The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
JV5- ADto,
| lf*X*RY
FEB
COPYRIGHTED IN 1936 «Y WILLIAM B. DANA
VOL. 142.
COMPANY, NEW YORK.
l"ue^To^.t'Copy~
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK. NEW YORK. UNDER THE ACT OF MARCH 3, 1879.
NO. 3684
NEW YORK, FEBRUARY 1 1936.
TRUST
THE
COMPANY
Chartered
3 1936
CHASE
NATIONAL BANK
Kidder, Peabody & Go.
1866
NEW YORK
George V. McLaughlin
President
BOSTON
OF
THE
CITY
The
OF
NEW
CHASE
YORK
is
tra-
PHILADELPHIA
ditionally a bankers' bank.
For
NEW YORK
many
BROOKLYN
served
it
years
has
large number
a
of banks and bankers
as
New York
WeJlsFamoBank
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
Member Federal
Deposit Insurance Corporation
and
UnionTrustCo.
SAN
RESOURCES
FRANCISCO
OVER
The
BOSTON
FIRST
$200,000,000
CORPORATION
United States
Government
BOSTON
NEW YORK
SAN FRANCISCO
CHICAGO
AND OTHER
Securities
PRINCIPAL CITIES
European Correspondents
Hallgarten & Co.
'
The First British American
Brown Harriman & Co.
Corporation, Ltd.
Established 1850
Incorporated
Lombard Street
j
63 Wall
'
LONDON
NEW YORK
Street, New York
Telephone: BOwling Green 9-5000
Boston
Argentine Representative
London
Chicago
Florida 99, Buenos
Philadelphia
San Francisco
Chicago
Representatives in other leading Cities
Aires
throughout the United States
*
Wertheim & Co.
nPl
120
Broadway
'
me
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
Berlin
Capital Funds
London
Municipal Bonds
Company
BROADWAY
NEW YORK
Amsterdam
New\orkTrust
.
$32,500,000
Barr Brothers & Co.
INC.
Chicago
New York
Paris
IOO
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
Cleveland
New York
*
New York
•
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
United States Government
SECURITIES
■
State
European Representative's Office:
Railroad
•
-
Municipal
Public Utility
London
•
Easton
8 KING WILLIAM
BONUS
STREET
LONDON, E.C. 4
Correspondent
Edward B. Smith & Co.,
Minneapolis
CHICAGO
*
R.W.Pressprich&Co.
Inc.
St. Louis
Member Federal Reserve
N. It.
System and
MEMBERS NEW YORK STOCK EXCHANGE
New York
Clearing House Association
Chicago
Philadelphia
San Francisco
Feb.
Chronicle
Financial
II
1936
1
BAKER, WEEKS
& HARDEN
A. G. Becker & Co.
Members New York
Members Philadelphia
No.
Slock Exchange
YORK
STREET
52 WALL
Street
Wall
64
NEW
Investment Securities
& Co,
Exchange
Members New York Curb
1893
Established
J. & W. Seligman
Stock Exchange
CITY
NEW YORK
Commercial Paper
Correspondents
London
Graybar Building, New York City
6
Other
And
BROTHERS
SELIGMAN
Commercial Tr. Bldg., Philadelphia
Chicago
New York
Lolhbury, London, E. C. 2
Bourse Building, Amsterdam
Cities
Paris
52, Avenue des Champs-Elyceee,
BIRMINGHAM
NEWARK
New Jersey
State & Municipal
Newark Bank & Insurance
AND
Stocks
Philadelphia, Pa.
Drexel Bldg.,
Zealand
BANK OF
(ESTABLISHED 1817)
Bank and The
X
amalgamated the Western Australian
Australian Bank of Commerce. Ltd.)
£MiMX
£,150,000
Up Capital
Paid
Reserve Fund
■_
St. Louis Securities
Co.
&
«o$ouvc St
£23,710,000
Over
200 Years of Commercial
CHIEF
HEAD
General Manager
BRANCHES AND AGENCIES in the
States,
New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
Exchange
tralasian
description of Aus¬
Business.
Wool and other
transacts
Banking
England
OFFICE—Edinburgh
747
Bank
Banking
FOREIGN DEPARTMENT
Bishopsgate, London,
Aggregate Assets 30th Sept., 1935-£115,559,000
A* C. DAVIDSON, General Manager
The
Members St. Louis Stock
£3,857,143
£64,009,174
Deposits
William Whyte
Australian
BAINT LOU IB
£3,780,192
fund
Reserve
3
^r/x
Charter 1727
Capital (fully paid)
8,780,000
of Proprietors
Reserve Liability
Royal Bank of Scotland
Incorporated by Royal
WALES
NEW SOUTH
(With which are
AND
BONDS
CORPORATION
Foreign
Australia and New
LOUIS
MUNICIPAL
SOUTHERN
Foreign
Newark, N. J.
ST.
ALABAMA
BIRMINGHAM,
CLEANING COAL
CONCENTRATING ORES
CO.
J. S. RIPPEL &
18 Clinton St.
MARX & CO.
FLOTATION PROCESS
SAND
FOR
Bonds
CHANCE
M.
H.
THE
Total number of offices, 254
every
Associated Bank,
Williams Deacon's Bank, Ltd.
Produce Credits arranged.
Head Office:
London Office:
George Street,
29 Threadneedle
Street, E.C.2
SYDNEY
Agents Standard Bank of
South Africa
New York
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Head Office: 26,
Missouri
and Southwestern
Stocks
and
Kenya Colony
Bishopsgate, London, E. C.
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Bonds
Subscribed Capital
Smith, Moore fit Co.
Paid Up
NATIONAL BANK
St. Louis
The First Boston
Corp. Wire
Exchange
Head Office
.
.
.
£2,200,000
undertaken
NATIONAL BANK OF NEW ZEALAND, Ltd.
Chief Office in New Zealand:
7, King William Street, E. C.
Wellington
Sir James Grose, General Manager
LONDON AGENCY
6 and
banking
Trusteeships and Executorships also
Cairo
£3,000,000
3,000,000
FULLY PAID CAPITAL
RESERVE FUND
.
DETROIT
•
...
.
•
£2,000,000
Reserve Fund
The Bank conducts every description of
and exchange business
of EGYPT
St. Louis Stock
£4,000,000
Capital.
Head Office: 8
Moorgate, London,
E. C. 2, Eng.
Subscribed Capital
MICHIGAN MUNICIPALS
Branches in all the
principal Towns in
and
EGYPT
CORPORATION BONDS
and the
SUDAN
£6.000,000
Paid up Capital
£2,000,000
Reserve
Fund
The
Bank
£1,000,000
Reserve
Currency
conducts
£500,000
every
description
of banking
business connected with New Zealand.
WATLING, LERCHEN & HAYES
Correspondents throughout the Woild
London Manager, A. O. Norwood
MembersJNew York Stock Exchange
VDetroit Stock Exchange
334
Buhl
Detroit
Bldg.,
Hong Kong & Shanghai
BANKING
LISTED
AND
UNLISTED
SECURITIES
Currency) H$50,000,000
Paid-up Capital (Hongkong Currency) __H$20,000,000
Reserve Fund in Sterling
£6,500,000
Authorized Capital (Hongkong
Fund In Silver
Reserve
rency)
Charles A. Parcells & Co.
Members
of Detroit
Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Reserve
(Hongkong Cur¬
__
Liability
kong Currency)
of Proprietors
—H$10,000,000
(Hong¬
H$20,000,000
C. DE C. HUGHES, Agent
72 WALL
STREET, NEW YORK
The "Expandit" Binder
Holds
up
single
a
to a
copy
or more
thickness of 6 inches
Price $2.00
each
Plus Postage
The "EXPANDIT" Binder
25 Spruce St.,
New York City
Tlif.
ommetriai
No. 3684
FEBRUARY 11936
Vol. 142
CONTENTS
Editorials
page
Financial Situation
666
Democratic
679
680
Opposition and the Campaign Outlook
The Neutrality
Debate Continues
Board
Problem of the New Federal Reserve
682
686
Are Interest Rates Too Low?
Comment and Review
Foreign Exchange Rates and Comment
670
671
675
Course of the Bond Market
687
Week
on
the
European Stock Exchanges
Foreign Political and Economic Situation
687
Indications of Business Activity
Week
on
the New York Stock Exchange
669
Week
on
the New York Curb Exchange
759
■>
Current
News
Events and Discussions
Bank and Trust
—
News
General Corporation and Investment
Dry Goods Trade
State and
.--814
—
-—815
Municipal Department
;
797
724
770
,t
Company Items..
Stocks and Bonds
Foreign Stock Exchange Quotations
769
Dividends Declared
729
769
Auction Sales
New York Stock
New York Stock
Exchange—Bond Quotations
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
737
Exchange—Stock Quotations
736 & 746
752
755
758
Exchanges—Stock and Bond Quotations
762
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond Quotations. .765
Reports
Foreign Bank Statements
674
Course of Bank Clearings
726
733
Federal Reserve Bank Statements
General
770
Corporation and Investment News.
Commodities
The Commercial Markets and the
Cotton
806
Crops
.
-
808
812
Breadstuffs
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of
the Board and Editor; William Dana Seibert, President and Treasurer: William D. Riggs,
Business
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 06131
London—Edwards & Smith, 1 Drapers' Gardens. London, E. C.
Copyright, 1936, by William B. Dana Company.
Entered as second-class matter June 23 1879, at the post office at New York, N. Y., under the Act of March 3 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
Manager.
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50
line. Contract and card rates on request.
per agate
for 6 months.
Transient display advertising matter, 45 cents
The Financial Situation
A BONUS measure whichTreasury about seems to needless totaxes immediatelymost reluctant to electhe President $2,500,- additional say, would be before national levy
believe will
the
cost
a
000,000 chiefly during the coming fiscal
become
now
law.
The
has
year
tion when all members of the House and one-third
President
on
Wednesday
Speaker of the House of Representatives
"supplemental estimate of appropriations" to be
of the Senate must be chosen.
sent to the
a
added to his
outlays
previous budget figures to
by this
cavalierly
sent
so
over
veto of the President.
of
members
Congress to this
nication
House
from
is
recently
going, to-night
dulge in what
White
the
"But
the whole matter not
that
Congress
occasions
large
debt
prior to
the
govern¬
of
against
the
the
in
country
specially
created
deposits.
The
Bonus
and
small
certain
Government Bonds
The
President
and
the
however, probably know,
different
and members of
from
that
Senator
Borah
Secretary of the Treasury,
quite
warrantably dislikes.
The demagogue, like
the poor, has always been with
us, but of
of
in some notable instances he has
the methods of the "selfish in¬
adopted
terests" to which honorable
World
men
cannot go on for¬
process
that it
ever,
like Senator
reached
War, and several times as
large as the total of annual
strongly object.
The result is that political
conventions,
or even
popular elections, are manipulated to
gratify personal political ambitions of indi¬
Congressional
viduals
to
Borah
appropria¬
so
who
have
few
ideas
constructive
Congress
ought to know, that this
recent years
the total public
as
when
past
he
as
fairly regular
feature of our political life for a long time
past, but they often bear fruit of a kind quite
three times
money two or
as
the
placing
obligations
banks
\
in
billions,
raising other bil¬
by
,
ment
dential nominees of his party.
Evils of this sort have been a
vidually costing the people
sums
lions
important
of professional politicians and their
organizations were able to name the presi¬
other programs often indi¬
country
most
has been
groups
disposed to play
petty politics with this and
this
the
up
these
a
Borah, from whose address in
Brooklyn during the past week we take the
foregoing sentences, obviously had in mind
the way in which our legis¬
of
raise
Senator
shockingly eloquent of
are
must
brings
determined."
soiserious, and the attitude
lators
be
to in¬
pre-coi^Vf ntion question that we can consider
and t pa tique s t i on is who is going to deter¬
mine the fitness and how is it
going to be
it would be highly amusing
of the members of
at any other time,
pleasant pastime,
that of regaling one's personal
qualifactions
for that high office.
commu¬
childish that
so
or
Congress
prefer to have the
Secretary of the Treasury
unfitness for the
of
Probably most
of
would
long and learned story of my great
Presidency. Now, I am not
a
most cowardly
members
Urgent Evil
"You doubtless read in your great papers
The
appropriations/
a
procedure.
An
the
reaction
certainly
the
to
book
statute
so
then be made in the form of deficiency
entailed
law which both houses
were
the
cover
Demand is heard in
quarters that appropriations for this purpose
be deferred until next year (after the elections) and
some
most
where
thoughtful people
seriously disturbed
are
of
has already
point
a
the
consequences,
as
and
any sort and practically no real convictions
about current affairs except, of
that
they ought to be elected
tions of that earlier period.
Treasury to dispose of its
course,
Little
Of
Thought of Costs
it
course
has
The paramount issue this
year is the selec¬
been
#ho
yielding to the well-organ¬
ized
and
militant
minority hoped
bonus
ministration
to
someone
the
of
finding
the
task
required.
Governor Smith in
dress
that the country could be
possibly
for
that
money
was
common
providing
a
about,"
them said.
this is
as
But, of
suaded
matter
one
Congress
cannot,
be
group
than
seen
the
whether
any
the
year
lead indicated
be
of
Here is
whose
tem
efforts of
that
any
a
its
real defect in
correction
is
our
cess
avoid
sense
obligations
worthy of the best
ablest men, and it so
happens
correction
is
an
urgent
need at
and
our
and
permit members of Congress to give the unthinking
such impression.
This fact is apparently now
fully
number
ones
are
of
realized
on
Capitol
puerile ideas and
developing
Already there is
some
a
very
deal of
a
dangerous
which to
suc¬
the
or
to
hardly
basis
for
more
of its
the
banks
companies
fail
later
to
lay
serious
tions upon whose solidity the welfare of
every man,
woman and child in the
country so much depends.
Another hazard
result of this
certain
upon
new
in
taxes
Congress,
how
seems
to be
raising its head
as
a
situation, although it is difficult to be
seriously it is to be taken at present,
Groups in Congress which have long demanded fiat
paper
uneasiness
large outlays, at least in part.
where
payments.
good
Congress lest the President insist
to meet these
Hill,
about methods by
meet the cost of the bonus
of
difficulty for these institu¬
political strategy
any
being
part
insurance
could
a
the President is far too skilled in
to
the
five billion
sys¬
of the term,
responsibility,
of the fact that
on
Treasury in selling another
present.
proper
ending June 30 1937.
aware
per¬
by this
democratic
be ob¬
by loans during the
They should also be well
organized
can
in prospect
into account, must
tained
others, but it still
of real strength
$2,250,-
without taking the bonus
constructive
to
well be
may
Liberty League ad¬
closer
came
follow
to
his
radical
a
some
ruling
$3,000,000,000 deficit that
pre¬
to
outstanding critic of the New Deal—and of
the Democratic platform of 1932 left
a good deal to be desired.
course,
in
say
if
now
the
such
any
undergo
those
of
000,000, in addition to the
course
matter for which
a
to
political
"Henry Morgenthau to
worry
sense
remains
persuaded
must
Deal itself.
Many of
them doubtless had hopes
the
or
at
as
change
office,
or
else, as is the case with Senator Borah,
champion causes that thoughtful citizens are
likely to find almost as unsound as the New
else
funds
able
willing to
cisely what they would do if elected
somehow
to pass on
are
ability
prices
demagogues, the dreamers, the Utopians and
the professional reformers.
The trouble with
the way things are going at present is that
none,
or
almost none, of those who are
venting their righteous wrath upon the Ad¬
weakly
were
the
obligations
tion of candidates and programs that
promise
constructive relief from the
vagaries of the
evident from the first that
those
that
to office.
to
currency are
pay
that
coming forward with proposals
the bonus in this
they
originally
legislation itself
carry
It will be recalled
way.
wished
to
have
the
bonus
provisions of this sort, but
Financial
Volume 142
finally yielded to
from the veterans and
pressure
supported the bonus without such provisions.
that
Now
Congress is being obliged to give serious
sideration to
and
ways
of raising the funds
means
required for the bonus payments it has made
datory
cates
ready with their
.
for all ills.
It is to be
would veto
any measure
and that
over
one
Of
course
notes
carrying such provisions,
be
notes are, as
metallic
hoard
same
currency
movement.
simply
some
gold
as
quarters, given a
from the
sum
in the waste of
a sum as
banks,
any
$2,250,-
1937 is certain to be
year
To obtain such
very
large amount of the national
To obtain the funds from
the Treasury has been doing in the
as
past, would be almost if not quite
fiat currency,
as
harmful
and for that matter would be
as
a process
fundamentally different from the printing of
fiat
raise any
the
such amount would be almost out of
question.
not
To levy additional taxes sufficient
currency.
To all this Congress apparently
thought in passing the bonus
a
hope that those of its members who
will not be
in such
of this
a
gave
We
measure.
way
of
expects to spend un¬
being pushed through Con¬
now
are
responsible
It is
drafting
which
of the year
of
greatly relieved at the beginning
to hear the President say that no new
tax laws immediately before
new
Whether it
must1 now face the
sight,
in
were
finally
that
proves
legis¬
our
political bed the harder
own
respect by adopting the bonus law remains
but it
seen,
hardly credible to us that
seems
public should fail to understand the real meaning
action which added
an
immensely to the load of
already overburdened Treasury and then evaded
an
the
obligation of making provision
the
funds needed.
for procuring
The fact is also to be carefully noted that not
only
among
bonus advocates, but in the so-called farm
groups
there
fiat
of
schemes
most
violent and persistent advocates
are
these have found their support
as
Such
expedients.
kindred
and
currency
for the
part during the past few years among monetary
cranks who
vainly imagined that there
was
this
support is
to be added that which arises
now
from the need to raise
it is
some
If to
special virtue in the printing of fiat notes.
large funds at
time when
a
thought politically unwise to levy more taxes,
the situation
naturally becomes the
more
hazardous.
Using "Gold Profits"
that the rank and file of the people
country will not realize fully just what has
that the Administra¬
understood
lators have made their
the
course
required. So it happens that Con¬
enacting
election.
to be
Of
tax law to raise all or some part
a
was
proposals
in this
conjecture, but the
substantial.
required for this purpose must come from
of the funds thus
gress,
of
matter
a
expected to be
somewhere.
tion is
still
permitted to becloud the whole situation
been done.
The
the funds
savings of the people would result
a
savings in riotous living.
to
At the
time, however, it is to be remembered that
attended with serious consequences.
not
such
if
even
"backing" for the notes.
employed for raising such
is
task of
disastrous,
is suggested in
measure
amount
tax
Currency Proposals
000,000 during the fiscal
the
it
"coverage" by labeling the large Treasury
of
method
*
pass
payment of the bonus in fiat currency
would
the
Act is
raising the funds for bonus payments
Fiat
der
to take the place of the Agricultural Adjust¬
supposed that the President
might strengthen the fiat
$200,000,000 thus lost to the Treasury.
Just how much the President
ment
Congress would find it difficult to
for
being drafted to provide for revenue equiv¬
alent to the
gress
Congress to make definite provision at this
session
Secretary of Agriculture has asserted that
are
advo¬
currency
veto, but it is quite possible that pressure
a
upon
a
man-
The
plans
sovereign remedy
the Treasury, these fiat
upon
are
con¬
667
Chronicle
CONGRESS isso-called "gold profits," including
already casting envious eyes
toward the
question has been raised
making
some
cost of the bonus
substantial
measure
to the possibility
as
reduction in the net
by removing the recipients
fund."
"stabilization
the
The
Secretary
of
the
Treasury has referred to these moneys as treasured
assets
ultimately to be used to reduce the public
debt.
But
no
when
situations arise such
good reason why this should not be done, although
gress
is faced at present.
bonus cash from relief rolls and from
of
of those
employed
difficult to
it is
on
relief work.
know, of
would be saved in relief
We
course,
We
can
expenditures by this
importance, since
rolls
see
just how much
doubt, however, if the question is of
academic
the
means.
than
more
veterans' organization
a
politically strong enough to force payment of the
bonus
could almost
to eschew any
certainly
such policy
Other
But the need for
no
the
means
this.
to pay
revenue
impounded
States
always dangerous
that by which Con¬
Technically these funds
of the United
government, although we have never been
property
the
of
reason¬
ing by which their seizure was labeled something
other than confiscation.
be
Congress would of course
quite within its rights in directing the Treasury
make
use
of
this
idle
gold,
as
is
now
sug¬
gested, by printing notes against it, or in any other
the bonus is by
Some
processing taxes
rather than handed to the Treasury.
are
as
able to reconcile ourselves to the process
has
way
The Sec¬
it chooses. But let no one suppose for a moment
that in terms of economic cause and effect the mat¬
ter is
Of
been, or shortly will be, ordered returned to the pay¬
ers
possessions
unquestionably
are
to
Calls for Taxes
only shoe that is pinching.
in
$200,000,000
as
the politicians
cause
cash
of
simple.
nearly
so
course
it would be easy
enough for members
Congress to tell their constituents that the print¬
retary of Agriculture recently termed this return a
ing of currency with 100% gold coverage, or per¬
"legalized steal," which incidentally seems at this
haps
time to be
orthodox
a
part of the political strategy of the
party now in power—that of having the lesser lights
constantly criticizing the
Supreme Court and its
recent decisions while the President himself remains
But condemnation of court
gold and silver coverage, is in accord with
monetary
policy,
mained locked in Treasury
notes
are
place the $200,000,000 in the hands of the govern¬
them
ment.
fallacies of recent years..
funds,
sort
as
of
course
counted
on
these
it had upon future collections of the same
during the remainder of this fiscal year and the
next.
'
many
vaults.
The notion that
specified amount of precious metal to support
some
Congress had
doubtless
soundly issued merely because there is
rulings will not
silent.
and
would believe them even if the metallic coverage re¬
is
one
of the commonest
Let
us
and most harmful
look
a
little
closely at the facts of the present case.
notes
were
issued against say
more
Suppose
$1,000,000,000 of the
gold held free of lien in Washington. Let us assume
668
Financial
that the notes
issued
so
used to meet payments
were
demanded by the veterans presenting their bonus
bonds to the
post-offices next summer. What would
happen to
banking and credit mechanism ? First,
our
either the veteran
himself,
other individual
or some
business enterprise into whose hands these notes
or
Chronicle
to and
able
assumption that it resulted from the criticisms
justly leveled at the authorities for their do-nothing
policy in the face of the vast and dangerous
a
to have
care
excess
currency over¬
crowding its vaults. It would without question take
these notes
Reserve
the
reserve
Thus
by
deposited by the veteran to the Federal
bank.
The
would
account of the bank
excess
credited to it and held in the fund in
Here
again
is
en¬
amount, which obvi¬
same
of member banks.
reserves
:
;
>
fact
in
Relieve
gold incident
How would such
which represent
is
usually the
loaned
gift to certain
They
were
credit operation, as
a
that repayment of the funds
case, so
cancels the
of
deposit.
They originated in the
in the community of funds
groups
that had in effect been created out of thin air in the
process
of devaluing the dollar.
tionary
process
and
be
In short, the infla¬
begun when the dollar
devalued
was
part of the gold of the banks confiscated would
brought to
eral
technical completion with the
a
disbursement to the veterans of the
of this
"legalized steal," to
retary of Agriculture.
use
Sooner
the words of the Sec¬
later this type of
or
monetary tinkering must reflect itself in
a
rapidly
head in Congress, and with the' various
actively
tinkering,
whom
injury done'them.
We must admit that with this situation
coming to
price
our
structure, and then it will be that those from
the gold was taken will feel the
elements
gen¬
proceeds
it
is
;
championing further
not
strange
that
monetary
of
some
the
European investors, who within the past year have
large funds here, have lately been disposed to
left
take
them home
weaken
again, thus causing the dollar to
against foreign currencies. In such circum¬
stances Mr.
Morgenthau's discovery of a "memoran¬
prepared by some unidentified individual with
dum"
ill-will
toward
taken very
the
Administration
seriously
dollar, the less
so
can
hardly
be
for weakness in the
as a cause
since the dollar has done
bet¬
no
ter since the dark deeds of the memorandum writer
were
whether
the
pieces of
paper
the remaining interest of the banks
monetary gold stocks rest in Washington
Them?
deposits be retired?
The salient
the sequestration of
was
belonged to the System, and it is of
whatever
New York.
not created in the
process
It
is needed, for the
none
quite without significance.
the
moment
in the
How
indeed, that
the metal which
no
Washington.
official explanation was given.
no
action
accounts
reserve
requested and obtained
possession of $2,000,000,000 of the gold certificates
appear,
substantial increase in the already
a
Washington report of Tuesday that the New York
would
larged by practically the
enormous
credit
course
accumu¬
of interest is
Also
resources.
Federal Reserve Bank had
taking them there.
$1,000,000,000 and their
ously involves
of
of idle credit
deposits of the banks increased
find the
we
latter
explanation of the Treas¬
practice has been vouchsafed, but it is a reason¬
part to
bank and deposit them. Now the ordinary
No official
ury
lation
a
1936
1
beyond the record of $3,310,000,000 attained
Dec. 11 1935.
might come, would promptly take them for the most
bank would not
Feb.
Gold
or
I^\.:r
certificates
held
by the Reserve banks
due
from
the
Jan.
29,
increase of $24,512,000
an
Treasury
or
$7,643,860,000
were
over
on
the total of
$7,619,348,000
on
resulted from
previous gold imports and additions
from
domestic
Jan. 22.
This adjustment clearly
production for which the Treasury
had not reimbursed itself.
the
to
return
banks,
$8,006,194,000
diminution
Since cash continued to
total
against
of hand-to-hand
tion to
to
a
actual circula¬
Member
increased
to
Jan. 29 from $5,802,436,000
on
on
on
account
reserve
22, but the Treasury balance
receded
to
modest
$3,599,683,000 from $3,608,049,000.
balances
$5,863,331,000
Jan.
A
resulted in
currency
decline of Federal Reserve notes in
bank
increased
reserves
$7,972,380,000.
on
general account
$478,037,000' from $514,995,000.
Small
gains appeared in foreign bank and other deposits,
and total
from
small
the
deposits
were
$6,613,359,000.
and the
reserves
drop in circulation liabilities overshadowed
increase
of
deposit liabilities, and the
ratio advanced to
Jan.
marked up to $6,642,518,000
The gain in
22.
78.2%
Discounts
reserve
Jan. 29 from 78.0%
on
by the System
were.
on
$645,000
higher for the week at $7,065,000, but industrial ad¬
dropped $62,000 to $32,148,000.
vances
operations remained in
tion.
Bankers'
increased
United
bills
a
Open market
state of suspended anima¬
acquired in the
open
market
$13,000 to $4,670,000, while holdings of
States
Government securities
receded
just
$1,000 to $2,430,263,000.
exposed and given wide publicity.
Corporate Dividend Declarations
Federal Reserve Bank Statement
ONLY modest changes
appear this week in the
condition statement of the 12 Federal Reserve
banks, combined, and
sions
the
United
of
alterations
States
as on so many
are
due
previous
almost
occa¬
entirely
Treasury transactions.
In
to
reversal
recent
ix
again
of
Green
also
the
deposit of
in
these
officially
circumstances,
that
excess
ments increased
an
the
additional
aggregate
gold
certificates.
balances increased
reserve
and
it
reserves
was
over
$60,000,000 in the
of $3,090,000,000.
Treasury had called
upon
$60,895,000
estimated
legal require¬
same
For
period, to
some
balances with
weeks
com¬
mercial banks and other
by this
banks
excess
means
was
depositary institutions, and
the Treasury deposit with the Reserve
kept around the $500,000,000 mark.
reserve
total
thus
was
The
kept from climbing
largely
were
Y-
t
dividends
of
the
current
favorable
a
Ry. declared
an
week
nature.
extra dividend
2% in addition to the regular quarterly of like
Feb.
from
on
amount, payable on the
its general account with the Reserve institutions and
Member bank
taken
Norfolk & Western
practice, the Treasury outlays were met
week to Wednesday
night from the funds in
in the
'
-i
.♦
A CTIONS
dent of
5%
5%
20;
on
a
on
Inland
75c.
a
annual divi-
the capital stock, payable in both
ago
year
only 2%%
class A debentures and
compares
an
the class A income debentures, and
on
house Elec. &
share
stock March 19.
common
Bay & Western RR. declared
1%
on
Mfg. Co. declared
was
the stock.
a
cases
paid op the
Westing-
dividend of 75c. per
the
common
stock, payable Feb. 29, which
with only 50c. paid Nov. 30 and Aug. 30.
Steel
share
Co.
on
declared
the
which compares
common
a
quarterly dividend of
stock, payable March 2,
with 50c. paid in each of the three
preceding quarters and 25c. each three months from
Sept. 1 1934 to March 1 1935, inclusive; in addition,
extras of 25c. were paid Dec. 2 and
Sept. 3 last.
Continental Steel
Corp. declared
an
initial dividend
#
Financial
Volume 142
of
50c.
share
a
payable
the
dividend
Co., Ltd., declared a
on
account of accumulations
conv.
preferred stock, payable
share
of 25c.
payable March 16, which will be the first distribu¬
the shares since
on
paid.
was
Aug. 10 1931, when 25c. a
Armstrong Cork Corp. declared a
quarterly dividend of 37%c. a share on the common
stock, payable March 2, which compares with 25c.
a
paid Dec. 2 last and only 12%c. a share in
share
American Hide & Leather Co.
preceding quarters.
declared
initial dividend of 75c. a share on the
an
$50
new
6%
par
preferred, issued recently in
carrying out of a plan of recapi¬
conv.
connection with the
talization under which
arrearages
on
no
dividends were paid on
Jewel Tea Co. declared
eliminated;
were
the old
quarterly dividend of $1 a share on the common
stock, payable April 15; in previous quarters paid
suffered
group
industrial
set-back.
a
sharply, but there were strong spots in the
railroad
and one or two specialities also moved for¬
Trading yesterday resulted in another mod¬
group,
ward.
advance, with industrials pushing to the fore
more.
Motor stocks were in excellent demand
est
once
and
other
industrials also
gains
appeared
most
moderate
Turnover
stocks.
and at times
in
more
in
More
improved.
carrier and utility
throughout the week was heavy,
than
3,000,000 shares were traded
single sessions.
Results in the listed bond market
the old pre¬
preferred since 1921.
ferred
a
but the general
advanced,
day were mostly toward lower levels, with the de¬
clines moderate.
A few industrial issues sold off
a
cumul.
Sept. 3 last.
share
also
Anaconda Wire & Cable Co. declared
a share on the
common stock,
$4
6%
March
tion
issues
The tendency on Wednes¬
day was toward improved levels, with carrier stocks
once
again in the van.
Oil, motor and aviation
stocks also showed strength.
Movements on Thurs¬
Metals
American
2.
dividend of
a
stock,
common
2, which compares with $2 paid Dec. 2 and
March
on
the
on
669
Chronicle
at variance with those in the
naturally were
share market, for the
inflationary legislation in Congress did high-
talk of
United States government
the general tend¬
grade bonds no good.
securities
were
firm at times, but
toward lower levels, and almost all the
was
only 75c. a share, but, in addition, an extra of $1 a
ency
share
paid Dec. 23 last, and one of 50c. a share
gains recorded early in January again were lost.
adverse nature was the de¬
Highest-grade corporate issues were dull and not
was
Dec. 15 1934.
on
Of
Canadian
cision
of
defer
the
an
Hydro-Electric Corp., Ltd., to
dividend ordinarily
distributed the first
uncertain, with upswings slightly more
were
the recessions.
than
pronounced
March.
of
Among speculative bonds move¬
greatly changed.
ments
bonds also tended to advance
The New York Stock Market
Gains of
one
day usually were
by losses of the next, and net results were
offset
In the com¬
modity markets movements were small and irregu¬
MODEST upward the trading in stocks here in
prices marked and downward movements of
New York this week.
Foreign dollar
modestly.
lar, with the undertone firm owing to the
in
of unfortunate
Congress
wild talk
maneuvers.
currency
Foreign exchanges showed persistent strength,
Some special
ently over
groups
developed outstanding strength, but others
reflected nervousness as to conditions.
The market
to suppose
unsettlement
French francs moved ever nearer to the upper
impressive in either direction.
not
was
due in part to
Congressional de¬
and to the tussle that is developing
liberations,
outright inflationists in that body and the
Administration.
What the outcome of that conflict
between
impossible to predict, but there is at least
will be is
a
grain of comfort in the realization that the Ad¬
expenditures-so
Fund
market at
times, when talk prevailed in Congress of
raising more than $2,000,000,000 for the immediate
payment of the soldiers' bonus through use of the
that
gold
Netherlands
country existed in this market.
guilders and Swiss francs also were strong, while
Scandinavian units held firm with sterling. ; The
silver currencies of the Far East were
the
On
reached
touched
Stock
York
New
quiet.
Exchange 417
stocks
high levels for the year, while 79 stocks
new
new
low
On the New York Curb
levels.
Exchange 347 stocks touched new high levels and 62
stocks touched new low levels.
Call loans on the
N. Y. Stock
On
gold in the stabilization fund or the issuance
"free"
was
point, and a general expectation of gold exports to
ministration desires to meet the vast
readily voted by Congress in an approximately ortho¬
dox manner.
Inflation sentiment gripped the stock
as
Sterling held rather consist¬
the $5.00 level, and it seems reasonable
that the British Exchange Equalization
employed to prevent a sharp advance.
might be expected.
Exchange remained unchanged at %%.
the New York
Stock Exchange
the sales at
half-day session on Saturday last were 1,656,720
of
the
But
shares; on Monday they were 3,099,685 shares; on
greenbacks as provided in agricultural legislation.
the buying of stocks thus occasioned always
found its corrective in profit-taking.
The market,
plainly anxious for further indica¬
the industrial trend, which now is some¬
moreover,
tions of
what
was
on
the New York Stock Exchange was
quite active last Saturday, and levels improved after
an
opening.
easy
Substantial gains were recorded,
especially in the utility stocks. The advance was
resumed last Monday, with irresponsible talk of in¬
flation
in
recorded
clearly at the bottom of the
There were numerous new high levels
Congress
movement.
shares; on Thursday, 3,012,230 shares, and on Fri¬
during the day, and almost all groups par¬
on
Monday, 1,275,505 shares; on Tuesday, 963,507
shares; on Wednesday, 1,116,130 shares; on Thurs¬
day,
1,260,315
shares,
and
on
Friday,
1,207,550
shares.
Irregularity
market
this
was a
feature of trading in the stock
week, with the volume of sales quite
heavy.
Speculation over the method to be employed
in
payment
the
ticipated, but a wave of realization sales forced
much
prices below the best figures of the day toward the
close.
When it appeared on Tuesday that the Ad¬
views
concern,
in the
toward
lower
of
and
matter
levels.
the soldier bonus
when
became
the
occasioned
Administration's
known, prices tended
However,
on
Friday prices
raising funds for bonus and
again turned upward, and in many instances were
expenditures by means of ordinary borrowing,
higher at the close than, on Friday of the previous
ministration is intent
other
On the New York Curb Ex¬
day, 3,235,140 shares.
change the sales last Saturday were 685,495 shares;
qbscure.
Trading
Tuesday, 2,287,590 shares; on Wednesday, 2,680,435
rather than
through
on
use
of frankly inflationary
ex¬
pedients, prices tended to ease.
Railroad shares
showed better results, than others, while utility
week.
General
Electric
closed yesterday at
39%
against 38% on Friday of last week; Consolidated
Gas of N. Y. at
36% against 32%; Columbia Gas &
670
Financial
Elec. at 16% against
14%; Public Service of N. J.
at
47% against 46%; J. I. Case Threshing Machine
at
105% against 100%; International Harvester at
65% against 59%; Sears, Roebuck & Co. at 64
against 62%; Montgomery Ward & Co. at 37%
against 37%; Woolworth at 53% against 53, and
American Tel. & Tel. at
Chronicle
Feb.
yesterday at 99%e.
against 100%c. the close
as
Friday of last week.
May
as
day of last week.
May oats at Chicago closed yester-
day at 28%c.
against 60%c. the close
against 28%c. the close
as
Friday of last week; Columbian Carbon at 107%
against 104%; E. I. du Pont de Nemours at 146%
against 144%; National Cash Register A at 23%
Friday of last week.
against 37; Continental Can at 77%
against 81%; Eastman Kodak at 157% against
160%;
Standard
Brands
at
15%
against
16%;
Westinghouse Elec. & Mfg. at 113% against 109%;
25% against 25%; United States Indus-
Lorillard at
trial Alcohol at 41%
against 43%; Canada Dry at
15% against 15%; Schenley Distillers at 46 against
50, and National Distillers at 28% against 29%.
The steel stocks turned to
higher levels this week.
yesterday
Friday of last week; Bethlehem Steel at
52% against 51%; Republic Steel at 22 against 19,
and Youngstown Sheet & Tube at
47% against 46.
In the motor
group,
against 43
Auburn Auto closed yesterday
Friday of last week; General
59% against 56%; Chrysler at 94 against
Motors at
on
against 11.85c. the close
The
day at 9%c., the
same as on
per ounce
Friday of last week.
against 19%
as
In
the matter of the
transfers
changed from the close
cable transfers
on
Friday of last week, and
on
Paris closed yesterday at 6.69%c.
against 6.66%c.
as
foreign exchanges, cable
London closed yesterday at $5.00%, un-
on
the
close
■
pRICE trends
were irregular this week on stock
exchanges in the principal European financial
1
Activity
centers.
restricted at London, Paris
was
and Berlin, partly because the interment of King
George V at Windsor
on
Tuesday caused
18%, and B. F. Goodrich
a
as
compared with Friday
week ago.
Pennsylvania RR. closed yesterday at
against 34% on Friday of last week; Atchison
36
of last
European Stock Markets
U. S. Rubber at 19 against
The railroad shares again
Friday
v
uted to the dulness, and in the
gains for the week
on
week.
French exchanges.
17% against 15%.
ounce
closed yesterday at 44%c., the same as the close on
Friday of last week.
on
at
19 11/16
was
pence per
Friday of last week, and spot silver in New York
on
day at 25% against 23%
record
on
Domestic copper closed yester-
In London the price of bar silver
pence
on
spot price for rubber
88%, and Hupp Motors at 2% against 2%. In the
rubber group, Goodyear Tire & Rubber closed
yesterFriday of last week;
Friday
on
14.93c., unchanged from the close
was
on
at 43
as
Friday of last week.
United States Steel closed yesterday at
50% against
47%
Fri-
The spot price for cotton here in New York closed
yesterday at 11.60c.
Biscuit at 35
on
of last week.
161% against 160; Allied
against 23%; International Nickel at 49% against
48%; National Dairy Products at 23 against 22%;
Texas Gulf Sulphur at
37% against 36; National
on
at Chicago closed
corn
yesterday at 60c.
Chemical & Dye closed yesterday at 165 against 166
on
1936
1
sion of dealings in that session
downward
on
a suspen-
the British and
But other factors also contrib-
movementMof
upward and
narrow
the week all the European
markets gave the appearance of awaiting fresh po-
litical, monetary and commercial developments. It
was considered reassuring,
in a sense, that the
League Council took no active steps toward oil sanc-
Topeka & Santa Fe at 74% against 70%; New York
tions against Italy, but this problem is to be studied
Central at
next week by
34% against 30%; Union Pacific at 123%
against 120%; Southern Pacific at 30% against
27%; Southern Railway at 15 against 14%, and
Northern Pacific
at 26% against 26.
Among the
stocks, Standard Oil of N. J. closed yesterday at
59% against 55 on Friday of last week; Shell Union
oil
Oil at
17% against 18, and Atlantic Refining at 30%
In the copper group, An4conda Copper closed yesterday at 30% against 30% on Friday
of last
week; Kennecott Copper at 32% against
against 29%.
32%; American Smelting & Refining at 64% against
63%, and Phelps Dodge at 33% against 33.
Trade and industrial
this
week
to
the
advanced
new
some
clue
ending to-day
automobile models late last
of the activity normally result-
ing at the start of the
week
gave no
long-time trend, possibly because
the introduction of
year
developments
year.
was
Steel-making for the
estimated by the American
un-
rapid constitution of
on
the Edison Electrical Institute.
with
week
corresponding week of 1935.
enue
reports.
cars,
amounted
to
the American Association of Railroads
This is
a
preceding week, but
As
Car loadings of rev-
freight in the week to Jan. 25
584,691
same
This compares
1,949,676,000 kilowatt hours in the previous
and with
1,781,666,000 kilowatt hours in the
decline of 26,717 cars from the
a
gain of 29,163
cars over the
week of 1935.
indicating the
dollar is
franc.
of the commodity mar-
kets, the May option for wheat in Chicago closed
regime by Albert SarIt is evident,
greater in Europe than fears for the
even
Overriding by the Senate last Monday of the
Presidential veto of the soldiers' bonus bill, together
with frankly inflationist talk in Congress all this
week, caused
a
heavy flow of funds from the United
States to Europe.
In his annual report to stock-
holders of the Bank of France, delivered
day by Governor Jean Tannery,
a
on
Thurs-
strong appeal
made for defense of the franc and for
was
early stabili-
zation of currencies by international agreement. The
air
was
full of currency rumors of all kinds during
the week, and in such circumstances it is not sur-
prising that investors preferred to sit
Trade
reports
from
indicate merely a
the
on
larger
the side
European
continuance of condi-
tions prevalent last month.
Little business
was
done
on
the London
Stock
Exchange in the initial session of the week. British
funds
were
firm, while home railway stocks reflected
better demand because of the settlement of the coal
wage
dispute
trial
sections
was
firm.
on a
compromise basis.
movements
were
The international
stimulated to
from New
course
new
even
the other hand, that distrust of the United States
countries
to
a
raut failed to dispel the fears entirely.
Production of electrical energy for the week ended
1,955,507,000 kilowatt hours,, according
The
the
lines.
was
special committee at Geneva.
certainty regarding the French franc, and
Iron and Steel Institute at
49.4% of capacity against
49.9% last week and 52.5% at this time last year,
Jan. 25
a
fall of the Laval Cabinet last week occasioned
small
group
In the indusbut
the
tone
of issues
was
degree by favorable week-end reports
York. Tuesday was a
day of mourning in
a
Great Britain, as the dead King was laid to his final
rest,
and
no
trading occurred.
When
operations
were
resumed
in almost all
Wednesday the tone was cheerful
sections of the market.
British funds
on
ried their beloved
improved
on
a
quiet
persistent buying wave, while gold mining and
were better.
International is¬
but
diamond shares also
sues
declined
slightly
reports of uncertainty in
on
The approach of
the New York market.
settlement
day caused quiet conditions Thursday at London.
British funds closed without notable changes, and
home
Strength in British
marked the trading yesterday, but other sec¬
were
well supported.
International issues
improvement at New York.
funds
tions
The trend
on
held in the
Cab¬
until elections are
spring. Rentes showed small gains, and
certain.
The Bourse remained
closed on Tuesday,
for the dead English King,
of respect
mark
grading on Wednesday was slow, with the price
tendency irregular. Not all interests felt content
regarding the monetary outlook, and rentes declined
in consequence. More interest was taken in French
equities of all kinds, but the movements were small.
the international list of securities consid¬
was
The market was
attractive.
disturbed by re¬
ports that the French Treasury badly needed a
on
and
seeking it in London.
was
Thursday
improved
were on a very
fresh
Transactions
little despite a Bank of France state¬
a large gold loss for the week.
a
Bank stocks
otherwise
were
were
lower
as a group,
but variations
small and in both directions.
Small
gains in rentes occurred yesterday at Paris, while
more interest was
taken in equities and interna¬
Boerse
The Berlin
displayed
a
firm tone in the
opening session of the week, but trading was on the
customary modest basis.
best demand,
noted also in
Heavy industrial stocks
but
favorable trend was
a
machinery, utility, chemical and ship¬
ping issues. Fixed-interest securities were dull and
The trend
unchanged.
with losses
was
reversed on Tuesday,
mostly fractional.
suffered from moderate
was
Speculative favorites
profit-taking, but the selling
easily absorbed. The trend on Wednesday was
firm, despite further modest trading. Heavy indus¬
trial
stocks reflected improved
ferings were very small
some
demand and as of¬
large advances re¬
favored, but bank
sulted. Electrical stocks also were
and other issues suffered from
trend in
also
neglect. The upward
leading industrial issues was resumed on
Thursday,
ments
King of England, but also the King of the
new
as
favorable dividend announce¬
some
Chemical and electrical stocks
made.
were
continued their
weakened.
bert Lebrun of
After
a
advance, but shipping issues
dull
opening yesterday prices
improved slightly on the Boerse, but business re¬
mained dull.
\
THROUGHOUT the world,expressed when Brit¬
sentiments of sym¬
pathy and sorrow were
ain's
King of the last 25 years, George V, was laid
of
Litvinoff
Maxim
Germany,
of
Russia,
Foreign
Commissar
Ambassador-at-Large
Norman H. Davis of the United
States, and many
That excellent observer and chief
other notables.
representative of the New York "Times" in Europe,
Birchall, remarked in one dispatch that
Frederick T.
some
of the
that
Kings and statesmen represent countries
desire
"But
England.
from
nothing
to so
many," he added, "this royal funeral offers chances
of first
importance to their own interests.
Unfor¬
tunately, one will probably have to wait for the me¬
moirs of the statesmen concerned and for official
papers
contained in them to know exactly what has
happened here, what hopes came to fruition and
what
hopes were blighted."
reports of Wednesday suggest that at least
Paris
problem of immediate importance was settled
one
London
at
during the conversations of the govern¬
ment heads there
Office disclosed
foregathered.
Etienne
The French Foreign
discretly, after the return to France
of President Lebrun and
Foreign Minister Pierre-
Flandin, that Germany had given the Brit¬
government promises to the effect that the de¬
militarized status of the Rhineland zone would be
respected.
European diplomatic circles were agi¬
by persistent reports that the
tated in recent weeks
Reich
planned to send soldiers into the zone and per¬
haps even to fortify it.
matic
cussed
von
Neurath.
The reports from
first intimations that the
to
the
British and French diplo¬
representatives were reported to have dis^
the matter in Berlin with Foreign Minister
Paris contained the
problem had been settled
complete satisfaction of Great Britain and
France, and it is quite possible that
is
It
this settlement
only part of a much more inclusive arrangement.
was
noted with
great interest on Monday that
King Edward VIII engaged in long and animated
conversation at a State dinner with the German
Foreign Minister, Baron von Neurath, and the long
talk renewed the impression that the British Mon¬
arch desires
friendship with the Reich.
The British
government, it may be added,, took good care not to
Sir John Simon, Sec¬
eulogized France in an
neglect its ties with France.
retary for Home Affairs,
address that was broadcast
but not in
Kings and Government Heads
France, Foreign Minister Konstantin
Neurath
von
ish
tional issues.
in
The
the
restricted scale. Rentes
ment that reflected
were
his suc¬
Edward VIII.
solemn procession in London included not only
cessor,
Greece, numerous other Princes, President Al¬
The international section was mildly un¬
loan
the British
capital to pay homage to the dead King and
week, but changes were small
industrial, utility and bank stocks also im¬
ered
sentatives of other countries hastened to
Rumania, the Crown Princes of Italy, Sweden
proved.
Nor
important
and
be able to carry on
inet would
a
From all
it is con¬
decisions were
parts of the world able repre¬
highly
and
despite the general conviction that the Sarraut
as
that
the Paris Bourse was favorable in
the first session of the
most
engaged in numerous con¬
considerable moment, and
of
versations
Belgians, the Kings of Norway, Denmark, Bulgaria
dull.
were
Kings, Princes and diplomats
who assembled in London
reached.
advance on reports
present excellent
indications that the
Industrial
international stocks tended to
But it was not forgotten
also
occurrences
irregular, with gains less numerous
Gold mining issues were steady, while
turned
than declines.
of
that such
opportunities for
diplomatic discussions regarding the pressing inter¬
national problems of the day.
There are already
his grave.
to
ceivable
railway shares also were steady.
stocks
George's
British millions watched
the mournful procession that car¬
monarch through London and on
The
Windsor.
Chapel,
profit-taking.
from
somewhat
the industrial issues
Most of
Tuesday in the vaults of St.
on
with bowed heads
suffered
rails
rest
to
by favorable revenue returns, but
stimulated
were
home
671
Financial Chronicle
Volume 142
over
the radio in France,
England, and it was suggested in some
reports that the special attention may have been
due to a desire to offset the impression caused in
France
by the long conversations between
Neurath.
ward VIII and Baron von
King Ed¬
672
Financial
Naval Conference
tinuance of the
it
NAVAL discussions were resumed a brief London
Conference, Wednesday, after at the respite
occasioned by the death of
King George V, and plans
proposed by the British delegates which seem
were
to have
fair chance of
a
agreement among
becoming embodied in an
the remaining delegations. Al¬
though the Japanese have withdrawn from the gath¬
ering, it appears that several observers were de¬
tailed to report
developments to the Tokio govern¬
was
regime is only
sented
approach was
spokesman
and
Chairman
of
when Viscount
indicated
the London
for
government
of the Socialist and Communist elements in France.
isterial
longer insists
by the French Treasury, nor of the authorita¬
reports that a large loan is sought
The list of Ministers
officials.
by French
follows:
.
Premier and Minister of the Interior—ALBERT SARRAUT.
Minister of State and
League Delegate—JOSEPH PAUL-BONOOUB.
Cabinet
Vice-President of
and Justice—YVON
DELBOS.
Foreign Affairs—PIERRE-ETIENNE FLANDIN.
REGNIER.
Finance—MARCEL
reduction of the tonnage of
upon a
to have been made in the Min¬
of the financial difficulties
Declaration
London
there
the
Conference, addressed the
American, French and Italian representatives on
Wednesday.
He indicated that Great Britain no
that he repre¬
only the "Popular Front," or a combination
No mention appears
faced
Monsell,
The Right forces
statements coldly, and
M. Sarraut had to face the accusation
tive
A
that little attention
temporary one.
a
in the Chamber received the
at London will have the tacit
support of Japan.
adopted by M. Laval, and
paid to that part of the declaration, since the
ment, and it may even be that arrangements made
realistic
measures
noted in Paris reports
was
1936
Feb. 1
Chronicle
War—GENERAL LOUIS FELIX MAURIN.
Navy—FRANCOIS PIETRL
battleships to 25,000 tons, probably because Italy is
Air—MARCEL DEAT.
known to be
Agriculture—PAUL THELLIER.
France is
States
building several 35,000-ton ships and
contemplating similar action.
never
considered fofc
a
Merchant Marine—LOUIS
The United
moment the reduction
Commerce—GEORGES
Public
Works—CAMILLE
CHAUTEMPS.
Communications—GEORGES
in
tonnage suggested by British spokesmen.
Labor—LUDOVIC
The existing limitation of 35,000 tons on battle¬
ships
accepted by Lord Monsell in his program,
was
but he called for
guns,
a
reduction of batteries to 14-inch
against the prevailing
as
inches.
against existing limits of 27,000 tons and
8-inch guns.
During the five
arrangement, it
replacements.
years
Light
discontinued,
cruisers,
or
84)00 tons and
while submarines would be limited to
2,000 tons and 5.1-inch
All the remaining dele¬
guns.
gations at London agreed to accept the British
gestions
as a
conference
The
the
new
thus
its
assumes
most
hopeful aspect
gathering convened early in December.
British
proposals, if they
an
of the
arrangement for
problem might be reviewed.
Japanese, it is noted,
clause such
escape
as
may
acceptable,
prove
exchange of building information
when the
sug¬
"basis for discussion," and the naval
probably will be combined with
an
for
save
under the British
plan, would be limited to 7,500
6.1-inch guns,
of the proposed
added, building of 10,000-ton
was
"A" class cruisers should be
since
MANDEL.
FROSSARD.
Colonies—JACQUES STERN.
Pensions—RENE
BESSE.
Health—LOUIS NICOLLE.
Italy and Ethiopia
Aircraft
carriers, under the British pro,
posal, would be limited to 22,000 tons and 6.1-inch
guns,
OSCAR
Education—HENRI GUERNUT.
limit of 16
upper
CHAPPEDELAINE.
DE
BONNET.
1942,
The absence
up
to
make advisable
an
that included in the London
Treaty of 1930, which provides for expansion in the
event that other nations
endanger the treaty rela¬
tionships.
EUROPEAN diplomatic aspects of the war be¬
Italy and Ethiopia probably have undertween
changes in recent days, owing chiefly to
gone some
the fall of the Laval Cabinet in France and its
placement by the Sarraut Ministry, which is anxious
to
improve French ties with Great Britain.
mediation between
M.
under
inclined
But it is
claims.
Sarraut
to
of
sanctions
oil
Italian
effort
to
act
as
probably will be made
Little has been heard in the last week
long.
the
the
dispute, and renewed efforts
to find a basis for settlement
Britain for
French
be less
Foreign Minister
support
entirely the
"honest broker" in thi^5
before
and
may
hardly to be supposed that France
abandon
will
now
England and Italy
Flandin
Pierre-Etienne
time
a
against Italy,
was
anxious
to
which
Great
impose.
That
problem is likely to attain a degree of prominence
next
week, however, since a special League of Na¬
tions committee will start a
provide
study of the matter next
Perhaps the committee deliberations will
Monday.
definite clue as to French inclinations
a
under the Sarraut
Premier Benito
Sarraut Cabinet
re¬
regime.
Mussolini, meanwhile, is doing his
best to offset the effects of the mutual defense agree¬
ment announced
formally last week by the British
PREMIEK ALBERT SARRAUT went before the
Chamber of Deputies
Thursday
Foreign Secretary, Captain Anthony Eden.
with
pact provides for joint defense measures by Great
French
a
on
Ministerial Declaration that the
numerous
Britain, France, Greece, Turkey and Yugoslavia, in
parties of the Left found to their liking, and it is
probable that the stop-gap regime will be able to
the event of
hold power
The
until elections
The program
are
held in the spring.
put forward by the Radical-Socialist
Premier differed in
no
essential respect
from those
This
an
Italian attack against any of them.
Premier argued, in
Italian
a
circular to all
League States, that steps of an extraordinary char¬
acter, such as the British fleet concentration in the
of Pierre
Mediterranean, were taken without regard to the
M.
letter and
Laval, whom he succeeded late last week.
Sarraut urged the "preservation of French
credit," which
was
assumed to be the equivalent of
M. Laval's "defense of the franc."
for general
He called also
European amity and understanding in
times, and pledged his country anew
these difficult
to the
"organization of
peace
of the
League of Nations."
called
on
declared
within the framework
Specifically, the Premier
Germany to evince peaceful intentions, and
that France
is
ready for comprehensive
plans to insure European good-will.
cies
of the Sarraut
regime represent
Internal poli¬
a mere
con¬
measures
spirit of the League Covenant, and such
were
termed
"useless
and
dangerous."
Existing sanctions, according to the Italian view¬
point, are not genuine League obligations, but merely
by the States concerned, and Signor
individual acts
Mussolini indicated that Italy will hold each sanctionist
State
tentions
are
responsible, individually.: Such
countries like Greece and
defense
the
Egypt of the perils in the
pact and the application of sanctions.
case
of
con¬
being buttressed by Italian warnings to
Egypt, Italy went
so
far
as
In
to reserve
*
Financial
Volume 142
the
prestige and influence. The marked attention paid
to German representatives at London early this
week by King Edward VIII is indicative of the respect now given the Reich in other European capitals. It would seem, however, that some difficult
internal problems remain to be solved by the Hitlerites. The anti-Semitic campaign remains in force
and continues to vex tolerant people everywhere,
In the financial realm ever greater trouble looms,
for it is now reported that a 500,000,000-mark Reich
railway loan, which carried a government guarantee,
was subscribed only 80%. Numerous reports from
Germany indicate that the population is undersupplied with many essentials, probably because the
authorities prefer to use the available foreign exchange to purchase war materials abroad. Richard
Darre, the Minister for • Agriculture, appealed to
German housewives last Saturday to use less fat,
so that the ability to purchase raw materials for
armaments might be increased.
right to demand an indemnity for damage done
through application of sanctions.
diplomatic maneuvers were in prog-
While these
utmost endeavors were made by the Italian
ress,
forces in
Ethiopia to gain military advantages. The
of the Italian and Ethiopian govern-
contentions
ments
were
thoroughly at variance as to actual hap-
penings, and conclusions are difficult to draw in
such circumstances.
It would appear, however, that
Italian mobile troops
have made enormous advances
Somaliland bases, while
in the south from Italian
the
Ethiopians in the north have regained a part of
the
territory lost in the original Italian drive from
Eritrea.
Large motorized
units of the southern
rapidly northward in
Italian armies made their way
weeks, and the divisions, appropriately
the last two
named the "hell
on
wheels" column, penetrated
290
halted on
Wednesday by sheer lack of supplies.
This impingement naturally has grave dangers for the
Italian forces involved, since contacts with bases
into
miles
Ethiopia
must be
now
It is
that General Graziani,
indicated
which
Ethiopians
the
are
most effective.
The Italian comto 10,000 Ethiopians
drive from the south, but such
killed in the
statements doubtless are
severe
The Ethiopians
In the north
seized 10 cannon,
claimed
a
victory
they were reported to have
that front in which
oh
exaggerated.
fighting appears to have developed for posses-
sion of Makale.
100 machine guns and large sup-
Italian statements admitted
plies of ammunition.
that
heavy fighting was in progress, but no
was
made of losses.
mention
Reports of neutral press corre-
spondents, heavily censored by the Italians, suggest
merely that Makale has been heavily fortified, and
there is
heavy
probably much truth in such statements,
ample time to bring up
Italians have had
for the
and build the rude forts that are sufterritory.
guns
,
_
,,
r
it is rather to be deplored that the interventions of
gains and obtain
This is the period of military operathe guerilla defense tactics of the
munications claimed that up
were
'
JNTERVALS between problem never are long, and
League of Nations settle1 ments of the Danzig
drive, will have to pause for some
the
supplies.
tions in
'
The ProbleM of Danz,S
weeks in order to consolidate his
fresh
were
tenuous, at best.
now
of
leader
before they
673
Chronicle
ficient in such
Three Years of Hitler
.
the Geneva organization never seem really to settle
the difficulties of the Free City. For the wth time,
as one observer remarked, the League effected an
amicable adjustment of the Danzig disputes in the
closing session of the Council, late last week. The
Nazi regime in the Free City has tended in recent
years to disregard its democratic Constitution, and
frequent warnings, against violations have been
found advisable by British statesmen. Anthony
Eden, the present British Foreign Secretary, issued
the latest warning in the series during the League
deliberations last week, and his declarations produced the customary contrite utterances on the part
of. the Danzig officials. They promised to revoke
decrees which the League Council considered incompatible with the Constitution of the Free City,
and agreed to reinstate officials who were dismissed
because they were not Nazis. The Council noted
these statements, and Captain Eden, as rapporteur
for the League on the Danzig question, expressed the
hope that the settlement marked the beginning of a
GERMANY ended its third year of completeThurs- new eravoicedthe Free that theOtherhas been heard
by Chancellor Adolf Hitler on domiGeneva for the hope City.
last statesmen at
nance
day, and the event was
celebrated quietly throughout
the Reich in the usual
fashion of unanimity affected
by Fascist dictatorships.
An army of 26,000 Nazi
gathered in Berlin on the occasion,
Chancellor-President spoke earnestly to that
Storm Troops
and the
body regarding the
his
accomplishments and aims of
He proclaimed the restoration of Ger-
regime.
military power, but added that the
man
terms made
Concurrently
Hitler.
nouncement
was
with
The
the
celebration,
made in Berlin that the
Socialist Constitution of the
tive.
Reich seeks
The address was phrased throughout in
familiar through frequent usage by Herr
only peace.
an-
National-
during the last three years,
together with a few general principles. The German
Chancellor last Saturday declared that his regime
is
opposed to territorial conquests,
for
expansion
but the desire
certainly prevails, for Minister of
Propaganda Joseph Goebbels
maintained only a few
when we
days previously that "the time will come
must demand colonies from the world."
In
seems
the
international
indeed
to
^
,
Elections
Reich had become effec¬
Constitution, it appears, consists of a
series of laws enacted
of the Danzig problem. But it is hardly to be supposed that this question is settled, any more than
the Memel question is settled. The desire of the
German Reich to regain both of these territories
makes further trouble inevitable. The ninetieth
Council session ended on Jan. 24 in a general atmosphere of good-will, after a dispute between Soviet
Russia and Uruguay was dropped from the agenda,
The hope was expressed in a report that the problem
occasioned by the Uruguayan severance of relations
with Russia soon will be adjusted.
Germany
of her lost
political sphere,
have regained most
XTATIONAL elections held in Greece last Sunday
provided the first opportunity for an open, if
indirect, expression by the people as to the return of
King George II from his exile, and the results definitely favored the monarch. The return of the King
was engineered several months ago, and a closely
controlled popular vote thereafter appeared to confirm the claims of the monarchist leaders. In the
elections last Sunday more convincing evidence was
presented that Greek voters were at least passively
in favor of restoration of the monarchy. N umerous
674
Financial
parties
contested
Assembly, but it
will
be
held
zelos, who
the part
eral
300
appears
seats
of
the
National
that the balance of power
he played in
by
revolt.
a
single
any
Venizelist
Notes
toleration
was
for
King
tion in the absence of the former
Premier,
Other daily matur.
oblig
Other liabilities
regime of Constantino Demerdjis.
able that Venizelos
curr.
Bank of England Statement
THE statement of the Bank gain the £218,235 in
for of week ended
shows
Jan.
fac¬
in?
It is held prob¬
•.
000, offsetting the gain in gold and reducing
£2,001,000.
'V-.
other
rates of any
158.
Present rates at the leading centers are shown
ratio
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Date
Jan. 31
Established
Rate in
vious
Rate
Country
was
3«
Bat avia-...
4
Belgium...
Bulgaria...
6
2
Canada....
July
July
10
1
May 15
Aug. 15
1935
1935
1935
1935
2K
4
Jan.
Pre¬
Effect
Date
Established
July
18 1933
vakia....
3
Jan.
1 1936
Danzig..._
5
Oct.
4H
2H
21 1935
hlle
Colombia..
Mar. 11 1935
■
mm
.
3
Nov. 29 1935
Ireland
3
June 30 1932
6
Sept.
July
9 1935
3 1933
4«
June
2 1935
3H
5
Feb.
1 1935
6H
2 1934
Jugoslavia
.
3.65
3H
.
3H
2
6
Jan.
Morocco-
6H
May 28 1935
Norway...
3H
May 23 1933
4
2H
2H
Poland
4
5
Oct.
25 1933
Portugal-
4
Deo.
13 1934
Rumania..
Sept. 25 1934
Finland....
3H
3H
Dec.
7 1934
6
Deo.
4 1934
4X
4
Jan.
9 1936
5
Spain.....
5
July
10 1935
Sept. 30 1932
5
Sweden
2H
Deo.
1 1933
3
7
Oct.
13 1933
7H
Switzerland
2H
May
2 1935
2
Jan.
15 1936
3H
3
...
SouthAfrica
May 15 1933
4
5H
Foreign Money Rates
Jan. 30
Jan. 31
Feb. 1
Feb. 3
1935
1934
1933
1932
397,139,000 374,941,384 366,661,673 357,309,815
347,665,986
15.850.000 20,948,938 25,154,293 42,245,113
4,801,980
142,762,748 141,057,928 138,400,553 102,940,514
110,171,181
106,040,194 98,955,896 100,593,585 67,761,988
77,325,791
Other accounts...
36,722,554 42,102.032 37,806,968 35,178,526
32,845,390
Govt, securities
80.044.001 82,521,413 77,057,869 89,378,138
40.700,906
Other securities.....
32,741,082 19,517,947 19,496,406 29,133,769
53,754,626
Dlsct. & advances.
18,752,854
9,290,627
8,178,324 11,943,009
13,634,499
Securities13,988,228
10,227,320 11,318,082
17,190,761
40,120,127
Reserve notes & coin
63,979,000 78,118,207 85,134,178 44,811,714
48,646,690
Coin and bullion
201.116,205 103,059,591 191,795,851 127,121,529
121,312,676
Proportion of reserve
deposits
Other deposits
Bankers' accounts.
to
liabilities
IN bills Friday market discount rates for9-16@
LONDON open 9-16®%% against short
Y%%
were
40.33%
2%
as
as
against 9-16%
call
on
in
London
on
on
Friday of last week.
Friday
in Switzerland at
J^%.
was
At Paris the open market rate remains at
4% and
Germany Statement
a
bringing the total
up
to 76,589,000 marks.
Gold
aggregated 79,186,000 marks and two
year ago
of
380,329,000 marks.
in
foreign
An increase also
currency
a
years
appears
in
of 131,000 marks, in bills
exchange and checks of 2,735,000 marks, in silver
and other coin of
27,516,000 marks, in notes
German banks of 63,000 marks,
on
other
in investments of
100,000 marks, and in other daily maturing obliga¬
tions of 58,947,000 marks.
The Bank's ratio is now
2.18%, compared with 2.44% last
the
30.86%
2%
38.92%
6%
Bank of France Statement
previous
year.
THE weekly statement dated Jan.namely 1,030,24 reveals a
large decrease in gold holdings,
331,606 francs.
Owing to this loss the Bank's gold
now
054,987,969 francs two
THE statementinfor the third quarter of January
shows
gain
gold and bullion of 53,000 marks,
ago
52.05%
2%
2%
aggregates 65,386,430,530 francs, in comparison
with 82,014,004,268 francs a
year ago and
77,-
2^%.
Bank of
reserve
48.21%
Friday of last week, and 9-16% for three-
on
months' bills
Money
years:
1936
Bank rate
on
se¬
Below
Jan. 29
Public
5H
4
Greece
figures for several
2%.
Circulation.
6
France....
Holland
an/l £522,696 from
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
7
Germany
__
government securities
on
4H
6
June 30 1932
5
on
Loans
3
3H
Aug. 21 1935
England...
are
3ij
i
Lithuania..
Estonia....
the
4K
Java
5
Czechoslo¬
Denmark
India-
£348,40.33% from 39.19%
Jan. 2; a year ago the
The discount rate remains at
Aug. 28 1935
Italy......
Japan
7
27.48%
48.21%.
Rate
4
decreased
rose
ratio is up to
from discounts and advances
vious
Jan. 31
Hungary-..
24 1935
4
4
reserve
The latter
which
accounts,
£6,635,000 and those on other securities
£1,049,649.
Of the latter amount, £526,953 was
curities.
Austria....
i
reserves
decreased
T"
Pre¬
Effect
bankers'
week ago and
a
in the table which follows:
Roto in
of
The
Notes
in
year
and 12.2%
circulation
reveal
also shown in
credit
years
A
ago.
balances abroad
of
decline
is
2,000,000
francs, in bills bought abroad of 1,000,000 francs and
against securities of 93,000,000 francs.
in advances
The
reserve
ratio
80.48% last
year
is
now
71.43%, compared with
and 78.97% the previous year.
Notes in circulation record a
contraction of
423,000,000 francs, bringing the total of notes
outstanding
down to
80,029,371,510 francs. Circulation a year
ago stood at 81,686,361,995 francs and two
years ago
at
79,474,159,335 francs.
discounted show
an
French
increase
commercial
bills
of
929,000,000"francs
and creditor current accounts of
210,000,000 francs.
Below we furnish a
comparison of the various items
for three years:
BANK
a
OF
FRANCE'S COMPARATIVE
STATEMENT
decline of
to
114,739,000 marks, bringing the total down
4,310,547,000 marks.
Circulation a year ago
stood at
3,428,919,000 marks and the
year
before at
3,229,581,000 marks.
Advkfices, other assets and
other liabilities register decreases of
3,427,000 marks,
12,400,000 marks and 29,437,000 marks, respectively.
Below
a
£2,776,000, while
rose
£$12,826,436, and other accounts, which
THERE have been no changes during the week in
the discount
of the foreign central
Country
Public deposits
deposits dropped off £12,478,278.
consists
high,
new
with £193,059,591
compares
Circulation expanded, however £$2,220,-
year ago.
Discount! Rates of Foreign Central Banks
banks.
further
a
£201,116,205, which
temporary
exile.
29
bullion, bringing the total to another
will return to Athens from
soon
to note circula'n
16,
was
—12,400,000
—114,739,000 4,310,547,000 3,428,919,000 3,229,581,000
+58,947,000
749,543,000
938,807,000
537,050,000
—29,437,000
267,521,000
285,000,000
237,355,000
4
+0.07%
2.18%
2.44%
12.2%
Propor. of gold & for'n
small groups.
Cabinet .to succeed the
a
+63,000
—3,427,000
+ 100,000
Liabilities—
Notes in circulation
Followers of
Sophoulis, leader of the Venizelist
form
other Ger.bks.
instance, the Republican
with the remainder scattered
among
Themistocles
+ 131,000
Other assets
this basis that the vote is inter¬
on
on
79,186,000
76,589,000
380,329,000
20,228,000
21,204,000
30,633,000
5,289,000
4,580,000
13,121,000
3,629,553,000 3,345,740,000 2,636,052,000
291,529,000
345,229,000
347,240,000
5,601,000
17,181,000
15,483,000
56,169,000
46,100,000
62,442,000
663,970.000
758,411,000
609,083,000
773,438,000
669,027,000
563,387,000
+ 2,735,000
+27,516,000
Advances
.
Front will have 16 seats and Communists also
to
Reichsmarks
+ 53,000
Investments..
than 60 seats in each
vited
Jan. 23 1934
Reichsmarks
No change
Bills of exch. and checks
Silver and other coin
num¬
Panayoti Tsaldaris and Marshal Kondylis gained
more
Jan. 23 1935
Reichsmarks
Gold and bullion...__L
Of which depos. abroad
Reserve in foreign curr.
The chief plank in
;
victory for the monarchy.
as a
Jan. 23 1936
Reichsmarks
Assess—
The Venizelist Lib¬
group.
platform
George, and it is
preted
Changes
for Week
himself exiled last year because of
was
1936
Feb. 1
REICHSBANK'S COMPARATIVE STATEMENT
by former Premier Eleutherios Veni-
party gained 125 seats, which is the largest
ber held
the
the
Chronicle
we
furnish
for three years:
a
comparison of the different items
Changes
for Week
Jan. 24 1936
Jan. 25 1935
Jan. 26 1934
Francs
Francs
Francs
Francs
Gold holdings
Credit bals. abroad,
a
—1,030.331,606 65.386,430,530 82,014,004,268
77,054,987,969
—2,000,000
11,492,931
9,950,746
16,214,172
French commercial
bills
discounted.,
b Bills
bought abr'd
Ad vs. agst. securs..
Note circulation
Cred.
curr.
accts
Propor'n of gold on
hand to sight liab.
a
+929,000,000 9.544,719,414 4,003,035,927
4,486,390,891
—1,000,000 1,314,451,006
952,328,983 1,113,533,609
—93,000,000 3,230,400,407 3,148,827,961
2,893,141,296
—423,000,000 80,029,371,510 81,686,361.995
79,474,159,335
+210,000,000 11,510.430,430 20,224,766,281
18,106,263,297
—0.96%
Includes bills purchased in France,
71.43%
80.48%
78.97%
b Includes bills discounted
abroad.
Financial
Volume 142
Chronicle
New York Money Market
675
Course of Sterling Exchange
THE New York money market unchanged indull STERLING exchangeinisterms for the dollar. week
now of the third The
week, with rates pursued its
all
exceptionally firm
course
this
departments and little business done.
of member banks
serves
than
more
of idle funds advances in
entirely improbable.
issue of
0.098%,
made at
were
computed
basis.
The Treasury sold
on
an
an
Bankers' bills
Monday
bank
annual
discount
and commercial paper rates
Call loans
the
on
Exchange also
unchanged at
were
%% for all transactions, while time
1% for all maturities
was
money
cable transfers sold
in recent
Money Rates
remained the ruling quotation all
a
transactions
There has been
money
having been reported.
this week,
Rates
good demand for prime commercial
has
paper
are
short of
been
%% f°r extra choice
paper
this week,
the market
The
range
1% for
Bankers'
less known.
names
and
Rates
are
Quotations of the American Acceptance
to and including 90 days are
up
remained
com¬
transfers has been
$5.00%,
compared with
of between $4.94% and $5.02% a week ago.
following tables give the
Paris
from
a
London check
mean
day to day, the London
open
gold price, and the price paid for gold by
United States:
MEAN LONDON
Saturday, Jan. 25
Monday,
CHECK RATE ON PARIS
_75.093
Jan. 27
Wednesday, Jan. 29
Thursday,
Jan. 30
Friday,
Jan. 31
____74.921
Tuesday, Jan. 28—-London closed
74.968
75.032
75.96
LONDON OPEN MARKET GOLD PRICE
Saturday, Jan. 25
Monday,
-_140s. 7Md.
Jan. 27
Wednesday, Jan. 29
Thursday,
Jan. 30
Friday,
Jan. 31
140s. 9d.
Tuesday, Jan. 28—London closed
PRICE PAID
FOR GOLD
BY THE
140s. 8d.
140s. 8d.
140s. 9d.
UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Jan. 25
Monday, Jan. 27
$35.00
35.00
Wednesday, Jan. 29
Thursday,
Jan. 30
Friday,
Jan. 31
35.00
The undertone of the pound continues
quiet due to a shortage of high class bills.
interrupted
of between $4.94% and $5.02
range
$4.98%
on
the
Acceptances
THERE has beenthis week, but for primehas been
a brisk demand trading bankers'
acceptances
Council for bills
was
market
this week has been between
The range for cable
between
needs.
running from
names
The foreign
active than
more
London
Tuesday, Jan. 28
four to six months and
unchanged.
even
last week.
are
quoted at 1% for all maturities. There has been
Rates
the
Jan. 24 sterling
$5.02%.
as
a
through the week
loans and renewals.
change in the market for time
but
high
somewhat
eased
on
$4.98% and $5.00% for bankers' sight bills,
rate
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
no
as
when
King George.
market
now
has
closed in observance of the funeral rites of the late
The
no
dollar
weeks, although trading
Tuesday
on
range
New York
new
the
exchange market has been
to six months,
up
with few takers.
for both
against
pressure
compared with last week when
pared with
New York Stock
offered at
on
are
discount of
average
continued from last week.
were
rates
$50,000,000 discount bills due in 273 days,
awards
and
re¬
are
$3,000,000,000, and in the face of such
accumulations
an
Excess
legal requirements
over
firm.
$35.00
35.00
35.00
exceptionally
In fact
sterling is the only really firm unit at
present time.
The high quotations for other
the
foreign
currencies
merely
reflect
the
sterling with respect to the dollar,
lying
conditions
affecting
3-16% bid and %% asked; for four months, }4%
foreign exchanges
bid and
3-16% asked; for five and six months, %%
5-16% asked.
the
Continental
of
under¬
other
and
been for many weeks.
bid and
firmness
as
The bill-buying rate of the
New York Reserve Bank is
from 1 to 90
%% for bills running
days, %% for 91- to 120-day bills and
1% for 121- to 180-day bills.
The Federal Reserve
banks' holdings
000
of acceptances increased from $4,657,$4,670,000.
Open market" rates for accept¬
to
are
ances
nominal in
so
far
as
the dealers
are
The firm tone of
be devalued
United
is
States
certain
con¬
DELIVERY
180 Days
Bid
Prime eligible bills
strongly
was
H
....
H
Bid
H
*i«
60 Days-
Asked
denied
——
Asked
Bid
Asked
Bid
Asked
*i«
H
»i«
H
he
H
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
........
H% bid
—.......—..
Eligible non-member banks
H% bid
Discount Rates of the Federal Reserve Banks
in
,or
that
the
Federal Reserve banks.
rediscount rates
following is the schedule of rates
for
the
Reserve
various
classes
of
paper
at
In the
Treasury Department
on
processes
Monday it
given out that the devaluation
circles.
the
in
Previous
Rate
2
Feb.
8 1934
IH
Feb.
2 1934
2
2
Jan.
17 1935
Cleveland
1H
May 11 1935
with the
advocated.
watching for months the tremen¬
public expenditures of the United States, and
approach of the soldiers' bonus legislation, and
taking their position have considered the fact that
the President's power to devalue the dollar to
50%
was
extended for another
year
only
a
a
full
few weeks
2X
New York....
Philadelphia
a course was
resident
a
Foreign exchange traders throughout the
dous
Date
last
This explanation is viewed with scepticism in market
different
Established
by
of Washington not connected in any way
the
Rate in
which
rumors
randum submitted to the White House
world have been
Jan. 31
seriously
was
week had depressed the dollar originated in a memo¬
in effect
Effect on
in
toward
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
quarters
devaluation of
any
tending
now
banks:
official
strenuously resisted.
government, in which such
THERE have been of the
no changes this week in the
extraor¬
an
inflation would not be
he
—SO Days
Bid
bills...
dollar
the
Asked
Bid
event the
any
experience
explicable budget.
It
—120 Days
150 Days
Asked
90 Days
The
that in
or
to
Washington that there would be
SPOT
very
dinary currency inflation because of its heavy govern¬
ment expenditures and the difficulties of
arranging
they continue to fix their own rates. The
rates for open market acceptances are as
follows:
Prime eligible
exchange in London is due
the dollar may
as
nominal
different than they have
no
largely to widespread fears entertained abroad that
an
cerned,
are
Boston
2
2
Richmond
Atlanta.
2H
—
May
9 1935
2«
2
Jan.
14 1935
2X
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
Minneapolis
2
2H
2H
2H
2X
2H
16 1934
2K
Chicago-.
Kansas City
2
Dallas..
2
May 14 1935
May 10 1935
May
8 1935
San Francisco
2
Feb.
ago.
In London last week it
was
noted that active
con¬
ditions
prevailed in the foreign exchange market,
with general selling of dollars from all
quarters
mainly on fears of further devaluation.
There it
was
observed
that
several
factors
adverse
to
the
676
Financial Chronicle
V
v
All the gold
dollar seemed to have coincided to exert cumulative
continues to be taken for unknown destinations,
Liquidation of the bull
believed to be chiefly for account of private hoarders.
On Saturday last there was available £119,600, on
Monday £211,000.
On Tuesday there was no
outstanding factors:
position in dollars from Paris, hedging by holders
of American securities
the part of those who had
on
market. On Wednesday there was available £374,000, on Thursday £253,000, and on Friday £163,000.
At the Port of New York the gold movement for
the week ended Jan. 29, as reported by the Federal
already hedged, heavy buying of commodities,
not
especially rubber and tin, by Americans, and some
bear
selling of dollars.
would
Currently it
movement has
largely
that this depressive
Paris foreign
appear
run
its
Reserve Bank of New York,
course.
exchange traders seem now less inclined to consider
discount inflation talk of
London has begun to
...
T
that
306,000 from India
Until
this Side*
On
a
Vmt
rlnllor<3
dollars
mi
DUt
on
last, raris
somewhat extended
a
on
hpfffln' to
Degan 10
Paris
lost
Mnndnv
ivionaay
Wef Change in Gold Held
$137,000
Note—'We have been notified that approximately $559,000 of gold was
ouy
Teceived at San
versing the trend of the preceding weeks.
the dollar.
Uneasy funds have again been going to
London for
safety and investment.
There is much
apprehension over the immediate prospects of clarification
of the French franc position, and this
tension has set up a
flow of foreign capital to British
securities.
It is felt in London and on the Continent
that
through
only
France find its
really dangerous
a
crisis will
to political and economic sta-
way
It is believed that France is now moving
bility.
toward
definitely
condition in
a
is certain to succumb
economic
financial
to the inevitable pressure of
Not
events.
which the franc
until* then,
according
to
opinion in London, will there develop con-
ditions under which the international movement for
stabilization can succeed.
currency
British
all
Nearly
shareholders'
annual
bankers
meetings
in
addressing their
held
recently have
of currency stabilization.
they apparently believe that some time
stressed again
Nevertheless
the
urgency
high quotations for French francs
the
Despite
during the past three weeks, only heavy purchases
of francs
by the British exchange control have pre-
vented the
<
collapse of that currency in the political
imports or exports of the metal or change in gold
held earmarked for foreign account,
Canadian funds during the week
par
Referring to day-to-day rates, sterling exchange
Saturday last was firm in an active market,
Bankers' sight was $5.00%@$5;00%; cable transfers,
$5.00%@$5.00%. ; On Monday the dollar showed
signs of improvement and
was
fractionally easier.
so
For
the
past few weeks there have been heavy
These purchases are
being actually shipped
range
$5.00@
was
$5.00% for bankers' sight and $5.00%@$5.00% for
cable transfers.
On Tuesday the London market was
closed in observance of the funeral of King George V.
New York quoted sterling $4.98%@$5.00 for bankers'
sight and $4.99@$5.00% for cable transfers.
On
Wednesday sterling was steady. Bankers' sight was
$4.98%@$5.00% and cable transfers were $4.9834
On Thursday sterling continued steady.
The range was $4.99%@$5.00% for bankers' sight
and $4.99%@$5.00% for cable transfers. On Friday
the range was 5.00%@$5.00% for bankers' sight
and $5.00%@$5.00% for cable transfers. Closing
finished at
on
Friday
were
$5.00% for demand and
Commercial sight bill§(
$5.00%> 60-day bills at $4.99%, 90-day
bills at 4.98%, documents for payment (60 days) at
$4.99% and seven-day grain bills at $5.00.
Cotton
and grain for payment closed at $5.00%-
purchases of silver in the London market for Indian
account.
the pound, while firm,
The
$5.00% for cable transfers.
possible until after the general elections in
quoted from
on
quotations
even
were
to a premium of %%•
although the general opinion in financial circles in
London is that no devaluation of the franc is probable
or
from Australia and
no
crisis reflected in the fall of the Laval government,
France, which must take place at the latest in May.
came
The above figures are for the week ended on
Wednesday. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday there were
@$5.00%.
elapse before it can be effected.
must still
Francisco, of which $331,000
$228,000 came from china.
re-
Sterling is firm for many reasons not related to
Earmarked for Foreign Account
Decrease:
hliv
scale, clearly
None
;
-
$2,109,000 total
few days ago Continental
Europe working through Paris had been sellers of
dollars,
-vf
;
163,000 from Russia
3,000 from Guatemala
i.ri
i
degree of conservatism is beginning to assert
a
itself
lxi.
VAi
follows:
&Por"
$1,637,ooofromcSda
every
In both markets bankers seem to ieel
description.
was as
gold movement at new york, jan. 23-jan. 29 inclusive
practicable; and
prospects of dollar devaluation as
.
offer in the London open market
on
Competent London observers pointed out
pressure.
four
Feb. 1 1936
^
.
.
;
r
Continental and Other Foreign Exchange
Bombay and are factory lending firmness to the
to
F^RENCH francs have been ruling especially firm
The purchase of gold in the London open
for account of private hoarders is also an
1
in terms of the United States dollar for the past
three weeks, frequently at levels sufficiently high to
pound.
market
important element in the sterling demand.
The
season
London
on
is
now
started when exchange favors
commercial
account.
Aside
from
any
special factors which might have caused the dollar
to
drop
several
in terms of the pound,
noticeable expansion in
an
London has for
weeks been expecting $5.00 sterling.
The
British foreign trade is also
important element in the present firmness and
Money continues easy and in great abundance in
Two-months'
months' bills
bills
%%.
exchange situation and
more
bills
settled internal
con-
ditions in France such a movement might reasonably
be expected, but up to the present there are no
signs of a return of gold to Paris from New York,
The firmness of the franc as judged by the quotations is only apparent.
The underlying position of
the franc has not changed in
demand for sterling.
London.
warrant expectation of an outward movement of
gold from New York to Paris.
Under a nominal
months.
any
respect from recent
There is much uneasiness regarding the
three-
French economic and monetary situation, which is
9-16% to %%, four- and six-months'
shown by the attitude of the French citizenry toward
are
9-16%,
their
currency
and their political, economic, and
Financial
Volume 142
monetary leadership.
attributed
be
must
firmness in the
The
to
operations
franc
British
of the
exchange control in its endeavors to hold the fluctua¬
tions of the pound with respect to the franc or
on
an
even
Paris
bankers
believe
that
small
a
fraction
The report
here
these
largely during 1935.
funds
show
amount
At present at
tendency to return to
no
French money here
some
because of the recent uneasiness
There has been
a
heavy exodus
of funds from Paris to London in the last few weeks.
recently shown by the Federal Reserve Sys¬
was
expressed dissatisfaction over the
development of German exports woich, it declared,
failed to
keep
with the improvement in world
up
trade.
Italian
to the
as
dollar, be leaving American securities
for British shares.
foreign exchange,
being withheld under clearing agree¬
settlement of outstanding commercial
for
large
a
the surplus
of
the larger part
debts.
outlook for the
It
The report of the ministry
of economics said that the Reichsbank received only
ments
Paris, though doubtless
may,
gold
of 1%.
range
difficulties are in
currency
solved thereby.
way
of
come
least
a
143,700), the country's
no
capital is invested in the United States which
French
has
keel within
677
Chronicle
lire
being quoted at slightly higher
are
higher quotations for
levels, due entirely to the
It is understood that quotations of lire
have been resumed in Paris.
One of the first effects
sterling.
of financial sanctions was the cessation
of lire quo¬
tem's
"Monthly Bulletin" that during 1935 approxi¬
mately $2,704,000,000 of gold was imported into the
tations in both London and Paris.
United States during 1935, of which
sumed in London last month but it is believed that
came
from France.
reported
from
A considerable part of
this goM
Switzerland,
London,
countries.
the
Belgium,
minor
and
York
whether
French
disturbed
situation,
par¬
ticularly since the fall of the Laval government, the
Bank
of
France
for
three
weeks
successive
At the
reported increases in gold holdings.
time it has been
bankers
not the
or
losing gold to England.
has
same
It is
now
sanctions.
money,
withdrew
This
but
through publication in the
effective
withdrawal of silver money from
the
need
of
statement
the
Bank
17-24 showed that
of
the
for
France
1,030,331,606 francs
(approximately $67,980,000) of gold
was
was
lost to the
British
exchange control and is doubtless earmarked
of
silver
for
The
Jean
M.
Governor
Tannery,
the future of France
depnds
of the
Bank
the
of
"The
world," he explained, "must be the ultimate
prosperity is
possible."
M.
durable
general
nor
Tannery's report as¬
serted
that the Bank's
francs
(approximately $1,056,000,000) in gold during
1935
failed to shake
decrease of
confidence in
16,000,000,000
the franc.
He
declared that the May and November drives on the
franc
halted
were
when
the
public convinced the
government against "monetary facility."
his
in
He
was
which
"devaluation"
word
gold
he asserted still
existed and
hoarding had increased,
used.
the fact
constituting
M. Tannery said that
"grave danger."
of
the
deplored the speculative operations against the
franc
that
report
Nowhere
one
a
method
restoring confidence would be the issuance of
new
gold coin already authorized by Parliament but not'
yet minted.
>
satisfactory.
While
the
currently
un¬
mark
free
is
ruling well above dollar parity of 40.33, this fact
merely
reflects
currencies,
which
dollar parities.
for
reaction with
are
the
major
Europe
all ruling above their
new
The volume of free marks available
European exchange requirements is extremely
New Dollar
Parity
France (franc)
3.92
Range
This Week
6.64H to 6.69
6.63
13.90
Belgium (belga)
16.95
16.99H to 17.10
8.03H to 8.06H
to 32.99
Italy (lira)__
Switzerland (franc).
5.26
8.91
19.30
32.67
32.80
Holland
40.20
68.06
68.38
(guilder)
The London check rate
at
74.82, against 75.09
New York
on
sight bills
on
on
Paris closed
on
Friday at 6.69%, against 6.66
Friday of last
on
commercial
sight
bills
6.66%,
at
against 6.63%.
Antwerp belgas closed at 17.08 for bankers' sight
bills and at 17.09 for cable
and
Final
17.10.
40.74
bankers'
for
transfers,
in
transfers, against 17.09
quotations for Berlin marks
with
comparison
40.69
Italian lire closed at 8.04 for bankers'
at
8.05 for cable
and
schillings closed at
exchange
on
19.04, against
a
purely internal
currency.
Berlin state that while
a year
the mark has been
Recent dispatches from
Germany shows
a
favorable
-trade balance for 1935 of 111,000,000 marks
($45,-
18.97;
Czechoslovakia at 4.20%, against 4.19;
Bucharest
at
0.80, against 0.80; on Poland at
19.14; against 19.04; and
on
Finland at 2.22, against
Greek exchange closed
at 0.95 for bankers'
sight bills and at 0.95% for cable transfers, against
0.94% and 0.95%.
♦
EXCHANGEregistered higher neutral during the
on the countries quotations ip the
has
war
past
weeks in
two
firmness
in
consequence
sterling
with
of the
respect
situation
in
Holland shows
increased
the
to
economic
than
40.70.
sight bills and
transfers, against 8.05 and 8.06.
Austrian
on
were
sight bills and 40.75 for cable
scarcity value resulting from the rigid control of
more
In
the French center finished
Holland guilders are exceptionally firm.
For
Friday
Friday of last week.
limited and the high quotations indicate merely the
exchange.
to 68.76
on
week; cable transfers at 6.69%, against 6.66%; and
2.22.
The situation of the German mark continues
of the
dollar:
principal currencies
object without which neither
relation
the
Parity
confidence.
on
permanent stabilization of the
of
for
gold to the United States
on
Old Dollar
Jan. 30, said that
on
reasons
circulation is
of Italy's native
payment
shows
following table
leading currencies still
for the British fund with the Bank of France.
France, in his annual report
One of the
year,
troops in East Africa.
withdrawn.
It is almost certain that this gold
notes.
paper
originally dated May 20 of last
the
current
silver
all
circulation
from
the increased
week Jan,
lessening of
any
official gazette on Jan. 28.
The
to
by royal decree the Italian
generally accepted in well informed quarters that
holdings represent Italian gold
as
being quoted
are
means
which it will replace with
was
becomes
now
London
On Jan. 28
government
decree
fact that lire
New
advice
without
be
to
seem
in both Paris and
-
..
Quotations were re¬
major lira market.
the amount of business transacted is limited.
metal
coming from France represented
as
Despite
$1,087,000,000
the
was
Formerly Paris
no
dollar.
While the
apparent
improvement, the condition of the Netherlands Bank
is
greatly
improved
Amsterdam.
The
and
money
is
abundant in
private discount rate, which
was
3%% at the end of December, and ranged in earlier
Financial
678
moved still lower
outside
2%% down to 2%%,
from
month
of this
weeks
The
1%%.
Jan. 27 to
on
ease
in
results in renewed talk of a further
The Netherlands Bank
money
reduction in the bank rate.
•
from
its
Should
reduction be made to
the
a
rate
bank
Dutch
the
to
rate
and currency
have
a
Despite this buying, which
money.
tendency to add firmness to sterling exchange,
the rupee is
The
exchange control allows the rupee to fluctuate
level in effect
from
between
a
high of Is. 6 3-16d. and a low of Is. 5%d.,
which for all practical purposes are
standard).
For
some
time the rate has been firm
This firmness is due to
Is. 6 5-32d. in London.
going from other European centers to Amsterdam
as well as to London.
The current statement of the
the fact that India has established
Bank of The Netherlands shows
increase in gold
guilders, the total standing at 668,700,000 guilders.
Gold
to total
cover
Bankers'
at 68.75
sight
against 68.65
transfers
at
at
at
32.98
closed
commercial
and
32.89
Swiss francs
68.63.
Checks
at 25.81 and cable transfers at
and
25.80; while checks
and cable transfers at
on
on
Hong
Friday of last week.
Shanghai at 30@30 3-16, against 30%@30%; Ma¬
nila
at
against 50.20; Singapore at 58.70,
50.05,
against 58.65; Bombay at 37.80 against 37.85; and
Calcutta
at
37.80, against 37.85.
Foreign Exchange Rates
FOREIGN
EXCHANGE
Sweden closed
on
JAN.
25
25.82, against 25.79
Norway finished at 25.16
13.86 for bankers' sight
bills and at 13.87 for cable transfers,
against 13.81
13.82.
RATES
CERTIFIED
BY
1936
31
TO JAN.
Noon Buying
1936,
RESERVE
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF
1922
INCLUSIVE
Rate for Cable Transfer» in New York
Value in United States Money
Country and Monetary
Unit
Jan. 25
25.17, against 25.15 and 25.16.
Spanish pesetas closed at
and
Closing quotations for yen checks yesterday were
29%, against 29%
Copenhagen
32.90.
checks finished at 22.37 and cable transfers at 22.38,
against 22.35 and 22.36.
gold by India in the London open market.
and at 32.99 for cable
checks
for
against
transfers,
against
68.73,
Friday
on
Friday of last week; cable
on
68.76, against 68.66; and
bills
sight
Amsterdam finished
large favorable
Kong closed at 32%@33 1-16, against 32 15-16@33;
sight liabilities is 77.3%.
on
of
a
owing to the heavy sales
balance since October 1931,
1,800,000
of
week
preceding
the
an
the gold points
(although both England and India are off the gold
at
over
which
firm with relation to sterling, to
position of the French franc some money has been
holdings
rather
should
2%%, it would bring
Owing to uneasiness over the
crises.
as
legally attached at the rate of Is. 6.d per rupee.
checked last spring by government
was
early times to regard silver as treasure
than
it is
Jan.
on
Sept. 19 1933 to April 5 1935, when the easy money
program
in
as
1936
1
15.
3%% to 3%
reduced
»
Feb.
Chronicle
Europe—
Austila, schilling
Belgium, belga
Bulgaria, lev
Czechoslovakia, krone
Denmark, krone
England, pound sterl'g
Finland, trim-trim
Jan. 27
Jan. 28
Jan. 29
%
%
S
Jan. 31
Jan. 30
S
S
S
.189300*
.189216*
.189216*
.189016*
.189400*
.189708*
.170673
.170661
.170358
.169984
.170400
.170561
.013625*
.013500*
.013500*
.013500*
.013625*
.041867
.041903
.041857
.041760
.041846
.041932
.223391
.223283
.223058
.222700
.223258
.223408
i .003583
i.004833
.013625*
-.995166
=.989732
>.001785
i.003666
.022080
.022060
.022070
.022020
.022070
.022100
France, franc
.066637
.066751
.066649
.0664*3
.066636
EXCHANGE on thefeatures American countries
South from recent weeks.
presents
Germany, relchsmark
Greece, drachma.
Holland, guilder
.406742
.406921
.406746
.405642
.406492
.407214
.009485
.009482
.009492
.009447
.009480
.009485
.686269
.686685
.685315
.684078
.685685
.686392
These
Hungary, pengo...
Italy, lira
no
are
new
exchanges become steadily more active and
taking
increasing degree of freedom from
on an
The present firmness is largely due to
the weakness of the United States dollar in terms of
regulation.
sterling exchange.
Argentine
paper
closed
pesos
on
Friday, official
Friday of last week; cable transfers at 33%,
on
The unofficial or free market close
against 33.28.
Brazilian milreis,
27.70@27.80, against 27%.
was
official
8% for bankers' sight bills and
rates, are
8.48 for cable transfers
unofficial
or
at
5.19,
was
5.75, against 5.75.
is nominally quoted
against
The
against 8% and 8.48.
free market close
Chilean exchange
basis
.298125*
.298125*
.298062*
.297812*
.297437*
.297750*
.080405*
.080390*
.080322*
.080311*
.080355*
.080425*
.251383
.251391
.251050
.250581
.251333
.251384
.190440
.190500
.199400
.190060
.190350
.190820
.045704
.045404
.045375
.045387
.045560
.045450
.007940
.007940
.007860
.007850
.007850
.007937
.138371
.137785
.138075
.257950
.257933
.257633
.257179
.257908
.328339
.328800
.328667
.328082
.328832
.329335
.023120
.023125
.023100
.023062
.023112
.023162
.138038
.138150
.138264
.257975
Asia—
quotations, at 33.34 for bankers' sight bills, against
33%
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
3pain, peseta
Sweden, krona
Switzerland, franc...
Yugoslavia, dinar
.066819
the
on
new
China—
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol.
Tientsin (yuan) dol'r
Hong Kong, dollar.
India, rupee...
Japan, yen
Singapore (8. 8.) dol'r
.297500
.297916
.297500
.297500
.297500
.297500
.297916
.298333
.297916
.297916
.297916
.297916
.297083
.297812
.297291
.297291
.297343
.297916
.298333
.297916
.297916
.297916
.297916
.325000
.327812
.327500
.326875
.326875
.325312
.377750
.377595
.377040
.376340
.376875
.377225
.291885
.292295
.291520
.291216
.291770
.291937
.585625
.585312
.585312
.584062
.585000
.585500
.297291
Australasia—
.980000* 3.979062* 3.972187* 3.967187* 3.976250* 3 .979062*
Australia, pound
New Zealand, pound.
Africa—
.010625* 4.010000* 4.002500* 4.997500* 4.006562* 4 .009375*
South Africa, pound
North America—
4.948750* 4.950500* 4.940000* 4.935000* 4.947500* 4.949750*
Canada, dollar
Cuba, peso
1.003906
1.003828
1.001927
1.000442
1.001380
.999600
.999200
.999200
.999200
.999200
.999400
.277675
.277675
.277675
.277675
.277675
.277675
.001375
1.001250
Mexico,
(silver).
Newfoundland, dollar
peso
.001666
nominal at
.999250
.997812
.998875
.999125
peso
.333300*
.333275*
.333075*
.332475*
.333350*
.333350*
Brazil, milreis
Chile, peso
Uruguay, peso
Colombia, peso
Peru is
5.19.
.084366*
.084433*
.084433*
.084400*
.084000*
.084400*
.050950*
.050950*
.050950*
.050950*
.050950*
.050950*
.801250*
.801250*
.802500*
.801250*
.801250*
.801250*
.575000*
.576300*
.576300*
.579800*
.579800*
.579800*
South America—
Argentina,
25.20, against 25.00.
♦
EXCHANGE on thefor Eastern countries follows
Far
trends manifest
weeks. These units
♦Nominal rates; firm rates not available.
many
ruling firmer
are
sterling
in
demand
for
as
some
London reports
way.
silver
Gold Bullion in European Banks
most of them are attached to
in the
open
a
heavy
market from India
THE following table indicates the amount of gold
bullion (converted into pounds sterling at
par
during the past few weeks, which is attributable partly
of
to the low
Jan. 30 1936,
those of
up
a
ruling prices of silver
few weeks ago,
as
compared with
when the price
by United States Treasury buying.
was
kept
The
Bombay stocks have been severely depleted
ever
since the United States
purchasing
demand
from the
Treasury launched its
In order to satisfy the
program.
interior
Bombay is
now
buying
the
nounced
circumstance
this
statement
a
that the
priests have
propitious marriage
invariably
causes
a
year.
strong
pro¬
Such
a
demand for
silver in the Indian bazaars for the natives continue
1935
1934
as
of
of the
years:
1933
£
£
£
England
201,116,205
193,059,591
191,795,851
France
523,091,444
2,818,050
656,112,034
2,899,100
90,713,000
62,731,000
68,476,000
72,936,000
616,439,983
127,121,529
657,338,309
39,440,600
1932
£
121,312,676
88.964,000
11,433,000
7,397,000
8,015,000
573,000,344
42,695,650
89,921,000
60,854,000
73,703,000
72,641,000
61,042,000
11,436,000
8,015,000
6,559,000
Total week. 1,095,854,699 1,245,913,725 1,243,527,934 1,253,595,438
Prev. week. 1,103,011,917 1,247,141,983 1,244,239,831 1,251,200,644
1,120,749,670
1,113,278,744
a
Germany b.
Spain
Italy
Nat. Belg'm
Swltzerl'nd.
This demand arises
1936
£
Banks of—
Sweden
Denmark
from
comparisons
corresponding dates in the previous four
Netherlands
silver in the London market.
together with
as
Bombay
reports a strong demand for silver in the interior.
silver
exchange) in the principal European banks
Norway
90,123,000
42,575,000
65,573,000
97,211,000
46,825,000
23,365,000
6,555,000
6,602,000
69,111,000
15,899,000
7,395,000
6,852,000
17,117,100
90,458,000
76,666,000
76,621,000
78,425,000
67,518,000
14,515,000
7,398,000
6,574,000
90,347,000
63 095,000
86,045,000
74,389,000
a These are the gold holdings of the Bank of France as reported in the new formi
b Gold holdings of the Bank of Germany are exclusive of gold held,
abroad, the amount of which the present year Is £1,011,950.
of statement,
Financial
Volume 142
sources of the State render it impossible" for the
^tate ^ make the out, was a provision. Here as
necessary recognition of State
Mr. Smith pointed
Democratic
Opposition and the
Campaign Outlook
,
.
New
Smith, of
rights, but what happened was that the Federal government "took over most of the relief problems, some
week ago, has to all intents
0f them useful and most of them useless," with re-
Liberty League
can
a
opened tlie presidential campaign for
and purposes
of
E.
York, in his speech at the dinner of the Ameri-
that former
Now
the
Governor Alfred
679
Chronicle
Democrats, the possible effect of his speech and
the
independent action at which he hinted be-
comes
a
matter of
unquestionably
tating attacks
The speech was
special interest.
of the most vigorous and devas-
one
upon
the Administration which has
yet been delivered from any quarter.
The attack had
special significance in that it came, not from a
Republican
political independent, but from a
or a
whose personal popularity and
lifelong Democrat
suits which the country now knows,
The platform, again, called for unemployment and
old
see
age
insurance under State laws.
We regret to
that Mr. Smith still approves those things, but
nevertheless pointed
h^e
out that the Administration
policy, although it leaves some control of these matters to the States, does sq only on condition that
the
States adopt systems which a Federal board shall
approve,
and insists that State funds shall be trans-
ferred to Washington and placed under the control
The platform promised
political influence are both considerable. The occa-
of the Federal Treasury.
sion, too, was notable because the American Liberty
"the enactment of every constitutional measure that
will aid the farmers to receive for their basic
farm commodities prices in excess of cost," but for
"prices in excesfc of cost" the Administration sub-
League is not a partisan organization, but a body
membership is predominantly representative
whose
of conservative business and
It
in the presence
was
professional sentiment,
of such
a
body, and from the
stituted
an
illusory theory of parity
with other
whose devotion to Democratic prin-
prices, and the unconstitutionality of the program
ciples is not open to question, that Mr. Roosevelt
has been demonstrated by the Supreme Court. The
heard the
anti-trust laws, according to the platform, were to
lips of
man
a
promises of his party recited and their
declarations and
assurances
compared with the rec-
ord of what the Administration has done.
There is
National
widespread belief, supported, unfortu-
a
be strengthened and impartially enforced, but the
Recovery Administration, as
Mr. Smith
described it, "just put a gas bag on the anti-trust
uately, by all too large a body of precedent, that
laws and put them fast asleep." The government was
party platforms are little more than formal state-
to be removed "from all fields of private enterprise,"
"improvident subsidies" were to be withdrawn from
intended
ments
neither
binding
dates
primarily to catch votes, and that
principles nor pledges are to be regarded as
election has been won and candi-
once an
Mr. Smith, to his credit,
safely in office.
are
chose to take the Democratic
platform of 1932 seri-
"private interests," and the government was to cease
to be "a speculator in farm products," but contrary
policies are the ones of record. Beyond these specific
derelictions and shortcomings Mr. Smith pointed to
which the country had a right to
the wide departure from the historical Democratic
principles of Jefferson, Jackson and Cleveland
expect would be followed. "We believe," so the plat-
which the 1932 platform reaffirmed, and a treatment
form
ously, and to insist that the policies which it outlined
are
the
ones
asked to subscribe."
of the Constitution which made the record of the
Administration harmonize at many points with the
demands of the Socialist platform,
Mr. Smith's argument was effective as far as it
went. It would have been even more effective if, in
"principles, policies and reforms" which the
addition to convicting the Administration of fla-
platform went on to set out the party pledged itself,
and Mr. Roosevelt, in accepting the platform, became
grant disregard of campaign promises, it had dealt
more specifically with the objectionable legislation
begins, "that a party platform is a covenant
with the
with
entrusted
when
are
people to be faithfully kept by the party
the contract to which
To the
a
and that the people
power,
know in
entitled to
plain words the terms of
they
are
party to the compact, and circumstances would
have to be
from
ture
the
the voters
A
assurances
was
on
has enacted. Mr. Roosevelt will be ill advised if he
which the support of
does not himself reply to the charges which Mr.
a
Smith has made.
sought.
To content himself with such a
what Mr. Roosevelt, in * rejoinder as was broadcast by Senator Robinson
between
comparison
which the Administration has inspired and Congress
depar-
extraordinary indeed to justify
accepting the platform, promised to do if he were
Tuesday night, assailing Mr. Smith's record as Gov-
elected, and the record of the course which the Ad-
ernor
ministration
exceedingly
damaging
called for
of New York and showing that Mr. Smith has
Smith's
himself changed some of his views, would be a seri-
to Mr. Roosevelt's
saving of not less
however, concerns the probable effect of Mr. Smith's
pursued became, in Mr.
The platform
hands,
case.
has
a
ous
tactical mistake. The more important question,
expenditures by
attack upon the presidential campaign.
Will it
solidify and increase the growing opposition to Mr.
abolishing useless commissions and offices, consoli-
Roosevelt to such an extent as seriously to jeopar-
dating departments and bureaus, and eliminating
dize his chances of re-election? More particularly,
will the chance of defeating Mr. Roosevelt be enhanced if Mr. Smith, and the Democrats who think
than
diate
25% in the cost of government by "an immereduction
extravagance."
boards
and
of
governmental
The facts
offices
more
persons are on
that
government
are
to-day
that there
than
ever
are more
before,
that
the government pay roll, and
have mounted
costs
beyond
all
precedent. The platform called for the "maintenance
of the national credit by a Federal budget annually
balanced
on
the basis of accurate Executive estimates
within
revenue," but there is neither a balanced
budget
nor
as he does, bolt the nomination which is apparently
certain to be made at Philadelphia? "For us," Mr.
Smith declared, "it is a washout. There is only one
of two things we can do. We can either take on the
mantle of hypocrisy or we can take a walk, and we
will probably do the latter."
Will such
a step,
if
Unem-
it is taken, help or hinder the Democratic cause?
ployment relief was to be provided for, according to
of Federal
There can be no doubt, we think, that Mr. Smith's
attack will do a good deal to confirm the faith of
when the diminishing re-
Democrats who have already parted company with
the
an
immediate prospect of
"the extension
.platform, through
credit to the States
.
.
.
one.
680
Financial
Mr. Roosevelt
he
is
will
and
refuse
Mr. Smith's pungent
and
conclusive
privileges which it guarantees, lies with the Repub¬
him
if
It will probably
bring into the ranks of the opposition
Democrats who have been
for
vote
to
again the party nominee.
Chronicle
good many
a
wavering, and to whom
criticism will
final
come as a
It puts the Administra¬
argument.
licans.
Feb.
It is for the
will seize the
1936
Republicans to say whether they
opportunity which the Democratic di¬
lemma holds out to
have another term
the
1
them,
will let Mr. Roosevelt
or
because, whether with
without
or
prospect of support from independent
Demo¬
tion section of the Democratic party on the defen¬
crats, they cannot exert themselves enough to defeat
sive, and raises
him.
doubts about the sincerity of
grave
promises that the next platform
any
Mr. Roosevelt is the party candidate.
however,
.
make if
may
Historically,
The Neutrality Debate
party split, whether in a convention or
a
afterwards in
The revised
campaign, has not worked to the
a
Continues
Neutrality Bill which was reported
advantage of the Democrats, and it is not clear that
to the House of
Representatives
the outcome would be
in
respects from the bill as originally
advantageous
more
Roosevelt has control of the national party
machin¬
and the working of the machinery is in charge
ery,
of
Mr.
now.
experienced and astute politician in the
an
of Postmaster General
Farley. A
person
large follow¬
very
ing for the Administration has been built
in the
up
agricultural States through the millions of dollars
number of
a
Monday differs
on
introduced, and in its present form is said to repre¬
sent the views of both the President and the
ment of State.
in
esced
If it
somewhat
cretionary
greater restriction of his
than
power
Depart¬
does, the President has acqui¬
dis¬
at first proposed.
was
The
original bill provided that "upon the outbreak or
which have been distributed in various kinds of farm
during the
benefits, and elsewhere in the country by policies
foreign Powers the President should proclaim that
and
a
legislation favorable to
so-called social
security.
be worth
many
good
a
effective veto
to
was
organized labor
The Bonus Act ought to
votes, especially since the in¬
only formal, and open hostility
utility companies and wealth should be worth
good
a
only hope of success for
lies in the
of such
mand
presentation of
an
Democratic bolt
a
opposition candidate
outstanding ability and integrity
States
It is
counts.
date
Administration's program;
or
that part of the
or
lacked
practical plan for unscrambling the
velt would be
clear
a
mess
and
which the
made, could hardly command
following.
candi¬
a
yet appeared. A candidate
merely dissented from this
national
a
wide
a
strong Demo¬
cratic candidate in
opposition, the Republicans
to
candidate who could draw voters
from
the
a
Democratic
were
ranks, but the Republicans,
war
going
was
a
state of
shall
be
between
war
definition
The
two
of
considered
if such
The
prospect at the moment, accordingly, if Mr.
Smith and
is for
a
his
followers decide
three-cornered
cratic forces would be
sibility of
to
"take
a
divided, with perhaps the
pos¬
fourth candidate appealing to the
a
treme radical elements
represented by the partisans
of Dr. Townsend and Father
in
the ideas of
of
such
ex¬
the late
Coughlin and believers
Huey Long.
The outcome
contest, unless the Republicans showed
a
unexpected
strength,
would
election of Mr. Roosevelt.
probably
be
the
re¬
The Roosevelt vote, both
popular and electoral, would doubtless be greatly
cut
down, but it is not
shall have
an
in order to be elected.
his attack
to
the
offer
come
a
Mr. Roosevelt's
some
of the New Deal.
of
a
candidate
reservation
throughout the country, and
strength, the country
confidence to
an
may
over¬
look
early overthrow
Failing that, the hope of escaping
socialism and
more
Executive
dictatorship, and
preserving the Constitution and the rights and
or
a
belligerent
being, according to Representative Mc-
Reynolds, Chairman of the Foreign Affairs Com¬
mittee of the
House, to uphold the Monroe Doctrine.
Strong objection
to the
lodged with the Committee
was
provision of the original bill which empowered
the President to
rials
impose
United
contribute
It
granted,
mate¬
prolongation
a
original bill
to
be
stricken
was an
States
it has been
expected to
given
inserting it in
"reserves
and
an appearance
American nationals
actions
risk.
with
in the
case
of
purpose
of importance by
which
belligerents shall do
a
ex¬
provides
that
engaging in commercial trans¬
reservation
The
re¬
it
as
not clear, but
serve was
the section
the
At
out.
isolated proviso de¬
rights under international law
was
the
case
neutral, and the
prior to Aug. 11914." Precisely what
proviso
or
clear that, if this
the President might dis¬
cease
claring that the United
isted
to
was
accordingly,
was,
affirms all
not
on war
belligerents, in which
would
States
end of the
the
embargo
an
if, in his opinion, "to refrain from placing such
restriction would
If Mr. Smith is able to press
candidate of sufficient calibre to
forward with
more
that
point of actually disintegrating
the Roosevelt following
can
necessary
overwhelming majority of either vote
further
was
republic is engaged in war against any coun¬
walk," * provision
contest in which the Demo¬
foreign Pow¬
more
try not an American republic," the purpose of this
were
of them.
or
belligerent
a
belligerent
a
between
any
was
country or nation within the meaning of this Act
criminate
upon
The wording
by providing that "no American republic
discretion
signs of agreeing
embargo into ef¬
an
on.
"whenever the President shall find that there exists
aspirants, show
no
the Presi¬
gave
state of war existed,
accordingly changed to make the embargo operative
expansion of the war."
yet
only
a
permitted him to put
although apparently well provided with presidential
as
belligerents should be
pointed out to the House Com¬
was
to determine when
fect while the
The hope of defeating Mr. Roose¬
brightened if, failing
bring forward
dent power
narrowed
Roosevelt
the
to
mittee that this provision not
support in the
but it cannot be said that
emerge,
the obvious claimant has
New Deal has
prohibited. It
Mr.
which
upon
exists, and thereupon the export of
war
munitions
or
ers."
greatly to be hoped that such
may soon
who
to com¬
as
enough Democratic support in the industrial
and commercial States to offset the
agricultural
state of
arms
but also
many more.
The
(
and
of war" between two or more
progress
so
at their
own
might, perhaps, be invoked
dispute regarding what
was or was
contraband.
An
attempt to limit trade with
belligerents to
proportions which the President might judge to be
"normal"
a
(a policy which the Administration, after
futile effort to establish
abandon) is discernible in
it, found it-expedient to
a
change which has been
made in the section
relating to credits. As originally
drafted, the bill permitted the President to exempt
such
credits
as
are
"customarily used in
commercial business."
In
the amended
bill
current
the
ex-
Financial
Volume 142
the right of Americans to ship arms or muni-
emption is limited to credits "customarily used in
way,
normal
tions to
peacetime commercial transactions."
The
681
Chronicle
any or
provision that American citizens should not be al-
of their seizure
lcwed to travel
nized.
of
had been
war
in
and
belligerent vessels, after a state
on
proclaimed, except at their
accordance with
President is
own
risk
regulations issued by the
retained, but the provision that
pass-
It is
all belligerents, subject to the risk
as
now
contraband, was generally recog-
proposed to surrender that right
by prohibiting the traffic from the moment the President declares that a state of war abroad evists.; In
spite of the fact that the prohibition, if it had any
upon the combatants, would work to
ports should not be valid for such travel has been
effect at all
dropped.
bill
the original
the disadvantage of the weaker party, increase the
fine of $10,000 for violation of the pro-
export of arms and munitions from other neutral
relating to loans and credits, the amended
countries, and lead belligerents already equipped
for production to increase their output, the embargo
is widely advocated as a means of discouraging war
or even stopping a war that has already begun. So
strong, indeed, is the organized demand for this
On the other hand,
imposed
visions
a
bill makes the fine
The most
$50,000.
important change has to do with pos-
sible conflicts between the
proposed Act and treaties
to which the United States is
form
the
bill
a
an
he
were
found to contra-
existing treaty, might negotiate for such
modifications of the
if
party. In its original
provided that the President, if the
embargo provisions of the bill
vene
where
unable
was
treaty as were necessary, and
to
he
modifications
such
secure
might "in his discretion give notice of the termination
of the
vision put
bent upon
tiations
has
treaty."
it in the
It
was
imposing
an
embargo, to cut short nego-
terminate
and
obvious that this pro-
of the President, if he was
power
a
treaty at will.
The bill
accordingly been amended to require the
tiations to be undertaken
visions become
nego-
before the embargo pro-
applicable to
country in ques-
any
particular surrender that an arms and munitions
embargo has become the one thing upon which the
framers of neutrality legislation appear able to
agree.
The
same
policy of surrender appears in the pro-
posals to prohibit loans and credits to belligerents,
and to permit the President to put an embargo upon
the export of war materials. Modern warfare, it is
urged, makes use of so great a variety of raw materials and manufactured or partly manufactured
goods that the old distinction between contraband
and non-contraband no longer holds. Aside from
the unprecedented surrender of neutral rights, how-
the proposal ignores the obvious fact that the
tion, and, if negotiations fail, to give notice of the
ever,
termination
in accordance with its
larger the area of a war or the greater the number
terms, with the same proviso that the Act shall not
of combatants, the more likely is it that an embargo, instead of discouraging the prosecution of
the
of
treaty
operate while the treaty remains in force.
The
ap-
parent effect of the change is to make it impossible
the
to
one or
impose
embargo at all except
any
on arms
and
munitions, since other' articles are dealt with in
commercial
treaties, and such treaties
as a
rule can-
not
be
The
possibility of diplomatic controversy is further
be
to
abrogated with less than
in the fact that every
seen
would
year's notice,
one
foreign country
naturally insist upon its right to determine
for itself whether
had been
a
treaty to which it was a party
infringed, and would certainly not be bound
by the opinion of the United States in the matter,
It will be remembered that the Pittman
tical with the
original McReynolds bill,
bill, iden-
was
intro-
war,
would tip the scales heavily for or against
other of the combatants and thus make the
United States indirectly a contributor to the final
outcome. It has more than once been pointed out
that if American supplies of munitions and war
materials as well as of credit had not been available
to Great Britain, France and their allies in the
World War, the victory would almost certainly have
rested with Germany and the Central Powers,
Any embargo policy, in other words, holds the
possibility of danger in any war that is not both
small and strictly localized. The danger is immensely increased if either the mandatory requireor the discretion reposed in the Executive
duced in the Senate at the same time that the Mc-
ments
Reynolds bill was offered in the House, and that
both bills have been held by the commit-
is to be so exercised as to support the policies of
the League of Nations. What the League may do
The Pittman bill has
in the event of war among its members is of no
hearings
tees
on
having them in charge.
not
yet been reported to the Senate, and Washing-
ton
dispatches indicate that the differences of opin-
ion in the
of
matter
Each
committee
fact,
regarding it
neither
represents a
no
are
is
acute.
As
a
satisfactory,
compromise between
opposing
rights
are
to be adjusted to conform to the policy of
the League, it will mean that American
foreign
policy, during a state of war among League mem-
principle be reconciled. There
bers, will be determined at Geneva, which in prac-
agreement among the disputants regarding the
tice means London and Paris, instead of at Wash-
the methods by which such
ington. It is difficult to understand how the framers
of the pending neutrality legislation can fail to
views which cannot in
is
measure
to the United States so long as American
neutral rights are not infringed, but if American
concern
purpose
of neutrality,
neutrality
as
whole issue is
or
is possible
clouded,
may
best be insured.
moreover,
by the
war
The
between
Italy and Ethiopia, a comparatively minor conflict
obviously
very
different from a war in which
a
perceive that any waiver of American neutral rights
means
a
corresponding impairment of American
control of its international relations,
of
large Powers were involved, by the in-
It is, of course, useless to expect that, if half the
sistence of
pacifists that the ultimate object of neu-
world becomes involved in war, the United States
trality is the attainment of world peace, and by the
number
shall be done which would lessen the effectiveness of
could avoid being drawn in. Public opinion, always
excited by a war, is peculiarly inflammable when
American lives or property are jeopardized or de-
the sanctions which
the League has
of
stroyed, and an aroused public opinion could force
others which it may
proclaim.
clear is that the McRey-
that crisis arrives, however, there should be no sur-
demand of
The
nolds
one
League of Nations partisans that nothing
thing that
seems
imposed
or
the
hand of the strongest Administration.
Until
render rather than a defense of American neutral
render of our historical neutral rights, and least of
all should the surrender be deliberate by embody-
rights. Until the agitation to abolish war got under
ing it in legislation.
bill,
even
in its revised form, involves a
sur-
If public opinion, misled into
682
Financial
thinking that it
other
thereby affect the conduct of
can
nations, insists
upon
formal prohibition of
a
the
export of arms, munitions or war materials, the
prohibition will have to be accepted, but there should
be
further concession
no
pacifism.
either isolationism
to
or
It should be made clear that the policy
of the United States is to
claim, in fact
well
as
as
in
words, all the remaining neutral rights which are
recognized by international law.
We shall then
know where
at war,
are
stand in relation to nations which
we
and belligerents
well
as
other
as
neu¬
trals will know also.
should
names
Feb.
be
1936.
1
a
the
to
Senate
the intention of
some
members of the
Governors
of
that the members of
was
the
Federal
his
complete their
Board—the Board of
new
Congress has dubbed it.
cated
Reserve
System—as
President Roosevelt indi¬
interpretation of this
matter
early last
autumn, when he announced that Marriner S. Eccles,
the Governor of the Federal Reserve
continue
now
chairman
as
of
the
Board, should
Board.
new
He
has
carried
further, and made definite, his view of
by naming six members of the new organiza¬
the Act
tion, two of whom—Messrs. Eccles and
had been members of the old Reserve
four
newly appointed
are
one
other—
Board, while
officers of the
Reserve
While Messrs. Eccles and his colleague of
system.
the old organization had served for short
periods in
that
body, neither of them had shown much sympathy
with the precedents it had established.
To all intents
and purposes
then, the Federal Reserve Board,
constituted,
is
member
chosen
still
as
one
a
new
be
to
body—with
named.
as now
additional
one
Joseph A. Broderick,
of the four members
already referred
to, had had a valuable experience with the old Board
—first
has
chief examiner and later
as
secretary, but
as
been identified pro or con with its
never
general
On the whole, then, the Federal Reserve
policies.
system makes a fresh start, particularly in view of
the fact that the Act of 1935 retires from the Board
its
ex
officio
and the
under
members, the Secretary of the Treasury
Comptroller of the Currency. It takes office
initiative,
new
conditions of great
new
grasp
Board
and
facing
What
are
approach them ?
It is
a
these and
A member
organization has already publicly expressed
opinion that the
the
problem of "shaping the
Reserve system in
ever
called for.
problems.
the
has
difficulty, in which
courage are
new
how will the organization
of the old
members take office with
new
course
of the Federal
the most difficult situation that
confronted
the
system,
serious financial crisis that has
and at the most
ever
confronted the
country.
new
Board, however, unlike its predecessor
but must take the system
first
the
nor
deal
as a
a
going
new
system,
concern
problems and conditions of operation.
duty, therefore, is evidently the
Board has been
new
or
is in
position to
thoroughly with the contemporary problem of
credit.
This is because the Act of Jan. 31 1934, to
which at the time
cally effected
a
so
little attention
paid, practi¬
was
reorganization of the Federal Reserve
system, by transferring to the Treasury Department
sundry of the most important central banking
powers
thereby crippling the Federal Reserve system
Perhaps
the
regrettable
most
the effect
was
public from holding either of the organizations
entrusted with central
inefficiency
so
capacity to
There
same
which the
an
must,
"head
or
accordingly,
be
important degree.
least
at
can
them
Board and of its
new
be
doubt
no
Reserve Board has the essential
off," it it
the Federal Reserve
that
the
new
duty to anticipate
obvious credit dangers whose
can,
nature is unmistakable.
In the current number of
Bulletin, the old Board noted the
existence toward the end of 1935 of about $3,100,-
000,000
of
so-called
"excess
nearly one-half
was
fifths in other
reserve
the
"country."
how these
them
as
others
the
which
of
cities, and about one-fifth in
There is difference of opinion
result
of
the result
as
reserves,"
in New York City, less than two-
"originated."
excess reserves
"deposits"
as to
Some regard
great importations of gold;
the excessive writing-up
of
of
the books of member banks respre-
on
senting the proceeds of government bonds bought by
these
all
banks; others have varying explanations. What
is,
agree
that the
of
presence
the
reserves
is
abnormal and represents a fund of credit at the dis¬
posal of the banks and their depositors and entirely
outside the reach of what is
control."
The
ordinarily called "credit
Advisory Committee of the Federal
Reserve system,
have suggested
composed of experienced bankers,
the application of drastic remedies
involving the reduction
of
the
holdings
great
of
government securities in Reserve banks which should
have
never
found
have demanded the
of
"credit
place there.
a
control"
Financial critics
would
be
of
opposed it.
Some observers
application of the "new" methods
provided in the Act of 1935,
particularly the raising of the
reserve
requirements.
have maintained that such
no
service,
and
have,
action
consequently,
A weak substitute has been undertaken
by the Board and by the Treasury, jointly, in the
proposal to reduce Treasury accounts with member
banks,
accumulating its funds
banks and thus
chiefly in Reserve
reducing the funds at the disposal of
the member banks.
In effect, the old Board
has, as
usual, found the question beyond it, and has suffered
the effect of division of counsel.
not
been
interfere
willing to
with
a
its
doard
own.
a
new
or
a
Board
real
The
for
The
government
had
danger in
the
result,
determination
see
Treasury has
anything that
itself has not
decision to wait and
Is there
is
permit
market
position of its
occasions, has been
a
with
Its
perform
modified in
Our judg¬
non-performance of duty.
or
so
banking functions, liable for
ment of the functions of the
take
organization, is not asked to create
its various
old
while the
I
The
safer condition. As to
this, it should be noted first of all, that neither the
doubt whether
persons to
Congress
the old Federal Reserve Board should
as
before
Ambiguities in the language of the
law had at first led
terms
Federal
new
members whose
seven
submitted
fully grasped—the restoration of
the credit of the
country to a
the
President
upon
duty of appointing
consisting of
already contemplated for some weeks
never
correspondingly.
[By H. Parker Willis]
the
1936
1
produced in dividing responsibility and preventing
Banking Act of 1935 laid
Roosevelt
past, but has
feature of the action thus taken
Reserve Board
Reserve Board
Feb.
old Board had
and
Problem of the New Federal
The
Chronicle
courage
as on
to do
to
former
nothing—
"how the cat will
our
would
bonds,
jump."
credit situation ?
The
ought to decide definitely whether there
not, and if so, indicate what it is and how it
Financial
Volume 142
must be met.
its opinion
of
The old Board has
sidered
already expressed
and
and has published it in the January issue
Federal
the
that the first
Reserve
Bulletin.
It
there
ciple of
"There is at the present time no evidence of over-
credit.
or
of the
contingent
loans
This application of the prin¬
"hair of the dog that bit" as a remedy for a
a
serious ailment is
longer tolerable.
no
of business
use
n
.
.
■
continuous
charged
In this performance
problem created by the
present
of
excess
tinue to have the
those
has
reserve
had and
will
will
con¬
with
the
These statements
reminiscent of what
are
during the period before 1929.
If the Board
over-expansion, it is in
position quite
a
feels that all is going well in the stock market
securities market
that
anxieties
generally, it is, of
seriously
are
observers at the present
If it
and the
free of
course,
by
entertained
most
The fact that it does
time.
really entertain this point of view is sufficiently
indicated
by the recommendations of the Advisory
may, or may
immediate
an
The national
function.
not, be over or
drawing to
*
of
one
old
its
which the Board is
by
emergency
faced in its necessity
sees no
different from that of the rest of the country.
of duty the Board of Governors
emergency
according to the political sympathies of the
observer.
But there can be no doubt that there is
said
was
an
its close
credit
of
responsibility
fulfill
"emergency"
unremitting study and attention of
policy."
evidence of
■
.
the
the
upon
...
"Therefore
not
capital
10-year
banking enterprises.
but it adds that:
expansion of business activity
plan for encouraging banks to make five-
a
government's retiring from some of its own extensive
asserts
object of the system is to bring about
economic recovery,
683
Chronicle
of meeting the "crisis" of
members
has
which
The Board,
spoken.
institution ever
unhappily, has been
an emergency
since its
One of its original members in
beginning.
definitely advanced in his writings and other
1914
functions were of the
utterances, the view that its
nature of
The author of this unhappy view soon
flagrations.
it
gave
engine"—to put out financial con¬
"fire
a
but the Board to which it belonged main-
up,
Council, adopted at its meeting of last December, and
taiped it, and the history of the organization is a
published in this
history of hand-to-mouth expediency.
is not
old
possible to believe for
the
or
expansion
Board
new
or
With
stock
its
evidences
no
of
over-
that either body
or
can
"unremitting study" accompanied
the public that all is going
vague assurances to
well.
It
moment that either the
a
sees
over-trading,
feel satisfied with
by
Federal Reserve Bulletin.
same
market
margin
its
powers,
ability to regulate the portfolio holdings of Reserve
banks, its capacity to
vary rates
operations, the Board has all the
be given to it for
can
elusive
"control
called
which
of
The
new
has
much
so
Board is definitely
to decide whether it will, or will not,
upon
recommendations
the
observe
practically
powers
the accomplishment of that
credit"
of
been said in times past.
market
over open
made
it
to
by the
when the Reserve system,
of the rate of discount; when should it be
high and when low; ought it to be uniform for
country as a whole, or
These
questions
the history
that the changing
is
as
much
over
the credit situation in
humanly possible for the
purpose
so
far
of eliminating
It cannot do
everything, but it
which it has not thus far
other
things, it
from
their
do
a
great deal
attempted, and
even
among
and should, liberate the banks
can,
present
can
subordination to the
Treasury
Department, and encourage them to develop a safer
and
liquid
more
position
at
the earliest
possible
From the standpoint of immediate
opportunity.
urgency
this is the first and great duty of the
Federal
Reserve
is
not
money,
Board
upon
be
to
"recovery"
and which, as we know by this time,
attained
by unsafe banking,
manipulation.
or
has
new
Board, and this is the chief step
that it should take in bringing about that
to which it refers
cheap
The old Federal Reserve
years past, worked
consistently, and for
the theory that the quantity of money or credit
in existence
ing system,
granting.
tinued
was
the pace-making factor in our bank¬
and not
Our evils
the
character of the
now are
answer
thus far, and
and uncertain composition of its
The
educating its members.
new
Board is appointed
long terms, and it ought to evolve as soon as it
for
systematic policy as free as possible of
This does not
mean
political
that the system
ought to refuse to help the Treasury Department in
time of
need,
that it should be guided by a stiff
or
The
dogmatism based upon financial orthodoxy.
practicable of existing dangers.
as
without
membership has necessitated a constant process of
expediency.
positive oversight
are
of the Board affords almost any sort of
reply to them that the student of its history may
seek.
One reason for its ill-success has been the fact
can a
as
credit
chiefly due to the
con¬
exaggeration of unsound and "frozen" credit.
the
ought it to be a part of a
"structure" of rates?
Advisory Council, restore rates of interest in the
a
What is the
long-range theory of its own function.
purpose
market to their normal
position, and directly exercise
The time has
if it is to be per¬
petuated, will find it necessary to work out and adopt
a
of discount, and its
newly-acquired complete authority
that
now come
Treasury Department exists and its necessities,
matter what
may
be,
are
no
the necessities of the
and
bank¬
They cannot be
As such, they are to be reckoned with
country.
must be
they
regarded
as
influential factors in
ing policy that may be proposed.
the only factors
any
with safety to the country, nor can
safe
the maintenance of the banks of the nation in a
position be allowed to become secondary to any
factor in the credit
gency
problem.
Neither
other
on an emer¬
basis of analysis nor on that of regular manage¬
ment of the
banking system
the idea that extensive and
can we
reasonably admit
especially "cheap" financ¬
ing must be the all-important criteria in the conduct
of
our
owes
and
a
banking system.
The Board of Governors
duty above all else to its constituent banks
through them to the country.
is to
That obligation
keep the banking system safe and liquid, able
to finance
the'needs of the commercial community
and free from
purely speculative obligations, as well
from those which represent
Only within the past two days the Federal Reserve
as
Bank of New York has sent to its members a letter
political outlay, waste,
and extravagance.
apparently expressive of desire to get more loans for
industrial capital purposes.
report, the American
According to
common
Bankers Association has
con¬
In
considering this problem the
to devote itself to a
the
new
Board ought
subject which has often formed
staple of discussion during past years.
This is
684
the
Financial
Chronicle
question, how far the basis of the Reserve system
<jan
safely be taken
as
the commercial
to buy and deal in acceptances in a way
of the
paper
Feb.
business
banks gradually to substitute frozen and long-term
on
securities in its
branches and
In times past the heads
of various Reserve banks have
attempted to defend
the idea that the Reserve system owes the same
to what
it
does
the
rank
file
and
of
the
banks
duty
Reserve banks has been
Should the Board
Reserve
the amendment and
The outcome in actual
former occasions,
many
ing the- original
The
new
way
Banking Act of
legislation,
as
on
so
compromise reaffirm-
was a
of the Act, but actually
purposes
undermining its strict
Some
partisan and political
a
the basis of the first draft of the
1935.
way
administration
Board cannot continue
in
practice,
long to "ride horses
foreign
help the smaller banks in their
the
outside
customers
as
is
country,
their
use
market
open
in
powers
to further the marketability' of
of the large,
strong business houses,
predominatingly true
Board has
we
the
secure
important particulars.
such effort initiated in
to
the
which
This situation is not true of all of them, but it is
so
remodeling of the system and of
its constituent Act in
was
with
system instead of adhering to its original * constitutes
spoken, it must obviously undertake to
so
testimony
establish
to
the Reserve banks.
greatly crippled.
principles, must fill the broader field of which
have
refusal
Their
tion, affords additional indication of the aloofness of
the conclusion that the
to
come
so
head.
would gladly have received this evidence of collabora-
public securities themselves by which the usefulness
of the
a
paper
abundant apology for the great loans on government
and corporate securities, and the immense holdings
of
of the country, is eloquent
men
Their failure to
such
From that point of view there has been
country.
that is desir-
another important indication of the same tendency,
the
of
this
relations
they have called the "capital market" that
to
1936
able and beneficial to their member banks and to the
eountry, and how far it is wise to allow the Reserve
portfolios.
1
never
their
It
which the Reserve
Outside of
paid the slightest heed.
check-and-collection
which
system
was
forced
the Reserve authorities at the beginning of
upon
•
to be characteristic.
as
state of affairs to
a
career
in
office, they have little to appeal to in
support of the claim that their
is their
reason
for existence
of the
promotion of the financial welfare
public at large.
In
some way or
system must be rendered far
other, the Reserve
more
serviceable to the
country in order to justify its existence.
report has it that the
Current
Board of Governors will
new
"trim" the system at various points in order
pare or
going in opposite directions" and it ought to refuse to
to get it down to a more
manageable basis in which
try to do
it "will be less expensive.
This is emphatically the
so.
The first then, of its longer-range duties
must be that of
reaching
its
objects and, where
to
Congress with
definite conclusion
a
as
to
presenting the facts
necessary,
request for appropriate action
a
designed to relieve it of its embarrassment.
wrong
Board of
Governors to make up its mind to a consistent
theory
reserve action is the
necessity to which it is inevit-
of
ably exposed, of finding out
system
can'be made
Many bankers
are
by which the
some means
acceptable
to its
still active who
the conditions under which the
new
members.
well remember
can
system made its
beginning-the reluctance with which
many
bankers
undertook to join it.
It has, within recent months,
been urgently recommended to the banks that
they
should withdraw from the system in certain eventualities.
A few have done
so
and others who
joined it have refrained from
and file of the banks for
continued their
so
membership.
might have
doing; but the rank
one reason
another have
or
This is
a
silent testi-
mony to
the fact that it is, undoubtedly, of
concrete
worth
would
are
to
its
its
membership.
great numbers of bankers who find it questionable
Board, if it wants to make
a success
The
new
of the Reserve
must shortly address itself to the task of
making the Reserve banks
very
than
them
more
useful
hitherto to their members.
with
much
is
The relationship
friendly and less close than in
less
almost any other country; and the services
performed,
both for the banks and for the
public,, by our central
banking system
where.
There
this situation.
adopted
a
are
can
less real and obvious than else-
be
Not
a
no
doubt
as
to the reasons for
few of the Reserve banks have
haughty and dictatorial attitude toward
their members, showing the latter but little
sympathy
and failing to
work directly with them.
Their
management of the acceptance market, their refusal
;
Greater
will be the
way
It would bq difficult to
importance of
an
over¬
early and effective
j Indeed, it is safe
to say that *he continuation of the Reserve system on
lts Pffent footlnS ™ 1 fesult m steady reduction of
quite likely m eventual elimination of
trU6 °f
FirSt and
Banks °f the
United States and for very much the same reasons
!ts
which led to their downfall. It is possible that the
Rese™e system may become> ln fact lf not in name>
T™7 a bond-financing, currency-issuing bureau of
th,e Treasury. If it is to be more than that it must
f
^ / 1° occupy the broader place which has
been marked out for it by public demand and
necessity. Here is a field for ingenuity and skill on
^ e baU
new membership of the Board. The
soo"er they occuPy i4» the more permanent will they
the existence of the organization.
ren
some
Few, however,
deny that this worth is limited, and that there
system,
the
members.
whether to continue in the system, or not.
situation.
expense,
facing of this aspect of its work,
*■
new
the
in which to endear the Reserve system more strongly
estimate
Closely in line with the duty of the
approach
service, not necessarily less
to
III
to
way
^
It will be well for the
it is the head of
mercial banks,
a
this
as
the
new
one
Board to remember that
privately-owned system of
com-
and that the prosperity and legiti-
mate success of these
is, at least,
new
institutions—large and small—
of its fundamental duties.
Accepting
axiomatic, it will have to be the early duty of
Board of Governors to diminish
as
fast
as
possible, eventually to close, the participation of the
government itself in its various lending enterprises
which it has set up under the plea of emergency and,
eventually, to withdraw from the ownership of bank
stock.
The carrying out of this
program involves at
least the following steps:
(1) Ending of the various enterprises which have
in competition with the banks and through
sprung up
them with the Federal Reserve
system, and a restora-
tion
of the
proper
functions of the banks in the
Financial
Volume 142
expectation that they would endeavor to exercise
and that they will, more or less,
them successfully
succeed in
doing.
so
(2) By
<
side
the
this
of
transformation
must
unquestionably be brought about the recapitalization of the banks
basis of private
a
on
ownership,
President Jesse Jones of the Reconstruction Finance
Chronicle
685
saving of our banking system is, of course, a commentary upon the most essential credit phases of the
present outlook.
Unhappily this, by no means,
covers the entire ground.
The Board cannot well
concern itself merely with the technical rectification
of the credit position, nor can it even rest content
with a rehabilitation and recapitalization of the
accomplish-
Corporation, has lately told the bankers in session at
banks of the country, i Undoubtedly the
New
Orleans, that the government now has substantial blocks of stocks in each of some 6,000 bank-
ment of these objects would be a great step in
advance and would go far toward restoring the
He intimated at that time that the
position of the system to what had been hoped for
it; but it would to-day certainly be far from meeting
the needs of the situation. Ever since the opening
of the Roosevelt administration, and especially since
the adoption of the Act of Jan. 30 1934, we have had
a practical division of the central banking system of
the country into two portions—one under control of
the Federal Treasury and the other under the control
of the Federal Reserve Board. To the Treasury have
been delegated all those functions which have to do
with foreign exchange and foreign affairs, as well as,
ing institutions.
repurchase of these blocks of stocks by the banks
would
themselves
government;
attitutde
in
much less
be
entirely
acceptable
in
a
Certain it is, that the banks
positive.
have in many instances
Reconstruction
become mere branches of the
Corporation, getting their
Finance
orders from the latter and
guiding themselves by the
wishes of the officers of the latter,
one
the
to
later letter to banks, his
this regard was changed and became
but
conveyed by
any
of various different methods.
at times, many domestic duties. Roughly speaking,
however, we may segregate the functions of the two
indirectly influential but which has an intimate
branches into which our central banking system was
bearing on the points already made. The question of
dividend, by that Act, under the two captions
deposit insurance has been placed in the hands of a
"Domestic" and "Foreign." Management of the
separate organization which, however, has not the
Treasury Department has thus far been nearly
funds to provide satisfactory "insurance" for its
worthless in its treatment of foreign conditions. It
dependent banks, and which has unwisely invested
has encouraged the inward movement of gold, and in
most of its assets in government bonds, nothwithpursuance of its silver-buying powers it has become
standing that it is the existence of these bonds to an
the proprietor of a very great quantity of the white
excessive amount in bank portfolios that constitutes
metal. It had done nothing to bring about a better
their
chief
danger.
The Depositors' Insurance
understanding with foreign countries, or to "stabilize"
Corporation has been given the power to consolidate,
rates of exchange with or on them. Secretary of the
or merge, banks, to put them out of the insurance
Treasury Morgenthau, after his visit abroad of last
system or to carry them on when in receivership. The
autumn, admitted when again reaching the shores of
Corporation is not succeeding well in these latter
the United States that we were no nearer an agreeendeavors and is not likely to do so.
In some way
ment with foreign countries than we had been six
or other, the new Board must find a means of estamonths earlier. This, unquestionably, was a lame
blishing better working relationships with the Deposiand impotent conclusion. We shall never succeed
tors' Insurance Corporation, and must see to it that * in opening up our foreign business on a large scale
the latter concern is enabled to inspire greater conuntil our administration at Washington has the
fidence and to work more harmoniously with the
courage and the ability to carry through some
Board itself (as to purposes, not as to personal rescheme for obtaining a consensus of contries in favor
lationships) than is possible to-day.
of some plan of stabilization.
Thus, to put the banking system back to the basis
Alternative to it, of course, would be the indeof private ' enterprise
on which it was originally
pendent restoration of the gold standard in the United
organized, will be a task of utmost difficulty. Yet,
States upon some suitable basis of value; but indicait is one which most inevitably be taken in hand at a
tions are certainly to the effect that nothing of this
very early date if the Federal Reserve system is to
kind can be expected, and it is in many particulars
meet with any real success or develop any real
outside the Board's scope. Pending any such change
efficiency.
Without such a change as is thus indiof front on money, we, therefore, properly look direct
cated in the tenor of banking organization and policy
to the Board for the clarification of the state of
in the United States, the banking system of the
things, by getting a stabilization agreement with other
nation must continue to decline in importance and
nations. That this is a piece of work outside of its
(3) In this connection it is necessary to refer to a
Reserve Board can be only
subject in which the
,
value; and this it will certainly do.
of the banks upon a
Recapitalization
basis of private ownership, the
redemption of the stock owned by the Reconstruction
Finance
and the restoration
Corporation,
government within the banks by that means,
will be
In order to bring it about the
be much more profitable to their stock-
anything but
banks must
of self-
easy.
to-day, and that
holders than they are
means
that
field and properly belonging to the Treasury Department or the Department of State (both of which
organizations have already been dabbling with it) is,
of course, a fact which will be immediately recalled,
However, we are dealing with realities and not with
the formalities of official procedure. Neither the
Department of State nor the Treasury has shown the
slightest aptitude for undertaking this work. Those
they must be permitted to recover their old fields of
who have been sent abroad, or who have joined in the
business whenever and as far as
themselves
negotiations with foreign countries here, have been
provide for the needs of customers in those
lacking in the equipment for the duty and unsuccessThe administration has
shown a striking indisposition to consult our central
banking system on the subject of stabilization, much
able to
they
are
ful in the performance of it.
*
fields.
V
What
has already been said
with regard to the
problems of the new Board with a view to immediate
less to entrust it with the actual management
of the
J-'—*
686
task.
Financial
And yet, success in this regard will have to
achieved
central
through
the
actual
participation of
Chronicle
be
reasonable
at
banking mechanism in the preparation and
application of such agreement as may be
eventual
arrived at.
the
whether the participation
Certain it is that the Board
itself,
on
in what
or
way.
adaptations of public policy that
recovery
are
of its natural field of activity.
Perhaps
branch
of
activity in
which it
this
on
be, there
tion
of
be
the
doubt
no
natural
powers
the field
system in
been
to
banking organization.
along without it for
present unmanaged
do
We
regarded
a
The past
must be done
by
three years' experience have piled
tion takes
time
the market, the proceeds
on
capital goods.
that dollars
so
be coaxed into these
can
new
only
bonds will
subordinate
a
group
houses
forces
bonds.
new
It will be par¬
whether such
see
try to buck the tide by carrying the
underwriting the issues will bend before the
now
better
on
developing and revert to 5% bonds.
now
judgment to gradually increase
future issues than
the risk of
run
The
is whether it is not
a
rates
coupon
buyers' strike.
EDWIN J. SCHLESINGER.
organiza¬
superseded.
more
resting in the banks
now
question that arises right
Jan.
far-sighted point of view, it
which /it has
When that
present unattractive interest rates, or whether the
1936.
28
The Course of the Bond Market
continuation of the dependent and
a
bond issues
arrives, interest rates will have to be made
attractive
broad view of its duties and attempts to
a
deal with them from
be
Unless the
In order to
new
central banking management) will continue to
labor until it is corrected.
will
brought
of which will be used for
scope
up a heavy liability of confusion and irresponsibility
under which the Reserve system (or for that matter,
any
in business
recovery
will have to be
new
Herculean effort, the
a
reply is that the work is there and
someone.
real
ticularly interesting to sit by and
calling for
as
used for purchasing the same
was
from bonds that had been called.
have
VI
be
to
our
with the
thus laid out be alarming in
necessary
for refunding purposes, and most
that
came
only at the cost of the efficiency and smooth
working of our banks, both reserve and member.
or
frequently found
was
was
of the money
so
If the program
longer
desirable, and in order
By far the bulk of the bond issues brought out
during 1935
system, but we shall
currency
be devastating.
can
price.
may
be able to limp
may
indefinite period
an
to
when the unit volume begins to
up even
them it
move
cut the
A restora¬
of restoration of health and soundness in
qua non
keeps
the dealers' shelves than
on
absolute sine
an
on
At the outset, the slowing
off; ultimately, the result
one
of the central banking
of money is
merchandise
wholesalers is
up
on a
reason
to the fact.
as
pile
At times bonds also have been known to stick
should have
subject; but whatever the
can
experience has taught many mer¬
of business is not perceptible because the dollar
fall
influential, has been its lack of knowledge and initia¬
tive
interesting without raising doubts as to
school of
volume
implied in such
why the old Board has been pushed out
reason
price tickled the investor's financial
the figure of 97 is just enough below par
gradually raise prices.
up
management
thought
and to price the bond
the shelves of both retailers and
behalf of the system,
was
it
success,
coupon
chants that the best way to
regain control of foreign exchange relationships
and must make the necessary
and
5%
1
quality of the bond.
The
be accomplished best through tactful
can
initiation by the new Board
must
This
as
to make it
It is impossible to say
spoken of
97.
palate,
of
assurance
necessary to have a
our
193b
Feb.
Trends
All
in
the
bond
market have
been
mixed
this
week.
unusual opportunity of financial service to the nation
The general averages have taken a sidewise course,
is
tendency to keep well up to recent high levels.
Individual
issues
in
offered,
but
whether
the
Board under
present
have
fluctuated,
with
substantial
gains
with
a
special
management and with its proposed composition can
situations and
accomplish the object, is
bonds weakened fractionally in the early part of the week,
answered
a
question which
can
be
only through experience.
losses in
rallying later.
others.
United States government
The Treasury Department is
confronted
now
with the problem of financing the payment of the veterans'
bonus, which is to be redeemable in
Are Interest Rates Too Low?
well
extraordinary
on
processing taxes.
mittently,
recently
the government
has shown
in London met with
fiscal
be asked to take
only partial success may be of
significance than is generally appreciated
country.
It is said that fully half of the
this
loan
left in the hands of the underwriters.
was
is very
It
possible that the repercussions of this flota¬
tion may
be felt in the United States
sooner
than
a
doubt, London
to be the focal
and for
that
may prove
can
still rightfully claim
point of the world's
reason
money
of world-wide importance.
itself to different
was
The
reason
not successful
lends
interpretations; however, the
likely to be nearest to the mark is that
was
market;
anything that happens there
why the Australian loan
rate
too low in the face of
one
hardening
money.
refunding bonds carrying 3%% interest
be difficult to market in this
country.
years ago,
and
trend
of
issues,
sition
as
a
in
June 15, as
continued
as
no
of these
high-grade
have appeared inter¬
rumors
dollar exchange
values,
but
signs of departing from its
indicates that
now
care
slightly upward.
increased
taxes
will
larger expenses.
railroad
bonds
has
continued
Price changes appeared mixed, but such
whole,
demonstrated
of the market.
the
good
underlying
Central Pacific 4s, 1949,
po¬
gained 1%
to close at
105%; Great Northern 4%s, 1961, advanced %
109%; New York Central 3%s, 1997, declined % to 98%.
Lower-grade railroad boiid prices appeared erratic, but gains
in order to sell
a
new
Not
seemed prominent among
may
so many
bond issue with
the carriers which (have been show¬
ing outstanding earnings and
&
Southern
the
the strength
result
ment.
up
to
of
loadings reports.
car
1952,
gained 4%
to
close
at
51%.
The
lower-grade railroad bond market has been
displayed by certain !'Van
rumors
regarding
points,
and
Sweringen" issues,
possible financial readjust¬
a
Alleghany Corp. 5s, 1950
17
Colorado
4%s, 1980, advanced % to 71%, and St. Louis
Southwestern 5s,
feature of
a
the interest
Influences, these days, make themselves felt more
rapidly than ever before, and because of this in the
future
such
to
anticipated.
Without
policy
The
Inflation
causing flurries
far greater
in
cash after
demands,
benefit payments to farmers after the Supreme Court's ban
Editor, "Commercial and Financial Chronicle,"
New York City:
The fact that the Australian loan floated
other
as
Chesapeake
(unstamped), at 75
Corp.
5s,
1944,
were
rose
5%
120y2.
Utility
bonds
In
range.
the
have
fore
fluctuated .within
part
of
speculative issues registered
these
79%,
were
up
offset
later.
the
week
moderate
Cities
a
fairly
narrow
medium-grade and
gains, but
Service 5s,
1950,
some
of
closed at
1% for the week; Gatineau Power 6s,
1941, "B,"
Financial
Volume 142
1 to
declined
Public Service 6s, 1949, at
83; New Orleans
79% were up 3; Standard Gas & Electric 6s, 1935, closed at
High grades also fluctuated without any ap¬
75%, up 3%.
although
trend,
parent
these issues approached
of
some
There was no new financing, but issues ap¬
peak prices.
fairly substantial amount
proved or registered indicate a
spots
4% points to
58%, and the N. Y. Dock 5s, 1938, 3% points to 65. Pressed
Steel (Car 5s, 1933, declined 3% points to 84.
American
Type Founders 6s, 1940 (ctfs.), ended the week at 97% for
with
ness,
shown
tendency toward weak¬
a
profit-taking appearing in recent speculative
some
and higher-grade
favorites
issues sagging slightly.
lative issues dipped and the announcement
of
an
Specu¬
upset price
by the court was followed by a decline in the Richfield Oil
(ctfs.), and
1944
6s,
1940
the Pan-American
in
Petroleum
6s,
On the other hand, Warner Quinlan 6s, 1939,
(ctfs.).
list, the Bush Terminal 5s, 1955, rising
gain of 2% points.
a
The
industrial list has
in
while
intervention
MOODY'S
in
reorganization pro¬
South American
to
80%.
Italian and Belgian bonds have been
slightly
ground.
lower, and some of the Polish issues also lost
bond yield averages
Moody's computed bond prices and
given in the following tables:
BOND PRICESt
YIELD AVERAGES t
MOODY'S BOND
(Based on Individual Closing Prices)
All
120
120 Domestic Corporate*
Domes¬
by Ratings
Corporate* by Groups
tic
**
Corp.*
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Domes¬
tic
120 Domestic
Govt.
Bonds
1936
Daily
U. S.
1936
Daily
Aaa
Baa
A
Aa
The
11% points
4-point appreci¬
The French 7s, 1949, experienced a
(Based on Average Yields)
Averages
fractionally.
ground
gained
5s, 1963, continued their advance, rising
ation to 181.
are
particularly
Brazilian, Cuban, Peruvian
group.
issues all moved up from one to two points,
bonds
Chilean
Panama
continued strong,
bond market
foreiem
the
and Uruguayan
jumped 11% points to 42 after announcement of two pro¬
tective committees and
Terminal issues provided one of the bright
ceedings.
in the
in weeks to come.
The
687
Chronicle
RR
P. U.
Indus.
Averages
ft
30
Por¬
Aaa
Baa
A
Aa
RR.
4.43
P.
Indus.
U.
tions.
3.89
4.25
6.13
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
Jan. 31—
4.19
3.63
3.82
4.28
5.03
108.09
109.68
120.75
116.62
108.03
95.63
105.20
108.57
115.21
30-
4.19
3.63
3.83
4.28
5.03
4.44
4.25
3.90
6.09
29„ 108.11
109.68
120.75
116.82
108.03
95.78
105.37
108.57
115.21
29-
4.19
3.63
3.82
4.28
5.02
4.43
4.25
3.90
6.09
28- 107.95
109.49
120.54
116.62
108.03
95.63
105.37
108.67
115.41
28-
4.20
3.64
3.83
4.28
5.03
4.43
4.25
3.89
6.09
27- 107.77
109.68
120.54
116.82
108.03
95.93
105.54
108.39
115.41
27-
4.19
3.64
3.82
4.28
5.01
4.42
4.26
3.89
6.11
25- 107.90
109.68
120.54
116.82
108.03
95.93
105.54
108.57
115.41
25-
4.19
3.64
3.82
4.28
5.01
4.42
4.25
3.89
6.11
24- 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24—
4.19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
23- 108.02
109.86. 120.75
116.82
108.39
95.78
105.37
108.67
115.81
23-
4.18
3.63
3.82
4.26
5.02
4.43
4.25
3.87
6.13
4.26
Jan. 31.. 108.03
30-
'
109.49
120.54
116.62
108.03
95.33
104.85
108.39
115.61
22„
4.20
3.64
3.83
4.28
5.05
4.46
3.88
6.11
21.. 108.15
109.31
120.54
116.82
108.03
94.73
104.51
108.39
115.61
21—
4.21
3.64
3.82
4.28
5.09
4.48
4.26
3.88
6.14
20- 108.25
109.31
120.33
116.82
108.03
94.73
104.33
108.57
115.41
20-
4.21
3.65
3.82
4.28
5.09
4.49
4.25
3.89
6.15
18- 108.32
109.31
120.33
117.02
107.85
94.88
104.51
108.57
115.41
18„
4.21
3.65
17- 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17—
4.21
3.66
108.21
109.31
120.33
116.62
107.85
95.03
104.68
108.39
115.02
16-
4.21
3.65
15- 108.12
109.12
120.33
116.42
107.49
94.73
104.33
108.39
114.63
15—
4.22
14- 108.20
109.12*■ 120.33
116.22
107.49
94.88
104.51
108.39
114.82
14—
4.22
13-
108.10
108.75
120.11
115.81
107.31
94.43
103.99
108.21
114.43
13-
4.24
11— 108.10
108.57
119.90
115.61
107.31
94.14
103.65
108.39
114.24
11-
10— 108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
9„
108.03
108.21
120.11
115.41
106.96
93.55
102.98
108.21
8..
107.94
22— 108.11
,
16—
4.29
5.08
4.48
4.25
3.89
6.15
3.83
4.29
5.06
4.47
4.26
3.91
6.17
3.83
4.29
5.07
4.47
4.26
3.91
6.20
3.65
3.84
4.31
5.09
4.49
4.26
3.93
6.19
3.65
3.85
4.31
5.08
4.48
4.26
3.92
6.20
3.66
3.87
4.32
5.11
4.51
4.27
3.94
4.25
3.67
3.88
4.32
5.13
4.53
4.26
3.95
6.23
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
114.24
9—
4.27
3.66
3.89
4.34
5.17
4.57
4.27
3.95
6.27
,-t
3.81
.
6.21
108.21
119.90
115.41
106.96
93.55
102.98
108.21
113.85
8„
4.27
3.67
3.89
4.34
5.17
4.57
4.27
3.97
6.26
7— 108.03
108.03
119.69
115.41
106.78
93.26
102.81
108.21
113.65
7—
4.28
3.68
3.89
4.35
5.19
4.58
4.27
3.98
6.30
6—
107.99
107.85
119.69
115.41
106.60
92.97
102.47
108.21
113.46
6—
4.29
3.68
3.89
4.36
5.21
4.60
4.27
3.99
6.31
4— 107.95
107.67
119.69
114.63
106.42
92.82
102.47
108.03
112.88
4—
4.30
3.68
3.93
4.37
5.22
4.60
4.28
4.02
6.22
3— 107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
3„
4.32;
3.70
3.93
4.39
5.24
4.63
4.29
4.03
6.23
2— 107.96
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
2-
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.20
High 1935 109.20
106.96
119.69
114.43
106.72
91.67
101.31
107.67
112.11
Low 1935
4.34
3.68
3.94
4.67
4.30
4.06
5.78
1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
Hlgn 1935
4.80
3.82
4.25
4.83
6.40
6.37
6.13
4.35
6.97
1
Low
Stock E xchang
—
Close d
e
„
1-
Stock E xchang
4.41
5.30
Close d
o
Yr. Aoo—
Yr.Ago
101.47
118.04
110.05
100.49
82.62
99.20
97.94
107.67
Jan.31'35
4.66
3.76
4.17
4.72
5.99
4.80
4.88
4.30
6.12
92.53
Jan.31'35 106.98
108.57
98.88
90.27
77.11
93.85
85.35
99.36
2 Yrs.Ago
Jan.31'34
5.24
4.25
4.82
5.40
6.47
5.15
5.77
4.79
7.79
2 Yrs.Ago
Jan .31 *34 101.21
yields on the basis ol one "ideal" bond (4^% coupon, maturing in 31 years) and do not purport to show either the averago
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
Field averages, the latter being the truer picture of the bond market.
For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932, page 907
•♦Actual average price of 8 long-term Treasury issues,
t The latest complete list of bonds used in computing these indexes was published in the issue of May 18 1935.
•These prices are comouted from average
page
ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages oi 40 foreign bonds
3291.
Indications ol Business Activity
STATE
THE
OF
i
....
...
TRADE—COMMERCIAL
EPITOME
the
the
week.
largest
severe
certain industries during
fell off somewhat in
Activity
Car loadings and automotive activity showed
declines, this
weather.
in a
measure
being
due to
the
Electric output, however, still shows gains,
But the most stimu¬
figures being 9.8% above last year.
lating development is
the substantial upturn in
industrial
construction, which is expected to reach the high level
the
during February and March.
year
oi
Industrial building
contracts for the third week of the month were three times
volume
the
of
the
corresponding week of 1935.
Another
encouraging factor is the release of substantial orders for
All this naturally is being reflected
public works projects.
in other
week
lines, especially steel.
the largest since April.
were
about 100,000 tons,
tons in the two
for
steel
from
tailment in
by
way
Structural steel lettings last
January awards totaled
which compared with only about 76,000
preceding months.
the motor
this field
demands for
car
The drop in the demand
industry
as
a
result of
is being offset in a very
steel from
other
cur¬
substantial
sources.
firmer.
a
Large industrial outlays
for plant
moderniza¬
tion, together with constantly increasing activity in the
building trades are doing much to step up business mo¬
mentum.
Retailers in the department store field forecast
a
gain of
with
the
more
same
than 10%
period last
in February sales as compared
year.
Building material manu¬
predict that approximately 200,000 new homes are
to be constructed this year as against 75,000 new
facturers
likely
individual dwellings in 1935.
Meanwhile, retail and whole¬
Car loadings dropped
sale trade continues to climb upward.
26,717, but still hold their gain over the same week in 1935.
Cotton showed no great activity, and prices showed a down¬
ward
tendency.
Grain
late
in
the
wreek
was
was
somewhat
-
■
.
checked
over
government
and
snow-bound,
\
■■
in
-
both
remained
ice-
crop
these
markets
by
and
control
the Middle
West
was
still
gripped in sub-zero weather. To-day is was cloudy and
cold here, with temperatures ranging from 15 to 23 degrees.
The forecast was for fair to-night and Saturday; slightly
colder to-night.
Overnight at Boston it was 4 to 22 degrees;
Baltimore, 12 to 28; Pittsburgh, 2 below to 22 above; Port¬
land, Me., 2 to 16; Chicago, 6 below to 4 above; Cincinnati,
4 below to 14 above; Cleveland, 2 to 18; Detroit, 2 to 16;
Charleston, 24 to 36; Milwaukee, 2 below to 4 above; Dallas,
to 36; Savannah, 24 to 38; Kansas City, 2 below to 10
above; Springfield, Mo., zero to 18 above; Oklahoma City,
22 to 30;
Salt Lake City, 10 to 34; Seattle, 32 to 42;
Montreal, 6 below to 6 above, and Winnipeg, 18 below to zero.
20
Railway
continuance of this demand on a broadening scale is
indicated.
Trading
■■
plans.
Zero
weather continued over last week-end, and new up-State
snow slowed up the milk supply.
Later in the week tem¬
peratures rose and 31,000 men were making an effort to
clear New York City streets of 27,000,000 cubic yards of
week-old snow.
Relief agencies were hard-pressed for food
and clothes, and lodging houses were filled.
There were
snow flurries on the night of the 30th inst.
The temperature
every day in January has been below freezing.
With the
exception of the South and Far Western States, the country
+
buying for some time past has been heavy for rails and cars,
and
-
:
uncertainties
Friday Niglit, Jan. 31 1936.
the past
■■
Moody's Daily Commodity Index Declines
'
The
downward trend
of prices for top hogs, hides and
mainly responsible for the weaker tone
exhibited by Moody's Daily Index of Staple Commodity
cotton
has
been
Prices this week.
The Index closed on Friday at 169.1
compared with 171.3 a week ago.
Among the 15 commodities included in the Index, in
addition to the recession in top hogs, hides and cotton
mentioned above, wheat and corn were slightly lower.
Advances were registered by wool, coffee, sugar, cocoa and
silk, while rubber, silver, copper, steel scrap and lead have
remained unchanged.
The movement of the Index
parisons, is
as
follows:
during the week, with
com¬
Financial
688
JWii
Sat.,
Mon.,
Tues,,
Wed.,
Thurs.,
Fri.,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
1.
Aug. 20.
167.9
168.0
153.5
.——156.2
Jan.
2.
.——126.0
Oct. 7-9.
175.3
148.4
2 Weeks Ago, Jan.
Month Ago,
Jan.
Year Ago, ,
Feb.
25
27
28
29
30.
31
170.6
171.4
.170.2 1934 High—
Low—
169.3
...169.0 1935 High—
Low—
—169.1
-
"Annalist"
Weekly
Mar. 18.
Wholesale
of
Index
17.
3.
...
Prices Advanced During Week of Jan.
Commodity
28—Monthly
Average for January Below December
The subsiding of liquidation due to the Agricultural Ad¬
justment Act invalidation, the restriction of livestock ship¬
ments by cold weather, and to a less extent the inflationary
talk rampant, were responsible for the halting of the decline
of the "Annalist" Weekly Index of Wholesale Commodity
Prices, which rose to 128.0 on Jan. 28 from 127.4 Jan. 21,
the "Annalist" has announced. It stated:
Feb.
Chronicle
1936
1
of 21,591 cars, or 3.8%, over the total loadings
corresponding week of 1934. For the week ended
Jan. 18 loadings were 8.6% higher than those for the like
week of 1935 and 8.8% higher than those for the corre¬
sponding week of 1934. Loadings for the week ended Jan. 11.
showed a gain of 11.1% when compared with 1935 and a rise
of 10.4% when the comparison is made with the same week
increase
for the
of
1934.
The first 18 major railroads to report for the week ended
Jan. 25 1936 loaded a total of 274,794 cars of revenue freight
on their own lines,
compared with 292,511 cars in the pre¬
ceding week and 266,422 cars in the seven days ended
Jan. 26 1935.
A comparative table follows:
:
^
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
Received from Connections
Weeks Ended—
Loaded on Own Lines
Cattle and hog prices advanced shaprly as market receipts were curtailed
Weeks Ended—
by the cold; while the grains (except corn), eggs, beef, coffee and rubber
were also
Jan. 25 Jan. 18 Jan. 26 Jan. 25 Jan. 18 Jan. 26
1935
1936
1936
1936
1936
1935
Butter declined, along with cotton, tin and leather.
higher.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Unadjusted tor seasonal variation (1913=100)
-
Jan. 28 1936 Jan. 21 1936 Jan. 29 1935
X122.5
117.7
126.0
126.8
127.5
Gulf Coast Lines
111.2
xllO.7
107.3
125.1
Food products
Textile products
Fuels
176.1
160.4
Missouri-Kansas-Texas RR
111.4
111.4
109.7
Missouri Pacific RR
111.7
—
111.7
112.1
New York Central Lines....
New York Chic. & St. Louis Ry_.
98.2
98.2
Chemicals
Miscellaneous.
Revised,
V
73.7
75.3
basis
on old dollar
79.7
123.0
75.4
128.0
yfAll commodities
98.6
86.1
127.4
85.8
...
All commodities
Norfolk & Western Ry
Pennsylvania RR
Based on exchange quotations for France, Switzerland and Hol¬
land; Belgium Included prior to March 1935.
x
„
176.1
Metals
Building materials...
y
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Regarding wholesale prices during January the "Annalist"
Total
said:
The monthly average for January declined to
128.1 from the 129.4 in
x
14,906
18,976
13,261
3,125
2,156
4,870
15,101
37,179
4,353
19,108
53,993
5.896
5,328
21,859
5,161
16,594
12,000
2,824
2,002
4,626
15,071
35.670
3,769
18,301
48,916
5,386
4,720
21,804
5,151
International Great Northern RR
Farm products..
24,893
20,809
14,293
6,355
7,086
7,240
15,675
11,706
2,255
9,013
1,497
1,994
2,730
8,535
33,221
8,194
4,200
32,489
4,777
4,038
X6.953
7,721
1,991
4,063
13,122
35,400
3,804
16,903
53,183
5,147
4,628
17,432
4,845
4,322
12,923
6,345
6,275
6,281
8,184
1,043
1,948
2,255
6,488
34,272
8,251
3,427
31,791
4,590
4,370
X5.899
5,057
14,106
7,458
7,189
7,992
9,657
1,609
2,044
2,700
9,007
37,400
9,355
3,787
33,563
5,239
4,851
12.828
10,273
18,766
26,964
21,509
17.669
24,176
21,602
14,613
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
4,370
x7,261
8,400
7,957
156,621
274,794 292,511 266,422 163,722 176,194
Excludes
interchanged
cars
S.
between
and Texas <fc
Co.-Padfio Lines
P.
New Orleans RR. Co.
December, reflecting the decline in the weekly figures through the latter
THE
ANNALIST
MONTHLY
CONNECTIONS
(Number of Cars)
COMMODITY
WHOLESALE
OF
INDEX
RECEIPTS FROM
TOTAL LOADINGS AND
part of December and most of January.
PRICES
Weeks Ended—
Unadjusted for seasonal variation (1913= =100)
Jan. 25 1936
Jan. 1 1936
Jan. 18 1936
Jan. 26 1935
19,909
30,017
12,428
21,656
30,354
12,885
19,105
25,757
10,515
62,354
64,895
56,377
Jan. 1 1935
Dec. 1 1935
123.9
123.3
117.7
128.6
135.5
125.8
Textile products——
Fuels
112.8
118.5
173.7
170.1
160.9
Metals
111.4
111.5
109.7
111.7
111.7
Chicago Rock Island & Pacific Ry_
Illinois Central System
j
St. Louis-San Francisco Ry
112.1
Farm products
Food products
—
Building materials.
Chemicals
—-
98.4
98.2
—
—
107.7
The Association of American
98.6
85.9
86.1
79.1
128.1
Miscellaneous
129.4
122.6
75.7
76.7
73.1
...
All commodities
Total
yfAll commodities on old dollar basis
week ended Jan.
Loading of
This
cars.
Based on exohange quotations for France, Switzerland and Holland; Belgium
Included prior to March 1935.
18, reported
freight for the week ended: Jan. 18 totaled 611,408
48,582 cars, or 8.6% above the correspond¬
revenue
was
increase of
an
y
ing week in 1935, and
sponding
Jan.
Number of Freight Cars in
Need of Repairs
Jan. 1
on
Smaller
Class
I
railroads
on
Jan.
in
cars
need of repairs, or 14.9% of the number on line, the Associa¬
tion of American Railroads announced on Jan. 30.
This
of
decrease
3,108 cars compared with the number
in need of such repairs on Dec. 1, at which time there were
269,984, or 15.0%.
The Association further reported:
was
a
totaled 219,217, or
12.3%, a decrease of 4,908 cars compared with the number in need of
such repairs on Dec. 1, while freight cars in need of light repairs totaled
47,659, or 2.6%, an increase of 1,800 compared with Dec. 1.
Locomotives in need of classified repairs on Jan.
1 totaled 9,914, or
Freight
in need
cars
21.8% of the number
the number
10,127,
need
line.
This
decrease of 213 compared with
a
was
such repairs on
of
Jan. -1
on
Dec.
1, at which time there
were
in
compared with 3,353
on
serviceable locomotives in storage
3,054
Dec. 1.
Loading
cars,
the
Coal
Freight
142
and
Cars
New
freight cars in 1935, according to reports just received by
the Association of American Railroads and made public on
Jan. 25.
New freight cars installed in 1934 totaled 24,103.
In 1933 there were 1,879 placed in service.
The Association
further reported:
electric
service
in
locomotives
steam
new
1935
locomotives
in
in
No
1933.
installed
locomotives
and
reports
in
on
and
the
three
new
on
locomotives
Grain
and
1
New
electric
1935
locomotives.
totaled seven,
locomotives
and
on
Freight
cars
and
stock
the
cars
cars, an
loading
Revenue
as
on
on
the
same
order five
New
in
of
in
electric
new
steam
revenue
above the
cars
products
to
cars
above the
cars
13,933
cars,
In
same
an
cars
2,864
and
314
cars
an
of
954
week
in
1936 and
same
18
totaled
cars,
an
increase
same
cars,
a
decrease
10,388
cars,
a
of
week in
2,205
cars
1935,
and
of 418
to 8,661 cars,
increase of 855
same
week
in
a
cars
below
the
above the corresponding week
cars
above the corresponding week
above the
cars
the Western districts alone,
week in 1935.
increase of 2,230
Coke loading amounted
preceding week but
week in 1935.
same
week in 1934.
loading amounted to 6,066
and
corresponding
In the Western
decrease
a
below the
week in 1934.
above the
1935
cars
corre¬
increase of
an
week in 1934.
8,700
in
12,015
week in 1934.
cars,
above the
cars
same
loading totaled 28,380
preceding week, but
of
above the
products loading for the week ended Jan. 18
below the
same
same
34,715
9,626
preceding week, 7,626 cars above the
cars
cars
in
1934.
decrease of 120
cars
above the
same
cars
'
below
week in
the
1935
1934.
Loading of
revenue
freight in 1936 compared with the two previous years
1936
same
on
Jan.
date in
1
1935
1934
there
totaled
leased
or
otherwise
Decline
1935
1934
locomotives
on
order
on
was
31,
but
one.
Week of Jan.
4.
-
Week of Jan. 18—
Total
acquired
are
26,717
541,984
615,028
611,408
497,274
553,518
562,826
500,813
657,266
1,768,420
1,613,618
1,619,981
561,902
no
not
Cars
Week
freight for the week ended Jan. 25
This is a drop of 26,717 cars, or
4.4%, from the preceding week, but a rise of 29,163 cars,
or 5.2%, from the total for the like week of 1935, and an
Loading of
1936 totaled 584,691 cars.
above the
amounted
day in 1934.
steam locomotives
Loadings
Car
cars
increase of 6,299
same
decrease
a
All districts reported increases in the number of cars loaded with revenue
placed
was
number
to the
Forest
1,018
below
freight, compared not only with the corresponding week in 1935, but also
with the corresponding week in 1934.
figures.
Freight
cars
preceding week, 1,030
below the
of
cars
1936 totaled 12,805 compared with
1
the
on
order
locomotives
2,527
cars,
increase of 3,292
an
loading totaled
districts alone, grain and grain
below
149,016
decrease of
and 11,510
new
reports are available as to the number on Jan. 1 1934.
included in the above
products
grain
Week of Jan. 11.
Jan.
140,740
to
above the preceding week,
21,678
freight totaled'
lot
1935
in
follows:
had
1936
1
amounted
week in 1935 and
Ore
above
1934.
preceding week, but
cars
carload
above the preceding week, but a
sponding week in 1935 and 11,724
totaled
cars
were
and 31
that year.
Jan.
electric
electric
steam locomotive
one
day in 1935 and 224
same
railroads
The
new
steam locomotives
new
available
are
New freight cars on order on Jan.
628
102
with 59
1934.
Only
compared
than
less
cars
corresponding week
above the
Class I railroads of the United States installed 8,903 new
Forty
570
the
in
loading
below the
Locomotives
Placed in Service During 1935
installed
below
week
same
2,940
revenue
week ended Jan. 18 totaled 229,897
1935, and 39,000 cars above the corresponding
merchandise
of
cars
decrease
New
tie
above the preceding week, 28,889
cars
week in
increase of
an
2,806
freight for the week of
0.6% below the preceding week.
of
cars, or
loading of live stock for the week ended Jan.
+
8,903
Loading
1934.
4,113
1 had
Jan.
on
increase of 49,506 cars, or 8.8% above the corre¬
an
1934.
increase of 4,172
an
Live
railroads
I
on
repairs
heavy
in
decrease of 3,620
a
the corresponding
week
22.2%.
or
Class
in
of
week
was
Miscellaneous freight loading for
cars,
had 266,876 freight
1
18
Railroads, in reviewing the
follows:
as
Id the following table we undertake to show also the load¬
ings for separate roads and systems for the week ended
Jan. 181936.
During this period a total of 104 roads showed
increases when compared with the corresponding week last
year.
The most important of these roads which showed
were the New York Central
Lines, the Baltimore
RR., the Pennsylvania System, the Atchison Topeka
& Santa Fe System, the Illinois Central
System and the
increases
& Ohio
Southern Pacific RR.
Financial
Volume 142
REVENUE FREIGHT LOADED
Total Revenue
from, Connections
Group B {Concluded)—
482
1,752
276
343
7,361
1,288
9,819
2.303
9,695
Gulf Mobile & Northern
1,558
19
29
67
46
Illinois Central System
Louisville & Nashville
1,890
6,387
5,431
1,351
6,486
5,554
1,118
1,205
302
433
1,285
996
720
18,067
18,297
17,635
10,036
17,491
4,317
8,701
3,555
'
Bangor & Aroostook
Maine
Chicago Indianapolis & Loulsv.
Central Indiana
927
938
814
4,276
Central Vermont
Delaware & Hudson
4,486
8,831
5,481
7.628
.....
Georgia & Florida
185
200
73
2,845
2,040
300
354
194
11,070
4,181
11,465
3,631
11,422
2,744
148
109
J 08
1,041
8,172
3,133
1,842
8,029
2,575
3,878
173
137
37,400
10,972
1,776
34,431
10,458
2,008
Chicago Milw. St. P. & Pacific.
9,355
4,530
8,299
5,239
4,019
4,585
Ft. Dodge Des Moines & South.
330
457
390
22
19
299
352
408
254
223
1.169
1,070
1,027
1.304
1,095
463
593
507
887
913
8,400
7,894
3,006
107
284
203
1,647
2,694
1,473
2,069
1,220
1,946
359
342
680
612
Duluth South Shore & Atlantic.
5.168
5,896
1,648
8,157
3,274
3,548
1,700
35,455
9,775
2,503
4,105
4,682
5,217
1,681
3,756
13,688
7,647
1,825
1,121
7,105
2,398
170
1,620
2,530
379
190
2,736
Erie
Grand Trunk Western
....
Lehigh & Hudson River.......
Lehigh & New England
Lehigh Valley................
Maine Central.......
Monongahela
..III—
...
3,562
2,066
Montour
Lines."..
37,177
N. Y. N. H. & Hartford
New York Ontario & Western-.
10,346
b New York Central
2,113
4,353
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie
Marquette...
Pittsburgh & Shawmut
..
Pere
Pittsburgh Shawmut & North-
Pittsburgh & West Virginia
Rutland
„mm~_
Wabash
5,161
1,777
6,059
2,603
30
1,940
3,696
3,631
4,527
4,758
2,929
3,237
Nashville Chattanooga & St. L.
Tennessee Central—
Total.
55,585
49,044
48,631
27,851
24,025
Grand total Southern District
92,805
85,115
87,481
58,830
50,662
951
1,303
35,128
10,145
4,781
3.470
..
II-.
Wheeling & Lake Erie
65
1,993
375
147
Mobile & Ohio
Detroit Toledo & I ronton
3,030
13,806
6,725
382
117
151
355
1,729
2,698
Mississippi Central
8,268
.......
680
158
Macon Dublin & Savannah
Delaware Lackawanna & West.
Detroit & Mackinac
Detroit & Toledo Shore Line...
1,278
1,455
252
1,284
802
546
2,164
7,716
1,232
...
853
327
1,467
20,918
20,449
Georgia
682
2,049
7,601
1,443
16
Ann Arbor
&
1935
1936
1934
1935
1936
Eastern District-
Boston
from Connections
Freight Loaded
Railroads
1935
1936
1934
1935
Total Loads Received-
Total Revenue
Total Loads Received
1936
JAN. 18
AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
Freight Loaded
Railroads
689
Chronicle
3,150
Northwestern District-
754
812
701
1.764
1,353
13,261
2,133
18.976
4,171
11,926
1,746
15,889
3,208
13,882
2,413
17,013
3,706
9,657
8,308
2,308
6,495
2,301
746
509
448
162
521
514
434
323
296
6,346
5,126
Belt Ry. of Chicago
Chicago & North
Western
Chicago Great Western
Chicago St. P. Minn. & Omaha
Duluth Mlssabe & Northern...
3,120
4,834
5,526
Elgin Jollet & Eastern
2,696
7,992
2.765
69
270
235
259
138
152
8,454
8,379
7,340
2,263
2,282
547
Great Northern
628
517
529
402
Green Bay & Western
212
276
268
81
115
Minneapolis & St. Louis
1,616
Minn. St. Paul & S. S. M
5,006
8,494
1,599
3,956
7,191
1,709
4,287
7,518
1,690
1,989
2,625
1,391
1,845
Lake Superior & Ishpemlng
Northern Pacific..
2,263
112
76
75
208
114
1,027
942
959
1,029
803
71,826
62,720
64,649
42,257
35,623
18,766
2,901
17,028
2,472
17,565
5,057
2,420
2,104
4,492
1,779
310
203
208
65
34
14,906
1,292
10,640
3,092
1,158
3,387
13,098
14,665
1,589
7,189
5,912
886
594
10,848
2,508
2,280
7,485
2,188
1,070
1,970
6,233
1,888
1,311
2,389
662
442
247
22
1.127
1,989
1,689
1,107
1,812
1,038
1.953
967
827
1,140
1,001
119
78
North Western Pacific
523
407
434
249
193
Peoria & Pekin Union
99
45
92
92
78
12,633
12,219
System.
4,074
3,419
Spokane International
Spokane Portland & Seattle
137,604
135,055
128,256
150,073
140,277
504
552
391
787
724
26,964
1,673
Total.
25,075
25,588
1,153
14,106
1,509
13,115
Central Western District—
1,636
Atch. Top. & Santa Fe System
9
Alton
Bingham & Garfield
Chicago Burlington & Qulncy..
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Total.
Allegheny District—
Akron Canton A Youngstown—
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley*
Cambria
&
305
Central RR. of New Jersey IICornwall
1,212
4,829
9
5
10,130
9,937
5,388
108
11
2
53
55
403
356
337
23
21
180
173
26
17
695
—
...
741
720
2,368
1,457
33,563
14,982
1,394
2,783
1,170
31.455
13,982
1,067
863
Reading Co
(Pittsburgh)
994
1,041
53,993
13,002
8.339
Penn-Readlng Seashore LinesPennsylvania System
Union
305
1,143
260
Pennsylvania
Llgonler Valley
Long Island
260
10
1,345
6,389
Indiana
Cumberland A
1,083
53,178
12,497
6,199
53,054
14,453
5,748
106
Total.
72
102
0
0
3,309
West Virginia Northern
Western Maryland......
3,267
2,999
5,701
5.772
110,996
117,148
81,748
86,118
112,107
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver
City....
Illinois Terminal
...
Nevada Northern
...
15,412
Southern Pacific
(Pacific)
St. Joseph & Grand Island
Included
7,458
3,787
872
926
1,110
3,171
3,289
924
806
39,829
13,279
21,509
Norfolk & Western
19,108
19,667
16,663
1,098
3,641
46,356
40,373
Portsmouth Belt Line
Virginian
......
—
Total.
1.019
in U. P.
a
787
1,689
8
397
298
388
972
799
11,193
12,454
6,820
6,056
695
665
341
9
9
1,071
1,238
1,066
1,256
1,173
92,038
Union Pacific System
Utah
81,393
83,154
43,734
37,049
3,534
11,870
Chesapeake & Ohio
Norfolk
6,291
3,704
1,069
19,709
15,905
839
11,922
Toledo Peoria & Western
Pocahontas District—
1,523
9,621
2,889
Western Pacific
Total
Southwestern
District—
126
104
4,187
Southern District—
Burlington-Rock Island
140
130
137
331
Group A—
Fort Smith & Western
231
221
190
188
207
3,125
2,156
3,088
2,137
2,186
2,285
1,609
1,239
2,044
1,228
2.248
1,877
1,501
Alton & Southern
Atlantic Coast Line..
Cllnchfleld
Norfolk
4,559
1,392
367
942
876
Kansas Oklahoma
166
371
245
Kansas
61
95
105
Louisiana & Arkansas
1,128
1,104
965
Louisiana Arkansas & Texas
154
177
Litchfield & Madison
397
499
7,450
1,052
8,585
1,184
314
309
116
128
43
30
876
999
Gainesville Midland
Southern
........
Piedmont & Northern...
Richmond Fred. & Potomacl-
463
306
284
954
812
319
438
386
Gulf Coast Lines
5,006
1,785
8,347
1,061
Charleston A Western Carolina.
Durham & Southern
230
...
3,091
3,829
13,063
2,473
3,327
International-Great Northern..
189
122
138
1,867
1,658
1,536
1,082
1,444
1,217
& Gulf
City Southern
940
969
766-
172
424
341
206
737
697
210
472
703
810
Midland Valley
349
Southern System...
7,201
19,255
7,049|
6,975
18.668
18,180
11.266
162-
211
149
130
131
739
617
37,220
Winston-Salem
36,071
38,850
30,979
26,637
Southbound
Total.
84
114
106
263
4,870
15,101
4,146
13,259
4,403
12,923
2,700
Natchez & Southern
Seaboard Air Line
45
42
47
Quansh Acme & Pacific
99
96
206
120
116
7,859
2,431
6,447
4,353
2,206
6,578
3,959
2,145
3,187
4,010
17,350
3,443
1,988
5,377
3,867
1,667
7,458
2,050
5,335
3,761
1,313
251
199
261
56
65
38
20
12
41
47
47,174
46,426
56,653
49,658
Missouri
&
Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific
St. Louis-San Francisco
St.
Louis
607
Terminal RR. Ass'n of St. Louis
653
634
664
984
956
Wichita Falls & Southern
3,329
3,351
2,651
2,447
367
Note—Figures for 1934 revised.
Michigan Central RR.
246
226
298
813
Florida. East Coast
Fertilizer
633
1,034
889
*
Previous figures,
a
Weatherford M. W. & N. W__
54,631
Total.
b Includes figures for the Boston & Albany RR., the C. C. C. <fc St.
Wholesale
Reports
Association
633
Not available,
Commodity Price Average Higher During Week of
42
preceding weeks.
The composite index
for last week, based on 1926-1928 as 100, stood at 78.0 com¬
pared with 77.5 in the preceding week, 77.9 a month ago,
and 76.0 a year ago.
An announcement by the Association,
Jan. 27, also said:
■
the two
.
The rise in
farm
in
index
products.
downward
sharply
reversed
was
the composite
and
the
was
due largely to higher quotations for
The trend
during
latest week,
prices, which had been
of food
the second and
weeks of January,
third
and several of the most important
items
The downward: movement in certain meats,
including beef, ham and bacon, continued during the week, however.
Farm
the
in
group
moved upward.
product prices were generally higher during
the
group
rising
recovering all
highest
the
to
of
point
the
reached
Thirteen
commodities included in the
(declines
were
advance
occurred
largely
oil.
since
group
the first
week
in
the
index
of higher
representing
quotations
for
sheep.
miscellaneous
index
fell off
trend
in prices
slightly,
A 6mall
commodities,
hides, rubber and lubricating
fractional declines occurred in four group indexes.
The textiles
marking the third week of decline, but the down¬
of certain items in the group was partly offset by rising
prices for cotton and wool.
A continuation
meal was responsible for the
cottonseed
of the downward movement of
small
drop
in
the
fertilizer
materials index.
Twenty-eight
week
and
18
price
series
included
in
the
index
declined; in the preceding week there
during
the
advances
and
advanced
were
26
and 31
PRICE INDEX
1926-1928=100
Complied by the National Fertilizer Association.
Latest
Per Cent
Preced'g
Month
Year
Week
Total Index
Ago
Ago
Jan. 18
Dec. 28
Jan. 26
1936
Group
Bears to the
Week
Jan. 25
Each Group
1936
1935
1935
28.6
Foods
80.4
79.5
82.1
78.1
22.3
Farm products
77.0
74.9
76.0
75.5
16.4
Fuels
79.7
79.7
76.5
76.2
10.3
Miscellaneous commodities..
72.2
72.0
71.2
70.6
7.7
Textiles
68.0
68.1
70.8
69.7
6.7
Metals
83.3
83.4
83.5
81.9
5.8
Building materials
77.1
77.1
77.2
78.8
1.3
Chemicals and drugs
Fertilizer materials
94.9
95.0
94.8
94.0
64.3
64.4
64.4
0.3
65.8
0.3
Mixed fertilizers
71.9
71.9
70.7
76.5
0.3
Farm machinery
102.7
102.7
102.7
100.6
78.0
77.5
77.9
76.0
All groups combined
100.0
Note—The above figures reflect the revision made as of Jan. 4 1936.
December.
of
index advanced in price, while
registered by only two—choice cattle and
the result
Small
the week, with the index for
in the month and
loss sustained earlier
Louis RR., and the
declines; in the second preceding week there were 15 advances
WEEKLY WHOLESALE COMMODITY
general level of wholesale commodity prices was
somewhat higher in the week ended Jan. 25, according to
the index of the National Fertilizer Association, following
rather
1,852
2,496
3,37016.021
declines.
Jan. 25
The
declines in
14
11
252
738
703
603
715
Central of Georgia
Columbus & Greenville
^
Texas & Pacific
3,725
Atlanta Birmingham & Coast—
Atl. & W. P.—W. RR. of Ala-
National
165
166
180
189
238
Alabama Tennessee & Northern
foodstuffs
Southwestern
Texas & New Orleans
Group R—
9,007
2,529
7,510'
Index of Wholesale Commodity Prices
Department
of
Jan.
of
Labor
of United States
Unchanged During Week
25
Following the sharp decline of the two preceding weeks,
the composite Index of wholesale commodity prices remained
unchanged during the week ending Jan. 25,; according to
an announcement made Jan. 30 by Commissioner Lubin of
the Bureau of Labor Statistics, U. S. Department of Labor.
"The all-commodity index for the week stood at 80.2% of
the 1926 average," Mr. Lubin said, ./'approximately 1%,
690
Financial
below the level of the first week of the year. The general
index is 3% above the low of 1935, but is 1% below the
high of last year."
Five groups—fule
building
materials,
He continued:
and lighting
materials,
housefurnishing
increased during the week.
metals and metal products,
goods,
and
and
chemicals
drugs—
Foods, hides and leather products, and textile
products averaged lower.
Farm products and miscellaneous commodities
Chronicle
There appears to have been
between
processed foods," with
point of last year
index of 79.0, advanced 0.1% to equal the high
(November).
This group is
now
1.4% above the level
Comparisons of the present level of wholesale prices with
preceding week and the corresponding weeks of a month
ago and a year ago are shown in the following table issued
by Mr. Lubin:
the
Percent¬
Jan. 25 Jan.
1936
18
1936
80.2
district
1.7% larger than for 1934,
were
of
6.4% from 1933
in
1934, following
to
1934.
compared with an increase
as
Apparel store sales
an increase of
6.6% larger than
were
10.7% between 1933 and 1934.
age
Jan. 26
collections
of accounts outsanding were slower than
apparel store collections continued better.
1935
0.0
a
a
previous but
year
P. C. of Accounts
Percentage Change from
age
Change
Year Ago
Outstanding
Change
28
1935
corresponding month
of the previous year, but stocks of the
apparel stores continued to be higher
than a
yeaf ago.
For the first time in several months, department store
Percent¬
Percent¬
Dec.
age
Change
80.2
department store
December 1935 than in December
1934, and sales of the leading apparel
stores in this district were
9.8% higher than a year previous.
Nov. 30
Locality
All commodities........
With the exception
principal localities in this district remained larger in
The retail value of stocks of merchandise held
by the department stores
at the end of December was
again slightly below the
for the corresponding week of a year ago.
Commodity Groups
all of the
For the year 1935 total sales of the
reporting department stores in this
"all commodities other than farm products and
an
and this Bank's seasonally adjusted
areas,
sales in
1936
1
larger than seasonal expansion In sales
a
November and December,
Index reached the
highest point since March 1934.
of the northern and southern
New York State
remained at the level of the preceding week.
The industrial group,
Feb.
80.6
79.0
—0.5
Net Sales
Collected in
Stock
December
Hand
on
+ 1.5
Feb. to
Farm products
78.1
78.1
0.0
78.4
—0.4
79.0
82.7
82.9
—0.2
85.3
—3.0
80.9
+ 2.2
96.4
+ 12.6
End of
Dec.
Dec.
Month
1934
+ 1.4
—2.5
46.3
45.6
Buffalo
+4.0
+ 9.3
+6.1
+ 5.6
48.1
48.6
Rochester
+4.8
+ 3.4
—2.1
46.0
46.2
+ 7.8
+ 7.4
—1.1
Foods
Hides & leather products
Textile products
97.7
97.8
—0.1
70.8
71.0
—0.3
Fuel & lighting materials.
Metals & metal products-
77.0
76.4
+0.8
86.1
86.0
Building materials
85.3
85.2
Chemicals and drugs
+ 1.3
86.8
72.8
—2.7
70.0
+ 1.1
75.6
+ 1.9
74.3
+ 3.6
+0.1
85.9
+ 0.2
85.2
+ 1.1
+ 0.1
85.1
+ 0.2
84.9
+ 0.5
,1
80.6
_
Mis cell, commodities
80.3
+0.4
80.0
+ 0.8
80.0
+0.8
82.3
82.2
+0.1
82.2
+ 0.1
82.1
+ 0.2
67.8
Housefurnishing goods.
67.8
0.0
67.5
+ 0.4
70.6
—4.0
Allcommoditiesotherthan
farm products & foods.
79.0
78.9
78.8
+0.1
77.9
+ 0.3
+ 1.4
From Mr. Lubin's announcement of Jan. 30 the following is
also taken:
;
v
.
Tne index of the farm products group remained at
average.
Average market prices of grains, light hogs,
poultry, cotton, apples, lemons,
These
Syracuse
37.4
38.8
+ 1.6
+5.6
42.3
41.2
+ 5.3
+0.7
38.5
+4.0
+0.7
4.3
30.9
—3.0
—2.0
—0.7
+0.3
Elsewhere
Northern New York State....
Southern New York State
wethers, live
nigher.
were
hogs, lambs, eggs, timothy hay, hops, seeds and whote potatoes.
decline of 1 % below
The
41.4
32.6
\
'
a,..
m
—
m
mm.-
m
Hudson River Valley DistrictCapital District
+ 1.9
—2.0
+2.8
+0,7
Westchester and Stamford....
+ 16.9
+3.9
+4.3
+ 1.8
—1.4
44.2
43.8
+9.8
+6.8
+8.1
44.7
46.0
:
'
All department stores...
December sales
with those of
a
advances, however, were offset by falling prices for cattle, heavy
rent index for the group as a whole shows a
—6.7
+ 3.3
Bridgeport.
Apparel stores
ewes,
1935
+ 10.4
Northern New Jersey
78.1% of the 1926
dried beans and wool
oranges,
New York
.
■
.
---
and stocks in the principal departments are
compared
the following table:
year previous in
cur¬
Net Sales
Stock on Hand
Percentage Change
Percentage Change
a year ago.
Wholesale food prices declined fractionally during the week due to lower
December 1935
Dec. 31 1935
prices of dairy products, macaroni, cornmeal, rice, lamb, fresh beef, bacon,
Compared with
Compared with
ham, veal, oleo oil, edible tallow,
December 1934
Dec. 31 1934
and corn and cottonseed oils.
Wheat
flour, fresh pork, coffee, copra, salt mackerel, lard, salt, raw sugar and
cocoanut oil, on the other hand,
This week's wholesale
Books and stationery
Toilet articles and drugs..
Compared with
Luggage and other leather goods....
averaged higher.
food index, 82.7, is 3% below that of a month ago.
a year
The marked advance of the past six months in the hides and leather group
temporarily halted and the index registered
was
prices of hides, skins and leather were lower.
a
slignt decrease.
and is 12.6% higher than
A decrease of
% over
a
month
a year ago.
nearly 3 % has been registered in the textile products group
since the first of the year.
yarns,
Average
Despite the decline of 0.1 %,
the index for the group as a whole shown an increase of 1.3
ago
Wholesale prices of cotton goods
burlap and raw jute again fell sharply.
and manila hemp
on tne contrary
were
silk, silk
raw
Woolen and worsted goods
higher.
the
fuel
and lighting materials
Average prices of coal and coke
group
were
as
a
whole to advance 0.8%.
scrap
vanced fractionally to
malleable cast¬
steel, the metals and metal products group ad¬
86.1%
fell shaprly during the week.
of the
1926
Pig tin also
average.
was
Prices of bar silver
lower.
Paint and paint materials averaged lower.
sale prices of brick and tile
Whole¬
cement and structural steel were unchanged.
An increase of 0.4% was shown for the chemicals and drugs group due
advancing prices of copra
—20.9
+16.7
,,
+ 6.6
J
:
+ 5.7
+ 5.7
Silverware and Jewelry
Furniture.
—3.5
—2.2
+ 4.8
Cotton goods
Linens and handkerchiefs
+4.1
+ 1.9
+3.0
—7.2
Women's ready-to-wear accessories
Shoes
+2.8
+2.6
+ 1.9
Men's furnishings
Home furnishings
+2.6
—4.1
+3.0
+2.6
—4.2
+0.9
Women's and misses' ready-to-wear
+ 16.4
—1.4
Woolen goods
Silks and velvets
+ 7.0
—15.0
...
—16.7
—16.8
—3.1
*
—3.3
+ 1.2
As to sales in the
the first half of
metropolitan area of New York during
January, the "Review" says:
During the first half of January, total sales of the reporting department
The index for the building materials group advanced to 85.3 because of
rising prices of lumber.
+ 7.4
+ 7.1
...
Miscellaneous
steady.
Influenced by strengthening prices of plumbing fixtures
ings, jack planes and
+4.4
Men's and boys' wear
Toys and sporting goods
Hosiery
Pronounced advances in prices of petroleum products caused the index
for
+ 7.8
+ 8.1
....
Musical Instruments and radio
it is higner by 2.2%.
ago,
+2.5
+ 14.2
+8.1
vegetable oils and mixed fertilizers.
stores in the
metropolitan
area
of New York
were
10.7%
higher than in
the corresponding period of the previous year, but showed about the usual
seasonal recession from December.
,
to
Prices of
drugs and pharmaceuticals averaged lower.
The housefurnishing goods
group
advancing prices for furnishings.
recorded
a
minor increase caused by
Furniture prices remained
on a par
Increase
with
Wholesale prices of cattle feed declined 1.2%
rubber continued upward and advanced
The index of the
Bureau of Labor
during the week.
"Total December sales of the
Statistics includes 784 price series
weighted according to tneir relative importance in the country's markets
and is based on the average for the year 1926 as
100.0.
The following table shows index numbers for the main groups of
commodi¬
ties for the past five weeks and Jan. 26 1935 and Jan. 27 1934:
Jan. 25 Jan.
Commodity Groups
1936
18 Jan. 11
1936
1936
Jan. 4
1936
Dec.
28 Jan. 26 Jan. 27
1935
1935
1934
All commodities
80.2
80.2
80.5
80.9
80.6
79.0
72.4
Farm
78.1
78.1
78.3
79.3
78.4
79.0
59.5
products
4.3% Over Year Ago Noted in December
New York, "a smaller percentage increase than was recorded
in the previous month, but sales in general appear to have
shown about the usual seasonal increase over November."
Continuing, the Bank also has the following to
"Monthly Review" of Feb. 1:
Foods
82.7
82.9
84.6
85.8
85.3
80.9
65.0
97.7
97.8
97.7
96.6
96.4
86.8
90.4
March.
Textile products...
70.8
71.0
72.4
72.9
72.8
70.0
76.4
Fuel & lighting materials.
77.0
76.4
75.4
75.5
75.6
74.3
85.9
10-cent, drug, shoe, and variety chain stores; candy chain
74.0
On
reported
the
For the year
86.1
86.0
86.0
85.2
84.7
85.3
85.2
85.2
85.2
85.1
84.9
86.2
higner than for 1934,
80.6
80.3
80.2
80.1
80.0
80.0
75.1
1934, and
Housefurnishing goods..
Miscell. commodities
82.3
82.2
82.4
82.2
82.2
82.1
81.7
67.8
67.8
67.8
67.5
67.5
70.6
68.1
79.0
78.9
78.8
78.8
78.8
77.9
78.5
A slight
as
4.3%
chains
registered the largest
compared with
an
increase of 8.3% from 1933 to
December
1934 and December
1935,
of all reporting chains during December showed
percentage gain
to operate
grocery
increase in the total number of stores operated by the chain
sales per store
smaller
Bank Reports Rise of
the
decline of 1.4% from 1932 to 1933.
systems occurred between
New York Federal Reserve
in
substantial decline in sales, the largest since last
hand,
May 1934.
1935 total sales of the reporting chain stores were 1.8%
Metals & metal products.
a
a
other
increase in sales since
Building materials
Chemicals and drugs
farm products & foods.
in its
say
Individual lines reporting smaller gains over a year ago than in November
included the
Hides & leather products-
Allcommoditiesotherthan
reporting chain store systems
in the Second (New York) District were 4.3% higher than
in December 1934," states the Federal Resreve Bank of
store systems
85.9
Reserve
District
Crude
1.4%.
of
Sales of Chain Stores in New York Federal
those of the previous week.
than did total sales.
a
so
that
somewhat
Grocery chains continued
fewer stores while most of the other lines reported increases in
the number of units.
Store Sales During December as
Compared
with
December
1934—Increase
Also
Noted in Sales in Metropolitan Area of New York
During First Half of January
Department
According to the Jan. 1 "Monthly Review" of the Federal
Bank of New York, total sales of the reporting
department stores in the Second (New York) District during
December "were 4.3% larger than in December 1934, a
smaller percentage increase over a year previous than was
reported in November, due to the fact that the comparison
is with a year in which December business was better than
that of November."
The following is also from the "Re¬
Percentage Change
Year 1935
Compared with
from
December 1934
Year 1934
Type of Store
Number
Sales
Sales
of
Total
per
Total
per
Stores
Reserve
view":
Percentage Change
December 1935
Sales
Store
Sales
Store
Grocery
—2.0
+4.4
+6.6
—2.9
+0.1
Ten-cent
+ 1.9
+ 3.5
+ 1.6
+ 1.0
—0.4
Drug
+6.4
+ 7.9
+ 1.4
+ 7.0
Shoe
—0.2
+4.3
+4.4
—1.1
+ 1.4
+0.7
+ 6.0
+5.2
+ 7.1
+6.0
+ 18.6
—19.8
—32.3
—8.4
—15.1
+0.4
+ 4.3
+ 3.9
+ 1.8
+ 2.3
Variety
Candy
Total
+0.6
Financial
Volume 142
Sales
Wholesale
of
Year
The
Firms
Federal
York
December
During
Federal
Bank
Reserve
in its
"Monthly Review" of Feb. 1 that during December total
sales of the reporting wholesale firms in the Second (New
York) District averaged 8.9% higher than in December
York
reports
7
Dec.
14
Dec. 21
Jan.
shoes, and paper, reported larger increases in sales than in November,
sales of the hardware, diamond, and
jewelry
concerns
and
made the best com¬
Jan.
li
Jan.
18
Jan.
