Gonthier & Co
Bruno Jeannotte,
4%
102.01
99.09
100.00
99.26
Bank of Montreal
98.219
98.17
99.17
Ltd
Credit Anglo-Francais, Ltd
Hanson Bros., Inc
—-
—-
RIVERS,
Que.—BOND OFFERING—Jacques Denechaud,
City Treasurer, will receive sealed bids until 4 p. m. on Dec. 14 for the
purchase of $169,400 3)4% or 4% bonds.
Dated Nov. 1, 1936. Denoms.
of $100 or multiples of that sum, at purchaser's option.
Due in annual
payments over a period of 30 years.
Principal and interest (M. & N.)
THREE
$10,000 4%
Bidder—
Due serially in from one to five years.
All of the bonds are dated Dec. 1, 1936.
The following is an official
list of the unsuccessful bids:
Bidder—
Rate Bid
Harris, Ramsay & Co., Ltd
102.07
Dominion Securities Corp., Ltd
;
102.057
Imperial Bank of Canada, and Bartlett, Cayley & Co., Ltd
101.5864
Dyment, Anderson & Co
-101.576
1935
(a)$282,335,000
Dominion of Canada
Due serially In
and police station bonds.
20,000 2% direct relief bonds.
,
103.578
102.05
101.72
101.00
100.82
100.78
100.007
99.23
99.00
98.625
*97.30
rationale
Sayable, atin Montreal, option, at thethe branches of said bank Canadienne
the holder's or at any of head office of the Banque in the City
Rivers, Montreal or the City of Quebec.
Separate bids for 3)4 or
4% bonds will be considered. A certified check for 1 % of the issue, payable
to the order of the city, must accompany each proposal.
of Three
DEBT TO BE REFINANCED NEXT
indebtedness of the Separate School
W. McDairmid,
the city's fiscal agent, recently announced.
Mr. McDairmid pointed out that the debt refunding plan on which the
Ontario Municipal Board is working at present does not provide for re¬
financing the separate school debt.
WINDSOR,
Ont —SCHOOL
YEAR—Refunding
Board will not
of the
bonded
be undertaken until early next year, C.
@FedFRASER