25
Feb.
Feb.
8
Feb.
1,955,507 1,781,666 +9.8
1,762,671
1,763,696
1,760,562
1
nand, registered tne smallest! ncrease in four months, yardage sales
15
a year
previous since September.
of silk goods were below a year ago
and the drug concerns
decline from
For
the
for the first time in a number of months,
also reported a smaller volume of sales, the first
1935 total sales of the reporting wholesale firms in this
year
higher than for the year 1931, compared with an
district averaged 5M %
1934
1935
of
while stocks
+8.9
7,500,566
7,131.158
6,608,356
7,198,232
April...
May
7.382,224
6,978,419
-5.8
7,544,845
-4.1
June
7,404,174
July
7,796,665
8,078,451
7,249,732
7.056,116
7,116,261
7,309,575
7,795,422
8,388,495
6,832,260
7,384,922
Nov
previous in the reporting silk goods and diamond concerns,
drug, hardware, and jewelry firms re¬
held by the grocery,
Collections continued somewhat slower than in the corre¬
mained lower.
sponding month of 1934.
8,197,215
7,160,756 +14.5
7,538,337
7,762,513
7.048,495
March
.
Aug
Sept
C. of Accounts
P.
P. C. Change
Outstanding
Percentage
December 1935
Nov. 30
Collected in
Net Sales
December 1934
December
with
Slock
Net
1934
End of
Sales
Year 1934
1935
Dec
Total.
Compared
89.5
88.8
49.4
53.1
47.9
44.4
1,680
1,602
1,717
1,816
1,598
1,713
1,687
1,834
1,826
1,542
1,734
1,737
1.717
1,483
1,470
1,589
Rayon and silk goods
*—2.9
Shoes..
+ 14.8
*
75.3
62.4
1.679
1,679
1,684
1,782
1,545
1.680
1,770
38.0
27.2
30.8
-9.6
7.370,687
6.678,915
7,184,514
7,180,210
7,070,729
Hardware
+8.6
—7.8
48.4
49.4
+ 3.2
Stationery
+4.0
57.9
57.3
Paper
+8.2
50.8
55.4
+27.5
+34.7
+ 19.8
+ 14.6
—14.0
}
29.6
13.6
7,288.026
7.391,196
7.337,106
7,718.787
7,270,112
7,566,601
89,467,099
6,931,652
7,094,412
6,831,573
7.009,164
6,971,644
Sales
Insurance
Life
States
during 1934, according to the Life In¬
Bureau of Hartford, Conn., which
just equal to those
Sales
surance
+6.9
Research
+9.1
recently completed its State-by-State analysis of life insur¬
ance sales of the country.
Its figures are based on reports
+5.5
from companies
+25.6
{
58.9
by the National Federation of Textiles, Inc., not
included in weighted average for total wholesale trade
having in force more than 90% of the ordi¬
life insurance in force in the country.
A comparison
of 1935 sales with those in 1934, expressed in percentages
for various districts of the country, was issued as follows
nary
on
Jan.
22 by
the Bureau:
1935
December Chain Store Sales at Peak
Under the stimulating
of
99%
Middle Atlantic..
100%
East North Central
West North Central
Pacific
99%
103%
99%
99%
102%
106%
United States Total
top and closed the year with the grandest display
100%
—
South Atlantic
since 1929, according to the current
East South Atlantic
review by "Chain Store Age," which further went on to say :
West South Central
Indicative
gains
by sales
shown
In
the
increase
of
that
over
the
the
of
good
both
November
but also
"Chain
to
rose
improvement
Store
was
establishments
high levels.
new
in any of
the
recorded
an
the preceding
Another significant feature
fairly well distributed
was
are
advanced
Over
a
the
over
the chain store field
92.9
period
greater part
whole,
as
reflected by the
In
from
100.4
in
of
December
in
ordinary
and
1934.
For the
with
1934.
companies
case
year
as
in
December 1933
was
87.5, and
therefore,
included
volume of chain store business
in
the
index,
of the shoe and apparel
increased
groups,
gains
more
amounted
53% each, while for the five-and-ten and drug divisions, the increases
40%.
Volume of grocery chains, which are the least affected by outside
December
index
the
Dominion of Canada during
corresponding periods
whole, two provinces, British Columbia and
experienced gains when compared
During
December,
however,
gains
were
experienced
Monthly
Indexes
of
Board of Governors
System for December
by
all
groups,
compare
with
November
Federal
of
On Jan. 27 the Board of Governors of the Federal Reserve
System issued for publication, as follows, its monthly indexes
of industrial production, factory employment, &c.:
BUSINESS INDEXES
(Index Numbers of Board of Governors. 1923-25=100)
figures,
in
More than one-half of the
companies reporting to the survey showed gains for the month.
conditions, increased 20%.
The
in
97% of sales for
provinces except Alberta, Quebec and Manitoba.
were
.
were
a
Reserve
of three years,
by
insurance
year
Ontario, plus the colony of Newfoundland,
77.4.
was
life
the
for
of 1934, the composite index figure
The index
93.5.
to
it
the
represented
32%.
as a
Age" index, advanced to 102.6 in December
from
As to sales in Canada the Bureau stated:
Sales
December sales not only
greater than
During the similar period
for December 1932
to
groups
which
Because of
stores.
country.
November.
as
apparel
and
Mountain
the heavy
are
adverse influences.
or
these
The state of trade in
than
five-and-ten
spending
type of merchandise they handle, these
case
three years,
the public
of
temper
the
of
sensitive to either
most
seen
the liberal
of
the seasonal
is
buying
consumer
%
as
98%
New England
influence of the holiday season and
Sales
of 1934 Sales
District—
by favorable weather, chain store trade in December
new
a
1936
During
Sales of life insurance in the United States last year were
+0.8
27.5
59.5
+8.9
Weighted average
aided
7.363,730
7,288,576
7.166,086
7,099,421
7,331,380
80,009,501 77.442,112 86,063,969
110.5
14.0
in Year
+5.9
—
-4.9
6,532,686
6,809,440
7,058,600
7,218,678
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
8,021,749
7.066,788
7,580.335
7.416,191
7,494.807
7,239,697
7,435,782
Equaled Those of 1934—Sales in Canada Dropped
+4.4
"-^0.2
Diamonds.
-4.2
1930
1931
1932
7,011,736
6,494,091
6,480,897
5,835,263
6,182,281
6,024,855
,
*—5.2
39.2
—1.1
Drugs
hit
1,728
1,726
1.718
1,809
1.589
based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures ars
based on about 70%.
+0.1
—14.0
+2.9
Quantity figures reported
1,638
1,714
Note—The monthly figures shown above are
+9.8
+ 16.7
clothing
--6.7
85,564,124
United
+2.3
+ 12.0
Cotton goods
*
1,624, 1,617
1,619
Month
Groceries
-
1,415
Year 1935
Commodity
Jewelry-
1,806
1,841
1,860
Change
Compared with
Men's
1,565
1933
Ch'oe
Oct
year
1,554
P.C.
Month
Feb
continued higher
At the end of December, stocks of merchandise on hand
a
1,563
(THOUSANDS OF KWH.)
DATA FOR RECENT MONTHS
Jan
1932 and 1933.
than
1,564
1,646
1,625
1,611
1,636
1,652
1,641
1933 to 1934, and an increase of about 7% between
increase of 15% from
1929
1,747
1,748
1,770
since last March.
year previous
a
1930
1,672
1,876
1935
1,854,874 1,668,731 + 11.2
1.970,578 1,772,609 + 11.2
1,949.676 1,778,273 +9.6
4
Stationery firms, on the
parisons with
otner
—
1931
1.519
1,426
1,495
1,484
1,470
1,455
2,002.005 1,787,936 --12.0
11.9
1,847,264 1,650,467
1932
1,619
1,644
1,657
1,539
1.169.662 1,743,427 +13.0
1,983,431 1,767,418 --12.2
1936
Several individual lines, including grocery, men's clothing, cotton
Kilowatt-Hours
1933
1934
1934
1935
Dec.
in Millions of
P.C.
Ch'oe
Week of—
Dec. 28
The Bank says:
1934.
RECENT WEEKS
Weekly Data for Previous Years-
(In Thousands
Kilowatt-Hours)
*
Ago
New
DATA FOR
New
in
December
Above
District
Reserve
691
Chronicle
a
as
Adjusted for
Without
Seasonal Variation
Seasoned Adjustment
follows:
Five-and-ten-Department chains
Apparel group
Grocery group
Drug group
Shoe group
109.8
vs.
105.0
114.0 vs.
108.0
92.4 (unchanged)
115.1
vs.
118.9
112.7 vs.
114.5
-
Dec.
Production
9.8% Above Corresponding Week
of 1935
weekly statement, dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
Jan. 25 1936 totaled 1,955,507,000 kwh.
Total output for'
the latest week indicated a gain of 9.8% over the correspond¬
ing week of 1935, when output totaled 1,781,666,000 kwh.
Electric output during the week ended Jan. 18 totaled
1,949,676,000 kwh.
This was a gain of 9.6% over the
1,778,273,000 kwh. produced during the week ended Jan. 19
1935.
The Institute's statement follows:
Nov.
Dec.
1934
1935
1935
1934
pl03
98
86
p95
98
78
pl04
P102
99
85
p95
98
76
92
90
p96
95
85
p67
60
31
p53
53
Construction contracts, value b—
Total
Residential
The Edison Electric Institute, in its
Dec.
1935
General Indexes—
Minerals
Electric
Dec.
1935
Industrial production, total
Manufactures
♦
Not.
Factory employment.c.
Factory payrolls _c
Freight-car loadings
Department store sales, value
26
12
p22
25
10
88
47
p79
76
36
85.6
r84.8
79.0
84.6
76.6
r84.9
74.5
78.1
63.2
71
66
64
62
67
56
J>84
81
78
pl45
91
135
Production Indexes by Groups and
Industries—
Manufactures:
Iron and steel
103
96
65
90
89
pill
106
97
92
p82
82
102
pl05
p82
111
Food products
86
103
Automobiles
126
rll5
88
126
125
48
P123
107
104
P105
103
59
r59
45
46
58
35
176
154
176
155
137
143
140
115
Textiles
...
Leather and shoes
Cement
Petroleum refining
Tobacco manufactures
Minerals:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
25
p26
plOl
All other
Bituminous coal
Week Ended
Week Ended
Week Ended
Jan. 25 1936
Jan. 18 1936
Jan. 11 1936
New England
5.7
5.1
7.6
9.4
Middle Atlantic
7.5
8.2
10.1
10.7
8.3
8.6
12.1
12.3
Lead
11.7
10.0
11.9
12.3
12.7
13.6
12.0
Rocky Mountain
22.4
23.4
21.5
18.1
Pacific Coast
12.2
11.8
10.9
11.1
71
72
119
p82
80
89
76
12.4
Southern States
p77
Silver
Central Industrial
147
57
Major Geographic
Regions
Week
Ended
Jan. 4 1936
Anthracite
p71
48
72
p69
50
r70
pU7
144
123
P143
143
120
84
r82
74
85
r82
76
68
Petroleum, crude
63
73
54
r79
60
79
r83
60
Iron Ore
West
Central
9.8
9.6
11.2
11.2
78
37
p
Preliminary,
a
Indexes of production, carloa dings, and department store sales based on daily
b Based on three-month moving average of F. W. Dodge data centered
r
Revised.
averages,
at second month,
Total United States.
44
Zlno
c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by F. R. Board of Governors.
692
in
the
AND
INDUSTRIES.
(1923-26=100)
November.
in
a
is
Employment
usual
and silk textile mills declined less
Activity at cotton
in^December, while at woolen mills there was a
decrease
Payrolls
December than
than
more-than-seasonal
Output at mines was also larger in
holiday period.
"
in
1936
Feb. 1
Chronicle
Financial
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
operation.
Output
shoe factories increased.
at
Factory employment showed little change between the middle of November
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
and
number employed
Group and. Industry
1935
Iron and steel-
Dec.
Nov.
Dec.
77.9
1935
Dec.
1935
67.7
76.6
93.1
Dec.
1934
76.8
79.2
77.1
Machinery...
93.9
93.0
Transportation equipment.. 111.0 rl09.0
Automobiles..
Nov.
Dec.
1934
1935
93.8
Nov.
1935
foundries
Dec.
1935
1934
66.6
68.7 r65.1
80.7
78,9
60.2
101.5
67.6
78.4 104.2
r
December,
increase
an
when
shops,
in
r 125.1
96.6 118.2 rl05 5
88.9 118.8 r116.7
76.4
55.9
55.8
52.1
55.8
55.7
52.0
57.1
54.5
44.4
ber, according to figures of the
78.4
92.3
93.1
79.2
79.4
78.5
61.8
usual
54.5 r54.4
47.8
54.5 7-56.0
47.8
44.3 r45.0
33.3
Stone, clay and glass
56.4
56.1
51.2
55.2
56.4
50.1
44.6
43.9
34.4
Textiles and products..
A.
Fabrics
96.1
96.2
92.1
96.8
97.0
92.8
82.0
79.7
75.3
B. Wearing apparel
Leather products
Food products
95.3
96.0
87.4
93.8
94.8
86.0
70.3
69.2
61.3
90.2
84.1
88.9
86.2
82.3
84.8
75.3
66.6
69.1
99.6
97.4 107.9
96.2
99.7 103.8
90.1
91.5
92.9
Tobacco products-
58.0
57.0
61.6
58.2
59.7
61.9
49.6
48.9
49.9
than
Paper and printing.
98.0
97.4
95.8
99.7
98.7
97.5
91.8
88.0
86 3
Chemicals & petroleum prods. 110.3 rll0.8 108.1 111.1 rll2.4 108.8 101.0 7-99.1
the
91.7
Lumber and products..
•
A.
94.5
94.4
92.4
96.2
96.1
94.0
85.5
80.2
82.6
of
99.9
r99.2
awards
for
There
was
Seasonal
Factory payrolls were
F. W. Dodge Corp., although a decline is
further substantial growth in tlie volume
a
publicly-financed
'•=
projects,
Sales
at
mail
usual
are
y:>i'y"-'i-i
increased from
serving rural
December.
in
seasonal
usual
houses
order
amount
Freight
in
December,
66% of the 1923-25
well
as
increases
larger
decreased by less than
the
and
sales by chain
as
showed
areas,
loadings
car
also
yy>y;V-'yy!
.'y y-V
department stores and variety stores,
and
building
residential
and
v/y.'/.V. :y
v
VDistribution
stores
Board's
index
adjusted
in November to 71%, continu¬
average
ing the advance begun last August.
89.9
B. Petroleum refining.... 111.0 rill.4 112.1 109.7 rll0.3 110.8 104.6 r98.8
Rubber products
83.4
83.0
80.7
83.0 r8 2.7
80.2
74.7 r70.3
in that month.
increased.
;
Chemicals
group except
petroleum refining..
110.1 110.6 107.1 111.4 rll2.9 108.3
There
declines
plants.
building
car
shoe factories.
by many other important industries.
reported
The
customary.
larger in the middle of December than a month earlier.
C The value of construction contracts awarded increased sharply in Decem¬
91.4 r91.9
....
decline is
and at railroad
employment at
128.1
Railroad repair shops.......
Non-ferrous metals
slight
a
continued to increase at steel mills, automobile factories,
machine
and
also
was
were
47.6
78.5
84.4 103.3 rlOl.O
of
middle
tlie
,";v'
////;''
97.8
Total
a
85.6 r84.8
Indexes
of
factory
79.0
84.6
r84.9
The general
78.1
74.51
76.6
63.2
preliminary, subject to revision.
r
ber.
;;:
y<';;
,
.
.
.
v
third
f°r December
1935 and
1934.
This
indicates how
statement
much of the merchandise imports and
exports consisted of
crude
ANALYSIS
AND
five
totaled
Dec.
member
reflecting
Changes
between
usual
■
cotton
BY
ECONOMIC
IMPORTS
OF DECEMBER
INTO
GROUPS
THE
OF
DOMESTIC
1935
UNITED
STATES
:/*."'?■ X!:!■'■".
EXPORTS
during
flow
return
8
Jan.
and
of
On
Month of December
1934
FOR
THE
New
reflected
Value
materials
Business
m
Twelve Months Ended December
1934
m
2.1
3,620
Agricultural
........
mm
mm
Non-agricultural
Value
37.4
32.5
— mmmm
W
i
'mm
m
mm
Value
Cent
30.5
682,956
540,252
142,704
24.1
6.4
'
2.8
59,032
2.3
58,750
57,793
'
mm m
14.4
m.m'rn
.0
6.6
13,292
1,236
31,702
—
mmm+mm
2.3
98
31.1
.
4.9
14.528
Cent
652,752
Per
2.6
2.6
957
.0
Manufactured food¬
stuffs
12,048
Agricultural
...
Non-agricultural
Semi-manufactures
7.2
____
'
_
_
—
30,316
Agricultural
-
-
18.0
«•—
-
40.3
67,933
Agricultural
•
Non-agricultural...
341,837
16.3
'm
.1
mm
•"
mm mm
'mmm
mmmmmrn
•
39.3
355
m'mm
—
mm
878.838
.2
87,539
39.1
—•
mm
m
14.3
86.894
...
8.0
.6
222
^mm
'
.
167,677
6.0
31,480
■
........
Non-agricultural.
Finished manufactures
~
«•'«.
m mm
41.8
«•
---
157,240
143,048
14,192
349,426
2,550
346,876
993,622
4,079
989,543
7.0
:
6.4
.6
15.6
.1
15.5
in
leading
influences
y/y'y.;
reserves
of
on
cities
seasonal
'y;y
yy
at
Reporting
Lumber
Mills
during tbe week
_
_
_
_
—
m
mmmmmrn
—
the
28,797
Agricultural
22.8
Crude foodstuffs
:
20,047
Agricultural
Non-agricultural
_
—
—
-
15.9
.
31.0
---
460,617
22.7
55,737
40,710
15,027
27,116
25,838
1,278
''mmm'mmm'm
8.3
m
15.1
14.4
m
mm
28.2
m m m
m
mm
254,314
15.5
"
mmmmmrn
:m
mm
.7
Manufactured food¬
stuffs
27,660
Agricultural...
Non-agricultural
Semi-manufactures
......
____
21,094
Agricultural
21.9
•»
«.
—
-
—
-
16.7
Non-agricultural...
....
28,595
Agricultural
—
—
*
22.7
8.8
---
16.1
rn
m
m
'mmmmmrn
307,302
3.7
mm
20.1
18.8
mmm
mmmmmrn
20.2
476
_
mmmmrnm
1.1
350,223
.3
35,777
19.9
_
Non-agricultural.
263,547
23.8
6,577
36,191
36,253
....
Finished manufactures
9.9
17,712
15,826
1,886
42,768
21.4
mm
m
...
582,557 28.6
428,264 21.0
7.6
154,293
322,325 j 15.8
311,937 15.3
.5
10,388
318,828
301,441
17,387
409,495
59,306
350,189
405,432
4,813
400,619
Association
from
of
rent week
week
of
were
1935,
shown by reporting mills in excess of similar
production at these mills being 56% above
business, 38% above; shipments, 20% above.
last year; new
The reports furnished the Association further disclosed:
During the
feet
of
week
Mills,
were:
feet;
15.6
.8
2.9
18
580;
pine,
189,0^9,000
production,
West
547
1936,
Coast,
mills
combined;
produced
shipped
Revised figures
feet;
184,329,000
178,481,000
feet;
for the preceding week
shipments,
175,162,000
,
Western
Northern pine
pine,
pine,
Northern
pine and
Southern
hardwoods
above
output.
All
above
those
corresponding week of 1935; all
showed shipments above, and
of
California
above
year's
softwood
regions
but
Northern
and
last
Identical
lent
37
of
with 25
Southern
softwood
days'
above
mills
reported unfilled
production
average
days' and 144 days'
18
the
was
week
same
a year
and
orders
Northern
reported
2,205
of
orders
pine
and
production
of
144
the
18
days',
equiva¬
compared
ago.
cars
during the week
above the preceding week;
cars
1935,
Jan.
on
stocks
loadings totaled 28,380
car
This
1936.
all
shipments
reported
week.
Forest products
Jan.
reported
pine
but
redwood
;2
19.7
Jan.
softwoods
hardwoods reported orders above production
during the week epded the 18th.
17.2
19.9
and
231,091,000 feet.
orders, 215,721,000 feet.
new
Western
14.8
20.1
ended
hardwoods
booked orders of
and
8,700
cars
above
ended
7,626
cars
corresponding week
1934.
con¬
sumption
Agricultural
126,193 100.0 179,586 100.0 1,636,003 100.0 2,038,638 100.0
89,427 49.8
1,105,701 54.2
'
•
Non-agricultural.
m
90,159
m
m m
m mm
Lumber orders reported for the week ended Jan.
mills
Summary of Business Conditions
Board
of
Increase
Governors of
932,877
During
in
Federal
December
45.8
United States by
Reserve
Noted
totaled 222,388,000 feet,
_
50.2
mills.
or
in
System—
Shipments
as
Reports from
6%
below
8,435,000
Tlie Board
of Governors of the
81 hardwood mills
or
Shipments
9% below
Reports
System,
production and employment showed a further increase in
December, when allowance is made for the usual seasonal
changes, and distribution of commodities to consumers was
In its
summary, issued Jan. 26, the
of
from
seasonally
adjusted
the considerable
98%
of
the
Employment
index
of
and
478
feet
identical
Jan.
with
on
18
softwood
1936,
or
604,978,000
similar
decline that
1923-25
average
automobiles
increased
week
business
new
reported
as
of the
same
170,046,000
were
feet,
175,031,000 feet.
was
give
by 487 softwood
production.
for
8,703,000 feet,
as
the
Production
same
week
or
were
9,298,000
was
feet.
date
usually
in
production,
occurs
November
in
to
somewhat,
a
softwood
and
mills
mills
report
the equivalent
feet,
or
year
on
stocks
gross
Jan.
of
unfilled
18
1936
give
3,531,628,000
orders
of 37 days'
as
unfilled
feet.
orders
The
898,107,000
feet
460
on
production, compared
days' average production
average
ago.
the
equivalent
of
25
Identical Mill Reports
Last
week's
feet, and
feet
industrial
a
production
year
and
ago
and
it
of
was
466
identical
110,633,000
138,984,000
feet;
softwood
mills
feet; shipments
and
orders
was
172,443,000
were,
respectively,
received,
218,659,000
158,957,000 feet.
which
December,
103%
in
December, the highest level reached by this index since the
spring of 1930.
As in other months
during the last half of 1935, the rise in the index was
due in large part to increases
in
output of durable manufactures, par¬
ticularly iron and steel and automobiles.
During the first half of January
steel
from
905,415,000
of
167,005,000' feet
Production and
Board's
same
1936
production
Unfilled Orders and Stocks
Federal Reserve
"industrial
increased volume."
Board said:
the
18
the
Industrial
in its summary of general business
and financial conditions
in the United
States, based upon statistics for December and
the first three weeks of
January, states that
in
for
Production
production.
feet,
27% above
or
reported
3% below production.
Production and Employment
production of
Manufacturers
covering operations
leading hard¬
wood and softwood mills.
Production as reported by 4%
fewer mills was 2.5% under that of the previous
week; ship¬
ments were2%above that week;new orders were7%above.
Reported lumber shipments were 3% below production dur¬
ing the week ended the 18th; new orders
\yere 25% above
output.
During the previous week shipments were 7%
below output and orders 14% above.
All items in the cur¬
of
account
was
Lumber
associations
...
—
_
Non-agricultural...
Imports for
National
Southern
materials
heavier than for any
wras
April; production
regional
.2
exports.. 168,442 100.0 220,977 100.0 2,100,135 100.0
2,241,995 100.0
'""'i#
90,738 41.1
747,724 33.4
Non-agricultural
130,239 58.9
1,494,272 66.6
Agricultural
Heaviest
44.3
44.1
Domestic
advanced
excess
previous week
less than any (except holiday
weeks) since June; shipments from the mills were heavier
than in any of the preceding six weeks, according to
reports
to
1935
Per
Cent
82,685
71,798
10,887
5,169
5,071
mm
m,
Crude foodstuffs.....
Value
32.4
Agricultural
takes
22
banks
New business booked at the lumber mills
since
1 r
■;'
Per
Cent
54,525
Non-agricultural
The
from
currency
$3,300,000,000
of
largely the
yr.'*
ended Jan. 18 1936
1935
Per
1
in the
following
the
Since April
MONTH
Class
Crude
of
Jan.
peak
the
reporting member
15
■>
y.yy
gold stock.
compared with
FROM
/'y
(Value in 1,000 Dollars)
;■<'
goods,
gray
J-
'
Crude
the
decline in
some
for
$320,000,000
seasonal
monetary
as
the condition
in
Dec.
factors.
was
prices
banks, which declined by $600,000,000
increased by
the
increase in
$3,030,000,000
1935.
'
11
there
lower
decline in Treasury balances with the Federal Reserve banks,
a
small
January
Bank Credit
''V
of December,
weeks,
a
of
part,
in
of
partly or wholly manufactured products.
The
following is the report in ful:
;v/', '
or
we<?k
weeks
Prices of hogs, rubber, and petroleum increased.
of
reserves
circulation;
and
The Department of Commerce at
Washington, Jan. 28,
issued its analysis of the foreign trade of the United States
in December 1935 and 1934 and the 12 months ended with
three
reflecting,
■yvy
Excess
Analysis of Imports and Exports of the United States
level of wholesale prices showed little change during Decem¬
first
/'''.-V:
•
.;Vy
December
the
index,
flour, pork, and silk.
.
Revised.
In
general
employment
and payrolls without seasonal adjustment
compiled by Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for payroll period
ending nearest middle of month.
December 1935 figures are
■
Commodity Prices
66.0
following declines
Automobile Sales in 1935
Highest Since 1929
Factory sales of automobiles/manufactured in the United
States (including foreign assemblies from
parts made in the
United States and reported as
complete units or vehicles),
for December 1935, consisted of
407,804
344,613
were
passenger
cars,
and
vehicles, of which
63,191
were
trucks,
as
Financial
Volume 142
vehicles in November 153,624
80,565 vehicles in December 1933,
and 107,353 vehicles in December 1932.
These statistics
were
released this week by Director William L. Austin,
Bureau of the Census, Department of Commerce.
compared
with
398,039
vehicles in December 1934,
The table below is based
data received from 112 manu¬
on
making passenger cars and
making trucks (10 of the 29 passenger car manufacturers
also making trucks).
Of the 119 manufacturers reporting
prior to June 1934, seven have gone out of business, i Figures
for passenger cars include those for taxicabs.
The figures
for trucks include those for ambulances, funeral cars, fire
facturers in the United States, 29
83
apparatus, street sweepers, and buses, but the
number of
special purpose vehicles is very small and hence a negligible
factor in any analysis for which the figures might be used.
Canadian production figures are supplied by the Dominion
Bureau of Statistics.
NUMBER
OF VEHICLES
(INCLUDING CHASSIS)
f
United States
'
•
.
f
693
Chronicle
commodities
miscellaneous
1;
up
cotton
13, and
and cottonseed down
grain down 23.
Jan. 15, compared with
The ratio of prices received
15, compared with 85 on that
date iast year.
,
,
1
.,
;
Local market prices of hogs averaged $8.91 per 100 pounds liveweight on
Jan. 15 compared with $8.72 on Dec. 15; corn 53.5 cents a bushel compared
with 53.0 cents; veal calves $8.15 per 100 pounds compared with $7.86;
beef cattle $6.22 per 100 pounds compared with $6.14; wheat 93.0 cents a
bushel compared with 90.1 cents; cotton 11.1 cents a pound compared with
11.4 cents, and eggs 22.8 cents a dozen compared with 28.7 cents.
The index of
prices paid by farmers was 122 on
122 on Dec. 15, and 126 on Jan.
to
15 a year ago.
prices paid by farmers was 89 on Jan.
by Federal Land Banks During 1935 Almost
According to FCA
Farm Sales
Double Previous Year,
-
number of farms bought from
The
the 12 Federal Land
investors in 1935 was almost double
the number for 1934, and more than double that for 1933,
banks by farmers and
30,
Washington, D. C., Jan.
Administration, which said:
according to figures released in
by the Farm Credit
Canada
tone of
The
improved substantially in every
real estate market
the farm
r
Passen¬
292,785
229,233
63,552
10,607
8,269
2,338
February
335,667
275,623
60,044
18,114
13,885
4,229
March
429,795
477,691
361,816
401,628
67,977
21,975
18,179
76,063
24,121
20,686
3,435
acquired by the banks over a period
were sold at an average rate of about 34 a day for each and every
working day during the year. ,
\
,«
;
Some 8,788 whole farms and 1,379 part farms were sold in 1935 for
$29,213,000 compared to 4,865 whole farms and 698 part farms sold for
$17,600,000 in 1934, and 4,128 whole farms and 637 part farms sold for
364,662
361,248
307,522
57,140
20,765
17,093
3,672
$14,113,000
296,609
276,084
64,639
15,745
12,276
3,469
60,901
13,069
9,471
3,598
*Total
Passenger
Trucks
Total
&c.
Cars '■
all Vehicles
ger
Cars
.
Trucks
district,
and
and part farms
farms
of years
*1935—
.
January
April
May
June
<
3,796
Cash
in
down
July
336,985
August
239,994
89,804
182,389
57,605
7,692
5,524
2,168
most
57,285
5,323
3,819
1,504
carrying
October
275,024
8,313
7,128
1,185
November
398,039
214,609
338,425
32,519
60,415
59,614
13,496
12,042
1,454
December
407,804
344,613
63,191
13,775
11,370
2,405
4,009,496
3,285,836
723,660
172,995
139,742
33,253
112,754
186,774
42,912
43,482
6,904
4,946
1,958
February
155,666
230,256
8,571
7,101
March
338,434
279,274
59,160
14,180
12,272
1,908
1933.
during the past year were considerably larger in
represented a higher percentage of the
payments
2,912
September
Total (year)
1934—
January
1,470
property.
the
of
value
in
97.5%
from
increased
value
the sale price
and
districts,
1934 and 1935 is
following table issued by
Sale of farms and the sale price during
given by individual banks in the
the FCA:
NUMBER OF WHOLE AND
PART FARMS SOLD AND
April
352,975
288,355
64,620
18,363
May
330,455
273,764
56,691
20,161
16,504
3,657
June
306,477
261,280
45,197
13,905
10,810
3,095
July
264,933
223,094
41,839
11,114
8,407
234,811
183,500
51,311
9,904
7,325
170,007
44,967
5,579
4,211
131,991
125,040
84,003
2,707
2,579
1,368
47,988
3,780
2,125
1,655
34,462
1,697
1,052
645
Baltimore
63
49,020
495
83,482
111,061
42,563
251
1,488
256
153,624
Columbia
Louisville
728
107
2,177,919
575,192
1,598
418
2,753,111
September
.
October
November
December
Total
(year)
2,694
116,852
2,443
92,647
24,205
2,921
437
109,833
128,825
January
18,992
3,358
SALE PRICE
1934
1935
Bank
31
426
Springfield
♦New Orleans
Sale Price
Part
Whole
601
106
St. Paul
941
108
331
St.
1933—
100.6%
last year.
15,451
August...
carrying
The sale price in relation to
1933 to 100.1% in 1934 to
Louis.
Whole
Part
14
Sale Price
$1,504,000
$1,505,000
1,409,000
398
355
19
932,000
3,433,000
3,019,000
4,130,000
1,891,000
604
112
1,790,000
301
40
1,211,000
480
183
.
1,323,000
498
76
1,607,000
849
126
3,497,000
291
3,853,000
2,510,000
13
15,319
3,298
273
Omaha
1,525,000
14
5,927
Wichita
125
17,803
6,632
42
97,469
332
115,272
705
2,209,000
423,000
1,070,000
180,651
33,760
9,396
1,372
511,000
214,411
Berkeley
16
May
6,957
8,024
1,908,000
26
8,255
1,298
363
26,677
67
149,755
670
176,432
Houston
April
Spokane
59
1,523,000
90,128
105,447
February
March
...
3,025
June
249,727
207,597
42,130
7,323
6,005
1,318
July..
229,357
191,265
38,092
6,540
5,322
232,855
191,414
41,441
6,079
4,919
1,160
September
191,800
157,376
34,424
5,808
4,358
1,450
3,682
2,723
959
134,683
104,870
29,813
November
60,683
2,291
1,503
314
40
1,319,000
864
29,776
3,190
2,171
118
2,711,000
452
1,379 $29,213,000
4,865
1,573,512
346,545
65,852
53,855
11,997
98,803
8,788
Total
♦Preliminary.
•' y ■ ■ •
698 $17,600,000
\
•
\
1,019
1,920,057
...
788
80,565
42,365
50,789
18,318
December
23
149
1,218
August
•1
October
Total (year)
117,418
118,959
.
3,112
619
20,541
3,731
94,110
23,308
5,477
4,494
983
99,399
119,344
February
March
19,560
8,318
6,604
1,714
April
148,326
120,937
27,389
6,810
5,660
1,150
May
184,295
157,756
26,539
8,221
7,269
952
June
183,106
160,338
22,768
7,112
6,308
804
July
109,143
94,705
14,438
7,472
6,773
699
90,325
75.907
14,418
4,067
3,166
901
2,342
1,741
601
August
September
84,150
64,748
19,402
October
48,702
35,107
13,595
562
59,557
47,532
12,025
2,923
2,204
2,361
November
1,669
535
December
107,353
86,149
21,204
2,139
1,561
578
235,187
60,816
50,718
10,098
Total (year)
*
1,370,678
—
1,135,491
Figures for trucks, &c. for the period January
to November, Inclusive,
Argentina
to
Work
1932—
January
^
Build Public Grain Elevator System—
14
Elevators
Expected to Start in
September
Construction of 14 new
Responsibility for construction of
of 180 new public country
modeling of existing country
Cash
December
But
Above
Income
Year
of
Ago
Farmers Below November
According to Bureau of
Agricultural Economics
cash income from sales of farm products was
Farmers'
$598,000,000 in December, compared with $660,000,000 in
November, and $473,000,000 in December a year ago,
according to estimates by the Bureau of Agricultural Econo¬
mics, United States Department of Agriculture.
Farmers
received in addition $47,000,000 in December benefit pay¬
ments, compared with
$56,000,000 in November, and
$53,000,000 in December a year ago. Under date of Jan. 25
the Bureau further said:
payments for the year
1935 is estimated at $6,932,000,000, compared with $6,387,000,000 in
1934, and $4,328,000,000 in 1932 which was the low year of the depression.
Income from marketings was higher in every month except July in 1935
than in 1934, but the greatest increase occurred in the last three months of
1935.
A part of this increase, it is stated, was due to increased marketings
from the larger crop production of 1935, to increased demand for farm
products, and to unusually heavy marketings of m3at animals, particularly
Cash income from
of One Point Noted in
Bureau of
Jan.
Farm Price Index of
Agricultural Economics from Dec. 15 to
15
price index was 109 on Jan. 15, compared with
Dec. 15, and 107 on Jan. 15 a year ago, according to
The farm
110
on
the Bureau
of Agricultural
Economics, United States De¬
partment of Agriculture, which pointed out that pre-war
equals 100.
Under date of Jan. 29 the Bureau continued:
Prices of cotton, cottonseed, eggs and truck crops declined during the
past month.
Prices of grains, meat animals and butterfat advanced.
Compared with a year ago, farm prices of meat animals are up 26 points;
dairy products up 8; chickens and eggs up 3; fruit up 2; truck crop3 up 1;
elevators and for the re¬
grain storage facilities.
of the recently enacted program
elevator system is part
of
handling and improved marketing.
Work on the 14
public elevators is expected to get under way by September 1936, but con¬
struction of additional country elevators as well as the remodeling of existing
grain grading, bulk
country grain storage
The
Grain
facilities will be deferred.
Commission estimates the capacity of existing
Elevator
grain storage facilities
at railway stations at 7,500,000 metric
owned by the railways and 1,500,000
which 6,000,000 tons are
private concerns.
This storage space compares
production of 18,000,000 tons
tons of
tons by
with an average annual
of grains and linseed.
Products—California Producers Set
Various Fields—Kern County and
Venice Field
Ready to Cut Output—League of
Nations Studying Oil Embargo—Spring Price Rise
Petroleum and Its
Quotas
for
Discussed—Flow Off in Week
The California oil
territory, at least certain segments
of it,
responded aggressively this week to the Standard Oil Co. of
California's offer to swap higher prices for curtailed produc¬
tion.
Operators in Kern County were
the first to definitely
accordance witfh the offer.
A com¬
mittee of producers in the,
Mountain View and Edison dis¬
tricts drafted a resolution calling for the curtailment of output
to 31,000 barrels daily for the two fields.
This represented a
decrease of 22%—the figure aimed by the Standard Oil Co.
The strings attached to the committee's proposal were simply
that other fields curb their flow accordingly and that an ad¬
commit themselves in
+
Decrease
The new public
sales plus rental and benefit
cattle and lambs.
the elevators, with a total capacity of
bushels of wheat, has been delegated to a special Elevator
The Commission is authorized also to prepare specifications
Commission.
for the construction
have been revised.
public terminal elevators in port
Argentina has been authorized by the Argentine
Government, according to the Bureau
of Agricultural
Economics, United States Department of Agriculture,- an¬
nounced Jan. 29.
The Government has advertised for bids
on the elevators which will be financed from exchange profits,
the Bureau said, adding:
cities of
24,030,000
1935,
on
justment be made in the posted price for crude oil in
Mountain View area to bring them to the same levels as
the
the
posted price in other San Joaquin Valley fields. Producers'
committees of the Bakersfield, Poso Creek, Round Mountain
and Kern front fields passed similar resolutions.
Venice
operators fell in line shortly
after.
*
Financial
694
On Tuesday the Central Committee of California Oil
Producers, acting on a report of a special sub-committee,
adopted the latter's schedule and referred it to field com¬
mittees for action.
for
individual field committees
the
to
properly distribute
the quotas to the producers as well as in the fields.
While the response which has been made to the Standard
dispatches
from the coast indicate that a few differences will still have
to be ironed out before complete accord is reached.
Some
producers are of the opinion that the price increase offered
is not commensurate with the suggested curtailment figure.
Consequently these dissenters state they are willing to
co-operate if the price boosts offset the differential in cash
income based upon their December production.
The international oil embargo reared its head again during
the week when the League of Nations committee of experts
for application of sanctions against Italy for her Ethiopian
campaign began a study of measures for plugging existing
leaks in the five point sanctions program.
Oil Co. of California's offer has been gratifying,
In
effort to determine the effect of sanctions to date
an
committee
questionnaire to all League
with Italy.
dated Jan. 30 stated
that Italy is reported to have purchased a large quantity of
Rumanian oil, sufficient to meet her requirements until the
beginning of 1937.
Rumania was said to have demanded
and received immediate payment in gold.' On the same day
a United Press dispatch from
Bucharest stated that huge
deliveries of oil have been leaving Rumania for Italy steadily
since last summer.
Payment has been made in foreign cur¬
rency since Nov. 18, it was stated.
However, the dispatch
continued, informed circles doubt that Italy can store
sufficient oil for a year.
They also doubt that the govern¬
ment will permit exports contrary to the threatened League
embargo if it is adopted.
Dispatches from Chicago indicate that the trade there is
sanguine of a further boost in Mid-Continent crude oil
prices.
In the more optimistic circles an upward adjustment
the
dispatched
a
members soliciting details of their trade
A United Press dispatch from Geneva
of 10 to 15 cents
a
barrel is visioned in about six weeks with
similar increase expected
a
36
in time to bring the price of
degrees gravity oil to about $1.30 a barrel by spring.
quotation for this grade of crude in Oklahoma
The present
is $1.10
a
barrel.
production
figures.
Maintenance of output over the next six weeks at
the present rate, it is held, would warrant the boost.
Al¬
though current production is running ahead of a year ago,
it was pointed out, consumption also has turned up from 1935.
Information from Oklahoma City indicates that the State
is preparing to lease for oil drilling the property on which
crude was recently discovered.
Under the program 25 wells
would be drilled to recapture the oil.
On Friday an Oklahoma City dispatch declared that an
effort of operators of the Fitts oil field to obtain a large
increase in allowables by cutting the quota for the Oklahoma
City Wilcox zone finally was settled with agreement for a
small increase for the Pontotoc County pool and no loss to
the city area.
The State Corporation Commission then
signed a state wide allowables order settling February daily
production for Oklahoma at 483,700 barrels, the same as
the Bureau of Mines recommendation.
average gross
crude oil production throughout the
country in the week ended Jan. 25 was 2,820,500 barrels,
contrasted with 2,833,600 barrels in the preceding week,
according to the American Petroleum Institute.
The figure
was 274,400 barrels more than the estimated needs of 2,559,200 daily estimated by the Department of Interior for Janu¬
ary.
California contributed an increase of 500 barrels
during the week; Oklahoma gained 2,100 barrels and the
Eastern fields were up 6,200 barrels.
Total stocks of domestic and foreign crude petroleum at
the close of the Jan. 18 week aggregated 298,136,000 barrels,
according to the Bureau of Mines.
This represented an
increase of 353,000 barrels over the preceding week and com¬
prised gains of 66,000 and 287,000 barrels of domestic and
foreign crude, respectively.
The excessive production of crude oil in California during
December
was
reflected
stitute's report for the
of 4,378,583 barrels in
in
the
American
Petroleum
final month of 1935.
In¬
An increase
total stocks covering all products
held by
the principal marketing companies in the State,
except those held at sales and service stations was reported.
At the end of the month the storage amounted to 130,628,646
barrels.
Daily average crude oil production for the month
averaged 678,284 barrels, against 676,476 in November.
There were 50 wells completed with an initial flow of 21,344
barrels, compared with 60 wells and initial flow of 36,379
PRICES—TANK-CAR
OIL
LIFTED—RETAIL POSTINGS UP
FOR JANUARY—FURTHER
BRINGS
1936
ADVANCES
PRICES
GASOLINE
IN NEW YORK—SALES UP
INCREASE IS EXPECTED
stimulated by the cold
forced upward price adjustments during the last week
in a number of instances.
Ordinarily the low temperatures,
while benefiting the heating products, should have a some¬
Demand for fuel oil and kerosene,
wave,
what adverse effect
But this
motor fuel.
on
not the
was
instance, for gasoline continued to give a
strong price performance.
case
in the present
series of advances was instituted. Effective
price of heating oil at retail was advanced
i^-cent in New York City and Westchester County.
Nos. 2
and 3 heating oils were increased to 6% cents a gallon and
No. 4 to 6cents at New York.
In Westchester Nos. 2
and 3 were raised to 7 cents and No. 4 to 6% cents.
The
Standard Oil Co. of New Jersey raised No. 1 heating oil
in tank-car lots L£-cent a gallon to 5p2 cents at Baltimore
and Norfolk.
Leading distributors also advanced the price
of kerosene in tank-car lots L£-cent a gallon at Philadelphia,
Baltimore, Norfolk and Wilmington.
On
Monday
a
of that date the
as
Late Monday the Standard Oil Co. of New York, sub¬
sidiary of the Socony-Vacuum Oil Corp. announced frac¬
tional boosts in both its tank-car and retail postings in the
Metropolitan New York area to take effect the next day.
Under the revised schedule, the tank-car price was marked
i^-cent a gallon, while retail prices, including Metro¬
politan New York and Westchester were advanced 2-10th of
up
1 cent.
day other refiners met the advances in the New
and extended them to the New England area.
City and vicinity retail quotations were lifted
2-10ths of 1 cent a gallon and in Connecticut, west of Massa¬
chusetts, prices were adjusted a ^-cent higher.
The next
York territory
For New York
On
Wednesday the
continued unabated.
improvement
The Standard Oil Co. of New York elevated its
tank-car
gasoline another J^-cent, bringing the quotation to 7 % cents
a gallon.
Similar mark-ups were put in effect at Boston,
Portland and Providence.
This second boost was attributed
chiefly to the firmer situation in the Gulf markets. Standard's
action was followed by the Texas Co. at New York and Port¬
land and by the Gulf Refining Co. at Portland and Boston.
At the same time Socony-Vacuum raised the price of tank-
gasoline at a number of up-State and New England
Tank-wagon and service-station postings were
New York State centers.
On the same day
a leading refiner posted an advance of
cent a gallon for
kerosene at Philadelphia.
Unofficial trade estimates paint a much rosier picture of
the refined products situation in January than was indicated
by either the American Petroleum Institute or the United
States Bureau of Mines.
Ignoring the handicaps put in its
way by the severe weather, these unofficial estimates hint
that total sales of motor fuel in the first 24 days of the
points.
lifted at leading
were 16% above the same period last year,
the movement from refineries and bulk terminals.
month
quarter of
1936, bringing the total to 95,100,000 barrels.
would compare with 87,032,000 barrels
shipped in the initial three months of last year.
The export
demand for motor fuel is estimated at 7,500,000 barrels,
This
aggregate
against 5,967,000 barrels in 1935.
The report by the committee, composed of 15 leading
petroleum economists and statisticians appointed by the
trade association, dedicates considerable space to motor
fuel in 1935.
It is pointed out that a record high apparently
was established with shipments totaling 465,200,000 barrels,
an increase of 6.9% above the 435,000,000 barrels shipped
in 1934.
' V-
Lima (Ohio Oil Co.)
1.25
Corning, Pa
1.42
Darst
Creek
1.23
1.23
Sunburst, Mont
1.18
.85
....
Midland District, Mich
Western Kentucky
Mld'Cont., Okla., 40 and above
Winkler, Tex
Smaokover. Ark., 24and over
Santa Fe Springs,
Illinois
...
75-.80
Cal.38 & over...
Huntington, Calif., 30 and over....
Kettleman Hills. 39 and over
Petrolla, Canada
cent in New York City and
Jan. 25—Retail heating oil was advanced
Westchester County, effective Jan.
at
6% cents and No. 4 at
raised to 7 cents and
Jan. 27—Standard
At New York No. 2 and 3
were
In Westchester Nos. 2 and 3
were
27.
cents.
No. 4 to 6M cents.
Oil
Co.
of New Jersey lifted No.
1 heating oil in
% cent to 5 H C9nts a gallon at Baltimore and Norfolk.
distributors advanced kerosene in tank-car lots
tank-car and retail gasoline in
$1.10
1.15
Eldorado, Ark., 40
Rusk, Tex., 40 and over
$2.45
'V■•■■■■ ^
Jumping back to the1 Institute's weekly report for the
period ended Jan. 25, it is disclosed that crude oil runs to
stills aggregated 2,800,000 barrels, unchanged.
Production
of cracked gasoline rose 25,000 barrels to 575,000 barrels
daily.
Stocks of gasoline and fuel oil at the close of the
week amounted to 104,754,000 barrels, contrasted with 105,137,000 at the close of the preceding week.
The reporting
refineries representing 89.6% of the refining capacity of the
country, operated at 75.1%.
Representative price changes during the week follow:
cent a
gallon at Philadelphia, Baltimore, Norfolk and Wilmington.
Jan. 27—Standard Oil Co. of New York made fractional advances in
Barrel at Wells
(All gravities where A. P. L. degrees are not shown)
Bradford, Pa
on
Augmenting this bullish report was the appearance of the
a series of quarterly surveys made by the American
Petroleum Institute's committee on supply and demand.
The Institute estimated an increase of 8.1% in the domestic
demand for motor fuel on a daily average basis for the first
Jan. 27—Leading
Prices of Typical Crudes per
based
first of
tank-car lots
barrels in November.
WEATHER
PRODUCTS—COLD
FUEL
IN
1
car
The view is that the advance is contingent on
Daily
REFINED
A resolution stated that the suggested
quotas be accepted and become effective beginning Feb. 10.
The Feb. 10 date was selected so as to allow sufficient time
Feb.
Chronicle
.97
1.02
1.23
.89
.82
.90
1.10
metropolitan New York, effective Jan. 28.
Under the new schedule the tank-car price was
and retail
lifted
cent to 7J^ cents
gasoline prices were advanced 2-10 of 1 cent to 18.7 cents.
Jan. 28—Standard Oil of New York's boost was met by other refiners.
In Connecticut, west of Massachusetts, prices at retail were lifted ^ cent.
Jan. 29—Standard
another
Oil
Co.
cent to 7% cents.
Portland and Providence.
of New York
The
same
boost
advanced
was put
tank-car
gasoline
in effect at Boston,
Advances earlier in the week in No. 1 fuel oil at
County.
met
were
cludes
M cent to 7 cents a gallon in Nassau
Jan. 30—No. 2 fuel oil was advanced
695
Chronicle
Financial
Volume 142
Arizona,
California,
Idaho, Nevada, and Oregon,
Philadelphia
s
r
Preliminary,
Included with
p
and South Dakota
Alaska, Georgia, North Carolina,
Western States."
* Less than 1,000 tons.
vised,
Re-
"other
by Richfield.
advanced % cent at various New
Jan. 30—Tank-car kerosene prices were
York State points by
13,100
Oil Production Drops
Daily Average Crude
This brings the market to 5 cents
Socony-Vacuum.
Barrels
gallon, f.o.b., oil regions.
a
of high octane gasoline and at 7 cents for
Jan. 31—Hartol
cents
The new prices are
gallon, effective Feb. 1.
a
oil
advanced Nos. 2, 3 and 4 heating
Products Corp.
in tank-car lots
average gross
action of other refiners.
the unbranded product, thereby meeting the
42* cents for Nos. 2 and 3 and 4>* cents for No. 3.
Gasoline, Service Station Tax Included
*
$.187
New York
...$.174
Minneapolis
$.175
.185
.175
New Orleans
Newark
.175
.20
Philadelphia-
Camden.
.175
.16
Boston
.165
.205
San Francisco.
Buffalo
.15
.17
St. Louis
Chicago
.165
.22
Pittsburgh
.13
^Brooklyn
__
p us
$1.05
I
1.651
Standard Oil N. J__$.07Vi
Socony-Vacuum
Receipts of California
I
32-36 GO..$.02H-.02J*
$.053*-.053*
.06
-.063*
.05>*-.043i
Gulf ports... .06
-.063*
Tulsa
.05J*-.05 H
Orleans.
New
Texas..
Warner-Qulnlan Co.
Republio Oil
Shell East'n Pet..
Los Ang., ex..
.07>*
.07!*
07**
.063*
s
Not including
Gulf
.073*
of
Declines
Coal
refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 2,800,000 barrels 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,
60,014,000 barrels of finished and unfinished
charging capacity of all
Week
Latest
in
on a
United
The
States
of Mines in its weekly coal
Bureau
Bureau of Mines
95.9% of the potential
cracking units indicates that the industry as a whole,
basis, produced an average of 575 000 barrels daily
during the week.
report, stated that the total production of soft coal during
the week ended Jan. 18 is estimated at 8,527,000 net tons,
a
CRUDE OIL PRODUCTION
DAILY AVERAGE
-*
(Figures In Barrels)
decrease of 439,000 tons, or
4.9% from the output in the
Production in the corresponding week of
preceding week.
1935 amounted to
Anthracite
.
7,916,000 net tons.
crease
of
int. Cal¬
amounted to 1,245,000 net tons.
year to Jan. 18 1936 a total of 280,359,000
of bituminous coal and 40,599,000 net tons of Penn¬
of Jan.
19 1935,
During the coal
tons
sylvania anthracite were producted.
This compares with
276,491,000 tons of soft coal and 42,069,000 tons of hard
coal produced in the same period a year ago.
The Bureau's
statement follows:
(IN NET TONS)
COKE
"
18
Ended
Jan. 26
1936
1935
506,150
490,900
139,950
139,700
140,100
509,950
141,000
61,250
58,200
58,600
60,900
56,750
25,350
147,100
43,950
432,250
Kansas
1936
508,050
481,000
134,000
Oklahoma.
56,700
56,750
25,350
146,900
25,350
26,050
150,150
153,950
42,900
45,800
51,500
431,600
433,250
427,800
Texas...
North Texas
West Central Texas.
West Texas
East Central Texas..
East Texas
56,750
68,550
67,550
67,200
57,850
204,200
203,500
206,000
175,500
1,039,400
1,032,700
1,043,100
1,010,300
47,350
131,650
49,400
47,000
130,100
128,950
23,200
88,550
179,000
179,500
175,950
111,750
30,200
30,000
29,950
31,400
Southwest Texas
Coastal Texas
1,017,200
North Louisiana
132,600
Total Louisiana...
28,900
Arkansas..
19
Jan.
Jan. 11
Jan. 18
Jan.
1936
Coastal Louisiana
Coal Year to Dale
Week Ended
Ended
Jan. 25
Week End.
Jan. 25
(January)
Total Texas
PRODUCTION OF COAL AND BEEHIVE
ESTIMATED UNITED STATES
Week End.
culations
Panhandle
Week
4 Weeks
Dept. of
production in Pennsylvania during the week
Compared
output in the preceding week, this shows a de¬
232,000 tons, or 18.6%.
Production in the week
Average
Actual Production
B. of M.
ended Jan. 18 is estimated at 1,013,000 net tons.
with the
ended Jan. 18
of 23,000 barrels for the weak
weeks ended Jan. 25.
barrels daily for the four
gasoline and 104,754,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning
2% city sales tax.
Production
compared with a daily average
Reports received from
Chicago
Colonial Beacon.. $.073*
.073*
Richfield Oil (Calif.) ^073*
Tide Water Oil Co..
oil at Atlantic and Gulf Coast ports for the week
barrels, a daily average of 13,857 barrels,
25 totaled 97,000
Jan.
and 16,179
Tank Car Lots. F.O.B. Refinery
New York-
.07 %
$.02J*-.02J*
| Tulsa
I Chicago,
-.043*1
$.04
U. S. Gasoline (Above 65 Octane),
weeks ended Jan. 25.
ended
OU/F.O.B. Refinery or Terminal
(Bayonne)
271 plus
a
$.90
1.06
D
|New Orleans C
$1.15-1.25 Phila., bunker C
I California 27
Gas
N. Y.
.177
Terminal
Fuel Oil, F.O.B. Refinery or
Diesel 28-30 D
...
{North Texas.$.03tf-.03J* {New Orleans.$.03K-.04
Angeles.. .04H-.05
|Tulsa
;03>*-.04
(Bayonne)
Bunker C
.185
.16
_
|Los
(Bayonne)........05
N. Y.
...
Refinery
Kerosene, 41-43 Water White, Tank Car, F.O.B.
New York
._ ...
Institute estimates that the daily
crude oil production for the week ended Jan. 25
1936 was 2,820,500 barrels.
This was a loss of 13,100 barrels
from the output of the previous week.
The current week's
figure was, however, above the 2,559,200 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 January.
Daily average production for the
four weeks ended Jan. 25 1936 is estimated at 2,816,750
barrels.
The daily average output for the week ended
Jan. 26 1935 totaled 2,542,100 barrels.
Further details,
as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principa1
United States ports for the week ended Jan. 25 totaled 787,000 barrels
daily average of 112,429 barrels, compared with a daily average of 122,143
barrels for the week ended Jan. 18 and 125,107 barrels daily for the four
The American Petroleum
for
Corp. established the tank car gasoline price
Jan. 30—Richfield Oil
New York at 7}* cents in the case
f
,
Bltum. coal:
1929-30
1934-35
1935-36
1935
1936 d
c
99,400
Eastern
98,000
94,850
109,100
Michigan
1936
42,200
33,200
11,300
3,700
39,200
34,550
42,100
104,850
41,500
34,650
35,850
35,850
33,200
Wyoming
a
Tot. for per'd
8,527,000 8,966,000 7,916,000 280,359,000 276,491,000 422,641,000
1,715,000
1,127,000
1,144,000
Dally aver.. 1,421,000 1.494,000 1,319,000
Montana
Tot. for per'd 1,013,000
Dally aver..
207,500
42,069,000
173,100
40,599,000
167,100
1,245,000 1,245,000
168,800
207,500
59,179.000
243,500
4,000
4,000
3,850
58,000
58,000
58,400
48,050
2,041,400
2,140,000
2,150,000
2,137,400
2,035,500
517,800
680,500
683,600
679,350
506,600
2,559,200
Total east of California.
2,820,500
2,833,600
2,816,750
2,542,100
Beehive coke:
Tot. for per'd
Dally aver..
a
28,000
26,600
737,500
4,434
2,950
5,104,500
20,418
659,800
4,667
30,900
5,150
2,639
Into coke, local sales, and colliery fuel,
b Includes
and dredge coal, local sales, colliery fuel, and coal shipped
Includes lignite, coal made
Sullivan County, washery
ESTIMATED
California....
Total United States
by truck from established operations.
Does not include an
"bootleg" production,
c Subject to revision,
d Revised.
unknown amount of
WEEKLY PRODUCTION OF COAL,
(IN THOUSANDS OF NET TONS)
BY
Note—The figures indicated
might have been
11
1934
1935 p
12
13 Jan.
12 Jan.
Jan.
Jan. 4
1936 p
8
s
Total
Rate
1923
C.
P.
P.
Aver¬
tial
Aver.
Oper¬
At Re¬
age
ated
fineries
933
254
d637
95.9
88.7
5,181
3,570
782
d3,146
590
d3,258
434
Appalachian.
154
146
Arkansas and Oklahoma
117
106
64
62
168
93
Ind.,Ill.,Ky.
Okla., Kan.,
164
182
Colorado
129
*
120
1
1
1,032
969
387
396
106
Iowa
1,154
423
Indiana
1
1,221
Illinois
100
102
276
s
226
d7,606
4,239
1,294
8,870
68.5
382
424
933
1
Oil I <
78.9
197
442
lates
100
185
Georgia and North Carolina
Fuel
tfec.e
376
East Coast..
211
/
Distil¬
Terms.
483
1
211
.
Gas
and
94.8
2
612 100.0
2
612
2
Alabama
Alaska
Unfin'd
Naphtha
C.
Daily
Reporting
Stocks
of
Stills
to
Finished
Poten¬
1929
r
of Finished and
Unfinished Gasoline
Stocks
Crude Runs
DaIXy Refining
Capacity
Jan.
State
1936 p
of 42 Gallons Each)
District
Week Ended
of any oil which
AND UNFINISHED GASOLINE^AND
WEEK ENDED JAN. 25 1936
(Figures In Thousands of Barrels
[The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
Jan.
above do not include any estimate
surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED
GAS AND FUEL OIL STOCKS,
STATES
11,950
12,800
12,900
4,000
...
New Mexico
Pa. anthra.: b
12,800
59,300
Colorado
Missouri..
453
384
84.8
255
66.4
3,547
2,192
Inland Texas
330
160
48.5
109
68.1
174
Texas Gulf..
96.8
586
89.1
250
1,784
9,156
659
658
1,189
5,379
70
680
La. Gulf
169
163
96.4
104
63.8
826
416
169
140
No. La.-Ark.
80
72
90.0
38
52.8
105
51
4,129
595
Rocky Mtn.
California...
97
60
61.9
40
66.7
1,040
95
752
852
789
92.6
515
65.3
8,702
2" 331
1,235
69,317
3,468
89.6
2,606
75.1
31,631
18,737
2,259
918
6,067 100,115
402 d4,639
6,469 104,754
s
1,686
2,111
345
439
91
96
Kansas and Missouri—
179
171
163
158
180
190
Kentucky—Eastern
735
681
626
524
929
607
Western
202
166
182
193
417
Maryland.
42
35
63
240
55
43
39
Michigan..
11
11
17
22
18
32
Montana
79
68
68
73
75
82
New Mexico
37
32
30
34
61
234
1,519
73
.
Pennsylvania bituminous
62
54
86
s59
s50
457
440
468
435
814
2,003
—
Ohio
73
512
North and South Dakota—
1,787
1,801
1,766
2,926
3,402
104
93
96
79
108
133
Texas
14
15
15
15
24
26
Utah
95
Tennessee
Virginia
Washington
West Virginia—Southern.a
244
76
245
78
191
65
179
156
258
109
29
38
37
62
74
1,566
1,452
1,374
2,106
1,134
762
186
569
475
508
521
789
128
114
111
87
166
1
2
1
1
s5
s7
8,966
Northern, b
Other Western States.c
...
8,210
7,824
7,507
11,884
1,245
1,176
1,201
1,677
1,685
33,890
19,655
3,869
2,800
C32.749
19,465
Jan.
6,467 105,137
rb33,224 b20,042
b5,339 b!04174
3,869
18 '36
<4
U.S.B.of M.
Jan.
1935.
a
B.
stocks
of M.
basis
finished
b As of Jan. 31
estimated,
and
unfinished
gasoline
were
I
On March 31 1935 total
66,290,000 barrels,
c Revised,
1935.
for week ended Jan. 18 revised downward In East Coast 433,000; Appala¬
chian, 140,000; Ind.-IU., 83,000; Okla.-Kans., 956,000; due to transfer to unfinished
oils.
Unreported revised upward 1,612,000 barrels,
e At terminals, in transit
d Figure
1,968
9,386
9,025
9,184
13,569
13,818
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Kanawha, Mason, and Clay Counties,
b Rest of State,
and Grant, Mineral and Tucker Counties, c In¬
Includes operations on
the B. & O. In
2,800
2,434
3,869
Jan. 25 '36
aEst.tot.U.S.
Large
Grand total
on
3,869
aEst.tot.U.S.
11,850
10,211
Pennsylvania anthracite
a
194
and in pipe lines.
Total bituminous coal
and
401
211
33
1,642
—
Wyoming.
Reported
Est. Unrep'd
including the Panhandle District,
Tonnage
of
Lead
Sold
During
Week—Prime
Western Zinc Unsettled
of Jan. 30 stated
far more-active last week than in
"Metal and Mineral Markets" in its issue
that demand for lead was
696
Financial
Chronicle
the
preceding seven-day period, which unquestionably im¬
proved the position of the metal and strengthened the price
structure.
Copper sold in moderate volume in the domestic
market, but there was increased activity abroad. Zinc prices
unsettled.
Domestic business in zinc improved, com¬
pared with recent weeks, but so did competition, with the
result that sales were reported at a 5-point reduction from the
The
iron
finished
and
supplies
have
preparation of
occurred
quotation that has ruled since Oct. 9.
silver
on
The "rumor market";
quite active during the last week, the metal
coming to the fore as prepayment of the soldier's bonus be-;
came a certainty.
However, the price remained unchanged
here and the only official word on the subject was a state¬
ment to the press by Secretary Morgenthau to the effect
that the silver situation is behaving pretty well.
Tin ad¬
vanced yesterday on renewed consumer buying.
Antimony
quotations were raised one-eighth cent.
The publication
was
upward.
yard
Age"
During the last week sales of
little
a
v
V Structural
third
steel
week
of
Included in
elevated
8,500 tons in the week
buying of
copper in
January has not
tone continues firm.
Though
to expectations, th9 under¬
come up
The price held at 9.25c., Valley.
Some producers are prepared for a moderate increase in stocks of refined
copper for
January.
into the market for
On the other hand,
a
quarter of the year.
spring months
consumers are
expected to
come
good tonnage of copper for delivery during the second
Estimates
probable consumption of copper for the
on
considerably higher than the current rate of consumption.
are
The foreign market showed little net change for the week, with the tone
improved
increased demand from
on
consumers
for
May, June and July.
awards
April
of
nearly
1935,
and
the week's total
New
highway,
United
The
tons
of
States
York,
distributors
into
the picture,
business booked
business in lead increased appreciably last W3ek.
than 5,000 tons in the week previous.
against standing yearly contracts.
of the
buying.
These totals do not include lead sold
The large consumers of lead did most
Though February and March delivery metal stood out in the
week's transactions, producers also obtained quite a few orders
shipment in the cm-rent month.
over
for lead for
Cable makers have been showing more in¬
terest in the market, and business from that source is
improvement
New
during the week totaled about 11,900 tons, against less
expected
to
show
bars
brands in the East
own
were
buying
on
purchased
for
this project
officially placed at 96,600
were
for
week
figuring
slight concessions, which caused quite
uncertainty over the price situa¬
soms
tion, at least until the origin of the metal could be determined.
evidence that
producers
some
taining business,
the
were
price structure
Actual business
suffered.
ported at 4.80c., St. Louis, for Prime Western
that figure yesterday.
on
Late
the quotation and returned to the 4.85c. basis.
to
consumers
in
the week ended Jan.
more
may
re¬
4.80c. had withdrawn
rail
buying.
fairly
on
with
very
ore
were:
Milwaukee
Other roads
Road,
Rock
the
Island,, the Chicago & Eastern Illinois, the Missouri Pacific, the Erie and
Virginian.
The Wabash has placed 2,000 tons of steel for the recon¬
the
struction
of
300
freight
1,300
The
cars.
rebuild
3,000
hopper
Lehigh
refrigerator
The
lull
in
Valley
7
motor
various
in
quotations
in
its
finished
are
500
authority
and
cars
effect
steel
and
cars
products
sentiment.
now
steel
con¬
Projected
ad¬
and
remote,
seem
against
pressure
:
(
other
among
as
market
will
in the market for
„
well
as
on
increasing their
repair
to
automobile
300
open-top
new
'
industry,
car
interests, has had
integrated mills
build
will
court
box
500
The Pacific Fruit Express is
,
cars.
the
obtained
has
Erie will buy
equal number.
an
and
cars
The
cars.
non-
present semi-finished
effort to restore the margin that their own products
Along the Gulf and Atlantic seaboards, where foreign com¬
is most severe, wire nail prices have been subject to concessions
an
formerly held.
petition
of
20c.
or
more
reinforcing
keg.
a
bars
On sizable construction projects cuts of
$2
ton
a
have
become more common.
Resale pipe remains
irregular in Eastern centers, and fabricated structural steel bids are becom¬
on
ing
more
The
sharply competitive.
"Iron
Age"
.
a
THE
for
prices
composite
pound and $18.84
"IRON AGE"
Jan. 28 1936, 2.130c. a Lb.
and
pig
iron
are
ton, respectively.
gross
Steel
Based
■
on
steel bars,
beams, tank plates
wire, rails, black pipe, sheets and hot
strips.
These products make
85% of the United States output.
2.130c.
2.130c.
.....
a
steel
COMPOSITE PRICES
Finished
One week ago
One month ago
finished
rolled
2.124c.
Low
2.130c.
Oct.
1
2.124c.
Jan.
2.199c.
Apr.
24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
...1.977c.
1934...
!
8
Oct.
4
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1930-
2.273c.
Jan.
7
2.018c.
Dec.
1929
2.317c.
1.926c.
2
Feb.
9
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
17
1927
2.402c.
Jan.
4
2.212c.
Nov.
1
Pig Iron
Jan. 28 1936, $18.84 a Gross Ton
One week ago..
One month ago..
One year ago
Based
on average of basic Iron at
Valley
furnace and foundry irons at Chicago,
$18.84
....
18.84
Philadelphia,
Birmingham.
17.90
.........
High
$18.84
Nov.
Buffalo,
Valley
and
Low
5
$17.83
1
16.90
Jan.
The prospects for establishing
Dec.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Deo.
16
1929
demand
little available.
a
27
3
May 14
18.21
Dec.
17
18.59
Nov. 27
17.04
July
24
1927
19.71
Jan.
17.54
Nov.
4
1
London ad¬
futures
for
18.71
May 14
1928
Straits selling
March delivery tin
Steel
for
was
shade under 46.
Jan. 28 1936, $13.58 a Gross Ton
One week ago....
One month ago
One year ago
Scrap
[Based
$13.58(
The 1935 shipments, by countries of destina¬
heavy
melting
,
■
■
..
High
1935
steel.
and Chicago.
12.
1.171
..
No. 1
on
quotations at Pittsburgh, Philadelphia
13.331
from Bolivia during 1935 totaled 25,562 long tons
against 21,771 tons in 1934.
tion,
the
May
active
quoted nominally at 46>£c., with April at
Shipments of tin
include
16.90
The New York market responded, spot
48.15c.,
requirements
Central is due to close this
of accessories.
tons
1930
yesterday
account.
as
plates,
17.90
affair, quotation for spot Straits ranging from 46c. to 46.375c.
high
district
water
tons will be
1933
Tin Closes Strong
consumer
of
to
1934
on
Until yesterday (Jan. 29), the market for tin was a more or less featureless
as
of
covering
week
brighter.
sharply
Angeles
Los
tons
steel
13,350
amount
33,000
The New York
1935
consumer
orderly market abroad through the formation of some "fact-finding"
vanced
the
of which
for
The
the remainder reinforcing bars.
35,000 tons of rails and 10,000
on
orders
mill
aqueduct.
Sales for the last week totaled
than 3,000 tons.
agency seemed
Coast
by the purchase of 16,000 tons of rails by
buying is featured
be of short dura¬
Deliveries of Prime Western
The London market for zinc advanced during the last
by shorts and increased
a more
was
25 amounted to about 3,000 tons,
against 4,500 tons in the week previous.
slightly
4,500
Pacific
Two
Most producers held to the 4.85c. basis up to the
Jan. 29 it was reported that sellers at
on
on
Jan. 28, with sellers at
close, believing that the unsettlement in zinc prices
tion.
Later,
aggressive in the matter of ob¬
more
awarded
mill.
1936 by
1935
offerings of zinc through second hands at
Corp.
101,770 tons
are
High
Zinc Price Wavers
Early in the week there
in
tons,
Chicago & North Western.
One year ago
higher market, according to producers.
a
River
structural shapes and
tons
Railroad
the
Colorado
Sales of its
the scale reported for the week just ended might easily result in
General Motors
a
at Kansas City has
placed
have
to
the
reported by St. Joseph Lead Co. at a premium.
The undertone appeared to be quite firm toward the close, and continued
last' week.
tons
section of the West Side
a
Youngstown
a
for
Quotations held at 4.50c., New York, the contract settling basis of the
American Smelting & Refining Co., and at 4.35c., St. Louis.
13,950
Total lettings for January
to
reported
are
unchanged at 2.130c.
last year.
heavy
1
largest since the
the
are
with
4,300 tons for
and
bars
vances
Active Call for Lead
29,000 tons
compare
Engineer's Office
reinforcing
concrete
suming
With consumption of lead improving, and inflation fears again entering
No.
of
average
12,300 tons for
are
plant at Grand Rapids, Mich.
The fluctuations in exchange had some influence on the New York export
quotation for copper.
exception
have been almost without
an
as
compared with 76,380 tons in December and 76,680 tons in November.
15,100
Copper sales for the month to date total 28,030 tons.
Such price changes
composite,
the
have,
likewise
centers;
many
melting steel prices at Chicago, Pittsburgh and Philadelphia, is unchanged
$13.58 a gross ton.
the domestic market amounted to
than 5,300 tons, which compares with
more
previous.
copper in
"
in
at
is
Copper Buying Moderate
strengthen
retarded.
this week
scrap
be
further stated:
to
inaccessible
has been
scrap
"Iron
The
served
have
rendered
different markets
in
were
checked the movement of pig
scrap
prices.
Scrap
temperatures that have
steel
been
1936
1
Feb.
sub-zero
same
...$13.42
' '(
;
Low
10
Dec.
$10.33
Apr. 23
Chinese tin, 99%, was quoted nominally as follows: Jan. 23d, 44,750c.;
1934
13.00
9.50
Sept. 25
1933
12.25
8
6.75
Jan.
3
1932
21,406 tons, United Kingdom; 3,988 tons, Germany and Holland;
166 tons, United States; 2 tons, France.
8.50
Jan.
12
6.43
July
5
11.33
Jan.
6
8.50
Dec. 29
1931
Mar. 13
Aug.
Age," in its issue of Jan. 30, stated that severe
weather has generally retarded the movement of iron and
at
the
to
same
industry.
the production
of
time
accentuating
uncertainty in the
sales, which hold the key
motor cars, have been virtually
Used
new
car
halted.
But in the face of this condition, automotive orders
for sheets have improved
slightly, though they are uniformly
for
small
tonnages, reflecting the current conservatism
the motor trade.
The "Age" further stated:
Meanwhile
railroad
demand
for
steel
continues
to
improve,
and
of
construction,
though at present impeded'
ascending scale, both in terms of steel awards
Steel mill
by
the
elements,
is
on
Dec.
9
14.08
Deo.
3
13.08
July
2
15.25
The
American
Iron
and
Steel
Jan.
11.25
11
13.08
Institute
Jan.
on
Nov. 22
27
an¬
nounced that
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies
having
98.0% of the steel capacity of the industry will be 49.4%
of the capacity for the current week, compared with 49.9%
last week, 46.7% one month ago, and
52.5% one year ago.
This respresents a
estimate for
decrease of 0.5 points,
the week
1935—
of Jan.
7
or 1%, from the
Weekly indicated rates
20.
Jan.
21
47.5% Apr. 29
49.5% May
6
Jan.
28
Aug.
Aug.
4
June
Mar. 11
47.1%
June 24
37.7% Oct.
46.8%
46.1%
44.4%
43.8%
44.0%
July
July
32.8%
35.3%
39.9%
42.2%
44.0%
11
18
25
Mar.
Mar. 25
Apr.
1
Apr.
Apr.
8
15
"Steel" of
markets,
on
June
June
1
8
July
15
July
22
July
29
Cleveland, in its
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Nov.
Nov.
46.0%
48.1%
19.....48.8%
26
47.9%
2
45.8%
9
49.7%
16
48.3%
23
48.9%
30
50.8%
7
49.7%
14
50.4%
21
51.8%
28
51.9%
5
50.9%
11
52.6%
summary
Nov. 18
Nov. 25
Deo.
2.
Dec.
9
53.7%
55.4%
66.4%
55.7%
54 6%
Deo.
16
Dec.
23
49.5%
Dec. 30
46.7%
1936—
Jan.
6
Jan.
13
49.2%
49.4%
Jan. 20
49.9%
Jan.
49.4%
27
of the iron and steel
Jan. 27 stated:
Increasing steel
manufacturers
May
May
May
1935—
Aug.
5
Aug. 12
Mar. 18
4
Feb.
Feb.
Pittsburgh, one-half point to 52%% at Chicago, five points to 30% at
Buffalo, two points to 60% in the Valleys, and two points to 70% in the
Wheeling district.
Operations are unchanged at 40% in the Philadelphia
district, 66% at Cleveland, 78% in the southern Ohio River area, and
100% at Detroit.
44.6%
43.1%
42.2%
13
43.4%
20
42.8%
27
42.3%
3
39.5%
10.....39.0%
17
38.3%
52.5%
62.8%
50.8%
49.1%
47.9%
48.2%
Feb.
Feb.
operations, though showing many
producing centers, disclose surprisingly little change in the
aggregate,
national ingot rate this week
being 50*6%, or only one-half point
below
the average for the three
preceding weeks.
Output has risen 14
points to 60% in the South, but has declined one point to
36% at
1935—
43.4% Apr. 22
14
an
the
1935—
Jan.
Jan.
pending inquiries.
variations as between products
and
and
18
29
Deo. 31
of steel operations since Jan. 7 1935 follow:
greater
activity is noted among machinery builders, farm equipment makers, valve
and fitting shops,
shelving and locker companies, washing machine manu¬
facturers, and stove plants.
Steel pipe orders have risen about 5% above
December volume,
chiefly because of heavier oil country goods demand,
and
Feb.
Jan.
16.50
1927
Severe Weather Checks Flow of Iron and Steel
The "Iron
steel,
15.00
17.58
1928
automobile
1930
1929
24th, 45.125c.; 25th, 45.125c.; 27th, 45c.; 28th, 45.250c.; 29th, 46.750c.
are
commitments
taking
up
by
much
railroads
of the
and
slack
agricultural
caused
by
a
implement
progressive
decline
automobile production, holding the loss
in
2% points, at 50%.
last week to
of the
Most
than
months.
for
accessories and
to
trade,
builders
is
were
to
ing
for
facilities
averages
Leading independents are credited
59%, unchanged from the preceding week and comparing with 58%
with
The foUowing
with
the
temporary.
end
this
of
together with
years,
in points, from the week immediately
preceding:
production
automobile
in
53
34
1932
18%
28%
1931
46
1930
is
37
30
1933
73%
1929
85
1928
84
1927
77
+1%
4-2%
17
+
28%
+2%
50
+2
4-5
43
77
86%
4-1%
83%
+1%
89
+6
79
86%
+1
+2%
+1%
+4%
+1%
+7
+ %
♦
+3
57
+2%
46%
+3
1934
and storage tanks in the East.
59
42
51
1935
Independents
U. S. Steel
Industry
believed to be only
Output last week was down 7,700 units to 87,400.
By the
month 1,400,000 new models will have been built since their
lull
of previous
week
corresponding
1936
Mich.
Los Angeles placed
6,661 tons of reinforcing bars for the Colorado River aqueduct.
Sev¬
eral oil pipe line projects, one of which may take 6,000 tons, are contem¬
plated in the Southwest.
Substantial steel tonnages are about to be
the
of production
table gives a comparison of the percentage
nearest
the approximate changes,
buildings for Fisher Body Corp., Grand Rapids,
Meanwhile,
Two
the same as in the week before.
at 42%.
last summer and
of
awarded for tank-ships
53,
to
two weeks ago.
large plants at $6,000,000 for this purpose.
finds practically no recession in structural shape awards from
general
points
36%;
to 70;
while others were
The "Journal" further said:
previous weeks.
fall, while pending volume of
reinforcing steel is the heaviest for this period in several years.
Shape
awards last week totaled 25,638 tons, including 4,250 tons for a group of
the
point
%
Chicago,
51;
to
10
weeks ago the company was
purchased two
Midwinter
last week were down 3%
eastern Pennsylvania, % point to
Youngstown, 3 to 61. Wheeling was up 2
30;
S. Steel is estimated at 42%,
U.
Owens-Illinois Glass Co. has
containers.
making such
for
moving in reverse order to
they did last year preceding
as
15 to
England, 10 to 83 ;
the two
reflected
expendi¬
structural and reinforc¬
highway improvements,
.just
Steel ingot production for the week ended Jan. 27 is
placed at about 51% of capacity, according to the "Wall
Street Journal" of Jan. 30.
This rate is unchanged rom
calling for more
ing steel than any time since the pre-depression period.
,
.
Competition from tin containers is driving some glassmakers into acquir¬
ture
-
to be
unchanged.
week
containers—last
and
seem
Buffalo,
Birmingham,
Road builders count on a billion dollar
this year.
■
$53.70.
remained
37%%;
New
expositions of steel-made equip¬
national
Two
building
products—road
strong markets
again
Pittsburgh district steelworks operations
machine tool
Steel demand from
last year.
*
1
•
decline of 10 to 15% in assemblies.
definitely increased schedules
similar trend in assemblies a month
have
indicating a
■
•»'•'.
„
,
,
manufacturers
castings next month,
index
equipment.
sustained.
well
and
ment
they
as
•
the first four months of new
output was only slightly more
the general
the time when
steel output embarked on a five-months' steady climb.
"Steel's" scrap
composite rose for the second consecutive week, 4c. to $13.21.
The iron
and steel composite also advanced 4c. to $33.38, while the finished' steel
Agricultural implement manufacturers have increased production schedules
fill orders from dealers, who do not wish to be caught short for the
spring
1935
spring of
,
trend of steel demand,
In the lesser fields of light rails,
air conditioning units, the market is more active.
and
rails
on
,
leading
Scrap prices
"
$6,000,000
of sthe
later.
For Chesapeake & Ohio car repairs 7,000 tons
has been awarded.
Chicago Burlington & Quincy has started work on
rehabilitating a second group of 500 freight cars, and also has placed two
more
10-car Zephyr trains, taking 300 tons of stainless steel sheets, one
of
the largest single orders for this material.
Erie RR. is formulating
plans for early purchase of 500 to 1,000 freight cars and 18,000 tons of
rails.
Pacific Fruit Express is in the market for 3,000 refrigerator cars.
Federal loans
have been
approved by/the Interstate Commerce Com¬
mission
for
several
large Tailroad purchases,
including 35,000 tons of
rails for New York Central.
Missouri Pacific has been authorized to spend
allocated.
has been
gram
1,200,000.
Some
in
contrast,
By
the
in
February is expected' to see a further
equipment,
rebuilding pro¬
for Pennsylvania's new car and
115,000 tons
introductions
model
placed by the carriers for cars and car
Already heavy tonnages have been
repair material, and in the past week new inquiries for rails and
in terms of steel, were 46% larger than in any other week in 12
October.
last
introduction
in steelworks operations
r:,
■
697
Chronicle
Financial
Volume 142
19%
28%
+
4-7
4- %
%
70
,
69
%
+1
+3
Current Events and Discussions
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
The Week with the Federal Reserve Banks
The daily average
volume of Federal Reserve bank credit
——New York City
Jan. 29
$2,488,000,000,
increase
an
Jan. 22
1936
outstanding during the week ended Jan. 29, as reported by
the Federal Reserve banks, was
Jan. 30 Jan. 29
1936
Investments—total..
1936
1935
$
7,940
$
8,000
Assets—_
Loans and
Chicago
Jan. 22 Jan. 30
1936
1935
$3,000,000 compared with the preceding week
and of
$22,000,000 compared with the corresponding week in 1935.
After
the Board of Governors of the
noting these facts,
_
V
-
.
■'
*
'
Loans to brokers and dealers:
$
1,617
$
1,985
$
1,986
$
7,422
'
of
BANKS
MEMBER
(In Millions ol Dollars)
'
■
r
.
.
893
61
866
58
In New York City
Outside New York City
to
bought
31
31
26
31
others
Accepts, and com'l paper
Loans on real estate
55
559
Loans
on
securities
792
148
149
170
173
232
15
15
48
128
31
1,118
131
64
1,147
16
6
256
15
6
Other loans
127'
28
1,111
260
19
9
223
87,000,000
U. S. Govt, direct obligations..
3,391
3,368
3,150
1,174
,1,173
795
gold stock, offset in part by increases of 861,000,000 in member
bank reserve balances and 86,000,000 in non-member deposits and other
Obligations fully guaranteed by
United States government
413
1,109;
401
1,039
272
90
1,020
250
90
246
2,561
,53
75
473
2,509
52
75
473
1,720
49
73
699
479
36
173
80
463
36
183
77
5,907
535
162
5,785
541
162
4,882
608
680
1,416
414
91
1,417
415
91
2,368
2,383
400
1,870
159
565
563
4
4
2
1
Federal Reserve System
On
Jan.
29
total
proceeds
Reserve bank
follows:
credit amounted to 82,470,000,000, a
This decrease corresponds with de¬
decrease of 87,000,000 for the week.
creases
as
of $11,000,000 in money in circulation
cash and
and
Reserve accounts
national bank currency.
estimated to b9
a
decrease of $6,000,000 in Treasury
Member bank reserve balances on Jan. 29 were
approximately $3,090,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of
discounted and
An increase of $3,000,000 in hold¬
ings of United States Treasury bills was
offset by a decrease of $3,000,000
of United States Treasury notes.
parison with the preceding week and with the
will be found
on pages
29, in
com¬
corresponding
'
,
Reserve
with
F. R. Bank
Cash in vault
Balances with domestic banks..
Other assets—net
,
,
Liabilities—
81
215
,
734 and 735.
.
428
36
187
93
1,205
384
44
Inter-bank deposits:
Domestic banks
400
Foreign banks
,
t.
467
3
326
Capital account
*
'
313
301
41
31
36
1,464
1,463
1,462
223
223
22
Other liabilities
outstanding
during the week and the year ended
,
*■
Demand deposits—adjusted
Time deposits
Borri wings
Changes in the amount of Reserve bank credit
and in related items
Other securities........
United States govt, deposits
The statement in full for the week ended Jan.
date last year,
.
and
purchased bills and industrial advances.
in holdings
168
and $62,000,000 in Treasury
deposits with Federal Reserve banks and an increase of
in monetary
Federal
Loans to banks
"'728'
729
"
(except banks)
—
Revised figures.
Jan. 29 1936 were as follows:
Increase
(+) or Decrease (•
■)
Since
Jan.
29
Jan. 22 1936
Jan. 30 1935
$
1936
$
$
Bills discounted..
Bills bought
*
U. S. Government securities
Industrial
advances
7,000,000
5,000,000
2,430,000,000
+ 15,000,000
32,000,000
—4,000,000
—8,000,000
2,470,000,000
Total Reserve bank credit
Monetary gold stock
—1,000,000
including
(not
$27,000,000 commitm'ts—Jan. 29)
—3,000,000
—7,000,000
Other Reserve bank credit
Treasury & National bank
+ 1,000,000
10179,000,000
currency..2,492,000,000
+10,000,000
+ 7.000,000 +1,792,000,000
—6,000,000
—5,000,000
+ 335,000,000
+1,321,000,000
5,693,000,000
Member bank reserve balances
Treasury cash and deposits with
eral Reserve banks
—11,000,000
5,863,000,000
Money In circulation
+61,000,000
3,031,000,000
—62,000,000
+24,000,000
+ 6,000,000
+ 119,000,000
Fed¬
Non-member deposits and other Fed¬
eral Reserve accounts
.....
555,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As
explained above, the statements of the New
cannot be
compiled.
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
In the
close of business Jan. 22:
The condition statement of
of
Member Banks in New York City
and
Chicago—Brokers' Loans
Below is the statement of
Federal Reserve System for the
New York City member
banks, for the current
week, issued in advance of full statements of
banks, which latter will not be
Monday.
investments
and
for the week of $56,000,000 in
$66,000,000
decrease of $88,000,000 in
the member
available until the coming
in
demand
government deposits.
$16,000,000;
$2,000,000;
$8,000,000.
Holdings of acceptances and commercial paper bought and of real estate
loans showed little change for the week; loans to banks declined $4,000,000;
and "other loans" declined $9,000,000 in the New York district and $21,Loans to brokers and dealers in
the Board of Governors of the
banks and also for the Chicago member
and
leading
total loans
deposits-adjusted and a
weekly reporting member banks in 101
cities on Jan. 22 shows increases
Returns
York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
loans to brokers and dealers
and
loans
on
securities
to
others
000,000 at all reporting member
Holdings
of
United
New York City declined
outside New York City declined
States
(except
banks)
declined
banks.
direct obligations increased
$35,000,000 in the Chicago district
government
$46,000,000 in the New York district,
698
and
Financial
$75,000,000 at all reporting member banks.
Chronicle
8% Bonds of 1921 of Uruguay to be
33^% Per Annum
J. Richling, Minister of
Uruguay to the United States,
announced that in accordance with the decree of the Uruguay
Government, dated Dec. 13, 1933, the coupon of the 8%
bonds of 1921, due Feb. 1, 1936, will be
paid at the National
City Bank, at the rate of 33^% per annum.
fully guaranteed by the United States
government increased $7,000,000
In the New York district, $6,000,000 in the
Philadelphia district and $13,-
000,000 at all reporting member banks.
Holdings of "other securities"
Increased $9,000,000 in the Chicago district and $20,000,000 at all reporting
member banks.
Demand deposits-adjusted increased $58,000,000 in the New York dis¬
trict, $19,000,000 in the Philadelphia district and $66,000,000 at all report¬
ing member banks, and declined $17,000,000 in the San Francisco district.
Time deposits declined $6,000,000.
but
district,
one
the
Greece
principal assets and liabilities of the
together with changes for the
ended Jan. 22 1936, follows:
member banks,
Increase
(+)
(—)
Decrease
or
""
■■
;
■' '
•
v
,
''11
Jan. 22 1936
ASSCtS*"-*1
•
1<j£
Loans and investments—total
SitlCC
Jan. 15 1936
"*/'•
'
Jan. 23 1935
$
' >'■
-
+56,000,000
+1,455,000,000
923,000,000
178,000,000
—16,000,000
+184,000,000
+ 7,000,000
1
City..
Outside New York City
Loans
on
securities
to
paper bought-real estate
—
Loans to banks..Other loans
—8,000,000
367,000,000
1,143,000,000
+1,000,000
—2,000,000
—4,000,000
67,000,000
3,329,000,000
U. S. govt, direct obligations.
Obligations
fully
30 also said:
+11,000,000
—59,000,000
+146,000,000
—21,000,000
* + 75,000,000
8,651,000,000
guaranteed
—179,000,000
—89,000,000
+843,000,000
by
'
;
The payment
2,066,000,000
—
on
—2,000,000
The Greek Minister of Finance, G. Mantzavinos, is notify¬
ing bondholders of the Greek government 6% Stabilization
and Refugee Loan of 1928 to present coupons maturing
Feb. 1, 1936 to Speyer & Co. or The National City Bank of
New York (who are effecting payment for the account of and
on behalf of the Bank of
Greece), for payment of 35% of
their face value.
An announcment by the Speyer firm Jan.
others
(except banks)
Accpts. and com'l
Loans
$
-20,969,000,000
Loans to brokers and dealers:
In New York
to
tion and
week and the year
|*'"J *
Rate of
at
Pay 35% of Feb. 1 Coupons on 6% Stabiliza¬
Refugee Loan of 1928—Rulings on Bonds
by New York Stock Exchange
banks
A summary of the
i
on
Government deposits declined in all
aggregate decrease at all reporting member
being $88,000,000.
reporting
1936
Feb. 1
Feb. 1 Coupon
Paid
Holdings of obligations
of the coupons is to be considered
acceptance by
an
as
bondholders that the whole settlement of the above loan for the fianancial
year
1935-1936 will be effected in the
year
1934-1935, but such
during the financial
same manner as
acceptance will not prejudice the rights of the
an
bondholders towards any further payment whatsoever which might event¬
ually be agreed
for the
upon
1935-1936.
year
Coupons, which should be
1,162,000,000
3,083,000,000
*+13,000,000
+20,000,000
+489,000,000
accompanied by a letter of transmittal, will be stamped "35% paid" and
+102,000,000
will
4,764,000.000
347,000,000
Balance, with domestic banks—. 2,328,000,000
—14,000,000
+1,176,000,000
+1,000,000
—38,000,000
:'-;v '
+355,000,000
United States government
Other securities.—
Liabilities—
'•
13,836,000,000
4,892,000,000
611,000,000
Inter bank deposits:
Domestic banks
bondholders,
should re-attach them to
who
the
The League Loans Committee (London), on which the American Bond¬
+ 54,000,000
holders
represented, and the British Council of Foreign Bondholders
are
remain of opinion that it is well within the
+66,000,000
—6,000,000
—88,000,000
+2,229,000,000
+7,000,000
+1,054,000,000
—5,000,000
+ 3,000,000
+277,000,000
+1,000,000
+42,000,000
—773,000,000
capcity of Greece to make larger
payments than 35% now, and they are unable to recommend Bondholders
to cash their coupons
'
5,660,000,000
430,000,000
5,000,000
Foreign banks
Borrowings
*
the
to
bonds from which they were detached.
Reserve with Fed. Reserve banks.
Cash in vault
Demand deposits—adjusted
Time depositsUnited States govt, deposits
be returned
in the absence of
definite and improved offer.
a
Ashbel Green, Secretary of the New York Stock Exchange,
made available
Jan. 31, as follows,
on
by the Exchange:
Jan. 15 (Cleveland district) figures revised.
rulings
the bonds
on
:. i
NEW YORK STOCK EXCHANGE
'
Committee
Securities
on
Jan. 31 1936
Holland Floats Loan in Amount of 104,000,000 Guilders
Is
The
dispatch from Amsterdam, Holland, Jan. 22,
New York "Times" of Jan. 23, said:
;
State
loan
of
104,000,000
50,000,000 by State funds
successful in
far
so
as
was
guilders,
participation
a
guaranteed, is regarded
In this
way
government
59,000,000
Greek
but financial
That beginning Feb.
(a) Aug.
circles
viewed
the
result
External
these
Loan
Gold
Bonds
of
(b) Aug.
1 1933
Finland
bonds.
The
bonds will
be
redeemed
interest
($8.25 paid), Feb.
at
Bonds
as
American fiscal agents, announced Jan. 27
Hungarian
Government has provided foreign currencies to meet
50%
of the interest due Feb. 1 1936.
For the balance, Pengo
Treasury bills of the government have been deposited to
the credit of the trustees with the National Bank of
Hungary.
The Speyer firm stated:
As directed by the trustees,
Speyer & Co.
are
prepared to pay to the
holders of the Feb. 1 1936 coupons of the dollar
bonds,
on or after that date,
$18.75 per $37.50 coupon, $9,375 per $18.75 coupon and
$1,875 per $3.75
coupon.
Such coupons will be stamped "Paid 50%" and returned to the
bondholders to be reattached to their
bonds, in order that their claim for
the balance may be preserved.
..
Ruling
on the bonds by the New York Stock
Exchange
made public on Jan. 28 by Ashbel
Green, Secretary, as
follows:
were
Jan.
Securities and
28,
ments
The
filing
the
of
1
1934
STOCK EXCHANGE
Committee
on
involved
represents
7^% sinking
gold bonds, due 1944.
That tha bonds shall continue to be dealt in "flat" and to be
a
delivery in
of
Reorganization and exchange
or gas
Co.
offered
$1.35
registration
is
to
of
common
at
be offered
$1
statement
covering
registration
stock
stock
Co.,
of
to
are
be
Newton,
covering
is
$100
of
par
common
of Los Angeles,
value
The stock
share of preferred and
common
stock.
one
share
also be offered
will
A-l),
California, is President
500,000' shares
a
70,156
$1.50
at
price
a
equal
Mass.,
Mass.,
no
par
stock
shares
share.
has
value
be
to
day,
reserved
The remaining 359,688
plus 7%.
F. L.
Filed
Jan.
the
Putnam
the principal underwriter, and Henry E.
is President of the corporation.
a
registered,
being
are
filed
common
the liquidating value of
to
of the previous business
is
of
the
Of
warrants.
warrants,
at
Boston,
of
&
Kingman,
20
1936.
Payment Purchase Corp.
filed
common
a
registration
stock.
stock,
Frankenstyne,
John
shares
one
shares of
outstanding and
now
offered
at the close
Oil
3,000
of
Form
subscription
are
Inc., of Boston,
has
common
Seattle,
of
value
3,000
(2-1872,
70,156
shares
Kindwall,
W.
Filed Jan. 20 1936.
Inc.
the exercise of the
shares
unit.
statement
and
70,156
value
par
par
units consisting
a
$1
no
J. Hartje Mueller,
company.
Beverages,
for
in
$101
share.
a
of the
at
F.
of
(2-1871, Form A-l), of Los Angeles, Calif., has
preferred stock and 6,000 shares of
(2-1873, Form A-l), of Jersey City, N. J.,
statement covering $200,000 principal amount of
F.
stock
The collateral
Maplewood,
Mahlstedt,
and 2,000
notes
in
the
each entitling the
to be offered at $1,000
are
of
coupons
trust
coupons,
N.
of Larchmont,
J.,
is
N.
Y.,
shares of
$1
denomination
holder to
plus accrued interest.
the
is
principal
par
of
one
the
of
Samuel S.
underwriter,
President of
value
$1,000,
share
and
corporation.
Filed Jan. 21 1936.
Fidelity Corp., Ltd.
(2-1874, Form G-l), of San Diego, Calif.,
has
filed a registration statement
covering $75,000 of producing oil and
royalty interests in the "James L. Akers Farm," Fitts Pool, Pontotoc
County, Okla.
R. O. Jackson, of San Diego, is President of the company.
gas
Filed
has
Secretary.
share.
a
Wash., has filed a
of Seattle,
shares
Filed Jan. 17 1936.
Pacific Oil & Meal Co.
a
300,000
covering
at
Jan. 28, the list of
on
pending follows:
(2-1870, Form A-l),
President of the company.
filed
364,947.60
by the Commission
statement
be
to
interests
for which registration is
registration
stock
as
Total
$2,115,491.00
75,000.00
Oil
General Lumber
and
ASHBEL GREEN,
grouped
are
?
1
transactions made beginning Feb. 1 1936, must
carry the
Feb. 1 1935 (50% paid), Aug. 1 1935 (50% paid), Feb. 1 1936
(50% paid),
coupons.
$2,190,491
which
No. of Issues
Type
5
Commercial and industrial
American
Securities rules that the bonds ba
quotad ex-interest
bond on Feb. 1 1936.
on
under the Securities Act.
is
.
together with 10 stock
Jan. 28 1936
Notice having been received that payment of
$18.75 per $1,000 bond will
be made on presentation for
stamping of the coupon due Feb. 1 1936, from
Kingdom of Hungary, State loan of 1924 (American issue)
Exchange Commission announced, on
seven additional registration state¬
$2,555,438.60, of
issues.
The securities
new
V
follows:
common
Securities
being for bonds under option
as
(Nos. 1870-1876, inclusive)
total
collateral trust notes with
NEW YORK
subsequent
1934
ASHBEL GREEN, Secretary.
,
1
that they have been informed by the trustees of the State
Loan of the Kingdom of Hungary 1924 that the
settlement
1
Filing of Registration Statements Under Securities Act
securities
$18.75 per $1,000
follows:
as
($8.25 paid), Aug.
1934 $(8.25 paid), Aug.
1
That bids and offers shall be considered
on
Hungary Provides for Payment of 50% of Feb. 1 Interest
on State
Loan of 1924—New York Stock
Exchange
The Committee
1934
1
That the bonds shall continue to be dealt in "Flat".
As announced
fund
Feb. 1, 1936;
on
(a) above, unless otherwise specified at the time of transaction; and
The
100% of their principal amount plus accrued
March 1 1936, at the head office of the bank.
Speyer & Co.,
$1,000 bond
per
1, 1936, the bonds may be dealt in
1 1936 ($10.50 paid) and subsequent coupons;
Redemption March 1
Republic of Fin laud 22-year 6% external loan
sinking fund gold bonds due Sept. 1 1945 are being notified
by the National City Bank of New York, fiscal agent for the
loan, that there have been drawn by lot for dedemption, in
operation of the sinking fund, $239,000 aggregate principal
on
bonds,
fund gold
($10.50 paid), Feb. 1 1935 ($10.50 paid) and subsequent coupons.
unfavorably and
Holders of
Rules
secured sinking
1933 ($8.25 paid), Feb.
1
;
Drawn for
of
6%
(b) shall be quoted ex-interest $10.50
by the public.
of
40-year
Securities rules that the bonds dealt in under option
on
($10.50 paid), Feb. 1, 1935 ($10.50 paid), Aug. 1, 1935 ($10.50 paid), Feb.
quotations for the new issue declined in to-day's bond market.
The
financial circles had expected that a greater part of the loan would be taken
amount
presentation for stamping of the coupon due Feb. 1, 1936.
The Committee
the loan closed actually
The Minister of Finance declared to-day that he was satisfied in the
$239,000
$1,000 bond
per
stabilization and Refugee loan of 1928, due 1968:
of
'over-subscribed.''
circumstances,
on
having been
as
the public is concerned, a little more than
having been taken by the public.
4
which
in
will be made
from
Technically Over-Subscribed
A wireless
to the
Notice having been received that payment of $10.50
Jan.
21
National
filed
a
1936.
Grange Fire Insurance Co. (2-1875, Form A-l), of Keene, N. H.,
registration statement covering 25,000 shares of $10 par value
capital stock,
24,900 shares
of
which
are
to
be
offered
to
the
public at
a
Financial
Volume 142
Orlando L. Martin, of Plainfield, Yt., is Presi¬
Filed Jan. 22 1936.
of Houston (2-1876, Form E-l), of Dallas, Tex., has
price of $16.50 per share.
dent
the company.
of
Building
Medical
registration statement covering $1,044,000 principal amount first
mortgage sinking fund 5 y2% bonds to be exchanged, in a reorganization
filed
a
plan,
principal
$1,044,000
for
first mortgage serial
Medical Arts Building
outstanding
amount
5%% real estate gold bonds, series A, of Houston
The registration statement
Co.
also
accrued
in
and
unpaid to
exchange
M.
Nov.
1
1935
the outstanding bonds.
on
E.
Jan.
are
valued at $348,000 and the unpaid interest at $16,947.60.
Singleton, of St. Louis,
23
Mo., is President of
Its business is largely that of a
the Act.
Public
the
does
case
no
of
act
list the Commission said:
its approval
or
merits
fthe issue
or
indicate that the
The last previous list of
our
issue of Jan.
25,
Commission
give
to any
passed
Commission has
that the registration
o
the
with
filing
security
in
Filed
company.
with
on
the
Registration
4% Mort¬
Debentures
registration statement (No. 2^1880, Form A-2)
on Jan. 28 by the Public Service Co. of Oklahoma under the
Securities Act of 1933 covering $16,000,000 of 4% first
a
due Feb. 11966, and $2,000,000 of
4% serial debentures due serially Feb. 1 1937 to Feb. 1 1946,
was announced by the Securities and Exchange Commission
on Jan. 29.
The SEC (in release No. 643) added:
According to the registration statement, the net
545.
under
SEC for $16,000,000 of
Bonds and $2,000,000 of 4% Serial
gage
Filing of
statement is correct.
registration statements appeared
page
Files
Oklahoma
of
Co.
Service
Statement
mortgage bonds, series A,
In making public the above
In
the
1936.
holding company
whoesale power company.
England Power Association, which ia a registered
For pur¬
of calculating the registration fee, the outstanding bonds to be taken
under
is organized.
Connecticut River Power Co. is a direct operating subsidiary of the New
whose laws the issuing company
scrip attached to the proposed bonds, to be exchanged for $50,842.80 interest
poses
Commission of New Hampshire,
authorized by the Public Service
$50,842.80 non-interest bearing
covers
699
Chronicle
of the bonds and debentures,
as
proceeds from the sale
be applied
together with treasury funds, are to
follows:
$4,778,002.25 for the redemption, on or before April 1 1936, of $4,575,900
of first mortgage 5% gold bonds, series C, due Sept. 1" 1961,
B5
at 104% and accrued interest.
^
$15,033,326.75 for the redemption, on or before April 1,1936, of $14,306,100
of first mortgage 5% gold bonds, series D, due May 1,1957,
at 103% and accrued interest.
k_^
^
^
Filed with SEC by Champion Paper &
Fibre Co. for 25,000 Shares Preferred Stock and
100,000 Shares Common Stock
Registration
The
Fibre Co., of Hamilton, Ohio,
filed a registration statement
(No. 2-1877, Form A-2) on
Jan. 24 under the Securities Act of 1933 covering 25,000
Champion
shares
of
Paper
preferred stock
of no par value common stock, the
Exchange Commission announced Jan. 25 (in
$100 par
100,000 shares
and
Securities and
Release No. 639).
The
of
net
a
The
follows:
$585,000
construction
the
and
$300,000
for
the
the
acquisition
and
approximately
hands of
or
of
21,619 shares, are
of
electrolytic
installation
for
$140,000
as
water supply
an
and
are
design
and
of a
construction
for
eauipment,
be used
to
program
construction
$2,075,000
The balance of the 100,000 shares,
the
this
to
for
are
plant near Houston,
new
approximately $200,000 for the construction
approximately
machinery
devoted
be
to
approximately
system;
plant;
amounts
a
of
1941, 105%: thereafter or on
Jan. 31
1946, 104%; thereafter or on Jan. 31 1951, 103%; thereafter or on
1956, 102%; thereafter or on Jan. 31 1961, 101%.
Jan. 31
If redeemed
I* The serial
time at
the public, the principal underwriters,
commissions will be furnished
G. Thomson,
Cincinnati,
of
The company was formerly known
as
before Jan. 31
debentures are to be
ahd tne underwriting
by amendment to the registration
Ohio, is President of
■
River
company.
the Champion Coated Paper Co.
Mortgage
Statement with SEC by Con¬
Co. Covering $20,300,000 of
Z%% Sinking Fund Bonds
.
Securities Act
Power Co. of
Littleton, N. H., covering $20,300,000 of first mortgage
3%% sinking fund bonds, series A, due Feb. 15 1961.
The
Securities and
Exchange Commission in announcing on
Jan. 29 (in Release No. 642) the filing cf the registration
statement (No. 2-1881, Form A-2) stated:
According to the registration statement, the net proceeds from the sale
bonds, together with other funds to be obtained by the company
of the
from the New
England Power Association, a parent, and $86,000 of pro¬
ceeds from the sale of 3,440 shares of $25 par value common capital stock
be applied as follows:
to the association, are to
tion of first mortgage 5% bonds, series
and $2,000,000 for the
be furnished by
amendment to the registration
Fred W. Insull, of Tulsa,
any
$18,540,000 for the redemp¬
A, sinking fund, due Oct. 1 1952,
of the company
as a
In its declaration, the company
solely for the purpose
No
firmfcommitment
1948,
1950,
1951,
1953,
19.54,
1956,
15 1961,
Information
as
Tulsa, Okmulgee, Bartlesville,
enter into an
Shares Trust of Boston Files with SEC
Registration Statement Covers 400,000 No Par
Value Participating Shares
Century
It
The
price
be offered at their
this basis would have been
said:
liquidating value plus a selling
As of Jan. 21 1936, the offering
$30 a share.
Brown Harriman & Co., Inc.,
principal underwriters of the issue are
Boston.
in
invest
the
to
the registration statement, the
of insurance companies and
stocks
proceeds from the
policy of the trustees is
banks and it is expected
sale of the 400,000 participating shares
will
invested.
so
trustees
are
Charles
Francis
Adams, Charles P.
Curtis, Jr., Louis
Gardiner, and Donald C. Watson, all of Boston.
♦
for
stated, but
Concord,
Service
approval on the
and the accepted bidders wiU
New
Two
File Application with SEC
of Their Bonds on
Registration
York Stock Exchange
Permanent
foreign governments this week filed applications under
Act of 1934 with the Securities and
the Securities Exchange
Exchange Commission for the permanent registration of their
on the New York Stock Exchange.
The Irish Free State on Jan. 27 filed with the SEC an
bonds
and the
furnished by amendment
President of the company.
SEC said that the company also made
application
Company
the above
bonds and of 3,440 shares of $25 par value common stock
from the requirement of filing a declaration under this Act.
It continued:
for the exemption of a security of a subsidiary
of a
registered holding company if the issue and sale of the security are "solely
for the purpose of financing the business of such subsidiary company and
authorized by the State Commission of the State in
organized and doing business."
The
and sale are solely for the purcpose of financing
the business and that the sale of the bonds has been authorized by the
Public Service Commissions of New Hampshire and Vermont, in which
States the company operates, and that the sale of the common stock has been
on
to
7% of the offering price.
Irish Free State and Austria
registration statement.
such subsidiary company is
are
Curtis, Robert H.
underwriting agreement.
applicant states that the issue
shares
commission of
101%;
100^%,
100%
under Section 6 (b) of the Public Utility Holding
Act of 1935 for exemption of the issue and sale of
which
Form A-l) on Jan. 29 under the
400,000 no par value partici¬
2-188J,
The Commission's announcement
pating shares.
The
Upon receipt of final order from that Commission fixing
have been expressly
the Century
registration
Securities Act of 1933 covering
that
to the bids will be submitted to the Public
Section 6 (b) provides
of
(No.
Com¬
Securities and Exchange
(in Release No. 644) that
Boston, Mass., had filed a
Jan. 30
Trust
Shares
According
to take the issue has been made, it is
Carl S. Herrmann, of Boston, Mass., is
announced by the
on
statement
to
price to the public, the names of the principal underwriters
The
was
mission
101^%;
underwriting discounts or commissions are to be
to the
under Section 3 of the Act.
Public Service Co. of Oklahoma are
McAlester, and Henrietta, all in Oklahoma
be
the terms and prices of the issue, the company
Commission
Service Co. of Oklahoma has
principal communities served by
The
103%;
102^%;
102%;
Commission of New Hampshire pursuant to their order of
following day.
Central and
of The Middle West
have registered with the
Holding Company Act, the Public
applied for exemption as a holding company
,
bids will be invited and these bids will be opened Feb. 13 1936, in
N. H.
find that the pro¬
direct subsidiary of
which in turn is a subsidiary
The latter two companies
Corp.
The
15
15
15
15
15
15
asks the Commission to
and serial debentures are to be issued and sold
of refunding or discharging outstanding mortgage
Co. of Oklahoma is a
Service
under the
of
Aug. 15 1942 to Feb. 15 1944, 104^%;
Feb. 15 1944 to Aug. 15 1945, 104%
Aug. 15 1945 to Feb. 15 1947, 103H%-,
Feb. 15 1947 to Aug.
Aug. 15 1948 to Feb.
Feb. 15 1950 to Aug.
Aug. 15 1931 to Feb.
Feb. 15 1953 to Aug.
Aug. 15 1954 to Feb.
Feb. 15 1956 to Feb.
declaration (No. 32-4,
the proposed issues
Holding Company Act covering
described above.
plus accrued interest:
Before Feb. 15 1941,106%;
Feb. 15 1941 to Aug. 15 1942, 105%;
announced on'Jan. 29:
of Oklahoma has also filed a
Form U—7) under the
The
whole at
time or in part on any interest date, after 30 days' notice at the following
prices
statement.
Okla., is President of the company.
The Commission further
Public Service Co.,
redemption of 4% notes due March 1 1936.
The bonds are redeemable at the option
and Co., Halsey Stuart and
bonds of the company.
Power
A registration statement was filed under the
of 1933 on Jan. 28 by the Connecticut River
103 H %; on Feb. 1 1942,
10134%; on Feb. 1 1945,
posed issues of series A bonds
the
Registration
First
following prices, plus acrcued
.
Hall and Co., Inc., all of Chicago.
The price to the public of both the bonds and debentures, the names of
other underwriters, and the underwriting discounts or commissions are to
Public
necticut
'.1.
-
principal underwriters are Field, Glore
The
Southwest Utilities Co.,
Filing of
redeemable as a whole or in part at any
of the company at the
the option
Co., Inc., A. G. Becker Co., and Harris,
statement.
Logan
or
on
r Debentures maturing Feb. 1 1937—Feb. 1 1941
103%; on FeD. 1 1943, 102%; on Feb. 1 1944,
101%; on Feb. 1 1946, 100
outstanding in
now
time at
following prices, plus
redeemable in whole or in part at any
after 30 days' notice at the
accrued interest:
large stockholders and will be offered to the public by them
The price to
or
The series A bonds are to be
the option of the company
contingencies.
through the underwriters.
discounts
F
interest:
the registration statement,
which contemplates
program
Approximately
buildings;
cumulative
The Commission said:
stock, according to
construction
Tex.
value 6%
proceeds from the sale of the preferred stock and 78,381 shares
common
for
&
application for the permanent registration on the Stock Ex¬
change of $30,773,830 of Irish Free State external loan 5%
sinking fund bonds, due 1960.
On Jan. 29 the Federal
government of Austria became the tenth foreign government
to file for registration of its securities.
The application of
the Austrian government was for registration on the Stock
international loan 1930 sinking
July 1 1930, and due on July 1
The Bank for International
Settlements, Basle, Switzerland, is trustee for the loan.
As to other applications filed that day by foreign munici¬
palities, Washington advices, Jan. 29, to the New York
Exchange of $21,845,400 of
fund 7% gold bonds, dated
1957
(American tranche).
"Times," stated:
The government
tion
on
of the Stat9 of Queensland, Australia, filed for
$8,971,500 of 20-year 7%
the New York Stock Exchange
gold bonds, due in 1941, and
gold bonds due in 1947.
registra¬
external
$10,000,000 of twenty-five-year 6% external
700
Financial
The bonds
The City of Rotterdam,
'
7
J
L
Holland, filed for registration of $5,161,000 of
40-year external loan sinking fund 6% gold bonds
Exchange.
The statement said
payable in United States dollars.
are
that they were being serviced
regularly.
These also
the New York Stock
on
The city of Porto Alegra, Brazil, filed application for registration on the
New York Stock Exchange of $3,890,000 of 40-year iy2 % sinking fund gold
bonds external loan of 1925,
sinking fund
and $3,320,000 of 40-year 8%
gold bonds external loan of 1921.
Both issues are guaranteed by the State
government of Rio Grande do Sul.
7
The deadline for the filing of application for permanent
registration of foreign issues is March 31 1936.
amounted to
previous.
York
Exchange and Five Subsidiaries
Operated at Net Loss of $209,326 During 1935—
Compares with Deficit of $1,060,890 in 1934
Com¬
bined
Assets Dropped to $41,431,805 from
$42,223,671 Dec. 31 1934—Statement of Gratuity Fund
The
annual
consolidated
sidiaries—New
York Quotation
condition
of
statement
of
Stock
Co.,
Building
Exchange
New
available
Jan.
on
27
to
as
asset
an
earned
and
income
liability.
1935
of
.similar
covering the
April 6,
having been issued
one
1934; this
year
2274-2275.
pages
given
was
March 29
on
in
by the Exchange for 1933.
and
With the issuance of the
solidated
Stock
statement
of
the
Exchange for
con¬
1935,
Mr.
Gay also presented to members the balance ^heet and state¬
ment of
operation of the
The
operated
with
pares
Exchange
ing
the
year
the
year
while
of
expenses
in
The incomes for 1935 and
is
1934 do not
com¬
Income last year
had
Dur¬
Exchange shows
that
the
fund
had
total
of
of
$8,026,360.
include, respectively,
In making available the several
statements, President
the following communication to the members of
sent
are
contributions toward the capital investment of the
Exchange.
Regarding the profit and loss account of the Exchange and
its subsidiaries, the New York "Herald Tribune" of Jan. 28
NEW
YORK
STOCK
shows,
$7,049,184,
was
Gay
the
EXCHANGE
Jan- 27
To
the Members
I
take
pleasure in sending
sheet
31
1935, together
and
loss
There
of the
tions
fund
on
for
of
the
Stock
the year
is also
the
1935.
for
a
and
consolidated
a
a
its
of
copy
affiliated
statement
of
the consolidated
companies
copy
the
31
as
of
income and profit
Comparative figures for 1934
of Dec.
as
fund
herewith
to you
Exchange
with
enclosed
Exchange
of
1936."".'
of the Exchange:
balance
are
included.
of the balance sheet of the Gratuity Fund
1935, together with a statement of opera¬
schedule
A
year.
of
Dec.
31,
the last
page
of
investments
held
by the
of the statement.
as
with
their
market
valuations
These statements have been certified by John I.
at
that
date,
is
shown
Cole, Son & Co., certified
public accountants.
Faithfully
yours,
R.
GAY, President.
statements follow:
CONSOLIDATED BALANCE SHEETS OF NEW YORK STOCK
EXCHANGE,
NEW YORK STOCK EXCHANGE
TATION
CO.,
BUILDING
STOCK CLEARING
CORP.,
CO., NEW YORK QUO¬
NEW
YORK
STOCK
EX¬
CHANGE SAFE DEPOSIT CO., AND 39 BROAD
STREET CORP.
v
Dec. 31 1935
Dec. 31
$2,490,867.91
Cash
$2,042,251.32
Stock Clearing Corp.:
Clearing Fund deposits (contra)
11,852,500.00
747,021.53
800,000.00
Accounts receivable
Other securities
1934
12,350,000.00
757,936.37
800,000.00
.
443,401.25
467,577.50
$31,633,360.90
6,689,600.45
$31,646,746.00
6,084,232.61
Fixed assets:
Land
and
buildings,
Including plant, equipment
and office furniture
Less:
O'-.".-- ^7:'., "•'.V-
Total income of the companies in
1935, the report
of
Exchange:
Investments—United States government securities-
initiation fees, which
as
assets
$2,351,765 on Dec. 31, and that the net worth of the fund
$2,156,494.
On Dec. 31 1934 assets were in amount of
$2,361,738, while the net worth of the fund was. $2,142,293.
was
Assets—
income
an
amount
un¬
of
shown,
of $7,258,509.
Exchange
were
it
$209,326, which
expenses
$304,000 and $272,000 received
said: '.v
1935
ago.
subsidiaries,
deficit
a
$7,049,184 against
previous
$6,965,469,
31
CHARLES
a
loss of $1,060,890 in 1934.
a
amounted to
its
and
during 1935 at
of
as
$26,530,621.
The
Stock
Exchange
Included in the liabilities is
Dec.
Gratuity Fund of the Exchange,
similarly made available
was
Stock
The statement of the Trustees of the Gratuity Fund of the
Stock
issue
our
However, the Securities
Exchange Commission made available data submitted to it
which
of
as
Dec.
a
the
of
$27,728 and equity
the interest in the Exchange of all members
representing
Gay, President.
by Charles R.
This is the second statement to be voluntarily made by the
Exchange,
assets
Co., Stock Clearing Corp., New York Stock
Exchange Safe Deposit Co. and 39 Broad Street Corp.—was
made
total
a clearing member.
A year ago these deposits amounted
$12,350,000.
In the balance sheet this item is listed both
as
the
Exchange and its five wholly owned sub¬
York
$24,943,760 compared with $25,562,513 the year
The
deposits made by clearing members as con¬
tributions to the clearing fund of the Stock Clearing Corp.,
and which are repayable to the members
upon retirement
Stock
New York Stock
1936
1
Dec. 31 1935 included $11,852,500 of clearing fund deposits,
of
New
Feb.
which represent
payable in dollars.
are
Chronicle
Reserve for depreciation--
—
Net fixed assets
$24,943,760.45
as
Deposit in closed bank
$25,562,513.39
98,705.65
139,829,72
is
Miscellaneous
55,548.61
93,563.06
$41,431,805.40
$42,223,671.36
compared with $6,965,469 the previous year.
This increase of $83,715
largely due to a new item, permanent registration fees, which totaled
$114,600.
The Exchange charged $120 to handle the application of each
issuer
for
All
permanent
hut two
as
compared
charges
totaled
business,
and the
income
The
1934.
from
income
the
This
from
year.
of
is
last
year
in
earned
members
with
previous
their
or
their
or
firms
Stock
firms
directly
charges
Note payable
Reserves
1933.
directly amounted
to
of
The
total
$4,793,500,
as
$4,841,588.
rectly totaled $2,255,684
from
the
their firms
or
from
or
them
indi-
against $2,123,881.
Listing fees jumped
reported
as
$627,613
item
under
that
the
previous
to
Not
only
did
against
the
saving
income of the Exchange and its five affiliated
1934, but expenses declined $767,851 to $7,258,509
This drop in outgo was in the main due to a
$8,026,360.
and wages amounting to $620,565.
The item totals
compared with $4,491,615.
Expenditures on employees along
other lines,
such as sick leave, meals, uniforms, group life
insurance,
annuities and retirement, also were
lower, athounting to $407,621 as com¬
pared with $521,820.
as
Taxes advanced to $762,219 from
expenses
dropped
services,
including
the lower total
for
the
in
for
$132,864
from
legal
Public
to
1934
out
which
the
Relations
$69,937.
on
Exchange Firms
the
wiped
Since
stopped
were
statement does
by
annual
not
dues
Expenses
medical
decreased
last
contributions
last year,
appear,
an
to
the
item
Expenses
from
$75,618
Association
similar
although the saving
is
to
of
$8,500
than
more
Stock
to
when
the previous
occur
amusement
was
to
explained
affiliated
that
company
is
this
for
Another
the
loss
represented
as
of
item,
new
on
sale
loss
of
on
which
might
securities
sale
of
of
bonds
cause
some
$19,254.
held
by
It
an
investment.
Total assets of tbe Stock
companies
Exchange and the five affiliated
Dec. 31 1935
were
reported at $41,431,805,
$791,866 below the resources at the close of 1934 of
$42,223,671.
Cash amounted to $2,490,868, Dec.
31, against
or
$2,042,251
ment
a year ago;
securities
was
investments in United States
unchanged
ments in other securities
Net
fixed
assets
of
26,763,397.19
$41,431,805.40
$42,223,671.36
31,475.32
—
—
Stock Clearing Corp. "clearing fund
deposits" shown as "contra" Item
above, represent the deposits made by clearing members as contributions to the
clearing fund of the Stock Clearing Corp.
This fund is not available for the general
Exchange, and the contribution of each clearing member is repayable
to him upon his retirement as such member.
at
$800,000,
including plant, equipment and
furniture, is book value based largely upon cost.
The cost of obtaining
premises under long lease, demolition and specialized new construction, has been
capitalized because of the accounting prescribed or requisite for tax purposes.
The
value stated does not represent the liquidation value.
CONSOLIDATED
STATEMENTS
OF NEW YORK STOCK
BUILDING
CO.,
OF
INCOME
AND
PROFIT
AND
LOSS
EXCHANGE, NEW YORK STOCK EXCHANGE
NEW YORK QUOTATION CO.,
STOCK CLEARING
CORP., NEW YORK STOCK EXCHANGE SAFE DEPOSIT CO., AND
39
BROAD
STREET
CORP.
Income—
Dec. 31 1935
Income—From members
or
Annunciators
Dec. 31 1934
$1,375,000.00
363,797.59
$1,375,000.00
428,252.09
91,071.14
601,904.08
their firms
105,547.59
657,567.62
(direct):
Membership dues
Quotation department income
Telephone clerks' tickets.—Telephone spaces
———
21,906.00
93,125.00
-
Branch office registration fees
Fines
10,025.00
4,155.40
Powers of attorney
Stock Clearing Corp. charges
Stock and bond ticker service and tape
23,076.00
104,000.00
10,140.00
674,718.83
3,263.50
1,332,641.90
802,099.51
$4,793,500.25
$4,841,588.21
$14,701.62
$16,370.54
96,073.58
22,839.30
150,948.00
10,220.00
1,557,797.21
-
Income—From others than members
the
year.
members,
Total liabilities.
Total.
Jersey Incurs Expense
big board threatened to flee from New York
City because of a proposed
heavy municipal
transfer tax
for
relief
purposes, the Exchange was forced to contribute
$89,531, a sum which did
not
26,530,621.29
Exchanges
the affairs of the New
Jersey Stock Exchange, formed
un
September 1933
professional
contributed
year
$8,937 to the Associated
"big board" joined during 1935.
In order to clear
of
charges,
of
New
in
$198,684.
and
by dropping to $191,924 from $300,931.
expenses
1934
$693,564, while telephone and telegraph
accounting,
Committee
reported
Stock
to
318,000.00
-
office
salaries
on
$3,871,050
all members
The amount stated above for land and buildings,
total
over
2,500,000.00
-
2,000,000.00
669,655.71
27,728.06
-
Equity representing the interest in the Exchange of
purposes of the
year.
$933,032.
Expenses Show Decline
companies advance
12,350,000.00
The
Rents dropped to $687,676 from
as
$260,798.85
11,852,500.00
Unearned Income
-
of $686,000
Dec. 31 1934 '
$351,300.34
-
Clearing Fund deposits (contra)
Mortgages payable
volume
1934
during
Corp.
Dec. 31 1935
Accounts payable
Stock Clearing Corp.:
$1,332,642
the
tn
decline in
a
Clearing
above the
dependent
follows
clearing
The
$225,155
directly
income, from others than members
$954,392
members
increase
an
item
advance
$2,018,641
compared
^
$3,264
$1,557,797,
in
the
the
From its powers of attorney the Exchange received
$4,155
with
received
from
in
-
Liabilities—
registration with the SEC.
items
showed declines.
Total assets
govern¬
their firms
or
not entirely from members or their firms:
Barber shop income
;
Medical department Income
Tuition fees, Institute.
*
—
89,162.85
24,692.90
—
Gold & Stock Telegraph Co
Teleregister Corp
Listing fees
122,572.00
8,092.00
954,392.00
Investment trust fees..
620.00
Permanent registration fees
627,612.71
500.00
114,600.00
Directory and guide and circular service
Listing application service.
9,054.50
4,159.25
6,372.59
4,812.00
77,700.00
687,675.90
933,032.20
26,805.30
56,385.27
Stock Clearing Corp. service charges, non-member
banks
Rents
Light and power furnished tenants
Trans-Lux and
new
projection income
24,044.25
Interest, United States government securities
Interest and dividends
-
Miscellaneous
while invest¬
dropped to $443,401 from $467,577.
the
Exchange at the end of 1935
or
Total
Total income.
85,725.00
26,875.00
23,779.59
26,874.96
37,351.63
33,184.30
38,463.02
23,872.30
$2,255,683.50
$2,123,881.06
$7,049,183.75
6,965,469.27
Financial
Volume 142
Dec. 31 1935
:
Expenditures
leave, meals and
$4,491,614.76
407.620.85
521.819.96
693.563.97
649,141.91
205,269.16
220,557.77
54,203.58
27,150.82
27,051.77
134,056.13
198,684.31
45,200.49
including
benefit ol employees,
lor
annuities, retirement, sick
life insurance,
group
,
Dec. 31 1934
$3,871,050.31
Expenses—
Salaries and wages
uniforms
.-
Taxes
762.218.86
671,346.15
—
--
equipment
Depreciation on plant and
227,482.48
192,002.73
44,914.60
25,000.34
26,005.51
154,707.92
132,864.50
40,068.64
Rent
and water
Gas, electricity, coal, steam
Building supplies and services
—.—'--and wire_-
Repairs
Ticker maintenance, including tape, ink
Printing, stationery and office
supplies
Telephone and telegraph
Insurance
Expenses of professional services, Including
126,690.00
"
69,937*57
Interest
and New York Stock Ex¬
change Institute general expenses
Contribution to Association of Stock Exchange
""
89,531.23
19,254.41
22,365.92
Contribution to New Jersey Stock Exchange
sale of securities
on
General expenses
1934
1935
Year Ended Dec. 31—
b$6,965,469.27
8,026,359.61
a$7,049,183.75
7,258,509.44
Total expenses
$1,060,890.34
include $304,000 received as initiation fees
which are contributions toward the capital investment of the Exchange.
b The income stated above does not include $272,000 received as initiation
fees which are contributions toward the capital investment of the Exchange.
The income stated above does not
TRUSTEES
OF
FUND
GRATUITY
THE
OF
STOCK
THE NEW YORK
EXCHANGE
SHEET DEC.
BALANCE
$121,075.72
-
-
-
schedule below for detail and market
value as of Dec. 31
1935)
Due from Treasurer of the New York Stock Exchange, under
2,147,110.42
-
2, Article XXII, and Section 1, Article
Section
-
$2,351,765.00
Total
in the maximum loan
Feb. 1, is the first to be
made by the Board since the government assumed super¬
vision of the securities markets on Oct. 1 1934, at which
time Regulation T became effective.
In making known the
change the Board on Jan. 24 issued a press statement which
XXII of the Constitution and
$84,270.76
111,000.00
2,156,494.24
$2,351,765.00
Total
FOR THE YEAR ENDED DEC.
31 1935
Cash Account
1 1935
$168,334.91
-
Receipts for the year:
Contributions on account of deaths and from new
-
,
The
of
'
$280,000.00
-
Stock Exchange, net income
1934, pursuant to Section 7 of Article
Treasurer, New York
year
Regarding the action of the Reserve Board, Washington
advices to the "Wall Street Journal" of Jan. 25 had the
which
order,
new
This
Board's
calculations
$53,500.00
80M
Baltimore & Ohio
July 1 1948
Chesapeake
March
225M
1
&
RR.
Ohio Ry.
first mortgage gold 5%,
due
Co. general mortgage 4^%,
due
Co.
211,000.00
92,800.00
1992
Chicago Burlington & Quincy RR. Co.
due March 1 1958
general mortgage 4%,
Co. general mortgage 3M%*
300M
Chicago & North Western Ry.
due Nov. 1 1987
300M
New York Central & Hudson River RR.
30M
Oct.
218M
63M
240M
100M
50M
50M
200M
100M
50M
1
Existing Accounts
Regulation
279,000.00
33,750.00
Pennsylvania RR. Co. consolidated mortgage 4H%, due
Aug. 1 1960.
Philadelphia Baltimore &
Washington RR. Co. general
mortgage 4H%. due June 1 1981
Southern Pacific RR. Co. first refunding 4%, due Jan. 1 1955..
New York City 3H%. due Nov. 1 1953
New York City 4%, due May 1 1957
New York City 4%, due Nov. 1 1958
New York City 4%, due May 1 1959
New York State 4%, due March 1 1958
New York State 4%, due March 1 1961
Total valuation
252,880.00
68,355.00
237,600.00
99,750.00
52,375.00
52,375.00
209,500.00
121,000.00
60,500.00
$2,167,322.50
registered as to principal and interest in
of the Gratuity Fund of the New York Stock Exchange."
Note—All of the above securities are
the name of the "Trustees
change
the
Thus
to
60%.
The
of trading, not
in
Not
"initial
the
maximum
Changed
extension
loan
of
values
credit to any
apparently will
immediate effect on outstanding accounts except as
or
they
become "restricted" accounts under other provisions of Regulation T.
Those provisions,, which relate to the maintenance of credit rather than its
initial extension, are not changed.
Federal Reserve officials do not expect the increase in brokers' margin
to
requirements
a
reverse
granting temporary exemption from the Public
Utility Holding Company Act of 1935 to various holding
companies, will not he extended, the Securities and Exchange
Commission announced Jan. 28.
By its terms, all of the
Rule 3A-2,
provisions of the rule except those granting exemption to
holding companies which are predominantly intrastate in
character will continue only until and including Feb. 2 1936.
At the same time the Commission announced the extension,
the general trend
of the security markets.
The
disciplinary one, according
precautionary measure rather than a
officials.
to
Action
was
at this time
taken
partly because of the general
conditions
The 50% rise in values over depres¬
sion lows, the recent activity, and the rise in bank loans to brokers since
September contributed to the determination to act now. Also, it was pointed
out, a new Board of Governors will take office Feb. 1 and, should action
be necessary at or shortly after that time,
there would be a lag while
new
Governors acquainted themselves with the credit situation.
the
In
security markets, it was said.
Washington advices, Jan. 24, to the
of Jan. 25, it was
The
of
advisability
considered
been
by
stated:
of the margin requirements has
for some time, but probably the
upward revision
an
the
New York "Times"
,
Reserve
Board
apparent certainty of the adoption of the soldier bonus legislation over the
President's veto and rumors that the government might enter upon monetary
moves
of
inflationary nature
an
were
a
factor in the decision to-day for
quick action.
Differences
of opinion are
said to have existed among some branches of
not only as to the necessity or advisability at
the government,
of Various Utility Holding Com¬
panies to End Feb. 2—Exemption Applicable to
Certain Acquisitions of Securities of Utilities by
Affiliates Extended by SEC Until Further Notice
Temporary Exemption
only
controls
T
direct
have no
in
4%, due
1996.
reduced
dollar volume
on
volume.
move was
237,937.50
'
105,000.00
Co. gold mortgage
3^%, due July 1 1997
Norfolk & Western Ry. Co. consolidated mortgage
based
are
be
thus
will
proportion
price.
may
general mortgage 4%,
due Oct. 1 1995
200M
stocks
anti-pyramid zone.
according to the Board's private estimates,
approximately 75% of active stocks are above the anti-pyramid zone, or
the zone within which their collateral value does not increase with their
regulations,
present
customers."
Atchison Topeka & Santa Fe Ry. Co.
Also about 15% of all active registered
pushed back into the so-called
be
Under
share
AND VALUATION AT
ACCRUED INTEREST
suddenly without previous warning to
will affect the loan value of about
came
exchangee,
registered
of the
60% of the active stocks.
$121,075.72
hand, Dec. 31 1935.
OF DETAILS OF INVESTMENTS
MARKET AS OF DEC. 31 1935, NOT INCLUDING
50M
provides that the maximum loan value
than exempted securities) j shall be 45%
base period.
prescribed
the
during
380,965.29
SCHEDULE
by the Board of Governors of the Federal
(other
securities
Reserve
10,587.03
1,932.66
and sale of securities
Miscellaneous expenses
Cash on deposit and on
requirements applicable to
supplement approved to-day
market
88,445.60
XXII of the Constitution
Net balance re purchase
margin
brokers or dealers who transact
securities through the medium of such members shall be as
registered
will
for
the
(instead of 55%) of the current market value of the security in those cases
in which this amount is greater than the lowest market price of the security
The
333,706.10
Gratuities
provides
System in supplements to the regulation.
officials
$502,041.01
Total
Payments for the year:
that
a
following to say:
$247,944.25
85,324.20
437.65
members
Miscellaneous receipts
issued
national security exchanges and
in
business
a
and
1936.
1
amendment
Reserve
Net worth of the Gratuity Fund
Interest received
Feb.
T
Regulation
to
System to-day approved
supplement thereto,! both
the Federal Reserve
Governors of
of
amendment
prescribed from time to time
$86,203.42
1,932.66
Unpaid gratuities
Cash on deposit Jan.
Board
The
an
members of
applicable to future contributions:
OF OPERATION
its Regulation T governing
and also adopted a
change
The
thereto.
supplement
The
for year 1935 due to the
of the New York Stock Exchange under
STATEMENT
The Board,
it by the Securities
margin requirements on securities,
the
effective
Liabilities and Net Worth
Less miscellaneous expenses
the stocks.
authority granted
acted. under
Exchange Act of 1934, amended
Net Income of Gratuity Fund
Section 7, Article
loan value
45% of the current market value of
83,578.86
-
Interest received during 1935
55% by action
Federal Reserve System,
Governors of the
said:
VI, of the Constitution
when and as collected
of
being effected through the lowering of the
of registered securities from 55% to
24, this
which
members
to
and brokers or dealers were
of 25% to 45% to 25% to
a range
of the Board of
Jan.
applicable
requirements
securities exchanges
value, which is to go into effect
31 1935
Asset?
Cash
Investments at book value (see
Treasurer
Market Value
maximum
$209,325.69
Net loss
Margin
margin
raised from
Total Income
a
The
13,710.00
$8,026,359.61
Acts to
Federal Reserve System
Requirements on Stocks—Under
Amendment to Regulation T,
Lowers Maximum
Loan Value of Securities from 55% to 45% of Cur¬
Increase
national
$7,258,509.44
Total expenses
be reported to the
Board of Governors of
"18,053:66
1,700.00
Contributions to various charities
remain effective until
rent
8",937"50
Dues—Associated Stock Exchanges
until Feb. 3 1936, on con¬
Commission within 30 days.
now amended this Ride so that the exemption will
further amendment or repeal of the Rule.
from this provisions
dition that the acquisitions
26,806.00
4,596.45
8,500.00
30,873.60
1,670.54
Firms
notice,
afords certain exemptions
117,500.00
Department
Uncollectible rents and accounts
Loss
"~53,564". 50
38,453.44
101,888.34
Sundry committee expenses
Personnel
300,931.45
138,765.00
75,618.58
191,924.00
Publicity committee expenses
Committee on Public Relations expenses
of the exemption now applicable to
of securities of public utility companies
by affiliates of such companies.
The Commission stated:
Section 9(a)(2) of the Public Utility Holding Company Act of 1935, sub¬
ject to certain exceptions, requires approval by the Commission of any
acquisition of a public utility security by a person who, either before or as
a result of the transaction, owns 5% or more of the voting securities of the
company whose securities ar9 acquired and 5% or more of the voting
securities of any other public utility or holding company.
Rule 9A2-3
until further
certain acquisitions
The Commission has
account¬
ing, legal and medical charges
Fees paid to members of Exchange committees
701
Chronicle
this time of
but as to the desirability of adopting additional
regulations placing definite restrictions on loans which banks may make
for
the purpose of buying or carrying securities on national
securities
increasing
exchanges.
margins,
.
The thought
into
.
.
expressed by
effect to-day was
one
official was that the margin increase put
intended to prevent the development of a speculative
might be out of hand, but was
situation before it reached a point where it
not
expected to have any disturbing
Maximum
The amendment as
effect upon legitimate trading.
Loan
Value
adopted to-day provided that the maximum
loan value
other than an exempted security, on national
security exchanges would be whichever is higher of 45% of the current
market value of the security or 100% of the lowest market value of the
of
a
registered
security,
Financial
702
computed at the lowest market price therefor
security
calendar
months
but not
The
75% of the current market value.
was made that until July 1 1936
the lowest price at
but before the
day of the current month, should be considered as the lowest market
proviso also
which
first
a
been
had
security
sold
on
after July 1
or
1933,
Higher
Deposits,
depositors, assets and surplus accounts of
mutual savings banks continued to rise in the last six months
of 1935, according to data made available by the National
price of such security in the preceding 36 calendar months.
Thus the
obtained
to
change made
their
to decrease the loan value of securities which
was
market value under the first provision
greatest
55%
from
45% of the current market price, while the sliding scale feature of the
regulations
left
was
Subsections
to
credit to
for the
which
amount
to
exceed
as
the
of
the
total
maximum
maximum
loan
credit
loan
provided
in
advance
the
of
such
of
this
in
the
which
date
At
Governors
of
Except
The
loan
Federal
loan
maximum
greatest
&
special
separately,
registered security to
any
not greater
the
in
recorded
account
value
of
of
Board
the
supplements
date
exempted
an
the
for
this
to
security)
Governors
regulation,
(1) such other member, broker,
regulation
credit
is
has
or
broker,
for such
dealer
or
(3)
partners, and
or
any
other member,
hi^
of
will
be subject
security to the
of
separately,
maximum
exempted
Board
this
of
loan value of
"(2) To
writing
of
which
any
the
will
or
be
joint account
group,
by
TO
values
of
ties)
Section
and
Governors
of
maximum
loan
the
for
for the
purposes
(1) General
this
an
of
purposes
of
its
advance
effective:
pre¬
of
the
date
Provided, That
System
exempted securi¬
Securities
Exchange Act
as
amended,
the
Board
of
hereby prescribes the following
(other than exempted
in
value
securi¬
Paragraphs
(2)
and
(3)
of
a
registered security
exempted security) shall be whichever is the higher of:
of
(other
45% of the current market value of the security; or
100% of the lowest market value of the security computed at the lowest
market price therefor during the period of 36 calendar months
immediately prior to
the first day of the current month, but not more than
75% of the current market
value: Provided, That until July 1 1936, for the
purpose of this regulation, the lowest
price at which a security has sold on or after July 1 1933, but
prior to the first day
of the current month, shall be considered as the lowest
market price of such security
during the preceding 36 calendar months; and Provided, That the lowest market
price which could be used under the provisions of this regulation
during any calendar
month may be used during the first seven calendar
days of the succeeding calendar
|
loan
security) in
iMSIM
■
(2) Extension
maximum
of
Credit
value
of
to
Other
Members,
registered
a
Brokers
security
(other
and
Dealers—The
than
exempted
an
special account with another member, broker or
dealer, which
special account complies with Subsection (b) of Section 3 of
Regulation T,
as amended, shall be 80% of the
current market value of the
a
security.
(3) Extension of Credit
loan
value
special
of
complies with
shall be
a
account
to
a
(other than
distributor,
Subsection
(c)
of
syndicate,
Section
80% of the current market value
3
of
an
&c.,
exempted security) in a
which special account
Regulation T,
of the
as
amended,
security.
under
(governing margin requirements
the Securities Exchange Act of
1934), as adopted by
Board
Sept.
29,
on
Sept.
27
1934,
1923-1926;
pages
was
given
in
our
issue
subsequent amendments to
of
the
regulation appeared in
our issues of May 4
1935, pages 29561-4) ; Aug. 3 1935, page 677 (amentment 5), and Oct. 26 1935, page 2692
(amendment 6).
2957
(amendments
The Reserve Board
Reserve banks
a
on
Jan. 11 submitted to the 12 Federal
draft of a regulation to govern
tentative
margin requirements on loans by banks for the purpose of
purchasing or carrying equity securities registered on a
securities exchange.
The Reserve banks were
requested to supply the Board with "criticisms and sugges¬
national
tions"
our
on
the proposed
regulation, which
issue of Jan. 18, page 384,
was
dollar
of
deposits,
of
one
The
highest
the
of institutions operating upon
group
had
of
use
the
declined
the 18
ratio
ratios
comparable
a
States stood at $710.25.
$704.50,
to
funds held
reserve
reflecting the
this
Mutual savings
represented
bank
By
increase
of
for the public.
dividend rate declined from
average
better than
officials
that
said
2.65%.
to
2.84
earnings
average
had
1935
been
a
in which all mutual institutions fully preserved the safety
State
Jan. 24, a statement based on reports made
banks in response to his call as of
on
1935, Samuel
H.
Squire, Superintendent of Banks
show that "extremely
were made by these institutions during
the year recently closed," tlii^ being taken not only as indi¬
cating that
"business generally has emerged from the
shadows," but as giving "ground for the belief the new
year will bring further improvement in economic activities."
The gains registered in resources and deposits by report¬
ing banks are impressively large, Mr. Squire pointed out,
exceeding all records since the close of the year 1932.
He
Ohio, states that
satisfactory advances
resources
023,327,
referred to in
of the
these reports
467 reporting bank6 on
$64,141,001
Dec.
on
since the
call
31 1935
of
Sept.
$1,305,-
were
of
deposits of these banks
increase of
Dec. 31 1935
$61,667,547 since the call of Sept.
$147,435,861 since the call of Dec. 31 1934.
increase
an
increase of
1935 and
30
$1,139,516,792,
were
30 1935 and
an
increase of
an
$149,673,192 since the call of Dec. 31 1934.
Savings deposits made
Dec.
31
and'
posits
1935,
Sept.
of
30 1935 and
deposit
on
$148,773,595,
increases
$42,558,918
departments
trust
respectively.
$76,004,527,
and
31 1934.
$37,267,576,
totaled
de¬
increase of $175,554
an
decrease of $312,724 since Dec.
a
by
on
September
Individual
1934.
"All other
decrease of $2,412,014 since Sept. 30
a
bank
indicated
States
since
increases
deposits" totaled
1935 and
increase
an
increases
31
of
increase
decrease of
Real
of
State,
an
Thsee
1934.
These
hand
on
31
increase of
1935,
ever
The
they
included
and
1935
a
reported for
decrease of $1,102,583
a
the
in
1935,
$11,133,206
totals
reported
an
continuing to strengthen their position
and
maintained,
reserve
increase
of
which
for
made
of
the
institutions
$232,086,123
and
1935
an
31 1934.
payable and! bonds borrowed totaled
reports by
are
is indicated
totaled
$25,203,039 since Sept. 30
and bills
Superintendent
occupied by Ohio's State banks is
these
more
an
30 1935 and
Squire shows that
exceptionally 6trong
deeply entrenched
in
popular
one,
favor
before.
banks of
are
factors
$487,671,518,
are
31
totals
1935, an increase of $24,256 since Sept.
$1,103,997 since Dec. 31 1934.
analysis
the position
than
30
Reserve bank
Dec.
on
the
in
Dec. 31
on
that
Sept.
increase of
an
included
are
were
$52,770,078 since Dec.
decrease of
and
bonds
other
Federal
$259,022,079
totaled
totals
Notes and bills rediscounted
The
$53,870,144,
bonds,
since
1934.
cash
$401,239
municipal
respectively;
$4,689,083
Sept. 30 1935 and
totals
discounts, which
31
That these banks are
Dec.
an
increase of $15,150 since Sept. 30 1935 and a
mortgage loans
1934.
31
31
by the
on
of
United
were:
$251,152,749,
increase of $34,189,133
an
$15,560,907 since Dec. 31 1934.
$2,457,850,
loans and
of Dec.
and
$9,867,836,
increase
1935
guaranteed,
30 1935 and
county
and
an
of $5,038,291 since
Dec.
Dec.
Sept.
Dec. 31
on
and
$169,200 since Dec. 31 1934.
estate
decrease
all
1934;
$2,543,637
$120,941,397,
stock totaled
since
carefully considered by these banks is
direct
securities,
of $20,128,099 since
Dec.
an
most
are
by their security holdings, which
securities,
and
investments
government
increase
of
of
$551,669,180
preceding
the
31
$8,493,025 since Dec. 31 1934.
That
a
totaling
Dec.
since
Time certificates totaled $48,300,871,
$2,046,956 and $12,464,980,
of
showing,
$21,771,587 since
of
$53,023,384
$353,505,570,
totaled
Funds
of
satisfactory
a
increase
an
increase
an
respectively.
since
The text of Regulation T
the
$1,212,850,051.
from 12.1 to 12.2%, representing more than 12c.
of
Distributors, Syndicates, dec.—The maximum
registered security
with
31
Dec.
since
(A)
(B)
month.
months
issuing,
call
provided
the
and for
State-supervised
an
of Regulation T:
as
surplus
total
for
and
The combined
six months
continued:
System
the
T,
$53,263,369,
by
$16,515,570 in the last
by
deposits and regularly earned and paid their dividends.
Total
(other than
of
general
progress
Total
7
Regulation
the maximum loan
by
1936
of Regulation T
Section
Reserve
an
T
the Federal Reserve
1
registered securities
Rule—Except
supplement,
than
3
Federal
values
System shall
In
in
loan
.
registered securities
Pursuant to the provisions of
1934
(except
maximum
financing the distribution of
the Board of Governors of
loan
amount not
an
which
Reserve
REGULATION
of
years
Largest Since Close of 1932, According to
Superintendent of Banks S. H. Squire
registered
syndicate, for the purpose of under¬
or
mounted
average account for
average
capital.
of
of their
special
a
or
Effective Feb.
Maximum
on any
issue of securities."
an
120
Gains in Resources and Deposits of Ohio Banks Dec. 31
special
in
in
firm
from time to time in supple¬
issued
banks
savings
accounts increased faster in the last
new
account and
dec.—In
security,
becomes
six
upon
mutual
months
Although lower than usual,
year
for
arid
V'..I
the
accounts and
section.
such
(c)
his
of
special
Syndicates,
Federal
retail;
SUPPLEMENT
Issued
account
such
than
of purchasing
satis¬
the
more
even
181,207,
record total of $11,212,393,048.
each
any
July 1 the
31
In
by
making
■
Last
such
by such creditor
purpose
for the
be
for the purpose of
at wholesale
distributing
or
his customers other
in
such
shall
(2)
enabling such
six
rose
for
reserve
established by
Dec.
rate
a
being
first.
new
a
$20,221,827,
earned
ever
in
the
second
account expanded
year
scale.
the
of
J
dealer,
any
time
to
the
surplus to deposits
of
shall
Provided, That
of
creditor may extend credit
Governors
the
of
advance
countries;
maintained
or
to Distributors,
maximum loan value
issue of securities
ties)
time
in
purpose
for
included
security)
regulation,
which such
"(1) To
foreign
the
or
account
own
such credit is extended:
of
from
issued
dealer for the
or
scribe for the purposes of this Subsection
to
in
accounts
not be
any
amount
(except
an
System
and for the purposes specified below in
persons
an
the
as
his
of Credit
greater than the
case
only
to the other provisions of this
"(c) Extension
upon
Reserve
(b)
be
solely for
broker,
partners shall
account recorded
ments
Federal
credit extended
carrying securities for
or
value
in
at
was
months
six
noted that
was
$156,894,952 to
surplus
on
dealer is subject to the provisions of this
or
to carry
any
or
the
which
maintained
or
to
shall
the
Subsection
places of business
extended
member,
his
dealer in
or
such security, which
which such maximum loan value becomes effective:
on
credit
shall be such special maximum loan
of
this
of
purposes
of
extend
may
other member, broker
than the maximum loan value
case
as
prescribe
any
creditor
any
accounts
new
served
ever
Also it
halfJyear than in
year
a
of
These additions brought total depositors to 14,077,812, the
number
operation.
1932, when deposits were $10,030,014,385.
Jan. 1
number
increase for the last
240,837.
year,
becomes
value
Other Members, Brokers and Dealers—In
to
in
the
Assets
of Credit
of
sum
gain
factory,
effective.
"(b) Extension
deposits of mutual institutions, operating in 18 States,
$9,917,813,052, a gain for the last six months of
$47,761,932, and for the year $160,122,115.
This figure closely approached
regulation, which will be issued
such
the
the all-time peak of
shall be
the
the year-end
reached
an
general application under this regulation
which
upon
security.
the maximum
exempted security)
of
in
registered security
registered
regulation,
Board
Association continued:
exempted
an
security,
any
such
on
an
in supplements to this
time to time
T are hereby
■:'A
initial extension of
carrying
or
(other than
Reserve System shall prescribe as of
from
:i
any
extended
value
elsewhere
value
make
purchasing
of
the
shall
registered security (other than
any
on
the first
is taken
to mean that depositors are investing funds in other direc¬
tions, but maintaining their accounts on balance."
The
half.
of Regulation
3
>■,
registered security
a
of Section
creditor
purpose
causes
specifically
value
(c)
and
increase in the last half year was slower than in
The average account receded slightly, which
24 to Regula¬
follow:
follows:
as
Rule—No
customer
any
security)
(b)
(a),
read
General
"(a)
of
Mutual
Savings Banks.
"Excepting de¬
the Association announced Jan. 28, "the rate of
positors,"
The amendment adopted by the Board Jan.
tion T and the supplement thereto
amended
Association
in the former regulations.
as
1936
Feb. 1
JC.c'l osits of Mutual Savings Banks in 18 States In¬
creased $47,761,932 During Last Half of 1935—Total
Dec. 31 Reported at $9,917,813,052 by National
Association—Depositors, Assets and Surplus Also
in the period of 36
the current month,
first day of
before the
immediately
than
more
Chronicle
the
State
deserving of commendation for the
are
making and the character of
which
have
won
for
them
the
the
public service they
faith
and
good-will
of
progress
are
giving,
the
people
Ohio.
The
marked
stimulating
since
the
advancements
beginning of
made
recovery,
during
is
a
the
spur
past
to
the
year,
the
bankers
most
of the
Financial
Volume 142
to the maximum
increase
to
State
they have made
banks
30 was given in our
Sept
of
as
and facilities
public.
$31,457,000 in Industrial Loans
Federal
Bank
Reserve
In
a
Approved by New York
in
Banks Asked to Co-operate
18 Months—Member
in Program
circular sent Jan. 28 by George
L. Harrison, Governor
Bank of New York, to banking
institutions in the New York Reserve District, it is shown
that the Reserve Bank had approved from June 19 1934 to
Dec. 31 1935, 373 advances and commitments aggregating
$31,457,000 in the form of industrial loans.
The advances
by the Bank were made under Section 13b of the Federal
of
Federal
the
Reserve
approved June 19 1934, which authorized the
Federal Reserve Banks to make loans under certain con¬
ditions for the purpose of providing workiDg capital to
established industrial and commercial enterprises unable to
obtain the funds they require on a reasonable basis from the
Reserve Act
usual
sources.
banking institutions by Governor
The circular sent to the
authorized to make advances
exceeding approximately
$87,746,000.
From the date of the enactment of the law to and including
Dec. 31 1935, 373 advances and commitments aggregating $31,457,000
were approved by this Bank.
Of this number 107 were withdrawn by the
applicants, a large number of whom reported that they had succeeded in
obtaining their requirements through the usual credit sources.
Actually
252 advances and commitments aggregating $20,600,000 were made by
tnis Bank.
Of these advances approximately 56% have been made in
participation witn banks and other financing institutions.
These loans
are repayable over various periods not exceeding five years.
Of the total
amount $2,883,000 has already been paid.
These loans have, we believe,
not only made possible the continued successful operation of a number of
business concerns, but have also been of substantial benefit to a number of
of New York is
The Federal Reserve Bank
and commitments up to an
aggregate amount not
communities in maintaining
was
what it can for industry in
this district and it is
again of the availability of these
co-operation in bringing tnis subject to the atten¬
of this circular to remind you
facilities and to ask your
might be interested.
tion of those who
a
substantial increase
fn the period.
Adjusted demand deposits of
on
on
member banks amounted to $18,500,000,000
$12,100,000,000 at licensed member banks
Nov. 1 1935, as compared with
Dec.
maximum.
Time deposits, other than
and of the Postal Savings System, amounted to $10,000,-
1929, the pre-depression
31
balances of banks
000,000,
District, which considers applications for
loans or commitments, consists of the following:
York)
industrial
President, Concrete Steel Co.,
William H. Pouch, Chairman,
as
N. Y.
Arthur G. Nelson,
New York, N.
It is estimated that
of 1929.
banks, including those of mutual
time deposits of non-member
Vice-Chairman, President, A.
G. Nelson Paper Co.,
at
at
In 1935 there was a further substantial increase in
at city banks and the total of those balances held for
deposits were still 15% smaller than they were
city banks they were appreciably larger than
try banks, however, these
the end of 1929, while at
previous time.
any
inter bank
deposits
domestic banks
on
Reserve
Federal
Nov. 1 exceeded all previous
Mfg. Co., Bridge¬
CHANGES IN DEPOSITS AT MEMBER
Edward J. Noble, President,
Life Savers, Inc., Port Chester, N.
Y.
approved by the New York Reserve Bank to Jan.
1935, was referred to in our issue of Jan. 26 1935, page
Loans
559.
from 1 to 23^% for Non-Reserve
Rate Applies to Saving and
Six-Month Time Deposits in 7,800 Institutions
FDIC Fixes Interest at
Members—Maximum
be paid by some 7,800 insured
members of the Federal Reserve
Maximum interest rates to
which
are
not
System, on saving and time deposits, were issued by the
Deposit Insurance Corporation on Jan. 24.
The
rates fixed by the Corporation, which are effective to-day
(Feb. 1) follow:
Federal
Maximum rate of 2M % on any
maturity date less than six
Reserve
Reserve
City
Country
Banks
Banks
City.
Banks
Banks
+ 2,823
+ 666
+ 1,269
—986
+ 583
+ 119
+971
+ 284
—556
—347
—83
—225
—54
—102
—70
Deposits of domestic banks
+ 987
+ 443
+ 58
Deposits of foreign banks
+212
+487
+ 201
Demand
deposits—adjusted
Time deposits
United States government
deposits-
Postal Savings deposits
—
+ 263
+ 11
Loans and Investments
,
change in member bank loans and investments
of 1935 was an increase of $780,000,000 in holdings
The largest
in the first 10
of obligations
principal and interest^ representing
part exchanges for obligations not so guaranteed.
Holdings of direct
obligations of the government increased by $170,000,000 and there were
substantial increases in holdings of other securities and in customers' loans
not secured by stocks and bonds or by real estate.
Customers' loans
months
guaranteed by the United States as to
in
bonds continued to decline.
total loans and investments
Most of the increase in
occurred at central
which showed increases in all three classes
and in their loans to customers other than on stocks and
Reserve and Reserve city banks,
Country banks increased
bonds.
their holdings of
direct government
government-guaranteed
holdings of
securities, but showed decreases in
obligations and in loans.
obligations and of other
of Member Banks
total loans and invest¬
1934, to Nov. 1 1935, member
banks reported a growth of $2,190,000,000 in their reserves with Federal
Reserve banks and balances with other banks in the United States.
About
three-fourths of the increase in balances with the Reserve banks was at
New York City and Chicago banks; country banks showed only a small
increase in reserve balances but a substantial growth in balances due from
banks; while at Reserve city banks rseerve balances and balances with other
In addition to the increase
of $1,150,000,000 in
banks from Dec. 31
banks showed about equal
increases.
banks apparently deposited with
available funds, while city banks
used a considerable part of their surplus funds in purchases of investments.
Excess reserves increased at all groups of banks, but the tendency noted in
1934 for country banks to deposit most of their excess funds with city banks
continued in 1935, and much of the increase in excess reserves of the central
Reserve city banks in New York and Chicago reflected the growth in bal¬
ances due to other banks, shown in the previous table on deposits.
CHANGES IN LOANS AND INVESTMENTS AND RESERVES OF MEMBER
As shown in the
following table, country
other banks most of the
increase in their
BANKS DEC. 31 1934,
TO NOV. 1 1935
[In millions of dollar]
after the date of deposit and on any
postal savings deposit which constitutes a time deposit.
Maximum rate of 2% on any time deposit (except postal
a
1935
Centred
Member
savings deposit, any time deposit having
maturity date six months or more
BANKS DEC. 31 1934 TO NOV. 1
[In millions of dollars]
ments of all member
port, Conn.
records in the history of the
System.
Reserve Position
President, Bridgeport Metal Goods
savings banks,
than in June 1933, but were
about $5,500,000,000 smaller than in 1929.
Deposits at all banks in the
United States, therefore, are still somewhat smaller than they were in 1929.
The increase in deposits in the first 10 months of 1935 occured at all groups
Of member banks, as shown in the following table, but was relatively some¬
what larger at city banks than at country banks.
Since June 1933, adjusted
demand deposits have increased by 40% at New York City banks and by
about 60% at banks in other Reserve cities and at country banks.
At coun¬
$1,500,000,000 larger in June 1935
Y.
Herman K. Beach,
June 1933 and $12,900,000,000
adjusted demand deposits plus
compared with $8,100,000,000 in
at the end
of investments
New York,
and $16,600,000,000 on
1933, the low point of recent years,
June 30
secured by stocks and
Committee for the Second (New
The Industrial Advisory
a
showed
capital purposes to those who are
This Bank desires to do
banks,
Deposits
representing deposits of individuals, partner¬
ships, corporations, and State and local governments, increased by $2,820,000,000 at all member banks in the first 10 months of 1935.
This growth
reflected principally the influence of gold imports and of Treasury expendi¬
tures from balances previously accumulated and from newly borrowed
funds.
United States government deposits at member banks showed a
decline of nearly $1,000,000,000 in this period.
There was also a decrease of
$225,000,000 in Postal Savings deposits, representing funds withdrawn by
the Postal Savings System because of the inability of banks to pay the
required rate of interest on these deposits. These funds were invested in
government obligations by the Postal Savings System.
Other time deposits
All
exceeding 80%.
17
Growth of
provide a means for the granting of credit
entitled to borrow but who
must borrow for somewhat longer periods than that for which commercial
banks may be willing to grant credit.
The fact that the volume of these
loans is not greater may indicate tnat tne need for credit of this type is being
met in other ways, or it may, in some instances at least, indicate that those
who might be interested are not fully informed concerning the possibility
of obtaining loans under the provisions of Section 13b of the Federal Reserve
Act.
As you know, these loans may be made either directly by the Federal
Reserve Bank or by a bank or other financing institution witn a commitment
from the Federal Reserve Bank to purchase tne entire loan at any time,
thus guaranteeing liquidity, and to assume a proportion of the risk not
the purpose
government-guaranteed
in holdings of
substantial growth
a
employment.
the purpose of the law to
for working
and
relatively
obliga¬
United States government direct
obligations.
were about
Harrison said:
It
and with other member banks, a
Adjusted demand deposits,
2817.
page
with the Federal Reserve banks
small increase in bank holdings of
tions,
of Ohio
issue of Nov. 2,
Squire covering the reports
by Mr.
statement
A
the value of the service
available for the use of the
703
Chronicle
Central
Reserve
savings) having
months and not less than 90 days after the
Reserve
City
City
Country
Banks
Total
Banks
Banks
date of deposit.
postal savings) having
than 90 days after the date of deposit.
Maximum rate of 1 % on any
a
maturity date less
time deposit (except
i-< 00 N
T-ORTiS
Review of Banking
Reserves
quote:
In 1935, as in 1934,
and
by government disbursements of
+ 537
+ 147
+617
+493
+41
Reserve
Federal
banks:
Excess
+356
inU.S
Balances with foreign banks (in¬
cluding own foreign branches)
+ 287
+ 105
—37
+ 1,225
+893
+218
+ 115
+ 1,581
—
-
Balances with banks
+ 1,180
+ 323
+ 78
+610
—12
+ 306
+ 316
—216
—176
—38
#
—2
Prospect of Further Permanent Increase in Taxation
Faced by Business Unless Policy of Government is
banking conditions were influenced alrgely by gold
The
principal cnanges were a continued growth in deposits of indivuduals, part¬
nerships, and corporations, a substantial decline in United States govern¬
ment deposits, a further rapid increase in balances held by member banks
movements
with
Total
Federal Reserve Bulletin, issued Jan. 20,
the review of banking conditions during the month contains
a
reference to changes in condition of all member banks
during the first 10 months of 1935 as shown by the consoli¬
dated call report for Nov. 1 1935.
From the Bulletin we
—106
+ 653
+ 1,151
Required
$18,500,000,000
In the January
—44
CO CO Is"
Investments
Total loans and investments
Conditions by Board of Governors
of
Federal Reserve System—Changes in Conidition of Member Banks in First 10 Months of 1935
Summarized—Adjusted Demand Deposits Nov. 1
—36
,
Radically
borrowed funds.
Changed Says Guaranty Trust Co.
of
New York
Unless the policy
1
of the government is radically changed,
recent legislation is declared uncon-
unless some of the
704
Financial
stitutional, business faces the prospect of a further perma¬
taxation, already one of the major items in
its overhead costs, states the Guaranty Trust Co. of New
York in discussing taxes and business recovery in the cur¬
rent issue of "The Guaranty Survey," its monthly review of
Chronicle
while in
business and financial conditions in the
abroad, published
exists
"a
real
States
United
and
that the extension of governmental
in public debts may result in a
burden that will seriously and permanently impair the
danger
activities and
tax
the
increase
productive efficiency of our industrial system."
"While it
cannot be stated definitely that this will be the case," says
"The
"it is a possibility that should not be put
Survey" goes on to say:
Survey,"
to the
"The
test."
activity
of
one
consideration
be
cannot
that
has
tended
that
extent
field
the
with
business
on
has
earning
position
of
the tax
burden
business
case.
same
is
to
Even
under the most
conclusion
to
Recent
increasing
an
government
carried
and
by
impaired
this
In
in
competition
into
indirect tax.
an
costs
particularly true
far
so
He
sustained
a
it
of
regulation
and'
ability of
period, and
com¬
business
to
that
this
burden
little
measured, in
the
depression, not
of
the
estimates
in 1930 at
of
the
income
averaged
rose
the
activity
as
about
20%
increase
an
than
in
beginning of
payments, but because
tax
of actual tax
Industrial
nomic
the
payments,
Conference
Board,
according
reached
was
40%, with the result that the ratio of taxes
10
12% in the
to
prior
years
to
the
burden
business
on
alone
could
be
it
measured,
would
un¬
doubtedly
6how a much greater increase, since business earnings were
severely affected by the depression than most other classes of income.
more
The reports of the
taxes
to
net
1930 this ratio
for
1932
could
negative
are
before taxes
available,
not
to-day
is
60%, and in 1931 to about 202%, while the ratio
computed because the net total of profits was a
be
The ratio
ratio
national income,
is
net
1933, the latest
for which
year
figures
comparable
with
of
the
in the
tax
last few years.
between
taxes
and
total
that
has
been
A Tatio of 200% for
created
taxes
funds
net
profits
considered
which
on
as
difference
and the
figures
the
in
its
borne
between
net deficits
could
be
it is
wiped
year
place
out their
deficit
a
of
an
important to bear in
mind
that
the
are
based are those of all
corporations
That is, the amount of net profits represents
net profits of corporations
reporting profits
the
of the others.
assumed that
witnessed
further
extensions
rising tax rates
activities
new
have been
public
and
needed
of
on
has
in
to
can
be made.
governmental
activity
into
repercussions
is
still
heavily in
fields,
with a rapid growth of public debts.
Both the
larger debts will require greater tax revenues than
and
the
created
ance
New
State
Not
This would be true
increase
of
debts
had
even
been
if the
extension of
of
way
distributing
practically
halted.
With
both
and
a
Research
in
Banking
Progress
York
at
Bankers
Mid-Winter
Meeting of New
Association—Deposit
Insur¬
torium of the Federal
held
Reserve
on
Jan.
Bank of
27
in
the
New York.
audi¬
Refer¬
ring to the "many serious problems arising out of a
business
recession of unprecedented
magnitude and severity" which
to
face
for
the
past
few
observed:
The
calmer
situation
spirits.
has
now
The
materially changed and
period
of
general
we
liquidation
years,
face
has
the
Mr.
Colt
passed
and
bank
are gradually
rising.
Thousands of weaker banks have been placed
liquidation, bad assets have been written off, and capital structures
have
have
been
outlet
banker
How
will
our
the rest
in
of
the
world
constitute
problems to confront the bankers.
new
A
similar
for
rehabilitated.
increased, and in
With
some cases
the
direction.
cheap
credit
This
country
and the
This
influx
conditions.
credit
throughout
feels
of
gold, together with
huge volume of
a
up
structures.
world's monetary gold,
of the
the
excess
These
the
have
system
Their
nressure.
and
reserves
reserves
banking
effect
is
a
that
so
by
no
the
set
rapid
of
forces
expansion
in
in
of
the
1920s
bank
was
credit
institutions of
many
responsible,
during
that
in part at least,
period
and
for
the
assets of inferior quality.
With the
for expansion then existing, many institutions,
if they could not
get high-grade assets, took what was available.
We need
idle
funds
and the
pressure
only remind ourselves that
our monetary gold stock and our
to-day far above their maximum at any previous date in
are
The
Federal
Reserve
extensive powers
credit expansion.
that
they
can
to check
rest
methods
reserves
expand
almost
their
there is
control
of
quality
they
and
assets
exist
deposits
the
of
to-day
the
the
given
member
to
be
may
control
banks
of
the
by
the
On
all.
us
the
country
billions of
many
of
exercise credit
or
character
dollars, probably to
Thus far there has been no substantial
many,
there, however, and
are
been
right
the
of
interest
government
securities by
strong opinion to the effect that there is
day controls
have
reserves
history.
institutions.
timing
matters of
course,
present amount.
reserves
expansion
high
for the purchase
except
reduce
of
are,
as
double the
expansion
to
maintaining
authorities
of
authorities
our
prevent unsound credit activities and excessive
or
the management of the individual
upon
very
central
supervisory
excess
However effective these controls may be, it is my
opinion
never
take the place of sound bank management.
The
responsibility for
The
other
and
control.
the banks,
present need
The possibilities
must
we
little
of
face the possibility
excessive
that
some
It is essential to keep this in mind in
necessary.
our
individual expansion policies.
control
be
as
open
sufficient,
in
and
requirements.
reserve
must
such
keep
in
mind
effects of such
a
The situation is such that ordinary measures
market operations and discount rate changes may
time
At
it
least,
be
may
that
is
on
therefore,
to
raise
future
possibility which we
accurately and prepare for the
order to estimate
in
change
necessary,
a
individual positions.
our
Changes in Character of Banking
A
third
problems
major development which
is
the
This question
in
the
discussed at
has
general
created
some
character
of
important banking
commercial
banking.
length in the recent report issued by
Commission for Study of the Banking Structure, and I shall not
go
into details
and
or
was
some
here except to note that commercial banks
further
rapid,
so
change
from
away
at
commercial
banking.
This
have
gotten
further
development has been
time when other problems
a
were pressing, that no
adequate
analysis of the problems arising out of this change in the character
The implications of such a development have
banking has been made.
fully appreciated and bankers
able to test and perfect
rules and
new
Need
I have
attempted to give
changes
which
are:
political
(1)
and
movements,
have
you
.
.
.
a
brief statement of three types of economic
major problems for bankers.
These
several
Changing
flow
generally have not been
standards of practice.
for Study of Banking
created
economic
gold
new
economic
disturbances
into
the
conditions
resulting
United
States,
at
home;
(2)
world
extraordinary capital
in
and
an
exceedingly large
changing character of
banking in this country both in assets and in deposits.
accumulation
I
do
which
not
of
excess
suggest this
affect
banks,
but
and
reserves,
as
a
complete
mention
them
(3)
list
the
of the
merely
to
economic
developments
illustrate
the dynamic
emphasize the urgent
necessity for constant study and investigation by bankers of these broader
problems.
The future course of banking in this country is going to
depend very largely upon how well we as individual bankers understand
nature
these
of
our
larger
economic
problems
and
and
to solve them.
This is not
but
will
one
which
social
how
a
order
sound
task which
require continuous
the
can
and
to
measures
are
which
be accomplished in
research
and
a
we
take
moment,
study.
future-with
assets
in
local
smaller, and the
about which he knows little and
international
institution
every
changes
Substitute for Good Banking
meeting of the Association,
had
The
problem
aftermath, the world has been sorely troubled
One of these is the monetary trouble which
themselves
by President Colt of Bankers Trust
midwinter
have
factors.
The
limited to the larger institutions of the cities.
means
your
"Continuous, careful, thoughtful study and research is
the price of banking
progress, just as truly as it is the price
of achievement in
industry, medicine, architecture and engi¬
neering," said S. Sloan Colt, President of the New York
State Bankers Association and
President of the Bankers
Trust Co. of New York
City, before the annual
we
bring
has built
abnormally
probably not been
Study
Pointed Out
York
complex
many
difficult.
more
assets
proportion
our
monetary policies,
of
of
of
forces properly.
these
disturbances
upon
large
a
our
study
Co.
eco¬
Maladjustments and Monetary Policies
and its
has
new
a
of
simpler
different to-day from
are
result
the
and
more
type of
which
war
The depression years have
no definite end in sight, it is
impossible even
prediction of the proportion of income that
may be absorbed
by governments in the future.
Need
under
new
created
the
accumulated
flow
not
business would decline
still going on and
attempt
developed
bank
a
and
have
discarding, at least temporarily, of the gold standard
many nations.
Closely allied to this monetary trouble is the rapid
shifting of capital from country to country, a development which has had
and
the
in the past.
activities
processes
to
culminated
of
the tax burden
such assumption
no
forces
of
distribution,
communication,
become smaller and
has
by economic maladjustments.
could
something approximating the pre-depression average as recovery progresses,
the figures for the last few
years would
afford ground for less concern.
Unfortunately,
and
scope
a
kind
The forces which affect the banking business
become
cases
economic
result of the
a
given year
a
Heavy Burden Probably Permanent
with
and
second set of
basis
(
If it
has
many
problems of
to appraise
International
Political
by
ratios
single group.
a
in
matter
methods of
new
and
of the changes which
are some
ago.
frequently forced into
and
interpreting these
the
in
production,
transportation
banking structure that
broad
easy
to the
as
of the banks rests with
for which his facilities for
study are extremely limited.
banking system meet this changing economic order?
and
during the depression gives
rose
burden
paid by corporations in that
before
profit
increasing
that
equal amount.
In
an
of
The credit
50 years
often
are
not
must
not
signifies that the taxes
entire
for
the huge rate at which it
striking picture
concerns
to some of
attention
our
Mr. Colt also said:
mass
financing
a
diversification
for
is
all corporations
201%.
was
this
business
of
to
rose
quantity.
While
a
Commissioner of Internal Revenue show that the ratio of
profits
reporting for Federal
piyposes averaged about 27% in the period from 1926 to 1929.
income tax
In
for
or
accumulation
tax
methods
business
25
the portfolios
industry,
conditions.
of
in
In part,
of
new
of
problems
those
For the period from 1932 to 1934 the ratio
against
as
has risen since the
depression.
If
roads,
violent
be measured mathematically,
can
Between 1930 and 1932 the estimated national
sharply.
very
it
The peak
National
income decreased by more
to
of
$10,300,000,000.
as
This ratio
sharp decrease in income.
because
far
so
by the ratio of taxes to income.
to
and that
"The Survey" also said:
part,
turn
can
by
A tax burden is
a
operations,
to inhibit productive
as
possible.
as
In
governmental
manner
be held
may
in the usual channels of expenditure
economy
non-essential
a
pressing and more immediate
more
we
to
been reflected in
has
be accepted as a substitute for good bank¬
can limit the scope of bank operations,"
way
bankers."
new
budgets be balanced by strict
such
The
continued, "but the ultimate decision
good
As
by curtailment of
no
Supervision
methods
of
heavier tax burden than it
a
in
can
he
a
tax base be broadened in
of many bankers.
industrial
despondency
of
one
quarters
some
referred
assets to
In order
and
from
sentiment
in
in
The recovery
depositors.
public
optimism
new
ing.
It
local—correspondingly reduced.
is impossible to escape the
faces the prospect
over
of
to deposit insurance on a national scale as
experiment," and said : "While it may have its effect
in preventing the spread of withdrawals in time of trouble,
the
as
heavy enough to impair the ability of industry to function efficiently.
that this danger may be held to a minimum, it is essential that
prove
of
even
banking problems, has contributed to a
our
longer-range issues.
"a
fields,
new
favorable suppositions it
that business
experienced
ever
is
time,
increased
governments—Federal, State and
support
jThis
be increased and the
will
to be taxed.
increasingly difficult to control
the
At
been
change in
and
Concentration
profits
are
the
what amounts
petition,
has
there
to make it
relations.
business
hope
of
the part
on
problems have been surmounted and
the
Profits
on
business management
formerly
was
social
of
private
levying
Depend
important to keep in mind is that there
subject
to
degree of regulation and
the
is
adequate taxation unless
legislation
to
it
solution
a
the
the point of view
the
Tax Revenues
Another
sense
and
"The Survey" finds that there
Jan. 27.
on
no
feeling of security
nent increase in
1936
l
increase in security values, recoveries
earnings have improved. Deposit insurance,
New
Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—to be Dated Feb. 5 1936
Announcement of
in amount of
a new
$50,000,000,
offering of 273-day Treasury bills
thereabouts, was made on Jan.
or
Financial
Volume 142
Secretary of the Treasury.
discount basis to the highest
bidders will be dated Feb. 5 1936 and will mature on Nov. 4
1936.
On the maturity date the face amount of the bills
will be payable without interest.
There is a maturity of
Treasury bills on Feb. 5 in amount of $50,091,000.
Tenders to the new offering will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p.m.,
Eastern Standard Time, Monday, Feb. 3.
Tenders will not
be received
at the Treasury Department, Washington.
From Secretary Morgenthau's announcement of Jan. 30 the
30 by Henry Morgenthau, Jr.,
The bills, which will be sold on a
They (the bills) will be issued in bearer
of
tender
Jan.
18
Jan.
25
for
amount
an
expressed
decimal places,_e. g., 99.125.
The price offered must be
$1,000.
the basis of 100, with not more
Each
considered.
less than $1,000 will be
than three
cash deposit from
Tenders will be accepted without
incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
applied for, unless the tenders
guaranty of payment by an incorporated
the face amount of Treasury bills
accompanied by an express
bank
trust company.
or
of tenders on Feb. 3 1936,
Federal Reserve banks or Dranches thereof up to
Immediately after the closing hour for receipt
all tenders received at the
be opened and public announcement
the closing hour will
of the acceptable
thereafter, probably on the following
expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those sub¬
prices will follow as soon as possible
The Secretary of the Treasury
morning.
tenders
mitting
will be advised of the acceptance or
Payment at the price offered for Treasury
banks in cash
Reserve
Federal
or
rejection thereof.
made at the
bills allotted must be
other immediately
available funds on
Feb. 5 1936.
.
The Treasury
448,440
Oct.
11
203,482
Oct.
18-
June
Oct.
25
771,743
707,095
972,384
June
and interest, and any
bills will be exempt, as to principal
thereof will also be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or any of its
gain from the sale or other disposition
taxation, except
estate and
Oct.
14
21
1,253,628
Nov.
1-
407,100
Nov.
8
403,179
July
5
796,750
Nov. 16._
12.
621,682
Nov. 22
8
Feb.
15
1,167,706
1,126,572
21
inheritance taxes.
possessions.
1,146,453
-
320,550
Mar.
1
1,184,819
July
Mar.
8
844,528
July
19.
608,621
1,555,985
July
26.
379,010
863,739
751,234
Dec.
6
Dec.
13-
Dec.
20
Dec.
1,430,886
1,139,617
Nov. 29
Mar. 15
27
554,454
Aug.
2.
Mar. 29
695,556
Aug.
9.
957,288
Apr.
5
836,198
Aug. 16
667,100
Apr.
12
1,438,681
Aug. 23
1,313,754
502,258
Aug. 30
509,502
Jan.
748,396
1,031,666
505,387
422,188
3
19
263
May 10
Apr.
1936—
67,704
6
310,040
Jan.
173,900
Sept. 13
Jan.
Sept. 20
Jan.
563,220
1,076,180
1,335,812
708,595
17
686,930
755,232
551,402
-
10
May
24
and trust companies and from
are
4
247,954
Apr.
Fractions must not be used.
of 10% of
363,073
June 28
Feb.
...
1,505,625
7
462,541
321,760
1
Feb.
-
May 31
June
973,305
11
Sept. 27_
86,907
17
May 24
May
467,385
504,363
732,210
Jan.
1935—
1935—
4
Ounces
Week Ended—
Ounces
Week Ended—
Ounces1
1935—
Jan.
ounce):
omit the fractional part of the
Week Ended—
,
tender must be in multiples of
on
follow (we
Mar. 22
(maturity value).
No
form only, and in amounts or
$500,000, and $1,000,000
$100,000,
$10,000,
$1,000,
150,383.42 fine ounces were received at the Phila¬
delphia Mint, 552,690.79 fine ounces at the San Francisco
Mint, and 5,521.05 fine ounces at the Mint at Denver.
The total receipts by the mints since the beginning of 1935
Jan. 24,
Feb.
following is also taken:
denominations
705
Chronicle
In
Sept.
issue of Oct. 18, page
our
receipts during the year
2518,
the weekly
we gave
1934.
■;
♦
$384,652 of Hoarded Gold Received During Week
Jan. 22—$18,352 Coin and $366,300 Certificates
Figures issued by the Treasury Department on Jan. 27
gold coin and certificates amounting to $384,652.14 was received during the week of Jan. 22 by the Federal
Reserve banks and the Treasurer's office.
Total receipts
since Dec. 28 1933, the date of the issuance of the order
indicate that
requiring all gold to be returned to the Treasury, and up to
Jan. 22, amount to $136,403,590.39.
The figures show that
of the amount received during the week ended Jan. 22,
$18,352.14 was gold coin and $366,300
total receipts are shown as follows:
Received by Federal Reserve
—
31,111,802.25
Received by Treasurer's
$102,662,580.00
$266,756.00
-
102,301.680.00
$31,130,154.39
previously
Total to Jan. 22
prescribe the terms of the Treasury bills
and governs
Received
2,338,700.00
office:
$5,400.00
previously
$266,756.00
$2,344,100.00
Office in the amount of
'Total to Jan. 22
issue.
The
Gold Certificates
$360,900.00
Gold Coin
$18,352.14
banks:
Week ended Jan. 22
Received
gold certificates.
Week ended Jan. 22.
notice
the conditions of their
No. 418, as amended, and this
Treasury Department Circular
of
with the New York Assay
Note—Gold bars deposited
$200,572.69 previously reported.
Tenders
Received
$170,307,000
of
to
Offering
of
$50,000,000 of 273-Day Treasury Bills Dated Jan, 29
—$50,074,000 Accepted at Average Rate of 0.098%
tendered to the offering of
of 273-day Treasury bills,
dated Jan. 29 1936 and maturing Oct. 28 1936, Henry Mor¬
genthau Jr., Secretary of the Treasury, announced Jan. 27.
The Secretary said that of this amount $50,074,000 was
A total of
$50,000,000,
$170,307,000
or
Eastern Standard Time, Jan. 27.
Reference to the
offering was made in our issue of Jan. 25, page 548.
In
his announcement of Jan. 27, Secretary Morgenthau said:
2 p. m,,
99.934, equivalent to a rate of
about 0.087% per annum, to 99.924, equivalent to a rate of about 0.100%
per annum, on a bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The average price of Treasury bills to be
issued is 99.926 and the average rate is about 0.098% per annum on a bank
Transferred to United States
ization
was
thereabouts,
accepted.
The offering was announced on Jan. 23 by Secre¬
tary Morgenthau and the tenders thereto were received at
the Federal Reserve banks and the branches thereof up to
The
Silver
11,122.53 Fine Ounces
During the week of Jan. 24 a total of 11,122.53 fine ounces
of silver was transferred to the United Ftates under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A
statement issued by the Treasury Department on Jan. 27
showed that receipts since the order was issued and up to
Jan. 24 totaled 112,382,820.06 fine ounces.
The order of
Aug. 9 1934 was given in our issue of Aug. 11 1934, page
858.
The statement of the Treasury of Jan. 27 shows that
the silver was received at the various mints and assay offices
during the week of Jan.
24
as
follows:
Fine Ounces
accepted bids ranged in price from
discount
Philadelphia
New York
basis.
Denver.--
-
mints and assay
offices:
Secondary
New Domestic
1935—
Jan.
Jan.
18
Jan.
25
Feb.
1
Feb.
8
Feb.
15
Feb.
22
Denver
July
July
July
Mar. 22.
Aug.
2.
Aug.
9.
5,163
6,755
68,771
50,259
7,941
Aug. 16.
Apr.
5-.
12.
Apr.
Apr.
19.
47,624.15
Apr.
26.
34,243.24
May
3.
New Orleans..
Seattle
Total for week ended
Jan. 24 1936..
$6,584,455.12
209,323.94
$489,679.41
$2,471,498.31
Newly-Mined Silver by Mints and Assay
Offices
from Treasury Purchases Amounted to
708,595.26 Fine Ounces During Week of Jan. 24
According to figures issued Jan. 27 by the Treasury De¬
partment, 708,595.26 fine ounces of silver were received by
the various United States mints during the week of Jan. 24
from purchases made by the Treasury in accordance with the
President's proclamation of Dec. 211933.
The proclamation
which was referred to in our issue of Dec. 23 1933, page 4441,
authorized the Department to absorb at least 24,421,000 fine
ounces of newly-mined silver annually.
Since the proclama¬
tion was issued the receipts by the mints have totaled
62,618,000 fine ounces, it was indicated by the figures issued
of
the amount purchased during the
week of
May 10
Oct.
18-.
Oct.
25
_.
1_.
_.
Aug. 23.
5,311
11-.
26,002
16,360 Nov. 8_.
2,814 Nov. 16-.
9,697 Nov. 22-.
5,956 Nov. 29-.
6_.
16,306 Dec.
2,010 Dec. 13..
Dec. 20
9,404
4,270 Dec. 27-.
1936—
3,008
3_.
5,395 Jan.
26.
54,822
7,615
Oct.
Nov.
19.
19,994
$388.68
594.53
5,252
9,988
9,517
12.
38,135
57,085
1.
76,300.00
34,557.41
15,487.99
1935—
8.
Mar.
51,499.74
San Francisco.
—
of
Week Ended— Fine Ozs.
11,480 Sept. 27
4_.
100,197 Oct.
309,117 May 17
535,734 May 24
75,797 May 31.
62,077 June 7.
134,096 June 14.
33,806 June 21.
45,803 June 28.
5.
152,331 July
Mar. 15.
Mar.
Fine Ozs.
«ais
11
1,694,246.55
490,644.61
$140,266.62
Week Ended-
'
4
220.833.22
New York
11,122.53
ended Jan. 24 1936
Week Ended— Fine Ozs.
Jan.
217,500.00
$4,822.16
6,307,300.00
Philadelphia..
Of
-
3,571.00
4,391.85
2,486.00
362.90
310.78
Following are the weekly receipts since the beginning
1935 (the fractional part of the ounce is omitted):
Mar. 19.
Imports
27.
.
New Orleans
Total for week
and Assay Offices During Week
of Jan. 24—Imports Totaled $6,584,455
The Treasury Department announced Jan. 27 that a total
of $9,545,632.84 of gold Was received by the mints and assay
offices during the week of Jan. 24.
Of this amount, it was
shown, $6,584,455.12 represented imports, $489,679.41 sec¬
ondary, and $2,471,498.31 new domestic.
During the
previous week, ended Jan. 17, the mints and assay offices
received $18,967,795.79 of gold, $15,729,785.28 of which
was imports, $397,832,68 secondary, and $2,840,177.83 new
domestic.
The following tabulation shows the amount of
the gold received during the week of Jan. 24 by the various
Receipts
—
.
--,
San Francisco
Seattle
Gold Receipts by Mints
Jan,
Under National¬
24 Totaled
Week of Jan.
During
Order
Aug. 30.
3,742
1,497
2,621
7.377
1,909
1,619
1,440
2,495
8,800
1,289
3,141
2,416
7,131
25,960
2,881
3,606
1,425
11,959
Jan.
10
Jan.
17-.
6.378
10,817
6.
Sept. 13.
Sept. 20.
Sept.
Jan.
24_.
11,123
_.
the issuance of the order of Aug. 9
281934 were given in oijr issue of Oct. 19
Figures from the time of
1934, and up to Dec.
1935, page 2518.
♦
Roosevelt in Nationwide Radio Address
Contributing to Campaign Against
Infantile
Paralysis
Through Benefit Balls in
Celebration of His Birthday
President
Thanks Those
President
Roosevelt,
on
his 54th birthday Jan. 30, ex¬
pressed his thanks to those who joined in the birthday balls
held that night for the purpose raising funds to aid in the
campaign against infantile paralysis.
In his address,—a
nationwide radio message delivered from Washington,—the
President said "no single agency whether it be the doctor,
the hospital or the research laboratory, can cope individually
with this great problem—we can do it only by joining our
efforts." He likewise said. "In nearly 7,000 communities you
706
Financial
are
helping to produce concrete results by making it possible
for large numbers of those who suffer from
physical handicap
caused
by infantile paralysis to receive aid and assistance."
He brought his remarks to a close
by saying, "to several
hundred thousand victims of infantile
paralysis I send very
personal greetings;
"It is in their behalf that I thank
.
.
.
you once more."
</.•
The President
White
interrupted his
House
_
In this advices it
Mr.
Roosevelt
was
was
a
also observed:
>
54th anniversary, I
this
year's celebration,
very
me that their
reports indicate
paralysis
until
this
dread
and
costly disease is brought under
years
ago it
Georgia, and I dedicated it to
one
Springs Foundation in
sole purpose—to apply itself to the task
and to
keep everlastingly on tne job, not by itself alone but with the co¬
operation of the doctors, the orthopedic hospitals and those thousands of
individuals on whose shoulders falls the brunt of
caring for several hundred
thousands of the affiicted.
A?
No single agency, whether it be the
doctor, the hospital or the research
laboratory,
can cope
only by joining
Without
function.
who
once
are
individually with this great problem—we
policy in
those matters, nor in the
we
closely related matter of proper land uses, until
trace this running water back to
its ultimate sources and find means of
controlling it and of using it.
*14
Our disatrous floods,
called
our sometimes almost
equally disastrous periods
major problems of erosion, to which attention has been
the reports of the National Resources Board,
the
by
our
full-grown into being.
They originate in
farms, ranches and pastues.
It is not suggested that
will
we
neglect
envisage the problem
committees,
the
national
committee
could
not
You to-night
who are attending these celebrations, and
you
homes, have greatly helped to make a reality of what was
hope.
In nearly 7,000 commtinities you are helping to produce
results by making it possible for
large numbers of those who suffer
handicap caused by infantile paralysis to receive aid and
The lives of these people,
young and old,.will be made easier.
The Congress
certain
of this year's birthday parties, will remain in
your com¬
munity for expenditure.
30% of the funds which ybu will send
to the national committee will
be used by the foundation to
intesify the national part which it is playing in
up the national fight.
building
take this opportunity to thank
Mr. Jeremiah Milbank, Dr. Paul de
Kruif and the other members of the Research
Commission, and all those
who with them are
administering the research activities in
connection with
the work.
A"
With full confidence and faith in the
re-dedicate the foundation
success we are
already attaining, I
to the task which lies ahead.
I wish I could look into your faces
to-night.
You have made
me
very
happy—more happy than I
can express in words.
Though I cannot be
with you, I want each and every one of
you to know and feel that I deeply
and sincerely appreciate all that
you have done for the cause—all of the
inspiration wnich you have applied to it.
I
am
especially grateful not only
to the national committee but to the local
chairmen of the local committees
who have worked so hard, and also to
the press, to the radio, and to the
news reels who nave visualized for the
whole
country the need and the
reasons for this great national
campaign.
To several nundred thousand victims of
infantile paralysis I send very
personal greetings, especially to the youngsters
among them whose lives
lie ahead of them.
It is in their behalf that I thank
you once more.
our
form
of
In the first veto message sent to this session of
Congress
on Jan. 22
rejected a bill which would
have permitted the
reopening of a claim case once settled by
the Government.
Under date of Jan. 22 a
President Roosevelt
must be
so
to manage the physical
would have
a
a
consignment of parts for military trucks for the War
Department.
The President wrote that the
bill, as passed by Congress, would have
"certain substantive defenses that the
any suit that may
suit is barred
tween the
use of
be brought
on
by the fact that
a
a
substantial
sum
Government may have to
this claim, including a defense that the
settlement contract
parties, which resulted in
payment of
on
to
Our objective
means.
the land that we will not
only
the next generation a
with better productive
power and a greater
permancency
the one we inherited from the
country
of land
was
entered into be¬
adjustment of the matter and the
by the Government to the claimant."
an
President Roosevelt's veto of the soldiers' bonus
bill
24—reference thereto having
appeared in
issue of Jan. 25, page 552.
was
dated Jan.
our
I hope and believe that the
and in such a way as to command the
enthusiastic support of the States and of the
Whole public.
FRANKLIN D.
ROOSEVELT,
The White House.
Jan. 30, 1936.
4,
President
249,
Roosevelt
Asks
House
to
178,
Appropriate $2,-
375 to Cover Cost of Bonus—Makes No
Recommendation as to Raising of Funds—White
House
Conference
Renew
on
New
Taxes—Inflationists
Currency Drive
President Roosevelt on Jan. 29 sent to
Speaker Joseph W.
Burns of the House of
Representatives supplemental estimate
of
appropriations totaling $2,249,178,375, designed to finance
provided in the measure passed over his
Passage of the "baby bond" Bonus Bill is
the soldier bonus
veto this week.
described elsewhere in this issue of the
"Chronicle \ Budget
officials said that the President's letter to
Mr. Burns was a
routine matter, but a foimal announcment of
the action by
the White House was considered unusual.
The appropriation
request immediately revived the inflation issue in
Congress,
and Representative Patman of Texas said
on Jan. 30 that
he would seek the passage of
legislation providing for the is¬
suance of bonus money from "the idle
gold in the Treasury".
President Roosevelt's letter, as made
public on Jan. 30,
revealed that no recommendation was made as
to the method
of raising the
necessary funds.
It is given below:
The
Speaker of the House of Representatives.
';/A.Af
Sir:
A-.'.'A^V';
I have tne honor to transmit herwith
for the
consideration of Congress,
for the purpose of carrying out the
Adjusted Compensation Payment
Act,
1936, supplemental estimates of appropriations for the
Veterans' Admini¬
years
Department, fiscal
1936 and 1937,
years
$2,242,500,000, and for the Treasury
1936 and 1937, $6,678,375,
amounting in all to
$2,249,178,375.
The details of these estimates, the
necessity therefor and the reasons for
at this time are set forth in
the letter of tne
Acting
their transmission
Director of the Bureau of the
Budget transmitted herewith, with whose
comments and observations thereon I
concur.
A
Respectfully,
ROOSEVELT.
The White House announcment of
Jan. 29 showed that
the President computed the
$2,249,178,375 total through
estimating the charges for paying the bonus certificates at
$2,237,000,000 and adding to this $5,500,000 for administra¬
tive expenses of the Veterans'
Administration and $6,678,375
for increased costs at the
Treasury.
House announcement follows:
The text of the White
The President to-day, in a letter
addressed to the Speaker of the
House
of Representatives, submitted
supplemental estimate of
appropriations
totaling $2,249,178,375 for the consideration of tne
Congress.
1
At the same time the President
transmitted a letter by Cnarles H.'
Fullaway, administrative assistant to the Acting Director of
the Budget,
explaining the estimates of the various amounts the
government
Message of President Roosevelt to Congress
Suggests
That Means May Be Considered
Whereby Federal
Government May Co-Operate With States In
Main¬
taining Soil Fertility Through Conservation of
"Little Rivers"
In
Jan.
upon
a
message
30,
on
President
means
operate in the
soil conservation, sent to
Roosevelt urged that
common
Congress on
Congress decide
the
Federal
government
interest with the
can
co¬
States and with
such interstate agencies as
may be established in the con¬
servation of "little waters" with the
objective of so managing
"the physical use of the land" as to
maintain soil fertility
would
require in order to carry out the provisions of the
adjusted compensation
Payment Act.
For administrative expenses
of the Veterans'
personnel
Administration, including
services, equipment, rentals and other
necessary expenses,
enable the Veterans' Administration to
perform the duties required
Act, $5,500,000
whereby
use than
previous gneration.
The opporutinity is as vast as is the
danger.
FRANKLIN D.
given the Court of Claims jurisdiction over
claipa filed by the Eberhart Steel Products Co., wbich manufactured
waived
means
maintain soil fertility but will hand
Washington
dispatch to the New York "Times" said:
measure
whole
We can, however, lay down
by which the Federal Govern¬
government.
simple principles and devise
stration, fiscal
President Roosevelt's First Veto of Session Bars
Claim
Suit Revival
The
our
could not formulate, nor could the Executive
carry out,
a plan, even
though such a procedure were desirable and
interstate agencies as may be established.
It is for the Congress to decide
upon the proper
v
I
give
have, literally, a plan which
ment can co-operate in the common
interest with the States and with such
I am confident that each local committee
will work out, with the best
medical advice, plans for the wise
administering of the 70% of the funds
as a result
must
the details of such
Through rehabilitation by far the greater part of them will become more
mobile and will take their places in active life
once again with their heads
lifted nigh and their courage unabated.
The
our main streams and
we
as
from physicial
which,
small way in a multitude of
a
Congress will take advantage of it
a
assistance.
Mississippi
and other agencies, do not come
it is presented in
every farm, every pasture,
every wood lot, every acre of the public domain.
do it
can
efforts.
local
your
We have grown accustomed to
dealing with great rivers,
in your
only
concrete
our
letter from
a
accompanying
large problems of navigation of power and of flood
control, and
have been tempted to
forget the little rivers from which they come.
The report points out that we
can have no effective national
possible under
made possible for me, with the support of
many
was
personal friends, to start the work of the Warm
Congress
we
attention to these little waters, but
definite and final control.
Ten
Waters;
has been paid.
against
fondest hopes of success.
To-night in every State and in every outlying territory of our
nation,
many millions of people are enjoying themselves at all kinds of local
parties.
They have resolutely aligned themselves to carry on the
fignt against
infantile
the information of the
"Little Waters: A
Study of Headwater Streams and Other
Their Use and Relations to the Land".
with their
;
happy because Colonel
in the interest of continued efforts
our
Congress of the United States:
Valley Committee, the Soil Erosion Service
am
Doherty, Carl Byoir and Keith Morgan tell
that
infantile paralysis, will exceed
To the
I transmit herewith for
of low water and
:
my
and greater
power
the Chairman of the National
Resources Committee with the
Tne remainder of funds will be used in
The President's address follows:
on
production
Message follows:
V
fighting infantile paralysis in local districts.
To-night,
"better
a
1936
a subject with
which the physical
well-being of our
people is intimately bound up, yet to
which, in the past, too little attention
victim of infantile paralysis
to be set aside.
bring about
1
This report treats of
15 years ago, and at
Warm Springs, where he fought back from tne
attack, he has established a
foundation for infantile paralysis to which
30% of the funds from to-night's
birthday balls is
Feb.
permancy of land".
The President's
Little
own
deliver the
to
and
report, entitled:
anniversary party at
address,—his words, said
Associated Press accounts from
Washington, being carried to
what officials estimated were 6,000
birthday balls from
coast to coast at which
5,000,000 men and women danced.
the
Chronicle
was
estimated.
To establish
an
to
by the
adjusted service certificate
fund, to provide for the payment of tne face value of
the service certificates
authorized under the act of 1936,
$2,237,000,000 was estimated.
For expenditures under the direction
of the Secretary of the
Treasury,
including the employment of necessary
personnel, rehtal of quarters, sup¬
plies and materials, printing and
engraving, such other services as may be
necessary to carry out the provisions of the
At
Act, $6,678,375
was
estimated.
White House Conference on Jan. 30
plans are said to
have been discussed between
President Roosevelt
a
Attorney-
Financial
Volume 142
General
Cummings, Secretary of Agriculture Wallace,
of Treasury Morgenthau and Acting Budget
Director Daniel W. Bell for the working out of a tax program
to finance the proposed farm plans, and provide means lor
paying the soldiers' bonus.
From a Washington dispatch
Jan. 30 to the New York "Times" we take the following:
Secretary
The
nature of the
levies
however,
before
to go
proposed and their prospective annual
be
to
Secretary Morgenthau was said to be prepared,
yileds were not disclosed.
Congressional committees at any time to discuss
definite revenue-raising proposals.
It
was
generally assumed that recommendation would be made for re-
enactment,
as
that
decision practically
a
recently
general excises, of the agricultural processing taxes
_In this connection it was understood
invalidated by the Supreme Court.
had been reached to make these taxes retroactive,
by in¬
possibly back to July 1, 1935, to recover the revenues, impounded
junction suits against the AAA, which are now being restored to the tax¬
payers under orders of the
that
the President had decided to demand that
budget to the situation existing before
the
House conference
Congress restore the
outlawed the
Court
Suprce
fiscal
year 1936-37 and returning $200,000,000 to protesting processors, and
before Congress passed the bonus over his veto, adding $2,249,000,000 to
Shortly afterward the President conferred with Com¬
Ray Murphy of the American Legion, James E.
Van Zandt of the Veterans of Foreign Wars and M. A.
Harlan of the Disabled American Veterans.
Following this
conference a second White House statement was issued on
Jan. 27 which said that "the President, as well as the Com¬
manders of the ex-service organizations, feel that the veterans
should consider first of all the protection of their families."
The Commanders assured the President that they would do
everything within their power to dissuade the veterans from
cashing the bonds until the maturity date in 1945.
The following is text of the second White House statement
new
$500,000,000 annually in new revenue.
call for about
farm program will
While the bonus figure has been
placed at $2,249,000,000 and the President yesterday
for appropriations totaling that amount, no one
submitted requests
be
has suggested that it
advices Jan.
them in lieu of their
use
was
The inflation threat for payment
to the New
a
York
feel
Senator Thomas
of the bonus was raised by Representa-
with currency backed
(Dem., Okla.),
a currency
expansion leader, is expected
plan to raise
payment as Congress sought to evade new taxes
Soldier
Bond"
President's
Over
Upon
Congress
Bonus
Enacted
Veto—President
to
Congress
By
Roosevelt
$2,249,178,375
For
Cost—Distribution of Bonds Not Expected
Before
"baby bond" soldiers' Bonus Bill was enacted into
law on Jan. 27, when the Senate voted 76 to 19 to override
President Roosevelt's veto.
The House voted 325 to 61 to
The
override the veto
House
was
noted
on
in
Jan. 24; reference to the action of the
our issue
of Jan. 25, pages 552-53,
although the vote was originally reported in press accounts
from Washington as 324 to 61. Immediately after the Senate
vote was announced on Jan. 27, the President ordered the
Veterans Administration and co-ordinated agencies to pre¬
pare
to carry out the new law "as expeditiously as accuracy
will permit."
Elsewhere in this issue we give
the law.
Although the new law provides for
the full text of
distribution to
$50 bonds, payable after June 15 1936, President
Roosevelt said on Jan. 28 that he doubted whether the bonds
would be available until July 1.
bureaus in handling the bond issue.
On Jan. 29 President Roosevelt called upon
Those who keep the
cash
To-night Mr. Roosevelt wrote Speaker of the House Joseph W. Byrns in¬
Copies of the
public and to-night Congressional leaders were con¬
fused.
President's
the
letter
to
Speaker
Byrns is made in another item in this issue.
The White House issued
a
on Jan. 27, shortly
that every effort would be
The statement follows:
statement
after passage of the bill, which said
made to expedite the bond issue.
Congress has enacted the law authorizing the
ex^
change of Adjusted Service Certificates for bonds, tha President indicated
to-day to the Veterans Administration and the Treasury Department that
he desired
accuracy
the provisions
wiU permit.
of the new law carried out as expeditiously as
The President also indicated that the magnitude of
the administrative task carrying the
provisions of the new law into effect
The President
was
advised that more than 7 million interest calculations
between 2,500 and 3,000 additional
personnel working for approximately six months to do this job.
be
remembered
that
the
amount
due
separately worked out for each case.
this
enormous
each
individual
veteran
It should
must
be
The additional personnel to handle
figuring and clerical job must, under the law, come from the
Application blanks will be available in all regional offices of the Veterans
bonds."
on
very
many
long
referring to the demand notes to be issued to
"thrift
surrender of their service adjustment certificates as
They had been called in the debate on Capitol
Hill "baby bonds,"
believ¬
Although the notes are cashable at any postoffice on
veterans to hold them.
interest at the rate of 3% if h9ld one
demand after June 15, they will draw
or
more
years, or
the
rate,
until the original maturity dat9, 1945.
bonus notes
are
At that interest
attractive investment than most other
more
a
Treasury issues.
It has been estimated by Brigadier
General Frank T. Hines, head of the
veterans' administration, that
38,000,000 of the $50 bonds will have to be
executed to complete payment
of the bonus obligation.
blanks
cation
were
spread
Five million appli¬
by train and airplane throughout the country
to-day.
his press conference on
that date to the New
discussed the bonus payment at
Jan. 27. A Washington dispatch of
York "Journal of Commerce" de¬
scribed his remarks
follows:
Secretary Morgenthau
as
The Secretary, who stressed it is too
early to decide how "the most
June 15 "we are
As
Postoffice Department, he explained.
going to do this thing," he added, "but we just cannot
"The Treasury is
write this ticket over
or
the bonds ready for distribution by
The Treasury will handle the distribution
going to do it."
in clos9 co-operation with the
highly
th9 Treasury" will be handled,
technical and difficult job ever put up to
night."
assembled for his semi-weekly press conference, two
newspapermen
Morgenthau said:
three hours after the Senate action,
After making known
Congress."
mechanical aspects of the problem, Secretary Mor¬
genthau gave assurance that the
Treasury will use orthodox methods in
financing the bonus.
Orthodox Financing
Planned
"Would it be correct to say bonus financing
will be carried out in orthodox
manner?" the Secretary was asked.
"Yes, is the answer," Morgenthau said, after pausing a moment.
Dr. Jacob Viner, economist of
the University of Chicago, who conducted
study on taxation for the Treasury several months ago, was a Treasury
Dr. Viner is to be a guest at a White House dinner
visitor during the day.
to-morrow
night.
Estimated cost of the Treasury end of the
was
$5,000,000
of
total
job of handling the bonus pay¬
given by the Secretary as $2,500,000, which is in addition to
estimated
$7,500,000
by the Veterans' Bureau for its operations,
will be included
x'his
in a deficiency appropriation bill,
Morgenthau said, and it is outside of the budget.
A
Washington
dispatch
on
Jan. 27 to the New York
"Times" described the Senate vote to override the President's
veto in
part as follows:
Cheers from veterans gathered in
the Senate galleries, and scattered ap¬
plause from the floor, greeted the announcement of the vote by Vice Presi¬
He made
dent Garner.
no
effort to still the cheering, and veterans piled
quickly from the galleries.
Commanders Murphy, Van Zandt and
Harlan sat silent wh9n the vote
announced, but John Thomas Taylor, head lobbyist for tha American
Legion, stood and waved his hand as he beamed upon near-by persons who
were
cheering.
So great was
the throng seeking admission to the galleries that wives of
Senators and other
"privileged" guests
were
unable to get inside.
Fifty-seven Democrats and 16 Republicans, with the lone Progressive
and 2 Farmer-Labor Senators,
voted to override th9 veto, while 12 Demo¬
Republicans voted to sustain the President.
On passage
of the bill last Monday [Jan. 20] in the Senate the vote was 74
To-day Senators Connally and Fletcher, then
and Senator
are to
that
confident
Treasury and the President preferred the other designation,
but the
to 16.
If the veterans will keep in mind that the bonds
feel
Government bonds in whole or in part for
ing that emphasis on the investment feature of the notes would encourage
two or three
Commanders
the
and
The President persisted in
the veterans
Administration and in the hands of Service Organizations within the next
days.
"Thrift Bonds."
President
crats and 7
civil service rolls.
get ready
non-transferable
part of them not only can
or any
3% interest on the safest imaginable investment.
The President's remarks regarding possible delay in pre¬
paring the new bonds were made at his press conference on
Jan. 28, which was reported in part as follows in a Washing¬
ton dispatch of that date to the New York "Herald Tribune":
was
great that patience should be exercised in the matter.
will be necessary and that it will require
organizations
protection of themselves and their families.
range
ments
In view of the fact that
bonds
time if necessary but while they hold these
any
are true
The
a
dicating he thought it was a task for Congress to assume.
was so
at
They
Congress to
advices noted:
to
agreed on, however,
effort should be made by the veterans, by their
"We have the mandate of
supply $2,249,178,375 necessary to finance the bonus; the
measure which Congress enacted over the President's veto
makes no provision for the raising of the huge amount in¬
volved in the cash outlay; as reported in United Press ad¬
vices from Washington Jan. 29.
Congressional leaders held
that the problem was one for the Treasury to solve; the same
reference
the paying off of indebtedness is
said that it is humanly possible to have
Secretary of the Treasury Morgenthau said on Jan. 27
that the Treasury will employ only orthodox financial steps
to finance the bonus payment.
He appointed W. A. Julian,
Treasurer of the United States, to head an informal com¬
mittee which will co-ordinate activities of various Treasury
Further
way,
wholly temporary pleasure should be the Criterion.
veterans of
letter were not made
same
is that every
Calls
Finance
To
July 1—Secretary Morgenthau Says Treasury Will
Use Orthodox Financing Methods
f '
for
wholly reasonable, just
as using the cash for something of permanent value such as a new home or
the definite improvement of an existing home, would be reasonable.
In the
veterans will keep these
the huge cost.
"Baby
funds offers, of course, a valid reason
cashing the bonds.
bonds they will receive
Representative Kenney (Dem., N. J.) advocated the lottery
cover
.
Immediate and urgent need for
fight for an inflationary method of payment when Congress con¬
the bonus
all the protection of their
families.
meeting of the House
drive to have payments made
siders the bonus appropriation.
funds for
of the ex-service organizations,
the veterans should consider first of
that
by all who have their welfare at heart, to prevent the frittering away
of cash obtained from the bonds.
Permanent advantage as opposed to
by idle gold and silver in the Treasury.
to lead a
permanently useful purpose.
some
and
stated:
tive Patman (Dem., Tex.) who said he would call a
inflation bloc to start
the cash for
The President, as well as the Commanders
What the President and the Commanders were fully
30 from Washington
"Journal of Commerce" it
do every¬
bonds issued to
Adjusted Service Certificates, unless they expected to
thing within their power to persuade veterans to retain the
made up in taxes all in one year.
In
organizations
to-day to assure him that they would
called upon the President
the government's burden.
been estimated that the
law.
new
manders
AAA, knocking $547,000,000 from the anticpated revenue for the
It has
the prompt ad¬
writing follow-up letters, they will greatly assist in
ministration of the
The National Commanders of the three major ex-service
Outlook
Tne most definite indication to come from the White
was
their applications will refrain
be issued dated June 15 1936, and after filing
from
of Jan. 27.
Surpeme Court.
To Restore Budget
707
Chronicle
paired against the bill,
Tydings, who was absent, voted to sustain the President.
Financial
708
'■
laid before the Senate by Vice
payments required and substitutes interest bearing bonds, which,
President Garner a few minutes after
12 o'clock.
$263,000,000 to the total payments by forgiving interest after Oct.
the present value of the adjusted
on
referred to the Judiciary Com¬
voice vote.
He then asked that the veto
service certificates, sought to have the v9to
mittee, but he
was
defeated
on a
of last May 22 be read, hoping that it
message
Senate."
"I seldom agree
with the President," but "nothing will be said on the other side to support
the veto," pleaded for the Democrats "to stand to-day by your great
'''
'
leader."
in
policy of yielding to each and all of the groups that are able to enforce
a
Congress claims for special consideration."
upon the
A-v
Hastings Reads 1935 Message
general pension legislation for all veterans,
Moreover, the country's credit could not "ultimately be safe if we engage
fe
'V
:
Representatives will in the near future be called upon in the
regardless of need or age."
of Delaware, saying that
Senator Hastings, Republican,
prophet to assart that if these certificates, due in
of patriotism to support
name
returning the bill without approval.
a
paid in full to-day, every candidate for election to the Senate or
are
the House of
noble purpose" in
President Roosevelt's "high and
He praised
1945,
"place a thought with the
1, 1931
,
In that message he warned:
"I do not need to be
Lewis, another Democrat, rose to
adds
"respectfully referred" the members "to every word" of what he said
in 1935.
would cause Senators to vote
to sustain the President.
Senator
amounts borrowed."
He
the
however,
be converted into cash for face value at any time; second, it
may
;
Senator King of Utah, who would pay at
1936
1
"first, it eliminates the issuance of unsecured paper currency to make
made to stay defeat when the bill and veto
Two desperate efforts were
were
Feb.
Chronicle
The United States had expended $7,800,000,000 on World War veterans
June 30 1934, and the President predicted that by the end of 1945,
^
up to
The Democratic leaders, Senator Hastings
argued, had ignored a gloomy
read the veto message
"X would think the President would be in tears
him," he continued.
Senate voting against
The President's message vetoing the Patman Bonus bill was
given in these columns May 25 1935, page 3475.
...
desk. "If the position were reversed
The Delaware Senator pounded his
the veto
League.
"I beg of you to help your President cut Federal expenditures 25%; I beg
of you to help him balance the budget; you should be embarrassed in voting
Republicans in control," he said,"democrats would charge that
and
Law By Congress
4
to turn down your
As
in
turned deaf
a
quorum
ears.
Act, 1936
In another item in this issue we note the action
[Jan. 24], however, the bonus advocates
Friday
call the vot9 was started.
'
gress
;;
of Jan. 24 vetoing the bill as
passed by the Senate on Jan. 20 and the House on Jan. 22,
was given in our Jan. 25 issue, page 553; on the previous
page (552) we noted the overriding of the bill by the House
on Jan. 24; as to the days'
developments a dispatch from
Washington Jan. 24 to the New York "Times" said in part:
message
■
Below
:•
give the text of the law as placed on the Statute
we
Books:
v
.U.
/
;rv>
Roosevelt
to-day
vetoed
overridden.
ered to the House, the veto had been
measure
Monday.
bond'
AN
Monday.
on
and
pleas
ignored the
for a
of Representative Bankhead, the majority
leader, and Chairman O'Connor of the Rules Committee, that a
vote be de¬
layed until Monday when many absentee members would return.
The bonus advocates were in control,aided by
the solid Republican minor¬
ity, and voted down the proposed delay by a standing vote of
Penned Message Late
189 to 131.
of the bill, but they were
sat up
He had
of the message,
manuscript written with broad strokes filling two
penned by him for delivery to the
House.
until after 1 o'clock this morning working over drafts
which took final form in a
sheets of foolscap
paper.
ments
accounted for by the fact that the Presi¬
suDject in a veto last May.
dent had dealt exhaustively with his views on the
President to
the Congress since the administration of Theodore Roosevelt, when type¬
writers came into general use at the White House, and it was the first
actually transcribed in a President's hand within the memory of Rudolph
To-day's
message was
the first hand-written one sent by a
Forster, executive clerk in charge of the White House
there
offices, whose service
began in 1897.
conclusion of a White House conference,
Stephen Early, assistant secretary to the President, invited newspaper men
to come from the press room
into his office.
leaders
Then he handed out the copies.
bill to-day caught House
to the House in his own hand.
decision
of the
President to return the
Speaker Byrns was notified 15 minutes before the
by surprise.
He hurriedly called
House convened that the message would be sent up.
into conference, among others,
Representative Bankhead and Representa¬
tive Boland,
...
the party whip.
quorum
action when they
Their confidence was shaken within a
minutes, however, for it was plain that the bonus
They were impatient over
few
forces were in control.
the loss of time required by the roll-call for a
and angered by the attempt to delay.
M. C. Latta, a White House executive
clerk, reached the House at 12:08
He was forced to wait 22
minutes, sitting outside the House chamber until the roll was completed.
At 12:32 he presented to the House "a letter in writing," and Speaker
P. M., a few minutes after the roll-call had
started.
clerk.
Byrns immediately handed it to A. E. Chaffee, reading
...
and cries of "Vote.
the voice of Mr. Chaffee
It required only two minutes to read the message,
Vote." sounded around the Chamber as
Vote.
the cries
debate was heard.
"The Senate is not in session until Monday, so final and conclusive action
cannot be taken until then," Mr. Bankhead argued.
"Secondly, numerous
As
Representative Bankhead asked consent to delay the vot8,
repeated, and continued as each speaker in the brief
members of the House are absent for the week-end because
told the veto would not be sent to Congress this
The House
was
in
an uproar as
week."
.
they had been
.
.
demand
was
O'Connor sought to explain that many
ignored.
Immediately, Representative Rankin rushed down the
for the previous question on overriding
minutes after the message
aisle and moved
the veto, so at 12:52 P. M., twenty
had been delivered to the House, members
began
to answer to their names.
Twenty-five minutes later Mr. Byrns announced that
voted in the affirmative, the measure is
would have represented the necessary
after
Soon
the
announcement
passed."
Representative Lee,
bill providing for payment with nonvote,
...
President in his message pointed out
that in May, 1935, he gave
"complete and explicit reasons" for vetoing the
measure
Bonus Bill.
differed from that of last year in only two
"two-thirds having
Only 257 "yea" votes
two-thirds majority.
of the final
Democrat, of Oklahoma introduced a
interest bearing Treasury notes.
The
for payment under this Act, the principal and unpaid
time of application
prior to October 1, 1931, with respect to any loan upon
interest accrued
any
The payment in each case shall be in
thereof).
equal to the face value of the certificate, except that if, at the
such certificate has not been paid in full by the veteran (whether or not
then the Administrator shall (1) pay or discharge
the loan has matured),
principal and interest as is necessary to make the certificate
under this Act, (2) deduct such unpaid principal and
available for payment
so
much of such unpaid interest as
the amount of the face value
accrued prior to October 1, 1931, from
of the certificate, and (3) certify to the Secre¬
payable an amount equal to the difference between
of the certificate and the amount so deducted.
tary of the Treasury as
the face value
Sec. 2.
In the case of each loan
heretofore made pursuant to law by the
Administrator of Veterans' Affairs and
(or) by any national bank,
service certificate, any
or any
incorporated under the laws of any State, Territory,
the security of an adjusted-
possession, or the District of Columbia, upon
interest unpaid accrued subsequent to September 30,
of existing law, would be charged
certificate shall be canceled insofar as the
against the face value of such
veteran is
concerned, notwithstanding any provision of law to the contrary.
payable to any such bank or trust company
Any interest on any such loan
shall be paid by
the Administrator of Veterans' Affairs.
which is unpaid and held by a bank or trust
In the case of any such loan
company
at the time of filing an
trust company
application under this Act, the bank or
holding the note and cerfiticate shall, upon notice from the
them to the Administrator for
payment to the bank or trust company
the amount of unpaid
or
after such notice, fails to present the certificate and note
trust company,
within 15 days after the mailing of the notice, such in¬
to the Administrator
terest shall be paid only up to
Sec. 3.
The present
important respects,
in full satisfaction of its claim for
principal and unpaid interest, except that if the bank
the 15th day after the mailing of such notice.
An application under this Act for payment of a certificate
(a)
be made and filed at any time before the maturity of tne
may
personally by the veteran
tative of the veteran
(b)
made by
a
person other than a
bears the
if the Administrator of Veterans' Affairs finds that it
bona-fide signature of the applicant
claim the benefits of this
Act
If the death occurs after the application is filed but before the
section
501
of the
or
if the application is filed after the
of the check in payment to the beneficiary
World War
Adjusted Compensation
maJdng a valid application under
as
If the veteran dies without
this Act no payment under this Act shall
If the veteran dies on or after the passage of this Act without
having filed an application under section
shall be deducted on account
cate only interest
(c)
Act
payment under this Act shall be made to the estate of the veteran
irrespective of any beneficiary designation.
be made.
discloses an intention to
and is filed before payment is made to the
death occurs but before mailing
amended
and before it is filed
If the veteran dies after the application is
filed by any person.
beneficiary.
representative
shall be held void.
If the veteran dies after the application is made
made it shall be valid
under
then by such represen¬
and in such manner as may be by regulations pre¬
An application
authorized by such regulations
it may be
certificate (1)
(2) in case physical or mental incapacity pre¬
filing of a personal application
vents the making or
scribed.
or
receipt of the payment under this Act
members again called for a vote.
members were
absent who were entitled to be present when the vote was recorded.
Defeated on a viva voce vote, Mr. Bankhead demanded a division count,
the result of which was 189 to 131.
This again angered Representative
O'Connor, who demanded a roll-call, but he failed to obtain support and the
Representative
upon
amount
died down.
were
in the manner hereinafter
application therefor to the Administrator of Veterans'
Affairs, under such rules and regulations as he may prescribe, and upon
surrender of the certificates and all rights thereunder (with or without the
provided
Administrator of Veterans' Affairs, present
Speaker Byrns and his aides were confident of delaying
entered the chamber at noon.
immdeiately payable. Pay¬
1931, that has been or, in consequence
h^There he explained that he had a "little feature story," consisting of the
fact that Mr. Roosevelt has Established a modern precedent by writing a
The
certificates issued under the
account of such certificates shall be made
bank or trust company
At 11:45 A. M., shortly after the
message
on
such unpaid
The brevity of the message was
Adjusted Compensation Act, as amended (U. S. C., 1934
edition, title 38, ch. 11), the adjusted-service
authority of such Act ars hereby declared to be
an
206 words to explain his reasons for the veto
Mr. Roosevelt required only
Senate and House of Representatives of the United States
Be it enacted by the
of America in Congress assembled. That notwithstanding the provisions of
consent of the beneficiaries
in Night
of unpaid interest accrued on loans secured
by such certificates, and for other purposes.
the World War
unruly House crushed its own leadership to get the measure up
vote,
ACT
payment of World War adjusted service certifi¬
cates, for the cancelation
until
Senate leaders predicted that the veto would be overwhelmingly
noon
To provide for the immediate
...
could not be sent to the Senate because it was in recess
defeated when called up at
An
"baby
Exactly forty-five minutes after his message had been deliv¬
Bonus Bill.
The
$2,491,000,000
the
;V:'VA
[H. R. 98701 V-v;
■
President
of Con¬
in passing, over the veto of President Roosevelt, the
"Baby Bond" soldiers' bonus bill, the House overriding the
veto on Jan. 24, while the Senate similarly voted on Jan. 27...
The veto message of the President was given in our issue of
Jan. 25, page 553.
problem, and after
They were eager to be done with the
The President's
•
—Enacted Under Title of
great leader!" he shouted.
House last
the
"Baby Bond" Soldier Bonus Bill Enacted Into
Over President Roosevelt's Veto
Adjusted Compensation
Text of
had been written by the American Liberty
message
adjusted compensation certificates, the
total would mount to $13,500,000,000.
; r
when he finds 85% of the
of last year.
with orderly liquidation of the
even
He
Morgenthau.
picture of the Treasury painted recently by Secretary
1
in making any settlement there
of any loan made on an adjusted-service certifi¬
accuring * prior to October 1
1931.
Where the records of the Veterans' Administration show that an ap¬
plication
disclosing an intention to claim the benefits of this Act has been
be found such application shall be pre¬
filed and the application cannot
sumed
in the absence of affirmative evidence to the contrary, to have
valid when originally
(d)
If at the time this Act takes effect a veteran entitled to receive an
adjusted-service certificate has not made application
therefor he shall be
entitled, upon application made under section 302 of tne
*
been
filed.
So in original.
World War Ad-
„
Financial
Volume 142
usted Compensation
rules and
Act,
as
amended, to receive, at his option, under such
regulations as the Administrator may prescribe, either the certifi¬
cate under section 501 of such
Act,
as
amended, or payment under this Act.
1 of this Act shall be
The amount certified pursuant to section
Sec. 4.
.
paid to the veteran or his estate on or after June 15, 1936, by tne Secretary
registered in
of the Treasury by the issuance of bonds of the United States,
the
$50 having a total face
of the veteran only, in denominations of
name
value up to the
highest multiple of $50 in the amount certified as due the
veteran, and the difference between tne amount certified as due the veteran
and the face amount of the bonds so issued shall be paid to the veteran or
by the Secretary of the Treasury out of the fund created by sec¬
his estate
tion 505 of the World War
Adjusted Compensation Act, as amended.
bonds shall be dated June 15, 1936, and shall mature on June
shall be redeemable at the option
of the veteran
Such bonds shall be issued under the authority and subject to
designate.
of the Second Liberty Bond Act, as amended, and shall not
the provisions
legal or equitable process and shall be payable only to the veteran or, in
of death or incompetence
of the veteran, to the representative of his
Interest on each bond issued nereunder shall accrue at
estate.
3 per centum per annum from June
ment of the
Provided, however, That no interest will be paid on any
carried out subject to
with
bond
The provisions of this section shall be
regulations of the Secretary of the Treasury to be
redeemed prior to June
provide mandatory embargoes on shipments of actual
and let the President use his judgment in restricting
war
volume.
cotton, oil and iron, to a normal peacetime trade
as
•
■>
,
.
Representative George H. F. Tinkham, Republican, of Massachusetts, a
committee member, asserted in a statement, however, that
"discrimination"
between arms, ammunition and implements of war and articles and materials
used in the conduct of
wars
that "it is also hostile to the
was
"indefensible and illogical."
war
deem from the United States Government life insurance fund all
involve ths United States in
than to keep it out of a conflict.
Tinkham's statement, apparently
legislation reaches the floor,
of the
1
,
foreshadowing
major fight when the
a
branded the legislation
"unneutral" and
as
a
subsidiary
League of Nations."
The discretion to be
adjusted-
Hs added
peaceful aspirations of the American people."
The entire bill, he said, is more likely to
making the United States "a puppet state of Great Britain and
of this Act.
authorized and directed to re¬
The Secretary of the Treasury is
bill would
materials, such
war
15, 1937.
issued from time to time to effectuate the purposes
Sec. 5.
the rate of
15, 1936, to date of maturity or pay¬
principal of the bond, whichever is earlier, and will be paid
such principal:
The
implements of
levy, or seizure under
be transferable, assignable, subject to attachment,
case
impossible to enact permanent neutrality legislation at this
session of Congress.
Senator Pittman, Chairman of the
Committee, said on Jan. 29 that he was prepared to ask
Congress to extend the life of the existing neutrality resolution
for a year if necessary.
On the same day Representative
McReynolds said in his report to the House that the Foreign
Affairs Committee had taken a "middle ground" between
making the bill mandatory and giving the President dis¬
cretionary authority.
Associated Press Washington advices of Jan. 29 described
the report on the bill to the House as follows:
time, at
including post offices, as the Secretary of the Treasury may
such places,
any
The
15, 1945, but
or his estate at any
709
Chronicle
granted under the bill, he said, "is
an
expansion of
Russian dictatorship in this country."
and
to pay to the United States Government life insurance fund the amount of
the outstanding liens against such certificates, including all interest due or
accrued, together with such amounts as may be due under subdivision (m)
study" and
Compensation Act, as amended.
neutrality."
service certificates held by that
fund
account of loans made thereon,
on
of section 502 of the World War Adjusted
The Secretary of the
by issuing,
centum
to the United
per annum.
No such bonds shall mature or be callable until the
that
and the
principal and accrued interest thereon paid to the United States Govern¬
expiration of a period of at least ten years from date of issue, except
any
such bond shall be redeemed by the Secretary of the Treasury
ment life insurance fund at
any
time upon certification by the Adminis¬
trator of Veterans* Affairs that the amount
represented by such bond is re¬
Bonds issued for the purposes of this
be issued under the Second Liberty Bond Act, as amended,
quired to meet current liabilities.
section shall
subject to the provisions of this section.
for payments
made available
account of any
account of any
expected to wait until next week—possibly the
Borchard,
measure
up
for debate.
expert
within
on
10 days,
International
amounts
Adjusted Compensation Act, as amended, or this
be necessary to carry out the provisions
expected, too, to consider
a
compelled to
proposal by Gerald P.
A
Opposition
the
to
embargo shipments
Unless
as
follows:
administration
neutrality
fraudulent statement of
certificate, or document made under the
This Act may be cited as the Adjusted
than
or
JOSEPH
W.
BYRNS
JNO.
Senator
and President
to
of
and for other pur¬
poses," returned by the President of the United States with his objections,
to the House of Representatives, in which it originated, it was
Resolved, That the said bill pass, two-thirds of the
House of Representa¬
agreeing to pass the same.
there
would
be
no
opposition
to
Court
of
International Justice.
It heard
He sent his statemen
Senator Johnson of California, who had asked the Committee to invite
Yale University oppose the bill.
who
leading
is
the
Edwin N.
Borchard of
He appeared at the request of Senator
committe fight against the administration
earlier
reference
to
the
neutrality bill appeared in
392.
Warning Against Neutrality Bills by New York State
Report
as
of
Commerce—Viewed
in
Committee
Menacing Monroe Doctrine
A warning that the drastic neutrality bills now before
Congress would, if enacted, seriously weaken our national
defense, encourage foreign nations to discriminate against us
and increase the danger of the United States becoming
involved in war, was sounded on Jan. 30 in an interim report
made public by Richard W. Lawrence, Chairman of the
Executive Committee of the Chamber of Commerce of the
Attest:
SOUTH TRIMBLE,
Clerk.
Act originated in the House of Representatives.
SOUTH TRIMBLE,
Clerk.
IN THE SENATE OF THE UNITED STATES,
January 16 (.calendar day January 27), 1936.
having proceeded to reconsider the bill (H. R. 9870) entitled
provide for the immediate payment of World War adjusted
service certificates, for the cancelation of unpaid
by such
that
policy by James Bassett Moore, former American member
Chamber
cancelation of unpaid in¬
loans secured by such certificates,
predicted
him to appear.
reconsider the bill
(H. R. 9870) entitled "An Act to provide for the immediate payment
secured
filibuster which would delay
of the Senate.®
UNITED STATES
House of Representatives having proceeded to
I certify that this
a
The committee held its longest sitting of this session to-day.
statement of
January 24, 1936.
World War adjusted service certificates, for the
am¬
measure.
these columns Jan. lb, page
United States
IN THE HOUSE OF REPRESENTATIVES OF THE
on
Pittman
of the Permanent
An
GARNER
N.
Vice President of the
i
arms,
proposal.
Speaker of the House of Representatives.
"An Act to
committee is
perhaps prevent its passage.
Johnson,
The Senate
the
to belligerents of commodities other than
For four hours the Committee heard Professor
Compensation Payment
Act, 1936.
,
in
this point, it was predicted, any bill that might be forced out of the com¬
on
extension of this
imprisoned not more than five years, or both.
accrued
bill
substantial majority of the committee can be brought into accord
a
29.
Whoever knowingly makes any false or
•
cash
discussed
and the
circumstances, shall not be
provisions of this Act, shall, upon conviction thereof, be fined not more
The
on a
dispatch of Jan. 29 to the New York
the
attitude
of the
Senate
Foreign
Washington
Relations Committee
a
material fact in any application,
or
Nye, Republican, of
trade with the United States
carry on any
and carry plan, with American vessels forbidden to enter hostile waters.
application thereof to any
affected thereby.
Sec. 11.
who
The main features of the existing temporary resolution will expire Feb.
circumstance, is held invalid, the remainder of the Act,
application of such provision to other persons or
$1,000,
Yale University,
The Senate Committee is
North Dakota, Chairman of the Munitions Committee, that any warring
nations be
of this Act.
If any provision of this Act, or the
Sec. 10.
Law at
munition and implements of war in excess of normal trade requirements.
There is hereby authorized to be appropriated such sums as may
person or
.
plans to-morrow to question
opposed the bill before the House Committee.
mittee to th8 floor of the Senate would face
Sec. 9.
proper
in maintaining our
lien against the adjusted-service certificate authorized by
approved August
ActSec. 8.
us
Foreign Relations Committee, which is hoping to report out
the Administration
Edwin
step in the
a
law will aid
centered about Section 4, which deals with the power of the President to
due under the World War
tives
said he
chairman
The Senate
a
12, 1935, no deductions on
indebtedness of the veteran to the United States, except on
Congress,
law, shall be made from the adjusted-service credit or from any
terest
and it becomes
authorized by this Act.
Seventy-fourth
a
majority of members feel that it "is
following week—to call the bill
Notwithstanding the provisions of Public Law Numbered 262,
Sec. 7.
a
"Times"
The adjusted-service certificate fund is hereby
Sec. 6.
The
Treasury is authorized and directed to make such pay¬
States Government life insurance fund,
bonds of the United States which shall bear interest at the rate of 4J^ per
ment
McReynolds said, however, that the committee had given the bill "great
direction and if passed
interest accrued on loans
certificates, and for other purposes," returned by the
House of Representatives, in which it
President of the United States to the
originated, with his objections, and passed by the Hpuse on a reconsidera¬
L,.„
tion of the same, it was
Resolved, That the said bill do pass, two-thirds of the Senators present
having voted in the affirmative.
Attest:
EDWIN A. HALSEY,
Secretary.
State of New York.
The report, which was drawn by the
Special Committee on National Defense, was concurred in by
the Committee on Foreign Commerce and the Revenue Laws
and the Committee on the Harbor and Shipping.
It will
come before the membership of the chamber for approval at
the next meeting on Feb. 6.
Pointing out that the United
States itself is dependent on foreign countries for many com¬
modities vital to adequate military defense, the report em¬
phasized that the nation is "none too secure from attack."
The proposed neutrality legislation would also menace the
Monroe Doctrine and facilitate the trespass of European
powers on states in the western hemisphere, in the opinion
of the committee which drafted the report.
The committee
held to the principle that when emergencies arise peace can
best be maintained by having the executive and legislative
branches of the government
the
adopt a policy shaped to meet
particular conditions of the existing emergency.
Administration's Permanent Neutrality Bill
Reported
Committee
Shows Opposed to Measure—One-Year Extension
of Temporary Resolution May be Asked
to
House—Senate
Foreign
Relations
New Administration Farm Aid Bill
Reported to Senate
Would Cost $440,000,000 Annually—New Taxes to Finance Program
—Soil
Conservation
Measure
Will Be Asked
The
Administration's permanent neutrality bill was
formally reported to the House on Jan. 29 by the Foreign
Affairs Committee.
Meanwhile the bill has been encounter¬
vote of 15 to 2 ordered the Administration's soil conservation
ing much opposition in the Senate Foreign Relations Com¬
mittee, and late this week it appeared that it might be
bill, designed to replace the invahdated Agricultural Adjust¬
ment Act, favorably reported to the Senate.
The bill (known
The Senate
Committee
on
Agriculture
on
Jan. 29 by
a
Financial
710
and
the
on
same
new tax bi 1 to finance the program would be presented to
Congress within a week.
The annual cost of the new farm
legislation has been estimated at $440,000,000.
Senator
Bankhead, who reported the farm bill to the Senate, said that
he would call,it up for consideration on Feb. 3.
From its
Washington bureau on Jan. 30 the New York "Herald Tri¬
bune" reported the following:
a
The farm bill was favorably
The report on
Thomas,
Democrat,
agricul¬
the bill contained a section written by Senator Elmer
of Oklahoma, demanding that the President expand
the legislative halls on the back of
meeting
yesterday.
The plan, inserted in the agricultural adjustment act by
Senator Thomas, is for the President to use his powers to add $6,000,000,000
to the money in circulation to reduce the purchasing power of the domestic
.
.
dollar
same
account we also take the
explanation
within the next few
Hoosac Mills
passed all
for
years
of
prospect
me
following:
administration drive
an
constitutional amendment to make valid
a
court's decision in the
Ml
case.
Although the probability of such
to
had been diminishing from day
a move
day, Mr. Davis sounded th9 death knell to
after several appearances before
such procedure when,
any
Senate and House Committees
on
Agri¬
culture in executive sessions, he agreed this afternoon to outline the adminis¬
tration's objectives.
Mr. Davis agreed that there remained some doubt in the minds of mem¬
bers of both
so-called
Congressional committees
stopgap
to the constitutionality of the
as
provided in th9 pending
program
Bankhead
bill per¬
mitting federally subsidized soil conservation practices but said that neither
Secretary Wallace had
nor
any
such doubts.
The objectives sought to be attained by the
proposal was written into the report after a
The inflationary
this
Feb. 1
the production control contracts outlawed by the
he
the best way of helping the farmer.
the currency as
With
reported to the Senate this morning, and, as
it has before, inflation rode into
ture.
From the
Measure) was formally reported on Jan. 30,
day Attorney General Cummings said that
the Bankhead
as
Chronicle
tute farm program were
listed by Mr. Davis
as
.
.
administration in its substi¬
the protection and upbuilding
.
of the soil,
the
assurance
of
an
adequate supply of farm products to con¬
and the restablishment and maintenance of the purchasing power of
sumers,
the farmers.
by about one-fifth.
He differed with the Supreme Court as to the primary purposes sought
Although Administration leaders are sponsoring the
bill,
Secretary of Agriculture Wallace on Jan. 28 said that he was
added
that perhaps the Supreme Court might hold a contrary view¬
point.
In reporting the bill to the Senate on Jan. 30, Senator
"firmly convinced that the bill is constitutional," but
tained in the AAA Act.
regulations or contracts of any sort
it would be
ultimately endanger a steady supply of necessary
material for clothing is a matter of common knowledge.
The fact that such practices
could be made operative.
paid by the people is a matter of national
interest.
an
.
.
objective of the administration to enable the farmers, through
The utilization of land-grant colleges,
and experiment stations as
State agricultural extension services
contemplated.
emphasized by all agricultural officials that there would be no
was
attempt to bring about the creation of separate State agencies with instruc¬
tions to accomplish on an
a
intra-State basis what first
was
attempted through
single Federal agency on a national plane.
will continue to increase the cost of produc¬
tion and, therefore, the prices to be
Rather, the States would submit to
a
designated Federal agency a plan
of soil conservation employing alternative methods to be authorized by the
Secretary of Agriculture, which plan the Federal Government might accept
On Jan. 29 Mr. Wallace said that tbe Administration's
goal during the first year of the new program would be the
removal of 30,000,000 acres from intensive cultivation by
applying them to soil-building crops of grasses and legumes.
The new legislation was mentioned in the "Chronicle" of
Jan. 25, pages 553-54.
On Jan. 25 it was stated in advices from Washington to
the New York "Herald Tribune" that renewed doubt of the
constitutionality of the Administration's revamped soil con¬
servation subsidy bill as an AAA substitute prompted the
Senate Agricultural Committee to defer immediate action
and summon Secretary of Agriculture Wallace, and his ad¬
visers, both administrative and legal, to appear on Jan. 27
and explain the measure's ramifications.
These advices
went on to say in part:
reached after a subcommittee of 5
The decision of the Committee was
laid
Democrats had
a
revised bill before, the full committee.
The new
Bankhead, Democrat, of Alabama,
amounting to amendment of the first Administration bill be introduced,
draft, sponsored by Senator John B.
which in turn was an amendment to
the little-known conservation act of
1935, disclosed the latest variations in the plan to surmount the
Court decision against
Supreme
now
If the Federal agency accepted the State program, benefits from
reject.
or
the Federal go-vernment
being reserved to the State agency designated by the several Legislatures.
The Federal agency would merely
in acreage, farm income or
Advised by
Wallace and Chester H. Davis,
describe the goal to be attained, either
balanced production for consumption.
Solicitor-General Stanley Reed that the ad¬
ministration's soil conservation farm plan is constitutional,
the Senate Agriculture Committee decided, said Associated
Press advices
action
A
on
from
Washington Jan. 28,
Washington dispatch
described
"Times"
to take definite
the bill the next day.
of Jan.
the New York
in favorably
29 to
Committee's
the
action
reporting the bill as follows:
Senators McNary of Oregon and
were
Norbeck of South Dakota, Republicans,
the two members who voted against reporting
the measure.
Senators
Smith, Democrat of South Carolina, and Capper, Republican of Kansas,
while they
favorable
agreed that the bill should be reported, declined to vote for
expression and reserved
a
the right to fight against it when it
Senators Shipstead, Farmer-Labor of Minnesota, and
reached the floor.
Schwellenbach, Democrat of Washington, did not attend the session.
Secretary Wallace confirmed that discussions were
the Agriculture,
stands perfected by Secretary
would be in order.
But, according to the official explanation, there would be no contact
between the Federal government and tne individual producer, tnat function
AAA and at the same time provide temporary benefits
for the farmers.
As it
To this
bill had been introduced designed to compensate
immediate economic need has thus far prevented."
It
prevailing farm practices are depleting soil fertility
that the
will, if continued,
raw
a
financial assistance, to do "what they ought to do and want to do but which
No tax is levied by the bill.
The fact
emphasized, however, that since the Supreme Court had so held,
was
agricultural arm of the government was interested only in devising a
aid program
The conservation of natural resources, the fertility of
provided for.
agricultural lands, and soil building are the declared purposes of the pending
and
It
the
substitute program that would come within the court's opinion.
As testified by Mr. Wallace before the Senate committee this morning,
The provisions of the bill are entirely different.
No contracts to comply with Federal
foods and
purchasing power of farmers rather than to
control production and eliminate surpluses.
Act decision.
of the pending bill is entirely different from that con¬
The stated purpose
bill.
through the Agricultural Adjustment Act, explaining that
to re-establish the
was
farmers for conserving soil as a national resource until such time as a State-
to conflict with the decision of the
The bill has been prepared so as not
Supreme Court in the Agricultural Adjustment
and
the end
end, Mr. Davis said,
Bankhead said:
are
to be attained
ment
on
a
tinder
way
among
Treasury and Justice Departments with a view to agree¬
single legislative plan intended to bring about recovery of the
Agricultural Adjustment Administrator, the bill, preserving all the wide
powers
delegated to the Secretary in the original soil conservation act, dis¬
closes two
First,
$200,000,000 impounded processing taxes scheduled to be refunded under
the
major additions:
Supreme Court decision in tne rice millers' case.
The
provision is included definitely stating that after Jan. 1 1938,
a
Secretary conceded that
it shall be the
could not be met by the removal
otherwise
tion this year,
policy of the Federal government to assist financially and
in the development of a permanent program of "little AAA's," one
This is the alteration demanded by the State's rights
in each State.
ders, including
Senator Ellison D. Smith, Democrat, of South Carolina,
States.
Court dictum that agricultural regulation
a new
Federal aid to farmers by
States for such
detail in
a
new
more
providing for a permanent policy of Federal aid
purposes."
than
30,000,000 acres be removed.
At the same time, Mr. Wallace was
title is given the bill as a measure "to promote the con¬
profitable use of agricultural land resources by temporary
This definition in the title is amplified in
Given normal
confident that effective adjustment
of cocton cultivation to prospective demand in 1936 could be attained if
the legislation was
'
.
Second,
servation and
to
is a matter for the
problem of agricultural adjustment
weather, he added, the problem would be made more difficult should no
provision expected to comply with
Chairman of the Committee, and is the
the Supreme
defen¬
the
of 30,000,000 acres from intensive cultiva¬
but said that this would help considerably.
passed within the next month.
We also quote
from Associated Press Washington advices
regarding the actual report
of Jan. 30 to the New York "Sun"
of the bill to the Senate:
The soil conservation-subsidy bill to replace the Agricultural Adjustment
section of the measure obviously designed to invest soil
depletion and its effect on agriculture with such character as to make
Act
prevention
Agricultural committee that the agricultural problem is "very largely
a
its
duty of the Federal government falling under the "general
It is recited that soil depletion
is set up to attain five ends defined as
For that reason a policy
welfare.
operating adversely to the national
Preserve and improve farm
Diminution of exploitation and
of the monetary discussion in its
unanimous, Democratic leaders, attached little significance to it.
They
emphasized tnat it was merely a statement in the report and was not in tne
The monetary statement,
Artificial plans to raise and
unprofitable use of natural resources.
of agricul¬
tural commodities.
lation.
program
would be the aim of the permanent Federal-State aid
to be formulated to replace the
proposed plan two years hence.
Committee were indi¬
farm bill after Secretary
Wallace had discussed its constitutionality and practicability
.
.
.
our burden of taxes, interest and debts,
level must be raised; additional taxes must be levied,
existing and impending new debts must be eventually repudiated."
All must remember that with
either the general price
or
For Billion of New Currency
On Jan. 27 members of the Senate
as
still skeptical of the new
secret session.-
According to
an
account from Washington Jan. 27 to the
through Chester C. Davis, Farm Ad¬
New York "Times"
ministrator, the Roosevelt
intention to rely
entirely
on
administration gave word of its
the principle of States' rights in
of agricultural recovery.
The program calls for operation within limits prescribed by
the Supreme Court in its AAA decision.
carrying out its permanent program
regulate prices have been tried and the Su¬
preme Court has held such plans unconstitutional. ... It has been demon¬
strated that prices have been controlled by the amount of money in circu¬
Re-establishment of farm purchasing power.
These purposes
inserted at the request of Senator Thomas,
Democrat, of Oklahoma, asserted:
land.
Provision for maintenance of a continuous and stable supply
a
a
report was described by the Chairman, Senator Smith of South Carolina,
as
fertility.
Promotion of the economic use of
at
from the
bill itself.
follows:
cated
a statement
one.
Although the committee's inclusion
"impedes" the orderly flow of farm products
the supply at fair prices to farmers and consumers
and the maintenance of farm income, all
accompanied to the Senate floor to-day by
monetary"
welfare" clause of the Constitution.
in trade and endangers
was
Mr.
Thomas said the
President under existing law had the
power
to
expand the currency by more than $8,000,000,000, but added:
If the President would make a
statement publicly that he is going back to the 1926 price level that would
do the job because it would go to that point right away.
Then he would have to issue some new currency to maintain that level.
Probably $780,000,000 or $1,000,000,000 would be enough.
I wouldn't
want to issue that much.
Temporary Plan Is Voluntary
Regarding the future program through which, after
a
2-year period,'sub¬
sidy payments would be made to the States, the committee report said:
"It is apparent that
the
State
without the calling of special legislative sessions of
Legislatures for
that purpose,
State action could not be
com-
Financial
Volume 142
menced In
in
sufficient number of States to make the plan
a
fully effective
"For that reason the bill provides for putting the plan into immediate
operation through direct action by the Federal government through the
y
1938.
Secretary of Agriculture during the period prior to Jan. 1
"By this
ground already gained in providing for voluntary co¬
means the
"The preservation of this voluntary co-operation
the
State plans
can
pending the time when
be made operative is calculated to reserve
upon which the effectiveness of the State plans
the basis
stockholders, a different theory
.
.
.
susceptible of least criticism from
the standpoint of justice and equity; and is more nearly in accord with
that certainty and simplicity which should accompany the administration
law.
of
"To
the
hold
engulf
would
view
contrary
all concerned in a swirling
litigation, so lengthy, so tedious and so costly that ultimately
inconclusive and discouraging nature of resort thereto would defeat
flood
the national welfare will not be lost.
to be invoked.
adoption of this interpretation is
"The
calculated to promote
operation by farmers in programs of national scope
but of the receiver against all the
holder,
of recovery was proper
until a later time.
1936 and in some States possibly not
711
Chronicle
of
basic law."
end sought to be achieved by the
very
and their initial operation
must rest."
Farm
Frazier-Lemke
Amended
Moratorium Act Held
Constitutional by Judge Otis in
Farm
Relief
Introduced
Bill
In
Reported
House
Federal District Court—Similar
as
Representing View of Governor Landon of Kansas
Representative Hope, ranking minority member of the Com¬
mittee on Agriculture is said to carry out the views of Gov¬
Landon of Kansas.
A
dispatch from Washington Jan.. 30 to the New
"Times" had the following to say regarding the bill:
York
that
consumption, the Re¬
publican measure already has the approval of Governor Landon.
In its
present form, it would be confined to producers of wheat, cotton, corn-hogs
crops
which entered into domestic
of the amended
The constitutionality
Frazier-Lemke farm
law, providing a three-year release to farmers
from their debts, was upheld on Jan. 24 by Judge Merrill
E. Otis in the Federal District Court of Kansas City, Mo.
moratorium
United States Distrist Court a.t Cincinnati,
Nevin handed down an opinion upholding
On Jan. 22, in the
Judge Robert R.
Providing chiefly for "tariff equivalent payments" to farmers on
portion of their
Kansas City, Mo.,
Ruling by District
Judge Nevin in Cincinnati
Jan. 30 by
A farm relief bill introduced in the House on
ernor
the
the
of Judge
sions
is how
quote, in part, as
we
"Star" of Jan. 24:
Kansas City
Here
Otis
As to the conclu¬
follows, from the
of the amended Act.
the constitutionality
court put it:
the
and tobacco.
IfcThe Republican
program was
touched upon by Governor Landon
in his
soil conservation
on a subsidy basis, its supporters insisted that this feature might easily be
added.
Its cost was estimated by Mr. Hope at about $400,000,000 a year,
the greater part of which would be supplied from customs duty collections.
Although it failed to provide for
radio address last night.
conclusion is that the second
"The
stitutional
able
Stockholders Enforce¬
of Receivership
Appeals
had
Act.
A
Double
liability
stockholders
upon
and trust
holding stock
the Maryland
22.
effect of the
against stock¬
of banks
companies may be collected only from those
provision is invoked,
at the time the statutory
Appeals, at Annapolis, ruled on Jan.
to Associated Press advices the
decision is that the liability is to be enforced
holders of record as of the time the bank or trust company
Court of
According
into receivership, rather than against all persons who
stockholders "at the times the debts were contracted."
goes
were
time, it is noted, the appellate court ruled that
entitled to set off against double lia¬
At the same
a
on
Bennett,
D.
debt due him from the bank in receivership.
From the press advices indicated we also quote:
The appellate court reversed and remanded the decrees of the lower court,
in part, held:
the amount of their stock for all
That stockholders are liable to
debts and engagements
consideration
The law under
The
Frazier-Lemke
original
That
debt
Judge Otis said in his opinion to-day,
Frazier-Lemke Act),"
under the State law, is not an asset
plishing that purpose."
"Within
Judge Otis took
Opinion by Judge Mitchell
Mitchell wrote the appellate court's opinion reversing
the Peoples Banking Co. case.
The court reversed the
this
in
decree
the facts
in a per curiam opinion, pointing out
those stated in the Peoples Banking case and the
Bank & Trust Co.
Hagerstown
similar to
were
case
questions of law had been presented.
6ame
Maryland law, the stockholders of an insolvent bank or trust com¬
Under
be assessed an amount equal to the par value of the stock held
Recently Judge Eugene O'Dunne, in the Baltimore Circuit Court,
assessed the liability against the 3,920 stockholders of the Baltimore Trust
Co. a total assessment of $6,250,000 on the face value of the stock.
can
pany
"The
tion,
question—being
and finding
pounded—it
court
closed
have
which
is
no
their
appellate court decision affects 21
in
as
which this
one
the
of
in that
from
aspect,
an
of
bank
and not statutory construc¬
section has been previously ex¬
first impression," the appellate
underlying purpose sought to be
One quickly concludes that purpose to be the
into
the
Frazier-Lemke
such
mean
must
at
conclude
the time
those
stockholders
who
upon
it
that
'stockholders'
becomes necessary
formerly
held
declared that the Act
mean
because such
their stock.''
1910
of
naturally
to enforce the
stock,
the assignment of
Cites
The court
those
liability.
persons
.
.
who
are
It cannot
and
gave
the
unconstitutional
leaves
some
doubt
as
to the constitu¬
doubt is not of "sufficient dignity to
give rise to that conviction which the trial court should have before
declaring an Act of the national Congress to be unconstitutional," the
District Court Judges find.
The Supreme Court decision was given last
May 27.
Judge
that a trial court,
is his "thorough belief"
Nevin states that it
especially, should be firmly convinced that an Act of Congress is invalid
before the court accepts the grave responsibility of setting such an Act
Judge
"This
in
Nevin states:
court,
all future
therefore,
to present pending cases under this Act and
District of Ohio where a similar
as
in the Southern Judicial
cases
the presumption that the law is constitutional,
declared otherwise,
situation exists, will act upon
and will
or
the
continue
so
to
by the United States Circuit Court of Appeals
Supreme
Court of the
for mortgage
proceedings under the
of
do until and unless it has been
Section
District
75
the
of
Court at
for the Sixth Circuit,
United States."
creditors and for 15 farmers had filed bankruptcy
new
amendment, officially known
National
Bankruptcy
Columbus, Ohio, Dec.
3.
Act,
of
the
as
Subsection S
new
statute,
in
Judge Nevin's decision, handed
yesterday, disposes of those cases.
The
decision
of Judge
issue of Jan. 18, page
Hamilton
394.
was
referred to in our
ceased to be
Act
1910 merged trust company and bank
bank
receiver the
power
against stockholders and make distribution
Wagner Labor Relations Act Viewed as Constitutional
by Federal Judge Martin in Memphis—Preliminary
Injunction Granted in Chicago Against Enforce¬
ment of Employees Election System Under Act
.
to enforce double liability
to creditors.
The jurists said:
"It swept away the fictional contract previously found necessary in order
to achieve the object of the constitutional guaranty, and the right of action
no longer being
one of the creditor in person against an individual stock¬
law,
Act
creditors.
Defines Stockholders
"We
The purpose of each is to effect a
indebted where the debts are secured by mortgagee
trust."
the controlling force in its adjudication must be
inquiry
accomplished by its terms.
protection
vital distinction between the Minne¬
tionality of the present Act, but that
down
"Viewed:
the court held:
for persons
of
Counsel
said.
developed
was
In reporting tbe findings of Judge Nevin, the Cincinnati
"Enquirer" had the following to say, in part:
Judge Nevin's decision is in accord with decisions by District Judge
Atwell of Texas, and Judge Elwood Hamilton, Louisville, Ky.
An exhaustive
study of the United States Supreme Court decision holding the original
Maryland.
in
constitutional
of
one
case
presented
doors
of the Supreme Court in
and the Act here considered.
deeds
of the new Act wrote
the Minnesota mora¬
held valid by the court.
to tell of how the draftsman
The Minnesota law
consider that there is any
moratorium
or
on
opinion
hand.
concluding,
sota Act
Amendment."
Fifth
went
the
in
case
"I do not
either
pointed out that to-day's
Attorneys
banks
with
Act
does not contravene the due process
Act provided it
Precedent for Future
in need of revision."
it will stand
the
of
clause
the
bankruptcies is sufficient to
of Congress concerning
power
the present
aside.
Affects 21 Banks
cited the cases decided by the appellate court
to-day and said "if the conclusion reached by the learned Circuit Court
of Washington County in
the Peoples Banking case correctly states the
law applicable to stockholders' liability in Maryland, then the process of
reasoning by which I have reached an opposite conclusion must be faulty
and
broad
"The
the time
jurist at
as not within the power of
of bankruptcies ?"
it otherwise invalid
Then he answered it:
by them.
The
is
Congress to enact laws upon the subject
part,
Judge Walter J.
law,
of
Powers"
another question:
does not deprive secured creditors of property without
up
Act
new
process
In
the Associated Press accounts in the Baltimore,
"Sun" from Annapolis further said:
The cases came up from the Washington County Circuit Court, which
issued decrees stopping John J. Ghingher, then State Bank Commissioner,
from collecting double liability
from certain stockholders of the Peoples
Banking Co. of Smithsburg and the Hagerstown Bank & Trust Co.
Mr.
Ghingher was the receiver for both banks.
In
the
"If
due
torium
asset.
banking corporation, but should be treated as an
of the
"the Congress
endeavored to obviate the defects pointed out
in the original Act by the Supreme Court.
The most cursory reading of
the new Act reveals in every one of its provisions this highly commendable
intent.
I am not prepared to say that Congress did not succeed in accom¬
The opinion
liability of stockholders,
the
declared unconstitutional by the
conscientiously and sincerely
due him from the bank.
That
was
because it deprived secured creditors of property without
due process of law, Judge Otis pointed out.
"In the enactment of the statute now
considered (the second so-called
contracts,
entitled to set-off against double liability a
Act
original Frazier-
.
.
.
Court
Supreme
uphold
stockholder is
a
the amendment of the
was
five-year moratorium Act.
Lemke
while they were
incurred or contracted by the bank
stockholders.
unconstitutional.
the ground that the Act was
on
Amended Old Act
a
which,
moratorium on his debts under the
for dismissal of the fanner's
for a
applied to the court
stockholder is not
bility
the law was handed down by Judge Otis in
farmer of Kingston, Caldwell County, Mo.,
secured creditor of Bennett had moved
petition
Only as to Holders at Time
According to Maryland Court of
opinion
Albert
of
case
who
Double Liability Against Bank
It is so ordered."
memorandum
A
the
Frazier-Lemke Act is not so clearly uncon¬
The motion to dismiss should
that it should be now held to be so.
as
be and is overruled.
The Wagner Labor
Relations Act was held constitutional
by Federal Judge Martin, at Memphis, Tenn., on Jan. 23, in
denying
an
injunction sought by Bemis Brothers Bag Co.,
Bemis, Tenn., against Charles N. Feidelson, Chairman, and
the National Labor Relations Board of the Tenth Region.
In the
Memphis "Commercial Appeal" of Jan. 24, from which
the foregoing is quoted,
it is stated that almost at the same
712
Financial
■i
time
Judge Martin
Chronicle
upholding validity of the Act and
denying an injunction, Federal Judge Charles E .Woodward,
in Chicago, granted a
preliminary injunction against en¬
the Republican Convention.
He
York soon and renew his attack
forcement of the employee elections system set up in the Act.
Republican party.
Judge Woodward hesitated to
the
Act's
doubt
constitutionality,
of
it
to
Memphis
went
paper
Constitutionality
petition
filed
of
in
hearing
a
The
No.
hearing
"It
of
Jackson,
Textile
would:
to
the
be
the
national
filed by
America,
inconsistent with
utterly
invade
of
of
powers
by staying
government
the firm principle
the
and
The
proceedings
of
is
the Act.
established by an Act of Congress, except upon a conclusion
by the court that such Act is unconstitutional beyond the shadow
doubt," Judge Martin emphasized in his opinion.
reached
a
He
reiterated
the
should be most
final
decision
laws
in
much
of
the
confusion
and
and
their
that
court,
of
enforcement
in
Martin
districts
leads
sharp
of
member of
uncivilized
an
tribe of Indians
or
Judge Otis held the Act unconstitutional in its entirety under the
clause
merce
of
the
Constitution.
He
ruled
that
No
a
interfering with the labor management of
court," Judge Martin said,
manufacturing
Congress
declare
its
of
the United
legislative policy
of
the National
of
Congress."
Labor
in
its
Relations
words.
own
.
.
Every
.
Act is consistent with
the
■=;
to
answer
the
allegation
made
by the plaintiff
Martin
that
the
subject to review by
The
"heaviest
artillery"
of
the
employer of both liberty
Martin
interpreted
the
and accede to
wages
arbitration where
in
Act,
fixed
not
as
a
hours, but
settlement
is to
law
the
part
as
interest
of
process
of
■/
Act denies
employer to
system
a
I
the public
of
and
"As
illustrative of the
upon
reasonable
the issue
doubt
of
the
Judge Martin
"Is
this
this
cases
fixed
said.
:
,
;.v
.
that the Act
is
beyond
a
from
not
I
class
for
been
in
again
and
a
storm
was
Demo¬
of
controversy this week, particularly Mr. Smith's
threat,that he would "take a walk" if the Democratic con¬
vention in
the
Philadelphia this
year
present Administration.
who
was
the
Democratic
should endorse the acts of
Senator Joseph T.
candidate
for
Robinson,
Vice-President
in
these
it
from
formal
statement
on
whose
purpose
was
to
"becloud
Jan. 29, in which
"canned speech"
as a
the
issue."
repeated his earlier assertion that the only
man
Mr.
re-declare the
Get
the
tantamount
President.
to
an
announcement
Senator
Borah
of
said that
his
he
own
faith
in
"uninstructed" delegations to the Republican Na¬
Convention, and he urged the voters of New York
above
the
to
fact that
partisanship.
And
The first is the arraignment
were
we
S
'
'
to have
ever
would
from
come
appeal
the
the demagogue that would
civil
: ■'
strife
passion
to
incite
and
class
one
of
v1
is the vast building up of
me
new
of our people in a common pool
resources
of law, but by the whim of
process
any
How
the
a
platform.
in
This
refer to
we
them in the
and get the platform of the
cost
to pick
up
and
don't dare touch
the platform that
up
will put
you
hand
your
the
on
the Democratic platform.
all this happened ?
The
brain trusters caught
young
swimming and they ran away with their clothes.
They can't
debt
is going to
the
as
this debt.
pay
There is
be paid by
backbone and
talking about
no use
that great big middle class
the rank and
file.
will
It
come
to
of living.
on
Mr.
Smith's speech was varied,
although it
commended by most conservatives and business leaders,
was
j
You
do you suppose
the poor.
would have them re-establish
I
mind
your
with the record,
squares
Socialists
party do?
Study the record of the present Administration up to date.
Forget the rich.
that
my
the Democratic party,
John L. Lewis, President of the United Mine Workers of
America, declared on Jan. 28 that organized labor would
continue to support President Roosevelt and the New Deal.
He attacked Mr. Smith
as "a gibbering
political jackanapes."
Washington dispatch of Jan. 28 to the New York "Times"
A
gave extracts from
Just
that
other
the
rivaled
Mr. Lewis's talk
evening
the
nation's
by
au
worth
who
conservatively
American
sprang
a
from the
reputation
common
the hopes
had
of the
it
was
of
one
estimated
capital, and
political- experience,
ideals and
treated
was
anything in its splendor that occurred
audience
of
follows:
as
capital
times—a billion dollar dinner held here at
to
as
by
a
common
to
spectacle
or
billion
a
a
man,
voice
dollars
a
man
time to time during
the
people of this
ancient
who in the
great commoner,
people, and who, from
undertaken
to a
medieval
great hotels, attended
represent
addressed
for himself
in
our
thoughts
and
the
country.
Hits "Billion Dollar Audience?'
And this man,
of
the United:
New
York,
Alfred E. Smith, at
States, at
appeared
one
before
financial interests who pose as
to
one
time candidate for the Presidency
time Governor
that
billion
of
the
so-called
speeches which Mr.
endeavoring thus to
great
Empire State of
dollar
audience
of
predatory
his masters and performed for them.
Senator Robinson, replying to Mr. Smitb
refute the former Governor's charges
tional
against the
-v-
to testify
witnesses
that, if
have done that, make
nearly
Socialist
candidacy for
had little
secure any
principles that they put forth in the 1932 platform.
Smith
answer his charges was the President himself.
Meanwhile, on Jan. 28, Senator Borah of Idaho made, in
Brooklyn, a speech which some observers construed as
to-night and talk
here
put patriotism
draining
platform of
Socialist party.
who could
adequately
right hand to
other.
goyernment,
Mr.
a
■
and I expect to die in it.
up
danger that is apparent to
his
issued
V.
party at any time, and,
any
V
the
past years has made
Smith
why wasn't
is,
•;..
my
dangers that I see?
country,
1928, answered his former running mate in a radio address
on Jan. 28, declaring that the ex-Governor in his
speech had
himself shown an inconsistency with his previous record.
he belittled Senator Robinson's address
the country,
over
know
to
danger.
say
comes
Comment
Tlie address aroused
was
time.
innumerable
redistributing them, not by
and
President Roosevelt
York, who
who
bureaucratic autocracy.
most of the
New
un¬
iv
.
I
lift
even
any
public life
against
bureaus of
shadow of doubt
Senator Borah Outlines His Position
of
want
nomination by
any
freely predicted
this
people
The next
Charges President Roosevelt with
Failure to Carry Out Democratic
Platform—Says
Administration Is Following Socialistic
Principles
—Tells American Liberty League He Will "Walk
Out" if Coming Convention Endorses New Deal—
Senator
Robinson
Replies in Radio Address-
Smith
like myself, all
we
^
to stand
me
upon
are
prejudice that
our
Smith
E.
no
more
President
the
against class.
has
more
Alfred
did
himself
in the United States of America that
one man
party at
for
call
can
After you
Governor
What
the Democratic party
easy
danger I
I
It
unconstitutional?"
cratic candidate for President in 1928.
pledged
'
."
was charged with
failing to carry out
principles of the Democratic national platform
of 1932 in a speech, Jan. 25, before the annual dinner of
the American Liberty
League in Washington, by former
than the
candidate
in 1933, and, listen,
;
Now, what would I have
E,
than
platform
Administration.
Now, what
The decision of Federal Judge Otis
holding the Wagner
National Labor Relations Act unconstitutional was referred
to in these columns Dec. 28, page 4099.
Alfred
country
platform.
any
see
.•:
Act of Congress, unless convinced
an
the
into power with
came
inescapable
more
a
I do not intend to
whole
of
cogent argument sustaining the basis of the decision of
holding the firm principle that an inferior court should not
in
of
party
candidate
a
my
not
court
strike down
or
question."
when
probable holdings of the
.
I would have them re-establish
put forth in that 1932 platform.
V;.
during
important
for complainant,
but
history of the country
there is only
born in
is
But
of
cited by counsel
people, to pool and
by the whim of the
of. our
law
of
party do?
clear
more
that
more,
was
It
constitutionality of the National Labor
Relations Act, it is noteworthy to observe that one or more of four of the
present justices of the Supreme Court dissented from the decisions of the
majority in three leading
is
(Democratic
compulsory
is
is the vast building up of new
me
resources
process
my
the
history
that
not
am
I
Judge
pay
in
his
in
answer
what
to operation and production.
Supreme Court
any
said, has
substituted socialism for democracy.
"That is why," he
added, "the Supreme Court is working overtime throwing
the alphabet out of the window three letters at a time."
Extracts from Mr. Smith's speech are given below as
reported in Associated Press Washington advices of Jan. 25:
policy
of law.
going to have an autocrat,
that day.
out?
nomination
for
draining the
and millions of Democrats, just
believe
carried
admittedly was fired "from
charging that the Act deprives the
and property without due
you are
President Roosevelt's Administration, Mr. Smith
plaintiff
the citadel of the Fifth Amendment"
a
to
can
Federal court.
a
that if
mean
by
not
the
in
"And listen,
trial by jury in hearing before the Labor Board,
out that the Board's decision is not final but is
pointed
simple,
Millions
the employer the right of
Judge
V'~
public power in the hands
and appropriate, but in the
such power would provide
autocracy.
on
Mo.
'
'
me
ever
it
provision
declared
v:
let
Just
March
still
Subject to Review
In
them,
equivocally
not
"prefers to concede the clear right of
within its constitutional authority, to
States,
law.
national liberty
our
we
Congress:
government,
inaugurated
com¬
is
flour mill at Aurora,
a
He
have been taught to
quote something from the
of what
instead
candidate
and
that
none
of
its
parts,
including the relation between
and employers in manufacturing, can be regulated by Congress.
He granted an injunction against the regional and national Labor Boards
"This
by
to
Administration
more
commerce
from
There
soak-the-poor."
or
party that was inaugurated on the 4th of
employees
the
character.
being dangerous to
as
and re-declare the principles that they
that of
recently emancipated slave."
a
view
Now, what would I have
conflict with
E. Otis of Kansas City, Mo., who, in ruling the Act
as making the individual employee "a ward
government to be cared for by his guardian even as if he were a
the
I
bureaucracy
thing that is apparent to
of
redistribute
criticized it
21,
next
bureaus
to
•
in
as
by
message
bureaucratic
his opinion
in
me*
The
Federal Judge Merrill
invalid, Dec.
thing that
to—government
take
inequality."
expressed
next
Now, I interpret that to
courts
Pending the
States, nullification of
other
Sharp Conflict
Judge
"district
Congress void.
Supreme Court of the United
districts
some
original with his
policy,
reluctant to pronounce Acts
the Administration
of
communistic
or
"In 34 months we have set up new instruments of
of the people's government, which power is wholesome
hands of political puppets of an economic autocracy,
shackles for the liberties of our people."
important
executive board
of
or
the policies
permanent business recovery, he said, "upon any
no
President's
departments
an
"Moscow
of
of
many
socialistic
government
look
held by this
executive
American
people are now
Washington," and he
continued, in part:
Bemis Local
the
provided by
as
the choice
governmental theory of soak-the-rich
23],
that the bag company vio¬
legislative
the
[Jan.
Jan. 25 was
unconstitutional and contrary to
was
that
be
••''
bargain collectively
to
declared
a
can
afternoon
of the
He asserted that the American
either
i
by complaints
Workers
lation which
are
seeking
Co.
the "Old Guard"
on
by 2,000 persons.
Without mentioning the Presi¬
dent by name, Mr. Smith charged him with sponsoring legis¬
to
Bag
April primary and choose delegates to
promised to return to New
The dinner of the American Liberty League on
by the Labor Board
Bemis
yesterday
i
in
the
attended
enough
Martin
Judge
contracts
Tenn.,
enter
faced with
before
the
labbr
and
precipitated
was
by
to
traditions.
attacked
morning.
rights of employees
court
22]
at
this
until
1838, United
lated
[Jan.
books
scheduled
but continued
was
its
of
had
he
Petition
in
Act
the
Wednesday
prevent examination
explained
to say:
on
Attacked
>
final opinion on
pronounce a
but
temporary enforcement on application
Co., steel manufacturers.
The advices
stay
of Clayton Mark &
in the
State
was
Jan. 28, sought
by quoting from
on
Smith himself made in past years and
prove that he had endorsed many
of the
Financial
Volume 142
policies which he now assails.
A Washington dispatch of
Jan. 28 to the New York "Journal of Commerce" quoted, in
to
declaration
the
that
great
adjust the nation's economic life
march
press."
the Senator, "when the Roosevelt Administration
and abandoned men in the cities were searching
scraps and American farmers were halting court
force—which borders little short of revolution.
about him and the
who looks
man
every
of recovery is apparent
He suggested that "the progress
that assertion.
to
Smith's
Mr.
to
depression and
the
overcome
accomplished nothing and brought us nowhere, challenging the accuracy
had
of
referred
Robinson
Senator
offensive
of its onward
story
fairly leaps at you every day from the pages of the daily
"Bear
in
mind," said
into
came
for waste
physical
pails
garbage
hungry
power
foreclosures
by
Governor Smith
And
White
progress."
no
and
bankers
big
other
business
now
men
Liberty League appealed to him to "do something" to
relieve the paralysis of business and to save them.
"The President and Congress responded to their appeals," he explained,
"saved the banks and in saving them also saved the insurance companies;
grouped
in
the
"No
private enterprise as socialistic or communistic; nor did they
aid to
ment
had been preserved
They did not, when they needed help, brand govern¬
against bankruptcy.
engaging in what is normally private enter¬
of the government
prise.
of sound principle to
same assistance to others which they themselves have enjoyed."
Robinson recalled that "Mr. Smith made the ugly charge that
being
"Now,
accord the
Senator
regard it
they
secure,
the New Deal is fostering and
violative
as
afraid we will not
the convention."
fundamentally Republican, he
of the people
election
If the people did not have
President.
candidate for
a
any
that
assured of
he said, they were not
elected, in the United
of the President, including that of making
war, adding, "although that technically lies somewhere else."
Continuing
his outline of Presidential power, he took a passing fling at the President's
appointive power and the magnitude with which it has been used in the
the
the most powerful person, if
selection of
proper
States.
the powers
outlined
He
present Administration.
Programs to Artificially Control Prices, Wages, Pro¬
duction
and
Investment of
Peoples of
Nation
Exchange—Declares
System Which Has Taken Thousands of Years to,
Build Cannot Be Radically Changed Over Night
the. judgment
and
Asserting that "expert authorities unite in
that
of
set
no
New
regulation and control of
to the
necessary
activities of
of the
President
possibly have the knowledge
can
men
understanding
the economic
a
great nation," Charles R. Gay,
dinner
Methodist Social Union at
Brooklyn, N. Y., Jan. 24, added:
the Hotel Bossert,
undertakes artificially to control prices, wages, pro¬
that
program
at a
Exchange,
Stock
York
tendered to him by the Brooklyn
interest in this nation of
beginning. A system that
improves itself, and
that has given mankind a steadily increasing standard of living and decency
is not a system that can be radically changed overnight.
I, for one, will cling tenaciously to a system that, in a land free from
caste, has given every citizen an equal opportunity to make a man or a
fool of himself, has progressed from ox-cart to the ownership of an auto¬
mobile
by
every
second family, has reduced the hours of labor in
industry from 84 hours a week to less than 40.
With full recognition of the inequities and inequalities of our present
economic order, with the bitter experiences of the past which prove that
markets,
duction,
follows:
Charles R. Gay,
Failure According to
Doomed to
President of New York Stock
1
Any
fomenting class hatred."
other charges as
listed
He also
of
then
selecting such a candidate,
in
part
a
He said
the selection
was
beforehand what is
the voters
from
out
in taking care of the interests
the most important event in
the history of the party
whole.
a
been made secure than they began to
these supplicants
had
sooner
complain of the very processes by which their fortunes
complain
as
Hits Communist Charges
,
find
not
Republican party,'' he said, "I am
Declaring his belief that the nation was
cited
and the homes.
the railroads, the farms
saved
do
we
with the
the matter
that President Roosevelt had not been in the
before
hours
24
House
there has been
says
reiterated
Senator Robinson
"If
convention.-
learn from the uninstructed delegations sent to
Senator's address as follows:
part, from the
713
Chronicle
and
investment
savings,
130,000,000 people is doomed to failure from the
"That the New Deal enacted an
unconstitutional farm program and an uncon¬
stitutional NRA.
public money was being wasted.
"That
"That Congress had
in
"And
abdicated its powers to the Executive.
New Deal with
while it fastened a so¬
flag-waving, soul-stirring crescendo he charged the
a
trying to undermine the Constitution and Supreme Court
cialistic and communistic dictatorship upon the country."
Robinson undertook to prove that Mr.
Senator
championed
principle
basic
every
by the
statement on Jan. 29, said, in part:
Mr. Smith, in his
Poor
Smith had advocated and
has been written into law
that
Administration.
Roosevelt
but it
the best he knew how,
He did
for him—they put him on a tough spot.
Joe; I'm sorry
As I said in my speech at the
was no answer.
should try to answer me.
Robinson said, but I will
say a few words about my old friend Joe.
I was an unhappy warrior to
hear him read off a speech over which he stumbled so that I felt sure
Liberty League dinner, there is only one man who
I won't make any reply to what Senator
No,
was
I
have
and
canned
not
did
from the heart of the Joe Robinson that
known.
it
Its
want
the issue kept
am.
In
doesn't
That
effective
I said that in war-time we wrapped up the Constitution and
That doesn't keep the American people from
demanding obedience to the Constitution in times of peace.
course
went under war-time powers.
Of
of
Federal
the
a
dictator of
Federal
Federal public works are the proper concern
That doesn't keep the American people from
government.
Federal interference
against
protesting
should be
that I thought there
said
I
course
public works with all power.
with
the
lives of
individual
our
citizens.
down to a greater or lesser degree, it still has one
Every individual has the right to plan his life upon
virtue.
self-devised
own
For good or ill he
pattern.
That
this favored
free agent.
is a
fail to obtain a life's objective is tragedy, but that, in
many
land,
and
that automatically
to build,
years
periodically it breaks
his
Its liabilities are the
the assets of our present-day economy.
preserve
Let us recognize
the glory of America.
succeeded is
have
many
so
imperfections of human nature.
In the field of reform churchmen, edu¬
cators and sociologists will find in business leaders their loyal and ardent
allies.
Of course I said I was for farm relief—I still
keep the American people from rising up to protest
10,000
fundamental
Preceding the above remarks, Mr. Gay, commenting upon
great deal" heard "about the redistribution of
"a
wealth,"
observed:
silly and unconstitutional plan.
against a
Of
clear.
Omaha speech in 1928 I proposed a constitutional and
my
method.
and while I won't reply to him I
to becloud the issue,
was
purpose
come
taken
has
than
Less
a
year
he
ago
States
cited figures
of
national wealth.
our
have read that a Senator of the United
may
76% of
indicating that
our
people possessed only
7%
Upon what research these figures were based I am
if they are approximately accurate I think
that they possess trivial economic significance.
It is not the ownership
but the management of wealth—capital, if you wish—that really counts.
However, it seems to me that it is of great interest to learn that of the
total
national income
produced 65 to 75% is paid out in wages and
not
but
prepared to say,
even
widely they are distributed.
the National Industrial Conference
States is estimated at $286,000,in what form this wealth stands to-day.
Here is a
salaries, and' I need not remind you how
of
Borah
his position
States
United
the
could
stop
somebody else's
Senator
maintain
its
of
defense
neutrality
only
by
taking
should be
amended
only
by
means
provided
Court.
Supreme
Backs
After the
have
and
flurry
be
not
he
Next
business
frank
nation's
He
as
Deal
for
its
and
restrictions
individual
and
friends for the oppor¬
Senator Borah explained that he
to bring any new or startling message, but that he offered
discussion of the daily problems which entered into the
and
that
living.
history of the United
1936 under conditions
States, perhaps, and
the Republican party, with all its record
of championship of human freedom.
That party to-day, though, he said,
faced these problems with less power and influence than ever before.
"The
reason," he said, "lies within the Republican party and not
in
outside of it.
I
am
afraid
the
If
we
history
we
of
do not ascertain that reason before we go to Cleveland,
shall
be
confused
as
to
those
reasons
after
we
go
to
Cleveland."
billion
36
depositors.
,
14 billion in cash surrender values
policy holders.
4 billion invested in 24 million
struck again
of life insurance policies distributed among 63
million
Urdus true ted
immediately at
Delegates
household goods, kitchen utensils, &c., also
already divided and owned by the people.
25 billion in hotels, city apartments, office and other business buildings loaded
down with unpaid taxes and interest.
billion
30
clothing,
in
furniture,
.
wonder
I
if,
all,
after
friends
our
the proposition of the Republican
or¬
not made the mistake of
have
mis¬
the American system and in encouraging
the growth
of alien economic doctrines based upon the imported idea
of an inherent class conflict?
Do they not suffer from the defect of the
emphasis in denouncing
placed
the
on
Is
selves
than
we
know,
filth
the
to
his
at
most of
not
in
muck-rake
the
with
fastened
our
system
that
under which
he
could
we
breakdown.
business and moral
is
Progress"
"Pilgrim's
feet
not
whose eyes were so
see the glory over¬
recent distress and disorder
live?
The
due rather to
our¬
aftermath of war,
It is true that governments
have
repudiated their debts; that business has resorted to unfair methods;
that
sharp
practitioners
It is also
and
dromed
under
a
much
publicized
blanket
of
have
manipulated
securities
and
discredited
our
true that instances of wrongdoing have been hipposo
that
reproach
a
tortured
and
public has placed
suspicion.
"One
sinner
all business
destroyeth
good."
My suggestion, then,
do
not
become
so
to thoBe who are observing economics, is that they
preoccupied
with the
faults, injustices
and
cruelties of
and private enterprise under constitutional
democracy that they remain blind to its preponderant merits.
These faults
system
our
in
our
cure
ganization of New York State to send an "uninstructed" delegation to the
possession of persons
mostly in the
automobiles,
of small means.
of private property
present system
are
apparent
not only to those fighting for
justice" but to the business man as well.
Opposes
He
and
already divided among 39,700,000 depositors.
deposited in banks other than savings banks owned by 50 million
22 billion in savings accounts
exchanges.
the nation approached the contest of
extraordinary as any in the
certainly
and
man
upon
free
work
said
gratitude to his New York
of Brooklyn,
the most part by shares in the hands
government lands, actually already the property of the people.
22 billion in government war and other foreign debts still carried as assets
about some of which there is grave doubt of repayment.
head.?
the voters
meet
to
did not expect
a
New
liberty.
expressing hie
After
tunity
which he. favored, they should be allowed to have it
to spent' it, and that the pension should be $60 a
beyond that he was not prepared to go.
assailed the
owned by the public.
churches, hospitals, schools, colleges, universities, public libraries
the lynching question, Senator Borah took up the
compelled
and
month,
over
Isolation Stand
which he opposed on the ground that if the old people are
pension,
a
including 4 billion in livestock, owned by the
17 billion in public utilities, represented for
16 billion in
a
Townsend plan,
billion In farms and forests,
42
national
of course, must be approximate:
The figures,
of small investors.
month.
Finally Senator Borah warned the leaders of the Republican party that
if they undertake to lead the party back to conditions of the past they will
lead the party to defeat.
to
wealth.
r
and
government
preference for
$60
of
us see
United
20 billion in American railroads, largely
regimentation and suppression of business
liberty, with
government if it comes to a question of
regimentation by government or monopoly.
Repeal of the power of the President to make tariff treaties.
Refusal to support
the Townsend bill, although favoring an old-age
pension
Let
of
figures
of the
agricultural community.
•-
the
latest
the
to
total wealth
the
000,000.
to
Opposition
According
Board,
partial list resulting from relating 1934 and 1929 estimates of the
the following issues:
war.
Constitution
the
on
by usurpation.
A
described
political controversies, even so far as trying
part whatever in foreign
to
That
29
the preceding night as
on
no
not
Jan.
of
principal features of the address by
follows:
the
The Senator declared
That
Tribune"
"Herald
York
New
The
some
these
opponents
their
side.
evils
of
a
as
any
planned
others of
economy
our
"social
He is just as sincerely anxious to
He knows, however, that
people.
have all
history and
all
economics on
714
Financial
-
James
P.
Warburg Suggests Commission to Study
Currency and Banking System—^Says Reforms Are
Greatly Needed, but Should Be Made Only After
Long Survey—Advocates Stand by Republicans
on
Monetary Policies
The currency and banking system in the United States
greatly needs reform and improvement, James P. Warburg,
banker and former economic adviser to President Roosevelt,
said in an address Jan. 30 before the League for Political
Education in New York City.
Mr. Warburg stressed the
complexity of the money problem, which he said can be solved
only by a long and careful study by economists, bankers,
business men and political lexers. He did not discuss in de¬
tail the monetary program of the present Administration, al¬
though he said that much of the action taken to solve the
banking crisis of 1933 was good. Since then, however, he
added, the Administration has sought to achieve reform by
means of hasty and ill-considered legislation.
Mr. Warburg
recommended the appointment of a commission which would
be provided "with access to all existing sources of informa¬
tion, with access to all existing facts, and with ample re¬
sources to conduct a
thoroughgoing study." He added:
Feb.
Chronicle
Sustained demand for
consumer
1
goods and the steady gain
in residential building are cited as encouraging factors, and
the improvement since 1932 in the supply and demand
position of the principal farm products is considered as being
sufficiently strong to prevent any serious setback to our
rural regions through invalidation of the Agricultural Ad¬
justment Act.
Referring to the "postponement of the day
when the fiscal problems must be squarely faced once and
for all," the review concludes with this forecast :
distant when the final parting of the ways
The time is not far
Shall
reached.
inflation?
we
toward
turn
We have
fear
no
as
balanced budget
a
or
will be
toward uncontrolled
the outcome, but the intermediate con¬
to
It is our opinion that in the final analysis the
fusion may
be distressing.
sound
of the American public will prevail.
sense
We
now
are
-toward
witnessing an awakening.
The popular demand is changing
course.
Let us hope that the program of the party in
sound
a
will either change with this trend or that the electorate will turn
power
government over to a new Administration.
their
are
willing to risk this much of prophecy with the beginning of the
year.
How the stormy months which lie before us will find reflection
We
new
beyond the realm of reasonable anticipation.
improvement would seem to insure an eventual
common stock prices toward higher
the prices of securities is
in
The
underlying trend of
continuation of
the long-term trend of
levels.
,;'v'
*■
On the basis of such a Study, I think we should ask this Commission to
make recommendations to Congress and to the Executive as to two things:
1. The exact kind of currency and banking system that would be best
suited tp meet the needs of this country, and
2. A carefully developed method of
/
gradual approach to such
Only Permanent
Anderson, Jr.,
Urges Lowering of United States Tariff—-Suggests
Restoration of
a system.
With regard to the latter, I cannot emphasize too greatly the danger that
far-reaching, that,
so
even
economic life of our country were we to put them into effect over night.
It is therefore necessary not only to ascertain by careful study what should
be our ultimate objective, but it is equally necessary to develop a method
by which this objective
may
be attained slowly, over
period of
a
years,
with steadfast consistency, but without creating a new series of strains and
dislocations which would retard recovery.
I realize that this proposal has, at first blush, very little popular appeal.
It is
slow; and not at all spectacular.
It does not conform in the least to the
habit, into which the present Administration has led
us,
of expecting any
and every problem to be susceptible of an immediate and brilliantly plaus¬
ible answer.
But
little reflection
a
will,
I think, convince
serious
any
minded person that this particular prdblem cannot be solved by any other
method...
v.-'
The commission, Mr. Warburg said, would have to make
detailed investigation into problems connected with the
a
the Federal Reserve System and the commercial
currency,
and savings bank system.
Addressing the Republican "Women's Luncheon Club of
Philadelphia on Jan. 27, Mr. Warburg said that the present ,
Administration has set "dangerous precedents" and has 1
aroused class hatred.
Among the most important issues at
the election next November, he said, are the problems of
keeping the country out Of war, preventing lawlessness and
preserving the purchasing power of incomes and savings. He
urged the Republican party to "do more than express in the
usual vague generalities its belief in sound fiscal and mone¬
tary policies."
He outlined the nature of the platform for
M.
Meanwhile
Land
Lease
as
to
Curtail
'■£"Production-
through the restoration
Only
if we knsw with absolute certainty
what these changes ought to be, it would create the utmost havoc in the
Farm Problem—B.
Government
lurks in introducing reform—even if it be the right reform—too hastily.
The changes which are necessary in our banking system are so funda¬
mental and
Export Market Seen
Solution of
y
of the export market for
agricultural products can the farm problem of the United
States be satisfactorily solved, Benjamin M. Anderson, Jr.,
Economist of the Chase National Bank of New York City,
Chamber of Commerce at a luncheon
said that the Supreme Court's
decision on the processing taxes and the Agricultural Adjust¬
ment Act compels a reconsideration of the fundamental prob¬
lem of American agriculture.
He said various substitutes
for the AAA which have been suggested will prove inef¬
fective, even if they are constitutional, and he urged a lower¬
ing of our tariff as the best method of stimulating foreign
purchases of our farm products. In the meanwhile, he said
that the best method of aiding the farmer would be for the
government to lease land in sufficient quantity to prevent
excessive crops from being produced. It would probably be
advisable, he added, to keep this leased land idle/ With
regard to export trade, Mr. Anderson said:
told the Indianapolis
30.
Jan.
on
First
Mr.
Anderson
I place here the real solution and, to my mind, the
and foremost,
namely, the restoration of the export market, the
thoroughly Constitutional path of lowering tariffs, letting a wide diversion
of foreign manufactures come in to pay for our agricultural exports.
This
does not mean free trade.
This does not mean giving up the protective
tariff
in
solution,
real
only
on
sound
«1924
lions
It
manufactures.
enough
one
of diversified
substitute
for
reducing
means
the tariff
sufficiently to let
imports of foreign manufactures to serve-as the
the foreign loans which we were making from
through 1929. We were receiving in 1928 and 1929 about 900 mil¬
a year of diversified
foreign manufactures. We should increase that
fallible human beings, entrusted by 125,000,000 people for a brief space of
by perhaps a billion to 1,200 millions a year.
This would solve the
problem fundamentally.
We should then- need no regimentation or crop
restriction, no Federal agents supervising the life of the people.
The
farmer could be lord of his own land, and would cease to be the prey
time with certain limited powers and obligations—a federal administration
of
that will remember that it is the servant and not the ruler of the people.
and
which he would like to vote in November
as
follows:
1. A Federal administration that will remember that it is but
a
of
group
2. A Federal administration which, while pledging itself to support the
Constitution and
our
traditional form of government, will recognize that
within its framework there is both
room
and need for modernization and
form; but which will recognize also that such reform must
of careful study
liberately—and
through
the result
by non-partisan competent authorities, calmly and de¬
not
through hasty
acquiescent
an
come as
re¬
and ill-considered
Congress by
an
legislation rushed
impatient and temperamental
Executive.
3. A Federal administration which will make
no
promises which it cannot
and wiU not fulfill.
4. A Federal administration which will recognize that its sole function
in the field of economics is to
as
see
that such laws
are
enacted and enforced
will prevent both monopoly and unfair competition throughout the var¬
ious phases of our economic life.
This
means
a
government which regu¬
lates by law but does not control by arbitrary authority—a government
which is
an
honest referee in the game of business, who does not upon occa¬
sion pick up the ball and run with it himself.
5. Finally, I should like to vote for an administration that would declare
for simple honesty in all its
dealings, financial and otherwise;
an
adminis¬
tration that would hire at the people's expense as few and as efficient public
servants
as
political agitators whose programmes involve the ruin of the currency
the wrecking of government credit.
obstacles to this are only political and
The
are
not
economic.
The
the other side of the water. The
best opinion that I can get to-day is that it is easily possible for us to
restore our foreign market in cotton, our foreign market in tobacco and
our foreign market in
lard, and to regain a substantial part/though not
all, of our foreign market in wheat.
But if we could narrow our farm
surplus problem to part of our surplus wheat production, we should have
gone very far.
All that we need to do is to reciprocate, by letting our
foreign customers sell to us.
The obstacles to this are in part an immense
pressure of special interests on individual Congressmen and Senators and
primary obstacles to
the
on
this
Administration
judgment, would gain
are
itself.
not
on
Most
of
these
special
interests,
in
my
rather than lose if they had less protection, and if
and satisfactory domestic markets with reasonable
foreign competition.
But the greatest obstacles are certain widely enter¬
tained fallacies which economists have almost universally rejected, namely:
they could
share good
that wages and
the protective tariff and that
Certainly confidence in the
insure prosperity should have been shaken a
standards of life depend
on
prosperity depends upon the protective tariff.
doctrine
that
high
tariffs
good deal by developments since 19301
possible; an administration that would think of the people's
welfare first and of its
own
popularity last.
SSB
Unbalanced
Budget and Failure of Government to
Emergency Expenses Viewed by Spencer
Trask & Co. as Continuing Uncertainty Faced by
Reduce
Appoints Directors of Four Bureaus in Social
Security Program—-M. W. Latimer, R. G. Wagenet,
Jane M. Hoey and L. Resnick Named to Aid in
Administering Act
The appointment of
ancing of the budget and a reduction in emergency expenses
continues the uncertainty with which business faces the
directors of four bureaus in the organi¬
Security Act was
announced on Jan. 15 by the Social Security Board.
They
are:
Murray W. Latimer, of Mississippi, R. Gordon
Wagenet, of Berkeley, Calif., and Miss Jane M. Hoey and
Louis Resnick, both of New York City.
The SSB also
problem of long-term financing, according to
announced
Business
zation which is to administer the Social
Failure of the definite business improvement in 1935 to
be reflected in progress by the government
tributed
on
Jan. 24 by Spencer Trask
& Co.
towards
a
a
bal¬
review dis¬
A redeeming
feature, it adds, is that:
The
could
public at large is becoming budget
be
tration
an
more
encouraging.
continues
eventual
to
conscious, and surely nothing
Particularly is this true when the Adminis¬
delay the basic
balancing
of
the
control
budget.
The
of
expenditures
contribution
essential
which
to
deficit
Federal financing is making to buying power must eventually be replaced
by the earnings of industry and agriculture, and the longer this transition
to a normal relationship is delayed the more difficult and serious becomes
the economic dislocation.
on Jan. 15 the appointment of Robert E. Huse,
Cambridge, Mass., as Assistant Director of the Informa¬
tional Service Bureau, of which Mr. Resnick was appointed
of
Director.
The announcement of the
Security Board said:
Murray W. Latimer has bean appointed director of the Bureau of Federal
Old
Age Benefits.
This Bureau will administer the part of the Social
Security Act through
which old age
benefits—comparable to insurance
annuities—will be paid to persons over 65, the payments to be in propor¬
tion to their earnings from Jan. 1 1937.
Mr. Latimer is Chairman of the
Bailroad Retirement Pension Board.
He will continue to hold that office,
Financial Chronicle
Volume 142
of Federal Old Age Benefits of
but will also serve as director of the Bureau
SSB
the
organization.
R.
...
Gordon
Wagenet
to deduct from their
their
to
States
will administer
Bureau
This
put
into
the pro¬
unemployment com¬
effect
The Social Security Act makes it possible for employers
pensation laws.
into
the
assist
which
appointed director of the Bureau of
been
has
Compensation.
Unemployment
visions
during the initial period of
compensation,
additional
without
State
Federal payroll tax, up to 90% thereof, their payments
funds.
compensation
unemployment
.
.
Board and its successor, the National Labor Relations
as
director of the
Jane
grants
of the
Board, most recently
Calif.
Regional Labor Relations Board at San Francisco,
Social
This Bureau will administer the
Security Board.
States for the care of needy aged
to
Labor
Hoey has been appointed Director of the Public Assistance
M.
Bureau
Since
.
September 1933 Mr. Wagenet has been connected with the National
through which the
persons
Federal Government will match dollar for dollar, up to a combined
of $30 a month, the allowance that States
total
with approved old-age assistance
plans make to aged men and women who would otherwise be without means
This Bureau will also administer the Federal grants to
of support.
States
dependent children living in
their relatives.
Miss Hoey, a nationally
for assistance to the needy blind and aid to
their
homes
own
or
the homes of
known social worker, has during the past eight years Deen
Child
Welfare in
Atlantic
York
New
Division
of
of
of field service for the
Assiatnt Secretary of the Board
City, and Director
Red
the
was
Cross.
.
.
Informational Service
affected by
This Bureau will also
Security Act and of the general public.
Mr. Resnick
Department of Public Information and Education
include the library and publications section of
the Board.
for the Welfare Council of New York City during tne past
The Board also announced the appointment of
bridge, Mass.,
as
of information
service
economic research
and
publications for
.
.
.
in charge
England Council,
the New
organization representative
of some 500
business and
administrative
the economics faculty of the College of
Previously he had served on the
commercial organizations.
staff of Boston
eight years.
Robert E. Huse of Cam¬
For the past eight years he has been
Assistant.
University and
on
Business Administration of that institution.
The SSB expects shortly to announce the appointment of
for the Bureau of Research and Statistics, the
directors
and the Bureau of Business
Management, the remaining major divisions of the adminis¬
trative organization.
Last October, as noted in our issue of
Oct. 26, page 2671, it appointed Frank Bane, of Virginia,
Executive Director; Henry P. Seidemann, of Texas, Co¬
ordinator; Thomas H. Eliot, of Massachusetts, General
Counsel, and Merrill G. Murray, of Minnesota, Associate
Director of the Bureau of Unemployment Compensation.
Bureau of Accounts and Audits,
It (1) levies
of
by
Compensation of the Social
Security Board has completed the preparation of two types
of unemployment compensation bills in response to requests
from State legislators and other officials for assistance in
the drafting of State legislation and to meet the many
requests of individuals and groups interested in such legis¬
lation.
One of the bills is of the pooled fund type, and the
other is of the individual employer reserve type, it was
stated in an announcement issued Jan. 24 by the SSB, which
The Bureau of Unemployment
continued
of these two types
major differences of opinion.
preceded
are
points
laws
The
by
provides
a
indicating
SSB,
in
laws
variety of alternatives to
points of
Jan.
issuing
material,
this
indicated
that
all
the alternatives
standards for State unemployment compensa¬
required under the Social Security Act
which would permit em¬
to which
they
became subject beginning
1936.
fact that these drafts are
Emphasizing the
intended
to
present
the
various
alternatives
merely suggestive and are
may be considered in
that
of State Unemployment Compensation Acts, the Board said:
the drafting
recommended bills. This
Is in keeping with the policy of the Board of recognizing that it Is the final respon¬
sibility and the right of each State to determine for Itself just what type of legisla¬
These cannot properly be termed "model" bills or even
tion It desires and how it shall be drafted.
1.
is
SSB
the
expected that these draft
following States whose Legislatures are
2.
or
For
Individual
Employees not Sought by SSB—
Distribution of
Questionnaires
ployers Prompts Statement
response
by
to inquiries concerning the
Certain
Em¬
distribution by
employers of questionnaires calling for personal
information from employees, alleged to be necessary under
the Social Security Act, John G. Winant, Chairman of the
Social Security Board, issued a statement on Jan. 17 in
which he pointed out that "the SSB has not asked employers
for
any
information concerning individual employees."
Mr. Winant's statement follows:
There has
among
come
to the attention of the
Board questionnaires circulated
personal information, which is either alleged to be required by, or
impressidn of being required by, the Social Security Act.
The SSB has not asked
ual
Petition
to
Presented
Be
Social Security Act
Federal Insurance—
in
to
and State
Congress
to
Tax Service
Associations
IX "of the Federal Social
together with all support¬
ing or conforming State laws, and that no further legisla¬
tion of this kind shall be enacted," have been drafted by the
National Federation of Tax Service Associations, New York,
in behalf of several thousand corporation members through- /
Petitions
asking
Title
that
Security Act shall be repealed,
States, and will be presented before
out the United
L.
and 48 State Legislatures.
session of Congress
rent
the cur¬
James
in explain¬
laws would
and might
serious condition in 1937, marked by increased
Baldwin, Executive Director of the Federation,
ing the petition, pointed out that State insurance
freeze funds vitally needed for current relief
precipitate a
He said:
unemployment problems.
In
State and
alone
York
New
remain
$90,000,000
than
more
1938.
frozen asset until
a
.
be taken out of the
will
Even then only a vary small
of this sum can be withdrawn from the Federal trust fund, and
are to be paid only
to those workers who have accumulated
portion
benefits
since
of
source
insurance
purpose
by
and
age
the
industries
those
in
depleted treasury for a second time
program
in
will
stands
for employers operating on a basis
ultimately
its
defeat
own
of large volume and frac¬
will actually aggravate
Inevitable developments such as these
tional profits.
alleviate the situation.
rather than
State
for
it
as
employers to reduce wages, the number of employees,
limit of workers.
It will naturally affect most seriously those
which labor items are largest and will mean liquidation or
forcing
bankruptcy
As
to
time in 1936, no
need, for certainly no
some
these additional obligations.
meet
The
available
be
will
revenue
be expected to delve into its
can
Due to the
support
Administration
Works
Public
of
nothing whatever.
receive
will
unemployed
drawal
of the present
imminent with¬
proportion to their period of employment, many
in
reserves
unemployment
legislation,
it
is
social
self-evident that
security funds collected by the Federal government cannot morally be with¬
held from States which have contributed, but such aid can, and probably
will, be denied States which enact their own insurance
The text of the Social Security Act was
of Aug. 24 1935, pages 1164-1170.
,
Social Security Act
laws.
given in our issue
and Attendant Taxation Viewed by
Roy G. Harris as Having Adverse Effect on
ties
Business—Remarks Before La Salle
Securi¬
Street
Roy G. Harris, President of the Tax
The Social Security
annual
its
21, said that the Social Security Act and its attendant
would likely have an adverse effect on the securi¬
Jan.
taxation
ties
business
and
would
reduce the net profits of
greatly
corporations and, consequently, make their securities
attractive in the minds of the investing public.
The
many
less
result, in so far as the security and
investment business is
concerned, is likely to be a lessened volume of demand for
securities and greater difficulties in arranging new issues,
especially in refinancing existing corporations
The speaker said:
and busi¬
nesses.
This
the
conclusion
social
means
and
there
are
effects of the new
other relates to
the
added
two important angles from
which
by financial interests.
One
tax upon industry and its necessary
the direct effects upon your own
costs
due to
the
direct
payroll taxes upon
all
em¬
employees.
Harris
Mr.
that
taxes must be approached
security
and
ployers
called attention
to
the fact that
few people
He
marked
by the imposition of various new types of taxes which hit
everyone directly and, therefore, serve to emphasize the fact
that everyone pays taxes.
He pointed out that the Social
proportion of their income goes to taxes.
stated, however, that the last year or two has been
Security taxes were a new type of tax not levied for the
of revenue nor a tax from which a taxpayer may
purpose
to
expect
receive
any
governmental
service.
Mr.
Harris
out further that although there had been consid¬
erable talk questioning the constitutionality of the Act, he
advised
was
Act promotes the welfare of workers in two direct
(1) it provided for the payment of old-age benefits, beginning in
1942.
employers to set up records and establish reserves
the tax. He stated that to do otherwise
extremely dangerous attitude and might lead to
from which to pay
an
severe
Service Association
before the La Salle Street Cashiers, at
meeting at the Congress Hotel, Chicago, on
of Illinois, speaking
employers for any information concerning individ¬
employees.
ways:
sub¬
pointed
employees by certain employers, calling for numerous (in one case 32)
creates the
,
other conditions of work are
or
Repeal Urged of Provision
Imposing Tax Incident
realize what
certain
items of
work:
directly due to a strike,
,
financing,
on
of the most important of
stantially less favorable
than those prevailing for similar work in the
locality, or
.
3. In which, as a condition of being employed, the worker would be
required to join a company union, or to resign from or refrain from joining
any bona fide labor organization.
businesses—the
In
one
other labor dispute.
which the wages, hours
point involves the
Legislatures.
Data
From the
certain minimum standards.
finds meet
point of view,
That is offered to him because of a vacancy
and
bills will be of special interest to the
now in session:
Illinois, Kentucky,
Minnesota, Mississippi, New Jersey, Ohio, Rhode Island, Vermont, Virginia
and South Carolina, and to such States as may call special sessions of their
It
that tax, amounts
State unemployment compensation
Cashiers, Chicago
of the Federal payroll tax
1
20 different
of eight or more persons in
unemployed person because he has refused to accept new
lockout
similarity and
ployers making contributions thereunder to offset such contributions up to
90%
unemployment.
compensation system.
national unemployment
a
such standards is that
in Section 903 (a) (5), which required that before the SSB may approve a
State unemployment compensation law, that law must provide that under
it, no unemployment compensation will be denied to an otherwise eligible
These two bills are bound together and
analysis
summary
a
presented meet the minimum
tion
which
workers'
difference.
of
paid benefits during periods of
tax upon employers
a
:
However, each
meet
are
which they are required to pay under
to
Unemployment
Compensation Bills
SSB—Are not "Model" or "Recom¬
mended Bills" but Merely Lend to Assist in Draft¬
ing State Legislation
*
Types
Drafted
workers
weeks, and (2) permits such employers to credit against
State
♦
Two
which
The act does not create
Legislatures by National Federation of
Louis Resnick has been appointed Director of the
has been Director of the
under
.
Bureau, which has been created to answer inquiries of persons
the Social
who have received wages of $2,000 or more
during their working period beginning Jan. 1 1937, and (2) it removes an
obstacle to the enactment of Stat9 unemployment compensation laws,
Assistant Execu¬
Prior to her associa¬
900 public and private health and welfare agencies.
Hoey
to workers 65 years and over,
City, a federation of some
tive Director of the Welfare Council of New York
tion with the Council, Miss
715
-
penalties.
He said that whether or not the Social
entirely
toward the
Security taxes would continue indefinitely depends
upon
the firmness of the stand business takes
Financial
716
trend
of added
taxation
Social
imposed in the manner of
Feb.
Chronicle
disbursements
1936
1
of
in
higher than during the peak month
the bank on Jan. 20,
were
Security taxes.
1934.
Unemployment Insurance Laws of States of New York
and Washington Approved By SSB
compared with 250
borrowing members
member
using the facilities of this three-year-old reserve system
An
announcement issued by
noting the foregoing, continued:
The Social Security Board announced Jan. 30 that it had
approved the unemployment compensation laws of the States
of New York and Washington.This brings the total of
States with approved unemployment compensation laws to
eight, the laws of Alabama, California, New Hampshire,
Oregon, Wisconsin and the District of Columbia having been
previously approved by the Board.
These eight States
have 29% of the payroll of the United States subject to the
Federal tax.
The previous approvals of the SSB were
noted in our issue of Jan. 18, page 399.
In its announce¬
said:
ment of Jan. 30 the Board
is
Employers in these seven States and. the District of Columbia will be
IX of the Social Security Act, up
different
343
are
institutions
advancing steadily,
institutions
,
a
year
and the percentage of
ago,
bank President pointed
the
been
making
used
out.
by
the
local
commitments
new
two-thirds
of
the
all
1935
owners,"
loans
and
said
made
were
contributions as well as employer
A State law may provide for employee
it
contributions,
may
allow credit for favorable employment experience
and it may be of the so-called individual employer reserve type or
tion's
funds
of the
of the pooled type and one
two are of the individual reserve type, seven are
combination type.
Employee as well as employer contributions are provided for in the laws
of Alabama,
Only
ton.
California,
the
employers'
Hampshire, and Washing¬
New
Massachusetts,
contributions
be
may
credited
against
Federal
1935 one-sixth of all loans made by the
the country
placed by the Chicago
were
>.
disbursements by the bank
in December 1932 up until the end of
pointed out that the total loan
date
its
of
been
have
1935
in
...
Gardner
Mr.
banks
Loan
Home
regional bank.
business
first
$25,481,627.84.
Loans outstanding
California,
the District
of
Columbia,
Massachusetts,
New
Hampshire,
law is a
The Oregon
New York, and Washington, have pooled funds.
FamilylDwelling Units Provided During 1935
Compared with 31,343 in 1934 According to FHLBB
30,969
provided during the year 1935, as in
1934, in all American cities of 10,000 or more inhabitants,
were
according to the Federal Home Loan Bank Board, which,
in an announcement made available, for publication to-day
(Feb.
1)
During
said:
also
1935 there
1,
were
family dwelling units provided as
80,969
vailed
the construction of about 200,000 new
during 1935 would result in
dwellings.
December
In
this
than
1935
30.5%
was
in
under
of
December
dwelling units
only 5,885
November,
and
1934,
;
construction.
765
(Feb. 1)—Arrangements to be Made to Make Cotton
Available for Market
The Commodity Credit Corporation announced Jan. 30
that the 12-cent cotton loans maturing to-day (Feb. 1) will
be "carried past due and an effort made to work out arrange¬
ments so that some of this cotton can
are
it
represented
It is stated that approximately
It is generally thought that the market
will absorb a substantial amount
of this cotton during the next 12 months without
adversely affecting the
market, possibly as much as half or three-quarters of a million
vided it is only available to meet current market
units,
abnormal
'
based upon building permit records from
and the future
principal
the responsibility of administering the
charged with
Investors
share
in
building and loan associations received ap¬
repurchase, dividends and cash loans on the security
shares, it was announced Jan. 18 by the United
their
of
States Building and Loan League, national
That the figure represents a
as
dollars
thus
in view
contemplated in the Act under which the loans were made.
perity
of
The repurchases by
their
the
associations
with
the
that
Loan
Home
Banks
Disbursed
Dividends
of
$4,668,397 Since Establishment—$3,756,405 Paid to
percentage of the shares which matured
by
Treasury and $911,992 to Member Institutions
three
tutions and to the United States Treasury, the
Board
26.
Jan.
announced
ago,
years
In
Federal Home
the
addition,
of
the banks total $2,278,140.
Associations of the savings,
building and loan type constitute the major portion of the
banks' membership, although a few savings banks and in¬
surance companies
are included.
In its announcement of
Board
pointed
surpluses and
unallocated
out,
reserves
Jan. 26 the FHLBB added:
to-day shows that
report issued
dividends of $1,353,696 on Dec.
the
last half
of
for the full year;
five
one
Home
year
gone
member institutions
a
Of
to the United
ranges
the
on
first
the
large
a
were
were
at
any
time since
Significant reports
ciations
the
since
by the public has
distribution
record
of
far
of
the
of
pay¬
on
earnings
continuous
a
was
dividend
of associations and the resumption
1930
in
bringing
new
more
money
effective
into
the
already forwarded by representative asso¬
first of the year
run
cashed in
not
distributed
by the great majority of the remainder will be
than
a
indicated
He
$260,000,000
"These
last
The
group
said.
building and loan associa¬
about
for
said.
the year.
of
the part of
on
and
associations.
ahead
show that the opening of new accounts
of
January period
any
in the past five
years."
Mr.
Donaldson
believes
that
1936
than matured accounts paid
drawn.
1
opened
will
out
or
see
many
more
new
partially matured
accounts
shares with¬
20,000 Building Service Employees in New York City
May Strike on Feb. 3—Union Demands 40-Hour
Week
from 1 to 2% per annum,
the $4,668,397 in total dividends,
States Treasury,
representing its pro¬
The payment to
of the capital stock of the banks.
amounts to
$911,992.
credit
reservoir
central
quarterly basis,
or
payments to make
dividends.
earn
accounted
the
pros¬
Loan banks disbursed
payment was for 1934-35, and the Topeka bank paid
having paid: the higher figure.
$3,756,405 has
as
12
the
during the
Seven of the banks paid dividends
the banks paid dividends in December
paid by the individual banks
portionate ownership
Created
the
31 1935.
three of
for
Donaldson
the savings,
Donaldson
dividends
its date of organization in 1932.
dividends from
The rate
1935 ;
completed
payments
this
kept in
year
semi-annual
of
were
shareholders, Mr.
to
ments
the. 12
district Federal Home Loan banks have paid $4,668,397 in
dividends to their member thrift and home-financing insti¬
over
but
Mr.
full-paid shares continuing to
as
"Dividends
'
"
establishment
large
the investors
tions
$500,000,000,
since
the partially paid-for
of
maturity
of
a
maturing
on
drive,
recovery
disbursement
some
Mich.,
Lansing,
Donaldson,
the
the fruits of frugality
combined
investors
T.
He stresses disbursements
factors in
significant
paid out represented
era.
by H.
out
the League.
the
of
one
normal turnover in the funds of these home
is pointed
First Vice-President of
shares
organization for
The announcement said:
the institutions.
shares
loans, and seeing that the cotton is marketed with these purposes
Bank
approximately
cities, available through the United States Department of Labor.
lending institutions
price of cotton as well as the present, is and will continue to be th3
objective of those
Loan
or
proximately $835,000,000 in 1935 in the form of maturities,
bales, pro¬
demands.
Orderly marketing in the interest of all cotton growers,
their
Although
191%, greater
activity in winter
provided.
were
3,866
was
$835,000,000 Paid to Shareholders of Building and Loan
Associations During 1935—Is Normal Turnover of
Funds Says H. T.
Donaldson of United States
Building and Loan League
be made available to
$260,000,000
in loans on 4,500,000 bales of cotton fall due to-day.
The
Corporation's announcement of Jan. 30 said:
the market."
Since
com¬
pared with only 31,343 units in the preceding year and 36,267 units in 1933.
A continuation
in 1936 of the rate of increase in building which pre¬
12-Cent Cotton Loans Maturing To-day
CCC Extends
Federal
of family
two and one-half times the number
More than
dwelling units
The estimates
♦
.
to-day
i
combination type.
for
bank
the
at
$16,885,020.
are
the
Alabama,
Federal tax. Wisconsin and Utah have employer reserve accounts.
A
the
of
directly to the home owners."
During the last six months of
Of the 10 jurisdictions that now have laws
so-called pooled fund type.
as
half
last
in
"Since
Gardner.
this
compensation funds.
Excepting for the requirements of the Social Security Act
(the text of which was given in our issue of Aug. 24 1935,
page 1164), the provisions of State laws may be adapted
to the particular industrial and employment problems of
each State.
The announcement of the SSB continued:
a
associations
loan
Mr.
in
it is not difficult to trace the source of the demand for this institu¬
year
12
building
savings,
home
to
bank
90% thereof, the amount of their contributions to their State unemploy¬
ment
credit to-day as
the bank's
using
"Fully 95% of all funds disbursed by the bank during the past six months
have
from the
able to offset against the 1% tax in Title
to
is
There
for
home-financing
institutions
and
40%
Wage
Increase—Some
Owners
Agree to Demands
More than 20,000
City
may
building service employees in New York
be called out on strike on Feb. 3 unless the hour
demands of union leaders are met before that date.
and wage
The union announced
on
Jan.
29
that
elevator operators
and other service workers in the
1935 Totaled $9,950,425—Two and One Half Times
Empire State Building would
be among those called out on strike.
Officials estimated
that the walkout would affect more than 1,200 buildings in
the garment and fur area and that more than 20,000 workers
will be involved.
The Realty Advisory Board on Labor
Relations announced on Jan. 29 that it had organized "an
employment bureau to supply the building service employees
required to fill the places of strikers."
A strike of building service employees in New York
City
was partially successful on Jan. 23, when the intense cold
in Excess of 1934 Disbursements
weather induced
Federal Reserve System in commercial banking, and
only 119 members at the end of 1932, the Home Loan banks now have
comparable
with
to
the
nearly 3,500 member institutions.
for
at
by
low
the fact
that the banks
rates, permitting
more
The moderate dividend rate is accounted
make credit available to their members
liberal terms to home
owners
for long-term,
amortized loans for the construction and purchase of homes, for repairs and
modernization and for the refinancing of
Loans
The
existing mortgages.
by Chicago Federal Home
1935
loan disbursements
Loan Bank During
of the Federal
Home
Bank of Chicago reached $9,950,425, nearly two and a
times the amount of advances made
Loan
half
in 1934, it is reported
Advances to the bank's mem¬
savings, building and loan associations in Illinois and
Wisconsin topped the $1,000,000 mark in five different
by A. R. Gardner, President.
groups
which
of
the
past year,
and in all except three months
owners
representatives
ber
months
of 53
buildings to sign agreements
strikers.
Union officials said
that these agreements were only temporary, however, and
would become ineffective if a general agreement with owners'
with
Union,
of the
is not concluded by Feb. 3.
The strike movement,
sponsored by the Building Service Employees'
is
was
marked
on
Jan. 22 with
a
walkout of elevator
operators and other service workers in 225 buildings.
Most
Financial
Volume 142
of these
buildings in the city's garment and fur
office
were
Anthony Eden, in which he
alliance' among Britain,
France, Greece,
Turkey and Yugoslavia.
The Italian
reply sharply assailed the policy followed by Great Britain
in the Italo-Ethiopian crisis, and called the new alliance
dangerous and useless.
A Rome dispatch of Jan. 24 to
the "Times" summarized the Italian note as follows:
British
Foreign
announced
area.
Among the demands of the union are a blanket 40-hour
week, a 40% increase in wages and a closed shop.
These
demands were described on Jan. 2 by James J. Bambrick,
President of the union, and were summarized as follows
in the New York "Herald Tribune" of Jan. 3:
Blanket 40-hour week for all classes of employees in 5
A closed shop for the
Secretary,
defensive
a
for all classes of employees—this applies to
and all mercantile
carried
with various Mediterranean
on
Two weeks' notice of discharge of any employee.
between employees because of color,
sex.
Wages shall be paid weekly in cash.
No deductions from wages for
-
-
.
"rooms" or "apartments" occupied by
/'.
employees.
Basement dwellings
;
high speed
regulations of the city, state and Federal govern¬
complied with.
No employee shall be
Britain, it is argued, is not a power
affiliated with the A. F. of L.
.
of th8 union, one of the
both.
action by
an
the
Following an agreement whereby they will receive a wage
5%, 5,000 window glass workers in nearly a dozen
plants located in five States ended a four-week strike on
Jan. 26.
The strike was sponsored by the Federation of
Flat Glass Workers of America, which sought a 73^% wage
increase of
In reporting the termination of the strike on Jan.
Pittsburgh "Post-Gazette" of Jan. 27 had the follow-
ng
America, immediately ordered pickets
withdrawn from plants of the in¬
dependent Fourcault process window glass manufacturers
all the workers to return to their jobs.
Jr., Executive Vice-President of the
statement announcing
The agreement,
and
the
Fairchance,
by the settlement are those of the
Fourco
Pa.;
"and other provisions mutually satis¬
manufacturers."
American Window
Bellevernon and
Glass Co. at Arnold, Jeannette,
Clarksburg
and
Smith, Ark., and Okmulgee,
Fort
Sisterville, W. Va.; Vincennes, Ind.;
Okla.
Drive to Replace Supplies—Em¬
Haile Selassie Denies Reports of Ethiopian
Defeats—League Continues Study of Oil Sanc¬
Troops Halt
Italian
peror
tions—Premier Mussolini Criticizes British Actions
Italo-Ethiopian Crisis
in
The drive of Italian troops
ziana toward Harrar,
under General Rodolfo Grawas halted this week after
Ethiopia,
gained 290 miles since it started from Dolo a few
not be
be re¬
plenished.
Claims of Italian victories were denied on Jan.
28 by Emperor Haile Selassie of Ethiopia.
In a wireless
dispatch from Dessie, copyright by the New York "Times"
Company, the Emperor said that these claims "are evidently
inspired by the necessity of reconstituting the morale of the
Italian people, suffering badly from admitted checks and
enforced retreats in the north and in Ogaden."
An item bearing on the Italo-Ethiopian war was con¬
tained in our issue of Jan. 25, pages 541-42.
The League of
Nations Committee of Experts for Application of Sanctions
against Italy on Jan. 29 surveyed methods of expediting the
imposition of oil sanctions.
United Press Geneva advices
of Jan. 29 described League plans as follows:
it had
weeks ago.
It'was explained that the advance may
resumed for several weeks, since supplies must first
questionnaire was sent all League members asking details of their
League to determine exactly the effect of
A
trade with Italy to enable the
Embargo
Committee,
which
meets
here
probably Argentina; then followed the principal transporters of oil—Great
Britain, France and Norway, plus Sweden, which produces much synthetic
Committee will study the sources from
oil in the event of sanctions
view to
Italy's Council of Ministers tightened the
nation's internal military and
to-day in approving three new wartime measures as
economic policies
road construction plans by 50,000 new
Pre¬
workers
in East Africa.
which recalled world
The Cabinet voted approval to three new measures
They were:
procedure.
war
Requisition of all wool from the next shearing
military supplies.
2. Registration of the physical status and military
citizens in booklets to be carried by individuals.
3. Creation of a new Alpine division and a new
rezoning of the national police force
ment and
for firms providing
training of all Italian
Alpine artillery regi¬
into 8 instead of 5 military
zones.
Report by Harvard Business School on "Distribution
of Wealth"—Study by Professor Crum, Based upon
Subject to Federal Tax from
Estates
1916 to 1933
through its Bureau of
Business Research, issued on Jan. 20 a report on "The Dis¬
tribution of Wealth," by Professor William Leonard Crum.
The report is based upon the data compiled from 1916 to/
1933 in the administration of the Federal estate tax.
These
School,
Business
Harvard
The
data, it is stated, do not cover the
problem in all its ramifica¬
tions, but they do constitute what perhaps is the sole con¬
siderable body of facts on the subject.
The major portion
of the study deals with inequality in the distribution of
the conclusions
and
wealth,
analysis suggested by Pareto.
of the study are as follows:
based upon a form of
The findings of this portion
are
wealth varies with the business
substantial lag, being greater following a period of
prosperity than after a period of depression.
;
2. Wealth is more evenly distributed among married men than among
single men, but among women the reverse is true, the inequality in distribu¬
tion being greater among married women than among single women.
These
four groups of persons may be arranged according to the degree of inequality
inequality in the distribution of
The
1.
cycle, though with a
follows:
as
Married women, single men, married men,
Wealth
3.
nearly uniformly distributed
most
is
while inequality is higher among younger
age,
4.
As
to
vocations,
officials,
wealth is
highest
the
inequality is
people, and is still higher
found among corporation
slightly lower inequality among manufacturers,
evenly distributed among agriculturists and merchants.
with
more
A
single women.
people of middle
among
older people.
among
a
separate section treats at length of the
while
various forms
The differences in the relative holdings of
real estate, stocks and specified sorts of bonds show changes
over time and variations among estates of different sizes,
of property
held.
follows:
as
1.
The
period 1922-33
shows increased
average
holdings in tax-exempt
securities.
2.
The rate
moderate-size
3.
While
corporation
4.
which Italy might obtain
and how bil supplies are transported, with a
growth of holdings in tax-exempt bonds was greatest
of
to
very
stocks,
large
real
estates
constituted
estate
predominantly holdings of
the major portion of small
represented
j
Larger
their
for
estates.
the
estates were most responsive
to price changes, owing chiefly
preponderant holdings of securities, especially stocks.
ascertaining if an oil embargo could be made effective.
Jan. 28 said that
bad captured a Swedish field hospital unit in
southern Ethiopia.
The communique said that the unit
was carrying
munitions for Ethiopian troops and added,
according to Associated Press Rome advices:
An official announcement in Rome on
Italian troops
The Swedish unit was
Much political
Italy against the
Newspapers, under
Red Cross unit near Neggelli.
commented ironically, "Bullets do not mak3 medicine."
bombing of a Swedish
Italy
Legislature—G. A. McAneny, President of Fair,
City's Credit Situation and
Reduction in Unemployment When Active Prepa¬
to
Sees Enhancement of
Jan. 24 sent a memorandum addressed to all
and to non-sanctionist members of the
replying to the memorandum presented by the
on
rations
which also contained 27 cases of munitions.
capital was being made here of the capture of the Swedish
particularly since Sweden recently protested to
banner headlines,
Co-operation by New York State in World's Fair in New
York City Asked by Governor Lehman in Message
said to have been mounted on five trucks with
Red Cross flags and insignia
unit,
Britain herself. Spain,
Rumania and Czechoslovakia
the Mediterranean.
Associated Press accounts from
30
estates.
alcohol fuel for automobiles.
The
out, was not included, while
mier Mussolini disclosed new
tentatively selected twelve countries to send experts to the
Monday.
First included
were the principal producing and refining nations belonging to the League—
Russia, Rumania, Iraq, Iran, the Netherlands, Venezuela, Mexico and
Oil
asked
whose military
Rome said:
sanctions to date.
The League
League's policeman and that the States
the strike was over.
factory to both workers and
Plants affected
and instructed
W. L. Monro
they added, provides for a 5% increase in present wage
rates, a 50 cents-an-hour minimum
Glass
Mr. McCabe and
American Window Glass Co., issued a
Medi¬
League's
negotiations with various
having been carried on in the
view it is stated that no one
included, although not bordering on
1.
Federation of Flat Glass Workers of
the
as
as
of this
Under date of Jan.
to say:
Glen W. McCabe, President of the
considered
pledged were "arbitrarily" chosen by
is pointed
were
increase.
26 the
regarded
substantiation
In
aid has been
it
as
with the approval
argued Britain's action must be
Similarly it is contended that Britain's
terranean States cannot be
interest.
even
League's framework.
Britain to act
5,000 in Five States
Win Wage Increase
Four-Week Glass Strike Ended
the League should have been taken
of other members, it is therefore
required to jeopardize the interest of any union
Real Estate Board and the third to be selected by
military measures before
beginning of hostilities in East Africa and before sanctions were
discussed—in other words, before Italy was declared an aggressor.
outside
Board of Arbitration consisting of one member
directly interested in the
the
on
As
All ordinances, rules and
collective measure taken
independent individual measures
taken by each sanctionist nation on its own initiative.
In the opinion of Rome, the sending of the British fleet to the Mediter¬
ranean was a set for which Britain must accept the entire undivided respon¬
machinery.
ment shall be
do not exist as a
Italo-Ethiopian conflict, and she took her first
paid for by the employer.
shall be kept in repair to avoid danger
All apparatus
He contends that sanctions
sibility.
shall be absolutely eliminated.
All equipment shall be
but
:
by the League, but must be considered as
Overtime for holidays.
Five-day week—eight hours a day.
v
Warns on Sanctions Blame
,
The employer shall not discriminate
creed, race or
of Nations covenant,
and dangerous.
useless
of the Biritgh
negotiations Britain has
States are not only arbitrary acts,
contrary to the letter and spirit of the League
also
establishments in New York.
that the concentration
Sea and the military
fleet in the Mediterranean
apartment houses, apartment-hotels, department stores
military
Premier Benito Mussolini argues
boroughs.
entire city.
Average increase of 40%
717
Chronicle
Begin
experience a definite boom, which
credit situation of the city and
reduce
unemployment, when active preparation for the
World's Fair to be held in the city in 1939 is begun, accord¬
New
will
York
City will
greatly enhance the
ing to George A. McAneny, President of
Trust Co. and
League,
Mr. McAneny, whose remarks were
Title Guarantee &
permanent President of the 1939 World's Fair.
sanctionist powers
made before the Munici-
718
Financial
Chronicle
Feb.
pal Bond Club at the Bankers Club in New York City, stated
toward
that
dependence from either influence.
$050,000,000 or $700,000,000 was spent by fair-goers
at the recent Chicago Fair, and that this figure, it is ex¬
pected, will be surpassed at the coming New York Fair.
Of
the total expenditures at the Chicago Fair, he pointed out
that about 7c. of every dollar was spent inside the fair
while the other 93c. went to the trades people
Chicago.
Among other things, Mr. McAneny
grounds,
hotels of
and
recognized
systems
fiftieth
their
of
anniversary
New York,
Fair, which will commemorate the
will be built
convenience,
founding
the
issue.
but
$20,000,000
will
buildings
"The
all
will
prove
be
States sent exhibits.
tion,
is
expected
to
means
in
chosen for
of
trans¬
six
1939
and
will
Congress
$18,000,000
and
itself
or
and
All the States
inter¬
more
be invited
are to
authorize the President to invite
soon
to
the
of
advent
On Jan. 15 Governor Lehman sent
York
State
Legislature
action
by
State
the
government to co-operate in making the World's Fair of 1939
a
From Albany
success.
The
State
as
specifically suggested the creation by the
commission
In
his
co-operation
to erect
President of the Fair,
unemployment bond
improving the fair site.
General
Bennett
since the Fair
said
of
prove
the
Governor.
people of the State
in
the
benefit
particular
as
To
lature to
what
use
in
Attorney-
"permanent
not a
was
for
from
$20,-
State
basis
of
doubt
no
York
and,
that
in
such
Fair
a
will
lesser
Fair
financial
through
in what
it
manner
is of
of
the
other
for
final
the
in
"Sound Public Policy in
address
on
Chartering Banks"
the sub¬
was
Jan. 24 by Carl K. Withers, New Jersey
Commissioner of Banking and Insurance, before the East¬
ern Conference on Banking Service, held under the
auspices
of
American
Bankers
Withers, in the
course
Association,
at
Philadelphia.
Mr.
of his remarks, declared that "I fear
contradiction when I remind you of the part played by
political expediency in the accumulation of many of our
banking troubles."
"There are few of you here," he said,
no
"who have not, at one thne or another during your banking
experience, felt,
at least observed its influence: seldom
for good and more often for personal advantage.
'Charters
for votes' had an altogether too familiar ring in the not too
distant
or
past."
From
Mr.
There
speech
also
we
take the following
to
economic
to
the
beyond
of
still
and
of
others,
our
banking
others,
and
all
equal
attribute
the
conviction,
them
of
and
commerce
who will
with
to
events
the
or
all
quarter,
and
was,
in
will
none
about
largely
economic
through
an
and
hampered
banking
is,
or
whatever
could
it
be
Then
State
unsafe
and
National
and
and
this
that
condition
unthinking
which
systems,
in this country since its very
progress
to
.
has
ence,
First
to
security of
outline
public
sound
any
banking structure,
our
policy
looking
first
must
we
seek
through
of
capital
with which
ease
following
in
the
the
efforts
A
founded
be found in the applica¬
fees to
motive back of the
be
basis
number
.
which charters
upon
of
in promotion,
paid
incorporators.
and volume of trade
the
minor
some
charter policy will look
never
or
the soundest
area
credit,
an
sound
may
commissions
of
bank converted from
the
simply because of
reverse,
control.
or
may
be
represented by the
as
potential
consolidations
and
the
depositors,
sensible
branch
and
sound
banks.
new
capital
both
.
.
flood
a
might become
danger¬
as
.
requirement
Federal
to
branch
of
carefully against monopoly
competition, either of which
of
extension
general movement toward
any
But here again we must guard
amendments
been
has
statutes
and
in
solved
largely
the
of
many
by
States
previously held tenaciously to their low capital advantage much
sorrow.
the
like
a
capital
and
possible
in
a
prescribed
a
the
to
growth
community with
according to
Further, I favor
with
capital
the
gauge
institution
such
up
capital
of deposits
increased
demanded.
arrangement and
But
as
I
compromise
arrangement of requiring capital
the amount doubled for the
should
of
amount
average
the amount to be
the
any
population
a
of
practical
more
population,
Minimum
powers.
to
community by the
period;
practical difficulties of
theory in favor of the
increased
it
institution
over
ratio
the
believe
to
new
needs
proportion
a
which
the
then
factors
borrowers;
reputation of the
organization of
credit
for
under
order
rather
or
the
some
in
event
no
be less
exercise
than
of
$50,000
to 5,000, and thereafter progressively
reasonable appraisal of local credit demands.
a
initial surplus account,
an
as required in Pennsylvania,
equal to at least 50% of the subscribed capital, and in addition an expense
fund
sufficient
operation for
to
the
be less than 5%
organization
cover
first
year
of the
expenses
and
estimated
cost
of
of charter existence, which amount should not
bank's capital.
Capital, surplus and operating
requirements should, of course, be paid in cash before opening is permitted.
Charter granting
authorities might well consider,
also, the proposed
expensive,
in
acquired
new
of
banking
buildings,
one-purpose
purchase
new
low-yield
but
office
quarters;
not
likewise
buildings
other
or
only
frowning
exercising
caution
real
upon
should
be
estate
con¬
templated.
Were
it
I
to
as
the result of
embraced
in
the
study,
uniform, workable policy,
following general procedure, the majority of
their adaptability under the provisions of a
amendment to the banking laws of New
Jersey:
would
be
the steps
1.
suggest,
in which have
Receive
a
proven
application,
naming incorporators
and
disclosing all
fees
or
com¬
missions involved for organization.
2.
Designate a time and place for hearing.
3. Publish notice of application periodically within the trade area and
require
Incorporators to mail copy of notice of application to every Institution within two
miles of proposed
location, also to the Comptroller and other supervising authorities
interested.
4.
Cause survey to be made of competing territory and proposed
management.
Hold hearing and refer findings to Advisory Board.
6. Grant or reject charter,
supervising authorities.
and advise all
parties
at
Interest,
including other
one
In
has
systems.
and control
power
the
or
other.
proper
because
processes
has
Born
National
has
the
brought
between
Bank
of
of
There
some
elements
some
and
room
of
for
competitive
unselfish
these,
in
more
with
more
orderly;
efficient
than
as
every
the result
that
ever
backing
it
of either individual
has
been,
to-day, and those
and
may
who follow in
or
government,
again
your
panic,
our
and
this
it
is
filling
every
depression,
present-day system
before.
Competition
lend
at
to progress,
power
or
but
control
you,
the best
the
bankers
of
efforts
Applied
on
Supervising Author¬
ities by Bankers in Parts of South and West
George W. Norris, Governor of the Federal Reserve Bank
Philadelphia, who addressed a word of greeting, on
Jan. 24, to the Eastern Conference on
Banking Service, in
that city, took occasion to speak of political pressure on the
of
part of bankers in certain sections of the country.
marks thereon
Most
of you
gentlemen here
States.
I
don't
is
applied
any one
Banking
if
you
of you
System,
have
any
His
re¬
follow:
pressure
If
of your
Philadelphia Federal Reserve Bank
Conference of Eastern Bankers Declares Against
Political Pressure
in
it is dangerous!
become, unless
stead,
and
whole has advanced.
a
itself, when clean and wholesome, lends zest and stability
tinged with politics, or flavored with the lust for
the part
banking in
co-operation,
the
system of banking
our
made
corrections,
integrated
is
and with
Governor Norris of
the
in hand with the age-old
when
Thus,
existed
first
between the States and the Federal govern¬
no reason for the elimination of either
as
regulation
of the years, that
gradually been
better
always
with
itself, this competition is
system
largely
which
the
States, it has continued through the years
country under
It
these is the competition
and
struggle for
ment.
unsound.
proven
among
State
United
on
the
and
trust
To
.
problem
should
my
old
and
men¬
third,
need;
capital.
of
future
our
individual
prominently be
may
chartered
much to be preferred to
required for
in
and
for
.
are
their
the
or
those of trade
charters.
realize
determining
of
aspects
intimately
searching inquiry i3 made to find the
mergers,
which had
I
no
to pass, and
other fancied inequality; and the institution
of thinking,
way
unbridled
to
the
these objectives which
demand
banking
recent
system,
or
the amount of
are
as
is
this been
had
come
community
other
of disgruntled
of monopoly
character
To my
bank"
"spite
group
discover
the
The
various
have
political
adequacy
reversing
the
and
there
versa,
for it.
more
second,
fourth,
a
without the
Certainly,
Among these
purpose;
be
permit of
not
vice
and
never
and
others
the
approaching
as
would
community
community need the final
of first importance,
the
is
a
or
National
purpose
new
authority,
the stronger
and
to
appear
which
particular
a
competitive
of
pending with the
while
might be possible.
actual
between
as
further in the refusal
remedy those policies and practices which, in the light of bitter experi¬
the
is
attempting
future
raised,
application;
and
5.
Accordingly, in
the
honesty
itself unless
tion
might
it
State
consideration.
advantage
the
for
charter
a
advantage
even
area.
for
several
are
appear
there
to
charter
goes
greatest expedience to the founders.
individual
inception.
toward
broader
usually considered
cause,
over-banked,
otherwise,
unwise,
policy, alternating between the State
marked
that,
still
sections
many
other consideration,
any
deny
between local
and the
agreement
competitive
regulation
or
with
this
to
equally sincere,
population,
the
In
since
1933 and 1935.
mutually considered on a
are
banking troubles would
management,
may
trade
history,
law
such
there
First,
:
recent
them
from
charter
has
central
system;
shores.
our
brought
was
of
banking
expansion
country
aside
dual
disturbances,
rapid
Granting
this
advocates
those
our
said in favor
particularly,
and
working
than
granted
local
was
the
are
collapse
the
merit
investment
Withers's
extracts:
competition heretofore exist¬
years,
consider
same
would have been
from
character
ous
an
the
our
policy,
which
tioned
or
ject of
of
of
system
local
rather
of
a
practice,
many
Aside
of
Discussing "Sound Public Policy in Chartering
Banks," Carl K. Withers, Commissioner of Banking
in New Jersey, Declares Political Influence Has
No More Place in Banking Than in Deliberations
of Supreme Court
recent
even
being
wishing that
previous
charter
to
suggest
approval
harm
average
2531.
page
sands
systems, much may be
practical
a
need
light
the
to
charter
Sound
In
exists
authority
in
millenium
clearings.
City appeared in these columns Oct. 19,
and National
of political
State
our
shifting
ridiculous
National
within
applying to the
National
granted
regarding the World's Fair to be held in New York
both
the
against
States this arrangement
some
one
Legis¬
the
being within
safe
sometimes
and
made
there
In
as
other
and
support
course
determine."
Items
of
community
systems.
for and
purpose.
degree, to the
The State of New York should co-operate
the
of
extent and
the
into
feel
be written on
could
volumes
deposit insurance and the Banking Acts of
States
order of
World's Fair in New York City
a
have
New
whole.
a
establishment
means.
"I
to
opinion
an
could not be used for that
money
a
well
as
and
trust
of
business
basic
.
.
Comptroller, whereby all charter applications
from George H.
$5,100,000 of
for permanent improvements
heartily endorse the plan of holding
1939,"
Legislature of
authorities,
request
a
of
Governor quoted
ruling that,
improvement," the bond issue
"I
to cite
on
fair
State exhibit at the Fair.
for allocation
issue
The
the
with
New York
a
the Governor went
message
000,000
foster
to
appropriation
McAneny,
element
the State
you
Governor
an
in
advices to the New York '"Times"
quote:
we
of
many
special message to the
a
urging
.
available,
supervising authorities, the Federal Deposit Insurance Corporation
each
New
this
removing
readily
never
progress
factor,
foreign nations to participate."
may
the
While,
and
greater attrac¬
a
national
more
a
the
erect
government exhibits
being in
Fair
of
means
forever
brought
and
we
ing between
York employment.
foreign
New York,
the
make
The
grounds
the
municipal
or
by
did,
exhibitions and other
on
expenses.
prepare
than the Chicago Fair.
exhibits
send
all
to
to
only
attracted
14
scope
every
Chicago
as
preparatory
spent
only
in
fair,
immediate boom to New
an
Chicago Fair
national
were
to
together with prepayments
cover
which
will
which
requests for Federal, State
no
the
finance
to
The issue,
prepayments,
accessibility
and
government
"The Finance Committee, of which Harvey Gibson is
Chairman, has planned to make
appropriations
Federal
the Flushing meadows,
on
spaciousness
portation," he said.
bond
first
the
of
hundred and
one
of
evidence
expedience and favor.
As
1939 New York
end
the
this
phase of the subject alone.
Sufficient to add that political influence
has no
more
place in banking than it has in the deliberations of our
highest tribunal—the Supreme Court of the United States.
Until this is
said:
"The
the
Were
1936
1
believe
on
gentlemen
or
if
are
that
from the northeastern
you
realize
the
supervising authorities
you
complaint
has
are
a
part of the United
to
which
parts
complaint, particularly in
members
against
extent
in other
the
of
the
Federal
Federal
Reserve
political
of the Union.
the National
Reserve
banks,
I
System,
venture
National banks used $14.89 out
think of going
it, or to get
remedy or relief, but in a great many parts of the South and West that
is the very first thing that a banker does.
And it has been perfectly
astonishing to me to see the extent to which they believe that political
to
say
that there
to
his
Congressman
influence
great
that
of
which
sort,
most
I
I
in making these remarks, indicated his
K. Withers and Charles F. Zimmer¬
to which Mr. Norris said:
Reserve
banks
gave
as
thought
he
banks,
As
or
There is
come.
much of this unfortunate rivalry
so
jealousy that Mr. Zimmerman alluded to, so many of the State
think
and
such
and
a
Bank
National
difference
group
of
opinion
to unit as
as
will
it
When I
question.
be
is
to
complicated and split up that
we get to a real solution of the
so
time before
some
banks
swallow them up,
opposed to chain, branch
System wants
banking—the whole thing
fearful
am
the
that
for a minute, however, to sug¬
efforts to make a very great improvement.
that, I don't mean
say
gest that you should relax in your
referring further to the address of Mr. Withers
in another item in this issue, whose remarks dealt with
We
are
Public
"Sound
banks, dealing as they do only in
that
Conference
Bankers
Have Resulted in Better Understanding of Laws—
Objective Also Greater Understanding and Co¬
operation Between Banker and Customer—Move
to
Aid
in
Relinquishment by Government of
Financial Services
Bankers
the number
to
about 1,500 from
of
14 Eastern
participated in the
Banking Service at Philadelphia, on
of the 0hio Citizens Trust Co.,
conference.
"Governmental influ¬
private lending will be halted," he
continued, "only after it is generally acknowledged that
there is no need for its participation."
Mr. Brown cited examples of individual bankers who
have been successfully meeting competition with government
agencies by pointing out to borrowers that the expense of
securing a loan from these agencies, when fees as well as
C.
the laws and regulations which
better understanding of
a
business and with numerous suggestions for
and increasing banking services to the public.
their
govern
improving
The
working sessions of the conference were devoted to dis¬
cussions
on
legislative, managerial, operating and public
problems of the banking fraternity—the conference
being the first of a series planned by the American Bankers
Association in its nation-wide program of banking develop¬
relations
under the leadership
ment
of
note for this program
It
is
the
members
interest
laws,
to
of
the
rules
provide
the end
banker
of
the
his
and
and
customers,
with
a
these
better public relations
of
opportunity
to provide
the
to
connection
in
to
co-operation and understanding between
greater
incident
problems
chartered
be
issued
discussion
for
opportunity
there will
that
the
regulation
and
the
government's
for
a
competition
survey'
with
told
the
of
included, is greater than the expense of a loan
even though the rate the banks charge may
are
banks,
Others, he said, are building up their local busi¬
farmers either personally or through a
visiting
by
ness
representative, to let them know that the banks are inter¬
ested in taking care of legitimate financial requirements.
This
same
wide
scale
policy, he said, is being carried out on a State¬
in Kansas, where the bankers' association has
inaugurated a movement to increase good-will, loans and
earnings.
One of the features is a co-operative advertising
campaign, aimed at (1) fuller utilization of bank credit,
and
(2) an improved public attitude toward banks.
He
continued:
The time has
will
understanding of the changes in banking laws and
thorough
a
knowledge
when he said:
these working conferences to bring to Association
of
purpose
of Robert V. Fleming, President
Fleming sounded the key¬
President
Association.
the
President
field
the
in
be higher.
on
the bulk of the sound credit risks,
but willing to take over
Eastern Conference
24, at its conclusion are said to have left with
out of the lending business
only able
is for the banks to demonstrate that they are not
at
and
and therefore its
bank,
of a
prosperity
The way to get the government
States and the District of Columbia who
Jan. 23
the
ability to pay taxes, are the earnings it can make."
Brown,
Toledo, Ohio,
Philadelphia Said to
at
of
measure
intangible property,
subjects for property taxation; that the true
not proper
are
ence
Eastern
Mr. Mylander
Deposit
1934, in
the 1,186 State banks, not members of the Federal Reserve
System, which had deposits averaging less than $100,000, on
the average $34.20 of every $100 of operating profits went
for taxes.
Mr. Mylander urged, therefore, that bankers
include in their public relations program "a plank that will
bring home to Mr. Average American the self-evident truth
A.
Chartering Banks."
Policy in
example of how far taxation can go,
an
figures from the annual report of the Federal
Insurance Corporation, showing that in the year
movement which would result in the Federal
System, having control of the chartering of
a
Board,
or
likely to
was
Federal Reserve districts."
boundaries of those same seven
get in for the beginning of Air. Withers's address.
that
saying
that
Moreover, he said, "the great majority of the States which
are still clinging to the old method of taxing banks upon
the
value of their shares are
to be found within the
agree
I heard the
part of it, and listened with interest to Mr. Zimmerman's observa¬
It struck me that Mr. Fleming was a little optimistic, perhaps, in
tions.
seven
same
failures occurred
Carl
in what
didn't
and
these
reprehensible.
had to say,
latter
I
help
can't
of earnings
It was in practically
districts that the greatest number of bank
in those hectic years from 1920 to 1933."
used for taxes was above the average.
efforts
in Congress lend themselves to
thinking—and I know you will
operating
in seven of
of each $100 of net
earnings before taxes in payment of taxes; but
the 12 Federal Reserve districts the percentage
which a
with
the readiness
and
matters,
business
Governor Norris,
man
in this room who would
man
of their Representatives
me—are
interest
a
Senator to make a complaint about
or
control
could
many
with
is hardly
719
Chronicle
Financial
Volume 142
the
for
come
not suffice.
It is
aggressive action; mere opposition and criticism
not
enough
for bankers of the country to
say
that
instrumentalities and
that phase of the government's business relinquished.
It is their obligation
to do the job and to begin now.
The commercial banking machinery of
the country is entirely adequate to care for the legitimate credit needs of
the people, which have been serviced for the past two or three years by
credit must be restored
granting of
private
to
government-sponsored agencies.
our
Challenging
institutions.
recently-published statement that there is
a
an
That the bankers intend to make it easier for the govern¬
ment to
relinquish
soon
as
many
of its emergency financial services
possible is said to have been evident from the
as
speeches and discussions.
As to this, an announcement re¬
garding the conference says:
Bankers
generally
have
recognized
that
in
of
times
the
emergency
government of necessity had to come to the assistance of the people where
chartered institutions
They
emergency.
government
the other
On
ference
members
of
so
account of the nature of
on
the
functions
the
possibly
many
which
nature
a
under fundamental
cannot be handled
now
by
principles of sound banking.
con¬
all of these
survey
the
of
being handled by the government
be properly and
can
A.
Boyd,
President
National
First
Bank,
Ithaca,
N.
Y.,
asked
why, if this were true, bank deposits are constantly
increasing.
He went on to say:
I
its
maintain
that
any
banking
institution
community since the trying days of
confidence
and
have
of
that
of banking
majority
never
had
to
community,
which
has
continued
to
serve
1929 must be enjoying the respect
and
I
institutions which have
am
sure
come
that the
through this
very
large
depression
regain public confidence.
Having public respect and confidence should lead us to secure and main¬
tain
constantly increasing business
To do this it is necessary,
the government in this field so that our
opportunity of judging for themselves which of
measures
have
may
which
however, the bankers attending the Philadelphia
hand,
lending
activities
these
are
that
told by President Fleming that "we should
were
emergency
realize
performing
is
institutions
chartered
unable to do
were
also
"apparent loss of public confidence in banks," William
and
second,
to explain
connections.
first, to seek greater efficiency,
banking functions and services
to
the public.
A
reference to
the conference
appeared in these columns
Jan. 25, page 559.
soundly taken over by banks in their respective communities."
The
Active Year for Investment
attending bankers devoted considerable time
to dis¬
cussing the Banking Act of 1935, with particular emphasis
the
on
O.
Federal
Howard
under
the
interest."
They
are
direction
not
Act,
Cashier
of
towards
•
Mr.
Wolfe
by
National
Philadelphia
declared,
The
being
was
powers
termed
Avas
attitude
promulgated
one
of
"puzzled
He added:
interested because their business is affected
naturally
know
quite
the
discretionary
itself
regulations
by these by-products of law.
because
law
sort of banking Act."
bad
bankers
most
The
law.
Wolfe,
Bank, as "not a
of
rules and
regulations,
many
the
under
frankly
what to
of
some
expect
the
They
by
next
regulations
way
of
a
new
issued
already
every
regulation,
not
are
do
and
easy
to
understand.
I
took
of the Investment Bankers Association at the Seaview
Golf Club, in Absecon, near Atlantic
Wood,
City, N. J., Orrin G.
President of the Association, said
according to
present
Wood, who is
a
an
active and favorable year in 1936.
Mr.
also stated:
count
to
discretionary
the
various
power
places
in
the
Act
to be exercised by rule
or
where
pro¬
There is every indication that in 1936 there will be a continuation of the
regulation.
banking business last year.
In
addition, however considerable thought now is being given to
capital requirements and I believe this will be come
affect
if the improvement in
practically all of
It
power
is
master
banking law
The
Jan. 25 that
partner of Estabrook & Co., Boston, Mass.,
Confining the count only to the sections of the Banking Act of 1935 which
given.
on
indications the investment banking
refunding operations that were the outstanding feature of the investment
the trouble
vision is made for
vernors
business will have
in
puzzled because they
are
Banking Business Forecast
by O. G. Wood, President of Investment Bankers
Association at Mid-Winter Meeting of Board of
Governors—Membership at New High Mark
Addressing the mid-winter meeting of the Board of Gov-
is
as
us,
I found there are 48 places where discretionary
problem of
it is to-day or
a
no
mean
may
importance,
therefore,
to
be to-morrow.
subject of bank taxation was discussed by Charles H.
an
new-
active factor in 1936
general business conditions, noted in recent months,
continues.
At the closing session on Jan. 26 Mr. Wood reported to the
Governors that membership of the Association has reached
a new
was reached after appli¬
accepted by the Board on Jan.
high number was 702 members in June
high figure of 713; this peak
Mylander, Vice-President of the Huntington National Bank,
Columbus, Ohio, who declared that "the average American
is vitally interested in bank taxation because solvency may
cations of 27 firms had been
depend to a large degree upon the way in which the taxing
1928.
is exercised upon them."
To prove his point Mr.
Mylander cited earnings figures which showed that, in the
year ended June 30 1934, "for the United States as a whole,
power
26.
It
The previous
/
announced that the Spring meeting of the Board of
Governors will be held at White Sulphur Springs, W. Va.,
was
May 13-17.
720
Financial
Record
Number
of
1935—Federal
Charters
Unions
Organized
Granted
State
total of
a
826
Federal
credit
unions
in
State laws—a
previous records,
according
total
which
C.
to
supervises
Federal
were
surpassing all
Orchard, Director of
R.
activity
in
Administration,
this
field.
Small
of
factory and office employees and community
groups have organized altogether 904 Federal credit unions
groups
in
addition
to
approximately
3,000
State charters, Director Orchard
Federal
;
credit
who
credit
union
union,
activity
movement
members
are
has
this
in
the
of
brought
country.
Federal
new
mately 800,000 members with savings of
credit union
members
do
for the first time
in small amounts of
creating
of
a
and
of
in
as
are
not be
sisting
"common
have
keen
a
institutions
credit unions
not
bond"
than
of
attracted
their
the
in
interest
of
2.
co-operatively
these
State
own.
attention
Loans
or
3.
kind
provided
the
section
Federal
is
factory,
a
No
Federal
any way. '
funds
capital
or
Seed
Grain
Be
to
Available
Farmers at Fixed Prices AAA
Rates to Be Lowered
50%
6.
•/:
similar to elections of directors of Federal
Northwestern
Announces—Freight
Chicago
Jan. 24 agreed to
on
tion in the freight rate for the
mittee.
The wheat
will be
by
the
railroads
Minnesota
seed
oats
The
and
deal
grain
dition that
stipulated
elevators
said,
be
that the
about
8c.
freight
average
bushel.
a
The
Section
will
be
until June
by
of
the
bought
cost
price
in
of the
1
they sell
the Corporation.
could,
if
AAA.
outright
they
by
wished,
country
elevators,
it to farmers for seed
Officials
make
said
local
that
the
those
arrangements
the
on
at
use
under
for
con¬
prices
conditions
farmers
to
enough of their light weight grain to equal the fixed value of the
weight grain.
present
of
most
the
spring wheat and oats,
and
some
of
the
durum
Most of the durum wheat is stored in Duluth.
The Commodities Corporation holds 3,139,915 bushels of hard
red spring
1,034,093
bushels of oats.
a
bushels
of
durum
The grain was turned
few months ago by the Drought
and
at
Commodities
that
time
varieties
into
Much
planting
the
The
Purchase
represented
the seed
of
season
commercial
Commodities
mittee.
recommendation
The
taken
December
Corporation
the
AAA.
of
The
tested
otherwise
or
States
stocks
seed
seed
handed
grains
of
shortage caused
distributed
where the
over
adapted
1934
during
by
the
drought had cut
on
action
by officials
was
of
based
State
of
on
in
making the
the Seed
the
remaining
Conservation Com¬
findings
of
a
ference
wheat
found
in
central
1936
that
rust
practically
South
all
and
drought
of North
Dakota,
has
and western
resulted
in
southeastern
light
weight
Bankers'
Minnesota.
committees.
are
is
suggested
to
that
members
the proposed Federal
their operations
and of benefit
By H. H. Gris,wold—C. F.Kettering Stresses
Others To Aid
In
Country's
F.
Kettering, Vice President of the General
Corporation, was the speaker at the banquet od Jan.
27 of the mid-winter
meeting in New York of the New York
State Bankers' Association.
The banquet was held at the
Hotel Roosevelt.
Mr. Kettering said, according to the New
York
"Journal of Commerce" that
the cause of our diffi¬
due to the fact that technological development
had been blamed for the depression, and the belief was ex¬
culties
was
pressed by him that "we
ment" rather than
quotes him
are
too far
too far behind in
ahead.
follows:
as
I understand from statistics that there
not at work in the American banks.
are
men
simply the opposite ends of the
are
something like $40,000,000,000
I also understand that there
thing between 5,000,000 and 10,000,000
things
develop¬
our
The paper referred to
out of work.
are some¬
To
me
those
stick.
Technological de¬
velopment has been blamed very largely for our depression.
I am per¬
fectly willing to accept that blame as the representative of the technical
same
staff of America, but I do not believe that it is because, as a
great many
people have said,
we
are too
we
have gotten too far ahead.
I think it is because
we
far behind in
behind
are
or
our development and I think the measure of how far
is represented by the $40,000,000,000 out of work and the
10,000,000 people out of work, because if
industries at the rate that
should
we
we
we
had developed
would have been shy both capital and
labor.
The New York "Sun" thus
quoted him:
Banks, he said, had lived for many years upon the theory that what they
had to sell
"I
was
accommodation.
don't think you
yourselves when
you
are
make
Mr.
Kettering remarked:
accommodating anybody
a
loan to-day.
You
are
as
much
selling
as
you
are
your services
you have the right to sell them at whatever the commodity price is,
which, I understand, is quite low at the present time."
of
America
is
The constitution
also included in the
it
Charles
The
and by-laws of the
Directory.
following further extracts from Mr. Kettering's
are
re¬
from the New York "Times.":
"I am here to apologize to you," he continued, "not so much
because
of our inability to do the things that need to be done, but because
of the
lack of recognition that these things needed to be done.
to blame for that
the Board of Governors and the personnel of the national and
group
However,
view to determining whether
and
distributing its 1936 Directory.
The publication gives a
comprehensive listing for each member of the Association
and its registered branch offices, if
any; also the members of
Association
a
of Bankers and
marks
Association
Association.
Motors
seed
northern
America
Investment
the
Development
Directory of Investment Bankers' Association of
The
v,y
Need
conference
Montana,
yy"
lined
Agricultural
Dakota,
marketability at
their communities.
5,000,000
to-day
recommendation
Colleges, the United
Department of Agriculture and railroads of the Northwest.
That con¬
States
and
to the Commodities
2,000,000
supply of good seed.
Corporation's
was
in
sold
to farmers in
seed available
held
of
remainder
was
approximately
Emergency Seed Conservation Committee
Section
the
over
and
bought by the committee to relieve the
drought.
1935
wheat,
no
Mid-Winter Meeting of New York State Bankers' As¬
sociation—Pension Plan For Bank Employes Out¬
wheat, is in Minneapolis.
wheat,
of
Mortgage Bank would be of assistance
to
The reduction made
full
tested
At
will
and which enjoy little or
step in the right direction, in the opinion of the Com¬
the
be 30c. a bushel, plus freight, plus a 3c.
handling charge.
being handled for the Commodities Corporation by the Com¬
Purchase
trade in
Dakotas
market for certain urban real estate mortgages
The proposal to finance the mortgage bank largely with
a
study the bill with
will
is
modities
The
officials
means,
the
5c. handling charge.
Committee
The
would be particularly
flat recommendation in favor of the Fletcher bill should be made to all
a
supplies include durum wheat and hard red spring wheat.
For
per bushel to farmers at country elevators
a
a
higher degree of
a
interest rates.
;■
members
govern¬
seed grain now held by
and
widely in different parts of the State, the Committee does not feel that
of seed wheat the price
$1.10, plus freight, plus
.vAyy
Became of the fact that conditions in the real estate mortgage field vary
so
Federal
Surplus
Commodities
Corporation.
Chester
C.
Davis, Administrator of the Agricultural Adjustment Act,
is President of the Corporation.
Continuing, the AAA said:
both types
stockholder.
a
The bank would be empowered
apart from soundness, arc not eligible for Federal Housing
the present time.
50% reduc¬
a
providing
reasons
private capital is
comparable seed grain, the Agricultural Adjustment Ad¬
announced Jan. 25
The plan has been under
discussion for some time, the Administration
said, and it
was
definitely agreed upon when representatives of the
Lines, meeting with
Mr.
as we
You
are as
well
as
much
are."
Kettering said it
was
th9 business of bankers
recognize that "your business and
our
business and
pends upon the general welfare of the country.
as
others to
everybody else's de¬
Now perhaps
there is
nothing any more difficult in the world than
to develop
a new business,
coming in to the picture is always looked at in
critical fashion. We are just going through a stage at the present time
because any new business
Mid
Winter
Meeting of New York State Bankers'
As¬
Federal Legislation Urges
Members of Fletcher Mortgage
sociation—Committee
Consideration
By
on
Bank Bill
a
very
where the
He said
are
A recommendation that "careful consideration" be
given
by members of the New York State Bankers' Association
a
Any
exceeding 12 times its capital and surplus.
mortgage practices
Administration insurance,
ministration
ment officials in
of
beneficial in
which, for
for
Trunk
total not
a
believes that the operatioss of tho proposed bank
Supplementary supplies of seed wheat and seed oats will
be available this spring to farmers of
Minnesota, North and
South Dakota and Montana at prices below the market level
of Western
corporation may become
or
Initial capital would be 810,000,000.
by stockholders in
Reserve banks.
ability and liquidity for urban real estate mortgages, and
to
.
bank would be
The purpose of the proposed mortgage bank is to provide broader market¬
-
Association
the proposed mortgage
stockholders in purchasing or lending on
own
The report further said:
are
Holdings of FSCC
on
months,
:
'v.-'
.
18
Six of the bank's nine directors would be elected
stabilization
Federal
'
first
to issue debentures to
v,'
.::
the
dealings with its
individual, partnership
store,
perhaps the smallest organization of
loaned to credit unions in
or
by
together
a
5.
manner
v:'--
government.
After
mortgages. '
made only for "provident and productive"
are
Credit Union
under
in
as
or
mortgages not at present eligible for insurance under the
Standards of quality are laid down to prevent the acquisition of low-
4.
limited to
bound
occupation, such
V-bV .Y'yY'
The Federal
people
proposed mortgage! bank would be authorized to purchase,
grade mortgages.
of knowing that their
money
member of their group, usually con¬
a
Bank, 90%
by private stockholders, including
National Housing Act.
communities.
hundred
follows:
as
Federal Mortgage
'■
The
certain types of
Federal
and
a
lend upon, first mortgages based on improved urban real estate, including
or
assurance
except
several
association
community.
or
have the
to anyone
more
purposes.
its
who
credit
banks.
The
month and of
a
It would provide for the creation of
of the capital of which would be
supplied
begin
organizations.
25c.
as
has
rates
church groups and farm
loaned
of
office,
at reasonable
.little
and
accounts
through these
as
1.
now
offices,
Members of
will
people
bank
was
and outlined the substance of the bill
have approxi¬
operating in 44 States and the District of Columbia,
practically every type of industrial and manufacturing concern, as
in
well
loans
operated
credit unions
and
of
source
thousands
owned
money
Bill
women
$2,000,000
over
now
changes
no
banking laws should be recommended at this
The report noted that the Fletcher Mortgage Bank
a measure held over from the last session of
Congress,
time."
25-year-old
and
men
saved
unions
not have
idea of
the
to
100,000
The Committee therefore feels that
in the Federal
than $50,000,000.
more
saving systematically
saving
life
new
About
credit unions
York
The
desirable.
under
He continued:
during 1935, and all told Federal and State credit
Ordinarily,
operating
now
said.
New
York.
number
the Credit Union Section of the Farm Credit
made at the annual
was
City at the Federal Reserve Bank of New
Committee is under the
Chairmanship of
George V. McLaughlin, President of the Brooklyn Trust
Company, Brooklyn, N. Y.
Reference was made in the report to the Banking Act of
1935, and it was stated that owing to the fact that the Act
has been in effect less than six months, the Committee is of
the opinion that
experience thereunder has not yet been
sufficient to indicate whether amendments thereto may be
were
1934, and approximately 600 additional credit unions
chartered under
Mortagge Bank Bill
mid-winter meeting of the Association on Jan. 27 by its
Committee on Federal Legislation.
The meeting was held
organized and chartered under the Federal Credit Union Act
of
1936
Feb. 1
the Fletcher
During
and
826
to
About 600
to
During 1935
Credit
Charters
Chronicle
to
importance of developing new business is being recognized.
one
.
.
.
of the difficulties financiers find
themselves in is that they
apt to take the appraised value of the physical assets of
a
concern as
being the thing which represents the investment factor.
"I
think
gone a
that
is
little too far
perhaps
on,
one
of the
things that modern banking has
because I don't think that the facilities of
an
in-
Financial
Volume 142
tiustry naturally represent its progressivenss or its ability to
/
he declared.
From the "Times"
perforin,"
Lake George last June.
of the Association, held at
for joint contributions by employees and banks, yielding a
service retirement allowance for life for any employee who attains the age
It provides
who, after serving in
a participating bank for 10 years or more,
becomes incapacitated, and a
death benefit for those who die before becoming eligible for a retirement
allowance.
Employees who leave the employ of a bank before becoming
eligible to any benefit will have returned to them the amount of their con¬
tributions with accumulated interest, while an employee transfering from
one bank participating in the pension plan to another participating bank
will suffer no change in status.
When an employee becomes eligible for a
retirement benefit he may take his allowance in any one of several forms,
such as a straight life annuity, a refund annuity or an annuity payable as
long as either he or his wife, or other selected beneficiary may live.
disability retirement allowance to any employee
of 65, a
Associations' Committee on Education,
presented by J. Raymond Roos, cashier, National Com¬
mercial Bank & Trust Company,'*Albany, N. Y., as chair¬
man, said in part:
Lady
Lindsay
Chief
Justice
The
At
has there been a greater need for
time in history
no
technical knowledge
Scientific research in banking is just as necessary as in other
of business and industry.
That the general character of a bank's
lines
and liabilities
assets
Industry knows that unless
stimulate and encourage
...
continual study is made of changing
study is made of the banking situation as
conditions
The New York
results.
thorough and scientific
it exists to-day, the
profession
nationalization and decadence.
faces the road to
In the "Wall Street Journal" of Jan.
Jackson Chambers, President
cathedral.
the
shows
& Trust Co.,
of Gramatan National Bank
amounted to less than 10% of the current
Of the Association's
membership,
figure.
Mr. Chambers said that
a
less than $5,000,000 and 400
additional income and savings of
with
"Even
interest of
"80% of our members find it very
commented,
he
Wickersham, Former United States
Attorney-General—Was Head of Committee Which
Investigated National Prohibition
Death of George W.
George W. Wickersham,
Jan.
on
$7,000,000,"
difficult to operate at
Held for King George V—
Powers
March
Procession
World
in
-—Memorial Services Throughout the
including members of the bar, other leaders in public life,
and friends and relatives.
Mr. Wickersham was best known
public for his work as head of the Commission on
Enforcement, which in 1931 filed
the
to
Law Observance and Law
prohibition
respects, and
recommending renewed efforts to enforce the law.
V of England was buried on Jan. 28 in
St.
George's Chapel, Windsor, beside his parents, King
Edward VII and Queen Alexandria.
Throughout the entire
King George
Empire a period of two minutes' silence was ob¬
a
remark of respect to the late ruler, while
served
as
in cities in all parts of the
ceremonies were conducted in
London and Windsor,
while for several days before the
burial the King's body lay in state at Westminster Hall,
where it was viewed by more than 800,000 persons.
The
services
memorial
held
VIII, gave a formal dinner at Buck¬
ingham Palace on Jan. 27 that was attended by the heads
seven European Powers who had come to England for the
funeral, as well as by Ambassadors and representatives of
other countries.
Most of these dignitaries marched in the
procession through London streets on Jan. 28, before
placed on a train for Windsor, where the
services were conducted by the Archbishops of Canterbury
funeral
in
public
service,
ideals.
King George and the accession of the Prince
were
in
described
the
"Chronicle"
of
Jan. 25,
A description of the funeral procession and
Jan. 28 is given below, as contained
dispatch of that date to the New York "Herald
543-544.
pages
the final ceremonies on
in
London
a
Tribune":
It
was
a
Great Britain's new ruler, King Edward
kings.
father.
Then came,
Denmark, Bulgaria
and Rumania, 17 princes, including the Crown Princes of Italy, Sweden
and Greece, Yugoslavia's Prince Regent, President Alfred Lebrun of France,
Ambassador-at-Large Norman H. Davis of the United States, and a host
of
other foreign
notables, ranging from Soviet Russia's Commissor for
Foreign Affairs, Maxim M. Litvinov, to Austria's Vice-Chancellor, Prince
Ernst Rudiger von Starhemberg, from Prince Friedrich of Prussia to the
behind
Thousands Injured
a
Maud of Norway, the former Queen
members of Europe's royal families.
ambulance
fainting
had
the
emotion reached so high
Most of the cases were attended by
to
men
injured.
stationed along
the
route,
who
for minor injuries caused by crushing.
be taken to hospitals, and one of them died
and
crowd broke through a
gave
treatment
for
About
150 persons
on the way.
When
police cordon at the Marble Arch a man suffered
broken leg.
In
and
in
Mary, the dead King's
Victoria of Spain, and
spectators were packed so densely and mass
pitch that thousands were
the
a
in Crush '
Queen
The
contrast
was
of his most
partly because
one
and
reason
During
popularly known as the Wickersham Commission.
Wickersham and the other members
of
his Commission
delved into every conceivable angle of criminal law
observance and enforcement, and while the celebrated report on prohibition
became the magnum opus of the Commission, there were no less than 14
reports containing
1,600,000 words when the work was
ended on
two
1931, Mr.
to
1931.
30
June
1929
from
years,
that the criminal law enforcement machinery
The main conclusions were
in
States
United
the
entirely inadequate and
was
cost of
that the annual
Prohibition, however, was the matter which
was
most closely watched, and when the report,
covering some 80,000
words and containing the individual opinions of the Commission members,
crime
$1,000,000,000.
was
experiment."
The
admitted that
he
take its
The
,
prohibition had been
a
With three of his
under
Less than
Act.
the National Prohibition
and
trial
further
favored
Wickersham
Mr.
colleagues,
Amendment
\
1
did not share that opinion.
.
however,
Chairman,
"noble
'
the
condemned
majority
the
1931
January
in
published
was
Eighteenth
the
two years later
failure and urged that regulation
place.
Observers
lengthy report which bears his name was much criticized.
described it as a "curious and baffling document."
London
in
head
this
of
Commission—one
important
Wickersham
Hoover—Mr.
President
very
was
of the many created by
much in the public eye.
work, Mr. Wickersham found time to make
speeches and write articles in favor of the League of Nations and inter¬
or
he
and
disarmament,
national
speaker
of
magnitude
the
Despite
was
always
demand
in
as
an
after-dinner
toastinaster at public or semi-public gatherings.
to
the chapel at
London's
K.
O.
Governor
Succeeded
Executive
of
Allen
Senator
Louisiana—State
Long as Political
Leader
Oscar
Governor
died suddenly in
Allen of Louisiana
Iv.
mansion
executive
the
at
Rouge
Baton
on
Jan.
28.
The
death of Governor Allen, who was 55 years old, was caused
had
He
hemorrhage.
by
years,
been in
health
poor
for
many
and an illness four years ago was almost fatal.
Gov¬
was
a political associate of the late
Senator
Allen
Huey
P. Long, and after the latter's death he succeeded
political leader in the State.
James A. Noe, Presi¬
him
dent
grand
procession, with
its
trappings
of
state
as
pro
tern of
the
State
Senate and Acting Lieutenant-
Governor, became Governor as a result of Mr. Allen's death,
and took the oath
date
the light of
A
of office
A dispatch of that
situation in
Governor Allen's death as follows:
proclamation
Governor Noe
as
declaring
a
30-day period
of mourning
his first official act, and this
which he promised that there would
Governor
Jan. 28.
on
Baton Rouge discussed the political
from
Noe will
serve
as
Chief
be
was
was
followed by a
issued by
statement
changes in the administration.
no
Executive
until May 12, when
the army, navy and Royal Air Force, was the brief service
W.
Leche,
Windsor, where George V was lowered into his vault.
the
Richard
primary of Jan. 21, will take the oath of office.
Washington Cathedral on
attended by many persons prominent in official
memorial
Jan. 28 was
of
Death
in
its units of
The
partly for that
and ability that President Hovoer appointed him Chairman
Commission on Law Observance and Law Enforcement,
more
was
thoroughness that
a
was
country and
this
ernor
gilded state landaus rode the widowed Queen
other
National
the
It
,
capacity for work, and whatever he
tremendous
a
out with
carried
he
his integrity
of
had
,
Court, disarmament
also a reformer, who
in
Bystems
characteristics.
marked
the gun carriage that bore his
Maharajah of Dlirangadhra.
sister,
He was
of law enforcement
humane treatment for prisoners.
the
attacked
Wickersham
of the Belgians, the Kings of Norway,
afoot, the King
In
,
'
Nations, the World
"
day of many
walked
VIII,
the League of
on
pleaded for more
As
Wales
idealist who fought hard
an
t
attitude
bitterly
of
was
international conciliation bore that out.
and
other accomplishments
in defense of those
of crime and law enforcement, and for many
His
26:
internationally famous as Attorney-Gen¬
Administration, as head of President Hoover's national
Taft
the
in
survey
body was
The death of
is given below,
Woodward Wickersham,
George
and York.
of
national
on
contained in the New York "Times" of Jan.
of
the
report
a
A brief outline of Mr. Wicker sham's career
as
funeral
Edward
King,
new
were
Elaborate
world.
Hoover
President
with
which
British
attended by more than 1,000 persons,
York City, and were
undertook
Impressive Funeral Services
Seven
suddenly on Jan. 25 while
He was 77 years old.
Funeral services were
28 in St. George's Episcopal Church in New
and Law Enforcement, died
ance
Mr.
of
United States Attorney-General
during the Administration of President Taft and Chairman
of President Hoover's National Commission on Law Observ¬
profit."
Heads
and Mrs. Daniel C.
of the Treasury and Mrs. Henry Morgenthau Jr., the
Secretary of War and Mrs. George H. Dern, and Assistant Secretary of the
Navy Henry L. Roosevelt were among the Cabinet representatives present.
Roper, the Secretary
eral
t
about 100
less than $1,500,000.
Interest on deposits of these banks amount to approximately $350,000,000,
he said, and due to government and State regulations they are required to
pay about $6,000,000 less interest than was paid in 1931 and 1932.
banks have deposits of
Massachusetts.
the Secretary of Commerce
Secretary and Mrs. Hull,
showing that enforcement was lax in many
28 it was stated:
bank costs, said that a careful estimate
income received by members last year from account handling charges
collections of between $800,000 to $1,000,000.
Five years ago,
he said, these
Vera
Miss
Representative Edith Nourse Rogers of
and
Congressional
a
Representative Sol Bloom of New York, Mrs.
Bloom, Representative John Taber of New York,
included
which
and
Bloom
,
,
and Key Pittman headed
Robinson
Joseph T.
Senators
delegation
of Bronxville, submitting a report on
of the
arranged by British Embassy officials in col¬
Rev. Jaines W. Freeman, and other clergy of
was
Right
held
to
Association realizes that unless a
Bankers'
the
with
laboration
is
product wiU become obsolete, with disastrous
State
service
simple
of
borrowing from financial institutions.
its
Justice Owen J. Roberts,
Butler and Justice Harlan F. Stone sat with the Ambassador
Hughes,
Evans
of service charges as a medium
Departments
Loan
Personal
and
Embassy took
John N. Garner,
and Mrs.
Vice-President
Charles
Mrs.
riding in a taxicab in New York City.
Death was caused by a heart attack.
evidenced by the increasing importance
income,
Sir Ronald Lindsay,
the arm of
on
member of the staff of the
a
changed during the past 10 years
has materially
follows:
Roosevelt.
Mrs.
and
in
came
while
place.
her
to
and
Justice Pierce
The report of the
in banking.
Roosevelt
D.
Franklin
of those present as
some
British Ambassador,
the
providing pensions for
plan for
York
dispatch of Jan. 28 to the New
A Washington
Mrs.
also take the following:
we
life.
"Times" listed
,
bank employees was presented to
the meeting by H. H. Griswold, President of the First National Bank &
Trust Co., Elnxira, who is Chairman of the Association's Committee on
Pensions.
The plan was not acted upon, but was merely presented for
study in accordance with a resolution adopted at the last annual convention
A
721
Chronicle
service
I
at
the
Governor
Senate for
overwhelmingly
Allen,
the
who
nominated,
was
nominated
which
on
is
Jan.
equivalent to
21
unexpired term of Senator Long, died
to
the
election, in
United
States
without knowing the
r
722
Financial
'
,
exact
result
that he
for
of
the
received
poll.
Official returns announced this
368,115 votes to
Irving Ward-Steinman.
160,566 for
Nomination
as
Frank
afternoon showed
J.
Looney and 7,026
Democrat
a
is
equivalent
to
election.
Governor Allen
morning.
explained,
to
stricken at the executive mansion at 8:50 o'clock this
was
Death
came
hour
an
"hypertension
and 50 minutes
cerebral
and
later,
due. Dr.
hemorrhage at
O.
the
A.
base
Lorio
of
Mr.
Ellender
Mr. Allen had planned to resign
Mr.
Noe
to
succeed
Feb.
1
1936
him,
the
as
Chosen
Governor in
and the latter
taking the seat
A
director, and E. T. George a Class B director.
According to the "Bulletin," all retiring Class C directors,
are appointed by the Board of Governors of the Federal
Reserve System, were reappointed for the three-year term
beginning Jan. 1.
The following is from the "Bulletin":
who
Election of Class A and Class B Directors
The member banks elected the following Class
Will Be
as
Class
the
tongue and acute edema of the glottis."
seat, prior to
Chronicle
!
of Federal Reserve banks for the
few weeks,
a
to appoint him to Senator
elected
incumbent
Long's
the official
upon
of the vote in the general election in April.
Instead, the Speaker of the House, Allen J. Ellender, who was nominated
last Tuesday to succeed Senator
Long for the full term beginning Jan. 3
canvass
1937, will be sent in all probability to the Senate in
few
a
days.
A and Class B directors
3-year term beginning Jan. 1 1936:
permitting
Class A
Boston—A. L. Ripley (re-elected).
New York—E. K. Mills (re-elected).
Philadelphia—Joseph Wayne, Jr. (re-elected).
Cleveland—R. A. Wardrop (re-elected).
Richmond—L. E. Johnson (re-elected),,
Atlanta—G. J. White.
Chicago—F. D. Williams (re-elected).
Death of Dr. Elwood
Mead, United States Reclamation
Commissioner—Supervised Construction of Boul¬
der
Dam
Dallas—Alf Morris (re-elected).
Mead, Commissioner of the Bureau of Recla¬
United States Department of the
Interior,
who supervised the construction of the Boulder
Dam, died
of
at his
his
birthday
Jan.
on
16.
Work
jects throughout the United States
He had celebrated
reclamation
on
was
pro¬
halted for five min¬
utes at 11
o'clock, Jan. 29 during the funeral of Dr. Mead,
order of Secretary of the Interior Ickes.
A personal
bv
of condolence
message
President Roosevelt
In
the
devoted
Dr.
great
was
with
vision,
a
of
one
sent
was
Jan.
27
has
on
Dr.
which
to
Mead's
through the
you
country's
outstanding
place
death
in
of
the
impossible
Dr.
He
the
important
place
in
part
long
the
in
and
his
shock
Interior
He
officials
was
actual
of
his
was
a
to
me
personally.
will
famed
man,
the
be
in
His
almost
his
field
Reclamation, Dr. Mead has left for the
done.
Perhaps no man contributed
nation
of
were
there
career
field
and
construction
But
secure.
the
Cleveland—G. D. Crabbs (re-elected).
Richmond—Edwin Malloy (re-elected).
Atlanta—E. T. George.
Chicago—N. H. Noyes (re-elected).
St. Louis—M. P. Sturdivant
Kansas City—L. E. Phillips (re-elected).
as
to
it,
no
than
one
Dr.
had
a
Mead.
more
If
The Board of Governors of the Federal Reserve
System appointed the
following Class C directors of Federal Reserve banks for the 3-year term
beginning Jan. 1 1936:
Boston F. H. Curtiss (reappointed).
many
irrigation.
Associated
an
Press
account
from
Richmond—W. W. Hoxton (reappointed).*
St. Louis—J. R. Stanley
Territorial
was
engineer
for
Wyoming
for
11
begin¬
years,
ning
in 1888, and was head of the Agriculture Department's
irrigation
drainage investigation in the early part of this century.
He served for
a
time as professor at Colorado
Agricultural College and was Professor
of Irrigation Practices at the
University of California from 1898 to 1907.
He
left
the
Water
1915
to
Mr.
latter
to
of
his
California
born
was
University with
institution
Commission
Supply
resume
Mead
a
in
Bachelor
of
become
Chairman
Victoria,
of
the
Australia.
He
State Rivers
returned
in
professorship.
Patriot,
engineering degree from Iowa
the
Ind.,
Science
and
was
degree
State College and
in
a
graduated
1882.
He
from
held
Purdue
a
civil
Doctorate of Laws from
*
Since deceased.
Mr. Hoxton's death
Death of Sir William
Accounts of Late
Peat, Former Auditor of Personal
King George V and Queen Mary
Sir William Peat, who
as
a
member of the
accountancy
Peat, Marwick, Mitchell & Co., of Ixmdon and New
York, wras auditor of the personal accounts of the late
King
George V and Queen Mary, died in London on Jan. 24.
Sir William, who was 84 years
old, recently relinquished the
post of auditor to the King and Queen in favor of his
son,
Sir Harry Peat, the present senior
partner of the accountancy
on
Elsewhere in
Jan. 28 of
noted in
was
issue of Dec. 28,
our
4105.
page
President
our
Roosevelt
Board
of
Nominates
Governors
of
M. S. Eccles and M. S.
Six
Federal
issue of to-day we refer to the funeral
King George.
Members
as
Reserve
of
System—
Szymczak Retained—Joseph
Appointed for 14 Years
A. Broderick, of New York,
President
Roosevelt
of six of the
names
Jan.
on
seven
27
sent
to
the
Senate the
members who will constitute the
Board of Governors of the Federal Reserve System as
provided in the Banking Act of 1935.
Under the Banking
Act the President was directed to appoint a Board of seven
new
members, by and with the advice and consent of the Senate.
The six members of the new Board, who will assume office
to-day (Feb. 1), received the approval of the Senate Banking
and Currency Committee on Jan. 28 when it recommended
firmed
firm.
,
that the Senate confirm the nominations.
University of Michigan.
firm of
(reappointed).
Minneapolis—J. N. Peyton (reappointed).
Wash¬
and
and
-
Philadelphia—R. L. Austin (reappointed).
his
rest
on
that accomplishment
other accomplishments in
engineer, law-giver, teacher and
were
an
certainly
of
appointed Commissioner of the Reclama¬
by President Coolidge in 1924.
In summariz¬
career,
Mead
V
.
San Francisco—A. B. C. Dohrmann (re-elected).
ington, Jan. 26, said:
Dr.
(re-elected).
Minneapolis—J. E. O'Connell (re-elected).
Appointment of Class C Directors
Department
outstanding
•
Philadelphia—A. W. Sewall (re-elected).
was
Bureau
ing
the
an
Boulder Dam,
exceptional
in
Mead
Dr.
of
memory
administrator
tion
of
was
the Bureau of
of
alone, it would be
his
profound
a
Boston—P. R. Allen (re-elected).
New York—W. C. Teagle (reelected).
Cleveland—E. S. Burke, Jr. (reappointed).
planning
the
(re-elected).
Class B
Dallas—J. D. Middleton (re-elected).
engineers.
monuments in work well
many
to
loss of your
world.
As commissioner
more
is
family
fill.
throughout the
nation
Mead
official
to
by
whose loss will be keenly felt.
Among tributes made by many other
following by Secretary Ickes:
The
widow
said:
of sincere sympathy.
message
the
to
come
which
sorrow
husband, I offer
Mead
builder
San Francisco—T. H. Ramsay
the
home in Washington on Jan. 26.
78th
#
Kansas City—E. E. Mullaney (re-elected).
Dr. Elwood
mation
St. Louis—J. G. Lonsdale (re-elected).
Minneapolis—H. R. Kibbee (re-elected).
nominations
the
on
Jan.
30.
The Senate
The former
con¬
Board,
which goes out of existence
to-day, also included the Secre¬
tary of the Treasury and the Comptroller of the Currency as
members.
This association is terminated under
ex-officio
the
provisions of the Banking Act.
following are those named by the President
The
Marriner S. Eccles, of Utah, selected from the Twelfth
on
Jan. 27:
(San Francisco)
Federal Reserve District, and appointed for a term of four years.
Joseph A. Broderick, of New York, selected from the Second (New York)
Federal Reserve District, and appointed for a term of 14 years.
M. S. Szymczak, of
Illinois, selected from the Seventh (Chicago) Federal
Reserve District, and appointed for a term of 12 years.
Ronald Ransom,
of Georgia, selected from the Sixth
(Atlanta) Federal
Reserve District, and appointed for a term of six years.
Brazilian Ambassador to United States Oswaldo
Aranha
to Be Guest of New York Chamber
of Commerce
on Feb. 6
Oswaldo
Aranha,
Brazilian
Ambassador
States, will be the guest of the Chamber
to
of
the
United
McKee
John
of
Ohio,
selected
from
the
Fourth
(Cleveland)
Federal
Reserve District, and appointed for a term of 10* years.
Ralph
W.
Morrison,
of Texas,
selected from
the
Eleventh
(Dallas)
Federal Reserve District, and appointed for a term of two years.
The Banking
Act of 1935 provides that not
more
than
one
Commerce of
member of the Board shall be from any one Federal Reserve
monthly meeting at noon
emphasize the need for im¬
district, thus leaving the President the choice of the Boston,
Philadelphia, Richmond, St. Louis, Minneapolis or Kansas
City District in the selection of the seventh member, to fill
the eight-year term.
President Roosevelt retained only two of the old Board—
the State of New York at its next
on
Feb. 6.
He is expected to
proved steamship service between here and South American
countries.
It now takes from 12 to 13
days, on the average,
to go from here to Brazil by
steamer, and it is believed that
faster ships
would encourage more passenger travel as
well as increase freight traffic between
the two countries.
In addition to discussing
transportation
facilities, Ambassa¬
dor
Aranha will probably touch on the
general financial
situation in Brazil with particular reference
to the outlook
for foreign
investment.
Thomas I. Parkinson, President
of the Chamber, will preside at the
meeting, which will be
followed by luncheon.
Atlanta
Federal
Other Banks
Reserve
Re-elect
The Federal Reserve
Bank Elects Two Directors-—
Retiring Members of Board
banks, excepting Atlanta, have reeleeted/retiring directors for three-year terms beginning
Jan. 1 1936, it is shown in the Federal Reserve "Bulletin"
for January.
The Atlanta Bank elected G. J. White a
Mr.
Eccles
Governor
of
and
Mr.
the
now
Szymczak.
Mr.
Eccles
served
as
defunct
body, which, prior to the
passage of the Banking Act, was known as the Federal
Reserve Board.
Under the Banking Act the title of the
Governor of the Board was changed to Chairman, and
during the past four or five months Mr. Eccles had been
holding that title.
It is expected that he will be made
Chairman of the
named for
new
Board of Governors since he has been
four-year term, the maximum time under the
Banking Act that a member may serve as Chairman.
The
designations by the President of the Chairman and ViceChairman of the Board are not subject to approval
by the
a
Senate.
The maximum term of
that
which
to
Superintendent
Mr.
a
member of the Board is
Broderick, former New York
of Banks, has been appointed—14
State
years.
v
Financial
Volume 142
By this limitation a new member of the Board will
be
appointed
every
eventually
Federal
Reserve banks, whose
expired at the end of
1935 but (as noted in our issue of Dec. 7, page 3621), were
extended to March 1 by the old Board so that the incoming
The Board
on
March 1 will appoint Chairmen and
Reserve agents of the several Federal
terms end at that time.
The terms
Board could make its own designations to the posts at
the
Reserve banks'
presidents.
By the terms of the Banking Act
each Reserve bank on March 1 will elect, in lieu of its
Governor, a President, who will be the chief executive officer
of the bank.
The text of the Banking Act of 1935 was
is required
it
time
same
to pass
on
Development in All of Its Phases" ;
discussion
leader,
Gwilym
A. Price, Vice-President and Trust Officer
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.
C '■<'
given in our issue of Aug. 24, page 1170.
Summaries of the careers of the appointees of President
Trust Business
"New
forum,
Third Session,
Call
to
and
Association.
Address
V.
Robert
of
Address
of
Md., and Chairman Committee on
more,
Fourth Session,
Mr. Eccles was appointed to the
Under
the Banking Act of 1935 the title was changed to Board of Governors of
the Federal Reserve System and the Governor became the Chairman.
Mr. Eccles came to Washington in January 1934 as an Assistant to the
Secretary of the Treasury.
He was born in Logan, Utah, Sept. 9 1890.
Prior to coming to Washington he had oeen prominent in the West for
served in that capacity.
than 20 years as a banker, business man
more
Mr. Broderick was born in New
his banking career in
In
a
Address of
Reserve
Mr. Broderick was the first Chief Examiner
and in 1918 he also became the Secretary
resigned in 1919 to become a Vice-President in the
Commerce in New York.
the National Bank of
of the Federal
of the Board.
his A.B.
and A.M. degrees at St. Mary's College, Kentucky, and De Paul Uni¬
versity, and became Professor of Business Administration and Economics
at the latter university. Subsequently he entered business and at the time
of his appointment to the Board was Comptroller of the City of Chicago.
Mr. Ransom is Executive Vice-President of the Fulton National Bank
of Atlanta and in charge of its trust department.
He was born in Columbia,
S. O., Jan. 21 1882. received his LL.B. degree at the University of Georgia
In
1903 atad was admitted to the bar the same year.
He engaged in the
general practice of law in Atlanta until 1922 when he became Vice-President
He
born in Chicago, Aug. 15 1894, received
was
Mass.,
of
tions, President of the
President of
Atlanta Clearing House Association,
Association, and for many years has been prominently
identified with the American Bankers Association and the Reserve City
the Georgia Bankers
his edu¬
School and the
University of Pittsburgh, specializing in banking and commercial law.
He
has had a wide general experience in business and banking.
Ih 1931-1932
he represented the Comptroller of the Currency as receiver for insolvent
national banks in Ohio and Pennsylvania, and subsequently became ex¬
aminer for the Reconstruction Finance Corporation in charge of bank
reorganizations.
Since 1933 he has been Chief of the Examining Division
Mr. McKee was born in
Pittsburgh, Nov. 19 1891 and received
White
He began his
engaged
railroad equipment in the United States "hnd various foreign
business career in the operating
in the sale of
and the operation
incorporated
1925. Since
then he has been in business in San Antonio and engaged in the development
of a large ranch.
In 1933 Mr. Morrison served as a member of the American
delegation to the World Monetary and Economic Conference at London.
& Light Co., and operated until sold in
Questions of Policy to Be Dis¬
Relations and
Public
cussed at Mid-Winter Conference of Trust
A.
of
A.—President
B.
Division
Fleming Among Speakers
York Feb.
Scheduled to Address Meeting in New
11^13
program
including new developments in connection with
supervision, the Association announced
Jan. 27.
Informal discussion will be emphasized, the after¬
noon
sessions Feb. 11 and 12 being devoted to informal,
round table discussions under qualified leadership.
Robert Y. Fleming, President of the American Bankers
Association, will address the conference on Feb. 12 on "The
Social Significance of Trust Service."
Also included among
the many speakers scheduled to address the three-day meet¬
ing are Elliott Thurston, Special Assistant to the Chairman
of the Board of Governors of the Federal Reserve System,
who will speak Feb. 11 on "Sound Public Relations Poli¬
cies," and Walter Wyatt, General Counsel of the Reserve
System's Board, who will address the attendance on Feb. 13
on
the topic "Supervisory Policies of the Federal Reserve
System." The program of the meeting follows:
department
First
Session, Feb.
11
Address
of
to
Address
Bank
&
P.
City
Callaway,
of
Weeks,
Harvey
Co.,
Assistant
Vice-President
Central
Hanover
New York City.
Elliott
Thurston,
Washington, D.
Address
York
Merrel
President Callaway
of
Trust
Address
System,
order,
of Robert W.
of
Governors
of
Federal
Reserve
O.
Sparks, Vice-President Bowery Savings Bank, New
and President
Board
Nomination of W. R.
Superintendent of Banks
R. White
Superintendent
as
confirmed by the State
♦
Re-elects
Officers
Oliver
J.
of Hoit,
Troster,
Rose & Troster, has been
Asso¬
re-elected President of the New York Security Dealers
ciation for the coming year,
it
was
announced by the Asso¬
re-elected as
Other officers were also
27.
Jan.
on
follows:
Frank Y. Cannon, of J. K. Rice & Co., First
_
Vice-President.
Henry O. Dick, of F. H. Hatch & Co., Second Vice-President.
John E. Sloane, of John E. Sloane & Co., Treasurer.
William Hart Smith, of Hart Smith & Co., Secretary.
addition
In
to
the members of the
above officers,
the
Board of Governors of the Association are:
George A. Elliot, Frank Rizzo,
Dunne,
H. Prescott Wells, Meyer
Shultz
D.
W.
Clarence E. Unterberg,
Willett and P. Erskine Wood.
Financial Advertisers Association.
Appointed
Federal
Home
of
President
Cincinnati
Bank
Loan
Federal Home
named Presi¬
dent of the Cincinnati Federal Home Loan Bank on Jan. 10,
it was announced by Harry S. Kissell, Chairman of the
Board of Directors, following the annual meeting of the
bank.
Mr. Shultz will assume his duties on Feb. 1, succeed¬
ing Herman F. Cellarius, who will become Chairman of the
Executive Committee and Director of the bank.
Mr. Cel¬
Walter
D.
deputy member of the
Shultz,
Bank Board since December 1934,
Loan
larius
was
was
the first President of the institution.
Elected President of American Mining
Congress—Other Officers Also Chosen
I.
Young
annual meeting of the American Min¬
York on
Jan. 15, Howard I. Young was elected President for 1936.
Mr. Young is President of the American Zinc Lead & Smelt¬
ing Co., St. Louis, Mo.
Julian D. Conover, of Washington,
D. C., was elected Secretary, and the following were elected
At the thirty-eighth
ing Congress, which concluded its sessions in New
Vice-Presidents:
Copper Co.,
Mather ft
Co., Cleveland, Ohio; D. A. Callahan, President Callahan Zinc Lead Co.,
D.
D.
Wallace,
Vice-President
Moffat,
Salt Lake City,
and
General
Manager
Utah
B. Putnam, General Counsel Pickands,
Utah; J.
Idaho.
+
Fourth Conference
at
on
Business Education to Be Held
University of Chicago June 25 and 26
"Business
Education for Everybody" will
be the general
Fourth Conference on Business Education to
be held at the University of Chicago on June 25 and 26 1936,
topic
of the
under
the
auspices
of the
School of
Business
of the Uni¬
versity. At the opening session of the conference, on June 25,
the need for business education will be discussed, while
afternoon
the
of New
Vice-President Guaranty Trust Co.
York and President Trust Division, American Bankers Association.
Call
as
Security Dealers Association
York
New
for
ing questions,
trust
American
Senate on Jan. 29.
Mr. White, who was formerly Deputy
Superintendent and Counsel of the Department, was nomi¬
nated Superintendent on Jan. 8 by Governor Lehman, as
noted in pur issue of Jan. 18, page 389.
He succeeds the
late George W. Egbert, who died on Dec. 5.
H.
the midwinter trust conference, to be
held Feb. 11, 12 and 13, under the auspices of the Trust
Division, American Bankers Association, at the WaldorfAstoria Hotel, New York City, will cover public relations,
new business activities, broad questions of policy and operat¬
The
Trust Division,
Taxation,
on
of New York State was
of water power
of electric power plants which in 1916 were
into the Central Power
Committee
Mo.
department of a railroad and then
He afterward became interested in development
countries.
Co., New
Vice-President Old Colony Trust Co., Boston,
nomination of William
The
of Banks
Frank
1882, and edu¬
born in Howell County, Mo., Sept. 7
public schools and college at West Plains,
cated in
Trust
Vice-President Irving
Effinger,
New York State Senate Confirms
schools there, Alleghany Preparatory
of the RFC.
Mr. Morrison was
C.
Andrews,
Association.
ciation
Bankers Association.
cation in the public
N.
H.
Chairman
and
Bankers
He has been a director in several corpora¬
of the Fulton National Bank.
Robert
of
of Federal
D. C.
foreign department of
Ten years later he was
Superintendent of Banks for the State of New York, serving
throughout the most difficult period in banking history.
Mr. Szymczak was appointed a member of the Federal Reserve Board
June 13 1933.
General Counsel Board of Governors
Washington,
City.
Address
appointed
on
o
National
Officer the Chase
C. Wyatt, Assistant Trust
Eugene
System,
Address
York
13
York City.
New
Bank,
(a) Personal Trusts,
Scott, Professor of
Callaway.
order, Mr.
Address of Walter Wyatt,
He began
After being chief clerk and auditor
examiner in the New York State Banking
Secre¬
work out technical organization of the Federal
of the Treasury to
Reserve Board,
to
W.
School,
Fifth Session, Feb.
and industrialist.
York City in December 1881.
discussion leader, Austin
Harvard University.
Trusts";
Law
Harvard
.
Feb. 12
"Duties and Liabilities of the Trustee:
forum,
Corporate
Call
He was a member of the committee appointed by the
Reserve banks.
He
(b)
Law,
New York City.
trust company, he became an
Department.
tary
Open
Federal Reserve Board and designated
Governor Nov. 10 1934, and has since
■"<,
;
Association.
Bankers
American
National Bank, Wash¬
Bankers Association.
Safe Deposit & Trust Co., Balti¬
Federal Legislation, Trust Division,
Cutler, President
George C.
Roosevelt follow:
as
President Riggs
Fleming,
C., and President American
D.
ington,
Illinois National Bank &
HI.
Chicago,
Co.,
& Millet, Philadelphia, Pa.
Kimball, Secretary Continental
M.
Address of R.
Driscoll Jr., Driscoll
J.
John
Address of
Trust
Feb. 12
Vice-President Maryland Trust Co.,
Chairman Executive Committee, Trust Division, American
Griswold,
Robertson
order,
Baltimore,
Bankers
the
selections of
11
Second Session, Feb.
Open
two years.
723
Chronicle
session
that
day will
deal
with
the general
topic of possible contributions to general business education
by certain fields.
The two sessions on June 26 will be
devoted to the topic "The School Situation" at the morning
session and "Progress in the Schools to Date" at the follow¬
ing session.
sions
men
are
are
with
The University announced that while the ses¬
open to the public, "educators and business
definite interest in the topics to be presented
not
a
cordially invited to attend the conference."
724
Financial
ITEMS
ABOUT
TRUST
BANKS,
COMPANIES,
Chronicle
&c.
On
an
Department
Banking
State
Y., to
Solvay Bank, Solvay, N.
$20
from $150,000 at a par value of
$37,500 at a par value of $5 a share, and subse¬
quently, on the same date, approved plans to increase the
bank's capital from $37*500 to $75,000.
•
■
J''/r...
increase
:-
Pierce, State Bank Commissioner for Massa¬
announced on Jan. 24 that the Massachusetts
H.
Henry
chusetts,
Supreme Court had authorized the payment of an additional
dividend of 5% to
depositors in the savings department of
Co., Lawrence.
In noting this, the
Boston "Transcript" of Jan. 24 said:
The New York Coffee &
Sugar Exchange membership of
Otto Glogau was reported sold on Jan. 24 to Gerald E as ton,
for another, at $4,000, an increase of $200 over the last
previous sale.
Lawrence
the
dividend
The
March
♦
will
,
York
New
share to
a
—♦
;;
the
reduce its capital stock
The extra membership of Mr. George R. Siedenburg on
the New York Commodity Exchange, Inc., was sold Jan.
$1,700—reflecting
sale.
18
Jan.
granted permission to the
Arrangements were made Jan. 28 for the sale of a New
York Curb Exchange membership at $40,000, unchanged
from the last previous sale.
.
27 to Mr. Max L. Young, at
of $200 over the last previous
Feb. 1
A membership on the New York Cotton Exchange changed
hands Jan, 29 for $12,000, off $1,500 from the previous
1
Trust
bring
The
the
$4,027,395,
be
will
1936.
16
be
to
sum
distribution
total
Community Savings Bank on
payable through the
total
distributed
date
to
be
will
depositors
55% of the deposits.
or
and
$360,852,
savings
the
to
to
•
transaction.77
;
Daniel G. Wing, for many years prominent in Boston
banking circles, died at his home in Brookline, Mass., on
Jan. 27, after a prolonged illness.
The deceased banker,
who was 67 years old, was born in Davenport, Iowa, but
moved to Boston in 1899.
The following year he joined the
Massachusetts National Bank of Boston as a Vice-President
.7'":;;"V-'v^
v
■
Arrangements were completed Jan. 25 for the sale of a
membership on The Chicago Stock Exchange at $5,000,
unchanged from the last previous sale.
•
Total earnings and profits of the Empire Trust Co., New
J,
and in January 1903 became its President.
In the following
June, however, the Massachusetts National was consolidated
with the First National Bank of Boston, whereupon Mr.
Wing was chosen President of the enlarged First National
and served in that capacity until 1926, when he became
Chairman of the Board of Directors.
This later office he
during 1935, over all operating expenses and taxes,
to $361,828, Leroy W. Baldwin,
President, re¬
York,
amounted
ported to the annual meeting of stockholders, held Jan. 15.
To this amount, Mr. Baldwin said, should be added $4,550
recoveries from items previously charged off, making a total
of $366,378, or $1.22 a share.
low
Continued
for
rates
He stated:
and
money
kept earnings from the ordinary
light demand
the
continued
loans have
for
hold
to
until
September last, when ill health
forced his retirement.
the banking department at
operations of
unsatisfactory level.
an
Mr. Baldwin attributed the 1935
expanding
with
transactions in the purchase and sale of securities through¬
out the year.
The capital notes of the institution, Mr. Bald¬
win told the stockholders, were reduced $700,000 in anticipa¬
tion of maturity and now stand at $2,000,000. He continued:
of business
volume
In
of the
view
culty of
notes,
however,
the
it
eight
Lockrow, formerly Auditor of the Union &
Co. of New Haven, Conn., was elected a
of the institution by the directors at their
annual meeting on Jan. 20, it is learned from the New Haven
Vice-President
As
the
of
cost
Effective
paid
capital
to
on
make
capital
on
the basis
further
no
a
of
notes
reduction
in
elected
Freund and
G.
Mr.
were
State
.VC;
Department on Jan. 23
York, to move its
business from 93 Canal Street to 434
Bank,
'-v- -.;r
^
Fred
as
branch office at the 93 Canal
open a
,
General
♦
7''.
7"77 (
•;
.v.-..
Guaranty
elected
Trust
members
period of three
Co.
of
New
York,
of
the
Executive
Committee
for
a
The Corporate Fiduciaries Association
years.
among
1919, to afford opportunities for the consid¬
questions affecting trust institutions in their
of
fiduciary
capacity,
the trust
and
men
to further personal acquaintance
of the banks and trust companies of
Greater New York.
«
10
been
years
Co.
and:
has
been
Co.
Trust
of
Press advices
member of the bond department staff
a
New
of
York.
For
seven
he managed the
years
Mr. Snell will leave Bankers Trust Feb. 1,
company.
Schenectady,
his
assume
new
work.
■->
-
;
;77-■
while Henry Dolch
of Maplewood replaces
Boonton, who resigned six months ago
L. Wagner of
I.,
of
the
institution
at
meeting of the directors.
who retired in order
interests,
which
Foundation
"Eagle"
of
successively
as
Francis P.
was
accrued
Oct.
has
appointed
been
Cashier
re-elected.
an
and
a
P.
Garvan,
Jr.,
elected
Executive
the bank
since
Because
of
Vice-President.
Oct.
the
of
many
6
1931.
The
of
interest
the
interest has
been
calcu¬
deposits.
s
•
a
of Dr.
F. Theodore Nason, last
President of the People's City Bank
number of changes were made by the
"Money and Commerce" of Jan. 25.
fore
J.
R.
C.
from
Painter, hereto¬
Vice-President, was advanced to the presidency; Dr.
Kelly was named First Vice-President; C. E. Palmer,
a
C.
Second Vice-President, and Helen
B.
Stuckslager, Third
Vice-President.
The position of Chairman of the Board,
held by the late H. R. Stuckslager, was abolished.
The other
T.
C.
Baird
and
N.
J.
Trimble,
Cashier
and
Assistant Cashier, respectively, were re-elected.
*
Checks for
13%% of their deposits will be mailed on Feb.
Pennsylvania Deposit Bank
15 to the 3,338 depositors of the
of
McKeesport, Pa., according
This
director in place
other
of
death
years
McKeesport, Pa.,
vania,
All
30%
directors at their recent annual meeting, it is learned
Brooklyn
1920,
of
payment
.
April, for
•
Luther
its opening in
Secretary
'7V.:'.,/,
on
.
the
a
State
bank who have received that percentage of their
A.
on
"Record"
was
represent
unpaid
Harr,
Jan. 21.
lated at 4%.
The savings depositors are receiving 30% of the interest
due to place them on a par with other depositors of the
Chemical
Vice-President to fill Mr. Kuethen's place.
officer of
and
Luther A.
on
savings accounts in the bank to
1931, the last date for calculation of interest before
1
the
presidency of
In
noting this,
Pa.,
the bank closed
organization
Francis
the
Garvan
checks
elected Presi¬
was
annual
20 further stated:
Garvan's eon,
Knethen
recent
He succeeds
America.
of Jan.
father and
the
Wheatley
to devote all (his time to his New York
include
Philadelphia,
The
officers,
John J. Kuethen, formerly Vice-President of the
Hills National Bank of
Westbury, L.
were
Citizens'
the
J.,
Cashier and Trust Officer.
of
was
formed in
eration
Mr.
for
Banking, announced
/
elected
President, it was announced Jan. 29. John T. Creighton,
Vice-President of City Bank Farmers Trust Co., was elected
Vice-President of the Association, and Irving W. Berry,
Assistant
Trust
Officer, Manufacturers Trust Co., was
elected Secretary and Treasurer.
William A. Read, VicePresident, Central Hanover Bank & Trust Co.; F. K. Bosworth, Assistant Vice-President, Empire Trust Co., and
Timothy D. Parkman, Vice-President, Lawyers Trust Co.,
Mr.
of
:
Montclair, N.
Checks totaling $111,920 will be mailed Feb. 5 to 31,942
savings fund depositors in the defunct Franklin Trust Co.
Motors
.
the
of his
has
Vice-President,
New
•——
dent
;.:K'
Upper
new officers were chosen on Jan. 15 by directors of
People's National Bank & Trust Co. of Belleville, N. J.
Irwin G. Ross'of Ridgefield fills a new post of Executive
At the annual meeting of the Corporate Fiduciaries Asso¬
ciation of New York City, Henry A. Theis, Vice-President
was
of
the
Acceptance Corp., New York, was
given permission on Jan. 23 by the New York State Banking
Department to open a branch office in Beaumont, Tex.
were
Bay
address.
The
of
'77
♦
Banking
Merchants
the
principal place of
Broadway and also to
Street
?
■
Two
York
New
,
{-C-
77 77
at
Vice-President
Bankers Trust
to
move
Kley, Assistant Vice-Presidents,
Assistant Cashier.
Other officers
♦
The
the
Snell
Albany office of the
re-elected.
authorized
20,
capitalized
G.
a
Snell
the
of
Frank
Hurley,
■;>';> '
Schenectady, N. Y., according to Associated
from that city on Jan. 14, which added:
•
of Directors of
Sterling National Bank & Trust Co., New York, Jan. 16,
William J. Terry was elected Comptroller; William Krasny,
James
■
•
At the organization meeting of the Board
Walter
J.,
N.
Marhlon
the
and
♦
is
dividends
capital notes at this time.
:.;7'7■ 77(7 ■i';';,'7v/• "'-v.
Jan.
7
Head National Bank, Bay
$30,000, went into voluntary
liquidation. It was absorbed by the Ocean County National
Bank of Point Pleasant Beach (P. O. Point Pleasant), N. J.
Head,
the
point
without increasing
be accepted
interest
new
decided:
was
can
Auditor in lieu of Mr. Lockrow.
as
■
of
The retention
years.
The directors also elected Richard
"Register" of that date.
T. Jones
and the diffi¬
company
of capital to deposits to such
deposits
stock.
than the
paid,
being
currently
of
increase
capital
less
next
the ratio
increases
company's
substantially
the
over
H.
New Haven Trust
using these funds upon which 3 y2 % interest is paid,
to the advisability of retiring the entire issue
serially
substantial
a
Winfred
an
given
was
matures
that
extremely liquid condition of the
profitably
consideration
which
earnings to
in the trust department, together
amount
4314%
The
officers
of
Jan.
of
payment,
to
to an announcement by
State Secretary of Banking for Pennsyl¬
27. In noting the matter, the Philadelphia
Harr,
Jan.
the
$149,607
and
since
will bring
the
bank
the total
closed
That
loan
from
was
the
Reconstruction
completely
repaid
say:
Jan.
distributed
of the net deposit liability of $1,108,198.
payment of 15% in August 1934 was made
$90,579 obtained
1934.
28, had the following to
fourth
Finance
January
29
27
to
1932,
possible
by
Corporation
1935.
will
$498,110,
or
a
loan
in
July
Financial
Volume 142
Liquidation of the bank's assets since that time has supplied sufficient
a 7% payment.
A second loan of approximately $74,200 from
cash to make
According
to
IS Wo.
percentage to
increased the
RFO
the
dispatch from Dallastown,
a
Pa., printed
& Commerce" of Jan. 25, H. M. Raab was elected
President of the First National Bank & Trust Co. of Dallas-
in "Money
Heckert.
C.
J.
to succeed the
the directors' organization meeting
at
town
late
Other officers of the
according to the Cin¬
cinnati "Enquirer" of Jan. 28, from which the foregoing
is learned:
William Leiman, First Vice-President; Henry
G. Hauck, Second Vice-President; G. C. Fahnestock, Cash¬
the
Loan Co.
Building &
Ringgold
institution were re-elected as follows,
Secretary-Treasurer.
Louis Schwab,
ier;
4
newly organized Madison-Crawford National Bank,
which claims to be the largest chartered in Chicago, 111.,
The
moratorium, and the first chartered in
opened on Jan. 25 at the corner
of Madison Street and Pulaski Road. Trueman H. Golightly
since
»
725 J
Chronicle
the banking
the United States this year,
J.
the
Swigart to-day (Feb. 1) becomes associated with
Workingman's Savings Bank & Trust Co. of Pittsburgh,
D.
Pa.,
to the President with executive powers
member of the bank's Executive committee and Board
Assistant
as
and
a
Heretofore, Mr. Swigart was Chief Examiner
Department in charge of Western
of Directors.
State Banking
the
for
Pennsylvania.
♦-—
000, all common stock.
♦
Rudolph E. Reichert, State Banking .Commissioner for
Michigan since 1927, has announced he wiU resign Feb. 15
to assume the Presidency of the recently organized Ann
Commercial Bank, Ann Arbor, Mich.
Arbor Savings &
C. Couch and William J.
Ryiner have been elected
Assistant Cashiers of the Forbes National Bank of Pitts¬
Earl
burgh, Pa., according to "Money and Commerce" of Jan. 25,
Manager of the bank's Gulf
which stated that Mr. Rymer is
Mr. Couch was with the Pittsburgh Fed¬
eral Reserve branch for a time, going to the Exchange
National Bank in 1925.
He went to the Forbes National in
Building branch.
the discount
department in 1933.
♦
indicating that the Citizens' State Bank of Sheboygan,
In
Wis., has acquired the State Bank of Plymouth, Wis., from
the
Wisconsin
Bankshares
Corporation,
the Milwaukee
"Sentinel" of Jan. 22 had the following to say in part;
The
Citizens'
Wisconsin
learned
F.
John
Shultz,
Cashier for
a
of years
number
the
of
appearing in "Money and Commerce" of Jan. 25.
He suc¬
ceeds Alvip R. Nissly, who retired after more than 17 years
oiJ service
as
President.
dent
Bank
State
Bankshares
here
John
Peoples Bank of Hanover, Pa., was advanced to the presi¬
dency of the institution at the recent annual meeting of
the directors, we learn from a dispatch from that place,
is capitalized at $200,-
the new bank, which
is President of
yesterday
Hansen,
the
Plymouth bank.
the
Bankshares
interest,
will
be
from
selected
The
bank
Citizens bank
started
increased
the
to
largest
bank
Mr.
.
in
all
fortieth
its
stock
Jan.
anniversary this
$6,800,000,
totaled
1
it
Milwaukee,
The
year.
which
of $40,000,
outside
Wisconsin
announcing the purchase of
officers and employees
the Plymouth bank.
other
personnel of
capital
a
Deposits
in
.
Hansen,
celebrate
with
interest of
of Plymouth, it was
Sheboygan bank, will become Presi¬
however,
present
will
$500,000.
State
.
the
said,
the
business
in
in the State Bank
of
President
purchased the
has
Sheboygan
21).
(Jan.
W.
of
of
Corporation
has
now
making
it
said
in
was
Sheboygan.
■
,
«
4
Directors of the First National Bank of Beaver Falls, Pa.,
recent annual meeting made the following changes
their
at
bank's
the
personnel, it is learned from Beaver Falls
printed in "Money and Commerce" of Jan. 25:
E. C. Rebeske, who had been President of the institution,
was advanced to
the position of Chairman of the Board;
in
advives
S.
I.
Anderson
Haneuer
President
elected
was
named
was
in
his
stead;
S.
Bente S. Luce
Vice-President;
a
elected Vice-President and Cashier, and C. K.
S.
At the annual
Assistant
become
it
to succeed Earl L.
Cashier of
E. Smith
N. Dak., C. H. Olson,
bank since 1929, was advanced to
the
Shaw, who resigned to
Fargo National Bank, while Lester
the
named Assistant Cashier to succeed Mr. Olson,
was
is learned from
the "Commercial
West"
of Jan.
25.
was
Kennedy
was
In
indicating that depositors of the defunct Union Trust &
Savings Bank of Dubuque, Iowa, were receiving their ninth
»
Hayes Picklesimer, Cashier for some time of the Kanawha
Valley Bank of Charleston, W. Va.,
while
Cashier of
the cashiership
appointed Assistant Cashier.
Vice-President
meeting of the directors of the Merchants'
National Bank & Trust Co. of Fargo,
continuing
as
promoted to be a
Cashier, at the recent
and final
meeting of the directors.
Previous to joining the
Charleston bank Mr. Picklesimer was an officer of the West
annual
dividend, advices from that place on Jan. 22 to the
Des Moines
was
A
total
of
distributed
here to
amount
ninth
say;
will be
final payment,
and
depositors by the Union Trust & Savings Bank receiver¬
beginning this morning.
ship
the
"Register" had the following to
$52,172, representing the
The total amount paid will be $1,043,510,
deposit when the bank closed July 8 1932.
on
Virginia Banking Department.
James A.
Six
all in the trust department, were made in
the official staff of the Central National Bank (formerly
knowTn as the Central United National Bank) of Cleveland,
changes,
Ohio, by the directors at their annual organization meeting
Jan. 16.
These changes, as indicated in the Cleveland
"Plain Dealer" of Jan. 16, were:
W. C. Way, corporate
on
trust
advanced to Assistant Trust Officer.
Officer in the estates trust depart¬
ment, and J. P. Hance, Assistant Vice-President, made VicePresidents; R. B. Whitney, Assistant Vice-President, made
Trust Officer, and F. C. Fulton and W. A. Hiles, Assistant
department,
Arthur O. Knight, Trust
Officers, promoted to Assistant Vice-Presidents.
Trust
Stockholders of
the
institution
their
at
annual
meeting
Jan. 14 ratified a
proposal to shorten the bank's name by
eliminating the word "United" from its title, and also ap¬
proved the issuance of $4,000,090 in additional capital funds
on
In
for reserves.
regard to the latter, Cleveland advices to
the New York "Times" said, in
has
bank
The
purchase,
upon
of
the
number of
same
$24
The
share.
a
part:
Reconstruction
shares
old
and
having the
preferred
& Co.
The
same
(500,000
stock,
par
shares)
a
issue
new
value,
was
offer
at
price
a
purchased
at
$16 a share.
lina.
namely, the Marine Bank of Morehead City and the
Newport, was announced on Jan. 20 by Gurney P.
Hood,
State Commissioner of Banks,
according to the
Raleigh "News and Observer" of Jan. 21, which also sup¬
plied the following details:
was
on
reported in Associated Press advices from that place
14.
Mr. Morse formerly was Secretary of the
dividend,
the
tional
annual
meeting of the directors of the Ohio Na¬
Columbus, Ohio, M. M. Martin, formerly an
Cashier, was promoted to be an Assistant VicePresident, we learn from Columbus advices appearing in
"Money and Commerce" of Jan. 25, which further said;
Mr.
Bank,
Martin
He
present,
Ohio
in
started
has
his
passed
charge of
banking
career
promotion
with the First
in 1919
through all departments
President
of
activities of the
the
bank
Citizens'
National
and
office
is,
of
at
the
Avery
G.
Clinger and
the
other
officers
were
re-elected.
lumbia
total
a
Bank
Brockmann
Savings
&
was
Co.
elected President of the Co¬
of
Cincinnati,
Ohio,
bank directors organization .meeting held recently.
ceeds W.
Bank
of
The
County
Mutual
new
President is
a
$1,841.83.
59.5%,
amount
paid
by
this
the
creditors
paying its
to
since it
Sept. 9 1931.
is
bank
The
third
them
paid
received
depositors
182
payment
since
$571.24
the
a
brought
to
bank
and
closed
secured
9.5%
dividend,
$43,888.31,
on
Feb.
creditors
5
were
or
1934.
paid
$2,120.20.
second
to the
New
liquidating
the
and
Vice-President
of
dividend
(5%)
depositors of the Continental
Orleans, La.,
Commissioner
for
was made payable
Bank & Trust Co. of
on Jan. 4 by J. S. Brock, State Bank
Louisiana, and L. J. Dumestre, special
for the liquidator.
The dividend, which amounted
5% of the balances due depositors as of April 6 1933,
is in addition to a 10% distribution made Dec. 15 1934,
making the total distribution to depositors since the bank
agent
to
closed
about
$200,000.
of Jan.
5,
The New Orleans "Times-Picayune"
the above information is obtained,
to say:
done
on
from
which
Brock and
Mr.
the liquidator had to repay
Finance
Corporation
Dumestre stated
that
before
this
could be
$463,000 of borrowed funds to the Recon¬
and
the
New
Orleans
Clearing
House
Association.
suc¬
director of the Hamilton
Fire Insurance Co.
78.3%,
or
on
Newport
aggregating
struction
at
He
P. Stamm, who resigned last April because of ill
health.
$21,419.81,
of
Hood
aggregating $9,193.46,
The checks, representing the seventh
depositors.
in liquidation
placed
Commissioner
H. William
261
In addition,- it has paid preferred creditors $3,757.20
went
National.
Marine Bank of Morehead City, Mr.
payment of an 18.3% dividend,
to
Co., the dispatch said.
Assistant
Bank.
make
Preferred
the
depositors of
mailed
depositors.
A
At
261
been
have
The
Jan.
Mason Tire & Rubber
the
reported, checks in
was
National Bank, Kent, Ohio, to succeed the late P. W. Eigner,
by two closed banks in eastern North Caro¬
Bank of
4
The election of George H. Morse as President of the Kent
of final dividends, aggregating $11,035, to
payment
443 depositors,
To
Corporation's
Finance
retirement of the present preferred
to
of
the
accepted
Reid, succeeds the late H. J. Fischer as Cashier
Secretary of the Baden Bank of St. Louis, Mo., having
been elected to that office at the directors' annual organiza¬
tion meeting, and Ray H. Wahlbrink, formerly a teller, was
promoted to an Assistant Cashier, we learn from the St.
Louis "Globe-Democrat" of Jan. 24, which added:
Reid, prior to joining Baden Bank, had been with the Recon¬
struction Finance Corporation office here, and previously had
been with the Mississippi Valley Trust Co. and with Whitaker
and
The
Saturday
to about
&
Trust
(Jan.
$35,000 and
Co.
4)
was
distribution to Continental depositors
paid with checks drawn
upon
amounted
the American Bank
.
Financial
726
from Associated Press advices from
It is learned
Ocala,
Ma., on Jan. 15, that announcement was made the previous
day that the controlling interest in the Ocala National Bank,
established in 1911, had been purchased by the Almours
Securities, Inc., and its affiliate, the Florida National Group,
Inc.
The dispatch continued, in part:
George
Group,
the
J.
was
President
Jacksonville,
of
Avent
Inc.,
of
the
Florida
National
elected President of the Ocala National at a meeting of
the
yesterday afternoon (Jan. 14).
He succeeds
Clarence Camp of Ocala, who is retiring as an officer of the bank, but
will retain his interest in the institution, it was announced.
directors
; Dr. M.
of
of
hank,
Izlar and Roy V. Ott, Ocala, will continue as Vice-Presidents
C.
the bank, which is later to become the
Ott is also to continue
Mr.
The
Mr.
directorate
new
as
Florida National Bank at Ocala.
Mr.
of
Avent
of
Jacksonville,
Dr.
Izlar,
Ott, Harry L. Borland, Ocala, Roger L. Main, Assistant Treasurer and
Secretary of Altnours Securities, Inc., and President of du Pont-Ball, Inc.;
J.
L.
Comptroller
Dart,
Assistant
Trust
Florida National Bank,
of the
Officer
of
the
and C. P.
Florida
Cobb,
National; the last three
T+'
Jacksonville.
of
The semi-annual statement of the Standard Bank of South
Africa,
Ltd.
ceived.
shows
It
as
principal
tomers
(head
covers
office
of that date
items
and
are:
other
London),
has recently been re¬
Sept. 30 1935 and
of £73,069,270, of which the
the six months ended
resources
Bills
discounted,
accounts, £29,092,820;
advances to cus¬
cash in hand and
with bankers, and cash at call and short notice, £15,744,876 ;
investments, £12,718,849; customers' bills for collection, per
contra, £8,031,482, and bills of exchange purchased and cur¬
rent
of
this date
(Sept. 30 1935), £3,955,861.
The bank's
is £2,500,000 and its reserve fund a like
amount.
The directors have declared, the report tells us,
an interim dividend of 5s. per share
(being at the rate of
10% per annum), subject to income tax, and furthermore
that the bank's investments in the aggregate stand in the
books at less than market value as at Sept. 30, and all the
usual
and
necessary
provisions have been made.
The
Standard Bank of South Africa, Ltd., was established in
paid-up capital
The New York
1862.
THE
agency is at 67 Wall Street.
Telephone of Canada, 4 points to 148; Safety Car
Heating & Lighting, 2 points to 90; St. Regis Paper pref.,
points to 73; Sherwin-Williams, 3% points to 128%,
and Sun Investing pref., 6% points to 55.
Irregular price movements were in evidence on Thursday
though the volume of sales continued at the high point for
the year.
Specialties were strong and some of the invest¬
ment trust stocks were in active demand at higher prices.
The preferred issues in the public utility group displayed
some irregularity following their recent gains, but most of
3
them
tops were registered all along the line.
the
The
preceding day.
total
stock
transactions
Monday showed the
and while prices generally
range, there were a goodly
number of shares, especially among the preferred issues, that
scored substantial gains.
Public utility and investment
trust stocks were the most in demand, though some fairsized gains were registered in the specialties group.
Oil
shares also showed advances, but these were generally small
and without special significance.
Prominent among the
stocks closing on the up side were such popular issues as
Ainsworth
Manufacturing
Corp.,
2
points
to
52%,
Aluminium, Ltd., 2 points to 58; American Superpower
pref., 4 points to 58%; Parker Rust-Proof, 3 points to 83;
St. Regis Paper pref., 2% points to 68%; Standard Power
& Light pref., 4 points to 40; Celluloid Corp. pref., 2 points
to 54; Cities Service pref., 3% points to 50, and Doehler Die
Casting, 2% points to 34%.
Curb market transactions were again heavy on Tuesday,
a large
part of the trading interest centering around the
investment issues, specialties and public utilities.
New tops
were registered by Northern States Power A, which moved
up 2% points to 28%; Community Power & Light pref.,
which gained 3% points to 25%, and Columbia Gas & Elec¬
tric conv. pref., 2% points to 104.
Consolidated Mining &
Smelting advanced 22 points to 230, and Consolidated
Aircraft, Distillers, Ltd., Lynch Corp., and Reed Roller
Bearing all moved into new high ground.
Investment trust
issues were represented on the up side by Eastern States Corp.
pref. A, which advanced 3 points to 36, and Selected In¬
dustries pref., which closed at its best 1935-1936 level.
Fisk
Rubber pref. was higher by 2 points.
Oil issues and aircraft stocks were in demand on Wednesday
and public utilities and investment trust shares moved
smartly upward.
Gulf Oil of Pennsylvania and Standard
Oil of Ohio were the strong stocks of the group and closed
with substantial gains. Eastern States Power pref. A and
B broke through to new high levels and Utilities Power &
Light pref. moved up 5% points to 31%.
Other note¬
worthy gains were Alabama Great Southern, 2 points to 42;
largest volume in
continued to
move
over
fairly firm at the close.
2%
within a
years,
narrow
on
The transfers for the
were
year ago.
DAILY
TRANSACTIONS
CURB EXCHANGE
The preferred
stocks in the puoiic utilities group attracted considerable
buying, though there were also numerous strong spots among
the oils, specialties, mining and alcohol shares.
On Monday
the dealings were unusually heavy, the volume of trading
reaching the highest peak in over 2% years,
p Despite the heavy turnover, prices moved within a com¬
paratively narrow channel during the brief session on Satur¬
day.
Some of the specialties recorded good gains, particu¬
larly Ainsworth Manufacturing Corp., which moved up
534 points to 50% and Aluminium, Ltd., pref., which showed
a similar gain at 96.
Public utilities were in demand though
most of the buying interest centered in the preferred stocks.
Mining shares were irregular and some small advances were
registered among the miscellaneous industrials.
The trans¬
fers totaled approximately 685,400 shares against 956,100
on Friday, while the shares traded in were 457 against 512
on
were
approximately 1,260,315 as compared with 126,800
The outstanding advances as compared with
the previous days' close were American Hard Rubber, 2%
points to 38%; Cities Service pref., 2 points to 53%; Colum¬
bia Gas & Electric conv. pref., 4 points to 107; Long Island
Lighting pref. A, 3 points to 83%; National Power & Light
pref., 2 points to 85; Sun Investing pref., 6% points to 61%
and Toledo Edison pref. A, 1% points to 110.
Trading continued brisk during most of the session on
Friday, and while the gains were not particularly noteworthy,
they were fairly well distributed throughout the list. 7 Public
utilities were again in demand and there was considerable
speculative interest manifested in the specialties.
Pitts¬
burgh Plate Glass moved up 4 points to 109 and Colts Fire
Arms climbed up 4 points to 69%.
Lynch Corp. was also
in demand and closed at 53% with a gain of 5% points.
As compared with Friday of last week, prices were generally
higher, American Gas & Electric closing last night at 41
against 39% on Friday a week ago; American Light & Trac¬
tion at 20%, against 18%; Cities Service at 5%; against
4%; Creole Petroleum at 31%, against 28%; Electric Bond
& Share at 19%, against 17%; Fisk Rubber Corp. at 8%,
against 7; Ford of Canada A at 26%, against 24%; Humble
Oil at 73%, against 72; New Jersey Zinc at 75, against 74;
New York Telephone pref. at 119%, against 116%; Parker
Rust Proof at 81%, against 77%; and Sherwin-Williams Co.
at 127%, against 123%.
day
THE
AT
NEW YORK
{Number
of
Jan. 31 1936
Foreign
Qoeernment
Domestic
Shares)
$3,133,000
4,384,000
5,256,000
5,069,000
6,146,000
5,292,000
6,508,504 $29,280,000
963,509
Wednesday
Thursday
1,116,130
1,260,315
Friday
1,207,550
$3,184,000
39,000
4,502.000
158,000
57,000
5,471,000
104.000
64,000
42.000
35,000
5,215,000
6,245,000
69,000
93,000
5,454,000
79,000
$273,000 $30,071,000
Jan. 1 to Jan.
Week Ended Jan. 31
Sales at
Total
$7,000
$518,000
1,275,505
Tuesday
EXCHANGE
Foreign
Corporate
$44,000
685.495
Saturday
Monday
Total
CURB
Bonds (Par Value)
Stocks
Week Ended
Active trading featured the movements on the New York
Curb Exchange during most of the present week and many
new
1936
Feb. 1
Bell
a
Cashier.
consists
Chronicle
31
New York Curb
1936
1935
1936
Exchange
1935
6,508,504
670,852
19,777,580
3,793,874
$29,280,000
$126,347,000
2,368,000
1,076,000
$109,160,000
273,000
$25,830,000
704,000
214,000
$30,071,000
$26,748,000
$129,791,000
$113,035,000
Stooks—No. of shares.
Bonds
Domestic....
Foreign
518,000
government..
Foreign corporateTotal
2,531,000
1,344,000
COURSE OF BANK CLEARINGS
Bank clearings this week will show a decrease compared
with a year ago. Preliminary figures compiled by us, based
upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, Feb. 1),
bank
exchanges for all cities of the United States from which
possible to obtain weekly returns will be 0.5% below
those for the corresponding week last year. Our preliminary
total stands at $5,647,577,041, against $5,676,933,116 for
it is
the
same
week in 1935.
week ended
the week
At this center there is
Friday of 5.3%.
a
Our comparative
loss for the
summary
for
follows:
Per
Clearings—Returns by Telegraph
Week Ending Feb. 1
1936
New York
1935
Cent
$2,922,389,071
$3,085,623,640
—5.3
Chicago
217,732,173
Philadelphia..
274,000,000
181,000,000
70,181,345
59,300,000
100,777,000
87,873,101
86,928,618
52,416.703
42,898,040
27,333,000
197.749,895
253,000.000
+10.1
+8.3
+19.9
Boston
Kansas City..
St. Louis
San Francisco.
Pittsburgh
...
Detroit..
■9.2
+ 17.6
New Orleans..
...
Total all cities, five days
All cities, one day
__
73,096,988
47,396,575
40,441.884
+18.9
22,592,000
+21.0
$4,156,778,471
535.814.220
—0.8
$4,706,314,201
941,262,840
Baltimore
Total all cities for week__-__.
-8.0
+9.7
$4,122,829,051
583,485,150
Cleveland
Twelve cities, five days
Other cities, five days
151,000,000
64,964,226
54,300,000
91,900,000
74,713,263
$4,692,592,691
984,340.425
—4.4
$5,647,577,041
$5,676,933,116
—0.5
+ 10.6
+6.1
+8.9
+0.3
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them to-day, inasmuch as the week ends
to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week in all
cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the
week_ previous—the week ended Jan. 25.
For that week there is
of
an increase of
5.5%, the aggregate
clearings for the whole country being $5,609,169,742,
Financial
Volume 142
against $5,316,657,664 in the same week in 1935.
Outside
of this city there is an increase of 14.1%, the bank clearings
at this center having recorded a gain of 0.8%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an increase of 0.3%, in the Boston Reserve District of 30.7%,
In the
15.6%,
in the Richmond Reserve District by 11.4%, and in the
Atlanta Reserve District by 0.3%.
The Chicago Reserve
District registers an improvement of 13.4%, the St. Louis
Reserve District of 10.9%, and the Minneapolis Reserve
District of 17.6%.
In the Kansas City Reserve District
the totals register a gain of 17.7%, in the Dallas Reserve
District of 3.8%, and in the San Francisco Reserve District
Philadelphia Reserve District of 20.4%.
and in the
Cleveland Reserve District the totals are larger by
of 15.3%.
In the following we
districts:
727
Chronicle
Week Ended Jan. 25
Clearings at—
Inc.
a summary
by Federal Reserve
*
Seventh Feder al Reserve D istrict—Chi
Mich.—Adrian.
93,432,341
2,449,286
Detroit
Grand Rapids.
Ind.—Ft.
Wayne
15,722,000
Indianapolis
South Bend..
Terre Haute.
811,864
3,930,011
15,337,079
679,015
6,107,702
2,624,819
-
Wis.—Milwaukee
Iowa—Ced. Raps.
Des Moines
Sioux City
51,179
211,392
68,970
290,860
7,868,757
1,304,959
52,748,088
1,977,885
577,200
619,759
9,752,000
+ 39.8
+81.8
+ 20.1
+49.5
1,638,078
1,335,302
631,819
11,200,000
592,185
953,050
801,653
Lansing
cago—
57,701
269,316
77,803,349
80,660
489,558
.
Ann Arbor
632,913
486,315
9.824,000
436,223
—28.6
+26.9
+40.4
+ 37.1
724,058
2,330,718
9,715,660
3,519,866
10,086,368
+ 9.7
3,583,255
12,221,783
698,748
5,689,421
2,102,261
+ 25.5
—2.8
b
246,597
+ 7.4
4,032,076
1,924,325
+ 24.9
3,977.052
1,483,082
b
b
b
b
b
217,461
234,660
—7.3
250,615
248,614,871
228,277,667
490,947
2,347,100
494,511
736,234
+8.9
+ 28.0
190,285,805
468,319
2,121,086
443,392
+ 5.4
680,015
579,037
148,669,179
329,385
1,643,988
338,075
991,714
350,404,337
+ 13.4
294,874,202
236,816,710
Waterloo
111 .—Bloomington
Chicago
533,946
3,003,322
687,109
775,967
Peoria
Rockford
Springfield
BANK CLEARINGS
SUMMARY OF
1933
1934
%
Decatur
furnish
or
Dec.
1935
1936
397,251,714
Total (19 cities)
+8.8
+ 38.9
Inc.or
1936
Federal
1935
S
,%
Eighth Federa 1 Reserve Dis trlct—St. Lo
Reserve Dists.
Boston
2nd
New York.. 12
"
3,564,857,679
3rd
Philadelphia 9
360,483.776
108,123,708
4th
Cleveland—
5
"
••
5th
Richmond
6
"
6th
Atlanta
10
M
118,587,808
7th
Chicago—.19
"
397,251,714
8th
St. Louis...
4
"
120,477,687
217,420,637
b
Ind.—Evansville
$
+30.7
+0.3
3,553,454,611
299,325,468 +20.4
188,056,184 +15.6
97,047,370 +11.4
+0.3
118,249,081
350,404,337 + 13.4
108,673,067 + 10.9
194,669,073
254,354,798
12 cities
1st
_
1934
Dec.
$
Week Ended Jan. 25 1936
1933
174,291,387
3,113,353,653
2,916,739,019
259,128,763
285,102,854
Tenn.— Memphis
166,043,580
160,798,467
111.—Jacksonville
85,409,381
89,552,625
95,737,020
236,816,710
96,025,962
70,405,515
+17.7
+3.8
183,457,133 +15.3
"
"
78,680,156
126,411,912
107,360,050
97,867,192
79,022.096
Ninth Federal
11th Dallas
••
51,012,473
49,162,858
42,578,086
33,420,182
Minn.—Duluth..
157.907,153
127.899,322
5
Fran.. 12
12th San
.211,607,394
"
5,316,657,664
2,144,841,640
1,879,571,505
+5.5
+14.1
432,680
476,142
2,168,151
4,690,846,543
'4,304,121,039
78,580,156
N. Dak.—Fargo
1,655,405,122
1,460,837,308
S. D.—Aberdeen.
...32 cities
We
add
now
our
307,839,365
+ 12.1
276,741,857
310,253,967
223,397,186
detailed statement showing last week's
figures for each city separately for the four years:
Helena
Total (7 cities).
Tenth Federal
Lincoln
Inc. or
1935
Omaha
1933
1934
Dec.
Kan.—Topeka
..
St. Joseph
S
$
First
450,735
Me.—Bangor
Portland
1,599,651
.
%
223,533,034
682,704
274,882
.
Fall River
415,298
1,363,962
171,041,828
647,382
Mo.—Kan. City.
+ 30.7
+ 5.5
284,584
1,514,680
152,129,326
564,546
228,376
403,296
2,117,957
1,490,508
6,153,698
3,102,139
6,011,500
365,049
1,370,790
186,640,764
607,431
214,727
478,118
2,545,568
1,265,939
6,806,356
+8.5
+ 17.3
209,916
431,626
+ 30.9
645,451
2,267,777
1,321,868
7,206,137
3,069,818
6,381,400
+ 11.7
R.I.—Providence
2,533,506
1,556,321
10,012,323
3,560,556
9,119,400
N.H.—Manches'r
386,235
312,061
+ 23.8
3,646,455
7,232,000
342,839
Total (12 cities)
254,354,798
194,669,073
+ 30.7
211,516,036
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford.
New Haven
Second
Feder al Reserve D istrict—New
N. Y.—Albany..
Bingham ton.:..
Buffalo
4,431,057
978,353
29,100,000
>
Jamestown
+ 49.5
+ 38.9
+ 16.0
+ 42.9
—66.2
+25.1
672,267
—1.7
22,752,067
511,678
Pa.—Altoona
Bethlehem
—7.1
+ 2.3
5,332,551
2,647,752
+ 27.1
2,643,452
+ 9.0
266,091
—7.4
14,529,012
22,871,504
+ 6.3
—16.2
Chester
...
Lancaster
Philadelphia...
Reading
Scranton
Wilkes-Barre..
York
N. J.—Trenton..
Total (9 cities).
898,046
351,000,000
992,379
2,313,487
1,002,769
1,062,003
2,543,000
360,483,776
306,010
179,473
b
+ 14.5
+21.0
+ 14.2
+ 20.4
710,719
+ 41.1
956,670
+ 11.0
3,597,000
—29.3
299,325,468
b
b
Canton
+ 20.4
259,128,763
+ 12.6
Cleveland
+ 12.6
Columbus
7.305.500
11.657,100
—37.3
Mansfield
1,201,335
1,032,517
+ 16.4
Youngs to wn_._
Pa.—Pittsburgh
_
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.— Charleston
b
101,302,922
217,420,637
188,056,184
+ 15.6
1,972,000
31,138,524
1,013,101
54,588,484
2,066,000
33,894,747
802,575
D.C.—Wash'gton
19,210,198
Total (6 cities).
108,123,708
—4.5
—8.1
Sixth Federal
Ga.—Atlanta
Augusta
Macon
Fla.—J'ksonvllle.
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
2,761,650
2,755,310
13,437,004
44,800,000
1,062,929
645,505
266,655
a349,864
179,430
766,440
277,000,000
1,358,135
1,597,934
1,160,060
728,200
2,046,000
285,102,854
Ore.—Portland.
769,945
32,942,687
4,674,594
2,431,000
1,759,860
553,464
24,702,363
4,637.803
1,850,000
1,676,552
42,578,086
33,420,182
+ 1.3
+8.6
+ 20.4
+ 9.6
—26.5
Pasadena.....
Sacramento—
Francisco.
San Jose
Santa Barbara.
Stockton
Total (12 cities)
total
+47.7
+ 10.7
+ 10.5
183,457,133
+ 15.3
157,907,153
276,902
—8.5
+3.5
—11.0
+ 1.0
——6.3
—7.0
b
2,147,865
10,477,147
34,300,000
1,108,876
617,521
11,008,000
12,791,949
940,541
b
+ 53.1
+3.8
127,899,322
+ 5.5 4,690,846,543 4,304,121,039
+ 14.1
Inc.
1,655,405,122 1,460,837,308
Ottawa—
Quebec
Halifax
109,902,279
94,321,229
34,534,003
16,673,754
15,282,698
3,372,732
2,021,711
Hamilton
4,098,565
Calgary
St. John
5,392,873
1,347,318
1,588,196
3,012,321
4,114.114
2,427,442
232,697
510,369
1,204,718
504,311
745,610
541,592
487,295
265,010
570,214
484,901
London
Brandon
Brantford
Saskatoon
Moose Jaw
Fort William
Medicine Hat
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnla
Sudbury
or
Dec.
Canada—
46,238,893
14,980,528
1,500,000
9,814,936
24,000,000
651,836
307,988
8,228,031
7,666,638
724,799
+41.2
1935
1936
Sherbrooke
+0.2
—4.6
+ 5.5
+ 34.4
Week Ended Jan. 23
1,977,000
25,318.427
760,875
a
+ 14.4
16,234,047
3,465,000
235,555
12,120,258
8,207,446
2,360,670
2.418,282
2,507,542
77,553,059
1,081,268
783,089
933,106
Clearings at-
Lethbridge
89,552,625
+ 3.2
Outside New York 2,144,841,640 1,879,571,505
Vancouver
160,798,467
576,956
SCO
+ 54.0
5,609,169,742 5,316,657,664
Winnipeg
66,917,364
+28.5
(111
cities)
b
b
+ 12.3
211,607,394
Calif.—L. Beach.
San
—0.3
+ 32.4
4,203,030
22,215,395
12,643,293
3,900,117
.
Utah—S. L. City
New Westminster
14,674,000
103,250,816
85,860,663
37,525,661
11,512,653
%
+ 6.4
+9.9
—8.0
+44.8
4,304,461 + 255.0
—3.3
3,488,868
+ 5.0
1,925,172
+ 32.6
3,090,338
+31.6
4,098,883
1,474,355
—8.6
1,145,793
+ 38.6
2,099,218
+43.5
4,692,585 —12.3
+ 1.5
2,392,447
296,257 —21.5
353,534 +44.4
+22.7
981,787
+49.0
338,412
+6.4
700,864
+ 7.9
501,872
+37.2
355,114
162,833 + 62.7
+ 3.6
550,602
1934
142,591,830
83,364,670
31,017,955
13,506,580
4,604,488
3,119,493
1,760,072
3,204,479
4,462,782
1,238,413
1,332,539
2,247,583
3,041,699
2,242,711
1933
76,678,771
71,936,407
32,004,416
9,952,092
3,041,309
3,270,515
1,550,676
2,729,016
3,517,480
1,350,024
1,187,805
1,981,881
3,588,942
2,229,534
241,766
183,351
351,417
940,117
359,557
656,100
408,020
250,082
865,990
350,524
537,372
386,580
167,579
515,487
411,930
297,603
659,986
1.766,968
354,367
147,505
491,403
407,391
399,326
+ 21.4
977,392
2,684,802
858,730
1,790,182
+ 13.8
876.658
+ 50.0
269,273
634,853
+ 17.0
444,895
467,756
475,624
663,420
230,192
595,784
418,786
398,687
391,414
555,648
2,306,721
180,138
657,854
421,354
384,869
547,943
399,906
331,128
+ 19.4
379,030
458,894
280,183
348,128
310,253,967
276,741,857
+ 12.1
307,839,365
223,397,186
+ 6.6
+6.3
+ 17.3
+21.5
158,488
b
97,616
22,250,854
+ 73.8
+ 25.9
125,553
22,309,568
120,356
22,907,893
Total (32 cities)
28,007,360
Total (10 cities)
118,587,808
118,249,081
+0.3
95,737,020
75,922,477
a
79,022,096
—1.0
108,959,789
1,564,881
1,097,108
1,313,986
570.971
Reglna
110,064
1,943,000
29,453,185
85,409,381
17,233,430
1,192,433
b
97,867,192
+ 12.6
3,321,523
6,209,137
120,597,000
2,395,719
1,138,652
1,451,930
Spokane
Yakima
b
36,039,139
52,125,485
5,082,100
634,379
■w
+ 11.4
16,139,146
1,109,112
b
166,043,580
988,181
41,754,837
11,160,114
663,149
14,820.000
169,668
+ 17.7
+47.4
20,271,961
4,781,000
360,238
15,497,402
9,299,609
2,602,950
2,334,985
4,769,002
94,670,119
1,437,401
828,666
1,053,820
29,522,657
7,641,000
Wash.—Seattle..
La.—New Orl'ns.
Vicksburg
+28.9
77.564
110,565
1,638,659
26,554,343
1,534,964
2,873,491
1,761,037
62,587.290
371,100
358,179
+ 34.8
Galveston
Peterborough...
Reserve Dlst rlct—Atlant
12,817,723
41,000,000
*1,100,000
75,655,506
+ 35.9
97,047,370
Tenn.—Knoxvi le
Nashville
b
+ 18.8
+ 26.2
45,953,868
14,139,595
Md.—Baltimore.
City
—7.7
+ 87.0
21,894,188
7,403,000
370,871
19,411,835
11,984,180
2,901,464
2,352,801
Fort Worth...
Edmonton
+ 6.2
190,585
63,980
97,480
1,270,127
15,526,495
1,470,744
2,178,356
3,195,005
54,220,576
422,377
as
+ 3.8
Dallas
Victoria
+26.9
Reserve Dlst rlct—Rlchm ond
201,401
b
35,805,451
47,495,141
5,909,000
1,178,482
b
b
79,806,542
b
b
b
50,136,818
Franc!
__
Montreal
b
b
40,602,247
54,957,778
70,405,515
49,162,858
Texas—Austin
Toronto
45,705,198
61,905,682
Cincinnati
+ 17.6
427,806
107,360,050
51,012,473
Fourth Federa I Reserve Dis trlct—Clevel and
Ohio—Akron
1,473,194
1,387,098
39,150,689
4,692,010
1,818,000
2,115,061
Total (5 cities).
4,970,710
739,491
18,135,386
899,968
365,908
2,843,283,731
4,903,179
2,624,534
2,111,688
324,585
15,798,012
22,581,827
303,609
658,618
251,000,000
894,179
1,964,225
1,061,527
847,960
2,176,900
869,209
255,565
+2.9
+ 16.5
District—Da lias
Eleventh Fede ral Reserve
174,291,387
221,745
+ 75.7
1,921,817
+ 33.3
+ 26.9
441,919
126,411,912
Total (10 cities)
Grand
+ 16.6
784,570
....
La.—Shreveport.
a
b
290,000,000
Pueblo
290,777
+ 0.3 3,113,353,653 2,916,739,019
Reserve Dis trlct—Phila delphl
356,700
a224,192
315,392
5,223,368
462,490
+ 23.4
+ 0.8 3,035,441,421
Total (12 cities) 3,564,857,679 3,553,454,611
Colo.-Colo. Spgs.
1,533,008
34,056,683
11,423,157
1,225,828
455,844
169,056
1,273,242
+29.8
71,234
52,186
1,585,147
25,082,110
2,292,471
2,805,676
2,435,996
72,169,696
423,615
1,018,880
39,020.826
6,213,857
2,042,000
2,716,910
York
13,113,142
782,033
New York
Third Federal
74,419,082
1,589,037
48,825,307
16,537,041
1,297,565
+ 13.0
Twelfth Feder al Reserve D istrict—San
+ 17.7
29,600,000
603,598
392,014
560,647
483,878
3,464,328.102 3,437,086,159
Rochester
6,310,833
5,937,974
3,544,995
3,627,574
Syracuse
3,277,344
2.579,543
Conn.—Stamford
300,000
326,916
N. J.—Montclair
Newark
16,320,079
17,616,638
35,112,896
41,898,515
Northern N. J.
Elmira
Wichita
Reserve Dlst rict—Boston
Federal
Mass.—Boston
S
$
eapolis
+ 18.4
66,798,432
65,732
97,568
2,336,291
28,241,366
2,269,334
2,843,518
2,646,442
86,8/7,766
464,456
569,439
Hastings
Clearings at—
1936
96,025,962
+ 10.9
Refeerve Dis trlct—Kans
Neb.—Fremont.
Week Ended Jan. 25
1,819,471
43,188,036
17,631,203
1,323,846
371,276
357,246
2,107,354
2,153,592
48,791,923
22,877,865
1,679,803
Mont.—Billings
Canada
108,673,067
Reserve Dls trlct—Minn
Minneapolis..
St. Paul--..-
5,609,169,742
..Ill cities
Total
Outside N. Y. City
b
238,260
349,000
120,477.687
Total (4 cities).
10th KansasCity 10
Minneapolis 7
b
273,000
b
50,136,818
66,798,432
9th
15,671,7851
b
347,000
Quincy
46,700,000
17,532,862
9,947.960
74,419,082
+ 17.6
_
59,200,000
23,611,682
12,941,280
64,200.000
28,452,282
75,922,477
294,874,202
Ky.—Louisville
b
b
b
74,800,000
29,679,373
15,651,314
Mo.—St. Louis..
211,516,036
*
Not Included in totals.
Estimated.
b No clearings
available.
728
Financial
THE
ENGLISH
Chronicle
SILVER MARKETS
GOLDfAND
"We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 15 1936:
'
'
■
'
S
- - -v--
STRASSBURGER & CO.
MONTGOMERY STREET
133
,:
SAN
GOLD
The Bank of England gold reserve against notes amounted to £200,160,801 on the 8th inst. as compared with £200,050,796 on the previous
0"
.
V
Exchange—San
Curb
Francisco
Board of Trade—New York Curb Exchange
Direct Private Wire
.
The judgment of the United States
Supreme Court that the Agricultural
1
Adjustment Act
unconstitutional,
was
San Francisco Curb
followed by President Roosevelt's
proclamation extending for one year the Gold Reserve Act of 1934 under
which the dollar
was
in terms of sterling.
Jan. 25
to
Exchange
Jan. 31, both inclusive, compiled from
devalued, adversely affected the dollar which weakened
The sterling price of gold did not, however, decline
to a
corresponding extent,
general demand
owing to the small
as,
amounts
sufficient to maintain prices at
was
an
July
Stocks—
Par Low
Alaska-Treadwell
'■'=
Jan.
9
Jan. 10
Jan. 11
Equivalent Value
of £ Sterling
25
Amer lei & Tel
100
12s. 0.86d.
12s. 0.82d.
Bancamerica-Blair
Bunker Hill & Sull
10
12s. 0.72d.
Calif Art Tile A...
SS&*
The
following were the United Kingdom imports and exports of
gold
registered from mid-day on the 6th inst. to
mid-day on the 13th inst.:"
Imports
Exports
British South Africa.
£1,994,890
United States of America.
£1,077,187
British West Africa.....
121,508
France
21.965
British India
555,522
Finland
22,848
New Zealand
13,337
Netherlands
2,000
Netherlands
Other countries
12,430
420
France._
23,064
Venezuela
5,478
Other countries
7,094
325
Calwa Co.
3
534
634
1
j,
2.00
2.00
>'•
£2,733,323
SS.
£1,124,420
Naldera which sailed from
Bombay
on
the
11th
inst.
carries
gold to the value of £664,000
consigned to London.
The Transvaal
gold output for December 1935
amounted to 906,496
fine ounces as
compared with 909,550 fine ounces for
November 1935 and
866,037 fine ounces for December 1934.
'
'
were
the 9th inst. brought the
quotation to 20^d., at which
unchanged until to-aay; offerings,
re-sales
absorbed
on
dv
Indian Bazaar
consisting*mainly"of
buying'for"prompt shipment. "
To-day, following weaker advices from
Bombay, there was a recurrence
of Indian
re-selling, whicn, comin on a poorly-supported
market, depressed
the price
sharply to 20 l-16d.
The American
9thiinst.,
ana
Treasurv
gave
made
further support
purchases
to-day,
the afternoon of the
on
buying
a
little
more
treely
as
T3 Allowing were the United Kingdom
Imports
,
United States of America.
British India
Palestine
Z.I
Sweden
2.1
Denmark
I.I
5,440
3,721
5,698
12,623
20,322
Costa Rica
Belgium
Exports
£70,448
275,458
24,837
Japan
Australia
Fiji.......
British West Africa.
I .II"
France
Norway
£101,013
392,580
30,373
2,000
2,220
1,249
2,212
__2
Other countries
countries
5,229
£531,647
•
IN
Jan'
IN
02- std-
W&a*
on%n'
10
Tin'
Jan.
LONDON
Bar
Q
Hobbs Battery
A
15
jaS l?
50 cents
Tan-
Jan. 14
«•■**-
exchange
1.50
2,300
50
Italo Petroleum
1
Kinner
Airplane
Motors
50 cents
ou cents
—
ENGLISH FINANCIAL
Sat.,
Mon.,
Jan. 25
20d.
MARKET—PER CABLE
British 4%
1960-90
Bar
39c
1
13c
5
634
Manufacturing._
2.70
4.50
Monolith Port Cem pref. 10
Mountain City Copper
North Amer Aviation
Occidental Pete
Jan
14)4
4)4
Jan
Jan
87
Jan
19%
Jan
54
Jan
14)4
Jan
64)4
Jan
66
Jan
21%
Jan
17
Jan
22)4
18%
Jan
22c
Jan
49c
Jan
Jan
3.05
Jan
65c
Jan
77c
Jan
Jan
13c
Jan
27c
Jan
6)4
Jan
6)4
Jan
Jan
4.50
Jan
5c
"
30
i
50
1,600
16
130
42
13)4
534
200
1334
1,973
2
6
Shasta Water—
'
1)4
3.65
548
'7
600
2
1)4
H
14
2734
Silver King Coalition
5
25
.25
25
100
41
42
20
Warner Brothers Pictures *
4334
12
20
Western Air Express
.1
Jan
Jan
11
34
Jan
36
Jan
35
2)4
5)4
Jan
Jan
'7
11%
Jan
14)4
Jan
25%
Jan
26
Jan
27%
Jan
28)4
26)4
28)4
2
Jan
'
514
10)4
14)4
15)4
14)4
37
Jan
41
Jan
17
*
42
Jan
44
Jan
1)4
Jan
7)4
8)4
Jan
Jan
Jan
16c
25c
Jan
40c
Jan
27)4
48)4
Jan
4.00
3.50
Jan
48)4
6)4
Jan
500
165
19
Jan
100
6
634
3.65
Jan
555
4434
1234
20
—.5
Jan
Jan
Jan
19
683
40c
Waialua Agriculture
3.00
8
Jan
493
4834
West Coast Life
Jan
Jan
8,530
33c
4.50
6
Jan
Jan
10
4834
8)4
5)4
14%
Jan
Jan
2
140
1
Jan
Jan
5
475
100
Jan
18
834
...25
Vica Co
14
35c
3,014
42
8
Jan
Jan
3.05
125
44
*
Super Port Cement A
United Corp...
United States Pete
Jan
125
2634
2834
2834
Jan
Jan
20%
42)4
328
28
26
34
2
4
950
8
Jan
6)4
5
2%
1
11)4
6
Jan
Jan
4)4
12)4
30
2
1,670
834
234
534
1834
3434
1434
5
Jan
Jan
734
534
1234
1834
16
Jan
*
*
Jan
Jan
11
1
.
44
4)4
20)4
Packard Motors
.
Jan
7
Jan
1)4
15
__
30c
Jan
6)4
315
-_._2
Jan
2)4
14
South Pac G G pref
21c
18c
17
42
_
Jan
Jan
'7
1334
..
Jan
15
42
.
8)4
29)4
1,100
6,157
Pac Port Cement pref-.100
Pacific Western Oil
.
Jan
Jan
6)4
43)4
14)4
5
3.50
7
6)4
8)4
29)4
9
30c
Jan
Jan
7
~2
1134
Jan
4.10
1
2034
Richfield Oil pref
Schumacher W Br
2.65
3.35
300
11
41c
15c
3c
4)4
2%
16
1
Jan
66C
2
Pete
Jan
5c
834
2934
734
3.50
15%
Jan
10c
30
Radlo-Keith-Orpheum
Jan
Jan
Jan
1.60
47c
45
Corporation
1.60
3.15
1,900
534
2034
Jan
14
554
85
1
Jan
Jan
Jan
7
10
Jan
17
44
'
■445
934
1,630
2
46
Jan
10
Jan
12%
Jan
15
Jan
20
Jan
5
Jan
42)4
2)4
4)4
10
Jan
2
9)4
Jan
CURRENT
NOTICES
Loeb & Co.,
—Washburn & Co.
Thurs.,
Jan. 29
Closed
140s. 8d.
Frl.,
Jan. 30
20d.
19 9-16d.
140s. 8d.
Jan. 31
19 ll-16d.
140s. 9d.
Closed
85%
85%
Peabody & Co., is
announce
that John Kormendi, formerly of Kidder,
now associated with them in their New York office.
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the
monthly changes
in National bank notes and in bonds and
legal tenders on
deposit therefor:
85%
10634
10634
106 J4
Amount Bonds
118
Closed
118
11834
11834
Secure Circula~
per
on
(in cents)
ounce
4434
4434
50.01
50.01
(newly mined)
77.57
77.57
4434
50.01
50.01
77.57
77.57
4434
50.01
$
4434
50.01
77.57
31 1935
June 30 1935
May 31 1935
been admitted as a
general partner
of Dick &. Merle-Smith, members of the
New York Stock
in
the firm
Exchange.
—C. G. Novotny & Co., Inc., 80 Broad
St., New York, has prepared
list of State and municipal bonds
yielding from 3.75% to 4.62%.
Co., and wiU make his office
as
a
at 30 Broad
a
partner from Leo G. Siesfeld &
St., New York.
*
Jones
has
been
Inc., of Sc. Louis,
elected
Vice-President
of
Kenneth
H.
Mo.
—Campagnoli & Co., Inc., 41 Broad St., New York City, has issued
analysis of Utah-Idaho Sugar Co.
'
$
28 1935
b600,000
*9obI666
600,000
2,351,260
141,945.660
283,529,310
330,642,140
13,984,735
220,605,430
244,006.952
271,360,682
430.477,157
653.340,478
478.777,490
Jan.
31 1935
657,937,080
677,472,540
Dec.
31 1934
684.354.350
$2,353,595
Federal Reserve
bank
Total
$
$
a472,546,661
a498,090,117
a529.12i.057
a572,428,022
618.311,862
735,754,750
548,490,215
650.975,223
553,161,838
473,146,661
498.690,117
529.721.057
573,028,022
618,911,862
749,739.485
769,095.645
794,982.175
824,522.520
418,780,298
849,257,455
867.712,095
671,167,407
214,371,617
205,204,723
678,808.723
209,127,752
887.936.475
notes
outstanding Jan.
2
876,372,130
1936,
secured
by
lawful money, against $2,432,763 on Jan. 2 1935.
a Includes proceeds for called bonds
redeemed by Secretary of the Treasury,
b Secured by $600,000 U. S.
2% Consols 1930 deposited with U. S. Treasurer.
*
Includes $300,000 bonds which were on
deposit although circulating notes had
been retired by deposit of that amount of lawful
.
r—James Talcott. Inc., has been appointed factor for the
Manart Textile
Co., N. Y. City, distributors of cotton goods.
C.
Apr. 30 1935
Mar. 31 1935
Feb.
—Harry L. Hoglander, member New York Stock
Exchange, has been
admitted\as a general partner in Buh, Eldredge & Popper.
—David J. Greene has withdrawn
J
b600,000
b600,000
31 1935....
Sept. 30 1935
NOTICES
has
'
b600,000
July
CURRENT
■
Tenders
Nov. 30 1935
Aug. 31 1935
Lewis
Legal
Bonds
Dec. 31 1935
Oct.
77.57
National Bank Circulation Afloa' on—
Deposit to
tion for National
Bank Notes
in the United
days has been:
same
N.Y.(for.). Closed
Co.,
Jan
25c
Closed
the
■—Meredith
12%
4)4
83)4
50c
7,902
7
6
7
106%
price of silver
—Mead A.
Jan
4334
Pacific Eastern Corp
Pacific Finance
Preferred....
Jan
1.75
20
Pacific American Flsherles5
Republic
Jan
95c
Jan
__1
Onomea Sugar
Radio
5%
Jan
2.50
27c 104,683
300
7
534
834
2934
North American Co
2
Jan
65o
11)4
'
634
Menasco
Jan
3
1,510
30c
.10
M J & M & M Oil—
McBryde Sugar
Jan
44
19,134
50,660
16,390
Holiday
U. S. Treasury.
U. S. Treasury
Bitting &
76c
Holiday
.
on
Wed.,
Jan. 28
Closed
-
The
3.05
70c
Jan
1.35
members of the New York Curb Exchange, have
announced the removal of their offices to 39
Broadway, New York City.
Tiies.,
Jan. 27
Holiday
Gold, p. fineoz.140s.7Hd. 140s. 9d.
Consols, 2 J4%
Holiday
85%
States
49c
2.00
2.00
17
on
The daily closing quotations for
securities, &c., at London,
reported by cable, have been as follows the
past week:
British 3 34%
War Loan...
37c
1
1
Preferred
2
Jan
40)4
4%
20
3.50
Jan
Jan
1.75
14
1654
—Fred.
Silver per oz._.
1.50
2.00
16.80
3.40
New York recorded
durng the period
from the 9th inst. to the
16th inst. was $4.98
)£ and the lowest $4,93
^
15
1634
Jan
17
1,030
1
17
3)4
17
95
*
_*
United States Steel
50 cents
50 cents
50 cents
20.412d.
rate of
YORK
8
Jan- 13
20 l-16d.
Average
NEW
(Per Ounce .999 Fine)
T
1^5*
on
it
m
JJan.
301
Intl Tel & Tel
Jan
16
2
2
200
Idaho-Maryland
Jan
14)4
16)4
5,153
2234
1734
Jan
68
6)4
1
70
66
<!
2234
1734
Metals
534% preferred
6% preferred
£437,007
Quotations during the week:
Tnn
Preferred.........—
General
Southern Calif Edison
13
V.r--
Other
65
Jan
6)4
6)4
Jan
S16
1
100
Park Utah Mines
afford little indication
very uncertain.
imports and exports of silver
registered from
mid-day on the 6th inst. to mid-day on the 13th
inst.:
British India
*
Pacific Clay Products
iLh®n?fcive and Presen<rconditions
remains
outlook, which
_
1434
Jan
75c
2
100
54
13
O'Connor Moffatt
some
following the fall.
tolho
totne
48
*
Kleiber
SILVER
—A fall of 5-16d.
t remained
1834
20
Gladding-McBean
Jan
6)4
1)4
110
Ewa Plantation
Jan
4)4
"11%
6,000
1434
434
86 34 I;,'"'
1934
Jan
52
26
13,766
95c
1434
434
Jan
14)4
29
50c
534
1.75
85
20
Jan
1.10
80c
—*
Jan
Jan
18)4
1
50
1.75
Curtiss-W right
*
Crown-Will 2d pref—--.-*
Elec Bond & Share
5
15)4
12%
3
16,820
Great West Elec-Chem
The
Jan
20
1.35
1
-
59c
35
.*
Claude Neon Lights
Consolidated Oil
Jan
2H
5%
2
520
17
434
39c
2,385
1534
.—-*
Jan
20c
'
2,095
634
1.25
Coen Co's A__
Jan
162)4
1
634
17
*
50c
Jan
1.75
1,065
68
1534
...10
...
'
12.938
65
Cardinal Gold
Chanslor & Lyon A
Cities Service..
Jan
:i
1934
1334
29
1834
High
35c
157%
,
13
140s. 9d.
Average..
12,650
2134
*
1936
10c
59c
5
Atlas Imp Diesel B
Aviation Corp
z
Since
98%
300
499
47c
1
Low
Low
50c
5
Anglo Natl Corp..
Argonaut Mining
12s. 0.69d.
12s. 0.69d.
140s. 9^d.
140s. 10.67d.
Jan.
1935
Shares
High
1
12s. 0.65d.
12s. 0.60d.
Jan. 15
Dec. 31
16234
50c
160
American Toll Bridge
—140s. ll^d.
__141s.
140s. lid.
140s. lid.
Jan. 13..
Jan. 14
Range
for
of Prices
appreciably higher
Per Fine ,'fl
Ounce
•;
1933 to
Week
available, the
over exchange parities.
Quotations during the week:
official sales list
1
Sales
Week's Range
premium
'■■■i
as
Stock
Exchange—Chicago
(Associate)
Members: New York Stock Exchange—San Francisco
';
In the open market about £1,100,000 of bar
gold was disposed of at the
daily fixing.
FRANCISCO
(Since 1880)
;
Wednesday.
1936
Feb. 1
an
money.
The following shows the amount of
National bank notes
afloat and the amount of legal tender
deposits Dec. 2 1935
and Jan. 2 1936, and their increase or decrease
month of December.
during the
'
•
National
Notes—Total
Bank
Afloat—
Amount afloat Dec. 2 1935
$473,146,661
1936
redeem National bank notes Dec.
December
Cycle (quar.)
Special
Gorham Mfg. Co. (quar.)
Grand Union, $3 preferred
Green Bay & Western RR. Co. capital
$498,090,117
2
Amount
25,543,456
a
Includes
deposit to redeem National bank notes
NATIONAL BANKS
The following
information regarding National banks is
Comptroller of the Currency, Treasury
from the office of the
Department:
VOLUNTARY LIQUIDATIONS
Capital
20—The First National Bank of Spearman, Tex
Effective Jan. 15 1936.
Liquidating agent, L. B. Campbell,
Spearman, Tex.
Absorbed by First State Bank of Spear¬
man, Tex.
$25,000
Jan. 21—The First National Bank of La Grande, Ore
Effective Nov. 20 1935.
Liquidating agent, J. H. Mackie,
care of the First National Bank of Portland, Ore.
Absorbed
"First National Bank of Portland,"
No. 1553.
by the
,
I;
30,000
Name of Company
50c
Acme Wire
Affiliated Products (monthly)
5c
—-i
$1
Ainsworth Mfg. (quar.)
Allied Kid, extra
12Hc
12Hc
Class A (extra)
Allegheny Steel (quar.)...
Preferred (quar.)
\
Allentown Bethlehem Gas 7 %
25c
$1 %
87 He
pref. (quar.)
Alpha Portland Cement
Amalgamated Leather Cos., preferred.
American Arch Co. (quar.).
—
American Credit Indemnity (quar.)
American Hide & Leather, 6% prer. (quar.)
American Home Products (monthly)
American Investment Co. of Illinois A (quar.)..
Class B (increased)
Mar.
1 Feb.
14
Mar.
2 Feb.
20
Feb.
1 Jan.
27
1 Jan. 27
2
Mar. 18 Mar.
Mar.
1 Feb. 15
Feb.
10 Jan.
1
50c
Mar.
2 Feb.
19
50c
Feb.
1 Jan.
75c
Mar. 30 Mar. 20
20c
Mar.
2 Feb.
1 Jan.
25c
Mar.
2 Feb.
20
Apr.
Apr.
—
.—
—
preferred
A&B
Coal Co
Cumberland County Power & Light 6% pf. (qu.)
Daniels & Fisher Stores
Dayton & Michigan RR. (semi-annual)
Jan.
24
S36C
—
Feb.
Feb.
5 Jan.
15
31
31
Luzerne County Gas &
2 Feb.
15
20 Jan.
31
1 Feb. 29
1 Feb. 29
Feb.
1 Jan.
20
1 Jan.
28
50c
Feb.
1 Jan.
28
40c
Mar.
2 Feb.
15
30c
Feb.
2 Feb.
Mar.
pref. (qua .) —
7% preferred
Dentist's Supply vo. of N. Y. 7% pref. (quar.)
7% preferred (quar.)
7% prefer.ed (quar.).
7% preferred (quar.)
•.
Derby Gas & Electric $7 preferred.
$6H preferred
Dexter Co. (quar.)
Deere & Co.,
25c
40c
8
5
31
50c
Feb.
10 Jan.
31
$1H
Aor.
15
$1H
Feb.
15 Feb.
$2 H
Apr.
Apr.
1 Mar. 14
1 Mar. 14
Mar.
2 Feb.
Apr.
July
1 Mar. 20
1 June 20
1 Sept. 19
Oct.
1
5
10
'37 Dec. 19
Feb.
3 Jan. 24
1 Feb.
15
2
Mar. 16 Mar.
-
(quar.)
Dredge & Dock (quar.)_
Fifth Ave. Bus Securities
Extra.
(quar.)
.
28 Feb.
Schwartz (Bernard) Cigar,
Princeton Water Co. (N. J.),
15
Feb.
15 Feb.
Mar.
2 Feb.
15 Feb.
$3 prior
13
Feb.
$1H
$2H
87 He
Feb.
1 Jan.
18
Jan.
28 Jan.
18
Apr.
Apr.
Mar.
Mar.
2 Feb.
Dec.
Chicago (quar.) —
Fort Worth Stockya ds Co. (extra)
Fuller Brush, A (quar.)
;
Georgia Home Insur. Co. (Columbus, Ga.) (s.-a.)
Glens Falls Insurance Co. (quarterly)
Globe Democrat Publishers Co. preferred (qu.)_
Goodyear Rubber Co. (Conn.) preferred
Feb.
5
Jan.
16
Apr.
11
Mar. 13
Mar.
Mar. 20
Mar. 20
7
Feb.
7
Mar.
Feb.
21
Feb.
20
Mar.
4 Feb.
20
Mar.
Feb.
20
June
Sept.
May 20
Aug. 20
Dec.
Nov. 20
Mar.
Feb.
Mar.
Feb.
17
Jan.
25
Jan.
20
Jan.
20
Jan.
27
Mar.
Feb.
15
Feb.
15<
Mar. 20
Mar.
$1H
Feb.
Feb.
Mar.
87 He
Feb.
15
17
50c
Feb.
Jan.
20
$1H
$1U
Feb.
Jan.
20
Feb.
Jan.
20
Feb.
Feb.
6
Mar.
Feb.
15
35c
Feb.
Jan.
17
$1
Feb.
Jan.
31
Mar.
Feb.
15
Feb.
Feb.
19
Feb.
Feb.
"I
1
$1^
*4
7% pref_
(quar.)
Mar.
—
—
-
May
Aug.
Nov.
Nov.
15c
Mar.
Feb.
15
Stamford Water (quar.)
—
May
Aug.
$i
$2
75c
Feb.
Feb.
5
Jan.
Jan.
16
95c
Mar.
Feb.
14
h$3
Feb.
Feb.
10
Mar.
Feb.
20
Apr.
Mar.
Feb.
Jan.
24
Feb.
Jan.
24
$1H
Feb.
Jan.
24
56c
Feb.
Jan.
31
Feb.
Jan.
31
Feb.
Jan.
24
Mar.
Feb.
15
25
15
Standard Fire Insurance (Trenton,
-
N. J.)
1 Jan.
25
Mar.
1 Feb.
15
2 Feb.
14
Swift & Co.
1 Jan.
25
Mar. 31 Mar
21
Feb.
25
Taylor & Fenn
6
16c
Mar. 30 Mar
13
'
Mar.
1 Feb.
19
Mar.
1 Feb.
19
1 Jan.
-
-
(quar.)-
(quar.)
Syracuse Lighting, 8% pref.
6H% preferred (quar.)
6% preferred (quar.)
Tampa Electric (quar.)
Preferred A (quar.)
-
Mar. 16 Mar
Co. (quar.),
25c
—
Feb.
1 Jan.
24
Trans-Lux Day Light Picture Screen
50c
Feb.
5 Jan.
30
Troy & Bennington
Apr.
1
Mar
14
Union Storage
Mar.
1 Feb.
20
Feb.
1 Jan.
22
United Biscuit Co. of Amer., com.
Preferred (quar.)
.
RR. Co. (semi-ann.) —
(Pittsburgh)!
.
$1H
(quar.)
12Hc
40c
Apr.
Feb.
Apr.
(quar.)
Mar.
UH
h$2H
Mar. 11
Feb.
75c
20c
$1
25,Feb. 18
Apr.
50c
Sterling Products (quar.)
Sterling Securities Corp., 1st pref
Susquehanna Utilities Co., $6% pref.
Feb.
Feb.
Mar.
Southern Pipe Line Co
30
31
4
15
15
Mar.
Quarterly
Quarterly
Quarterly
15
Sept. 30
Feb.
Jan.
Feb.
(Wm.) Brewing (quar.)
Smith (S. Morgan) Co.
Mar. 31
June
Jan.
Feb.
27 Jan.
27 Jan.
2
Jan.
Haven (quar.)
Sloan & Zook Products,
2
35c
I§ Feb. 29
Mar.
—
preferred (quar.)
Preferred
Simon
1 Mar. 16
1 Mar. 16
$1M
Mar.
(quar.)
Insurance Co.
Security Insurance Co., New
Sherwin-Williams (quar.)
1
$2
29
Mar.
Feb.
7% preferred (quar.)
Scotten-Dillon.
Second Investment Corp., R. I.—
8
75c
Feb.
$2
$2 pref
Extra
Nov. 30 Nov. 15
Mar. 13
Apr.
$2
;
25c
Reynolds Metals Co., common—
1
5 H % cumulative convertible preferred
Rolland Paper Co., 6% pref. (quar.)
Rose's, 5-10-25C. Stores (quar.) _
May 31 May 15
Aug. 31 Aug. 15
/?$1
$1H
5H% preferred (quar.)—
17
Feb.
4
Mar. 13
^
^
15
20c
24
Feb.
Feb.
1
—;
1 Feb.
20c
Jan.
Feb.
Mar.
28
Feb.
(David) Grocery, class A (quar.)
Penn State Water Corp., $7 pref. (quar.).
o.Phila. Germantown & Norristown RR. C
Quarterly
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly) _
7% preferred (quarterly)
Potomac Electric Power, 6% pref. (quar.)_
15
7
Feb.
50c
Feb.
Mar.
29
2 Feb.
28
Feb.
25c
Mar. 15 Feb.
3 Feb.
20
$2H
$2
Quaker City Fire & Marine
Mar.
Mar.
30c
Railway & Light Securities Co. (Del.) (spec.)
Rainier Pulp & Paper, class A&B (quar.)
Mar.
Feb". "28
2 Feb.
2 Feb.
Mar.
10 Jan.
10 Jan.
$1
19
12Hc
$1H
3
Mar. 14
15c
15
112Hc
Feb.
15c
1 Feb.
50c
4
50c
2 Feb.
25c
4
14
Apr.
$1
Extra
Mar. 31 Mar. 14
27
$1
$1
Mar.
50c
1 Jan.
15 Feb.
1 Mar. 19
15c
Mar.
h70c
Feb. 15 Feb.
2 Feb.
Mar.
$1H
$3H
25c
Mar.
27
27
17
$1H
Pender
Jan.
Mar.
Pacific Fire Insurance
15
31
662-3c
62 He
/i75c
Feb.
$1
Ontario Mfg. (quarterly)
Preferred (quarterly)
$1M
#1%
$1^
$1H
Feb.
75c
preferred (quar.)
5 Feb.
$1H
UH
Feb.
75c
Occidental
15 Feb.
15 Jan.
Mar.
2 Feb.
Mar.
1 Jan.
1 Jan.
Feb.
50c
$2H
Monthly
Omnibus Corp., $8
25c
Elgin National Watch
$3H
1
20
75c
25c
Instruments
75c
Feb.
8
18
10
$1H
-
7
Feb.
1 Jan.
2 Feb.
Mar.
Feb. 15 Jan.
Feb.
1 Jan.
$1H
North'Pennsylvania RR. Co. (quar.)
Oahu Ry. & Land (monthly)
29 Feb.
Feb.
Feb.
75c
N. Y
Feb.
15 c
1 Jan.
2 Feb.
15 Feb.
Mar.
5
15
$1
Northern Insurance Co. of
$2
30c
15 Feb.
8 Feb.
Feb.
Insurance (quar.)
Ohio State Life Insurance (quar.)
40c
Feb.
15c
North American Match
20
$2
$1
Feb.
$1H
Extra
28 Feb.
$1H
$1H
$1H
$1H
31
Feb.
15 Jan.
15 Feb.
(s.-a.)
Feb.
$1H
37 He
31
Feb.
deferred.
h$ 1H
$1H
21
15 Jan.
50c
Transportation Co. (quar.)
— —
Niagara ShareiCorp. of Md., pref. A (quar.) —
Norfolk & Western Ry. (quar.) _
8
1 Mar. 21
1 June 20
1 Sept. 21
Feb.
Insurance
Extra
12
5
15 Feb.
$1H
$1H
(quar.|.
15
Feb.
$IH
U%
$1H
Electric-
preferred.
preferred (quar
Lynch Corp. (quar.) —
MacMillan Co. (quar.)
$5 non-cumulative pref. (quar.)
First $7
29
Feb.
Oct.
New York
Apr.
Apr.
Jan.
I Feb. 24 Feb".
10c
12Hc
July
New Jersey
Mar.
June 20
Jan.2'37 Dec.
10
5c
31
2 Feb.
5 Jan.
Mar.
Extra
63c
Dec.
|jan. 27
Preferred (quar.)
Preferred (quar.)
2 Feb.
29 Feb.
27 Dec.
Apr.
New Brunswick Fire Insurance
Feb.
$1
8% preferred (quar.)
Denver Union Stockyards, 7%
Mar. 20
31
27 Dec. 31
Jan.
Preferred (quar.)
Preferred (quar.)
New Bradford Oil, action
20c
Quarterly
Quarterly
First State Pawners Society,
Mar. 20
Apr.
July
Jan.
12Hc
37 He
(quar.)
14
20e
Fitz Simons & Connell
[Apr.
el00%
Lindsay Light & Chemical
Lunkenheimer Co. (quar.)
10
Mar.
75c
(monthly)
Bangor & Aroostook RR. (quarterly)
Preferred (quarterly)
Borland Shoe Stores, Inc., 7% pref. (quar.)
Blackstone Valley Gas & Elec. Co. (quar.)
Blue Ridge Corp. 6H % pref. (quar.)
Borden Co., common (quar.)...
Brack (E. J.) & Sons
Bridgeport Machine Co., cum., pref
Brooklyn Edison Co. (quar.)
Burroughs Adding Machine Co
Byron Jackson
California Water Service, pref. (quar.)
Charteied Investors, $5 preferred (quar.)
Chase (A. W.) Co. preferred (quar.)..
Chesapeake & Potomac Telep. Co. 7 % pref
Chester Water Service Co., $5H pref. (quar.)—
Chicago Junction Rys. & Union Stockyards (qu.)
6% preferred (quarterly)
Chicago Mail Order (quar.)
—
Cincinnati Union Terminal Co.—
Bandini Petroleum
Crown Zellerbach, pref.,
27
20c
10
h$lU
preferred
A preference (quar.)
Crown Willamette Paper, 1st
1
|Jan.
12Hc
-
Co
2 Feb.
2 Feb.
Mar.
37 He
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
Columbian National Life Insurance (Mass.)
Compania Swift Internacional (semi-annual)
Congoleum-Nairn (quar.)
Connecticut Power Co. (quarterly)
Consolidated Paper Co. (quarterly)
Consumers Glass Co. (quar.)
7% preferred (quar.)
Continental Assurauce Co., Chicago (quar.)
Continental Gas Co., Chicago (quar.)
Continental Steel Corp. (initial)
Copperweld Steel (quarterly)
Quarterly
27
15 Apr.
$2.34
$2.24
$6.26
—
pref
Woods Milling, cum. pref
Mar. 16 Feb.
Mar.
Armstrong Cork Co
5%
5%
5%
5%
15 Mar. 14
1
15 Apr.
10 Mar. 21
5
Apr.
(J. S.) & Co
Montgomery Ward, class A (quar.)
Murphy (G. C.) 8% preferred
National Lead, preferred A (quar.)_
National Linen Service, $7 pref. (s.-a.)
National Power & Light Co. (quar.)
Nationa Union Fire Insurance
20
30
11
14
26
22
Mitchell
23
2 Feb.
2 Feb.
2 Feb.
1 Jan.
Extra.
14
Feb.
Mar.
Feb.
29
31 Jan.
Minneapolis-Honeywell Regulator (quar.)
50c
6 Jan.
1 Jan.
Feb.
Feb.
(N. C.) (s.-a.)
(quar.)
Lerner Stores Corp
15
15
Mar. 21
Apr.
Jan.
7% preferred (semi-ann.)
Metropolitan,Storage Warehouse (quar.)
Midland Mutual Life Insurance (quar.)_
31
28
27
27
Feb.
Mar.
$5
Mayfair Investment Co., Los Angeles
Mead Corp., pref. A
Mercantile Stores, Inc., 7% pref. (quar.)
Merchants Fire Assurance (semi-ann.)
Feb.
Jan.
20 Feb.
9 Feb.
Mallory Hat, 7% preferred (quar.)
Manhattan Shirt (quar.)
Manufacturers Casualty (quar.)
31
25c
25c
Anaconda Wire & Cable (resumed)
Electrical
15 Jan.
Apr. 25 Apr.
Apr.
1 Mar. 19
25c
$1H
$1H
American Tobacco Co., common
Common B
Crow's Nest Pass
Payable of Record
Feb.
h$ 4
30c
preferred
American Rolling Mill (quar.)
6% preferred (quar.)
American Metals,
Artloom Corp., 7%
Atlas Corp. $3 series
Holders
Jan.
Feb.
Feb.
Edw.) Realty Trust—
Series A partic. trust certificates
Series B partic. trust certificates
Series C partic. trust certificates
Klein (Emil D.) (quar.)
First $6
When
Jan.
Feb.
8
28
Mar.
Extra.
Per
Feb.
—
Lee & Cady
Share
1 Jan.
29
25c
Extra
Lake of
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
29 Feb.
Apr.
Extra
are
Feb.
Feb.
Mar.
Knudsen Creamery, $1H A
DIVIDENDS
20 Feb.
15 Jan.
Mar.
Jones (J.
24—The Bay Head National Bank, Bay Head, N. J
..
Effective Jan. 20 1936.
Liquidating agent, Samuel C. Forsyth.
604 Main St., Bay Head, N. J.
Absorbed by the "Ocean
County National Bank of Point Pleasant Beach," N. J.,
Charter No. 5712.
Post office, Point Pleasant, N. J.
Feb.
10
10
20 Feb.
Feb.
$1
Hope Welding Co. (reduced) (quar.)
Y., pref. (quar.)
Inland Steel
International Business Co. (quar.)
Investment Co. of America (initial)- —
Inter-Ocean Reinsurance Co. (s.-a.)
Jewel Tea Co., Inc., common
Ore., Charter
Feb.
Horn & Hardart, N.
Jefferson Standard Life Insurance
Jan.
Dividends
37 He
5%
5%
stock
28
28
2
Mar. 16 Mar.
1 Feb. 10
Mar.
25c
Guggenheim & Co., $7 1st pref. (quar.)
72
Hamilton Watch Co., preferred
20c
Harmonia Fire Insurance Co. (Buffalo, N. Y.)__
Harmonia Fire Insurance, Buffalo, N. Y., in¬
60c
creased (semi-annual)
r5c
Hightower Oil & Refining, Canada (mo.)
r5c
6% preferred (monthly)
37 He
Hobart Manufacturing, class A (quarterly)——
7i$22M
Holland Furnace, preferred
$2H
Holland Land Co. (liquidating)
125,000
Jan.
$1.60
Class A debentures
Jan. 2 1936
a$472,546,661
proceeds for called bonds redeemed by Secretary of the Treasury.
on
Mar. 10 Feb.
Mar. 10 Feb.
40c
Golden
Legal. Tender Notes—
Net amount of banknotes redeemed In
Payable of Record
Name of Company
25,543,456
Amount of bank notes afloat Jan. 2
Holders
When
$498,690,117
-
Net decrease during December
Amount deposited to
729
Chronicle
Financial
Volume 142
(quar.)
10c
1
1
2
$5
Feb.
Jan.
50c
40c
Feb.
10 Jan.
Mar.
Feb.
5
$1^
May
Apr.
15
730
Financial
Per
Name of Company
When
Share
United Engineering &
Foundry
Preferred (quar.)
United Gas Improvement
Feb.
14 Feb.
4
Feb.
14 Feb.
4
29
25c
25c
741
Vick Chemical Co.
50c
Mar.
10c
Mar.
$1
Jan.
Mar.
(liquidating)
$2
(quar.)
Extra
Virginia Bridge & Iron (s.-a.)
Virginia Coal & Iron (quar.)—.
Vogt Mfg. (quar.)
Warren (JST.). $3 preferred
(quar.)
Washington Ry.
Mar.
Feb.
50c
25c
Feb.
1
Mar. 30
Jan. 28
Feb.
25c
Feb. 15
Feb. 15
Dec. 21
Feb. 21
Mar.
75c
29
1 Mar. 21
1 Mar. 21
Apr.
Apr.
United States Rubber
Reclaiming Co., Inc.—
Prior preference
United States Steel
7% pref
Vica Co.
Feb.
$9
Mar.
Feb.
Feb.
Feb.
$2H
$1H
$1H
June
May 15
Mar.
Feb.
June
Mar.
Feb.
Feb.
Extra
10c
Westinghouse Electric Mfg. Co
Preferred (quar.)__
Mar.
SI
Wesson Oil & Snowdrift Co., pref.
(quar.)
Western Cartridge, 6% pref.
(quar.)
Western Tablet & Stationery, 7
% pref. (quar.)—
Westland Oil Royalty, class A
Mar.
$1
Mar.
Feb.
Feb.
87Hc
15
Canadian
Extra
Feb.
$2
$1H
$IH
h37Hc
Apr.
Carolina Insurance
Castle (A. M.)
1
Mar. 16
Feb. 20
Mar.
Feb.
Feb.
5
Mar. 21
Apr.
Below we give the dividends announced in
previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these
being given iu the preceding table.
Per
Name of Company
Share
Abbott's Dairies
(quar.)
25c
Abraham & Straus. Inc.
,pref. (quar.)
Adams (J. D.)
Mfg. (quar.)
Adams Millis
15c
(quarterly)
50c
;
SI
5c
_
r20c
-
(quar.)
r$l
3%
$1 >4
Alabama Great Southern
RR., preferred
Alabama Power Co., $5
pref. (quar.)
Alaska Juneau Gold
Mining (quar.)
Extra
15c
"
15c
Feb
Jan
Feb.
Feb.
22
Jan.
Tan.
Jan.
Tan.
20
10
10
10
24
12He
H.c
Feb.
Jan.
27
Feb.
Jan.
Feb.
Jan.
27
21
Apr.
Mar. 21
Feb. 14
12
Feb.
15
Feb
15
Apr.
Apr.
27
Tan.
24
Tan.
24
Feb.
Feb.
-
Mar. 12
Mar. 12
Jan.
11
Jan.
10
Mar.
June
Allegany County (quar.).
Feb.
25
May 25
Aug. 25
Sept.
Dec.
Feb.
Feb.
Feb.
Corp
Nov. 25
Jan
8
14a
Feb.
Jan.
Jan.
Jan.
Jan.
15
18
Feb.
Jan.
22
Feb.
15 Jan.
Feb.
Feb.
Feb.
1 Jan.
1 Jan.
31
15
Feb.
com
—
American Ship
Building (quar.)
American Smelting &
Refining (resumed)
American Stores
(quar.)
(semi-annual)
Mfg; Co., $1 40 con v.
pref (quar.)__.
Associated Dry Goods Corp., 1st
pref
Associated Telephone preferred
(quar.)
Atchison Topeka & Santa
Fe. preferred (s.-a.)
Atlanta & Charlotte Air Line
Ry. (s.a.)
I
Atlantic City Electric Co.,
$6 pref. (quar.)
Atlantic Macaroni Co., Inc
Atlas Powder,
preferred (quar.)
Austin, Nichols, prior A
Automatic Voting Machine
(quar.)__
Baltimore American Insurance
(s.-a.)
Extra
Bamberger (L.) & Co., 6H% preferred
(quar.).
Bangor
Hydro-Electric (quar.)
Bankers &
Shippers Insurance (quar.)
Barnsdall Corp.
(quar.)
Extra
Beatty Bros., 1st preferred (quar.)
Borland Shoe
Stores, Inc., 7% preferred
Best & Co.
(quar.)
Extra
Binghamton Gas Works, 7% preferred
(quar.)
6H% preferred (quarterly)
.
2 June 20
1 Jan. 20
Feb.
Archer-Daniels-Midland Co., pref. (quar.)
Asbestos
Quarterly
15
31
Mar. 16
2 Tune 20
1
Feb.
Anglo-Canadian Telep. Co.,
7% pref. (quar.)-.
Appleton Co., 7% pref. (quar.)
—
15
28 Jan.
Apr.
July
July
common
BIrtman Electric
Preferred (quar.)
31
Jan.
Mar.
American Envelope Co.,
7% pref. A (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Gas & Electric
Co., pref. (quar.)
American Home Products
1 Jan.
20
Feb.
Feb.
1
Jan.
21
Mar.
2 Feb.
7
1
Feb.
—
$4]
1 Jan.
Feb
1
15
Dec.
31
Mar.
Feb.
2 Feb.
Feb.
1 Feb.
1
Feb.
Feb.
1 Jan.
20
1 Jan.
15
Apr.
Tuly
1,
1
9
Mar. 20
Tune 20
Feb. 20 Feb.
^eh. 20 Feb.
Mar.
2 Feb.
Feb.
1 Jan.
Feb.
7 Feb.
Feb.
1 Tan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb. 15 Jan.
Feb. 15 Jan.
Feb.
1
Mar.
Feb.
20
1 Jan.-
1
1
14
10
3
10
10
15
20
25
Feb.
15 Feb.
15 Feb.
1
Feb.
pref. (quar.)
(quarterly)
Mar.
Feb.
2 Feb.
14 Feb.
1
5
11
May 15 May 11
Aug. 14 Aug. 11
Quarterly
Quarterly
Nov. 15 Nov. 11
Mar. 31 Mar. 25
June 31 June 25
$6 preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)—
6% preferred (quar.)
Sept. 30 Sept. 25
Bloomingdale Bros, preferred (quar.)
Boss Mfg. Co., common
Boston Insurance Co. (Mass.)
(quar.)
Bourjoia, Inc., $2H preferred (quar.)
Bourne Mills
(quar.)
Brewer (O.) & Co.
(monthly)
Monthly
Bristol-Myers Co. (quarterly)
Telep., 6% preferred
Broadway Dept. Stores, 7% pref. (quar.)
Dec. 31 Dec.
Feb.
Jan.
Feb. 15 Jan.
Apr.
Feb.
Feb.
Feb.
17
Feb.
21
Jan.
17
17
8
Feb.
8
15
20
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
15
Jan.
20
Jan.
20
15 Jan.
Jan.
31
15
Jan.
15
Jan.
15
Jan
15
Jan.
Jan.
15
20
Apr
July
June 20
Oct.
Sept. 20
Jan 2'37 Dec. 20
Feb.
1 Jan, 16
Feb.
10 Jan.
31
Feb.
Feb.
29 Feb.
20 Jan.
31
Feb.
Jan.
Jan.
15
15
Feb.
Feb.
Feb.
20c
Feb.
15
5
20c
Feb.
Dec. 31
Dec. 31
15c
Feb.
Jan.
Mar.
15
15
51 H
20
43 He
Feb.
Feb.
Jan.
37 He
Feb'.
1 Jan.
10c
Feb.
15 Feb.
5
10c
preferred
May 15 May
Aug. 15 Aug.
5
10c
10c
Century Ribbon Mills, pref. (quar.)
Century Shares Trust tsemi-ann.)
Cerro de Pasco Copper Corp
51H
45c
—
51
(quarterly)
30c
Chain Store Investment, preferred—
Charis Corp. (quar.)
Chase National Bank com.
15
5
Nov. 16 Nov.
5
Mar.
2 Feb. 20
Feb.
Feb.
10
Jan.
Jan.
15 Feb
Feb
16
1
51H
Jan.
16
Feb.
Jan.
28
Feb.
Feb.
Jan.
24
$15*
i
Feb.
37 He
70c
50°
(s.-a.)
Cherry-Burrell Corp. (quar.)
loioiiou
Preferred \uuai •/*....«
(quar.)
Chestnut Hill RR. Co. (quar.)
Chicago Electric Mfg. Co., pref. A
Chicago Yellow Cab (quar.)
Chile Copper Co
Feb.
Jan.
24
75c
]
Jan.
Mar.
Feb.
18a
3 Feb. 20
1 Jan.' 27
Feb. 20
Mar.
Feb.
28 Feb.
8
Feb.
Aug.
1 Jan.
1 July
20
20
Feb.
1 Jan.
Feb.
Feb.
Jan.
Jan.
25
15
16
20
1 Feb.
10
Cincinnati Inter-Terminal RR—
1st guaranteed preferred
1st guaranteed preferred
(s.-a.)
1
(s.-a.)
Cincinnati Street Ry. (resumed)
City of New York Insurance
City Union Corp. (resumed)
City Water Co. of Chattanooga, 6% pref.(quar.)
Cleveland & Pittsburgh Ry., reg. gtd. (quar.)-J
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
j
Cluett, Peabody & Co., Inc. (quar.)
1
Coast Breweries
(quar.)
Colgate-Palmolive-Peet (quarterly)
—
-
Feb.
9
May
1 Aug. 10
Dec.
1 Nov. 10
Feb.
1 Jan.
21
Feb.
1 Jan.
Mar.
(quarterly)
Columbia Gas & Electric, 6% pref. (quar.)
5% preferred (quarterly)
conv.
1
Sept.
Preferred
5%
Jan.
Mar.
June
-
1 Feb.
17
6
1 Mar.
Apr.
5
Feb. 15|Jan. 20
Feb. 15 Jan. 20
preferred (quar.)
(semi-annual)
Feb.
Columbia Pictures Corp.
Semi-annual
15 Jan.
3 Jan.
52 M convertible preferred (initial)
Columbia Rail, Power & Light Co., 6H%
pf-(Qu)
Commercial National Corp
(liquidating)
Commonwealth Edison (quar.)
23
1 Jan.
Feb.
Feb.
20
3 July
15 Feb.
Feb
Aug.
-
15
23
3
Feb.
1 Jan.
Commonwealth Utilities Corp. 6H% pf. C (qu.)
15
Mar.
2 Feb.
15
Community Public Service, initial (quar.)
Feb.
1 Jan. 25
Feb. 15 Jan. 31
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Mar.
2 Feb. 15
—
Concord Gas Co., 7% preferred
Connecticut Light & Pow. Co.,
5H %
pref. (qu.)
6H% preferred (quarterly)
Connecticut River Power Co., 6% pref
Consolidated Chemical Industries A (quar.)
Consolidated Cigar, 7% pref. (quar.)
Feb.
1 Jan.
15
Mar.
14
15
2 Feb.
b.
b.
15 Feb.
2
b.
1 Jan.
l'Jan.
11
23
»r.
b.
tr.
b.
b.
$3^
30c
———
Series A
Series B„
Diamond Ice & Coal Co.,
7% preferred
Diamond Match Co
14
14
15
1 Mar. 14
l'Jan. 15
2 Feb. 15
1 Mar. 14
15 Jan. 25a
ir.
Preferred (quarterly)
Davenport Water Co., 6% pref. (quar.)———
Dayton Power & Light, 6% preferred (monthly)
Delaware & Bound Brook RR.
(quar.)
DeMets, Inc., preferred
Dennison Mfg. Co
Deposited Insurance Shares, series A.
17
27
29
14
kr.
3c
(semi-ann.)
15
Mar. 15 Feb.
Apr.
1 Mar.
r.
1 Mar.
r.
1 Mar.
>r.
1 Mar.
b.
1 Jan.
—
Quarterly
15
l'Jan.
Mar. 16 Feb.
Feb.
I Dec.
55 preferred (quarterly)
Consolidated Oil, 55 pref. (quar.)
Consumers Power Co., 55 pref.
(quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Continental Can Co., Inc. (quar.)
Continental Steel, preferred
Coon (W. B.) Co., 7% pref.
(quar.)
Corn Exchange Bank Trust
(quar.)
Crandall McKenzie & Henderson (quar.).
Cresson Consolidated Gold Mining &
Milling—
2 Feb.
Feb.
Prior preferred
(quar.)
Consolidated Gas (N. Y.)
Preferred
20
Feb. 15 Feb.
Mar.
2 Feb.
25c
Quarterly
Quarterly
Belt
27
118
—
Centrifugal Pipe Corp. (quar.)
Quarterly
Chain
1 Dec.
Feb.
50c
Voting trust certificates (quar.)
Initial
Extra
20
30c
50c
29
50c
Central Mississippi Valley Electric
Prop
6% preferred (quar.)
Central Power & Light Co., 7 cum. preferred--
21
25 Feb.
Mar. 25 Mar.
Mar.
Feb.
Mar.
Feb,
Feb.
Tan.
53 H
h%2
Central Illinois Security preferred
24
31
Mar. 20
15 Feb.
1
Jan. 20
25c
51 H
Mar. 16 Feb.
Feb.
1 Jan.
Feb. 29 Feb.
si yA
(quar.)
Curtis Mfg
15
1 Mar. 14
35c
15
1 Mar. 14
51H
81!M
51 %
Tractor
Celluloid Corp., 1st preferred
Central Arizona Light & Pow., $7
pref
56 preferred (quar.)
Central Cold Storage (quar.)
Central Hudson Gas & Electric
Corp. (quar.)
15
1 Jan.
Apr.
Apr.
40c
37Hc
IH%
60c
Crowell Publishing Co., 7% pref.
Cuneo Press (quarterly)
1
1 Jan.
15
lc
Co
25
Feb.
Blauner's, Inc. (quarterly)..
Preferred (quarterly).
Extra
British Columbia
Apr.
Feb. 15
Mar. 16
Jan
_
conv.
18
18
14
Tan.
Feb.
American Light & Traction
Preferred (quarterly)
American Machine Sc
Foundry,
American Paper Goods
(quar.)
American Re-Insurance
American Reserve Insurance
15
Jan.
Jan.
American Chicle (quar.)_
Extra—
American Cities Power &
Light, A (quar.)
American Coal Co. of
Quarterly
Feb.
Feb.
Feb.
Mar.
Feb.
American Can (quar.)
Extra
Blue Ridge Corp., $3
Bloch Bros. Tobacco
15
"45c
uar.)
Preferred (quar.)
Aloe (A. S.) Co.
(quar.)
Aluminum Goods Mfg.
(quar.)_
American Business Shares, Inc.
Preferred
15
Tan.
Jan.
Jan.
Feb.
Feb.
Feb.
$2
Allied Kid
(quar.)
Class A (q
Co.,
Feb.
$1H
Alaska Packers Association
(quarterly)
Allied Chemical &
Dye Corp. (quar.)
Allied International
Investment Corp.—
$3 convertible preferred
Amoskeag
n
Mar.
Feb.
Feb.
%1H
1
1 Jan.
1 Jan.
3Hc
Caterpillar
cum.
Feb.
15 Feb.
r51
7% preferred (quar.)
7% preferred (quar.)
6%
22
Feb.
20c
Feb.
Apr.
22
Feb.
r$l
10c
Capital Management
Mar.
Mar.
50c
10c
Williamsport Water Co., $6 pref. (quar.)
Worcester Salt Co.,
6% pref. (quar.
& Tube, preferred
Preferred
&
10
Feb. 14
Mar. 16
Feb. 15
25c
Youngstown Sheet
(monthly)
Agnew-Surpass Shoe Stores (s.-a.)
Dredge
Canadian Investment Corp., Ltd.
(quar.)
Canadian Investment Fund
(quar.)
Extra
15
1 Jan.
1 Jan.
Feb.
15c
r50c
Carnation Co., 7% pref. (quar.)
7% preferred (quar.)
Class A
$1M
29 Jan.
Feb.
51H
51 H
(quar.)
Dock
10c
Weston Electrical Instrument
Corp
Westvaco Chlorine Products
(quar.)
Will & Baumer Candle
Co., Inc
Preferred (quar.)
Preferred (quar.)
Affiliated Products
(quar.)
1
1 Feb. 21
2
1 Mar.
Apr,
Feb.
$1X
50c
Preferred
15 Apr.
Apr.
Mar.
75c
51
—
Canadian Converters Co.
Feb.
51 H
$i y<
Bonus
15
Mar. 20
Feb. 29
Feb. 10
Apr.
10c
75c
*
17
—
17
Feb. 15
Jan. 31
Feb.
(monthly)
15
Holders
Payable of Record
Brooklyn-Manhattan Transit Co., pref. (quar.)
Brooklyn Teleg. & Messenger (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co., A
(s.-a.)
Buckeye Steel Castings, 6H% pref. (quar.)—
6% preferred (quarterly)
Buffalo Ankerite Gold Mines
(quar.)
Buffalo, Niagara & Eastern Power, 1st pf. (qu.)
Bullock Fund, Ltd
Calamba Sugar Estates (quar.)
7% preferred (quar.)
California Packing (quar.)
Calgary Power, preferred (quar.)_
Campbell, Wyant & Cannon Foundry
Canada Southern
Ry. (semi-ann.)
Canada Starch Co., Ltd.,
pref. (semi-ann.)
Canada Vinegars, reduced
(quarterly)
Canadian Bronze Co.,
Ltd., common (quar.)
May 15
15c
& Electric
5% preferred (semi-ann.)
5% preferred (quar.)
5% preferred (quar.)
Wellington Fund (quar.)
14
1936
1
When
Name of Company
_
Mar. 31 Feb.
Mar. 31 Feb.
Preferred (quar.)
United States Playing Card
(quar.)
Extra
Feb.
Holders
Payable of Record
37 He
(quar.)
Chronicle
81H
50c
82
55c
h% 2
6^c
"tiTs
ljJan.
15
Feb. 15'Jan.
Feb.
l|Jan.
Feb.
1 Jan.
Mar. 14 Feb.
Feb.
l.Jan.
31
24
Feb.
Feb.
1 Jan.
Feb.
Feb.
Feb.
Feb.
20 Feb.
1 Jan.
1 Jan.
May
Feb.
Feb.
(quar.)_|
Mar.
25c
25c
(semi-annual)
75c
Preferred (extra)
25c
Dictaphone Corp..
75c
Preferred (quarterly)
82
Diem <fe Wing Paper
Co., 7% preferred (quar.).
%IH
Distillers Co.. Ltd. (interim).-.
x w7H%
Dividend Shares. Inc.
(quar.)
2 He
Dome Mines Ltd.
(quar.)
Domestic Finance Corp., $2
pref. (quar.)
50c
Dominguez Oil Fields Co. (monthly)
15c
Dominion Bridge
(quar.)
r30c
June
l'Jan.
1 Jan.
2
1 Mar. 16
1 Jan.
1 Jan.
2 Feb.
1 May
June
1
Mar.
2 Feb.
1 May
June
18
29
15
20
20
18
24
20
Mar. 2
Mar.
2
Feb. 15
Feb.
8
Feb.
1
12
25
15
15
May 15
15
15
Feb.
14
Feb.
14
Jan.
31
14
15
Jan.
Jan.
Apr. 20 Mar. 31
Feb.
1 Jan. 24
Feb.
1 Jan. 24
Feb. 15 Jan. 31
t
50c
'Dow Chemical Co
H Preferred (quarterly)
Dow Drug (special)
'IS
—
Duplan Silk (semi-ann.)
Duquesne Brewing Co. (quar.)
$6 preferred
$03$ pref. (quar.)_
$1*|
$134
(quarterly)
Mar.
Mar.
18c
(quar.).
Apr.
25c
Eastern Township Telep. Co. (quarterly)
Eaton Manufacturing
1 Feb.
1 Feb.
Feb.
$1,125 Apr.
Apr.
$134
pref. (quar.)
(quar.)
6% preferred
Feb.
31
1 Dec. 31
1 Mar. 14
1 Mar. 14
15c
Eastern Bond A Share series B (quar.)
Eastern Gas & Fuel Assoc. prior
7% preferred (quar.)
Utilities, 6% pref. (quar.)
$7 junior preferred (quarterly)
Illuminating & Power Security Corp.—
7% preferred (quar.)
8
15 Feb.
20 Feb.
Feb. 15 Feb.
Feb.
1 Jan.
Feb.
Feb.
Extra
1
21
10
1 Jan.
Final
-
Extra.
.
Feb.
Electric Bond A Share Co., $6 pref. (quar.)
$5 pref. (quar.)
Electric Shareholdings, $6 preferred
Elizabeth A Trenton RR. Co. (seml-ann.)
Feb.
1 Jan.
Feb.
Mar.
1 .Tan.
2 Feb.
Apr.
1 Mar. 20
International Harvester
Oct.
1 Sept. 20
1 Mar, 20
International
1 Sept. 20
2 Feb. 20
tlX
50c
9c
$i
$13*
Semi-annual
5% preferred (semi-annual)
5% preferred (semi-annual)
Ely A Walker Dry Goods (quar.)
Emerson Drug, class A and B (quar.)
Preferred (quar.)
Empire <fc Bay State Teleg., 4% gtd. (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Eppans Smith Co. (semi-ann.)
%\&
40c
50c
$1
*
Erie A Ralamazoo RR. Co
Erie A Pittsburgh RR. Co., 7%
gtd. (quar.)—
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
si
$2
c$l 34
87 He
87 He
87 He
87 He
Apr.
Oct.
Mar.
Apr.
1 Feb.
Sept.
Dec.
1 Aug. 21
1 Nov ,?21
Jan.
Feb.
Mar. 10 Feb.
29
10 May 29
Sept. 10 Aug. 31
June
Dec.
10 Nov. 30
Feb. 29
Guaranteed betterment (quar.
Guaranteed betterment (quar.
80c
Mar.
80c
June
Guaranteed betterment (quar.
Guaranteed betterment (quar.
80c
Sept.
May 29
Aug. 31
80c
Dec.
Nov. 30
$1
Feb.
Jan.
Apr.
Mar. 14
Eureka Pipe Line (quar.)
European A North American Ry. (s.-a.)
Semi-annually
Faber Coe A Gregg, Inc. (quar.)
7%
m
20
Feb.
Jan.
Mar.
Feb.
11
Feb.
Jan.
Feb.
Feb.
Jan.
31
28
Jan.
28
20c
(initial)
Fansteel Metallurgical Corp., $5 pref. (quar.)—
$5 preferred (quarterly)
—_
$5 preferred (quarterly)
$5 preferred (quarterly)
Farmers A Traders Life Insurance (quar.)
Federa 1 Knitting Mills (quar.)
Fibreboard Products. Inc., 6% pref. (quar.)
tlX
SIX
tlX
tlH
$2 H
Mar. 31 Mar. 14
June 30 June 15
Sept. 30 Sept. 15
15
Dec. 31 Dec.
Feb.
1 Mar. 11
1 Jan. 15
Feb.
1 Jan.
16
50c
Jan.
31 Jan.
24
50c
Fidelity A Deposit of Md. (quar.)
Fidelity Fund
Firestone Fire A Rubber, pref. (quar.)
Fourth National Investors Corp
Fox (Peter) Brewing Co
Franklin Fire Insurance (quar.)..
Feb.
1 Jan.
1 Feb.
20
6m
tlx
Apr.
Mar.
75c
Apr.
25c
15
1 Jan. 20
2 Mar. 16
1 Jan. 20
Feb.
25c
Feb.
General Stockyards (quar.)
pref. (quar.)
50c
Feb.
$2
Apr.
$134
Feb.
1 Jan, 20
15 Jan. 31
1 Mar. 16
1 Jan. 20
25c
Mar.
2 Feb.
6
25c
June
1 May
25c
Sept.
7
6
25c
Dec.
1 Aug.
1 Nov.
htlH
e50%
Feb.
10c
38
5
20
Feb.
1
3 Jan.
1 Jan.
Mar.
1 Feb.
25
Apr.
1
Feb.
15
15c
1
Feb.
1 Jan. 20
Mar. 31 Mar. 21
June 30 June 20
15c
Sept. 30 Sept. 20
h$2
25c
15c
15c
July
Dec. 31 Dec. 21
1 Jan.
15 Feb.
Feb.
$134
3734c
Feb.
20c
Feb.
1234c
tlX
$134
fc37J4c
8734c
$134
17
1
1 Jan. 25
6
1 Mar.
Apr.
15 Feb.
2 Feb.
Feb.
Mar.
Feb.
Feb.
1 Jan.
$20
5
10a
27 Feb.
27 Feb.
15 Feb.
25c
Feb.
Feb.
1
1
10
15
25
20
Feb.
1 Jan.
SI X
Feb.
$134
Feb.
1 Jan.
1 Jan.
25c
Feb.
1 Jan.
15
15c
Feb.
Feb.
1 Jan.
29 Feb
15
40c
$134
Apr.
Feb.
tlX
May
Feb.
20
7
1 Mar. 20
1 Dec. 20
1 Apr.
20
25c
25c
15 Feb.
May 15 May
5
5
25c
Aug. 15 Aug.
5
25c
Nov. 16 Nov.
Mar.
Mar.
5
Feb.
Jan.
20
1 Jan.
31
17
Feb.
27
15 Jan.
Feb.
$1X
tlx
Jan.
Feb.
$1
$13*
20
25c
Feb.
Jan.
Mar.
Lee Rubber & Tire Corp
Leonard Custom Tailors Co
Feb.
Jan.
15a
15
June
10c
1 Jan.
Feb.
Feb.
20
Feb.
$134
htlH
Jan.
Feb.
25c
15 Jan.
75c
Feb.
Feb.
$13*
Feb.
Feb.
Feb.
3 Jan.
15
15
Feb.
1 Apr.
1 Jan.
15
Feb.
1 Jan.
18
Apr.
July
1 Mar. 25
Oct.
Landis Machine Co.
1 June 24
2 Feb.
1 May 22
15 Jan.
27
Lerner Stores 634%
Libbey-0wens-Ford Glass (quar.)
1 Jan.
10 a
Life Savers
1 Jan.
1 Jan.
15
Jan.
10
Feb.
10
1 Jan.
15
1 Jan.
24
Feb.
1 Jan.
15 Feb.
1 Feb
2
1
14
Feb.
14
Feb.
14
Feb.
7
Feb.
Feb.
4
Loblaw Groceterias, class A A B
Feb.
Feb
4
Loew's Boston Theatres
Great Lakes Steamship
50c
Mar. 28 Mar. 18
$1
Feb.
Great Western Electro-Chemical Co
80c
Feb.
Feb.
25c
15
Jan.
25
5
Feb.
Jan.
25c
Feb.
Jan.
15
Preferred (quar.)
Greenfield Gas Light, 6% preferred (quar.)
tlX
Feb.
Jan.
15
75c
Feb.
Greyhound Corp., preferred A (quar.)
Gude Winmlll Trading Corp
Guelph Carpet A Worsted Spinning Mills—
634% preferred (quar.)
Gurd (Chas.) preferred (quar.)
Hale Bros. Stores, (quar.)
Hanna (M. A.) Co., preferred (quar.)
Hart-Carter Co., $2 conv. pref. (quar.)
$2 convertible preferred
Hartford A Connecticut Western RR., 2% pref.
$15*
Apr.
Mar. 22
$2
Feb.
Jan.
10
$154
$15*
Feb.
1 Jan.
20
Feb.
15 Feb.
Jan.
15
1
2 Feb.
15
tlX Mar.
1 Feb.
15
50c
Mar.
2 Feb.
15
ht IX
Mar.
2 Feb.
15
Feb.
Feb.
20
685*c
Feb.
Jan.
15
75c
Feb.
Feb.
1
htOX
Feb.
Jan.
10
10
15c
$1
(semi-annual)
Hartford Electric Light (quar.)
Hartford Times, Inc., S3 pref. (quar.)..
preferred
Mar.
$154
Feb.
Jan.
Hawaiian Commercial Sugar
75c
Feb.
Feb.
5
Hecla Mining (quarterly)
10c
Feb.
Jan.
15
Heilman (G.) Brewing (quar.)
15c
Feb.
Feb.
1
10c
Feb.
Feb.
1
15*%
Feb.
Feb.
4
75c
$1
$1
Feb.
Jan.
25
Feb.
Jan.
25
Feb.
Jan.
25
'
Extra
.Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quarterly)
Conv. preferred (quarterly)
Conv. preferred (extra)
Hibbard, Spencer, Bartlett & Co., (mo.)
Monthly
Hollander (A.) A Sons (quar.)
Holly Sugar, 7% preferred
7% preferred (quarterly)
Holt Henry A Co.. Inc., $1.80 cumul. A
Home Insurance (quar.)
;
—
Homestead Fire Insurance (s.-a.)
Honolulu Plantation Co. (monthly)
Border's, Inc. (quarterly)
•Hormel (Geo. A.) & Co. (quar.)
(quarterly)
Horn A Hardart Co. (N. Y.) (quar.)
Home (Jos.) Co. preferred (quar.)
Jan.
15
Feb.
Feb.
10
,
Mar.
Jan. 31
Feb. 28
40c
Mar.
Feb.
1
Feb.
17
Extra
17
1 Jan.
23
May
Aug.
1 Apr.
25
25
1 July
2 Oct.
1 Jan.
Nov.
Feb.
—
27
20
2 Feb. 15
1 Mar. 14
Mar.
Feb.
1 Jan.
17
Feb.
—.
—
1 Jan.
2 Feb.
1 Jan.
25
Mar.
(quar.)
Feb.
(quar.)
Feb.
Loew's, Inc., $634 pref. (quar.)
Feb.
15 Jan.
15 Jan.
17
14
31
15
—
Feb.
New 5% preferred (quar.)
Lord A Taylor, 1st pref. (quar.)
27
1 Mar. 18
2 Feb. 17
Mar.
Feb.
31
1 Jan.
17
Feb.
pref
Light pref. (quar.)
Louisville Henderson & St. Louis Ry. (s.-a.)—
Preferred (semi-annual)
Louisville & Nashville RR
Lowbeck Corp. 6% preferred (quar.)
Ludlum Steel Co., com. (quar.)
Macy (R. H.) A Co. (quar j
Madison Square Garden
Magnin (I.) & Co., $6 preferred (quar.)
$6 preferred (quar.)
16 preferred (quar.)
$6 preferred (quar.)
Mahoning Coal RR. (quar.)
Marine Bancorporation (quar.)
Massachusetts Bonding & Insurance Co. (quar.)
17
15 Jan.
Feb.
Louisiana Power A
1 Jan.
Feb.
(quar.)
Los Angeles Gas & Elec., pref. (qu.)
Louisiana A Missouri RR., 7% guar,
15
1 Jan.
Apr.
;
1 Jan.
Feb.
634% preferred (quar.)
Loose-Wiles Biscuit (quar.)
2d preferred
Feb.
Feb.
Mar.
1 Jan.
15 Feb.
15 Feb.
15
Feb.
Feb.
Feb.
Feb.
Feb.
1
1
25 Tan. 30
1 Jan. 21
5a
15 Feb.
2 Feb.
7
Feb.
28 Feb.
14
Feb.
15 Feb.
1
Mar.
1
May 15 May
Aug. 15 Aug.
Nov. 15
1
Nov.
1
Feb.
Jan.
15
Feb.
Jan.
21
Feb.
Jan.
25
May
Apr. 25
Feb.
Jan.
1
Feb.
Jan.
15
Feb.
Jan.
15
Jan.
15
15
Feb.
Jan.
31
McGraw Electric Co
Feb.
1 Jan.
Jan.
15
Mar.
2 Feb.
1
Feb.
Jan.
15
Mclntyre Porcupine Mines (quar.)
McKesson A Robbins, preferred (special
Mar.
Feb.
28
Feb.
1 Jan.
24
Jan.
15
Feb.
Jan.
31
Jan.
21
preferred (initial)
McLellan Stores Co., 6% pref. (new)
Meadville Telephone Co. (quar.)
Melville Shoe (quar.)
1st pref. (quar.)
2d pref. (quar.)
Merchants Refrigerator Co. of N. Y., $7 pref—
Metal A Thermit Corp. (quarterly)
Metropolitan Industries, 6% preferred (quar.)
Michigan Bakery, $7 preferred
Mar. 15 Feb.
Jan.
10
15
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
17
17
17
Feb.
Jan.
24
Mar. 20
Feb.
Jan.
h 10c.
25c
Feb.
5c
Feb.
50c
Feb.
15c
Feb.
Jan.
31
15c
Feb.
Jan.
20
25c
Feb.
Feb.
1
Feb.
1
40c
Feb.
Feb.
Jan.
11
tin
Feb.
Jan.
24
Preferred A
Feb.
25c
Feb.
Mar.
tlX
12 He
h$5X
tlX
Feb.
21
Feb.
10c
(quar.)_
5
1X%
Quarterly
Massawippi Valley RR. (s.-a.)
Maytag Co., $3 preference
$3 pref. (quar.)
„
1st $6 pre? (quar.)
McCall Corp., common (quar.)
McClatchy Newspaper, 7% pref. (quar.)
7% preferred (quar.) —
7% preferred (quar.)
7% preferred (quar.)
10c
-
Hinde A Dauch Paper Co., 6% pref. A
Dec.
Liquid Carbonic (quar.)
Lone Star Gas
:
Dec.
iYi
Apr.
Mar.
Great Northern Iron Ore Prop.—
Certificates of beneficial interest
L.) (quar.).4
5
Preferred (quar.)
Mar.
Mar.
Sept.
Link Belt
Feb.
Feb.
Feb.
5
Sept.
—
(quar.)
Liggett A Myers Tobacco Co.—
Common and common B (quar.)—
Common and common B (extra)
Lincoln National Life Insurance (quar.)_
Quarterly
Quarterly
Quarterly
'
Lincoln Printing, preferred (quar.)
6
5
June
Mar.
Lexington Utilities 634% preferred——
Feb.
Mar.
il'4
June
50c
20
31
1234c
tlX
Feb.
pref. (quar,)
60c
21a
65c
14
25c
Extra
•
21a
1 Jan.
18
20
25c
Extra
1 Jan.
Feb.
Feb.
1 Jan.
$134
(quarterly).
...
Great Lakes Dredge A Dock Co. (quar.)
•
13
Feb.
76c
tlH
SI X
tlX
Preferred
.
2
13
1 Jan.
1 Jan.
1 Sept. 25
1 Jan. 20
0c
Extra
Hat Corp. of America
Preferred (quar.)
Feb.
Feb.
30c
Great Atlantic A Pacific Tea (quar.)
'
Feb.
Feb.
hl\Z
tlx
$0.15
•Grand Rapids Metal craft Corp
i
18
5
29
15c
3Uc
1 Jan.
2 Feb.
20c
...
Globe A Rutgers Fire Ins.. 2nd pref
Gold Dust Corp. (quar.)
•
1 Jan.
2 Feb,
Mar. 20 Feb.
Feb.
1 Jan.
$13*
tlX
Feb.
Mar.
May
25c
tlX
(quarterly)
Glrard Life Insurance
•
Feb.
Mar.
25c
General Metals (quar.).
General Mills, Inc., com. (quar.)
General Motors. S5 preferred (quarterly)...
•
3
Mar. 20 Mar. 12
Feb. 10 Dec. 20
$1H
(quar.)
General Foods (quar.)
General Hosiery Co., 7% pref. (quar.)
Extra
2 Feb.
Mar.
45c
Preferred
Green (H.
31
tlX
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Froedtert Grain A Malting, pref. (quar.)
Frost Steel A Wire Co., 7% 1st preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.)..
7% preferred (quar.)
Gardner-Denver, preferred (quarterly)
General Baking Co
General Cap Corp., registered
General Cigar (quarterly)
Preferred (quar.)
^
Genesee Brewing, A. A B. (quar.)
Gillette Safety Razor Co., $5 conv.
15 Jan.
$134
(quar.)
7% preferred
Feb.
7% preferred (quar.)
(quar.)
Quarterly
Quarterly
Quarterly
Preferred (quarterly)
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Lane Bryant Inc. 7% preferred (quar.)
Lansing Co. (quarterly)
—
Lawson Realty Co., 7% preferred (quarterly)__
Lazarus (F.&R ) Co., 634% pref. (quar.)
5c
Extra
Freeport Texas
Preferred
20
40c
Fairey Aviation. Ltd., Araer. shares
Fall River Gas Works (quarterly)
•
15
Jan.
8c
Fairbanks Morse, new 6% pref. (quar.)_
•
Feb.
Feb.
tlX
tin
Fair (The), preferred (quar.)
•
Sept. 14
Mar.
$1H
preferred (quarterly)
Famise Corp., common
15
Oct.
50c
tlX
-
25
25
16
16
35c
(quarterly)
International Utilities Corp., $7 pref. (quar.)—
t3H preferred (quar.)
Interstate Dept. Stores, 7% pref. (quar.)
Interstate Hosiery Mills. Inc
Intertype Corp., 1st preferred
Investors of Washington, Inc., $6 pref. (s.-a.) —
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
Quarterly
Jackson A Curtis Security Corp., $6 pref
Jacobs (F. L.), Inc
—
Jantzen Knitting Mills (quar.)...
7% preferred (quarterly)
Johnson Publishing, 8% preferred—
8% preferred.
Kalamazoo Stove (quar.)
Kalamazoo Vegetable Parchment Co
Quarterly
Quarterly
Quarterly
Kansas City 8t. Louis A Chic. RR., pref. (qu.)Kayser (Julius) & Co
Kekaha Sugar Co. (monthly)
Kolvinator Corp. (quar.)
Kelvinator of Canada, 7% pf. (quar.)
Kendall Co. cum. A partic. pref. A
Kentucky Utilities Co., 7% junior preferred
7% junior preferred (quar.)
Keokuk Electric Co., 6% preferred (quar.) —
Ring Royalty
Kings County Trust (quar.)
RIein (D. Emil). preferred (quarterly). —
Kokomo Water Works, 6% preferred (quar.) —
Kress (S. H.) A Co. (quar.)
Special pref. (quar )
Kroger Grocery A Baking (quar.)...
6% preferred (quar.)
1 May 21
Jan.
15c
Mining
Preferred
19
Mar.
June
Feb.
45c
tlX
International Nickel Co. of Canada, pref. (qu.
1 Jan. 24
1 Mar. 14
Feb.
3%
International Business Machines, stock dividend
preferred (quar.)
15
Jan.
Jap.
734%
9%
International Cigar Machinery (quar.)
5
20
15
Jan.
Feb.
Insuranshares Certificates, Inc. (s.-a.)
6
31
Jan.
Jan.
Feb.
International Printing Ink (quar.)
M
Jan.
Feb.
Ingersoll-Rand
10
6
Edison Electric Illuminating of Boston
20
Feb.
Imperial Tobacco of Gt. Britain A Irleland—
15 Dec. 31
1
15 Feb.
1
15 Feb.
15
15
Jan.
Feb.
Illinois Northern
10
Jan.
Jan.
Feb.
1 Jan.
1
Feb.
Holders
When
Payable of Record
Feb.
Feb.
Feb.
Lighting A Power, 7 % pref
6% pref. (quar.)
Hussmann-Ligonier Co. conv. pref. (quar.)
Hutchinson Sugar Plantation (monthly)
Hydro-Electric Securities, pref. B (s.-a.)
Idaho Power, $6 preferrred (quar.)
Houston
1
15 Feb.
Feb.
50c
Eagle-Picher Lead, preferred
Eastern Shore Public Service,
Feb.
Share
Name of Company
Payable of Record
1234c
ht in
—
Per
Holders
When
Per
Share
Name of Company
731
Chronicle
Financial
Volume 142
,
Feb.
Feb.
Jan.
15
Feb.
28 Feb.
28
May 30 May 30
Aug. 31 Aug. 31
Nov. 30 Nov. 30
common
New $3
37&
20
Feb.
Jan.
20
Feb.
Jan.
21
Feb.
Jan.
24
732
Financial
Per
Name of Company
Share
Michigan Public Service Co.. 7% preferred
6% preferred
Mill City Petroleum (initial)
Sl.3\X Feb.
Jan.
15
Jan.
15
31
5c
SIX
$2
$1
Feb.
Feb.
50c
Minnesota Valley Canning Co., 7% pref
Mississippi Power & Light, $6 preferred-Modine Mfg
Feb.
h
Jan. 15
Jan.-25
Feb.
Jan.
Feb.
25c
Extra
Feb.
$1
Monogram Pictures Corp (quar.)
Monsanto Chemical (quarterly)
Jan.
Jan.
15c
Mohawk Hudson Power, 1st pref
Mar.
25c
Montana Power, preferred (quarterly)
Montgomery & Erie RR. (semi-annual)
Montreal Light, Heat & Power Co. (quar.)____
Moody's Investors Service $3 part. pref. (quar.)
Morris Plan Co. of R. I. (Providence) (quar.)—
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Quarterly
Mortgage Corp. of Nova Scotia (quar.)
Motors Products, old stock
New stock (initial)
New stock (quarterly)
Mullins Mfg. Corp., $7 pref. (quar.)
Muskogee Co., 6% cum. pref. (quar.)
Nash Motors (quarterly)
National Automotive Fibres, cl. A (qu.)
Class A (extra)
National Bearing Metals Corp
7% preferred (quar.)
National Biscuit Co. (quar.)
Preferred (quar.)
National City Bank of N. Y. (s.-a.)
Preferred, non-RFC holders (s.-a.)
Preferred, RFC holders (s.-a.)
National Distillers Products (quar.)
National Founders, $3X pref. A (quar.)
National Investors, 5H% pref
National Lead, preferred B (quarterly)
National Liberty Insurance (s.-a.)
-
15
20
15
Feb" ~25"
Mar.
Feb.
25
$1**
17*4c
Feb.
Jan.
10
May
$2
75c
Feb.
Apr. 30
Jan. 31
Feb.
Feb.
1
$1
$1
$1
Feb.
Jan.
Mar.
Feb.
17
24
$1
$1
IX
3%
elOOVo
-
-
50c
50c
June
Sept.
May 27
Aug. 27
Dec.
Nov. 26
Feb.
Jan.
Feb.
Dec.
24
20
Mar. 20
June
June 20
Feb.
10
Mar.
__
Mar.
Mar.
Feb.
15
25c
Feb.
Jan.
18
25c
Feb.
Jan.
10
12*4c
Feb.
Jan.
Mar.
Feb.
10
17
SIX
Feb.
Jan.
20
40c
Apr.
Mar. 13
Feb.
Feb.
Jan.
20c
Feb.
Feb.
14
18
Jan.
Feb.
18
Jan.
Jan.
Feb.
18
15
Feb.
Jan.
25
Feb.
Jan.
25
Feb.
(quarterly)
17
Feb.
1
Feb.
Oats
Jan.
Feb.
Extra
National
Jan.
Feb.
Feb.
1
Mar.
Feb.
21
National Power & Light. $6 pref. (quar.)
National Tea Col pref. (quar.)
Feb.
Jan.
4
Feb.
Jan.
13
Nation Wide Security Co., trust ctfs., series B
Neisner Bros. pref. (quar.)
Feb.
Jan.
15
Feb.
Jan.
15
Nevada-Calif. Electric. 7 % preferred (quar.)
Feb.
Feb.
North American Oil Consolidated
North Carolina RR. Co.. 7% gtd.
North River Insurance
Extra
Dec. 30
Feb. 17
Jan.
16
Feb.
Jan.
16
Feb.
Jan.
15
Feb.
Jan.
18
Feb.
Newberry (J. J.), preferred (quar.)
Newberry (J. J.) Realty Co., QX % pref. A
6% preferred B (quar.)
New England Grain Products Co., (quar.)
New England Water, Lt. & Pow.
Assoc.,pf.(qu.)
New Haven Clock Co., 6X% preferred
New Jersey & Hudson River Ry. & Ferry,
6%
Preferred (semi-annually)
New Jersey Zinc (quar.)
New Process Co. (quar.)
Preferred (quar.)
New York Merchandise (quarterly)
Norfolk & Western Ry., adj. pref. (quar.)
North American Edison Co., pref. (qu.)
Jan.
15
Mar.
(quar.)
cum.
pref. (monthly]
50c
-
Pullman, Inc. (quarterly)
Quaker Oats, preferred (quar.)
Quarterly Income Shares, Inc. (quar.)
Quebec Power (quar.)
Quincy Market Cold Storage & Warehouse Co.—
5% preferred
Railway & Light Security Co. (Dela.)
Preferred A (quar.)
Randall Co., class A (quarterly)
Reading Co. (quarterly)
First preferred (quarterly)
Second preferred (quarterly).
Reed (C. A.) Co., $2 preferred A.
Reliable Stores, first preferred.
First preferred
Reliance Manufacturing (quarterly)
Remington Rand, new 5% pref. (quar.).
$6 preferred (semi-ann.)
Republic Investors Fund, 6% pref
Rhode Island Public Service Co., class A
Rich Ice Cream Co., Inc. (quarterly)
Rich's, Inc. (quarterly)
Rich Insurance Co. of N. Y. (quarterly)
Richmond Insurance Co. of N. Y
(extra)
Riverside Cement Co., $6, 1st pref. (qu.)
Rochester Gas & Electric, 7% pref. B (quar.)—
6% preferred C and D (quarterly)
Rochester & Genesee Valley RR. (s.-a.)
Rockland Light & Power (quarterly).
-
.
Oct.
Jan2'37 Dec.
10
7 Mar. 10
7 June 10
6 Sept. 10
Apr.
July
Oct.
Jan 5 *37 Dec.
10
15
Mar.
1 Feb.
Apr.
1 Mar. 15
Feb.
Feb.
1 Jan.
1 Jan.
1 Jan.
Feb.
15 Jan.
Feb.
11
20
20
24
1 Jan. 15
1 Jan. 15
1 Jan. 25
2
Mar. 31 Mar.
Mar. 31 Mar.
2
Feb.
Feb.
Feb.
1 Jan.
10 Jan.
2
2
1
2
15
15
31
15 Jan.
24
Mar. 31 Mar.
Mar. 31 Mar.
Feb. 29 Feb.
Mar. 31 Mar.
Feb.
Feb.
Feb.
Feb.
Feb,
1 Jan.
Feb.
29 Feb.
1 Jan.
1
15
Feb.
15 Jan.
24
Feb.
Jan.
16
Feb.
Jan.
27
Feb.
Jan.
27
Feb.
Jan.
Feb.
Jan.
27
16
Mar.
Feb.
20
Apr.
Mar. 19
Feb.
Jan.
21
Mar.
Mar. 16
July
July
15
Feb.
Jan.
21
Apr.
Mar. 10
Mar. 10
16
Apr.
Feb.
Jan.
Feb.
Jan.
15
Feb.
Jan.
Feb.
Jan.
15
20
Feb.
Jan.
Feb.
1 Jan.
11
Feb.
Jan.
15
Mar.
Feb.
11
11
11
Mar.
Feb.
July
Feb.
June 15
Jan. 15
Jan.
1 Jan.
21
Stock trust certificates (quarterly)
Roos Bros. Inc. (Del.), $6*4 pref. (quar.).
Feb.
20
Feb.
Jan.
15
15
1 Jan.
24
Rosedale Gold Mines, Ltd
Feb.
Jan.
28
Feb.
Jan.
10
Feb.
Dec. 31
Dec. 31
Feb.
1 Jan.
24
Royalty Management Corp
llJan.
20
Russell Motor Car Co., 7% pref.
Feb.
19'Jan.
31
7% preferred
(quar.)..
(quarterly)
Feb.
Mar.
Feb.
15
Jan.
20
Jan.
20
St. Lawrence Flour Mills (quarterly)
Preferred (quarterly)
;
Feb.
Feb.
Feb.
Jan.
20
$3*4
Feb.
Jan.
20
San Carlos Mill Co.
Feb.
Feb.
Feb.
Jan.
3
15
Feb.
Jan. 15
Dec. 30
Mar. 10 Feb.
28
Mar. 10 Feb.
28
Feb.
Jan.
10
Mar.
Feb.
20
June
$1
$1
h IK
Sept.
May 19
Aug. 22
Dec.
Nov. 21
Mar.
Feb.
20
hSIX
Mar.
Feb.
20
fc45c
Feb.
Jan.
29
15c
Feb.
20 Feb.
10
20c
Feb.
15 Feb.
5
58 l-3c
Feb.
Jan.
15
50c
Feb.
Jan.
412-3c
Feb.
Jan.
$2
$2
Feb.
Jan.
15
15
20
May
Apr.
20
50c
Feb.
Jan.
20
20c
Feb.
20 Feb.
10
%2X
Feb.
20 Feb.
6
50c
Feb.
Jan.
21
25c
Feb.
Feb.
Jan.
21
Jan.
21
Feb.
Jan.
21
1st pref. (quar.)
SIX
SIX
SIX
Feb.
Jan.
30
10c
Feb.
Jan.
31
(quar.)
Paauhau Sugar Plantation (mo.)
Pacific American Fisheries, 5% pref.
(qu.)
Six
six
Feb.
Jan.
15
Feb.
Jan.
24
(quar.).
20c
Jan.
Jan.
15
15
Feb.
Jan.
15
(quar.).
16*ic
17*4c
37 Xc
Feb.
Feb.
Feb.
Feb.
15 Jan.
31
15 Jan.
Feb.
15 Jan.
31
20
Jan.
Hp
20c
Feb.
Feb.
Feb.
25c
Feb.
6*4 % preferred C (quar.)
7% preferred D (quar.)
34 He
Pa
60c
SIX
Pacific
$6 preferred
Pacific Public Service, 1st preferred
Pacific Southern Investors, class A
Pacific Tin Corp, special stock
-
18
18
Jan.
Jan.
15 Jan.
31
15
50c
Special stock, extra
Package Machinery Co. 7% 1st pref. (quar.)
Packard Motor Car (resumed)-Pan American Airways
Feb.
Jan.
20
50c
Feb.
Jan.
20
SIX
Feb.
Jan.
20
11 Jan.
15
10c
Jan.
20
Feb.
15
June
25c
—III——III
Parker Wolverine
Feb.
Feb.
Mar.
25c
Quarterly..
Quarterly
25c
25c
-
Parker Pen (quar.)
Sept.
May 15
Aug. 15
$1,125
37 Xc
Passaic & Delaware RR. (s.-a.)
Feb
Feb.
Feb.
Pemigewasset Valley RR. (semi-ann.)
Peninsular Telep., 7% pref. (quar.)
Penmans Ltd. (quarterly)
Preferred (quarterly)
Pennsylvania Glass Sand Corp., preferred
Pennsylvania Power Co., $6.60 pref. (mthly.)__
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania RR
-
Philadelphia Insulated Wire (s.-a.)
Philadelphia Suburban Water, preferred.
Phillips Jones Corp., preferred (quarterly)
Phillips Petroleum (quar.)
Extra
Phoenix Finance Corp., 8% pref. (qu.)—
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Pioneer Mill Co. (monthly)
Pitney Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie, (s.-a.)Pittsburgh & Lake Erie RR (s.-a.)
1 Jan.
21
Dec.
13
55c
Mar.
Feb.
20
20
45c
Feb.
20
Feb.
29 Jan.
22
Feb.
1 Jan.
15
Feb.
10 Jan.
20
Aor.
SIX
Feb.
50c
Feb.
SIX
SIX
Feb.
1 Mar.
2 Feb.
1 Jan.
1 Jan.
1 Jan.
29 Feb.
25
10
10
10
15
10
50c
Feb.
1 Jan.
Feb. 29 Jan.
Feb. 29 Jan,
Apr. 1] Mar.
50c
July
30
Oct.
30
31
21
5c
Feb.
75c
Apr.
Jan. 16
Mar. 14
25c
25c
50c
50c
15c
10 June
10 Sept.
Jan.10'37 Dec.
Feb.
Jan.
Feb.
Feb.
20
31
31
31
Dec. 27
Dec. 27
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
25
17
20
31
22
Feb.
Jan.
22
Jan.
Feb.
Extra
Servel, Inc., common
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shamokin Valley & Pottsville RR. (s.-a.).
Sharp & Dohme, preferred A (quarterly)
Shawinigan Water & Power (quar.).
Sierra Pacific Electric, pref. (quar.).
Signode Steel Strapping (quarterly).
Simpson's. Ltd., 6*4% preferred
Sioux City Gas & Electric, preferred (quar.)
Smith Agricultural Chemical Co. (quar.).
Preferred (quarterly)
Solvay American Investors, pref. (quar.).
South Carolina Power Co., $6 preferred (quar.).
Southern California Edison Co.. Ltd. (quar.)
Southern Canada Power Co. common (quar.)..
Southern Fire Insurance. New York (semi-ann.).
South Pittsburgh Water Co., 5% pref. (s.-a.)..
Spiegel May Stern (quar.)
6*4% preferred (quar )
6*4 % preferred (quar.)
Squibb (E. R.) & Sons. $6 pref. (quar.).
Standard Cap & Seal (quar.).
Standard Corp., Inc
Standard Steel Spring Co
Stanley Works, preferred (quar.)—
Steel Co. of Canada (quar.)
—
-
Extra
Preferred
(special)
Syracuse BInghamton & N. Y. RR. (quar.)
Tacony-Palmyra Bridge, 7X% pref. (quar.)
Telautograph Corp. (quar.)
-
Jan.
25
Feb.
Selby Shoe (quarterly)
Selected Dividend Shares, Inc.—
15
15
Feb.
-
Jan.
Jan.
10
Feb.
Common (extra)
Jan.
Feb.
_
Swift & Co.
24
25
Jan.
Mar.
Feb.
Feb.
5
1
Feb.
Mar.
Feb.
-
5
10
Feb.
25c
—
15 Feb.
15 Feb.
(monthly)
Savannah Sugar Refining Co. (quar.)
Preferred (quar.)
Schuyler Trust Shares, ord. reg
Schwartz (B.) Cigar Corp., preferred
Scott Paper Co., 7 % series A pref. (quar.)
Second National Investors Corp., preferred
Second Twin Bell Syndicate (monthly).-.
Securities Con>. General, $6 pref. (quar.).
$7 preferred (quar.)
Seeman Bros., Inc., common (quarterly)
(quarterly)
Stein (A.) & Co
Sterling Products, Inc. (quarterly).
Stouffer Corp., class A
Suburban Elec. Security Co., 6% 1st pref. (qu.)
Sun Oil Co.. common (quar.).
Preferred (quar.)
55c
7Xc
S3X
SIX
Philadelphia Co. 5% preferred (s.-a.)
1 Jan.
1 Jan.
Feb.
Feb.
Feb.
75c
-
Peoria & Bureau Valley RR. (s.-a.)
Petersburg RR. (s-a.)
20 Feb.
15 Feb.
Feb.
SIX
-
Penn Traffic
6%
Public Service of Northern Illinois 6% pref.(qu.)
7% preferred (quar.)
Puolic Utilities Corp. (quar.)
1 Mar. 10
1 June 10
1 Sept. 10
Apr.
July
10 Jan.
2d pref. (quar.)-Owens-Illinois Glass
Extra
.
Feb.
$1
$1
Extra
Philadelphia Electric Co. (quar.)
Preferred (quarterly)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
$1*4
Quarterly
SIX
Quarterly
SIX
Quarterly
SIX
7% preferred (quarterly)
SIX
7% preferred (quarterly)
SIX
7% preferred (quarterly)
SIX
7% preferred (quarterly)
SIX
Plymouth Fund, class A (quar.)
IXC
Class A (special)
lc
Portland RR. Co. (Me.), 5% pref. (s.-a.)
$2*4
Potomac Edison Co., 7% pref.
(quar.)--,
SIX
6% preferred (quarterly)
SIX
Procter & Gamble, com. (quar.)
37Xc
Public Service Co. of Colorado, 7% pref.
(mo.). 58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
412-3c
Public Service Corp. of N. J. common (quar.)
60c
8% preferred (quar.)
S2
7% preferred (quar.)
SIX
$5 preferred (quar.)
Six
6% cum. pref. (monthly]
50c
Holders
Payable of Record
Feb.
$1K
(quarterly)
(quarterly)
(quarterly)
Northwestern Public Service, 7% pref_
6% preferred
Noyes (Chas. F.) 6% preferred.:
Oahu Ry. & Land Co. (monthly)
Oahu Sugar, Ltd. (monthly)
Ohio Public Service Co., 7% pref.
(monthly)
6% preferred (monthly)
5% preferred (monthly)
Old Colony Insurance Co. (Boston).
Quarterly
Oliver United Filters, Inc., A stock
Onomea Sugar Co. (monthly)
Oswego & Syracuse RR. (s.-a.)
Outlet Co. (Providence, R. I.) (quar.)--.
Rust^Proof (quarterly)
Share
Feb.
20c
4% guaranteed
4% guaranteed
4% guaranteed
Parker
Company
1936
Feb.
5c
Pacific Gas & Electric, 6% pref.
When
Per
Name of
1
25c
(semi-ann.)_
Northern New York Utilities. 7% pref. (quar.)
Northern RR. Co. of N. J., 4% gtd. (quar.)
Pacific Coast Mortgage Co
Pacific Finance, 8% preferred A
Feb.
Holders
Payable of Record
$1.12*4 Feb.
Mine Hill & Schuylkill Haven RR. (s.-a.)—„—
-------
When
Chronicle
Jan.
10
Mar.
Feb.
20
Mar. 20
June 20
Apr.
July
Oct.
Sept. 19
Jan 2
Dec.
19
Feb.
Jan.
15
Feb.
Feb.
Jan.
Jan.
17
20
Feb.
Jan.
22
Feb.
Feb.
Feb.
Jan.
25
Feb.
Jan.
31
Feb.
Jan.
21
Feb.
Jan.
21
Feb.
Jan.
1
15
Apr.
Mar. 16
Feb.
Jan.
20
31
Feb.
Jan.
Mar.
Feb.
Feb.
Feb.
Feb.
15
10
Jan.
15
Jan.
15
Feb.
May
Apr. 15
17
Feb.
Jan.
Feb.
Jan.
11
Feb.
Feb.
Feb.
Jan.
Jan.
20
31
Jan.
Jan.
7
Jan.
7
Jan.
31
15a
25
15
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
Jan.
Jan.
7
Mar.
Feb. 25
Mar.
Feb.
Feb.
Feb. 10
Jan. 27
Jan. 24
Feb.
Jan.
10
Feb.
Jan.
15
Tennessee Electric Power Co.—
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)-preferred (monthly)
preferred (monthly)
jreferred
-
Apr.
Apr.
Apr.
Apr.
1
1
1
1
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Feb.
1 Jan. 16
2 Feb. 15
1 Mar. 14
Feb.
1 Jan. 16
Mar.
2 Feb. 15
Apr.
1 Mar. 14
Apr.
2 Mar. 14
Feb.
1 Jan. 11
Feb.
1 Jan. 11
Feb. 15 Jan. 31t
Feb.
1 Jan. 20
Feb. 15 Feb.
5
Mar,
Apr.
(monthly)
preferred (monthly)
preferred (monthly)
% preferred (monthly)
Tex-O-Kan Flour Mills (quar.)
Texas Power & Light, 7% pref. (quar.)
$6 preferred (quarterly)
Thatcher Mfg. Co., con v. pref
Third National Investors Corp..
Thompson (John R.) (quar.)
Toburn Gold Mine, Ltd
Toledo Edison Co., 7% pref.
(monthly)
6% preferred (monthly)
Feb.
21 Jan.
21
Feb.
5% preferred (monthly)
Tri-State Telephone & Telegraph, 6% pref.
(qu.)
Troy & Greenbush RR. Assn. (s.-a.)
-
1 Jan.
15
Feb.
1 Jan.
Feb.
15
15
Mar.
1 Jan.
1 Feb.
June
15 June
15
1
Financial
Volume 142
Tung Sol Lamn Works, new preferred-Twin Bell Oil Syndicate (monthly)
United Biscuit of America, preferred (quar.)
United Insurance Trust Shares—
Series P
1 Jan.
20
Feb.
5 Jan.
31
Feb.
10 Jan.
1 Jan.
20
S1K
Feb.
4c
Feb.
16
4c
registered.-
Feb.
1 Jan.
1
50c
50c
50c
58 l-3c
Feb.
1 Jan.
15
581-3c
58 l-3c
53c
53c
53c
Mar.
Series P coupon.
United Light & ft
ly. Co.
.......
.
...
Mar.
2 Feb.
Mar.
1 Jan.
2 Feb.
Apr.
1
Feb.
1 Jan.
Apr.
15
15
Mar. 16
15
2 Feb. 15
1 Mar. 16
10 Mar. 20
$2*4
Apr.
40c
Feb.
1 Jan.
24
10c
Feb.
1 Jan.
$1*4
Feb.
1 Jan.
37*4<
Apr.
25<
Feb.
20 Mar. 31
3
1 Jan.
20
2 Feb.
United W*ii Paper, 6% preferred
>
Universal Leaf Tobacco (quar.)
Mar.
Upper Michigan Power <fc Lt. Co. 6% pf. (qu.)_
Utica Gas & Electric, 7 % pref. (quar.)
o
Feb.
10
Feb.
15 Feb.
1
Feb.
1 Jan.
21
1 Jan.
Feb.
t. c
Jan.
17
Ian.
1
31
Virginia Ry., preferred (quar.).
Feb.
Vulcan
Detinning, preferred (quarterly).
Preferred (quar.)"
Apr.
July
20 Apr.
10
Preferred (quar
•.).
Oct.
10
Feb.
20 Oct.
1 Jan.
1 Jan.
15
Feb.
1 Jan.
50c
-
1 Jan.
2 Feb.
Feb.
Feb.
1 Jan.
21
1 Jan.
1 June
15
Feb.
Electric Co.. 7% pref. (quar.)
6% pref. (quar.)
West Penn Power, 7% pref. (quar.)
6% preferred (quarterly)
West Virginia Pulp & Paper Co., preferred (qu.)_
Wheeling & Lake Erie RR., 7% prior lien
White (S. S.) Dental Mfg. (quar.)
Whiting Corp., 6)4% preferred (quar.)
Whittaker Paper Co
7% preferred (quarterly)
31
1 Jan.
conv.
15 Jan.
20
Feb.
Feb.
15 Jan.
1 Jan.
Feb.
25c
6
Tan.
6
1
THE
OF
WEEK
NEW
25c
•
Manufacturers Trust Co.
Cent. Hanover Bk. <k Tr.
21,000,000
Corn Exch. Bk. Tr. Co.
15,000,000
First National Bank—.
10,000,000
Irving Trust Co
Bk.4Tr.Co.
50,000,000
4,000,000
Chase National Bank...
150.270.000
Continental
Fifth Avenue Bank
90,572,200
68,959,800
3,791,200
25,000,000
Title Guar. & Trust Co..
10,000.000
Marine Midland Tr. Co.
5,000,000
12,500,000
New York Trust Co
Comm'l Nat. Bk. & Tr.
7,000,000
Pub. Nat. Bk. & Tr. Co.
t5,776,000
Totals
742,947.800
612,480,000
are
a
City
CLEARING HOUSE
1936
special div. is payable upon delivery of
Bobbins pref.
present stock in exchange for new preference.
Payable In special preferred stock.
t
y
to
Less depositary expenses.
A deduction has been made for expenses.
condition of the Federal Reserve
close of business Jan. 29 1936,
in comparison with the previous week and the corresponding
The following shows the
Bank of New York at the
date last year:
Time
Net Demand
Jan.
29
1936 Jan.
22
1936 Jan.
30
1935
496,986,000
498,883,000
41,416,000
Assets—
Gold certificates on hand and due from
5,757,000
31,081,000
153,309,000
14,980,000
39,391,000
81,196,000
15,115,000
21,113,000
3,664,000
422,000
1,735,000
147,921,000
351,662,000
3,468,426,000 3.418,641,000 2,041,711,000
727,000
1,050,000
1,276.000
70,206,000
78,455,000
74,508,000
U. S. Treasury.*
Redemption fund—F. R. notes
Other casht
3,547,931,000 3,494,425,000 2,112,644,000
Total reserves
1,736,000
Redemption fund—F. R. bant notes
Bills discounted:
8. Govt, obligations
direct 4 (or) fully guaranteed
Secured
by
U.
2,868,000
2,195,000
2,403,000
1,971,000
2,056,000
5,063,000
4,374,000
4,631,000
1,752,000
7,705,000
1,739,000
7,705,000
2,102,000
55,252,000
493,439,000
185,692,000
55,252,000
493,164,000
185,967,000
477,501,000
734,383,000
734.383.000
777,818,000
748,903,000
748,201,000
785,615,000
250,000
6,647,000
123,825,000
10,810,000
30,894,000
263,000
8,945,000
123,661,000
10,808,000
30,049,000
97,953,000
Other bills discounted
Total bills discounted
2,575,000
56.290.000
39",250,000
Bills bought in open
market..—
Industrial advances
1,064,000
299,000
2,965,000
21,593,000
1,680,000
40,751,000
9,243,269,000
U. S. Government securities:
Bonds
Dec. 31 1935; Trust
——
Treasury notes...
——
Treasury hills..
530,591,000
Total U. Sj Government securities.
Other securities
Clearing House.
The
the figures for the week ended Jan. 24:
159,299,000
—
Gold held abroad
Due from foreign banks
F. R. notes
-
•
of other banks
Uncollected items.—————
Bank
premises
——
All other assets
—
...
316,000
5,178,000
11,508,000
34,148,000
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE
OF BUSINESS
THE WEEK
FOR
ENDED FRIDAY
JAN.
CLOSING
24 1936
141,018,000
—.—
Foreign loans on gold
Total bills and securities.
''Times" publishes regularly eaeh week
number of banks and trust companies which
are
&
McKesson
s
Condition of the Federal Reserve Bank of
City
$29,588,000.
not members of the New York
following
deduction of
Per 100 shares.
deposits in foreign branohes as fol ows: (a) $221,547,000; (&) $73,724,000;
of
a
for
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
z
The New York
returns
1-32 of one sh. of cl. B
holder, 75c. cash.
New' York
♦
(c) $79,282,000; (d)
at the opt. of the
1 Mar. 20
York
As per official reports: National, Dec. 31 1935; State,
Companies, Dec. 31 1935.
t As of Jan. 18 1936.
Includes
or
Blue Ridge Corp., $3 conv. pref. opt div. of 1-32 share of common
each share of $3 conv. pref. held, or 75c. cash.
q
Payable in U. S. funds,
71.897.300 cl,797,155,000
47,431,000
3,443,700
68,386,000
d788,161,000
5,416,100
17,200,000
83,340,000
8,069,300
298,832,000
21,727.300
74,976,000
7,762,100
t8,330,600
72,137,000
500,000
Bankers Trust Co
stock
Less tax.
40,644,300 al.346,293,000
430,783,000
49,888,300
177,398,400 & 1,346,055,000
431,853,000
11,548,900
736,321,000
62.597.400
235,864,000
16,325,100
32,935,000
pref. stock for each share held.
Cities P. & L., conv. A opt. div. ser.,
x
Average
10,758,100
25.431,700
90,000,000
Amer.
Deposits,
20,000,000
127,500,000
20,000,000
o
1 Jan. 21
1 Mar. 20
Apr.
Apr.
$
Guaranty Trust Co
Lincoln Printing, pref. div. of 1-5 sh. of
u
$
National City Bank
Chemical Bk. & Tr. Co..
h On account of accu¬
Advance-Rumely, liquidating stock div. of *4 sh. of Allis-Chalmers
on each share of Advance-Rumely capital stock held.
m
n
21
Average
6,000,000
Bank of Manhattan Co..
previously reported as 50c.
25
Deposits,
Members
Bank ofN. Y.&Tr.Co.
1 Dec. 31
20
stock
1 Jan.
Undivided
Capital
1 Mar. 20
Feb.
14
20
1 Jan.
2 Feb.
Payable in stock.
e
Feb.
YORK
and
1
Profits
House
Apr.
2c
-
/ Payable in common stock,
g Payable in scrip,
j Payable In preferred stock.
Feb.
SATURDAY. JAN. 25
ENDED
♦Surplus
Clearing
Mar
mulated dividends,
Feb.
weekly statement issued by the New York
Clearing House is given in full below:
»•
THE
Feb.
25c
10
14
pref. stock, opt. series of 1929, so held, or. at the opt. of the holder,
for each share of conv. pref. stock, opt. series
15 Feb.
1 Jan.
The
MEMBERS
Feb.
in cash at the rate of $1.50
20
Feb.
Return of the New
Clearing House
FOR
Feb.
Is.
2s.
of 1929, so held.
20
Feb.
1 */4
15 Jan.
Feb.
West Penn
OF
6d.
1
2 Feb.
8 Jan.
8 Jan.
Mar.
21
July
Jersey & Seashore RR. (s-a.)
Westland Oil Royalty Co., A (monthly)
Weston (Geo.) Ltd., 7% pref. (quar.)
ASSOCIATION
1
Nov.
d A reg. quar div. on the conv. pref. stock, opt. series of 1929, of Comtercial Investment Trust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of com. stock per share of
corp. at the rate of 5-208 of 1 share of com. stock per share or
1
Feb.
8TATEMENT
Nov.
50c
60c
The following corrections have been made:
Erie & Kalamazoo RR., payable $1*4 Feb. 1,
15
Mar.
Extra....
Weekly
Aug.
$1*4
15
"
Walgreen Co. (quar.)
Walton (Chas ) & Co., 8% pref. (quar.)
Warren Foundry & Pipe
Washington Gas Light Co. (quarterly)
Weill (Raphael) & Co., 8% pref. (semi-ann.)
Westchester Fire Insurance (quar.)
West
1
1
1
1
Transfer books not closed for this dividend.
a
15
Feb.
"
May
May
Aug.
-
Ymir Yankee Girl Gold Mines
10
20 July
~
1
50c
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
18
v.
1
$1**
Quarterly
23
1 Jan.
Feb.
1st preferred
Corp
14
1 Jan.
Feb.
1
9
e
United States Pipe & Foundry
United Verde Extension Mining
Utilities Stock & Bond
15
Feb.
$1**
Extra
Wool worth (F. W.) (quarterly)
Woolworth (F. W.) Ltd., ordinary (final)
Ordinary, extra
23
15 Feb.
1 Jan.
2 Feb.
24
Extra
United States & Foreign Securities—
1st preferred (quarterly)
United States & International Securities—
Mar.
Feb.
-
xtra
Quarterly
1 Mar. 16
Feb.
Feb.
50c
Quarterly
Apr.
Feb.
$1*1
-
Extra
(Del.)preferred (monthly).
preferred (monthly)
„
preferred (monthly)
preferred monthly),
preferred monthly)
preferred monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
United New Jersey RR & Canal (quar.)
United States Fire Insurance (quar.)
30c
20c
12>4c
$1*4
Extra
15
-
Holders
Payable of Record
Share
Company
Wilcox-Rich, class B
Willimantic Co.. Inc., resinned-----Wilson & Co., Inc
$6 preferred (quar.)
Winstead Hosiery Co. (quarterly)
-
31
Feb.
9.9c
$2
25c
.
Union Oil Co. of California
Name of
Payable of Record
Share
When
Per
Holders
When
Per
Name of Company
733'
Chronicle
4,469,260,000 4,416.252,000 3,049,098,000
Total assets.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc,
and
Other
Cash,
Including
Investments Bank
Notes
Res. Dep.,
Y. and
Dep. Other
Banks and
Oross
Elsewhere
Trust Cos.
Deposits
$
t
%
N.
643,699,000
771,478,000
774,153,000
F. R. notes in actual circulation
24,583,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve aco't.. 2,890,865,000 2,849.426,000 2,033,433,000
8. Treasurer—-General account-
U.
Foreign bank.—
$
$
Manhattan—
Grace National—
Sterling National—
20,279,900
18,257,000
Trade Bank of N. Y_
4,420,042
85,900
6,416,200
2,934,300
551,000
217.464
3,425,000
852,985
1,808,000
355,514
26,139,900
21,288,000
5,300,834
—
Total deposits
4,655,000
Peoples National
95,000
419,000
890,000
5,566,000
TRUST COMPANIES—AVERAGE FIGURES
Res. Dep.,
and
Cash
N. Y. and
Banks and
Trust Cos.
—
Oross
Deposits"
S
$
S
$
$
54,756,600 *13,053,300
136,517
7,713,832
8,340,900
3,317,700
675,194
2,374,538
11,085,807
*909,650
841,107
9,109,619
10,619,737
Fulton
17,887,600
*3,604,900
1,540,200
2,875",166
21,642,000
Lawyers County
United States
30,342,300 *11,251,800
63,083,352 21,978,860
2,202,000
41,821,600
17,155,542
73,169,759
Empire
Federation
——
Fiduciary
68,628,100
Brooklyn—
Brooklyn
Kings County
•
—
79,840,000
29,948,477
3,048,000
2,411,711
40,719,000
147,000 116,738,000
9,081,884
36,035,017
Includes amount with Federal Reserve as follows:
ciary,
$618,095; Fulton, $3,392,700; Lawyers,
3,969,000
4,469,260,000 4.416.252.000 3,049,098,000
Total liabilities
Ratio
of
total reserves
to
deposit and
84.0%
F. R. note liabilities combined
Manhattan—
9,949,000
117,610,000
Dep. Other
Elsewhere
Loans,
Disc,
Investments
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities—
343,739,000
17,745,000
190,889,000
3,450,329,000 3,401,799,000 2,164,961,000
127,647,000
120,674,000
95,667,000
59,701,000
51,025,000
51,033,000
49,964,000
60,825,000
50,825.000
877,000
7,744,000
7,744,000
7,501,000
8,849,000
8,849,000
2,145,000
1,363,000
1,175,000
——
Deferred availability items
Capital paid in
Brooklyn—
349,950,000
19,653,000
189,961,000
——
—
Other deposits
Empire, $11,663,400; Fidu¬
$10,501,500.
Contingent liability on bills
for foreign correspondents
Commitments
to
make. industrial
vances
•
75.2%
83J7%
purohased
116,000
ad
9,873,000
9.888,000
4,727,000
Revised figures.
t "Other cash" does not inolude Federal Reserve notes or a bank's own
Federal
Reserve bank notes.
the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 69.06 cents, these certificates being worth less to the extent of the a li¬
ferent*; the difference itself having been appropriated as profit by the Treaaur
under the provisions of the Gold Reserve Aot of 1934.
x
These are certificates given by
Financial
734
Chronicle
Feb.
1936
1
Weekly Return of the Board of Governors of the Federal Reserve System
on
Thursday afternoon, Jan. 30,
ihowing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the
the Board of Governors of the Federal Reserve System
The following is issued by
results for the System as a
sponding week last
whole in comparison with the figures for the
seven
preceding weeks and with those of the corre¬
The
The second table shows the resources and liabilities separately for each of the twelve banks.
year.
Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between
the Reserve Agents and
upon
The comments of the Board of Governors of the Federal Reserve System
the Federal Reserve banks.
the returns for the latest week appear in our department of "Current Events and Discussions."
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
COMBINED
Jan.
Gold otls.
on
29
1936 Jan.
hand A due from
22
1936 Jan.
5
I
ASSETS
15
1936
Jan. 8 1936
J
$
BANKS AT THE CLOSE OF BUSINESS JAN. 29 1936
Dec.
31
1935 Dec.
$
24
1935 Dec.
Total
1935 Dec.
11
1935 Jan.
30 1935
$
$
17,553,852,000 7,520,349.000 5,350,959,000
U.S.Treas.x 7.643,860.000 7,619,348,000 7,617,881,000 7,552,873,000 7,553,357,000 7,553,849,000
16,685,000
16,126,000
16,435,000
17,444,000
17,170,000
17,563.000
327,896,000
346,649,000
336,906,000
303,647.000
264,550,000
219,896,000
117,633.000
233,371,000
Redemption fund (F. R. notes)
Other cash *
18
$
1
17.487,000
15,875,000
235,413,000
280,320,000
8,006,194,000 7,972,380,000 7,962,212,000 7,873,690,000 7,835,351,000 7,791,308,000 7,804,856,000 7,773,249,000 5,647,154,000
reserves
1,986,000
Redemption fund—F. R. bank notes
Bills discounted:
Secured
direst
obligations
and (or) fully guaranteed-----S.
U.
by
Govt,
4,105,000
2,960,000
Other bills discounted
2,637,000
2,715,000
3,023,000
1,541,000
3,131,000
2,358,000
3,084,000
3,558,000
3,500,000
3,022,000
3,634,000
3,286,000
3,782,000
3,373,000
7,065,000
6,420,000
5,352,000
5,381,000
4,672,000
7,155,000
6,920,000
6,106,000
7.058,000
4,670,000
4,657,000
32,210,000
4,656,000
32,014,000
4,656,000
32,493,000
4,657,000
32,148,000
4,657,000
32,239.000
4,671,000
32,696,000
4,679,000
32,790,000
17,493,000
Total bills discounted
Bills bought in open market
Industrial advances
-----
32,600,000
5,538,000
395.652,000
215,703,000
215,696,000
216.116,000
215,687,000
215,615,000
216,176,000
215.678.000
216,172.000
1,616,559.000 1,619.653,000 1,624,598,000 1,641.603,000 1,641,597,000 1,641,597,000 1,641,602,000 1,639,097,000 1,511,693,000
522,925,000
598,008,000
594,908,000
589,958,000
575,958,000
572.958,000
572,958,000
672,958,000
572,958,000
U» 8. Government securities—Bonds
Treasury notes
Treasury bills
Total U. 8. Government sec.i itles._
2,430.263,000 2,430,264,000 2,430,243,000 2,430,239,000 2,430,731,000 2,430,727,000 2.430.175,000 2,430,171,000 2,430,270,000
181,000
Other securities
Foreign loans
3,644.000
2,776,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
gold
on
2,474,327,000 2,473,732,000 2,472,672,000 2,472,471,000 2,472,733,000 2,475,320,000 2,474.643,000 2,473,927,000 2,460,359,000
Total bills and securities.-.
;■
Gold held abroad
—
Uncollected items.Bank premises.
—
AH other assets:
Total assets
V"
""
65b~000
663,000
""663", 000
"""6651666
"""6651666
eeslooo
""6501666
""eiilooo
19,685,000
477,480,000
47,799,000
40,529,000
24,865.000
535,717,000
47,797,000
39,428,000
30,030,000
601,917,000
47,786,000
39,104,000
30,508,000
499,777,000
47,740,000
38.082,000
27,445,000
603,789,000
22,010,000
602,470,000
47,723.000
50,395,000
38,094,000
38,732,000
20,039.000
657.595,000
50,308.000
38.290,000
19,477,000
554,980,000
50,304,000
44,766.000
Due from foreign banks
Federal Reserve notes of other banks
19,672,000
49.307,000
48,444,000
11,066,664,000 11,094,582 000 11,154,384,000 10962,933,000 11,025,800,000 10980,900,000 11.046.381,000 10,917,344,000 8,638,857,000
—
—
""8051666
411,130,000
LIABILITIES
3,599,683,000 3,608,049,000 3.619,651,000 3,655,764,000 3,709,074,000 3,768,480,000 3.698,393,000 3.653,741,000 3.068,172,000
V. R. notes In actual circulation
25,697,000
Ft R. bank notes in actual circulation
Deposits—Member banks reserve account 5,863,331,000 5,802,436,000 5,858,865,000 5,745,146,000 5,587,208,000 5,429,284,000 5,436.894,000 6.039,613,000 4,541,755,000
56,481,000
U. 8. Treasurer—General account—
24.031,000
514,995,000
478,037,000
461,638.000
614,255,000
632,794,000
460,828,000
643,770,000
16,073,000
49,631,000
47,822,000
31,849.000
43,546,000
Foreign bankj
32,850,000
32,716.000
34,881,000
28,935,000
178,141,000
Other deposits
251,519,000
248,106,000
248,062,000
240,949,000
233,240,000
—
248,110,000
225,896,000
229,765,000
—
Total deposits
6,642,518,000 6,613,359,000 6,604,998,000 6,470,620,000 6,385,809,000 6,309,629,000 6,350,514,000 6,343,555,000 4,792,450,000
—
Deferred availability Items.
482,746,000
...—
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
130,630,000
145,501,000
26,406,000
33,901,000
....
Reserve for contingencies.—
All other liabilities.,
Ratio
of
total
to
3,002,000
33,692,000
591,556.000
130.512,000
145,772,000
124,235,000
555,054,000
130,469,000
650,308,000
130,471.000
144.893,000
144,893,000
23,707,000
23,457,000
134,867,000
3,975,000
30.698.000
30.700.000
17,970,000
17,645,000
555,360,000
130,440,000
144,893,000
23,457,000
30,701,000
35,197,000
412,710.000
146,870,000
144,893,000
11,560,000
30,820,000
5,685,000
and
deposits
F. R. note liabilities combined
on
13,395,000
130,516,000
145,772,000
26,334,000
11.066,664,000 11,094,582,000 U, 154,384,000 10962,933,000 11,025,800,000 10980,900,000 11,046,381,000 10.917.344,000 8,638,857,000
-
reserves
3,655,000
5,279,000
—
Total liabilities
Contingent liability
497,233,000
26,406.000
33,901,000
589,917,000
130,609,000
1-145,501,000
26,406,000
133,907,000
533.058,000
130,653.000
145,501,000
78.2%
78.0%
77.9%
77.8%
77.7%
77.3%
77.6%
77.8%
71.8%
bills purchased for
317,000
foreign correspondents
Commitments to make Industrial advances
27,004,000
27,091,000
27,213,000
27,284,000
27,649,000
27.745,000
27,691,000
28,084,000
11,739,000
$
Maturity Distribution of Bills and
Short-term Securities—
$
1-1 • days bills discounted
H-80 days bills discounted
$
4,789.000
—
132,000
1,398,000
585.000
161,000
81-60 days bills discounted
61-90 days bills discounted..
Over 90 days bills discounted..-
Total bills discounted
4,049,000
71,000
$
3,094,000
55,000
174,000
1,795,000
234,000
927,000
1,221,000
152,00
3,028,000
27,000
203,000
$
$
1,858,000
$
$
$
4,592,000
207,000
265,000
2,115,000
185,000
176,000
1,628,000
568,000
4,673,000
94,000
4,399,000
5,416,000
56,000
64.000
627,000
635,000
264,000
1,041,000
260,000
777,000
1,154,000
206,000
1,173,000
358,000
1,221,000
7,155,000
6,920,000
6,106,000
7,058,000
302,000
657,000
1,506,000
22,000
7,065,000
1-16 daynWlis bought in open market..-
6,420,000
5,352,000
5,381,000
4,672,000
656,000
1,151,000
886,000
1,730,000
2,006,000
698,000
656,000
859,000
489,000
597,000
1,609,000
2,090,000
1,328,000
754,000
808,000
1,376,000
386,000
2,989,000
4,671,000
4,679,000
5,538,000
1,512,000
1,651,000
92,000
651,000
322,000
2,699,000
2,376,000
552.000
1,271,000
2,426,000
444,000
962,000
671,000
681,000
929,000
2,252,000
986,000
2,086,000
4,670,000
4,657,000
4,657,000
4,656,000
4,656,000
4,657,000
1,632,000
1,759,000
1,529,000
277,000
774,000
259.000
339,000
418,000
334,000
980.000
653,000
664,000
683,000
146,000
1,184,000
717,000
28,683,000
699,000
1.582.000
382,000
886,000
788,000
1,674,000
586,000
494,000
685,000
28,751,000
1,620,000
253,000
914,000
493,000
28,753,000
28,376,000
29,087,000
927,000
29,152,000
936,000
29,166,000
1,053,000
29,009.000
15,167,000
32,239,000
32,014,000
32,493,000
32,600,000
32,696,000
32,790,000
17,493,000
16-80 days bills bought in open market...
81-60 days bills bought In open market--61-90 days bills bought in open market...
Over 80 days bills bought in open market
Total bills bought in open market
1-16 days Industrial advances
16-30 days Industrial advances
81-60 days Industrial advances
1-90 days industrial advances.
Over 90 days Industrial advances
...
Total Industrial advances
/
328,148,000
81-60 days U. S. Government securities..
61-90 days U. S. Government securities..
Over 90 days U. 8. Government securitiesTotal U.S. Government securities
32,210,000
37,317,000
31,025,000
110,710,000
178,275,000
1-16 days U.S. Government securities..
16-30 days U. S. Government securities..
27,605,000
36.013,000
108,925,000
183,785,000
2,072,936,000 2,073,936,000
1
-
904,000
25.425,000
37,318,000
29,675,000
27,750,000
25,570,000
34,250,000
91,024.000
39,467,000
27,605,000
29,675,000
25,425,000
25,070,000
27,250,000
36,222,000
70,320,000
71,643,000
68,343.000
63,618,000
62,743,000
57,280,000
175,030,000
78,579,000
104,069,000
120,384,000
122.169,000
124,344,000
70,643,000
172,177,000
2,218,601,000 2,197,247,000 2,189,224,000 2,189.300,000 2,183,768,000 2,183,974,000 2,007,374,000
2.430,263,000 2,430,264,000 2,430.243,000 2,430,239,000 2,430,731.000 2,430,727.000 2,430,175,000 2,430,171.000 2,430,270,000
1-16 days .other securities
6-80 days other securities
1-60 days
other securities
...
1-90 days other securities.Over 90 days other securities
""
~
"""i8i"66o
""1811666
i8i~666
1811665
1811666
181~,666
1811666
1811666
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities
----------
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
3,953,622,000 3,965,491,000 3,984,858,000 4,021,577.000 4.047,052,000 4,062,539,000 4,022,187,000 3,966,374,000 3,365,435,000
353,939,000
357,442,000
364,707.000
365,813,000
294.059,000
337,978,000
323,794,000
312,633,000
297,263,000
Held by Federal Reserve Bank
i
*
.
In actual circulation
3,599,683,000 3,608,049.000 3.619,651.000 3,655,764,000 3,709,074,000 3,768,480,000 3,698,393,000 3,653,741,000 3,068,172,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
•
□old ctfc. on hand A due from U. 8. Treas.
By eligible paper
D. 8. Government securities
Total collateral
•"Other
a
on
These
Jan. 31
pro via
ns
4,016,896,000 4,042,308,000 4.054,340,000 1,090.270.000 4.101,059,000 1,109,542,000 4,075.887,000 4,023,247,000 3,449,957,000
cash
are
does
not
certificates
1934.
these
the
Gold
or
3,880,343,000 3,904,343,000 3,916,843,000 3,934,843,000 3,970,843,000 3,976,843,000 3,960.843,000 3,909,843,000 3,258,370,000
4,565.000
3,497,000
5,153,000
3,427,000
2,716,000
5,199,000
5,044,000
4,404,000
5,587,000
131,400,000
152.000,000
133,400,0001 134.000,000
127,500,000
127,500,000
110,000,000
109,000,000
186,000,000
include Federal
given by the
U,
Reserve
8.
certificates oelag worto
Reserve 4ct of 1934
notes,
t Revised figure.
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100
lew to the extent of the difference, the difference itself naving been appropriated as profit by the
cents to
69.00 cents
Treasury under the
Weekly Return of the Board of Governors
WEEKLY
STATEMENT OF RESOURCES AND
RESOURCES
due
from U. S. Treasury.—
■ademption fund—F. R. notes-.
7,643,860,0
15,685,0
346,649,0
Oitter cash.*
8,006,194,0
Total reserves
St. Loui s Minneap
Chicago
$
$
$
$ $
$
537,251,0 3,468,426,0 378,814,0 500,621,0 226,633,0 169,738,0 1,325,893,0 201,149,0 146,694,0
2,882,0
1,050,0
938,0
821,0
1,302,0
2,658,0
673,0
733,0
501,0
40,765,0
78,455,0 40,180,0
26,956,0 17,480,0 14,960,0
45,701,0 21,405,0 10,330,0
Kan. CUp
San Fran
Dallas
$
$
%
$
$
$
$
□old certificates on hand and
JAN. 29 1836
13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Phila. Cleveland Richmond Atlanta
New York
Boston
Total
Federal Reserve Bank of—
of the Federal Reserve System (Concluded)
LIABILITIES OF EACH OF THE
(00) Omitted
Two Ciphns
735
Financial Chronicle
Volume 142
528,398,0 245,415,0 187,356,0 1,372,267,0 223,287,0 157,525,0
580,898,0 3,547,931,0 419,932,0
187,692,0 129,547,0 371,402,0
2,745,0
617,0
765,0
6,729,0 21,246,0
22,442,0
210,899,0 136,893,0 395,393,0
Bills discounted;
Bee. by U. S. Govt, obligations
7,065,0
Total bills discounted-
Industrial advauces
5,063,0
15,0
125,0
12,0
138,0
119,0
484,0
1,702,0
215.696,0 14,420,0
1,616,559,0 107,707,0
598.008,0 35,544,0
Bonds
Treasury notes
bills
Total U. 8. Govt, securities.
Other
securities..
2,430,263,0 157,671,0
181,0
D ncollected Items
Bank premises
All other resources
Deposits:
Member bank reserve account.
S.
U.
Treasurer—Gen.
acot..
Foreign bank
Other deposits
77,247,0 108,737.0
86,022,0 200,868,0
25,0
2,410,0
36,383,0
24,0
1,708,0
250,0
69,0
63,0
552,0
1,064,0
44,295,0
52,113,0
3,113,0
130,0
38,183,0
4,875,0
16,405,0
2,284,0
1,086,0
2,919,0
6,525,0
1,414,0
3,947,0
989,0
33,901,0
Reserve for contingencies
All other liabilities
5,279,0
Total liabilities.
li066,664,0
2.452,0
176,0
3,0
644,0
12,492,0
1,531,0
458,0
*
51,025,0
50.825,0
7,744.0
8,849,0
5,186.0
3,435,0
5,616,0
21,350,0
21,116,0
3,761,0
4,655,0
754,0
1,391,0
546,0
1,261,0
2,288,0
100,0
7,573,0
1,060,0
892,0
231,0
66,006,0
11,994,0
15,981,0
4,595,0
4,205,0
3,111,0
386,0
3,000,0
685,0
1,363,0
80,0
81.6
68.1
68.4
72.7
72.2
84.0
109,0
475,0
2,263.0
1,712,0
652,0
9,873,0
3,260,0
27,004,0
12,375,0
3,053,0
3,149,0
1,003,0
1,494,0
191,0
2,120,0
135,0
10,145,0
3,783,0
1,142.0
1,256,0
1,328,0
302,0
9,645,0
1,021,0
1,849,0
267,0
843,0
512,0
66.8
64.4
68.5
1,351,0
590,0
4,464,0
San
Dallas
Minneap. Kan. dtp
Fran
$
%
t
$
%
S
S
22,360,0
873,721,0 166,630,0 112,377,0 148,054,0
4,534,0 10,062,0
36,344,0
7,203,0
78,918,0 312,377,0
7,798,0 42,448,a
3,599,683,0 308,134,0
771,478.0 263,454,0 347,103,0 175,525,0 150,301,0
837,377,0 159,427,0 107,843,0 137,992,0
71,120,0 269,929,0
3.880,343.0 356,617,0
5.153,0
330,0
938,706.0 283,000,0 366,440,0 171,000.0 130,685,0
107,0
126.0
15,0
445,0
3.391,0
16,000,0 47,000,0
876,000,0 150,632,0 111,000,0 141,000,0
942,097,0 283,445,0 366,455,0 187,125.0 177.792,0
921,291,0 282,537,0 363,307,0 185,566,0 172,661,0
Issued to F.R.Bk.by F.R.Agt. 3.953.622,0 336.183,0
Held by Fed'i Reserve Bank...
In actual circulation
Agent
24,407,0
3.791.0
68.9
65.7
St. Louis
Chicago
Atlanta
Cleveland Richmond
Phila.
New York
Boston
Tola!
Federal Reserve notes:
by
20,587,0
RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Collateral held
25,837,0
3,922,0
3,613,0
Reserve notes.
FEDERAL
Federal Resorts Agent at—
71,120,0 269,929,0
844,019,0 180,329,0 120,792,0 177,888,0 141,335,0 307.419,0
36,185,0
44,129,0
12,403.0
14,371,0
1,007,0
36,722,0
12,327.0
13,406,0
4,231,0
127,647,0
80.4
motude Federal
not
3,580,0
122,0
249,900,0 351,749,0 243.502,0 624,682,0
797,988,0 4,469,260,0 652,315,0 801,979,0 409,307,0 304,255,0 1,790,770,0 370.957,0
78.2
...
"Other Cash" does
47,0
1,242,0
23,430,0
788,739,0 168,207.0 112,936,0 173,286,0 126,386,0 288,823,0
1,918,0
3,239,0
3,546,0
1,591,0
3,211,0
47,861,0
3,331,0
1,237,0
1,286,0
1,142,0
1,428,0
5,521,0
10,473,0 13,347,0
771,0
5,123,0
7,483,0
1,898,0
Committments to make Industrial
advances
17,0
469,0
17,837,0
1,524,0
740,0
18,0
1,374,0
27,074,0
3,360,0
287,0
837,377,0 159,427,0 107,843,0 137,992,0
771.478,0 263,454,0 347,103,0 175,525,0 150,301,0
Ratio of total res. to dep. A F. R.
note liabilities combined
4,0
791,0
20,480,0
80,0
2,403,0
64,963,0
4,826,0
286,0
351,149,0 243,502,0 624,682,0
4,469,260,0 652,315,0 801,979,0 409,307,0 304,255,0 1,790,770,0 370,957.0 249,900,0
51,754,0
9,409,0
9,902,0
2,876,0
1.413,0
102,0
26,406,0
47,214,0
15.409,0
345,945,0 123,767,0
6,647,0
123,825,0
10,810,0
30,894,0
145,501,0
Surplus (Section 7)
13-b)
Surplus (Section
16,470,0 17,435,0
50,755,0 136,764,0
16,750,0 45,132,0
93,392,0
50.0
482,746,0
130,630,0
9,514,0
73,180,0
24,150,0
83,975,0 199.331,0
6,642,518,0 414,398,0 3,450,329,0 318,490,0 379,469,0 183,040,0 125,010,0
Deferred availability items
12,977,0
75,600,0 106,844,0
181,0
115,897,0
5.863,331,0 381,321,0 2,890,865,0 294.984,0 348,422,0 173,465,0
4,499,0
5,546,0
23,380.0
8,523,0
349,950,0
478.037,0 25,773,0
1,761,0
1,713,0
4,521,0
4,712,0
19,553,0
3,427,0
49,631,0
2,901,0
2,268,0
3,146,0
189,961,0 10,271,0
3,877.0
251,519,0
Capital paid In
1,104,0
128,0
1,117,0
748,903,0 184,757,0 220,220,0 121,166,0
3,599,683,0 308,134,0
Total deposits
1,765,0
61,0
1,511,0
343,189,0 123,200,0
LIABILITIES
F, R. notes In actual circulation.
10,732,0
84,686,0
27,782,0
105,0
328,0
94,209,0
381,0
11066 664,0 797.988,0
Total resources
24,529,0
156,0
126,0
207,571,0
111,089,0
650.0
Fed. Res. notes of other banks...
87,0
462,0
467,0
21,331,0
80,080,0
26,427,0
19,685,0
477,480,0
47,799,0
40,529,0
Due from foreign banks
75,0
734,383.0 177,120,0 218,025,0 116,716,0
-
2,474,327,0 161,303,0
Total hills and securities
577,0
2,138,0
8,240,0
64,638,0
398.0
75,0
80,0
25.0
147,0
9,0
69,0
......
18,0
41,0
899,0
10,209,0
19,070,0
16,848,0
55,252,0
493,439,0 120,935,0 149,690,0
49,365,0
185,692,0 39,337,0
41,0
165,0
174,0
4,138,0
445,0
6,674,0
U. 8. Government securities;
Treasury
3,0
15,0
107,0
13,0
48,0
479,0
1,752,0
7,705,0
343,0
2,933,0
4,670,0
32,148,0
Bills bought in open market
2,868,0
2,195,0
356,0
2,960,0
33,0
392,0
87,0
299,0
57,0
4,105,0
direct A (or) fully guaranteed
Other bills discounted
as
353,939,0
149,'813,0
28,^)49,0
10,041,0
16,204,0
19,083,0
se¬
curity for notes issued to bks:
Gold certificates on
hand
and
due from U. 8. Treasury
Eligible paper
U. 8. Government securities—
Total collateral-.
131,400,0
4,016,896,0 356,947.0
8,0
66,0
439,0
18,000,0
2,400,0
8,000,0
80,000,0 275,263.0
80,0
147,0
40,000,0
876,000,0 168,640,0 113,466,0 149,439,0
80,147,0 315,343,0
Reserve System
Weekly Return for the Member Banks of the Federal
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.
always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
System upon the figures for the latest week appears in our department of "Current Events and Discussions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and ha*
also been revised further 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,
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the Item.
"Net demand deposits," furthermore, has been changed In two respects In accordance with provisions of the Banking Act of 1935:
First, it includes United States Govern¬
ment 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 "Intor-bank deposits." The Item "Due to banks" shown heretofore included only demand balances of domestic banks.
The Item
"Borrowings" represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital*
account," "Other assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash Items reported as on
These figures are
the Federal Reserve
hand or In process of
collection whloh have been deducted from demand deposits.
ASSETS AND LIABILITIES OF
,
WEEKLY REPORTING MEMBER BANKS IN 101
LEADING CITIES, BY DISTRICTS, ON JAN. 22 1936 (In Millions of Dollars
'
Neto York
Boston
Total
Federal Reserve District—
Atlanta
Cleveland Richmond
PMla.
St. Louis
Chicago
Minneap. Kan. dtp
20,969
Loans and Investments—total.
Loans to brokers
1,130
8,791
1,126
625
382
36
5
1
1,737
612
517
2,876
2
6
67
and dealers:
San Fran.
Dallas
ASSETS
439
2.128
2
2
9
40
606
2
2
1
In New York City
923
6
903
9
Outside New York City—
178
27
63
14
11
2,066
148
879
145
218
49
216
62
32
44
367
44
177
21
3
7
5
31
12
10
29
2
26
21
21
65
38
6
15
21
369
1
10
7
125
355
148
700
Loans on securities to others
(except
banks)
Acceptances and eom'l paper bought.
Loans on real estate
1
•
1,143
85
245
67
190
67
3
31
3
5
284
1,257
3.587
171
174
102
295
817
297
Obligations fully guar, by U. S. Govt.
Other securities
3,329
8,651
1,162
3,083
18
430
109
72
42
160
1.219
292
247
74
Federal Reserve Bank..
4,764
318
2.598
222
256
Loans to banks.
Other loans
U. S. Govt, direct obligations
Reserve with
Demand deposits—adjusted
Time deposits
124
128
234
151
217
38
145
57
14
45
52
140
76
346
98
44
119
49
359
63
627
112
116
70
113
*■>
-
82
187
99
65
14
31
16
9
58
11
5
12
10
17
168
172
210
141
155
411
121
94
302
184
236
81
542
86
111
38
41
111
25
18
24
28
226
945
6,250
780
953
372
295
2,071
370
258
443
328
771
299
947
257
687
192
169
768
172
121
144
119
1,027
29
30
120
8
8
14
24
94
211
200
757
253
119
366
191
254
...
10
187
38
49
5.660
Inter-bank deposits:
Domestic banks
112
1,670
134
611
United States Govt, deposits
Capital account
356
170
13,836
4,892
Other assets—net.—.
LIABILITIES
Other liabilities
2
141
1
2,328
1,331
Balance with domestic banks
Foreign banks
•
5
347
Cash In vault
Borrowings
355
166
245
2,450
302
312
430
8
401
3
1
10
1
1
5
7
35
9
5
2
5
32
83
336
82
67
88
76
317
1
4
5
799
26
326
17
15
31
3,506
229
1,599
223
328
88
•
736
Financial
TjjrW
Bid
Feb.
weekly
51936.1......
Feb.
WILLIAM B.
DANA
11 1936
19 1936
26 1936
Bid
June 17
'mmmmm
0.15%
0.15%
Mar.
4 1936
New
Apr.
1 1936
Exchange—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
I Quotations after decimal point represent one or more 32ds
of a point.,
■. ;;yy v.yo;;';;v'
Apr.
8 1936
Apr.
15 1936
Apr. 22 1936
— —
0.20%
Mar. 25 1936
York
the
on
Stock
May
6 1936
May
13 1936
May 20 1936
•
—
mm"'
mm
-- —
Aug.
.
High
115.3
115.11
115.15
115.12
115.11
115.9
115.3
115.6
115.8
115.10
115.10
Close
Total talet in $1,000
115.9
LOW-
115.9
115.3
115.7
115.15
115.12
—
—
mmmmm
35
111.
1
110
111.3
111.7
111.12
111.13
Low
111.3
111.
111.5
111.9
111.8
111.3
111.3
111.5
111.9
111.9
1
36
19
5
111.9
106.2
106.9
106.11
105.31
105.24
106.2
106.3
106.8
106.5
Close
106.1
105.30
106.9
106.5
165
106.2
87
106.6
199
12
81
(High
109.7
109.2
109.8
109.24
Low
109.6
109
109.5
109.6
109.2
109.6
11
14
116
50
m
0 20%
..
mm
m*
0 20%
0.20%
14 1936
0.20%
Oct.
'
mmmrnrn
mmmmm
21 1936
28 1936
'mmmmm'
:
■
0 20%
mmmrnm
-----
0 20%
0 20%
...
THE
NEW
YORK
STOCK
EXCHANGE,
Railroad
State,
Municipal A
United
Total
and Mis cell.
States
Bond
Bonds
til
106.26
106.24
106.27
106.28
7
For'n Bonds
Bonds
3,012,230
3,235,140
1,500,000
1,417,000
1,417,000
1,442,000
15,971,800
$88,257,000
$8,251,000
Wednesday
Thursday
Flrday
2,680,435
.....
Total
106.24
Low.
106.26
106.20
106.20
106.27
106.26
$805,000
1,670,000
Sales
$1,095,000
2,831,000
2,917,000
1,659,000
1,830,000
$10,611,000
2,064,000
20,130,000
19,350,000
19,252,000
19,466,000
20,095,000
106.26
106.20
106.24
106.27
106.28
106.24
51
41
23
1
27
[High
102.27
102.24
102.28
102.30
$12,396,000 $108,904,000
106.24
Close
Total tales in $1,000 units...
...
103
Sales at
New
1
Low
102.24
102.20
102.24
102.26
102.31
102.24
102.20
102.28
102.30
102.31
102.27
56
1936
Jan. 1 to Jan. 31
1935
1936
1935
102.27
(Close
Total tales In $1,000 units...
Week Ended Jan. 31
Stock
York
Exchange
102.31
3a, 1951-55
30
165
Stocks—No. of shares.
15,971,800
3,034,660
67,201,745
19,902,712
$12,396,000
8,251,000
88,257,000
$11,394,000
7,733,000
41,634,000
$33,118,000
38,488,000
404,531,000
201,765,000
$108,904,000
$60,761,000
$476,137,000
$340,701,000
Bonds
7
62
(High
103.5
103
103.7
103.12
103.13
103.9
Government
1 Low.
103.1
102.29
103.2
103.8
103.10
103.6
[Close
8a; 1946-48
103.3
102.30
103.7
103.11
103.11
103.9
State and foreign
Railroad & industrial..
14
Total tales in $1,000 units...
24
262
436
605
81
107.27
107.22
107.23
107.26
107.28
107.26
107.27
107.22
107.23
107.25
107.26
107.25
107.27
107.22
107.23
107.26
107.28
107.25
37
70
$97,088,000
41,848,000
34
fHigb
( Low
1mb. 1940-43
(Close
Total tales In $1,000 units...
25
44
2
3
[i (High
108.7
108.9
108.3
108.7
108.6
118
108.3
108.6
108.8
108.6
108
108.3
Total talet in $1,000 units...
55
108.7
105
1
108.9
3
distribution
104
104
104.1
104
( Low.
(Close
103.28
103.25
103.28
104.1
30
86
103.20
103.25
103.19
103.22
103.31
104
103.30
103.19
103.25
104.2
104.1
103.30
(High
(Low
8Mb. 1949-52
(Close
Total talet in $1,000 units...
15
108.13
(High
8Mb. 1941
104.3
104
104.2
104.1
86
100
108.12
24
108.10
Low.
108.12
108.5
108.6
108.13
108.11
108.7
108.9
108.13
108.12
108.10
as
52
5
501
4
33
390
105.20
105.17
105.21
105.26
105.27
105.25
..J Low.
105.18
105.12
105.17
105.23
105.25
105.14
105.21
105.26
105.25
67
143
71
7t
23
100.7
100.5
100.9
100.15
100. If
100.13
( Low.
100.3
100.1
100.5
100.12
100. K-
the appointment of George H. Miles
announce
of their bond department.
manager
Mr. Miles
formerly
was
a partner
i
—A. G. Edwards & Sons, St. Louis, will open a branch office on or about
Feb. 15 at East Sc. Louis, 111., in the Goldman Building.
This office will
I Close
Total sales in $1,000 units
100.5
100.2
100.9
100.15
100.14
830
101.6
101.2
101.9
101.15
101.15
101.3
100.31
100.4
101.12
101.14
101.10
101.5
100.31
101.7
101.15
101.15
101.10
—Jackson
[High
(Low
3Mb, 1945-1947
(Close
254
Tota
1,072
462
140
tales in $1,000 units...
federal Farm Mortgage
fHigb
27
862
38
68
102.27
102.27
102.26
102.27
( Low.
(Close
102.27
102.20
102.24
102*27
102.27
102.20
102.24
102.27
2
7
40
101.13
*9
8Mb. 1944-64
32?
300
101.5
101.1
101.4
101.12
101.12
(Low.
101.5
100.26
101
101.8
101.12
101.5
100.30
101.4
101.12
101.12
101.8
105
13
1
52
101.25
87
revised
table for
1
new
1936.
Co., Is
associated with Quaw & Fcney; members New York Curb Exchange,
in charge
of their public utility department.
—Thomas
director,
an
Anthony Falco has been elected Secretary, Treasurer and
1 William H. Paynter Vice-President and director of National
Associated Dealers, Inc.
D. Jones & Co., Boatmen's Bank Building, St. Louis, have
bulletin descriptive of Baldwin Locomotive Co. and will send
request.
—Edward
101.28
102
102
101.20
101.26
102
101.29
101.20
101.28
102
102
17
a
—Walter H. Schweikhardt, formerly of Electric Bond and Share
now
prepared
85
(Close
Total sales in $1,000 units
for distribution
101.10
i Low.
8a. 1942-47
have prepared
margin requirements which go into effect on Feb.
101.8
(Close
Total tales in $1,000 units
federal Farm Mortgage
fHlgh
Curtis
—Sidney B. Hook, manager of the municipal department of banks,
Huntley & Co. of Los Angeles, has been elected a Vice-President of the
firm, it is announced.
Total tales In $1,000 units...
federal Farm Mortgage
fHigb
8a. 1944-49
&
calculating margin requirements and loanable values to conform to the
100.11
31 <
f High
be in charge of J. M. Woods with Milton Y. Lamb as an associate.
100.9
copy
a
upon
—The prices of an extensive list of municipal bonds are being quoted
by Farson, Son & Co., Ill Broadway, New York City, in their current
circular.
40
2
fHigb
100.18
100.20
100.17
(Low.
I
100.16
100.17
100.17
100.18
close
100.18
100.17
100.17
100.18
units...
26
62
26
Federal Farm Mortgage
2MB. 1942-47
Home Owners' Loan
2
fHigb
100.28
jLow.
100.24
100.17
100.22
(Close
8a. series A. 1944-52
100.26
100.17
100.27
9
36
193
96
99.24
99.24
99.26
99.29
99.22
99.16
99.20
99.26
99.27
99.28
99.27
Total tatet <n $1,000 units
Home Owners' Loan
fHigb
1939-49..(Low.
[Close
99.22
100.25
99.18
100.27
99.24
100.2
100.18
footnotes for
*
25
new
Bid and asked prices, no sales on
york
stock pages
this day.
101.3
101.1
100.29
100.30
100.28
t Companies reported ha receivership,
a Deferred
delivery.
'
101.2
100.31
101
100
n
New stock.
128
r
Cash sale.
99.28
62
x
Ex-dlvldend.
99.23
V
Ex-rights
.
y,■
99.23
"
101
60
97
181
81
61
«
Listed July
(High
99.19
99.19
99.21
99.23
99.23
99.26
24
Par value 550 lire listed June 27 1934; replaced 500 lire par value.
(Low
(Close
99.19
99.17
99.19
99.20
99.20
99.22
"
Listed Aug. 24 1933;
99.19
99.17
99.20
99.23
99.22
99.22
"
Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
5
34
59
14
25
38
Total talet In $1,000 units...
Home Owners'Loan
2MB, 1942-44
Total sales in $1,000 units
J7
32
above
»
table
includes only sales
Transactions in registered bonds were:
of
coupon
42
106.6 to 106.6
Figures after decimal point represent
point.
.—
Sept. 15 1936.—
15 1940...
or
more
Asked
«•
♦r
32ds of
Maturity
49
«o
bi
Mar. 15 1940...
June 15 1939...
Sept. 15 1938...
1M%
1M%
100.21
100.23
Feb.
1 1938...
100.24
100.26
Dec.
15 1936...
101.14
101.16
Apr.
15 1936...
100.25
100.27
June 15 1938...
par value.
replaced no par stock share for share.
Former name.
classification, loan 75% of current.
From last classification and above, loan of 55% of current.
Listed April 4 1934; replaced no par stock share for share.
Listed Sept. 13 1934; replaced no par stock share for share.
From low through first
Rate
101.3
101.5
Feb.
15 1937...
100.17
100.21
Apr.
15 1937...
101.13
101.15
Mar. 15 1938...
103.12
103.14
Aug.
104.17
104.19
Sept. 15 1937...
1 1936...
50% stock dividend paid Dec. 10 1935.
100% stock dividend payable Feb. 1 1936 to stook record Deo. 20 1935.
Adjusted price for stook dividend.
The National Securities Exchanges on which low prices since July 1
Int.
Bid
1H%
1M%
1H%
1M%
1M%
2M%
2M%
Adjusted for 100% stock dividend paid Dec. 31 1934.
Par value 400 lire; listed Sept. 20 1934; replaced 500 lire
Adjusted for 25% stock dividend paid June 1 1934.
Listed under this name Aug. 9 1934 replacing no par stock.
American Beet Sugar Co.
43
1933
were
(designated by superior figures In tables) are as follows
12 Cincinnati Stock
22 Pittsburgh Stock
New York Curb
13 Cleveland Stock
23 Richmond Stock
New York Produce
14 Colorado Springs Stock
24 St. Louis 8tock
made
Bid
Asked
'
«
*
Adjusted for 66 2-3% stock dividend payable Nov. 30.
Adjusted for 100% stock dividend paid April 30 1934.
Listed June 1 1934. repiaoed Socony-Vacuum Corp. $25 stock share for share.
one
Int.
Mar. 15 1939...
stock share for share.
Listed April 4 1934;
43
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Jan. 31
June 15 1936--.
no par
43
m
Rate
replaced
42
1 Treasury 3Ms 1943-45.
Maturity
Adjusted for 25% Btock dividend paid Oct. 1 1934.
12 1934; par value 10s. replaced £1 par, share for share.
1 old no par share.
Deferred delivery sale.
Note—The
June 15 1940
Federal
105.25
235
• mb. 1955-60
15 1939..
Loan Corporation and
Bull, Eldredge & Popper.
105.23
105.18
(Close
Total talet in $1,000 units
bonds.
Home Owners'
of Murphy Brothers & Miles, and more recently has been associated with
108.8
108.12
fHigb
$Ma, series B,
table for
Mortgage bonds.
—Foster, Marvin & Co.
104
(Close
Total talet in $1,000 units...
interest
1
129
108.13
an
Farm
268
108.10
108.7
during
with
103.26
14
prepareu for
Treasury issues accrued
the month of February 193b on eacn different $1,000 bond or note, together
103.28
103 24
104
St., New York, have
S.
U.
104
103.29
104
104.1
table for
interest
an
31
104.2
Total talet in $1,000 units
Total talesin $1,000
NOTICES
—Chas. E. Quincy & Co., 24 Broad
(High
8Mb; 1946-49
•Mb. 1944-46
CJURRENT
108.9
Low.
I Close
1
8Mb; 1941-43
Total
New York Stock
2 H%
2 M%
104.16
102.18
102.20
4
New York Real Estate
" Denver Stock
2M%
2 M%
3%
3%
3%
3M%
3M%
100.28
100.30
»
Baltimore Stock
'•
Detroit Stock
105.11
105.13
•
Boston Stock
"
Los Angeles Stock
Los Angeles Curb
104.18
»
103.2
103.4
^
Buffalo Stock
32
103.17
103.19
•
California Stock
32
Mlaneapolls-St. Paul
•
Chicago Stock
2*
New Orleans Stock
105.12
105.14
101.28
101.30
105
105.2
\
1*
Chicago Board of Trade
i'Chicago Curb
:
—
26
106.28
8MB. 1943-47..
Deo.
■'
— —
■
— ——
0.20%
Sept. 23 1936
$8,711,000
14,849,000
14,835,000
16,390,000
16,848,000
16,624,000
Tuesday..
109.12
109.6
[Close
fHigb
Dec.
AT
1,656,720
3,099,685
2,287,590
Monday
109.9
109.14
Saturday
109.12
Total talet in $1,000 units...
a
2 1936
106.8
Low.
52;
Jan. 31 1930
6
105.30
Total talet in $1,000 units...
*
0.20%
— —
0.20%
Oct.
mm
.85
Week Ended
96
106.1
(High
ims. 1946-50
—
DAILY. WEEKLY AND YEARLY
111.6
units...
4Mb-3Mb. 1943-45
TRANSACTIONS
111.6
Close
[High
Total talet in $1,000
— — — — —
1
6
3
units...
4a. 1944-54.
mmmmm
0.20%
Sept. 30 1936
Oct.
7 1936
.mmmmm
20%
020.%
115.10
4
19 1936........
Sept. 9 1936
Sept. 16 1936..
—'
—
0.20%
1936
mmmmm
■
'
0
3
mmmmm
0.20%
0.20%
Sept.
—- —- —
-----
'----■
0.20%
Aug. 26 1936
m'—rnrnm'
'
0.20%
Oct.
May 27 1936
June 10 1936
4mb 1947-52.
0.20%
0.20%
0.20%
Aug. 12 1936
Daily Record of U. S. Bond Prices Jan. 25 Jan. 27 Jan. 28 Jan. 29 Jan. 30 Jan. 31
Treasury
1936
8 1936
July 29 1936
Aug
5 1936
——
—
0.20%
June
mmmmm
1
July 15 1936—
July 22 1936
— — —
mmmmm'
—
0.20%
0.20%
0.20%
0.20%
Apr. 29 1936
0.20%
July
0.20%
Mar. 18 1936
Securities
Asktd
0.20%
...
July
mmmmm
0.15%
0.15%
0.15%
0.20%
Government
1936
June 24 1936
'
0.15%
Feb.
Mar. 11 1936
States
Bills—Friday, Jan. 31
Asked
0.15%
0.15%
Feb,
COMPANY, Publishers,
William Street, Corner Spruce, New York.
United
1936
1
Rates quoted are for discount at purchase.
Oramwtf'*1 ** (ttijnmirlf
published
Feb.
United States Treasury
jJFtnanrial
.
,
Chronicle
21 Philadelphia Stock
u Salt Lake City Stock
24
San Francisco Stock
22
22
22
3*
23
San Franclsoo Curb
San Francisco
Mining
Seattle Stock
Spokane Stook
WaahlngtonCD.C.
Stock
'
737
Volume 142
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY
'
,
■
YEARLY
AND
'
■'
.
.
•
'
1
<
■
■
' '
"
.
Occupying Altogether Nine Pages—Page One
!
taken on such
No account Is
transactions of the day.
the day's range, unless they are the only
NOTICE—Cash and deferred delivery sales are disregarded In
for the year
■ales In oornputlng the range
July 1
AND
HIGH
NEW
it
49%
»
-
-
-
24%
4
3%
7%
734
*187% 189
2%
2%
4934
*46%
*113%
*113
6934
12
12%
*24
2%
2%
*3434
24%
334
24%
4
3%
7%
8
187% 188
187
12
100%
100% 100%
34%
34%
4
3%
7%
69
6934
II84
69%
12%
6938
100% 100%
35
34%
24%
24%
734
8%
17
*16%
1534
.
3
21
23
2534
18%
20%
22%
25
19%
20%
22
24%
32%
35%
35%
16434 165
32
38
38
5
5%
538
5
5
3
3%
3%
21%
3%
20%
213g
19
19
19
18
1834
19%
31%
31
*16
19%
18%
*16%
18
18
29
30
36
35%
166
165
165
12034 12084
25%
25%
7%
7%
31%
70%
30
36
*2934
35%
35%
36
164% 165%
166%
12034 120«32 120«32 120"32
26%
26%
2534
25%
73s
7%
7%
7%
38
38
39
21%
2234
2234
4%
458
5%
44%
43
43
4434
5%
47%
47
84
4684
41%
22%
5
5%
84
8384
85
83%
83
84
44%
83%
5634
46%
67%
82
56%
56%
56
57%
83%
56%
84
56%
57
56
57
56%
47
47
47%
46%
47%
46
46%
45%
45
68
68
*66
*66
67%
45%
67%
4934
4934
132% 132%
125% 125%
♦164 f
68
*66
68
48
47%
48%
48%
131 a4
♦130
13134 132
125% 126%
126% 127
165%
165
165
33%
34
33
65%
64%
64%
64%
65%
64%
*63%
*90%
*32
34
12%
1234
12%
12%
12%
12%
12%
29
29%
29%
17%
30%
2934
29%
28%
11%
27%
17%
12%
29%
18%
16%
18
1734
1784
1734
18%
63
1134
1134
28%
27
28
18
17%
91
92%
91%
9is4
91%
91%
2%
12%
93%
2%
2%
12%
*12%
2%
1234
2%
12%
1234
92%
2%
11%
8%
36
38%
92%
2%
12%
8%
39%
41%
16%
39
9%
40%
16
16
17%
2%
13
9
8%
834
39%
14%
16
32
33%
34
3634
35%
37%
16%
35%
13%
13%
8%
45%
•133s
13%
13%
13%
13%
734
7%
37%
7%
43%
37%
4%
21%
21
8%
8
8%
44
44%
37%
37%
8%
7%
43%
37%
3%
9%
40%
17%
36%
14%
8%
44%
3734
3%
21
21
8%
9%
4084
17%
39
36%
35%
13%
14
1634
12%
12
12%
12%
12%
12%
27
27S4
28
28%
27%
27
80
80
8034
8234
28%
8234
44%
3734
4%
21%
12%
27%
83
83
27
27%
27%
27%
27%
11%
11%
11%
11%
11
4334
-37
37%
334
1934
11%
4
20%
44
37%
4%
*20%
46
27
27%
27
81%
27%
11
11%
1138
11%
34%
35%
130
130
34
131
34%
4
130
33%
34%
*130% 131
*38
3884
12%
26%
82%
1234
27%
82%
27%
11%
9%
51%
42%
25%
160
5,500
1,900
11,400
500
13,100
27% Jan 31
1%
44% Jan 31
6%
Jan
Jan 31
37%
17034 .Jan
13%
21
32
8
107%
125
173
124
Jan
2
117
139
2734 Jan
2
122%
22%
3%
30%
*90%
24
34%
14%
7%
43
37%
4
21%
11%
26%
83%
26%
10%
8
43%
37%
4%
21%
12%
2734
84
5,200
11%
6,700
33% 343g
343g
*130% 135
*130% 132
13,900
900
29%
10%
10%
1034
83,400
53
53%
44-%
54%
54
55%
53%
44%
23%
54
53
54%
4534
53
54%
4434
9,200
28,400
62%
29%
64
143
*140
105% 105%
72%
72%
*140% 140%
2534
25%
*109
110
34%
35
56
57
44
45
46
43%
45%
25
23% 163,200
26
22%
22%
23%
24%
10
*160% 165
*160% 165
*160% 165
*160% 165
32
48,200
32%
31
31%
31%
31%
31%
31%
31%
92
1,100
91
94%
91
93%
*93%
9134
92%
9034
23
3,600
23%
23% 23%
23% 24
23%
24%
23%
165
29%
2934
63%
64%
*141% 142%
105
105%
73%
7234
35
35
56%
57%
159% 160%
97% 98
16034 162%
9984
9734
161
9834 100%
9934 102%
9984
10%
66%
1%
8%
6%
138
139
101% 102%
*137
8
7%
2234
99
99
10%
11
10%
6634
68%
1%
66%
67%
1%
7%
10%
67%
1%
8%
6%
53
*47
3034
2934
36
36
19
18%
108% 108%
13
.13
1%
32
139
7%
32
54%
23%
22%
23
98
98
98
33%
293g
6434
64
6234
*142% 143%
142% 143
104% 10434
104% 104%
72
7134
71%
71%
*48
7%
32%
23%
53
30%
38
40
19
1834
109
109
*12
13
10%
6734
1%
1%
*48
30
37%
18%
53
30%
39%
18%
109% 109%
*12
13
*48
30
37%
53
30%
37%
18%
18%
109% 111
*12
12%
117
49
62%
For
♦118% 124
52
52%
footnotes
see
125
5134
page
125
736
52%
*120
51%
130
52%
*117
51%
130
51%
Jan 31
27
16*4 Jan
*48
800
113g
70%
1%
6,000
8%
55g
3,700
4,600
30%
87,600
37%
18%
37%
2,500
109
*12
21
110
12%
14,300
170
600
*117
50%
130
51%
400
8
Jan 30
14
38
Jan 23
43%
66
2
2%
20%
«
3
Jan
30
20
3
3
22%
S5%
6%
72
Jan 20
7
Jan
Jan
10% Jan
25% Jan
%
2%
%
Jan 27
2%
Jan 28
2
46
Jan
13
534 Jan
57%
72
8%
41%
17%
37%
14%
8%
2934 Jan
12% Jan
19
-No par
Amer Metal Co Ltd
2
Jam 2 7
14
11%
Jan 28
3%
3%
12
Jan 28
10%
Jan 31
8%
Jan 25
3
3
Jan 27
28
28
24%
2
39% Jan 15
5% Jan 14
9
24
Jan 14
14%
2
12% Jan 28
2834 Jan 16
8%
4%
x
1%
29%
1%
14%
4%
9
9
73% Jan 2
2678 Jan 31
84
Jan 31
32
32
29% Jan 14
12
18%
10 % Jan 18
11% Jan 2
12% Jan 2
11% Jan 2
3584 Jan 24
12%
7
27% Jan
7
132
Jan
3
4%
3
4%
13%
63
8
72
Jan
2
N Y Corp.. No par
J35% Jan
3
38% Jan 13
20%
Amer Power A Light... -No par
8% Jan
2
1034 Jan 31
X1*
1%
55%
Jan 2S
Jan 28
10%
8%
10%
46
Jan 24
9%
107%
7
12%
10%
134%
15%
93% Jan 30
26% Jan 11
33%
66
6%
100
preferred
conv
$6 preferred
-No par
$5 preferred
Am Rad A Stand
San'y.
No par
.
....100
Preferred
25
Amerloan Rolling Mill..
-No par
American Safety Rasor
American Seating vie.. -No par
Amer Shipbuilding Co.. -No par
.
Amer Smelting A Refg.. -No par
...100
Preferred
.100
2nd preferred 6% cum.
Amerloan
Preferred
Jan
7
29% Jan 20
89% Jan 21
20% Jan
25% Jan
2
27% Jan
160
32%
Jan
4
2
24
8%
4%
15
20
Jan 31
28%
31%
Jan 17
71
121
8
57
101%
Jan 22
43
63
106
125
31
Jan
6434
5634 Jan
136% Jan
144
104
10534 Jan
Jan
6
73%
141% Jan 27
2334 Jan
28%
Jan 31
10%
12
111%
Jan 28
52
88
36
Jan 29
32%
32%
Jan
100
52
Jan
100
129
Jan
Am Sumatra Tobaooo....-No par
Amer Telep A
Jan 15
Teleg
Tobacco
2
58%
141%
26%
162%
Jan 28
98%
6
10034 Jan 31
63%
23%
Jan 16
102
Jan 28
11
18%
98%
No vai'
Preferred
No par
.-No par
1st preferred
....
Woolen
No
par
98% Jan
4
102% Jan
8
Jan
8
140% Jan
3
7
Jan
8% Jan
2
30
25
B
Preferred
Jan
35
100
11%
Preferred
Lead A Smelt...100
7%
Jan 24
48
Jan 31
4%
35%
4% Jan
2%
9
7
70% Jan 31
1% Jan 4
72%
74%
129%
2%
8
62% Jan
1% Jan
7% Jan
Preferred
tAm Writing Paper
64%
105
Jan 10
24% Jan
21% Jan
9234 Jan
9% Jan
50%
124
Jan 29
137
Common class
*5%
15534 Jan
96% Jan
..
Preferred
Amer Zlno
22% Jan 30
157
3378
Stores
American
4478 Jan
37% Jan
x
10784 Jan
Amer Steel Foundries... -No par
American
130
6978 Jan
133% Jan
Snuff
Preferred
7%
48
4%
85%
%
%
2%
2%
6% Jan 23
3
3
31
10
Jan 10
..25
44
Jan
53
Jan 24
31
Anaconda Copper Mining
50
Anaoonda Wire A Cable..-No par
28
Jan 20
31
Jan 24
8
35
Jan
8
40
Jan 28
7%
16%
Jan
2
21
Jan 31
10%
3
80
10%
96%
3%
Preferred
53
29%
4
Jan 29
2% Jan 16
2
Amer Maoh A Fdry Co.. -No par
-No par
Amer Maoh A Metals
-No par
Voting trust ctts
151%
13
Jan
Jan
-No par
Am Water Wks A Eleo
13,900
14,100
Jan 16
94
37
Preferred
tAm Type Founders..
23%
98%
Jan
32
38%
50
Amerloan Locomotive
1,700
68,000
500
Jan
19% Jan
9
3
.'
Anchor Cap
$6.50 oonv preferred...-No par
Andes Copper Mining..
----
115
3
1
.
45
No par
45
46
4634
2,400 Archer Daniels Mldl'd
45%
4634
47%
4684
47%
100
10
7% preferred
*120%
*120%
*120%
*120%
120% 120% *120%
100
2,250 Armour A Co (Del) pre!
108% 108%
10834 10834
10734 108
109
10984
108% 10834
109% 109%
7
7
634
7%
6% 250,300 Armour of Illinois new........5
6%
7
6%
7%
7%
5%
6%
82
81
$6 oonv prel
81
84
82
12,900
8034 8134
8134
82%
81%
71% 76%
*46
Jan
Jan 22
100
3,600
5%
10%
6634
.1
-No par
734
5%
1034
31
26
,10
.
pref
non-cum
3334
734
32
par
Amer Internal Corp
3,100
8%
99
No
preferred
$0 preferred
2nd
10,000
5%
*98
Preferred
10034
83S
22%
6
Jan 21
7
Amer A For'n Power
10134 102%
138% 138%
5%
39
19%
100
7%
Jan
100
Amer Sugar Refining...
700
99% 100%
32
30%
Jan 24
1,700
12,700
138% 138%
Jan 22
6,700
162
101% 102
Jan
13
Amerloan
160
8%
30%
70
161«4
584
39
29,600
161
8%
31
110
4,200
6%
8%
5%
1,900
25
67
1%
400
1,500
25
1038
1%
18,600
25%
66
.
440
25
22%
98%
10%
67%
1%
8%
30%
109% 109%
J 2%
1284
47%
47%
35%
35%
35%
35%
57%
58%
57%
56%
141
141% 141% *138
9
1%
6%
*48
2234
9
6
33
98
8%
19
16134
99% 100%
99% 100
10134 102%
*137
138
161
162%
2284
9934
10%
7%
32
57%
141% 141%
25%
25%
26%
25%
36
56%
141
8%
33%
23%
7%
32
64
104
35%
57
56%
141
22
104
35%
35%
140% 141
25%
24%
7%
3134
63%
143% 143%
28%
£62%
*28
72%
72%
145
*135
145
*135
*141% 145
141% 141% *141% 145
27%
28%
26
2534
2534 27%
25%
25%
25%
25%
*109
113
*110
11234 *109
11234
110
110
111% 111%
*140% 141%
24%
24%
137% 137%
64
62%
142% 142%
104% 10434
72
73%
29%
34
2
pref........
Amer News.
3834
25%
3
Amerloan Ice
1,100
10
25%
Jan
2,500
17,300
7,500
10
8% Jan
10
Co
6% 1st pref
6%
110
8
34
par
Am Oomm'l Aloohol Corp....20
10
Amerloan Crystal Sugar _
900
119
80
120
No par
Chlole
2nd
88
2
(Alleghany Co)25
165
21
Jan 14
Jan 25
2
Amer Home Produots...
273g
3334
2934
43
Jan
3,400
10
*28
34%
19%
Jan 24
50% Jan 24
88
.No
6,500
2,800 Amer Hawaiian S S Co
48,800 Amer Hide A Leather..
6,400
6% conv pref
*38
29
13%
68
1% Jan
934 Jan
10%
*28
11%
Jan
42% Jan
12534 Jan
89% Jan
3834
24
20
100
10
*90%
6784 Jan 23
47% Jan 24
-No par
*38
92
Jan
Jan
-No par
10%
24%
52
Seo's
34%
13%
2%
48%
41%
43
11434 Jan 14
Amer Color type
12,600
19,800
14
27
Tiling
10
3034
Jan 11
Amer European
10%
31
87
Amer Enoaustlo
3884
27
Jan 29
Jan
62
Chain
9
26
47%
32% Jan 22
preferred
24%
X49
11%
2%
21%
2,100
10
45%
10%
23% Jan 15
5% Jan 29
35% Jan 21
20% Jan 2
358 Jan
3778 Jan
75
33%
12
12,000
*38
25%
49
2%
3934
*160
72% Jan 3
41% Jan 30
1234
17
3%
Jan 31
69
132%
134%
166%
35%
66%
40%
123%
9134
100
Preferred
77,800
5%
734 Jan 10
11978 Jan 30
Can
Preferred....
1,180
3
1%
6%
65
10
Note..
Bank
American Car A Fdy
Amerloan
I"
2
7
684 Jan
91
10
44%
2684
2384 Jan 13
-No par
Preferred
7%
Jan
1205s Jan
American
American
30%
157
2%
1234
39%
4
3%
14%
14%
14%
27% Jan 31
Preferred
4,700
16
®4
12i4 Jan
warr.
Am Brake Shoe A Fdy__ -No par
200
39
1%
»4
2%
1212 Jan
27l2 Jan
American
10
1,300
9
1%
Jan 31
S20%
IOO
without
.
3,400
*38
160
5% Jan 27
4% Jan 31
28%
91
834
13%
3is Jan
234 Jan
12% Jan
„
3934
*38
•
*21
34
3384
130
131
3%
4%
21
2%
2%
74
13%
Jan 23
100
7%
92%
2%
11%
7%
8%
74
74
17%
5% pref
1,900
25,500 Allls-Chaimers Mfg..... -No par
2,100 Alpha Portland Cement.. No par
16,000 Amalgam Leather Co
7% preferred
3,200
3,500 Amerada Corp
-No par
3,200 Amer Agrlo Chem (Del)
10,000
17%
20%
173
100
Am Coal of N J
12%
%
15i8 Jan
Allied Mills Co Ino
34
*32
34
*32
34
*32
34
*32
34
6434
33%
2
par
No
Corp
Allied Stores Corp
100
165
32%
6234
3834
80%
10
Preferred
2,800
190
*160
Jan
Jan 11
100
-No par
Allegheny Steel Co
Allied Chemical A Dye.. -No par
17,400
34
2
37%
24%
8
4%
194
7434
4%
6%
104%
»4
3%
3% Jan 15
2
62%
116
Pre! A with $30 warr_
19,800
124
39%
39%
40%
12434
122% 123% *120
91%
91%
90%
89%
3934
t Alleghany
19,500
132
166
par
6
8
8% Jan 14
2
168% Jan
4%
8
Jan 24
25
73s Jan
A P W Paper Co
9,900
120
63
6384
123
*32
47%
47%
100%
28
No pat
Alaska Juneau Gold Mln
3,900
132
32%
33%
39
40
40%
3934
39%
3934
123
*120% 124%
*120% 124% ♦120
91%
*90%
91%
91% *89%
91%
9034
39
*121
Air Way Eleo Appllanoe..
133
*165
166
33%
3334
*66
47%
47%
125
122
Reduction Ino
Air
8,100
119% 123
*132
13134 132
*165
167
*165
33
33
*66
48
47
84%
14%
2H% prior oonv pref...No par
22
83%
55%
46%
.No
Pref A
40
44%
11%
66
21% Jan
Pref A with $40 warr.
5%
4634
46
12% Jan 30
100% Jan 10
4%
2
xl% Jan 14
11,200
22%
23
2
No pat
13,600
5
4034
5%
5%
10% Jan
10
Advance Rumely
Affiliated Products Ino
13,600
22%
39%
2234
5%
61
Jan
35% Jan
27%
44%
40
40'%
38%
21%
32
110
21
70
33% Jan 3
22% Jan 21
27%
70
69%
30
89
2
par
Address Multlgr Corp
8,000
5
1,400
4% 198,100
45,900
69
6934
Jan 25
4978
Jan 13
-No par
2,400
2,900
28%
70%
41%
6934
70%
4%
5
3%
$ per share
114% Jan 13
Mlllls
Adams
32,200
High
Low
$ per sh
10038 Jan
No
Express
Preferred
1,000
Alabama A Vlcksburg RR Co
16%
35
37%
35%
35%
16334 165%
16334 165
1202532 1202s3Z 1202532 120»32 120"32 120«32
2634
26%
273g
27%
26%
26%
7%
7%
7%
7%
7%
7%
23
70
70%
70%
70%
36%
21%
*42
5%
3%
3%
Adams
Low
Highest
$ per share
45
Acme Steel Co
3,190
90
1534
*434
3%
24%
24%
24%
4%
3%
20%
18%
*86
90
16%
16%
19
3%
15%
*4%
3%
17
1,800
24,400
Year 1935
112% Jan 6
68% Jan 20
A Straus
Preferred
1,800
189
3
3%
*86
90
189
191
190
15%
5%
33s
2234
16%
Lowest
$ per share
Par
Abraham
Range for
to
31
1935
Shares
20
1933
Dec.
EXCHANGE
,
-
*86%
15%
*86
90
$ per share
5 per share
4934
*46%
49%
,*46%
*113%
*113%
69
687g
68%
68%
69%
12%
11%
123g
12%
12%
100% *100% 100% *100% 100%
35
34%
34%
34%
34%
24
24%
24%
24%
2484
4
4
4
384
334
7%
7%
7%
7%
7%
189% 188% 18984
284
3%
2%
2%
Ol VvB.
Week
$ per share
50
*46%
$ per share
4934
*86
90
*86
Jan. 30
*46%
35
*24
Jan. 29
*113
68%
11%
11%
*100% 10058
34%
Wednesday
Jan. 28
$ per share
$ per share
49%
Tuesday
27
Jan.
Jan. 25
*112%
68%
Jan. 31
Monday
Saturday
the
Friday
Thursday
On Basis of
STOCK
VORK"
X v/XvXV
It J-J
JUT
1
100-share Lots
Range Since Jan.
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
LOW
Preferred
8,000 Armstrong Cork Co.....
15%
10484 Jan
11% Jan
8
111
Jan 30
7
13
Jan 25
2
50
Jan
120% Jan 24
105% Jan 3
434 Jan 2
66% Jan 2
122
Jan 25
3%
3%
84
Jan 28
46%
55%
Jan 14
125
Jan 28
31%
85
13
25%
45
109
Jan
47% Jan 13
3%
21%
7
36
Jan 13
106
117
110% Jan 20
64
97
7%
52% Jan 25
2
J
New York Stock
738
HIGH
LOW
AND
SALE
Record—Continued—Page
Monday
Tuesday
Jan. 25
Jan. 27
SHARE,
$ per share
Wednesday
Jan. 28
$ per share
$ per share
8
8
iou
1014
77&
81*
10U
77s
*10
10i2
♦93
•93
*9334
..
Jan. 29
$
8
1012
1414
14%
14%
1414
1412
*10412 10834 *107
10834 *107
10834
*95
100
49
♦95
101
*4618
6938
70l8
70
91
99
9934
2984
*1314
*1434
2834
3014
14
I6I2
293s
54
5612
*113
2534
4I84
11434
27
4284
30
7058
99ig
3058
3H2
13
1334
14i2
30l2
5734
14l2
29i8
56U
114
NOT PER
CENT
16
57i8
11418 114i8
26i2 267g
4U2 42
27
43l2
914
45i2
13
29%~ 29%
*56i2
914
45i2
Thursday
Sales
STOCKS
NEW
Jan. 30
Jan. 31
$ per share
143a
10834 IO884
101
*46
49
7H2
99%
8
734
10
778
10
10
1334
884
IOI4
14
1334
*107
109
*108
8,500
100
*95
100
*46i2
100
49
49
49
72
7314
72
99t2
9934
30i8
40
7484
99
3134
14i4
16
16
17
303g
2978
3078
59
59
59
37,600
2,800
20,000
17
2934
59
114ig
267s
4314
Arnold Constable Corp..
Artloom Corp
"5",800
109
*95
2934
58i2
26%
4H2
Lowest
30l4
123s
113
14
115
114i2
26%
4H2
267g
42
580
800
33,600
2,600
42%
3%
Jan 20
63%
109
Jan
8
44
7%
807g
109
101
Jan
3
36
48
100
Jan 22
21
43
Jan 11
59
Jan
2
90% Jan
2
lot
29
Jan 21
No par
10C
12
15% Jan
Jan 22
49
2
7%
Jan 31
Jan
Jan
35%
60
66%
19%
92%
9
18
9
19%
3
par
48
59
Jan 30
18
4,500
Atlas Tack Corp
8,900
Auburn Automobile
Preferred....
20%
32%
xll2
75
106%
No par
2
Jan
Jan 17
45
478
434
38i8
1714
2314
914
45i8
5
4412
♦11512
1678
*86
24
♦109
"l678
87
*4434
*11512
165s
87
16l2
64%
113
113
*112i2
1834
I884
1834
16%
1634
64
64
*107
108
*107
6i8
47g
38%
I8I4
17l2
18
38i2
1734
24%
24
24
24
♦109
110
*109
110
3534
*33
3584
91
*89
90
1378
87
22l2
23%
20l2
21
5112
50l2
5H2
130
52
130%
14
*33
16
*89
"2484
203s
*5134
513s
2078
52l2
5278
*33
36
90l2
1384
*8618
237g
205s
5184
515a
14i8
*87%
2338
36
137g
*89i4
1378
♦8658
235s
2034
9H2
14
87%
243g
2458
207g
24i2
5214
9458
4H2
253s
6238
9434
26i8
26%
68
69%
934
212
1658
10
5314
5U8
54
51%
43
43
42
2l2
17%
534
3514
3514
44i8
4434
534
*98%
54%
64
914
1H8
1712
*104
10%
*89
2l2
12i2
*12%
2434
*1%
*1
838
2738
412
*1334
*19i8
378
2
2H8
*68
54%
9!
11%
17i2
110
1118
95
2%
1234
123S
2534
134
lag
8
28
11
*90
94
57«4
2834
26*2
*66
2734
*48
*884
55
*80
9484
9412
41
265s
263g
6884
103s
IO84
214
1758
5458
5178
4312
212
1718
5312
*5114
45
534
5l2
3578
44%
9858
54l2
6484
5414
♦64
35
6484
9l2
1138
1778
934
lll2
1778
43l2
9914
537g
934
52U
50l2
28
14#4
4
115s
*41
1578
16
4734
4734
*90i2
9414
8ig
91%
94
125
69
2934
28i8
67%
95"
125
5934
28%
27i2
27l2
6712
*64
2734
277g
49
49
50
8
*8l4
.
6434
5434
6534
*284
3
2
5i8
2%
63s
6
*5%
8
28%
2%
4I8
384
285S
2U
4I4
37g
9
1738
1734
53
53
*258
7
678
23
1678
15,000
20i2
*18i2
2012
10
115%
Jan 31
27
Jan 24
4
4
19%
44% Jan 10
16
15
45%
6is
3634
36%
37
4334
44
43%
437g
99
99
99
99
553s
56
55%
56%
5,300
*60%
6434
400
93g
6,100
5,900
534
35is
43i2
6I4
3688
4378
99
5584
55
64l2
9i2
1H2
177g
*104
11034
1034
11
*90
9478
2i2
2%
123s
1284
12i2 127g
26% 28i2
*134
17g
*H8
114
9
273g
478
9
28
5%
17ig
21
*118
*8i4
267g
434
*12
20%
3%
35
Us
1
51
9
*54
—
95
8!
10914 H0i2
1134
12%
177g
18%
10,000
50,000
47g
*13%
*18%
1534
2034
400
127
3%
2I84
22%
9,400
69
68
69
35
34%
3478
2,400
1%
17,100
17,100
8,900
12,100
1
7%
7%
31%
32%
15
15%
57%
57%
12%
4034
17
3,300
48
640
*95
105
8%
106%
126
126
126
8%
395fi
68i2
35l2
39%
*36%
66
68I4
57ig
278
53g
58i4
5734
6812
58%
68
57i8
278
27g
214
7i8
23g
*2%
514
214
67g
18ig
♦52
25s
I8I4
5312
284
7
684
23i2
18
♦5I84
2%
73g
7
23%
For footnotes see
page
5i2
214
714
9
2834 .2884
2i8
2U
412
378
914
7
678
23
736
Co
No
434
4
934
I8I4
54
25s
7%
67g
23
*6
29
214
4%
37g
914
1712
*52
25g
714
7
*2184
73g
8i2
29is
23s
434
4
934
18
5318
234
7%
714
23
9l2
29
23g
4l2
334
9i8
1714
*51i4
234
7
634
2214
3
5%
23g
738
57%
*2%
5%
2%
•
7
39%
70%
58%
3
2%
7%
10
11
12
29
28%
2%
287g
2%
434
212
434
4
378
938
1778
9%
17
17%
52
Bruns-Balke-Collender
92
Jan
26%
58%
Jan 31
6%
33%
94
No par
Co
7%
Class
B
100
No par
Term
No
Debenture
51%
2%
10%
2
11%
Jan 30
3%
28%
3%
Jan 16
%
%
Jan 24
8%
8%
6%
Jan 27
10%
46
Jan 29
25
24%
23%
30%
64
Jan 21
7«4 Jan
1% Jan
157g Jan
3
9
6
51% Jan
7
48
Jan
4
41
Jan 17
4%
33%
40%
98%
53%
4
Jan
6% Jan 20
1%
27%
No
No
1%
oertlfloates
Jan 20
14
14
38
46
Jan 23
25%
36%
46%
Jan
9984 Jan 13
6
90
43
71%
41
53
•3%
10%
12%
19%
110%
11%
3
6
Jan 23
Jan
8
3%
3%
Jan
8
6
Jan 11
47
Jan 23
3
Jan 23
16
Jan
3%
4%
8%
62%
3%
23
%
%
2%
1384 Jan 14
13% Jan
2
Jan 10
2%
3%
Jan
29
4%
8%
%
%
Jan
Jan 30
9
1%
Jan
9
1% Jan 17
9% Jan 17
Jan
6
28%
6
5%
18%
2334
4%
3%
Jan
Jan
Jan
Jan
Traotor
No
Jan
Jan 16
Jan 13
%
1
3
3
10%
Jan 22
13%
%
1
Jan 22
2
Jan 17
4%
1%
10
Jan 25
J&n 10
32
32
66
par
33% Jan
Jan
par
6
Jan
37% Jan 13
16%
30%
Jan 16
%
%
Jan 16
2%
2%
Jan 23
6
7%
8%
3984 Jan
6
1%
77g
33%
16%
57%
127g
43%
13
2
17
4584 Jan
8
48% Jan 13
26
87
Jan
4
90
Jan 21
60
91
Jan
95
6
Jan
6
30
Jan
6
14% Jan 17
54
Jan
6
1078 Jan 20
Jan
116
Jan
2
Jan 31
8%
44
Jan 29
8%
Jan 11
22%
Jan 31
4%
50
8%
30
14
70
35
7
127
Jan 30
567*
45%
83%
Jan 29
85
7
64
15
36%
32% Jan 6
28% Jan 29
17%
19%
16%
58
.No par
5
7,800 Chesapeake Corp
No
Chesapeake A Ohio
200 tChlo A East 111 Ry Co
2,000
6% preferred
7,600 Chicago Great Western
Preferred
9,300
230 tChlo Ind A Loulsv pref
7
71
Jan 31
55
25% Jan
6
29% Jan 31
5234 Jan 31
984 Jan 17
18%
22%
34
34
Jan 21
8% Jan
103
Jan
6
3
4784 Jan 21
13% Jan
81
6
Jan 31
22% Jan
par
59
51
2
Jan
—.25
Jan
100
..100
1% Jan
278 Jan
100
1% Jan
100
4
Jan
7
Jan
100
1,000 Chicago Mail Order Co
6
8,600 tChlo Mllw St PA Pao
No par
21,700
Preferred—
100
22,400 Chicago A North Western—.100
Preferred
5,500
100
2,900 Chicago Pneumat Tool—.No par
23%
Jan
47
No par
A Pacific—100
100
100
No par
3
Jan
I684
89%
42%
70%
58%
3%
6%
2%
7%
12
28% Jan 20
184 Jan
105% Jan 3
5534 Jan 10
2
Jan 14
Jan 6
Jan 24
60
35%
21%
62%
29
62%
76
6%
96%
23»4
38%
65%
2%
10%
3%
23
15%
88%
4»s
4%
12%
109%
21
86
61%
37%
37%
53%
Jan 13
1
1
2%
Jan 15
%
%
3%
Jan 29
%
%
2%
Jan 31
1%
1%
5%
Jan 31
1
2
5
2
4% Jan 31
2
Jan 15
Jan 31
Jan
2
Jan
3
Jan
2
Jan
2
8
Jan
2
77g Jan 10
Jan
2
26
8%
129%
784 Jan
1%
4%
3%
1984
95
111%
126%
Jan 31
31% Jan 6
2% Jan 15
10%
20%
5478
27g
55
88
Jan 30
3% Jan
16% Jan 21
51% Jan 7
5%
1%
6%
33%
17%
56%
13%
40%
48
Jan 22
16%
42%
32%
82%
8% Jan 4
110% Jan 29
3%
1%
4%
6
784 Jan
92% Jan
Jan
5484 Jan 16
100
preferred.
Chicago Yellow Cab
10%
74
No par
400
1%
28
64
Jan
28% Jan 30
19% Jan 6
preferred
Checker Cab
3,200
2%
3%
1
par
7%
67g
14%
14%
24%
20%
100
634
3
22%
par
Preferred
7
9%
97%
1%
Central RR of New Jersey
100
Century Ribbon Mills
No par
preferred
100
3%
5%
100
Conv preferred
11%
87g
17%
97.
No par
5% preferred
tChlcago Rook Isl
100
43
65% Jan 15
96
Jan
Jan
69%
56% Jan 31
Jan
%
11%
100
tCelotex Co...........No
200
6%
39
%
Capital Admlnls ol A
1
Preferred A
10
Carolina Clinch A Ohio Ry—100
3,700
2,200
42
11%
..25
234
67g
55%
55
Jan 30
Calumet A Heola Cons Cop
25
Campbell W4C Fdy
No par
Dry Ginger Ale—
5
Canada
Southern
100
51%
87g
2%
17%
Jan 10
ZI no-Lead—
25,700
70%
Jan
8
7%
25%
2%
8%
16%
2%
Jan 23
47%
•
Jan
63% Jan
87S Jan 29
85
Jan
100
23%
Canada
7%
0%
21
197g Jan
par
No par
Certain-Teed Products
600
38
18
1
No
Preferred—
California Packing
Preferred
90
38
Jan 31
100
Co
Byers Co (A M)
634
*2134
par
.100
Bush Term B1 gu pref ctfs—.100
Butte Copper A Zinc
5
Callahan
68
Jan 16
12
No par
...
tButterlck
Jan 13
277g
70S4
11%
3%
1734
547g
5178
11%
2284
1%
%
No par
7% preferred
Burroughs Add Maob
tBush
96
45
No par
Burns Bros class A
6978
2
87g Jan
par
90
22%
3
No par
No
17
114
28%
6%
3
2% Jan 20
....
27%
237g
39%
Jan
17% Jan
102% Jan
9% Jan
100
28
25% Jan
6
preferred
Jan 29
39% Jan
—10
Preferred
278
714
22%
9
6
par
90
113
Jan
26 preferred series A...No par
No par
Bucyrus-Erle
10984 Jan 24
Jan 24
Brooklyn Union Gas
Shoe
Jan 14
52
No par
No par
1,020
66I4
934
Bftlyn Manh Transit
Brown
20
2078 Jan
No par
Cerro de Pasco Copper
9,100
121%
14%
5
24,600
15
44%
5
Bon Ami class A
4,800 Central Agulrre Asso
81
132% Jan 16
3
100
Aluminum A Br
28
51
834
14%
52
103%
2734
50l2
884
81
22%
67%
21%
65
277b
50i2
15
84
21%
3
6
par
100
71
83
21
Jan 10
Jan
Preferred
71
1412
12
Jan 11
Jan
16
69
*81
14%
117g
15%
2
Jan 30
Bloomlngdale Brothers.—No
69
15
9%
117%
24%
55%
14%
9%
16%
68
84
Jan 27
95
11%
79
6
67
147S
*80i2
38i2
2484
23%
56«4
54%
7
Jan 31
67
10
79
Jan 16
Caterpillar
10512 *104i2 105i2
54
5234
537g
64
Jan 25
17%
20%
Celanese Corp of Am
300
20%
108%
33%
72
90% Jan 28
14% Jan 3
87
33
13,400
1,500
14
6
24,000
14,400
28
29
29
* 29%
49
49i2
50l2
5234
9
*834
87g
87g
10412 104i2 *104% 105%
52
5334
51%
5378
14%
66%
115
33
3
63
9
15%
88
100%
Jan
2934
28%
500
116
37%
107%
15% Jan
130
Stpd
100
8,800 Carriers A General Corp.—...1
17,500 Case (J I) Co
100
580
2
25%
110%
49%
578
23
62%
40
4
120% Jan
No par
27
56%
27g
514
2i8
6S4
4%
37g
912
100
6%
18
32
57,
8%
5%
40
100%
36%
106%
3%
Blgelow-Sanf Carpet Ino— No par
28%
6512
8
6
64
393s
8
7
2914
28%
563s
2812
2i4
45g
Jan
6314
6612
2ig
Jan 18
277S
40i2
*6
20
28 i8
5534
*278
5i2
28i2
97
8i2
8%
104i2 109ig
*39U
65i4
5i2
—
6
49% Jan
12% 172,200 Canadian Pacific
800 Cannon Mills
4034
16%
Jan
13% Jan 2
85% Jan 9
21% Jan 20
48
64
29ig
285g
15l2
84i2
67g
20
88
No par
preferred
2%
1%
7%
7%
9%
27
No par
6214
28%
15
2i4
170
48
*90
127
25,500
56
No par
28
83
2
120
20% Jan 6
107% Jan 31
Beneficial Indus Loan
283s
16
da
5,400
80
Best A Co
62ig
29%
85
3
5
23,900
23
Jan 15
Bethlehem Steel Corp
1258
13%
28%
134
27,500
97"
5
12%
27%
Jan 14
114%
2
Aviation
35,300
25,900 Budd Wheel
1,600 Bulova Watch.
13,000 Bullard Co
150
70
3
8
No par
200
14
6
Jan
—.100
1%
91%
2%
Jan
Jan
7% preferredRights
9
29%
Jan
18
Budd (E G) Mfg
27
86
50
Beech-Nut Packing Co..
20
Beldlng Hemingway Co..Ns par
Belgian Nat Rys part pref
7%
2%
6
107
63
1%
7%
7%
9%
43% Jan 31
187g Jan 15
25% Jan 8
110% Jan 2
45% Jan 29
116% Jan 24
17% Jan 14
88% Jan 29
177g Jan 15
Jan
100
200
500
Jan 10
....26
45,200
12%
3
6
11
94
234
27%
134
1%
8%
2
6
10%
*85%
2%
37g
3%
*90
*95
700
Jan
Jan 22
417g Jan
Jan
...
8,000
109% 109%
48
57i2
1278
4212
6
6
Jan
Class B_
1,120
No par
30,100 Borden Co (The)
16
10,500 Borg-Warner Corp
10
4,300 Boston A Maine
100
2,500 tBotany Cons Mills class A—.50
7,400 Bridgeport Brass Co
No par
18,100 Brlggs Manufacturing-..No pur
1,500 Brlggs A Stratton
—No par
1,800 Bristol-Myers Co
5
5,000 Brooklyn A Queens Tr._.No par
4,100
Preferred
No par
334
3%
21%
48
*54
51
45
6
4
16i2
15
♦125
20i8
48
714
31t2
1558
83g
87s
27i4
514
16%
234
17%
537g
*43%
29
1214
40i2
I6I4
75g
32
15
95
234
1634
53%
Us
7%
3214
1534
57i2
1234
40%
I6I4
3H2
*91
3
1 4
35
1
714
4i8
3ig
11%
1714
63%
51i4
6434
6434
878
9ig
1H2
12i8
1758
19
110l2 110*2
10l2
107g
9478
9478
2i2
258
1238
1258
1212
12%
.28
69
preferred
Beatrice Creamery
Bohn
320
Jan
13%
82%
14%
63%
111%
No par
100
1st
Blumenthal A Co pref
Boeing Airplane Co
45
10l2
234
1634
5318
51*4
277g
7014
11%
Bayuk Cigars Inc..
684 Jan 31
6% Jan 29
2
114
100
5
53" loo
44%
534
36i4
284
17
69
9414
4078
Jan
par
No
conv preferred
Barnsdall Corp
Bendlx
109
Jan 15
Jan 14
100
Brothers
%
20,000
46
1078
4078
2714
257g
58%
6
4%
4%
37%
16%
22%
27%
2
14
35%
4
10% Jan 15
46% Jan 24
115
164
5%
Blaw-Knox Co
40
53i8
5H4
6884
27
35
125
4,200
3,800
45
26
3514
153s
7
678
33
3ig
21%
82
2%
23
129
68
8l2
23% >62,800
2078
7,600
500
51*2
5278
74,800
16l2
70
95
2,500
33
217g
105l2 110
"""466
129
57i2
9414
50
Preferred
1634
2514
100
Beech Creek RR Co
32
26i2
58 I4
9434
4H2
27i2
7034
11%
100
Preferred
90
100
111
100
Bamberger (L) A Co pref
Bangor A Aroostook
Barker
33,500
1,600
25l4
573g
9414
40l2
48
*94l2
5034
20
26l2
57i8
9412
4214
273g
70»4
III4
3ig
1714
54
5H4
65l2
9412
42i4
I6I4
83
106%
12214 12212
603a
6884
29
2934
20'2
100
Preferred
140
36
89%
137g
Aviation Corp of Del (The) new 3
Baldwin Loco Works
No par
48%
6
8% Jan
41% Jan
par
No par
"
2,700
100
No
A
Baltimore A Ohio
l",306
2,700
Nichols
Prior
Preferred
"
129
70
*91
834
25ig
48
2734
64
18%
24i2
*80
I6I4
61
15l2
9,900
47,500
9,900
1612
20l2
70
42
*50i2
111
48
2734
9%
43,600
30
22ig
1578
5712
1234
5112
5212
98
1212
4212
16ig
42
48
102
*66
53g
128
37g
2i2
2138
1%
75g
3134
23
111
418
1
2418
2078
*80
4
738
3118
153s
*53i2
12i2
137g
Austin
180
658 118,400
*86i2
111
21
3514
89i4
14
90
*16
35U
90
3,300
43%
110
*33i2
111
2H2
212
36
*80
514
1714
2i8
*54
2334
*109
111
21
2H2
6912
34l2
4H8
9
912
214
Ha
734
32i4
16ig
57l2
12l2
4212
I6I4
128l2
30l4
165s
64%
87g
113g
17%
22i2
42
175g
20
6434
70
3114
15i2
47g
40i2
*19
983a
2134
2
2958
163s
9914
5514
70
83%
41%
5
234
17l2
54i2
52
45l2
"578
3512
44
128
283g
53g
1714
*103i2 10512 *10312 105i2 ♦104
5312 55
52
54U
5514
83
26i4
5558
94l2
4134
2684
69i4
11
1H2
1H2
18
18
111
110i2 *104
105g
1H8
105g 107g
*90
955s *90
947g
2i2
234
258
25g
12l2
1314
12i2 127g
12i2
1234
123s 123s
25i2
26
25i2 2578
1»4
134
*158
178
*1
114
*H8
H4
♦838
884
8i4
8I4
2814
5%
1714
20i8
418
23
52
110
2784
2078
1334
*86i2
52
94
42
3512
43i2
1
110
*33i2
*89i2
5114
72
8i8
8I4
98% 101
*122
25U
5514
7%
87g
4314
6i2
5
*109
52
4%
2%
2134
1%
7%
3134
1578
57%
1H2
4184
15%
4734
2638
52l2
94l2
4012
26I4
68i2
10l2
2U
17i8
5378
5H2
43%
534
5
3434
*54
25
1634
19i2
1
15l2
90%
5
3458
678
31%
*80
1578
2012
834
43i8
4114
18i2
245.s
17%
2334
5238
130
99
v 64
9
43i2
6%
434
40
2034
51%
26%
1634
98
110
90
130i4 128l2 12934
27
27
265s
293g
1658
1678
16l2 1678
*18i2 20% *18%
20i2 *1812 20i2
*10934 112
*10934 111
*10934 111
26l2
6I4
5
3978
I8I4
2412
87S
43i2
45
♦4434 4514
45
4514
4484
447g
116
116
116
*11512 116
*116
117% *116
117i2
1714
16i2 1714
163s
167g
16
1634
167g
16l2
88
88
8712 87i2
88
8812 88l2
88
88i2
173s
1678
1738
I684
173s
1678
17%
1678
17i2
64%
65i2 6578
65i4
6578
64l2
65%
65i4
65%
113
112i2 H284 ♦11212 113i2 *112i2 113i2 112
112i2
19
1834 19
187g
187g
18*2
187g
1858
19%
108
*107
10734 *107
10784 *107
10734 10714 107U
*89
1378
6
434
914
45ig
4514
*33
87
9ig
45i8
38
5
24
45
534
434
914
4538
39
38l2
17%
110
*109
18
*4338
534
5%
478
514
38i2
9i8
1978
28
6
18% Jan
40% Jan
No par
Rts wl
9i8
17%
6
20%
IOC
360
267g
43
37%
3
6
31% Jan 17
21
No
44
29%
53%
6
15%
18%
26
Jan 22
3234 Jan
90
3584
7434 Jan 31
100
3%
70
14% Jan 27
27% Jan 2
Refining
Powder
9%
9?8
Jan 17
lot
Preferred
4
11
95
IOC
Atlantic Coast Line RR
At G A W I SB Lines
884 Jan 31
3
99
Oil
High
$ per share
13% Jan 29
106% Jan 8
10C
Preferred
115l2
2634
9
Low
Low
f per sh
278
Jan 20
lot
vtch Topeka A Santa Fe
Atlas
7% Jan
8% Jan
95
1
0% 1st preferred
7% 2d preferred
Atlantic
% per share
t
No par
100
Associated Dry Goods
Associated
Highest
2 per share
Par
2,200
14i4
29l8
5612
113
Range for
Year 1935
lotiO
Preferred..
99l2
3184
1214
1933 to
Dec. 31
EXCHANGE
*95i2
99i2
3184
14
1738
3058
1214
Range Since Jan. 1
On Basis of 100-oftare Lots
STOCK
Shares
7314
^
YORK
Week
$ per share
*9512
13i2
the
Friday
16
3112
*13
8
IOI4
*95
48
7278
99i8
*12U
114
26%
41l2
100
*4612
49
72i4
99
*96
778
10
*94
...
1414
*4618
share
per
1936
1
July 1
PRICES—PER
for
Saturday
Feb.
2
Jan 14
Jan 11
Jan
8
9
1
884
19%
%
«4
1%
3%
3%
14%
*35
%
%
3
4%
1%
3%
4%
5%
10%
20%
54%
20
»4
1%
1%
%
1%
1%
4
»%
9%
19%
2%
4%
739
New York Stock Record—Continued—Page 3
Volume 142
July 1
AND
HIGH
SALE PRICES—PER
LOW
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 25
Jan. 27
Jan. 28
Jan. 29
Jan. 30
Jan. 31
Week
29
29%
29
29
2884
2834
1034
10%
11
10
10%
10
10%
27
27
28
29%
30%
31
16
16%
1578
887g
16%
87
89%
87
88%
8678
16
16
897fi
16
16%
-
297g
88%
28%
10%
2978
8978
16%
28%
97g
30
*297g
8678
$ per share
28%
28%
$ per share
$ per share
$ per share
$ per share
2834
IOI4
16%
90%
16
80%
80%
80%
6%
6%
6%
*6%
6%
63g
63s
6%
6%
6%
27
25
25
2434
24%
25
24%
24% 24%
2434
25%
*156% 350
*156% 350
*156% 350
*156% 350
350
*156% 350
*156
81
81%
80
7978
797g
612
25%
*88
*109
*109
111
*1087g 111
*1087g 109
42%
42% 42%
4234 43%
*423g 43%
87
87
*80
87
*8234
*8234
*80
50
*48
50
*48
57
*48
57
57
57
----
*109%
_
85
Cleveland A Pittsburgh
*48
50
Speo'lgrt 4% betterment stk 50
Cluett Peabody A Co
No par
53
6
100
124
Jan 15
No par
84
Jan 31
125
126%
126% *125
*124% 126% *124% 126% *125
84
85%
87
87%
85%
87
88%
8734
8734 88%
87l2 88
*56
56%
*56
*56
56%
56%
56%
56%
*56
56%
56%
56%
19
18%
19
187s
1878
19
1834
19%
19%
19%
187g
1878
*105
105% 105% 210434 10434 *105% 106
105%
*105
1053s
10538 10538
120
125
125
111
*10%
14%
684
678
1 67g
7
40%
39%
40%
27%
39
50%
51
*50%
15%
15%
15
15%
97
97
97
*94
85
85
*83
48
487g
*19%
15%
96
96%
...
48%
597g 603s
♦1117s 1123s
99%
9914
2058
21%
4
37g
7114
71%
934
934
4134
19i2
4212
*26
27%
24%
*19
25
21%
5084
83
83
48%
47%
48
*9
*9%
42%
43
*9
984
42%
984
43%
19%
19%
♦18
19
1884
30
*18
30
19%
12%
1178
12%
12%
76
77%
77%
76
76
74l2
74%
72%
74
73
73%
18%
6
19
33
33%
33
106
106%
106
5
5
13
13
5%
13%
102
102
*101
103%
834
87g
1%
20%
1%
20%
15%
15%
2%
2%
73%
834
l's
20%
15i8
73%
2034
157g
2%
73%
807s
80
1%
79%
34%
5
5%
13%
13%
*100
103% *101
8%
834
8%
1%
1%
1%
1934
20%
20%
•
15%
15%
1434
2
2%
2
73
73%
7934
71
78%
7534
19
18%
19
18%
19
18%
4334
238
4334
43s4
44
43%
43%
2%
363s
23s
3534
3
3538
37
27g
36%
65%
4334
3%
3678
65%
7284
6534
71%
66
7234
164
6538
72%
163
66%
72%
163
71%
*155
156
42%
3
36%
65
71%
*155
18
680
32
12
12%
1134
12%
76
76
76
73%
74
73
73%
7%
7%
79
79%
41
41%
21%
21%
10134 102
4%
4%
78s
,110
*101
2%
14
7%
80
83
41%
41%
213g
21%
14
7%
82%
14
778
83»4
42
41%
21%
21%
10134 102
10134 102
484
4%
434
4%
2%
1334
6
538 Jan 3
1478 Jan 31
0%
6i2
Jan
6
10278 Jan 15
100l2
Jan
2
2%
2
10%
1%
23%
1678
212
7784
8714
Jan 11
Jan
100'2
2i2
%
Jan
44%
3%
43%
37
36%
65%
72%
165
4678
102
10
36%
110
2%
14
784
8%
85%
8778
42
*41%
21%
2078
101% 101%
484
4%
18%
18%
18%
34%
34%
106
106
740
3,300
36% 140,000 Consolidated Gas Co
Preferred
1,300
3
64%
7034
*155
50%
*46%
105
9%
36
*101
2%
14
8%
89
6,700
43%
37
64%
72%
36%
3% 103,000
36% 31,800
64
6434
930
71%
9,900
165
6%
37%
1734
51%
47
105
3
7034
165
6%
16,100
37%
2,400
18%
5,300
50%
*46%
*102
9%
36%
*101
2%
2%
14%
14%
884
8%
91%
9178
41%
41%
21
21%
101% 101%
300
17%
36%
110
165
37%
6
978
*41%
4%
44
44%
3%
20%
101
5134
47
1,700
100
40
106
9%
49,600
36%
3,900
110
2%
15
834
92%
200
4,700
670
58,300
4,450
41%
1,800
21
8,400
101%
3,800
4%
484
434 150,800
143s
14
14%
13%
89%
89%
89%
*86
89%
*86
88%
89%
90
70%
70%
70%
70%
*68%
71%
*68%
*68%
4678
48
48
48%
48%
48%
48%
72%
4878
9
*8
66
63%
59
6478
47%
8%
6334
29%
29%
29
29%
29
23%
24
23
237B
24
3734
38%
38%
40
157g
163s
17
6%
6%
163g
6%
39%
16%
6%
45%
9
*8
*136
139
137
*60
*60
*5
9
*10
20
4834
47%
120
*119
*5%
*11
48%
119
9
*8%
8%
67s
139
137
65
*8
65
14%
48
72%
48%
9
65«4
29
67%
29%
66
29%
14,800
68
29%
29
24%
24%
2434
24%
2434
9,000
40
24%
4184
24
40%
17%
41%
4134
43%
17
17%
I684
4278
17%
I684
17%
46,200
38,800
2934
6%
139
684
684
*137% 139
20
48
4834
119
119
*115
41
40
40%
3834
3834
3834
*6
834
684
684
137% 137% *136% 137%
684
*60
*60
9
*5%
*11
49%
9
13%
667g
29%
67%
*60
9
20
*8
14%
9
*5%
*16
17%
19
48%
49
47%
119
*115%
*115
39%
383s
3978
39%
38%
38%
66
8,100
300
*60
9
*5%
9
19%
19%
21%
49%
118
39%
38%
31
50%
10%
2,800
4784
117
48
117
...
70
5,300
20
1,900
39%
3934
38%
39
29%
30
1,400
30,500
4934
50%
16,100
10%
10%
3,500
Corn Products
32
32%
31
32%
29%
47%
48%
47%
48
4784
11
11
11
11%
10%
64
6788
67%
703s
74
72%
7534
72%
74
107,000
30%
*16%
30%
31
31
*30
3078
*30
30
30
30
31
600
*16%
17
17
*16%
1%
17%
*1%
1734
I84
Convertible olass B
700
2%
1%
*2%
2%
234
234
284
1,100
6%
6%
634
17%
1%
284
6%
16%
115
145%
130%
Duluth S S A Atlantic
1%
234
*16%
1%
1,100
*1%
*16%
1%
234
634
900
18%
*1634
♦11434
*1634
7
6%
*1684
1734
1%
2«4
678
1778
1%
*2%
678
*1684
*11484
144%
130%
130
130
*115%
*115%
*115%
*115%
*22
*20%
*20
27%
*20
27%
27%
8
834
834
734
♦7%
734
784
158
158
157%
160
160
160% 160%
*157
*11484
*11434
144
143
15978
2834
29%
8
8
37%
383g
*110% 112
14%
684
147g
678
9%
8%
46%
50
43
47%
For
144% 14478
130% 130%
143% 1443s
130% 131
158
158
159
293g
»778
37%
29%
29%
8
*111
77g
367s
38%
*111
112
14%
147g
14%
67g
9%
49%
4734
7
7
10%
52
49%
footnotes see
page
158
29%
778
3784
112
147s
158
29
778
36%
*111
7
17
9%
158
158
2978
878
*6%
16
160
8%
400
22
9,100
130% 130%
1,700
*20%
160
9%
157
*
15784
161
22,100
1,400
150
112
*111
14%
15%
16
1678
16
7
67g
10%
4934
47%
7
11%
52%
48%
6%
10%
10% 237,000
50%
51
34,400
40%
47%
12,500
10%
97g
49%
46 s4
51%
48%
4984
51%
46
48
7
Dresser (SR) Mtg oonv
Jan
5
Jan
!
Jan
i
Jan 20
Jan 18
Jan 15
DuPont
Rolling Mills
5
Eastman Kodak (N J)—.No par
9,600
100
3
6U
3
90
Jan 21
73
73
6
61
6
3
70% Jan 27
487S Jan 30
61
Jan
Jan
7
68
2
29% Jan 24
25% Jan 8
9li
16
6
5%
10i8
Jan 29
'«
2284
IOI4
9U Jan 11
19
4*8
187g
2312
231*
Jan 17
1
Jan 20
Jan 31
17% Jan 8
834 Jan 31
11
11
lis
1%
4
6
139
Jan 28
55
65
Jan 24
60
Jan 24
45
45
Jan
2
10
Jan
9
213s
49%
119i2
40%
Jan 31
39
1
Jan 18
Jan 8
1
Jan 31
2
Jan
t
Jan
g
Jan
2
3
6
Jan
6
Ds
5ig
351*
Jan 30
20
Jan 11
891|
Jan 25
21
1141*
261*
348g
Jan 31
27*8
345s Jan 2
523s Jan 24
117g Jan 23
87«
25
7584 Jan 30
Ills
171*
8%
13%
Jan 10
31*4 Jan 22
1784 Jan 31
3«g
0«8
8
1»4 Jan 15
%
%
6
7
7
3
Jan 15
%
%
Jan
3
Jan
2
Jan
Jan
Jan 31
7% Jan 8
18% Jan 17
115i2 Jan 31
147% Jan 31
Jan 20
132
6
115
Jan 11
25
Jan 31
1
2
2
3
Jan
Jan
684
2
92
"
Jan
4
86
104
115
Jan 13
12
12
123
6
—No par
-—No par
No par
73s Jan 14
11% Jan 30
6214 Jan 30
Tan OT
493s
27%
8
3%
3»4
66%
110%
172%
141
164
120
10
16%
30%
3%
3%
8%
11%
19%
3884
75
107
113%
3
1678 Jan 30
2
2
Ton
116
146%
132
313s Jan 11
9U Jan 30
403s Jan 3
113l2 Jan 13
Jan
1%
19
86%
165
Electric Power A Light
1
8%
126%
Jan 6
Jan 28
121
103
17%
597*
Jan 27
Jan
12»4
32
104%
Jan 18
2
2
1284
9% Jan 30
163l2 Jan 10
Jan
341*
684
7
2
2
t
33
Jan
Eleo A Mus Ind Am shares.....
$7 preferred
$6 preferred
2
3»i
i
100
6% cum preferred
Co
Eaton Mfg
15
891*
2
Jan
No par
..100
deNemours(E.I.)ACo.20
Eastern
13ij
38%
2
148s Jan 27
Jan 31
100
37
Jan
5
2
0% non-voting deb
36*8
6
Jan 10
Duplan Silk
Preferred
5%
401*
Jan
2
Preferred
484
6
14i2
44% Jan 14
23% Jan 8
102U Jan 9
Jan
1
Jan
l
No par
100
100
1
Dunhlll International
«4
2l2
Jan
>
A— No par
Preferred
112
16%
i
31s
14
471*
3
834 Jan 30
92% Jan 31
100
—No par
3U
14
30
Jan 31
15
Electric Boat
38%
*111
Douglas Aircraft Co Ino
40
2% Jan 17
Jan
66,900
36%
3
Jan
»
87
10% Jan 28
3884 Jan 2
110
Jan 18
Jan
23,400
14,500
105
Jan 25
par
Participating preferred
26
Distill Corp-Seagrams Ltd No par
Dome Mines Ltd
—No par
Dominion Stores Ltd
No par
Jan 30
Jan 27
Jan 17
t
8
7,600
8%
112
431*
741*
2
29%
8%
38
32
No par
"28%
9%
37
Jan 14
Eltlngon Schild
—No par
Elec Auto-Lite (The)
—5
2984
38
231*
5
Duquesne Light 1st pref....100
Durham Hosiery Mills pref.-100
27%
878
27%
87g
9%
157% 158
*20%
229
16
115%
144% 147%
115
*115%
*115%
27%
9%
736.
Xl6%
*11484
116
144%
147
130% 130%
7%
IO84
7%
6%
II84
par
par
100
11
367*
7
I884
No par
4934
60
148U
41«
23
No par
3284
3U
1834 Jan 7
54% Jan 15
47% Jan 7
Jan
11
133
377S Jan 10
1
48
8
7
Jan
32%
55i|
6
2
Jan 20
11
Jan
6% Jan 15
j
51
4I84
165
1
preferred
15%
40ij
2
100
Detroit Edison
100
Det HlllsdaleA Southw R_. Co 100
Detroit A Maokinao Ry Co.. 100
1st
12U
Jan 14
2
pref
Diamond Matoh
"4
«4
Jan 10
733g Jan
3
A Western—50
A
7
287g
Jan
1
preferred
6284
Jan
Co———...No par
Preferred
20
DIesel-Wemmer-Gilbert Corp. 10
Delaware A Hudson
100
5% non-cum
37
Jan
Deere A
Devoe A Raynolds
Jan 13
t
Class A
Denv A Rio Gr West
4614
Jan
par
pfNo par
o—No par
100
Preferred
-100
Cuba Co (The)
No par
Cuba RR 6% pref
100
Cuban-American Sugof.——10
Preferred
100
Cudahy Packing
.......—50
Curtis Pub Co (The)
No par
Delaware Lack
44U
69
Jan 14
Crucible Steel of America
Our tlss-Wright—
%
Jan 11
38
Jan 31
par
Crown Zellerbaok v t
No
%
6
Crown W'mette Pap 1st
Preferred
412
4i2
Jan 10
20
Jan
US
Jan 11
i.8
par
314
14U
157,
72%
22
2
Jan
44% Jan 24
3% Jan 28
>
No
Cream of Wheat otfs
No
Crosley Radio Corp
No
Crown Cork A Seal....—No
$2.70 preferred
No
Jan 16
20.
...25
100
Refining
li|
2
2
7
Jan
Ino
x71
6
i
Preferred
Coty
157g
Jan
1
32%
1%
234
Jan 30
—1
50%
107g
17%
3
5
Trust Co 20
Motors
Continental Oil of Del
Corn Exohange Bank
3884
17
Jan
Continental
*40%
W8
2
Jan
Jan
3884
6834
6
Jan
!
40%
7178
Jan
1%
784
Jan 16
107
Jan 30
2.60
3934
38%
32%
69%
Jan
Continental Insurance
1
50 Cushman'a Sons 7% pref ...100
30
8% preferred
No par
No par
3.200 Cutler-Hammer Ino
100 Davega Stores Corp..
...5
70%
13%
No
Preferred
67
...100
100
1
preferredpref ex-warrants
106
89%
13%
Prior
Prior
*66
*86
Preferred
5,700 Oonsol Film Indus
*86
13%
78
9
*71% 110
6
6%
13% 130,500
12%
2
145s
24
3
51
13
33i2 Jan 3
1338 Jan 22
Jan
51
2%
145g
24
Jan 10
20
Jan
51%
13%
9
Jan
50%
113
27
7U
2
914 Jan
No par
100
4,200 Consolidated Cigar
*47g
52
2%
13%
16i|
19i2 Jan 25
2
Jan
57g
8
44i2 Jan
No par
34
5134
*110
16
5
Jan 15
-No par
■
106
517s
36
10
1,700 Oonsol Laundries Corp.__No par
484
434
5
No par
14% 260,500 Oonsol Oil Corp
14%
13%
14%
13%
Preferred new..
No par
100
103% *102% 103% *102% 102%
100
3,200 Oonsol RR of Cuba pref
834
8%
884
878
834
35,200 t Consolidated Textile
No par
1%
1%
1%
1%
1%
11,100 Container Corp of America...20
20%
19%
19%
1934
20%
12,700 Continental Bak olass A.. No par
14%
1234
15%
14%
1478
Class B
No par
22,500
2
2%
178
2%
2%
Preferred
100
1.700
69
70%
72
70%
71%
..20
36,400 Continental Can Ino
78%
7334
73%
7784
78%
5
2,000 Cont'l Diamond Fibre
18%
18%
18%
1878
18%
34%
51%
*46%
36
6
2
18%
6%
36
36S4
36%
*101
109% 110
2
2%
2%
29ig
8'4 Jan
Jan
I884
1734
36
16l2
«4
178g
72l2
37%
35
84
7414 Jan 31
45U
6%
9%
2278 Jan
4% Jan 30
1584
2
3
6
278 Jan
69
6i2 Jan 10
19% Jan 9
36% Jan 31
1784
467g
llOU
9778
9778
Jan
203g Jan
1734 Jan 2
28i4 Jan 30
100
56I4
84i2
11212 Jan 31
9978 Jan 31
Jan 10
39ls
22l4
2
37%
102
9
32
Jan 30
Jan
6%
37%
17%
10%
110% Jan
6438
110
par
1734
4678
9
31
11U
78i2 Jan 16
6%
37%
105
Jan
110
7
1784
9%
55
41% Jan 31
No par
Congress
Cigar
No par
Conneotlout Ry A Lighting..100
Preferred
8
Jan
6%
37%
*46%
200
4914 Jan 31
11134 Jan
9
Jan
31
72U Jan 27
6%
6%
*102
$3 preferred series
No par
Conde Nasi Pud.s Inc...No par
260
6%
*71% 110
18
9%
No par
No par
Oommonw'lth A Sou
3*8
3512
Jan 27
7
37%
467g
$4.25 conv pf ser of 1935 No par
Commercial Solvents
Jan
97
48l2
33s
35%
69
6%
102
No par
48i2
Jan 24
62
37%
878
No par
Conv preferred
40l4
4514
*17%
102
44
0%
1112
85
6
110
10
Credit
preferred
Oomm Invest Trust
170
63s
*46%
100
preferred
5H %
89
97
90% Jan
8084 Jan
100
A
4,100 Congoleum-Nalrn Ino
18
1734
834
series
Commercial
200
*28%
373s
47%
9%
19%
6%
105
5%
100
19
25%
1734
8%
Jan
11,300
41% 4178
*18
19%
37%
*102
Jan
14
Preferred
800
7
45
Jan 31
30%
5%
185S
164
48
2,500
16% 168,400
*8%
7
0%
*45% Jan 22
5H4 Jan 23
1612 Jan 31
95
10*4
2634 Jan
2212 Jan
Jan
4934
5
IO84
29% Jan 22
41
15%
Is
5
Jan
No par
$2.75 conv pref.......No par
No par
Columbia Gas A Eleo
95
684
if
Jan
108
249%
9%
Jan
8%
Jan
95
*8%
9
6984
5
Jan
1578
85
9
16
50%
101
6984
94
15
49%
66
Jan
49
21l2 Jan
19% Jan
,..100
j no
4% 1st preferred
4% 2d preferred
50
106%
106
106
317g
100
72i2
538g
15%
9
Jan 15
6%
18%
337g
-
13%
8034
9
2%
♦72
I884
18%
5
33
6
6%
.100
Preferred
Colorado A Southern
Columb Plot Corp ▼ t e
48%
46%
5U
73%
73%
*7134 110
*71% 110
2
Jan
3,300
18%
12%
*7138 HO
6
6%
6
458 Jan
3,700
*81
2II4
4978 Jan
15
8% Jan
104% 108
42
43%
85
<8
2
Jan
112
No par
44%
48%
110
20i2 Jan
3
No par
Oil
43
104% 106%
20
90
91
6
Columbian Carbon v t e -.No par
28%
76
106%
10
*18
123g
*434
1234
780
20
19
76
*106
26
20
25%
76
20
18%
28%
12
187g
25
2178
28%
*20
42%
43
76
18%
3214
27%
680
45% Jan
107% Jan
I Colorado Fuel A Iron
910
28
47%
28%
12%
57g
43
*81
978
42%
19
30
19%
30%
18%
30
6
36
63% Jan 31
20
126i2 Jan 10
6
100
Colonial Beaeon
*111% 114
111% 111% *111% 114
*111% 113
64
14,400
62%
61
61
61%
61%
64%
62%
61%
61%
300
112% 112%
113%
♦IH84 113% *112
IIIS4 IIIS4 *111% 115
2,100
99%
99%
99%
99%
99%
99%
99%
993g
99% 99%
20% 55,600
20%
22
21%
20%
21
20%
2034 21%
21%
4% 320,700
4
4%
4
4%
4%
4%
4%
4%
4%
8,000
74%
72
73%
73
73
71
72%
7378
71%
7084
1834
*7138 110
3834
29%
2534
104i2 Jan
-
Preferred
100
30
19%
37%
100
No par
preferred..
48
31
Jan
W*
80
60
Jan 13
84
6
105i2 Jan 29
Collins A Alkman
16,100
89" *
56i2 Jan 24
0%
360
7%
"
80
2~7%
8
1838 Jan 31
95
96
85
4734
14
684
634
113
*111
114
*111
107
105
104i2 10412
4434 4484
50%
50i4
25%
21%
*37%
14
14%
13
1214
2478
100
6i2
27%
6i|
5558 Jan 16
300
25,700
12
6984
140
Colgate-Palmollve-Peet— No pai
18,000
111
12
..No pai
Class A
90
*110
111
Coca-Cola Co (The)
200
49%
48%
48%
47%
111
Preferred
6,900
684
106% 106%
44
443g
23%
2178
4734
40
7
44%
2434
*19
*83
634
7%
44
26
2878
*22
*96
67g
4784
110% 111
12%
1278
397g
3978
29
2634
2534
23%
2178
*21%
10578 106
44
43%
50%
50%
15%
147g
*26
143g
47
47
47%
47% 48%
11134111% *110% 111
12
12
12%
12%
47%
4684
111
1
60
*8234
6234
9378
038s
9
45% Jan
50
63
126%
Jan 31
31
108i2 Jan 23
107i2 Jan 3
41is Jan 30
82% Jan 7
42
85
5834
3U
9
26
9
9
100
*48
5984
314
156% Jan
41%
*8234
58%
Jan 17
3ij
3ig
71
Cleve Graphite Bronze Co (The)
1,200
26U
27
2334 Jan 21
150% Jan 9
50
8,200
5884
6
7
16
7
2
434 Jan
Cleve Eleo Ilium Co pref .No par
_
63%
5614
72% Jan
No pai
100
Clark Equipment....
CCO A St Louis
Proffered
42%
41%
100
City Stores.
1,300
$ per share
25
31 a4
94i2 Jan 31
163s Jan 14
83i2 Jan 20
8
Jan
85i2 Jan 21
15% Jan 2
No par
Preferred..
11,600
25
26
I
High
Low
%persh
30% Jan 6
1134 Jan 24
Jan 28
31
283s Jan 30
Jan
3
7
10
pai
Co
$ per share
85
42%
*48
50
_
_
OH
No
Copper
Chrysler Corp
City Ioe A Fuel
*88
*109%
Chile
Cotton
Co
Chlids
570
80%
*88
*88
*85
*85
81
80%
6%
8138
Chlok&sha
2,900
10,500
640
29%
94% 165,800
3,300
16%
•29%
Highest
$ per share
Par
Shares
10%
10%
Low
Lowest
*
285g
Range for
Year 1935
1935
EXCHANGE
Saturday
$ per share
1933 to
100-share Lots
On Basis of
STOCK
YORK
NEW
fOT
JUI
Dec. 31
Ranoe Since Jan. 1
STOCKS
Sales
SHARE. NOT PER CENT
44
3%
2%
5%
1%
1%
3
3
34%
2%
2%
31
1484
88g
7%
740
HIGH
New York Stock
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Jan.
Monday
Sales
STOCKS
!
25
Jan. 27
$ per share
54i2
54%
1%
1
3
3
*129
12984
884
734
52
1
6i2
684
127,
1834
13i8
1212
I8I4
*1134
53
59l2
658
6l2
1278
13
353,
60
60%
*55
53
53
6%
634
6%
6%
13%
14%
2178
13%
2134
13%
1334
13i8
3514
47,
514
13%
34%
*434
14
3578
47,
3
3
1214
4334
1214
14%
45i2
1338
35%
5%
23%
147s
140
14%
35%
12
47
46
■
13%
3434
434
234
12%
12
*130
60
60%
1338
3
43
213S
59%
54
66
2,000
300
10%
56%
1,020
7,900
1,000
62%
1,000
10
56%
62%
66
100
6%
6%
638
14
15%
13%
2134
1434
14%
24%
15%
45%
3
140
3
*140
145
14
12
12
46
45%
46
434
234
142
434
27,
Endloott-Johnson
Corp..
Preferred
101
-No pa-
13,500
12,000
Evans Products Co
500
Exchange Buffet Corp.. -No
240
Fairbanks Co
12%
45%
260
Preferred
*140
142
2378
23
2334
23
2384
90
90
91
91
*9034
64
65
66l2
66
66%
*66
677,
*66
184
23%
997,
687S
84
*83
87
*83
85
*82
87
87
*82
8
8'o
818
518
8ig
538
37,
2U2
4434
538
5
8%
5%
43,
21%
44%
8%
8%
5%
23
5%
4%
8%
5%
142
23
200
233,
99%
*90%
66%
14,000
30
70
85
8%
5%
11,100
1,900
400
85%
8%
5%
43,
21%
8%
5%
4%
800
4,600
100
Jan 30
3
Jan
5(
6% conv preferred....
112
12584
134
50
4
60% Jan
12
55i2
8%
15li
4i2
7is
8i2
684
0«4
I
7
3
Jan 10
69
Jan
147g
4078
534
338
7
3
4% Jan
234 Jan 10
1U2 Jan 6
3434 Jan 7
12212 Jan 7
1934 Jan 21
4l2
14U Jan
24i2 Jan
1512 Jan
Jan 21
Jan
Jan
7 >8
■
I
10'a
3
15
401,
1
0
;
3*8
i
Jan 11
09i2
2
Jan 17
2
%
~3~0%
37"
~36%
"37% "37%
"36%
1 11
V
*623g
65
33
Jan
2
3%
4
47
Jan 28
47,
17
Jan 31
115
65
*62l2
34U
65
67
70
»
1
37~"
"36%
«! -41
37"
Jan 27
4
Jan 29
33
48
*85
60
Jan
4
70
Jan 31
40
40
72
100
7978 Jan 17
738 Jan 9
50
54
95
Preferred
85%
Jan 31
9
Jan 11
Federal Motor Truok
No par
No par
No par
4%
No par
2012
Jan
22
42
Jan
Fllene's (Wm) Sons Co
No par
20l4
Jan 27
2.60
...100
75
*141
143
*141
143
39
38%
35
3758
347s
13g
347g
1%
16%
U2
1612
*15
24
*1912
*20i8
*37i2
25
143
39%
*22
3434
16%
*1684
20
24
*20
35i8
is8
*20
24
25
1%
118
*21
658
4078
*107
41%
3534
*45
4112
3578
66
118
118
5678
2778
634
678
40%
4034
4078
10712
41i2
107
3%
*39%
41%
36
35
75
*72
43
18
1734
7634
51
5U2
73s
114i2
6
6i4
20
20i8
77%
15l2
84l2
24l2
9412
10i2
8712
9412
10
86
3
314
10i8
5I4
984
5's
22
*32
33
*30%
2912
16%
3312
32%
333,
29i2
16%
34I4
3212
136
44%
18%
8934
8934
758
7%
7734
125
7%
77
76%
16
*115
17%
16%
89
89
2434
2534
2434
95
95
95%
10%
1138
88
88
31,
934
1078
*86
3%
3%
97g
10
5%
558
22
327,
3318
333,
5%
22i2
*30i4
297,
30%
163,
17
3334
34%
32%
*136
*50
75
*50
24
24
24
*91
90
85l2
137
22
32
*30%
2934
16%
34%
32%
327,
137
*136
75
*50
24l2
24%
17%
89%
25%
95
11
89
3%
978
5%
22
33
33%
30%
17
3478
33
137
75
24%
91
91
*81
91
7834
2%
80%
78%
31
31
1034
*40%
3214
11
77%
2%
*30%
1078
41
40
32%
31%
10%
7978
2l2
30i2
1034
40
40
32
32
105
105
*3034
*105
*3034
35i2
*35
7
714
19
19%
7U
198s
112
2i2
115
3U2
*35
112
3434
1%
35
34%
I7,
35
18
20
21
22
25
24
24
27
27
10,300
210
400
25
25%
12,200
960
rnrn+m
"4,700
32,400
80
6,500
36,800
20,100
2,800
38%
38%
34%
900
2%
50
39%
71,500
35
18,300
2%
2% 170,300
27
160
30
26
26%
57%
*37
65
66
64
65
6,200
118% 119
5634
58%
118% 119
119
119
*118
119
190
*106%
4%
48
10878
3%
*39
35
No
Jan
16
58g
284
57%
58%
11834 119
57%
27%
40
2
Jan 11
161s
4518 Jan 23
20 U
161,
28i2
Freeport
Texas
Preferred
7
10
4
112
Jan 18
x85
2
Jan 28
13i»
Jan
6
Jan 24
0718
84l«
Jan
7
285s
1037s
48»4
2912
6%
407s
3178
Jan 11
443g
443s
587,
Jan
12%
19
303,
2212
Jan
593g 192,000
118% 119
2,100
30
10
100
No par
$0 2d pref
-No par
Gabriel Co (The) ol A
Gamewell Co (The)
1,200
1,900
600
10
43
1734
*8834
7%
76
43%
42
43%
18
17%
88%
7%
75%
17%
89%
7%
76%
*105
31
*3034
3512
738
35
No par
preferred
—100
General Cigar Ino
—No par
1912
112
2434
9434
10%
*85
3%
9%
5%
21%
31%
30%
1678
89%
25%
95
7%
112% 113
6%
19%
11534 11534
*115
125
17
16%
1734
90
91%
90
92
24%
25
24%
253s
16%
95
95
1034
10%
10%
86
87
3%
3%
934
5%
9%
5%
21%
32%
30%
30%
3%
9%
5%
22
32
31%
*29%
33%
9434
10%
*85
3%
9%
5%
21%
31%
*29%
29%
1634
24
*81
75
24%
91
*55
24%
*81
75
24%
91
*55
24%
*81
1,100
1034
8,700
120
3%
9%
63,300
10
No par
Gen Outdoor Adv A
No par
Common
No par
General Printing Ink
No par
No par
$0 preferred
Preferred
100
Gen Realty 4 Utilities
75
24%
40
91
77%
2%
78%
234
77%
258
78
34
35
32
33
11%
1034
4034
1134
42%
32%
11
11%
42%
1138
12%
41
41
4234
31%
110
31
35
8%
1934
113% 113%
105
*3034
*35
784
105
31
36
8%
19% 20
113% 113%
31
31
*105% 110
*3034
36
31
36
7%
20
7%
21%
114% 114%
30%
2%
31
36
7%
20%
9,600
2,300
20
100
36
80
734
21
7,800
10,300
114% 114%
160
Jan 15
1184
12%
Jan
3
1438
Jan
6
Jan
141
Jan 23
9U Jan
534 Jan
4
2
17
Jan
2
70i2
Jan
2
55i2
Jan
8
Jan
2
141
3
101
Jan 10
145
19% Jan
64
Jan 31
117i2
5378
Jan 13
118
Jan 27
Jan
6
185s Jan 2
534 Jan 3
4014 Jan 13
105
35s
3912
106
Jan 17
Jan
4
Jan 10
2
234 Jan
42
Jan 30
1634 Jan
105
105
*10434 105
*10484 105
10484 105
10434 IO434
36
357,
36%
35
36%
35% 3534
*3434
*122%
*122%
'
*122%
*122%
*122%
*12i4
12i2
12l2
12%
12%
13%
13
1234
13%
1278
12%
12%
»105i4 10812 105% 10514
105
107
105% *105
105% 105% *105% 106
-
For
3578
36
...
...»
mt
(uutnute*
130
2,600
see
page
736
•»M.
-
-
6,400
110
No par
-No par
Conv preferred....
2
6ls
73,
5U
2
Jan 28
4
4
Jan 29
14
19
30%
92%
58%
115
143
Jan
6
278 Jan 31
*133,
146
103,
03,
11
70i2
120%
5938
11938
32
81s
41
107
Jan
Jan
3
Jan 31
Jan 18
3
175,
Jan
8
0114
931s
Ds
155g
Ds
155,
Jan 29
80
80
312 Jan 24
42i2 Jan 24
10
90
Jan 24
107
Jan
2
6
No par
No
par
37S Jan
1914 Jan 30
11534 Jan 7
23
19i2
70ll
93
83s Jan 11
80% Jan 16
55i4 Jan 14
114t2 Jan 27
80%
7
Jan 14
Jan
0015
143,
1111,
120
104
105
No par
2134 Jan 21
2534
9558
11%
94%
334
10<4
Jan 27
1st preferred
—No par
Gotham Silk Hose..
No par
Preferred
100
87
Jan
9
Jan
Graham-Paige
27S
914
334
19l2
3U2
30i4
28i2
6
Jan
77
Jan
2
Jan
Jan
Jan 17
Jan 17
Jan 18
Jan 11
Jan 24
638 Jan 15
Jan
3
2234
32
Jan
3
26
26
2
3214 Jan
6
18% Jan 17
35i2 Jan 30
33% Jan 29
137
Jan
3
27
Jan
2
Greene Cananea Copper
81
Jan 13
95
Jan 23
65i2
184
26i2
9i4
30i2
283s
Jan
Jan
80% Jan 27
278 Jan 2'
Jan
35
Jan
125s Jan 31
4234 Jan 31
6
Jan
Jan
34%
100
105
Jan 24
111
30
Jan
4
25
35
Jan
2
.....10
6
Jan
9
Jan
2
Jan 30
38U
16
35>,
347,
99
119
21
50
255a
255,
285,
140
18
34
95
5
461,
74i2
%
1
714
19
2»4
43U
4
4
0
6
12
3084
20
30
35
Jan 11
(M a) Co $7 pf
No par
S5 preferred..........No par
104
Jan
3
105
30% Jan
3
38
3U
35,
48
4
0ll
108
8
14's
120
Jan
3
1
12
Jan 20
105
Jan 28
123
Jan
9
63
101
108
1001,
105
1001s
Jan 15
12
Jan 15
82
13% Jan 29
115
20
77
...100
:
111,
34U
331,
2114
14
100
25
33U
12
110
[at Corp of America ol A
99,
269,
5
2984
353,
25U
197S
100
No par
95,
4ia
135,
Jan 14
No par
Harbison-Walk Refrac
Preferred
914
101,
Jan 16
31i4 Jan 23
36i8 Jan 16
83s Jan 16
21i4 Jan 30
114i2 Jan 30
Preferred
7»4
92
85
21
.....26
7% preferred olass A
5U
Jan
6
Hall Printing
Hamilton Watch Co
4
214
Jan 16
16
Jan 24
Water
U4
148,
Jan
Preferred
114
18ig
24
100
21,
3
Green Bay 4 Western RR Co. 100
Green (H L) Co Ino
*
1
100
70
20
Jan 15
7
Preferred
207,
Jan
Jan
Gulf Mobile 4 Northern
20
1412
82
15*4
2358
3478
32%
31
6
'7,531s
2it
71l
414
22
40
Jan 29
Jan
Jan 29
136
No par
100
7is
26is
1584
214
143,
181,
2234
100
Preferred
491,
111
6
Jan 31
100
238,
1047,
Us
834
7534
8
1734 Jan 31
.
18
77
213s Jan
11578
92
Preferred
12
2is
Us
1438
Jan
No par
31,
391,
33'2
51
Jan 21
Gt Nor Iron Ore Prop
No par
Great Northern pref
100
Great Western Sugar....No par
*4
1484
10%
10is
13%
——No par
«4
8is
7U
14
78
1
41,
41i4
109
12
...100
100
109
71s
45ls
2%
13ls
No par
1
21
6%
425,
14
Jan 16
100
Motors
Granby Cons M Sm 4 Pr
10
10's
6
100
8»4
3
3
7
preferred
22%
84
Jan 13
634 Jan
2
100 Is
22
721,
116
*120%
205,
593,
120
*107li
Jan
86i2 Jan
6
18
0184
Jan 14
4
Jan
153,
32
597,
Jan 23
110
18
32
53g Jan 29
48i2
l's
15l2
51
6
Jan
Jan
Grant (W T)
;
181,
8
684
7is
4812
18&s
48
Goodyear Tire 4 Rubb
;
221,
14
514
9
69
Preferred
'
i
76
30
%
Jan 31
8
100
Goodrich Co (B F)
,
47l2
S3,
1314
107,
1001,
48i2
2
Jan
No par
...
preferred
325,
11«4
5
37
(The)
S0 oonv preferred
Gold 4 Stock Tel'ph Co
634%
84%
100
anna
*10434 105
3484
3534
*122%
512
9
No par
Glmbel Brothers
Haokensack
7
1134 Jan 11
1138 Jan 28
4
Jan
No par
Part paid rets
7,
27i2 Jan 31
26% Jan 15
Gillette Safety Raxor
700
31
Jan 29
32
3
Gen Steel Castings pref —No par
13,800; Greyhound Corp (The).
7,400 Guantanamo Sugar
210
*105% 110
31
"3",700
57
2
Jan
Jan 21
No par
140
2
Jan
97
Jan
No par
5,900
47l8 Jan
34
Granite City Steel
10,100
56,300
11,200
1138 Jan 30
65
484
7"
Jan 27
22
36
3,600
200
18i4
51s
64ls
2584
1
33
33%
29%
5,700
6
0% Jan 23
38
Grand Union Co tr otfs
Conv pref series
34
*31
3,800
484
6
1
305,
Jan
3,000
538
Jan 31
Jan
Jan
334
15
19
par
22
7634
2%
41
68,600
9434
31
27,
74,700
90%
31
2%
-
4,400
29%
2934
30%
17
17
16%
16%
16%
3434
35%
35%
34%
35%
34%
32%
33%
32%
3234
32%
32%
*136
136% 137
137
137
*136
*50
— -
48
28
IGobel (Adolf)
-
Jan 29
35
36
100
$6 preferred
Gold Dust Corp v t c
1,200
12i|
27
Preferred
16,800
«.
1121s
Jan
No par
15,300
••
125
17U
Jan 31
Jan 31
59i2
14
No par
6
125
17U
11212
Jan 14
130
Jan 17
No
1934
11534 11534
*115
j
04U
General Motors Corp..
Prior
70
20
i
1451s
407,
377,
S0 preferred
No par
General Refractories..—No par
100
1
30U
Jan 29
20l|
No par
113
75
Edison Eleo Corp...
Preferred
5%
19%
89
22
*112
57,
19%
301,
1784
37% Jan 28
.
101,
40i2
$8 pref olass A
Glldden Co
50%
Ill
25,
19'4
85*
127%
General Mills
1,800
49%
603,
25s
105s
No par
pref class A
9,900
77
4411
16
—No par
pref series A..
900
50
30
No par
General Foods
7,500
75%
49
Jan 30
08,
39i4
97#
Jan 24
117
35
Jan
2U
39
81|
24i4
370
7%
77%
51j
,
Jan 24
97
Gen'l Gas 4 Eleo A
89%
2
26
251*
1027,
Jan 14
—No par
8,300
8
25
114
Jan 10
par
3,600
18
Jan
13i«
3958 Jan 31
100
—No
Gen Public Service
900
Jan 17
10
10014
361s Jan 21
3334 Jan 3
78 Jan 2
preferred
General Electric
Gen Railway Signal
33,600
Jan 20
28i2
127i2
4738
No par
3,500
4634
78
19
7%
1634
89
125
89
44%
1734
89%
7%
5
10
19,400
120
64
Ids Jan 13
5
Class A
17
9
8'«
6
Conv
2
12
——No par
7%
7
Jan
No par
No par
Cable
cum
6
Jan 30
No par
General Baking
18 preferred
7%
Jan
Jan 21
3312 Jan
No par
Gen Amer Trans Corp.—
General Asphalt
General
Jan 22
No par
Co
45l4
Jan
111
Fkln Simon 4 Co Ino 7% Df—100
31,
25
Jan
No par
1
8i2
7S
110
27
Fourth Nat Invest w w
*
4is
7,
x247s
1015s
45%
2812
4I8
37i2
No par
Preferred...i
Gen Ital
57%
*28%
28%
28%
28%
7
7%
7%
7%
634
*39
4034
40%
40%
40%
107% *106% 107% *106% 107%
5
5%
5%
538
5%
48%
46%
4734
46%
47%
110
*110%
*110%
3%
3%
3%
3%
3%
41
41
40
40%
40%
35
3534
35%
34%
3434
par
215,
384
1
55s Jan 15
4% Jan 28
2i2 Jan
pur
No
General Bronie
7,900
*37
*28%
7%
*40%
Bros
Preferred
■
56%
65%
IFollansbee
Gen Amer Investors
22,400
66%
*37
100
No par
No par
Fuller (G A) prior pref
2,260
27%
*26%
*115
m
9312
77%
238
30%
180
74%
*141
38
51% 52
51%
51%
48%
51%
11412 11412 113% 113% *112% 113
6
6'S
638
6
6%
578
20
1978
1934 2038
1934 20
11534 11534 *11534 116
11534 11534
11534 11534
*115
»11534 125
1434
84%
35
*141
387,
17,
Preferred series A
First National Stores
Florshelm Shoe class A
Voting trust certlfs
45
1758
89%
7l2
90
23
107
3%
44
714
7634
*112
7%
4%
4%
48%
48%
10834 10834
1778
*89
57%
11834
29
4512
1712
56%
65
2734
107l2 *107
438
414
414
43s
4634
46i2
4734
48%
*10812 10884 *108% 10834
314
338
33g
3i2
3478
25
*37%
118% *118
2734
1%
__10
Fox Film class A
7478
143
38
56i8
*37l2 56%
65
65i2
66%
11712 117i2 *118
118%
55i4
5684
565,
5738
41
143
3878
35
65
118l2 11812
28
*2734
634
634
4034
4034
143
38%
Firestone Tire 4 Rubber
Food Machinery Corp new...10
~2~,606
125
23%
Foster-Wheeler
1
115
391*
91
1,800
30
15
3
Federal Screw Works
Foundation Co
3414
3434
3334
34%
33% 34%
33%
3478
34%
33%
*12734 150
*127l2 149
*127% 132
*127% 149
130
130
127% 128
*49
48
58
63
527,
53
*48%
54
56
50%
57
59%
*38
40
40% *37
35
37
3734 38
37
45
48
45
6
6
584
6%
6ig
6%
578
6%
6
578
6%
5%
17
17
17l2
18
1612
18%
16%
17
17%
16%
16%
16%
105s
IO84
11
1034
1078
1078
11%
11
11%
1138
11%
113s
*100
*101
*10078 10212
10212
102% *101
102% *101
102% *101
102%
53
54
54
55
5412
54%
57
5534
56
56%
56%
56%
29l2
28i4
2918
3038
2934 30%
2934
30%
2934
31%
3134
31%
13
13i8
1312
1338
13i2
13
13%
12%
12%
1234
12%
1234
*140
14212 *141
143
144l2 *142% 144%
144% 144% 144%
14234 14234
10l8
10l4
1038
1078
10%
10%
10%
10
10%
10%
10%
1038
914
8l2
1034
9i2
10%
1138
10%
11
11%
10%
9%
1038
21% 2438
27i8
29%
2834
30%
28% 29%
29
2634
29%
27%
86
86
87
90
91
9184
88
92%
90
88
92%
90%
*57
58
57i2
5712
57%
5734
58
57%
57%
57%
*57%
573g
112
7,300
%
133s
100
preferred
!
08*
50
8
Jan
Federal Mln 4 Smelt Co
Federal Water Serv A
;
Jan 31
84
8,100
1
"36"
1
300
7i2
14
19ia
Jan
Jan
142
1
8I4
13i2
85s4
147,
•
22,100
2,000
5,200
Hs
No par
Preferred
10
60
55
Jan 20
15
'
6284
141s
12
100
Federal Light 4 Trac
1
45
14
Jan 21
68
Fairbanks Morse A Co...
-No vai
7,
17,
Jan
Us
34
2/
%
11
Jan 15
pat
U
58
10%
t
10C
6834
%
Jan
Jan
10%
I
Vacuum Clean.
39
337t
Jan
56i2 Jan
62% Jan
6
10(
Jan
\
6
Jan 14
11%
105s
1134
IOC
High
Jan
131
Federated Dept Stores
Fidel Phen Fire Ins NY
5,300
6,100
17,100
3i2
378
4%
4i8
4
4%
4%
21
2112
21%
2138
21% 21% *207s
*21
2I84
44
44
4434
44%
4334
4434
44
44%
4434
43%
22
21
21
21
*1978
*21
20U
23
23
22
22
*21%
*11012 112
*110% 112
*110% 112
112
*110% 112
112
*110% 112
25%
2012
26%
28%
27%
28%
27%
28
28%
27%
27%
28%
10334 10334
10334 10334
103% 10378
10334 1037, 103% 1037s
103% 10334
46
46
4634
46
46i2 46%
46%
46
46%
46%
45% 46
*283S 2912 *2838
*29
29%
29% 29%
30
2934
*29%
29%
29%
514
512
5i2
534
5%
534
*5%
534
5%
5%
5%
6%
38i2 39
38
*38l2
39i2
38% 39
39
38
37% 38
38%
3038
3138
3134
31
3U8
30%
31%
30%
31
30
30%
3138
1167, 1107, *114
11678 *113% 1167s *114% 1167s *116
11678
116% 116%
Eureka
Jan 31
"
$ per share
Jan
55
10<
First
4
Jan
'
LOW
Low
$ per sh
Jan
48
-No pa?
Erie
55%
1%
334
65%
2
*2 Jan
Engineers Public Serv... -No w
$5 oonv preferred..... -No par
15 J* preferred
-No paEquitable Office Bldg
Jan 11
1%
62i8
127l2
7ig
4512
5(
14%
3738
434
2%
434
234
12%
45%
Highest
$ per share
52h
5(
$6 preferred
5,300
26,300
27,400
0% part preferred
4,700
35
Range for
Year 1935
$ per share
Eleo Storage Battery.... No pa>
tKlk Horn Coal Corp
-No pa
preferred
Seoond preferred
14%
35
12
*140
14%
.3434
4%
278
90%
8
2,100
14%
23%
23l8
9014
5
1
2%
62%
12734 130
6%
13%
22%
63
.
3,900
234
62%
*63
23l2
997,
*89
53%
1
60%
9%
21
I2I4
42
1
278
63
1933 tc
Dec. 31
Lowest
Par
Erie & Pittsburgh
13
34i8
*434
*27g
*12
1
234
63
130
9
53
5334
' v
1935
Week
53%
1936
of 100-share Lots
On Basis
Shares
278
1358
14
Jan. 31
63
21%
145,
19
Range Since Jan. 1
STOCK
EXCHANGE
$ per share
127% 129
97,
10%
5334
55%
61%
61%
59l2
*55
55
130
the
Jan. 30
1
234
*62%
Friday
.
$ per share
55%
1
27S
63
*52
59i2
*51
29
5434
1%
278
63
131
12934 *130
93fi
834
878
53
583,
66
Jan
Thursday
$ per share
55%
1
1
31
834
52
5838
*56
28
5478
63
129
Wednesday
$ per share
55
545,
278
*625g
63
*61%
Jan.
$ per share
YORK
'
Tuesday
1
July I
CENT
NEW
Saturday
Feb.
4
Jan
3
ll|
14%
10
99*4
51,
81
112
303,
121
141,
113i2
s
741
New York Stock Record—Continued—Page 5
Volume 142
July 1
Monday
Tuesday
Jan. 25
Jan. 27
Jan. 28
Friday
Jan. 30
Saturday
Jan. 31
Week
5
5i8
5
123%
120
*139
141
141
*157
158
5
156% 156l4
84%
$ per share
35%
93s
2234
23%
23i8
93s
42
4158
2758
275s
*70i2
2778
7H2
*70%
lll2
52%
11
52i2
1178
lli8
1514
5%.
53s
1514
1534
2i4
*1312
143g
15i2
1438
15%
2%
205g
3534
15
5i8
1512
2%
2
21
20i8
*35
37
*60
61%
13i2
7%
30i2
13%
714
30%
30
120
120
17i4
17
5U
534
*5U
*334
4i2
4
23%
23
4
4
4
1234
378
12>8
12%
4%
35
182
460
Leased
15%
8%
297g
15%
450
RR
14
14%
83s
8
2978
29
120
4%
4%
434
35%
37
18234 18234
534
4
2234
21%
22
4%
378
4
1234
12%
1284
12%
13%
5%
4%
4%
434
4
39
37
5
3934
58%
*149%
"
458
5i2
47U
27g
27
3912 40
*109% 110
28% 28%
*49
4934
2
29%
39%
108%
39l2
109% 110
20t4
20%
Jan
9
5% Jan 14
27% Jan 14
1%
1*4
9
6%
9%
2
4% Jan 16
1%
1%
11
Jan 20
14% Jan 8
5% Jan 29
4
4%
1%
2%
1234
18
18
28
28
187g
29
~60
*58l2
106
61
122
*121% 123
*
153
106
10534 10684
106%
*
123
153
68*
66%
64i2
90
*85
22%
34%
Int Nickel of Canada....No par
100
125%
Jan
4
*
*85
90
Preferred
225s
1778
25i2
22%
18%
2512
22i2
I8I4
2,000
Int Printing Ink
Preferred
390
International Shoe..
3,600
30
preferred
Inter Telep A Teleg
Preferred
*90
26
25%
22%
18%
187g
22%
18%
9134
*90%
*25
9134
*90
*89
9134
31
3234
3212
33i4
32%
33
32%
20
20
20
20
20%
20%
6i2
41i4
*6%
*19
*0l2
40i2
23i8
108
678
41%
233s
108
6i2
41
23U
108
40%
23%
233g
109
108%
6%
41%
23%
109
Corp..
Island Creek Coal
68
68"
"3~2o6
108
111
3,400
90
*86
80
T,4l6
6
39%
23%
109
25%
22%
19
9134
33
21%
25
23%
24%
21%
22
21%
2134
18%
187g
18%
18%
90
90
90
90
32%
21%
33
2134
32%
3234
21
21
6%
6
6%
*6
6%
4034
24
40
40%
40
41%
109
2334
*109
24%
109%
23%
109
24
65
28%
Jan 20
20
25
50
Jan 24
38
42%
1834 Jan 15
23% Jan 30
10
16
60% Jan 20
67
Jan 30
40
66%
18%
Jan 27
13
V,700
4,200
1,700
1,500
15
810
11,300
109%
90
5%
800
*75
80
*75
80
*75
80
70
*67
70
*66
70
*66
70
45
*42
27
27i4
28
*42
*27%
45
*42
27%
29
45
2214
*7U
22l2
2212
2234
22%
2234
8i4
8i4
8%
*8%
9%
14
143g
17%
1438
145g
18ig
17
*10634 107
9ig
919
27^
18
107
1*13
14
97
97
97
125s
125g
4912
95g
503g
283g
97g
28i2
112
112
11H2 114
*161% 164
21
30l4
2H4
3H4
30%
4412
39%
22%
9
9
14%
107
97g
234
14%
177s
107
10
14
14%
14%
98%
12%
98%
12%
97%
12S4
27S
14%
98%
13%
49%
977g
50%
49%
50%
97g
29%
113
10
29%
113
1147g 11478
*162
164
213g
21
3114
447g
30%
31
45
47%
21%
45
984
30
112
978
31%
112
42%
22
*9%
27%
17,000
337g
26%
29%
22%
*17
278
27%
9
18%
234
2678
28%
*42
2284
107% 107%
10%
97g
1258
125g
503g
4914
10
934
2834 29
II214 113
114
11484
21
45
9
1434
234
1334
*161% 164
27%
28%
22%
18
10i8
2%
1334
2%
27%
14%
107
912
27
*42
920
47%
160
22%
5,900
9%
500
16
22i8
6684
27&s
225g
68
2834
15%
2234
68I4
69i4
2884
28i4
147
*135
15%
16
2234
*140
41
41
144
2234
6934
28
♦140
15%
23%
72
2884
23
21
147
234
13%
13%
13%
13%
97%
98%
9734
98
13
13%
13%
13%
50%
497g
934
9%
X2934 2934
11234 11234
49%
50%
9%
9%
29%
29%
112% 113
90
10,500
4,300
*128
4112
*128%
*41
*128%
For footnotes see page
736
42
22%
22%
13*4
30%
10
21
43
12
23
41
23% Jan 15
25% Jan
2
10%
19*4
27%
109% Jan 31
99%
103%
18% Jan
5
Jan
106% Jan
4% Jan
3
3
Jan 10
73
28
Jan
8
19
22%
3
33%
47%
23%
Jan 31
12
12
27%
Jan 31
19%
19%
46
8
19%
21%
28%
9
Jan 29
4%
5%
22
Jan 31
...—5
7% Jan 2
13% Jan 21
800
26,900
10,100
1,400
100
16,900
340
1534
1534
210
2234
23%
74%
3,900
7,400
287s
10,600
73%
27%
*135
147
Lily Tulip Cup Corp....Nopar
Lima Looomot Works
No par
Link Belt Co
.....No par
41
*128%
41
...
4084
*128%
407S
15% Jan 2
18% Jan 9
108% Jan 31
3
15%
73
5
1%
Jan 11
4
5%
15%
58*4
07%
95*4
10%
10%
17%
21
21%
49%
100
500
6
116% Jan 15
163
Jan
3
22%
Jan 31
25%
Jan
2
32
Jan 17
41%
37%
Jan
2
48% Jan 30
Jan
2
2%
Jan
2
3%
Jan
2
40%
Jan
2
45
.........No par
5% preferred
(P) Co
Lorlllard
7% preferred...
tLouisiana Oil
Preferred—..........
100
10
....100
No par
100
Louisville Gas A El A ...No par
Louisville A Nashville......100
Ludlum Steel
Conv
preferred
1
No par
6%
50%
105%
preferred...
24%
142
Jan31
Jan
9
Jan
8
Jan 15
Jao 31
2%
6%
94%
120
93*4
122
73%
123
151%
14%
13%
11%
16%
19%
60
1
Jan 13
167%
15%
13%
28%
27%
17%
24%
31%
102
1
1
Jan 17
29%
33
1%
33
109% Jan 30
26% Jan 27
107*4
2
14««
107*4
181,
7
151
Jan 30
98%
124
Jan 28
0%
10%
4%
10%
Jan 31
34
34
Jan 13
Jan
Jan
147%
Jan 16
Jan
1
Jan 16
42
Jan 21
Jan 3
Jan 2
129
39
127%
Jan
Jan
4
Jan
9
Jan 16
127% Jan 11
43
371,
65%
108%
2%
4%
41%
112
26%
xl49%
%
17%
23%
74%
2934
13
20%
67%
24%
10%
21
71%
Jan
Jan30
3%
16%
%
%
100
Janl8
*
11%
Jan
109%
_ —
Mac Andrews A Forbes....... 10
Jan 14
20
Long Bell Lumber A....No par
Loose-Wiles Biscuit......
25
Preferred
Jan 16
10734 Jan
Loft Incorporated.......No par
Llauld Carbonic
89*4
17%
107
1%
115
Jan 14
14%
10%
5
3
163
9
8%
9
6
Jan
107
5
Jan 11
10% Jan
2% Jan
41%
54%
108%
3%
5%
No par
18,000 Loew's Incorporated...—No par
16
28%
B..................25
100
Preferred
23
74
2
Jan
11% Jan 6
31% Jan 29
23
145
32%
2
13% Jan 30
50% Jan 21
*15
28
80
Jan
2,900
4,300
73
66%
9% Jan 31
Jan
7
28
6,700
6%
27*4
12
4934
80
3
47% Jan
31%
2
42
77% Jan
Jan 28
30
113
2
22% Jan
Lehman Corp
Series
6%
26% Jan
Jan 13
.....
2%
12
5% Jan 28
Jan
Preferred
07,
9%
2%
Jan
94
*48
....
13*4
50
48%
*128%
96
33% Jan 27
2134 Jan 30
7% Jan
(The).....No par
5
5,100 Lehn A Fink Prod Co
22,000 Llbbey Owens Ford Glass. No par
11,400 Libby, MoNelll A Libby. No par
...5
1,100 Life Savers Corp
1,900 Liggett A Myers Tobacco
25
1,300
5,200
30%
42
18%
84
No par
No par
preferred
3%
10%
55
Jan 14
Jan
30
*135
7%
31%
28%
1%
16
19% Jan 17
90
13
48
*41
24% Jan
2
43
Lehigh Valley Coal..
2%
22
0
36% Jan
10
Lehigh Valley RR
Rights
*4084
Jan 16
1434 Jan
87% Jan
28% Jan
8% Jan
278
90%
6
2%
28% Jan
106% Jan
10
48
72%
28%
Jan 16
50
No par
934
234
30
*S
6
.....100
1087s 1087g
27g
20%
%
1534 Jan
10%
.
15*4
34
15
Lehigh Portland Cement.....50
30%
145
Jan 24
22
7%
6%
85
Jan
1,300
1087g
0%
6%
Jan 11
19
80
5,200
9%
Jan
12
18
*108
45
Jan 18
2934 Jan 31
14%
46%
145
24% Jan 27
17%
3,800
2:71%
2784
2
Jan 27
14%
22%
16
120%
14%
17%
2134
23%
3*4
14
21%
3034
16
115%
3*4
17%
3,900
23
93
977,
13%
4415
♦43U
40
3834
38%
39
38%
3834
39%
39%
3984
39l2
3834
52
51
52
52%
51%
52%
53
52%
535g
51%
5238
52i8
105% 105%
10634 10634 IO684 107% 106% 106% *105% 106%
I07ig 107ig
3%
2%
2%
2%
234
2%
2%
2%
2%
2%
2i2
212
4
4%
4%
4%
4%
4%
434
4%
47g
484
47g
4i2
44
44
44
4434
4434
44%
44% 44%
4412 44%
44% 447g
111
*108% 110i2 *108% 109% *108% 109% *108% 109% 109% 109% *10878
25
26
25%
26
25%
26
26
2534
25% 2578
26%
25i2
*146
151
151
150%
150
150
150
148
149
148
148l4 148i4
*15
50
8
1534 Jan 23
83
119
100
Bryant
99%
130
2
Lee Rubber A Tire
113% 114
114
113% 114%
11484
164%
164% *162
*161% 164% *162
21
Lane
37
126%
130
87
8
120%
38%
117%
Jan
Jan 11
17
100
No par
Kroger Groo A Bak
No par
Laclede Gas Lt Co St Louis ..100
preferred
Lambert Co (The)
49
19% Jan
100
No par
6%
110
2734 Jan
Kress (8 H) A Co
28
0%
24%
36%
Jan 31
125% Jan
78% Jan 15
13
preferred
7%
•
26
68% Jan 29
111
3
Jan 13
118
Kresge (S 8) Co........
80
27
20%
116
Preferred.............No par
*67
27i4
28i4
Jan 13
122
Kelsey Hayes Wheel
*75
26
4*4
29
85
oonv.olA._l
Class B
1
Kelvlnator Corp
No par
60 Kendall Co pt pf ser A
No par
No par
48,600 Kennecott Copper
No par
1,400 Kimberly-Clark
.No par
3,100 Kinney Co
2,400
1,900
30,800
70
2678
19% Jan 11
3
No par
80
5%
2
94% Jan
50
Kayser (J) A Co
6
Kelth-Albee-Orpheum pref-.lOO
: Kelly-Sprlngfleld.Tlre
6
*66
*55g
Jan
68% Jan 18
par
100
*75
534
2
...100
preferred
5%
8%
70%
10%
Jan
BNo par
Preferred
70
534
5i2
13% Jan 9
88% Jan 18
27% Jan
Kaufmann Dept Stores 212.
80
5l2
6%
2*4
82
Laugh Steel pref... 100
Kansas City Southern
*66
512
5%
2
12% Jan 28
100
Preferred
*75
*45s
5%
Jan
1
Kresge Dept Stores..
Preferred
6
9
2
No par
.No
Johns-Manvllle
A
%
2
....No par
1
Jewel Tea Ino......
Jones
1%
47% Jan
...No par
No par
J
100
Kansas City P A L pf ser
90
24
1%
Joliet A Ohio RR Co 7% gtd.100
153
*86
101
8
100
Preferred
*115
90
1%
22%
123%
26% Jan
Interstate Dept Stores
Intertype
122% 122%
Jan
14%
21
100
...
1.100
*
129
1%
1%
21%
98%
....No par
No par
International Silver
1,400
153
49% Jan 27
37% Jan 30
108% Jan 28
100
....
International Salt
7%
23%
Corp...No par
18%
*
1%
%
Preferred
63,700
29
....
Jan
135
110
Jan 14
5% Jan 8
5% Jan 16
2
4%
18%
68%
153%
Jan
Jan
4%
287s
*115
Jan 23
31% Jan 29
4234 Jan 9
11034 Jan 13
ol A__—No par
187g
153
22
26
22l2
19
...
28%
68%
25
No par
Jan
Inter Pap A Pow
6%
25i2
100
Sys ol A
18%
J.
*85
No par
Preferred
28%
68%
108
108%
107% 108
122% 122% *121% 123
106%
153
90
18%
23%
18%
81%
80%
79
81
~80~
"79% 80
80%
"78% 79% ~8o" 80
*118i2 119% *11S12 119i2 *118% 119% *118% 119% *118% 119% *118% 119%
15%
15%
15
15
15%
15%
15%
15
1434
155g
15U
1434
24
23%
2334
24
*22
23
23% 2334
23% 2384
23i2 24%
17%
17%
17
17
17
17%
17%
17
17%
17%
17i8
17%
2934
2734
28%
28% 3:2734
283s
28%
283g
28%
*28%
28%
28i8
*85
8
6534 Jan 31
17% 175,000
*75%
84%
84%
3%
3%
41%
8
287g
68
122% 122%
*
86
18%
2878
*415
*115
*115
♦115
87
Jan
...1
2
380
18%
20
149%
Jan
2,200
29
8
%
64%
18i4
18434 Jan
%
2234
29
10
125*4
Jan 29
39
8
2
34
2% Jan 27
64%
86
88
*84i4
18%
*28%
88%
*84%
Jan
176% Jan
100
No par
3% Jan 27
2234
86
7
334 Jan
No par
5% Jan 29
67
1234
2
6% Jan 14
Jan
23%
167g
12%
8*4
2
7
56%
148%
3%
4%
44%
800
1734
4
5%
18% Jan 11
3
2%
2
16% Jan 31
Jan
46%
Jan 18
35% Jan
1,200
1234
2
1% Jan
50
12%
Jan
2%
2% Jan
28
16%
7
Jan 16
7%
6
334
109
26
7%
6%
Jan
No par
100
50
127g
105
.....No par
28
18
Jan 31
Class B
63
12'4
*84%
45
Jan 14
106
98% Jan 17
Class O
21%
17%
125%
2
2%
23%
60%
13%
2,900
63
127g
Jan
4%
2%
38
20,400
21%
18
117
Jan 31
19% Jan
2% Jan
Internat Harvester
13,800
63
17S8
2
International Cement....No par
500
21
12%
4% Jan
28%
20
Int Mercantile Marine
20%
18ig
1234
40
4%
No par
Int Hydro-EI
20%
17%
40
100
100
4984
62%
15
Jan 24
15% Jan 31
8% Jan 29
31% Jan 6
No par
2,900
80,600
49%
62
15
61
4
No par
21,200
4934
62
Jan 30
6
Jan
Amer.-lOO
5%
28%
28
28
38
Jan
100
5%
4984
63
1234
5%
»%
Jan 22
No par
5%
5%
9%
12
No par
Steel
5
"5%
5
4934
17%
12S4
7,700
40,800
6%
*4
22% Jan 30
Jan 11
17
58
10
152% 152%
*152
5
28
28
03
♦62U
163s
6534
4984
497g
20U
4958
40%
64%
49%
49
48%
49%
48%
48%
*125% 128
*125% 128
*125% 128
5%
5
5
5%
5
5%
5%
27g
3
3
*234
3
27g
*234
2
2
2%
2
2%
2%
2%
30%
2934
31
3034
31%
29%
30%
39%
3834
37%
38%
38%
39%
38%
109
109
109%
109
109
109
110
28
28;
28
39%
65%
*4
19% Jan 22
No par
Prior preferred
1,000 Int Business Machines
487s
478
3%
2%
3078
39i2
40%
64
"5%
5%
534
39%
64%
2% Jan 13
Jan
33
4,900
126
5
134
2634
20U
126
258
134
134
263s
49i2
484
4i2
234
4l2
23s
63%
*150%
5%
478
63%
*53g
483g
578
128
126% *126
126
*149i2
47g
41
40
4034
40U
59%
~~5%
5978
5934
♦149i2
4"78
478
558
534
49
48%
6%
6
2
Jan 25
100
Internat Carriers Ltd..
4034
60%
40 I8
39%
6%
43
100
Preferred
190
183
182
183
181
1534 Jan 21
20
1000
A
7,900 Intercont'l Rubber..
10,300 Interlace Iron
30,800 Internat Agrloul...
37%
37%
38%
37%
18234 183
3
10
Certificates
40
*3%
2234
1034 Jan
1
lines
70 Internat Rys of Cent
4
4
4
4%
12%
4%
4U
18%
*5%
24%
4%
4
*23
1234
16%
5%
2*4
1
1,000 Insuranshares Otfs Inc....
10,600 tlnterboro RapldTran v 10 ..100
7%
5%
17
2*4
15
5,200 Inspiration Cons Copper
7l4
678
7%
7%
17%
*7%
5%
lb",600
1%
5% Jan 23
.100
Seo otfs series
Inland
9%
1%
12% Jan 15
2
10C
Preferred
104% 106
6%
49
Jan
4
.No par
9,700 Industrial Rayon..
700 Ingersoll Rand....
*126
307,
2%
43
5534 Jan 24
100
...
3,800 Indian Refining
2978
X12034 12034
28%
104% 104%
7%
678
18
17%
*5%
23i2
4
120
120
Preferred
7
495
6% Jan 7
4834 Jan 21
f
Hudson A Manhattan
8
11
22%
338
9%
.21
58,800 Illinois Central
0% pref series A
2,000
8
8
*126
103% 104%
7
7%
7%
7%
1734
514
12i2
4i8
*3434 35
182% 182l2
35
182
7%
2212
418
1234
4%
60%
15
293s
73g
^4
23
38
60
120
167g
5%
4
23%
37%
60%
*126
714
714
17%
6i4
714
7%
1734
*7%
Jan 24
38
30
7%
71
22%
8
400
2
21%
14
Jan 23
2
2%
22%
8%
6%
19%
Jan
800
30*4
5%
"1.75
Jan
22,700 Hudson Motor Car
25,000 Hupp Motor Car Corp
5*4
Jan 30
31
Voting trust otfa new
81*4
118
104
10% Jan 13
42
Howe Sound Co
8,900
3,500
73%
28
2
7
68,700
2%
4
Jan
6(
Houston Oil of Tex tem ctfs-.lOC
131
80
2634 Jan 21
65% Jan 14
Finance part pf
90
122
104%
36% Jan 30
41
Household
162
36%
11
71
118% Jan 31
1(J(
No pat
142%
44
540
Mining
120
141
Jan 13
Jan
19%
6%
1%
85
127
5%
8
3
Class B
$ per share
1
Jan 13
Houdallle-Hershey ol A __No pai
•100
53g
45
Jan
Homestake
500
1,300
12,100
115g
53l4
Jan
%per sh
500
1534
14
10312 10514
10434 10512
7%
738
10234 104
7
78s
29,600
15%
60
2934
f
No par
Hollander
80
9
A Sons (A)
Holly Sugar Corp...
14
6034
*126
5,300
3,400
131
77%
115% Jan 16
30% Jan 2
No pat
No pat
15%
2%
3734
*11712 122
*126
Conv preferred
Holland Furnace
Jan 30
Jan 31
No pa*
Chocolate
Hershey
800
14
37
8
778
3012
7l2
128
1434
*59%
40
10(
$7 cum preferred
5%
2134
37%
120
3534 Jan 2
89% Jan 10
Jan 23
*1334
15%
2%
157% Jan 20
Jan 10
143s
1534
10(
84
42
28i8
7H2
5%
156% Jan 27
2/
_
33
1438
2%
22%
*13
14
1334
1114
5212
W)
No pa<
5212
36i4
6034
2734
*7012
131%
94
No pa*
54
53g
6034
20%
*413s
65
Jan 27
Motors..
1,500
529
*495
4134
28
7112
Jan 15
141
Powder....
52l2
5%
15%
2%
2038
*34
2612
125
7
Beroules
113*
535g
53g
1114
2i4
2078
2ig
2112
3534
6034
60
120
120
*126
15
*70
525
9l2
27%
938
2
Jan
Bercules
30
36
35i2
367g
934
28
(G
Preferred
90
78i2
118i2
118
530
520
42
1178
5434
5%
5334
15
26
24
2414
*500
1034
*538
978
2734
71%
11
5438
5%
35l2
a;9%
2638
36%
912
42
71
63%
35l2
934
7712
7914
118
118
520
71
10%
118
2712
41%
2838
*70
7812
79%
7914
118
Jan
434 Jan
2/
1,500
128
128
7
120
*
...
High
Low
$ per share
534 Jan 10
4,600
3414
87 58
87ig
Belme
500
138
33i2
128
128
42
41%
2734
71
27%
130
36%
23%
8634
500
*151l2 157
3412
8758
3334
86%
520
42
283s
41%
157
80
912
23i2
157
86%
11934
36
520
520
520
*500
7984
3638
9%
3538
938
35%
*151% 157
34i2 3434
Hayes Body Corp
Basel-Atlas Glass Co
7,500
Low
Highest
Lowest
$ per share
Par
5%
138
138
4
123ig
47g
123
*11912 123l2
138
*128
130
5
5
5i4
123
14014
85%
*118
118
118
11734
3438
85
7934
7934
7934
7934
117
33l2
*128
130
130
*127% 130
157
157
34i4
86
8512
5
5i4
123
*11912 123
14012 1405s *138
141
3334
34i8
84%
34i8
5*4
120
8 per share
$ per share
$ per share
$ per share
$ per share
Range for
Year 1935
1935
EXCHANGE
Shares
Jan. 29
*120
the
Thursday
Wednesday
1933 to
Lots
On Basis of 100-share
STOCK
YORK
NEW
for
Dec. 31
Range Since Jan. 1
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
LOW
AND
HIGH
1%
15
23
64
12%
26
90%
7%
50
135
%
21
87%
%
%
877g
113
46
130
New York Stock
742
1 RE,
NOT PER
Record—Continued—Page
CENT
STOCKS
yvit*
NEW
JOT
the
Monday
Jan. 25
Jan. 27
Jan. 28
Jan. 29
Jan. 30
Jan. 31
$ per share
$ per share
$ per share
$ per share
$ per share
YORK
Range Since Jan. 1
Shares
29
29%
46%
46
29%
45%
*9%
37%
*2%
10%
*9
10%
37
*2%
10%
37%
3%
1134
*7%
9
29%
45%
4534
*9
37%
3%
37%
*2%
11
*50
2834
11
*8
55
29%
45%
10%
*50
20%
9
55
19
19
19
3%
9%
1%
*8%
3%
10%
1%
9%
3%
3%
10
1%
134
884
834
*24
25%
3%
3%
42
11%
8%
*3
8%
31%
1561s *156
48
48%
19%
193j
50%
1933 tc
Range for
Dec. 31
Year 1935
47%
*45
*45
106
106
1%
9%
23i4
314
24
42
8%
31%
1%
8%
2484
3%
8%
10
37%
3%
37ij
334
14
13
i53g
2.70C
4,700
4,250
9%
400
157
481,1
9
8%
55
55
203<j
2
*8
30%
31%
*3%
12
8%
31%
157
10
22%
19%
334
37g
984
97g
2
17S
8%
8%
25
24%
*3% ; 378
10
42%
11%
55
19%
37g
24%
3%
6.50C
_
20%
20
8%
24%
37g
43%
11%
8%
43
8%
313s
32
48
4834
46
*9
20%
19%
334
934
*1%
*7%
10
1134
156% 156%
45
10
*51
21%
19%
3%
43
12
11%
8.30C
461,
13%
*7%
55
24
3%
29
157% 158
42
42
11%
11%
*8
47
48
48
48
19%
1934
51
19%
50%
1934
50
51
19%
50%
19%
50%
*45
47%
48
*45
100
48
*45
48
14%
*99
*100
*57%
103%
15
1584
14%
104%
58
8
8
55
56
*99% 103
58
*57%
734
56
*32%
42%
6%
4234
7%
96
185
58
112
96
59
5o
5
23
7%
20%
33s
5%
23%
7%
20%
33g
6%
6%
634
2334
9584
3634
23%
9534
23%
3734
37%
55
96%
°8
2%
2%
2%
2%
4%
*4%
484
2%
*4%
534
5%
23%
83g
21%
3%
7%
24%
96%
3784
22
32%
8
,
20%
3%
684
23%
96
3634
64
5%
2334
838
21%
5%
3%
7%
2334
96% I
37%
14
14
2334
1
183g
14%
25
36
138
mmmm
138
*165
1
80
13%
24%
17%
47
12%
1%
%
%
*23%
1734
*46%
17%
23%
14%
14%
35%
18%
18%
24%
14%
14%
25
14%
15%
36
37
160
160
23%
22%
109
*160
24%
23%
23%
22%
3%
35%
109
109
107% 108
m-mmm
*165
%
68
68%
2334
77%
11%
1234
24
78%
118s
12%
6834
243s
79%
11%
38
38
68%
23%
78%
11%
12%
*36%
*56
57%
II284 113
*9%
11%
*34%
29%
21
4984
5
16
*107
3
34%
3
1%
*91
34
31
32
22
24%
51%
13s
5
5
11%
3%
*3
13
68
15
534
16
*125
160
1%
*91
15
*125
138
1%
95
5%
*91%
5%
11%
II84
5
3%
13%
4%
1334
13%
68
68
68
95
95
94
104
2%
225
*106% 107%
27% 28%
53%
6434
7
7%
101% 101%
*484
6%
•
98%
6%
3%
*3
7
*104% 107
2%
2%
226% 227%
106% 106%
28%
29%
6484
5434
*37%
54%
*3
*68
94%
160
5%
1134
6%
33g
4%
13%
69
95
10584 10584
*2%
2%
*224
22984
106% 106%
29% 2934
54
54%
38
54%
15
35
32%
35%
33%
2534
2634
5134
53%
63g
see
page
Marshall Field & Co
No pai
.No pat
Martin-Parry Corp
162
47
10
Preferred
Jan 14
50
Jan
2
107
Class B
par
McKesson A Bobbins
$3
pref
McLellan Stores.
conv pref
12%
97%
1234
97%
55%
100
.No par
.No par
.No par
24%
23%
109
534
15
12%
*134
%
12%
15%
68
26%
84%
3
—
mm
*9%
11%
35%
33%
2734
52%
5%
15
5%
11%
6%
33g
1134
*3
6%
3%
4%
13%
13%
68
68
95
104
2%
225
95
730
27
1%
*92
35%
337g
16%
1,620
7,000
14%
3584
18,700
28,800
163
300
2334
23%
111
mm
18,700
43,100
110
110
25,400
100
m'
mmmmmm
15%
1%
mmmmmm
10,200
5%
5%
"9",900
12,500
6%
6%
334
6%
3%
4%
14%
13%
1134
6%
3%
4%
13%
94%
104%
2%
105
225
225
2%
*3
69
*68
95
93%
105
105
2%
*2%
225
225
5,300
4,400
mmmmmm
8,200
101
*5
•
8«4
33
54
4
8
32%
55
27
84%
103
22
28
Jan
«4
35%
7%
14
Jan 24
1%
3%
57%
Jan 31
147g
14%
6%
Jan 23
4
7%
111%
19%
28%
3334
67%
131
9
11% Jan 23
3%
90%
67,
3
42% Jan 27
«%
38%
40
9
7
14% Jan 31
«4
8%
100
Jan 2
Jan 10
103
Jan
Jan
Jan 31
'
mm
2
3%
12
Jan 31
6
3
7
41
9
23% Jan
3
110% Jan
3
Jan 22
22
112
60%
33%
"J 8»4
241,
2%
034
9%
8%
20%
247g
116%
6%
2
44
00%
90% Jan 30
50
85
20%
58
Jan
Jan 29
107% Jan
2
109
Jan 15
6% Jan
6
2
08
884 Jan 29
66
42%
2%
9%
2
200
8%
20%
22
Jan 14
3
57% Jan 17
3
2O84
Jan 14
Jan
14%
97%
65%
22
5
4434 Jan 14
7% Jan 16
Jan
Jan
Jan
Jan
mm
97%
17%
62% Jan 10
40%
534
1934
21%
m
11
28
62% Jan 16
8% Jan 9
32
10%
15%
'
Jan 18
15*4 Jan 22
6
45%
1%
Jan 29
85
150
105
16
*111%
37,
31
7%
68
*
% Jan
1%
3%
2«4
17%
5%
14%
2%
7
84 Jan 16
2% Jan 15
4% Jan 18
584 Jan 27
1%
1%
4%
Jan
2
3
2
2
10%
17%
6
24% Jan 30
8% Jan 30
10%
Jan
2%
6%
5%
2%
57,
1
1
Jan
Jan
Jan
Jan
2
2
20% Jan
89% Jan
3584 Jan
7
2
7
7% Jan 23
24% Jan 24
97
Jan 23
393g Jan
1%
1034
2%
1
4
16%
3
1%
4%
15%
10%
23
55
3SJ24
3
%
%
%
334 Jan 30
3
%
1
22% Jan 30
Jan
3% Jan
.
%
9434
21%
407,
Jan
4
56
Jan 23
34%
417g
00
6
2
63% Jan 23
65%
60
05%
44
84 Jan
56
Jan 21
1
Jan 16
63% Jan
%
2834
15%
13%
13%
Jan 31
3134 Jan 3
18% Jan 27
15% Jan 3
Jan 22
15% Jan
Jan 20
84
1%
17%
31%
7%
33%
16%
50
4
74
%
16%
2
4
Jan 21
Jan
2
Jan
75,
6%
9%
9%
02
69
9%
16%
9%
15%
81%
20%
21%
47%
02
11
11
19%
14
27%
3
National Aviation Corp.. .No par
Biscuit
National
7% cum pref
Nat Cash Register
Nat Dairy Prod
7% pref class A
7% pref class B
.No par
No
par
,100
100
National Lead
.No par
100
Preferred
JNYNHA Hartford—
100
100
preferred
N Y Ontario A Western.
100
.No par
mmmmmm
N Y Shlpbldg Corp part stk
700
800
m
1
Norfolk A Western
7%
preferred
American Co
Jan
Jan
Jan
4
6
7
9
Jan
110
Jan 16
2
108
Jan 29
22%
129%
Jan 24
108
113%
rlO0
*100
12
11%
%
3
10
3084 Jan 2
33% Jan 27
230
Jan 21
165
Jan 21
140
111
113%
10%
13%
3584
Jan
4
10% Jan
9% Jan
4
8
32%
2734
17»4
36%
Jan
8
2
2
Jan
2
Jan
2
5
Jan
Jan
122
150
102%
121%
47S
140%
4%
%
%
1%
% Jan 28
%
%
40%
8334
75
Jan
27»4 j;an29
9
9
207,
33
36
z8%
*8%
77%
11%
35,
8734 Jhn 29
11% Jan 17
13% Jan 24
38% Jan 24
51
4
7%
21%
3
15
43%
Jan 16
80
59% Jan
109
4
3%
3%
4%
4%
118%
11%
107,
Jan 31
34% Jan 31
28% Jan 30
11%
12%
18%
36%
12%
2934
0
6
19
97,
97,
39
2
2
6%
4
4
167,
57
Jan 31
6% Jan 15
16% Jan 15
Jan 20
125
Jan 20
112
1% Jan 16
114%
Jan 10
4%
8%
5%
2%
z2%
123g
Jan
2
Jan
2
12
Jan 24
5%
Jan
2
7
Jan 27
4
90
Jan 10
5% Jan 23
4% Jan 22
4
Jan 21
14% Jan 10
71% Jan 9
139
112
%
90
Jan
13%
4134
01%
Jan 17
Jan
101
2
%
33
Jan 23
Jan
14%
2
128
Jan 7
Jan 17
206
99%
6
2
34%
32%
145
Jan 13
Jan
Jan
4%
34%
12% Jan 30
1% Jan 28
119
1
1%
17
21
87%
22%
108
23%
10
Jan 23
13734 Jan 21
10% Jan 3
% Jan 8
% Jan 10
67% Jan 23
19% Jan 2
74% Jan 6
9% Jan 2
11% Jan 2
36% Jan 8
543g Jan 29
14%
80
Jan 27
2
36%
158%
23%
Jan 15
6
Jan
14%
0%
22%
141%
13%
127,
3% Jan 15
36 j
4%
6%
9
13%
4«4
30
78%
2%
%
90
114%
1%
99
2%
5%
16%
2%
%
%
2%
0%
%
%
334
2%
0%
0%
16%
8%
51
51
89
.No par
Jan
2
95
Jan 20
09
09
92%
100
Jan
3
107
Jan 31
79
79
102%
2%
1»4 Jan
2% Jan 14
Jan
2
106
.No par
2
210
Preferred
Jan
4
26% Jan
2
227% Jan 27
10734 Jan 31
30% Jan 8
53% Jan 29
North Amer Aviation...
6% Jan
No Amer Edison pref
.No par
No German Lloyd Amer shs
98
Northern
99
Central
Jan
28% Jan 16
28»4 Jan 2
68
Ad]os <4% pref
North
Jan 6
Jan 21
Jan 29
Jan
125
10% preferred
Preferred stamped..
21%
21%
108%
107%
2%
29%
9
13% Jan 22
50
tN Y Investors Ino
.No par
N Y Lackawanna A Western.100
N Y Railways pref
Jan
15%
38s4
162%
24%
23%
165
B
NY* Barlem
Conv
13% Jan 21
12% Jan 7
33% Jan 2
3%
Jan 29
204
Preferred A
Preferred
7
Jan
Jan
153
-
17 1st preferred
tNorfolk Southern
20
57%
20
5%
14
.No par
N Y Steam $6 pref
_99
150
357,
3%
Jan 13
9
90
136
23
Jan 10
11
337s
Jan 29
170
700
105%
4
23%
19% Jan 11
380
6%
23%
Jan 30
0%
2%
9
Jan 25
142
37g
45%
14%
fljS*
Jan 17
Jan
23%
1
16% Jan 11
95
101
6
Jan
3%
20
%
12
25
107
2%
3
Jan 20
97,
1%
10
2%
49% Jan 24
118% Jan 3
7% Jan
55
2
Jan 16
3
%
%
17% Jan 21
22% Jan 9
Nash Motors Co
Nashville Chatt A St Louis ..100
National Aome
40
225
Jan 20
10
69
190
10734 10734
28% 2984
56,600
2,600
54%
54%
8
8% 134,600
5%
13%
National Supply of Del.
96
5
26% Jan 17
1934 Jan 10
22,600
15,320
160
1%
Jan 14
47
Nat Rys of Mex 1st 4% pf
2d preferred
National Steel Corp
*125
*
19%
1
2
1,200
9,700
12,400
10
30
10
1
17% Jan 21
National Pow A Lt
680
13%
10
21
120
15%
10»4
9
43
96,000
130
Jan 14
Jan
Jan 15
.No par
"
11%
*68
Munslngwear Ino
12%
1%
%
72%
27%
8534
11%
140
12%
66%
f
Murray Corp of Amer..
10
Myers F A E Bros
.No par
tNat DepartmentStores. .No par
Preferred
100
5%
3%
No par
Natl Distil Prod
.No par
Nat Enam A Stamping.. .No par
117g
13%
Preferred
35,700
1,700
5%
11%
*3
Mulllns Mfg Co Class A. ...7.50
Class B
4,230
225
*128
1%
96
32,100
1434
Essex
84%
Preferred
10%
6,200 National Tea Co
.No par
13
12%
13,900 Natomas Co
.No par
100 Nelsner Bros
*37% 3784
54
700 Newberry Co (J J)
*52%
.No par
700
112% H284
100
7% preferred
15
tNew Orleans Texas A Mex..100
*9%
11%
1284 42,700 Newport Industries..
3534
35%
1,500 N Y Air Brake
.No par
33
34% 151,200 New York Central
.No par
28
18,200 NY Chic A St Louis Co.
28%
57
Preferred series A
5434
14,000
750 New York Dock
534
534
287g
5434
534
160
"5%
12%
*134
34
7O84
12%
*125
1%
96
140
15
160
1%
18%
25
35
*165
86
*125
600
28%
33%
*220
127g
1%
78
70»4
2784
130
18
47
28%
33%
140
*128
25%
34
10%
11%
12%
12%
*37%
3784
54
*52%
112% 113
/
200
1,700
23,100
107% 107%
3
278
34%
130
*
23%
22%
*109
mmmm
*■
75
3
29
31% Jan
Mother Lode Coalition.. .No par
Motor Produots Corp... .No par
When issued
.No par
Motor Wheel
300
3
14
3
Jan
Jan 10
60% Jan
3,100
Morris A
2
Jan 31
9% Jan
3734 Jan
1
$6 pref series A
Jan
10
4
24
6
18% Jan 23
40
.No per
Mead Corp
Jan
114
5
conv
6%
108
37%
2%
%
%
1
110
12% Jan 16
preferred
McGraw-Hill Pub Co.. .No par
Mclntyre Porcupine Mines
5
McKeesport Tin Plate.. .No par
18%
30%
57%
11%
32% Jan 8
14% Jan 31
29% Jan 22
12% Jan 16
.No par
Conv
13,100
1,200
53
103
tMoCrory Stores olassA. .No
12%
53% Jan 3
20% Jan 15
a:49
.No par
McCall Corp
1
25,800
158
Jan 30
1634 Jan 4
49% Jan 17
par
30
300
9
2
Jan
5%
Jan 20
4%
43%
13%
934
32'4
Jan 22
8% Jan
30
Mengel Co (The)
1
7% preferred
100
Meroh A Mln Transp Co .No par
30
6
6
18%
30%
2%
Jan 20
26
Jan 10
Jan
Jan
153% Jan 17
May Department Stores
Maytag Co
.No
360
18
*161
10
.No par
Preferred
800
75
36%
3
Jan
1834
2%
41%
11%
preferred
Melville Shoe
13%
13%
2434
1734
*46%
17%
"'2334
14%
14%
3434
18%
24%
1434
15%
107% 107% Sl0634 10634
29%
29%
28%
29%
54
53% 54%
54%
8
73s
8
734
784
8%
77g
8%
101% 1013s 101% 101% *100
101%
100% 100%
*4%
6%
*484
*5
6%
»434
6%
6%
♦
♦
98%
99
98% *95
99
For foot notes
Prior preferred
2nd
Marlln-Rockwell
800
17%
18%
*128
13g
97
68%
2734
8734
11%
12%
*93g
11%
15%
*139
%
112% 112%
52%
534
127% 127% ♦127% 133
3%
4%
1334
94
225
50%
6
11%
6%
3%
6
104
*2%
54%
11234 113
15
*9%
1134
12%
3434 35
30% 32
25% 26%
15
503s
*684
2684
82%
113g
12%
11%
12%
*51
1234
3484
95
2684
82
56
55
*988
160
*165
84
68
38
12%
3434
16
%
683g
*37
15
IO84
6
24%
79%
11%
12%
11234 113
7
55%
8%
13%
13%
47
27g
35
*165
38
12%
35%
3138
2134
5084
5%
*127% 130
*125
%
68
13
6,400
59%
*29
18%
14%
137g
78%
2434
75
47
17%
*138% 140
*139
*138% 140
140 ~
12%
12%
12% 1234
12%
12%
*1%
1%
1%
1%
1%
1%
11%
1%
*%
65.400
7
Preferred
65
%
59%
60
30%
1334
24%
*62
1
78
5834
*28%
17%
*13%
14
*78
25
34%
mmmm
200
15
2
1% Jan
58
8%
58
62%
29% 29%
2984 303g
29% 30
29
28% 29%
28%
31% 333s
33%
33% *33% 343g *33% 34
33
33
22812 228% *220
230
*217
227
*216
226
*215
225
*165
26,900
*32%
62%
59%
29%
18%
*13%
13%
1334
78%
3
56
%
59%
28%
17%
37%
65
59
30
1384
78%
3%
7%
96
96
*63
*108
33%
23%
55
%
*108
33%
22%
3%
65
58%
29%
1734
*13%
18%
3%
8%
*63%
1734
18%
18%
185g
45
45
45% 45%
18%
1734
18
18%
17%
24
24%
23% 23%
2434
15
14%
14%
14%
14%
13%
14
13%
1434
1434
37%
3684
37%
3634
373g
163
162% 162
*155% 162
23%
23%
24%
23% 23%
2234
2284 23
22% 23%
111
109% *110
109
109
3%
5%
24%
36%
*55%
1
30
4%
8%
2034
3%
6%
55
59%
884
66
23%
45
*108
3
8%
55%
9% Jan
.
2334
7934
2538
(1109%
96
200
108% 108%
»8
*77%
2434
23
*91
188
°8
58%
30%
17%
13%
36%
*159%
96
mm
6,100
S
8
3
Preferred ex-warrants. .No par
100
3,200
25,300
1,000
26,900
Jan
18% Jan
2% Jan
High
$ per share
18%
30%
3% Jan 31
15% Jan 31
5
10%
57%
22%
21%
4%
10»4
2%
Market Street Ry
4334
43%
433g
6,900 Mesta Machine Co
5
7%
684
67g
5,000 Miami Copper.
21
215g
217g
19,400 Mid-Continent Petrol
21%
10
23
22% 22%
22%
3,400 Midland Steel Pr*d
.No par
111
111
110% 111%
320
8% cum 1st pref
90%
90%
30 MUw Elec Ry & Lt 6% pf.,100
*90%
195
195% 195% *190
800 Minn-Honeywell Regu
.No par
108
108
108% 108%
70
6% pref series A
100
8%
834
8%
8% 105,000 Minn Mollne Pow Impl .No par
62
62
64
62%
Preferred
8,200
%
«4
%
84
2,500 tMinneapolis A St Louis
100
2%
2%
2%
2%
2,000 Minn St Paul A SS Marie...100
*4%
4%
400
4%
4%
7% preferred
100
5%
5%
47g
5%
1,590
4% leased line otfs... —.100
24%
24%
24%
24%
2,200 Mission Corp
734
8%
8%
8% 25,300 Mo-Kan-Texas RR_.
.No par
21
22%
Preferred series A_.__
21% 22% 41,200
100
3%
334
3%
3%
4,900 tMissouri Pacific
7
6%
7%
Conv
67g
13,800
preferred
100
23% 237g
23% 24%
6,000 Mohawk Carpet Mills
9534
96%
95%
9534
1,700 Monsanto Chem Co....
10
3634
37%
367g
37% 61,000 Mont Ward A Co Ino
.No par
56
55%
55%
55%
1,100 Morrel (J) A Co
No par
23
185
mm
20
(
2
Prior preferred
320
2,400
10,900
1,700
103
14%
103
Jan 2C
Jan
Jan
Jan
2
Jan 10
10% Jam 6
38% Jan 30
Jan 3]
55
No pay
tManhattan Ry 7% guar...106
Mod 5% guar
43%
67g
111%
8%
58
14%
111
6434
56
24
111
4384
7%
21%
°8
63%
14
7
21%
22%
23
7%
63%
%
58%
*29%
17%
1334
13%
13%
78%
25%
18%
43%
62%
*55%
*13%
13%
77%
*2484
17%
*44%
17%
7%
21%
58
*32%
*91
65
16%
58
59%
185
63%
1
433g
7
21%
22%
*98
.......
14
14%
*9934 104%
56%
56%
8%
8%
*32%
*108% 109
*61%
%
*29
*57
43%
5o
2%
4%
4
*98
14%
*99% 104%
57%
67%
8%
8%
59%
111
6234
5o
°8
2%
3%
22%
111
°8
2%
43%
7%
2I84
105
14
57%
884
8%
56
♦177% 185
*108% 109
8
7%
7
5o
21%
22%
*98
153g
99%
*32%
*91
*91
*108% 109
*384
4%
22%
7%
19%
43%
7
*177
684
68
57
100
1434
99%
57%
8%
*32%
20% 21%
22% 22%
*11084 112
100
Mandel Bros
J
34%
1%
7%
8%
10C
% per si
31% Jan
48
Jan 31
8% Jam
Mathleson Alkali Works. .No par
■mmmmmm
106
31%
100
120
2,200
5,000
1,600
48
19%
47%
520
1,100
4,500
110
106
106
106
*106
106
106% 106
*106
106%
31% 31%
31%
31%
31
31% 3184
31
31%
31%
1334
13%
1334
13%
1338
13%
13%
13%
13%
13%
14%
13%
13% 1334
13
13
*13%
13%
13%
13%
13%
137g
*109% H284 *109% 11234 *109% 111% *109% 111
*109% 110
109% 109%
19
*18%
19
19%
20
19%
22
19%
23
20%
23
24
48
46% 47%
46s4
45%
4634
4534
46% z4434
46
47%
47%
115% 115% 11584 H584
116% 117
116% 116%
114
114
114% 114%
11
10%
1034
10%
10%
IO84
10%
1034
10%
10%
10%
10%
41
41%
41S4
42%
4134 42%
41% 42
41
4034 41%
407g
13
1234
12%
12%
12%
12%
13
12%
13%
137g
13%
14%
31%
13%
13%
80
700
50
*45
400
7,700
19%
27% Jan 3(
Manhattan Shirt
8%
50
tManatl Sugar
Preferred
Low
Low
45
Maracalbo Oil Explor.
1
Marine Midland Corp (Del)...5
158
1934
$ per share
Inc...... ..No pa
Maoy (B H) Co Inc
..No pai
Madison Sq Gard v t a...No pai
Magma Copper
11,000
1,300
31%
30%
Highest
$ per share
Mack Trucks
11,100
11,200
158
51
4734
Lowest
38%
3%
3
20%
19%
3%
9%
1%
8%
4
27%
1935
Pai
*9
9
*51
19%
42
45
3
10
281 2
27%
EXCHANGE
37%
11%
*7%
20%
*8
32%
48%
19%
*50%
55
*1%
8%
156%
50%
10
9
*18%
3%
9%
3%
42%
1134
11%
8%
318s
*9
3734
3%
1134
20
24
42
11%
31
*156
20%
*23%
42
19
38
*51
20%
19
287t
*734
21%
10
28%
45%
Friday
1936
On Basis of 100-share Lots
STOCK
Week
$ per share
Thursday
1
July
Sales
Saturday
Tuesday
Feb.
6
50
Jan
55
Jan
%
87
%
138
158
218
77
99
108
9
9
28
35%
55
6
31
6
8% Jan 30
2
2
2
101% Jan 24
4% Jan 17
39
57
4% Jan 17
Jan 30
99
Jan 30
7%
71
3%
86%
7%
102
10%
99
743
New York Stock Record—Continued—Page 7
Volume 142
July 1
AND
HIGH
Monday
Jan. 25
Jan. 27
Jan.
Wednesday
Tuesday
52i4
314
t
3
*24
*24i2
16i8
2578
28
2734
16i2
28%
20i2
2014
213s
168s
♦110
2678
♦127
12714
1618
157s
89l2
♦88I4
12714 1271*
163s
1534
16
7
*50
*115%
1578
16%
7
13
14
712
7
7
6%
33i2
52*4
345s
34
347j
3434
53
54
54
1758
18
1734
18
5384
1734
125
*125
126%
*141
144
*142
145
143
34%
7%
7%
126
*143
145
*143
1384
14%
1334
14
14
14
14
77g
784
778
734
8
734
8
*17%
19
*17%
19
32
3314
31
31
19
31
3ig
234
234
/>258
♦28
*17%
27S
3
88%
10l2
10l2
1034
10%
8234
83
8334
8334
1134
12
12
1214
12%
1234
,17%
18
17l2
18
1834
I884
11%
11%
86
1284
12%
1234
12%
12%
19
1834
434
6%
7%
19
19%
19%
434
6%
478
7%
7%
1638
16%
16%
434
634
5%
67g
6%
734
7%
8
16
1714
163s
2
2
2
70
70
70
697s
72*4
735*
73
7378
72%
70%
7234
)578
63S
684
65s
67s
2's
6
63s
6
40
4
34%
31l2
31%
4534
47l2
46%
47%
4634
6I4
46
*5U
*534
6I4
*5%
6
32
321*
32i2
3378
33%
33%
81
80
80
44%
*76
5%
33
65
65
64%
*17U
17i2
17%
17%
147g
15
1584
15%
1534
15%
1678
1714
17i8
17i2
17
17%
17
17%
32
33i8
4914
33l8
3378
3234
3334
32%
33
49
49
48%
48%
48%
90
90l2
90l2
48%
90%
5
*458
5
*434
5
97g
*9%
934
*4i2
912
9*8
93s
73
70
71
3
3ia
3
31s
27s
69
63%
*16
*89
*4%
9%
38
39%
36%
35
36
13
12i2
1212
♦12
13
*78%
40l8
83
*78i4
S3
*78%
83
41
4U4
42
4178
80
80
63%
63%
63%
1,400
17%
17%
157g
167s
32%
48%
17%
5
46
17%
1634
m
1358
P2
3514
158
1512
*4%
33
32%
33%
48%
46%
47%
90
5
5
1278
4278
437s
1%
147g
35%
♦5138
59
55
55
2%
*1058
113s
11
11
11
36
3578
5512
11%
3578
*176% 210
38
38
38
38
38%
*176
♦176U 210
934
103s
10%
10i2
10%
67l4
*2%
67%
6734
6734
66%
27s
*18i8
4%
20
6H2
63
23
23
434
884
834
*68
2
1%
14%
15%
2%
2%
36
36%
*54
58
11
11
72
178
2
15%
15%
2%
2%
11%
11
*3684
*258
278
2%
*18%
45s
1934
5
18%
484
6384
64
65%
6534
65
23i2
2312
24
25
24
3i8
3l2
*278
*278
64%
277s
234
14%
3%
1,500
1434
21,600
15%
14
15
14%
14%
1484
14%
13i2
1378
13%
1384
1334
14%
14%
15%
15
8
8I4
8%
8%
8%
8%
8
*234
3
3
3
*234
3
8%
*234
Ills
llU
IOS4
1158
10%
107S
10%
1078
4S's
48
120
120
4578
46U
106
106
*11812 11912
4U
33
48's
*120
4614
106
4
4i2
48
48%
122
48%
*120%
46%
4634
106%
118% 11834
4
32
.
4%
48
46%
10%
1034
7,200
4%
334
4%
22,700
30%
297s
3184
47%
48
48
121
4634
106%
155s
16
16
13
133s
1278
555s
119% 119%
87i4
2914
778
2934
39
40
4114
41%
87i2
7i2
88*2
7*4
2912
291*
40
40%
*40i2
4H2
39
39
1418
76
15%
92
*38i4
15i8
39
2134
22
2I84
90
90
90l2
*99
13
1334
127g
1334
55%
55%
91%
55%
92%
55%
887s
55%
89%
778
29%
40%
8%
2934
734
8%
734
8%
29%
2978
29%
2934
42%
102
8%
297s
I Postal Tel A Cable 7%
26 preferred
94
95
97
Pullman Inc
21l2
2034
217s
90
90
*23%
n
*89i2
235s
2334
105
*
105
5%
"538
512
514
1953
2014
1934
1634
16i8
163s
86
86
10
3
1,800
3
318
I8I2
18l2
2034
21
Rels
1st
87
90
1,800
2378
237s
237s
♦
21
105
♦
512
"~5%
1912
20%
2014
87i2
5i2
27/366
89
89
*86l8
88
*89
91
87l4
89
89i2
91
91
9212
93i2
91%
897s
92l2
1514
I6I4
*86%
15l2
8714
1514
35
16U
1534
1578
1514
155s
15i8
15U
6,500
35
36
3534
3534
35
353s
34%
35U
3334
1,300
120
120
Reo
2,300
91
120
120
3012
3114
3078
31%
11634
11684 *115
2912 29i2
29l2
29l2
5818
58i2
573s
58
65
65
65
65
1214
12l2
•II84
12U
30
30i2
2812
30l2
*115
3484
3434
35l8
353s
Kor tootuotes see
page
120
31
120
3H4
11578 1157s
*29U
5814
2912
120
31i8
115
29l2
5853
5778
65
*12l4
127s
6434
1284
297s
30i2
30
65
3412
736
35
35
120
3U2
115
29i2
585s
6434
1234
30i8
35
88
*113
119
*33
*115
31
31
31i8
115l2 115i2 *110
29
29i2
29U
119
29
58
65
35i2
30i2
2912
30
3534
36
36
U4
68% Jan
241*
21
2778
Jan 31
67«
Jan
678
15s Jan
1178 Jan
1
1
15% Jan 15
61*
61*
12
Jan
15% Jan 31
6
6i8
4% Jan
1% Jan
984 Jan
95g Jan 11
15s
33s Jan 11
%
%
ll7s Jan 16
4*8
43g
Jan 16
58
*8
33J8
42**
3i2 Jan 13
538
3% Jan
23i2 Jan
36
49
Jan
2
Jan 14
121
Jan
15s
612
Jan 16
3
6
Jan
21
101
116
4558 Jan 30
10458 Jan 2
4834 Jan 15
106% Jan 13
20*8
20*8
597a
62*8
117
Jan
73
13034
Jan
11958 Jan 31
136% Jan 27
149
Jan
155
Jan 29
99
112
Jan
113% Jan 17
837«
99
44
Jan 31
21%
Jan 14
29%
57*
29i2
57a
Jan
130
Jan 14
49
495,
10278 Jan
115
Jan 14
331*
65
6
8*8
3678
Jan
165s Jan
115
73
851*
84
100
8*4
1458 Jan
1738 Jan
12% Jan
5434 Jan
8312 Jan
14%
Jan 17
4
4
56
Jan 24
22
50
97
Jan 31
13*8
36%
1.100
8% Jan 28
Jan 17
Jan
39
Jan
42t2 Jan 31
4112 Jan 18
37
Jan
40
70
!
Jan 31
20 lg
Jan
23
Jan 14
31*
201*
2434 Jan 23
Jan 14
6*8
8
18
Jan
2384 Jan 15
514
7
2034
Jan
94
22
Jan
47s Jan
2
Jan
.10
100
Jan 17
Jan
2
7
2
69
2
6
ll8
21l8
981*
2U
2
57s Jan 11
Jan 31
9
90% Jan 11
19
22
95
781*5
Jan 13
9
285s
781*
51*
I6I4 Jan 27
*6
3
Jan 10
«
10
13
36
76
36
120
29% Jan 15
33
Jan 13
117
115
Jan
69
981*
113
11
72
3
1
334 Jan 14
2*8
15i2
1978
85i2
Jan 27
-
31*
86
Jan
13%
A
Jan 13
1634 Jan 30
33
Jan 23
Jan
2
Jan 13
42
9&S
101
171*
101
88
2514
110
5h
20*4
97
95i2
16
37i8
115
32
113U
431*
3134
585s
60
Jan
2
65
Jan 25
66I4
55U
67
1034
3
11%
131*
19% Jan
2
1278 Jan 31
30i2 Jan 25
12i2
Rltter
Westphalia Elec A Pow . .
Dental Mfg
No par
Jan
5U
201*
Roan
^ntelone Conner Mines
32
3
36
500 1 Rhine
5,700
5
89
Metals Co
No par
pref
100
Reynolds Spring
...1
Reynolds (R J) Tob olass B... 10
Class A
10
140
29i2
10U
Ha
241*
Jan
5 H% oonv
13,700
*6134
127s
6%
8
514 Jan 10
66% Jan 29
Jan 21
Reynolds
1,200
575s
64i2
127s
61*
221*
1
Jan
3
I8I4
No par
Preferred
210
58 i8
13
4%
Jan 17
Jan
172
15U
113s Jan 31
73% Jan 14
9% Jan
86
Class
300
5784
Motor Car
RR Co...100
6
Revere Copper
4,400
6412
*125s
26i4
HII4
6% oonv preferred
100
6% conv prolr pref ser A.. 100
A Brass..
5
1,900
313s
25
25
preferred
Republic Steel Corp
146,100
1157s
No par
100
$6 preferred
Renns A Saratoga
*89
22
100
(Robt) A Co
preferred
Prior
700
105
~~5%
Silk Hosiery
Re mlng ton-Rand—
26,800
9018
237s
preferred
Preferred
1,000
89
20»4
7
26
33
12,400
3
665*
39i8 Jan 13
36i2 Jan 21
978 Jan
86
I8I2 -1812
31
7
10
Real
3i8
18
655s
Jan 28
1158 Jan 13
36
2d
18i8
2133
90
235s
par
No par
1st preferred
400
3
55
934 Jan
27
600
38%
18i8
Jan
*8
28
40
38%
3i8
Jan
50
2*4
58
1U
40
20
35
14
2*4
23s Jan 15
37% Jan 6
297*
39
3
Jan
60
14
161*
4134
*1712
44
2% Jan 15
17
Jan 15
li2 Jan
3
3
Jan 31
75
2
1U
4034
I6I4
8
11
978 Jan 10
6
Jan 31
78 Jan
512
631*
13*4
48
IDs
*38%
*81
884 Jan
72
9
Jan 30
Jan
24438
297*
41%
*38%
I6I2
83
78% Jan 29
38% Jan 6
31
41
903s
3514
51*
35i2 Jan
39
16i8
1*4
10%
73
2878 Jan
*38%
*76
31*
60
—
60
.....60
*40
1612
158
3
Reading
39
85
381*
114
Raybestos Manhattan...No par
f Radlo-Keith-Or ph
41%
1934
514
19
—.No
23
38U
4,200
j
41%
41
2H*
21
13
2,700
80,100
*14%
*32%
5%
19
5%
100
100
100
B
7&8
12*4
Jan 27
119
No par
No par
Pub Ser El A Gas pf
Preferred
11*4
1412 Jan 31
2i2
6684 Jan 21
12i2 Jan 2
*29)—100
7% preferred
8% preferred
1312
11
2
1*4
47
6% preferred
41,300
75«
358 Jan 13
No par
6% pref (ser of Feb 1
23,800
558
20
87l4
18%
100
Procter A Gamble
9U
11
115s Jan 14
21
pre! .100
Preferred
Pub Ser Corp of N J
534 Jan
163s Jan
No par
t Pressed Steel Car
42
16
2214
9012
2312
105
13
13
100
No par
41
18
♦98
15%
12
3
6
Class B
40%
314
3
18
2312
1478
*76
3
24
1578
*38%
16l2
18
24
15
Jan 24
Jan
$6—No par
No par
No par
20
73,500 Pure Oil (The)—
880
8% oonv preferred
.100
127%
700
6% preferred
100
109%
No par
15
22,400 Purity Bakeries...
1458
No par
1378 365,300 Radio Corp of Amer
13%
Preferred....
60
2,700
55%
55%
44
67
Jan
-—100
Preferred
200
11278
161*
2
Pittsburgh A West Virginia —100
PIttston Co (The)
No par
500
16%
2978
*85
17
*27g
155
914
141*
49
100
26
0% preferred
Pittsburgh United
200
87%
7%
88%
712
*5558
56
Pitts
900
137
9U
Jan 15
100
7% cum pref
Term Coal Corp
Pitts Steel
1.500
55%
13%
5534
Pittsburgh Sorew A Bolt.. No par
120
10638 106%
Jan 31
82
100
Pitts Ft W A Chic pref
14,600
1534
1234
16%
100
Preferred
7,800
120% 120%
47%
46%
*134
137
*134
137
*134
137
136l2 136l2 *134
13558 1355s
155
155
155
155
155
*153% 165
*15358 165
*1535s 165
*111% 11278 *112% 11278 *112% 11278 *112%
♦11131 1127« 112i2 11278
43
4234
43
4378
4384
43
437s
4234
4212
4178
405s
19%
20%
195s
20
1978
20%
20%
20%
1978
2018
1914
127%
12678 12734
128
127
127% 127% 12634 127%
128
127
109%
10934110
110
108% 108% *109% 10984
1091s 1091s *108
100
Pittsburgh Coal of Pa
5,800
106% 106% 106% 106%
119%
118% 118% *118% 119% Z119
106
PUlsbury Flour Mills
25
Pirelli Co of Italy Amer shares-
No par
11%
4558
...No par
ol A—No par
234
120
4634
Preferred
Pierce Petroleum
Porto RIc-Am Tob
2%
47%
48%
....
6
100
26
100
Oil Corp.
Pierce
1,100
234
334
No par
—
Preferred
600
28
10
17,700
8
35
Jan
Plymouth Oil Co
Poor A Co olass B
10%
32%
*121
47
1,770
234
3
32
4%
31%
33%
*8
Jan
Jan
8% Jan
100
Hosiery
Phoenix
21*
4
64i2 Jan
Phillips Jones Corp——No par
710
2534
13
4i2
66%
25%
14
33
7,500
*278
8
414
20
5%
25
13%
3234
600
234
1934
25%
3%
66%
13
8
580
65
3%
14%
3U
.M
41,600
66%
3%
14%
*278
MM..
11%
66%
2
6*2 Jan 15
30
10838
17*4
29
314 Jan
400
....
101*
80
17*4
{Philadelphia Rap Tran Co—60
7% preferred
60
Phila A Read O A I
No par
1.30C
39
38%
210
*176%
*176
210
*176% 180
10%
11
11%
10%
1078
10%
66
67
6534
65%
65%
6734
234
278
27g
*234
278
2%
1934 *18%
19% *18%
♦18%
18%
5
4%
478
47s
478
434
38%
38%
*10%
*38
39
9
8
Jan
90% Jan 27
100
38%
11
48
2
17U
49% Jan 11
1,200
60
Jan 15
3
18
17U
8
3212 Jan
114% Jan
Jan 16
4058 Jan
2U
10
36% Jan 30
2
31
2*4
Jan 15
Jan 16
46
113
I7*
67s Jan 28
67s
4512 Jan
28,900
36%
*53%
60
6714
81*8 Jan
5,700
36%
2%
36%
*53%
641*
351*
26
60
No par
34.700
2
15%
44»8
2
337s Jan 27
40
*4
«4
6
255s Jan
800
8I4
Jan
17i2 Jan 31
1734 Jan 15
7% preferred
Philips Petroleum
*4
478
8%
17i2 Jan 16
51,700
9
i*
478
6
Phillip Morris A Co Ltd
214
2
Jan
preferred
9U
11
11
Jan 13
30
75
*834
834
72
8
67
9U
16
1,600
83
44%
2%
3578
*51*8
36
14%
83
xi3
12%
69%
8
No par
6
Co..—No par
$6
7U8
67
Jan
Phelps-Dodge Corp
Philadelphia Co 6% pre!
!*
61*
21
Jan
79
2
133s Jan
80
26
2% Jan 14
31% Jan
16
11,800
6,900
3%
44
13
75
2834
31*
10*4
6%
Jan 23
71
Jan
Petroleum Corp of Am
1,080
70%
3
3%
69%
Jan
2»8
%
56
Pet Milk
6*4
5
8U
100
300
11
2
8% Jan 8
8% Jan 14
17% Jan 24
Jan 31
Pfelffer Brewing
25,200
2,100
5%
10%
10%
10
33,200
9,200
90
12%
15%
2
214
2
2
15
17%
83
2
1%
1%
1358
1*4
135s
17%
1111*
2'
19% Jan 31
514 Jan 23
4i2 Jan
_
Preferred
200
18
1678
*78%
*70
75
*68
75
*68
75
6%
35
*16
•
♦68
47
*534
33
89
a89
10
5%
34
78%
834
5
80
4634
3
42
70i2
60
12
99%
1158 Jan 30
8684 Jan 29
1234 Jan 3
6
19
70
Jan 15
90
68i2 Jan
63
4478
5%
33%
69%
9%
95s
8
par
No par
100
9,000 People's G L A O (Chic).... 100
100
300 Peoria A Eastern
100
4,200 Pere Marquette
Prior preferred
..—100
400
_
34
538
12
35s Jan 15
par
Peoples Drug Stores
Preferred.
7
788 Jan
Pennsylvania
30
116
*114
3
42%
*8%
912
912
1,400
1,600
32
3134
3134
116
70%
3
11,300
3
125s Jan
1% Jan
Cement
1
131*
19
Jan 23
Jan
par
No par
Preferred series A....
100
46,100
*1178
78%
1*11*2
*938
6%
70
3%
70%
.
69%
6
par
10
681*
87
1478 Jan 9
8I4 Jan 11
205s Jan 9
4% Jan
4i8 Jan
No par
10,900 Penney (J C)
13.300 Penn Coal A Coke Corp...... 10
Penn-Dlxle
144
1U2 Jan 21
17% Jan 13
1
1
1,200 Park-Tllford Inc
29,000 Park Utah C M
8,000 Parmelee Transporta'n
8
78% Jan 15
100
10
No
No
9,900 Pathe Film Corp
21,600 Patlno Mines A Enterpr -.No
2,300 Peerless Motor Car
No
800 Penlok A Ford
6
40%
31%
63%
17%
1534
65
2
178
6%
*75
17i2
93,100 Paramount
First preferred
9,000
Second preferred.
15,300
71%
534
35%
80
657g
90
70%
6%
*39%
6
1412
*88
71%
6
46%
*65
4914
70
*114
*1714
*88
70
2
6%
33%
*75
80
*78
70
71
36%
31%
116
634
16
4034
*114
6%
778
16%
6%
*39%
35%
31%
114
114
114
6%
3584
35%
31%
315s
31i4
114
♦113% 116
6%
47g
1%
697g
2
70%
72%
6%
72
42
*40
3514
3478
3478
31
4U2
684
778
16%
*70
6%
6%
65g
40
6i8
"
7%
16%
1%
16%
2
70
!'2%
478
484
714
89
Jan
18i2 Jan 3
78% Jan 2
95s Jan 15
100
No par
Pictures Inc..
1
17*4
378
31*
129
1
6
Jan
19
1% Jan
Paraffine Co., Inc
1
12*s
126l2 Jan 31
17
par
8% conv preferred
230
90
Panhandle Prod A Ref__
14
3i2
65% Jan 31
3
13i8 Jan 18
67s Jan 2
No vai
80
8% Jan 23
Jan
140
100
preferred
1151*
1141*
1
3558 Jan 31
505s Jan 13
16i8 Jan 2
118
No vai
6
5,600
85%
5ig
6%
Pao Western Oil Corp
55
5
Jan 25
15
3034 Jan 11
No vai
No vai
100
Packard Motor Oar
5,600
3
11%
712
Paolflo Telep A Teleg
92
60
27
7% Jan 31
2
4
3
3i2 Jan
9% Jan
4% Jan
..26
Pan-Amer Petr A Trans
89%
86%
678
Pacific Mills
22*4
38
28
14684 Jan 8
163s Jan 24
Jan 20
14
No vai
No vai
preferred
preferred
175s
414
3
7i2
7
2658
125
106
97
10
2d
32%
11%
478
Pacific Coast
89
84%
71*
1714
2
IDs
2
115a
4*4
lUa
92
3
2034
107
76
434
Jan
50
1614
31*
3%
1714 Jan
91% Jan
321*
14U
2714
914
70
Jan 29
214
x20
8ig
16%
7
273s Jan
128
2
15i2 Jan 20
21
5
1st
20
110% Jan 22
10% Jan 16
24i2 Jan 21
Jan
Jan 22
2514
521*
13ia
36?*
118
D«
100
Pacific Amer. Fisheries Inc
31%
11%
7%
Jan
_
8684
5i8
,<7%
128
7,200
19
89
*18
7
10
12%
11%
86%
90
887s
90
Jan
Co
Owens-Illinois Glass Co
31%
*28%
Jan 15
47
117,600
8
3
3%
3
31
87
No vai
Prior preferred
Outlet
230
14%
734
*17%
88%
11%
8534
89
10*8
82
88
3
234
31
No pa?
10(
Otis Steel
*3,300
145
143
141*
19
123
10,700 Pacific Gas A Eleotrlo..
6,300 Paolflo Ltg Corp...
5334
1734
175s
126% 126%
18
784
*17i4
No vai
10(
Preferred
630
7%
35%
55%
1334
19
Otis Elevator
680
15
14
343s
778
*17i2
2
Preferred
7%
13»4
*142
Jan
5,400
1,370
13l2
.
8
.
15%
>75g
«...
No vai
700
15%
54%
126
2
3,700
3478
5384
17%
7
Jan
23,400
-
6
I884 Jan
90
13%
17l2 Jan 15
33% Jan 30
2178 Jan 23
107
10,700
..
13i2
24's Jan
$ per share
33
30
6
Oppenhelm Coll A Co
900
145% 14534
6
Jan 16
100
Preferred A
*115%
145% 145%
15%
15%
7%
684
14%
14%
7
8%
34% 3434
53% 54
18
1734
12578 126
18
....
Oliver Farm Equip
Jan
Jan
Omnibus Corp(The)vt«— No pa?
......
51
*50
51
*115%
734
6%
35%
5378
126l2 *125
125
....
145%
15% 1534
7
6%
13
1434
2
23
High
Low
$ per sh
5278 Jan 30
35s Jan 30
24i8 Jan 2
61% Jan 16
101
fiC
No vai
.No pa?
Ohio OH Co
59,600
22,100
26,000
90
88
88
*50
*144
7i2
71*
fl
*87
51
51
1334
15
14U
88
*85
__
Telegraph
Norwalk Tire A Rubber ..No pai
Preferred
60
......
....
146
146
28
17
17%
165s
16%
17%
32
33
32
31%
33%
20
20%
21%
21%
20%
11434
♦110
11434 *110
II484 *110
834
8%
*834
*8%
9%
9%
26
26
25%
26%
26%
26%
*128
130
128
128
*127%
1634
1534
16%
16%
1534
1578
*115%
7iS
141*
7
634
634
....
14514 146
I6I4
1578
*24
Northwestern
3,700
3%
3%
35g
28
I684
11434
*50
51
*49
*11514
*11514
1441* 145
16
88I4
88I4
51
*49
2714
3
*24
130
32%
20%
9%
9%
26%
267s
127% 127%
16%
1584
*88
8978
934
912
2634
984
*9*8
2612
28
Nortbern Pacific
56,800
52%
1935
Low
$ per share
27I4 Jan 31
$ per share
Par
27%
2578
52%
2634
5278
2534
5258
2684
53%
3%
*24
17%
31%
2084
IM84 *110
IM84 *110
26%
*5234
3%
Range for
Year
Highest
Lowest
Shares
$ per share
S per share
$ per share
1933 to
Dec. 31
1935
Week
3%
I684
2884
20%
29
1958
Jan. 31
28
17i8
26i2
Jan. 30
55
*24
312
314
Friday
26%
*52%
3%
55
*52.
28
52U
26b8
2578
26is
253S
Thursday
28
$ per share
$ per share
$ per share
On Basis of
STOCK
EXCHANGE
the
Jan. 29
Saturday
YORK
NEW
fOT
JU/
1
100-share Lots
Range Since Jan.
STOCKS
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
LOW
.
28i2 Jan 15
55i4 Jan 2
Jan
30% Jan 3
58% Jan 28
Jan 31
47
6
12%
39*4
6'*
20
217.
33
744
HIOH
New York Stock
AND
Saturday
Jan
25
$ per share
LOW
SALE
PRICES—PER
Monday
Tuesday
Jan. 27
Jan. 28
$ per share
$ per share
53U
5314 *53
5384
54^8
54ia
101
*98
10U2 *100*2 104
102
*778
8i2
8i2
8*j
*8ig
8ij
26
2478
26
2558
26j4 27ifi
2*8
2i4
2i2
2ij
2i2
2h
378
414
4*8
412
414
4lj
*9l2
103g
11
103s
10*2
1012
21
*17l4 23
21
21
*1714
33i2
3358
33*2 337g
3314
337g
*110*8 111*4 *110i8 HO84 *110l8 H034
112i2 112i2 112*2 113
*11212 113
16
16
1558
16*4
16
157g
49
50
497g
5034
49i8
4934
99
9914 IOOI4
9914
314
3i2
3i2
35g
35g
3l2
183S
18*2
18*2 187g
1734
187g
*6078 0U4
6I84 627g
6212
627g
1
1
1
1*8
l*s
lh
*25g
3
234
3
284
27g
33i2 34
34
3378 35
3434
....
6U
62i4
*4i4
*7038
1634
1234
2358
638
4712
3134
6i4
6234
4i2
7184
17i8
13i4
2334
638
4712
327g
*39
*5i2
6234
*414
*71
1714
1314
23
638
17*4
18
115
13
2234
5l4
25i4
1412
2334
53g
*32
255g
1778
113
1358
23i2
538
2534
*6
63i4
*414
7058
177g
1284
233s
43g
705g
-
-
(P8
183g
114
14l2
24
534
26 *4
18is
114
1314
233g
5i2
25i2
*59
63
*59
61
60
6912
15l2
*6658
6234
*26
16
16
21
21
33U 3334
110*8
112l2 11212
1512 157g
47ig 49
9834 99*4
338
3*2
1758 18*4
*61
627g
1
1*8
3
3*8
34
3484
110
*578
63i2
4i2
6*2
6414
4*2
7178
72
1758
1278
23i8
6i2
*32
118
63
26i8
23g
43g
1078
8*4
2684
2*2
4l2
1078
33
*39
118
2634
8
33
«
118
62
684
69*2
69
183g
137g
2338
534
26
18
13*4
2384
684
48*4
33
39
114
NOT PER
CENT
Sales
Friday
Jan. 30
Jan. 31
$ per share
39*2
183g
18
114
114
1314
22i2
514
54*g
547g
8*4
8*2
8i2
2612
2714
2i2
414
258
263s
23s
4i8
1034
HOI4
2112
33U
110
110
*20
33
110
112l2 112i2
15
1578
45U
46i4
98*4
9914
338
3i2
1,200
700
9
3,100
27i8
25s
412
1212
29,800
5,000
4,800
280
22
60
33i2
7,300
110
18
18
627g
6278
*62
H8
1
3i8
278
3478
6278
Us
278
3512
*578
130
11214 112i2
15
155s
45U
4634
9778
98*4
338
378
18U
1934
6
1
3
34i2
35l2
6
6
6234
4l2
7H2
1758
1234
2334
64
240
5,600
21,300
6,300
18,100
8,700
1936
1933 tc
Range for
Deo. 31
Year 1935
EXCHANGE
■
Lowest
Highest
$ per share
$ per share
*4612
3214
Low
1758
115
64i8
20,200
200
1758
18
1278
2378
245g
7,500
7*2
15,800
1,300
137g
13
2214
514
190
29,700
18,600
1314
49
33l2
90
"18I4
27,800
*39
"l8~38
17i2
115
30
*11234 114
1378
23i8
538
26*8
1338
1,100
55,000
1334
2234
5U
2514
23
14,600
5*2
9,300
2558
10,300
26
119
•116
119
*116
119
500
62
*59
62
59
59
230
15,500
*59
*67
2514
69
*6658
63
6U4
62
63l4
67
2684
16i2
26
26
26
26
1618
163g
16
16*2
66i2
2384
16i8
69
100
71*2
67*2
72
2558
24U
Francisco
1st preferred-
100
10(
tSt Louis Southwestern
10C
Preferred
10C
Safeway Stores
6% preferred
7% preferred
Savage Arms Corp
Schenley Distillers Corp
No
9
23*8
1*2
23g
77g
Jan
2
Jan
2
2
pa-
18
Jan
Jan
Jan 24
325g Jan
10f
109
111
Jan
No pai
/
100
Stores....
2
High
J
24i2
4,400
10C
No pai
No pai
...Wo par
2
12*2 Jan 2
45*4 Jan 3C
9778 Jan 31
3*8 Jan
1584 Jan
53*2 Jan
6
78 Jan
2
Sears. Roebuok A Oo
Second Nat Investors
No par
1
Preferred
Servel Ino
1
1
Shattuok (F Q)
Sharon Steel Hoop
Sharpe A Dobme
No par
No par
No
par
Conv preferred ser A...No par
Sheaffer (W A) Pen Co. .No par
Shell
Transport A Trading
Shell Union Oil
£2
No par
Conv preferred
100
Silver King Coalition
Mines...6
Simmons Co
...No par
Slmms
Petroleum
10
Skelly Oil Co
25
Preferred
Sloss-Sheff
7%
Jan
8
6
9
Jan 21
preferred
Smith (A O) Corp
Snider Paoklng
Corp
No
2
5*8
12*2
21*2
35*2
Jan 14
Jan 31
1
1
784
7*4
14
12
Jan 30
Jan
8
315g
25*4
3
12
23*,
Jan 20
80
31*8
104*4
11314
113
Jan 21
90*8
109
1141,
1638
51*4
100*4
378
1934
63*2
1*8
3*4
3678
7
Jan 13
Jan
4*t
2
17*8
Jan 27
mmmm
Jan 31
1*4
■
Jan 31
8
Jan 15
mmmm
Jan 11
Jan
1*4
3678
30
2
9
1*8
Jan 16
30
31,
3
3
1338 Jan 24
6
Jan
3
2584 Jan 11
7*2 Jan 13
3*4
Jan
3
49
Jan 13
Jan 13
34
Jan
2
4
6
2
39*2
18*2
116*2
14*2
24*2
4*8
20*,
*4
Jan
2
1*4
rnmm
*8
204,
21,
18*2 Jan 28
Jan
Jan
13*8
56*4
mmmm
*8
Jan 17
2
6
22
mmmm'
8
19,
9
Jan
46
*4
Jan 14
7
4
80
2
7*2
19
Jan 29
Jan 23
5»,
27,
81
4*8
1*«
40
70
17
75,
1278
7*4
25*4
9
3*4
40*2
2958
20*8
5*,
Jan 16
27 4
51,
63i8
Jan 25
25
5*4
83*
6
3
47,
6978
,
5*4
50
34*4
39
10*2
11*
19s*
Jan
2
Jan 14
634 Jan 15
434
4»4
1**4
19*2 Jan
3
26*4 Jan 27
6
6*,
20*2
119*2 Jan 28
42
5
Jan 14
58
Jan 16
6578 Jan
par
*4
Jan
116
No par
10*4
»4
65*2 Jan
4i2 Jan
100
Iron
10
10*4
73
100
A
102
Jan 14
3
100
Steel
3
3
2
1984 Jan
481,
82
3
27*4 Jan 30
Jan
Jan
29i,
25
4
Jan
110*2 Jan
11
3
Jan 17
Jan
$ per share
113
Jan
10(
5H% pref
Sohulte Retail
2
334
5958
37s
67*4
1558
11*8
2034
434
43*8
313g
38*2
15*4
43g
7U2
48U
Lou's-San
$ per sh
2858
55*4 Jan 31
105
Jan
Seagrave Corp
300
*414
*32
—.10
2
Jan 1C
8
2*8 Jan 6
33*4 Jan 20
63
48*4
32i4
tst
483g Jan
98
lot
Preferred
10C
Seaboard Oil Co of Del...No pai
71i2
*39
Rutland RR 7% pref
81 Joseph Lead
11,000
4l2
13
Royal Dutch Co (N Y shares)..
Ruberold Co (The)cap stk No par
2,400
12,800
71l2
18
2414
Par
Preferred
Scott Paper Co new
tSeaboard Air Line
160
658
23
55g
458
1078
2H2
335g
545s
55
IOOI4 103
26
69
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
Shares
119i2 *116
60
YORK
Week
$ per share
NEW
the
1
July 1
STOCKS
for
Thursday
Feb.
8
Low
54L
5414
*9984 102
48
118
*6658
24
29
$ per share
48
*117
*26
18i2
1314
Jan
48
33
«
6i4
64
684
48
*4758
*39
115
6*2
633g
4i2
7184
175g
133g
2384
SHARE,
Wednesday
Record—Continued—Page
58
62
Jan
2
2
71
Jan
4
Jan 18
72
Jan 31
2334 Jan 30
14*8 Jan 2
28*2 Jan 6
1634 Jan 16
12
6
20*2
60
116*4
13
65*2
15
2
24
70*2
15*8
463g
15*4
30
3',
68*2
16i2
1578
16i2 105,500 Sooony Vacuum Oil Co Inc
48
15
16*4
0*2
10*8
♦11U2 112
11U2 llll2 *11U2 112ig * Llli2 11218
lllSg 11158
200 Solvay Am Invt Tr pre!
100
111*4 Jan 23
76
1115s Jan 31
112
30*4
30i4
30*2
1071,
3034
33
317g
3U4
32
3234
33i2
3234
13,100 So Porto Rico Sugar
No par
*152
2658 Jan 2
4
33*2 Jan 30
20
20
*152i2
283„
*15212
*15212
L52l2
*152i2
Preferred
100
150
Jan
7
27
112
15378 Jan 4
132
152
2714
27*2 2784
2714 2734
27U 27*2
27i2 2734
27i2 ~2~8~*8
ll",300 Southern Calif Edison
26
25i8 Jan 2
28
3
2634
28*2 Jan 16
27
28
2734 285g
105g
285g
28i2 29*4
2838
2938
283g
30i4 100,300 Southern Pacific Co
100
23*2 Jan 2
143g
30*4 Jan 31
1478
12*4
1434
153g
12«4
25*2
145g
15ig
147g
153g
1434
153s
145g
15i8
27,800 Southern Railway
100
20
1378 Jan 2
16*8 Jan 8
20s4
5*2
21
2038 213g
51,
16*,
2034 213g
21*2
20*4
215g
1934
213g
28,500
Preferred
19
100
Jan 21
7
7
*3918
22*8 Jan 8
4434 *41
45
45
4412
45
215g
45
4634
45
45
45*8
900
Mobile A Ohio stk tr otfs ..100
34
Jan
3
*8
16
4634 Jan 29
15
834
8*2
85g
3334
834
834
8I4
884
9
8l2
9
878
1,600 Spalding (A G) A Bros ...No par
65
778 Jan 3
65
5
93g Jan 15
5
66
66
6434 66
66
8*4
66*2
67
66I4
66I4
68i2
570
1st
preferred
100
71
108
6434 Jan 4
Jan 14
80*4
42
IO8I4 *108
109
IO8I4 *108
109
70*2
109
* L08
110
*108l2 110
120 Spang Chalfant A Co Ino pref. 100
J05
Jan
2
109
Jan 29
20
734
8
8i8
83g
691, 107
83g
9ig
884
87g
8i2
87g
8*2
85g
49,300 Sparks Wlthington
No par
7*8 Jan 7
978
10
9*8 Jan 28
27,
97g
IO84
8*4
10
3*,
103g
103g
103g
978
10
1038
*938
3,700 Spear A Co..
No par
11
67g Jan 4
Jan 18
*83i4
1*,
*85
*83l2
*85
3*4
8*1
100
*85
♦85
Preferred
100
82
Jan 15
82
Jan 15
3638
65
81
3634
301,
3512 36
3538
3512
3418
343g
34"
*3334
34
33l2
2~600 Spenoer Kellogg A Sons ..No par
33*2 Jan 31
22
195g
3634 Jan 25
2134
12*4
31
36*4
2334
223g 2314
2214 2378
215g
23l2
21i2
227g 189.700 Sperry Corp (The) v I o
1
15
15
16*4 Jan 20
237g Jan 29
35,
15
15
1478
15
7U
151g
18*8
153g
1518
15i8
14l2
1434
1,400 Sploer Mfg Co
No par
*45
1338 Jan 2
6
17*4 Jan 15
451g
46
46
15*2
4512 455g
8*,
46
4534
*45i2 46
250
46U
46i4
Conv preferred A
No par
44
Jan 22
*69
18
69
46*2 Jan 10
6914
48
68
68
33*4
67
6978
6784
67
67
67
68
2,900 Splegel-May-Stero Co
No par
64
Jan 17
*101
103
70*4* Jan 23
7*4
84
10U2 10H2 *101
437,
10212 *101
102*2 * :oi
102
101
101
200
6H% preferred
100
16
101*2 Jan 23 10358 Jan 9 3 45
16i8
16
1618
1638
IOH4
105*8
16
I6I4
16*8
1534
16*8
15l2
1578
58,900 Standard Brands
No par
1538 Jan 2
*126l8 129
1678 Jan 15
127
12*2
*126*2 128
19*,
12*,
127U
127*8 127*8
127i8 127i8 *126i4 127i8
60
Preferred
No par
1207g Jan 10 127*4 Jan 28
120
12*4
1234
130
1212 127g
1225,
12i2
1234
12*4
125g
12U
1258
125s
1314
13,700 Stand Oomm Tobaooo
1
10*2 Jan 3
13*4 Jan 31
2*,
12*2
21,
Vs
834
834
9*4
93g
834
884
9*4
884
914
834
914
44,900 tStandard Gas A El Go..No par
15
6*g Jan 2
15
1312
93g Jan 27
1*1
165g
16
H,
9*4
1512 163g
1638
I6I4
1714
1534
167g
56,100
Preferred
No par
9i2 Jan 3
17*4 Jan 30
30l2 34
1*4
35
35l2 36*2
1*4
11*8
363g
35*2 36*4
36
35
3558
3534
9,000
$6 cum prior pref
No par
25
Jan
2
33
36*2 Jan 27
3658
4*4
38
3734 395g
38
44,
26*8
3914
39*4
38U
3914
37l2
387g
32,100
17 oum prior pref
No par
27' Jan 3
395g Jan 27
6
312
3*2
6
338
312
287g
33g
312
33S
3l2
314
314
338
33g
2,400 Stand Investing Corp
No par
*113
23g Jan 3
384 Jan 17
11312 *113
7«
113
113
113l2 113
113
* L1234
7,
2*2
113
113
113i2
1,300 Standard Oil Export pref
100
112*2 Jan 9 113*2 Jan 24
4034
111
4134
116
941,
4)7g 423g
4U2 42
41*2 4234
43
4234 4418
44i8
64,600 Standard Oil of Calif
No par
36 I8
397g Jan 6
37
44*8 Jan 30
261,
3678 3714
27*4
4078
36i2 37
36*4
37l2
3778
3834
37i2
38i2 40,600 Standard Oil of Indiana......25
3284 Jan 2
23
*2212 29l2 *25
3884 Jan 30
23
29i2 *2212 2914
33*8
*22*2 29*2
29
29
*2034
2912
200 Standard OH of Kansas
10
29
28*4 Jan 14
Jan 31
19
20
5418
557g
56
32
55*2 56i2
56l2
557g
593g
68I4 59
5838
60M 116,600 Standard Oil of New Jersey
25
51*8 Jan 6
31
60*4 Jan 31
*30i2 3I84
31
33*s
31
35*4
*305s
523,
3U2
*30*8
31
31
30*8
31i2
800 Starrett Co (The) L 8
No par
32
Jan 11
2984 Jan 22
6
65*4
65l4
6538
12*,
65l2
655g
6534
321,
6512 6534
65i4
6584
65U
65i2
3,000 Sterling Products Ino
..10
65
Jan
7
*35s
67*4 Jan 15
334
45*4
68
4
35g
4
35g
68*4
35g
4ig
4
4
334
384
3,700 Sterling Securities ol A
No par
3*4 Jan 22
11
1
4*8 Jan 28
1U4
IH4
4
III4
1*,
m2
1214
117g
11
12*4
m2
1138
113g
2,900
Preferred
No par
95g Jan 3
*50i4
1234 Jan 8
5378
2*8
10
50*4 50l4
515g
'81,
53i2 *52*2 537g
52
52
*52
537g
500
Convertible preferred......50
50
Jan 2
19is
53*2 Jan 28
195g
36
28*8
50
1912 1984
1914
19i2
19*8
195g
19i2
20*4
203s
2084
19,300 Stewart-Warner
6
17*4 Jan 6
167s
18
2034 Jan 31
1778
4*,
18
65,
1838
187B
177g
185g
183g
1714
183s
17l2
I8I4
45,400 Stone A Webster
No par
145g Jan 2
18*8 Jan 28
978
10*8
2*,
978 IOI4
10
2*,
15*8
978
978
103g
934
IOI4
934
10i8
55,900 iStudebaker Corp (The)
...1
85
11
Jan 11
85
9*8 Jan 6
2*4
88
89
8412 88
2*4
10S4
877g 877g
87
88
8678
87?g
3,300 Sun OH
No par
72
Jan 2
*119
89
Jan 28
42
119
119l2 119
77
120
601,
119i2 120
120
120*2 12012
120
120l2
340
Preferred
118
100
Jan 2
34
35
96
34i2 35
120*2 Jan 30
1151, 121
3412 35
34
34*2 3412
34
35
3458
5,100 Superheater Oo (The)
27
No par
Jan 11
5
xll
484
35*2 Jan 24
Xll
478
5
5i2
305,
514
53g
5*4
5
53s
5*8
538
66,900 Superior Oil
1
3
Jan 2
558 Jan 15
1*4
11*4 II84
1138 1184
l*s
1U2 II84
3*,
115g 117g
1134
1238
12i8
135s
20,000 Superior Steel
100
IO84 Jan 6
133s Jan 31
45,
5
1234
2684 267g
27
277g
278S 28ig
27*8 273g
27*8
275g
27*4
2738
5,900 Sutherland Paper Co
10
23
Jan 3
28*8 Jan 28 9
*7i2
8
8
8*4
5*4
25
8
8
177,
9
8*2
884
87«
8&S
884
2,700 Sweets Co of Amer (The).
60
9
65g Jan 4
Jan 29
2378
24l2
8*8
9
24l2 25
3U
24l8 2484
24
2378
24*4
24*2
237g
24*4
21,600 Swift A Co
25
25
34
22*2 Jan 3
Jan
6 6 11
15
347g
3514 3584
22314
353g
355g
353g
3584
35*2
3578
35*4
35*2
6,800 Swift Internat Ltd
..No par
33
Jan 3
3578 Jan 30 » 1958
168
1*8
32*,
1*2
1*2
331,
ll2
112
1*2
15g
1*2
1*2
1*2
158
2,000 ISymlngton Co...
No par
*7
1*8 Jan 3
15g Jan 8
73g
*7
*4
7
714
714
1*2
7
7h
7
7*4
7*2
600
7*2
Class A
No par
9
578 Jan 2
9
8*8 Jan 8
1*4
lU
85s
87g
9
6*4
858
884
*87g
9
87g
878
*86g
1,200 Telautograph Corp....
6
8*4 Jan 3
93g Jan 8
75g
77g
8
6*4
8
6*4
734
97,
778
77g
8«4
9
884
9*8
83g
40,000 Tennessee Corp
5
7*2 Jan 22
4
3338
34
9*8 Jan 30
3*8
34ig
345g
8*4
335g 3412
3378
34l2
34
34*8
34*2
3412 37,700 Texas Corp (The)
26
287g Jan 6
345g Jan 27
35i2 37i2
161,
161,
37*8 383s
30*4
375g 388g
37*2 38*4
36*2
3734
365g
3734
34.100 Texas Gulf Sulptar
33
No par
Jan 6
383g Jan 27
914
22>4
97g
28*4
984
10*4
10
36V
984
10i8
978
934
10*8
10
95g
31,100 Texas Paciflo Coal A Oil
10
7*j Jan 6
103g Jan 16
IU4
1H2
21,
3U
1158 127g
9*4
1214
125g
12*4
1284
12*8
1284
1178
123g
51,000 Texas Paciflo Land Trust
31
10*4 Jan 6
6
32
1278 Jan 27
3U2
3384
81,
121,
3312 337g
33*4
33*2
36
34*2
35*8
37*4
3,500 Texas A Paciflo Ry Co
28
100
Jan
2
37*4 Jan 31
*37l2 3912
14
40
40
131,
28*,
3978 4112 *38*2 40
40
40
39
39*4
2,900 Thatcher Mfg
....No par
44
37*2 Jan 21
Jan
8
8
*60i2 6U2 *60l2 61*2
131,
443,
6U2 6112 *61*2 62
62
*597g
62
*597g
100
S3.60 oonv pref.....-No par
60
Jan
6
62
Jan 15
*10i8
60
1034
883,
61
1034 107g
*10i2 11
10*2
10*2
10*2
10*2
10*2
500 The Fair
10*2
..No par
10
Jan
9
*101
4
103
11*8 Jan 2
*101
103
100
5*4
101
*101
12*,
106
101*2 101*2 *102
106
130
Preferred
100
9858 Jan 15 101*2 Jan 30
9
45
884
9
100
87g
9
914
9
eu,
878
884
9*8
884
878
4,900 Thermoid Oo
1
85g Jan 18
738
10*4 Jan 8
2*,
75g
714
75g
21,
714
101,
73g
1 7*4
684
7*2
684
73g
7*4
2,800 Third Avenue
100
3*4 Jan 2
2
2
*275g 285g
884 Jan 10
5
285g 286g
285g 285g *28
283g
*28
283s
28*2
28*2
500 Third Nat Investors.......... 1
27*8 Jan 7
285s Jan 27
13
IH4
1U4
16
29
*11
1U2 1134 *11
1134
*11
II84
*11
II84
1138
400 Thompson (J R)
25
8*4 Jan 3
2834
29
1184 Jan 14
2934
47,
29i2
5*«
87,
2914 30i8
29
29*2 297g
2984
2838
29*4
13,500 Thompson Produots Ino
No par
2458 Jan 2
6
55g
30*8 Jan 28
10
584
6i8
6
13*,
534
26*4
584
57g
5*2
5»4
5*2
55g 21,500 Tbompson-Starrett Oo
No par
47g Jan 21
6*8 Jan 24
15,
5
1*8
31
317g
32
317g
30i2 30l2
30
30*4 30*4
29
29
3038
1,400
$3.50 oum pref
29
...No par
Jan 31
17
32*2 Jan 24
157g
16i2
17
28
16*8
1634
163g
I684
163g
1684
16*2
1684
165g
17*2
62,500 Tidewater Assoc Oil
No par
104
1484 Jan 6
104
104
17*2 Jan 31 27 71,
104
104
78,
157,
104l2 10334 10334
104
104
104
104*8
1,300
Preferred
100
1006g Jan 3 104i2 Jan 28 27 43*,
58
*5058
84
*5058 58
58
*5058
1041,
*5058 58
58
*5058
58
*5058
Tide Water OH
52
No par
Jan 20
15
58
Jan 11
18
157g
48
157g
16
163g
264,
1558
15*4
157g
153s
1584
15*4
35~ 600 Timken Detroit Axle
15*2
10
67
12ig Jan 6
1638 Jan 27
3
67l2
67i4 6884
68
4*,
68
67»4 683g
13*8
67
67
677g
68*4
9,000 Tlmken Roller Bearing
No par
6584 Jan 21
12l2
21
125g
69*4 Jan 14
12i2 127g
28*,
1212 1284
721,
12*2
1234
12*2
1234
12*2
1234
19,400 Transamerloa Corp
12
No par
Jan 21
14
Jan
2
17
1658
1714
17
47,
14
17i2
47,
17i2
18
173g
187g
18
1834
183g
11,100 Transoon A Western Air Inc... 5
147g Jan 2
15
14i8
187g Jan 29
1414
7U
1538
714
1458
15ig
15*4
1478
1478
145g
15*4
14*2
15*2
4,300 Transue A Williams St'l
No par
14
Jan 6
87g
16*2 Jan 2
9l2
41,
10
16
95g
51,
IOI4
103g
10*8
105g
1034
11*4
1034
11*8
60,300 Trl-Contlnental Corp..
No par
7*8 Jan 3
*96
100
11*4 Jan 30
*9612 100
l7.
17,
*96l2 997g *96*2 997g
8*4
96*2
96*2
9858
997g
300
6% preferred
No par
93
Jan
6
102
Jan 15
5i8
514
61
69
5i8
514
514
97*8
514
53g
53g
538
53s
53s
5*2
4,200 Truax Traer Coal
No par
47g Jan 6
*73g
534 Jan 13
7i2
u,
7*2
7i2
75g
67,
8ig
35,
*784
8*g
75g
75g
77g
8*2
3,800 Trusoon Steel
10
7*2 Jan 9
255g 2558
8*2 Jan 31
3*8
25i2 26
31,
25i8 26i2
8*4
255g
26*8
25*4
26*8
25*2 263g
6,900 20th Cent Fox Film Corp.No par
225g Jan 2
27
Jan 10
34
3384
13
34
3334
13
2478
34i8 357g
345g
35*4
343g 35*4
3334
35*4
8,100
Preferred
No par
31*2 Jan 6
10
36Sg Jan 10
978
10
10
245g
97g
245,
11
103g
33*2
103g
1158
12
12*4
1284
18,800 Twin City Rapid Trans.. No par
9*4 Jan 21
66
66
1234 Jan 31
66
*4
66*4 66
67
2*,
125,
72
67*2 74*2
76
74*2
77*8
1,480
Preferred..
..........100
65*4 Jan 22
41,
684
7*8
77*8 Jan 31
18
73
7
7
684
7*2
634
67g
684
67R
7
67g
5,900 Ulen A Co
No par
434 Jan 2
93
92
1
858 Jan 20
93*2
92
92
92314
1*8
51,
92i2
9234
93*2
93*2
92*4
9278
2,200 Under Elliott Fisher Oo —No par
86
Jan 3
*133
99
Jan 13
*133
*
*133
221,
*133
63*4
87*4
133
133
133
60
Preferred
100
133
Jan 17
133
Jan 17
95
4712 48
125
133
48i2 5012
49l2 50 '
48*2 49
49
48*2 49
497g
3,900 Union Bag A Pap Corp...No par
46*2 Jan 22
29
29
73%
60*2 Jan 27
7414
501,
73i2 7414
7358 74
7334
74*8
75
76
7334
74*2
18,800 Union Carbide A Carb.—No par
715g Jan 3
76
Jan 13 *» 34
245g 2478
44
245g 258g
75*4
2478
253g
247g
253s
2434
253g
247g
25*4
19,200 T7ninn OH nAllfnml*
IK
23*8 Jan 7
11U
14,4
253g Jan 27
24
*11U4
3014
....
....
----
"
....
,
.
'
mmmm
murntmm
..
For footnotes see page 736.
745
New York Stock Record—Concluded—Page 9
Volume 142
July 1
AND
HIGH
SALE PRICES—PER
LOW
Monday
Jan. 25
Jan. 27
Jan. 30
Jan. 31
$ per share
Shares
121
120
119% 120
*92% 9278
93
93%
25
24%
28%
15%
24%
27*4
1538
28%
29%
15%
16%
15%
187s
27%
1878
27%
*17%
19
*17
'
27%
27%
*113%
24%
28%
27%
*113% 116% *11334
70
70
*69
45
13
1278
12%
17%
538
29%
534
5%
667s
*66
159
159
65
5%
5%
5%
5,200
767s
19%
16,900
United
46,200
United Gas Improve
18%
2%
18%
31%
23s
18
30%
4
18
35%
15%
534
18%
30%
3178
21%
4%
4%
4%
4%
1834
18%
19%
18
33
34%
15%
9434
9434
11
17%
1178
1034
11%
1084
187s
18%
19%
183s
19
58%
56%
5334
5578
5634
58%
94
95%
93%
95%
92
95
94%
95%
*72
72%
73
73%
72%
73
73
73
118% 119
*140
144
*140
2
*44
46%
29%
*72
*72
*57%
*72
*72
*70
*5438
*71
*71
1st
"4%
4%
"4%
34%
*114
6
*2184
24%
5%
*21%
2478
*21%
24%
76
*234
634
*4%
278
3
3
3%
3%
7%
684
7%
7
5
5
*434
5%
*5
5%
3%
68
7%
33%
18%
17%
3%
6978
IO84
11%
53%
*50
17s
2
584
578
1134
11%
33%
11%
33
1178
33
11%
33
33
1163s 116%
116% 116%
8
7%
33%
32%
7%
8
32%
33
II84
12%
3284
32%
116% 116%
7%
7%
33
33%
18%
18%
18%
1834
1834
I884
17%
17%
17
17%
17
17
3%
3%
*64
11%
*52
1%
3%
*64
69%
3%
*338
68%
68
11%
11%
12%
12
5384
53%
54
53%
1%
6%
I84
2
I84
Class A v t o
39,800
U 8 Realty A Impt
Wo
37,600
U S Rubber
100
Van Raalte Co Ino
80
1,300
7%
Vlok Chemical Ino
74
140
3%
68
3%
7%
5%
12%
32%
7%
31%
18%
*15
12%
13
54
53%
1%
6%
54%
1%
7%
20%
20%
21%
21
18
26%
27%
*26%
27%
27
27%
26%
27%
28%
2734
8%
28%
2784
28%
27
8%
8%
2%
2%
43%
43%
*81
82
*93
94
102% 102%
9384
9384
2
43%
*817S
9284
119
113%
113
9%
*16%
27s
82%
93%
94
93%
101% 101%
94%
*93%
119
119
*112
113
17%
1784
18%
278
278
2%
2S4
6%
678
77%
39
IO684 IO884
9%
7
77%
38%
10%
7
7%
119
113
10%
7%
*134
138
3284
3134
3238
37%
37%
*37%
3784
25%
2584
26
27
2684
27%
*30
34%
34%
100
*98
33%
100
4.
34
34
.
100
19
19%
19
19%
18%
147s
1478
14%
14%
14%
4%
4%
21%
22
21%
4
4
47s
4
4%
5%
23
23%
4
4%
75
34
100%
19%
14%
5%
23%
4%
IO84
84%
*52
33%
5
4
10%
5334
52%
53%
25%
25%
26%
26
59%
59%
60
60
59%
61
59%
49
49
49
*67
70
67%
77%
4484
48
48
69
7084
7878
78%
78%
*78
78%
78%
44
45
4434
45
45
45
13%
1384
13%
14%
14%
15
102
23
4
8484
69
33%
14%
5%
5234
2478
48
75
1934
22%
14%
102
85
5384
26%
60%
49%
70%
16%
108
46%
46%
4584
47
45%
46%
46%
4734
46%
46%
45%
463a
45
46%
109
H84
884
109
11%
8%
10%
7
7%
7784
75%
I884
3
39
38%
107% 109%
138% 138%
3184
3034
3734
*37%
26% 277s
736.
300
66
*64
12%
*52
2%
6%
26%
8%
13% 171,800
700
53%
284
29,500
7
31,700
2O84
3,700
2634
1,400
6,100
27%
5,200
8%
2%
41%
*80% 823g
93%
93%
102
102%
160
112% 112%
90
10%
27,500
3,900
3,600
6,700
10%
1634
278
67S
18%
3
7%
77%
38%
108
113%
140
140%
31%
3084
75%
38
*37%
26%
39
26%
75
34%
3334
101
10178
5
5
21%
378
10%
22s4
21%
8484
53
2584
*58%
48%
66
14%
4
10%
8478
53%
26%
15%
334
978
8484
19%
2134
1478
5
4
10%
85
53
53%
25%
267s
60
61
6284
48%
49
6234
69%
66
67
16%
107% 108%
4784
47%
46%
4534
6H%
fWalwortb
No
Co
62?a
27%
27%
Jan 15
67%
81>4
119%
149*4
42
3i8
1%
37i2
2014
2834
Bros
Convertible
Warren Fdy A
73%
1
78
2% Jan 18
%
%
Jan 18
19%
19%
24% Jan 14
33% Jan 30
11%
11%
113% Jan 21
54%
91
Jan 24
23%
34
50
45
334
11%
68
32
Jan
5% Jan 30
36% Jan 2
1147s Jan 2
7
6
Jan 23
105
114
110i2 Jan 20
63
2%
178
10
17%
57%
85
60
6
Jan
68
60
4i8 Jan
72%
8
67s Jan 31
2
2
27% Jan 31
15
16
116% Jan 29
5
Jan
2
Jan
414 Jan
63%
109%
7
3434 Jan
Jan 31
1*4
1%
684
1
1
4%
8
Jan 16
par
8
Jan 27
1%
34% Jan 22
1834 Jan 28
20%
18
Jan 20
18
4
80
984 Jan
13% Jan 31
Jan
54% Jan 30
2% Jan 16
No par
Pipe—.—.Wo par
5
par
50
1% Jan
4% Jan
1
—Wo par
preferred.......Wo par
Weet Penn Eleo olass ▲—Wo par
Preferred
100
Wesson OH A Snowdrift
Oonv
....
100
preferred
-100
pref
100
preferred
Western Maryland
preferred
...
1%
1%
24
Jan 24
28%
2%
2%
14%
12
%
2%
778
%
2%
77s Jan 28
21% Jan 28
7%
13%
20%
25%
1578
Jan
24
Jan
6
2334 Jan
4
28% Jan 23
29% Jan 2
21
2
87s Jan 30
3
4
60
85
7
Jan
—100
Wells Fargo A Co
6
5
3% Jan 24
70
1%
12%
Jan 24
107s Jan
Jan
3
94
91*4 Jan
1
*4
234 Jan 13
46% Jan 2
82% Jan 28
1% Jan 2
403s Jan 10
80
15
72
34
Jan 16
80%
49
34
397,
3978
10284 Jan 24
96
Jan
90
Jan
95
Jan 24
36
116% Jan
111«4 Jan
120
Jan 31
88%
104%
114
Jan 23
78%
95
10% Jan 30
187s Jan 4
6%
7%
Jan 28
1%
2*8
87s Jan
1684 Jan
3
2% Jan
6%
727s
3434
94%
123%
30%
7% Jan 27
Jan
Jan
Jan 13
Jan
6
Jan
7
Jan
6
36% Jan 14
79%
3934
113%
140%
3334
Jan 23
Jan 16
22
36
6%
20%
1534
7%
1%
2*8
20%
18
Jan 31
277,
82%
Jan 31
77
90
Jan 25
6
10
3
15
29
12%
16*4
39
Jan
23
Jan
28%
Jan 10
34
Jan 14
35
Jan 14
18
18
50
Jan
4
61
Jan 14
21
25
31
Jan
2
98
Jan
2
2
11%
14%
34
46%
21»4
1534
5%
24%
4%
Jan 11
678
6%
12%
50
22,500 White Motor
2,000 White Rk Mln Spr otf ....We par
No par
3,400 White Sewing Maohlne
Oonv preferred
Wo par
3,000
5
4,500 WUcox OH A Gas
Wo par
62,700 Wilson A Co Ino
$6 pref
100
4,200
34,000 Woolworth (F W) Co........10
17% Jan
234 Jan
6
8% Jan
2
11
Jan 14
3
87
Jan 15
58
23% Jan
2
11*4
11%
Jan
2
5578 Jan 2
2734 Jan 14
63% Jan 14
35
100
25%
25%
Jan
4
Jan 31
20
20
No par
Wrlgley (Wm) Jr (Del)..Wo par
Yale A Towne Mfg Co
25
62% Jan
6
10
.100
7,200
1,420
3,500
Worthing ton P A W
370
Wright Aeronautical
77%
44%
Jan
52
Jan 22
A
100
Preferred
B
100
47
YeUow Truok A Coach ol B
Preferred
-
Young Spring A Wire—.Wo par
14%
35,300
8%
8%
14,700
Zonlte
Produots
Corp..
No par
100
No par
1
7
78
Preferred
133s
400
4% Jan 10
57
Youngstown Sheet A T
5H preferred
Zenith Radio Corp
113
18% Jan 21
14% Jan 28
37% Jan 10
1017s Jan 31
71
2
12%
Jan 13
1%
1%
Jan 10
4
6
Jan 15
1
Jan
Jan 24
77
Jan 24
34%
884
83%
443s
Jan
2
78«4 Jan 3
45
Jan 23
Jan
3
16% Jan 29
Jan
6
108% Jan 30
48% Jan 23
Jan 21
4134 Jan
105
Jan
6
6
11% Jan 28
734 Jan 2
47% Jan 31
113
Jan 31
14% Jan 31
9% Jan 4
1
3%
3%
58
1
61
12
35%
47*4
73%
11*8
17%
2%
2%
31%
25
10%
12%
'J30
1%
2%
978
33%
120
114
118
3
23s Jan
473s Jan
No
4%
26%
378
15%
5% Jan
pref
Elsenlobr
3%
1
116% Jan 29
31% Jan 30
83
11734
1
778 Jan 15
5% Jan 10
1334 Jan 31
4
9% Jan
32
8
31
81
7
5
Jan
"4" jan
Jan 14
36
95
76
2% Jan
Waukesha Motor Co
Power
9134
24% Jan 31
....Wo par
No par
—Wo par
13.80 oenv pref
1 Warner Qulnlan
Penn
21
534 Jan 31
Jan 10
..100
100
Western Paolflo
..100
—100
Preferred
100
18,700 Western Union Telegraph
14,100 Westlngh'se Air Brake...No par
Westlnghouse El A Mfg
50
24,400
1st
100
preferred
.50
No par
7,000 Weston Eleo lnstrum't
Class A
No par
200
5,000 Westvaoo Chlorine Prod.. Wo par
Wheeling A Lake Erie Ry Co.100
0% non-oum preferred
.100
No par
1,800 Wheeling Steel Corp
Preferred..—
.—..—100
1,400
1,500
2,300
16
158,600
15%
105
1,810
105%
5,900
4778
47%
46
47% 20,100
77
*43
113
51%
50% Jan 31
5
Preferred
2d
73% Jan 27
Wo par
100
Warner Bros Plotures..
6%
96% Jan 24
3
No par
Class B
0%
58% Jan 27
112
No par
Ward Baking olass A
West
17%
2
Jan
Jan
Jan
Jan 4
Jan 6
Jan 1ft
Jan 13
par
Ltd No par
Preferred
Webster
11%
9%
24%
3
100
Walker (H)GooderAW
Warren
3
9%
4
Jan
14334 Jan 21
No par
No par
preferred
9%
16%
73
......
*52
19%
140
490
200
18%
14%
434
18%
14%
T
94
75
3384
IOO84 10034
200
119% 120
34
*52
1,310
4,600
2%
41
*92
Preferred B
Preferred
*25
113
*111
116
110% 110% *111
13%
11%
1138
11%
11%
11%
884
8%
8%
8%
884
8%
For footnotes see page
112
10%
18%
278
45
44%
884
112
119
77%
457s
1184
-
44
97
8%
119
77%
98
11%
82%
93%
44
96
*106% 110
93%
102% 102%
94
9334
78
97
*95
*8084
*25
14%
84
68
3134
19
53%
8334
109%
100% 100%
25%
47%
7%
78
39%
28%
84%
10%
10%
83%
3
27
25
10%
18%
3734
52%
10%
10%
31%
*37%
10%
84%
5234
10%
113
*32
*31
*52
75
100
9384
119
*138
32
37%
*52
7%
76%
38%
108
3384
75
10
110
3084
*52
*112
109
109% 11084
*37%
*25
93%
119
2%
38%
39%
2%
41%
93%
Walgreen Co
*80
2%
82%
3,500
27
*80
102
32%
20
41%
82%
93%
9,400
Waldorf System
187s
27%
2%
102
180
27%
878
4284
3
39
7
*2%
18%
78%
8%
2%
41%
18
7634
78%
*134
*134
2%
44
82%
82%
9%
I784
9%
7584
38%
2%
42%
101% 10284
93
94%
*118% 119%
*113
2%
4384
8%
*80
*80
*80
*80
8%
3%
12%
17
8
1834
67
*64
2784
8
77fi
5%
1334
A
Preferred
7%
53
17%
53%
100
100
9,100
7
45
19% Jan 28
13
2
100
784
60
*116% 118
784 121,800
7%
32
6,000
31%
1,600
18%
18%
1,100
15%
15%
7,200
3%
3%
Jan 21
100
Preferred
7,800
32
13%
3284
18% Jan 28
83% Jan 29
100 xll4% Jan 16
t Wabash
4
13%
5%
8
3
Detlnnlng——100
Vuloan
140
37s
7%
5%
7%
15%
3%
27
8
7%
74
*67%
33
60
7
Jan
Jan
100
100
preferred
preferred
0%
Jan
10%
50%
3%
3%
121
Virginia-Carolina Chem ..Wo par
200
120
*120
378
118
118
17
177s
39,200
13,900
97s Jan 27
5
85%
124%
Virginia Ry Co pref
27%
738
Common
5%
3
165
143
3%
pf.100
100
Vlchs Shreve A Pao Ry Co
35%
Jan
139
180
27
6%
pref
1st
10% Jan 11
44% Jan 27
6
11,700
32
6
7
No par
5
Vanadium Corp of Am
110
2
115i2 Jan
100
Preferred
80
13,300
87
8
100
No
Sales
Vsdsoo
96
40%
4%
4638 Jan 21
1
Utilities Pow A Lt A
65%
34%
Jan
68i2 Jan
No par
100
Preferred
15
60
96% Jan 31
167% Jan 30
393s
877s Jan 21
100
.......
U 8 Tobaooo
4%
Jan 17
96
Jan
47
100
Preferred
4,900
3%
11
11
Jan
163s Jan
50
Preferred
U S Steel Corp
2038
393s Jan 2
167s Jan 28
10
par
100
50
U S Smelting Ref A Mln
21*4
5"
%
4
71
No par
1st preferred
2%
19%
13%
2
87s
41%
8i2
133s
200
6%
20%
5%
164
6
Maoh Corp
Virginia El A Pow 10 pf —Wo par
Virginia Iron Coal A Coke
100
5% pref
100
*67%
7%
6
20
100
preferred
12
Jan 23
5
197s Jan 23
2
19
142
21% Jan
4
1134
119%
22%
Jan
Prior preferred v t o
700
19%
14*4
Jan
24,100
503s 125,900
9%
1312 Jan 20
Wo par
73%
4%
85
Wo par
Wo par
100
26,900
7,900
7S
2034 Jan 17
347s Jan 31
2
91
U S Industrial Alcohol
577g
93%
7«
.—Wo par
Preferred
500
Jan 17
Jan 27
U S Gypsum
7%
Jan 21
3
33
USA Foreign Seour
73
29
15
80
2
Wo par
Wo par
Freight
420
*120
3%
684
11%
16
140
S
132% Xl59%
108%
7
8
Preferred
U
7%
Jan
9
116% 116% *11634 117%
74
*67%
*120
684
33
33%
18%
140
3
*116% 117%
634
*120
140
73%
Jan
111% 111%
678
578
27%
24%
24%
78
61
Jan
U 8 Leather v t o
,
83
*116
6
*21%
116% 116%
76
*67%
76
*65%
*120
114
112
6
24%
*21%
116%
*115% 116% *11584 116% *116
140
114
♦110% 11134
5%
5%
5%
46
37
2
3,200
3434
46
15
No par
100
9%
5
5%
3578
112
115
115
112
6
5%
*65%
5
3434
3584
112
5%
♦120
"~5
4%
34%
111
111
*110% 112%
43s
3384
115% *112
*111
107
107
4%
33%
4%
33
32
preferred
U S Dlstrlb Corp
*71
32
...30
...Wo par
U S Pipe A Foundry
*72
*72
3%
21l2 Jan 6
207s Jan 16
U S Hoff
113%
113% 113% *112
44% 44%
44% 4478
112% 112% *112% 113%
44%
44%
44% 44%
100
Preferred
9,300
23%
23%
30%
30%
112%
112% *112
4484 4434
*44% 45%
22%
1
$ Universal Pipe A Rad
90,800
*112
2%
158 Jan
15
Jan
7,200
7,800
2%
2
2%
47%
110
11%
1
2%
15914 Jan 24
4%
4%
4%
378
118
87%
10i8 Jan 31
Jan 10
40
*141
142
*141
144
141% 141% *141
82%
112i2 Jan 29
9
60
33,200
11,985
*16034 172
*16034 172
*16084 172
*16034 172
584
5%
5%
5%
4%
5%
4%
43s
2
2
2
1%
2
1%
1%
1%
45
45%
47
4334
47
43%
*43%
*44%
46%
24%
2378
23%
24
23
2234
23%
23%
2384
33%
32%
33%
32%
32%
30%
29%
30%
30%
*16034
*16034
xll9% 120%
119% 121
144
18%
155
5,700
48%
9%
100
984
56%
92%
*72%
5738
94
92%
73%
*7214
49%
48%
118% 120%
48%
47%
483s
47%
48%
477s
119% 120
48%
47%
18%
557s
57%
57
II84
9%
.100
No par
96%
*78%
11%
177S
92*4
8
69% Jan 10
100
17
1034
1734
11%
18%
1134
18%
11%
18
82
60%
7
Jan
53s Jan
17%
9%
17%
7%
49%
Jan 31
15%
42%
82
193s Jan
96
3%
Jan 25
780
20%
3
65
9,200
4%
65
50
70
9534
*9%
9%
100
Preferred
13*4
8% Jan 13
109
No pai
Universal Plotures 1st pfd
45*4
884
3
Wo par
20
7»4
20*4
678 Jan 11
7678 Jan 31
Universal Leaf Tobaooo —Wo par
1,700
1,120
5,500
6,000
93%
9478
9384
167% 167% *167%
934
10%
984
41%
42%
4134
92
92
92%
95%
92%
91%
90% 91%
165% 165% *165% 167% *165% 167% *165% 167%
10%
103s
10%
10%
10%
9%
9%
9%
4284
42%
43
433g
44%
42%
4284 43%
9%
9%
9%
978
934
9%
9%
*9%
18
183s
17%
1778
17%
16%
16%
16%
83%
83%
78
83%
*81%
81%
*76
8334
No pai
Preferred
tUnited Paperboard
24%
1%
3
2
3
700
187g
34%
*92
66I2 Jan
173s Jan
pai
78
17%
6%
284
United Stores olass A
Preferred olass A
390
4
18%
3334
15%
3484
1584
94%
15%
*92
95
*92
19
34%
15%
34
15%
15%
15%
95
18%
19
18%
4
—Wo
Fruit
46
2034
Jan 31
6i2 Jan 31
72is Jan 2
37,500
75
4
3%
4%
4% Jan
No pai
United Electric Coal
800
5,100
£
United Dyewood Corp
Preferred
118
111
1%
500
6%
5%
*71
75
*71
72
*4
34%
33%
35%
15%
*91
187s
111% 111%
10%
9%
584
5%
5%
5%
19%
111% 111%
9
9%
9%
72
74%
21%
95
*90
2%
18
21%
4%
18%
35%
15%
21%
68
2%
19%
112% 112%
9
7634
19
75
76
65
65%
6578
66%
*65%
6684
*65%
66%
158
*156
158
157% 157% *156% 157% *156
69
69%
70
70
70
72
71%
69%
2%
2%
2%
2%
2%
2%
2%
2%
1734
17%
17%
16%
18%
18%
1734
18%
32
3478
32
32%
31%
3034
31%
30%
21*32 21*32
21*32 21s32
21%
21%2 21532
21%
*157% 159
65
74%
72%
5%
5%
5%
United Drug Ine
26%
5%
8i2 Jan 29
4584 Jan 7
1478
1334
20
20%
2
4
5%
5%
667s
667s
65
197S Jan
94l2 Jan
120
*71
75
*6984
9
Jan 15
93%
5%
534
5%
70
Jan
93
72%
7184
70% 7134
68%
19
19%
1834
18%
18%
♦111% H284 *111% 112%
111% 112
9%
8%
9%
87s
9%
9%
70
15
93%
No pai
Preferred
26%
303s
20%
104%
7314 Jan 10
25i8 Jan 28
6?8 Jan
43i2 Jan 2
12% Jan 21
No pai
United Corp
90%
7
7
Jan 11
117
6
4
93
18
93
14%
8%
45%
13%
8%
4584
225s jan
10
18%
93%
14%
14%
8%
4538
pai
111%
4%
19
6
100
18%
13%
18%
14%
18%
93%
8%
25
25
25
25%
8%
4584
45%
14%
1734
584
5%
10(
No
Carbon
2812 Jan
82%
79%
20%
978
8%
3%
173s Jan 31
2414 Jan 30
2
Unlted-CarrFastener Corp No pai
19
8%
45%
*91
93%
No pai
Preferred
United
2,100
Jan
82%
6278
1384
Jan 31
94
$ per share
$ per sh
2514 Jan 16
3014 Jan 2
1712 Jan 22
24% Jan 2
113
Jan 18
68
Jan 21
United American Bosch—Wo pai
United Blaoult
Jan 7
Jan 2
Jan 2
Jan 20
13
United Air Lines Transp ▼ t o__£
1,300
8% 216,900
12,400
4534
1478 70,900
18
5,400
25
25%
8
18
*91
6
United Aircraft" Corp
m
25
IO8I2
90i8
22%
25i2
No pai
High
Low
$ per share
Jan 29
123
$ per share
10<
10(
.
Preferred
Union Tank Car
93%
45%
17%
17%
93%
5%
70%
1834
2484
Union Paolflo
2,200
2,300
71,700
34,800
4,600
4,700
24%
2434
2484
29%
28% 28%
29%
28%
1738
17%
16%
16%
15%
16%
24
24
22
23
19
24%
1834
27
2738
28
27%
27%
27%
27%
116% *11334 116% *11334 H6% *11384 H6%
71
70
71%
70
70%
70%
70%
25
8%
4538
14%
8
8
45%
*91
25
2478
24%
24%
7%
4484
70
70%
5,200
94
93%
24%
Year 1935
Low
Highest
Lowest
Par
120% 123
93%
93%
24%
28%
16%
9334
93%
24%
123
121
12084 123
120% 12184
93%
2434
927s
$ per share
$ per share
$ per share
$ per share
Range for
to
Dec. 31
1935
Week
$ per share
Jan. 28
1933
1
of 100-share Lots
On Basis
STOCK
EXCHANGE
the
Thursday
Jan. 29
Saturday
YORK
NEW
for
Friday
Range Since Jan.
STOCKS
Sa es
SHARE, NOT PER CENT
Wednesday
Tuesday
18
13
88%
1%
2%
6%
New York Stock Exchange—Bond Record,
746
On
Friday, Weekly and Yearly
I
Jan.
Feb. 1 1936
1909 the Exchanoe method of quoting bonds was changed and
prices are now "and interest"—except for income and
defaulted bonds.
NOTICE—Cash and deferred deUvery sales are disregarded In the week's
range, unless they are the only transactions of
theweek, and when selling outside of the
regular weekly range are shown in a footnote In the week In which they occur.
No account Is taken of suoh sales in
computing the range for the year.
Week's
U. S.
1933 to
Range
Dec. 31
Since
Bid
A
Asked
LOW
Government
Week's
1935
High
No.
Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 31
Jan. 1
Low
High
Foreign Govt. & Munlc.
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
44s
34b
Oct
16
1947-1962 a
o
1115.3
115.15
159
115.31
115.18
Oct
15
1105.24
106.11
551
105.24
106.17
Deo 16
1945-1945 A
1944-1954 j
O
4s
Treasury
Treasury
Treasury
Treasury
Treasury
D
111.13
163
111.16
External
109
109.14
217
109
109.23
106.20
144
106.17
107.6
[
111
111
Sept 15 1951-1955 M S
June 15 1946-1948 J D
102.20
102.20
103.14
102.29
103.13
1,442
102.29
103.16
June 15 1940*1943 J
107.22
107.28
181
107.22
108.2
108
108.9
195
108
108.15
103.24
104.3
503
103.24
104.16
3s
34s
34s
34s
3H«
34s
34s
24s
24s
D
Mar 15 1941-1943 M
S
334
103
June 15 1946-1949 J
D
1949-1952 J
Aug 1 1941 F
D
103.19
104.2
354
103.19
104.10
A
108.6
108.13
985
108.6
108.28
A
O
105.12
105.27
609
100.1
100.16
3,074
Deo 15
Apr 15 1944-1946
Mar 15 1955-1960 M
S
105.12
106.7
100
100.22
loan
44b
Low
1944
3
1949
\
——1949
)
Denmark 20-year extl 0s
External gold 54b
1
102
101
1955
100*2
1902
Sept 15 1945-1947 M S
100.31
101.15
1,622
100.2
101.18
102.20
102.27
58
102.20
103.2
101.12
343
100.26
94
101.20
102.4
♦El Salvador
100.26
♦Dresden
1946
30*4
30*4
1
25*2
29
30*4
617s
62
3
30
6178
50
6
43
02
52
93
95
externa!
7a
♦External
f 7s ser B
s
A
O
20l2
20*2
9984
16
978
10
11
M N
J
99
J
J
1945
934
s
f 7s ser C
1946
J
978
f 7s Ber D
1945
J
934
♦External
s f
1957
O
934
♦External
sec b f
♦External
sec s
O
7s 2d ser
1957
f 7s 3d ser
1957
o
Antwerp (City) external 5s..,
1958
Argentine Govt Pub Wks 6s.".—1960
Extl s f 6s Of Oct 1925
f 6s series A
s
Extl
S f
6s Of May 1926
1962 f
1955 J
External 6s of 1927
a
J
9778
98
9778
95*4
105*8
10434
99*8
J
93
Belgium 25-yr extl 6 Ha
1949 M S
J
1955 J
3134
10734
1955 J
D
10534
II684
107*4
100i2
Stabilisation loan 7s
1956 M N
♦Bergen (Norway) ext sf
1960 M S
•Berlin (Germany) s
1950 a
o
2858
1958 J
D
27*4
1945 A O
1947 M N
19*2
5s
f 04b
♦External sinking fund 6s
♦Bogota (City) extl a f 8s
♦Bolivia (Republic of) extl 8s
1958 J
♦External secured 7s
s f
s f
1941 J
64s of 1927
•7a
(Central Ry)
♦{Bremen (State of) extl 7s
M
S
S
1958 F
A
1950 J
Budapest (City of)—
♦6s July 1 1936 coupon
D
44s
♦Ry ref ext
s
s
26*4
11
92*4
16
91
1
6214
4
100*2
285s
32
3134
10712 110
10734 10834
116
118*4
105*4 10£
100*8 100*2
22
28*4
28 &8
24
20*a
27
32
9*2
5*s
13
27*2
21*2
16*2
9*2
934
35*2
142
878
48
7
29
4
73s
64
35*2
4
2i7a
30
101
18
2934
114
30*2
68
1758
18*2
32
27*2
22*8
21&S
215s
30
2934
30*2
15
29
31*4
97
7
68
95
97*2
97
16
68*2
95
97
1
6034
A
J
75
102
32l2
104
1938 A
1H2
13
65
8*8
86*2
13
10*4
1055s 108
99it
112
*9978
973s
100*8
98*i
"24
96*2
100*8 100*8
98
96*2
45
1
42*2
45
45
IO84
23
7*4
29*2
9*4
35*2
33*8
18
3512
14
14
12l2
13
1278
1214
12U
III4
1947 F
A
-
♦External sink fund 7s
33
34
7
14
1534
5
1334
66
0*8
14
97
0*8
1334
53
6*8
14
17
26
11*4
22
9
1558
1512
15*2
153s
15*4
1512
13*4
1312
1312
13*4
12*2
43
45
22
27*4
2738
6*«
1334
55
0
14
73
7*4
12*4
21
978
25
7*2
1212
12*4
1234
11*2
28
7*»
12
133s
13
24*8
235s
♦17*8
1738
♦17*8
9312
89*8
6314
55
44
5
2758
2434
2434
■*"1 4
109
18
20
114
177s
20
19
13*2
17
18*4
12
17*8
20
26
13*8
60*2
1712
9212
40
55*2
i"j
1951
25*4
25*2
Irish Free State extl
External
1
12
6
2978
m n
f
*25*8
mmm —
38
56
17
54
9
A
98
99
80
87*8
883s
88
07*a
23
25
30*4
293s
31
313s
*85
5478
68
92
A
O
26
27*2
20
A
31*4
31*4
2
d
J
1954
d
*97
J
J
m
e
.1959 M 5
off
1952 j
♦External s f 0s series A
New So Wales
(State) extl 5a
External s f 5s
1959
D
1
1
1
47s
6*8
558
6
"90
3
1952 F
1953 m
j
3*4
3'8
*0*2
1
s
D
—.1963 m N
3
39
52
58
18*2
18*8
19*8
23
13
15*2
19
36
13*8
1478
19*8
19
47
53
53
10212
103*8
102*4
2658
845s
813a
47*8
102
14
2
16
27*4
25
73«4
73*i
88
87*2
83*a
103
13
787»
104*4
102*4
21
76
5
80*t
43
47*8
101*2 103
10138 103
106*4 1073s
10638 1073s
102
105i2
102*2 10358
1023s 104*4
102*4 10238
27
10
22
26
27
86*2
43
64
82*4
29
59*4
82*2
793s
86*2
82*4
103
104
14
73
102
104
10438
1043s
1
89
104
106
80*2
64
*77
247s
67
7838
27
58
80*2
1258
1538
12*8
17*2
18*2
16*4
16*4
(State of)—
1947 m
...
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 0s 1st ser
1900 J
♦Nat Loan extl a f 6s 2d ser
Poland (Rep of) gold 6s
8
17*8
S
17*8
18*2
66
7
d
145s
1412
77*8
16*4
421
5
16*4
160
7934
1073s
9438
25
50
5
03
1940
1959
1901
Stabilisation loan
ir 7g
External sink fund g 8s
Porto Alegre (City of)—
1947
1950
Queensland (State) extl
25-year external 0s
♦Rhine-Main-Danube
88i2
63*4
52*8
70
70
59
s f
7s
J
1952 m N
04s._ 1951
M
S
1952 A
7b
A
O
A
21
1658
100
27*2
27*4
17*2
22
12
73
4
8*8
434
63»s
12*2
1658
1
12
100's
2
77*4
2734
18
2734
41
22*2
22*2
12
77*8
80
106*4 111*4
92*2
96
10
19*8
101*2
27*2
29*8
27*8
2878
O
111
111
14
94
109
111
110
110
3
83*4
3214
109
110
36*2
38
1940 A
O
20
21
18
13*2
15
21
f
A
18*2
193s
14
ID4
14
1938
O
2278
2378
15
14
16
D
123s
14
2378
1778
1941
....1953
*35
3784
of)—
79*8
29
75
79*8
17*2
2934
25*8
35
42*2
305s
23
♦8s April ooupon off
♦0s June coupon off
♦7b May ooupon off
17
1778
35
1900
M n
♦7s June coupon off
78
♦41*8
18*2
1234
j
D
1434
183s
19*2
19*8
47
1967
26
1952
a
o
55*2
211434
59*4
124
125s
40*2
5414
11434
4
92*8
Rome
(City)
extl
6 4s
Rotterdam (City) extl 6s
22
15
100
1947 f A
...I960 M S
Rio de Janeiro (City of)—
♦8s April coupon off
♦0 4s Aug coupon off
Rio Grande do Sul (State
D
i960
♦74s July coupod off
Prague (Greater City) 74s
18*2
9578
90*4
63*4
5534
106*4
92*2
1901
•Prussia (Free State) extl
♦External s f 6s
18*2
1834
M
6*2
6*8
578
634
734
47
69
....
....
634
59
a
5*2
45«
5*4
434
4*4
634
6*2
55*2
634
103*4
D
9*2
53
102
1958 M n
1956 m N
1953
16
90
O
A
f 5s.....1970 j
5
478
7*2
0
1952
10*4
7
1034
11
10
"44
""434
9
..1906 j D
...1903 m e
Panama (Rep) extl
54s
♦Extl s f ser A
a
20
f
extl 0s
1»1l
1015s
A
1944
7*4
534
1034
9*4
....
#
106*2
o
...1943 f
Oriental Devel guar 0s
Extl deb 54s
Oslo (City) 30-year s f 0s
20
5
107*4
Apr 1958 a
External sink fund 5s
1058
4
m
a
A
0s
11
10034 101
6*4
3
51*4
47*8
101*2
1013s
106*4
106*2
M n
1957 f
20-year external 0s
30-year external 0s
40-year s f 54s
"39
6*2
43s
(State of, Braxil)
♦04 s Sept ooupon off
,1958
♦Montevideo (City of) 7s
10*2
*4i2
10
77
60
104i2
95s
*578
*10*8
44
40*2
484
J
Sept coupon off
41
113*2 115
6034
65l2
8312 80
5334
5678
5112
5434
98*4 100
8534
89*2
253
O
♦7b
92
50*4
J
8
A
Pernambuco
116
65*2
31*i
8
j
♦Stamped
30
32*4
mmmm
'37 m
1947 m
1952
s
2734
32*4
mmmm
25
2978
116
♦{Small
Milan (City, Italy) extl
04s
Mlnas Geraes
Municipal Bank extl
25
*113
'13 assent (large). 1933
♦Nuremburg (City)
24*2
25*2
34
-
1947 f
s f 7a
extl
00*4
955s
26*2
24*4
104*2 10558
24
1954
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 Bmall
Norway 20-year
2
4
M n
d
1954
♦Mexican Irrlg Asstng 44fl
1943 M n
♦Mexico (US) extl 5s of 1899 £—1945 Q
j
♦Assenting 5s of 1899
1946 Q J
♦Assenting 5s large
♦Assenting 5s small...
♦4s of 1904
d
1954 J
Septcoupon
93*4
2638
15
J
•Medellln (Colombia) 04a
♦0 4s
20*8
4
1951
Lower Austria (Province
of)—
♦74s June 1 1935 ooupon on..1950
s of
13
4
♦7s with all unmat
ooup—1957
♦ITreas
23l2
41
Extl Blnklng fund
54b
1905 m N
Jugoslavia Stats Mortgage Bank—
♦Lelpilg (Germany)
27*2
2558
205a
41
01*2
29*2
07
A
D
30
25*2
20
1952
sec a f 7s ser B
Italian Public Utility extl 7s
lapanese Govt 30-yr s 10 4b
1940 A
1908
j
—1964 m N
15
112
19*2
19*8
59i2
115
751.
NOTE—Sales of State and City securities occur
very rarely on the New York Stock
Bid and asked quotations,
however, by active dealers In these securities, will be found on a
*25*s
30
27*2
105g
10
1900
5s
s f
Italy (Kingdom of) extl 7a
Italian Cred Consortium 7a A
59
9534
8978
63*4
5534
*25
1940
37
61
171
7
♦59*8
1942
♦7s May 1 1936 coupon on
26*4
27*8
11*2
3758
35*4
33l2
4
13
♦681s
1951 MN
coupon on
♦7s unmatured
coupon on
1945
•Hungarian Land M Inst 74s__1901
♦Sinking fund 74b ser B
1901
Hungary (Kingdom of)—
♦74a February coupon on
.1944
♦8s June ooupon off
*4078
275s
1937
Cordoba (Prov) Argentina 7s
Costa Rica (Republlo of)—
i
14
1937 MN
stamped
114
45
14
1946 MN
♦Sinking fund 7s of 1927
20
1534
1578
61
98
on
61*2
108
1534
Copenhagen (City) 5s
1952 J D
25-year g 44s
1953 MN
♦Cordoba (City) extl a f 7s— ——1957 F A
♦7s stamped
1957
55*2
114
36
J
25*a
107
1458
O
53
113
35
O
74
13
S
1947 A
60*4
71
13
1961 J D
1961 A O
1962 M N
i960 M S
♦Colombia Mtge Bank 64s
♦Sinking fund 7s of 1926
55
27*2
12
O
8
255s
5
12
33l2
M
137
8
35
D
9378
75
11
33u
J
92l2
70
15*2
1963 M N
1957 J D
F
30*4
1534
*
1478
1484
1434
1434
1434
1484
1961
30
29*4
15*8
O
1942 M N
1960 A O
5
15
11*2
3578
35*4
J
1
*
9378
59*4
(Republlo of)—
♦6s Apr 1 1935 coupon on_.Oct 1961 A
♦6s July 11935 coupon on.. Jan 1961 J
page
927s
18
74
Colombia
see
42*2
5
109
5978
(Hukuang Ry) 5s
1951
♦Cologne (City) Germany 64s__ 1950
For footnotes
11
88*2
86*2
74
1962 M
f 8s
1 1932
1043s
104U
9878
93
♦Chinese
♦7s Nov
78
737i
78
11
♦Chilean Cons Munlc 7s
♦7s
77&S
71
♦74 s unmatured coupons
9
28*2
95
31
58*8
28*s
9778
9834
96*8
10578
106
9934
94*4
33*2
27*4
25*4
46
23
27*2
21*2
1484
*26
•Hamburg (State) 0s
1946
♦Heidelberg (German) extl 7 4a.. 1950
Helslngfors (City) ext 0 4s
1900
Hungarian Cons Municipal Loan—
IO584 107*2
114l2 11734
22
955a
26*2
24*4
1055s
41*4
45i2
101*4
963s
945g
2638
24*4
1055s
99
39
99
1003s
*23*4
393s
34
23*2
92
27
29*8
2838
49
130
33
1908
9878
181
27*4
26*2
37*2
32*2
4
18
*30,
1952
_
s f 0s ser A
177
2138
3
A
17178 172l2
30*4
101*4
1904
IO834
10238 10434
13
29
1065s
107*4
0117*2 all734
1908 F
♦0s part paid
41
101
1904
♦7s part paid
♦8 f secured 0s
127*t
85
29*8
2838
39*4
3258
40
D
♦8s unmatured
coupons on..—1954
Gr Brit A Ire (U K
of) 54s
1937
t4% fund loan £ opt 1900
1990
24
.
32&S
7s unstamped
1949
German Prov A Communal Bks
• (Cons
Agrlc Loan) 04s
1958 J
Grai
(Municipality of)—
40
108
1981 M S
1961 F A
38&S
98
106*2
117*4
93
93*8
♦71
28*2
27*2
7s
----
107
1743s 17558
1905
ser
4
2181
1905
9778
93
93
1960
181
stamped—1949
♦Greek Government a 1
5
172*2
70*2
*175*4
44*|
44*4
441]
36
59
38*s
1981
)94c
♦
♦
26&s
1949
Haiti (Republic)
102
14
•External Blnklng fund 6s
176
99*8
98
A
♦External sinking fund 6s
♦Chile Mtge Bk 64s
♦Sink fund 64s of 1926
♦Guars f 6s
♦Guar
102
J
Jan 1961 J
Sept 1961 M S
♦Ext sinking fund 6s
172
9878
3458
July 15 1960 J
Oct 16 1960 A
f 6s
27
120
9878
95
A
-
26
10
9734
98
2934
A
♦Farm Loan 6s ser A
.Apr 15
♦Chile (Rep)—Extl 8 f 7s
♦External sinking fund 6s
♦Ext sinking fund 6s
Feb
20
176
98
40*4
1936 F
6s
4
174*4
17178
44
1
—Aug 15 1945 F
s f
10
♦Frankfort (City of) a f 0 4s
1953
French Republic 74s
stamped—1941
74s unstamped
1941
103*2
265s
44*4
16
♦Carlsbad (City) s f 8s.
J
1954 J
♦Cauca Val (Dept) Colom 748—1948 A O
•Cent Agrlc Bank (Ger) 7s
.1950 M S
6s
10234
99
3458
1960 A O
1952 MN
5s
•Farm Loan
31*2
95*2
95*2
99
9658
♦Caldas Dept of (Colombia) 74B.1946 J
Canada (Dom'n of) 30-yr 4s
1950
12
32
1961 F
♦64s stamped
70
59
31
938
93s
34u
2734
2778
29*8
98
9758
3458
Bulgaria (Kingdom of)—
J
♦Sinking fund 7s July coup off 1_967 J
♦Sink lund 74s May coup off-.1968 MN
s f
78
44
445s
95*8
1960
;
84s
♦Farm Loan
96
1055s
105*8
9958
94*4
10
8*4
10
85s
97*4 1013s
99
9758
1955
•Buenos Aires (Prov) extl 6s
♦6s stamped
10-year 24s
5
743g
44
10*4
1962
on
Buenos Aires (City) 6 4 b B-2
External s f 8s ser C-2
;
External s f 6s ser C-3
f
D
O
1957 M
Sinking fund gold 5s
20-year s f 6s
s
O
1935
Brisbane (City) s f 5s
•External
D
1957 A
1957 A
04s of 1926
♦External
33
8
1952 J
♦External
13
8*4
6*2
8
98*4
9838
98*8
98*4
98*4
98*4
98*4
J
1969 M
♦External sinking fund 7s
•Brasll (U S of) extenal 8s
10
10
,
a
External 30-year s f 7s
7*2
3
298
1045 f
f 6s
6«8
8
--—1957 J
s
18
14
♦Bavaria (Free State) 04a
External
10
10
98
9734
10*4
8*2
7&S
99
98
734
8
9*2
9834
98
05s
058
9758
1957 M S
1956 M N
-
External g 44b of 1928
Austrian (Govt) a f 7s
3334
48i*
7
54s unstamped
♦German Rep extl 7b
6*2
D
s 16s (State Ry)—.—I960 M S
Extl 6s Sanitary Works
1981 F A
Extl 6s pub wks May 1927
1961 M N
Public Works extl 54s
1
10884
21
6*2
O
External
Australia 130-year 5s
94
108
21*4
9934
17*8
1878
98
14*4
3
10
2975s
153s
41
10
D
-1958 J
1960 M N
External 6s series B
94
1945
German Govt international—
♦5 4s of 1930
stamped
23
978
10
D
1959
-—1959 A O
1957 M S
Argentine 6s of June 1925
External
99.26
1907
External sink fund 04s
100.4
04
3
10
s
2
10
♦External
♦External
7s 1st ser
48*2
70
ext 0s
(Republic)
External 7t stamped
7a unstamped
21
9578
48
(Republic) 8s A .—1948
(City)
Finland
21
70
68*4
1940
♦Certificates of deposit
Estonia (Republic of) 7s
A
44
67*4
101.13
F
39
67
100.22
Foreign Govt. A Municipal*
Agricultural Mtge Bank (Colombia)—
♦Sink fund 6s Feb .coupon on__1947
♦Sink fund 6s Apr 1 coupon—.1948
Akershua (Dept) ext 6s
1963
•Antloqula (Dept) coll 7« A
1945
2
63
100.17
City—Set note below.
48
48
»
63
100.15
State A
01
67
524
99.17
75
65
40
101.3
99.16
49
102*2
102*8
106*2
10212
30
100.17
175
797»
3d
Home Owners' Mtge Corp—
3s series A
May 1 1944-1952 M N
2*48
Aug 1 1939-1949 F A
581
39
10
100*2
100*2
10458
100*2
93*2
5
139
99.26
8*2
77*4
77
8
102
100
2
5
5212
13*4
14
100.20
99.17
43
95
10034
37*4
67*4
10120
99.16
92
100
1934
67
100.16
1942-1944
01
6378
j
24 series 13
017t
5
6634
2d series sink fund
54s
e
Jan
High
9934101
9934100
1932
101.20
61
15 1942-1947 J
Mar 1 1942-1947 m
3s
24«
9
447
102*2
102*8
105*2
101*2
9434
1045s
{♦Stamped extd to Sept 1 1935
Dominican Rep Cust Ad 54s
1942
1st ser 54b of 1920
1940
Federal Farm Mortgage Corp—
3j*s
Mar 15 1944-1964 M S
8s
May 15 1944-1949 M N
12*2
)
Low
08 *•
95
)
Low
83*2
IOO84
52*2
13*4
1942
External g 44s—Apr 15
Deutsche Bk Am part ctf 0s
NO.
1
294
1952
Jan. 1
6
100
1951
Since
1935
100
45
Range
Dec. 31
100
9934
\
Jan 15 1953
♦Public wks 54s .—June 30 1945
♦Cundlnamarca 04s
1959
High
■
100
2
K
Friday's
sa, Bid A Asked
:
(Con.)
Ciechoslovakla (Rep of) 8b
Sinking fund 8s ser B
July 1
1933 t(
43
Range or
,
Sinking fund 54s
106.28
Mar 15 1946-1956 M S
June 15 1943-1947 J D
34b
34s.
Treasury 3s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
July 1
Range or
Friday's
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 31
Exohange, dealings in suoh securities
being almost entirely over the counter
subsequent page under the general
head of "Over-the-counter Securities "
Week's
Y.
St
STOCK EXCHANGE
Bid
Week Ended Jan. 31
(Cornel.)
of Monopolies)—
.1959
♦7s August coupon off
&
Low
Ferelgn Gevt. AMunlc.
Range
Since
03
1935
Jan. 1
No.
Low
1933
Asked
High
Low
N.
F
A
J
J
59
205.
22i2
2614
1
26l4
22%
27*2
27
27
a27
<z27
2178
•Sinking fund g 6 Xs
Serbs Croats A Slovenes
♦8s Nov 1
♦SUeslan Landowners Asan 6s
..
121g
7
12«4
153s
20
Tol A Cln D1t 1st ret 4s A.....1969
41
10«4
14
2OI4
Ref A gen 5s series D
61
813g
89i2
90
17
90i2
...
38
57%
61
29%
28
3234
3178
V
3234
3334
5
35
3234
D
32i2
325s
3
34
32i2
3278
3314
35
3258
Cony 4Kb
4s
Battle Crk A Stur 1st gu 3s
70
71
23
42
70
72
Bell Telep of Pa 6s series B
1948
J
J
120
50
.7
1960
A
O
126
50
A
A
*92
10018
A
J
815s
8
25%
50
51i4
16414 165
117
166
1st A ref 6s series C
10
17
825s
....
76
100i8 103l2
58
75
75
1
82
47
59
1U2
1005s
16
8*2
63*4
1005s
3
6384
.1952 A
O
9
4612
48
4534
47i2
78
453s
475fi
29
*535s
m m mm
A
8112
73i2
7912
825s
7512
82
9i8
11%
100
1013s
49l2
26%
3912
375s
265s
37i2
50
33
51
....
F
50
....
93
1961
D
93
6
6934
A
J
71
38
41
6934
9378
7112
16
63
85
87
86
87
5258
923g
COMPANIES.
D
.1948 M S
1947 J D
A
42
100
99%
*5338
D
109
D
104
10434
O
65
70
1948
A
J
Coll A cony 6s
A
♦Coll A cony 6s
1950
♦5s stamped
1
Feb
38
3212
32*2
3
27%
32
32%
A
29*2
29*2
3
24*2
♦Debentures 6s
1955 A
O
2834
7
29%
29
O
5
32
32*2
J
J
105i8
32*2
1057s
24*2
27%
99*8
29*4
28%
A
28*2
3238
10438 106
J
D
10934
10934
90
10934 10934-
1956
Beth Steel cons M 4Xb ser D
1960
Big Sandy 1st 4s
1944
1950
Blng A Blng deb 6Xs
Boston A Maine 1st 6s A O
.
.
75
122
54
1885
99
108%
S
A
103t4
ti
77
D
697s
4834
8
36i2
54
90
96
93
925s
10984
50
3
80
32
787S
76
79
11358
1145s
89
62
175
10858 110
99i2 10034
118*2 125
9138
94
Buff Roch A Pitts gen g 6s
Consol 4XB
Cal G A E Corp unf A ref 6s
23
72*2
109
112
M N
111*2
11134
120*4
120*2
126*2
7
M N *125
J
105*2
10534
18
109
109
10514
70
79
Cal Pack cony deb 6b
112l2 115I4
1013s 10434
121
1301?
♦Camaguey Sugar 7s ctfs
1937
1940
1942
113*s 114*4
105
114
Guaranteed gold
100
112*2 11334
O
95i2
99
119
20
D
M N
103*s
11934 122
106*4
124% 125
93
105
105%
11
100%
108
109*2
105*2
16
104
105*4 106%
3038
361
9912 10314
26
303s
80i2
811?,
9714
26
97i8
1041s
10412
27
97
9734
470
1055s
27
112*4
195
Nov
106U
10614
1
107
10734
147
*
1063s
10734
35
111
85
10514
105i2
J
111
111
S
112
11214
Atl A Charl A L 1st 4Xs A
J
10378
1037g
.1944 J
J
10514
10534
Atl Coast Line 1st cons 4s July.. .1952 M S
.1964 J D
General unified 4Xs A
9634
83
MN
82l2
Atl Gulf A W I SS coll tr 6s
J
J
Atlantic Refining deb 6s
J
J
817S
9714
104
104i2
9034
103
84%
75
75i8
7414
9434
105
9734
106i2
110% 112*4
104i2 IO6I4
1047S 10784
106*2 106i2
105
10734
88is
109
5
79
105l4 10534
1
89
11U2
87U
110*2 112*4
112
11234
99*4
118
10
867g
1033s 10378
15
86
118
148
7Hs
96s4 JOOI4
84
122
8Hs
83
8812
837s
232
57
81*2
85*2
891S
96*4
98*4
97
98i2
138
47
487S
58
27
40*4
4934
4014
42
57
23
33*2
42
61
65
61
10584
48%
65
75
31
58*2
65
94
96*4
26
54
92%
M N
107
107
10438
10478
16
*85i4
J
J
A
503
65
52
10618
20
35U
101
16%
21*2
14
39
89*4
J
1
2
1634
63
114
11434
12
J
110*2
111*2
J
J
115*8
A
O
11738
F
A
11734
J
D
11558
F
A
O
A
O
J
1278
22*2
80%
10534 10678
98%
102%
107
107%
85
104
105
1*8
9%
16%
79
111% 114%
105
91*4
11634
59
96%
108% 111%
113% 116%
118
17
96*8
115
11734
10
96%
115% 117%
116
11
94%
112% 116
118
91%
110*4 113%
91%
110*2 113%
12434
125*2
122% 125*2
J
J
89*s
90*2
556
52%
1946
M
S
10378
104*8
20
66
10234 104%
1944
J
J
114
11434
52
94%
113% 114%
Dec 1 1954
1960
J
D
107*4
10734
33
73*4
J
J
1023s
103
123
64%
1949
J
J
*50
Canadian Pao Ry 4% deb stk perpet..
Coll trust 4 Xs
ctfs
5s
Collateral trust 4Xs
(♦Car Cent 1st guar g 4s
1938
Deo 15 1952
Cart A Ad 1st gu g 4s
1981
♦Cent BrancbU P 1st g 4s
1948
Cent Diet Tel 1st 30-yr 6s
1943
Caro Clinch A O 1st 5s.
1st A cons g 6s ser
A
Noy 1945
(♦Central of Ga 1st g 6s
♦Consol gold 6s
series B
♦Ref Agen 5s series C
♦ChattDlypur money g 4a
♦Ref A gen 6Xs
♦Mac A Nor Diy 1st g
♦Mobile Dly 1st g 5s
1946
1959
1959
1951
10938
8234
87
46
68
J
D
34
35
15
24
J
D
108*4
F
T
A
*55*4
MN
31*4
32
A
18
18*2
18
1834
53
rnmmm
O
1734
D
*23*2
1946 J
m 6s.. 1947 J
1946 J
J
23*2
" ""50
24
6s
M
J *_
4s
Through Short L 1st gu 4s
Cent Pao 1st ref gu g
5s
Ga coll 6s
Central Steel 1st g s 18s
>rtaln-teed Prod 6Xfl A
4
*24"
106
73
29
108
87
35
108%
39
52
56
13
26*2
32
6%
16%
19
16
19
23%
24%
19
23
24
22*2
23
24
25
7
15
22*2
J
S
103%
17*s
26
(♦Cent New Engl 1st gu 4s
Central of N J gen g 6s...
General 4s
g
108% 109%
10734
1093s
D
A
1st A ref 3Xs 1965
Cent 111 Eleo A Gas 1st 6s
1951
Guaranteed
89*4
10734
D
J
Cent Hudson G AE
Jent RR A Bkg of
95*s
2
D
J
O
90*2
3
J
J
108*4
87%
105*8 107%
100% 103
49%
50%
107% 108*4,
19
19
26
106*4
,~ll
81
104%
43
105% 106%
99*2 102%
F
A
1961
J
J
67*2
102*2
71*4
101
3978
43%
1987
...1987
J
J
102*2
103*2
47
90
98
103*2
J
J
88
89
60
78
87
89%
1949
1954
1960
1937
..1941
F
A
105
10578
A
O
104
104
F
A
95
96*2
221
55
89
97*2
81*s
81*8
1
49
67
81%
12278
12278
1
100
..1948
M
99*4
165
42
109*2
105i4 1068s
53
1243s
98
10%
62
O
A
105*8
1956
4Xs
♦Mid Ga A Atl Dly pur
78
J
D *11814
71*2
96
75
1067s
D *10U2
D
110i2
27
78ig
76
61
O
M N
O
mmm
28
6s equip trust
41l2
9834
314
5312
29
28
85*2
61
A
34
Coll trust gold
20i2
304
mm mm
110%
39
4814
18
30
102i2
'
11338
49
4
25
m
113*2
IO6I4
45
15
28
m
H238
11884
44
77
29
m
112*8
97
111%
J
99
42
45
74i2
26
25
M N
m
A
110
42i8
88%
Sept 1951 M S
J
Canadian Northern deb 6Xs
1946 J
58
4212
M
Guaranteed gold 4Xs
80
105
J
9012
119l2
62
J
J
110i8
11334
11434 1410
O
J
10038
108
112
106
IOH4
A
M N
100
28
J
O
D
100i2
IOH2
100%
Canada Sou cons gu 6s A
Canadian Nat guar 4Xb
104
....
D
65
1021s
110
8
1944 J
7878
103
1946 J
751
81
A
104
6612
13
Atl Knox A Nor 1st g 5s
page
76 X
102
83
M N
2d 4s
75
F
ex...I960
1946
163
114
-
19,50 J
Atl A Dan 1st g 4s
67%
1955
♦Consol 6s
Bush Term Bldgs 6s gu tax
II8I4
113*4
J
mm m
.1995 A
Oct— .1962
May 1 1946
52%
5
.1952
(♦Bush Terminal 1st 4s
1131?
113%
92
J
4
77
it ♦Burl C R A Nor 1st A coll 6S..1934
♦Certificates of deposit
116
63
1962 M
78
69
78
77
1981
1937
1957
B
1125s
10S12
1966 J
104*4 105%
78
J
B.......196*7
A
1003s
Rooky Mtn Dlv 1st 4a_
10534 108
106% 10734
98
10214
13
411
104
112
J
88%
J
1941
1950
1945
102*2
29
105*2
MN
1962
1957
Guaranteed gold 5s
July 1969
Guaranteed gold 5s
Oct 1969
Guaranteed gold 5s
1970
Guaranteed gold 4Xs_June 15 1955
Armour A Co (III) 1st 4Xs
ooll tr 6s
55
101
8914
75
62
108
1948 J
107
50
57
38U
*965s
O
*100
.1955 J
106*2
10434
30
106*2
D
107
105
O
J
Conv deb 4Xs
10534
J
J
103
205
J
J
..1947
7%
91%
108%
88
68*2
"l5
104*8 104%
65*4
77
8
J
107*2
116%
D
1955 F
92
107*8
91
172
J
J
*91*8
J
96*j
D
LAN coll gold 4s
1949
1952
1968
1949
gtd 6s...1941
J
J
*10
2
J
B
25
7
4*s
8
"""I
J
Cal-Arls 1st A ref 4Xs A
21
10434
617
Trans-Con Short L 1st 4s
6
11034
128
Conv g 4s Issue of 1910
113
10434
S
Conv 4a of 1905
25
11034
10484
Conv gold 4s of 1909.
25%
21
S
N
Adjustment gold 4s
Stamped 4s__
22*2
A
123
.1995
5%
F
M
4s
130
Buff Gen El 4Xb series
Ark A Mem Bridge A Ter 6s
Atch Top A 8 Fe—Gen g
2538
78
deb 4X8.1950 A
.1945 M
♦Anglo-Chilean Nitrate 7s
O
(♦Ann Arbor 1st g 4s
...
Armstrong Cork deb 4s
2134
41
10414
Anaconda Cop Mln s f
1st M s f 4s ser B (Del)
O
544
J
(♦Am Writing Paper 1st g 6s___ .1947
♦Certificates of deposit
2658
A
89
S
.1944 M
10-year 5s conv ooll trust
88
8634
1976 M N
Deb g 6s series A
30
D
.1945 M
A
23
J
10
.1939 J
18*4
30
A
254
M
83%
73
A
1950
1st lien A ref 6s series
75
J
94
F
1st 30-year 6s series
70
56
F
Bklyn Edison Inc gen 6s A
Debenture gold 6s
56
O
♦Certificates of deposit
1st lien A ref 6s series A
60*2
8358
A
((♦Bowman-BUt Hotels 1st 7s...1934
M
Stmp as to pay of S436 pt red
Brooklyn City RR 1st 6sj
1941 J
Bklyn Union El 1st g 6s
88
88
80
F
125
(♦Am Type Founders 6s ctfs... .1940
Amer Water Works A Electric—
8218
79%
51
1938
1943 MN
.
87
M N
....
59*4
1950
IOOI4
Debenture 6s
95
Brans A West 1st gu g 4s
.1960 J
20-year sinking fund 6Xs
Con vertlble debenture 4 X s
88
Brown Shoe s f deb 3 Xs
J
35-year s f deb 5s
48
86
95
83
.1949 J
deb 4X®4s
*40
S
1967
1955
Bklyn Un Gas 1st cons g 6s
25
8
M
1961
(Boston A N Y Air Line 1st 4s. ..1955
|(*Botany Cons Mills 6Xb
1934
Bklyn Qu Co A Sub oon
1st 6s stamped
1
M
1st g 4Xb ser JJ
E
235
8712
44l2
4
93
30-year coll tr5s
mm
D
F
47*4
4
122
Am Telep A Teleg conv
12638
492
M N
6Xs
125
95
697S
MN
J
120%
103*4
10214
9
1940 F
119
9
92
64
30
M
98*4
98*4
66
103
47
102U
10914
.2030 M
deb 5s
see
20
100
Amer I G Cbem conv 5Xs
For footnotes
10314 IO434
8
American Ice s f deb 5s
10 yr
74
53
-
101*2 101*2
101*4
J
By-Prod Coke 1st 6Xs A
to
Am Rolling Mill conv
55
110
1
O
Steel 7s
100
53
109
-
.1960 A
Allia-Cbaimers Mfg conv deb 4s_ .1945
97
801s
-
.1942 M
Alleg Val gen guar g 4s._
Allied Stores Corp deb 4Xs
9612
4334
98i4 10038
4012
50
-
89*s
~
mrnmm
120*2
126*4
*
101
A
____
A
West 1st gu 4s
-
75
88
*98*4
J *101*8
1943 J
120
109
68*4
60
O
....
.1946 A
.1944 F
1st guar 8Xs
6U2
1638
61
5018
109
♦Albany Perfor Wrap Pap 6s— .1948
♦6s assented
56
100
O
1943 J
(Alleghany Corp coll tr 5s
6
100
1943 J
Adriatic Elec Co ext 7s
1st cons 4s ser B
273
4384
23
1951
1959
Bklyn-Manh R T see 6s A
16-year sec 6s. series A.
INDUSTRIAL
J
94%
_
J *101*2
J
Belvtdere Delaware cons 3Xs
1st M 6s series II
F
120
♦Deb sinking fund 0Xb
47U
96
102
80i2
1058
O
1952 MN
Internat Corp conv
*101*4
101*2
J
D
♦KAbltlbl Pow A Paper 1st 5s- .1953
Am
109% 112%
O
M N
Am A Foreign Pow
101*2
A
M N
Am Beet Sugar 6s ext
21
75
1936
1936
1951
Gcd mtge 6s series
♦AIplne-Montan
112l2
72
D
j"j
Beech Creek ext lBt g 3Xs
Warsaw (City)
A11 eg A
111*4
♦1135s
J
29
Vienna (City of)—
Suso
103% 107*2
2978
♦External s f 6s
A
74*8
23i8
♦External s f 6s
Alb
11334 113%
11
J
584
J *1137s
2312
A
84
5212
94*2
107*2
81*4
S
J
J
17
2d guar g 6s
74
218
107
M
19*4
Beech Creek 1st gu g 4s
92%
84
70*2
70*4
83*2
1961
1961
1942
198fi
stamped
Batarlan Petr guar deb 4Mb
6134
83
1
M N
Coll trust 4s of 1907
74%
92*4
81*2
68l2
2
M N
Ala Gt Sou 1st cons A 6s
88
62*s
38*2
90
S
A
28
.1981
4s
61
71
94
84%
F
1943
M 6s ser F
BaDgor A Aroostook 1st 6s
Con ref 4s
♦Berlin Elec El A Underg 6 Xs
Adams Express coll tr g
36
J
84
75
108*4 10984
M
261?.
1st 6Xs
AND
2000
1960
1996
103
26i2
♦Uruguay (Republio) extl 8s— .1946
RAILROAD
99% 103
101*2
28
-1971 J
-1962 M
external 7b
Yokohama (City) extl 6b
100*4 103%
74*4
J
MjN
F
♦6s Nov ooupon on
76%
10214
93*2
1025S
J
.1968 J
-1947 F
..
86
118
J
C
60
6
F
Bank 7s
59
J
16
♦Tollma (Dept of) extl 7s
Venetian Prov Mtge
94*8
147
1941 M N
22
Sydney (City) s f 5Xs
Trondhjem (City)
118
I960
July
♦Berlin City Eleo Co deb 6 Xb
External s I 6 Xs guar
109*2
92
Southwest Dlr 1st 3*4-58
20
M N *16334
Tokyo City 6b loan of 1912
10878
D
P.LE AW VaSysref4s
—
Elec Pow s f 6Xs
O
2914
2312
3234
♦7s Feb coupon off
Taiwan
54
22l2
16i8
5~75s
Solssons (City of) extl 6s
Styrla (Province of)
201
15i8
327S
.1962 M N
Btlesla (Proy of) extl 7s
83*2
7
(Kingdom)—
1935 coupon on
82*2
2914
23i2
32%
♦7s Noy 1 1935 coupon on... .1962
10434 105%
102% 106
105
100
1045s
1st gold 6s
57%
32%
♦Saxon State Mtge Inst 7b
82*4
Low
D
Refund A gen 6s Berles A
A
.195J
95*4
105
106
Low
100*8
O
18l2
M N
.1945 F
1
55
M N *105
1940
A
1948
J
1996
A
1948
J
1995
2U2
.1946 J
_
100*2 10212
1438
1946 J
7s
♦Gen ref guar 6 Xs
75
17*2
*77
♦Stamped
•Saxon Pub Wks (Qermany)
1
11%
2OI4
88I4
M S
11
10212
13*2
Ref A gen
Arg Rep) 7s... .1942
101*2
10212
19
19
-—
•Santa Fe (Proy
No.
101
J
12
1912
High
High
J
1«I2
,
Jan. 1
'
J
1939
(Baldwin Loco Works 1st 6s
4s...July
Ref A gen 6s series
28
J
J
J
♦External 8s July coupon off.. -I960
M S
♦External 7s Sept coupon off.. .1956
J
J
♦External 6s July coupon off_. .1968
1940 A O
♦Securedsf 7s
Since
1935
Asked
..1941 J
1st gu g 6b
21%
19s4
17ig
&
Range
1933 to
Dec. 31
Friday's
Bid
Low
Austin & N W
Bait A Ohio 1st g
8an Paulo (State of)—
.1936 J
^
Range or'
Auburn Auto conv deb 4 Xs
of, Braill)—
.1952 M N
♦8s May coupon off
M N
♦External 6 Xs May coupon off 1967
c
EXCHANGE
STOCK
High
Sao Paulo (City
i »8s July coupon off
Y.
Week Ended Jan. 31
Roumanla (Kingdom
♦Saarbruecken (City) 6s
—
BONDS
to
Dec. 31
<3
Friday's
July 1
Week's
a
July 1
Range or
BONDS
N.
747
New York Bond Record—Continued—Page 2
Volume 142
M N
M N
B
Champion Pap A Fibre deb 4 Xs—1950 M S
ihesap Corp cony 6s
....1947 M N
10-year oonv ooll 5s
1944 J D
71*4
115
65%
103*2 105%
10
63%
102
104
121% 122%
104
30
**100*2
96*2 100
102% 104
124
132
547
94
115% 132
116
120*2
189
101*2
97
103*4
110% 120%
New York Bond
748
Week's
BONDS
N. Y.
Range
STOCK EXCHANGE
Bid
1992 M
8
High
10
112*8
11238
60
22
11134
♦10834
Potts Creek Branch 1st 4b
1946 J
1989 J
Chic A Alton RR ref g as
O
1949 A
84
20
92%
109*4
109*2
78
84*4
104*2 106*8
108*4 10978
10734 109i2
108
109
41
77
10658 109
112
113%
27
84*1
112
A
1934 A O
1961 IVIN
1937 J
J
1959 M S
J
1947 J
{♦Chicago Great West 1st 4s
{♦Chic Ind A Loulsv ref 6s
1947 J
5s ser B
J
J
♦Refunding 4s series C
1947 J
♦1st A gen 5s series A
1966 M N
♦1st A gen 6s series B.May ...1966 J fJ
Chic Ind A Sou 50-year 4s
J
1956 J
Chic L 8 A East 1st 4 Ha
1969
♦Chic M A St P gen 4s ser A. ....1989
♦Gen g 8Mb ser B May 1
..1989
95*4
82
95*4
18
21
374
58s
16
21
19
45
5*8
14
19
1
82*2
116*8 116*4
7
97
105
1
D
N
F
i
♦Certificates of deposit
(♦Secured 4He series A
1952
I960 MN
Oh St L A N O 58
June 15 1951 J
June 15 1961 J
Memphis Dlv 1st g 4s
1961 J
Ohio T H A So East 1st 5s
1960 J
20
43
18
27
248
484
28*2
15*4
1834
27
178
D
D
9234
57
50
13
32*2
32*2
5938
70
36
57*2
171
84
J
1944 J
1944 J
1963 J
1952 J
J
1st ref 5 Ms series A
.1962 M S
1st A ref 5Ha series C
Chllds Co deb 5s
Chile Copper Co deb 5s
1962 M S
{♦Choc Okia A Gulf
1952 MN
1968 A O
1943 A
O
1947 J
J
1937 J
1936 Q
J
76
8*2
4334
972
Gen A ref mtge 4Ms ser B
1658
900
7*2
1134
1658
4234
32*4
32is
36
4234
39
40
10*4
16
10
15l2
16*2
78*2
3934
78*2
1
4234
445
40
40
17*4
19*2
12
650
16*2
18*2
592
21*2
417
17
20
10
11*2
80
10*4
75
19*2
18*2
21*2
105
4*2
88
25
90
18
8734
67
72*2
10634
75*8
107*8
73
108
5
109
27
108*4
21
10934
110*8
102
103
107
10738
*106
8
48
10634
82
146
51
85%
102*8
*39
126
102*2
70
50
104*2
10538
~42
*105
110
105
98
88*4
90*2
75
105
105
59
83*2
90
257s
13*2
93«4
74
88
61
75*8
10634 108l2
107*4 108
100
95
10734 109
106*8 108*4
10884 110*2
105*2
107*8
99*2 103
107
10734
107
10758
73
86*2
100*2 103
637s
82
103
30*4
46
36
35
39
1033s 106
877s
887g
9712
103
103
97"
97*2
108
111
112
112*2
O
99*4
75
110*4
1
62
433
"54
27
92*2
73
103*2 105
65
60
89
98
50
7834
90*2
88%
53
*111*2
109
93%
66
96
85
90
39
106
....
70
73%
74
71
mmmm
mmmm
66
38
16
261]
16%
55
79,
48*2
376
101*2
10178
103
101*4
100*4
11034
*110*2
111*4
10178
8
1007s
11034
11134
*103*2
*108*4
107*8
----
mmmm
1
1
I
1
1
1
1
•
1
t
1
1
1
1
30
10478
10534
15
"io1
69*2
60*4
58
94
~65%
70
"
98*2 10134
48*2 56*2
5934
73
99
102*8
9978 10178
9884 101
110
11078
95*2
ill's
112*4
92
88*s
965s
Gen
*312
7
66
2*8
63
66
108*2
11312
108*2
10878
conv
113
90%
108*2
10938
108*2 110*4
108% 109*2
107
*32
"15%
m
84
11258
1*13**8
12
87
104*4 105
1
102
106*4 107
11
20
Ti%~
20
32
29
30
30
111
101%
83
O
A
O
85
O
83%
5s International series
1st Hen
s
..1942
f 5s stamped....
S
69
53
M
a
165
50%
29
60%
10
62
78
507
929
46%
2
90%
12
S
1942 M 8
1954 J D
..1974 M S
•mmmm
1941
J
1961 J
Gen Amer Investors deb 5s A
Gen Cable 1st s f 5 Ms A
s f
42%
98
75
"
102
18
69
103
14
59*2
96*2
46*4
99
48
101*2
99
97% 102
10134 103
9634
61%
8
61
9
50*2
61
65
54
54
1
26
52%
54
61
63
25
48
63
6*s
5834
9*4
5%
8
10*8
4*2
8
9*2
3
4
6%
2
3*2
5
9%
11
277
10%
240
8
9*2
6
5
6%
12
4
5
J *104*8
D
105%
F
/
95
98
11
107
J
__
D
1940 J
1948 M N
1939 J
1949 J
({♦Gen Theatres Equip deb 6s.
1940 A
♦Orrtfieates of deposit
♦Certificates of dep stamped..
J
J
O
106
35*2
5/%
13
72
75*4
87
mm
m
m
....
55%
33%
313g
31
3138
10334
93%
24%
24*8
103%
92*2
22%
22%
103%
35%
10134 103
46
101
32*2
10434
34
"~5
31%
32%
31*4
3
30%
31
32
3
76
103
104
103
64
mmmm
.
3234
89%
261
2%
19
26%
152
2%
19
26*4
mmmm
m
95
18*8
1934
26
9
18*2
18*2
20
24*4
1934 J
J
24*8
24%
♦Good Hope SteelA Ir sec 7s....1945 A O
Goodrich (B F) Co lBt6Ms
J
1947 J
Conv deb 6s
...1945 J D
33*2
107%
108*2
17
89%
10434
98
63
105%
100%
70*4
79
83*4
10
82*a
({♦Ga Caro A Nor 1st ext 6s
5534
73%
69
J
*18
52
18
1946 J
cons 5s
108
16
102%
10434
31
mmmm
94*4
44
87
*32%
...
6
105*4 105*4
57%
10334
7s Jan 15-. 1945 J
83
94%
105*4
46
J
15
....
106
1947 J
1952
deb 6s
{♦Ga A Ala Ry 1st
78*4
60
8
102%
102
Gen Pub Serv deb 5 Ms
Gen Steel Cast 5 Ms with warr
78
69%
43
101%
101%
101%
A
6Ms
70
117% 11734
116% 117%
96
52
Galv Hous A Hend 1st 5Ms A... 1938 A O
85
Gas A El of Berg Co oons g 5s_._. 1949 J D *119
♦IGelsenklrohen Mining 6s
1934 M S
55*4
(Germany)
77%
84*2
105% 106
74l2
87*4
75
86*2
74
84*2
86
8%
Framerlcan Ind Dev 20-yr 7 Ms
J
1942 J
{♦Francisco Bug 1st s f 7Ms.....1942 MN
♦20-year
92%
105% 105%
99% 102
1952
Fort St U D Co 1st g 4Mb...
Ft W A Den C 1st g 5 Ms
♦8 f deb
46%
mm mm
8 *100
MN
({♦Proof of olalm filed by owner
(Amended) 1st oons 2-4s
1982
({♦Proof of claim filed by owner. MN
♦Gen Elec
99
_
101
30-year deb 6s series B
Flat deb s f g 7s
J
.....1946 J
J
{♦Fla Cent A Penln 5s
1943 1
{♦Florida East Coast lBt 4MS....1959 1 D
Goodyear Tire A Rub 1st 5s ....1957 MN
Gotham Silk Hosiery deb 6s
D
1936 J
({♦Gould Coupler 1st s t 6s
1940 F A
Gouv A Oswegatohle 1st 5s
GrRAI ext 1st gu g 4 Ms
1942 1
1941 J
104%
104%
100
19*2
"
mm
70
1st A gen s f 6Ms
1950 J
1st A ref
4Mb series A____
J
88
1936 J
Great Northern gen 7s ser A
J
102*8
J
J
108
1961
General 5 Ms series B
1952
J
J
110
1973
J
J
105%
General
1976
J
J
100
...1977
I
J
4Mb series D
•Green Bay A West deb
Feb
ctfs A..
Stamped
Gulf
Feb
99%
70
834
...1940 MN *106%
94
1950 A O
Febl952 J
J
J
J
1942 J
D
1950
A
3
35
3
18
O
87%
*68%
*68%
102%
33
3238
35
107% 108*2
104
mm
m
24
103*8
mm
8
56
100
91*4
-
m
100%
"17
89*2
22
102%
10938
111%
10534
101%
253
71%
45
68%
60
64
76
57
68
53%
174
53*2
100%
70
123s
1
127
'
mmmm
95
90
58%
"93*2 *96*8
56
8534
89*2
102*8 102%
107*2 109*8
26
3
60
87
49*2
mmm4m
mm
mmmm
107*2 111*2
10334 106*4
96% 101*2
96% 10038
70
7*2
70
1238
88%
42
mmmm
mm
71%
100
108*4 108*4
103
1033s
85
„
96%
v
105
104% 106
100*4
100
101
5
D *100
1 *109%
Grand Trunk Ry of Can guar 6s. 1936 M S
103
D
Grays Point Term 1st go 5s
*84
1947 J
Gt Cons El Pow (Japan) 7s...
95
1944 F A
30*2
36*2
36*2
7
16
20
10
315s
10
3134
10278
15
98
10234 10278
-1
32
90
87%
86%
84*2
*45%
1942 M
1st Hen 6s stamped
States Steel deb 5 Ms
Hackensack Water 1st 4s
59
105
15
44
334
8 *104
M
3234
32*2
111
65
49%
"96"
81*2
103
69
95"
90*2
103*2
69
Hansa S8 Lines—
39
104*4
105%
101%
84*2
84%
A
32l2
32*2
10134 102%
10034 102*2
105l2 105%
90~
A *106
F
128*4 131
110
....
117%
29
34
4
m
105%
117
29i2
30*8
3434
10784
'mm
J
F
M
72*4
21*4
104*2 104*2
10334 107
107
10778
12%
89
3
O *104
J
1954
5212
81%
111
J
24
3178
107
31*s
MN *110
20*8
315s
10278
99
30
J
175s
29
79
107»4
33
N Y A Erie RR ext 1st 4s.
3d mtge 4 Ms
2384
*28
J
2
117%
Gulf A 811st ref A ter 5s
16
D
131
J
109*2
42
40
1956 J
3
J
10534
105*2
3034
{♦Cons Coal of Md 1st A ref 5s..1950 J
♦Certificates of deposit
107*2
78*4
117%
105
51
105*8
2778
*28
107" "23
76*2
108
108*2
J
J
89*a
106
107*2
13078
*325s
O
88
108
J
O
6*4
252
21*4
A
93
D
29
70
76
10412 106
1957 J
64
4
113*8
MN
Ernesto Breda 7b
114*8
20
A
...
4s series D
0 71
108*2 HO
85*a
*15%-
J
1961
66
93
108*2
1137s
Ref A impt 5s of 1927..
Ref A Impt 5s of 1930
Erie A Jersey 1st s f 6s
Genessee River 1st s f 6s
99
1961 J
2878
A
Greenbrier Ry lBt gu 4s
Gulf Mob A Nor 1st 5 Ms B
1st mtge 5s Berles C
non-conv deb 4s...1954 J
751
23
1
...
♦Debentures ctfs B
1'
A
page
11*1
J
Erie RR 1st cons g 4s prior
1st consol gen lien g 4s
Qeneral 4 Ms series E__.
10712 108*2
106*2 107*2
1946 F
see
1778
17*8
266
2534
General 5s series C
91
107*8
30
1411
10534 10834
105*2 107*8
1005s 104
95
9884
J
For footnotes*
13
«
1956 J
.May 1 1965 MN
5*4
J
J
...
mmmm
92*2
10134
73
69
-trnmemm
'mmmm'
105*2
13
228
70
94%
9638
108% 109%
1
"oT"
*108*8
53
May 1 1965 MN'
292
.
J *10638
101
97
99%
mmmm
109
100*4
A *105
A
106%
58
105
J *10258
105
♦Consolidated Hydro-Elec Works
1st mtge 3Ms
1st mtge 3Ms—
17*8
2878
*102%
105%
J
105%
.......
Erie A Pitts g gu 3Ms ser B
Series C 3 Ms
♦Certificates of deposit
....
101% 104%
96s4 100%
111% 113
101%
72
108%
O
D
MN
A
5s stamped
J
1956 MN
J
1939 J
J
1995 J
El Paso A 8 W 1st 5s
52*s
mmmm
A
1936 J
14*2
*32
i~D
♦Certificates of deposit
110
*97
1980 M N
Consumers GaB of Chlo gu 5s
Consumers Power Co—
East T Va A Ga Dlv 1st 5s
Ed El HI Bklyn 1st cons 4s._.
♦1st A ref 5s series A
98>4
*103*2
J
♦Debenture 4s
D
1996
1995
Fonda Johns A Glov 4 Ms
100
O
1955 J
..1995 J
..
95%
....1965 A
♦Det A Mao 1st lien g 4s
♦1st 4s assented
Penn coll trust gold 4s
78*2
D
♦Debenture 4s.
O
Conv 4s series A
97%
110
1946
♦Debenture 4a
O
1965 A
11*2
82
1977
Debenture 5s
A
F
ser
20
7*2
63*2
{•Colon Oil conv deb 6s
1938
{•Colo Fuel A Ir Co gen s f 5s ...1943
({♦Col Indus 1st A coll 6s gu
1934
{♦Consol Ry
J
S
A
13*8
'
15
10*8
458
*83*8
104
Upper Wuertemberg 7s
Consol Gas (N Y) deb 6Hs
Debenture 4Mb
Gen A ref M 4s
Series B
105
106*2
of
Detroit Edison gen A ref 5s ser C 1962 F
Gen A ref 4Mb series D.
1961 F
Gen A ref 6s series E
1952 \
Elgin Jollet A East 1st g 5s
105
1951
34%
6*2
105
25
J
1951
35
31*2
17
69
106*2
20
10834
4Mb
30
21
1778
106*4
67*4
125s
103
Ms
2034
3458
10434
76
106
guar 4
10634 107*4
366
35
J
25
10734
Stamped
10*8"
10638
83*2
16
Ed Elec (N Y) 1st cons g 6s
♦El Pow Corp (Germany) 6 Ms-.1950 M S
A O
♦1st sinking fund 6Ms....
J
Conn Ry AL 1st A ref
{♦Den ARQ West gen 5s ..Aug 1955 V A
♦Assented (subj to plan)..:
♦Ref A Impt 5s ser B
Apr 1978 AO
25
J
1943
4s
O
13
113
1949
conB g
♦Consol gold 4Mb
1942 J
285
6
100*4
1956
(♦Den A R G 1st
1937 A
1937 I
25
113
Comm'l Invest Tr deb 5 Ms
Conn A Passum Rlv 1st 4s
96
Dul A Iron Range 1st 6s
Dul Sou Shore A Atl g 5s
42i2
4734
2184
20*4
J
1948
82
100*4
9
107*4
113
13
D
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
as to Penna tax
1961 MN
38
104
Jan 15 1961
Stamped
38l2
103*4
O
93
78*8
98
106*4 10634
10334 105
10434 106
85
19
9%
46
73
....
M N
9384
88
♦Second gold 4s
Detroit River Tunnel 4 Ms
Donner Steel 1st ref 7s
43
o
Debenture 5s
693s
60*2
63*2
2378
26*2
100
Apr 16 1952 A
50
5234
683s
o
Debenture 5s
43
65
D
May 1962
89*a
8
108
1107*4
1951 MN
107*4
J
31%
1936 J
J
33I8
1936 I
5234
o
Columbia G A E deb 6s
67*2
2478
1973
Colo A South 4Mb ser A
53
104
17 *8
♦(East Cuba Bug 15-yr s f 7 Ms ..1937 M S
East Ry Minn Nor Dlv 1st 4s ...1948 A O *104 ;
1972
1st s f 4 Ms series O
Coal River Ry 1st gu 4s
67
502
99%
106*2
1951 M N
f 5s
s
57*2
54*4
5838
26*2
*7334
1961
1936 F
Den Gas A El L 1st A ref
99
44
*10558
cieve Sho Line 1st gu 4Mb
Cleve Union Term gu 5 Ms
1st s f 5s Series B guar
...1969 J
1969 J
4s
82
10638
J *103*4
J *10534
A *10034
35
*80
1981 J
g
13*s
10334
J
55
J
1977 F
1971 J
1st mortgage 4Mb
Bridge 1st
805s
57*2
1948 M N *111*2
1950 A F *102
Series D 8Mb guar
Gen 4Mb ser A
Gold 6 Ms
Del Power A Light 1st 4Mb
1st A ref 4Mb
65
65
1943 (VI N
.1937 MN
Del A Hudson 1st A ref 4s
D RR A
65
76
4
10234
10334
53
J
1942 J
68
9
106
56
CIn Wabash A M Dlv 1st 4s...l991
J *105%
St L Dlv 1st coll tr g 4s
95*2
1990 M N
Series A 4 Ms guar
Series C 8Mb guar
13*4
D
44
110*2
J
16
14
33
67
112*2
Cleve Elec Ilium 1st M 3Ms
1965 J
Clev A Pgh gen gu 4Mb ser B....1942 A
Series B 8Mb guar...
1942 A
10334104*2
95
6O84
71*4
J
98
15
63
59
D
96
102
61
J
1936 J
1937 J
103s8
103*4 106
105*2 106*8
102
10278
55*2
6578
49*4
61
4934
75*2
4678
70*2
D
8
112*8
J
693a
102*2
1962 J
1936 J
56
110
1940 J
13
56
1942 J
53*2
J
.1940 M 8
10414 105
101
1940 M
Cumb T A T 1st A gen 5s
High
68
49*1
Cuba Nor Ry 1st 5 Ms
S
Low
17
Cuba RR 1st 5s g
1st ref 7 Ms series A
1st Hen A ref 6s ser B
53*2
52
1939
W W Va! Dlv 1st g 4s
10578
10234
41l2
4112
1977
Spr A Col Dlv 1st g 4s
96
105
J
30*8
1963
Ref A Impt 4Mb ser E
Cairo Dlv 1st gold 4s_
A
1951 J
12
1941 J
;
1954 F
1950 M N
f 4a
Range
50
10484
102*4
96*2
10534
Crown Willamette Paper 6s
Crown Zellerbaoh deb 6s w w
65
1993 J
1993 J
Ref A Impt 6s ser C
Ref A Impt 6s ser D
Copenhagen Telep 5s Feb 15
Crown Cork A Seal
104*4
10178
52
Cleve-Cllffs Iron 1st mtge 4Ms—1960 mn
General 5s series B
D
Low
No.
High
D
1943 J
51*2
1940 J
1943 J
Clove CId Chi A St L, gen 4a
Jan. 1
A Asked
51
1940 J
Clearfield A Mah 1st gu 4s.._
Since
1935
Bid
9*8
45%
6312
J
2020 J
1957 (VI N
1st guar 5s series O
Clearfield Bit Coal 1st 4s
Series B (small)..
1933 to
Dec. 31
95g
2*8
285s
30*8
*103
J
July 1
Week's
Friday's
...1946 J
{♦Des M A Ft Dodge 4s ctfs
1935 J
{♦Des Pialnes Val 1st gu4Ms_.__i947 M
47*2
4734
4912
19%
784
38*4
36*8
538
60*2
F
*102
1942 M N
..2020 J
27
46*2
36*8
63*2
23*2
S
1963 J
Guaranteed g 5s
Guaranteed 4s
CIn Union Term 1st 4 Ms A
1st mtge 5s series B
>14
99
107*4
10734
106*8
D
1960 M
1963 J
sn,
|
Low
Container Corp 1st 6s__
15-year deb 5s with warr
s
1936
2234
9834
4*8
70
16
97
'
D
Gold 8Mb
CIn HAD 2d gold 4 MS
43
38
1778
Mi
♦Certificates oi deposit
C I St L A C 1st g 4s
Aug 2
Cln Leb A Nor 1st con gu 4s
48
A
1988 J
cons 5s
29
15
D
1934 AO
CIn G A E 1st M 4s A
15%
23*2
D
(♦Refunding gold 4s
1st mtge 4s series D
Chro A West Ind oon 4s
20
23*2
1936 M N
♦1st ref g 5s
May 1 ...2037 J
♦1st A ref 4Ha stpd.May 1 ...2037 J
♦1st A ref 4Mb ser C.May 1
2037 J
♦Conv 4Mb series A
1949 M
Chro Un Sta'n 1st gu 4Mb A
1st 6s series B
48
57*4
♦Gen 68 stpd Fed lnc tax.___.1987 M N
1987 M N
Deo 1
393fi
59
♦4Mb stamped
4 Mb
15
185S
21*2
1987 M N
♦Stpd 4s non-p Fed lnc tax..1987 M N
♦Gen 4Mb stpd Fed lnc tax
1987 M N
{♦Chic R I A P Ry gen 4s
♦Certificates of deposit
20
721
57*4
♦General 4s
({♦Chicago Railways 1st 5s stpd
Aug 1 1938 25% part pd
45
105*8
3534
49
3Hs--_1987 M N
g 6 Ha
4134
105l2
26*2
3534
45
28*4
105*8
2834
*11134
52*2
♦Gen 4Hb series O..May 1
1989
♦Gen 4Ha series E_.May 1
1989
♦Gen 4Mb series F__May 1 ...1989
{♦Chic Mllw St P A Pac 5s A
1975
♦Cony adj 5a
Jan 1
2000
InoguSs
95*4
1982 MM all5% all5%
Ch G L A Coke 1st gu g 58
g
53
115
17
Chloago A Erie 1st gold 5s_.
♦Conv
50
61
48
♦Certificates of deposit
♦Scoured
41
33*4
60
10938
A
g
110
10534
1st A ref 4 Ha ser B
{♦Ohio A No West gen
110
109
1977 F
1971 F
g
99
105
S
♦Refunding
112*8 112i2
108*2 109
J
1958 M
I {Chicago A East III 1st 6s
{•C A E III Ry (new to) gen 5s
48%
87
110
♦106
108*2
J
Genera! 4s
ser A
1107s 11212
111
112l2
IO884 111
96
85
S
Chic Burl A Q—III Dlv 8He_.-_.1949 J
Illinois Division 4s
1949 J
1st A ref 5s
104
90*S
108*2
M
1941
110
*m"
1989 J
Warm Spring V 1st g 5s
High
111*8 112
118*2 I2O84
84
1995 J
Craig Valley 1st 5a__May ....1940 J
5
1
Range or
c
5
Low
01*4
83lf
1993 A
2d conBOl gold 4s
Low
112
1203s
11934
111%
R A A Dlr 1st con g 4s
Week Ended Jan. 31
112
Ref A Impt 4 Ha
Ref A Impt 4Hb ser B
„
N. Y. STOCK EXCHANGE
Jan. 1
|
BONDS
Since
1935
No.
Range
Dec. 31
& Asked
Low
.....1939 WIN
CHes A Ohio 1st eon g Ba
Genera! gold 4 Ha
S
1933 to
or
Friday's
5 <5
Week Ended Jan. 31
Feb.
Record—Continued—Page 3
July 1
108*2
103
107
109
104*4 1053s
.
1952 J
A
O
1949 1
J
1999 J
J
118
A
O
57%
M N
*14
MN
85
24
——
*32%
*38
343s
♦Harpen Mining 6s
Hocking Val 1st cons g 4 Ma
♦Hoe (R) A Co 1st mtge
♦Holland-Amer Line 6s (flat)
103%
J *108%
44
....
3438
mm-
118
59%
m
50
102*8 104
95*2
10734 108*4
37*2
26*8
39
33*4
37*4
13
91
68
30
mmm
88" "~26
31
116
44*2
46
37
37*4
118*2
59*4
12%
64*4
"64*2
89
~
July 1
Week's
"3
c
Bid
A
Low
1037
j
Houston Belt A Term lBt 5s
1937
j
Houston OH sink fund 5Ha A
1940 m n
1962 j d
1949 MN
1957 F A
Hud A Manbat 1st 5s ser A
♦Adjustment Income 5s —Feb 1957
Jan. 1
No.
2
105
104
89
104
01
35
119%
119%
1
101%
85%
36%
86%
134
03%
8034
38%
147
25%
3234
105%
91
102%
1951
*104%
*101%
*1017*
*80
1951
..1951
1951
83
....
70%
78
mm,
mm.
39
~80~
83%
85"
31
85%
87%
122
*73%
75%
Collateral trust gold 4s
1963
75%
77
126
52%
8178
69i8
6834
Refunding 5s
1955
96%
98
78
70%
90
15-year seoured 6 Hs g
1930
102%
102%
30
82
67%
70%
292
*102%
104%
Purchased lines BHs
40-year 4 H a
Aug 11900
Cairo Bridge gold 4s
1950
Litchfield Dlr 1st gold 3s
1951
Loulsv Dlr A Term g 3 Hs
Co
Stock Exchange
Members New York
10534
1053s 10538
102i8 10212
102% 102%
1952
Refunding 4s
D. H. SlLBERBERG &
86l2
NEW YORK
63 Wall St.
Telephone Whitehall 4-2900
00
57
104
..1955
1952
Collateral trust gold 4s
DEALERS
FOR BANKS AND
IOO78 10234
38%
43
119% 121
43
Illinois Central 1st gold 4s
BROKERS IN BONDS
High
105
61
104
102%
104%
1st gold 3s sterling
Low
40
1970
Extended 1st gold 8mb
90%
Range
114
104
Illinois Bell Telep 3Hs ser B
1st gold 3Hs
Low
1
105
102%
O
A
Since
1935
Asked
High
105
H A T C let g 5s lnt guar
Hudson Co Gas 1st g 5s
Dec. 31
Friday's
s
Week Ended Jan. 31
Hudson Coal 1st s f 5s ser A
1933 to
|3
Range or
BONDS
N. Y. STOCK EXCHANGE
,
749
New York Bond Record—Continued—Page 4
Volume 142
56%
66
~85~
88
76
77
98%
42%
70%
N. Y.
102% 1025s
6438
70%
N> *e»
90
STOCK EXCHANGE
05%
A
90"
7258
4s ....1945
Louis A Jeff Bdge Co gu g
Since
Jan. 1
cq co
No,
Low
Omaha d1t 1st gold 3s
1953
1951
*77
80
00
75
88%
81%
1st refund 5 Ha series A
105
16
81
88%
82
10412
*80%
62%
O
1951
1940
2003
47
*79%
01
10834
1951
77
84l2
89%
Louisville A Nashville 6s
St Louis Dlr A Term g 3s
07
88%
88%
1st A ref 6s series B
2003
O
108%
109%
...2003
o
10634
108
88
1st A ref 4Ha series
Gold 3 Ha
Springfield Dlv 1st g 3Hs
1951
*98%
Western Lines 1st g 4s
1961
100%
*91
87
76
Unified gold 4s
Gold
HI Cent and Chic StLANOJolnt 1st ref 5s series A
79%
74%
1903
1st A ref 4Hs series C
1903
107%
52%
81%
187
76%
134
49%
32
9
101%
31
mmmm
C
7134
817s
6734
76*2
10658 108%
3238
33%
o *106%
A
105%
m
Illinois Steel deb 4 Ha
1940
♦Ilseder Steel Corp mtge 0s
1948
33
Ind Bloom A West 1st ext is
1940
Ind III * Iowa 1st g 4s
1950
*102%
99%
100%
8
(♦Ind A Louisville 1st gu 4s
1950
26%
36%
29
72
7
Ind Union Ry gen 5s ser A
1905
105%
105%
2
96
100%
2134
3034
10534 10612
1905
108
108
7
98%
108
1978
102%
103
37
.79
10278 103l2
McKesson A Robblns deb 5Hs
102%
102%
13
80
10238 1027s
f(*Manatl Sugar 1st s f 7 Ha
90%
89%
6134
92%
250
56%
90
212
86%
87
19%
Gen A ref 6s series B
Inland Steel 1st 4 H ser A
lstMsf 4mb ser B
1981
1906
(Interboro Rap Tran 1st 5s
<
1932
♦Certificates of deposit—
|*10-yearconv 7% notes
♦Certificates of deposit
1932
J
A
O
M~S
*89%
91%
89%
92%
1951 M N
Interlake Iron 1st 5s B
.1945 m;n
1952
90
29
92%
Internat Hydro El deb 6s
s
1947
B.....1972
1st coll trust 0% g notes
1941
1st Hen & ref 6 Ha
1947
lnt Telep A Teleg deb g 4Hs
1952
Conv deb 4Hs
1939
9238
93%
36
60
86i2
103%
1942
6
219
94
52
99
...
4%
4012
2013
4s
rb
1939
51
422
28%
45
54%
Market St Ry 7s ser A.April
70%
66
97%
102
47
82%
85
154
31%
65l4
9212
7578
71%
9834
853s
Mead Corp 1st 0s with
Metrop
45%
80
82
Metrop Wat Sew a D 5Hs
49%
93%
8514
|t4Met West Side El(Chlo)4s ...1938
♦Mex Internat 1st 4s asstd
1977 M S
1908
75
875S
♦Mlag Mill Mach 1st s f 7s
86i2
98l4
9U2
909
91%
642
40
100%
5
82
(♦Iowa Central Ry 1st A ref 4s._1951
James Frank A Clear 1st 4s
1959
1%
3%
100l2 101
82
102
.
66%
100i2 1005s
li8
35s
8434
8978
70
102
%
525
88%
89%
81
103%
40%
41%
113%
103%
5
(♦K C Ft S & M Ry ref g 4a
o
o
♦Certificates of deposit
A
1901
o
Kan City Sou 1st gold 3s
1950
J
Ref A Impt 5s
Apr 1950
J
Kansas City Term 1st 4s
..1900
D
Kansas Gas & Electric 4 Ha
1980
♦Karstadt (Rudolph) 1st 0s
.1943 MN
♦Ctfs w w stmp (par $045)
1943
♦Ctfs w w stmp (par $925)
1943
K C Pow & Lt 1st mtge 4 Ha
77%
74
77
98
107%
105%
108%
48
84%
107
105%
16
70%
1045s 10534
♦Ctfs with warr (par $925)
Keith (B F) Corp 1st 6s
1943
1946
Kendall Co 5Hs
......1948
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4Hs
1961"
Stamped
1961
29«4
40U
44
28
3714
113%
8
90
80%
125
43%
S
M s
J
j
43
rnmrnm
mm mm
13
*24
38%
mmrnm
23
94%
102%
107%
_
95"
8
102%
16
107%
1
97
102
93
102
120
108%
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s
1st A ref s f 6s
*.
-
mtrnrnm
41%
07
108
74
F
a
15
15
3
9
100% 102
15
38%
j
D
j
10314 IO684
11278 11334
1
102%
105%
119
77%
-
109%
103
33%
222
109
120
102i2 1027s
108
111
♦Cum adjust 5s ser A
(♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
10%
32U
35
104% 106
102%
91
70
98% 102%
90
42
59
67%
106
J
J
102
a
o
D
104
47
104%
67
102% 104%
48
104%
104
50
103% 104%
02%
....
~84~
74
85%
74%
4538
48
58
25
122
00%
*70
5%
8%
155
2%
3%
150
3%
3%
31
39
46%
276
39%
31
40
80
7
71%
74u
80
♦Conv gold 5 Ha
77
5
75
77
77
♦1st A ref g 5s series H
103
103
IOH4 1023s
72ia 8034
8012
7158
1
77
102
61
102%
11
79
26
27%
447
4%
100% 101
9978 102i2
21
27%
103
103%
74
77%
102%
*104%
-
103%
105
72
mmmm
71
52%
64
97
5
33
64%
72
11
67
64
6934
32
64
6778
98%
2
73
98
98%
94%
98%
94%
31%
1
69
79
95
19%
3234
29
8%
3%
378
46%
39%
52
195
31
38
34
353s
20
10
23%
35%
m
s
28
29%
49
15
18%
30
J
J
87%
88%
40
51%
81%
88%
86
83
83
MN
*78
52
J
38%
12
38
40
D
82%
506
50%
76
865S
J
71%
73%
303
J
61%
64%
186
I
J
65
67%
45
31%
27%
28%
A
O
39%
430
11%
f
A
32%
41%
34%
59%
4978
52%
30%
147
20
27%
34%
32
5
19
27
32
40
b
1434
8
32%
1678
34%
31
32
32%
34%
22
73%
65
6738
42
674
5%
10%
167s
350.
19%
27%
34%
18
18%
27
32
200
19%
28
34%
32
32
1
18%
MN
11%
1238
417
3%
a
32%
3434
281
19%
27%
7%
27%
34%
517
"27%
3
19%
19%
18%
27
34%
32%
3
69%
82
85
1978 MN
♦1st A ref 5s series G
♦Certificates of deposit
,
1949
1980
o
♦Certificates of deposit
1981
f
•Mo Pac 3d 7s ext at 4% July
1938
MN
(♦Mobile A Ohio gen gold 4s
♦Montgomery Dlv 1st g 5s
♦Ref A lmpt 4Hs
1938
M s
1947
1977
1938
A
♦1st A ref 6s series I
A
32
♦Certificates of deposit-
34%
3234
85
85
32%
32
1238
30
88
21%
"45
9
"l478
M s
1034
12%
107
4%
9
M s
1134
14%
131
5
9%
21%
12%
14%
Mohawk A Malone 1st gu g 4s...1991 M S
MN
Monongabela Ry 1st M 4s ser A..I960
J
J
Mont Cent 1st
85%
90%
f
♦Sec
6%
notes
gu
1st guar
6s
gold 5s
Montana Power 1st 6s A
1937
1937
J
1943 J
1962 j
Leh Val N Y 1st gu g A Ha
1954
1940
93
95
137
75%
8234
8134
Lehigh Val (Pa) cons g 4s
General cons 4 Ha
2003
2003
m n
40%
45%
667
30%
33%
455s
m n
49%
242
33
34
49%
2003
m n
43%
51%
59
102
37%
40
59
105%
22
89%
a
104%
o *117%
A
O
134
135
8
117
IO434 1057s
115
117%
133% 135
F
a
122%
123
18
103
12134 12312
Morris A Co 1st s f 4Hs
108
~19%
Deb 5s series A
70
8S78
90%
46
1053s
106%
105%
47
102%
105% 106%
104%
14
87
1043s 105%
j
10338
103%
79%
j
10634
107
27
77
D
100%
101
25
50%
103% 103%
106% 107%
97% 101
Morris A Essex 1st gu 3Ha......2000 J
95
26%
1%
3%
4334
100
10514
7
67
1938
105
32
67%
1974
104
103%
67
66%
1st A ref s f 5s
98
104
100
69%
Secured 6%
80
98
57
67%
100
-
-
%
1
48
~
"5"
4
85%
74%
34%
m
90
60%
3578
j
1977
4«%
70%
55
30%
j
1975
78
"
90
j
♦Certificates of deposit...
79
68%
Leh Val Harbor Term gu 5s
1027s 103
83%
84%
92
105
♦General 4s
41
102
s
93%
19
*80
m
103
A
29%
J *103
84%
109%
1%
3
36%
M t
1962
1978
Jan 1907
1965
40-year 4s series B
Prior lien 4 Ha series D__
80%
102%
1964
gold notes
60
100%
11
120"
*101%
f
*13s
5034
m n
1990
1902
mmmm
106
.....1964
1st A ref s f 5s
Mo-K-T RR pr lien 6s ser A
102
160
903s
104%
50%
46%
15
1959
Mo Kan A Tex 1st gold 4s
155
77
M
47
32
(♦Mo-Ill RR 1st 5s series A
IO6I4 106%
118
78%
1954
1965
1945
1944
*•
80%
1942
1942
Lehigh A New Eng RR 4s A
4a
103
110
106%
•»
1st Chicago Term s f
78
Lehlgn C A Nay s f 4Ha A.....1954
Cons sink fund 4 Ha ser O
1954
47
102
20
1949
1978
1941
5 Ha
78%
1937
1941
1997
10334
82%
33
♦1st A ref 6s series F
33
101%
♦Lautaro Nitrate Co Ltd 0s
1st ref 5 Ha series B
1075s
102%
101
1939
1953
1960
2d gold 5s...
107
98
*102%
1945
1959
Lake Erie A West 1st g 5s
25-year
80
89
105
1954
Lake Sh A Mich So g 3 Ha
68
80
*113%
Kinney (G R) & Co 7 H% notes.. 1936
cons
92i2
IO214 1033s
73
1949
1954
Coll tr 6s series B
1st A ref 6s series A
99%
102
102
101
1938 J
1938 J
.1940 J
5s gu as to lnt
1st
100
10134
109
1940
1st cons 6s
41
00
49%
mtge 5s
30%
98
7
14
110%
1901
j
J
1971
j D
It'MllwANor 1st ext 4Hs (1880)1934
1st ext 4Hs
1939
Con ext 4Hs
1939
m s
(♦Mil Spar A N W 1st gu 4s.
1947
j
J
(♦Mllw A State Line 1st 3 Ha
1941
MN
t*Mlnn A St Louis 6s ctfs
1934
m s
♦1st A refunding gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1902 q f
M St P A 88 M con g 4slnt gu
1938 J j
1st
88%
j
1st gold 3Hs
Ref A lmpt 4Hs series C
Mid of N J 1st ext 5s
50
3
99
85%
10878
1940
1951
1952
1979
Jaok Lans A Sag 3 Ha
9634
2912
2
Kings County Elev 1st g 4s
Coll tr 6s series A
44
39"
17
1997
Coll A ref 5 Ha series D
mm
~38~
97
102
Coll <fc ref 5Hs series C
108%
100
*152
Laclede Gas Light ref A ext 5s
77
98
*100%
(♦Kreuger & Toll cl A 5s ctfs
67
96
1937
Kresge Foundation coll tr 4s;
112i2 11334
74l2
81
25%
m
"
46
4334
13%
32
1961
Kings Co Lighting 1st 5s
First and ref 6 Ha
52
*29%
Kings County El L A P 5s
Purchase money 6s
Plain
61%
*40
*36
M
140
46
10314
99
s
MilW EI Ry A Lt 1st 5S B
O
1990
1930
50%
68
o
1950
City Air Line 4s
50
O
Michigan Central Detroit A Bay
79
98%
89%
100%
*100%
27
*38
a
1960
43%
71%
64%
7%
m
...1957 A
37
1
1955
96
m n
warr.....1945
122
87%
67%
35
63%
1943 j D
a o
1947
1940 Q J
88i2
81iS
35
34
32
61
14i8
A.
34
192
6534
61
39
Ed 1st 4Hs ser D...
20
69%
33
39
A I Namm A Son 1st 6s
34
67i2
J
IOI4
Marlon Steam Shovel s f 6s
34
63%
j
36
93%
23
34~
"21"
4
53
2878
63%
1941
36
85
23
4
10
80
23
86
33
22
6%
39
74
23
85
7%
34
4934
48%
68%
95%
A
33
*30
80
16
mm-rn
102% 103%
23
337«
79
27
82%
9
mn
14%
*90
116% 117
63
25
94%
37
*79
46%
101
11634
103%
337S
94%
38
m n
10
91%
108% 109%
88
96%
82
12%
m n
44%
99"
...1969 m n
1st ext 4a
(♦Man GB4NW 1st 3Hs
Mfrs Tr Co ctfs of partlo In
Merldlonale Elec 1st 7s
80
4
*95
36%
37
18
85
86
S
1953 m
Manila RR (South Lines) 4s
■
56%
64*4
1990 a o
36%
229
"39
017.
10878
96%
105%
81
111% 111%
27%
1942 AO
♦Certificates of deposit
10012
105
54%
92
27
AO
♦Certificates of deposit
♦2d
3
84
103% 108
107% 107%
82
♦32
(♦Manhat Ry (NY) cons g 4s
1153s 11934
38
25
Investors Equity deb 5s ser B w w 1948
Without warrants
1948
Kan A M 1st gu g 4a.
29%
o
♦Certificates of deposit
97
42
Debenture 5s
11634
a
1942
It ♦Flat stamped modified
90
40
J
f
60i2
90
8734
119
1955 M
lnt Rys Cent Amer 1st 5s
59
57%
57%
100
99
1941 A
f 6s
Internat Paper 5s ser A A B
Ref s f 6s series A
96
MN
|t#Stmpd Oct 1931 coupon
9212
90
65t2
30
3834
..1956 J
1944 a
♦1st g 5s series C
1087S
a
1950 m n
Proof of claim filed by owner
89l2
87&S
6134
90
117%
j
1956 J
♦1st 6s series B
lnt Merc Marine
j
July 1952 A
♦Adjustment 6s ser A
F
1941
(♦IMcCrory Stores deb 5Hs
108
90
j
mn
♦Lower Austria Hydro El 0 Ha—1944
Manila Eleo RR A Lt s f 5s
m n
Stamped extended to 1942
(♦Int-Grt Nor 1st 6s ser A
~99%
J
...1956
Atl Knoxv A Cln Div 4s
20%
63%
lnt Agric Corp 1st A coll tr 5s—
Internat Cement conv deb 4s
1952
South Ry Joint Monon 4s
84
S
107% 107%
104% 104%
108
108%
104% 106
107% 109%
98%
74
"~~6
S ♦11H2
♦Certificates of deposit
i
♦Certificates of deposit
| ♦10-year 6s
33%
_
80%
111
1055s
.1980
M
1946
Mob A Montg 1st g 4H8
9
107%
1940 F
St Louis Dlv 2d gold 3s
100
105
1941
5s
Paducah A Mem Dlv 4s
89%
108
1937 m N *104%
108
J
j
High
Low
76%
S *107%
M
Range
to
1935
"o
Asked
Low
~91%
o
Dec. 31
High
Bid
Week Ended Jan. 31
73%
96%
1933
Friday's
103% 103%
*87
*9534
July 1
Week's
Range or
BONDS
5
Montecatlnl Mln A Agrle—
General cons 6s
Ry 1st gu g 5s.. 1941
Lex A East 1st 50-yr 6s gu
1965
Liggett A Myers Tobacco 7s..
1944
6s
1951
Little Miami gen 4s series A.....1962
Loew's Ino deb s f 0s
...1941
Lombard Eleo 7s ser A
—.1952
Leh Valley Term
1950
Long]Dock Co 3Hs ext to
—1938
1949
1937
...1949
Long Island gen gold 4s
Unified gold 4s
20-year p m deb 5s
Guar ref gold 4s
1944
Lorillard (P) Co deb 7s
A
O
M N *106%
a
O
J
D
46
a
O
105
D
-
For
footnotes
see
paare
751
-
-
-
M
mmmrn
«-
89%
81%
103%
47
70
48
22
38
105%
10
17
....
98%
104%
104%
mmmm.
87%
m n
166%
100%
23
92%
m
100%
101
32
j
IW
A
8
8
O
.......1951 F a
j
1969 J
Loulsyllle Gas A El (Ky) 5s.....1952 MN
5s.......
Louisiana A Ark 1st 5s ser A
103%
mm
•
*
102%
132
132
119%
121
88
111%
89%
111%
2
85%
110
103% 104l2
45%
48i8
104i2 105%
104i8 10434
10214 10234
98
995s 10212
133%
15
98%
118
38%
84
86
100%
131
188
3
108
121
895s
11134 113
Deb
g
7s
Montreal Tram 1st A ref 5s
1937
j
1941
J
Gen A ref s f 5s Berles B
Gen A ref s f 4Hs series C
Gen A ref s f 5s series D._
Constr M 6s ser A
Constr M 4 Ha series B
Mutual Fuel Gas 1st gu g 5s
Mut Un Tel gtd 6s ext at 5%
70%
103
71
103%
7
65
21
88
87
70%
86
87
1955 a
89
72%
86%
86%
03%
a
1955
1955 a
1941
Mfrs Tr—
1978
Nash Flo A S 1st gu g 5s
....1937
Nassau Eleo gu g 4s stpd........1951
Nat Acme 1st s f 6s
1
1942
Nat Dairy Prod deb 5Ks
1948
Nat Distillers Prod deb 4Hs
1945
104%
91%
19
82
104
119
70
90
92
95
9534
55
77
90
95%
8634
87%
54
65%
84
88
104
90%
1955 M N
MN
1955
1947 M
70%
88
1939 J
m N
109% 109%
89%
*10%
f
*88
F
108% 109%
65
J
78
*1033s
f
M N
103%
103
88%
86
89%
91
*103%
j
105%
95
N *109%
Namm (A I) A Son—See
Nash Chatt A St L 4s ser A
66% 76
102% 103%
a
Gen A ref s f 5s Berles A.......1955
103
103%
68
67%
32
50%
05%
102
102%
103%
'236
74%
103
104%
103%
81
99
103
104%
57%
New York Bond
Record—Continued—Page 5
Week's
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 31
Range or
Friday's
Bid
&
Asked
*104i2
106
*10412
100i2
100l2
37i2
3914
*108
*101ig
1128s
113
For footnotes
see
page
751
—-
113U
113i8
Week's
.2
§
Range
2
oqcS
Since
Jan. 1
BONDS
N
Y.
STOCK
EXCHANGE
Week Ended Jan. 31
Range or
Friday's
Bid
&
Asked
Range
Since
Jan. 1
751
New York Bond Record—Concluded—Page 6
Volume 142
«•*
Week's
STOCK
6Hb ser C
D
Gen mtge 4 Ha series
Qen mtge 5s series E
1962
.1934
1945
({♦R 1 Ark A Louis 1st 4Kb
Royal Dutch 4s with warr
•Ruhr Chemical s 1 6s
High
No.
105%
.8
S
105%
M
S
*11278
8
108%
M
Jan. 1
Asked
M
1948
1977
Since
M
0
0
86
....
108%
125%
"""§
89%
105% 105%
112*4 112*4
108% 109
7*8
13
19
1
903s
114
126
125%
O
Rutland RR 1st con 4 Ha
*32
J
..1948 A
1949 J
1941 J
40
.
.
32%
....
.
25
1947
1937
1996
..1996
laid 1st 4s
St Jos Ry Lt Ht
A Pr 1st 5s
St Lawr A Adr 1st g 5s
2d gold 6s
St Louis Iron
J
104
M N
J
8734
J
A
O
104%
8734
10
1933
72%
"45%
120%
95
109H
113
86
94
Union Pao RR 1st A Id gr 4s
48%
{♦9t L-San Fran pr lien 4s A
•Certificates of deposit
June 2008
229
15*4
22
20
133
20
70
8%
9*4
14%
23
17%
23
20
18
9*4
15
20
2034 1141
7*4
1434
499
7%
13%
20*4
1834
1834
5a..
4s
1943
1937
1940
1972
Mont ezt 1st gold 4s
tPaclflc ezt gu 4a (large)
St Paul Un Dep 5s guar
51*s
38%
209
23%
10134
101%
102%
102%
14
46
12
457s
1st 5s
84
29
*24
J
21%
26%
153
J
105%
10584
54
J
D
104
104
2
J
J
1053s
1053s
1
J
119
120
9
96
95
J
J
J
*60
J
A
89
108
75
*55
O
Scioto V A N E 1st gu 4s
1950
.
34
.
14
22
19
(♦Refunding 4s
1983
{(•All A Blrm 1st g 4s
20
MS
*59%
43%
A
4
A
103
10378
1023s
MN
M N
Sblnyetsu El Pow 1st 6 Ha
J
J
87
D
•(Siemens A Hatske a f
♦Debenture s f 6Hs
J
1962
7s......1936
1951
Sierra A San Fran Power 5a
...1949
•Silesia Elec Corp a t 6 Ha—
1946
Sileslan-Am Corp ooll tr 7a.....1941
Stall J OH deb 6 Ha
1989
Socony-Vacuum 0113HB
.1950
South A Nor Ala cons gu g 6a
1936
Gen cons guar 50-year 5s
...1963
M S
F
A
111%
F
A
30
F
85
A
101%
10434
A *101%
M
8
O
A
F
1981
Gold 4 Ha
...1950
1937
1937
...1956
6%
9%
8%
17
2%
4
114
18
103
85
36
78%
19
36
8
86%
2
25%
90
32
101%
29
105
73
2
105
27
60%
A
89
87%
93%
89%
94%
210
414
87%
328
44
86*8
87%
481
43
863s
107
J
J *101
J
J
10234
46
566
87%
108
108
A or B
26
33
7
27
33
3318
33
33%
8
23
33
33is
115
O *100
d
O
32%
98*4
----
67
Toledo A Chic
•Ref A gen 5s
3212
98%
99%
71
50H
963s
A
9934
101%
172
55*4
76
20*8
9734 IOH4
64
7034
60
67
32%
D
67
7034
A
62%
67
A
O
91%
92%
A
188
18
56
59
1
99
107H 108
85
10712 107H
108
108
j
*
*3*8
4
d
14*4
17%
106%
—1949 M S
M N
*66%
70
100%
100%
3
3
60
105*8
757s
51
89
111
1043s
104%
2
84H
57*s
95
....
251
103%
60%
311
9612
74
101%
170
92
93%
74
J
*75
«.
J
*70
75
A
O
64
70
mm'm
45
"72"
73~"
38
60
6434
89
89
12%
30%
3412
7
64
11
281a
12
30
31
3434
-mm-
5
b
*91%
1975 M
8
32%
34%
31
31%
3434
206
29
30*8
10
lOH
28
30*8
29%
33
419
11*4
29
33
29
31
9
11
29
31%
34*4
239
1134
29H
3434
30%
—
1.941 m
30
—
30%
5
lOH
29
31
78%
91%
183
70
7838
74
71
9114
—1976 V
aeries B
A
—1978 A
C
O
♦Certificates of deposit
O
A
D
♦Certificates of deposit
130
A
76
1955 A
O
89%
—1939 m S
M S
91
93
277
24
86
93
30*4
44%
458
21
30
447S
S
48%
59
237
80
4H2
47%
Warner Bros Plot deb 6s
55
18
35iS
4134
59
55
{♦Warner-Qulnlan Co deb 6a.. —1939
—1941 M
♦Warren Bros Co deb 6a
♦Deposit receipts
Warren RR 1st ref gu g 3 Ha.. —2000 F A *
97
Washington Cent 1st gold 4a .. —1948 Q M
F A *105*4
Wash Term 1st gu 3 Ha
1st 40-year guar
F
4s
Wash Water Power a f 5s
.
Westchester Ltg 5s stpd gtd
..
1939 J
1st sec 5s series G
j
H
J
1st mtge 4a eer
1st A ref 5 Hs series A
j
West N Y A Pa lBt g 6a
Gen gold
92if
9712
97
94i2
105*8 107
94
10912 1091a
110i2 112
121*4 1235s
79
1
112
15
98is
122%
105%
120%
123%
105%
10
103U
D
o
J
J
106%
90%
6Ha
9614
100U
8
1017t
106%
4
101
110
102%
98%
107%
104%
106
97%
106*4
105t4
11912
IO6I4
109i2
11
121
320
39
O
8
Assented
j
Western Union ooll trust 5a.
J
106
66
5
100
108%
16
43
82
23
42
86
106%
10634
37
24
~8~5%
106
4318
4234
106*4
106
35*4
106
56
67H
103
103
55
92
147
71*8
72
10234 103U
10334 106
104
106U
105
106
105i2
106%
130
J
32*s
32*8
22
27
J
903s
91
77
66
J
85%
8684
37
D
M
b
j
Registered
390
28
53
76
78
100
35%
O
79
82
207
35i8
68%
7Hs
78H
82*4
Wheeling A L E Ry 4s ser D_.
RR 1st consol 4a
J
J
87%
60
85
91
Wheeling Steel Corp 1st 5 Ha
J
J
83
873s
83H
53%
78
83H
73
97U 100
3212
10
M S
29
104
105%
A
IO6I4
11
10412
F
RR gen 6a
1951
deb 6a B ....1944
63%
"35
105U
37
"fl"
26i2
89
2412
27
81
12
86
8812
200
39
65
1047S 1053s
Without
j
"l9%
Wllk A East 1st gu g
27"
—1938 J
Will A 8 F 1st gold 5s
1051s 10734
Wilson A Co 1st M 4saerlea
D
J
O
84
85
57
43U
J ♦12018
8
A......1947
Term Assn of St L 1st g 4Hs—
1939
1st cons gold 5s
1944
Gen refund s f g 4s
1953
Tezarkana A Ft S gu 5Ha A.....I960
Tezas Corp cony deb 6b—.....1944
Tez A N O con gold 5s.———1943
Tezas A Pao 1st gold 5s
2000
Gen A ref 6s series B
...1977
Gen A ref 6s series C
..—1979
Gen A ref 5s series D
....1980
Tez Pao-Mo Pao Ter 5Hs A
1964
Tenn Flee Pow lat 6s ser
10Ds
105' "31
99U
60
119
54 If
J
D
A
O
1105s
111
6
99
F
5
98
28
71
A
116
116
J
J
106
10634
F
A
9234
O
104i4
A
J
94
174
64%
10484
201
931s
64
J *102i4
9934
105l8 107i2
871*
95
1025s 10434
9912 100i2
li7i2 11834
82
54
55
98
10014
95
53l|
97
100%
IOOI4
D
99i2
9914
9978
172
54
97
9978
M S
10512
10612
18
67
70
52
38
34
3714
5734
7134
22i2
37i2
100*4 102
94
9514
A
O
99i2
A
O
J
185s
J
J
102
2
85H
M
8
9434
95
3
701s
J
D
83*s
85i2
161
57i|
J
D
102
86
98
40
102
101
D
101i2
M
8
J
125
60
82
2
2
1121*
95
95
M N
10218
102U
43
M N
87
8818
10
43H
69is
M
16114 102*
101*8
128
M N
.1952 F
79l2 85l2
99i8 10134
96%
9834
103
*115i2
J
J
97U
A
85l2
85i2
5
B
95
95l8
5
35
671|
45lj
50
11712
90U
102 >8
84is
85H
9434
0
834
21%
26
25*8
24
25
58
623s
69
83
45
623s
5
86
107
107%
107
107
101
101%
119
98
9934 102
j
107
107%
6
83
j
20
22*4
49
107% 107t4
15%
25%
19
20
13
14%
13
13
j
1978 j
J
A
B__
O
Cash sales not included in year's range,
5
7*8
718
18
4ia
104*4
10434
a
105%
105%
1
4
....
J
1943
15%
25%
9
153s
12
14%
66
187
140
63H
63%
Deferred delivery sale not
Under-the-rule sale not included in year's range.
10414
1*0*5*%
104
105%
Included In
( Negotiability
of $4.8665.
t Accrued Interest payable at ezchange rate
Section 77 of the Bankruptcy Act, or
*
22%
113
22%
mm
Toungstowo Sheet A Tube 6s.
n
98%
4U
24
22%
J
.—
r
99'la
90
421S
96%
1960 J
{♦Wor A Conn East lat 4 Ha
Impaired by maturity,
"99"
45
7
95
MN
♦Sup A Dul div A term 1st 4b —1936
♦Certificates of deposit..
year's range,
102% 1027s
60
...1949 J
A.. —1955
{♦Wis Cent 50-yr 1st gen 4a—
♦Certificates of deposit...
1st mtge a f 5s ser
104
1071a 108*4
43i8
----
{ Companies reported as being In bankruptcy,
480
102%
mmmtm
10512 106i2
69
11734
101i2
f 7a..—.. .1945
94
IIOI4 111
116
II6I4
1003s
D
9712
.1950 A O
M S *108
1942
0—
.1946
Toronto Ham A Buff 1st g 4s ....
.1949
Trenton G A El 1st g 5s
...
Trl-Cont Corp 5s conv deb A . .. .1953
1943
Truaz-Traer Coal cony 8 Ha
.1940
Trumbull Steel 1st a t 6s
.1955
•Tyrol Hydro-Eleo Pow 7 Ha
74l8 86I4
120%
1037s 105
120
ii~8% "~~9
J
1960 J
1960 A
4s
...
N Y.Jan
1937
Third Aye RR 1st g 5s
1956
Toho Elec Power lat 7a A
...
Tokyo Elec Light Co Ltd—
1953
1st 6s dollar series
Tol A Ohio Cent ref A impt 3Hs.. 1960
10412
104
83
92
8H2
100*4 10034
Winston-Salem s B 1st 4s
M
1023s
—1935 MN
j D
.
5a
8
91i2
8684
70
..1940 MN
Partlc s f deb 6s
{•Wickwire Spencer St'l 1st 7s —1935
j
J
♦Ctf dep Chase Nat Bank.
♦Ctfs for col A ref cony 7s A
108*4
J
10412 105i2
14>4
2612
101%
"~33
108*8
j
—1953 A O
B
J
with warr —1936 j
warrants
984*
10C«4
M %
103
108
1966 M s *105
—1948 J
1st A ref 4 Ha series
White Sew Mach 6s
5712
96%
*1005s
10612
—
..
353s
85
81
61
O
65
98%
108
105
J
25-year gold 5a
O
M S *100
110
10234
A
80-year 5s
j
•Westphalia Un El Power 6a__ —1953
j
West Shore 1st 4a guar
A
2
1061a
F
A
60i2
12114
M N
6 Ha
94%
57*2
J
106
102U 104
106
1081a
78
41
40*4
A
15-year
....
8
M
4s
{♦Western Pac lat 5s ser A
♦5s
86
""§
109%
J *108
1952 a
1977 J
4a
97
106%
111
j
M
1st 6s series E
76
77
109%
A
D
—1950 J
..1946 M 0
Funding A real est g 4Ha....
99*8 103%
31
O
Walworth Co 1st m 4s
....
98l2 10178
8434
93U
673s
673s
48
56
j
Western Maryland lat
....
89"
11034 11112
104
10412
50
J *100*4
,.1941 J
—1941
106*4 112
■
100
A
F
♦Certificates of deposit
87%
"8l"
55
51
88%
11034
M N
70
65
100% 1001s
91
105
8684
*1*778
10612 108
50
1
1962 M N
West Penn Power ser A 5s
76%
"II"
50
107
*103
J
4i8
334
1*4
38
4%
334
..1934 J
J
93
87
1958 A O
..1962 M N
Dlv g 4s
•Ref A gen 4Hs series
87*4
3212
9912
32
O
1954 j
♦Ref A gen 6a series
"291*2 *4*112
13
4
3734
333s
1944 F
.
106% 106*8
80%
100
97
Tenn Copp A Chem
10
33
33
2003 J
{•Wabash Ry ref A gen 5 Ha A
♦Certificates of deposit
90
77
42
34
....
....
33
33
—1955 MN
..
Omaha DIt 1st g 3 Ha
102% 105
80%
89%
87%
94%
76%
88
56
86%
O
33
J
194? J
106*4 108
99
....
104%
MN ♦106%
D
—
101% 102
104% 105*8
102
102%
114*8 114%
80
103%
M N
851s
D
1947 J
Dee Moines Div 1st g 4s
30%
75
100%
40
....1947
Tenn Cent 1st 6s
29%
33
107
...
Tenn Coal Iron A
87%
61%
42%
43%
111% 112%
59*4
39
3
30%
....
84%
58
....
5
103%
103% 104%
102% 103*4
86
49
10634
——1966
Mem DIt 1st g 6s
1996
St Louis DIt 1st g 4s
1951
East Tenn reorg Hen g 5a
...1938
Mobile A Ohio ooll tr 4s—....1988
S'west Bell Tel 1st A ref 6a— ....1964
1st A ref M 3H8 ser B
1964
{•Spokane Internat lstg 5s...
1966
Staten Island Ry 1st 4Ha—...1943
{{♦Stevens Hotels 6s series A
1946
♦Studebaker Corp cony deb 6s
1945
Sunbury A Lewlston 1st 4s
1936
Swift A Co 1st M3Hs
I960
♦Guar sec a f 7a
1
103l2 10518
102U 10214
56
5%
4
2%
29
J
Deri A gen 6Hs
Tol W V A Ohio 4a ser
21%
8%
114%
5s
...1994
4s series A
1956
6s
........1956
Tol 81 L A W lat 4a
102%
{Wabash RR 1st gold 5a
♦2d gold 5s
9%
9%
12%
11%
3%
——.1965
♦AdJ Ino 6s taz-ex
102%
1st cons 6s
5%
6%
114*8
Southern Ry 1st cons g
Ujigawa Elec Power a
3%
O
15a...1941
J
...1947 J
Ho Pao ooll 4s (Cent Pac coll)
1949 J D
M S
1st 4Hb (Oregon Lines) A.——1977
Gold 4 Ha
1968 M 8
Gold 4 Ha
1969 M N
Third Aye Ry 1st ref
366
Virginia Ry 1st 5s series A
1st mtge 4 Ha aeries B
19%
A
Southern Colo Power 6s A
Deri A gen
105%
.
Virginia Midland gen 5s
va A Southwest 1st gu 6a
20
16
J
South Bell Tel A Tel 1st a
Deyl A gen
17
4%
56
112
O
F
1947
Shell Union OH a f deb 5s
1st 4s, Stamped
35*8
104
J
J
J
—1947 j
—1937 M N
53
357
100
..1955 F
Va iron Coal A Coke lat g 6s
19
3*4
502
21%
5%
4%
103%
104%
102%
87%
62%
43%
4%
A
F
1952
deb 5s
5a
So Pac Coast 1st gu g 4s—
So Pao RR 1st ref guar 4a
112t4
34%
25
6s debentures
1935
1948
•Series B certificates
4a
111
15*4
Virginia EI A Pow 4s ser A
20
17*4
2
9%;
27
12%' 937
11%
20
4%
70
260
1935
{•Seaboard AH Fla 6s A ctfs
Sharon Steel Hoop a f 6Hs..
San Fran Term 1st
5%
9%
So Pao of Cal 1st con gu g
10034
07%
5s -.1941
Det A Chic Ext 1st 5a
10%
33
9%
11
...1945 M S
♦Certificates of deposit
Shell Pipe Line a t
19%
8%
♦1st A cons 6s series A
98
2
♦(July ooupon off
♦Vertlentee Sugar 7s ctfa
114% 114%
118
27
Cons a f 4s series B
59%
64
10
7
20
8%
♦Certificates of deposit
10278 10434
10634 10934
35%
..
♦(VeraCruz A P latgu4Hs.
69%
56%
10%
378
Oct 1949
1959
•Adjustment 5s
1055s
112%
lat Hen g term 4a
6%
2
19%
♦Certlfs of deposit stamped
6
mn *107%
64
28
"
1834
...1950
stamped
108%
983s
Vandalla cons g 4s series A
58
90
19
108%
f
26%
....
67
*19
O
A
O
...1947 J
29
13
1989 MN *11478
I {♦Seaboard Air Line 1st g 4s
♦Certificates of deposit
76*t
112%
4s... —1934
Vanadium Corp of Am conv
108*4 109
60%
60%
..
....
60%
Stamped
46
109%
95
104
1950 A
Debenture 5a
96%
70
....
64
Sta" ped
...1946
55
21
■
....
26
140
963s
10912
104*4
M S
102%
0
Utll Power A Light 5 Ha
26%
107%
103% 104
104% 105*8
117% 120
85
J
116
D
.
105
86
99
__
17%
11
92%
12
—1951 A
—
{♦Universal Pipe A Rad deb 6a -1936 J
♦Untereibe Power A Light 6a. —1953 A
1944 A
Utah Lt A Trac 1st A ref 5a_
....
21
45
....
A
61
Robuloo Co guar 6 Ha
....
1173s
Un Steel Works (Burbach)7s
39%
51%
28%
38%
100*4 102%
101% 102%
33%
227
10534 10812
116
8
♦Sink fund deb 6Hs ser A._.
64
33%
107H 109*8
81
8
♦Un Steel Worka Corp 6Hs A— —1951 j
—1951 j
♦Sec. s f 6Hs series C
84
50
J
1946
San Antonio Publ Sery 1st 6a
76%
40
J
1943
1952
1942
S A ft Ar Pass 1st gu g 4a
51
118
D *103%
{•St Paul E Gr Trk 1st 4 Ha
1947 J
{•Si Paul A K C Sb L go 4HS—-1941 F
81 Paul Minn A Man 5
55
64
46
J
1937
1968 J
Guaranteed 6s
84
54%
J
1990
1937
♦Qen A ref g 6s ser A..
Guar a f 6Ha series B
9*4
81
..
Santa Fr Pros A Phen
22
80%
49
M
Utah Power A Light 1st 5a,,...
{•St L S W 1st As'bond ctfs
1689 MN
J
•2s g 4s Ino bond ctfs
No* 1989 J
J
♦1st terminal A unifying 5a..
1952
8t Paul A Dulutb 1st con g
82
113
IO684
—1944 M
UN J RR A Can gen 4a
48%
75
v
—
United Drug Co (Del) 6s
73%
38%
37
18%
173g
1578
1978 m'b
•Ctfs of deposit stamped
St Paul City Cable cons
71
30
6
20
y~ j
•Certificates of deposit
•Con M 4 He series A
(•Gold 4a
United S S Co 15-year 6a—
52
90
109*8
10534
j
76%
67%
108%
j
M
Gold 4s
U S Rubber 1st A ref 5s ser A
19%
17%
—
1960
•Prior lien 5s Berles B
—
105
7
j
42
82
74
j
1947 J
m e
—
June 2008
United Biscuit of Am deb 5s
45%
IOI4
120%
1st Lien A ref 4s
82
♦
1948 y~i
J
1965 J
J
1950 J
{♦St L Peor A N W 1st gu 5s
St L Rocky Mt A P 5s atD 1
96
73%
2
111%
I {♦United Rys St L 1st g
M N
105H 107U
119
Mt A Southern—
♦|Rly A G DIt 1st g 4s
•Certificates of deposit
1063s
105
9914
120%
,
103% 104%
87*4 87*4
8734
8734
70
High
Low
94*8
21
1714
119U 121
118
12H2
11178 113i8
107% 107%
64%
Low
31
20
70
"66
87
*77
No.
10534
O *10434
20
83%
♦1073s
J
Jan. 1
106
1st Hen A ref 5a
St Joe A Grand
1935
J
Gold 4 Ha
34
22
cqt?
A O
{♦(Union Elev Ry (Chic) 5a... ..1946
A
.1942 F
Union OH of Calif 6s series A ..
1947 M N
12-year 4s conv deb—
On E LAP (111) 1st g 6Hs A
42%
3334
Since
Asked
&
107
....
....
18%
40
41»4
39%
J
.
42
Dec. 31
Low
'
Rut-Canada 1st gu g 4s
33
High
Bid
—1957 A
—1954 j
Union Elec Lt A Pr (Mo) 6s
Range
1933 to
or
Friday's
K
Week Ended Jan. 31
66
19
17%
A
96
Range
Ml
K
High
Low
Low
Y. STOCK EXCHANGE
N.
July 1
Week's
<©
bonds
Range
1935
A
Bid
Low
Roch GAE gen M
July 1
1933 to
Dec. 31
I2
Friday's
EXCHANGE
Week Ended Jan. 31
Y.
43
Range or
BONDS
N.
receivership, or reorganized under
securities assumed by such companies.
♦ Bonds selling flat.
Friday's bid and asked price.
Cash sales in which no account is
taken in computing the range, are shown
below
No sale3.
s
Deferred deUvery sales in which no account
is taken in computing the raDge, are
given below:
Argentine 6s, June 1959, Jan.
28 at 97H«
6s, Oct. 1959, Jan. 28 at 97
12*8""
Cuba 4Hs.
96
103
8818
85i2
98i2
French 7s, stamped,
1949. Jan. 25 at 93 H-
Ital Pub. Util. 7s.
Jan. 28 at 182.
1952, Jan. 28 at 52 H.
Rotterdam 6s, 1964, Jan. 29 at
Wickwire Spencer
114 %.
7s ctfs., Jan. 28 at 22H«
752
New York Curb
the regular weekly range are shown In a footnote In the week In which they
In the following
extensive list
furnish
we
a
complete record of the transactions
daily reports of the Curb Exchange itself, and is intended to include
which any dealings occurred during the week covered:
on
the New York Curb Exchange for
for
^
Par Low
Range Since
1
Jan. 1 1936
Week's Rangt
High
Shares
Low
20
44
46 %
800
110
110%
40
17
18%
4%
2,100
26,000
Class B
2%
•
1
Air Invsstors
15
15
10
Agfa Ansoo Corp oom
A Ins worth Mfg Corp
46
55%
i
44
Jar1
High
Jan
46%
Jai\
4 xllO
1933 t
for
Dec. 3]
Week
1935
112
Shares
Low
Low
Pai
Am dep rets ord reg-.lOa
15
200
3
5
I
3,700
2,700
5,500
9
it
Jai1
2%
11%
44%
2%
4
Jar
18%
Jan
British Col Power cl A
4%
Jan
Brown Co
3%
Jar
15
Jan
Brown Fence A Wire B
Jar
55%
Jan
Brown i-ormau
Jan
Bruck Silk Mills Ltd
32
1
Jar
4
28
*
Jan
Buckeye Pipe Line
Jan
Jar
44%
Jan
77
80 %
460
26
71
Jar
80%
Jan
Jan
$51st preferred
•
Bulova Watch $3% pref..*
Bunker Hill A Sullivan.. 10
Jan
Burco Inc
SO
preferred
Allegheny Steel 7% pref 100
71
115
115
J4
50
25
22
10
64
2%
2%
500
Alliance Investment com. *
2
2%
100
"""eoo
71
115
6
21% 22
93%
98%
110% 113
15%
15%
Jar
Jar
«
25
com
preference
Aluminum
100
Goods
Aluminum Ind
Mfg..*
11
0% preferred
..loo
Jar
%
Jan
Jar
2%
Jan
$3
Common class B
*~22%
Jan
Jar
102%
1,850
54
109
Jar
116%
Jan
Cable Eleo Prod
8
15%
Jar
15%
9%
Jar
13%
Jan
45
Jar
58
Jan
87
Jar
96
$8 preferred
Jan
17
87
1,300
1
75
77
110
41
7
7
100
35
3%
75
4%
,
1,400
9I6
4
100
Jar
4%
Jan
Jar
77%
Jan
1
10
...
Foreign Pow
warr
Amer Qas A Eleo com...*
Preferred
American General Corp 10c
B
i
Jan
i
29%
Jan
i
lT.lOO
4%
5%
21%
24%
4%
4%
41
39%
109% 110%
10%
11%
300
Convertible class A
116
1
3%
1,825
7,300
i
21,100
i
725
i
19
48%
Jan
7
34%
35%
Jan
Jan
30
Amer Hard Rubber com.60
35
40%
Amer Laundry Maoh...20
Amer L A Tr oom
26
20%
21%
18
21%
1,350
1,300
42,500
30
l
Amer Meter Co
*
27%
30
23%
23%
Am Superpower Corp oom •
1st preferred.........*
Preferred.
*
4
93%
63%
99%
60%
Anohor Post Fence
»
Appalachian El Pow pref.*
Aroturus Radio Tube
1
Arkansas Nat Gas oom...*
Common class A
.*
Preferred.
10
Arkansas P A L $7 pref..*
Art Metal Works oom
5
Associated
Eleo
£1
Common
Class A
...i
$6 preferred
Option warrants
*
Associates Investment Co *
Associated Rayon com..
*
Warrants
2
2%
5%
107"
Jan
24%
Jan
4%
Jan
41
Jan
Jan
111
Jan
Atlas Plywood Corp
7%
Jan
11%
Jan
39%
Jan
Jan
39
Jan
Jan
46
Jan
Jan
21%
Jan
Jan
21%
Jan
29%
Jan
30%
Jan
7%
14
500
10
75
Jan
18
Jan
93,700
916
4,400
18
Jan
Jan
1%
30
11
Jan
Jan
*16
5%
300
'is
5%
24%
1%
716
5%
Jan
25
Jan
10
Jan
12%
11%
Jan
-
-
800
3%
-
12%
15%
13,000
5%
Jan
Jan
11%
400
4%
9%
Jan
2%
39,500
50,600
1%
2
Jan
2%
Jan
4
1%
2%
Jan
4
Jan
16%
Jan
Jan
91%
93
60
33
86
Jan
93
Jan
27
85
Jan
87%
Jan
44%
11%
44%
12%
100
37
44%
10%
Jan
Jan
41
41
10%
11% 192,000
v
100
»
10
41
3%
9%
114% 114%
25
81
110
200
75
112
15
15
51
102
17
100
1%
12%
Jan
116%
Jan
Jan
116
Jan
Jan
Jan
55
Jan
92
Jan
102
Jan
15
Jan
675
11
44
Jan
Jan
»u
750
1
48
1,850
2
40
300
1%
20
25%
5%
19%
31
31%
%
500
%
12,000
3%
900
9
120
121
200
100
38
38
50
7
Jan
Jan
Jan
Jan
Jan
48
Jan
19%
5%
17%
117%
40
Jan
31
Jan
22
Jan
Jan
121
Jan
Jan
38
38
Jan
99%
Jan
Chicago Rivet A Maoh..*
24%
28%
1,900
4%
24
Jan
28%
Jan
60%
Jan
55
1,275
5%
34%
Jan
Jan
2,100
5% 355.000
%
%
Jan
57%
%
Jan
4%
Chllds Co pref
100
Chief Consol
Mining Co_.l
Cities Servloe com...
•
50%
Jan
Jan
5%
8
18%
1%
4%
3,000
107
30
Jan
Jan
18%
2%
Jan
Jan
5%
Jan
104%
Jan
107
3,600
%
Jan
2
3%
3%
7%
Jan
6%
6%
8%
Preferred
Preferred B
6% 104,200
8%
9,200
Jan
Jan
Jan
%
4%
54
46%
•
Preferred BB
Jan
%
*
•
Cities Serv P A L $7 pref.*
$0 preferred
•
Jan
23,200
1%
I
,
Jan
5
5%
0%
8,700
2,200
%
95%
50
10%
1,200
9%
Jan
10%
11%
700
10%
Jan
11%
1%
1%
6%
'l6
1%
1%
7%
11,100
Jan
1%
4
Jan
0
42
Jan
48
Jan
7%
42%
Jan
Jan
200
0%
45
Jan
3
11
Jan
49%
47%
16%
3%
47
14%
16%
%
13,200
3
....
3%
20,900
hz
23,700
%
28%
%
200
1
1
Jan
1%
■w
%
Jan
21%
1%
49%
Jan
12%
Jan
50
52
400
12%
14
4,900
"~2% "
3%
9,800
%
1%
12,300
%
70%
6,460
1,725
4% 150,700
Jan
5%
'32
4,300
Jan
7%
Jan
Jan
332
%
a
31
800
1
8%
Jan
100
101
1%
105
44
107%
13
14
26%
Jan
31
1%
Jan
25%
Jan
13
Jan
Jan
34
Jan
13
Jan
3%
25%
16%
35%
14%
Jan
12
13
51
Jan
55
Jan
18%
2
1,700
18
14%
24~8o6
52%
52%
500
4%
17,100
7%
35
1%
2%
Jan
Warrants..
„
Jan
19
3%
Jan
7%
10%
Jan
11
12%
Jan
Jan
55%
Jan
Jan
Jan
u*
Jan
70%
1%
Jan
58
Jan
4%
40
5,900
"""2%"
Jan
15
51%
Jan
73
93
Jan
108
42%
%
40%
Jan
45
Jan
30%
97
Jan
112
Jan
%
60
900
»
Jan
Copper Mines
6
tonsol G E LAP Bait oom *
5% pref A
%
148
50
9i6
Jan
Jan
1%
Jan
Jan
1%
Jan
14
Jan
Jan
23%
Jan
Jan
Jan
%
6%
89%
Jan
5%
8
23%
43,300
6
15%
%
%
5%
5%
89%
1,000
10,700
2,600
45%
80
88
02c
226"
w
w_.Iioo
Royalty Oil
10
90
3
Jan
113
91
84
Jan
113
Jau
230
20
%
4
Jan
5
Jan
20
12%
90
Jan
91
Jan
3%
115
1,900
1
450
226
20
2%
Jan
1
94%
1%
1%
200
<
7%
7%
200
2
<
13%
37%
16%
16,600
2,500
12
800
3
6%
Jan
4
Jan
4%
Jan
1%
12
Jan
Jan
Blokfords Inc com...,...»
$2.50conv pref
*
13%
35%
14%
400
4%
Jan
Jan
<
Black A Decker Mfg Co..*
Bliss (E W) A Co oom
*
13%
35%
21%
13%
Jan
14%
14%
35%
25%
Jan
23%
Jan
Jan
4%
Jan
96
88
Jan
Blue Ridge Corp oom
1
$8 opt conv pref
Blumenthal (8) A Co
Bohack (H C) Co com.
•
48
23%
4%
48%
*
18%
19%
500
2
•
7%
7%
800
6
50
38
•
•
Class A
Amer OU
%
5%
14
15
23%
11%
13%
1%
3%
26
13%
16
1%
3%
4%
1%
23,400
1
100
Jan
1M
Jan
Jan
7%
Jan
2%
Jan
Am
see
< lourtaulds
Jan
5%
Am
Jan
30%
page 757
8,600
2
4%
Jan
6%
6%
3,500
1
5%
Jan
6%
200
10
72
75
1%
1%
3,200
8
8%
400
29%
5,800
dep rets ord reg..£l
15
Jan
1 reole Petroleum
Jan
26%
Jan
<
Jan
13%
Jan
(
13%
1%
Jan
16
Jan
(
Jan
1%
3%
36%
Jan
Jan
Jan
<
1,700
%
12%
6%
3
Jan
29
Jan
7%
27%
16%
20%
Jan
8
24%
28%
32%
12%
1*16
13%
<
1%
12%
2%
13%
leo'soo
<
5%
9,700
Jan
.....6
5
Preferred.
Jan
27%
Jan
21%
Jan
< Uneo
Jan
22%
Jan
Jan
30%
Jan
29%
Jan
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
75
Jan
1%
Jan
6%
Jan
2%
10%
Jan
14%
25%
120%
Jan
57,200
6,100
17,300
400
6%
3%
19%
9%
%
Jan
6
"~i%~
Jan
oom
0%% preferred
•
39
7
39%
12
13
Jan
Jan
Jan
15
Jan
29%
Jan
122
32%
14%
1
Jan
Jan
Jan
Jan
Jan
11%
Jan
2%
14%
5%
Jan
Jan
Jan
23
Jan
7
Jan
100
1%
4%
Jan
15%
37%
106%
Jan
69%
1%
10
Jan
200
100
1%
9%
Jan
4%
5%
23
7
Press
'5,e
.25
(
Jan
28
5
32
100
Jan
700
65
%
%
8
26%
Preferred
9%
%
%
»
34
Ltd—
13%
9,800
300
100
23%
14%
30%
.*
..._l
(
f
dep rets ord reg..£l
For footnotes
Preferred
Jan
%
Jan
British Amer Tobacco—
Am dep rots ord bearerfl
$0 preferred A
< losden OH oom
6%
22%
21
50
Jan
.....1
7%
200
21%
Jan
%
Jan
7%
7
44%
Jan
%
16%
44%
7%
7%
7
Common
Jan
8
96
Jan
6%
9%
6%
IIII*
<
6
"
"Moo
20%
20%
Jan
19%
5
""406
•
53
Jan
43
14,500
•
Jan
Jan
%
8
»
coup
Registered
44%
7
23
7%
Jan
16%
8
300
3,400
3%
28%
400
100
Brillo Mfg Co oom
Brit
50
%
5
3,100
11,700
3%
Jan
%
<
Jan
23
23%
21%
3%
Jan
$3 pref A
Jan
1,000
Jan
Jan
Jan
Jan
4%
91
Jan
4%
Jan
230~~
121
1%
50
Jan
25%
148
150
Botany Consol Mills com.*
Jan
Jan
Jan
900
4%
Jan
Jan
75
Jan
Jan
'is
144
14%
35%
Jan
%
%
121
Jan
14
25
1%
13
8
»
100
8% preferred
1
82,200
3,425
1,600
27,800
500
4
Jan
1%
1%
1%
104%
*
"""3%" Jan
Jan
21109%
144
6%% pf.100
Jan
Jan
1%
1%
1%
11%
Merchandising pref....*
lonsol
'
58
Jan
Jan
AUbUUlttUU
Jan
1%
55%
2%
wuwuuttwvi
916
25%
1%
Jan
Jan
4%
716
1%
Jan
70
1%
55%
2%
Jan
Jan
1
2,600
52%
14%
Jan
32
108
13
3%
1
Jan
xuico—
5% pref
42%
%
5%
1H
«>«•
Jan
Jan
una
Conv
Jan
3,600
1%
64%
Jan
Jan
Jan
Jan
50
47
Jan
96
54
30
Jan
Jan
Jan
48%
Cleveland Tractor com...*
Clinchfleld Coal com
100
Jan
11%
90
41%
48
Club Alum Utensil Co...*
93%
9%
3
46
Claude Neon Lights Ino._l
Cleve Elee Blum oom....*
Jan
%
48%
City Auto Stamping
•
City A Suburban Homes 1(1
Jan
18%
7% preferred
Jan
Jan
Jan
300
Class A
Jan
>
6%
Jan
Jan
1,375
*
Jan
39%
1%
•
Jan
Jan
82
76%
Bridgeport Machine
Brill Cold class B
Jan
17%
48%
2%
3%
31%
5,200
74
25
Jan
2,800
1
6
BraillllanTr Lt A Pow...*
16%
40
38
6%
20%
Jan
8
32
27
100
Jan
16%
1%
1%
18%
31%
warr
Jan
11%
40
100
preferred
42
210
...100
0% pref without
Jan
Jan
1,700
2%. 26,200
3% 122,100
2%
Jan
44%
12%
255
17%
48%
45%
0%
100
55
100
*
t 0
4%
8,900
115% 115%
Cent A South West Utll.l
Cent States Eleo oom
1
Jan
Baboook A Wilcox Co
Baldwin Locomotive warr.
Borne Scrymser Co
Bower Roller Bearing
Jan
Jan
Jan
50
190
19%
4%
Jan
2%
0
22%
4
43%
T% 1st pref
Jan
Jan
26
480
Bourjols Inc
Jan
Jan
Jan
55%
*
Jan
3%
Jan
54
loo
1%
18%
Jan
10
Bell Tel of Canada
•1.
1%
23%
700
Benson A Hedges oom
Conv pref
500
13%
2%
100
142,300
1,300
BeU Tel of Pa
Jan
1%
7I6
2%
Conv pref op ser '29..100
11%
...1
"16
400
Centrifugal Pipe
•
charts Corporation
1
Cfcesebrough Mfg
25
Chicago Flexible Shaft Co 5
10%
com
Jan
500
Jan
9%
Bellanca Aircraft
%
3%
Jan
11%
Baumann(L) ACo7 % pfdlOO
H
•
la preferred
Cent Hud G A E
Tobaooo—
common
6,700
*
Conv preferred
»
Class A
Jan
"16
22%
$7 dlv preferred
Jan
38
Maoh_*
Axton-Flsher
Jan
9
3%
7% 1st partio pref...100
7% prior preferred—.100
Celluloid Corp com
16
19%
17%
1,700
1%
5%
5%
4
Automatic-Voting
%
2%
Jan
*
Cent P A L 7% pref
14
$8 preference A...
Jan
Jan
4%
2%
Atlas Corp common
Jan
Jan
»
35
Assoc Telep $1.50 pref...*
Atlantio Coast Fisheries..*
Atlantic Coast Line Co..50
%
2%
34
21%
Assoc Laundries of Amer
V to common
Jan
2%
7%
10%
Castle (A M) A Co
10
Catalln Corp of Amer
1
Celanese Corp of America
Jan
Industries
Amer deposit rots
Assoc Gas A Eleo—
Jan
Jan
2%
9
11%
dep reo A ord_.£l
Corporation..... *
30%
.
*
Angostura Wupperman..l
Apex Eleo Mfg Co com
•
68%
Jan
51%
1%
33%
%
*
2%
3
20
20
100
Jan
Jan
„*
$0 preferred
Amer
Jan
5%
Jan
A mer Thread Co pref.... 6
Amsterdam Trading
American shares
116
Jan
Jan
Amer Pneumatic Service.*
Amer Potash A Chemical.*
Jan
4%
108
7
850
200
Amer Maraoalbo Co
Jan
Jan
Carreras Ltd—
Jan
Jan
37%
i
5,500
17%
1%
34
*
Class B
Carnation Co oom...
Carolina P A L $7 pref
Carrier
98
29%
16%
1%
48
16%
Jan
50
25%
105%
53%
Carman A Co—
45%
5%
31%
22,700
38%
25
Jan
Jan
2
Jan
Jau
7%
37
100
100
Jar
103
00
16
-
*
1%
Jan
34%
38
preferred
non-voting
Jar
Jan
33%
\36
0%
Jan
Jan
5%
-
1
89
i
1
Amer Mfg Co oom
2,725
2%
39%
24%
14%
50
67%
26
7
1%
25c
35
695
...1
$2 preferred
$2.50 preferred
Jai
SI6
Marconi
Jau
48%
7% Conv preferred..100
Amer A
53%
1%
Carlb Syndicate...
Amer Dlst Tel N J oom._»
Amer Equities Co oom
1
Amer Fork & Hoe Co com *
300
%
Jan
Jan
46%
6%
Amer Gynamld class A.. 10
Class Bn-v
Jai
6%
"5.966
..*
v t c
7
86%
46
Class B
450
900
8%
Jan
27
i
$5.50 prior pref
25
28
Jan
10
Amer dep rets pref shs £1
Calamba Sugar Estate. .20
Canadian Indus Alcohol A*
Am Cities Pow A Lt—
Class A
50
25
2%
33%
Am dep rots A ord she. £1
Am dep rets B ord shs £1
Canadian
35
...
Butler Brothers
Jan
6
«
200
1%
1%
5%
Cables A Wireless Ltd—
300
400
1%
Jan
Jan
58
10c
Jan
15%
31%
7%
Burma Com Am dep rets..
Jar
96
....10c
oom
28
Jai
400
105%
53%
63%
r_.*
21
93
3%
Jan
Jai
12
*16
pref
Warrants
87
4
200
3%
400
7%
24%
104
»
com
conv
82
11%
American Beverage oom._l
American Book Co.... 100
Amer Capital-
3%
28
9
28%
48%
50
2,950
55%
com
Aluminum Ltd oom
Class A
%
2%
Z
Allied Mills Inc
Allied Products cl A
Aluminum Co oomrnon...
0%
Jar
115
90
Allied Intematl Invest
%
High
,
Jai
17%
Buff Niag A East Pr pref 25
30
27%
,JI6
37%
Jar
225
70
3%
21%
2%
*
-
44 %
1
450
7%
Distillery. 1
41
32
2
300
13%
""12"
IOC
29
1
3%
•
0% pref
*
Warrants
Low
,
British Cdsnese Ltd—
Jan
AlabamaQt Southern...50
Ala Power $7 pref....
*
Conv pref..
Higf
Range Since
Jan. 1 1930
'
4,100
4
3%
oom
Sales
of Prices
STOCKS
(<Continued)
Adams MUlls 7% 1st pf 100
Aero Supply Mfg cl A
*
bond, in
or
\
.
July
to
Week
Acme Wire v t o com
It is compiled entirely
1936).
security, whether stock
every
1
July
Sales
of Prices
1936
only transactions of the week, and when selling outside of
from the
Week's Range
1
No account la taken of such sales In computing the range for the year.
occur.
the week beginning on Saturday last (Jan. 25 1936) and ending the present
Friday (Jan. 31
stocks
Feb.
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales aro disregarded In the week's range, unless they are the
5~800
»16
Jan
40%
108
Jan
Jan
Jan
1
Jan
700
4
x9
Jan
11
Jan
200
8
12
Jan
13
Jan
1%
Jan
=ar
July
1
Sales
1933 to
for
Dec. 31
Jan. 1 1936
Week
1935
Shares
Low
Par Low
High
STOCKS
Low
Dep Rets ord reg £1
100
Detroit Gray Iron Fdy
mm
„m +
3
Derby Oil A Ref Corp com*
■
—
105*
9%
5
m
—
-
Handley Page Ltd—
Am dep rote pref
35*
5*
20
*
Preferred
Detroit Paper Prod
Diamond »noe Corp
10
1
10
Ousting
64
Jan
115*
Jan
Hart man Tobacoo Co
Jan
35*
Jan
Harvard Brewing Co
Jan
12
125*
11
11.
2,400
Jan
Jan
Jan
7
125*
25
325*
*
345*
200
8
—
*,
m
m
mm
25*
«•
Jan
98
70
72
»
Driver Harris Co...-...10
Duval Texas Sulphur
*
25*
...10
52 %
....
155*
Eagle PlSherjLead New .10
East Gas A Fuel Assoo—
165*
~5~906
Jan
345*
Jan
5
Jan
Holt (Henry) £ Co cl A._*
Hormel (Geo A) A Co
*
22
22
Jan
955*
Jan
98
Jan
Humble Oil A Ref
655*
Jan
735*
Jan
Jan
5*
39
Jan
Jan
375*
106
*8
108
Jan
Jan
25*
Jan
73
Jan
1
Jan
15*
Jan
2
85*
Jan
105*
35*
7%
Jan
105*
Jan
25*
6,100
75*
65*
85
Jan
80
66
5,825
East Slates Pow 00m B__»
15*
295*
43
31
435*
..........
86 preferred series B
•
87 preferred series A
*
Easy Washing Mach "B"_*
Economy Grocery Stores.*
18
,
150
•
Jan
66
Jan
35*
%
«•«,
27%
18,400
7%
73%
7,000
22 %
100
Jan
15*
Jan
45*
Jan
6
Ind'polls P A L 0 % % pf 100
Jan
Jan
1
10
11
2,300
25*
95*
Jan
11
Jan
45*
7,200
9
25*
'
25*
85*
185*
Jan
93
965*
135*
300
9
Jan
05*
Empire Dlstrlot El 6% .100
Empire Gas A Fuel Co—
125*
100
100
50
525*
51
53
100
54
100
58
575*
595*
400 33
Empire Power Part Stk..*
215*
225*
250
Emsco Derrick A
18
185*
500
%
warrants
Evans Wallower Lead.... *
"l6
205*
Falrehlld Aviation..
1
85*
148
*
Fodders Mfg Co com
•
30
5*
Jan
135*
Jan
105*
305*
Jan
335*
Jan
International
42
Jan
50
Jan
Jan
•
dep rots ord reg.£)
•
.
Fort Worth Stk Yds Co
3%
Jan
65*
Jan
1%
Jan
Jan
1%
145*
Jan
Jan
75*
145*
Jan
13%
4%
37%
Petroleum.*
85*
595*
4
21
Jan
225*
Jan
Class B
25*
15
Jan
19
Jan
38
warrants
'•
1
2
Jan
39
Jan
%
5*
''i
•
100
%
1
~
u
15
1,200
25*
69
Jan
5*
Jan
H
3%
95*
450
5,000
7%
115*
Jan
16,800
2%
3%
Jan
38%
38%
13,700
15%
335*
Jan
55*
385*
23
38
Jan
385*
Jan
7%
16,700
Jan
75*
Jan
3,600
6
—
300
Si
1
1,900
25
32
2,510
7
Jan
Interstate Power $7 pref.*
Investors Royalty com..26
Iron
"""5*
"%
500
350
3%
2%
Iron Fireman Mfg v 10..1C
26
26 5*
Jan
235*
Jan
Irving Air Chute
J
18
23
Jan
105*
Jan
Italian Superpower A....*
Warrants
1
7
Jan
158
Jan
Jersey Central Pow &
Jan
15
Jan
preferred...
Jonas A Naumburg
..2.60
Jones A
.......
Jan """5*" Jan
Jan
53
Jan
64
Jan
Klrby Petroleum
375*
Jan
425*
585*
Jan
Klrkland Lake G M Ltd..'
Jan
Jan
Jan
53
85*
Jan
265*
275*
45*
4,700
4,000
225
85*
145*
25*
*
Jan
15
Jan
23
Jan
15*
Jan
Jan
5*
Jan
705*
Jan
78
Jan
6
Jan
83
Jan
88
Jan
91
Jan
"25* "2 5*
""466
315*
550
2%
2%
1,300
15*
H
1
30
15?£
Jan
Jan
preferred
16
165*
General Alloys Co
•
35*
600
12,600
45*
145*
5*
165*
15*
1115*
Jan
15*
1115*
Jan
Jan
%
15*
Jan
25*
Jan
Jan
745*
Jan
,
75
50
74
4%
5,600
5*
25*
Jan
%
100
%
%
Jan
100
9%
185*
Jan
22
Gen
Eleotrlo
Co
ord reg—£l.
Gen Fireprooflngoom
*
20
205*
700
8
Jan
105*
Jan
]
4%
5%
500
1
55*
Jan
200
45*
%
Jan
%
Jan
5*
Jan
Kolster Brandes Ltd
275*
Jan
30
Jan
21
Koppers Gas A CokeCo—
£1
preferred
100
Kress (Sh) <fc Co pref.. 100
Jan
30
Jan
Kreuger Brewing
10
Jan
17
Jan
Lackawanna RR of N J100
74%
Lake Shore Mines Ltd...}
Lakey Foundry A Maoh. _7
4%
74%
10
55%
6%
58%
6%
10,000
3,100
59%
32%
75
75
165*
185*
8,300
185*
28
Jan
65*
13
Jan
28
7,200
Si
3
1
Jan
415*
Jan
Ss
Jan
Lefcourt Realty com.
Preferred
Jan
Lehigh Coal A Nav
Jan
Jan
250
Leonard Oil
Jan
Lerner Stores common
Jan
Gen Gas A Elec—
86 conv pref B
Gen Investment com
86 conv pref class B
...»
]
1
15*
*
4%
23%
4%
24
100
1
600
7
9%
'Si
11
1%
13,700
82,600
1,100
105*
A stock..•
General Telephone com.20
83 convertible pref
*
General Tire A Rubber..26
6% preferred A
100
Georgia Power 86 pref...*
86 preferred
•
50
60
73
Jan
85
Jan
73
765*
320
20
67
Jan
79
Jan
1
1%
15%
485*
1,100
13,200
1
Jan
25*
155*
Jan
Lion
Jan
Lit Brothers
Jan
Loblaw Groceterias cl A
135*
47
345i
765*
Jan
93
Jan
220
6054
97
Jan
102
Jan
Lockheed Air
90
175
85
865*
Jan
90
Jan
Lone Star Qas
60
71
Jan
73
Jan
Jan
745*
Jan
76
Jan
51
Jan
Ooldfleld Consol Mines. 10
Si
316
1
1,000
55*
Jan
495*
Jan
8
22
8,700
3,200
2,150
3
900
"155*"
39
7%
Jan
Jan
Jan
155*
45*
Jan
Jan
25
Jan
65*
Jan
Jan
11H
15*
Jan
5*
Jan
82
Jan
Jan
110
Jan
Jan
40
Jan
75
1075*
39
Jan
85*
Jan
Jan
Jan
75*
Jan
185*
Jan
19
Jan
75*
a
2,800
8%
75*
Jan
125*
4
200
40
595*
75
235*
5%
40
50
107% 107%
Jan
Jan
Si
Jan
105*
115*
Jan
1
15
10
•
35*
5*
10,700
15*
115*
'
•
175*" Jan
•
14%
♦
i
•
Corp
Corp
Common
8%
10%
•
...100
Pref class B
loo
24
25*
•
Jan
..
Class B
7% preferred.
10
Gorham Ino class A 00m.*
$8 preferred
82
75
Long Island Ltg—
885*
315*
115*
•
78%
Jan
12
165*
55*
•
850
Godchaux Sugars class A.*
Class B
•
Coal
Development...*
87
47
*
Globe Underwriters new.2.
OH
102
165*
25*
295*
105*
•
Jan
pref with warr-.lOO
Lerner Stores (new)
1
80
48
8
Alden
125*
*
6%
100
200
17
Preferred
H
185*
*32
Jan
75*
Gilbert (A O) 00m..
Oien
•
Develop...26
S32
795*
'12
1
•
.1
...»
795*
532
Gen Rayon Co
15*
42
Class A
100
Warrants..
Gen Outdoor Adv 6%pI100
Gen Pub Berv 86 pref
•
7% pref.. 100
Langendorf United Bak—
Jan
Jan
8
205*
185*
Jan
Jan
Jan
55*
%
25
30
100
115*
~2~2o6
"15% ~U%
Jan
Jan
14
10
Jan
j
98
730 "54
98% 100
3
185*
125*
95*
Jan
6
Knott Corp com
Ltd—
Am dep rots
Jan
400
Jan
Jan
65*
9i6
9%
Jan
45*
Jan
9%
8J*
265*
Jan
Jan
Jan
•
Jan
25*
35*
33
%
83%
Froedtert Gram A Malt—
Conv
Jan
...10
Klein (Emll)
Klelnert Rubber.
Jan
Jan
285*
2.m
85*
245*
35*
Jan
Jan
305*
Lane Bryant
100
35*
26
60%
4%
i
Jan
Jan
25*
5*
5*
Kansas City Pub Service—
V t o pref A
*
Kansas G A E 7% pref. 100
Kingsbury Breweries
l
Kings County Lighting
7% pref B
100
6% preferred D
117
85*
Laugblin Steel. 100
Jan
Jan
5*
100
Jan
Jan
32
5*
60
Jan
Jan
Jan
%
20
17
32
'16
83
315*
335*
65*
Jan
Jan
Jan
600
83
Jan
Jan
45*
3i6
205*
42
Jan
114
35*
Jan
Jan
7,000
125
Jan
Jan
855*
15*
Se
5*
78
27
85
600
Jan
Jan
Jan
15*
5*
76
285*
Jan
4,600
'
.100
6% preferred
28,200
Jan
115*
12
100
135*
7%
5,700
Lt-^-
55*% pref
80
1,350
10
Jan
5*
25*
Jan
28
1
145*
135*
Jan
%
com...
Jan
'is
5*
18
Cap Copper
Jan
15*
S.
316
•
64
Jan
®i6
27,500
305*
Interstate Hoe Mills
20 "SI
64
5*
Si
316
New warrants...
Jan
Jan
8,900
1
295*
Jan
6
75*
"85"
%
Jan
Jan
4
1%
%
500
115*
Jan
25*
42
Jan
15*
195*
64
1,700
2,300
45*
400
600
45*
%
9
•
Jan
195*
\
1
15
%
25*
•'
4%
l
25*
1,800
155*
sis
5
25*
Jan
14%
5%
13
143
2
Jan
Jan
7
*
30
35*
Jan
7%
11%
60
0%
100
65*
Jan
Internat'l UtilityClass A
i
Ford Motor of France—
American dep rots
Jan
Internati Safety Rasor B_*
4,100
85*
3%
96
Jan
Jan
110
85*
245*
275*
1
:
Jan
Motor Co Ltd—
Ford Motor of Can cl A..*
Jan
34
Jan
16,400
58
925*
3%
Jan
58
6
85*
Jan
48
32
53
650
395*
5%
50
18%
Jan
'
7
Jan
1,700
100
Jan
5*
595*
375*
565*
Jan
65*
6%
96
34
Jan
Stores—
•
Jan
395*
34
Mining Oorp.__l
Warrants
Jan
»
J
145*
Jan
'
.
25%
835*
internat
■
..100
Jan
100
Jan
47
Film Inspection Mach....*
100
135*
38
9%
400
Jan
Jan
435*
6,300
'Si
Jan
11
44
155*
"85"
Jan
24
76
8
Fiat Amer dep rects
)
245*
Jan
84%
8
20,200
315*
95*
Jan
2,200
Jan
31
305*
Ferro Enamel Corp com..*
Jan
2,800
625*
175
1
9%
20)*
6
17%
Jan
150
Fanny Farmer Candy
Fansteel Metallurgical
Jan
83)4
43
9,900
55*
145*
145*
__j
Jan
445*
16%
75*
6,800
105*
455*
Jan
80
125
22
8
Jan
38%
35*
205*
Registered
International Products.. •
6% Pref
100
145*
Ex-oell-O Air A Tool
365*
10
2
1,100
1
Jan
6%
275
Si
11
-.100
Fire Association (Phlla.) 10
98
Jan
80
Option
Fajardo Sugar Co......20
Jan
'
t
25*
40
10
Holding A Inv._*
Pref S3.60 series
Intl Metal Indus A
15
1
50
25*
Jan
Internat Hydro-Eleo—
10
200
Equip. .6
Equity Corp 00m
10c
Eureka Pipe Line
50
European Electric Corp—
Jan
35
2,000
915*
1
1,675
-
Jan
17
2
Internat
4%
34
1
Jan
5%
International Cigar Maoh *
Jan
50
Class B
75*
•
Jan
65*
165*
Am
Jan
1
Jan
Jan
335*
Ford
25*
20
Class B
95*
Jan
50
Elgin Nat Watch Co...16
Florida P A L 87 pref
1h
11%
Non-voting class A....*
Industrial Flnanoe—
Vtocommon
415*
2
165*
315*
Electrographlo C orp com. 1
preferred
Jan
600
Jan
5*
'■«
725
12
Jan
Jan
6
10 %
6%
Jan
H
3,000
•
Jan
35
100
5H
7% preferred
100
Insurance Co of N Amer. 10
Electric Shareholding—
Elec Shovel Coal 84 pref..*
Jan
%
Indian Ter ilium Oil—
81
*
735*
500
14%
6
Jan
Jan
75*
Jan
23,000
,
39%
96
38
745*
25*
9H
24%
24
14%
10
22
205*
2,250
Jan
62%
2%
350
39%
£1
Jan
8,900
1
22%
Jan
81
Option warrants
9%
22%
18
77
5*
35*
3,400
275*
Industries
36
155*
•
9
Ghem
Jan
Jan
415*
Jan
34%
6%
Jan
85*
305*
Jan
225*
1
750
I '
45*
•
1075*
20%
450
Britain and Ireland
Indiana Pipe Line
25*
6
Jan
105
25*
395*
75*
6,350
445*
100
Jan
195*
705*
86
45%
43
*
preferred
435*
85*
Jan
Flsk Rubber Corp...
40%
6%
Jan
Jan
Fllntokote Cool A..
39
245*
Jan
1
Jan
Im per leal Tobacco of Great
25*
National
38
Imperial Tob of Canada.5
155*
7% 1st preferred
5%
Jan
60
First
55*
Jan
35*
25
Fldello Brewery
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
«
1,900
4,900
43
4,300
Falstaff Brewing
7%
Jan
35$
3,900
195* 305,600
7% preferred
2%
38%
5
300
-
4
705*
0% preferred
6 5*% preferred
7% preferred
8% preferred
1%
75*
23
35*
86 conv pref ww
Jan
88%
35%
4
68
Common
35
15%
320
1
Common
Jan
85
Jan
165*
*
Class A
Jan
475
7% pref stamped
100
Hydro Electric Securities.*
Amer deposit rots
£1
Imperial Oil (Can) coup..*
Registered
_•
Jan
2,200
38
85*
595*
*
Eleo P A L 2d pref A
Jan
32%
33 %
7,300
Imperial
Eleo Bond A Share 00m... 8
Elee Power Assoc com
22%
16
106%
%
25%
70 %
Jan
415*
7,800
2,500
20
!
36
Jan
30
•
19~200
8
75*
Edison Bros Stores com..*
''m
35*
4
53
1,950
61
86 preferred
Jan
Jan
Jan
33
10,100
74
85 preferred
18
Jan
Huylers of Delaware Ino—
5*
45*% prior preferred-100
0% preferred..
100
Eastern Malleable Iron
5
Eisler Electric Corp
Jan
»
Illuminating Shares cl A..*
*
Common
17%
75*
Jan
3
25
1,800
105*
Jan
Jan
>8%
1%
Jan
125
95*
Jan
13%
65*
V
»
Holophane Co com
22
3,800
85*
22
10%
11%
4
400
53
•
6
32
.....
•
Jan
25*
600
Illinois PALM prei
Durham Hosiery class B__*
22
34,900
Jan
5*
25*
75
Jan
18
155*
62
755*
25*
10
Duke Power Co
55
26
105
95*
Dublller Condenser Corp.l
Jan
2%
•
"20
1075* 108
100
7% preferred
51%
800
Heel a Mining Co
13%
17%
7% preferred
100
Had Bay Mln A Smelt...*
40
Draper Corp
Jan
14
12%
305*
52
Jan
2%
•
12
2,900
*
175*
2%
Horn & Hardart.
50
965*
..100
7% preferred
Jan
2%
Jan
Jan
Jan
Jan
9.100
25
Dougals (W L) Shoe Co—
25
Jan
3%
2%
43*
135*
4%
70
Dominion Textile Ltd com*
24
72
Jan
3%
Jan
Jan
Jan
1%
.1
24
45*
68%
2,500
28
17%
5,600
Dominion Steel A Goal B2f>
Dow Chemical
48%
2%
Hollinger Consol a M
25
Jan
15*
Heyden Chemical
Hlree (O E) Cool A
High
7%
7H
*
Helena Eabensteln
9%
65*
Low
Low
Haieltlne Corp..
.......
.......
1%
Shares
Hartford Electric Light.26
Jan
Jan
""65* ""65* "l'ioo
£i
Amer deposit rots
Doehler Die
Jan
1
•
Dictograph Products
2
Distilled Liquors Corp.. 6
Distillers Co Ltd—
Jan. 1 1936
1935
1H
15*
15t
Range Since
Dec. 31
8sb.
85*
62
675*
—
1,800
1,250
High
Par Low
High
4
1933 to
for
of Prices
(Continued)
De HaviUand Aircraft Co-
Dennlson Mfg 7% pref.
Sales
Week
Week's Range
Range Since
of Prices
(Continued)
1
July
Week's Range
STOCKS
Am
753
New York Curb Exchange—Continued—Page 2
Volume 142
Jan
315*
Jan
Loudon Packing new
*
Louisiana Land A Explor.l
8
Jan
115*
Jan
10%
11%
4%
78%
4%
84
69
26,000
"
90c
13,600
4%
95*
Jan
15,500
2
45*
Jan
5
Jan
380
38
725*
Jan
84
Jan
525
32
64
Jan
74
Jan
Jan
75*
145*
Jan
74
7%
7%
700
11%
14%
79,400
95
95
•
2%
75*
95*
Jan
Jan
Louisiana L P & L Co—
25*
Jan
5*
Jan
25*
Jan
Jan
3
Se
3
Jan
Jan
$6 preferred
*
22
Jan
245*
Jan
Luoky Tiger Comb Q M 10
Lynch Corp com
.6
185*
Jan
Mangel Stores Corp.....
Jan
215*
125*
Jan
10
.......
1%
95
Jan
95
Jan
345*
25
Jan
x53%
Jan
75*
Jan
Jan
2
"
'H'% "x53%
Jan
6~800
•
15
Gorham Mfg Co—
Vtc agreement extended
Grand Rapids Varnish
*
Gray Telep Pay Station..*
19
20
115*
285*
125*
1,800
105*
45*
1,400
10,800
325*
205*
8
Jan
325*
Jan
Non-vot com stook
*
7% 1st preferred....100
26
Greenlleld Tap A Die
*
Gt Northern Paper
Grocery Stores Prod v t o25
Guardian Investors
)
120
Marconi internat Marine—
American dep reoelpts.£l
Jan
Jan
15*
8,000
48
50
40
825*
Jan
405*
70
Jan
91
5*
*
.
For footnotes see page 757.
7
Massey-Harrls com
91
Jan
845*
Jan
Jan
Jan
H
65*
Jan
72
75*
5*
Gulf States Utll 86 pref...•
875*
Jan
Jan
95*
15*
15*
85t
91
Jan
Jan
600
15*
4%
71%
315*
6,300
..
.a
Jan
65*
-
2,400
5*
««
3
"~5H"
Jan
9%
Maryland Casualty
1
Masonite Corp com......*
Mass Utll Assoc vtc
1
Jan
8.500
*
18
255*
""75*" Jan
300
1
"25"
""loo
215*
9%
100
05*
100
4
8
12
"25"
Margay Oil Corp
•
Marlon Steam Shovel....*
Jan
195*
15*
875*
128
1265*
800
95*
83
Gypsum Lime A Alabast.*
Hall Lamp Co..
*
1305*
Jan
1*16
7%
100
Mapes Consol Mfg
Jan
9
Gulf OH Corp of Penna..26
85.50 preferred.
1265*
25
1265* 1275*
1265* 1265*
315*
295*
118
ww
Jan
Great At) A Pac Tea—
300
65*% pref
7
18
7%
95*
625*
255*
Jan
95*
9
165*
7
Jan
Jan
14,250
85*
35*
625*
Jan
Jan
15,400
41,800
1
15*
Jan
8
50
88
65*
575*
22
47
6%
Mayflower Associates
•
57%
May Hosiery Mills—
$4 pref ww
*
47
47
50
10
4,700
9%
Jan
15*
•
MoCord Rad A Mfg B._*
Jan
1,200
12,900
4%
74
2%
7%
57%
2
53
245*
1
15*
85*
18
Jan
Jan
Jan
Jan
85*
Jan
55*
Jan
74
Jan
Jan
25*
75*
Jan
Jan
585*
Jan
Jan
47
Jan
Jan
105*
Jan
Jan
New York Curb Exchange—Continued—Page 3
754
Week's Range
Sales
July 1
1933 to
Range Since
of Prices
for
Dec. 31
Jan. 1 1936
Week
1935
STOCKS
(Continued)
Par Low
McWllliami Dredging
Memphis Nat
—
7% preferred
Mexico-Ohio
Jan
70
Jan
Jan
88%
Jan
1
9,000
500
IK
5%
Jan
1
8%
7
20%
Jan
23
6%
Jan
8%
Jan
3%
Jan
5%
45%
Jan
%
Jan
4%
5%
1,900
^
45*
45 %
100
6%
%
%
100
2%
2 %
IK
2%
«.c
%
1%
Sugar Co
•
Preferred
*
Jan
300
3
800
IK
6
10
'•
8,600
40
Jan
si«
1%
IK
K
1,000
Jan
Jan
Jan
Jan
Jan
v
Class B
t e
6
2%
316
3%
$6 oonv pref ser A w w..*
Certificates of dep.. '
3%
12 %
19%
44%
10%
Jan
19
Jan
1%
44%
1%
22
91%
Jan
4%
18%
200
ik
17k
100
6%
Mob A Hud Pow 1st
85
89 %
65
200
30%
Mfg
pref.*
*
1
Montgomery Ward A
*
Montreal Lt Ht A Pow...*
Moody's Invest Service..*
Moore
*
Corp Ltd com
"
1,750
88 K
36%
62
iok
150
4,800
500
uk
148k 152
32 k
33
•
35k
37
1 *i«
7k
1
si6
3%
Jan
Jan
Jan
"27"
~29%
*
Jan
Jan
12%
20%
45%
1%
Jan
25
Jan
Pie Bakeries Inc
91%
Jan
Piedmont A Nor Ry
Pierce Governor eom
Jan
111
Jan
18 %
Jan
109%
Jan
Jan
104%
114% 114%
89
88%
67
69%
75
42%
114%
Jan
118
Jan
Jan
0
oom
•
Phila Elec $5 pref...
Phoenix Securities—
*
Jan
Jan
Jan
100%
.....*
32 conv pref
._*
National Investors oom__l
preferred.......I
100
13
13
2K
46
..*
27
•
8%
10
9
UK
3k
11,000
86
"is
ik
ik
2k
75
90
Jan
1
Jan
70
Jan
Jan
8,800
12,200
IK
ik
•
Meter
Jan
152
Jan
Pitts Bessemer A Le RR
J
Jan
33
Jan
Pittsburgh Forglngs
25%
5
%
Jan
%
7%
Jan
143 %
Jan
Jan
29%
151%
I
Jan
.
13%
14
52
Jan
Powdrell A Alexander
►
Power Corp of Can com..
Pratt A Lambert Co
Jan
i
Mining
Pressed Metals of Amer.. ►
...
33 1-1
S
Jan
46
Jan
13
Jan
13%
Jan
Jan
27
Jan
32
"
100
Co com...*
•
pref.. 100
Nelsner Bros 7%
Nelson (Herman) Corp...6
Naptune Meter olaee A..
Nestle-Le Mur Co cl A
*
100
OH
1
New Haven Clock Co....*
Mining Oorp.lO
New Process com.......
N Y Auction Co com.....*
N Y Merchandise
*
N Y A Honduras RosarlolO
N Y Pr A LI 7% pref...100
•
77%
5%
1
1,300
Jan
Jan
1
If Y Steam Corp oom...
N Y Telep 6%% pref-100
5
N Y Wat Serv 0% pfd..l00
16
Class A opt warr
Class B opt warrants
Class B common
5
Nllcs-Bement-Pond
__.*
6
.....1
Common
1
3%
%
Jan
%
SO preferred
•
Nor European Oil com..
5k
•is
50
Jan
9
7% 1st preferred....100
Northern Pipe Line
10
Nor Sts Pow com class A100
Northwest
Engineering..*
Corp... •
Ohio Brass Co ol B oom..*
Ohio Edison $6 pref......*
Ohio Oil 6% pref
100
74
4k
8k
92
24 k
3
13
10%
Jan
%
6k
K
k
20 k
3,000
2
1,000
3k
«»
800
1
10
37
3%
76%
5%
9%
95%
5K
~2~300
24%
300
3
108
9k
19
43 k
IK
2,800
47 h
V.
500
1U
34
1,500
10k
%
1,500
1,050
4,100
%
..»
*
l
1st pf -25
59
53%
9k
100
20 k
1,400
Jan
H
4k
70
4K
625
•
11
%
%
300
3
70
120
20
9k
k
2k
10k
11
7%
or
L oref
'
12%
50
k
4,800
2%
3
14%
1%
Pub Utll Secur 17 pref
Puget Sound P A n—
9K
35
12
12,600
16%
38
2.100
3%
5%
Jan
Jan
Jan
Jan
112%
15%
14
Jan
Jan
Jan
preferred
5%
67
29%
.....
3%
34%
134
75
10
100
8
Class B
137
20
t
2%
1
k
*16
4
Raytheon Mfg
v t e
4%
•
-
——— —
4
3%
.....
46%
3%
Jan
fteiter-Foster Gil—......
Jan
76%
Jan
Reliable Stores
Jan
5%
9%
96%
Jan
Reybarn Oo I no
Jan
Jan
Reynolds Investing......!
RIee Stlx Dry Goods
*
Jan
25%
Jan
Richfield Oil pref
3%
43%
Jan
Richmond Rad
Jan
Roosevelt Field, Inc
Root Petroleum Co
31.20 oonv pref
Rosa la International
Jan
Jan
Jan
Jan
38
Jan
Jan
109
Jan
Jan
108
Jan
96%
Jan
11%
Jan
9%
20%
119%
5%
Jan
Jan
Jan
Jan
53%
"""% ""%
15
com
]
16
4%
oom
5%
2%
2
10
10
25
1%
.....1
4%
fl
%
2%
Jan
Jan
15,400
k
Jan
Jan
103
Jan
37%
14%
54%
Jan
41%
Jan
Jan
26
Jan
Jan
58%
Jan
100
»
9
58
Jan
58
Jan
92
Jan
98
Jan
5
525
%
3%
Jan
1,190
3,450
7%
50%
Jan
67
6
22
Jan
34%
14
Jan
14%
1%
290 •108
5%
Jan
Jan
Jan
7%
32%
2%
3%
Jan
Jan
12
Jan
38
Jan
Jan
141
6
Jan
137%
Jan
Jan
130
Jan
Jan
5%
13
142
Jan
14%
Jan
17%
17
Jan
20
1,000
4k
3,900
%
%
Jan
2%
200
%
1
•is
K
%
Jan
200
Jan
3%
10%
4
Jan
26
Jan
%
700
3
Jan
------
3
%
1,200
1,750
40
Jan
Jan
Jan
Jan
%
4%
7
15
8
16%
Jan
4
Jan
Jan
Jan
53%
Jan
Jan
Jan
Jan
7%
,5i6
16%
Jan
Jan
'is
1%
*16
12%
1%
Jan
5%
11,000
%
6%
4%
1%
Jan
2%
9
Jan
'*
Jan
Jan
4%
6,300
11
Jan
Jan
Jan
Jan
6,800
%
1%
Jan
2%
Jan
1,600
9,000
13,600
2%
4%
Jan
5%
4%
Jan
Jan
Jan
%
%
8
1,600
3,400
1
%
Jan
39%
6%
8%
28
5,500
3,400
700
2%
5%
2%
1
20
k
44
48%
3,200
8%
Ruweks Fifth Ave.
.5
Rustless Iron A Steel.—..*
13
14%
600
2%
12,800
%
%
3%
5
2%
Jan
Jan
4%
102%
2%
3,700
90%
450
2
Jan
4%
14%
*16
38%
Jan
Jan
Jan
Jan
8%
17
Jan
1
Jan
48%
14%
Jan
1
8
Jan
3%
1%
Jan
5
Jan
Jan
2%
Jan
72
35
6,600
%
5% 109,000
360
73%
•
Jan
90%
3,6
3%
63%
Jan
%
Jan
Jan
5%
Jan
Jan
73%
Jan
%
Jan
Jan
Jan
%
K
Jan
Jan
9%
ik
Jan
1%
IK
Jan
Jan
•
•
50?
-ted Rank Oil Co
Jan
9,800
»i6
11
Raymond Concrete Pile—
Reed Roller Bit Co......
Reeves (D) com.
10%
15,800
Jan
Jan
50
"15% ""75
"is
Jan
Jan
6K
16%
Jan
Jan
111
Jan
14
8%
3k
Jan
%
9%
98%
6%
Jan
6
%
%
"5% ""366
5%
Jau
Jan
Jan
70
2%
21%
Jan
Jan
Jan
Jan
2K
7%
Jan
1
3%
62%
Jan
31%
68
'
2
81
19
■
K
400
Jan
4%
1(
Jan
2%
69%
IK
8%
74%
24%
110%
4%
2K
37
900
58
Jan
9
K
30.500
Jan
3,400
470
103
t4%
Jan
16
118
5
34%
12%
Jan
Jan
Jan
9%
-
270
Jan
Jan
4%
110%
12%
11%
2%
105
12
Jan
Jan
Jan
3%
6K
Jan
8%
39%
44%
3%
3%
Jan
4%
Jan
5i«
Jan
86
3t Anthony Gold Mines.. 1
at Regis Paper new oom
5
3I6
4
7% preferred
100
Salt Creek Oonsol Oil
1
Salt Creek Producers
10
Savoy Oil
*
Schlff Co com.
"II*
29
Sohulte Real Estate com..*
SoovHle Manufacturing.25
38
—
.
64%
1%
1%
8%
4,400
3
3%
17%
14,600
8
%
400
29
7
5
%
13
200
"16
Jan
1 %
8%
Jan
Jan
1%
Jan
3%
Jan
29
%
200
38%
k
7ie
425
Jan
Jan
32
Jan
7i«
Jan
32%
17
Jan
40
Jan
Jan
50
Jan
,3i6
Jan
Scranton-Sprlog Brook
4k
45%
48
8
2,450
18
'""5% ""6% ~2~500
6
*16
98%
K
8%
3,600
1%
k
4,000
1
98%
25
16
2»
87
98%
20 K
106% 107%
125
45 K
4K
6%
7k
23k
7k
200
29k
20,800
16%
37k
17%
38%
500
32%
1,900
33k
150
106%
3
Jan
Securities
46
Jan
See man
Segal Look A Hardware..*
Seiberllng Rubber oom...*
Selby Shoe Co
*
Jan
6%
Jan
Jan
8K
Jan
Jan
7i6
Jan
Jan
98%
Jan
Jan
79
Jan
Jan
105
Jan
«
«»
300
14 K
7
Jan
107%
Jan
Corp
Bros
General
*
Ino
Selected Industries Ino—
Common
1
15.50 prior stook
25
Allotment certificates...
106% 107
1%
11%
7%
5H
27%
111
2%
15
Jan
Sherwln-Williams
101%
Jan
13%
1%
Jan
6K
31
4,600
1%
18%
4%
29%
26%
104%
Jan
2,300
23
106
Jan
112%
103%
14%
2%
Jan
106
'""loo
"
16%
66%
Jan
47k
49
'MOO
.26
6% preferred A A
Jan
6% pref A A dep rets. 100
Jan
8herwln-WIlllams
Jan
.100
of Can
*
8%
Jan
Jan
37%
78
Jan
86%
Jan
6%
Jan
Singer Mfg Co
Singer Mfg Co
5
20
2%
50%
123
51
130
109% 110
109% 110
18%
19%
3,800
270
31
Jan
27%
Jan
Jan
106%
78
Jan'
80
10
47
Jan1
51%
Jan
Jan
'
Jan
Jan
.100
32%
90%
20
175
Jan
2%
Jan
Jan
%
12%
Jan
Jan
Jan
5%
Jan
14%
356"
20
Jan
Jan
130
Jan
Jan
110
Jan
Jan
110
Jan
4%
51
Jan
Jan
Jan
Jan
20%
Jan
18%
119
4%
300
2
4%
Sioux City G A E 7% pf 100
Smith (A O) Oorp oom
*
(L C) A Corona
"
356%
Jan
Jan
4%
Jan
Jan
3%
— — — —
15 H
..
*
Jan
2
5
"350"
Smith
v t 0 com..
21
Jan
47%
118%
107%
Ltd—
Amer dep rec ord reg.£l
Typewriter
»
Jan
109
%
12
500
Simmons Boardraan Pub Co
Convertible preferred..*
70
For footnote* see page 757
eom.
Jan
15
81
900
4,400
107
Jan
38
86%
4%
Jan
6
650
3%
87
Jan
87
Jan
Jan
Jan
Jan
85
19%
111
11
Jan
Jan
85%
14%
Shenandoah Oorp oom...!
33 oonv pref
25
K
32
300
Shawlnlgan Wat A Power.*
Jan
1%
2%
Jan
20%
Jan
2,500
%
30%
1,100
35
3,600
13,100
3%
2%
106%
8
3%
15%
Jan
*16
7%
4%
Jan
Jan
3
250
Jan
Jan
2
1
%
Jan
10.200
32
30%
«
Jan
1%
6
"14% """360
3,700
1%
8k
1%
81K
10
3%
%
46%
3%
7,800
80
800
2%
5%
Jan
3,100
Seton Leather oom......*
Shattuck Denn Mining...5
Jan
13,000
Jaa
%
Jan
101%
104%
46%
3%
2%
44
12%
Jan
18%
39%
71
104
34
100
3%
42
%
7,800
%
29 %
Jan
27
50
5%
44
9%
4%
7%
Jan
36
3%
Selfrldge Prov Stores—
Amer dep rec
£
Sentry Safety Control—.1
Jan
Jan
50
47%
44
Jan
21%
15%
30
10
._.*
48
Jan
105
103
Water Co $6 pref
Jan
79
21
25
•
Pacific P A L 7% pref—100
300
22,500
Jan
Jan
6%
26
Jan
36
15
17 K
70
20
108
116k h9k
"l4"
5
B oom.*
23%
11%
35%
Jan
15%
Royal Typewriter
Olletooke Ltd
Paclflo Tin spec stk
7%
200
.......
22,500
800
34
35%
107k 108 K
111
6K% 1st pref
Paolflo Ltg S6 pref
3,700
49%
Jan
85
Ohio Power 6% pref...100
Ohio P S 7% 1st pref..100
Paciflo G A E 6%
Jan
58%
2%
I
Northern N Y Utilities
Paclflo Eastern Corp
6K
68%
17%
Jan
K
100
100
pref
Jan
22
25%
Jan
Jan
700
Nor Ind Pub Ser 6% pfd 100
conv
3%
109
Jan
16
400
5%
North American Match..*
No A mar Utility Seourltlee*
Nor Cent Texas Oil Co_.5
Securities
%
28,800
Jan
^ubllo Service Okla—
SO
Nor Amer Lt A Pr—
Class A
Jan
103
Jan
Niagara Share—
Overseas
23%
Jan
Pow—
oom
Jan
58
Jan
7
Shipbuilding Oorp—
Motors
Jan
23 %
*
<5 preferred
7%
Jan
3%
69
preferred......—..
85
Jan
74%
Jan
Jan
)
Jan
Jan
Jan
Jan
2%
%
3
111% 112%
14
15%
13
13%
2%
3
13
1%
2%
3%
Jan
23
<
Jan
6%
2%
8K
3K
26
Jan
21
•
86
Jan
»is
%
7% preferred—....100
New Mex A Arls Land
"is
1%
2
2
pf.-lO
12.50
Jan
Jan
Jan
8%
69
930
16 preferred.....
Pub Serv of Colo—
Jan
Jan
10%
37
Jan
98%
16%
%
16%
%
16
7%
Jan
Jan
7%
37
1%
10
21%
%
10%
2%
Jan
51
2
*16
*
Jan
Jan
Realisation*
2
12%
30%
36%
21
Producers Royalty......
Jan
23
Jan
900
1%
Premier Gold
Jan
Jan
Jan
9%
2,600
6%
34%
36%
1%
2%
"l9%
3%
2%
-----
*
13%
Jan
14
Jan
2
------
Jan
Jan
50
Jan
3
74%
2%
Jan
UK
Union Radio Corp-.l
Outboard
800
»
Jan
Jan
7%
109
73%
103
32%
Jan
Jan
Jan
Jan
3
no
8
11%
1%
1%
43%
K
"i'eoo
Novadel-Agene
28,600
-----
5%
Jan
Properties
%
""960
preferred
9
I
141%
26%
149%
.
Pitney-Bowes Postage
1
1%
700
25%
7%
10%
18
1
•
10,200
"~8%
50
Jan
89
%
8%
Jan
11%
9%
45
------
12%
38
3%
100
10%
4%
%
16%
2,800
80
35
"82% *85" ~i~350
Conv part preferred...*
National Steel Liar Ltd ..*
National Sugar Refining.
Nor Pennsy RR
Jan
-----
3
K
80
>
Electric
Jan
Jan
Jan
14
Public Serv Nor 111 oom..
~2~7<)6
11,060
Noma
6%
39%
13%
1,500
4,500
24%
%
1%
22 K
Nat Service common.....1
Nlptsslng Mines.....
Jan
Jan
12,300
1
4%
3,700
Hud
Jan
6%
5
21K
2K
7
Common
114%
3
29
7k
Niagara
Jan
11
50
1,100
6k
Y Transit
114%
13
J
500
7
N
4
90
21
50
39%
Jan
23,200
Nal Rubber Maoh.......
Founders shares
800
5%
Jan
31%
200
National Refining com..25
Y
17
46
26%
*
SO proferred
Jan
5
"loo"
.....
Nat Leather com....
N
Jan
41
11%
38%
Nat Mfg A Stores com...*
Zlno
70%
Jan
Jan
38%
30
26%
.....*
L $0 oref
Jan
39%
13%
1
Jan
•
Common
National Fuel Gas
Jan
63%
21
»
Jan
Jan
41%
62%
87
530
450 »
114% 114%
600
Jan
41
40%
16%
9
1
18
0
•
oom
National Coutalner Corp—
Newmont
Jan
Jan
103
20C
Jan
%
National Candy Co oom.
New Jersey
Jan
8%
5%
Jan
Jan
74%
72%
Jan
100
2k
New Bradford
110
Jan
Jan
97
18
17%
3%
5~ioo
52
44 k
Nev Calif fcieocom
Jan
110
66%
------
Jan
142
100
150
i
Natl Beiias Hess oom
oom
19
500
28
28,600
8,400
52
Nat Bond A Share Corp..*
Corp
Jan
103 K
•
Voting trust otfs
Nehl
--
Jan
5%
Jan
109%
12
~
150
Nachman-Sprlnfllled Corp*
com.l
Nebel (Oscar)
37
5
18
4%
5
18
31%
35%
National Baking Co
Nat
Jan
38%
24%
103
16%
...100
Transit
Jan
Jan
109
Penn Salt Mfg Co
f 0
Pa Water A Power Co.... •
1%
k
Oo......
Tea Co 5%%
83
28
♦
preferred
90
6k
New common
Nat
-
Jan
Jan
Jan
•
M
3%
Jan
10
2%
150
1
Mueller Brass Co oom
National
50
41%
26%
300
30
10
Mountain Producers
PA
-
46%
Jan
75
8%
-
1
Mountain A Gulf Oil.
S»olon»<
43%
Jan
27 K
39
-----
81
56
200
30
Mountain flts Tel A Tel 100
Warrants
19%
«
-----
...
15%
9
•
American Shares.......
25 50
36%
9,60C
3%
Mtge Bk of Columbia-
8% preferred
2,10C
1%
Jan
109
65
100
Preferred A
MurohyM'"
3.60C
28
2%
Jan
K
4
7% pf 100
preferred
Molybdenum Corp
Jan
100
2%
"ts
25
100
6% Pfd 100
2d
83
27%
*
Jan
2%
2%
17k
Mlsa River Pow
5%
86,400
Jan
7%
800
44%
.....
vl trilnic A
Jan
8%
6
%
K
Mook judson Voehrlnger.*
>t>»
Jan
5
3%
5%
6%
Ms
25
IH»
5%
8%
Jan
Jan
Jan
Jan
Jan
23
Mln
46 k
77
•
Philadelphia Oo
*
Mining Corp of Can.....*
Minn Pow & Lt
53%
Jan
4%
Jan
"is
516 212,900
*3%
1,800
200
3%
12 %
19
....
Midland Steel Prod
.
44%
•
Class B
Peninsular Telep oom
Preferred
Jan
3%
IOC
*
com.
High
45 %
%
1
Midland Royalty Corp—
.
5
5
Low
31%
It 0
Penn Mex Fuel Co....... 1
5K
24,800
Middle West Dtll com..
Co
Low
Jan
3
13,900
i %
t t o.._.—...
VTldvale
Shares
13,20(>
53*/,
5/4 229,50(
49%
4%
•
4
Class A
12 oonv pref
Jan. 1 1936
Jan
Jan
2K
Range Since
1935
*
Rust-Proof
Middle States Petrol—
•
Higl
1933 to
Dec.3l
0
Parker
..*
Oil
Jan
....
*
Michigan Gas A Oil......*
Low
0
80
60
Scott *
Michigan
59
44%
"1% "7% "3" 900
6%% A preferred—100
Merrui chapman a
\r
i2K
100
1G0
Mesabl Iron Co
High
1,600
6%
22%
1
Sales
Wesk
80
21%
Mercantile Stores com...*
Merchants & Mfg cl A__.
Low
1936
1
for
Rang 0]
of Prices
{Continued)
Low
•
July
I
Week's
STOCKS
70
6
Gas com-.5
Shares
High
66 %
80
•
Mead Johnson A Co..
Feb.
19
27
5,200
3%
19
Jan
27
Jun
755
New York Curb Exchange—Continued—Page 4
Volume 142
July
July
1
Sales
of Prices
for
Dec. 31
Week
1935
Shares
Low
STOCKS
{.Continued)
High
2%
Par Low
2
6
J
1
Bono lone Corp
So Amer Gold A Plat
17
25
28%
300
5%
200
Jan
6%
Jan
Jan
28%
25%
Jan
26%
26
So'west Pa Pipe Line...60
Spanish A Gen Corp—
Am dep rets ord bear.il
Am dep rets ord reg._£l
Square D class B com
1
Class A pref
*
Stahl-Meyer Inc com
*
Standard Brewing Co
*
Standard Cap A Seal oom.5
Standard Dredging Co—
32%
34
1,800
1,400
2,300
54
54
50
5%
3
Jan
5%
%
100
5
1
1%
8%
8%
8%
4%
1
Jan
1%
Jan
6%
Jan
9
Jan
15%
84%
32%
Jan
35%
Jan
54
Jan
54
Jan
%
Jan
32%
4%
200
1%
3
%
100
Jan
Jan
Jan
Jan
33*
13%
Jan
15
Jan
41
300
Jan
44
Jan
24%
27
4,600
300
7%
Jan
Jan
23%
12%
Jan
Jan
West Va Coal 4 Coke
4,100
11%
21%
Jan
27
Jan
150
76%
97
Jan
*3
1
4%
3,300
6,100
40%
100
8
%
8,800
916
"is
2,300
4%
3,000
%
40%
Jan
Wolverine Portl Cement 10
5%
6%
"16
4%
Jan
Jan
Jan
Woodley Petroleum—..1
7%
8%
14%
""Jan
Wright-Hargreaves Ltd..*
Tukon Gold Co
*
"*3% ""Jan
18
Jan
4%
25%
Jan
Jan
1
Jan
1%
Jan
Abbott's Dairy 6s
Jan
4%
Jan
20
1st 4 ref
Jan
Jan
Jan
Aluminum
Jan
Aluminium Ltd deb 5s 1948
104
104%
Jan
Amer
6
9%
800
18,100
4%
23%
%
400
60
IH
850
6
82%
24%
Jan
5%
4%
Jan
6%
52
Jan
3%
77
3%
Jan
Jan
23%
Jan
4%
Jan
5%
Jan
6
Jan
85%
Jan
7%
3
H
7%
8%
45
70
Jan
62
""3% ""3%
lio"
3%
3
Jan
Jan
104
Jan
110
%
Jan
3
9%
6%
23%
Jan
Jan
2%
10%
Jan
14
Jan
3
Jan
1
*
10%
11%
14
14%
10
3%
3%
500
13%
2
16
9%
9%
*3*200
S32
316
26%
8%
%
10,600
8
18%
300
100
2%
18
15
%
66,500
8
20
1
3%
100
U
U
Jan
6%
Jan
1%
Jan
9%
Jan
8
Jan
Jan
90
Jan
38%
Jan
40
Jan
Jan
2
Jan
"is
%
Jan
S32
Jan
2
1%
Jan
Jan
14%
1%
200
6
%
24%
Jan
2%
Jan
77%
1%
33%
Jan
Jan
Jan
Jan
Jan
4%
30%
Jan
Jan
Jan
1
%
'"""%
200
20
20
9
9
'•
1%
56%
80
For footnotes see page 757.
114%
Jan
116%
Jan
97
116
Jan
119
Jan
97%
116%
Jan
120%
Jan
134
Jan
137
Jan
76%
46%
38%
105%
Jan
106
Jan
89%
Jan
94
Jan
76
Jan
86%
102%
107%
89%
107%
106%
Jan
71
102
86%
108% 109
92
93%
108% 109
29
Jan
109
96%
Jan
Jan
Jan
Jan
109
Jan
Jan
106%
Jan
103
Jan
98
110
Jan
103%
113%
Jan
66
104%
Jan
105
Jan
102%
102
103% 103%
112% 113%
104% 104%
Jan
Jan
Jan
46
93%
Jan
97%
Jan
72
103%
Jan
104%
Jan
98% 100
66%
96%
Jan
100
Jan
93
37%
90
Jan
94%
Jan
37%
82%
Jan
89%
Jan
25
62%
Jan
75
Jan
26%
64
Jan
78%
Jan
29
72
Jan
79%
Jan
Jan
106%
Jan
Jan
110%
Jan
Jan
102%
Jan
87
94%
89%
71
75
72%
78%
75
79%
62
105% 106
«
110% 110%
102% 102%
51%
79
94%
94%
40%
86%
Jan
94%
Jan
93
Jan
97%
Jan
Jan
97%
Jan
Jan
27%
66%
Jan
104%
74%
74%
Jan
26%
103%
65%
33
34%
Jan
35%
Jan
41%
Jan
Commers 4 Privat
1%
Jan
Commonwealth Edison—
1st M 5s series A...1953
1st M 6s series B...1954
1949
5%a
5%« '37
C...1956
D..1957
1st M 4s series F...1981
3%
4%
Jan
Jan
1st 4%s series
Jan
8%
Jan
Jan
22%
Jan
Jan
32
Jan
%
Jan
Jan
Jan
10%
4%
4%
25%
3%s series H.
1965
Oom'wealth Subsld 6%s '48
Community Pr 4 Lt 5s 1957
Oonneotleut Light 4 Poww
2,175
13%
46
Jan
62
Jan
7s series A........1951
95
Jan
100
Jan
4 %s series
4
Jan
2%
5%
83
Jan
Jan
Jan
Jan
78
43%
88% 100%
104
66
104%
Jan
19
80
Jan
7%
Jan
Jan
100%
Jan
Jan
72
Jan
35%
%
109%
102%
43
79%
1960
Cities Servioe Gas 5%i '42
Cities Servioe
Gas Pipe
Line 6s
1948
Cities Serv P 4 L 5%« 1952
Jan
1
90
105%
Jan
79%
Jan
Jan
102%
Jan
Jan
79%
Jan
97%
100% 102%
97%
96%
103% 104
69%
3%
7%
%
Jan
99%
96%
28%
3
30
94
49
101% 102%
78%
1st 4%b series
1.2U
45%
102%
97%
Jan
%
175
Jan
98
69%
11,400
*2j66
79%
28%
2%
83
Jan
78%
300
"4% "5"
Jan
74%
97%
29%
62
86
76%
77%
77
28
Jan
96%
Jan
1
200
80
1955
6s series B
1%
5%
50
Jan
32%
30%
75,000
Cities Sendee 5s......1966
1
»
100
47
2%
2,000
8%
5sl950
Cent Power 5s ser D..1957
Cent Pow 4 Lt 1st 6s. 1956
Cent States Eleo 6s...1948
6%s ex-warr
1964
Cent Statee P 4 L 5%s.*53
Chle Dist Eleo Gen 4%s '70
Ohio Jot Ry 4 Union Stk
Yards 5s
1940
Ohio Pneu Tools 5%s.l942
Chlo Rys 6s etfs
1927
Cincinnati St Ry 5%s A '52
80%
Jan
%
500
8%
111 Light 6s
Conv deb 5s
"is
Jan
Jan
Jan
83
%
17,500
Jan
43
89%
3%
4%
96%
Jan
100
4%
Jan
47
Jan
700
3
Jan
87
8%
29%
1%
Extension.._60c
United Wall Paper
2*
Universal Consol Oil
10
Universal Insurance
8
Universal Pictures com.__l
Universal Products
•
Utah Apex Mining Co.-.6
Utah Pow A Lt (7 pref...*
Utlca Gas A Eleo 7% pf .100
Utility Equities Corp
Priority stock
—*
78
Jan
Cent Ohio Lt 4 Pow
80%
Un Verde
Jan
78
Jan
79
9,000
Jan
75
34
41%
Jan
47
100
1*
34
88%
5,000
Jan
*
13
Jan
Jan
Jan
39
9
with warr.....*
*
8 Playing Card
10
S Radiator Corp com...*
*
Jan
4%% series H
1981
Cent Maine Pow4%sE1957
1%
United Stores v t o
30
11
Jan
20%
U S Stores Corp oom
Jan
33%
36%
36%
Jan
Jan
5%
3%
6%
I32
1%
'•
34
Jan
30
Jan
'12
975
Jan
28
Jan
57,400
1%
29%
Jan
Jan
Jan
Jan
39%
35%
9%
1%
88%
%
1%
Jan
Jan
93%
%
36%
62%
46
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
%
86%
43
80%
4,700
Jan
Jan
Jan
7%
56%
Jan
%
6%
Jan
100%
Jan
6
»
Jan
100
50
4
%
200
6s..1942
116%
Jan
9%
46
'"91% *91%
Canada Northern Pr 5s *5»
Jan
108%
Jan
98%
20%
135% 137
1989
1956
Jan
50
33
83%
Jan
Jan
Jan
%
7% preferred
.100
Reclaiming
1960
Bethlehem Steel 6s—1998
5s series O
Jan
105% 107%
5%
U 8 Rubber
79%
104%
101%
106%
1948
Central 111 Pub Service—
5s series E
1956
1st 4 ref 4%s ser F.1967
5s series G
1968
Jan
5
34
Jan
Cent
276,300
33%
Jan
103%
Jan
Jan
Jan
100
1%
102%
62
1%
5%
5,600
1st pref
Jan
Jan
Jan
*3*500
U S Lines pref
Jan
97%
105%
92%
108%
2%
U S Int'l Securities
108
38%
97%
116%
118% 118%
120
120%
B...1957
Jan
Jan
Jan
6%
%
"20% "22"
106
105%
2
1
Jan
13%
21%
99
1%
Preferred
Jan
9%
Jan
Cent Arts Lt 4 Pow 5s 1960
%
U S Foil Co class B
104%
Jan
Jan
Jan
1,400
1%
Jan
64
Jan
Jan
Jan
103%
3%
1%
7%
116
1st M 5s series A...1956
Jan
Jan
Jan
*"69*"
Bell Telep of Canada—
Gen 4 ref 5s...
Jan
107%
105%
92%
92%
108%
105%
Jan
1%
1%
9%
44%
Jan
106%
1%
*
1938
Buff Gen Else 6s
Jan
82
113
*
Preferred
10
United Shoe Maeb oom.26
U 8 Finishing oom
Jan
Jan
90%
100%
ord ref...£i
32
4%
30
Jan
Jan
Jan
Jan
5%
'16
Jan
81%
Jan
2%
Warrants
30%
13%
15%
Jan
47%
Jan
600
•
U S Eleo Pow with warr_.)
warrants...1938
Blnghamton L H 4 P 6s '46
Birmingham Eleo 4%a 1968
Birmingham Gas 6s..1959
Boston Consol Gas 58.1947
Broad River Pow 6s.. 1954
96%
99
98%
6%
A
Jan
65
Jan
75%
76%
Jan
Jan
111%
6%
150
Jan
97
54%
105%
81%
%
46
40
Jan
103%
99%
46%
%
•
106%
Jan
94%
72%
89%
%
100
Jan
102%
99% 100
*
2,925
106%
63
106% 106%
warrants.
United G A E 7% pref.100
United Lt A Pow oom A
Common class B
*
(6 oonv 1st pref
*
United Milk Products
Class B
7%
29,000
103,000
31,000
58,000
324,000
4,000
3,000
23,000
47,000
51,000
118,000
249,000
5,000
38,000
3,000
112% 113
4%
90
Jan
Cedar Rapids M 4 P 6s *63
United Gas Corp oom_..i
40
Jan
4
Capital Admlnls 6s...1963
Carolina Pr 4 Lt 6s
1966
%
500
9
Jan
Jan
"i«
8%
Jan
1%
Jan
7,000
5% 130,700
5,600
92%
36,200
1%
1,000
17,600
7%
»i«
10
•
8%
41%
Jan
5%
18%
1%
7%
30
42%
2%
%
U 8 Dairy Prod class
17%
Jan
Jan
8,700
5%
29
Jan
Jan
2%
4%
Jan
5%
14%
7%
2%
1%
1%
Jan
Jan
8%
37
8
1,500
9%
39%
39%
86%
39%
Jan
Jan
7
2
Loco Works—
6s with
Canadian Pao Ry
United Aircraft Transport
....26
Jan
10
1
9%
4%
Jan
28
9%
Jan
10
2,200
1,400
3,100
1,000
United Profit-Sharing
5%
6%
7%
29%
*
Jan
Jan
Jan
7
United Molasses Co—
Jan
1%
22%
Tublse Chatlllon Corp___l
43
Baldwin
Jan
100
43
Jan
21%
10
8
%
37
Atlas Plywood 5%s..l943
1st M 5s series
10
37%
Jan
6s without warr
11%
9
Jaw
43
103
100
17%
5%
Jan
3%
1%
Jan
Jan
3%
86
34%
1%
40
1%
Associated Gas 4 El Co—
Deb 6s
84,700
13,600
Jan
81
1968
Oonv deb 5%s
1977
assoo Rayon 5s
1960
ASSOOT 4 T deb 5%S A '56
22%
Option
is
106
34%
5%
4%
31
98%
1950
8,000
Jan
9
98
Conv deb 6s
Jan
Jan
Union American Inv'g.
104%
100%
41%
31%
31%
3i6
%
13%
84%
1938
1948
1949
•u
%
Jan
2%
Jan
11%
Jan
Conv deb 4%s
3,800
2%
35%
39%
77%
85%
Conv deb 4%s O
%
Jan
Jan
11
Conv deb 6%s
Jan
Jan
Jan
1%
10%
%
75,000
3,000
32% 189,000
35%
Jan
Jan
108%
Jan
9
11
2%
12
4
58%
4%
11%
Jan
66
10
Jan
Jan
114
68
5% ""Jan
Jan
Jan
Jan
107%
Jan
32%,
Jan
.
102%
Jan
8%
58
Jan
18
3%
%
7
t
99
67
3%
Jan
Jan
65
%
101%
60
Jan
20
22%
*
67
105
37%
Am dep rets for ord reg..
Truns Pork Stores
*
Warrants
67
Jan
100%
Jan
1%
1
United Chemloals oom...*
20%
64
Jan
1*666
200
43
%
*
*
105%
Jan
41
7%
51
110"
Jan
15%
41,000
1,000
107%
1,000
116%
100
120,000
59%
62% 313,000
9
4%
39%
103%
100%
105%
107%
116%
6s. 1936
Appalachian El Pr 5s. 1966
Appalaehlan Power 6s. 1941
Deb 6s
2024
Arkansas Pr 4 Lt 5S..1966
Associated Eleo 4%s._ 1968
Jan
18%
Trl-Contlnental warrants..
Preferred
Jan
21%
107%
95%
97%
105% 105%
Jan
4%
200
62
Triplex Safety Glass Co—
Am dep rots
1%
20
106
6
2%
18*100
"
1
(8 preferred
Jan
77
75
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev..l
Trans Lux Plot Screen-
Pref non-voting
Jan
98
82
84%
107% 108
105% 105%
Jan
■u
reg-.fl
.
Jan
7
39%
91
%
4%
1,700
58,900
Am dep rots ord reg—£1
.
4%
98%
90
Amer Seating oonv
5%
21%
125
1%
5s called
Jan
%
1,900
8,100
8,700
7,000
23
5%
1st 4 ref
98%
97%
Com'lty Pow 5%a 63
Am El Pow Corp deb 6s '57
Amer G 4 El deb 6s..3028
Am Pow 4 Lt deb 6S..2016
Amer Radiator 4%s_.1947
Am Roll Mill deb 0S..1948
Jan
4%
2,200
6%
39%
Tobaooo Securities Trust
(3 eum A part pref
Dm ten < orp warrants
60
1st 4 ref
17%
1
3,900
4%
Jan
2%
19%
55,300 30 2.10
1946
1951
6s
1966
6s
1968
4%s
1967
Co s f deb 0s '62
1952
102% 103
Jan
62
6%
48%
"T% "9'
*
104%
6%
1942
62
2%
Jan
Jan
65
BONDS
Jan
800
84
23
Jan
8
%
Tobacco Prod Exports...•
4
1st 4 ref 5s
Jan
1%
Jan
78
86%
8%
Jan
Jan
16
101
Jan
1,100
22,000
46,900
30%
Jan
5%
77
*
29%
7%
2%
Jan
Jan
100
71%
100
3%
17%
8%
%
200
3
.100
Jan
2,800
37
1st 4 ref 5s
'7~666
21%
5%
•
pref..100
Texon Oil A Land Co
*
Union Tobaooo oom.
Jan
16
5%
Texas P A L 7%
42%
Alabama Power Co—
38
Texas Gulf Producing
Jan
19
Jan
5
89
1
13
37
00
deposit rots
%
Syracuse Ltg 6% pref..100
Union Gas of Can
Amer
7%
5%
53%
4%
7% 1st pf 100
Tenn Products Corp com*
12
Woolworth (F W) Ltd—
2%
3%
Tenn El Pow
37%
10,900
100
21%
..*
4%
Jan
3i«
9%
Jan
2
6,000
Jan
Jan
Jan
%
100
51
...1
Jan
5,900
Jan
1,225
1
7%
Tassart Corp eom
*
Tampa Electric Co oom..*
100
11%
2%
•
4%
16
1
11%
1%
*
25%
"i% "~2%
100
Jan
'is
600
Wilson-Jones Co
"
4%
Mining Co.-lOc
SwanFlneh Oil Corp.... 15
26%
4,400
4%
8%
Jan
2%
1
Sunshine
Class A
8%
300
5
4%
*!*
Jan
Jan
17
25
101% 101%
4%
80
6%% preferred
Sterohl Bros Stores
Toledo Edison 0% pref 100
20%
4%
"l3%""jan
5
Jan
2%
12%
'it
10
Jan
32
Jan
2
22
•
preferred
10%
Jan
1,800
Jan
Jan
%
%
2%
£
4%
Teek-Hughee Mines
17%
*
Willros Oll-O-Matlc Heat. *
Wll-lc-w Cafeterias Ino...l
Conv
Jan
Jan
Jan
200
105% 105%
100
preferred
10
1%
15,700
100%
4%
28
%
Tasty east Ino el A
Technicolor Ino eom
2%
26%
Jan
2%
W
7%
Jan
Jan
86
Williams (RO) 4 Co
13%
22%
1%
62%
Western Tab 4 Stat v t
12%
40
Tung-Sol Lamp Works
80o dlv pref new
Jan
22%
3%
Common
4
35%
21%
11%
99% 100%
4
4%
Todd Shipyards Corp
Jan
4
Jan
Jan
10
%
Westvaoo Chlorine Prod—
•
1
Starrett Corporation.....!
preferred
....10
Steel Co of Can Ltd
•
Stein (A) A Co eom
•
United Dry Docks oom
100
100
100
*
Unexoelled Mfg Co
7% 1st preferred
Western Power 7% pref
15
Preferred
Standard Silver Lead
Am dep rets dof
34%
85
8
3%
Ry
o.»
West Texas Utll $6 pref..*
Standard PAL com
Thermold 7% pref
Tobaooo Allied Stocks
Jan
33
Maryland
40%
21%
12%
.....
"""600
2
Western Cartridge pref.100
Western
Jan
Jan
%
700
"16""
1%
2%
60...IHI1
14%
100
*
Sterling Brewers Inc
1
Stetson (J B) Co eom
*
Stlnnee (Hugo) Corp
6
Stroock (S) A Co
..*
Stuts Motor Car
*
Sullivan Machinery
*
Sun Investing oom
*
(8 conv preferred.....*
Sunray Oil-...;
1
"16"
42%
29
250
Jan
700
2.40
%
Jan
2%
%
Jan
71
•
Jan
4%
2%
Jan
1%
1%
1%
*
Wahl (The) Co com
»
Waltt 4 Bond cl A
•
Class B__
.___....*
9%
57
Jan
Jan
Jan
18
3%
3%
10
6%
40%
Jan
Jan
2%
31%
3,400
"20%
8
1
Western Auto Supply A..*
40%
34
*19*
•
Western Air Express
'1.
70c
%
Jan
20,600
24,400
300
4%
%
33%
1%
19
316
3,100
10
%
2%
%
%
450
Jan
•
"""366
Wonden Copper......._.)
%
31%
%
6%
85
Jan
%
2%
Jan
31%
Wayne Pump oom ......1
Jan
Jan
xi
24%
54%
32%
54
*
Vogt Manufacturing
Waco Aircraft Co
Jan
%
3%
7,700
%
*
Stand Investing (6.60 pf_*
Standard Oil (Ky)
10
Standard OH (Neb)
25
Standard Oil (Ohio) eom 26
6% preferred
100
Swiss Oil Corp
2%
6%
2%
High
Low
%
t
•
69,000
2%
Walker Mining
Conv preferred
Swiss Am Eleo pref
"2%
Venesuelan Petroleum...5
Jan
5%
Jan
4%
Common
..
31%
1 %
Va Pub Serv 7% pref.. 100
H
Common class B
100
*
7% preferred
100
5
11,900
12,900
120,900
4,700
Venezuela Mex Oil Co.. 10
l
Jan
Jan
2%
LOW
Shares
High
1%
4%
1%
24 %
*
Jan
Jan
36%
35%
27%
9
26
South Penn Oil
4%
14%
17
1935
Par Low
Jan
Jan
26
600
26%
35%
28
6%
2%
15%
35%
preferred.25
preferred B
25
5 % % Dref series C
26
6outhnColoPowolA...25
Southern N E Telep
100
Southern Pipe Line.....10
Southern Union Gas.....*
Southland Royalty Co—5
5% original
Jan
Utility A Ind Corp..
Conv preferred
Utll Pow 4 LI oom
1%
1%
Son Calif Edison—
Dec. 31
Week
Range Since
Jan. 1 1936
1933 to
for
{Concluded)
1
2,200
6% 224,800
Sales
of Prices
STOCKS
High
Low
1
Week's Range
Range Since
Jan. 1 1936
1933 to
Week's Range
O
6s series D
Conn River
1966
71%
71%
34%
74%
74%
35
)
2,000
Jan
Jan
Jan
112%
)
86%
111
Jan
112%
Jan
111% 113
111% 112
110% 111
106% 107%
105% 106
104% 104%
70%
76
)
88%
113%
Jan
80%
Jan
112
Jan
)
79%
69%
98%
111%
110%
110%
105%
103%
103%
63%
Jan
)
Jan
112
Jan
Jan
107%
106%
104%
Jan
0
125 %
Jar
125%
Jan
125% 125%
108%
0
107
Jar
109
Jan
108
Jar
109
Jan
103%
Jar
104%
Jan
112
107
...1962
Pow 5s A 195?
)
3
3
3
64
0
33%
.
"i03%
103%
0
26,000
112
98%
102
87%
Jan
Jan
Jan
76
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 5
756
July
Week's Range
{Continued)
Low
Oonaol Ou
July
1933 to
Range Since
for
of Prices
Sales
Dec. 31
Jan. 1 1936
Week
BONDS
1935
High
112
112
Gen mtge 4%s
1954
Consol Gas EI LI A P (Ball)
IbI ref a 14s
..1081
120
120
3,000
1,000
91%
-
92%
43
Coot deb OKbww, 1942
Consol Pub 7 %s strap. 1939
Consumers Pow 4 hi. 196b
Cont'I Gas A El 5b
It 8b
Week
Low
103
1
High
45
Jan
112
Jan
99 H
120
Jan
122
Jan
88%
108
Jan
108%
Jan
12,000
55,000
21,000
88
83
4%
5a aeries A w w
106%
91% 827,000
103%
8,000
102%
25,000
95%
11,000
88%
103%
102%
Aug 1 1940
Crucible Bteel 5b
1940
95%
70
70
Jan
5s series B
Iowa Pow A Lt 4 %B_.1968
Iowa Pub Serv 5b
1957
Jan
92%
Jan
48
Jan
Isaroo Hydro Eleo 7s. 1952
96
Jan
106
Jan
Jan
Italian Superpower 6s. 1963
108% 109
107% 107%
103% 103%
107%
91%
85%
77%
60%
50
5,000
1,000
Jan
103%
102%
88%
Jan
95%
Jan
Jan
70
Jan
70
Jan
104
Jan
Jan
103
Jan
Stamped.....
Jamaioa Wat Sup 5%b'56
Jersey Central Pow A Light
Jan
106%
108%
Jan
110
Jan-
106%
Jan
Jan
65
103
Jan
107%
104%
Jan
Kansas Power 5a_.. 1947
92 H
102%
107%
99%
Jan
108%
Jan
Jan
105%
102%
Jan
102%
106%
105%
94
10,000
39~O6O
66 k
106% 106%
7,000
104% 105% 132,000
76
67 H
Jan
Aug 1 1962
Duke Power 4%s
9%
7%
8%
1%
2%
1%
2%
102% 102%
El Paso Eleo 5s A
82%
AHb_
1958
Erie Lighting 5e
1967
European Eleo Corp Ltd—
6 Hi x-warr
1965
""99% -99%
28,000
%
X
Jan
3
Jan
Kimberly-Clark 5s... 1943
104
Koppers G A C deb 5s 1947
Jan
Jan
Sink fund deb 5%s_ 1950
103% 104%
105% 105%
104%
Jan
2%
102%
104%
Jan
76
%
101%
Jan
22
11,000
74
65
Jan
101%
102%
103
Jan
103%
Jan
106%
Jan
.107
Jan
105%
Jan
106%
Jan
2,000
40
40%
Jan
5,000
78
105%
Jan
5,000
1,000
65
13,000
58
Certificates of deposit-.
Gen Wat Wks A EI 5s_ 1943
Georgia Power ref 5b.. 1967
Georgia Pow
A Lt 5s.. 1978
10,000
95%
Jan
82
Jan
39%
Jan
1st 6s
ser
1st 4Hs
1st 4Hs
A
Jan
100%
105%
Jan
106
Jan
100
Jan
95%
102%
96%
Jan
48
221666
Jan
Jan
44%
71%
6b series B
1949
_
92%
Jan
..1949
111 Pow A L 1st 6s ser A '68
1st A ref 6 Ha ser B.1954
1st A ref 5b ser C...1956
Sf deb 5Ha
..May 1967
Indiana Eleotrle Corp—
6s series A
...1947
6Hb series B
1963
5s series O
..1951
Indiana Gen Serv 6s_.1948
Indiana Hydro-Eleo 6b '58
Indiana A Mloh Eleo 5s '66
5e
1957
Indiana Service 5s
1960
.
1st lien A ref 5s
1963
Indianapolis Gas5a A.1953
Ind'polls P A L 6s ser A 'S'
Interoontlnents Poro6sl948
International Power sec—
6 Ha series C
1966
7s
series E.
..1967
7s series F__
.1952
Interns tional Salt Sa_. 1951
International Seo 5s..1947
Interstate Irn A 8tl 4%s'46
Power 5b.. 1957
Debenture 6s
1952
interstate Publio Service—
5s i^ries D
1966
4 Hb series F...
.0
1958
Jan
Jan
Jan
97%
106%
Jan
Jan
Jan
54
108%
102%
103%
103%
105%
Jan
110
Jan
Jan
104
Jan
104%
Jan
Jan
104
Jan
Jan
106%
Jan
64%
67
82
65
Jan
lOO
105% 105%
"7",000
Jan
105%
Jan
99%
106%
Jan
94
Jan
1,000
91,000
94
107%
103%
106%
107%
Jan
"9I666
61%
103%
Jan
79
105%
Jan
87%
1942
SHsserlesE
-
Jan
l07%
1961
68
Jan
-.1947
5%s series F
1943
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%eC 196J
107%
103% 103%
105
105%
107% 107%
1,000
105%
Jan
103%
105%
107%
Jan
Jan
Jan
Jan
Manitoba PowerSHe 1951
Mansfield Mln A Smelt
7s with warrants
7s without warr
77%
Jan
94%
Jan
Jan
94%
Jan
86
Jan
84%
99%
40,000
/
22%
75%
Jan
79
33
78%
1941
40
Jan
40
92%
Jan
Jan
Jan
32%
1941
98%
1966
99% 217,000
103
136,000
SO
70
96
100%
103%
Jan
Jan
Jan
17,0001
33
99 %
Jan
31,000;
38,000
70
94%
101%
Jan
Jan
102%
Jan
63
104
Jan
105
Jan
106
102%
104%
106%
2,000
73
106
Jan
101
103
55,000
46
29
1,618
43,000
24,000
12,000
99
97%
104
5s series F
.1962
Middle States Pet
6%s '45
Middle West Utilities—
23%
3%
Jan
106%
91%
Jan
103
Jan
21%
Jan
29
Jan
Jan
Midland Valley 5a
1943
MUw Gas Light
4%s__ 1967
Mlnneap Gas Lt 4%a. 1960
83%
85%
104% 106
63
78
Jan
86%
Jan
y»
104%
Jan
1061
Jan
67
104%
Jan
105%
Jan
Jan
Minn P A L 4%s
*
54
Jan
100%
1955
99% 100%
104%
61,000
Jan
104
15,000
68%
104
Jan
105
Jan
23%
79
Jan
87%
Jan
Mississippi Pow 5S—1956
93
94%
89,000
35%
90
Jan
Jan
30
Jan
50
Jan
Miss Pow A Lt 5s...
69,000
«n
22%
22%
Jan
26%
Jan
Mississippi Rlv Fuel 6s.'44
11,000
Jan
Jan
26%
Jan
miss
Q4
93%
104% 105%
107% 107%
94%
96%
105%
4,000
4,000
Jan
92
2
89
90
54,000
2
101
Jan
116,000
98% 190,000
90%
41,000
195"
River Pow 1st 5s 1961
Jan
54%
86%
97%
Missouri Pow A Lt 5Hs '55
Missouri Pub Serv 5S.1947
Jan
99%
Jan
Mont-Dakota Pow 5%s *4
40
81%
Jan
91
Jan
32%
88%
81%
32%
90%
Jan
Jan
105%
98%
Jan
Jan
85%
92%
104%
95%
107%
Jan
108
Jan
70%
107%
67%
93%
Jan
108%
Jan
Jan
Jan
Montreal L H A P Con—
88%
731666
58
192,000
69
2,000
51,000
105
1978
30
98%
68
102%
93%
Jan
Jan
Jan
90
106%
108%
Jan
Jan
Jan
106
100%
97
107%
108%
62%
66,000
33
99
51,000
47%
106% 107% 394,000
91,000
7%
11%
94%
Munson 886%sww._ 1937
Jan
Narragansett Eleo 5s A '67
105
Jan
5a series B____
1957
Nassau A Suffolk Ltg 6s '46
Jan
Jan
Jan
44
Jan
55
Jan
56%
Jan
72
Jan
106%
Jan
69,000
62
105
8,000
56
102%
1st A ref 5s
ser
A.__ 195J
2
107
Jan
Jan
106
Jan
Jan
103%
Jan
38,000
Nat Pow A Lt 6s
A...2026
Deb
106
5,000
60
72
Jan
43%
4,000
37
42
Jan
43%
32%
32%
104% 104%
104% 104%
100% 101
4,000
28
32
Jan
32%
12,000
65
104%
Jan
104%
Jan
Debenture 5%s
7,000
40
105
Jan
Jan
101
Jan
13,000
91%
Jan
Jan
106%
103%
104%
109%
107%
86
Jan
107%
11%
Jan
105%
6%
Jan
Jan
91%
93%
105
Jan
106
Jan
105
Jan
Jan
107%
104%
Jan
104
93
64,000
61
102%
42
97%
87%
Jan
122,000
Jan
93
18
Jan
23%
1,286
23%
109% 110
9,000
2,000
107
3%
109%
Jan
117%
Jan
118
Jan
106
Jan
Jan
86%
109%
72%
73%
72%
Jan
107%
95%
Jan
110%
79%
Jan
64
Jan
New Amsterdam Qa
5s_*48
110
77%
34
77
Jan
N E Gas A EI Assn
5s_ 1947
Oonv deb 5s
1948
Conv deb 5s
..I960
33%
33%
Jan
New Eng Pow Assn
5s_ 1948
90
110%|
5,000
79%'210,000
79
37,000
77%
79% 158,000
91
1964
93%
95
1942
6s stamped...
230,000
149,000
83%
88
77,000
76%
81
86
79%
Jan
92
Jan
88%
Jan
95%
Jan
60
74%
Jan
88
69
Jan
25
6b
Jan
New York Penn A
Ohio—
Jan
.Est 4%s stamped. .1950
N Y PAL
Corp 1st 4%s '07
108% 108%
105% 106%
96,000
73
72,000
58%
Jan
114
Jan
Jan
108
40%
56%
Jan
80
Jan
10,000
42
58
Jan
80
Jan
108% 109
30,000
89%
93
294,000
106% 107%
3,000
103% 104% 86,000
100% 101%
95;000
97%
98% 141,000
86
108
81
Jan
;
Jan
Jan
84~66o
Jan
Jan
11,000
Jan
Jan
79
Jan
48,000
113%
107%
Jan
85
102% 102%
100 k
100
Jan
Jan
Jan
110
46 H
50
Income 6s series A.. 1949
N Y Central
Eleo 5%s '50
106%
104%
105%
Jan
70%
Jan
Jan
Jan
Jan
.
83
94% 166,000
92%
Jan
36
21,000
New Orl Pub Serv—
29%
103%
97%
Jan
21,000
Jan
Jan
Jan
98
19%
58.1956
88",000
108%
105%
Jan
100
1,000
117% 117%
Nelsner Bros
Realty 6s '48
91%
.
109% 109%
98
62%
Jan
2,000
105%
105% 105%
104% 104%
100% 101%
5s aeries B
2030
Nat Pub Serv 5s otto.
1978
Nebraska Power 4%s.l981
6s series A
2022
Nevada-Calif Eleo
98%
Jan
Jan
24
97
108
97
10
21,000
108
60%
""82% "84%
104
"76% "78%
77
2,000
12,000
10,000
79
79
80
Jan
N Y State G A E
4 %s. 1980
lst5%i
92%
93%
26,000
60
82%
Jan
109
Jan
Jan
93
Jan
82%
106
Jan
107%
Jan
104%
101%
Jan
tt-
101
Jan
46
99
Jan
42%
32%
95
Jan
86
Jan
64%
96
Jan
102
Jan
99
94%
Jan
Jan
58
100
Jan
103
Jan
45
Jan
93
Jan
"97% "98%
"le'ooo
86%
107%
44
22,000
14,000
72
74%
43,000
72
73
10
40,000
22,000
36,000
49,000
54
5,000
94
96
105% 106
8
53%
56
57
57%
57%
Debenture 5s
Niagara Falls Pow
1954
6a_ I960
5s series A
70
88%
23%
22
68
78
1%
91
105%
110%
Jan
Jan
107%
98%
Jan
106%
Jan
111
Jan
Jan
Jan
Jan
65
Jan
74%
Jan
63
Jan
73%
Jan
94
77
10%
5%s series A
Jan
103%
108%
105%
Jan
Jan
Jan
112
Jan
Jan
108%
Jan
Jan
Jan
Jan
99%
.1959
.1956
102%
107%
103%
111%
107%
Jan
5,000
95
95%
3,000
59.000
63
64%
15,000
108
Jan
109
Jan
63
89%
100%
90%
Jan
89%
100%
Jan
Jan
53%
Jan
81 H
25%
Jan
Jan
96
Jan
No Indiana GAE
6s_1952
Northern Indiana P 8—
5s series O
1966
5s series D
1959
4 %s series E
II1970
No Ohio PA L
5%a
1951
Nor Ohio Trao A Lt
6s '56
No States Pr ref
4Hs.. 1961
5%%
notes
.1940
N'western Elect 6b...1945
N'western Power 6b A .1960
107% 108
103% 104%
103
103%
100% 101%
105% 105%
5,000
24,000
64%
Jan
107
Jan
108
Jan
51%
102%
102%
Jan
104%
Jan
40,000
52 H
53,000
49 H
Jan
101%
Jan
16,000
69
105%
Jan
105%
Jan
66
105
Jan
105
Jan
'*•
106% 106%
103% 104%
102% 103%
18H
71
.
71
98
Jan
104
Jan
83,000
26,000
105%
103%
Jan
69
Jan
104%
Jan
23,000
97
101
Jan
Jan
4,000
7,000
41,000
51
Jan
Jan
47 H
50%
98%
103%
59%
59%
Jan
102
Jan
103%
Jan
105%
Jan
107
Jan
Jan
10
Jan
Certificates of deposit
N'western Pub Serv 6s 1957
101
54
Jan
Ogden
l94o
105% 105%
41,000
73%
Ohio Edison 1st 6s
1960
Ohio Power 1st 5s B..1952
106% 106%
106% 107%
105% 106%
67,000
63%
106
Jan
107
Jan
10,000
88
107%
Jan
83%
105%
105%
Jan
20,000
Jan
106%
Jau
3,000
70%
109
Jan
109%
105%
Jan
Jan
55
Jan
57
Jan
55
Jan
57%
Jan
37
16,000
Jan
96
49
53%
101%
96
108%
107%
Jan
106
46
"85% "87% 1721666
3,000
Jan
Jan
9,000
114,000
102% 102%
14,000
81
107%
105%
Jan
14,000
48
111% 111%
107% 108%
77
Jan
Jan
Jan
100% 102
6,000
•
103%
4%
50
83%
W
103%
Jan
104%
41%
4,000
«,
1963 -89%
89%
No Amer LtA Pow
100% 100%
5s. 1936
...
Gas
5s
1st A ref 4 %s ser D 1956
107% 107%
«
Nippon EI Pow 6%s
NorCont Utll 5%s... 1948
62,000
7,000
65,000
106% 106%
110% 110%
Ltg 4s 2004
11,000
101%
Jan
100% 102
102% 103
92%
93
93
102% 103
107% 107%
1902
N Y A Westoh'r
107
Jan
107%
Jan
99
Jan
102
Jan
102%
101%
81%
69%
Jan
103
Jan
101%
Jan
Jan
87%
Jan
Jan
79%
Jan
Jan
79%
88,000
26%
89%
91
71,000
41
85
Jan
91
Jan
86
87% 141,000
4?
79%
Jan
87%
Jan
Ohio
58
58%
59%
59%
102
8%
8%
Jan
Jan
Publlo
Service Co—
6s series C__
.1953
68 series D
..1954
6%s series E
1961
Okla Gas A Eleo 5s... 1950
6s series A
1940
109%
105%
106%
105%
103%
Okla Power A Water 5s '48
For footnotes see page 757
101
Jan
Interstate Nat Gas 6s. 1936
Interstate
Jan
Jan
Jan
fll
Idaho Power 5b
1947
Illinois Central rr 6b 1987
111 Northern Utll 5s...1957
Jan
Jan
1961
.
Jan
Jan
97%
15,000
14,000
105% 105%
113% 114
.
45%
99
25
1981
6s A
65
60
82
26
E
Jan
55
24
ser
Jan
97%
107%
54
24
116% 106%
Hygrade Food
46
6,000
30
104
106%
Jan
Jan
106%
106%
31,000
36,000
13,000
8,000
1978
1950
Jan
91
50
1953
Ref A impr 5s
Jan
104
104
87%
D
Jan
Jan
93%
104%
98%
66
Jan
89
85%
46%
ser
Hydraulic Pow 5s
Jan
Jan
Jan
Hamburg El Underground
Houston Gulf Gas oa.. 1943
6Ha with warrants-1943
Houston Light A Power—
Jan
Jan
Jan
Jan
95
102
1977
A St Ry 6 Ha
1938
Hood Rubber 7a......1986
107
117%
102%
106%
Jan
102
69%
43%
Jan
Jan
87%
1946
Great Western Pow 6b 1946
1935
Jan
106
106
50
McCord Rad A Mfg 6s 1943
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E. 1971
3,000
1947
Jan
103%
115%
101%
61%
14,000
95
109
109% 102,000
25,000
103% 104
22,000
103% 104
104
104
2,000
106% 106%
17,000
Jan
1,000
39,000
Backensack Water 5a. 1988
70%
(02%
94%
99%
103%
96%
5a aeries A
Hall Print 6s stmp
Hamburg Eleo 7a
Jan
106
86
107% 107%
..1961
105%
104%
85
102% 105
4Hs Berlea B
Jan
Jan
1,000
22,000
16,000
83
106% 107
105% 105%
103% 103%
103%
Jan
Mass Gas deb 61.
82
72
Jan
77
105%
Jan
88%
92%
83%
53
Jan
108
76
Jan
63%
64
61
Jan
72
4
60
53
Jan
21,000
89
92%
92,000
94% 161,000
99%
53%
106%
82%
Jan
84%
99%
95%
48
96%
Jan
1,000
20,000
Jan
83%
"89% "89%
Jan
104
2%
93
97%
87%
43
1939
5s efts of deposit
98% 98%
100% 101
Jan
93%
103%
103%
;r 75%
Grand Trunk Ry 6 Ha 1936
Grand Trunk West 4b_1960
Qt Nor Pow 6a itmp__196t>
Gulf States Utll 5a...1956
103
1%
96% 290,000
91%
39%
97
16
Gesfurel 6b
1953
Glen Alden Coal 4a...1966
Gobel (Adolf) 6%s_..lOfto
Guantanamo A West 6s '58
Guardian Investors 58.1948
Gulf Oil of Pa 5s
1947
5B
1945
96%
103,000
'101% 162"
Gatlneau Power 1st 6s 1956
Deb gold 6s June 15 1941
General Rayon 6a A..1948
Gen Vending 6b ex war 1937
75%
38%
24
45%
106%
..1942
Long Island Ltg 6s
Lob Angeles OA E 5a
Jan
61
5s ex-warr stamped. 1944
1941
Lexington Utilltles5s.l952
Libby MoN A Llbby 5s '42
5%S.__
Florida Power A Lt 6b
195*
1940
Jan
Jan
Jan
66%
Gary Electric A Gas—
General Pub Serv 6a ..1953
Gen Pub Utll 6Ha A.1966
85%
Laclede Gas Light 5 %sl935
Lehigh Pow Secures..2026
Jan
99%
104%
104% 105%
Jan
35
Jan
25,000
9,000
92
99%
82
15,000
100% 101
100
104
Jan
46%
Jan
10,000
106% 107%
1956
1969
Jan
63% 104
2%
4
86%
89
Morse 6a_.1947
104
Jan
78
43,000
1948
5 %a series F
Jan
Fairbanks
Jan
44
66,000
97%
5s series I
:
Federal Sugar Ref 6s__1933
Federal Water Serv 6He'64
Finland Residential Mtge
Banka 6B-5flStampedl961
96%
Jan
98%
82
Deb 68serleaB
General Bronse 6a
1st mtge 6b ser H..1961
Jan
80%
38%
101%
39
70
8%
41
81%
Jan
80%
10%'
46
38%
106
67%
35,000
10,000
...1957
Jan
3O"666
45% 45%
105% 105%
Jan
Kent uoky Utilities Co—
Jan
91% 167,000
89%
Jan
Jan
72
105% 22,000
105% 105% 111,000
106
106
10,000
116
116
1,000
26,000
101% 102
Jan
4,000
European Mtge Inv 7s C'67
Fla Power Corp 6 Ha. 1979
Ssserles B
Jan
25
Empire OU A Ref 5 Ha 1943
Eroole Marelll Eleo Mfg—
6 H« series A
1958
Firestone Cot Mills 5b. *48
Firestone Tire A Rub 6b '42
First Bohemian Glass 7s '57
.1961
Jones A Laughlln Stl Be '3V
Kansas Gas A Eleo 6s.2022
Lone Star Gas 6s
107
106%
106
5,000
105
4%
198*
Empire DIst El 5b
.1947
4%
%
El Paso Natural Gas—
Deb
5s series B
1%
64
107
Jan
Jan
15,000
10,000
57%
59%
107% 107
2%
85% 536,000
101% 102%
Jan
105
104%
105%
991666
43
45,000
1950
6% With warrants. 1948
39%
26,000
1967
Eleo Power A Light 5s. 2080
Elmlra Wat, Lt A RR 5b '50
100%
Jan
66
55
85
8
•
100
87
66%
Kansas Pow A Lt 6s A .'55
Jan
100%
Jan
6%s series D
Certificates of deposit.
Dixie Gulf Gas OHB—1937
High
Jacksonville Gas 5b... 1942
105%
Detroit Internat Bridge—
Deb 7b
Low
Jan
4%s series C
'101%
5,000
38,000
53,000
Isotta Franshlnl 7s. ..1942
66
Dallas Pow A Lt da A. 1946
Aug. 11952
Certificates of deposit.
100% 100%
105%
105%
105% 105%
103% 104
46%
45%
105
Jan
33
14,000
6%s.-
Range Since
Jan. 1 1936
67
105
29%
35
106% 106%
1960
Low
..1961
96
2,000
Oumberld Co PA L 4Hs'5ft
6b let series B
$
High
1947
without warrantB
•
88
~14"O66
"106%
Crane Co 5b
Derby Gas A Eleo 5b__194e
Del City Gas Ob eer A. 194?
1935
Low
111%
70
Cuban Telephone 7 He 1941
Cuban Tobaooo 5a
1944
1952
Dec. 31
Iowa-Neb LAP 6s...195?
108% 108%
OodboI Gas Ulll Co—
lBt A coll Oi ser A..1941
6b series C
1933 to
for
Invest Co of Amer—
1981
Delaware El Pow 5Ha_.'66
Denver Gas A Eleo 5a. 1949
Sales
of Prices
{Continued)
Low
1936
1
Week's Range
BONDS
(Balto City)—
5b
Feb. 1
1
92
Oswego Falls 6«__
194?
Pacific Coast Power 5s 1940
106
95%
109%
105%
106%
105%
11,000
8,000
60 H
105
Jan
63
68 H
63
106%
104%
102%
Jan
107%
105%
Jan
104
59,000
17,000
Jan
104
Jan
93
26,000
40
98%
11,000
3,000
66
107%
45%
90
93%
106
Jan
Jan
94%
Jan
Jan
Jan
Jan
100
Jan
Jan1
107%;
Jan
New York Curb Exchange—Concluded—Page 6
Volume 142
July
July
1
Week's Range
Sales
1933 to
for
Dec. 31
Jan. 1 1936
Week
1935
(Continued)
Low
Low
High
E
195?
1950
10,000
120M 120%
106 % 107%
107
107 %
1st A re!
Pac Invest 6a
ser
82%
46,000
82%
35,000
69
Palmer Corp Os_
1938
Penn Cent LAP 4%s 1977
197)
Jan
1960
Deb 6%s series B
1969
Pennsylvania Power 5s *5o
Penn Pub Serv Ob C..194)
5s series D
1954
Penn Water Pow 6b... 1940
4%s series
B
$
Low
106%
98%
Jan
Jan
Jan
High
Low
High
LOW
119%
106%
Twin City Rap Tr 5%s '5*
107%
Jan
Jan
Jan
100
Jan
Onion Amer lnv 6s A.1948
107%
78%
102% 103
123,000
~99M 101" 254,666
102% 103 M
18,000
100
101% 104,000
105% 105%
12,000
3,000
107% 107%
106
106%
9,000
5,000
113% 114%
6s 3rd stamped
1944
83
84%
115
Jan
Jan
Jan
5s series A
86
102%
100%
Jan
91%
103%
1967
106
106
100%
Jan
Jan
6s series B
Jan
4%S
1957
106
106%
H7
100
Jan
84
16,000
6,000
Jan
Jan
Jan
97%
Jan
101
104%
35
102%
98%
Jan
Jan
101%
92%
105
Jan
106%
39%
4sserIeaB
1981
.1957
95%
142,000
105% 106% 44,000
Jan
Jan
Jan
Onlted Elec N J 4s
United El Serv 7s x-w_1966
Onlted Industrial 6 %s 1941
1st s f 6s
1945
Onlted Lt A Pow 6s... 1974
6%S
1974
6%S
1
Apr
195Sf
On Lt A Rys (Del) 5%s '52
Onlted Lt A Rys (Me)—
107
Jan
107%
80
104%
Jan
106%
Jan
Jan
103
113
Jan
114%
Jan
6s series A
1952
108
Jan
108
Jan
6s ser lee A.
197a
68
Jan
96%
Jan
Jan
86%
103%
106%
Jan
USA Brit Internat 5s 1948
1979
Phila Electrlo Co 5s.. 1966
Pblla Elec Pow 6%s._ 1971
Phlla Rapid Transit 6i 1967
Phil Sub Co Q A E 4%s'67
Pledm't Hydro-El 6%s '60
Piedmont A Nor 5a... 1954
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s... 1948
Pomeranian
8%
12% 578,000
112% 112%
6,000
110% 110%
44,000
22,000
88%
107
1939
Portland Gas A Coke 5s '40
Potomac Edison 6s__.195«
104%
112%
113
100
110%
Jan
112
Jan
Jan
Jan
89%
108%
Jan
47%
105%
Jan
107%
Jan
104
Jan
Valvolln9 Oil 5s
27
Jan
Jan
Vamma Water Pow 5%s*57
Va Public Serv 6 Ms A. 194*
1st ref 5s ser B
I95f
35%
42,000
69
103
Jan
106
2,000
89
86,000
79
103% 104%
15~666
80
53,000
67%
25
80
106% 106%
107% 107%
101% 101%
107
41%
103%
Jan
77%
Jan
27%
106
Jan
83%
72
106
Jan
106%
1,000
66
106%
Jan
107%
1,000
101
101
Jan
102%
9,000
46%
PowerCorpiCam *ms B 6>
Power Securities 6a...1949
87
89
37,000
41
93%
98%
94%
31,000
63
45,000
Jan
Jan
Jan
Jan
32%
32%
83
86
Jan
108%
Jan
106
Jan
Jan
107
Jan
Jan
116%
Jan
87%
113%
45%
Jan
48
Jan
32%
32%
Jan
Jan
32%
32
Jan
26
76
Jan
32%
33%
87%
44,000
26%
80
Jan
88
Jan
74,000
50
100%
Jan
105
Jan
81%
Jan
90
Jan
31
89% 201,000
108% 109%
82%
84
100% 101%
101%
102%
104%
106%
97%
101%
102%
105
106%
Pub Serv of N J 8%pet ctf»
Pub Serv of Nor Illinois—
1st A ref 5s
196S
6s series C
1966
4%s series D
1978
4 % a series E
1980
1st A ref 4%s ser F.1981
4%b
series
I.
1960
135% 137%
109% 110%
106% 106%
103% 104%
103% 103%
103% 103%
103% 104%
Jan
75%
Jan
84
Jan
98%
Jan
102
Jan
Jan
102
Jan
SsserlesC
196)
6s series D
1967
Puget Sound PAL6hi '49
1st A ref 6s series 0.1960
4%S
1944
Utics Gas A Elec 5s D. 195f
5s Series E
1952
98%
1937
1st A ref 414s ser D. I960
Quebec Power 6a
196b
Queens Boro G A E 4%s '58
6 Ha series A..
1962
8s
194#
7s with warrants
99
Rochester Ry A Lt 6s. 1964
82%
111% 111%
133
108%
Jan
111%
Jan
106
Jan
107
Jan
27,000
63 M
101%
Jan
9,000
52%
102
Jan
62 M
102
Jan
Jan
Jan
Jan
103%
Jan
105%
Jan
Wiso-Mlnn Lt A Pow 5s *44
Wise Pow A Lt 5s E..195S
6s series F
1951
26,000
Jan
137%
60 M
105
Jan
66
104%
103%
Jan
Jan
104%
Jan
40%
101%
Jan
Jan
37%
86%
Jan
103%
96%
36%
83%
Jan
93%
83 M
Jan
Jan
Jan
12,000
12"666
21,000
1,000
Jan
88 %
86
105
Jan
106%
106%
Jan
106 %
Jan
Jan
61 M
103
Jan
104%
Jan
100
Jan
104
*
Jan
22%
74
Jan
100
78%
111%
Jan
32%
Jan
82%
112
Wise Elec Pow 6s A... 1954
Wise Pub Serv 6s A...1959
Tadkln RIv Pov 5s
1941
York Rys Co 5s
1937
125
L A P 6s B '52
Sauda Falls 6s
1955
Saxoa Pub Wks 6a
1937
125
109% 109%
32% 32%
106%
Jan
Jan
99
Jan
95%
Jan
98
Jan
Jan
107
Jan
Agricultural Mtge Bk (Col)
20-year 7a
1934-194*
20-year 7s
Jan
Jan
7,000
17,000
91
3%
32%
Jan
75
96%
Jan
99
Jan
103
Jan
102%
Jan
62
95%
Jan
96
97.%
65,000
46
91%
Jan
97%
Jan
90
94
10,000
45
83%.
Jan
94
Jan
40,000
7,000
7,000
4%
22%
Jan
27
Jan
92%
106%
Jan
107
Jan
76
106
Jan
107
Jan
83
106
Jan
106
76
106
99
106
5,000
"
Jan
14%
108
19%
1936
SerlDD (E W) Co 5 Ms.!943
Seattle Lighting 6s... 1949
Second Int'l Sec 6s
1948
Scrvsl Ins 6s
22
22
19%
21
103
68%
104
68%
101% 102
1947
Baden 7s
_19i)
Buenos Airss
Jan
107
46 M
Jan
101
19,000
106% 107%
92%
93% 141,000
60
103%
Jan
107%
41
88%
31,000
21
33%
30,000
64
105%
100
107%
Jan
Jan
Jan
Jan
9,000
38
40
105% 105%
102% 102%
106% 106%
102% 103%
102% 103
4Hs series B
1968
1st 6s series O—
1970
lst4%iserieeD
1970
2,000
97
102%
Jan
103%
61
106
Jan
18,000
52
101%
Jan
106%
103%
4,000
51
101
Jan
103
'104% 104%
7,000
4O"666
6s. 1957
Jan
106%
106%
Jan
107%
70
103%
Jan
104%
21
21%
13,000
4,000
15
18%
Jan
21%
Jan
15%
17
Jan
21%
Jan
26%
5,000
21
26
Jan
26%
Jan
61
23,000
25%
55%
Jan
Jan
62
23,000
27%
57%
Jan
61%
62%
6
Jan
10%
Jan
80
31%
Jan
33
Jan
22
32%
95%
Jan
34
Jan
68%
Jan
97%
61
89%
Jan
91
86%
69%
Jan
72
Jan
20,000
23
28%
Jan
Jan
24,000
6,000
6,000
21%
28%
Jan
23
32%
Jan
21
26%
Jan
28%
28%
32%
26%
11
Jan
Jan
1947
1949
10
10%
11,000
31%
32%
15,000
Jan
101%
Jan
103
Jan
4,000
88
124
Jan
125
Jan
110
Jan
Prov Banks 6s B...1951
6s series A
1963
33
Jan
8
1,000
4,000
101
30%
Jan
109
Jan'
32%
2,000
13.000
13,000
1,000
21,000
7
18%
Jan
22
Jan
4%
18
Jan
21
Danish 5 Ms
195$
"97% "97% "4"6oo
102%
Jan
104
Jan
69
Jan
98%
106%
Jan
102
Jan
Jan
107%
Jan
36",000
66%
17
96%
63%
Jan
100%
104%
Jan
6,000
63
100%
Jan
104
Jan
13,000
73
105
Jan
107
63%
100%
Jan
103%
External 6%a
1963
German Cons Munlo 7s '47
Secured 6s
194?
Hanover (City) 7s
193$
Hanover (Prov) 6 Ms. .1944
Lima (City) Peru 6%s..'6»
Jan
71
72
28%
28%
32%
28%
28%
26%
32%
26%
8,000
Certificates
38
58
Jan
41
97%
Jan
of
10%
13~66O
3%
8%
Jan
10
8,000
10%
8%
13%
Jan
17%
Jan
9%
Jan
13%
Jan
26%
81%
Jan
81%
Jan
23 M
71%
Jan
75
Jan
13
1951
7s
17
12
10
17%
12%
18
Jan
18
Jan
13
18
Jan
18
Jan
12
Jan
Jan
92%
Jan
14%
93%
10%
Jan
21%
Jan
12%
Jan
Jan
Jan
17%
2%
2%
2%
2%
Jan
63%
Jan
Jan
Jan
Jan
Medellln 7s ser E
1951
Jan
Mendosa 7 Ms
1951
Jan
Jan
Jan
Mtge Bk of Chile 6s...1931
Mtge Bk of Denmark 5s '7S
92%
93
Jan
Parana
19
Jan
Rio de Janeiro 6 Ms..196*
20% 205,000
17,000
17%
37%
101%
Jan
96%
101
Jan
96%
Jan
Sou Calif Gas Co 4 Ms. 1961
106% 107
12,000
78%
100%
106%
103%
103%
Jan
107
Sou Counties Gas 4 Ms. *68
104
104%
25,000
76%
104
Jan
107
Jan
Sou Indiana G A E 6 Ms '67
Sou Indiana Ry 4s..
.1951
107% 107%
12,000
96%
107%
Jan
108
Jan
Southern Nat Gas 6s. 1944
102% 103
4s stamped
1911
75
75
7,000
"(Looo
Jan
56%
L 6s.
9096
Jan
Mtge Bk of Bogota 7a.1947
SouthernCallfEdlsonLtd—
Ref M 3%s
May 1 1960
Ref M3%sB July 1 1960
70
71% 167,000
46,000
25
53
JaD
101
71%
104
Issue of May 1927
Issue of Oct 1927
18
(State) 7s
195$
18
12
12%
15%
Russian Govt
S'western assoo Tel 6s
'61
96
96%
34,000
80
....1967
S'western Lt A Pr 6s..1957
S'western Nat Gas 6s. 1946
So'West POW A Lt 6s.2022
S'west Pub Serv 6s... 1946
Staley Mfgfls
1942
Stand Gas A Elec 6s.. 1936
Certificates of deposit
.1935
Coaves
Certificates of deposit.
1961
Debenture 6«
Debenture 6s. Deo 11966
Standard Invests 6 Ms 1939
6s ex warrants
1937
Stand Pow A Lt 6s
1957
Standard Telep 6M&..1943
Corp—
40
60
Southwest G A E 6s A. 1957
5s series B
100% 101%
96
96
96%
97
103% 104%
102% 103%
Jan
92%
103
Jan
102%
Jan
Jan
103%
Jan
5 Ms
103%
5 Ms certificates
1921
97
43,000
45
99
Jan
101%
Jan
7,000
26
92%
Jan
96%
Jan
30,000
37
17,000
55
41,000
83
Jan
91
Jan
101%
102%
Jan
97
104%
104%
Jan
77
135,000
91,000
37%
69
Jan
77
69
Jan
77
69%
Jan
77%
Jan
72%
72
75
285,000
47%
69
Jan
77
30
65%
Jan
75
74
28 M
66
Jan
64
97
Jan
101%
64%
97
Jan
100%
72% 375,000
6.000
50
25%
64%
46%
Jan
Jan
72%
50%
49%
Jan
52%
Jan
45
Jan
52
Jan
48%
15,000
1964
108% 108%
52
48%
106
106
4,000
x
Jan
%
1%
Jan
Jan
%
1%
1%
i
62
62
1,000
18
51
51
3,000
1,000
43%
51
Jan
5%
11%
Jan
11%
Jan
Jan
Jan
Jan
54%
12%
5%
Jan
12%
11%
11%
Jan
a
Deferred delivery sales not Included In year's range.
lnoluded In
year's range,
r
» Under
Cash sales not lnoluded In
year's
Ex-dlvidend.
Price
0
Price adjusted
■
adjusted for split-up.
for stock dividend.
93%
Tenn Public Set*vloe 6s 1970
84
Ternl Hydro Eleo 6Ms 1953
44%
94% 156,000
85
20,000
Deferred delivery sales not Included in weekly or
yearly range are shown below:
No sales.
Abbreviations
Jan
Used
Above—"cod," certificates of deposit; "cons,"
'cum," cumulative; "conv," convertible; "m." mortgage; "n-v,"
Jan
Jan
106%
106%
110%
Jan
108%
Jan
105%
Jan
105%
108%
Jan
108%
"v t
Jan
consolidated:
non-voting stock:
c," voting trust certificates; "w 1," when issued: "w w," with warrants;
"x w,'
without warrants.
Jan
The National Securities Exohanges on which low
prices since July
made (designated by superior figures In tables), are as
*
Tennessee Elee Pow 5s I960
103%
97
1957
7Ms. 1946
2
I
Jan
Jan
16
69
56
Tleti (Leonard)
not
"
Jan
59
1966
No par value,
range,
Jan
32,000
26
2022
ThermotdCo 6s stpd.1937
Tide Water Power 6s. 1979
10%
9,000
51,000
2,000
9,000
198)
the rule sales
Jan
354,000
71%
74
15,000
101% 101%
100% 100%
19,000
-
ft
Jan
34,000
6s
62%
62
194*
7s
*
Jan
105% 105%
Texas Power A Lt 5*.
Santiago 7s
Jan
37%
Super Power of 111 4Mb '68
1st 4 Ms
1970
I960
1946
1%
7,000
7%
Jan
48
77% 168,000
114,000
77
77
26
Texas Gas Utll 6s—.1945
7s Stamped
1%
2%
1%
1%
3,000
12,000
Jan
72%
3,000
Texas Elee Service 6s.
Santa Fe 7s..........1946
Jan
72%
72%
52%
52
Syracuse Ltg 5Ms
6s series B
1%
1%
1921
Jan
2
6%s...l919
6%s certificates
1919
Stlnnes (Hugo)
7-4% stamped ..1936
7-4% stamped...1946
Jan
Jan
4%
9%
deposit..
100%
104%
63
Jan
Jan
Jan
1,000
Jan
Jan
65%
Jan
•
Danslg Port A Waterways
Jan
101% 102% 162,000
101% 102% 42,000
Southeast PA
Jan
Cent Bk of German State a
6,000
63
105%
20%
20%
26%
7%a stamped
Jan
75,000
47,000
99%
99%
101% 103% 239,000
60
78%
63%
105% 106
59%
60%
Maranho
Sheridan Wyo Coal 6s 1947
42
107%
10,000
1952
Cauca Valley 7s
61
103% 103%
103% 104
106
106%
103% 103%
93%
106%
(Province)—
64
1948
Rhawlnlgan W A P 4%s '67
Jan
99%
74,000
7s stamped
106%" Jan
107
12,000
19«
6s with warrants...1935
Sou Carolina Pow
Jan
90%
AND MUNICIPALITIES—
Bohulte Real Estate—
6s ex-warrants
105%
45
FOREIGN GOVERNMENT
23
San Antonio P S 6s B..'68
60
52%
30,000
Wheeling Elec Co 5e__194)
89,000
104%
103%
104%
28%
San Joaquin
Jan
75
West Newspaper Un 6s '44
"r est United G A E
5 Ms '56
68%
Ruhr Housing 0 Ms...1969
106% 107%
17%
18%
102% 103
Jan
105
1,000
Jan
6,000
Ruhr Gas Corp 6 Hs..1963
Sate Harbor Water 4%s '79
St Louis Gas A Coke 6s '47
103%
Jan
84,000
106% 107
100
100%
55%
81
Jan
104
99%
19W
31%
12,000
Reliance Man&gemt 6s 1954
Rochester Cent Pow 6s 1953
102%
99
102% 102%
203»
Jan
88
103% 104
60
60
91
Wash Water Power 6s
100%
31
62
87% 128,000
106
11,000
3,000
92
West Penn Traction 5s.'60
Weal Texas Utll 6s A. 1957
97%
Jan
1954
102
104% 104%
103% 103% 23,000
22.000
102% 103%
93%
95% 293,000
85,000
90% 93%
106
101%
Waldorf-Astoria Corp-
10,000
15.000
86
60
Jan
41%
Jan
109%
104%
9,000
9,000
Jan
Jan
Jan
94%
Pub Serv of Oklahoma—
Pub Serv Subsld 5 %s. 1949
16,000
29,000
106
90
Jan
Jan
93%
6,000
99
Wash Ry A Elect 4s..1951
Jan
Jan
25
51%
24,000
98
97
23% 25%
106% 106%
106% 106%
66%
90%
Jan
35%
96%
103% 105
88
106%
2,000
12,000
4,000
32%
6,000
32%
86% 133,000
Ward Baking 6s
1937
Wash Gas Light 5s... 1951
29
99%
Prussian Electric 6s.. 1964
Jan
101%
92%
1,000
12,000
47
West Penn Elec 6s
4Kb series F
196)
Potonao Elec Pow 6s.193*
Potrero Bug 7s stmp..-1947
Jan
Jan
Jan
96%
98
103%
Utah Pow A Lt 6s A..2029
Jan
Jan
Jan
Jan
44%
10,000
79
6% % serial notes...1939
6%%serial notes..1940
Jan
46,000
106% 107%
6 % % serial notes... 1931
Jan
47%
104% 105%
103
Jan
Jan
12%
6
107%
45
Eleo 6s..195$
Poor A Co 6s—
1M
84%
8 Rubber Co—
O
6%% serial notes.. 1937
Peoples LI A Pr 5a
Jan
Jan
105%
90% •' 105%
1954
66%
56%
Jan
85%
101%
Peoples Gas L A Coke—
6fl series C
107%,
Jan
78
115% 115%
Jan
103%
105%
1949
104%
01%
Jan
99
101% 101%
Jan
89
I96h
19
Dlen Co—
85%
114
High
Low
106%
76%
79
73,000
85% 629,000
106% 107%
Onion Eleo Lt A Power—
120 %
Penn Ohio Edison—
6b BerleaA zw
1935
67
1,000
103% 103%
1979
Penn Electric 4s F
Jan. 1 1936
Week
(Concluded)
62
"_89% ~90% 147~66O
Park A Tilford 6s._ .1936
6b...
Range Since
Dec. 31
85
102
Pacific Ltg A Pow 5a..1942
Pacific POW A Ltg 6«.. 1966
101
36,000
98% 100
1948
A
1933 to
for
Toledo Edison 5s...1965
1943
1b» A ref 4Ha F
■
Sales
of Prices
BONDS
Pacific Gas A El Co—
lot Ob series B
1
Week's Range
Range Since
of Prices
BONDS
New York Stock
"Cincinnati Stook
48
89
Jan
95
Jan
*
New York Curb
»
40
78%
Jan
86
Jan
»
New York Produoe
1 1933 were
follows:
**
Pittsburgh Stock
Richmond Stock
Cleveland Stook
Colorado Springs Stock
$*
St. Louis Stook
Salt Lake City Stock
Jan
47
Jan
*
New York Real Estate
»
Denver Stook
157,000
60
41%
99%
"
Jan
102
Jan
*
Baltimore Stook
'•
Detroit 8tock
*«
San Francisco Stook
13,000
12
34
Jan
40
Jan
*
Boston Stock
«
Los Angeles Stock
*7
San Francisco Curb
105% 105% 115,000
106
11,000
106%
66
105
Jan
Jan
*
Buffalo Stock
'•
Los Angeles Curb
ss
San Francisco Mining
51
104
Jan
106%
106%
Jan
*
California Stock
*»
"
Seattle Stock
95%
15,000
55
95
Jan
96%
Jan
*
Chicago Stook
*•
Mlnneapolls-St. Paul
New Orleans Stock
»
99% 100%
76,000
49
98%
Jan
100%
Jan
'•
*' Philadelphia Stook
Spokane Stock
Washlnaton(D.O.) Stock
25
32
Jan
Jan
'»
Chicago Board of Trade
Chicago Curb
47
100% 102
35
95
36%
20,000
36%
.
32
I
"
758
Financial
Chronicle
Feb.
1
Other Stock Exchanges
1
July
New York Real Estate Securities
Week's Range
Sales
1933 to
Range
of Prices
for
Dec. 31
Jan.
Week
Exchange
Unlisted Bonds
Bid
Stocks (Concluded)
Unlisted Bonds (Concluded)
Ask
Ask
Bid
1941
42
(The) 6s... 1941
Carnegie Plaza Apts
Bldg 6s
1937
3
41%
Dorset ctfs of deposit
31
80 Broad St Bldg 6 %s.l950
5th Ave & 29th St Corp 6s '48
14
Berkshire
Prudence Bonds Corp—
5
!
'
Shares
Low
t'4
•'
32
35
26
30
North Butte
43
45
Old Colony
46
5%s, 1934, 3d series
5%s, 1934, 9th series
5%s, 1940, 15th series..
61 Bway Bldg 5%s—1950
47 %
Old Dominion
65
55 %
City & Suburban Homes--
3%
Lincoln Bldg Corp v t c
3
15
Tudor City—
64
Pennsylvania Bldg 6s. 1939
Unlisted
28
11
Stocks—
2d Unit Inc units
5
4th Unit Inc units
5th Unit Inc units
12
6
.
9
8
,
8
20%
75
Baltimore Stock
on
Established 1853
6.S. Calvert St.
39
BALTIMORE, MD.
Hagerstown, Md.
Members
Broadway
New
Louisville, Ky.
York,
and
Baltimore
5%
%
658
2%
4
Jan
3,479
20c
36c
Jan
58c
Jan
Jan
Jan
64
59c
65c
670
%
560
Jan
650
Jan
34%
36%
782
17%
31%
Jan
Jan
25
25%
790
10
22%
Jan
36%
25%
Qulncy Mining
26
8tone A Webster
Suburban Eleo Secure—
Common
80c
17
42
39
%
100
2
1,210
1,820
6%
2%
8
2,052
1%
94%
1%
95%
493
24
26
425
5
26
100
l
124% 124%
%
%
13%
11%
5%
7%
28
29%
*
»
.....
Warren (S D) Co
...*
Jan
Jan
2
11
Jan
14%
Jan
Jan
Jan
12%
18%
Jan
Jan
2
1%
Jan
Jan
96%
Jan
22%
Jan
26
Jan
Jan
83
Jan
6%
89%
Jan
47
131
30%
39
Jan
39%
Jan
2,813
8,855
%
28c
H
Jan
2%
X
Jan
90o
Jan
Jan
124%
Jan
84c
6
100
9%
2,771
86%
5^39
1
17
Jan
%
35
180
89%
39%
2%
55c
„,
5%
1%
X,
.....
Jan
Jan
1%
90%
20
*
5,
*
70c
1%
12%
18%
Jan
16%
200
17
1%
12%
16%'
.:..*
113
64
%
Reece Butt Hoe Mach__10
Reece Folding Mach Co. 10
Sbawmut Assn ir ctfs
*
Waldorf System Inc
Warren Hro« Co
Exchanges
Jan
6%
62%
Venezuela Holding Corp..*
Chicago Board of Trade and Commodity Exchange, Inc.
Jan
5
100
Vermont A Mass
York, Pa
Stock
Jan
124%
Jan
119
......25
RR
50
RR
Utah Apex Mining
Utah Metal A Tunnel...
NEW YORK
Jan
2%
49
42c
U Shoe Mach Corp
Preferred
STEIN BROS. &> BOYCE
Jan
Jan
516
Union Twist Drill Co
United Gas Corp
Exchange
High
Low
1%
38%
124%
TorringtonCo
Orders Executed
1
535
1936
122
Pond Creek Pocahontas..*
4%
1,645
2%
49
1
*
Pennsylvania
54
High
Linotype..*
New Eng Tel A Tel..
.100
NY N HavenAHartfordlOO
.
61
Harrlman Bldg 6s
1951
Lincoln Bldg Cp 5%s v t c *63
Lincoln Hotel Props 6%s '41
Par Low
»
1%
44%
Mass Utilities vtc
Mergenthaler
Alden 6s
Since
1935
Closing bid and asked quotations. Friday, Jan. 31
4
%
10
124
96
100
'
Jan
%
Jan
Jan
13%
Jan
7%
Jan
23
Jan
29%
Jan
2%
40
4%
$6,000
32%
Jan
Jan
%
9%
4%
%
3%
854
1,981
Jan
Bonds-
Eastern Mass St RailwaySeries A 4%s
1948
Baltimore Stock Exchange
Jan. 25 to Jan. 31,
July
Week's Range
1933 to
Range
Jam.
Arundel Corp
for
Low
*
20
22
2,518
Atlantic Cst Line (Conn). 50
Bait Transit Co com v t c_ *
35
37
541
1st preferred vtc
Black & Decker
1%
com.
1%
3%
24%
870
Preferred
34%
116%
361
25
34
Ches & P T of Bait pref 100
Consol G E L & P ow
*
111
5% preferred.
100
Davison Chemical Co
88
89
1
12
Fid & Guar Fire
49
100
18%
10%
25
25
Mercantile Trust Co
!
1%
50
255
Merch & Miners Transp..*
Monon WPennPS 7% pf 25
33
Mt Vern-Wdb Mills pf.100
New Amsterdam Casualty5
19
Jan
Jan
Jan
22
Jan
25
Jan
34%
Jan
111
Jan
119
Jan
84
Jan
89
Jan
45%
114
Jan
115%
Jan
%
11
1
Jan
17
Jan
12%
19
50
Jan
3,185
4
15
Jan
10%
1%
20%
11%
Jan
Jan
5%
8
%
37 So. La Salle
Jan. 25 to Jan. 31,
Jan
2
255
July
Jan
Jan
33%
215
21
31
Jan
33%
25
133
12%
24
Jan
25%
25
19%
50
34
34
16%
3,257
98%
40
1%
200
Jan
16%
Jan
Range
Dec. 31
Jan.
1935
Shares
Low
Abbott Laboratories com."
Jan
Jan
98%
1%
Jan
Advance Alum Casting*..6
Ainsworth Mfg Corp com 10
Jan
89
Jan
14%
Jan
17%
Jan
34
Jan
35
Jan
1%
63
41%
3,650
2%
51
54
Jan
Jan
87
1
89
Jan
13%
5%
24
Stocks—
118
21%
94
8%
93
13
15%
Jan
21%
Jan
Auburn Auto
79
84
Jan
94
Jan
1%
Jan
Jan
8%
118
Jan
Jan
8%
New common
Boston Stock
July
Since
Range
for
Dec. 31
Jan.
Week
of Prices
1933 to
1935
Shares
Low
1
Since
8%
97%
5%
Jan
101%
Jan
1%
Jan
7%
Jan
5
46
Jan
52
8%
21
Jan
22%
Jan
13%
Jan
15%
Jan
25%
4%
Jan
31
Jan
4%
Jan
120
*
1,600
1,750
100
3
39,900
13,150
8%
1%
Jan
Jan
7%
5%
Jan
Jan
28%
29%
250
o8H
27%
Jan
30%
Jan
43
43
100 1
15
43
Jan
43
Jan
8%
conv
pref
com."
Bendlx Aviation oom
750
9
%
%
2%
3%
102% 102%
7
7%
24%
22%
8%
7%
*
•
Berghoff Brewing Co
4,400
3%
8%
Jan
9%
Jan
%
Jan
%
2%
Jan
102%
Jan
2%
6%
Jan
7%
Jan
9%
21%
Jan
24%
8%
Jan
......
110
20
50
1,450
13,600
2,600
Jan
3%
103
Jan
Jan
Jan
5%
340
1%
3
Jan
6%
Jan
70%
3,800
11%
64
Jan
20
70%
110%
Jan
110% 110%
preferred
100
Brach A Sons (E J) com..*
7%
5
68
7%
1936
High
300
6,050
5%
7%
Low
1936
*
1
Blnks Mfg Co A conv pref *
Borg-Warner Corp oom.10
1
Sales
31
6%
6%
7%
1
*
Bastian-Bleasing Co
inclusive, compiled from official sales lists
Week's Range
15%
28
Balaban A Katz pref. ..100
Exchange
22%
13%
Rights
Auto Washer
52
21%
Automatic Products com.6
115
99
48
1
78,000
3,000
3,000
High
97%
6%
common..6
151,000
19%
89
8%
Co
Asbestos Mfg Co com
Associates Invest Co—
.
118
Par Low
Allied Products Corp ol A *
Common
10
Amer Pub Serv Co pref.ioo
Armour A
Jan. 31, both
1933 to
for
Week
95
71
Bonds—
to
Sales
of Prices
Jan
54
1
Week's Range
Jan
Western National Bank.20
Jan. 25
both inclusive, compiled from official sales lists
Jan
Jan
16%
Wash B & A 5s flat... 1941
St., CHICAGO
Chicago Stock Exchange
Jan
100%
255
16
1975
Chicago Stock Exchange
Chicago Curb Exchange
Jan
Jan
Jan
182
2
B is flat
Jan
Jan
30
Penna Water & Pow com.*
Bait Transit Co 4s flat 1975
Jan
88
Jan
88
200
US Fid & Guar
Baltimore City Bonds—
4s sewerage Impt ..1961
Jan
75
Jan
SECURITIES
New York Stock Exchange
New York Curb (Associate)
Jan
54
1
74%
Jan
Members:
Jan
33
43%
255
Jan
70
88
PaaJ H.Davis & 60.
Jan
1%
3%
8
1%
70
34
35
7,050
2,000
Jan
37
24%
50
Owings Mills Distillery
22%
Jan
45
11
75
88
Listed and Unlisted
Jan
2%
1%
3%
15%
274
V
1936
High
Jan
9c
146
•
1
%
91
470
13%
98%
1%
88%
Northern Central Ry
2
2,527
96%
49%
19%
32
111
15
1
12%
17%
95%
.20
Corp.__ 10
Houston Oil pref
Mfrs Finance 1st pref
2d preferred
31
115% 115%
*
Eastern Sugar Assoc com.l
Preferred
1
Fidelity & Deposit
/::
20
%
1%
4%
7%
329
■
71%
88
CHICAGO
11%
1,895
23%
70
1948
Since
Low
18
269
3
*
1948
1935
Shares
High
Dec. 31
Week
Par Low
70
5s
Series D 6s
1
Sales
of Prices
Stocks—
Series B
both inclusive, compiled from official sales lists
17
20
27%
28%
350
87
700
*
3
108%
Jan
Jan
Jan
6%
16%
Jan
20
Jan
5
27%
Jan
29
Jan
i%
26%
Jan
5
13
31%
15%
Jan
Brown Fence A Wire-
Stocks—
Par Low
High
Low
Class A
High
Amer Pneumatic Serv Co-
Class B
Common
25
2%
2%
80
6% non-cum pref
60
5
5%
180
159% 162%
2,992
Amer Tel A Tel
100
%
2
*
98%
1%
4%
155%
Jan
Jan
Jan
2%
5%
162%
♦
28
29
Jan
Bruce Co (E L) oom.....*
14
15%
Jan
Butler Brothers
Preferred
Boston
A
...100
Albany
100
Boston Elevated
...100
97%
98
8%
Jan
Canal Construct conv pref*
Castle A Co (A M) com. .10
Cent III Pub Serv prst...*
Cent IllSecur common...1
2%
39%
41%
68
115
69
60
58%
63
99%
Jan
88
97%
117%
Jan
444
Jan
137%
Jan
332
128% 137%
55
65%
Jan
69
Jan
Boston A Maine-
Common
...100
100
C1 A 1st pref stpd
Class A 1st pref
100
9%
8
10%
40
3%
1%
li*
23
3%
8
8
15
29%
9%
8%
33
1,217
1,357
9
24
Class B 1st pref stpd. 100
13
17
219
CI B 1st pref
100
Class C 1st pref (stpd) 100
CI D 1st pref stpd
100
Boston Personal Prop Tr_*
13
13
26
100
100
Providence.. 100
Brown-Durrell Co
*
com
Calumet «fe Hecla
Copper Range
East Boston Co
East Gas A
25
...26
12%
12%
14%
17
20
77
14%
15
875
150% 150%
6%
7
150
49
379
7%
7%
503
7
7%
1,026
%
5
10%
2,210
Jan
Jan
38%
%
10
400
Jan
7%
1%
Jan
42%
Jan
Jan
63
Jan
67
Jan
9
Jan
5
Jan
650
%
1
Jan
50
1%
18
5%
16
Jan
18
Jan
Jan
Jan
Jan
Jan
1%
7%
649
%
Jan
3%
Jan
8
Jan
•
55
2%
62%
280
3
49
Jan
2%
62%
Jan
33
Jan
*
27
33
190
2
21
Jan
33
Jan
12%
Jan
CentralStates Pow A Lt pf *
12
17%
510
1H
8
Jan
17%
Chain Belt Co com
*
Chic City A Con Ry com.*
Part preferred
*
40
43
390
35
Jan
43
10%
Jan
Jan
9
Jan
5%
7%
11%
.Tan
17
Jan
3
12
Jan
13
Jan
8%
4%
Jan
14%
Jan
6
14
Jan
20
Jan
8%
14%
Jan
15%
Jan
144%
3%
6%
6%
Jan
150%
Jan
Jan
7
Jan
111
1%
2%
3
1
Jan
7%
Jan
7%
Jan
Jan
%
%
Jan
Jan
Fuel Assn—
•
0% cum pref
100
4 % % prior preferred 100
Eastern Mass St Ry—
1st preferred
..100
B.
..100
Adjustment
Eastern 8 8 Lines com
2d preferred
100
*
*
Economy Grocery Stores.*
Edison Elee Ilium..
100
Reo for $50 pd on new shs
Employers Group
7
61
66
1,432
74%
82
811
2
Jan
37%
3%
41%
.Tan
66
Jan
63
60
Jan
82
Jan
8%
Jan
35
37%
11
11
3%
10
355
25
4%
33
Jan
1
11
Jan
37%
Jan
12
Jan
4%
25
76c
3%
Jan
4%
Jan
10%
310
4%
8%
Jan
10%
Jan
60
54%
20
18%
158% 161
58
55%
»
25
26
54
4%
1
1
450
Chicago Rivet A Mach cap*
Chicago Towel conv pref.*
Chic Yellow Cab Ins cap.*
Cities Service Co oom
•
Coleman L'p A Stove com *
Commonwealth Edison 100
Consumers
Jan
Common
7% cum pref
Continental Steel—
Jan
161
Jan
Jan
58
Jan
Jan
26%
Jan
38%
Jan
5%
Jan
18%
279
7%
16%
Jan
18%
Jan
*
30
30
Jan
35
Hathaway Bakeries—
40
10%
65c
70c
169
20c
25
9%
10%
210
4
%
Jan
9%
Jan
Common
100
10
11%
570
4%
100
34
35%
240
8
761.
7
1,030
90
100
63,350
1,150
4%
1
1%
%
4%
68%
9%
%
37
10
%
5%
105% 108
900
80%
70
6%
37
17
18
39%
117
6%
26%
120
%
4%
42
117%
7%
29
9,400
%
230
%
Jan
Jan
Jan
Jan
%
1
Jan
Jan
Jan
44
Jan
5%
48%
Jan
41%
Jan
3
Jan
4%
Jan
I
Jan
1%
Jan
28%
Jan
25
Jan
100
Jan
104
Jan
26
19%
Jan
Jan
Jan
3
Jan
5%
Jan
2%
Jan
3%
Jan
34
Jan
96%
Jan
12
Jan
%
2%
8,000
5
39
37
Jan
110%
18
Jan
Jan
Jan
%
Jan
4%
Jan
43
Jan
Jan
Jan
40
40
115
Jan
15,700
2,100
2
5
Jan
6
26
Jan
29
Jan
82
120
Jan
126
Jan
122
500
11
12
20%
23
3,620
2,000
2%
8%
10
5%
5%
100
Dexter Co (The) oom
5
Econ Cunnghm Drug com *
10%
18%
12%
270
Jan
19
700
10%
Jan
Eddy Pap Corp (The) oom*
28
28%
60
4%
17%
Jan
Jan
33%
20%
750
90c
Maine Central—
Preferred
b
26
Preferred
IOC
Dayton Rubber Mfg com.*
Cumul ol A pref
35
Decker A Cohn—
Common
32%
1
3%
%
97%
Jan
3
3%
733
Jan
5%
6
2,247
1,009
37
4%
100
*
Cord Corp cap stock
Crane Co common
22
1
1
1,600
%
♦
...100
5%
page
Co-
Preferred
2%
28%
102%
22
oom. 100
Common
6%
18
26
101
Club Aluminum Uten Co.*
Jan
35
1
750
Jan
300
4
l%
%
16.400
22
5%
footnotes see
5%
46%
41%
60
38%
Loew's Theatres
4%
>i«
14
100
36
Jan
38%
5%
17%
1
«
10
46
Jan
*
%
_«
Preferred
18
*
1
Chicago Corp common..
54
155%
52%
22%
%
64,550
Chic Flexible Shaft oom..6
Chlo A No West Ry eomlOO
Chic Rys part ctfs 1
100
14%
•
Preferred
pref
Preferred
33
u111ette
Helvetia Oil T C
Prior Hen
1%
1
.....
515
General Capital
Co—
Safety Rasor
Common
Congress Hotel Co
Gilchrist
bor
18
a
1,000
16,300
3,930
9%
3
100
*
Common
Preferred
1%
Convertible preferred-_*
9
Central S W—
Preferred (stpd)
Prior preferred
Boston A
500
lo
Blgelow-Sanford Carpet Co
r
%
3%
17
117%
Jan
7%
Jan
10%
Jan
12%
Jan
19%
Jan
23
Jan
4%
Jan
5%
Jan
9%
Jan
16%
Jan
12%
19%
Jan
28
Jan
30
Jan
Jan
18%
Jan
Jan
33%
6%
33%
Jan
Jan
FltzSlms A Con D&Dcom *
17
18%
600
8%
27%
16%
Jan
Jan
40
2,560
3,700
16%
12
16%
31%
Jan
Jan
Eleo Household Utll oap.fi
Elgin Natl Watch Co
16
0
7%
18%
Jan
18%
Jan
759
Chronicle
Financial
Volume 142
su
Sales
1933 to
Dec. 31
Jan.
Stocks
(Continued)
Low
Par
Shares
High
39
12K
12K
Jan
39
Jan
Yatos-Amer
UK
Jan
12 K
Jan
4K
3
IK
Class B
UK
22 K
23
550
Jan
32
Jan
Jan
Jan
Chic Ry 50 ctfs
22 K
Jan
UK
23K
33
29
Jan
3K
6
Jan
4K
6K
9K
Jan
11
8K
Jan
10K
Jan
25 K
24
Jan
29
Jan
Jan
24
Jan
;7K
10 K
11
10
10K
1,600
27 K
28 K
600
24
24
38
38
12 K
Hormel A Co (Geo) com A*
12 K
22
22
Houdallle-Hersney CI B.*
27 K
28 K
Illinois Brick Co
11K
25
Heller (W E) pref w w
Without warrants
com26
*
Horders Inc com
8K
12 K
50
Jan
~~21K
38
Jan
8
10
12
Jan
-13
100
16
31
Jan
76K
Jan
78
Jan
79
Jan
8,000
12 K
Jan
106 K 109 K
140
«K
103 K
Jan
109 J*
Jan
9
63
Jan
66K
20
Jan
30
Jan
26
Jan
28K
9
Iron Fireman Mlg v t c__
•
33
Jan
35K
Jan
7
400
Jefferson Electric Co com.*
34
35K
43
Jan
55 K
Jan
32 K
Jan
Jan
7K
150
Kalamazoo Stove com...*
52
55 K
4,230
Kats Drug Co oom.
l
Kellogg Switchbd com..10
Preferred
100
32 K
33 K
600
9K
350
...
9
«
Jan
33K
9K
54
Jan
62
IK
11K
Jan
14
35
Jan
43
Jan
82 K
Jan
87
Jan
Jan
87
Jan
11K
12K
40 K
43
380
87
87
60
72 K
82
87
5,400
7K
2K
2K
IK
Jan
2K
Jan
Unlv com..5
3K
1,200
5,070
K
2K
K
2K
Jan
3K
Jan
74
Leath A Co—
*
Llbby McNeil A Llbby - -10
9K
4K
4K
Common
10
580
2.650
K
3K
Jan
2K
•
9K
Jan
Jan
5
Jan
UK
*
Preferred..
700
u
37
37 K
400
K
6
6K
2.800
10
Lindsay Light com
7K
50
10
preferred
7
10K
10 K
330
5
2
3
7K
1,000
02K
5
41
7K
52 K
4,850
26
McCord Rad A Mfg A...*
39
39K
40
28 K
31
McQuay-Norrls Mfg com.*
55
55 K
3K
Packing-
*
New com
Lynch Corp com
Electric oom...6
25
25
11K
12K
Masonite Corp com
•
Mer A Mfrs Sec cl A com.l
71K
73K
750
7K
*
30 K
Prior preferred
Mlckelberry's Food ProdCommon
1
Jan
Jan
8K
Spec preferred
Churngold
Cincinnati Adv Prod
3K
27
Jan
31
Jan
Crosley Radio
Dow Drug
Cincinnati Street Ry
_
3K
Jan
25
Jan
26 K
Jan
11K
Jan
13K
Jan
Eagle-Picher Lead
Early & Daniel
62 K
Jan
73 K
Jan
Formica Insulation—
6K
Jan
8
Jan
Jan
34
Jan
Jan
Jan
10
Jan
IK
100 K
Jan
5K
IK
62
101K
201
8
345
2K
Jan
Jan
IK
102 K
Jan
8K
Jan
Jan
Jan
Jan
88 K
139
60 K
85
22 M
20
16K
22
Jan
18K
29 1
18
Jan
18K
9K
Jan
Jan
88K
22 K
9K
7
7K
230
2
3
40
110
no
Jan
Jan
no
110
1,910
Jan
8
Jan
10 K
Jan
17 K
Jan
20
Jan
3K
83
10 K
Jan
11K
20
9K
*
18 K
20
*
23
23
8
22 K
Jan
25
Jan
28
28 K
145
7K
28
Jan
29 K
Jan
*
Gibson Art
—
—
40
*
Hatfield-
7K
7K
200
3
7
Jan
7K
Jan
*
IK
IK
22
1
IK
Jan
IK
Jan
43 K
Jan
45
22 K
Jan
$6 conv pref A
*
16,300
'l6
K
Jan
K
Jan
3K
950
K
2K
Jan
3K
Jan
Julian & Kokenge
K
3K
5,240
K
K
Jan
K
K
IK
Jan
3,640
Jan
3K
Jan
2K
2K
500
K
IK
Jan
Jan
100
K
2
Jan
2K
2K
'
Kahn 1st
Midland United Co—
Common
*
K
Conv preferred A
*
IK
2
2
13 K
Jan
26
26 K
68
4
23
Jan
26 K
Jan
98
20
50
93
Jan
98
Jan
200
10
20
Jan
20
Jan
19
26 K
Jan
27K
Jan
Jan
5K
Jan
Jan
Magna vox
Jan
Jan
11K
Jan
19
4
Jan
10
10K
580
2
7K
Jan
10K
Jan
Pure Oil 6%
*
50 K
51
120
*
N actinia o Springfield com*
National Bottling Co pref *
Natl Gypsum cl A com..5
18K
25 K
3,700
12
13 K
650
30
30 K
130
19
47 K
50
4,650
20,950
0
Jan
52
Jan
5
17
Jan
25K
Jan
4K
11
Jan
13K
Jan
1
2K
114
3K
3K
48 K
241
Randall A
*
Jan
31K
Jan
Jan
50 K
Jan
US Printing
IK
Jan
2K
Jan
8
8K
Jan
4
Jan
Jan
48 K
34 K
Jan
3K
Jan
3K
Jan
47K
Jan
48 K
Jan
Jan
110K
Jan
16
Jan
21
Jan
4K
Jan
9
Jan
12
46 K
Jan
48 K
Jan
14K
33 K
Jan
35
Jan
37
9K
2K
70
33 K
31K
108
2,129
48 K
10
Rapid
U S Playing Card
7K
*
B
33 K
265
19 K
18K
19
Jan
K
»
5
108
108
100
Jan
2
30
10
15
47 H
*
38K
K
31K
31K
*
18
K
42
*
pref
30
4
591
Procter & Gamble
*
48 K
l
35
2K
National Pumps
Jan
50
8
18 K
Nash
Jan
20 K
1
25
IK
3K
38 K
3
50
*
7
K
IK
85
5K
2,50
200
690
20
27 H
5K
Lunkenheimer
1,500
3
20
27
*
9K
10
Jan
*
48 K
2
Muskegon Mot Spec A
13K
40
A
8K
Preferred
1
Kroger
46 K
MqHlne Mfg com
20
pref
pref.*
Monroe Chem Co com...*
25
13K
*
Leonard.
Utll—
100
100
100
45
13K
Jaeger
3H
*
K
45
98
Hobart A
K
•
National Leather com
Jan
8
12K
*
Common
7% prior Hen
790
IK
13 K
10
12
Jan
Jan
1
8K
.100
Preferred....
146
13 K
105
18K
*
Jan
'
Jan
104
100 K
79
22
»
♦
Jan
20
1,885
Jan
Jan
11
86 K
Cincinnati Telephone. -.50
57 K
3K
Jan
7K
-.50
Jan
Jan
24 K
8
101
Cincinnati Un Stock Yd..*
2K
Jan
IK
Jan
K
Jan
22 K
8
40
13,100
3K
104
13 K
_
Goldsmith
2K
Jan
24 K
22 K
104
Jan
26
Jan
3K
36
20
10K
3K
IK
Cincinnati Ball Crank pfd *
Cincinnati G & E pref .100
K
30
33
Jan
25
♦
8K
•
4K
3K
_
6K
3,450
4
8
*
Jan
Jan
74
100
Jan
2
4K
100
Jan
2K
4K
1
10 K
Jan
22
10K
21
145
4K
*
High
12K
Jan
2K
10 K
SH
140
738
1936
Jan
9K
19K
5K
2
#
preferred
52 K
IK
288
7
Prior preferred
Since
1
Low
Low
Shares
114
Jan
Middle West Utilities-
6% prior Hen
7% preferred A
2
34
K
Jan.
1935
21
20
*
Amer Products com
Jan
55
Dec. 31
12K
Amer Laundry Mach. __20
7K
1,300
7
10 K
11
Jan
910
Manhattan-Dearborn com*
Jan
7K
80 "39
Mapes Cons Mfg cap
*
Marshall Field oommon.. *
Jan
Jan
*
_
2
4,850
3
6K
7K
7H
;■
Jan
10K
9K
1,900
Jan
High
Par Low
Stocks—
Aluminum Industries
Champion Coated
39K
Range
for
Week
Burger Brewing
Jan
1933 to
of Prices
Jan
9
35K
8K
com.*
Jan
7
1
July
Sales
Week's Range
Part
Lincoln Prtg CoCommon
official sales lists
both inclusive, compiled from
Jan
5h
6% preferred..
100
Keystone Sti A wire com.*
Kingsbury Brew Co cap.-l
3,250
Cincinnati Stock Exchange
Jan. 25 to Jan. 31,
Jan
5
IK
17
Ken-Rad T A Lamp com A*
Ky Utll Jr cum pref
Corporation
Wire System—First Boston
Jan
19
30
62
60
Unlisted
Jan
50
26
BLDG., CINCINNATI
Specialists in Ohio Listed and
Stocks and Bonds
Jan
7
3K
390
66
30
26
K
Exchange
Members Cincinnati Stock
Jan
Jan
*
A Hart conv
75 K
43
$9,000
78 K
UNION TRUST
Jan
22
Jan
3K
17K
26K
8K
Jan
2tt
12K
30
Miller
36
76 K
78
Jan
20
65K
Midland
Jan
Jan
BALLINGER & CO.
Jan
300
Interstate Pow $7 pref...$
Indep Pneu Tool v t o
McQraw
15K
Jan
8K
2,400
3,400
25
111 North Utll Co pref.. 100
Loudon
3K
Jan
Jan
1,800
2,700
30 K
10
Hall Printing Co com
Lion Oil Refining Co
Jan
2K
K
IK
Jan
10
150
32
Great Lakes DAD oom..*
7%
High
Low
11
1,800
23,880
75K
ctfs„1927
1927
Chic City Rys 5s
8K
8K
2,730
22 K
3K
3,460
10 K
oom .*
32
Harnlschfeger Corp com. 10
Helleman Brew Co G cap. 1
LaSalle Ext
Low
2K
14K
pf.»
Bonds—
29
*
*
Class A
Jibbard Spen & Bart
Shares
1936
1
1935
Jan
Godchaux Sugars Ine—
Qoldblatt Bros Ine
Dec. 31
11
Zenith Radio Corp com..*
Jan
Mack
for
High
Par Low
2K
Stocks (Concluded)
High
Low
39
3
4,400
4K
3K
Jan.
Since
Range
of Prices
1
9K
500
1933 to
Week
Low
60
39
General Candy A
5
Gen Household Utll com.*
1936
Sales
Week's Range
1935
^of Prices
Gardner-Denver Co com.*
Since
Range
for
Week
Week's Range
1
July
1
July
265
Jan
*
6K
-50
26 K
—
Preferred
—
6
760
,
4K
21
7K
Jan
2
100
6K
28
Jan
Jan
Jan
28
National Rep Invest Trust
5K
*
7K
7K
270
34K
34K
350
Cumul conv pref
Nat'l Union Radio com..l
1
NobllIt-Sparks Ind oom..*
33
34 K
Jan
Jan
34 K
Jan
h
Jan
Jan
IK
34K
Jan
31H
17
IK
32 K
1
National Standard com... *
6K
Jan
Northwest Bancorp oom.. *
12
13K
Northwest Eng Co com..*
16K
17
1,100
2,930
1,700
4,650
1,100
UK
15
250
34
110
2
27
108
40
56
108
10K
1,250
3
9
Jan
10K
Jan
25 K
200
4
25
Jan
27 K
10
Jan
IK
3K
Jan
2K
10 K
Jan
14
15K
Jan
18K
Jan
1
7K
Jan
15
Jan
Jan
34
Jan
Jan
108
Jan
I. M. SIMON & CO.
Jan
3
Business
.100
preferred
31K
Prior lien preferred.. 100
Okla G & E 7%
108
pref.-.100
9K
Oshkosh Overall Co oom..*
Parker Pen (The) oom..10
MEMBERS
Gas A Elec com...*
3
Perfect Circle (The) Co..*
Jan
18K
600
6
17 K
Jan
18K
315 North Fourth St., St.
Jan
40
41
750
21
38 K
Jan
41
(Associate)
of Trade
New York Curb
Chicago
Board
Stock Exohange
St. Louis Stock Exchange
New York
Jan
IK
18
Peabody Coal cl B com...*
Penn
25
Established 1874
Enquiries Invited on all
Mid'Western and Southern Securities
Northwest Utll—
7%
LOUIS MARKETS
ST.
Jan
6
5K
*
North Amer Car com
K
Louis, Mo.
Jan
2K
3
3,900
K
Pines Wlnterfront com
5
214
3
1,350
H
2K
Jan
3K
Jan
Potter Co (The) oom
*
3
3K
700
IK
214
Jan
*
3
3K
250
IK
2K
Jan
3K
3K
Jan
Prima Co com
Process Corp com
*
114
IK
50
K
IK
Jan
2
Jan
950
9K
64 K
Jan
59 K
Telephone Central 3350
Jan
St. Louis Stock Exchange
Jan
Jan. 25 to Jan. 31,
both inclusive, compiled from
Public Servloe of Nor Hi-
58
59 K
100
111
112K
30
28
103
Jan
112K
Jan
100
6% preferred
7% preferred
Quaker Oats Co-
120
120
140
38
112K
Jan
120
Jan
134 K
136K
580
100
130
Jan
140
144
145
70
ill
142
Jan
145
Jan
25
350
Jan
26
Jan
Common
•
Preferred
100
Rath Packing Co com
10
24 K
22 K
17
9
13
Jan
8K
13 K
Jan
17K
Jan
4
35
Jan
37
Jan
1,300
K
2K
Jan
2K
2,450
K
IK
Jan
50c
2K
13
13K
300
16
17K
90
Sangamo Electric Co eom *
35
36
Jan
4K
2K
15K
4K
6% preferredvtc
5
Reliance Mfg Co com..10
Rollins Hosiery M conv pf»
Common v t e
180
Slgnode Steel Strap Co—
Par
High
Low
1935
Shares
Low
Jan
Jan
16
200
3
13 K
Jan
16
Jan
59 K
229
1
48 K
Jan
59 K
Jan
32 K
32 K
50
9
32K
Jan
32K
Jan
8
57
Jan
57
Jan
57
6
57
2K
4K
Jan
5K
Jan
2K
200
2
2K
Jan
3
Jan
9K
230
1
6K
Jan
10
Jan
75c
.400
10c
50c
Jan
5K
1,035
2K
9K
60c
5K
100
15
17
Jan
17
Jan
49 K
50
163
38
47 K
Jan
50
Jan
11K
Jan
14K
Jan
29
Jan
29
Jan
Jan
7
Jan
11
510
IK
8K
Jan
11K
Slvyer Steel Cstgs com....*
16K
16K
180
3K
15K
Jan
Jan
10
3
Jan
Jan
Johnson-S-S Shoe com—*
11K
14 K
K
16K
5K
90
39 K
101
103 K
Jan
Knapp Monarch pref
*
Laclede-Christy Clay com*
29
Jan
29
4K
800
K
3K
Jan
4K
Jan
Laclede Steel com
16K
2,200
IK
13K
Jan
16K
Jan
10 K
Jan
Meyer Blanke com
Mo Ptld Cement
S-west Gas A El 7%
preflOO
5
102 K 103 K
i
Standard Dredge-
*
Convertible preferred..*
Storkllne Furn conv pref 25
Swift International
15
Swift A Co
25
Common
4
14K
9K
10 K
35K
25
6,500
26
UK
UK
Utah Radio Produot eom.*
2K
3K
*
IK
2
*
5
5K
2,550
14,700
5,800
Utll A Ind Corp com
Convertible pref
Jan
35K
Jan
11
22 K
Jan
25
Jan
4K
400
Thompson (J R) oom
33 K
8K
Jan
K
2K
3
3,900
23 K
8K
19K
300
34 K
Jan
•
«
K
1
K
3K
Viking Pump Co-
*
Common
Vortex
18
19K
130
IK
15 K
Cup Co-
*
19
19K
--*
36
37
Common...
Class A
Jan
Jan
24
17K
Jan
33 K
5H
Jan
6K
Jan
5K
Jan
19K
Jan
19 K
Jan
37
Jan
15 K
32
Jan
9K
20
Jan
22 K
Jan
t Scullin Steel 6s
2K
IK
10 K
Jan
Jan
5K
Jan
11K
8K
t Uniited Railways 4s. 1934
4s c-d—
*
6K
7K
K
300
/
9
10
29
4
6K
6K
6K
8
27 K
27 K
245
12K
25
Jan
27 K
Jan
14
14
40
IK
14
Jan
14
Jan
10 K
10 K
6
10
Jan
11
Jan
8K
10
Jan
14
Jan
100
Jan
102
Jan
UK
201
901
12 K
15
86
16
16 K
79
10
10 K
10 K
20
100
116
102
5
116
4K
90
Jan
16 K
Jan
9K
Jan
10 K
Jan
Jan
117K
Jan
4K
Jan
116
100
2
IK
4K
Jan
45
4K
2
6K
13 K
40c
2
Jan
2
Jan
123
Jan
125 K
Jan
Jan
100
Wisconsin Banks bares eom*
Jan
Jan
2,450
4,350
33 K
10 K
761
Jan
2
11K
32
20
WUUams-OU-O-Matie com*
u&xe
3K
20 K
Walgreen Co oommon
•
Wieboldt Stores Ino com.*
footnotes see
Jan
com...25
National Candy com
*
2d preferred
100
National Oats com...
*
Rice-Stix D Gds com
*
1st preferred
100
Scruggs-V-B D G com—25
Scullin Steel pref
*
S'western Bell Tel pref. 100
Stix, Baer & Fuller com..*
Wagner Electric com
15
6K
34 K
6
For
700
Jan
*
1,600
1,850
6K
*
Wahl Co com
3,300
12K
20
Jan
17
10 K
5
75c
17
•
25
High
Low
15 K
56
*
*
Preferred
*
Coca-Cola Bottling com__l
Falstaff Brew com
1
HamUton-BrownShoe com*
Hussman-Ligonier com—*
Hydraulic Pr Brick comlOO
Hyde Park Brew com
*
International Shoe com—*
Sou Colo Pow A com
Jan.L 1 1936
Dec. 31
American Invest B
Jan
Common
Range
for
Burkart Mfg com
Raytheon Mig—
4K
1933 to
Week
of Prices
Stocks—
Since
Sales
Week's Range
Jan
official sales lists
1
July
•
Common
Jan
Jan
124K 125K
58
115K
9K
100
7 K
9K
Jan
10K
Jan
1,344
6K
29 K
Jan
32 K
Jan
$1,000
13K
22
Jan
22
Jan
20,000
18
25 K
Jan
35K
Jan
33,000
18
27
Jan
34
Jan
9K
29 K
21
22
22
34 K
35K
33 K
Bonds—
1941
33 X
'
760
Financial
Chronicle
Feb.
July
1
1
Week's Range
Sales
1933 to
Range
of Prices
for
Dec. 31
Jan.
Week
1935
Ohio Listed and Unlisted Securities
Members Cleveland Stock
Stocks (Concluded)
Exchange
U S Radiator
Par Low
Shares
150
7%
125
3%
3%
8,410
1
1%
1%
8,760
%
13--
2,325
%
Warner Air Corp
Wolverine Brew com
1
Los
Union Trust Building, Cleveland
Jan. 31,
Jan
7
Jan
%
Jan
Jan
2%
Jan
1S6
Jan
8%
3%
1%
Jan
"is
Jan
1%
Jan
6
55
■
Jan
Angeles Stock Exchange
July
to
High
5
1%
1%
1
Week's Range
Exchange
•'
Jan. 25
1936
Jan. 25 to Jan. 31, both inclusive, compiled from official sales lists
A. T. & T. CLEV. 595
Cleveland Stock
Since
1
Low
Low
2
7
7%
._.*
B
Telephone CHerry 5050
High
7
*
._.*
com
Universal Cooler A
1936
-X
•'
■
'
Sales
1933 to
Range
of Prices
for
Dec. 31
Jan.
Week
1935
'
.
,
both inclusive, compiled from official sales lists
Since
1
1936
1,1
July
1
Stocks—
Week's Range
Sales
1933 to
Range
of Prices
for
Dec. 31
Jan.
Week
1935
Shares
Low
1
Since
Par Low
Ambassador Petroleum Col
1936
Assoc Gas & Elec A
1
'
Bandini Petroleum Co__.l
Bolsa Chica Oil A
Stocks—
Par Low
Allen Industries, Inc
Apex Electric Mfg...
20
674
12%
13
240
90
*
Prior preferred..-...100
City Ice & Fuel
High
19
90
.1
Low
17
High
19
12
3%
Jan
10
Jan
Jan
13%
Jan
25
50
90
Jan
90
Jan
16
16%
230
12
15%
Jan
56%
67%
1,115
15
54
Jan
16%
57%
Jan
*
35%
34%
61%
59%
20%
Jan
65
Jan
California Bank
Jan
66
Jan
Central Investment.-
22%
100
65
65
10
63%
Certificates of dep...100
Cliffs Corp v t c
__*
66
88
21
Preferred
"■
1
Chapman Ice Cream Co..*
Citizens Natl T & S Bk__20
Jan
Claude Neon Elec Prod..*
34%
34%
50
21
34
Jan
Consolidated Oil Corp
10%
4
10
Jan
35%
10%
Jan
126
Jan
Consolidated Steel com...*
Hanna (M A) $5 cum pref *
Inter lake Steamship
Kelley Isl Lim & Treas...*
Lamson & Sessions
30
36
13
22
!>
36%
13
23%
215
36
Jan
40
Jan
Jan
108
Jan
District Bond Co
104%
Jan
105
Jan
Douglas Aircraft Inc
34%
Jan
Jan
Emsco Derrick & Eq Co..5
20
12
30
36%
i
13
Jan
13
6%
2%
70
22
Jan
24
4
Jan
6
139
78
15%
1%
18%
18%
50
12%
Murray Ohio Mfg
National Refining
18%
19%
390
*
5%
6
725
9%
10
525
50
2%
3
cl A...*
cum
Jan
18%
Jan
Ohio Brass B
100
2,900
17
6
46c
Jan
50c
Jan
Jade Oil Co..
_..10c
10c
11c
14,500
lc
9c
Jan
He
Jan
Corp. *
67 %c
75c
35,800
10C
77 %c
Jan
62 %c
13c
25c
27,900
9c
11c
Jan
25c
Jan
8%c ll%c
114% 116%
3
3%
6%
5%
6,700
90c
7%c
Jan
Jan
405
73%
3
Jan
35
Jan
Los Ang Industries Inc...2
106
Jan
Los Ang Investment Co .10
10%
23%
Jan
27
Jan
Menasco Mfg Co...__...l
38
56%
Jan
63%
Jan
Mills Alloy IncB_.
*
3%
Jan
Nordon Corp..
6
Jan
Olinda Land Co
1
2
Jan
8%
Jan
1
16
16
pflOO
cum
25c
Jan
3
SMACorp.
20
200
Jan
249
Trumb-Clffs Fur
25%
Jan
46c
104%
575
102
102
Union Metal Mfg
Vlchek Tool...,
*
10%
*
Weinberger Drug Inc
*
31
8%
94
60
95
81
17%
17%
10
14%
Jan. 25
Auto City Brew com
Bower Roller Bear
46
*
Bohn Alum & Brass
Briggs Mfg
2%
1
Baldwin Rubber A.
_
,.
.
.
„
6
.
'57%
24 %
5
com
53 %
*
com.
Burroughs Add Mach...
Capital City Prod com...
Chrysler Corp com______5
20%
Consolidated Paper com 10
Continental Motors com.*
21%
2%
Crowley, Milner com
*
Diesel-Wemm-Gil com.. 10
Det & Cleve Nav
Detroit Edison
Det
100
com
57%
24%
54%
1,700
7%
54c
500
18c
51%c
Jan
66%
105%
5%
20%
Jan
106
Jan
*
6%
6%
10%
22%
1,102
2,480
3,707
24 %
392
2%
4%
2%
2%
950
1%
6%
138
Forging Co....
4
2,342
139
29%
6%
%
100
i
67
55
3%
2,482
1
3 %
4
1,470
Det Paper Prod com
*
9%
13%
14%
1,530
13
13%
2,498
3
8%
5%
58%
8%
3%
8%
1,651
2%
Eureka Vacuum
5
Federal Mogul com...
*
Federal Motor Truck com*
8%
Fed Screw Works com..
General Motors
Goebel Brew
5%
10
com
com
l
Graham-Paige Mtrs
55%
8%
3
com.l
Hall Lamp com
*
Hoover Steel Ball
12
12
*
28
*
15%
23%
28%
15%
24%
B
Hudson Motor Car
Kresge (S S) com
Lakey Fdry & Mach
10
com.l
1
'
1
738
'
58%
8%
6
19 %
Timken-Detroit
15%
16
10
1
7
Truscon Steel com......10
United Shirt Dist com.. I *
8
_
page
io%
7%
Jan
17c
1%
2
1%
27
Jan
Jan
15
Jan
17
24%
5%
Jan
7%
Jan
2
Jan
204
13
45
Jan
54
Jan
25
50%
Jan
60
Jan
12
12
11%
Jan
13%
27%
35%
1,900
25%
Jan
28%
Jan
25
27%
35%
1%
10%
26
35
Jan
35%
Jan
-..-.25
28%
28%
4,500
15%
27%
Jan
28%
Jan
26%
Jan
25
-
26
107
Southern Pacific Co.-.100
Standard Oil of Calif.....*
28%
41%
18%
12%
*
25
123
10
'
8
7%
6%
Western Air Express Corp 1
3
Jan
4%
31%
Jan
35%
Jan
%
Jan
1%
Alaska Juneau Gold M..10
Blk Mammoth Cons M 10c
6%
5
6%
3%
Jan
5%
900
26%
5
30
1,600
2,900
44%
19%
12%
Jan
Jan
107
24
Jan
30
Jan
39%
Jan
17%
75
Jan
44%
19%
Jan
Jan
12%
26%
900
8
12,700
71
7,900
1
2,000
27
8%
17,900
4,700
12
Jan
14
Jan
135
11%
23%
Jan
1.20
7%
Jan
50c
2
Jan
120
4%
122
25%
8%
9%
26
107
14%
107
4%
Jan
2
5%
Jan
Jan
Jan
25%
8%
8%
9%
Jan
Jan
Jan
»
Jan
17%
200
13%
15%
Jan
17%
Jan
29c
34c
6c
22c
Jan
34c
Jan
5c
6%c
3c
5c
Jan
7%c
Jan
16%
Cardinal Gold Mining ...1
1.25
1.35
Jan
1.40
7c
7c
2,000
10c
5c
Jan
7c
Jan
1%C
1%C
lc
lc
Jan
lc
Jan
35c
37c
25c
34c
Jan
37c
Jan
lie
15c
5,000
15,700
19,000
Jan
15c
Jan
157%
4%
Jan
162%
Jan
6%
Jan
3%
36%
Jan
5%
Jan
...
10c
Tom Reed Gold Mines Co 1
Zenda Gold Mining Co.-.l
1.05
4%c
6c
Jan
'
Unlisted—
i
American Tel & 1 el
Aviation Corp (Del)
100
*
Cities Service..,
*
Montgomery Ward
Packard Motor Car Co
*
*
Radio Corp of America
*
Tide Water Associated Oil *
Warner Bros Pictures....5
160% 162%
5%
6%
5%
4%
37
37%
7%
13
16%
11%
8
13%
16%
12%
254
99%
2%
'
1,600
6,900
1
300
16%
2%
1,300
'
■
■
,
Jan
39
Jan
7
8%
14%
16%
12%
i
4
12%
Jan
26
7%
2%
14%
Jan
10
Jan
1,600
100
1
5,100
Jan
Jan
Jan
Jan
Jan
Jan
Established 1874
DeHaven fit Townsend
Jan
18%
Jan
19%
Jan
NEW
1415 Walnut Street
Jan
8%
46%
PHILADELPHIA
Jan
Jan
16%
3,520
2
4%
Jan
5%
2%
5%
Jan
6%
Philadelphia Stock Exchange
Jan. 25 to Jan.
31, both inclusive, compiled from official sales lists
Jan
6,980
Jan
1
6%
17%
4%
24
t J idyl
Jan
Jan
7
28
Jan
3
1%
3%
%
1933 to
Range
for
Dec. 31
Jan.
Week
Stocks—
1935
Par Low
Jan
21%
Jan
American Stores
Jan
16
Jan
American Tel & Tel
5%
Jan
8
Jan
8
Jan
7%
Jan
16%
Sales
of Prices
1
Since
1936
Jan
Jan
Week's Range
12%
1,897
8,375
YORK
30 Broad Street
Jan
17%
Members
New York Stock Exchange
Philadelphia Slock Exchange
Jan
14%
77%
17%
140
2
Jan
Gold Ore Mining Co.._._l
Imperial Development.25c
Jan
Jan
3,682
180
21,000
21,500
20,800
Calumet Gold Mines
Jan
Jan
5
Jan
8
*
Mining—•
Jan
75
11
100
135
24%
1
Jan
2
'
Jan
Jan
Jan
1,200
Jan
%
39
380
2
900
Jan
59%
Jan
Jan
2
u
13
Jan
Jan
23%
24
310
Jan
10c
5
Jan '
10%
Jan
6,652
27%
21%
com....
Jan
Jan
8%
28%
com
Jan
11
6%
5%
2%
5c
2
Jan
3%
7%
12%
30%
3
2>
1%
570
Jan
Jan
Jan
Jan
43%
8%
*
Scotten-Dillon com.....10
Stearns com
*
see
Jan
Jan
2%
5%
2%
6%
6
Jan
Jan
19%
5%
River Raisin Paper
4%
4%
2
1,421
Jan
Jan
Jan
955
77%
17%
139
Jan
6%
2%
45
2%
Jan
54%
8%
791
2
Jan
Jan
Jan
2%
%
4,184
Jan
3%
6%
25
1%
100
6,005
5
(RH)
2%
Jan
22%
3%
9,989
5%
Reo Motor Car com
Jan
Jan
Jan
2
18%
Rickel
2%
6%
23
Jgn
Jan
Jan
5%
1%
8
Jan
Jan
Jan
Jan
2%
21
18%
18%
footnotes
1,108
17%
66%
20%
86%
21%
Jan
Jan
1
17%
*
Jan
54%
28%
24%
91%
23%
Jan
Jan
14%
8%
3
5
com..*
com
26
Jan
Jan
3
7%
Jan
53%
25%
7%
4%
600
*
Jan
Jan
34
*
com
,24
57%
Jan
1%
5
Jan
Jan
10
201
1,465
3,200
17c
Jan
Jan
Jan
14%
630
*
57%
2%
48
Jan
4%
35
Jan
Jan
4
1%
Jan
Jan
1,208
3,217
High
1%
40%
7%
6,871
6%
.......
com
Parker-Rust-Proof
For
1
10,953
900
3%
Jan
50%
Wellington Oil Co
9%
1
14%
6%
22%
14%
3%
Jan
Jan
Jan
58%
Union Oil of Calif
12%
*
Parke-Davis & Co
Tivoli Brew
2,802
12,446
10
Motor Wheel com
Pfelffer Brew
22
%
1%
Jan
Jan
Jan
48
Union Bank & Trust Co_50
1936
6%
8%
*
MidWest Abr
Packard Motors
'
337
800
1,500
17c
*
Transamerica Corp. _.:___*
Since
7%
1
5%
10
com
Preferred
Murray Corp
5,207
*
McAleer Mfg com
Mich Steel Tube com
Michigan Sugar
6%
10
com
Houdaille-Hershey
10
%
26
10
6%
22%
:_._1
.25
Sou Counties Gas 6% pflOO
3
1
12%
Jan
Jan
Jan
Security-First Natl Bk__20
Signal Oil & Gas A com... *
Low
127
3
com
Det Mich Stove
1
8
|%
22%
13%
3%
Samson Corp 6%pfd annlO
Sec Co units of ben int. ..*
Orig preferred
1
1
106
6
.
100
Jan
Jan
Sou Calif Edison Co.
Low
23%
3%
6%
24%
89 %
106
*
Pacific Western Oil
2,000
10%
*
1st preferred
1935
'
Jan
200
21%
Jan.
300
Jan
19
34%
Range
432
21
19%
1933 to
47
11%
Jan
53 %c
Dec. 31
260
Jan
18%
10%
31%
11%
20%
"34%
Taylor Milling Corp
6%
Jan
Pacific Indemnity Co...10
Pacific Lighting Corp
*
for
820
Jan
9c
Jan
Sales
9,502
Jan
19c
Jan
17%
Exchange
1,763
27
10
com
2%
47
57 %c
Jan
8c
11
Republic Petroleum Co.. 1
Shares
Jan
15c
4%c
2%
100
Jan
'
High
50c
6c
1,000
2,600
9c
19%
*
10
Universal Cons Oil Co
Par Low
40c
4,700
9c
10%
34%
21%
54 %c
Rice Ranch Oil Co
Week
Stocks—
57 %c 57 %c
19c
17c
Jan
July
of Prices
Jan
11%
Randolph 5630
Week's Range
2%
Pacific Finance pref D..10
Pacific Gas & Elec Co...25
Jan. 31, both inclusive, compiled from official sales lists
to
2%
Pacific Finance Corp.
Exchange
Stock
28,400
Pacific Clay Products.
6% preferred
5 % % preferred
Detroit
4%
2%
Jan
New York Curb (Associate)
-
Jan
Jan
Jan
DETROIT
Telephone
Jan
5
112
Jan
17
Building
2%
1%
Jan
Members
Buhl
60c
500
16%
...
Jan
15,700
10%
Watling, Lerchen fit Hayes
Exchange
3 •'
Jan
102%
Preferred
Detroit Stock
23%
6
11%C
116%
3%
6%
4%
1
Pacific Public Service
New York Stock
4
15%
Jan
10%
7
—
1
Jan
5%
1
13
26
40
10%
Jan
102
3%
10%
10%
10%
Jan
Jan
18%
46c
10
1,687
Jan
Holly Development Co.-.l
48
3%
Jan
13%
Jan
10
13
15
Jan
Jan
55
63%
Jan
Jan
8%
800
375
2%
59%
11%
5
2,500
3
12
54%
4%
19%
Jan
*
22%
...
25%
3
Seiberling Rubber.
Jan
Jan
Jan
Jan
19
Jan
58
15c
440
10%
24%
.*
Kinner Airpl & Mot
*
22
2,200
Jan
Jan
Hancock Oil A com—__.*
Lincoln Petroleum Corp__l
Richman Bros
15c
440
Goodyear Tire & Rubber .*
Jan
10
10c
275
Holden State Co
Jan
Jan
I'
2
Jan
Jan
Jan
12
23%
19
Jan
Jan
34%
Jan
Jan
Jan
Jan
*
Jan
14%
3,500
Lockheed Aircraft Corp_.l
Los Ang G & E 6% pref 100
1
'
100
15
2%
2%
29%
%
Jan
53%
2%
400
34
106
cum pref erred... 100
15c
7%
11%
83
59%
'
•
Jan
17%
7%
69%
1,900
14%
18%
19%
7%
Patterson-Sargent
8%
7%
69%
18%
440
Jan
3%
15
4%
7%
106
2%
32%
*
cum preferred
200
1
90c
4%
69%
17%
5
1
National Tool..
6%
18
Jan
8,600
3,600
*
7%
...25
..*
Nestle LeMur
Jan
Jan
i
4%
13%
Jan
12
2%
2%
National Tile
Jan
5%
3
Jan
4%
7%
6%
17%
13
350
5%
14%
12%
17
14%
Jan
57
24
5%
12
6,500
Globe Grain & Mill Co..25
Jan
17
Jan
General Motors Corp... 10
Gladding McBean & Co..*
Jan
21%
12
Jan
15
Jan
10
5
Metropolitan Pav Brick..*
2%
32%
14%
15c
Jan
Jan
Jan
3
Jan
Jan
4%
25
180
Jan
25
Jan
10%
10
22%
34
Jan
1
440
10
Jan
22
14%
Exeter Oil Co A
22
Jan
18%
28
Farmers & Mer Natl BklOO
Leland Electric
Jan
22c
Jan
1
—25
1
22c
Jan
18
1,100
Jan
McKee (A G) class B
*
Medusa Portland Cement *
Miller Wholesale Drug...*
Monarch Mach Tool
*
17
Jan
12c
16%
31%
6c
100
15
Jan
4
225
*
Preferred
14c
8c
3%
26
500
2%
29%
Jan
*
4
20c
2%
29%
14%
12%
3%
*
—
108
';
104% 105
..*
Jan
1
Jan
Jaeger Machine
13c
20
Jan
16
Jan
10
70
44%
100%
8c
250
123
50
4c
25
Jan
5'
3,500
34
Jan
v
13c
25
57
Jan
Jan
33
118
Jan
14c
25
5
100
Jan
100
14%
8%
Jan
6c
100
-
Jan
98
3c
3,500
99
40
6
1%
42
50
3,500
2,500
10
108
1,900
14c
22c
20
10%
Jan
22c
4,404
40
5
18%
60
108
Jan
17c
123
Grelf Bros Cooperage A._*
Halle Bros pref
100
Jan
3%
2
4,100
18%
60
*
Jan
1%
.*
v
123
Foote-Burt..
62 %c
Jan
...1
Preferred
Dow Chemical Dref-.-.100
Jan
Jan
1%
t c.
•
High
60c
%
Byron Jackson Co
Electric Controller & Mfg *
Faultless Rubber
*
22%
Low
.
.
15c
6
100
X-
99
"
Jan
Low
200
12c
..1
*
j
Cleve-Cliffs Iron pref
Cleveland Ry
Shares
12c
Buckeye Union Oil com__l
Common v t c
7
6%
99
Broadway Dept St pref. 100
24
High
82%c 62%c
1%
1%
4
4%
8
11%
*
Baldwin Locomotive
Jan
Bankers Securities
Jan
Bell Tel Co of Pa
100
*,
pref..50|
pref.-lOO1
34
High
36
159 %
162%
4%
5%
23
Shares
Low
685
32%
715
'
250
'
23
100
120% 123
479
98%
1%
%
109%
Low
34
High
Jan
36
155%
Jan
162%
4%
Jan
5%
21%
Jan
24%
119%
Jan
123
Jan
Jan
Jan
Jan
Jan
761
3*
Financial
Volume 142
July
Sales'
July
1
Stocks (Concluded)
Par Low
10%
*
2%
*
12%
87
6
Budd (E G) Mfg Co
Rights
Budd Wheel Co
Chrysler Corp
Curtis Pub Co
*
Electric Storage Battery 100
General Asphalt
...10
10
General Motors
Low
93%
572
242
Lehigh Coal <fe Navigation *
Lehigh Valley
50
1
470
"
2,514
59 %
10
52%
22%
Jan
54
83%
2
22%
101%
55%
31%
Jan
Jan
Jan
22%
15%
2
30
20%
101%
33%
11%
'
370
Jan
86
26%
13%
38%
'
10
33 X
33%
105X 105%
9X
10%
10%
9%
*
2%
12%
«"T"
'
Jan
Jan
Jan
9%
2,148
1,055
High
11%
Jan
2%
Jan
13%
Jan
93%
Jan
Low
3
1,076
2%
13%
55%
Horn & Hard (N Y) com.*
Preferred
Shares
11
106
of Prices
58%
Jan
Jan
Jan
Jan
Jan
Jan
25
6% 1st pref
5%% pref
Pacific Lighting
6%
35%
30%
-.25
27%
28
*
com.
31
53%
56
_
*
preferred
Co's
Parafflne
*
pref..
Pacific Tel & Tel
6
88%
12%
18%
1
19
Phillips Petroleum
42%
42%
105
Jan
Pig'n Whistle pref
*
3%
3%
Ry Equip & Realty com..*
4%
4%
11%
10%
Jan
Jan
2%
Jan
%
1%
1%
10%
Jan
3%
Jan
3%
Jan
Jan
Jan
56
Jan
4%
Jan
1%
68%
18%
Jan
1
Jan
22%
Jan
119
Jan
Jan
Jan
127
79%
89%
Jan
38%
Jan
42%
Jan
3%
Jan
3%
Jan
4%
Jan
5
80%
17%
11
Jan
Jan
84%
Jan
Jan
19%
Jan
%
Jan
Jan
28
104%
131
Jan
8%
Jan
Jan
%
115
6%
Jan
31
107%
6%
21
Jan
34
35%
66%
1,371
107%
Jan
High
Jan
Jan
17
296
89%
1936
Jan
31%
29%
26%
51%
16%
186
11,654
5,296
124% 127
*
com...
22%
22%
.100
com.
«
2
5,399
3,858
1,216
3,415
6%
Since
1
Low
Low
Shares
105% 106%
Pac Pub Ser (non'vot)com*
(Non-voting)
High
34%
Jan.
1935
Jan
33%
1%
'
Par Low
Stocks (Concluded)
Pacific G & E com
Range
Dec. 31
*
5
6,154
1,178
1
1933 to
for
Range
1935
21%
21%
101% 101%
53 X
55 X
28 X
31X
._.*
com
Preferred-
High
Week's
1936
1
Sales
Week
Jan.
Since
Range
Dec. 31
Week
of Prices
1933 to
for
Week's Range
761
Chronicle
3
Jan
Ser I 6%.
Mitten Bank Sec Corp. .25
Preferred
IX
2X
25
Natl Power & Light
*
Pennroad Corp v t c
12%
11%
4%
5%
34%
36%
113% 115
114% 115%
34
34%
5
4%
11
9%
*
Pennsylvania RR
50
Penna Salt Mfg
50
Phila Elec of Pa $5 pref...*
Phila Elec Pow pref
25
Phila Rapid Transit
50
7% preferred
50
Phila & Rd Coal & Iron..*
Philadelphia Traction-
478
2%
3%
3
1,405
1,685
'
18,323
4,557
'
73
'
2
155
671
'
'
50
10%
11%
26%
63%
2,245
52X
United Corp com
Preferred
*
Westmoreland Inc
*
Westmoreland Coal
*
738
15
34%
Jan
36
Jan
32
300
30
30
Jan
31
Jan
26%
28
995
5
Jan
28
Jan
Jan
107
Jan
'
Jan
107
%
Jan
B
Jan
Jan
Jan
.100
105
107
15
61
26%
104%
S JL&P6% pr pref.. .100
107
107
25
65
104
Jan
Schlesinger & S (B F)com *
X
ion
5%
Jan
Jan
Roos Bros
Preferred
Preferred
Jan
Soundvlew Plyp
Jan
So Pac Golden Gate A.
Jan
Jan
*
Stockton
Sacramento
Jan
6%
28%
Jan
30%
Telephone Inv Corp..
40%
40%
*16
Jan
Jan
%
3%
1
Jan
5%
Jan
Jan
Jan
Jan
Jan
Jan
8%
Jan
40
Jan
44%
Jan
28
40%
Jan
Jan
4
450
Jan
Jan
26%
30
'l6
%
Jan
Jan
2
%
4
3%
1%
6%
Jan
8%
330
1
20%
43%
Jan
45%
9,027
'
9%
Jan
19%
303
i
82%
17%
108%
13%
Jan
112%
Jan
14%
'
114
6%
4%
1,166
7%
8
Jan
10%
9
104%
48%
25,000
Jan
28
13
Jan
99
Jan
112%
100
2,000
New
Jan
104%
28
Tide Water Assd Oil com.*
16%
17%
3,697
.100
103%
103%
75
41,250
nx
12%
13
-.25
Union Sugar Co com.. ..25
24%
11%
25%
12%
3,077
2,446
__25
25%
26%
400
8%
744
307% 312%
15
31%
4,087
*
Universal Consol
8% preflOO
Wells Fargo Bk & U Tr. 100
Jan
Yellow Checker Cab A -.50
New
New York
Seattle
32
a-
Jan
13
Jan
Jan
7%
1.20
Jan
Jan
25%
12%
26%
Jan
10
25%
Jan
8%
Jan
Jan
312%
31%
Jan
301
179
Jan
26%
25%
Jan
Jan
Jan
Jan
32
Jan
EDWARDS & CO.
/ Pittsburgh Stock Exchange
„o
|
York Curb Exchange (Associate)
PITTSBURGH, PA.
BANK BLDG.,
UNION
A. T. & T. Tel. Pitb-391
Tel. Court-6800
of
NEW YORK
BROADWAY,
120
(Asso.)
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Exchange
Cotton
Jan
Jan
Members
York Curb Ex.
York
30%
26%
Jan
101
23%
4
16
27
Jan
Jan
Jan
Trade
Exchange
Board,
Stock
8
*
17%
12%
2%
7% preferred
Jan
101
7%
840
UnionOil of Calif
Jan
40%
3%
14%
4%
*
Tranaamerica Corp...
San Francisco CurbExchangt
Chicago
Chicago
2%
43%
6% preferred
Exchange
Stock
York
1
1%
7%
3
Jan
112%
Jan
*
Thomas-Allec Corp A.
San Francisco StockExchange
New
Portland
Jan
2%
17%
Los Angeles
Honolulu
3%
Jan
445
*
Jan
Jan
1%
6.376
LEASED WIRES
Oakland
30
3%
8%
Municipal and Corporation Bonds
Beverly Hills
Jan
%
44%
Dean Witter & Co.
New York
23%
%
8%
H. S.
PRIVATE
Jan
12%
500
41%
Members
San Francisco
45%
1,325
Standard Oil of Calif.. _--*
6,580
112% 112%
Jan
1%
Spring Valley Water Co..*
2,235
4%
Jan
42
3%
Jan
6,010
28
3%
1%
Jan
Jan
18%
5%
'
3,476
1,485
1
28
*
12%
64%
Jan
Jan
42
260
Jan
12% $105500
1,000
104% 104%
Phila Elec (Pa) 1st s f 4s '66
30
Jan
%
6
Jan
5
15%
'
88
1
10%
Phil & Rd Coal & Ir 6s '49
27%
28%
%
1
141
18%
45%
17%
*
B
400
%
6
45
.
Southern Pacific Co... .100
Bonds—
Lehigh Valley annuity 6s..
*
Shell Union Oil com
Jan
Weill & Co (R)
Elec & Peoples tr ctfs 4s '45
...1
com
88
8%
45%
45%
18%
19%
111% 112%
14%
14%
7X
7%
*
United Gas Improve com.*
Preferred
*
36
120
%
1
35%
30%
*
Jan
29%
50
*
.
Jan
28X
'16
X
4H
7X
Union Traction
16%
71%
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
Tonopah Mining
79%
115
^117%
381
•
374
18%
Jan
Jan
52%
24%
11%
3%
84%
17%
42
88
120
100
5%
Jan
82
*
6%
Rainier Pulp & Paper
105
20
84 %
7% pref
116%
34%
Jan
Jan
10%
17%
3
»
134
120
*
Series A
Sun Oil Co
7%
2%
9%
527
23X
Jan
Jan
2%
1%
118%
Jan
34
3
650
3
36%
Jan
Jan
114%
90
29%
1%
540
12%
5%
Jan
31%
113%
1,148
1
*
-
Salt Dome Oil Corp..
Scott Paper.-
4%
1%
17%
42%
*
Ser 2
Coffee A Sugar Ex.
Exchange, Inc.
Commodity
Tacoma
Fresno
Exchange
Stock
Honolulu
Pittsburgh Stock Exchange
Jan. 25 to Jan. 31,
Exchange
July
July
Week's Range
of Prices
'
Sales
1933 to
Range
for
Dec. 31
Jan.
1935
Sales
Range Since
Jan. 1 1936
1933 to
for
Dec. 31
1935
of Prices
1
Week
"
1
Week
Week's Range
both inclusive, compiled from official sales lists
official sales lists
inclusive, compiled from
Jan. 25 to Jan. 31, both
San Francisco Stock
Since
1936
1
Par Low
Stocks—
High
High
Low
Low
Shares
•
Arkansas Nat Gas
Par Low
Stocks—
High
Low
Shares
1
10
15%
17
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc.-.10
20%
21%
985
7%
5%
5%
4,095
%
26
31%
184% 185
8.176
30
Alaska Juneau Gold
Atlas Imp
Diesel Eng A-.5
100
Bank of Calif N A
7%
preferred.
17%
Jan
Jan
21%
5%
23%
Jan
Carnegie Metals Co
Jan
%
20%
Jan
180%
Jan
15%
Jan
23%
21%
Chrysler Corp
Cst Cos G & E 6%
1stpf 100
Consolidated Aircraft
*
Crown-Willamette
*
Crown Zellerabch v t c...*
Preferred A
Preferred B
Di Giorgio
*
*
_
Fruit
2%
Jan
26
Jan
21%
10
17%
18%
Jan
6
Jan
Duff-Norton Mfg
*
17
17
Jan
1
Jan
0
Q
41
3,400
41
Jan
34%
35
1,372
37%
Jan
4
25
16%
100
59%
90
14%
104
17%
103
10
95%
95
5
100
Jan
34
Jan
59
17
99%
Jan
55
Jan
2,431
*
15
94
923
'
26%
15
585
17
105
152
63%
,
Jan
Devonian Oil
Co
*
90
6
Jan
100
Jan
63%
Jan
94
Jan
15
Jan
14%
102%
Jan
Jan
105%
Jan
Jan
23%
105%
Ft Pittsburgh
Jan
5,180
258
8%
21,728
10
27
Jan
96%
Jan
96%
205
26
93%
Jan
96%
Jan
5%
2,691
1,005
3%
Jan
32%
Jan
830
13
23%
Jan
5%
36%
25%
Jan
16
14%
Jan
'
40
103
3%
2%
Jan
24%
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
15%
17%
15%
875
1,615
16
Jan
16%
19%
Jan
18%
Fireman's Fund Indem__10
34
34
5
17
32
Jan
35
101% 102
345
44
99
Jan
102
Jan
38
Jan
38
5
'7
172
2%
5%
4%
550
%
Galland Merc Laundry...*
45
48%
270
31%
58%
1,647
22%
A com...*
56%
35%
37%
2,020
*
7%
9%
11%
9,728
6,579
4
16%
1,095
8
27
1,342
General Motors com
Gen Paint Corp
B Common.
*
Golden State Co Ltd
*
Hale Bros Stores Inc
*
Hololulu OH Corp Ltd
Honolulu Plantation
*
20
10%
15%
25%
29%
30
22
5
%
10%
17%
3%
110
*
9
9
24
24
15
1,610
*
14%
4%
4%
445
*
26%
26%
336
Libby McNeill & L com..*
Lockheed.
*
9%
9%
410
Langendorf Utd Bak A...*
B
Leslie-Calif Salt Co
Los Ang G &
100
E pref
11%
49,325
115% 116%
2%
23,568
Jan
Jan
4%
Jan
45
Jan
48%
Jan
54%
33%
Jan
Jan
Jan
58%
37%
5%
Jan
9%
Jan
Jan
11%
16%
Jan
21%
Jan
28%
Jan
27%
Jan
30
Jan
Jan
Jan
9
Jan
Jan
24
Jan
11%
Jan
16%
Mountain Fuel Supply—*
17
90%
75
12
Jan
5%
Jan
26%
9%
Jan
11
7%
11%
Jan
116%
%
2%
Jan
3%
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
16
Jan
17
13
Jan
17
Jan
preflOO
24
24
30
i
3
20
Jan
26
Natl Aitomotive Fibres. ..*
42
Shamrock Oil & Gas
27
3
33%
Jan
45
Jan
3%
11%
Jan
13
13%
100%
10
Jan
11%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4%
6,820
134
41
8%
4%
Jan
2%
Jan
1%
50c
400
5,695
43%
5%
44%
1
1%
327
50c
75c
Jan
5%
1%
4%
1,395
80c
1%
Jan
4%
11%
Jan
4%
Jan
3%
550
1%
2%
Jan
•>%
7%
8
800
2
7%
Jan
8%
1
1%
126
1
1
Jan
1%. Jan
103
105%
45
30%
11%
4,373
4%
3%
100
1%
9%
3%
98%
13%
14%
125
9%
17
17
200
22
Jan
14%
Jan
Jan
17
Jan
Jan
2c
3c
Jan
75c
3%
Jan
Jan
4o
5%
4%
6,067
400
32%
33%
33
33
Jan
8
22
Jan
26
Jan
3,568
7%
30
Jan
Jan
217
15%
31
600
%
80c
80c
Jan
3,500
23%
3%
Jan
13%
7
Jan
3
"6%
23
Jan
Jan
Jan
15
22
4c
Jan
105%
11%
3%
17
20
22
3c
Jan
Jan
33 %
34
60c
Jan
90o
Jan
Jan
39%
38%
106% 110%
213
15%
34%
Jan
214
27%
97
Jan
39%
110%
Jan
Jan
5%
881
1%
3 %
Jan
5%
Jan
Exchange—See
page
Unlisted—
San Francisco Curb
14
69%
Jan
73
Jan
5%% preferred
North Amer Oil Cons—10
Occidental Insur Co
10
52
14%
65%
Jan
75
•
r
15%
Jan
17%
31
115
13
28
Jan
31
Oliver United Filters A...*
31%
525
5
29
Jan
32%
x
Ex-dividend
«
Ex-ilghts
t tn default.
&o.
t Listed
whloh low prices since July 1
1933 were
New York Produce
In tables) are as follows;
« Cincinnati Stock
22 Pittsburgh Stock
» Cleveland Stook
» Richmond Stock
'« Colorado Springs Stook
24 St. Louis Stook
New York Real Estate
'* Denver Stock
M Salt Lake City Stook
Baltimore Stook
'•
Detroit Stock
w
San Franclsoo Stook
•
Boston Stock
"
Los Angeles Stook
*7
San Francisco Curb
Buffalo Stock
'•
Los Angeles Curb
a
san Franclsoo Mining
'•
Seattle Stock
»
Chicago Stook
Minneapolls-St. Paul
New Orleans Stock
"
California Stook
Spokane Stock
**
*
13%
13%
14
Jan
14
Jan
Jan
13%
Washington (D O
*
New York Curb
Jan
4
eCash sale
New York Stock
Jan
30%
12%
12%
value.
o Price adjusted because of stook dividends, split-ups,
New stook.
t Low price not including cash or odd-lot sales
The National Securities Exchanges on
Jan
9
No par
made (designated by superior figures
Jan
1%
728.
•
75
75
6%
4%
*
•
72%
69
140
Jan
3%
'
72%
13%
Jan
Jan
13
s
4
1,534
5
25
13
13
*
60
Jan
»
3,275
15
97
*
-
Pennroad Corp vtc
Jan
10,180
13
13%
4,570
-
*
United Engine & Fdry
*
Vanadium Alloy Steel
*
Vistor Brewing Co
1
Westinghouse Air Brake. *
Westinghouse Elec & MI50
Jan
Jan
45
12%
Paauhau Sugar
54
Standard Steel Spring
»
13%
B__
325
5
5
1
San Toy Mining Co
Jan
30
Jan
37%
3%
100
Plymouth Oil Co
Ruud Mfg Co
Jan
1
17%
pref. 100
Brewing Co—*
Forging Co
1
Oil & Gas
5
Plate Glass. _25
Screw «fe Bolt-*
Steel Fdry com*
Preferred
Jan
6
17
Jan
1%
Jan
1%
/Flat,
430
100
100
20
31
42%
4%
Penn Federal Corp
Jan
113
7,510
6% preferred
15%
5
Jan
1
Jan
17
No Amer Inv com
Jan
9%
12
100
Preferred
Jan
3%
16%
*
100
Jan
17
Jan
Jan
Jan
Jan
Jan
16
Natomas Co—
18%
Jan
7%
247
*
Natl Flreprooflng com
Jan
3%
25%
1%
2%
16
Market St Ry prior
Jan
17
Jan
9%
2%
*
Co Ltd
(I) Magnin & Co com
16 %
1
98% 100%
10%
11
2
2%
*
5
_
Jan
Mar chant Cal Mch com. 10
Magnavox
8
6%
196
Jan
507
34%
Mesta Machine Co
Jan
3%
24
21
2
160
8%
Jan
5%
100
Hutch Sugar Plant
Jan
7
187
15
Hunt Bros A com
40%
Jan
10%
14%
10
4
Foster & Kleiser com
Jan
1,800
1%
*
McKinney Mfg Co
Jan
38
5
Jan
415
7%
93%
Jan
96%
27
23%
*
Jan
1%
36%
Brewing—1
Koppers Gas & Coke pf_100
Lone Star Gas Co
*
Jan
23%
105%
Eldorado Oil Works.——*
Food Mach Corp com
Jan
2%
18%
17
_
16%
6%
56%
1%
4
243
35%
Duquesne Brew Co com. .5
Follansbee Bros pref. 100
«
16
Jan
3%
25
%
21%
6
Jan
Jan
14%
4%
%
240
Jan
Jan
100
2%
Jan
Jan
Jan
1
1
Crandall McK & Hend...*
Jan
14
374
Jan
Jan
Jan
Jan
52%
17%
4%
Jan
5
2,401
18%
44
25
90c
3
300
1%
Consolidated Ice Co pref 50
40%
Fireman's Fund Insur
6
Jan
6%
8%
Jan
15%
3%
13
■
1
Jan
10
100
com
$3 preferred
2,025
%
5
3,335
3%
7%
47%
h
1%
■
5%
15%
Jan
185
Harb-Walker Ref com
Claude Neon Elec Prods..*
'■
362
4
5
%
21%
*
*
17
3%
1
120
25
California Copper
Caterpillar Tractor
16%
-
Clark (D L) Candy Co
*
Columbia Gas & Elec Co.*
3,871
25
Calif Water Serlce pref 100
385
3,004
20
10
Calif Cotton Mills com. 100
California Packing Corp..*
Jan
17
Jan
52%
1
18%
Calaveras Cement com...*
15%
4%
8%
49
Armstrong Cork Co com.. *
Blaw-Knox Co
*
6
17%
_..*
Calamba Sugar com
13%
High
1,775
1,300
8,.
100
120%
3%
15%
17%
20
Byron Jackson Co
1,050
Low
6%
6
Corp.
Preferred
i*
Jan
"
»
Chicago Board ot Trade " Philadelphia
Stook
•
Stock
Chicago Curb
=
762
Feb.
Financial Chronicle
1
1936
Canadian Markets
LISTED
Provincial and
Province of Alberta—
Bid
Province of Ontario—
Bid
Jan
1 1948
95 %
96%
5%s
Jan
3 1937
4%s._'
Oct
1 1956
91
92
5s
Oct
1
6s
Sept 15 1943
Prov of British Columbia—
Feb
July
Oct
5s
4%s
100 %
100% 101%
99 %
98 %
100
15 1936
12 1949
1 1953
Province of Manitoba—
5s
May
1 1959
4s
-June
1 1962
4%s_
104% 105%
4s
Dec
104% 104 H
111% 111 %
115% 116%
113% 114
103
103 %
108
108 %
2 1959
Prov of New Brunswick—
—
2 1950
Feb
.
1 1958
111% 112%
108%
111% 112%
Last
Stocks (Concluded)
1 1961
May
Canada Steamships
1 1936
109% 110%
108% 109%
5s
June
15 1943
102 %
103
5%s
Nov
15 1946
101 %
Preferred
4%s_.—Oct
Mar
100% 101%
98
1 1951
99
108 % 109%
5s
114% 115%
1 1960
Low
High
Shares
Canadian
Wood,
Jan
Jan
6%
Jan
7%
*
615
6%
Jan
7%
25
499
14%
Jan
15
Jan
Canadian Dredge
Cdn General Electric___50
1,286
37%
Jan
44%
Jan
29,780
Preferred
15
675
105 %
106% 107%
106
2%
Jan
3%
Jan
1,726
Jan
8%
18%
Jan
491
7%
16%
200%
297
189
*
/43%
44%
/93%
95
'
80
*>'<»
77
77%
57
/55
92%
105% 106%
Brit Columbia Tel 5s-I960
106
Burns & Co 5 %s-3 %s_1948
92 %
91%
100% 101%
Minn & Ont Paper 6s. 1945
Montreal Island Pr 5 %s '57
104% 105%
Calgary Power Co 5s„ 1960
Canada Bread 6s
1941
108%
Canada Cement Co 5 %b '47
106 %
Cana Canners Ltd 6s. 1950
106%
Canadian Con Rubb 6s '46
Canadian Inter Pap 6s '49
107 %
Can North Power 5s__1953
103 %
Can Lt & Pow Co 5S..1949
101%
92 %
91%
112% 113%
31
/30%
109 % 111%
Dominion Canners 6s .1940
Dominion Coal 5s
1940
Dom Gas & Elec 6%s_1945
Dominion Tar 6s
1949
87%
88
103%
95 %
96%
%
89%
103 %
104%
76
78
Duke Price Power 6S-.1966
East Kootenay Pow 7s 1942
105 % 105%
94 %
Eastern Dairies 6s
1949
Fam Play Can Corp 6s '48
Fraser Co 6s unstpd_.1950
104 %
6s stamped
Gt Lakes Pap Co 1st 6s '50
Smith H Pa Mills 5%s *53
value) 3s
5s
1939
1 1951
Oct
*
*
49%
*
103% 104
92
58
56
58
104%
105%
*
Power
Corp of Can 4%s '59
Dec
■
89%
94%
1 1957
99
94
96
94
96
145
Hunts A
.__*
Imperial Tobacco.
5
-
Internatl Milling pref..100
Internatl Nickel com
*
Internatl Utilities A
*
B
Keivinator
Preferred
100
-
82%
Preferred
Nat Sewer Pipe A
_
2 1954
Oct
78%
100
*
1st preferred
for
of Pnces
&
Co.
6%% preferred
50
4
Brantford Cord 1st pref.25
Brazilian
*
Brewers & Distillers
-
-
-
British American Oil
BC Power A
B
*
(FN)
14
1.90
Low
Canada Cement
Preferred
Canada Packers
100
1.95
Jan
295
6%
Jan
9%
Jan
15
80
11%
Jan
15
101
65
93
Jan
101
662
3
Jan
3%
148%
4%
323
1.30
23%
36
38%
*
"7%
100
66%
*
95
40
50
5%
93%
40
7
5%
7%
61
67
83
84
Jan
Jan
Jan
Jan
3%
Jan
Jan
148%
Jan
5
Jan
Jan
29
Jan
30
Jan
5%
Jan
5%
7%
Jan
Jan
5
Jan
1,856
27%
Jan
31%
Jan
Jan
Jan
160
Jan
175
Jan
181
Jan
18%
7%
200
1,635
135
135
10
9
25
~30"
30
30
100
6
6
70
6
*
22%
85
26
100
81%
4%
90%
20%
29%
90%
22%
431
26
5%
40,250
16%
6%
Jan
Jan
18%
Jan
7%
Jan
Jan
135
Jan
Jan
10
Jan
30
Jan
30
6
Jan
79
Jan
130
7%
3%
Jan
6%
85
5%
Jan
Jan
Jan
Jan
100
25
Jan
27
Jan
10
85
Jan
90%
Jan
1,705
19
Jan
22%
Jan
29
Jan
30
Jan
5
100
Jan
103
Jan
5
55
Jan
55
Jan
*
12
12
10
12
Jan
12
Jan
9
106
8%
76%
Jan
10
Jan
6%
Jan
100
103
*
9
100
76%
8%
76%
76%
116
8%
55
*
8
22
22
62
60
54%
53%
25
*
*
*12%
10
*
9%
3%
31%
18%
9
10
*
*
Flouriref o 100
*
*17%
100
*
62
755
57
Jan
62
Jan
54%
10%
12%
217
49%
Jan
54%
Jan
35
8%
Jan
11
Jan
540
18
3%
33%
18%
1,020
2,421
1,973
60
16%
17%
110% 111
2%
2%
Jan
Jan
22
7,081
13
100
8%
Jan
10
3%
31%
79%
20
58
*
com
Jan
10
11
1,900
20
13
65
Jan
9%
Jan
12%
Jan
9
Jan
10
Jan
2%
Jan
31%
17%
Jan
3%
34%
18%
Jan
Jan
57
Jan
65
Jan
Jan
17%
Jan
14%
109%
11
Jan
Jan
Jan
111
Jan
13
Jan
Jan
3
Jan
Jan
2%
128
52
53%
159% 161
210%
335
149
Jan
161
Jan
153
190
Jan
210%
Jan
63
2%
Banks—
50
Commerce
.100
-
Dominion
100
100
63%
161
210%
205
104
51%
Jan
63%
Jan
209
205
209
200
Jan
209
Jan
100
210
206
210
75
196
Jan
210
Jan
Nova Scotia
100
287
287
287
23
271
Jan
290
Jan
Royal
100
175%
172
175%
53
164
Jan
175%'
Jan
100
229
229
229
19
225
Jan
229
Jan
.100
140
140
141%
85%
55%
94
137%
Jan
142
Jan
55
85%
Jan
88
14
55
Jan
-
Toronto
Loan
.
and
Trust—
Canada Permanent
Huron & Erie
100
Landed Banking
National Trust
100
100
Toronto Mortgage
85%
198"
85%
55%
55%
Jan
Jan
198
8
198
Jan
201
Jan
120
50
198
120
8
115
Jan
120
Jan
Jan
Jan
30%
9%
Jan
14
1.15
Jan
1.40
Jan
16%
Jan
23%
Jan
Jan
30
Jan
136
28%
40%
4%
Jan
39
5
37
"40%
6
Jan
27
89,222
3,310
29,518
30
"4%
29%
4%
3%
Jan
35
30%
14
141%
226
28
20%
5%
93%
4
3
63
Jan
55
Montreal
Jan
1,000
4
Jan
210
33
Jan
740
37%
Jan
270
5%
Toronto Stock
Jan. 25
to
Jan. 31,
Exchange^Curb Section
both inclusive, compiled from official sales lists
Jan
Friday
Jan
Last
Week's Range
for
Jan
Sale
of Prices
Week
Stocks—
Jan
6
95
Jan
39
Jan
44
Jan
6
Jan
58
Jan
Par
Price
Sales
Low
High
Range Since Jan. 1 1936
Shares
Low
High
Jan
Jan
45
90
5
1,443
1,152
80
6
37%
40%
Jan
t
*
1st preferred
B preferred
Jan
4
55
Imperial
High
1.25
0
Canada Bread
2.25
30
Westons (Geo) com
Preferred
1,409
5%
23%
*
25
Shares
9
1.20
__*
*
Building Products A
Burt
High
1.20
-
Jan
Jan
103
Canada
15
27%
30%
11%
Jan
3%
1.70
55
West Canada
Range Since Jan. 1 1936
25
4
Jan
10
444
103
Winnipeg Elec pref
Zimmerknit
10
3
Jan
9
*
Walkers (Hiram) com
Preferred
280
100
Jan
19%
17%
*
United Steel
36
147
Jan
67
Jan
146
Twin City
Union Gas—
35
3%
148%
100
107
Jan
18%
17%
Penmans
Preferred
3
101
*
Bell Telephone
Blue Ribbon com
Jan
65
2
Tip Top Tailors
Week
100
Preferred
Beauharnois Power
106
114
Standard Steel pref.—100
Steel of Canada
*
Sales
Week's Range
Sale
15
18
275
'
2,364
1,096
160
7%
135
100
Riverside Silk A
Jan
181
100
Orange Crush
Russell Motors pref
79%
WA. 3401-8
Last
*
Jan
Jan
157
18%
*
*
Preferred
Ontario Equitable.
Jan
Jan
181
■'
National Grocers
105
9
65
31%
Jan
Jan
4
29%
104
6%
17,012
30
Jan
Jan
5
160
14%
1.00
7%
*
Jan
5
13%
11
4%
100
Jan
Jan
14%
6%
49%
4
100
Jan
Jan
4%
5%
A
13%
Jan
Jan
4%
6%
*
29
Jan
1.95
100
com
Monarch Knitting
Moore Corp com
Jan
Jan
40c
1.75
4
Jan
27
3%
"l~85
17%
Jan
3%
44%
19%
*
1%
16
Jan
728
5
B
Loew's (Marcus) pref--100
Maple Leaf Mill
*
Jan
1,105
1,475
67
19%
17%
5%
Simpsons Ltd A
6s
inclusive, compiled from official sales lists
100
65
Jan
35,475
19%
17%
100% 101%
Friday
Beatty Brothers
67
United Grain Grow 53.1948
99
1.10
55
I-
11
85c
7%
9
106% 106%
106%
*
*
Massey-Harris
8
9
2%
10
360
1.10
*
Laura Secord..
5%
14%
104
104%
47% 49%
5%
14
11
*
88 %
Toronto Stock Exchange
Preferred
5%
14%
104%
49%
Porto Rico pref...
Pressed Metals
..
Jan
14
3%
4
Jan
14
14
112%
King Street West, Toronto.
Alberta Pacific Grain
1
5
Steel of Canada Ltd 6s '40
8%
6%
Jan
13
825
50
5
—100
26%
Jan
30
16
50
84
New York Curb (Associate)
6% preferred
Jan
Jan
*
*
1.50
15
4%
3
1
1.70
Jan
Jan
90
14%
*
Low
5
4
*
100
Harding Carpets
Photo Engravers
Price
Jan
11
Jan
Page-Hereey
Pantepec Oil
STOCK BROKERS
Par
Jan
11%
Jan
335
103% 103%
Member* Toronto Stock Exchange
Canadian Commodity Exchange, Inc.
Stocks—
5%
Jan
Jan
104% 105%
Duncanson, White
Abitibi
Jan
57
93 %
Jan. 31, both
Jan
Jan
Standard Chemical
to
15
55
Simpsons Ltd pref
Jan. 25
Jan
209
B.
15
26%
13%
Jan
150
102% 103
106
106%
81%
7,383
7,236
10
Jan
34%
66%
100
1943
Winnipeg Elec Co 5s..1935
5
Jan
Jan
64%
106%
88%
United Secure Ltd 5%s '52
125
107
Jan
105%
93 %
94%
102% 103
/43
43%
105% 106
Jan
19%
Jan
Shawinigan W & P 4%s '67
105
Jan
104%
29%
14%
4%
8%
520
15
4
B
94
5s
Jan
192
Jan
24%
2%
99%
Certificates of deposit
14%
24%
225
Jan
17%
10
15%
10%
10%
Jan
Jan
50
8,125
2,820
Jan
352
93
56
Certificates of deposit-__
Nova Scotia L & P 5s. 1958
Provincial Pap Ltd 5%s '47
Quebec Power 5s
1968
10%
10%
Jan
Jan
Jan
*
50%
107% 107%
Ottawa Lt Ht & Pr 5s. 1957
225
15%
"16%
*
31%
Northwestern Pow 68.1960
Price Bros & Co 6s
104%
30%
5%
25
Loblaw Groc A
Ottawa Traction 5%s_1955
Ottawa Valley Pow 5 %s '70
622
191% 192
17%
18%
104% 104%
29%
32%
4%
5%
-100
Simpsons Ltd 6s
1949
Southern Can Pow 5s_1955
87
1950
Gatineau Power 5s.__1956
General Steelwares 6s.1952
30%
Montreal L H & P ($50
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
88
Donnaconna Paper 5%s '48
8%
17%
214
93
McColl Frontenac Oil 6s '49
Canadian Vickers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 %s_ 1961
8
17%
Hamilton Cottons pref__30
Hinde & Dauch
*
103
103 % 104 %
107"
125
781
*
Great West Saddlery
Preferred
Ask
Lake St John Pr & Pap Co
par
Jan
12%
133
General Steel Wares com.*
Bid
6%s
Feb
1 1942
6%s
Feb
1 1947
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s_1951
Maple Leaf Milling 5%s '49
Massey-Harris Co 5s__1947
Jan
18
Jan
Frost Steel & Wire Co...*
Industrial and Public Utility Bonds
99% 100%
Jan
11
Jan
*
Preferred
Asbestos Corp of Can 5s '42
BeauharnoisLH&P 5%s '73
11%
Jan
10%
Goodyear Tire!
Int Pr & Pap of Nfld 5s *68
Jan
13,992
Ford A
/43% 43 %
99 % 100 %
Jan
25
Eastern Steel Products
Private wires to Toronto and Montreal
Abitibi P & Pap ctfs 5s '53
Alberta Pac Grain 6s__1946
Jan
96
Dominion Stores
Ask
155
Jan
100
Dominion Steel & Coal B 25
Inc.
9%
8%
14%
Jan
Jan
425
Cosmos Imperial pref.-100
Distillers Seagram Corp..*
Co.,
150
5%
93
*
Fanny Farmer
&
116% 117%
Jan
4%
Preferred
1 1960
Jan
88%
Consolidated Smelters __25
14 Wall St.
Mar
Jan
51
122
Consolidated Bakeries
Gundy
6s
12%
Jaa
166
Cosmos Imperial
British-Amer Oil Co 5s '45
Brit Col Power 5%s„1960
Jan
Jan
694
Consumers Gas
27
26%
10
43%
Jan
*
Cockshutt Plow
26
12%
Jan
105
*
Conv preferred
Canadian Car
Canadian Wineries
Bonds
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
Jan
100
Canadian Canners
Canadian Pacific
83
8
22
•v;. 197
pref 100
Preferred
82
Jan
Jan
20
B
Bid
3
2%
435
12
Canada Wire & Cable B__*
Canadian Oil.
New York
High
Low
100
100
Canadian Bakeries
102 %
Sept 15 1952
Price
*
1st preferred
May
4%s
Par
Range Since Jan. 1 1936
for
of Prices
Week
Canadian Ind Alcohol A__*
4%s
4%s
Province of Nova Scotia—
Sales
Week's Range
Sale
Prov of Saskatchewan
101% 101H
-June 15 1936
Apr 15 1960
Apr 15 1961
Exchange
Friday
Canada Wire & Cable A__*
Mar
4%s
107% 108%
108
109%
4%s^
4%s
4%s
15 1965
Jan
Ask
Province of Quebec—
1 1941
5s
1942
5s
—June 15 1954
4Hs.--__.Aug
Toronto Stock
Municipal Issues
Ask
5s
4 Ms
AND UNLISTED
82%
Jan
7%
67
84
Jan
Jan
Jan
Biltmore Hats.
*
31
31
31
Bruck Silk.
*
Brewing Corp
*
13%
2%
13%
2%
Preferred
*
14%
2%
14%
*
Nc
par value,
f Flat price.
14
20
30
Jan
32
Jan
555
13%
Jan
15%
Jan
2,855
2%
Jan
2%
Jan
Jan
16%
Jan
800
13
763
Chronicle
Financial
Volume 142
Unlisted
Canadian Markets—Listed and
of Prices
♦
Canada Bud
*
Canada Vinegars
-.1
Canadian Marconi
DeHavliand Aircraft
*
2
6
67
22
*
11
23%
*
Internatl Petroleum...
*
R Simpson
Tamhlyns (O)
Jan
O'Brien Gold
Olga Oil & Gas
Jan
40
32
Jan
38
Jan
4
Jan
Jan
67
540
56
Jan
22
665
10%
Jan
22
Jan
420
Jan
11
Jan
Jan
27
Jan
Jan
7%
Jan
40
33%
Jan
34
Jan
21%
Jan
24
Jan
30
38%
17
13,326
10,728
331
789
31%
Jan
1.60
Jan
4%o
Jan
45c
Feb
65c
May
4.60
5.00
11.15
10.85
12.00
1.89
1.85
1.90
*
2.80
2.70
2.90
1.86
1.78
1.12
40
Jan
37%
Jan
Jan
17
Jan
Sheep Creek.
Jan
105
Jan
Sherritt Gordon
*
Toronto Stock
Jan
Jan
Jan
...1
29 %c
20 %c 29 %c
4.20
3.35
87,865
17c
Jan
29%c
Jan
54,495
3.05
Jan
4.20
Jan
9,000
5%C
Jan
8c
Jan
83%c
Jan
1.10
Jan
2.45
Jan
2.75
Jan
28c
Jan
42o
Jan
4.38
Jan
5.40
Jan
Jan
*
4.06
1
7%c
6%c
8c
...1
1.05
1.03
1.08
1
2.70
2.56
2.75
1
36c
35c
38c
*
5.05
5.00
5.30
42,383
50,995
15,200
21,220
*
3.00
2.35
3.15
58.410
1.45
Jan
3.15
Jan
1
1.25
1.25
1.30
1.335
1.20
Jan
1.36
Jan
1
31c
20c
33c
19%c
Jan
33c
Jan
♦
1.90
1.65
29,183
1.95 178,121
1.60
Jan
1.95
Jan
*
1.08
1.07
1.15
4,173
1.00
Jan
1.30
Jan
Sudbury Basin
Consol
Jan
Sullivan
Jan
13
Sylvanlte Gold
Jan
10
111%
Jan
114
Jan
Tashota
450
19%
Jan
21
Jan
Teck-Hughes Gold
1.50
340
Jan
Texas-Canadian
95
Jan
Toburn
Jan
Towagmac Expl
6%
Jan
1.70
Jan
33%
110
Jan
Jan
Jan
Jan
Jan
Goldfields
Gold
Jan
Ventures
Jan
Waite Amulet
37
Jan
Wayside Consol
117
Jan
White Eagle
Jan
Wiltsey-Coghlan
40
112%
25
Jan
Jan
3%
Jan
,50c
17c
16c
18c
Jan
19%c
Jan
3%c
3%c
3%c
61,400
27,700
15%c
*
3c
Jan
4c
Jan
5c
4%c
5%c
38,700
3c
Jan
6o
Jan
8.30
8.00
8.65
18,735
7.65
Jan
8.85
Jan
60c
70c
12,700
41c
Jan
71c
Jan
*
Wright-Har greaves
*
Ymir-Yankee Girl
Exchange—Mining Section
both inclusive, compiled from official
Week's Range
Last
Sale
of Prices
High
Low
Price
sales lists
Toronto Stock
Sales
Friday
Par
Range Since Jan. 1 1936
for
Jan. 25 to Jan. 31,
Exchange—Mining Curb Section
both inclusive, compiled from
Week
Shares
18%c
15c 18 %c
14c
Jan
Jan
70c
Jan
Jan
65c
Jan
...1
Afton Gold.
63c
58c
67c
20,125
57C
1
65c
50c
65c
9,400
50C
AJax Oil & Gas
Alexandria Gold
2c
l%c
2c
79,600
lc
Jan
4%c
4c
4%c
23.300
3%c
Jan
2%c
4%c
Jan
*
*
1
Algoma Mining
Jan
4.30
4.15
4.30
730
4.15
Jan
4.40
Jan
Arntfield
1
89c
89c
91c
4,300
85c
Jan
97c
Jan
Ashley Gold
1
24c
16c
24c 110,540
14c
Jan
24c
Jan
3%c
3c
Jan
4c
Jan
9%c
8c
Jan
lie
Jan
Anglo-Huronian
4c
4c
5c
70,000
2%c
5%0
3%c
Jan
5c
Jan
*
29c
28c
35c
16,450
28c
Jan
41c
Jan
1
40c
40c
42c
4,500
36%c
Jan
50c
Jan
♦
1.62
1.60
1.70
1.45
Jan
1.71
Jan
1
70%c
18%c
67c
Jan
76c
18c
Jan
23c
Jan
5.50
Jan
7.15
Jan
8c
Jan
12%c
Jan
3.80
Jan
5.50
Jan
1
1
Base Metals
Bear
Exploration
34,300
He 427,000
*
6.80
12c
1
5.40
5.10
5.50
11,588
22,606
37,750
8,925
12,500
15,880
*
3%c
2%c
4c
59.600
2o
Jan
4c
Jan
*
10%c
9%c
13c
S4.770
6c
Jan
13c
Jan
...
Big Missouri
Bobjo Mines
Bralorne
4c
50c
Beattie Gold—
Mines
B R X Gold
Buffalo-Ankerite
Buffalo-Canadian
Bunker Hill
*
Aldermac Mines
70%c 73%c
18c
19c
6.65
6.95
11%C 12%c
87c
------
73c
87c
6,980
50c June
87c
Jan
7%c
7 %c
1,000
6%o
Jan
9c
Jan
*
1.17
1.12
1.18
19,957
1.05
Jan
1.22
Jan
...1
1.25
1.22
1.26
5,350
1.15
Jan
1.30
Jan
1
Cariboo Gold
1.60
1.60
1.68
1.24
Jan
1.69
Jan
2%c
4%c
33,100
2c
Jan
4%c
Jan
17c
17c
20c
30,550
ll%c
Jan
23c
Jan
1
3%c
3%c
3%c
3.000
3%C
Jan
4%c
Jan
3.75
4.00
445
3.50
Jan
4.00
2%c
2%c
3c
50,600
1%C
Jan
3c
Jan
*
49c
40c
52c
8,763
35c
Jan
57o
Jan
*
8c
8c
3,500
6%c
Jan
9o
Jan
*
74 %c
6%c
72 %c
76c
Jan
88c
Jan
27%
25%
27%
5,965
7,216
72 %c
♦
20 %c
Jan
27%o
Jan
15%c 18 %c
1,800
14%c
Jan
20o
Jan
3%c
6%c 125,700
30
Jan
6%c
Jan
3c
5c 499,800
lc
Jan
5%C
Jan
Jan
Churchill Mining
5
Coast Copper
Cobalt-Contact
-~-
...1
Dalhousie Oil
East Crest Oil
Home Oil
Hudson Bay Mining..
1
Hirkland-1 ownsite
5c
1
Mandy Mines
4c
*
Malrobic Mines
15c
19,600
12c
Jan
15%C
1%C
Jan
2%o
5
20c
10,000
15C
Jan
21c
Jan
6%c
6%c
19,000
4%C
Jan
7o
Jan
21c
23c
11,900
18%c
Jan
27%o
Jan
4c
87,900
17
l%c
16%c
6%c
16 %c
21c
Night-Hawk Pen
Nordon Corp
*
Oil Selections
Parkhill Gold
1
Pend-Oreille
1
Preston-East Dome
1
Ritchie Gold
1
3%c
1.10
7%c
6c
4%c
2%c
3c
Robb-Montbray
6%c
2%c
6%c
2%c
Jan
40
Jan
13,840
1.00
Jan
1.17
Jan
4c
Jan
7%c
2c
Jan
5%c
Jan
1
55,000
lc
Jan
3%c
Jan
7c
97,650
73,900
5%c
Jan
7c
Jan
3%c
Jan
4%o
Jan
3,000
2c
Jan
4c
Jan
7,400
4c
Jan
60
Jan
2.73
Jan
3.44
Jan
4c
Jan
1.50
Jan
1
Sudbury Mines
Temiskaming Mining. _-l
4%c
76c
3%c
3c
4%c
3%c
51c
45c
52c 271,360
19c
Jan
550
Jan
1
5c
5c
6c
3%c
3c
4%C 417,575
2%c
4%0
Jan
4%c
Jan
Jan
6C
Jan
5%c
3.05
1.90
5%c
2.80
3.05
1.90
2.09
47
50
50%
Jan
6.90
Jan
8.20
Jan
4%c
3o
Jan
5%c
Jan
5c
7%c 331,800
5c
Jan
8c
Jan
1.25
Jan
1.45
Jan
1.25
1.25
1.33
15c
16c
17%c 18%c
1
17%c
50c
37c
35c
21c
16c 23 %c
37c
5%c
4%c
6c
1
29c
20c
30c
1
...1
37c
34c
24c
34c
86c
Hard Rock
CANADIAN SECURITIES
Jan
Jan
7.50
Halcrow-Sway ze
Jan
6c
7c
86c
94c
4%c
Greene-Stabell
Gunnar Gold
Wood-Kirkland
Jan
2.25
1.28
5c
Graham-Bousquet.
Granada Gold
3.10
52
Jan
8.15
Goodfish Mining
Jan
Jan
1
Goldale
Jan
Jan
1.06
+
...1
1.80
4%c
...1
*
2.80
42
6,000
12,165
8.20
25,713
5%c 106,000
1.16
God's Lake
6,129
5,723
6c
5c
1.20
Federal-Klrkland
2,000
4,260
1.23
6c
1
Gold Belt
4c
5c
35c
41c
38,241
2,800
18,800
2,500
166,538
28,550
57,612
81,025
29,000
Drury & Thompson
Members
13c
Jan
16c
Jan
20c
Jan
32c
Jan
370
Jan
6o
Jan
23 %c
Jan
3c
Jan
6c
Jan
18c
Jan
30c
Jan
23o
Jan
77o
Montreal Curb Market
Inc.
Canadian Commodity Exchange
Jan
13%c
Montreal Stock Exchange
34o
940
Jan
2c
Jan
5o
Jan
30o
Jan
42c
Jan
MONTREAL
PHONE HARBOUR
Montreal Stock
Jan, 25 to Jan. 31, both
Exchange
inclusive, compiled from official sales lists
9c
7c
9%c
Jan
10 %c
Jan
Friday
15%
15%
16%
69,100
11,807
6%c
6
13.70
Jan
16.75
Jan
Last
Week's Range
18c
14c 18 %c 106,000
llo
Jan
18 %c
Jan
Sale
of Prices
70c
70c
73c
36,850
62c
Jan
75c
Jan
14.00
14.00
400
11.35
Nov
15.75
1
1-
(Ctfs)
—
1
Par
Stocks—
Price
*
...1
54c
37c
54c 174,325
29c
Jan
54c
Jan
48c
45c
48c
2,500
28 %c
Jan
50o
Jan
50 %c
50c 51 %c
66,460
48%c
Jan
58c
Jan
1
57%c
56c
...1
9%c
9%c
Lake Shore Mines
Lamaaue Contact
5,320
51c
Jan
59%c
Jan
11c 138,450
4%o
Jan
11c
Jan
Jan
23o
Jan
4%o
Jan
7.70
Jan
58c
Lebel-Oro
1
19c
19c
23c
189,630
10c
Lee Gold Mines
1
4c
3%c
4%c
80.200
2%c
Jan
+
7.65
7.30
7.70
24,060
6.40
Jan
*
9c
9c
9c
500
6c
Oct
1
4.00
3.90
4.00
45,752
3.12
Jan
13 %c May
Jan
4.00
Little Long Lac
Lowery Petroleums ...
Mines
Maple Leaf Mines
Agnew-Surpass Shoe...
Alberta Pac Grain pref. 100
Amal Elec Corp pref... .50
*
Assoc Breweries
Bawlf Northern Grain.
Brit Col Power Corp
9 %C 10%C 130,200
5%c
Jan
10% c
Jan
7%c 13%c 137,425
5%c
Jan
13 %o
Jan
5
46 %c
40
A.
Bruck Silk Mills
45c 47 %c
49%
Jan
Building Products A..
Jan
1.63
Jan
Canada Cement
2%c
Jan
46 %c
Jan
146,195
19%c
Jan
42c
Jan
Canada Nor Pow Corp
45,350
1.40
Jan
1.65
Jan
Canada Steamship
1
6c
5c
6%c
1
McKinley Mines
MoVittie-Graham
38c
27c
42c
1.47
1.45
1.60
*
McWatters Gold
15c
*
Merland Oil
*
Mining Corp
—1
1.45
9c
15c
3,000
13c
Jan
15%c
Jan
1.25
1.50
5,645
1,400
1.25
Jan
1.50
Jan
6%o
Jan
9c
Jan
9c
9c
High
Low
Preferred
*
No par
27
Jan
38%
Jan
95
14
Jan
18
Jan
14
14
14%
250
10
Jan
15
Jan
108
Jan
108
108
15%
3%
38
14%
3%
36%
148
108
value.
30
15%
Jan
Jan
4%
Jan
90
26%
Jan
2,076
3%
38
149%
348
60,954
*
29%
29%
4%
13%
30
705
37
4%
13%
*
36%
7%
36%
66
61%
67
23%
22%
23%
2%
ii%
7
11%
4%
15
7%
Jan
Jan
600
12%
1%
15%
14
100
Jan
50
18
*
—
10
36
11%
*
Jan
15%
13%
*
9%
36
149%
.100
Preferred
85
18
♦
Jan
8,569
39,510
45,000
1.62
9%
♦
B...
1.33
1.53
Range Since Jan. 1 1936
for
Week
Shares
*
Brazilian TL&P
12c
1.59
High
100
Bell Telephone
9%c
McKenzie-Red Lake..
*
100
Preferred
*
Mclntyre-Porcupine..
Low
9%
100
Preferred
Bathurst Power & Paper A*
...1
Manitoba & Eastern..
Sales
Jan
Kirkland-Hudson Bay ...1
...1
Kirkland Lake
J M Consolidated
1254
Jan
Jan
14,100
10,100
360 ST. JAMES ST. W.,
...1
Harker Gold
1.
Jan
2%c
38.318
Dominion Explorers...
Golconda Lead
Jan
7%c 224,851
5%c 298,000
3c
1
Porcupine Crown
1.50
*
Franklin Gold
Jan
2 %C 140,000
13c 15%c
2c
1
3.44
Eldorado
Moneta-Porcupine
18%c
*
Lake Maron
90c
*
Falconbridge
Jan
3%c
2.99
5
Dome Mines.
12c
1
1.47
*
Coniagas Mines
Coniaurum Mines
Jan
1
*
Chibougamau Pros
High
7c
Central-Manitoba
*
Clericy Consol
Commonwealth Pete...
Macassa
12c 401,300
3.40
Chemical Research
Howey Gold
7c
41,853
86,950
Central Patricia
Int M Corp
ll%c
Low
Shares
*
Castle-Trethewey
Hollinger Consol
Homestead Oil
Week
of Prices
High
Low
Brett-Trethewey
Pawnee-KJrkland
*
Calgary & Edmonton..
...1
Calmont Oils
Canadian Malartic
Price
Jan
Astoria-Rouyn
Bagamac-Rouyn
Barry-Holllnger
Par
Stocks—
Range Since Jan. 1 1936
for
Week's Range
Last
18%o Jan
27.300
official sales lists
Sales
Friday
High
Low
Sale
*
Acme Gas & Oil
Jan
29 %o
Jan
2%
3.40
Jan
Jan
260
Jan
18 %c
5%
3
Jan
Jan
24c 29 %c 293,053
33%
2%
Jan
Jan
27c
St Anthony Gold
22%
72c
1.15
56c
1.00
2.87
5%c
Stadacona Rouyn
215
70c
Jan
*
South Tlblemont
11%
23%
1.12
66c
Jan
2.97
7c
20%
22%
23
United Fuel pref
1.05
Jan
3.45
20,506
4,300
33,415
33,060
3.25
Jan
Jan
34
Jan
34
2,772
3%c
Jan
113%
8%o
Jan
65.300
79,650
670
176
Jan
146,731
5%c
1,385
215
4%c
28
87c
8%c
33
5c
3.50
37
Jan
*
Jan
117
Jan
87c
6.25
3.15
112
1.18
Jan
Jan
25
34
Jan
48c
4.40
3.30
115
-
..
99c
100
1.50
112
112
.»
27,550
6.25
17%
32
Jan
1.17
3.22
50
112
1.95
6.25
Jan
29
Jan
3.15
3.29
Jan
40
1.42
South American G & P —1
1.00
40
25,450
Slscoe Gold
Jan
110
Jan
1.95
1.06
1
15%
5
3.25
Jan
150
110
Jan
75c
50c
—
33%
1.15
2.65
10
Jan
30
Jan
2,335
Jan
1.50
114
Jan
1.95
34%
16%
6
Jan
12.00
Jan
3.30
185
12%
5.00
Jan
1.80
6%o
8c
33
San Antonio
12%
9
Jan
9.50
31%
87c
1
Jan
3.55
3.18
97
55
*
*
33%
15
10
65c
65c
Jan
42
Jan
32%
37
*
Stocks—
1.12
2%c
Royalite Oil
43
Jan
Jan
55,030
84c 612,412
59,000
4,360
110,367
6,185
3,110
Roche-Long Lac
Jan
42
84c
48c
1.60
Red Lake-Gold Shore.
20,942
Jan
Jan
4%c
Reno Gold
50
7%
7%c
3c
Read-Authier
Jan
Jan
71c
Prospectors Airways..
50
4
Jan
%c
70c
1.14
37
Jan
585
70c
1
Jan
40
7%
Jan
1
30
24
Jan
39,000
34o
1.39
Premier Gold
165
33%
Jan
32o
5.00
570
7%
49%
Jan
...1
6
7%
Jan
24c
1.56
*
25
no
100
Jan. 25 to Jan. 31,
6%
Jan
Jan
44%
35c
Peterson-Cobalt
40
4%
3.05
5%c
Pickle-Crow
Jan
Jan
65c
Petrol Oil & Gas
11
8
Jan
2.40
82c
Perron Gold
Jan
Jan
3c
6%c
Paymaster Consol
2,230
67
3%c
Jan
4%c
40
3,121
1%
Jan
7%c 261.600
28 %c
lc
l%c
...1
25
38
6%
Jan
67o
1
40
1.25
.100
32c
Jan
*
Jan
33
*
Walkerville Brew
3%
19%
20%
♦
Preferred
Jan
114
114
„
Preferred..
2
5%
*
Toronto Elevators
1,570
12
12%
*
Supertest Petroleum. _
3%
48
48%
*
Sudbury Contact
*
Supertest Pete ord
Jan
3.30
100
Standard Paving.
2%
1.10
1.50
*
Shawlnigan
♦
Noranda
North Can Mining
Jan
16
16
*
pref
Niplsslng
Jan
23
2
40
North Star Oil pref— —6
Rogers Majestic
Jan
75
10
...5
Power Corp
Jan
2%
Jan
2%
32
32%
*
North Star Oil
2
21
15%
Mercury Mills pref... .100
*
National Breweries—
National Steel Car
25
360
22
37
17
103
Montreal Power
2.89
100% 105
38 %
*
100
Preferred
2.90
Jan
21%
41
100
McColl-Frontenac
27%
2%c
465
58c
19,000
2%c 146,900
3c
27,600
3.05
13,705
8,200
49%
32c
17,300
l%c
2%c
33%
22%
6%
*
*
Preferred
2%c
*
7%
♦
Internatl Metal Indust
1
Newbec Mines
36
*
Imperial Oil
Murphy Mines
Jan
5%
5%
Humberstone Shoe
Jan
Pioneer Gold
*
Preferred
Jan
34%
40
Preferred..
Honey Dew.
7%
Jan
9
*
Hamilton Bridge
Jan
32%
34%
4%
64%
17%
37%
*
B
6%
1,110
40
*
Dominion Tar & Chemical*
.100
Preferred
English ElecA
1,110
2
3
ion
Preferred..
7%
High
Low
Shares
67c
64c
66c
Morris-Klrkland
2%
_
Dominion Bridge—_.
Week
34%
22%
2%
21
*
Oil.
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
High
Low
Shares
High
7%
33%
21%
*
Canadian Wire Box A_
Crown-Dominion
Low
7%
34%
21%
2%
*
Canada Malting
Week's Range
Sale
Week
Price
Par
(Concluded)
for
Sale
Stocks
Week's Range
Range Since Jan. 11936
Last
Range Since Jan. 1 1936
Last
*
Sales
Friday
Sales
Friday
Exchange—Mining Section
Toronto Stock
Exchange—Curb Section
Toronto Stock
142
9%
28
Jan
38
148%
Jan
13
Jan
30
4%
Jan
Jan
Jan
Jan
Jan
85
4%
Jan
1,602
13%
Jan
16
Jan
33
Jan
37%
Jan
Jan
7%
Jan
150
3,750
6%
58
Jan
63
Jan
838
22%
Jan
25%
Jan
2%
150
1%
Jan
12%
655
8
Jan
1,833
3
12%
Jan
Jan
1
764
Financial
Chronicle
Feb. 1
1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Friday
(Concluded)
Par
Week's Range
of Prices
Week
Price
Low
Range Since Jan. 11936
Low
12
12
10
9
Jan
Canadian Bronze
36
37%
440
31
Jan
6%
14%
7%
15%
1,676
28
29%
Canadian Car & Foundry .*
Preferred
26
Canadian Celanese
7%
15
*
Preferred 7%
28
100
Rights
124%
18%
1,305
1,081
124>* 125
18%
18%
218
130
14%
Jan
Jan
18%
Jan
Jan
City Gas & Elec Ltd
~
Comm Alcohols Ltd
Jan
24%
Jan
Jan
1.75
Jan
85c
180
80c
Jan
90c
Jan
2
Jan
19%
Jan
David & Frere Ltee A
50
Jan
105
Jan
Dominion Eng Works Ltd*
Dominion Stores Ltd
*
250
23 %
Jan
27%
Jan
Dom Tar & Chem Ltd
*
2,518
33,090
6%
34%
Jan
48
Jan
Jan
12
Jan
Cum pref.
100
English Elec of Can A__
66%
9%
5,635
8%
Jan
Jan
10
2%
Jan
11%
12%
12%
19,537
Jan
8%
419
10%
7%
34%
44
11%
12
9%
Cndn Locomotive
11%
3
Canadian Pacific Ry
Cockshutt Plow
"l2%
25
*
3
11
8
8%
Con Mining & Smelting.25
224
Distillers Corp Seagrams .*
Dominion Bridge -
30
29%
32%
38
34%
38
Dominion Coal pref
100
Dominion Glass.,.....100
15
15
15%
"140
25
Dominion Textile
Dryden Paper
*
*
(Charles)
Hamilton Bridge.,
*
Holllnger Gold Mines
5
Holt Renfrew pref
55
5%
55
6%
100
7%
5%
16%
40
Paper & Pow pref.. 100
40
11%
Preferred
100
*
Preferred
"49 %
27
4%
4%
75
71
Lindsay (C W)
Massey-Harrls
16%
125
....*
Montreal Cottons pref.100
Mont L H & Pow Cons...*
7
16 H
40
100
103
*
Preferred
25
4%
Preferred
100
Power Corp of Canada..
12%
Quebec Power
*
Regent Knitting
120
8,141
7%
49%
Jan
Cartler-Malartlc
Jan
Cent Manitoba Mines
1
Dome Mines Ltd...
Jan
75
Jan
Francouer Gold
Jan
16%
Jan
Jan
100
153
98
Jan
30
98
Jan
9934
2
30c
2%
105
1%
1,185
Jan
99%
Jan
2%
Jan
,
2%
Jan
31%
Jan
34
Jan
17
17%
Jan
18%
Jan
30c
200
30c
Jan
37c
Jan
7134c 7434c
11,787
9,400
2,235
13,700
1,000
1,035
68c
Jan
75c
Jan
30c
Jan
40c
Jan
32
Jan
37
4c
3c
115
•
Jan
3%
Greene-Stabell
1
4
Jan
Lamaque Contact Gold.
Jan
Lebel-Oro
Jan
Mclnty re-Porcupine
58
10c
*
_
31%
Jan
34
Jan
Pamour-Porcupine
5c
Jan
23c
Jan
Jan
52
Jan
8.25
6.90
Jan
8.25
Jan
23o
Jan
35c
Jan
43
23c
Jan
32
Jan
28% C
Jan
54
Jan
Jan
59
Jan
52
6c
Jan !
Jan
10%c
19c
20c
12,806
13c
Jan
20c
45 H
4634
30
42Vs
Jan
46%
Jan
30c
70c
6,000
35c
Jan
70c
Jan
4.70
1
4.70
40
3.75
Jan
4.70
1934c
5 'L
O'Brien Gold.
Jan
Jan
5034
11,905
37,700
32c
26c
2,800
3734c 5434c 138,800
58
570
6734
10c 1034 c
6,600
333*c
7%
Jan
2c
18Mc
8.00
32c
1
1
.
434c
47
30c
Lake Shore Mines
.....
37
2834c 3134c
50%
J-M Consol Gold
Mines
40c
1834c 1834c
,
Jan
17
100
Jan
m
il
-
-
—
.*
65c
1
Jan
Jan
57
Jan
60
Jan
Parkhlll Gold
.1
22c
21c
23c
Jan
18,850
28c
Jan
Jan
18%c
Jan
103
Perron Gold
1
1.55
1.40
1.60
11.080
1.12
Jan
1.60
Jan
4.96
3,900
13,900
6,246
8,335
21,557
4.18
Jan
4.95
1.00
Jan
1.32
Jan
1.43
Jan
1.95
Jan
2.90
Jan
3.35
Jan
155
39
Jan
42
Jan
Pickle-Crow Gold..
I
4.86
4.70
40
6,038
Jan
42%
Jan
Quebec Gold
1
1.30
1.23
1.32
15%
Jan
17
Jan
Read-Authier
1
1.78
1.78
1.90
45
Jan
Slscoe Gold
1
3.28
3.22
3.30
49%
Jan
Sullivan Consol
Jan
34
Jan
4,431
44%
Jan
1
1.06
1.02
1.07
80
87c
Jan
199%
Jan
205
1.10
Jan
Teck-Hughes Gold
1
5.10
5.10
5.30
12
152
2.076
4.85
Jan
Jan
153
5.35
Jan
Jan
Ventures Ltd
»
1.90
1.75
1.95
38.725
1.10
Jan
1.95
Jan
Wayside Consol Gold..50c
Wright-Hargrea ves
*
6234c 6334c
1,100
16%c
Jan
19J^c
Jan
8.25
675
8.00
Jan
8.85
Jan
4c
22,300
5
Jan
90
Jan
6
108
Jan
110
Jan
70
55
Jan
57
118
2,056
1.346
15
99
89%
Jan
120
Jan
11%
Jan
13
Jan
Arno Mines
Jan
16
Jan
Ashley Gold
1
Jan
Cndn Malartic Gold
1
Jan
Jan
2.84
Jan
3.42
Jan
20c
Jan
55c
Jan
9%
9%c
9c
934c
46,700
8c
Jan
40
10%C
Jan
Jan
Granada
1
31c
31c
31c
200
22c
Jan
31c
Jan
Jan
Howey Gold
1
70c
70c
70c
200
63c
Jan
24%
20%
Jan
Jan
Jan
71c
Macassa Mines
1
4.00
3.90
4.00
Jan
20
2,100
3.18
Jan
4.02
Jan
Jan
McVlttle-Graham
1
34c
36c
3,300
22%c
Jan
36c
Jan
Jan
Jan
19%
17%
Jan
Jan
118
5,750
52c 101,300
48c
20%
6
Jan
3.42
3.07
40
296
Jan
1.21
50c
"22%
19
24c
Jan
3.42
St Lawrence Paper pref 100
126
Jan
1
8
25
Jan
24c
1.10
Chibougamau Prospectors*
Duparquet Mining
1
880
1,570
4,530
4c
1,000
2,100
Central Patracia Gold
1,435
8%
23
Jan
24c
1.19
Jan
2%
8
40
.
2c
24c
1.16
24c
1.19
Jan
2
8%
21%
99
3c
3%c
•
Jan
2%
1.85
5%
Unlisted Mines—
2%
*
40
8.10
*
14%
5
20%
Jan
Jan
10
12%
19%
18%
Jan
99%
""240
130
126
Jan
27
334
3334
1834
Jan
18%
Jan
97
20%
18%
Jan
85
Jan
1834
Jan
33%
99
35
......
8
Jan
32
8.10
Jan
400
100
Jan
18
2%
130
Jan
preferred
50
St Lawrence Flour MlllslOO
Preferred
5%
Jan
79
18%
5
Gold...l
86
5%
Sherwln-Williams of Can.*
Jan
35
32
*
5
Shawlnlgan Water & Pow.*
5
25
2
Falconbridge Nickel
Jan
"~5%
A
Jan
87
56%
14%
4%
44
98
*
Jan
30%
4%
Jan
100
Rolland Paper pref
St Lawrence Corp
Jan
350
'
35
;
89%
98%
14%
■_.*
Jan
3
12
7
30c
Jan
33
Jan
1.10
Jan
Mines—
7%
44%
123
11
Jan
10%
99
100
*
27
3%
Jan
50c
1,430
6,085
5
3534
Jan
Jan
4
481
1.10
38%
27
36%
108
12
11
Jan
33%
85
Bulolo Gold Dredging
95
45
120
4,088
8234
„
84%
Jan
Jan
16%
55
3834
4
27
-
_.*
14%
57
19
20%.
85
Jan
1.00
4%
634
•
*
Preferred
Jan
Jan
42
89%
534
30c
13%
30
11,395
12
34c
5
32%
108
•90c
11
72c
60
*
834
1.10
12
1
196
103
100
Preferred
Jan
38%
Brazil Gold & Diamond. .1
155
Penmans
Jan
6
Big Missouri Mines
5%
155
Jan
24
534
3734
Base Metals Mining Ltd.
12%
205
22%
Jan
Jan
24
Jan
35
205
Jan
2234
Jan
7,463
*
100
Jan
Jan
323
49 %
205
Preferred
Jan
10,625
42
Jan
88c
13
90
17
48
10
Jan
30
61
48
Jan
70c
115
690
45
8
2,935
Jan
17%
*
160
75c
Jan
33%
*
Jan
934
70c
Jan
21,014
15%
11%
8%
11
7%
58
Jan
30
49%
30%
4%
102
Jan
108
325
Noranda Mines
Ogilvle Flour Mills
17%
85c
9
Jan
Jan
45
107
92
1,538
Niagara Wire Weaving
Ottawa L H & Power..100
Jan
Jan
95c
934
585
12%
42% 141
"i6%
Walker-Good & Worts
13.80
Jah
11
90c
11
Walkerville Brew Ltd
185
99
42
National Steel Car Corp. .*
Jan
Jan
Jan
18H
Jan
9
*
Jan
8%
6%
68
Jan
7
95c
2234
*
Thrift Stores Ltd
7
4.345
20
Jan
Jan
6%
Jan
10%
5
100
Jan
58
200
l
Jan
6%
170
125
11
22
Mitchell & Co Ltd (Robt) *
Page-Hersey Tubes Ltd..*
Jan
Jan
1834
"23%
Paton Mfg Co Ltd
*
Pow Corp of Can cum pf 100
Sou Can P Co Ltd pref. 100
Jan
5%
56
12
Jan
75c
Corp cl A...
Jan
100
7%
32
Montreal Telegraph
6%
15
Jan
3%
99
Montreal Tramways
National Breweries
13
5%
16%
6
32 X
58
385
1,065
125
15%
99
Jan
Jan
7
3
*
McColl-Frontenac Oil ...*
Jan
Jan
68
B
| Jan
2%
1.00
Jan
75
33%
~17X
24%
Jan
Jan
9
4,786
8%
*
Melchers Dist Ltd A
Jan
34%
4H
205
,
634
Jan
Jan
18
(Can) Ltd A...*
Class B....
Jan
Jan
2
1.00
Inter Util
Jan
6%
13%
4%
14%
47
30 %
100
Jan
5%
Jan
55%
7%
7%
Jamaica Public Serv Ltd.*
Lake of the Woods
Int Petroleum Co Ltd
Jan
125
115
14
5
19%
1,046
1,741
5%
40
11%
113
14%
International Power.....*
Jan
79
11
4%
2
26%
10%
■V
*
Int Paints
Jan
Jan
10
Inter City Baking Ltd. 100
Jan
140
Jan
70
405
100
7%
5%
£1
Internatl Nick of Canada.*
136%
4%
695
56
6%
100
115
Preferred
666
5
225
9%
15^
112^
Jan
5
"u%
100
*
Imperial Tobacco of Can.6
20
106
2
34
60
*
Imperial Oil Ltd
1.00
100
Howard Smith Paper
Preferred
Jan
3,732
15
5%
100
Jan
38
Jan
15,385
2
.....*
Preferred
34^
Jan
14%
6
1.00
General Steel Wares—.
Gypsum Lime & Alastlne.*
Jan
32
24%
2%
14
Voting trust ctf
Home Oil Co Ltd
Jan
2
20
18%
Companies Ltd...*
29%
100
5%
2%
Fraser
Jan
234
20
34
«
10"
Foreign Pow Sec Ltd.....*
Jan
8%
Jan
21
11
655
79
5%
20%
Enamel & Heating Prod..*
Goodyear T Pfd Inc '27100
Jan
,
24
.*
201
2
«.
B
4,096
5,464
140
4%
V 70
6
Electrolux Corp
Eastern Dairies
937
112
.
138
5%
71
Foundation Co of Canada*
234
110
...100
Dom Steel & Coal B
213
*
Jan
4
Jan
Jan
80c
Jan
10%
2%
3%
86c
Jan
11%
16
1.75
99
40
Jan
Jan
105
48
*
11%
10
1.75
15
Class B
Jan
44
145
334
High
Jan
37
1.75
21
It.
25
Canadian Indust Alcohol.*
Low
595
1.75
*
50
28%
Preferred
16
2%
—
Range Since Jan. 11936
Shares
41
16
16
Catelli Mac Prods pf A.30
Jan
High
38%
102
26%
Jan
127%
Jan
Gold
*
Sherritt-Gordon
11
1.10
300
111
1
,11
10
Jan
12
1.00
Jan
1.15
Jan
Jan
100
(H) &
98
98
93
*
Jan
98
Stadaconna-Rouy n
27c
5
25c 2934c
18%c
29%
Jan
Sylvanite Gold
1
2.67
2.65
2.76
189,380
1,550
Jan
Jan
2.48
Jan
Jan
2.76
Jan
Unlisted Stocks—
Abitlbl Pow & Paper Co..*
1.70
1.60
2.00
Jan
to SRSC
Jan
1.40
Jan
Sons
Preferred
Southern Canada Power..*
"12%
12
12%
707
*
61%
59%
54%
2%
53%
61%
54%
1,574
25
2%
2%
190
24
24
25
Steel Co of Canada
Preferred
Vlau Biscuit
*
Preferred-
100
Wabasso Cotton
*
Winnipeg Electric
*
28
"~2%
24
.
225
28%
3
12
Jan
13%
57
Jan
49%
961
Jan
61%
54%
Jan
2
Jan
2%
Jan
18
Jan
28
Jan
25
12%
67
56%
58%
119
Jan
32
Jan
Jan
3
Jan
11%
100
180
Cum 6% pref
100
Ctf of deposit 6% preflOO
Brewers & Dist of Van
*
Jan
2%
2%
12%
100
Preferred
Woods Mfg pref
Jan
14
Jan
54
Jan
67%
Jan
i
1
Canada
;
50
Canadlenne.
54
100
......
Montreal
162%
52
54
254
137
...100
137
24
160
163
75
54
Jan
137
Jan
1
Jan
149
Jan
Jan
51%
133
Brewing Corp of Can
*
163
Jan
}
.100
211
204
211
220
197
Jan
211
Nova Scotia
100
286
285
286
85
271
Jan
286
Royal
100
172% 176
314
164
Jan
176
Jan
Cndn Canners
conv
7%
*
60%
*
33%
pref.. *
Cndn P & P Invest pref
*
Claude Neon Gen Ad Ltd. *
1734
234
*
Ford Motor of Can A
Jan
100
6%
6.M
Jan
1.30
415
1.20
Jan
234
234
1534
635
734
6034
10
2%
13%
7%
100
59
Jan
34
620
33
Jan
7
4%
1434
734
6034
33J4
7%
434
664
100
7%
434 T" 20
Jan
Jan
oo
Jan
2%
Jan
16%
Jan
Jan
Jan
Jan
7%
60%
34%
7%
Jan
Jan
4%
Jan
Jan
Jan
Jan
40c
Jan
60c
1734
234
1734
140
17
Jan
18 J*
Jan
234
3,142
2
Jan
3%
Jan
29
5
Jan
6
Jan
6
*
1.35
905
40c
*
*
Donnaconna Paper A
2,555
934
834
1.25
1.25
1.85
834
-
2%
15%
f Jan | Consol Bakeries of Can
f Consol Paper Corp Ltd
1.06
834
-
*
I Jan
176
1.06
._*
Preferred
Canada Bud Breweries
Canada & Dom Sugar
Canada Malting Ltd
Banks—
Commerce..
41
Canadian Wineries Ltd...*
Jan
.
Low
50
28 X
Slnon
Jan
15%
31%
for
Price
Cndn Dredge & Dk Ltd..*
Can Vickers LtdCum pf 100
Jan
128
Jan
Par
Week
102
Canadian Foreign Invest
Canadian Hydro-Elec pf 100
Int
Jan
27
124 M
Jan
12%
37%
7%
(Concluded)
of Prices
100
Preferred
Gurd
6%
Stocks
Week's Range
100
Canadian Cottons
Sales
Last
High
Can Wire & Cable cl B.__*
*
Market
Sale
Shares
High
Curb
Friday
for
Sale
Stocks
Montreal
Sales
Last
5
6
25
100
40c
Jan
500
24%
General Steel Wares pf 100
6134
65
203
55
Jan
65
Jan
Int Paints
25
26
255
Jan
29%
Jan
1934
1954
10
18 J*
19
Jan
19%
Canadian Government
Jan
35
3634
1,115
34%
Jan
36%
Jan
10034 10434
180
96%
3Vs
22%
Jan
INCORPORATED
ESTABLISHED
Jan
Jan
28
Jan
29
Jan
34%
255 St. James St.,
Jan
56
Sparks St, Ottawa
Massey-Harrls Ltd pref 100
McColl-Frontenac GilpflOO
100
Preferred
114
_*
2654
4
434
26
2734
180
32
3334
1,453
434
100
Royalite Oil Ltd
Public Utility and
Montreal
*
Price Bros Ltd
Municipal
1883
26%
30
Loblaw Groceterias A
HANSON BROS
(Can) pref
33
3,185
Jan
27
Jan
104
Jan
4%
Jan
♦No par value.
Industrial Bonds
330 Bay St., Toronti
Railway Bonds
Bid
Montreal Curb Market
Jan. 25
to
Jan. 31, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks-
Par
Acme Glove AVks cum
Price
pf50
Range
of Prices
Low
High
for
5
22
1,829
250
904
20 %
Bathurst Pow & Pa cl B._*
4
3%
4%
Beauharnois Power Corp.*
3%
3
3%
cum
preflOO
Bright T G & Co Ltd pf 100
Brit Amer Oil Co Ltd
Brit Col Packers
*
(new)...*
Canada Paper Co pref.. 100
Can Nor Pow Ltd pref. 100
Canada Vinegars Ltd
*
Low
47
130
47
17%
Jan
22
3%
Jan
4%
Jan
3
Jan
3%
Jan
Jan
10
130
Jan
130
Jan
7
80
Jan
82
Jan
16%
Jan
23%
Jan
Jan
13
Jan
82
82
20%
23%
11
11
12
384
9
105
105
200
105
Jan
105
Jan
108
109
64
108
Jan
109
Jan
21%
22%
1 1944
Ask
113
114
100
100^
114% 115
4%a
Sept
1 1946
104
5s
Dec
1
4%s
July
1 1960
107% 108
102% 103 %
1954
104%
10,141
70
21%
Jan
27%
Dominion Government Guaranteed 8onds
Jan
23%
200
15 1944
91
High
Jan
*
130
Dec
...July
90%
Week
Shares
47
22
Beld-Corticelll
Range Since Jan. 1 1936
47
Asbestos Corp Ltd vot tr *
.
5s
Bid
Canadian Pacific Ry—
4s perpetual debentures
6s
Sept 15 1942
4 %8
Sales
Week's
Ask
Canadian Pacific Ry—
Jan
Bid
Ask
Canadian National Ry—
115%
4%a
1 1957
111
116
.Oct
1 1969
1 1969
117%
Feb
11970
117%
5s
„5s
5s.
July
July
Bid
As*
Canadian Northern Ry—
4%a..
Sept
I 1951
4%s....._June 15 1955
4^8
..Feb
1 1956
113
113%
113%
116%
113%
111%
116%
118%
118%
63^s......July
1 1946
125
126
Grand Trunk Pacific Ry—
4s
Jan
1 1962
106
108
3s
Jan
Grand Trunk Ry—
6s
Sept
1 1962
1 1936
98%
103
99 %
103%
Over-the- Counter
Sparta Foundries
*
Sylvania Industrial
Bought
Established 1914
Whitehall 4-3700
Trinity PI., N. Y.
Members
•
——
York Security
New
Circulars
Sold
—
Request
on
•
.
Dealers Association
Open-end telephone wires to Baltimore, Boston. Newark
Quotations
Pipe Line
Remington, Arms
HOIIROSESTrsster
74
Kansas
Missouri
STOCKS & BONDS
•
765
Chronicle
Financial
Volume 142
United States and Canada.
Private wires to principal cities in
and Philadelpma.
•
Over-the-Counter Securities—Friday Jan. 31
on
New York City Bonds
97**
1 1975
d3**s May 1 1954
103**
a4*4s June
102
102**
a4*4s Feb 15 1976
a3**s Jan 15 1976
a3*4s July 1 1975
101
101**
May
1 1957
107**
a 4s
Nov
1 1958
103?*
108**
107** 108**
1 1977
a4*4s Jan
a4*4s Nov 15 1978
a4s
107**
1 1954
1 1960
a3**s Nov
a3 *4s Mar
103
111*4 112**
112**
112
112
a4*4s Mar 1 1981
a4**s May 1 & Nov 1 1957
1 1963.,.
108**
107** 108
a4**s Mar
1 1980
107** 108
110** 110**
a4**s Mar
1 1960
1 1962
a4*4s July 1 1967
a4*4s Dec 15 1971
1 1979
a4*4s Dec
a4**s Mar
1 1964
a4s
May
1 1959
a 4s
May
1 1977
a4s
Oct
a4**s Sept
110**
110** 110**
115
40 Wail Street,
...
Members New York. Chicago and
New York
4-5500
Whitehall
other Stock and Commodity Exchanges
116
116
Jan 25 1937
a6s
113
112** 113**
113** 114**
113*4 1149*
114** 115**
a4}*S June 1 1965
110**
MUNDS, WINSLOW & POTTER
112**
112 X
Sold and Quoted
Bought.
1115*
111
1 1974
102** 103**
Bank and Insurance Stocks
110*4 110*4
111**
111
a4*4s April 1 1966.
a4*4s Apr 15 1972
97 H
102**
a3**s July
Ask
Bid
Ask
Bid
'1
117
104** 105}*
Bank Stocks
New York
New York State Bonds
Bid
Ask
Bid
Ask
5.S Jan & Mar 1946 to
Improvement—
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to *67
Barge C T 4s Jan 42 to '46
Barge C T 4**s Jan 1 1945.
129**
129**
126**
'65..
Can & Imp High 4**s
Gen & ref 2d ser 3 5*8
4**s ser B 1939-53.M&N
101** 101**
'65
101*4
City (National)
12**
Commercial National Bank
& Trust
100
112**
11534
M&S
1936-60
r
111
-
Trade
12**
Bank
18!*
54
Yorkville (Nat Bk of).. 100
60
107**
113
■
-
-
-
114
M&S
New York Trust
•
—
-
—
Companies
101**
3.00
105
115
Empire
Tr.,100
485
492
Fulton
100
205
220
10
66
68
Guaranty
100
299
304
20
7
100
127
132
Lawyers
25
U S Panama 3s June 11961
102** 104
Govt of Puerto Rico—
101
103
107**
1952
106
20
116
119
Manufacturers
20
5 **s Aug
1941
110
111
112
114**
Central Hanover
112
112*4
112
115
112
U S conversion 3s 1946
115
110
4**s July 1958
5s July 1948
County
Bronx
Brooklyn
117** 119
115
I
10
Irving
11**
10
18*4
17*4
1775
100 1725
County
Kings
53
50
503*
48**
125
55**
Chemical Bank & Trust. 10
50
25
Clinton Trust
12
10
I
57**
New
25
122
63
68
Title Guarantee & Tr. —20
14
15
.100
73
83
York
16
18
Continental Bank & Tr.10
Conversion 3s 1947
24**
23**
Italiana.100
Bank of Sicilly
Ask
r3.50
Honolulu 5s
Ask
Bid
Par
Ask
Bid
Par
Bankers
102** 104
Hawaii 4**s Oct 1956
Sterling Nat Bank & Tr.25
1065
Banca Comm
Feb
5s
-
112
106
Bid
1959
4**sJuly 1952
5s
April 1955
-
44**
30*4
423*
28*4
16**
102** 103**
Government—
4**S Oct
45
25
Trust.
2005
25
Kingsboro Nat Bank..100
United States Insular Bonds
100
Peoples National
173
169
100
Flatbush National
103**
4s 1946
10
Exchange..
I
Public National Bank &
100 1035
Avenue
Bk of New York &
Philippine
Penn
433*
393*
First National of N Y. .100 1965
Ask
Nat Safety Bk &
-
50
Holland Tunnel 4**s ser E
.50%
1936-60
J&J 3
-
-
413*
373*
13.55
Inland Terminal 4 **8 ser D
Bayonne Bridge 4s series C
1938-53
George Washington Bridge
4s ser B 1936-50..J&D
104**
Bridges
9
38
123
Ask
-----
4**s,
series A 1936-46.. -M&S
Kill
Arthur
17
10
50
National..50
Chase.
Bid
104
Gen & ref 4s Mar 1 1975.
38 series F Mar 1194R__
15
National Bronx Bank
123
Port of New York Authority Bonds
Port of New York—
25
Tr__12**
Merchants
60
Fifth
Bid
85
22
33}*
50
Bensonhurst
Highway
Highway Imp 4**s Sept '63
Canal Imp 4**s Jan 1964..
70
100
Bank
303*
Bank of Yorktown__66 2-3
r2.25
4**s April 1940 to 1949..
r3.00
'71
Ask
Bid
Par
Ask
Bid
Par
Bank of Manhattan Co. 10
World War Bonus—
Canal & Highway—
19 H
21**
Underwriters
20
63**
64**
United States.
Colonial Trust
Corn Exch Bk & Tr
2180
100 2130
Federal Land Bank Bonds
3s
99
4**s 1956 opt
98*4
99
4**s 1957 opt
101**
101**
108
108*4
104** 104**
optional '37..M&N
optional '38.M&N
4s '57
1936
J&J
1937..-J&J
4**S 1957 opt 1937..M&N
4**s 1958 opt 1938
M&N
4**s 1942 opt 1935.-M&N
98*4
3**s '55 optional '45.M&N
4s 1946 optional 1944. J&J
104 J*
4s 1958
Ask
Bid
Ask
Bid
optional 1945.J&J
1956 optional 1946.J&J
3s 1955
101** 102
103** 103**
103** 104**
Chicago Bank Stocks
106** 107
101** 101K
105*4
Par
Par
Ask
Bid
264
340
365
Northern Trust Co
—100
225
Continental Illinois Bank &
Trust
.33 1-3
& STOCKS
Ask
259
100
100
605
635
First
200
132
National
135
Trust
JOINT STOCK LAND BANK BONDS
Bid
100
Harris Trust & Savings.
American National Bank &
MUNICIPAL BONDS
Bought— Sold— Quoted
Companies
Insurance
^cm/ianu; tfrw.
£rlo6indcn 9P
DEALERS-COUNSELORS
MUNICIPAL BOND
120 So. La Salle
Bid
Pa
.
Aetna
Teletype CGO. 437
State 0540
St., Chicago
i
Casualty & Surety 10
Aetna Fire
...
.10
Aetna Life
Agricultural
Joint
Stock
101
Louisville 5s—
5s...
100
Burlington 5s.
California 5s.
100
5s...
fl8
19
100
101
70
Chicago
100
Dallas 5s
Denver 5s
First Carollnas
First
First
First
First
92
5s
5s_.
of Montgomery 5s...
of New Orleans 5s...
Texas of Houston 5s.
Trust of Chicago 5s
Wayne
First of Fort
—
—
—
—
—
Mississippi-Tennessee
99**
99*4
74
Ohio-Pennsylvania 5s
96
98
97
99
95
Oregon-Washington 5s
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 5s
100
.
Pac Coast of Salt Lake 5s.
Pac Coast of San Fran 5s..
100
100
Pennsylvania
-----
Phoenix
92
5s
__
95
/35
Antonio
Southwest
108
99** 100**
5a
39
100
St Louis 5s
San
100
101
30*4
54*4
41*4
93*
109}*
711
9
83
84
16**
Mass Bonding & Ins
14**
6**
4**
53**
55
75
Merch Fire Assur
62
66
32*4
56*4
43*4
10}*
Merch & Mfrs Fire New'k 5
_
5
Knickerbocker
.5
Lincoln Fire
1
25
com .2**
Maryland Casualty
18**
19**
10
85
88
2
National Liberty
20
5
721
New Amsterdam Cas
New Brunswick Fire
10
New
10
10
20
.10
32*4
273*
33**
34*4
46
48
New Jersey
26**
4*4
28*4
5*4
New York Fire
39
41
North
15
Northwestern
2**
Employers Re-Insurance i0
5
10
Federal
13*4
103**
England Fire
New Hampshire Fire
5
100
5s
Illinois Midwest 5s
80
Monticello 5s.
City 5s
Kentucky of Lexington...
98**
Illinois of
Iowa of Sioux
Dallas
Denver
Des
'
Moines
First Carolinas
Fremont-
For
footnotes see
page
98
Virginia-Carolina 5s
Virginian 5s...
99*4 100 ?4
Bid
100
149
144
10
101
105
Par
North
83
88
15
V
7
12
Virginia-Carolina
27
23
28
55
60
San Antonio
10
15
32
23
...100
Potomac
Carolina
29
...100 n
Penasylvania
10
...100
Lincoln
40
71
50c
n
Ask
Bid
...100
35
Preferred
Providence-Washington
22
Rochester American
10
28
30
Rossia
5
46
5
1
,
100
27
35
5
30**
20**
22**
10
10
44
46
29
30**
10
30
5
15
48
St Paul Fire & Marine. .25
213
Republic
Accident
_
(Dallas)
13**
34
16**
219
15**
r
1734
19*4
Seaboard Fire & Marine..5
Globe & Rutgers Fire....15
51
54
Seaboard Surety
10
21
23
15
73
78
Security New Haven
10
42**
44**
31*4
33*4
Southern Fire
10
29
31
11
14
146
149
8
9
2d
preferred
...5
Great American
Great Amer Indemnity ..1
10
Halifax Fire.
Hamilton
*4
3*
rginia
..
Phoenix
Alliance
25**
139
15*4
35*4
General
57
121
145
86
5
51**
53**
22**
25
97**
Franklin Fire.
20
48**
National_25
833*
14*4
33*4
20*4
Firemen's of Newark.. ..5
15**
38**
17
29
96
Fidelity & Dep of Md_. .20
Fire Assn of Philadelphia 10
Georgia Home
Ask
67
n
99
98
Land Bank Stocks
32
28
768.
---
100
Par
100
100
100
—100
100
100
100
--
96
Joint Stock
•
100
5s
12
164
14**
36**
2.50
River
Globe & Republic
35**
/33
Southern Minnesota 5s
Tennessee
Union of Detroit 5s
98
Atlantic
85
100
100
La Fayette 5s
Atlanta
101
160
115
Glens Falls Fire
Greensboro
10**
12.50
Northern
Pacific Fire
110
13
11
10
31**
Eagle Fire
4**
National Fire
National Union Fire
114
8
National Casualty
253*
Connecticut Gen Life.. .10
..5
Continental Casualty
30
7
5
Fire
Ask
7
28**
Importers & Exp of N Y.5
Ins Co of North Amer.
10
.10
Camden
Excess
85
80
5s
100
73
Bid
6
10
Homestead Fire
City of New York
-----
106
Potomac 5s
Shippers— .25
Home Fire Security.... 10
Carolina
99** 100*4
5s
2**
Baltimore Amer
-----
100
97 3*
10
25
.10
Automobile
Boston
100
97
.
American Surety
Bankers &
99}* 1003*
90
_
2 3*
American Re-insurance .10
-----
98**
95
American Equitable— ..5
.10
American Home
American Reserve
100
87
10
American of Newark
100
5s_.
5s
98*4
100
Fremont 5s
Greenbrier 5s
101
North Carolina 5s
100
Fletcher 5s
York
97
—
Maryland-Virginia 5s
New
95
100
Lincoln 5s
Atlantic 5s...
•
Ask
Bid
Ask
100
99
Atlanta
Bonds
Bank
Land
Bid
25
American Alliance
Par
Ask
107** 111**
67J*
64**
38*4
36*4
95
91*4
30*4
29*4
35*4
32*4
163*
153*
18
163*
10
Fire..
10
Hanover Fire
Harmonia
—
10
..10
Hartford Fire
Hartford Steam Boiler -10
...5
Home
—
—
,
21*4
23*4
Springfield Fire & Mar..25
Stuyvesant
5
15
25
Sun Life Assurance
100
480
510
39*4
29*4
41*4
31*4
Travelers
100
660
670
88
91
U S Fire
79**
823*
U S Guarantee
39
41
U S Fidelity &
Westchester
•
555555
Guar Co.
4
10
Fire
2.50
53355
15**
58**
101
31'**
16**
60**
107
418,*
766
Financial
Quotations
Chronicle
Feb.
1
1936
Over-the-Counter Securities—Friday Jan. 31—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
Offerings Wanted
3o$epb (Ualkcr $ Sons
Members T^ew York Stock
//„
DUNNE&CO.
Exchange
^
,
Dealers in
120 Broadway
Tel. REctor
Members New York Security Dealers Ass'n
GUARANTEED
NEW YORK
20 Pine
2-6600
STOCKS
Street, New York
JOhn 4-1360
JSi nee1855,
RAILROAD
Guaranteed Railroad Stocks
(Guarantor in
Bought
Parenthesis)
Dividend
Par in Dollars
Alabama & Vicksburg
Bid
6.00
86
Albany & Susquehanna (Delaware & Hudson)
inn
10.50
184
189
Allegheny & Western (Buff Roch & Pitts)
inn
6.00
95
100
5(1
2.00
33
Quoted
on
Request
36
inn
BONDS
—
Earnings and Special Studies
Asked
inn
Sold
—
Beech Creek
(Illinois Central)
(New York Central)
Boston & Albany
Canada
137
140
8.50
148
55
.100
4.00
91
94
inn
5.00
95
5.00
91
stock
_
3.50
83 34
85 34
50
2.00
49
51
2.00
45
47
5.50
80
85
—
Delaware (Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)
inn
Georgia RR & Banking (L & N-A CL)
Lackawanna RR of N J (Del Lack & Western)
167
172
4.00
76
79
50.00
950
1100
Michigan Central (New York Cent-al)
Morris & Essex (Del Lack & Western)
New York Lackawanna
10.00
.100
inn
—
50
—
3.875
6334
5.00
93
97
4.00
98
100
100
(D L & W)
.100
50
& Western
7.00
62
65
Northern Central (Pennsylvania)
Old Colony (N Y N H & Hartford).
60
6534
4.50
67
71
50
1.50
36
38
50
3.00
73
.100
7.00
160
168
7.00
177
180
100
6.90
101
105
100
6.00
145
150
100
3.00
72
75
Oswego & Syracuse (Del Lack & Western)
Pittsburgh Bessemer & Lake Erie (U S Steel)
Preferred
Pittsburgh Fort Wayne & Chicago (Pennsylvania)
.
Rensselaer & Saratoga
(Delaware & Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred-_
..
..
.
_
Tunnel RR St Louis (Terminal RR)
100
3.00
145
150
.100
10.00
252
256
.100
United New Jersey RR & Canal (Pennsylvania)
Utlca Chenango & Susquehanna (D L & W)
6.00
88
92
.100
5.00
90
"mm
.100
5.00
74
77
100
5.00
74
77
Warren RR of N J (Del Lack & Western)
50
3.50
49
51
West Jersey & Sea Shore (Pennsylvania)
50
3.00
6434
67
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (Illinois Central)
Preferred--.
...
__
-
co.
HAnover 2-2455
Bell System Teletype NY 1-624
•
95
—50
—_
.
—
•
&
97
.100
inn
4%
Common 5% stamped
Chicago Cleve Cine & St Louis pref (L Y Central)
Cleveland & Pittsburgh (Pennsylvania)
41 Broad St., New York
sloane
York Security Dealers Association
58
25
Carolina Clinchfield & Ohio (N & N-A C L)
e.
Members New
153
3.00
(New Haven)
Southern (New York Central)..
Betterman
8.75
inn
.100
(New York Central)
Boston & Providence
john
90
-
Railroad Bonds
Bid
Akron Canton &
Youngstown 534s, 1945
6s, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston & Albany 1st 434s, April 1 1943
Boston & Maine 3s, 1950
Prior lien 4s, 1942
Prior lien
5s,
--
96
_
103
-
103 34
63
mm
82
mm
83
mm
88
Buffalo Creek 1st ref 5s,
'
98
100
1961
Chateaugay Ore & Iron, 1st ref 4s, 1942
Choctaw & Memphis, 1st 5s, 1952
Cincinnati Indianapolis & Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995
Georgia Southern & Florida 1st 5s, 1945
79 34
'
-
-
63 y
my
97
9834
9334
95
55
Goshen & Decker town 1st 534s, 1978
Hoboken Ferry 1st 5s, 1946
57
100
88
-
Kana wha & West Virginia 1st 5s, 1955
Kansas Oklahoma & Gulf 1st 5s, 1978
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5s, 1965
90
9834
10134
my
-.
9934
100 %
38 y
100
102
99
100
1935.
Maryland & Pennsylvania 1st 4s, 1951
1
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul & Sault Ste Marie 2d 4s, 1949
Montgomery & Erie 1st 5s, 1956
New York & Hoboken Ferry general 5s,
RR 1st 334s, 1951
64
-
—
-
75
-
62
60
90
76
1946
Portland
-
-
94
7634
9534
Rock Island-Frisco Terminal 434s, 1957
St Clair Madison & St Louis 1st 4s, 1951
83
85
Shreveport Bridge & Terminal 1st 5s, 1955
75
Somerset Ry 1st ref 4s, 1955
Southern Illinois & Missouri Bridge 1st 4s, 1951
62
68
79
81
7434
Consolidated 5s, 1945
EQUIPMENT TRUST CERTIFICATES
Quotations—Appraisals Upon Request
90
Toledo Terminal RR 434s, 1957
Toronto Hamilton & Buffalo 434s, 1966
Stroud & Company Inc.
Private Wire# to
-~
91
1940-45
Maine Central 6s,
mm' '
'
74
I
434s, 1944
Convertible
Asked
7312
82
109%
107
91
mm
69
Washington County Ry 1st 33^s, 1954
71
Philadelphia, Pa.
New York
OVER-THE-COUNTER SECURITIES
Railroad
Bid
Atlantic Coast Line
Equipment Bonds
51.25
Baltimore & Ohio
0.50
52.00
634 8-
434s
BOUGHT—SOLD—QUOTED
Ask
1.50
Bid
Missouri Pacific
Ask
65.00
53.30
2.00
53.30
2.00
New Orl Tex & Mex
53.75
2.75
New York Central
68
53.75
2.75
334s Dec 1 1936-1944.
53.50
2.00
Canadian National 434 s.
53.25
2.25
53.25
2.25
53.30
2.50
52.50
1.75
51.75
1.00
51.00
0.50
5s
52.50
2.00
4.25
4s series E due
4J4s—
5s.
Boston & Maine
4%s
6s
Canadian Pacific 434s
Cent RR New Jer 434s
..
Chesapeake & Ohio 534s_
634s
434s
5s
52.00
55.00
i
5s
Chic Milw & St Paul 434 s
4.00
Chicago R I & Pac 434s
5.50
5.50
77
Denver & R G West 434 s.
84
77
5s
84
56.25
Erie RR
534s
6s
434s
5.50
53.00
-
5.00
56.25
2.50
53.00
534s
5.50
56.00
5s
2.50
53.25
Great Northern 434s
2.75
53.00
—
5s
2.50
2.50
63.25
2.50
43^s—
63.50
2.75
63.60
2.75
434s
65.00
4.25
65.00
4.25
62.25
1.50
62.00
1.25
62.10
1.40
5s
N Y N H & Hartf
5s
Northern Pacific
434s
Pennsylvania RR 434s
4.00
56.50
56.50
5s
4.25
63.25
Jan & July 1936-49
63.00
2.00
2% 3 series G
non-call Dec 1
1936-50
62.75
434s
Reading Co 434s
_
2.00
63.30
Pere Marquette
2.50
63.00
—
5s
2.50
63.00
St Louis-San Fran 4s
2.50
77
77
5s
83
77
4^8
83
Illinois Central
83
65.50
Southern Pacific 434s
4.50
65.50
534s
4.50
62.50
Texas Pacific 4s
1.00
1.00
55.25
4.25
53.00
2.00
53.00
2.00
Internat Great Nor 434 s_
Long Island 434s
5s___;
Louisv & Nashv 434s
5s
52.00
1.25
Union Pacific
2.75
2.75
:
Wabash Ry 434 s
1.00
62.00
1.00
1.25
62.00
Virginian Ry434s
2.75
62.00
62.00
.
1
1.25
93
5s
97
94
97
1st $6 preferred A
100
100
$6.50 preferred B
Consol Traction (N J) .100
Consumers Pow $5 pref..*
6% preferred
6.60% preferred
'..100
100
534s..
7%
Dallas Pr & Lt 7% pref
-
Dayton Pr& Lt 6% pf_100
Derby Gas & Elec $7 pref. *
Essex-Hudson
3.25
5s
...
Western Pacific 5s
534s
42
Gas
100
104% 10534
106
107
rn
m
_
61
63
198
3.00
63.75
3.00
Foreign Lt & Pow units
Gas & Elec of Bergen. .100
12134
66.25
5.25
Hudson County Gas
190
66.25
5.25
Idaho Power $6 pref
100
100
536% pf-*
N E Pow Assn 6% pf..l00
New Eng Pub Serv Co—
$7 prior lien pref
*
N Y Pow & Lt $6 cum pf.*
ABBOTT, PROCTOR & PAINE
7% preferred
100
Okla G & E 7% pref...100
Pac Gas & Elec 6% pf__25
7% pf 100
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
—
—
—
mm
—
109
4534
Sou Calif Edison pref B.25
25
South Jersey Gas & El. 100
Interstate Power $7
2934
3034
Kan Gas & El
120
BROADWAY, NEW YORK CITY
7%
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnotes
see page
768.
7% pf._.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf_100
preferred..
100
100
Memphis Pr & Lt $7 pref. *
Metro Edison $7 pref B__*
6% preferred series C__*
Mississippi P & L $6 pf
*
Miss Riv Pow 6% pref. 100
Los Ang G & E 6 % pf.
_
54
90
11134
95 y
—
—
-
92
-
»
97
73
82
84
—
Tenn Elec Pow
6% pref 100
7% preferred
..100
Texas Pow & Lt 7% pf.100
Toledo Edison 7% pf A 100
United G & E (Conn) 7% pf
United G & E (N J) pf.100
75
115
J*
102
10934
-
86 34
-
.
89 34
106
i
in y 112
34
11034 11134
98
99 34
10434 106
10534 10634
30 y
31
85 y
10834 109 34
82
8034
—
—
—
10434
Queens Borough G & E—
6% preferred
100
Rochester G & E 7% B 100
6% preferred C
100
Sioux City G & E $7 pf.100
2334
pref.*
100
105
$7 preferred
*
Ohio Power 6 % pref
100
Ohio Pub Serv 6% pf__100
5134
56 34
103
*
34 34
86
10334
108
preferred
•
55
100
cum
44 y
Jamaica Water Sup pref .50
Jer Cent P & L 7 % pf.. 100
5034
«■
102
N Y & Queens E L P pf 100
Nor States Pr $7 pref.. 100
Illinois Pr & Lt 1st pref__*
Natural Gas__*
Interstate
33 y
65
—
■mm
$5 prior preferred
y 102
95
334
31
Puget Sound Pow & Lt—
198
7% preferred
100
Penn Pow & Lt $7
pref...*
m
111
190
63.50
100
29
121
Consol Gas
...
97
101
Western Maryland 434s.._
104
40
11
i y
46 34
113
7%
10434 10634
102
Ask
10
Ohio Edison $6 pref
112
100
5.25
-
-
100
99
Bid
Nassau & Suff Ltg pf..l00
Nebraska Pow 7% pf._100
Pacific Pow & Lt
.
98
5.25
'
8834
100
New Jersey Pr & Lt $6 pf. *
New Orl Pub Serv $7 pf._*
93
87
107
534S
3.25
2534
91
85
95
6s
54.00
1
24 %
preferred
New Eng G & E
65y
27
106
1.25
56.25
mm
112% 115
64
7%
pref ...100
Newark
m
110
100
preferred
0.50
56.25
434s
6
108 H
Continental Gas & El-
54.00
Minn StP&SSM4s._.
7
47%
52.00
Maine Central 5s
6
46%
51.00
63^8..
4y
75
63.25
4)4 s
5s
5s...
3 y
68
63.25
5s
52.00
Mountain States Pr com.*
72
63.25
434s...
52.00
BangorHydro-E17% pf 100
Birmingham Elec $7 pref.*
Broad RIv Pr 7% pf._100
Buff Niag & E pr pref
25
Carolina Pr & Lt $7 pref. *
6% preferred
*
Cent Ark Pub Ser pref .100
Mo Pub Serv $7
9634
65
3.00
534s.634s.
preferred.j
*
$7 preferred
1
*
Atlantic City El $6 pref—*
Par
81
94 y
6% pf 100
3.00
1.25
pref—*
Ask
79
$7 preferred
100
Cent Pr & Lt 7% pref.. 100
Columbus Ry Pr & Lt—
64.00
2.25
Assoc Gas & El orig
Utility Stocks
Cent Maine Pow
64.00
2.00
Alabama Power $7 pref__*
Arkansas Pr & Lt $7 pref.*
Bid
1.75
534s
53.25
Par
1.75
5s
53.00
Public
3.50
1.25
Dlgby 4-2290
Private Wire Connections to Principal Cities
62.50
1.25
52.00
434s
New York City
A. T. & T. Teletype N. Y. 1-1162
64.00
5s.
Southern Ry 434s
5s
Broadway
_
St Louis Southwestern 5s.
52.00
Hocking Valley 5s
39
86.50
52.00
5s
McMANUS
Members New York Curb Exchange
4.25
65.25
5s
1.00
55.00
...
Chicago & Nor West 434s
65.00
434s__
434s._.
5^8
N Y Chic & St L
RYAN &
4.25
65.00
434s
5s
Utah Pow & Lt $7 pref...*
—
—
Utica Gas & El
7% pf__100
7% pref..100
8234
83 34
107
105
89
10534
.
2834
9034
28 34
191
7034
7734
103
7134
78 34
104
10934 11034
90
8834
6334
5734
66
5834
z9834 100
86
88
106
108
Virginia
_.__100
102
105
106
Washington Ry & Elec—
5% preferred
..100
108
Western Power $7 pref. 100
104
6734
69
11234 11434
Util Pr & Lt
Ry.
2834
29 34
105
106 34
Financial Chronicle
Volume 142
Securities—Friday Jan. 31—Continued
Quotations on Over-tlie-Counter
Associated Gas & Electric
Specialists in —
System
Water Works Securities
Securities
Complete Statistical
Inquiries Solicited
150 Broadway,
Exchange
INCORPORATED
75 Federal St., Boston
New York
40
Hancock 8920
telephone between New York and Boston
Tel.
COrtlandt 7-1868
Direct private
Public Utility
/37
Albany Ry Co con 5s. 1930
General 5s
1947
5Ms. 1948
*75
1948
1st 6s series A new.. 1945
Amer States P S
5s—1955
Los Angeles G & E 4s_1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st & gen 4%s—..I960
Long Island Ltg
Amer Wat Wks A EI 5s
93
94 M
Ariz Edison 1st 5s new
89
92
95
98
72
Ark Missouri Pow 1st 6s '53
73 M
60
58
104
104 M
104 %
105 M
102 M
103 M
5s-.1944
102
32
33
Newport N & Ham 5s. 1944
New Eng G & E 5s... 1962
New York Cent Elec 5s '52
31M
32%
31M
32 M
34 M
35
36
37 M
1973
62
64
Conv deb 4%s
1973
62 M
64
Conv deb 5s
1973
68 M
70
Conv deb 5%s
1973
1940
72
75
Old Dom Pow 5s May 15'51
1958
103
Bklyn C A Newt con 5s '39
Blackstone V G & E 4s '65
87
4%s '58
Assoc Gas & Elec Corp—
Income deb
3%s
Income deb
3%s
Income deb 4s
Income deb
4%s
Conv deb 4s
Participating 8s
Bellows Falls Hy El 5s
99 M 100 M
79
99
Chester Wat Serv 4 Ms '58
Citizens Water Co
103 %
103 M
101
102
5 Ms series A
78 M
79 M
106
107
Scran ton Electric 5s. .1937
105 M
105 M
100%
107 M
Columbus Ry P & L 4s '65
103 H
El 6s *47
1945
106 M
Sou Calif Edison 4s... 1960
106 M
1960
102 M
Sou Calif Gas 1st 4s..1965
102 M
56 M
57 M
104
Dayton PAL 3%s
104 M
105 M
Sou Cities Util 5s A.. 1958
Duke Price Power 6s
1966
105
105 M
S'western Gas & El 4s.I960
101
Duquesne Light 3Ms_1965
Edison El 111 (Bos) 3%s '65
105 M
105M
Tel Bond & Share 5s__1958
82
104 M
104 M
Y 5s__1942
88
April 15 1936
Federal Pub Serv 1st 6s '47
101 M
Un Trac Albany 4MS.2004
no
/40
Utica Gas & El Co 5s .1957
123 M
1942
92 M
-
Util 5Ms~1957
85
5Ms_1955
Keystone Telep
Westchester El RR 5s_1943
1939
1960
'66
.
103%
107
108 M
99
100 M
80
82
Pinellas Water Co 5 Ms '59
1946
82
84
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 5s '61
103 M 105
Richmond W W Co 5s .1957
105%
~
'm
98
100
Roanoke W W 5s
1950
102 M
Roch A L Ont Wat 5s .1938
1942
100%
St Joseph Water 5s
100
105
—
1941
-
— m
1942
104
102%
mmrn
94%
96
98
93 M
95 M
97
101M 103
Sedalia Water Co 5 Ms '47
1952
96%
95
.1967
1st A ref 5s A
1952
South Bay Cons Wat
103 M
106
108 M 111M
5s series A
1960
5s series B
1960
105
Terre Haute Water 5s B '56
102
104 M
70
102
— m-
1954
102 M
mmm
...
104
102 M
1949
6s series A
m
1962
102
102
Texarkana Wat 1st 5s. 1958
101
Indianapolis Water 4 Ms '40
105 %
—
mm
Union Water Serv 5 Ms
101M 103
1st lien A ref 5s
1960
105 M
—
mm
Water Serv Cos Inc 5s
1st lien A ref 5s
1970
105 M
5s
105 M
1946
-
Hlinols Water Serv 5s A '52
104 M
105
...
103
6s
94
West Penn Pr 3 Ms ser I
86
84
5s '50
Sou Pittsburgh Wat 5s '55
1977
Huntington Water 5s B 54
5 Ms series B
103%
•mmm
West Virginia Water
mrnm
1st lien A ref 5Ms.. 1953
104 M
1958
5s
Interstate Water 6s A .1940
1951
1950
98 M
96M
98 M
Westmoreland Water 5s '52
101
103
Wichita Water Co 5s B. '56
102
1st mtge
•
—mm
107"
102
5Ms-_
.I960
1949
6s series A
W'msport Water 5s
104
104 M
m-m
104%
mmm
1952
58 series C
104 M 106 M
Lexington Wat Co 5 Ms '40
Utilities—Industrials—Railroads
104
96 M
101
98
96
Kokomo W W Co 5S..1958
Reports—Markets
1950
99
106
105
103
94
102
_
5s series B_...
106
102 M
5M- '55
Jopiin WW Co 5s
1942
5s '51
1st mtge 5s
1957
Jamaica Water Sup
'51
Western N Y Water Co—
104 M 106
1st lien A ref 5 Ms. .1954
75
—
...
102% 104
Scranton Spring Brook
Water Serv 5s
1961
mmrn
1960
.1958
4Ms
'
Hackensack Wat Co 5s '77
94 M
m'—
92 M
Scranton Gas A Water Co
102 %
5s serels A
125
— m
101
m
Greenwich Water A Gas—
13
m
90 M
—
-
-
108
101
5s series B
93
100 M 103
1948
Phila Suburb Wat 4s__1965
5s series D
Real Estate Securities
AMOTT,
1948
.1948
Prior lien 5s
Indianapolis W W Securs—
Public
..1950
1st A ref 5s
1st consol 5s
m
6s series B
84
Wisconsin Pub Ser 5 Ms '59
Yonkers RR Co gtd 5s
—
— m
99 M 101M
101
99
1946
5s series A
101%
103
Western P S 5 Ms
mmrn
—mm
E St L A Interurb Water—
72
Western Mass Cos 4s.
36 M
35 M
106 %
106
107M 108 M
99 M 100%
'37
4%s '65
Kan Pow & Lt 1st
-
-
100 M
99
5%s—1950
City Pub Serv 3s. 1951
Iowa Sou Util
Kansas Elec Pow 1st 6s
-
102 M 103 M
Green Mountain Pow 5s '48
Kan
Virginia Power 5s
74 M
73
42d St Man & St N 5s. 1940
Federated
103M
•
-
106 M
WashA Suburban 5 Ms 1941
Union Ry Co N
106
1st consol 4s__
1958
1958
Davenport Water Co 5s '61
60 M
59 M
-
1st mtge 5s
102%
102%
-
1937
1960
'
1940
Peoria Water Works Co—
— m
105 M
4 Ms
107 M
72
75
5s
104
Consol Water of Utica—
13
72
Refunding 3%s
m
101%
Connellsville Water 5s. 1939
108 %
108
/io
Coney Isld & Bklyn 4s 1948
Consol E A G 5-6s A. .1962
-mm
91
102
6s series A...
40
/ 37
98
89
Penna State Water 5 Ms '52
5Ms series B
81
1953
Columbus Power 1st 5s *36
Dayton Ltg Co 5s
mm
Penna Water Co 5s
105 M
1957
1947
Community Water Service
Cent Maine Pr 4s ser G *60
Sou Blvd RR 1st 5s
110
96
101
5 Ms series A
101%
Sioux City Gas &
91
107
Ohio Valley
■"m—m
Clinton W Wks Co 5s. 1939
70
88
---
89
Water 5s. 1954
Ohio Water Service 5s. 1958
m
Commonwealth Wat (N J)
5s series C
1957
106
105
102%
Ore-Wash Wat Serv 5s 1957
1941
1st 5s series C
105M
103 M
104% 105%
...
101
Colorado Power 5s
m
—
102
5s
105% 105 M
Rochester Ry 1st
103 M
1951
City W (Chat) 5s B...1954
94 M
76 M
5Ms._.1948
■>
101
Newport Water Co 5s .1953
Ohio Cities Water 5 Ms '53
City of New Castle Water
93 %
96
102
1951
98 M
96 M
1951
New York Wat Serv 5s '51
mm
105
(Wash)
5s
104 %
90
105 M
103
---
102 M 104 M
98
96
5S..950
5 Ms
104 M
1957
104
1952
»
---
104
New Rochelle Wat 5s B '51
108 %
Pub Serv of N H 3%s C *60
82
New Jersey Water
104 M
104 M
Cent Ind Pow 1st 6s A 1947
1946
105
103
103
5s__1930
San Diego Cons GAE 4s '65
SchenectadyRyCo 1st 5s'46
1st lien coll tr 6s
102
1954
107 %
107
84
1954
California Wat Serv 5s '58
106
Pub Util Cons
105
Butler Water Co 5s
Public Serv of Colo 6s_1961
81M
1957
-
'
102
102
5 Ms
5 Ms series A
98
104 M
...1950
Morgantown Water 5s 1965
Muncie Water Works 5s '65
5s series B
/68
80 M
5%s.__1946
Monongahela Valley Water
m mm
mmm
1941
Peoples LAP5MS
92
105
101%
5s series C
77
Pennsylvania Elec 5s. 1962
Penn Telep Corp 1st 4s '65
104
107 M 108%
96
95
Cent Ark Pub Serv 5s 1948
Central G & E
Parr Shoals Power 5s.
102"
103
Birmingham Water Works
104
106 M
Elec Light
& Power 3%s
1965
Northern N Y Util 5s .1955
Northern States Pr 5s_1964
Ohio Ed 1st & cons 4s_1965
Okla Nat Gas 6s A... 1946
5s series B
1948
Assoc Gas A El Co
69M
100
mmm
107 M 109
101
99
Monmouth Consol W 5s '56
Atlantic County Wat 5s '58
N Y & Queens
Associated Electric 58.1961
105%
Arkansaw Water Co 5s '56
98
Ask
104
Long Island Wat 5Ms. 1955
Middlesex Wat Co 5 Ms' 57
98M
96 M
1956
Alton Water Co 5s
Ashtabula Wat Wks 5s '58
97
1978
1978
1978
1978
Alabama Water Serv 5s '57
107 M
Bid
Ask
Bid
106 M
6s 1938
Mtn States Pow 1st
Nassau El RR 1st
102 %
68 M
Appalachian Power 7s 1936
Water Bonds
Lehigh Vail Trans ref 5s '60
66 M
HAnover 2-0510
Ask
Bid
---
/28
64M
NEW YORK
Teletype: New York 1-1073
EXCHANGE PLACE,
Bonds
Ask
Bid
Information—Inquiries Invited
Swart. Brent & Co.
S. A. O'BRIEN &CO.
Members New York Curb
767
o
103 M
mmrn
BAKER &, CO.
INCORPORATED
BArclay 7
4CA
B
J
150 Broadway,
2360
M
A. T & T. Tel
V
N.Y.
Members
Specialists in
n y 1-588
Bid
Jan 1 1941
Alden 1st 6s
1st 6s '41
B'way Barclay 1st 68.1941
Certificates of deposit
Broadmoor (The)
Ask
f49M
1942
1936
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
1st 6s
/31 M
(Bklyn)
1st 6 Ms (L I)
32 M
/31
31%
/42M
43 M
B'way Motors Bldg 6s. 1948
/57M
59
1945
68 M
62
93
97
A7M
50 M
/30M
79 %
Bldg Ist6%s.l939
N Y Athletic Club—
33 M
rsM
10
Equit Off Bldg deb 5s. 1952
50 Bway Bldg 1st 3s inc '46
68 M
70
1st A gen
47%
42 M
6s._1941
52d A Madison Off Bldg—
6s_._
Nov 1 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
29 M
5 Ms series
1939
Bldg—
stamped
1948
Oct 1 1941
Fuller Bldg deb 6s
1944
5 Ms
1949
1946
unstamped
Graybar Bldg 5s
1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 1st 5Ms '43
4s
...1950
Keith-Albee Bldg (New
Harriman Bldg 1st 6s.
Rochelle) 1st 6s
1936
June 15 1941
Lefcourt Manhattan Bldg
1st 5 Ms
stamped—1941
1st 4=5s extended to
Lewis Morris Apt
1st 6 Ms
'48
Lincoln Bldg inc
5 Ms. 1963
London
1947
Terrace Apts 6s '40
/33
-
-
77
79 M
-
Bid
46
34 %
52 M
/41
43 M
Cont'l Inv Bd Corp 2-5s '53
70
Cont'l InvDebCorp 2-6s '53
42
32 M
78 M
83 M
103 E 57tb St 1st 6s. .1941
66 M
wimm
1st 5 Ms '51
Co 5 Ms stpd 1961
48 M
52 M
/71
-
-
-
Realty Assoc Sec Corp—
71
74
5s
/46M
1943
income
/51M
53 M
Roxy Theatre—
48 M
74
75 %
54
56
,
1st fee A l'hold 6%s_1940
Home
Mtge
2=5s
Co
6s
79M
Prudence
Bid
/38
40 M
/25
m
51
mmm
Series B2-5s
1954
72
mmm.
Potomac
52
/50M
Corp
Potomac Deb Corp
70
Potomac Cons Deb Corp—
44
1953
41M
43 M
2-6s '53
Potomac Franklin Deb Co
2-6s
1953
41M
43 M
41
43
2-6s
.
-
-
Deben¬
1953
Potomac
Realty Atlanti
Debenture Corp 2-6s '53
Realty Bond A Mortgage
ture Corp 2-6s
75
/25M
(all
..1953
46
Potomac Maryland
Bond Co of Md
1953
Bondholders part ctfs
(Central Funding series)
Nat Bondholders part ctfs
Bond
issues) 2-5s
Inc 2-5s.
Nat
Corp—
1954
27 M
56
—
41
43
43
(Mtge Security series) __
2-5s '53
/30
2-6S.1953
41
Nat Cons Bd Corp
69
41
6s. 1937-47
5 MsA 6s'37
Universal Mtg Co 6s '34-'39
/40M
42
Union Mtge Co
/50
150
52
deb
35
32
.
1953
Union Mtge Co
31
(Mtge Guarantee series).
part ctfs
Nat Bondholders
-
-
2-6s
M
52
43
27 M
/27M
m
Mortgage
Nat Deben Corp
Savoy Plaza Corp—
5 Ms A
1934-43
73
44
Ask
Series A 2-6s
Nat Union Mtge
73
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Associated Mtge Cos Inc—
Debenture 2-6s
1953
All series
15M
13M
Bonds and Debentures
Ask
Allied Mtge Cos Inc—
77 M
11M
1899
Surety Guaranteed Mortgage
/12M
/43M
8-6630
Teletype—Bait. 288
34 %
1939
165 Bway Bldg
A.T. A T.
81
37 M
/35%
100 % 103
/30
Baltimore—Plaza 9260
New York—Andrews
-
Nov 15 1939
1st 6s
30
91 M
Realty ext 1st 5 Ms. 1945
6s
1945
C54 %
57 M
Sherry Nether land Hotel—
/56%
58 %
May 15 1948
60 Park PI (Newark) 6s '37
616 Madison Av lst6Ms'38
/26M
/53%
56 M
/19
22 M
1st 5 Ms 1950
/45M
48
/10
14
88
47
87 M
48
•
*
-
1st 5%s
61 Bway Bldg
General
/48M
--
~
68 M
72
72
1945
7s
Oct 23 1940
1958
Textile Bldg 1st 6s
/41
48
FIC IMS. __Feb
47
FIClMs- ..Mar
16 1936 b .30%
100 %
1st 4s 1941
58 M
m
96 M
Westinghouse Bldg—
1st fee A leasehold 6s '39
-
.
FIC lMs. ..July
Walbridge Bldg (Buffalo)—
43 M
Oct 19 1938
15 1936 b .30%
FIClMs. ..Apr
FIClMs. ..May 15 1936 b .30%
FIClMs. ..June 15 1936 b .30%
/29M
/64
15 1936 b .35%
31M
—
For footnotes see page
768.
Bank Debentures
Bid
Ask
Ask
FIC lMs. ..Aug
15 1936 b .30%
/44M
99 %
2 Park Ave Bldg
1st 6 Ms
95 M
/45
1939
49
62 M
Federal Intermediate Credit
Bid
Trinity Bldgs Corp—
1st 5 Ms
m
,
Syracuse Hotel (Syracuse)
1st 6 Ms
69
Loew's Theatre Realt Corp
1st 6s
BANKERS—Eat.
-
1 Park Ave 6s..Nov 6
Bldg—
Apr 15 1937
M
«•
Oliver Cromwell (The)—
46 M
Lefcourt Empire Bldg—
1st 5 Ms
July 7 1939
36
f33
Fox Theatre A Off Bldg—
1st 6 Ms
83 M
Exohange
Y.Curb Exoh.
Philadelphia—Pennypacker 8300
Md.
Redwood 8c South Sts., Baltimore.
/51%
F-l
5M8 series Q
19th A Walnut Sts (Phila)
1st 6s
1400 Broadway
1st 6 Ms
Mackubin,Legg&Co.
-
/33%
5M8 sereies C-2
49M
42 Bway 1st 6s
«
/44
1937
5 Ms series BK
f39M
502 Park Ave 1st
—
N Y Title A Mtge Co—
1949
stamped
1946
6s
N Y Eve Journal 6 Ms.
500 Fifth Avenue—
4s
•84 M
83
Munson
1st 6s
1941
East Ambassador Hotels—
1st A ref 5 Ms
1947
Dorset (The)
Ask
33
/31
Metropol Playhouses Inc—
S f deb 5s
.1945
64
Chrysler Bldg 1st 6s__1948
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
77 M
Metropolitan Corp (Can)—
6s
1947
mmm
Chesebrough Bldg 1st 6s '48
1948
6s
81M
Exchange
Stook
Associate Member N.
Ludwig Bauman—
52
B'way A 41st Street—
1st leasehold 6Ms.. 1944
Chanln Bldg Inc 4s
Bid
.
44 M
Exchange
Stoek
Washington
Certificates
/41M
Stook
Baltimore
MORTGAGE BONDS
Real Estate Bonds and Title Co. Mortgage
York
New
SURETY GUARANTEED
-mm
—
'mm
mmm
mmm
...
15 1936 b .35%
mmm
FIC1M8- ..Sept
15 1936 b .40%
mmm
F I C IMS. ..Oct
15 1936 6.45%
FIC lMs. ..Nov
F I C IMS. ..Dec
15 1936 6.45%
FIC IMS. ..Jan
15 1937 6 .50%
15 1936 6 .50%
...
768
Financial
Quotations
Chronicle
Warrants
Investment
QUAW & FOLEY
~i-'f
'
v.
V
;
:
1/
NEW YORK
T
Telephone ANdrews 3-5740
.
?
-
;
,
63 Wall
E.
UNTERBERG
&
Kneeland 8C Co.—Western Trading
Par
Administered
■
H'
01J
K
>
2.02
18%
14%
Investors Fund C
13
4
*?.>- '
xe
77.91
roi
j
;
■
•*, 'r
SS'nl;
Over-the-Counter
•
Market
Bristol & Willett
J
.V
101
*?-Members New York Security Dealers'
Broadwsnr, N. Y«
..
atm
.<■?•
ri
m
0 Ov)
i^cet
n&m.zi JiFar ntfid
126
Par
1st 6%
_
re wi400
w
Bruiif WldK) IB: dke Qollender "MnW
Co 7 % tpre Cerred.a .an X)Q 400^
Nat
Preferred.. .-xjcvijmiOO 7125 it
.Ga»iu UbnCd 17 pre!—100 ■IWN'i- 414
CaTrii i]C-Gorp [7
pref-.100 l?c. 60-1 ai .159
Clime x Moly adenum new., ?•
39
.
.
Remlhgton Arms
*
Preferred
!
Casting pref.
Preferred..
50
Dbaglas Shoe prdferbed_ 100
Draper iCor®- *-cwx xA-.s-f
(RntwtvrS
1.75
30.43
42%
_.*
50.94
54.88
3.68
£T
lUfild
7%
iS.^MisWUArie ous
ot
<r'n')
ti
]/•! H>
|
1
-:Ask
Bid-
Amferjcaii Meter 0d^iiI946
30
■t04%>
Rlvier Bridge 7s it i'.1953'
Bethlehem Steel 561211930
-
'5"95'"-'
1.11
6s. 1061
Consolidation Goal
4^s
Cudahy Pack
1
1
vo
99H
r34
39 i
/36
...
'
.
Inland Steel
Z%a
Journal of Comm
ser D
61 -102.
shares
Merchants Refrlg 6s__1937
n'f
'lit-:
Shipbuilding 53.1,1946
63^8.1944
illys-Overl'd 1st tyft-^3
-102%
Witherbee. Sherman 6s '44
Woodward Iron 5s
1952
V h
99M lOIJi
'
UVl
10%
Preferred
iiu
d
SJ
u
a
TUiA...v-1 -•.» n
.
Incorporated
Investors..*
"t
^^
.
_
r.L
L'-jiii.
^! JH
Now' listed'on rirew^York
Stbck
L.i
20
3.12
1.21
Un N Y Bank Trust C3..
Un N Y Tr Shs ser F
21.76
23.34
1.04
4
4%
2
2%
1.14
Wellington
Fund
17.93
..
BURR & COMPANY INC.
Iwwnli;
Chicago
•'TOO
I
!
.
,
f
,'
»
:V
NEW YORK
-
Boston
-
57 William St.
•
'
•
'
'
;
I
1
'
,
zlOOH
16
Chain
Store
^
Securities
60
^7
121M
t^ci ishfUiiA
iKXfsJSfiyiA,
■i.-iitt'iiii
Ask>
looh
/37H ■30%
<97% '99."
'AS 85 rM
if
98
910
102>I
Chain Store Stocks
S(
Skt}j
}
.**■.
<?•#
/63
l9~.
66
Tar
Bid
100
-
83
Bickfcirds 1^01..
$2.50
conv
14
35%
47
Preferred..
-w
100
Green, (H L) f,% pref.. 100
Kobacker Stores..puu..-*
Jis 7 % : preferred^!.
100
Kress <S H) 6% pref
10
-
03
-
a
>,<i
il
f
98
Mock Judson &
Bid
Ask
*
100
no%
5
Voehringer
Murphy(G C) $5 pf newIOO
Neisner Bros pref
100
15%
Reeves
(Daniel) pref... 100
100% 102
111% 113
105
;
•-
8
Rose 5-10-25c Stores
-
80
11^
12%
107% 110
.
102
5
92
Schiff Co preferred
100
United Cigar Sts 6% pref..
-
-
111
104
i
i
•
•
17H
r-4 00
17
6% pref ctfs
U S Stores preferred... 100
r-4 00
7
4mmm
■
it 7£\
|4iMw«?r'.Su«#r Stocks
tl SVS.>
d- t
1
ot,
.5" '-n
I
If
Par
.
...
Haytis
Bid:
Ask
t!20
Eastern Sugar Aseoc....'..
Pte terred—. x «♦
Corp Amer.
Par
21%
Savannah Sugar Ref_..__*
13
7%
preferred
West Indies Sugar
•d9
oJM S'M
Bid
As*
109
100
113%
Corp._l
2%
3%
.
T
TT
—qioD fQfbiil
IDH
D j T
»
i
jl
vjinft'lh
,
:
i
|
•'
•••
Realty,[Surety,^in^ Mortgage Companies
M I?
27
■
Cache La Poudre Co
I '> I r4
m,
7
24%
—See Industrial Cos
--L
102
100
Lerner Stores prefL .x. .100
Katz Drug preferred..-.^-.*
'iv"!
' "
T
52
13H
m
(I) & Sons com
6%% preferred
107
112
100
Miller
9
104
100
iamond.Shoe pref
100
Ugod Bros Stores pref 100
FishmAn (M HXStores...*
Par
•
trial Companies
Melville Shoe pref
-
-
14%
35%
7
4
Lord & Taylor—See Indus¬
U
*
|
i
8
1
*
pref
g7% preferred.
c
?I
Ask
4
Bofcabk (H C) common..*
705
-17
.
Berland Shoe Stores
7% 'preferred
,
Exchange.
19.67
I
4%
10%
'
i'>K. 0
X)S.
75
2.96
19J*
1.14
Voting trust ctfs
24
2.66
10%
*3.02
B
2H
22
55
Investors Fund of Amer.
Reglstered-eeupon (serial)^
Ex-dlvldend.'1 y Now Selling on NSW
'■
Ourti EtoBkoge.
.j
x
1.81
11X
42%
; -nv?;.xu :ui
....
Interchangeable j rjBasls prloe.,
Coupon'J--f Flat price: v: to i When Issued,
York
..
value,
1.52
2H
!
-
N?.c.b
i
*Np par value,
..
1.37
1.62
'1.35
Huron Holding Corp
[
70
6^8.1937
1.20
Trusteed Industry Shares.
Trusteed N Y Bank Shares
Guardian Inv Trust com.*
j
29
Pehn-Mary Steel 58.":tl937 <403%. 104
Pierce Butler & P 83^s'*42
1/19% W-%
Revere Copp & Br 4%a '56
402% 102%
Scoville Mfg 5%a
107
108
1945
Std'TexProa 1st 6H"s as r4 2 ~'J:20
23
Struth Wells Titus 6%a '43
80
103M 104)G
1st 3^s...'
..1955
99^ 100M
Deep. Rock Oil fa
75
,j93'7 J73
Fed F'm M 1/^s.Sept 1 '3'9
lOOViBTlD'on
Haytlan Corp 8s.....1938 nm
193^
hidden ,po
-1939 103
iram Walk G & W 4 3^s'45
105
1.08
1.57
1.47
-
Otis Steel 6s ctfSi JJwiJ1941
4sil950
conv
Trusteed Amer Bank Shs B
1.22
1.44
1.35
3%
100
No Amer Refrao
tn
1.21
,1.12
Tobacco shares
85~~
iir. yrf n xj VI
Corp >
-l^s. J^L.Augv 16-1936 100.22 100.26
1%S
A tig
5-1937 102 ;3. 102,7
2s.l.itX
.Aug -15 1936 102.19 102.23
l%s
.June 15:1939 100.19 ilOO-22
N Y
"38
m
2.75
7.33
6.44
98
100
Nat Radiator 5siO;)3.a'l946
•'101^ 102"i
utteHck Publish 6%a '36
hicago Stock Yds
-
'
_
B
United Gold Equities (Can)
I OT -jKa' ®B-£ «rJ0O' "Bid!
Mldvale Steel & Ord 6»^36 nooi
-99
Type Founders 6s. 1937 f97Debenture 6s£-1L il 93 9 v/g7v;i :■ 90)"'
1942 >;90 J 100
Bear Mountaln-Hud6on< )iJ m
Mi
Trustee Standard Oil Shs A
Standard Shares
1
U S El Lt & Pr Shares A..
Home Owners' Loan
Am
1.93
1.59
1.42
1.47
1—
ijfl
American Tobaodo 4611951 ■400
Am Wire'Fabrics 7s.
Lk.
1.54
1.83
com... 100 zll9
Bond^
.1 toO
^iAJ
1.81
4.05
1.22
X".
m m tm
£/.' sS-S <r^O &no«T labainA,
sr
1.65
2.80
Trustee Standard Invest C
D_
1.61
28%
(SB) Dental Mfg.20
f
.
1.79
4.45
1.46
....
Merchandise shares....
r
preferred..
T
vtrtrrr.
ST"
.&3-S a ers-iog
7.01
7.01
10c
1.17
135
Yohng (J S) Co
|
—CjloD f'M
''I'M"
H
*
D
1.48
125
Worcester Salt
....
Supervised Shares
1.65
preferred.."
$8 preferred
100
Klhnar Airplane & Motor. 1
C
Trust Fund Shares
Mining shares
39
100
3.82
2.47
Steel shares..1
35
Preferred
White
6.25
Food shares
Pap com:*
100
5.70
5.41
.
j
'
364
A
_
24.13
I...
1
2.47
B
RR Equipment shares..
11
GreatNorthermpaper .25
AA
BB
Fundamental Tr Shares A.
5%
38
dfeepi^BOO
3.62
i-
,
33
W
92.10
80
+
Preferred
1.06
*
I
4%
'
Golden
4.00
State Street Inv Corp
Super Corp of Am Tr Shs A
22.03
Group Securities—
Petroleum
358
urato
20.88
3.75
98
19
^
3.44
19.64
9.68
{
-
1.65
*
Standard Am Trust Shares
Standard Utilities Ino
*
11.58
Chemical shares
25
Den.*«
*
i
New stock;....
101
CcSp^ilXf,
Tublze Chatillon cum pf.10
UnfikceWed Mfg Op
1.52
Spencer Trask Fund
1.63
Building shares
Trico PfdddetS
merican, shares.
Galr
Selected Amer Shares Inc
Selected American Shares.
10
"
5%
1
H
2.85
8.86
81
*
»
2.56
4.45
Agricultural shares.....
Automobile shares
40
-
A
4.05
4.70
22
100
_.ioo
3.80
Selected Cumulative Shs__
37
38
Sylvania «Mdfl«?XSoli#A SSf
DrlyecrH^^is pref MflL_ 100
Flour, MJULls of Americ
FohMatipii C.o.-7^For/
Republic Investors Fund.5
383*
42
98
*
Standard Screw..
5.50
Selected Income Shares...
78
STN/Stsn
Doehler Die
;
4II
Manufacturing. 100
Singer
1.67
12.51
28.31
:
1.12
1.52
Representative Trust Shs. Z12.07
4.70
B
5
m
ScovlllMfg
100
Quarterly Ino Shares._25c
43
7.25
85%
100
Dictaphone Corp
ser
Fixed Trust Shares A
114
z39
100
3
1.01
1.10
25c
34
88%
*
Dentlsts^Shppiy COO
41
Fidelity Fund Inc
54 '1
*
com
*
Plymouth Fund Inc A. 10c
Fundamental Investors Inc
111
5
Rockwood & Co
106
10
Class B
36%
4.35
20
Pharmacal
Qldettpj® 'DlstlUers
Pathel Filmi7%,pref
Publlqatloni Qrrrreom
$-7] 1st preferred.
ir8:
um< tpri
$1
-il s2 .na a miVS & Jift0 H
Colur »b16'Br< ladcasting A * ..057M
58^
Class1 B1L. JttSl
* Ab-Ti''
58%
Crow II PUb Cocom_A*i-i
sa* i
100
*
»
Ohio Leather
-
1.14
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
116
48
Northwestern Yeast--.100
Norwich
34%
6.55
B_4
North; Amer Match Corp. *
37M
$7 preferred
•
16%
4%
10
Five-year Fixed Tr Shares.
98%
Raven Clock pf__100
55
44
14%
100
com
Dividend Shares
35
114
*
Plaper & Type pref.100
New
28
COM] ibia< 0Ba king -.com a j'x J
f,/
PTAiAPfAfl
noiaU
101^
CAiSttt liantCe! anese coaa.i'*
100
100
j
Natiohal Casket..
2% ■uiSfi
..
33
Preferred
.
50
42
c_4
4%
com
Securities...100
Pacific Southern Inv pref.*
Class A
*
D-.I
f-
5%
44%
%
5%
4%
%
4%
warrants
6%: preferred
.
&&
i
'
Northern
3.10
3.10
Royalties Management
Mock Judson & Voehringer
m>r
3-91W
A ml'r
.
2.52
2.49
AA mod
Diversified Trustee Shs B.
4%
Maytag
nm-ij
Bdttetf iclaian* lus' Eoan-jpfii V
Bown tfth-Bllt more. Hotels
No Amer Tr Shares 1953.
86 H
3.22
Deposited Insur Shs A.
42%
Merck & Co Inc
30.69
1.85
3%
81%
3.22
Deposited Bank Shs
24
108
Preferred. J
frl
1.67
.
No Amer Bond Trust ctfs
Series 1958
118
i
cdnetructlon .10
I8t preferred*.
100
100
Malllnson (H R) Inc com.
Preferred. J. .^mm
100
m
Voting trust certificates
N Y Bank Trust Shares..
5
Ask
22
200
Macfadden Publica com..
d-Ji£Q£
PTe ferred.. £21 .iw-UA/lQO
Amer oanRe publics com-I
Andlan National Corp
*
4.40
53
2.49
Series
Bid
100
preferred
preferred
8%
4.72
3.18
Common B shares
Lord & Taylor com
2d
4.62
Serles 1955
7% preferred..
100
Cumulative Trust Shares.*
Lawrence Portl Cement 100
72H •75
-
4.00
Accumulative series
f
12%
Amer Hard RiubbeHticaO.&Q •'itSjiu-
1.73
Nation Wide Securities. .1
.60
19
47
Series ACC mod
29
iv
20*28
.27.38
1.58
Series 1956
:
Ask
f-mm
r-&
18.75
25.19
%
8% preferred
AhMr oanHaTdware .it.25
39; s No
Amer Maize Products
t* xl 22, A
24
Amer: can t mi
jm.a xioo w:46
Art iv etal
:
•
jAlr lines-Inn v4,c_v
American ArdhcJlaaia^t^C
Amser caavBoi >fe $4
100
.40
1731$
Series AA
ustrial Stocks
Amer
1
2.67
Association
.—.¥ w
i,
com_.
7%
54%
53%
2H
*
Mass Investors Trust
28.54
Crum & Forster Ins
oo v?
'
Corp
Mutual Invest Trust.
3%
C U !■
id'tiZiWot
■
t
■
Boston
Corporate Trust Shares..
,
't~
>.UV at teW
4*9-
»i
•'
■'
■
.75
4%
*
0 - Tel.* BArclay 7-0700
Teletype NY 1-1493
i
Bell System
9!i51
6%
Major Shares Corp
Maryland Fund Inc
4.48
95*83
6%
Commercial Natl Corp..
Established 1920
£01
*
First
.50
48
93.93
Investm't Banking Corps
Bancamerlca-Blair Corp
1.19
Ask
45
45
Investment Tr of N Y
1.26
14
Century Trust Shares...*
'i'
Invest Co of Amer com.10
6H
Corp cl A...*
Class B
QM1-..
1.16
1.07
Canadian Inv Fund Ltd._
Central Nat
•
,-{101
iai
Holding Corp
Bankers Nat Invest
Corp *
Basic Industry Shares...
British Type Invest A
1
Bullock Fund Ltd
1
i
Bid
7% preferred
Bancshares Ltd part shs50c
i
SERVICE
v.-In the
i
m
Par
17.66
1.84
Am Insurance Stock
Corp*
Assoc Stand Oil Shares. ..2
Teletype N. Y. 1-1666
'f5.
COMPREHENSIVE
As*
16.60
Amer & Continental Corp.
Amer General Equities Inc
pym
N-01
Bid
*
*
Amer Business Shares...1
BOwllng Green 9-3565
t
Fund
Affiliated Fund Inc com..
CO.
Amerex
•ft
Correspondent
Investing Companies
/New York Security Dealers Association
Members
n<
| Commodity Exchange, Inc.
Broadway, New York
Incorporated
BOwIing Green 9-1420
■
Molybdenum Co.
Sylvania Industrial Corp.:
C.
GROUP.
Street, New York
Climax
Hi!
Company Securities
DISTRIBUTORS
Members New York Curb Exchange
STREET
1936
Specialists in all
Bought, Sold & Quoted
PINE
1
Over-the-Counter Securities—Friday Jan. 31 -Continued
on
MAYTAG
30
Feb.
f .' pr-'»
I.. v .,£
.,
Bond & Mortgage Guwj.20
i
'
Pari
Lawyers Mortgage
20
Lawyers Title & Guar..lOOl
Bid
I
1%\
1%\
769
Chronicle
Financial
Volume 142
By R. L. Day & Co., Boston:
Quotations on Over-the-Counter SecuritiesFriday Jan. 31—Concluded
$ per Share
Stocks
Shares
25 Wamsutta Mills, par $100
3 Holyoke Street Railway
par
8%
*
Co.,
Co., par $100; 3 Northampton Street Railway
^
S134 lot
$100-
$100
15
65 Kreuger & Toll, American certificates, 100 Kronens; 20 2-100 New England
Southern Corp., common; 60 International Match Corp., pref., par $35
$1 lot
532 80-160 Wickwire Spencer Steel Co., trust certificates
$17 lot
34 The Stanley Works, common, par $25—
— 4434
31 The Chapman Valve Mfg. Co., common, par $25
1534
1 Boston Athenaeum, par $300
300
2 Gamewell Co., pref., par S100
58
13 Springfield Gas Light Co., par $25
17
30 Boston Railroad Holding Co., pref., par
NORTHERN NEW YORK UTILITIES, INC.
Bonds and Preferred Stock
Offerings Wanted
-3034
10 Boston Herald Traveler Corp
ROBINSON, MILLER & CO.
trust certificate; 15 Indiana Gas & Chemical
South Shore Realty 7s, Jan. 1943 registered
voting
INC.
$25 lot
2434
1
$100
Co., par $10
10 Boston Real Estate Trust, par
MSob
HAnov^htnie282 52 William Street, N.Y.
1951 reg.; 50 Sheraton, Ino., common,
Co., common; $250
$600 Chalis Realty Corp. 6s, Aug.
11 Boston Cooperative Building
Chemical Co., common A
Mining Co. stamped $234 assessments paid, par
2934
20 Dewey & Almy
100 Algomah
Telephone and Telegraph Stocks
Bid
Par
25
Tel .100
New York Mutual
119
N'west Bell Tel pf 6 M %
of Canada.. 100
146
149
Pac &
Bell Telep of Pa pref
100
Cincin & Sub Bell Telep.50
120
122
Peninsular Telephone
111
100
117
Preferred
Bell Telep
/
86M
...
116^ 117 M
19H
17
18K
100
Atl Teleg U S 1 % .25
...
com*
100
110
112
$6.50 ist pf.100
$1.25
25
Telep
100
S'western Bell Tel pref.100
111
113
Preferred A
88 M
7% pref.. 100
42
Roch Telep
Emp & Bay State Tel..100
62
So & Atl Teleg
Franklin Teleg $2.50... 100
40
Sou New Engl
Gen Tel Allied Corp $6 pf.
81
Int Ocean Teleg 6%___ 100
104
Lincoln Tel & Tel 7%
Cuban Telep
Ask
Bid
Par
Ask
113
Am Dist Teleg (N J) com.*
83"
20M
By Barnes & Lofland, Philadelphia:
...
142
120 The Bryn Mawr Trust
124
126
100 Mid-Continent Utilities Corp., common.
144
147
New England Tel & Tel 100
123
U'A
11
114
125
"
Wisconsin Telep 7%
116
Co., Bryn Mawr, Penn., par $10-.20 at
Newton Coal Co., common, par $100
Coal Co., common, par $100
Co
25 George B.
10
pf.100
Preferred
105
Stocks
Shares
140
Tri States Tel & Tel—
*
Mtn States Tel & Tel.. 100
10 Security Bank & Trust
Bid
1946
Anhalt 7s to
1946
8%
Antioqula
Bank of Colombia 7% -1947
Bank of Colombia 7 %
.
1948
Barranquilla 8s'35-40-46-48
Bavaria 6 Ms to
1945
Cit 7% to
1940
Bolivia 6%.
Brandenburg Elec 6s. .1953
Brazil funding 5%.
Hungarian defaulted coups
17M
32M
/31
34
/27
28
1948
/31
34
Mannheim & Palat 78.1941
/31
1945
/29
30
Cie Generale d'Electricitie
f27%
28M
Cie Generale
.
.
.
7%
Munich 7s to
/44
.a#.
/37
Munlc Bk Hessen 7s to '45
...
42
11
Nat Central Savings Bk
.
.
.
..
Hungary
/35
/67
/43
-
44
20
1937
French Nat Mail SS 6s '52
160
148
152
German Atl Cable 7 b.. 1945
/32
35
/27
/42
/38
Bk 6s '47
...
40
/39H
my*
/27M
/26^
...
/58
/42
/26H
/8
German scrip
/25-35
German called bonds
1934
Dec
n 7%
/25
92
1953
6%
Hanover
15
.
7s
Stettin Pub Util 7s
..
City 7s
/25M
/32M
27M
Tucuman Prov 7s
Housing & Real Imp 7s '46
35
/35
40
Vesten Elec Ry 7s
1957
70.20
70.30
70.90
74.00
72.90
73.00
74.00
73.10
72.25
72.30
73.30
79.40
78.10
78.30
80.10
78.75
78.90
79.70
102.90
101.60
101.75
102.50
2,430
1,675
1,475
2,460
1,680
1.497
2,470
1,684
1,500
2,490
Fonciere
53
50
Lyonnaise
Societe Marseillaise
Silk pref
Union d'Electricitie
43
41
40
2,094
2,105
2,080
530
531
531
70
73
74
509
511
508
42
42
-—
45
47
...
Berlin Stock
The
...
Closing
prices of
Bid
Jan.
Jan.
25
27
97
99
...
31
/31
32M
For footnotes see page
88.29
Ask
10% gold rouble—19421 87.431
91.16
768.
AUCTION
The following
I
Union of Soviet Soc Repub
1943
7% gold rouble
Bid
securities
were
SALES
sold at auction on Wednesday
Allgemeine
37
Elektrizitaets-Gesellschaft
115
138
87
Dessauer Gas (7%)
121
Deutsche Bank und Disoonto-Gesellschaft
85
Deutsche Erdoel (4%)
—-108
Deutsche Reichsbahn (German Rys) pf 7%-122
Dresdner Bank
86
Farbenihdustrie IG (7%)
151
Gesfuerel (6%)
129
Hamburg Electric Werke (8%)
—137
Hapag
——————
16
Mannesmann Roehren—83
Norddeutscher Lloyd
17
Reichsbank (8%)
182
Rhelnische Braunkohle (8%)—
218
Salzdefurth (7M%)
190
Siemens & Halske (7%)
175
Handels-Gesellschaft (6%)
Licht (8%)
Commerz-und Privat-Bank A G
Berliner
Berliner Kraft u.
CURRENT
Shares
$ per Share
Stocks
$10-.
28
Mills
240 Wyman-Gordon Co., par $100
10 Y. D. Service Garage, 8% preferred
4 Boston Investment Co., par $50
10 Boston Woven Hose & Rubber Co., common, par $100
15 Chapman Valve
Manufacturing Co., common, par $25
3934
3634
75o.
20
2234
15
Per Cent
Bonds—
$500 Amoskeag Mfg. Co. 6s, Jan.
1 1948
...44 & Int.
$ per Share
Stock
4 Buffalo Wills
St. Clair, common
37
37
117
139
87
122
85
108
122
87
151
131
136
16
84
18
185
219
193
177
31
ment of Hiltz
1
220
194
177
39
118
139
88
125
86
110
122
87
153
131
136
16
85
17
186
219
193
176
market for the securities of
subsidiaries, the Cities Service Trading
conducted by Alpha Distributors, Inc.,
Depart¬
and more recently
Inc. has been merged with the trading depart¬
Walter K. Butler, formerly of
& Co., Inc., it is announced.
Alpha Distributors, Inc., and E.
new
219
192
176
,
117
139
87
124
85
109
122
87
153
131
136
16
85
17
186
NOTICES
view of providing a better primary
Cities Service Co. and its
39
37
116
139
87
122
86
108
122
87
151
130
137
16
84
17
184
W. Clucas & Co., will be in charge of this
department.
Ewart, Russum & Co
division of Hiltz & Co.'s trading
Inc., as underwriters and
distributors, will continue a general
investment
Maguire & Co., for many years
engaged in
and trading business.
Russell Maguire, of Russell
the wholesale distribution
opened a New
Mr. Maguire is interested at this time in the
of securities in Philadelphia, has
York office at 120 Broadway.
distribution of the Sunray Oil Corp. common
By A. J. Wright & Co., Buffalo:
Shares
a
by Ewart, Russum & Co.,
$ per Share
Stocks
Arlington
—With
ment formerly
By Crockett & Co., Boston:
Shares
35
Jan.
Par
115
139
87
122
86
108
122
86
152
129
137
16
84
17
184
218
190
176
York:
1,963 Republic Insurance Co. (Texas), capital stock, par
28
Jan.
30
Jan.
29
Per Cent of
of the current week:
By Adrian H. Muller & Son, New
Jan.
...
95
/29H
I
Ask
each
day of the past week
29M
{Soviet Government Bonds
Repub
Exchange
representative stocks as received by cable
-
Union of Soviet Soc
52
49
79.20
40
102
Wurtemberg 7s to
1,338
71.25
51
42
2,050
531
69
498
Francaise Ford
265
93
1947
1945
27
1,324
Schneider & Cie
Wagon-Lits
18
26
1,336
35
/58
Tucuman scrip
Hungarian Cent Mut 7s '37
6%
12M
f'28
/60
1950
7s unstamped
Tucuman
Harz Water Wks
1920
Royal Dutch
Saint Gobain C&C
24
1,290
71.00
73.70
72.90
79.00
79.60
102.40
2,390
1,663
Tubize Artificial
/35
1936
1946
1951
Stinnes 7s unstamped.
«...
—
434%. 1932 B_
20M
Z45-56
1940
1946
-
1917
Rentes 4%, 1918—
Rentes 4 M %. 1932 A
Societe Generale
39
1956
Serbian 5s.
12 M
Perpetuel 3%-_
Rentes 4%.
Societe
410
407
408
408
26
/18Ms
1947
Serbian coupons
18^
/14
—
950
408
Societe
fliH
f 17
/32
-
nm
Guatemala 8s 1948
Haiti
1,011
27
Siem & Halske deb 6s.2930 /255
lo35
1
1,020
1,020
29M
1948
Sao Paulo (Brazil) 68.1943
Saxon State Mtge 6s__ 1947
German
June
822
28M
27%
(Brazil)
Santander (Colom) 7s.
.
829
Rentes 5%,
/67
f8%
stamped
April 15 1935
Young
Coupons
12-1-34 stamped
Catharlna
8%
9
•
920
DAY
Rentes
.
1,700
2,140
587
830
/24
Santa Fe scrip
Coupons
Dawes
German
Santa
...
27M
724
585
930
/283^
ctf of dep '57
Salvador 4% scrip
July 1934 to Dec 1935—
723
HOLI¬
18
/30
..1957
7%
Salvador 7 %
33
German defaulted coupons
July to Dec 1933
Jan to June 1934
475
900
Rentes,
/24
Salvador
/30
1948
1,670
2,070
479
712
Pechiney—
1946
6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
Rio de Janeiro 6%.—1933
Rom Cath Church 6 Ms '46
R C Church Welfare 7s '46
Saarbruecken M
Building & Land-
1,690
2,130
480
583
29
(Ger¬
Church
'
bank 6M%
1,700
1,940
1,670
1,940>
474
Pathe Capital
many) 7s
165
586
Orleans Ry
1968
1' "
\
.
Prov Bk Westphalia
30M
589
120
110
579
L'Air Liquide
28
1~350
241
575
France..
900
18M
Protestant
/29
923
110
239
571
85
28
1945
925
92
237
Kuhlmann
29
29
French Govt 5 Ms
...
/17M
29
40
924
Lyonnaise_ _,
—
Energie Electrique du Nord
Energle Electrique du Littoral—
/82
/27
/35
76
1,320
92
/27H
scrip
Alegre 7%
Porto
Mortgage & In¬
vestment 7 Ms
1966
19
76
234
1945
to
34"
European
193
18,200
1,017
Lyon (P LM)
Nord Ry
/27H
/27M
1945
1945
East Prussian Pow 6s. 1953
...
/42
Panama 5%
49
/31
192
18,300
1,029
1,340
Comptolr Nationale d'Escompte
/26H
25
1949
195
18,300
19
Coty S A
1948
Oberpfals Elec 7%...1946
Oldenburg-Free State 7%
52
Dortmund Mun Util 6s *48
/42
1962
7 Ms
184
""75
1,290
Eaux
7%
Mtge
-
-
986
18,200
1,018
1,290
Transatlantique..-
Credit Commercial de
8,900
454
187
18,300
Credit Lyonnaise
/82
of
National Hungarian & Ind
■'
50 M
/64H
...
31
Francs
8.800
453
Courrieres
6Ms (A &B)_. 1946-1947
11
•
33M
33M
/30M
/31K
'38
Natl Bank Panama 6M%
C C & D 7
1948-1949
Nassau Landbank 6 Ms
103
/9M
fm
/2M
'51
Costa Rica Pac Ry 7 Ms '49
German
9,000
1,002
452
Banque de Paris et Des Pays Bas
Citroen B
Recklinghausen 7S..1947
42
Costa Rica funding 5%
Duisburg 7% to
9,000
Cie Distr. d'Electricitie
Water
69M
Jan.
Francs
Francs
972
446
Canal de Suez
34
Ceara (Brazil) 8%
Duesseldorf 7s to
Francs
Banque de l'Union Parisienne..
Canadian Pacific
—
69M
by cable each day
Jan. 29 Jan. 30
8,800
/32
Cali (Colombia) 7% —1947
Callao (Peru) 7M%~1944
Issue of 1931 4%
Francs
Bank of France
85
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
Burmelster & Wain 6s. 1940 /100
Frankfurt 7s to
Francs
Municipal Gas <fe Elec Corp
1947
City Savings Bank, Buda¬
pest, 7s
1953
Columbia scrip issue of '33
Jan. 28
33
Land M Bk Warsaw 8s '41
17
rnxt
1953
Jan. 27
56
88
Jan. 25
20
Buenos Aires scrip
5s
1943
Bourse
Quotations of representative stocks as received
of the past week
26
24
/71
6 Ms
/45
/30
Coupons
Coal Ind Corp—
Brown
...
39M
38M
/18M
/14
Bank
1962
Hungarian
7 Ms
56
/40
1956
-
Koholyt 6 Ms
1931-51
Brazil funding scrip
\
Paris
on
...
/30
Hungarian Ital Bk 7 Ms '32
Jugoslavia 5s
81 lot
a
Prices
/34
20
/15M
/31M
1945
Bogota (Colombia) 6 Ms '47
British
20
Cons
Palatinate
Bavarian
/18
/18
1963
change Bank 7s
28^
Kensington Security Bank
& Trust—
Hungarian Discount & Ex¬
29
68
*
$1,522.25 Depositors Participation Certificate of
Ask
Bid
Ask
/27H
/26^
$21 lot
$100 lot
2
—
•
3
Percent
Phila., Penn., 6% 1Q year series A sinking
Bonds—
Foreign Unlisted Dollar Bonds
$ per Share
6M and 100 at 534
$11 lot
100 George B. Newton
$2,000 Lumber & Millwork Co. of
fund, due Jan. 1 1938
German and
$25; 300 Davis
paid, par $1; 20 International
Match Corp., pref., par $35; 200 Majestic Mining, stamped $1.45 assess¬
ments
paid; 100 Mayflower Old Colony Copper, stamped assessments
1 through 7 paid, par $25; 1,000 Ogilvie Gold Dredging Co., par $1; 10
H. M. Sawyer & Sons, pr§f., par $100; 20 Collateral Loan Co., par $100—$5 lot
Bonds—
Per Cent
$25,000 Railway Syndicate, reg. ctf. of Interest created Dec. 1928
$4,000 lot
Daly Copper Co., stamped $5.30 assessments
—Edward B. Smith are distributing
for
stock.
the current issue of
their "Outlook
Equities."
I
770
Financial
General
Chronicle
Feb.
,
i
1936
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Earnings of Large Telephone Companies—The Fed¬
Washington has issued
a monthly earnings statement of the large
telephone com¬
panies having an annual operating revenue of $250,000 or
over.
Below is a summary of the November return:
eral Communications Commission at
No. of Co.
Stations in
Operating
Operating
Operating
Service
Revenues
Expenses
income
14,567,715 $85,330,033 $59,740,583 $17,386,333
14,111,624
79,583,123
57,050,446
15,118,955
906,541,522 638,930,944 176,994,852
859,984,865 604,111,293 170,314,017
November 1935
November 1934
11 mos. end Nov. 30 '35
11 mos. end Nov. 30'34
Acme Steel Co.
Period End. Dec. 31—
Net profit after interest,
1935—3 Mos.—1934
deprec. and Fed. taxes
$438,156
Earns, per sh. on 328,108
shs. cap. stk., par $25
$1.33
—V. 142, p. 292.
1935—12 Mos.—1934
$168,431
$1,757,973
$1,020,533
$0.51
$5.35
$3.11
$158,658
388,319
$149,549
453,689
$204,219
Total income
Research fees & exps
Fees of transfer agents,
$721,945
17,400
$546,976
17,400
$603,238
22,588
$204,219
30.958
12,528
43,479
12,246
39,604
10,705
40,797
36,789
8,332
46,416
$648,538
138,971
153,675
$477,726
143,351
307,350
$492,3591oss$3797420
260,836
41,387
76,838
$355,892
$27,025
$154,686def$3838,807
trustees, &c
Gen. exps., incl. salaries
Federal income tax
Loss from sales of sees..
Net
directors
have declared
Prior pref. dividends
dividends
Surplus
Balance
Assets—
1935
Cash
Sees,
dividend
of 50
cents
Co.'s
Divs.
per
15 last, and 12>£ cents per share distributed on May 15 1935.
was the first paid on the common stock since March 14 1931
regular quarterly dividend of 25 cents per share was distributed.
—V. 141, p. 3370.
Aug.
This latter
when
own
stock
Ainsworth Manufacturing
have declared
Corp.—$1 Special Dividend—
special dividend of $1 per share on the
common stock, par $10, payable March 2 to holders of record Feb. 20.
A
similar payment was made on Dec. 28 last, and compares with 75 cents
paid on June 28 and March 4 1935; $1.25 on Dec. 27 1934, and 50 cents per
share paid on Dec. 27 1933 and on March 15 1932.—V. 141, p. 3850.
a
Akron Canton & Youngstown
December—
Gross from railway
Net from railway..
Net after rents
1935
Ry.—Earnings.—
1933
Accrued interest__
6,531
Deferred
7,750
59,869
36,534
$125,803
45,155
27,667
$116,647
35,266
13,056
1,721,879
579,556
286,761
1,594,629
574,045
322,599
1,564,496
484,275
223,112
From Jan 1—
Netafterrents
—V. 142, p. 450.
Alabama Great Southern
December—
Gross from railway
1935
1934
1933
1932
$381,096
109,624
95,879
$371,144
140,122
132,617
$294,069
95,210
88,048
5,260,872
934,036
429,547
4,888,350
981,067
661,908
4,497,665
1,110,202
661,538
4,090,649
307,237
defl25,808
Net from railway
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
RR.—Earnings.—
,
$430,230
137,120
76,314
Net after rents
.#
...
—V. 141, p. 4156.
Alabama Power
Period End. Dec. 31—
Gross earnings.
a
$8,326,700 $8,072,0531
Represented by 25,268
$1,518,253
653,396
407,137
132,555
195,178
expenses
Prov. for retire, reserve.
Divs. on pref. stock
Balance...
$129,985
no par
surplus
507,452
Total
11,047
$8,326,700 $8,072,053
shares in 1935 and 27,100
shares
no par
stock
and 632,662 shares class B stock in both years,
d Market value
$6,198,822 in 1935 and $3,462,990 in 1934.
Note—There were outstanding at Dec. 31 1935 warrants entitling the
holders to purchase 537,437 shares of class B common stock on or before
July 1 1940, at $10 a share.—V. 141, p. 3682.
American Cities Power &
Light Corp.—Annual Report
L. E. Kilmarx, President, says in part:
The net cash income for
1935, after deducting operating expenses, salaries
and other expenses and Federal and State income taxes, was
$1,019,913,
compared to $801,958 for 1934. Central
States Electric Corp. common
stock received through distribution by Blue Ridge Corp. in November
1935, has not been included.
The net assets, based on Dec. 31 1935 market prices, amounted to
$25,207,515 (1934, $13,958,479).
The market value of the investments
was $7,913,541 more than the book value. This net unrealized
appreciation,
compared with a net unrealized depreciation of $2,007,596 on Dec. 31 1934,
is an increase of $9:921,137 during the year. The net assets on Dec. 31 1935
were equivalent to $163.45 per share of class A (preferred) stock
outstanding
and, after allowing for class A stock at the amount to which it is entitled in
liquidation ($55 per share), to $5.75 per share of class B stock outstanding.
In November 1935 a group composed of American Cities Power & Light
Corp.; Electric Shareholdings Corp.; Tri-Continental Corp.; Selected
Industries, Inc., and Chicago Corp. acquired a preponderant block of the
outstanding common stock of Blue Ridge Corp.
This indirectly adds
diversification to the portfolio of the corporation.
The purchase is tem¬
porarily financed by bank loans.
Income Account for Calendar Years
1935—Month—1934
Fixed charges
Earned
63,266
4,204,779
181,712
in 1934 (incl. 1,832 shs. in treasury in 1934 at cost of
$120,693).
b Repre¬
sented by 102,450 no par shares,
c Represented by 110,472 shares class A
Co.—Earnings—
1935
[A Subsidiary of Commonwealth & Southern Corp.]
Operating
Total
2,413
2,574,500
1,024,500
Prior pref. stock
2,400,460
1,024,500
c Class A com. stk.
11,047
c Class B com. stk.
63,266
Capital surplus
4,304,616
3,335
4,268
charges.
$9,837
$15,359
b Preferred stock.
14,756
_
1934
1935
& not received-_
120,693
13,549
1932
$149,680
1,986,860
651,913
383,048
...
1934
$179,416
64,875
41,122
Gross from railway
Net from railway
Liabilities—
54,709
(cost)
receivable.
31
Acer. exps. & taxes
Securities
bought
a
Corp.
prior pf.
a
The directors
1934
$411,827 $1,058,943
57,433
3,093
cost 7,829,610
6,812,254
Investors
share on the
on
Sheet Dec.
sold, undeliv.
common stock, par $25, payable Feb. 15 to holders of record Jan. 31.
A
like payment was made on Nov. 15, last and compares with 25 cents paid
a
3,915",934
income
Cap. stock of Pac.
Acme Wire Co.—50-Cent Dividend—
1932
1933
$148,158
573,787
d Inv. sees, at
The
1934
1935
Preferred
(& Subs.)—Earningh—
Years Ended Dec. 31
Income Account
Interest and dividends._
Profit from sales of sees-
1935—12 Mos.—1934
$1,336,557 $16,794,482 $15,487,515
525,712
7,516,683
6,701,993
552,255
4,863,934
4,851,113
97,845
1,390,480
1,174,140
195,182
2,342,151
2,342,173
def$34,437
$681,232
$418,095
—V. 141, p. 4156.
Stock
divs.,
valued
1934
1933
1932
at
market prices, follow-
,
ing respective dividend
fponrH H
9
t.pc
$1,160,879
$222,225
909,382
$764,783
610,038
$1,120,455
839,533
$1,160,879
103,643
$1,131,608
107,424
$1,374,823
98,813
$1,959,988
146,600
222,225
362,920
65,627
401,864
1,054,828
$511,225
1,593,432
3,067,65(2
$2,104,657
$3,760,585
Cash divs. and interest-Total income--
Oper. exp., taxes and int.
Appropriation of above
value of stock divs. ap¬
from
plied in reduction of
averaged book value of
The New York Curb Exchange has suspended dealings in the common
Spec, approp. of bal. of
Algoma
Consolidated
Corp.,
Ltd.—Suspended
Dealings—
stock,
no par,
investments._
and the 7% preferred stock, par $5.—V. 141,
p.
4008.
__
_
above val. of stk. divs.
applied in reduction of
Allen Industries,
book value of invest
Inc.—Preferred Stock Called—
All of the outstanding preference stock has been called for redemption on
March 1 at $40 per share and accrued dividends.
Payment will be made
at
the
office of Otis
Safe
Deposit Co., Cleveland, Ohio, transfer agent.
—V. 142, p. 614.
Allied Kid Co.—12
-
Prov. for Federal & State
income taxes
Net income..
—
Previous oper. surplus.Adjustments
applicable
to prior periods
f^-Cent Extra Dividend—
The directors have declared
an extra dividend of 12 K cents per share
regular quarterly dividend of like amount on the class A
and common stocks, both payable Feb. 1 to holders of record Jan. 27.
A quarterly dividend of 12 ^ cents per share was distributed on these
issues on Nov. 1, last, this latter being the first payment made since Feb. 1
1934 when a dividend of 25 cents per share was paid.—V. 142, p. 292.
37,323
-
Profit
on
sale of
sec
-
$1,019,913
468,778
$801,958
319,006
c770,636
1,900
c98,764
$2,259,327
1,221,628
-
in addition to the
Allied Products
The Chicago
Corp.—Application Approved—
Stock Exchange has approved the application of the
com¬
pany to list 139,250 shares of common stock, $10 par, 75,050 shares to be
admitted to trading upon notice of registration under the Securities Ex¬
change Act of 1934.—V. 142,
Alton
118.
Net from railway
after rents
Net
From Jan. 1—
Gross from railway
Net from railway
after rents.-.
.
realized
on
_
sales
of securities
b$525,721 b$l,555,103
Divs.
on conv. cl. A stk.,
optional
div.
series,
paid in cash and in
class B stock
Divs.
class
on
462,652
B
463,241
485,943
289,610
434,163
$1,796,676
$468,778
$133,937
$1,593,433
2,408,486
$0.19
2,908,486
$0.12
2,908,485
Nil
2,908,485
612,049
stock
paid in cash
Approp. applied in reduc.
of book value of invest¬
RR.—Earnings.—
December—
Gross from railway
Net
p.
Total..
Losses
$692,933
ment as at Dec. 31—
1935
1934
$1,283,803
386,316
193,210
$1,054,042
199,976
9,505
$962,061
263,597
346,193
1932
$1,030,416
268,310
35,450
13.969,218
2,298,629
def416,226
13,159,346
2,813,469
221,040
13,328,174
4,112,505
1,847,341
14,090,370
3,502,410
486,783
1933
Balance Dec. 31
SUIQTAC
of
Hacfi
R
524,894
Qhnplr
outstanding (par $1)—
Earnings per share
Nil
b Includes losses on the sale of securities, determined on the basis of book
values as adjusted Dec. 16 1930, by application of capital surplus.
c Computed
on basis of averaged book value, based on April 29
prices as to investments acquired prior to that date and cost
subsequent purchases.
market
Amalgamated Leather Cos., Inc.—Accumulated Div.—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $7 cum. pref. stock, par $50, payable
April 1 to
holders of record March 19.
Similar distributions were made each quarter
since April 1 1934 this latter payment being the first made since Oct. 1
1920, when the regular quarterly distribution of $1.75 per share was made.
—V. 141, p. 3216.
American
Capital Corp.—Annual Report—
Henry S. McKee, President, says:
T^e balance sheet at Dec. 31 1935, with securities owned adjusted to
market prices, shows net assets equivalent to approximately $264.08 per
snare of prior preferred stock outstanding.
After deducting from such
net assets $100 per share plus accrued dividends since Dec. 1 1935 on the
25,268 shares of prior preferred stock (the amount of its preference), the
remaining net assets are equivalent to approximately $40.35 per share of the
$3 dividend preferred stock outstanding.
This is an increase of 96 % over
the corresponding figure of $20.54 per preferred share at Dec. 31 1934.
This improvement is after the payment of dividends in 1935 of $292,646
on the prior preferred and preferred stocks.
1933
as to
Consolidated Balance Sheet Dec. 31
1934
1935
1935
Liabilities—
Investments
1934
%
$
Accts. payable and
a22,460,309bl5,936,820
b Securities at cost 1,602,034
Cash
336,699
351,495
Notes rec. secured
26,700
Accts. receivable..
12,962
8,997
Notes pay. to bks.
Divs.
Res.
-
&
interest
receivable
234,551
187,833
accrued expenses
49,342
6,802,035
480,500
secured
Res've for conting.
for
Fed.
38,569
480,600
&
State inc. taxes.
47,405
c Capital 8tock___
6,764,036
Operating surplus.)
Undistrib. prof.
sale of securities)
6,764,036
fr.[1,796,676
Capital surplus
Total
a
Based
24,673,256 16,485,145
on
Dec.
31
Total
468,778
8,733,262
8,733,262
24,673,256 16,485,145
1935 prices, the aggregate market value
373,850 (1934, $13,929,223).
was
$30.-
Net unrealized appreciation of investments
Financial
Volume 142
771
Chronicle
atlDec. 31 1935 was $7,913,541 as compared with net unrealized depre¬
ciation of $2,007,596 at Dec. 31 1934. b Reserved for sale to other interests
and also
deposited as collateral on notes payable. These securities which
consist of 493,149 common shares of Blue Ridge Corp. and 49,314 shares of
common stock of Central States Electric Corp. received as a distribution
Specialists in
All
thereon, are reserved for sale under agreement expiring June 14 1936.
c Represented
by 154,222 shares serial class A stock (par $25) and 2,908,486
shares class B stock (par $1).—V. 141, p. 3526.
American Credit Indemnity Co., N.
The directors
have declared
dividend of 50
a
Y.—Div. Increased
cents per
McDonnell & Co
share on the
stock, par $10, payable Feb. 1 to holders of record Jan. 15.
This
compares with payments of 25 cents per share made each quarter previously.
In addition extra dividends were disbursed as follows: $1 on Dec. 23, last;
25 cents on Nov. 1 and May 1 1935, and 50 cents on Dec. 24 1934.
A stock
common
dividend of 25% was paid on May 29 1934.—V. 141, p.
American
Equitable
Director—
P.
'
■■
a
Jan. 27 sent
a
director of the company.—V. 141,
Ruling—
letter to its stockholders which read in
■
"We have received from the Commissioner of Internal Revenue a ruling
to the relative values for tax purposes
of the new preferred and clommon
stock in accordance with the
stocks issued in exchange for the 7 % preferred
^lan of recapitalization adopted at the meeting of stockholders on Oct. 2
"Under the plan of recapitalization each holder of the old preferred stock
is entitled to receive for each share of the old preferred stock one share of
6% convertible preferred stock of the par value of $50 and four
shares of the new common stock of the par value of $1 per share.
"The Commissioner has ruled that the average selling orice of the new
6% convertible preferred stock and of the new common stock on the date
that the old 7% preferred stock is exchanged for the new stocks by a stock¬
holder determines the basis for the division between the new preferred
stock and the new common stock of the cost to the stockholder for the pur¬
the
'.
new
of fixing the amount of any gain or loss sustained by the stockholder
any subsequent sale of either the new preferred or the new common stock.
It would appear from the Commissioner's ruling that the date appearing
on the new stock certificates should be taken by a stockholder as the date
pose
on
on
which the exchange was made.
"Of course no tax is payable unless and until all or a part of the new stock
received in exchange for the 7% preferred stock is sold at a profit.
Losses
be deducted for income tax purposes only under the terms
visions of the Internal Revenue Act, as amended, under which
may
and pro¬
there are
different bases on which such losses are allowed."
Initial
Preferred Dividend—
The directors on Jan. 30 declared an initial
quarterly dividend of 75 cents
per share on the new 6% conv. cum. pref. stock, par $50, payable March 30
to holders of record March 20.
This will be the first disbursement by the
company since 1921 when $1.75 per share was paid on the old preferred
stock. The companys capital structure was recently revamped, eliminating
arrearages on
the old preferred.
6 Mos. End.
Dec.
Period—
31
6 Mos. End.
'35 Dec. 31
6 Mos. End. 24 Wks. End
'34 Dec. 30 '33 Dec.
10 '32
Oper. profit after repairs,
deprec. & res. for exps.
x
„
y$313,689 loss$272,747
other than inc. taxes
Before reserve for income taxes of $79,600.
taxes of
„./New York Stock Exchange
Cujpb Exchange
120 BROADWAY,
Y.—New
part as follows:
as
t
Members^ NewYork
TEL.
NEW YORK
RECTOR 2-7816
.h' '
American Hide & Leather Co.—Tax
The company on
N.
.
Joseph M. Byrne Jr. has been elected
3216.
»
4157.
of
Co.
Assurance
Rights and Scrip
y
$281,835
x$467,207
After reserve for income
$55,356.—V. 142, p. 292.
committee
in London, England, representing the holders of £2,979,178
sterling 7% first mortgage debenture stock (first mortgage bonds) and a
protective committee for the company's $12,700,000 of 20-year 7% sinking
rund debenture bonds which
are
listed on the New York Stock
Exchange.
The preliminary statement of earnings for the fiscal year ended June 30
1935 indicates that earnings available under the plan for service of the new
debentures will amount to approximately
at
$4,943^1) which will enable
an
debenture bonds to be made
on
$382,000 (£ sterling converted
interest payment of about $24 per $1,000
the $12,700,000 of new debentures upon
consummation of the plan, leaving about $76,400 available for sinking fund.
Bankers Trust Co., 16 Wall Street, New York City, has been appointed
agent of the company, to receive deposits of the 20-year 7 % sinking fund
debenture bonds.
The protective committee for holders of 20-year 7% sinking fund de¬
benture bonds consists of Monroe C. Gutman, Chairman (Lehamn Brothers)
William H. Coverdale (Coverdale & Colpitts), Charles D. Hilles (Em¬
ployers' Liability Assurance Corp. of London), Hearn W. Streat (Bancamerica-Blair Corp.), William W. Cumberland (Wellington & Co.), Arthur
W. Loasby (National Distillers Products Corp.), and Sidney J. Weinberg
(Goldman, Sachs & Co.), Sullivan & Cromwell, 48 Wall St., New York,
Counsel, and Dorsey Richardson, Sec., 1 William St., New York.
A
preliminary statement to the plan
says:
Anglo-Chilean is one of the three major companies producing nitrate and
iodine in Chile for sale in the markets of the world.
It is the owner of the
"Maria Elena" plant, which has a productive capacity of approximately
550,000 tons of nitrate per year and employs the Guggenheim process of
extraction and mechanical methods of mining.
Anglo-Chilean also owns
and operates a railway (electrified where heavy grades are met) which has
approximately 150 miles of main line track, exclusive of sidings, and runs
from Anglo-Chilean's Maria Elena plant, the Pedro de Valdivia plant of
Lautaro Nitrate Co., Ltd. (the only other Guggenheim process plant in
Chile) and various adjoining plants to the Port of Tocopilla.
With the
exception of a comparatively small amount of motor transport, this railway
handles all traffic between these plants and the port.
Anglo-Chilean also
owns and operates terminal facilities and port
properties in Tocopilla.
Anglo-Chilean was organized in April 1931, as a Chilean corporation and
acquired the business and substantially all the assets of Anglo-Chilean
Consolidated Nitrate Corp. (Del.), and, with certain exceptions, assumed
its liabilities, including the first mortgage debenture stock and debenture
bonds.
All of the shares of stock of Anglo-Chilean (except directors'
qualifying shares) were acquired by Compania de Salitre de Chile (trans¬
lated "Nitrate Corp. of Chile" and commonly known as
"Cosach") as a
£art No. 4863 of Julythe consolidation of theof Chile, industry embodied in
of the plan for 211930 of the Republic nitrate as amended. Cosach
raw
American Investment Co. of Illinois—Class B Dividend
also
acquiredapproximately 39% of the ordinary shares of Lautaro Nitrate
(the remaining 61% of such shares being acquired by AngloChilean) and acquired the assets and businesses of 34 other nitrate produc¬
ing companies.
Upon completion of these acquisitions, Cosach and its
subsidiaries controled in the aggregate over 95% of the nitrate productive
capacity in Chile.
Soon after completion of its organization, Cosach was faced with serious
financial and economic difficulties.
These difficulties resulted chiefly from
(a) increasing severity of the world-wide economic crisis which decreased the
buying power of the farmer, resulting in reduced consumption and selling
prices of nitrate, (b) the development of measures for the protection of
synthetic netrate producers in various countries by their governments in
the form of subsidies, tariffs and restrictions upon the importation of
Chilean nitrate, and (c) substantial world over-production of nitrogeneous
products causing liquidation of these products at greatly reduced prices.
At the end of 1931, Cosach, Lautaro and Anglo-Chilean obtained tempo¬
rary financing to enable them to continue operations and sustain employ¬
Co., Ltd.
Increased—
,
dividend of 25 cents per share on the class
payable March 2 to holders of record Feb.
20.
This compares with 20 cents paid on Dec. 2, last, and quarterly
dividends of 12H cents per share distributed previously.—V. 141, p. 3370.
The directors have declared a
B common stock, no par value,
American Metals
The directors
Co., Ltd.—Accumulated Dividend—
have declared a dividend of $4 per share on account of
accumulations on the 6% cum. conv. pref. stock, par $100, payable March 2
to holders of record Feb. 20.
This compares with $2 paid on Dec. 2 and
Sept. 3, last, this latter being the first payment made since Sept. 1 1931
a regular quarterly distribution of $1.50 per share was made.—V.
141, p. 3851.
when
Telephone
American
&
Telegraph
Co.—Anti-Trust
Complaint—
Triple damages alleged to amount to $10,500,000 are asked in complaints
District Court, Jan. 27, against the
American Telephone & Telegraph Co.
Western Electric Co., Inc., and
Electrical Research Products, Inc.
The complaints are based on alleged
violation of the Sherman and Clayton Anti-Trust Acts.
Bernard R. Gogel, assignee of the Standard Sound Recording Corp.,
is the plaintiff in one action.
He alleges actual damages of $3,000,000 and
asks triple restitution under the anti-trust provisions.
Thomas F. James,
assignee of the Granger Manufacturing Co., makers of vacuum tube
amplifiers, photo-electric cells and accessories, is the plaintiff in the other.
He asks $500,000 and an additional $1,000,000 under the anti-trust law.—
V. 142, p. 451.
in two suits filed in the United States
American Water Works & Electric
Co.—Weekly Outpu
Output of electric energy for the week ended Jan. 25 1936, totaled
43,089,000 kwh., an increase of 9.7% over the output of 39,284,700 kwh.
for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
Week End—
1936
1935
1934
1933
1932
Jan. 4
43,260,000
36,191,000
30,818,000
28,479,000
29,802,000
Jan. 11
44,402,000
37,637,000
32,519,000
28,844,000
30,030,000
Jan. 18
43,821,000
38,469,000
33,056,000
27.932,000
30,540,000
Jan. 25
43,089,000
39,285,000
32,957,000
27,657,000
29,991,000
—V. 142, p. 615.
American Writing Paper Co., Inc.—Plan Opposed—■
Opposition to the proposed reorganization plan is expressed by the
protective committee for preferred stockholders, in a letter sent out by
Charles Plohn, chairman or the committee.
The group feels that preferred
holders should obtain one share of new common stock for each
share now held, instead of one for two.
A hearing on the plan is
preferred
scheduled
for Feb. 10.—V. 142, p. 615.
Anaconda Wire & Cable
Co.—Capital Reduced—
A reduction in the company's capital to $16,898,800 or $40 a share from
$20,270,718 or $47.98 a share was approved by stockholders at special
meeting held on Jan. 27.
The reduction was effected by maintaining write down of $1,500,000
in normal metal inventory and by a write-down of $1,016,296 in the value
of certain obsolete buildings and equipment resulting in a total write-down
of $2,516,596.
In order to make the reduction in capital an even amount,
$40 for each outstanding share, a further cut of $855,322 was authorized,
making an aggregate reduction of $3,371,918, which will be transferred to
paid-in surplus.
*
'
When directors proposed this reduction in capital, it was pointed out
that dividend payments could not be made so long as inventory write¬
downs resulted in operating deficits.
Declares 25-Cent Com. Div.
The directors on Jan. 29 declared a dividend of 25 cents per share on the
common
stock,
no par
This will be the first
value, payable March 16 to holders of record Feb. 14.
payment made on the common stock since Aug. 10
1931 when a regular quarterly dividend of like amount was distributed.
—V. 142, p. 293.
A plan for the
Salitrera
readjustment of the financial structure of the corporation
by the company after extended negotiations with a
has been formulated
nitrate and iodine.
This financing consisted in part of loans aggregating
$3,000,000 made by Guggenheim Brothers through Anglo-Chilean.
The
financial and economic difficulties of Cosach and the lessening of demand
for Chilean nitrate, resulting in the closing down of producing plants, with
serious unemployment consequences in Chile, placed upon the creditors of
these companies the responsibility of effecting an early reconstruction.
As a first step, the Chilean government, by Decree No. 1 of Jan. 2 1933 of
the Ministry of Finance, ordered that Cosach be liquidated.
Pursuant to
this decree and Law No. 5133 of Feb. 2 1933, there was constituted a com¬
mission of three persons (termed the "liquidating commission") to effect
such liquidation.
The liquidating commission was empowered to continue
the busmess of Cosach and obtained loans from the Central Bank of Chile
and others for this purpose.
A moratorium in favor of Cosach and its
subsidiaries was imposed which is still in effect.
N After many months of negotiations, a plan for the reconstruction of the
industry was proposed by the Chilean government and this plan, with some
modifications, was enacted into Law No. 5350 of Jan. 8 1934 (termed the
"Law").
The basis of such reconstruction is the establishment by the
Law, in favor of the State, on certain conditions, of a monopoly of the
exportation of and trade in nitrate and iodine produced in Chile.
The Law
empowered the President of the Republic of Chile to transfer or lease the
right to such monopoly for a period not exceeding*® 5 years to Gorporacion
de Ventas de Salitre y Yodo de Chile (translated "Chilean Nitrate & Iodine
Sales Corp." and termed
the "Sales Corporation") which
was created
by
the Law, and pursuant to such power the President granted to the Sales
Corporation
lease of the monopoly for
period of 35 years, expiring
June 30 1968.
The Law provides that the monopoly shall terminate in
case of thejdissolution of the Sales Corporation or upon the expiration of
a
a
Stich. 103/S0.
The Law requires the producing
companies which adhere to the Sales
Corporation to turn over to it all their nitrate and iodine, including stocks
hand on July 1 1933 as well as new production after that date, at prices
specified in or determined in accordance with the Law, being, in the case of
stocks of nitrate on hand in Chile on July 1 1933, £3 per metric ton f. a. s.,
and, in the case of new production, the "industrial cost" thereof, plus $1.50
per metric ton.
The $1.50 per ton may be reduced or omitted under cer¬
tain conditions.
Purchases are made by the Sales Corporation from the
producing companies in proportion to the sales quotas assigned to them in
accordance with the Law.
Anglo-Chilean's quota for the remaining years
of the five-year period ending June 30 1938, is approximately 25% of the
total sales of the industry.
This quota is subject to adjustment in certain
on
events.
h Under the
Law, 25% of the profits of the Sales Corporation is to be paid
to the Chilean government and the remaining 75% (except as stated below)
is to be applied to the service of the 5% income debentures of the Sales
Corporation and any residue is to be distributed among the adherent
ducing
companies in the manner prescribed
by the
Law.
pro¬
The profits
derived from nitrate lands and nitrate plants not inscribed on Jan. 2 1933
in the name of Cosach, Lautaro or Anglo-Chilean are not subject to the
service of such debentures.
The profits of the Sales Corporation and of
the adherent producing companies arising from nitrate and iodine are exempt
under the Law, from all Chilean income taxes.
The Sales Corporation and
the adherent producing companies are also exempt from all export duties
and from certain other taxes.
One of the major problems confronting the Chilean government was the
,
Anglo-Chilean Nitrate Corp. (Compania
Anglo-Chilena)—Readjustment Plan—
ment in Chile on a reduced scale to the end of the then current fiscal year
and thus to retain for the Chilean industry a share of the world markets for
treatment to be accorded the prior secured
and secured bonds of Cosach
which had been issued in connection with the acquisitions made by Cosach
and, in part, to provide funds for the payment or in satisfaction of guaranteed
minimum payments to the government required by Law No. 4863 during
a four year transitional period.
In order to provide for the service of these
Financial
772
bonds, which in addition to 7% interest carried a cumulative sinking fund
of approximately 3%, the Chilean government at the time of their issuance
had decreed that there should be paid a charge of 60 gold pesos (equivalent
to $7.30) for each metric ton of nitrate extracted from nitrate deposits which
Cosach or its subsidiaries owned or might thereafter own or had or might
thereafter have the right to exploit.
This charge had developed into a
burden which the industry could not carry as a fixed charge in view of the
decline which had taken place in the world competitive price level of nitrogen.
As a solution of this problem, the Law provided for an issue of £2,726,100
of 5% sterling income debentures and an issue of $38,036,000 of sinking fund
5% income debentures of the Sales Corporation in exchange for equal
principal amounts of prior secured bonds of Cosach and in payment of the
above-mentioned loans aggregating $3,000,000 made through Anglo-Chilean
during the period December 1931 to March 1932 in order to enable Cosach,
Lautaro and Anglo-Chilean to continue their operations.
While no reduc¬
tion in the principal amount of the indebtedness represented by the prior
secured bonds was required, the interest rate was reduced from 7 to 5%
and the sinking fund from approximately 3 to 1%, plus certain contingent
extraordinary amortization.
Such service is cumulative, but during the
life of the Sales Corporation will be payable only if and to the extent that
the Sales Corporation's earnings are sufficient.
With respect to the secured bonds of Cosach, of which $67,817,000 aggre¬
gate principal amount were issued, Article 22 of the Law provides for the
cancellation of the $40,149,000 of such bonds issued to the government of
Chile and Article 25
provides, in substance, that the obligations represented
by the remaining bonds shall be assumed, as of the date of the organization
of the Sales Corporation, as private obligations of the respective companies
from which such bonds originated, or their successors, but without the
benefit of the 60 pesos charge.
Of the $27,668,000 of secured bonds issued
by Cosach, other than those issued to the government of Chile, $16,965,000
were issued to the firm of Guggenheim Brothers in partial satisfaction of
obligations representing cash advances made by that firm to Anglo-Chilean
Consolidated Nitrate Corp., predecessor to Anglo-Chilean, and used for
construction, improvements and other corporate purposes.
Anglo-Chilean adhered to the Sales Corporation on Jan. 27 1934, and
thereby became entitled to all the rights and subject to all the obligations
which under the Law and the by-laws of the Sales Corporation correspond
to a member thereof.
In accordance with the Law and the by-laws of the
Sales Corporation, Anglo-Chilean has designated its President and, in his
absence, a vice-president, to represent it on the board of directors of the
Sales Corporation.
All of the other producers of nitrate and iodine in Chile
have also adhered to the Sales Corporation.
Pursuant to Articles 21, 26, 27 and 28 of the Law, the proceeds of sale of
stocks of nitrate in Chile on July 1 1933 are to be applied to the payment of
the following obligations in the order stated: (a) indebtedness to the Central
Bank of Chile, including moneys advanced to enable a payment of 140,000,000 pesos, Chilean currency, less certain credits, to be made to the
Chilean government for the calendar year 1933, by Cosach, Lautaro and
Anglo-Chilean pursuant to Article 21 of the Law; (b) inter-company in¬
debtedness resulting from the liquidation and readjustment of the relations
between Cosach, Lautaro and Anglo-Chilean required by Article 27 of the
Law and
(c) unsecured indebtedness arising from acceptance credits,
promissory notes, drafts and overdrafts granted for production and opera¬
tions.
It is anticipated that the foregoing payments will entirely exhaust
the proceeds of sale of such stocks of nitrate.
/
Article 33 of the Law empowers the liquidating commission to exchange
the shares of Anglo-Chilean and the ordinary shares of Lautaro held by
Cosach as above stated for the corresponding series B ordinary shares of
Cosach.
Pursuant to these provisions, the liquidating commission has
offered to exchange 38.09524 shares of Anglo-Chilean and 74.20632 ordinary
shares of Lautaro for each 1,000 series B ordinary shares of Cosach issued
by Cosach upon the acquisition by it of the shares of Anglo-Chilean and of
Lautaro.
The liquidation of Cosach has been substantially completed, and all the
other assets of Cosach, with the
exception of the shares of Anglo-Chilean and of Lautaro referred to above,
have been transferred to Compania Salitrera de Tarapaca y Antofagasta
nitrate and iodine lands and plants and
(termed the "Antofagasta Company"),
under the laws of Chile.
a
corporation organized for that
purpose
Comparative Capitalization of Anglo-Chilean as at June 30 1935
Capitalization Before Readjustment (Excl. Accrued Int.)—
7% first mortgage debenture stock
20-year 7% sinking fund debenture bonds
Indebtedness represented by secured bonds of Cosach and as¬
sumed by Anglo-Chilean pursuant to Article 25 of the Law.
Capital stock (400,000 shares of 100 pesos each) (pesos)
_
Capitalization After Readjustment—
£2,979,178
$12,700,000
16,965,000
40,000,000
•
4H% (income) 1st mortgage debenture stock
Sinking fund income debentures due Jan. 1 1967
Capital stock (2,096,700 shares of 50 pesos each) (pesos)
£2,979,178
$12,700,000
xl04,835,000
Equivalent to $5,241,750 at 20 pesos to the dollar.
The foregoing statement does not include indebtedness to the
of Chile, inter-company accounts, unsecured indebtedness
x
Bank
from acceptance credits, promissory notes, drafts and overdrafts
for production and operations, all hereinafter described, or other
Central
arising
granted
current
liabilities.
Readjustments Contemplated by the Plan
First Mortgage Debenture Stock—This debenture stock is con¬
by a trust deed dated Jan. 20 1925 between AngloChilean Consolidated Nitrate Corp. and Royal Exchange Assurance, as
trustees, as amended by a supplemental trust deed dated Sept. 14 1928
between the same parties and by a supplemental trust deed dated April
20 1931 between the same parties and Anglo-Chilean.
In accordance with
a resolution duly adopted at a meeting of the debenture stockholders held
in London on Nov. 7 1935, Anglo-Chilean and the trustees have entered
into a third supplemental trust deed, dated Nov. 20 1935 modifying the
terms and provisions of the debenture stock.
These modifications include
the following:
(a) The maturity date of the debenture stock has been extended from
(1) 7%
stituted and secured
,
Jan. 1 1950 to Jan.
(b) All arrears
and released.
,
,
„
1 1961.
of interest and sinking fund payments have been waived
Jan. 1 1936; on July 1 1936 and on July 1 in
each year thereafter, an interim
payment is to be made on account of the interest payable in respect of the
then current year of such an amount (if any) as may be considered
prac¬
ticable by Anglo-Chilean after consultation with its auditors; and payment
of the interest payable on any Jan.
1 may be delayed in whole or in part
provided in the supplemental trust deed.
Both the
sinking fund payments are noncumulative and are payable only if and to the extent that the profits of
Anglo-Chilean available for distribution for the fiscal year of Anglo-Chilean
ended on the June 30 last preceding the respective payment dates shall
certain
events as
interest on the debenture stock and the
be sufficient for such payment.
The sinking fund payments are to consist of
end of such fiscal year;
(B) The amount, if any, required or
withheld or deducted by Anglo-Chilean
,
permitted by Chilean law to be
for the payment of taxes, assess¬
ments or other charges or levies on the interest payable on the new deben¬
tures in respect of such fiscal year;
1
1936
(C) The
obligations
plan i. e.
obligations
amount, if any, required for the service for such fiscal year of
issued or assumed (for certain purposes permitted under the
obligations issued to retire the first mortgage debenture stock,
issued or assumed in connection with the acquisition of addi¬
tional fixed assets or of additions, betterments or
improvements thereto,
and obligations issued to renew or refund any such
obligation); provided
that any such obligation shall have been issued or assumed with the unani¬
mous approval of the directors of
Anglo-Chilean present at the meeting'or
meetings at which the same shall be authorized or approved and voting upon
the resolution or resolutions for such authorization or approval; and
(D) In respect of the fiscal years ended on June 30 1935 and ending on
June 30 1936,
respectively, the amount of all special and extraordinary
expenses directly attributable to or incurred in connection with the read¬
justment of the financial structure of Anglo-Chilean, or in connectionlwith
the general reorganization of the nitrate industry in Chile, to the extent
that
such expenses
Provision for the
net
exceed in the aggregate £12,000.
allocation, as between interest and amortization, of the
earnings applicable to the service of the new debentures will be con¬
tained
in the indenture in accordance with the following formula:
If the earnings applicable to the service of the new debentures "for
interest thereon
allocated to^the
(i)
any fiscal year shall not exceed an amount sufficient to pay
at the rate of 2% per
annum, all of such earnings shall be
payment of interest.
(ii)
If the earnings applicable to the service of the
new
debentures'for
fiscal year are more than sufficient to pay interest thereon at the rate
of 2% per annum, then the excess
earnings shall be allocated to amortiza¬
tion of the new debentures until the sum so allocated to amortization shall
any
amount to
20% of the total earnings applicable to the service of the new
Amortization shall be effected by purchases of new deben¬
exceeding the principal amount thereof or (if not so purchasable)
by the redemption of new debentures at their principal amount.
(iii) If the earnings applicable to the service of the new debentures for any
fiscal year shall amount to a sum 80% of which will more than
pay interest
on the new debentures at the rate of
2% per annum, then all of such earn¬
ings shall be allocated as between interest and amortization in the ratio
of 80% to the payment of interest and
20% to amortization, subject, how¬
ever, to this limitation, namely, that so long as
any of Anglo-Chilean's
debentures.
tures at not
first mortgage debenture stock remains
outstanding
new debentures shall not
exceed 4 H
interest paid on the
% per annum, and after such first
mortgage debenture stock shall all have been retired interest on the new
debentures shall not exceed
4H or 5%
would
be
5% per annum; any earnings in excess of said
per annum, as the case may be, which but for this limitation
to interest payments, to be
allocated
amortization in the
employed for additional
manner
aforesaid.
(iv) If the earnings applicable to the service of the new debentures for
any fiscal year should be less than the amount required to pay interest
thereon at the rate of
% per annum, such earnings shall not be distributed
but shall be added to the earnings
applicable to the service of the new de¬
bentures for the succeeding year or years until the
aggregate amount so
accumulated shall be sufficient to pay at least
% % upon the new debentures.
Interest on the new debentures will be
payable annually on Jan. 1 in
each year, the first such payment (in
respect of the fiscal year ended June
30 1935) to be made upon consummation of the
plan.
The interest on the
new
debentures will be non-cumulative and the
indenture will contain
provisions permitting Anglo-Chilean to delay payments of the service of
the new debentures, in whole or in
part, in the event that the total amount
receivable by Anglo-Chilean from the Sales
Corporation in respect of any
fiscal year shall not be received in cash on or before
the Dec. 1 next following
the end of such fiscal year.
All arrears of interest on the
existing debenture bonds will be waived and
all such bonds deposited under the
plan must be accompanied bv the
interest coupon matured May 1 1932 and all
subsequently maturing coupons.
The indenture under which the new debentures
will be issued will orovide, among other things:
^
(a)
That both the principal of and the interest on the new
debentures
paid in dollars, lawful money of the United States of
America
therefrom, in the case of new debentures shown bv the
debenture register to be held by persons resident
without the Republic of
Chile, for or on account of any taxes, assessments or other
charges or
duties levied or to be levied by the
Republic of Chile or by any political
subdivision thereof or by any
taxing authority therein.
(b) That so long as any of the new debentures are outstanding no
divi¬
dends, other than stock dividends, shall be paid on the
capital stock of
Anglo-Chilean; nor shall Anglo-Chilean purchase any of its capital stock
(c) That the new debentures shall be subject to
redemption, as a whole
or in part, at any time, at the
option of Anglo-Chilean, on not less than 60
days notice, upon the payment of the principal amount
thereof, together
with the interest, if any, payable on such
redemption date, if redemption
shall be made on an interest
payment date, or, if redemption shall be made
on a date other than an interest
payment date, together with a sum equal
to interest at the rate of 5% per annum accrued on the
new debentures so
redeemed from the interest'payment date next
preceding such redemption
date; and shall be subject to redemptoin, on any interest
payment date
through the operation of the sinking fund, at the
principal amount thereof!
together with the interest, if any, payable on such interest
payment date
on not less tnan 30
days' prior notice given as aforesaid.
(d) That, upon the occurrence of any event of default under the
principal
and supplemental trust deeds securing
Anglo-Chilean's first
be
shall
without deduction
mortgage de¬
benture stock which shall result in such debenture
stock becoming or being
aue and payable
prior to the date on which it would otherwise
declared
become due and
payable, the trustee under the inoenture securing the new
debentures may, and, upon the written
request of the holders of 25% in
amount of the outstanding new
debentures, shall, upon being
indemnified to its satisfaction, declare the
principal of all the new deben¬
tures to be immediately due and
principal
payable.
[The indenture will also provide against the creation of
any mortgage or
other obligations except under certain
spedification conditions all as con¬
tained in the indenture.]
Anglo-Chilean will make application to list the new debentures on the
New York Stock Exchange.
(3) Indebtedness to Be Liquidated Pursuant to Article 28
of the Law—This
article provides, in substance, that the
proceeds of sale of Anglo-Chilean's
stocks of nitrate in Chile on
July 1 1933, after
making the preferential pay¬
required by the Law, namely, Anglo-Chilean's indebtedness, herein¬
to the Central Bank of Chile and to
Lautaro, shall be ap¬
plied to the payment of Anglo-Chilean's unsecured indebtedness
arising
from acceptance credits,
promissory notes, drafts and overdrafts granted
for production and operations of
Anglb-Chilean.
Indebtedness of such
character, with interest to June 30 1933, amounts to
$9,288,887, all owed
to Guggenheim Brothers,
representing cash advances made by that firm to
enable Anglo-Chilean to continue its
operations or to pay bank loans in¬
after described
for such
curred
Brothers will
June
30
upon
purpose.
agree to
1934.
Such
of 4%
the rate
per
liquidation
thereon
)4% of the principal
amount of the debenture stock for the time being outstanding plus 50% of
the balance of the profits of Anglo-Chilean available for distribution for the
fiscal year ended on the June 30 last preceding the date on which such pay¬
ments become due remaining after deducting from such profits the sums
required for the payment of interest at the rate of 4H% and the above
mentioned
%.
Sinking fund moneys may be applied by Anglo-Chilean
to the purchase of debenture stock in the market at a total cost not exceeding
103% of the principal amount thereof and, if purchases sufficient to exhaust
the sinking fund moneys are not made prior to Feb. 1 in each year, any
balance remaining is to be applied by the trustee to the redemption of
debenture stock on the next succeeding March 1 by drawings at 103.
(2) 20-Year 7% Sinking Fund Debenture Bonds—Anglo-Chilean will issue
n exchange for these debenture bonds an equal aggregate principal amount
of its sinking fund income debentures due Jan. 1 1967.
The new debentures
will be in registered form, will be dated as of Jan. 1 1935, and will be issued
under an indenture between Anglo-Chilean and the Commercial National
Bank & Trust Co. of New York, as trustee, which will contain provisions
to the effect that there shall be applied to the service of the new debentures
all of Anglo-Chilean's profits available for distribution, for each fiscal year,
commencing with the fiscal year ended June 30 1935, remaining after de¬
ducting therefrom the following items:
(A) The amount required for the service of Anglo-Chilean's first mort¬
gage debenture stock for the year ending on the Jan. 1 next following the
(d)
Feb.
ments
(c) The interest rate on the debenture stock has been reduced from
7 to 4H% per annum, payable annually on Jan. 1 in each year, beginning
in
Chronicle
as
annum,
of
such
aforesaid
shall
shall be released and
(4)
Upon consummation of the plan,
waive all interest
indebtedness shall
on
Guggenheim
the above amount accrued to
interest from said date at
bear
but
Guggenheim Brothers will agree that if
stocks such indebtedness and interest
have been paid in full, the unpaid balance
nitrate
not
discharged.
Indebtedness Represented by Secured Bonds of Cosach—Anglo-Chilean
will issue, in payment of this indebtedness, which amounts to
and of all arrears of interest thereon (which on June 30 1935
$16,965,000.
amounted to
$4,156,425), and the holders of this indebtedness will accept in full satis¬
faction thereof, 1,696,500 shares of capital stock of
Anglo-Chilean of the
par value of 50 pesos each.
(5) Capital Stock—The capital stock of Anglo-Chilean will be increased to
104,835,000 pesos, divided into 2,096,700 shares of the par value of 50
pesos each.
400,000 of such shares will correspond to the shares of capital
stock of Anglo-Chilean now outstanding (but with par value thereof
reduced
from 100 pesos to 50 pesos each) and 1,696,500 shares will be
issued
in payment of the indebtedness as stated above.
The remaining 200
shares will constitute two separate classes of 100 shares each and
the shares
of one class will be issued to the trustees for Anglo-Chilean's first
mortgage
debenture stock and the shares of the other class to the trustee for
the
new
debentures, the holder of each such class to have.the right to appoint
and
maintain
a
director of
Anglo-Chilean.
Obligations of Anglo-Chilean Not Affected by the Plan
(1) 5% Income Debentures of the Sales Corporation—These debentures
aggregating £2,726,100 and $38,036,000 principal amount, which are being
issued for the purposes above-mentioned, will mature on June
30 1968
and their service, which will be calculated as from Dec. 31
1933, will consist
of interest at the rate of 5% per annum with
a cumulative
sinking fund of
The debentures will be income debentures only.
The service will
be cumulative, with the result that all arrears of service
from
previous years will be made up from available earnings of subsequent
years so far as sufficient.
1%.
however,
k.
Financial
Volume 142
If the balance of the Sales Corporation's available earnings
for the fisal
providing for accumulated
31 and after deducting the
portion of such balance representing profits derived from the sale of stocks
of nitrate and iodine on hand on Chile on July 1 1933, shall exceed the
sum which was actually required to provide the 6% service on the deben¬
tures in respect of such fiscal year only, then a sum equal to 30% of such
excess will be applied to extraordinary amortization of debentures, being
divided between the sterling and dollar issues in the proportions specified
year ending on any June 30 remaining after
service on the debentures to the following Dec.
in the trust deeds.
(in liquidation), Lautaro, Anglo-Chilean and (in its capacity as
which on Jan. 2
name of Cosach) the Antofagasta Company have
joined as parties to the trust deeds securing the debentures of the Sales
Corporation for the purpose of agreeing to assume joint and several liability
for the principal of and the premium (if any) and accumulated interest
(if any) on the debentures in the event of the dissolution of the Sales Corpo¬
ration under Chilean law while any of the debentures remain outstanding.
Such liability, should it become effective, would be unconditional and not
dependent in any way on the earnings of the producers subject to the
obligation.
Provision has also been made in such trust deeds for the
making of annotations in the margin of the inscription and in the register
of mortgages.
The above-mentioned producing companies have also as¬
sumed, under said trust deeds, unconditionally, joint and several liability
for the principal of the debentures of the Sales Corporation outstanding at
the date of their maturity, namely, June 30 1968, to the extent that such
principal shall not then bepaid by the Sales Corporation.
The trustee for Anglo-Chilean's 20-year 7% sinking fund debenture
bonds, the protective committee for such debenture bonds and the com¬
mittee representing the holders of its first mortgage debenture stock have
raised with Anglo-Chilean the question whether some of the above described
provisions do not go beyond what is authorized by the Law and have stated
that they and the holders of such debenture stock and debenture bonds
will not be bound by any such provision.
Anglo-Chilean has submitted to
the trustee and to the Committees evidence which in its opinion shows that
Armstrong Cork Corp.—Larger Regular Dividend—
The directors
share
1933
were
inscribed in the
the obligations undertaken by it with respect to the Sales Corporation de¬
bentures are in every way consistent with the intent and purpose of the Law.
Anglo-Chilean with
contemplated by the
on
on Jan
24 declared a quarterly dividend of 37 H cents per
.the common stock, no par value, payable March 2 to holders of
record Feb. 10. This compares with 25 cents paid on Dec.
cents in each of the five preceding quarters.
The dividend
1934
the first
was
1931, when
addition
P.
fr*Cosach
the successor to the nitrate and iodine lands and plants
773
Chronicle
an
Artloom-Corp.—Accumulated Preferred Dividend—
The directors have declared a dividend of $1.75 per share on the 7%
cumulative preferred stock, par $100, payable Feb. 29 to holders of record
Feb. 15.
This payment represents the dividend due June 1 1935.
Similar
distributions were made each quarter since and including June 1 1933; as
against $1.50
Net after
rents
From Jan.
Arundel
Corp.—Earnings-
Calendar Years—
p.
3,116,589
446,197
31,755
2,985,896
604,211
220,246
3,307,260
732,421
374,659
3,959,274
898,972
482,558
__
$834,653
106,168
$16,622
$720,315
82,696
Common dividends
$597,625
483,818
$728,485
486,068
$16,622
853,284
$637,619
1,347,688
Balance, surplus
$113,807
$242,417 def$836,662 def$710,069
Arlington Mills—Earnings—
Nov. 30 *35 Nov. 30 '34
Dec. 2 *33
$15,321,594 $10,419,647 $10,779,898
Years Ended—
14,070,885
10,241,166
9,311,615
$1,250,709
422,631
$178,481
419,231
Reserve for doubtful accounts
119,000
138,000
Reserve for taxes
135,000
42,007
$1,468,283
661,828
177,000
117,000
9,978
Cost of sales
_
r*Net operating profit
Depreciation
lT
Miscellaneous deductions!
$574,077 loss$420,757
Net profit for year
$502,477
243,288
Dividends
Net income
Shares of
com.
ing (no par)
Earns, per sh.
outstand¬
483,851
Balance Sheet Dec. 31
Assets—
1935
ties at cost
Liabilities—
$
$
5,017.840
7,241,497
2,473,354
3,166,954
3,475
125.135
Mach. <festk. taken
Prepaid accounts.
15,316,565
Total
y
After
13,011,6831
Total
15,316,565 13,011,683
depreciation
in
1934*
Armour &
Co.(Ill.)—Plans Reduction in Prior Charges—
Preferred Stock of Delaware Company—May Float
Issue on Properties of English Unit—
Call
To
Bond
dispatches
financing operation with British
retirement of the $57,782,600 outstanding
Frederick H. Prince, Chairman of the board, according to press
will sail for England soon to complete a
interest which will permit the
7% preferred stock of Armour & Co. of Del.
Mr. Prince, it is stated, disclosed his plan after the annual
stockholders'
meeting of Armour & Co., at which he had said the management was com¬
mitted to a policy of reducing prior charges to aid common stockholders.
He told shareholders the Delaware retirement was
the first step under con¬
sideration, but was not definite as to means of carrying out the plan.
While not disclosing details of his plan, Mr. Prince indicated that he
to float a bond issue on the English properties of Armour &
Co. and use the proceeds for retirement of the Delaware issue.
He said
he had received
a very attractive offer" from British interests, and he
let it be understood that ne expected to close the deal within a few months.
To retire the Delaware preferred, which is callable at 110, would require
expected
$53,501,460, but the premium paid would be offset quickly by the expected
saving in charges.
Interest on the proposed bonds, it is believed, would
be little more than halt the $3,826,186 annual dividend requirement on
the stock.
This would mean a saving of nearly $2,000,000 annually to
Armour & Co. of 111., the parent company, which guarantees the present
Delaware dividends.
As to time or method of retiring the Delaware preferred and as to when
common stock dividends are to be expected, Mr. Prince was silent other
than to say that the $12,000,000 returned in processing tax money which
had been deposited in escrow might be utilized.
It was in answer to a
question put to Robert H. Cabell, President, concerning the processing
tax refuned that Mr. Prince made his statements of policy.
"We inherited a capital structure which was most unfortunate," said
Mr. Prince.
"Our policy is to reduce prior charges to benefit common
stockholders.
Details are up to the legal department, including applica¬
tion of processing tax refunds.
"We plan to call the Delaware preferred stock.
That would be a saving
of $4,000,000 and would mean about $1 a share to the common.
We are
going to do everything possible to aid the common stockholder's position."
which sought representation at the recent annual stockholders' meeting,
have been elected directors.
Sixteen former directors were re-elected.
As
a
Prov. for Fed'l tax
104,800
21,437
110,522
32,705
Accrued expenses.
133
proceeds
of contra accrued
Deferred Income on
pending comple¬
110,928
4,954,260
62,601
contracts
tion & final est.
b Capital
stock
4,954,260
2,218,335
Surplus
c Treasury stock..
Dr28,704
100,000
Accrued interest &
other receivables
35,669
Materials & suppl.
Otheraccts. receiv.
40,423
158,318
Mtge. receivable..
21,000
481,484
659,232
3,894,497
2,104,528
Dr28.704
21,000
797,797
704,621
3,962,113
20,834
37,161
91,285
Deferred charges to
future operations
Investments
a
Ld. bldg., mach.
Total
a
$8,096,557 $8,125,922 |
After
reserve
no par
$8,096,557 $8,125,922
Total
for depreciation and depletion of $4,980,645 in
1935 and
shares.—V. 141, p. 4010.
Asbestos Corp.,
Robert
Ltd.—New President—
Steele, has been elected President succeeding the late Col.
W.
Associated Gas & Electric
Co.—Weekly Output—
18, Associated Gas & Electric System reports
of 76,599,353 units (kwh.), which is an increase of 11.0%
over the corresponding week a year ago.
Every property or group in the
system reported an increase for the period, with one minor exception.
Increases were attributed to improved residential, commercial and indus¬
trial sales of current.]
Lower rates and higher expenses and taxes, however,
have resulted in reduced net income in many instances.—V. 142, p. 616.
For the week ended Jan.
result of the election of Mr. Walsh and Mr. Leuckel and a reduction
18 from 21 members, the following directors were retired:
Henry W. Boyd, Chas. F. Curtis,
Philip L. Reed.—V. 142, p. 293.
Associated
Utilities
Telephone
Co.—Removed
from
Unlisted Trading—
The New York Curb Exchange has removed from unlisted trading priv¬
ileges the certificates of deposit representing common stock, no par, the
6% gold notes due April 1 1933, and the certificates of deposit representing
6% gold notes due April 1 1933 —V. 142, p. 616.
Atchison Topeka & Santa
Fe Ry. System—Earnings—
1935—Month—1934
Period End. Dec. 31—
Railway oper. revenues_$ll,804,538
Railway oper. expenses.
9,815,198
Railway tax accruals...
842,512
Otherdebits
33
Net ry. oper. income.
Aver, miles operated
$1,146,794
13,259
Atlanta
1935—12 Mos.—1934
$9,740,695$135,686,391$128,093,947
8,924,008 109,423,483 102,083,479
470,889
10,476,178
10,352,827
Crll,671
,83,377
428,321
$360,467 $15,703,352 $15,229,318
13,300
13,285.
13,319
Arthur Meeker, Harry G. Mills and
Birmingham & Coast RR.- -Earnings.
1935
1934
1933
1932
$245,656
11,926
$233,691
def8,863
$221,545
7,389
defl3,882
def33,327
defl6,191
$192,532
def31,268
def42,136
3,009,163
209,195
2,818,836
def36,035
def333,300
2,604,544
26,502
def250,846
December—
Gross from
railway
Net from railway
Net
after rents
From Jan. 1—
Gross from railway
Net from railway
Net
def96,639
after rents..
2,413,794
def585,151
def852,921
—V. 142, p. 120.
Atlantic Coast Line RR.-
1934
1933
1932
320,345
$3,381,140
748,267
504,731
$3,258,944
783,451
562,912
$3,282,151
791,734
546,032
39,042,246
6,978,571
2,578,763
Gross from railway
Net from railway
Net after rents
From Jan.
39,533,828
8,636,293
4,289,557
37,908,943
8,781,313
4,299,811
37,268,564
4,997,687
108,199
1—
Gross from railway
Net from railway
Net after rents.
—V.
-Earnings.
1935
$3,281,701
556,775
December—
141, p. 4159.
Atlantic Refining
Co. (& Subs.)- -Earnings1934
1933
1932
$5,512,106
$6,556,377
$3,918,021
(par $25).
2,664,902
2,664,902
Earnings per share
$1.49
$2.07
x Preliminary figure.—V.
142, p. 616.
2,665,234
2,696,642
$2.46
$1.45
Years End. Dec. 31—
1935
Net profit after interest,
deprec.,Fed. taxes,&c.x$3,970,600
Shares
common
stock
Atlas Powder Co .—Annual Statement—
Leland Lyon, President, says in part:
Sales for the year amounted to $13,086,966,
an increase of $527,966
the preceding year.
Sales of explosives products for the year decreased
1.9%, and sales of cellulose products, consisting of lacquers, leather cloth
and other coated fabrics, increased 28.5%.
Sales of explosives products
represented 75% of total business.
For the first six months of 1935, both sales and earnings were substantially
lower than in the same period of 1934.
The last half of the year, on the
contrary, showed substantial gains both in sales and earnings over the
last half of 1934.
The trend of the company's business during the year
over
is shown by
Directorate Reduced—
Allen R. Walsh and Fred J. Leuckel, both representing a minority group
In the board to
$120,955
57,941
674,056
—V. 141, p. 4159.
of $7,425,779 in 1935 and $7,266,653
Represented by 97,315 shares, no par value.—V. 142, p. 120.
x
$
payable.
3,476
126,404
Cash and debts reo. 3,087,844
In liquidation
1934
%
360,368
280,671
Reserve for taxes..
135,000
15,000
Notes payable
3,000,000
1,500,000
Payroll
90,490
59,384
y Net worth
11,730,707 11,156,630
Accounts
7,082,271
Inventories
net
41,307
590,298
Trade accts. pay..
1.033,769
1,413,217
1,052,150
991,326
$120,955
Dividend
$360,304
_
payable.
Sundry creditors..
$346,145
Marketable securi¬
Est.
1934
1935
Liabilities—
1934
Accounts payable.
Cash
and Panhandle & Santa Fe Ry.l
1935
1934
1935
Plants and fixed
assets
492,556
$1.30
483,851
$0.04
483,851
$1.50
$1.23
on com
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry.,
Comparative Balance Sheet Nov. 30
Assets—
__
net electric output
616.
Sales
x
1932
1933
1934
1935
$695,425
97,800
Operating income
Prov. for Fed'l taxes
Robert F. Massie.—V. 142, p. 293.
Net after rents
142,
$211,683
14,481
defl2,578
$235,183
38,683
11,137
$255,254
48,249
29,232
1—
Gross from railway
Net from railway
—V.
1932
1933
1934
1935
$328,651
62,145
18,990
railway
Net from railway
1933, $1 per share on March 1 and
each quarter to and incl.
March 1
on
18 1932 and $1.75 per share previously
Dec. 1 1931.—V. 141, p. 3067.
$4,621,779 in 1934.
b Represented by 495,426 no par shares (including
8,705 shares acquired by treasury per contra),
c Represented by 2,870
Earnings.
December—
share
per
Nov.
Notes receivable.
Gross from
2 last, and 12 J4
paid on Sept. 1
stock since Oct. 1
common
extra dividend of
Accts. receivable..
Ann Arbor RR.-
the
regular quarterly dividend of 25 cents per share was paid. In
25 cents was paid on Dec. 2 1935.—V. 141.
a
f*No modification of the above described obligations of
„
on
3371.
respect to the debentures of the Sales Corporation is
plan.
(2) Indebtedness to Central Bank of Chile—This indebtedness on June 30
1935 amounted to 28,158,311 pesos, Chilean currency (equivalent to ap¬
proximately $1,126,333, which will be reduced by £60,019 and $278,432
held by the Sales Corporation) and includes Anglo-Chilean's share, to the
extent not already paid, of the payment to the government of Chile required
by Article 21 of the Law.
Pursuant to the provisions of Laws Nos. 5133
and 5185 of the Republic of Chile and of Articles 21 and 26 of Law No.
5350 this indebtedness, together with interest is entitled to preferential
payment as provided in said laws and no readjustment thereof or in its
terms is contemplated by the plan.
Pf(3) Inter-Company Indebtedness—The indebtedness of Anglo-Chilean to
Lautaro, which resulted from the liquidation and readjustment contem¬
plated by Article 27 of the Law, amounted, with interest to June 30 1933, to
$1,236,560.24 and is payable out of the proceeds of sale of Anglo-Chilean's
stocks of nitrate in Chile on July 1 1933 as above stated.—V. 141, p. 3527.
distribution made
Quarter—
1st
2d
the following tabulation of quarterly sales and earnings in 1935:
Sales
Net Income
$3,084,028
$245,335
3,068,299
234,447
Included in
1935 income
was
an
Quarter—
3d
4th
Sales
Net Income
$3,454,503
$340,075
3,480,134
341,311
item of $68,662 profit on sale of se¬
curities, $58,832 applicable to the third quarter of the year.
Commercial production on a small scale of two new products was
during the year.
These products, known as
started
"Mannitol" and "Sorbitol,"
Financial
774
Chronicle
hexahydric alcohols and are manufactured from dextrose or corn sugar
base by a process developed in the research laboratories of the company.
"Mannitor' has heretofore been manufactured from the natural product
"Manna" which is imported into this country chiefly from Italy. "Sorbitol"
has heretofore been available to industry only as a laboratory reagent and
ment of
interesting commercial possibility.
These alcohols are basic products
for innumerable organic chemical processes, and encouraging progress has
been made in developing commercial uses in a number of Industries, in¬
cluding textile, paper-making, leather, printing rolls, synthetic resins,
pharmaceutical preparations and others.
This development is particularly
important as it represents the company's entry into the field as producers
of basis organiz chemicals.
V
The company's investment in Darco Corp.
(formerly International
Carbon Corp.) is now shown in the balance sheet as investment in uncon¬
solidated subsidiary company.
Through a plan of reorganization effective
March 31 1935, International Carbon Corp., previously a holding com¬
pany, acquired all the assets and business of Darco Corp. and changed its
name to Darco Corp.
At the same time, by reclassification of its capital
stock Darco Corp. reduced its capital to $652,226 represented by 18,635
shares no par value preferred stock having a stated value of $35 each and
12,907.35 shares no par value common stock having a stated value of $1
for the entire issue.
These changes enabled the company to eliminate the
deficit account as of March 31 1935, and to reduce book balue of good-will.
On consummation of the reorganization Darco Corp. funded its demand
indebtedness to Atlas Powder Co. with an issue of $310,250 of 6% serial
notes due 1940-1950, secured by first mortgage, and the accumulated
interest to July 1 1934 was funded with an issue of $213,793 of unsecured
6% serial notes.
Interest on $310,250 from July 1 1934 to March 31 1935.
amounting to $13,961 was paid in cash.
«In connection with the reorganization, Atlas Powder Co. offered to
purchase Darco Corp. preferred stock at $25 per share in cash provided
each stockholder accepting such offer assign his holdings of common stock
without additional compensation.
Atlas Powder Co.'s holdings in Darco
Corp. stock have thus been increased to 12,864 shares preferred stock,
representing 69.03% of the total issue, and to 8,612.7 shares of common
stock representing 66.73% of the total issue.
Feb. 1
tions
are
advanced
,
1933
$12,558,999
11,344,354
$1,148,251
207,261
$1,214,646
97,212
$720,069 loss$I14,263
125,332
156,336
Federal taxes.
$1,355,513
194,344
$1,311,858
187,135
$845,402
136,067
Net operating pro!
repaid
thereon,
leaving $64,965,500 of such
the outstanding obliga¬
difference representing
$12,000,000 of loans from the RFC already mentioned, was then $15,410,619.
Bond maturities of the applicant's funded debt prior to Aug. 1
1939, total $2,890,000 for 1936, $9,260,000 for 1937, none for 1938, and
$350,000 for 1939.
On Aug. 1 1939, $50,000,000 of secured notes will
mature, of which $13,490,000 are held by the Finance Corporation.
The additional loan of $5,000,000, to mature Aug. 1 1939, will be applied
against present obligations maturing as follows:
February 1936: Equipment trust of 1923, $925,000; equipment trust,
C, $558,000.
April 1936:
Equipment trust, series E, $750,000.
May 1936:
Equipment trust, series B, $543,000.
June 1936:
Cin. Ind. & Western RR., equip, trust, series C, $10,000;
Buffalo, Roch. & Pitts Ry., equip, trust, series L, $128,000; Cleve. Lorain
& Wheeling Ry., gen. mtge. 5s, $890,000; Ohio River RR., 1st
mtge.
$2,000,000; Chic. & Gt. Western RR., 5s, $196,000; total, $6,000,000.
The Chicago & Great Western RR. bonds are an obligation of the Balti¬
more & Ohio Chicago Terminal RR.
The additional loan of $5,000,000 is
desired in installments of $1,500,000 on Feb. 1, of $500,000 on April 1, and
of $3,000,000 on May 27 1936.
During the year 1936 the applicant's requirements for maturing obliga¬
tions, other than $2,000,000 of bank loans, and construction will be as
series
$8,590,556
8,704,819
Other Income (net)-.
$12,144,900
carried on short-term paper.
The total of loans and bills payable, including loans from the RCC and
1932
$9,583,623
8,863,554
1934
1935
and
$134,900 of discounts.
me
The RFC has also loaned $2,500,000 to the Alton RR., a wholly owned
subsidiary of which $1,894,632 has been extended and the remainder
repaid. Of the $65,100,400 owed by the applicant, $5,505,577 will mature on
various dates from Jan. 27 to April 29 1936, $2,494,423 on Feb. 7 1937,
$7,000,000 no April 8 1937, $5,000,000 on April 12 1937, and $45,100,400
on Aug. 1 1939.
m
M
There were outstanding on Oct. 31 1935, $4,165,000 in notes awed to the
Public Works Administration and $1,900,000 of equipment-trust obli¬
gations. As of Oct. 31 1935, $1,410,619 was owed to the Railroad Credit
Corp., maturing in 1937. Advances to the RCO by the applicant as of that
date, less credits received on account of the loans, were in the amount of
$2,719,303.
On Oct. 31 1935, the applicant owed $1,250,000 to the National City
Bank of New York and $750,000 to the First National Bank, Baltimore,
Consolidated Income Account for Calendar Years
Sales (net)
$13,086,966
Cost of sales, &c., exp__ 11,938,715
contingent authorization which
advances outstanding on Dec. 31 1935, upon which
of the applicant totaled $65,100,400, the
an
„
a
has expired without terminating in an advance of funds, and $14,600, an
authorization later Canceled.
All of the remainder, $77,110,400, has been
as a
_
previous advances, $24,500,000
1936
.
follows:
Net income
$1,161,170
457,890
($2)499,927
Preferred divs. (6%)
$42,073
($2)497,511
$709,334
$42,073
544,094
524,313
($() .75) 183,621
$124,331
249,978
$2.49
$185,022 def$685,642
241,218
234,804
Ni
$0.76
$1,124,722
502,880
RFC loans—PWA loan
x
Mortgage maturities
ConstructionTotal
Surplus
Com. shs. outstanding..
Earns, per sh. on com..
'
$203,353
249,966
$2.81
Consolidated Balance Sheet Dec. 31
Liabilities—
$
$
2,614,646
3,219,321
at par
& accrued liab—
1,257,000
1,397,000
502,210
ai cost
Aocts.
a
&
receiv.—trade..
Div.
1,956,961
16,372
61,647
48,962
lower
rec.—em pi.
Misc.
accts.
notes rec.,
and
&c-_
Current acct.
from
due
for
472,809
175,106
68,597
83,096
on
con¬
495,909
tingencies
1,839,623
2,677,327
20,215
Notes
accrued
preferred stock.
Reserve
of cost or market 2,524,708
Invent.—at
569,215
187,112
Fed. taxes accrued
796,232
notes
$
$
Accts. & notes pay.
U. S. govt, sec.Other mk 'lesec.—
1934
1935
1934
1935
Assets—
Cash
6% cum. pref. stk.
($100 par)
9,860,900
Com.
stk.
(261,438% shares no
8,714,625
4,391,550
par)..
Surplus
738,732
1,213
8,714,625
4,188,198
3,796
955,840
1,129,904
1,542,819
460,469
Secur. of unconsol.
subsidiary
b Co.'s
capital stk. 3,137,396
MiscelU invest'ts.
435,377
c
Plant property &
equipment
6,727,499
Good-will, patents,
&c
4,053,001
Deferred charges..
44,037
-
7,006,768
_
on the basis of renewal of the
maturing RFC loans, but not taking
into account the new loan of $5,000,000 applied for. This estimate indicates
that without the new loan the opening cash balance on Jan. 1 1936, of $6,-
months
at the end of the year.
The ICC concludes that the applicant should deliver to the RFC, as
collateral security for the additional loan, and previous loans, the following
additional securities:
Upon the advance of the first $2,000,000 or part thereof, Baltimore &
Ohio RR. ref. & gen. mtge. 6% bonds due in 2000, principal amount,
$1,887,000.
Upon the advance of the remaining $3,000,000 Baltimore & Ohio RR.
ref. & gen. mtge. bonds, principal amount, $2,800,000.
That the applicant should agree that all collateral security now deposited
by it with the RFC, and the additional security to be deposited in accord¬
ance with the provisions of this certificate of approval, shall
apply equally
and ratably to secure all loans now or hereafter owing to the RFC by the
applicant.
4,052,966
38,064
Earnings for December and 12 Months Ended Dec. 31
December—
Total-.-.-—-24,287,908 24,233,466
-24,287,908 24,233,466
Total
Less reserve for doubtful accounts and notes:
1935—$198,603; 1934—
$124,553.
b 1935—30,012
shares preferred,
11,472
shares common;
1934—15,513 shares preferred, 11,460 shares common,
c Less reserve for
depreciation and obsolescence: 1935, $7,010,185; 1934, $6,585,073.—V.
142. p. 616.
a
_$16,059,577
Including $196,000 for Baltimore & Ohio Chicago Terminal RR.
budget of the applicant for the year 1936 is based on an improvement
of slightly less than 5% in revenues and charging expenses with $7,440,000
for depreciation.
The applicant believes that thus sufficient funds will be
produced to meet all interest and fixed charges, substantially improve cash
position, and by the end of the year yield for
maturing
obliga¬
tions approximately $5,559,577, leaving $10,500,000 to be financed
by the
renewal of RFC loans in the amount of $5,500,000 and a new loan of
$5,000,000.
The applicant has filed a forecast of cash receipts and disbursements
by
x
The
468,463 will be reduced to $1,190,378 at the end of July and to $1,542,535
9,860,900
unconsol.
subsidiary
--$5,505,577
* 500,000
5,468,000
3,086,000
1,500,000
...
Equipment-trust obligations
1935
1934
1933
Gross from railway.._._$11,784,398 $10,525,891
Net from railway..—..
2,845,117
Net after rents
1,983,763
From Jan 1—•
Gross from railway.....141,873,643
Net from railway
Net after rents
—V. 142, p. 452.
36,409,503
24,298,957
2,692,963
1,775,121
$10,041,934
2,317,227
1,626,523
1932
$9,863,736
2,820,512
1,841,587
135,539,395 131,792,253 125,882,824
36,201,611
41,422,553
34,227,888
23,677,939
28,849,201
21,973,398
Backstay Welt Co.—Earnings—
3 Months Ended Dec. 31—•
Net profit after charges, deprec. and Fed. taxes--
Earnings per share on 81,476 shares capital stock.
—V. 141, p. 3683.
1935
$31,188
$0.38
.
1934
Bangor & Aroostook RR.—Earnings-
loss$4,831
Nil
Period End. Dec. 31—
Gross oper. revenues
Operating
Baltimore
American
Insurance
Co.
of
N.
Y.—New
expenses
Tax accruals
Director—
Operating income
Henry O. Yon Elm has been elected
a
director and a member of the execu¬
tive committee.—V. 142, p. 294.
&
Ohio
1935—12 Mos.—1934
$6,067,315
$6,167,890
3,969,370
3,926,030
510,513
528,652
Other income
$115,660
3,576
$121,965
def4,458
$1,587,432
48,558
$1,713,208
25,823
Gross income
Deductions
$119,236
61,112
$117,507
69,731
$1,635,790
762,038
$1,739,031
791,637
$58,124
$47,746
$873,752
$947,394
,
.
Baltimore
1935—Month—1934
$479,303
$483,276
318,686
315,369
44,957
45,942
RR.—Establishes
Free
Pick-Up and
Delivery Service—
Free door-to-door pick-up and delivery of less than carload freight at
Net income
-V. 142, p. 120.
all principal agency points on the company's lines, will
April 1.
nished at
be established on
There will be no distance limitation, and the service will be fur¬
these stations on shipments to or from any point in the United
States.
Where shippers and receivers furnish their
own
notify the railroad's agent that they have goods to forward.
The
agent will then arrange to have the snipment hauled to the station without
additional charge to the shipper, for rail movement to distination.
On incoming less than carload freight the - shipment is automatically
moved by the railroad from the station to the consignee's place of business.
may
Additional Reconstruction Loan—
on
29 found the company
reorganization in the public interest at this
time, and reasonably to be expected, on the basis of present and prospective
earnings, to meet its fixed charges without a reduction thereof through
judicial reorganization and approved an additional loan of not to exceed
$5,000,000 by the Reconstruction Finance Corporation.
The extension of time of payment, for a period ending not later than
Aug. 1 1939, of $5,500,000 or loans in the aggregate amount of $5,505,577
maturing from Jan. 27 to April 29 1936 was also approved.
The report of the Commission says in part:
The company, on Jan. 15 and 20 1936, filed with us an application under
the provisions of the Reconstruction Finance Corporation Act, for extension
or renewal, until Aug. 1 1939, of $5,500,000 of existing loans maturing from
Jan. 27 1936, to April 29 1936, in the aggregate amount of $5,505,576, due
from it to the RFC and for an additional loan of $5,000,000, to be applied
against equipment-trust obligations and bonds maturing on or before
June 1 1936.
On March 30, May 16, and Aug. 19 1932 and Feb. 2 1933, we approved
loans of $7,000,000, $25,500,000, $31,625,000, and $5,000,000, respectively.
On Oct. 13 1932, we approved a loan of $3,000,000 on July 28 1934, a loan
$50,000,000 and on April 6 1935, a loan of $5,000,000.
Loans totaling $127,125,000 were thus approved, of which $25,500,000
epresented authorization of the acceptance of new obligations in repay¬
Insurance
Co.—Financial
State¬
[As filed with Insurance Dept. of the State of New York]
Liabilities—
ALssctS'
Bonds and stocks
1st mtge. on real estate
Real estate
Cash
Premiums outstanding
Interest accrued
Other admitted assets
Total
Jan.
not to be in need of financial
of
Indemnity
ment Dec. 31 1935—
drayage to and from
the stations at which the pick-up and delivery service becomes effective,
an allowance of five cents on each hundred pounds will be made.
Under tnis new plan, shippers in cities and towns served by the B. & O.
The Interstate Commerce Commission
Bankers
$3,770,930
240,125
94,490
586,446
1,028,080
37,749
5,970
$5,763,791
Premium
reserve..
$1,648,504
1,911,720
210,260
Taxes, expenses, &c. payable.
85,749
Voluntary contingent reserve.
250,000
Capital
800,000
Surplus
857,558
Claim
reserve
Commissions to become due..
Total..
$5,763,791
-V. 140, p. 1475.
Barcelona
Traction, Light & Power Co., Ltd.—Earns.
[Spanish Currency]
Period End. Dec. 31—•
earns, from oper
Gross
Operating expenses
Net earnings-..
1935—Month—1934
11,371,755
3,726,139
7,645,616
1935—12 Mos.—1934
10,714,483 122,333,927 116,953,014
3,464,280
43,907,411
41 567 990
7,250,203
78,426,516
75,385,024
-V. 142, p. 120.
Beaumont Sour Lake
December—
Gross from railway
Net from railway
Net after rents
& Western
Ry.—Earnings.—-
1935
1934
1933
1932
$183,381
59,624
13,276
$134,909
22,825
defl4,321
$135,806
22,851
def22,785
$116,888
52,701
Gross from railway
Net from railway
1,773,191
.4571921
def33,410
!.362,154
282,671
def220,610
1,580,217
422,550
Net after rents
1,660,394
368,068
defl38,205
10,815
From Jan. 1—
—V. 142, p. 120.
defl56,149
Financial
Volume 142
Beloit
Bullock Fund,
Water, Gas & Electric Co.—Bonds Called—
sinking fund gold bonds, due March 1
on March 1
at 103 and interest.
Payment will be made at the Fifth Third Union Trust Co., Cincinnati.
Ohio—Y. 141, p. 3684.
A
total
1937
of $46,000
have
25-year 5%
called
been
for redemption
Bessemer & Lake Erie
r-
December—
Gross from
From Jan.
9,828,107
3,327,083
2,984,691
8,304,765
1,494,470
1,307,203
....
1932
$363,651
def23,610
def42,024
$325,708
defl92,542
defl70,277
Ltd.—Earnings—
Interest
on
bonds
$231,464
defl94,578
def211,446
stock
com.
Oil Co.
as a
divs.,
3,183
shares of Mission
on Standard
distribution
536
(N.J.) capital stock
Net cash proceeds from sale of shares
Motors Corp. common stock
of General
507
1,450
Net cash proceeds from sale of rights
1—
railway
Net after rents
6,742,869
3,748,396
1,934,003
def876,027
1,703,552 deflll8,701
$62,011
4,036
$59,445
1,161
_
Net cash proceeds from sales of regular stock
included per certificate of incorporation
Corp.
1934
1935
Years Ended Dec. 31—
Cash dividends
Net cash proceeds from sale of
1933
1934
$509,162
def2,686
4,518
'
Gross from railway
Net from
RR.—Earnings.—
1935
railway
Net from railway
Net after rents
775
Chronicle
Expenses
$52,878
54,341
def$ 1,463
1935
*
$69,231
16,352
5,871
......
_
.
$63,099
15,583
$47,516
44,645
Total income
1934
—V. 142, p. 120.
Net income.
Bethlehem Steel
Corp.—Earnings—
Gross sales and earnings.
Total inc. co. & subs
$192543,458 $167736,124
26,090,919
21,134,032
7,217,767
6,803,822
3,552,003
14,581,899
13,779,639
$5,707,411
1,744,309
$8,004,920
2,044,780
Interest charges.
3,564,114
Deprec. & depletion....
Net profit
$411,099
$0.44
$2,396,026
$2.57
Earns, per sh. onpf. stk.
Dividends
1935—12 Mos.—1934
1935—3 Mos.—1934
Period End. Dec. 31—
$550,571
$0.59
$4,291,253
$4.60
E.G. Grace, President in connection with the report states:
(amounting to $2,475,000) on the $55,000,000 consol.
mtge. 4M% bonds, series D, which were sold during July 1935, and the
amount of the premiums (aggregating $301,744 for the third quarter and
$133,112 for the fourth quarter) paid or to be paid in respect of certain
subsidiary company bonds purchased or called for redemption during the
last half of 1935 (not including interest thereon to the respective dates of
purchase or redemption) were charged to the surplus account. The expenses
incident to the issue and sale of the consolidated mortgage bonds were
The
discount
charged to the income account.
The interest charges for the fourth quarter and for the full year 1935
53^ months interest accrued upon the consolidated
mortgage bonds as well as interest upon two issues of bonds for the refunding
of which the consolidated mortgage bonds were issued and for the payment
of the outstanding balance of which cash is reserved as hereinafter men¬
Surplus
Balance Sheet Dec. 31
Assets—
..$1,371,633 $1,649,323
200,790
107,795
...
Cash in banks
due
Amt.
1934
1935
Investments
1,243
scrip. to cap.stk.
the year amounted to
compared with $157,340,326 for 1934.
The estimated value of orders on hand Dec. 31 1935, was $74,015,251
The total amount of new business booked during
$210,033,300
as
compared with $63,576,027
$56,817,681 on Dec. 31 1934.
as
at the
end of the previous quarter, and
production averaged 43.9% of capacity during the fourth quarter as
compared with 37.8% during the previous quarter and 39.8% for the entire
year as compared with 34.9% for the previous year.
Current steel pro¬
duction is approximately 44% of capacity.
The cash expenditures for additions and improvements to properties in
1935 amounted to $24,366,530.
The estimated cost to complete con¬
struction authorized and in progress as of Dec. 31 1935, was $4,119,047.
The net reduction daring the year in funded debt (including real estate
mortgages and treating as retired the two issues of bonds for which cash is
reserved as hereinafter mentioned) was $14,941,495.
Cash and marketable securities, valued at the lower of cost or market, as
of Dec. 31
1935, amounted to $31,819,219, not including
$40,940,000
reserved (out of the proceeds of the sale of consolidated mortgage bonds
above referred to) to pay $23,618,000 Midvale Steel & Ordnance Co. 5%
bonds, due March 1 1936, and $17,322,000 Bethlehem Steel Co. purchase
money & improvement mtge. 5% bonds, due July 1 1936. The correspond¬
ing amount of cash and marketable securities as of Dec. 31 1934, was
$50,874,981.—V. 142, p. 617.
&
Decker
Co.—New
Mfg.
Directors—Meeting
897
Income
for 3 Months Ended Dec. 31
Prov. for org. exp.
$1,038,945
Net profit after deprec.,
—V. 142, p. 617.
$689,313
178,328
Federal taxes, &c
52,818
Laughlin, Inc.—Ap-plication Approved—
Bliss &
Chicago Stock Exchange has approved the application of the com¬
list 161,680 shares of capital stock, $5 par, 151,680 shares to be
admitted to trading upon notice of registration under the Securities Exchange
The
pany to
Act of 1934.—V. 141, p.
Blue Ribbon
4160.
Corp., Ltd.—Accumulated Dividend—
share on account
pref. stock, par $50, payable Feb. 1
to holders of record Jan. 28.
Simiiar distributions were made in each of
the 16 preceding quarters, prior to which regular quarterly disbursements
of 81M cents per share were made.—V. 141, p. 2879.
The directors have declared a dividend of 50 cents per
of accumulations on the 6H%
Boston & Maine
cum.
RR.—Earnings—
Period End. Dec. 31—
Operating revenues
Net oper. revenues
Net ry. oper. income—
1935—12 Mos.—1934
1935—Month—1934
$3,801,578
1,382,624
1,025,316
$3,^90,540 $43,624,737 $42,155,612
1,567,856
11,075,462
11,283,342
1,190,116
6,617,918
6,893,515
164,909
145,953
1,152,236
1,030,145
$1,190,225
635,398
$1,336,069
637,120
$7,770,154
7,563,390
$7,923,660
7,630,167
$554,827
$698,949
$206,764
ceipt of stk. of a
predecessor corp.
for exchange
Prov. for Fed. inc.
Gross income
Deductions
Net income
—V. 142, p. 121.
Total
no
par
an
value, payable March 2 to holders of record Feb. 8.
each of the four quarters of 1935 and
per share distributed previously each three months.
In addition
dividend of 25 cents was paid on Dec. 30 1935 and an extra of 60
extra
cents on Dec. 29 1934.—V. 141, p.
31—
Gross earnings.
Operating
*
*
expenses
Burlington & Rock Island RR.—Earnings.
1935
December—
1,205,916
1,286,745
14,144,485
14,616,593
~$U421,736
earnings
$1,183,267
$16,077,272 $16,075,822
Before depreciating and amortization.—V. 141, p. 4161.
Net
Bridgeport Machine Co.—Accumulation Dividend—
dividend of $1.50 per share on account
$100. payable Feb. 28 to
made on Jan. 30, and com¬
of accumulations on the 7% cum. pref. stock, par
holders of record Feb. 20.
A like payment was
with $1 paid on Oct. 31, Aug. 30, July 30, May 31 and April 30 1935,
$2 per share paid on March 25 and Feb. 25 1935, and $1 per share dis¬
tributed on Jan. 25 1935 and each month from Jan. 2 1934 to Sept. 29 1934,
incl.
In 1933 the company distributed $1 per share on Oct. 10 and $1.75
on Jan. 1.
In 1932 the company only paid two quarterly dividends on the
above issue, the Oct. 1 and July 1 payments having been passed.
Accruals as of Jan. 1 after payment of the Feb. 28 dividend will amount
to $3.25 per share.—V. 142, p. 295.
pares
British Columbia Power Corp.,
Period End. Dec. 31—
Gross earnings
Operating expenses
Net
earnings
—V. 141, p.
$84,243
10,737
def6,491
791,543
defl22,399
959,678
148,013
def37,376
Ltd.—Earnings—
1935—Month—1934
$1,221,946
$1,170,847
1935—6 Mos.—1934
$6,868,822
$6,456,503
777,668
737,603
4,636,628
4,307,972
$444,278
$433,244
$2,232,194
$2,148,531
4012.
$80,211
5,328
defl2,827
.
def283,443
1,023,736
114,082
defl09,283
—V. 142, p. 121.
Bush Terminal Co.—Seeks Interest
Payment—
United States District Court Judge Robert Inch has granted an order to
bonds due
1955 as to why the trustees for the company should not
to the protective committee for the consolidated mortgage
be
5%
15% and thereafter
order is returnable
Feb. 4. Unpaid interest on the bonds to Jan. 1 1936, amounted to $994,350.
.E. A. Potter Jr., is Chairman of the protective committee for the 5%
consolidated mortgage bonds.—V. 142, p. 619.
show
cause
directed to pay interest accruals amounting to about
maintain payment of coupons as they mature.
The
Co.—Financing Plan Fails—
The proposed financing plan, whereby the company offered one snare of
for each share held as of April 19 1935, with the privilege of sub-
common
scribir.g to five times the number of shares held, has failed, according to
James A. Wayne, Secretary and Treasurer, due to lack of support from
hopes to secure the consent of the New
Exchange and the Securities and Exchange Commission to
workable plan of refinancing.
If this cannot be satisfactorily
accomplished, the directors will consider either division of the company's
"Silver Belt" claims into groups and passing control of such groups to other
interests, or passing control of the whole property, or the sales of certain
groups in the area.
Mr. Wayne states that the best interests of stockholders would be served
by financing the complete development of the company's Galena mine, and
the equipping and further development of its Interstate mine by the sales of
treasury stock, of which the company has 1,252,482 shares out of 2,000,000
In the near future, the company
York
Stock
present a
in the treasury.
The directors also have been forced to allow the option on the Goldstone
according to the Secretary, but it is not believed that the
company's $48,000 note given in connection therewith is collectible.
However, toe reports of three prominent mining engineers declare that
the company's properties can be worked profitably and it is hoped that some
refinancing plan can be devolved.
The report for the year ended Dec. 31 1935, shows that current assets
at close of the period, amounted to $3,340 and current liabilities $28,834
compared with current assets of $11,674 and current liabilities of $91,121
including $73.000 notes payable, at end of 1934.
Total assets as of Dec. 31
1935 were $4,187,477 against $4,248,850 on Dec. 31 1934.
Capital surplus
was $6,873,486 against a similar amount on Dec. 31 1934, and deficit from
operations amounted to $3,506,117 compared with dificit of $3,440,349
at the end of 1934.—V. 141, p. 269.
claim to expire,
Cambria & Indiana
December—
From Jan.
RR.—Earnings.—
1935
$111,018
37,192
114,714
•
1933
1934
1932
$90,564
def2,690
58,437
$98,541
35,821
87,655
$119,020
50,297
103,404
1,046,514
1,186,843
384,775
949,124
1,126,186
346,934
842,451
1—
1,132,262
222,843
838,052
Gross from railway
Net from railway
Net after rents
13,509
657,824
—V. 142, p. 121.
Hydro-Electric Corp., Ltd.—Defers Pref. Div.
held on Jan. 24 decided to defer the payment
cumulative first preferred stock.
Previously
$1.50 per share had been distributed up to
141, p. 3685.
The directors at a meeting
of
a
dividend
on
the
6%
regular quarterly dividends of
and including Dec. 2 1935.—Y
Canadian National Lines in New
England.- •Earnings.
1935
$102,417
7,445
def47,742
1934
$86,328
10,589
def27,976
1933
1932
$78,856
def45,463
def90,464
$72,559
def23,576
def72,267
1,140,220
def235,801
def824,179
1,053,675
def226,263
def790,269
1,039,090
def228,097
def815,522
1,166,816
def243,448
def906,207
December—
Gross from railway
Net from railway
Net after rents
From Jan 1—■
Gross from railway
Net from railway
Net after rents
—V. 141, p. 4161.
Canadian Pacific
Period End. Dec. 31—
Gross earnings.
Working expenses
Net
profits...
Ry.—Earnings—
1935—Month—1934
1935—12 Mos—1934
$11,581,266 $10,705,780$129,678,904$125,542,954
8,275,252
7,534,371 107,281,380 101,158,931
$3,306,013
$3,171,408 $22,397,523 $24,384,023
Earnings of System for Third Week of January
1936
1935
Gross earnings
$2,168,000
$1,955,000
Increase
$213,000
—V. 142, p. 619.
Carlton & Coast RR .—Abandonment—■
Brooklyn Edison Co., Inc.—Changes in Personnel—See Consolidated Gas Co. of N.
.
1—
Gross from railway
Net from railway
Net after rents
Light & Power Co., Ltd.—Earnings
a
1932
1933
1934
$61,613
defll,262
def23,247
865,328
defl31,135
def326,620
Net after rents
From Jan.
'
$75,781
3,139
defl2,540
Gross from railway
Net from railway
4012.
1935—Month—1934
1935—12 Mos.—1934
$2,389,183
$2,708,481 $30,221,757 $30,692,415
The directors have declared
corporations are stated'at
consolidation dated Nov. 10
Note—Investments acquired from predecessor
Canadian
Brazilian Traction,
Period End. Dec.
260,074
1932; additions thereto are stated at cost. The aggregate amount of invest¬
ments indicated by Dec. 31 1935 market quotations was $1,752,860.—V.
142, p. 454.
share on the com¬
This compares with 25 cents paid in
10 cents
142,195
1,351,876
114,896
$1,579,896 $1,766,777
Total
the "lower of cost or market," per agreement of
Net from railway
Net after rents
(E. J.) Brach & Sons—Increases Dividend—
stock,
$1,579,896 $1,766,777
1,024,690
415,526
Cap. stk. ($1 par).
Capital surplus
Earned surplus
Gross from railway
The directors have declared a dividend of 30 cents per
mon
8,253
tax
$293,493
Other income
3,478
153
Divs. pay. upon re¬
stockholders.
1934
1935
Net sales
7,988|
stk. & oth. taxes
5,913
3,162
7,516
Callahan Zinc-Lead
until Feb. 27.
753
2,811
1,687
Deferred charges
Adjourned—
Henry L. Brunce and Dorsey Richardson have been elected directors.
The special stockholders' meeting which was called for Jan. 27 to amend
the charter for an increase in the outstanding stock has been adjourned
ac¬
crued expenses..
5,786
& bond int. accr.
Steel
Black
&
pay.
$2,331
$2,567
for liquid'n
Prov. for Fed. cap.
Cash divs. receiv'le
included approximately
tioned.
surr.
Accts.
sub-
on
Liabilities—
Pay.for cap.stock
Y., below.—Y. 141, p. 2879.
The Interstate Commerce on
company
to abandon that part
Jan. 15 issued a certificate permitting the
of its line of railroad extending from Cedar
776
Financial
Chronicle
Feb.
1936
1
Balance Sheet Dec. 31
Assets—
Nov.
5s
1,884,844
293,174
293,174
66,326
5,046
40,354
Accr'ls & def. debs.
6,012
6,043
stk., cl. A,
4,910 shs. (cost)
Non Detachable Warrants for the
purchase of Common Stock)
Total
Res. for taxes, &c.
Carriers & General
all in Yamhill
County,
on
on
1934
1933
1932
$142,635
78,996
$104,346
40,867
$167,164
$221,631
61,899
1,668
$145,304
54,328
$129,759
$158,064
$90,977
$129,480
355,197
896,954
2,750,533
1,694,287
$225,438
111,869
$738,890
111,868
$2,659,556
111,868
14,110
92
Operating income
Net
x
loss
sales
on
Net oper. loss for year
Dividends
x
$181,274
51.794
of
securities
The basis for computing cost of securities sold is that of
average cost.
Surplus Account for Year Ended Dec. 31
140,
p.
'
1934
1933
Capital surplus balance Dec. 31
$14,137,623 $14,137,623 $14,137,623
Operating deficit balance Dec. 31—
7,812,677
6,961,919
4,190,494
Assessment
for
Fed.
transfer
taxes
4,021
225,438
111,869
738,890
111,869
2,659,556
111,869
$5,983,618
Dividends declared
$6,324,946
$7,175,705
—
Balance Dec. 31
Assets—
1935
1934
Invest, at cost—
Stocks
Bonds
—
Liabilities—
1935
Dividend payable.
85,504,289 $5,647,332
738,460
648,436
Cash in bank
2,185,283
paying agent...
sec.
Central RR. Co. of New
all in Cumberland
Acer. int. on bonds
December-
1935
15-year
Miscellaneous
1932
$2,339,187
532,166
37,786
$2,461,887
609,199
133,515
29,522,639
8,059,967
2,192,693
x
29,022,116
8,774,323
3,060,752
27,401,329
7,752,738
2,253,768
30,357,469
8,174,777
2.507,298
18^091
$8,658,314 $6,923,560
x
1935
2,061
559,343
6,324,946
$8,658,314 $6,923,560
y
1933
y$390,349
$102,824 loss$161,197
on
1935
expenses
Other income
Other expenses
Income charges
Bonus to employees
Federal income taxes
$1,214,454
790,656
$520,946
142,093
Cr24,480
94,531
5,039
9,110
40,224
Gross profit on sales
1934
$1,484,893
963,947
Cost of sales
$423,797
103,188
Cr21,714
71,282
10,886
$254,428
386,781
Surplus at beginning.
$641,210
3,255
Additional taxes, prior years.
Surplus, end of period
Earnings per share on 536,892 shs. capital stock...
1935
Cash
Accts.
1934
$181,748
$63,966
267,291
109,727
341,204
190,840
9,548
94,069
296,888
3,149
$637 954
$0.47
140
4,211
$162,051
$86,593
$80,169
$91,457
39,106
5,949
Dr2,157
Dr265
828
723
partic. shares..
$201,985
201,433
$93,264
92,436
$78,012
78,171
$91,191
90,314
$552
$828
def$159
$877
Net income
Reserve for dividends
379,500
1,300
$224,874
161,907
Divs.
on
Capital Accounts for the Year Ended Dec. 31 1935
Proceeds from issue of shares, balance Dec. 31 1934
For the year 1935
6,943
Insurance
$386,781
$0.42
1934
$101,220
$68,777
Income
28,249
18,497
40,224
536,814
637,954
37,035
536,814
386,781
taxes
payable
Capital stock
Surplus
Processes, patents
and good-will at
cost
Investments
$1,344,462 $1,047,9071
Central National
State franchise tax
Federal capital stock tax
Remainder
Net realized profits on security trans¬
...
Net profit
Previous balance
Total surplus
Adjustments
Provision for reserves
Surplus, Dec. 31
Provision for Federal income taxes.
y
Repre-
408,308
$1,497,950
Assets—
1935
Casualty nsur_.
1934
Fire insurance
1,903,118
$79,136
368,868
1934
$2,494
$622
129,375
on
295,861
partic. shares.._
Shares outstand.
7,496,006
52,190
3,735,016
552
828
979,887
300,478
243,652
banks
1935
expenses.
Reserve for div.
Undistributed inc.
842,873
1,338,104
C89.126
N. Y. banks and
cos
Liabilities—
Accrued
$233,488
4,572,304
a
and
trust cos
Cash
60,355
27,348
41,790
rec.
40,694
Accts. rec. for sales
of shares
Total
$7,628,427 $3,788,656
Total
$7,628,427 $3,788,656
a 287,500
(130,475 in 1934) participating without par value and 287,500
($130,475 in 1934), ordinary, without par value,
b Market value $7,776,938 in 1935 and $2,541,845 in 1934.
c On deposit with
Brown Brothers
Harrman & Co.—V. 142, p. 296.
Paper
&
Fibre
Co.-
-Plans
to
Issue
New
1935
$100,857
84,657
2,056
1,836
$111,435
$12,308
loss$8,425
$4,121
135,294
32,370
72.335
$147,602
$23,945
63,847
$76,455
12,392
$87,792
I 1,344
$88,847
$86,448
$63,847
86,448
*1L193
$222,857
filed a registration statement with the SEC at Wash¬
Securities Act of 1933, covering 25,000 shares of 6%
common.
The securities
stock on the New York Stock Exchange.
proposed pulp mill, to cost between $3,000,000 and
$4,000,000,
ship its output of 45,000 to 50,000 tons a year by
waterways to
Cincinnati for trans-shipment by rail to the Hamilton
paper plants.
The company plans to sell 78,381 shares of
common, 75,000 newly-issued
shares and 3,381 from the company's treasury.
This, it is estimated will
yield $1,500,000.
An additional $1,750,000 will be raised by sale of 17,500
shares of preferred.
Any additional costs, the company states, would be
common
1933
$79,797
84,184
2,039
2,000
$234,050
the
corporation also will be asked of stockholders, to facilitate listing of the
1934
i,
under
cumulative preferred stock and 100,000 shares of
are to be offered publicly around Feb.
13.
Authorization to make several changes in the
company's articles of in¬
Corp.—Earnings—
Expenses
year
$1,089,642
The company has
..-$1,344,462 $1,047,907
After depreciation of $140,995 in 1935 and
$99 ,990 in 1934.
141, p. 4162.
Years Ended Dec. 31—
Income from int., divs., commis., &c_
x
Change during the
ington
Total
6ented by 536,892 shares.—V
actions
bid prices of investments at
Dec. 31 1934
Excess of quoted bid prices over cost of investments at Dec.
31
1935 less $86,000 allowance for taxes
The stockholders will vote Feb. 6 on authorizing the issuance of
addi¬
tional securities to finance construction of a wood pulp mill at
Houston,
Texas
Corp. of Canada
x
$7,496,006
Securities—
Advances to Catlln
Total
Dr49,518
Champion
Ltd
-
Balance of capital accounts
Note—Excess of cost over quoted
Other
3,355
Inventory
x Mach'y & equip't
Prepaid rent and
—
acceptances
payable
Fed.
$5,441,904
3,810,508
$9 252 412
Credit resulting from retirement of shares at less than
average
paid-in value thereof at dates of purchase, balance Dec. 31
1934 and 1935
964,448
Balance of profit & loss from sales of securs., balance Dec. 31 *34
Dr2.671,336
For the year 1935
trust
1937
payable-
_
Balance of undistributed
income
Life insurance..
$386,781
383,539
1,300
Accounts
on
participating shares.
Accrued divs.
Liabilities—
Trade
53,597
$95,809
200
6,176
b Invest, at cost:
4,399
receivable.
less reserve
Notes receivable
$86,544
200
7,016
Balance Sheet Dec. 31
35,280
Comparative Balance Sheet Dec. 31
Assets—
$93,809
280
—
America—Earnings—
Years Ended Dec. 31—
Net sales.
Selling and administrative
$93,433
2,375
14,643
expenses.
1932
120,000 shs. cap. stock
$2.90
$3.25
$0.85
def$1.34
x Includes
treasury stock,
y Including $86,040, representing proceeds
from life insurance, less cash surrender value
previously recorded.—Y. 141,
p. 2583.
'
Catalin Corp. of
1932
$84,667
1,876
was
Represented by shares of $1
1934
$348,407
1933
99
2,000,000
after deprec.,
and Federal taxes
Earns,
per share
1934
$93,710
$176,975
(A. M.) Castle Co.—Earnings—
prof,
1935
Trustee's fees
Operating
25,703
559,343
5,983,618
Total
At Dec. 31 1934, $3,981,668.
value.—V. 141, p. 4161.
Years End. Dec. 31—
The company has filed a registration statement with the Securities and
Exchange Commission seeking to issue 400,000 participating shares. Offer¬
ing at a price of around $30 a share would be made Feb. 18, with Brown
Harriman & Co., Inc., of Boston, as the underwriters.
7,574
The aggregate market value as of Dec. 31 1935 of securities
owned
Net
—V. 142, p. 122.
Undistributed income.
1 1950
Capital stock
$4,626,398.
par
Net after rents
From Jan. 1—
Gross from railway
$176,975
debs,
Surplus
Total
'f
1933
$2,426,211
774,161
186,768
$2,535,348
....
Interest received.
1,668
5%
due Nov.
y
1934
684,149
115,232
Gross from railway.
Net from railway
43,590
tax
14,042
7,137
14,241
Jersey—Abandonment—
County, N. J.
Prov. for Fed. inc.
18,131
168,023
Represented by 55,000 no
Earnings for December and 12 Months Ended Dec. 31
Calendar Years—
not yet rec
30,181
Deferred charges..
$27,967
Prov. for Fed. cap.
stk. & oth. taxes
27,967
27,967
20,050
Receiv. for sec. sold
1934
$27,967
pur.
530,333
Cash dep. with dlv.
Dividends receiv..
for
Pay.
c
Century Shares Trust—Files with SEC—
Balance Sheet Dec. 31
x
shares,
The Interstate Commerce Commission on Jan.
15 issued a certificate
permitting the company to abandon that part of its line of railroad extending
from a connection with the wye, just south of Greenwich station, in a
southerly direction to its present terminus at Bayside, about three miles,
Net from railway.
Net after rents
i
■
paid under protest.
Operating loss for year (as above)
3.0%
13.6%
965.
__
1935
of Total
Capital
47.1%
%
The company has called for redemption on April 1 1936 at the office
of the corporate trustee. Bankers Trust Co., 16 Wall St., New York, N. Y.,
all of its outstanding $7,178,500 first and
refunding mortgage 5% gold bonds
due April 1 1943, at 105 and accrued interest, after which date interest
on tue bonds will cease.—V.
142, p. 455.
$1,564,806
140,005
call loans and
bank balances
Expenses.
$2,546,431 $2,380,002
Central Illinois Light Co.—Bonds Called—
1935
bonds
1,125,213
86,448
$1,171,263
73,989
337,403
par
$139,153
54,042
stocks
137,500
1,125,213
222,857
Capital surplusUndivided profits.
$2,546,431 $2,380,002
par shares.—V.
Corp.—Earnings—
$193,195
63,436
Interest
Interest
on
l.ooo'ooo
137,500
The aggregate market value of these securities as of Dec. 31 1935, was
$2,133,339.
If the appreciation of $550,684 over book value were realized,
the taxes thereon, at 1936 rates would amount to approximately $114,000.
b Represented by 50,000 no
[Formerly International Carriers, Ltd.]
Calendar YearsCash dividends
6,772
Common stocks
Preferred stocks
Bonds
1-752
miles,
1,000,000
Class B stock
Value
Street, New York
Creek Junction to Tillamook Gate, 3.841
Ore.—V. 135, p. 4211.
20,373
b Class A stock...
c
Book
Members New York Stock Exchange
A. T. & T. Teletype N. Y.
1934
$30,841
securities
for
pur.& sects.pay.
This item comprises.
a
EASTMAN DILLON & CO
15 Broad
Due
Treas.
1950
1935
$40,488
Liabilities-
$148,814
al,582,655
Securities
Accts. & notes rec.
(With
1934
$593,218
Furn. & fixtures..
CARRIERS AND GENERAL CORPORATION
debenture
1935
Cash
103,137
1,902
2,275
25",555
The
would
met
out
of current funds.
An additional
21,619 shares of common would be offered to the
public
100,000 shares.
This will be done to facilitate
the New York Stock Exchange, the company states.
The 21,619
shares will be obtained from members of the Rhomson
family (who control
the company through majority stock
interests) and other large holders
The company says the shares to be acquired from the
Thomson family
6% of
in order to raise the total to
listing
on
represent
their common stock holdings.
The directorate of the company will be increased
to
nine from
seven
the date of annual meeting will be made the second
Tuesday of October
and other minor changes in regulations will be voted on.
Financial
Volume 142
E. Hutton & Co. and Goldman,
It is understood that W.
Sachs & Co.
will be the
principal underwriters.
[Further details regarding the company were given in V.
V. 141, p. 3854.
common
744,836 shs.
1,938,655
1,975
771,989
1,075
84,700
—
118,800
B stock
A stock
Electric Shareholdings Corp. preferred stock
Atlas Corp. warrants
Blue Ridge Corp. common stockDetroit Edison Co. common stock
shs.
shs.
shs.
shs.
shs.
shs.
800 shs.
■---
62,205 shs.
stock--
General Realty & Utilities Corp. common
for the securities listed above, plus
receivable, less current and accrued
liabilities and reserves, make a total of $37,364,239, compared to $17,569,193 at Dec. 31 1934.
In the judgment of directors, such market prices
do not adequately reflect the actual value of the corporation's security
The market prices on Dec. 31 1935
the cash on hand and cash dividends
holdings.
1935, 298,041 shares, on Sept. 3 1935, 197,000 shares and on
1935, 1,111,271 shares of common stock of Shenandoah Corp.,
$1.80 per share, were delivered by the corpora¬
On June 10
Nov.
20
under contract of sale at
and
tion
payment therefor, aggregating $2,891,362, was received.
sale of the corporation's entire holdings of common
'
for
contract
The
stock
of Shenandoah Corp. has been completed.
. In November 1935, the corporation received
11,720 shares of its own
common stock as a distribution by Blue Ridge Corp.
This stock is being
held in the treasury.
The amount of outstanding capital was adjusted
accordingly and the value involved was not included in income.
Consolidated Income Account
1933
1932
$2,232,138
$776,632
$1,299,925
302,852
$776,632
$1,012,585
$1,602,777
$2,355,812
1934
Cash divs. and interest-
12,776,551
2,831,177
641,697
...
after rents
Net
622,754
int.
taxes,
exps.,
Chicago Great Western RR.—Earnings.—
$1,418,155
678,974
478,171
after rents
—V.
377,404
169,430
$1,134,939
458,631
267,817
$1,139,059
211,738
def36,014
15,491,939
4,200,222
1,340,269
14,575,180
4,253,067
1,280,914
15,159,440
3.544,150
403,778
1—
Gross from railway
Net from railway
Net
$1,197,052
15,616,643
4,025,555
1,307,386
Net after rents
From Jan.
Reduction in
123,673
142, p. 296.
;
.
:
,
426,952
134,169
872,972
1935
December—
Gross from
$1,353,930
def3,145,783
Net deficit
Balance Jan. 1
$2,026,076
$2,312,258
13,497,619
Loss
8,863,568
12,462
5,909,154
Cr7,005
Valued
at
Q^l
56,903
81,085
3,248.356
925,081
2,974,212
851,601
820,030
804,488
railway
Net from railwayNet after rents
dividend record dates,
prices following respective
market
31
Consolidated Balance Sheet Dec.
1935
§
$
46,093,206 45,580,503
b Investments
$
Liabilities—
5%
1934
S
debens.
1948.14,094,000 14,597,000
conv.
series due
andoah Corp
2,065,212
Cash
dl9,785,364 Optional 5H %
debs., series due
1,173,209
23,099,000 23,099,000
722,896
735,471
1954
receiv¬
186,209
187,809
able
$805,489
276.513
From Jan.
151,962
Int. accr. on
debs
1,208,749
853,876
Reserves for taxes
.
Res. for conting
a
71,951
138,544
752,000
cl04,932
149,392
752,000
liabilities
deben-
tures
31,175,548 31,187,277
Capital
Excess of par
value
held
in treasury
498,573
21,396,239
Deficit
Feb.
on
10.
49,200,103 67,934,033
Total
498,573
3,145,783
7% preferred stock, issue of 1912, cumulative (par $100), 75,433 shs.;
preferred stock (par $100), preferred stock 6% series, 101,240 shs.;
preferred stock, optional dividend series, 15,788 shs.; convertible
preferred stock, option series of 1929, 36,561 shs.; common stock ($1 par),
10,130,634 shs. (10,130,642 shs. in 1934).
b Investments, at average cost,
including valuation placed by the board of directors upon stock dividend
received (carried to surplus),
c Includes accounts payable,
d The 1,606,312 shares of common stock of Shenandoah Corp. are deposited under
a contract for sale on June
10 1935 at $1.80 per share (or an aggregate of
$2,891,361), which price may be increased under certain conditions.
Dur¬
ing 1933 and 1934, 500,000 and 550,000 shares, respectively, were sold,
and the loss realized, computed on the basis of average book value, was
charged off.
48% of the book value at which Shenandoah Corp. common
stock is carried involved no cash outlay, but resulted from valuation prin¬
cipally in respect to common stock of this corporation acquired from it by
Shenandoah Corp.—V. 141, p. 1928.
Charleston & Western Carolina
1935
December—
$152,387
35,637
Gross from railway
Net from railway
31,861
after rents
1,943,368
506,862
326.335
after rents
on
Jan. 29 declared a quarterly dividend
of 37M cents per
common stock, par $5, payable March 2 to holders of record
This compares with regular dividends of 25 cents per share pre¬
Earnings for December and 12 Months Ended Dec. 31
1935
1934
1933
1932
$7,789,402
$6,708,923
$6,257,169
$6,581,513
1,821,938
1,163,420
1,042,256
1,326,470
Net after rents
942,846
306.715
279,904
287,475
From Jan. 1—
1
Gross from railway
92,473,793
87,859.792
85.495,220 84,900,833
Net from railway
16,057,276
18,204,245
20,898,379
12,822,714
Net after rents
4,723,983
6,539.054
8,597,319
def518,116
Gross from railway
Net from railway
—-V. 142, P. 620.
Chicago & North Western Ry.—Earnings.—
Tipppmhpr
1933
$150,291
43,174
40,889
1,904,330
576,845
381,262
1,888,221
627,383
435,489
Insurance
$123,806
21,532
19,292
1,633,908
328,375
Co.— -Finaacial Statement
Reserve
Interest accrued
-
Capital
Surplus
500,000
707,779
$1,207,979
Total
$1,207,979
Chesapeake & Potomac Telephone Co. of Baltimore—
Preferred Stock Called—
has called for redemption on April 15, $3,000,000 7% pre¬
ferred stock at $110 per share and accrued dividends.
The company has
declared regular dividends on the stock up until the redemption date.
Checks covering the redemption of all stock certificates properly assigned
and delivered will be maileu to holders beginning April 15.
siM
Officials of the company stated that no new financing of a permanent
nature is contemplated at this time.—V. 140, p. 4065.
The company
Chicago Burlington & Quincy RR.- —Earnings.—Tl
December—
Gross from railway._u-_
Net from railway
after rents
1935
1934
1933
1932
$7,289,326
1,915,558
1,175,789
$6,330,189
1,619,527
1,050,470
$6,226,974
1,405,064
1,254,436
$5,955,778
1,363,399
641,775
82,925,209
20,380,825
10,228,355
80,288,159
22,280,177
12,650,936
78,496,975
24,135,376
13,491,225
79,543,629
1—
Gross from railway
Net from railway
after rents
122.
1 Q**9
$5,392,395
953,733
77,345,496
11,996,917
75,893,418
14,081,598
73,394,501
15,679,532
72,491,521
11,887,101
3,578,483
5,202,104
6,031,714
1,422,836
21,026,025
9,592,497
37*.581
1—
Net from railway.
Net after rents
142, p. 456.
Chicago Railways—Interest—
2Y% will be paid on Feb. 1 1936 on the first mortgage 5%
gold bonds, due Feb. 1 1927 (stamped as to 25% partial redemption),
upon presentation of bonds for endorsement of payment.—V. 142, p. 296.
Interest of
Chicago Rock Island & Gulf Ry.—Earnings.—
1933
1934
1935
December—
$332,971
81,320
Gross from railway
Net from railway
$282,163
43,257
$299,255
78,034
defl3,811
213
def26,312
3,914,000
1,057,443
3,633,188
840,630
84,360
def48,845
Net after rents
1932
$258,590
48,505
def27,604
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p.
1935
Gross from railway
Net from railway
Net after
3,416,409
860,314
def291,715
3,996,248
1,279,200
397,350
122.
rents
1—
Ry.—Earnings.—
1934
1933
$5,339,694
237,423
def212,973
$4,709,867
306,859
defl00,451
$4,695,615
596,489
86,185
63,202,855
6,228,922
defl023,558
63,328,500
9,245,869
1,727,645
61,432,040
11,552,739
3,289,282
1932
$4,882,313
687,379;
247,561
From Jan.
Net from railway
Net after rents...
Earnings
Equipment rents.Joint facility rents
Net ry. oper.
$5,672,665
5,353,923
215,000
1,079
187,410
128,012
66,783,779,
13,159,404'
3,650,879
of System
1935—Month—1934
Period End. Dec. 31—
Railway oper. revenue._
Railway oper. expenses.
Railway tax accruals
Uncollect, ry. revenue--
$200
for taxes
185,631
5,848
Cash
103"}
$5,334,066
926,568
183,369
157,692
Liabilities—
$1,017,000
TQt4
$5,485,379
1,065,018
417,338
December—
1932
Dec. 31 1935—
Total.
Jan.
Gross from rail way
r
Oak Fire
"IQ'-I'i
$6,329,669
1,066,208
643,292
•
Gross from railway
Net from railway
Ry.—Earnings.-
1934
$139,130
32,751
30,750
122.
U. S. govt, bonds
—V. 142, p.
def21.083
the
Chicago Rock Island & Pacific
1—
Net from railway
Net
210,703
Gross from railway
Gross from railway
From Jan.
7,916,338
1,458.923
deflll.763
being made on account of the July 1 1935
on the Chicago Milwaukee & St.
Paul Ry. bonds mentioned:
(a) $13.33 per $1,000 on gen. mtge. 4s, series A.
(b) $11.67 per $1,000 on gen. mtge. 3>£s, series B.
(c) $15.00 per $1,000 on the gen. mtge. 4j^%, series C.
(d) $15.00 per $1,000 on the gen. mtge. 4^s, series E.
(e) $15.83 per $1,000 on the gen. mtge. 4%s, series F.
a
serial
Net
101,019
7,228,716
1,483,659
The following payments are
49,200,103 67,934,033
Total
convertible
Charter
37,811
7,427,499
1,259,186
119,800
coupons
—V.
142. p.
$575,582
159,750
122.
The directors
share
From
over
cost thereof
—V.
8,255.917
1,626,886
Net after rents
of pref. stks
Net
$614,785
194,135
$618,864
161,505
' 488,726
1—
Gross from railway
Net from railway
—V. 142, p.
1932
1933
1934
1935
Gross from railway
Net from railway
Miscellaneous accr.
dis¬
'
From Jan.
231,512
1,003,023
—V. 142, p. 122.
December—
1935
1934
Com. stk. of Shen¬
Net
2,058,561
388,525
3,026,349
1,096,678'
Chicago Milwaukee St. Paul & Pacific RR.—Interest
Payments—
C6iV0(l
count on
66,181
'
From Jan. 1—
Gross from
210,000
31-.edef$21,396,239df$3,145,783 b$4,320,H7 b$8,863,568
credits accumulated from valuation of
above valuation of stock dividends to
market prices at close of year, applied in reduction of book value of invest¬
ments.
d Special appropriation of balance of above valuation of stock
dividends, applied in reduction of book value of investments,
e After
applying credits, in prior periods, from valuation of stock dividends re-
Unamortized
124,290
'
viously distributed each three months.
In addition an extra dividend of
50 cents was paid on Jan. 20 1936 and on Jan. 21 1935, and extra dividends
of 12 Y cents were paid in each of the four quarters of 1935.—V. 142, p. 456.
b Consisting mainly of balance of
stock dividends,
c Reduction in
Dividends
1932
$238,526
70,433
$286,583
118,169
800,544
2,913,288
contingencies
a
$266,706
85,873
2,514,837
——
16,896,537
Adj. applic. to pr. period
Transferred to res've for
Balance Dec.
•
15,000
deb. purchased
sale of securities
on
on
.
Chicago Mail Order Co.—Quarterly Div. Increased—
$1,563,751
4,320,117
11
Miscellaneous credit
•
1933
1934
i
$272,035
'
73,195 /
railway
Net from railway
Net after rents
2,097,969
—-—,
•
Chicago & Illinois Midland Ry.—Earnings.—
Net after rents
d Special appropriation.
Profit
2,435,931
2,328,928
364,446
value of
stock dividends
1932
1933
1934
1935
December—
Gross from railway
Net from railway
December—
2,211,890
2,130,562
and discount
c
12,218,449
12,189,973
2,617,391
1,543,581
207,297 def1283,337
—V. 142, p. 456.
Net after rents
Total income..
Oper.
.'
■
.
.
Chicago Indianapolis & Louisville Ry.—Earnings.—
for Calendar years
$364,446
648,139
1935
Stock dividends
a
Gross from railway13,431,904
Net from railway
2,804,771
$1,020,995
159,960
def64,961
$1,038,792
260,994
87,853
$1,124,433
404,286
260,968
after rents
1932
1933
1934
1935
$1,309,626
392.304
182,962
From Jan. 1—
follows:
stock
American Cities Power & Light Corp. class
American Cities Power & Light Corp. class
Electric Shareholdings Corp. common stock
Chicago & Eastern Illinois RyEarnings.—
December—
Gross from railway
Net from railway
Net
Corp.—Annual Report—
Central States Electric
L. E. Kilmarx, President, says in part:
•The investments at Dec. 31 1935 were as
North American Co.
141, p. 1089.]—
777
Chronicle
1935—12 Mos.—1934
$4,992,029 $67,116,854 $66,961,688
x4.641,914
59,830,490
56,875,189
155,000
4,160,000
4,355,000
4,165
29,624
26,775
207,413
2,924,879
2,926,626
110,300
1,111,059
1,099,298
income._def$212,739 def$126,763 def$939,198
$1,678,800
*
Includes 4% contribution required by Railroad Retirement Act 1934,
for.month, $111,562; for 12 months of 1934, $579,308.—V. 142, p. 620.
Chicago St. Paul Minneapolis & Omaha Ry.—Earns.
1935
1934
1933
1932
$1,355,598
190,681
32,465
$1,208,044
59,514
def70,754
$1,101,229
214,778
76,015
$1,116,000
295,268
167,994
15,454,289
2,172,584
175,578
14,848,618
2,357,738
601,985
14,527,600
3,321,089
14,831.762
1./91.89/
1,537,544
defl0,892
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V.
142,
p.
123.
Chicago Union Station Co.—Bonds Called—
guaranteed bonds, due April 1 1944 have been
1 at par and interest.
required to present them together with
all coupons, if any, appertaining thereto, and, in the case of registered
bonds, with duly executed instruments of assignment or transfer, at the
Continental Illinois National Bank & Trust Co., 231 South LaSalle St.,
Chicago, or, at Pennsylvania RR., 380 Seventh Ave,, New York City, at
which time there will be paid to the holders of the principal amount thereof
A total of $300,000 4%
called for redemption on April
The holders of these bonds are
Financial
778
Chronicle
Feb. 1
and accrued interest thereon to
the stifling of competition in the distribution of natural gas in
registered
1936
West.
April 1 1936 except that in the case of
bonds only that portion of the principal amount specifically
be paid.
Upon presentation of such registered bonds for the
redemption of a portion thereof there will be issued, in lieu of the unre¬
deemed portion of the principal amount thereof, registered bond or bonds of
an ^aggregate
principal amount equal to such unredeemed portion.—V.
141, p. 2731.
stated will
&
at
Chlorlyptus Chemical Co., Inc.—-Stock Offered—Bruton
Co., Baltimore, are offering 149,200 shares capital stock
$1.20 per share.
Stock is offered as a speculation.
Transfer agent, Chlorlyptus Chemical Co., Inc., Baltimore, Md.
prospectus, dated Dec. 31, affords the following:
History and Business—In 1918, Charles A. Weeks, operating as the Weeks
Chemical Co., began the manufacture and sale of Chlorlyptus in Philadel¬
phia, Pa. Upon his death on Feb. 18 1920, the entire business, including
formulae, patent rights, trademark, good-will, equipment, &c., passed,
under his will, to his widow, Louise H. Weeks, who carried on the business
until Sept. 18 1935, when it was assigned in its entirety, including formulae,
patent rights, trademark, good-will, equipment, &c., to the Chlorlyptus
Chemical Co., Inc., the present corporation.
h The corporation, having succeeded to the business of the Weeks Chemical
Co., proposes to continue the manufacture, sale and distribution of Chlor¬
lyptus antiseptic preparations. It is proposed to replace the present limited
manufacturing facilities of the Weeks Chemical Co. with a modern manu¬
facturing plant with necessary equipment.
►%By its certificate, the corporation is authorized to manufacture, sell and
deal in chemicals, antiseptics, drugs, germicides and similar products, and
A
the
raw
materials out of which the same are manufactured.
germicide. It was conceived and developed by the late
a member of the Institute of Chemical Engineers.
heavy, oily liquid, of a dark red-brown color. It is acid
in reaction and possesses a pleasant aromatic odor which is slightly chlorinous. Its specific gravity should not be less than 1.19 and the refractive index
at 23.5 deg. G. should be between 1.5112 a/nd 1.5150. It is optically inactive
and exhibits no absorption bands when examined spectroscopically.
Ma.lt is easily soluble in paraffin oil, alcohol, and ether, less readily soluble
injchloroform, and but very slightly soluble in water.
Chlorlyptus antiseptic can be used in four diferent forms, according to
the needs of the particular case—i.e. (a) undiluted; (2) a solution in paraffin
oil; (3) an ointment mixed with petrolatum; (4) a water admixture.
The company was organized in Pennsylvania on Sept. 12 1935. Statutory
office, Central National Bank Building, York, Pa.
Principal business
office, 1519 Munsey Building, Baltimore, Md.
Capitalization—Authorized capital 300,000 shares (par SI).
150,000
shares of the authorized capital have been issued to Louise H. Weeks in
consideration of the transfer to the issuer of the patents, trademarks and
business of Louise H. Weeks, trading as Weeks Chemical Co. of Phila¬
delphia, Pa., which were valued by the board of directors of the issuer at
$150,000.
The stock now being offered consists of 149,200 shares (par $1) to be
offered to the public at $1.20 per share, of which the underwriters will
receive a commission of 20c. per share.
By agreement dated Nov. 29 1935, Bruton & Co., has the option, begin¬
ning Feb. 1 1936, to purchase from Louise H. Weeks the 150,000 shares now
owned by her at 40 cents per share cash, said option to terminate as to the
future unless Bruton & Co. purchase 1,875 shares every three months,
Bruton & Co. to receive the dividends upon the stock, if and when declared,
until the termination of the option agreement.
Louise H. Weeks has
granted to Bruton & Co. an irrevocable power to vote the 150,000 shares for
a period of 20 years,
subject to the continuance of the above mentioned
option agreement.
Purpose—It is estimated that the net proceeds to be raised by the present
issue will amount to $146,686 and the issuer does not contemplate raising
additional funds in any other maimer.
It is contemplated that the sum so raised will be devoted by the issuer
to the following purposes:
Organization expenses, $723; manufacturing
plant, $8,476; sales and advertising expenses, $60,972; working capital,
$75,000.
Balance Sheet, Oct. 14 1935)1
Chlorlyptus is
a
Charles A. Weeks,
Chlorlyptus is
a
[After organization, but before beginning of operations]
Liabilities—
Cash..
$89
Processing & manuf. equip
Secret formulae, patents, &c
Organization expenses
Deposit on telephone
Total
5,000 Capital stock (par $1)
145,000
724
25
$150,838
.-$150,838
Total..
Cincinnati New Orleans & Texas Pacific
V
December—
$38
150,800
Accounts payable
1934
Ry. -Earns.
Net after rents
$937,143
377,544
340,473
$828,645
296,100
210,492
$789,255
13,549,270
4,837,414
3,583,309
p*. From Jan. 1—
Gross from railway
Net from railway
1933
1932
1935
$1,146,952
407,981
248,499
Gross from railway
Net from railway
Net after rents.
12,272,002
4,435,154
3,257,307
11,622,730
10,126,102
2,275,019
1,737,111
4,572,587
3,354,223
208.398
192,706
—V. 141, p. 4162.
Clinchfield RR.December—
Gross from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
1933
1932
$510,388
286,226
268,581
Net from railway
Net after rents
...
$411,176
183,949
155,618
$397,983
179,598
174,914
$394,218
213,485
194,263
5,315,015
2,227,847
2,047,003
5,204,649
2,205,823
2,043,294
4,842,426
2,161,744
1,894,874
4,059,463
1,388,993
857,618
Corp.— -Minority Stockholders Ask Post ponement
of Plan—
PH At
a
hearing
on a
plan of reorganization before Judge Henry W. Goddard
in Federal District Court Jan. 27, counsel for minority stockholders asked
the Court that adoption of the plan be postponed until Richard Airey,
former President of the company, could be questioned in court.
Counsel maintained that if a "fair" price could be obtained from Royal
Dutch-Shell for the Oil produced, Colon could continue to function and pay
the defaulted interest on its bonds, and an assessment of stockholders would
not
The defendants are also enjoined:
"From restraining or interfering in any manner in the freedom of Pan¬
handle Eastern to contract or to finance or arrange the financing of all
contracts,
extensions,
repairs,
maintenance,
service
or
improvements
necessary in its business through or with any firm, person or corporation
with whom it may choose to deal."
Gano Dunn. President of the J. G. White Engineering Corp. since 1913
and a former President of the American Institute of Electrical Engineers,
the Department of Justice said, was appointed a trustee to hold the stock
of the Panhandle Eastern
Pipe Line Co. that has been controlled by the
He was directed to exercise the voting rights of such stock in
conformity with the decree.
The suit, chargpng violations of both the Sherman and Clayton Acts,
arose, the Department said, out of the acquisition in 1930 by the Columbia
Oil & Gasoline Corp., an affiliate of Columbia Gas & Electric, of ail of the
first mortgage bonds and one-half of the common stock of Panhandle
Eastern Pipe Line.
The latter company was formed in 1929 for the pur¬
pose of building a natural-gas pipe line to Indianapolis from the producing
fields of the Texas Panhandle area and the Hugoton Field in Kansas, and
prior to the acquisition of its securities by Columbia Oil was a whoby-owned
subsidiary of Missouri-Kansas Pipe Line Co., which is now in receivership
in the Chancery Court of the State of Delaware.
The principal defendant, the Columbia Ga3 & Electric Corp., according
to the government's complaint, is a holding company that owns, controls
and dominates the operations of more than 70 subsidiaries.
These sub¬
sidiaries are divided into seven groups, including the Charleston, W. Va..
group, which produces
transports and distributes natural gas in 79 cities
and towns in West Virginia and Ohio; the Cincinnati group, which
pro¬
duces, transports and distributes eiectricity, natural gas and manufactured
gas in 142 cities and towns in Ohio and 17 cities and towns in Kentucky;
the Coiumbus, Ohio, group, which produces, transports and seii3 natural
gas, both at wholesale and retail, in 277 cities and towns in Ohio and In¬
diana; the Dayton, Ohio, group, which produces, transports and distributes
electricity and natural gas in 127 cities and towns in Ohio; the Pittsburgh
group, which produces, transports and distributes, at wholesale and retail,
natural gas in 256 cities and towns in Pennsylvania, West Virginia and Ohio.
The Binghamton group, which produces, transports and distributes arti¬
ficial, mixed and natural gas in Binghamton, N. Y.
and neighboring
communities; the Seaboard group, whose corporate members each operate
a section of the pipe line
carrying gas from Boldman, Ky., through Ken¬
tucky, West Virginia, Virginia and Maryland to the Maryland-Pennsyl¬
vania State line near Conowingo, Md.
defendants.
The company
issued the following statement Jan. 30:
The entry
of a consent decree in the United States District Court in
Del., late yesterday terminated the suit against Columbia
Gas & Electric Corp.; Columbia Oil & Gasoline Corp. and certain in¬
dividuals, brought last year by the United States government alleging
violation of the Federal anti-trust laws with respect to Panhandle Eastern
Pipe Line Co.
The decree states that the maintenance of the Panhandle Eastern Pipe
Line Co. in a position of free and independent action in the production,
transmission, sale and distribution of natural gas in competition with others
constitutes the proper basis for the entry of the decree.
By the terms of the decree and of the stipulation under which it is entered,
Columbia Oil & Gasoline Corp. is permitted to retain its ownership in the
stock of Panhandle Eastern Pipe Line Co., but such stock while so owned
is to be held by a trustee appointed by the Federal Court until the ter¬
mination of the trust therein provided for.
Both Columbia companies
agree to a recapitalization of Columbia Oil & Gasoline Corp. and the dis¬
solution of the voting trust now controlling it which is to be undertaken
Wilmington,
immediately.
The termination of this litigation clears the way for Columbia Gas
&
Electric Corp. to lend financial assistance to Panhandle Eastern Pipe Line
Co. necessary to enable the latter to consummate its contract dated Aug. 31
1935, to supply natural gas to the Detroit City Gas Co. for distribution to
the citizens and industries of Detroit.
It is understood that Columbia Oil & Gasoline Corp. is making a proposal
of Missouri-Kansas Pipe Line Co. to be submitted to
the Chancery Court in Delaware, looking toward the recapitalization of
to the receivers
bia Gas & Electric
Corp. and Columbia Oil & Gasoline Corp. relating to the
inancial condition of Panhandle Eastern Pipe Line Co.—V. 141, p.
be necessary.
Attorneys for the company questioned the efficacy of
minority stockholders' suggestion and urged acceptance of the re¬
organization plan.
The hearing was adjourned to Feb. 10.—Y. 141, p. 4162.
the
3222.
Columbia Oil & Gasoline
Corp.—Ending of Anti-Trust
Suits to Expedite Recapitalization—See Columbia Gas &
Electric Corp. above.—V. 141, p. 1091.
Columbus & Greenville
—V. 142, p, 123.
Colon Oil
Department of Justice said that the decree, which was entered with¬
out trial or taking of testimony, provides:
"Against domination or control, direct or indirect, in the affairs of Pan¬
handle Eastern Pipe Line Co. by the defendant, Columbia Gas & Electric
Corp., and the maintenance of said Panhandle Eastern Pipe Line Co. in a
position of free and independent action in the production, transmission,
sale and distribution of natural gas in competition with others."
The defendants are perpetually enjoined from exercising:
"Any domination or control over Panhandle Eastern and from re¬
straining or interfering in any manner with the free and independent
action of said Panhandle Eastern in the produccion, transportation, sale
or delivery of natural
gas to any person, corporation, community or sec¬
tion of the United States; from holding, acquiring, voting or in any manner
acting as the owners, directly or indirectly, of the whole or any part of the
stock, or other share capital, or bonds, property or assets of Panhandle
Eastern or any other company, corporation, association or organization
owning any substantial amount of its securities, and from participating in
any way, directly or indirectly, or from exercising any control, directiy or
indirectly, or from exercising any control, direction, supervision or influ¬
ence in the management or control of Panhandle Eastern."
Panhandle Eastern Pipe Line Co., the financing of its Detroit project and
the termination of the suit of those receivers claiming damages from Colum¬
•Earnings.—
1935
the Middle
The
December—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Ry.—Earnings.—
1935
1934
$99,932
19,903
17,339
$73,829
def4,962
defl0,893
990,966
93,916
64,944
26,805
def3.410
875,249
1933
1932
$71,867
def2,701
defl6,208
$6z,733
defl5,785
def29,670
832,848
113,050
92,142
748,700
def72,356
def81,955
—V. 141, p. 4163.
Commercial Investment Trust Corp.—Annual
Report—
Henry Ittleson, President, says in part:
Volume and Earnings—The net volume of receivables purchased during
1935 amounted to $965,724,853, compared with $779,749,248 purchased
in 1934.
(The) Colorado Fuel & Iron Co.—Interest—
The interest due Feb. 1 1936 on the general mortgage 5% sinking fund
gold bonds, due 1943, will be paid on that date.—V. 142, p. 456.
Colorado & Southern Ry.
December—
1935
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
142,
p.
$589,223
172,725
101,659
-Earnings.1934
1933
$453,273
77.343
6,262,295
1,229,114
349,352
$395,244
5,485,205
1,162,105
255,823
5,451,108
802,666
def65,581
def972
.
•' '
5,618,296
1,026,414
144,619
1932
$526,742
115,162
12,783
36,513
9,105
i '
123.
Columbia Gas & Electric Corp.- -Ends
-Decree Signed—
/
Pipe-Line Control
The Department of Justice announced Jan. 29 the signing before Judge
Wilmington, Del., of a consent
John P. Nields in Federal District Court in
decree by which the Columbia Gas & Electric Corp. surrendered control of
the Panhandle Eastern Pipe Line Co.
The latter company had built a
pipe line from the large gas-producing areas of Texas and Kansas to the
border of Indiana, thus making available to the Middle West, particularly
Ohio, natural resources of gas.
The government, in a suit brought against Columbia Gas & Electric
other defendants, charged violation of the Anti-Trust Law through
and
Consolidated net earnings available for dividends whre $15,867,591, com¬
pared with $11,643,135 in 1934.
These net earnings do not include any
income from investments of the corporation in its own securities.
After dividends on the outstanding preference stocks, there remained
available for dividends on the common stock $14,749,039 equivalent to
$6.25 per share on the number of shares outstanding in the hands of the
public at Dec. 31 1935.
This compares with $10,803,563, equivalent to
$4.61 per share on the common stock outstanding in the hands of the
public at Dec. 31 1934.
Finance—To provide adequate capital for expansion, corporation in¬
creased its capital funds during the year by the issuance and sale of 250,000
shares of convertible preference stock, $4.25 series of 1935, which were
offered by underwriters for public subscription on July 22 at $100 a share
plus accrued divs.
The cost to the corporation was a discount of $3 a share
and expenses.
At Dec. 31, the consolidated capital and surplus amounted to $109,524,675, equivalent to $280 per share of preference stocks of both series.
Treasury Stock—The treasury stock consists of 162,518 shares of the
corporation's own common stock (of which 9,325 shares are held for out¬
standing options), acquired some years ago and heretofore carried in the
balance sheet as an asset at its pro rata consolidated book value or option
price, whichever was lower,
in the interest of simplicity, the treasury
stock is not carried as an asset in the accompanying balance sheet, but is
is shown at its stated value, $8 per share, as a deduction from the amount
of common stock outstanding, and paid-in surplus has been adjusted accord¬
ingly.
This change is a change only in accounting detail and does not in
any way affect the earnings or book value per share of the common stock.
Financial
Volume 142
The treasury stock
remains issued and fully paid, and is available
for cor-
779
Chronicle
Connecticut Ry. & Lighting
Co.—To File Claims—
and common stocks
preparing claims, which must be filed
by April 1, against the Connecticut Co. and by May 1 against the New
William W. Bodine has advised holders of preferred
porate purposes.
Operations—'The following is a classification of the net volume of business
handled during the year and of dollar outstandings at Dec. 31 1935:
Net Volume for
Dollar Outstandings
Year 1935
1935
that counsel for the
company are
York New Haven & Hartford RR.
The
case
$
%
276,568,416
28.64
155,605,250
60.67
acceptances
396,632,433
Accts. receivable of factoring subs_245,008,986
41.07
37,461,439
29.708,880
14.60
11.58
33,722,694
13.15
automobile
Retail
instalment
under
lien
notes....
Wholesale automobile lien notes and
25.37
Industrial instalment notes (secured
by prods, other than automobiles) 47,515,018
4.92
965,724,853
lotLOO
Totals, including Canada
256,498,263 100.00
d 1933
1932
$
$
a Volume of business...965,724,853
779,749,248 475,884,330 317,397,520
14,734,177
18,383,361
Net service and comm.. 37,108,141
28,838,441
7,494.539
7,726,333
10,232,663
Operating expenses
11,914,763
Int.
on curr.
1935
$
1,618,785
1,509,150
23,574,593
175,903
17,096,628
88,476
10,657,028
145,329
7,239,638
$23,750,496
1,015,355
3,637,972
17,185,104
1,015,355
2,433,479
10,802,357
1,551,047
1,276,600
7,570,698
1,237,420
613,503
indebt
Operating profit
Miscellaneous income
Total income
Interest
Taxes....
Prov.
1934
$
v
331,060
write-down in¬
to
vest, in affil.
400,000
co
Net inc. applic. to min.
int. of affiliated co...
1,693,135
500,315
15,867,591
11,643,135
6 }4 % pref. dividends—
b Serial pref. stock divs.
652,233
839,572
7,474,394
63,827
69,989
851,582
5,719,776
259,863
297,109
1,044,976
$4.25 series of 1935 divs.
Common dividends
466,319
7,296,217
5,358",731
3,770",736
2,718,260
45,693,861
$3.42
81,627
41,559,205
$2.04
Charges against current
Connecticut River Power Co,—New
Net profit
7,452,822
51,618,404
$6.25
on com.
$5.50
b Includes stock divs. as follows: $28,019
(charged at $8 per share); 1934, $447; 1933, $64; 1032, $139. c Figured on
average amount outstanding during year,
d Includes Universal Credit
Corp. and subsidiary companies only from April 16 1933 to Dec. 31 1933.
e Covering balance of additional
Federal income taxes in respect of prior
a
Includes foreign subsidiaries,
and interest thereon.
years
Consolidated Surplus Account
$34,104,512
Total
on
serial preference
stock, optional series of 1929:
stock, charged at $8 per share
$4.25 series of 1935 (from date of issue) in cash
Cash dividends on common stock
common
28,020
466,319
7,296,217
-
Dec. 31 1935
$25,689,742
1 1935
$29,452,703
of balance of amounts heretofore
required in respect of market prices of
Paid-in surplus, balance Jan.
Restoration to paid-in surplus
charged and not now
securities
common
an
431,925
....
$29,884,627
Total
Reduction
to $8 per share of 162,518 shs
of corporation's
capital stock held in treasury, heretofore carried as
3,068,069
asset at consolidated book value
Discount and expenses in respect of new issue
of serial preference
861,895
stock, $4.25 series of 1935
26,002
Miscellaneous
Total paid-in
surplus, Dec. 31 1935-
.$25,928,661
-
Consolidated Balance Sheet Dec. 31
36,319,977
Notes and accts.
receivable
Repossessed cars
Market,
securs.
256,498,263
259,261
1,880,598
165,972
1,599,965
receivable
531,610
313,330
Min.
cl5,519~851
1,979
744
10,331,683
8,852,175
2,071,552
2,553,812
18,461,000
due
int. in net
worth of affil.
Due from officers
and employees
company
payable..
2,809,898
5H % conv. debs 18,461,000
Notes payable_-119,424,639
Accts. payable..
7,686,375
Dealers reserve.
6,638,812
Divs.
for cap'l stock
73,524
purchase
Invest, in affil.
400,001
Co
Mlscell. invest.
bal.
14,046,100
3,232,921
Com. stk. scrip.
Credit
manufacturers
Mis cell, accounts
Furn.
bSerial pref.stk.
14,046,100
$4.25 pref. stk._ 25,000,000
193,920,797 Common stock_al8,858,192
30.032,953
1934
$
$
Liabilities—
$
S
Assets—
Cash
1935
1934
1935
384,001
423,376
7
.
8
& fixtures
Int.
accrued
90,703,913
6,743,432
5,094,404
on
413,078
notes and debs
423,065
Deferred income
910,171
Deferred charges
14,100,336
423,065
11,048,956
4,550,486
25,689,743
25,928,661
18,236,920
29,452,703
Res. for loss and
contingencies.
Earned
surplus.
Paid-in surplus.
Company Act.
Discussions"
application for exemption of the issue and
($25 par) common stock from
of filing a declaration under the Public Utility Holding
(Further details are given under "Current Events and
a preceding page.)—V. 142, p. 123.
3,734,378
on
Consolidation Coal
and
,
297,183,890 226,943,004
Total
stock.
common
each
„
First & Ref. Mtge. 40-Year 5% Sinking Fund Gold Bonds—For
$1,000 principal amount of bonds, with accrued interest thereon:
reorganized company in the principal amount of $400; 3 shares
of its preferred stock, and 12 shares of its common stock.
Preferred Stock—For each two shares of pref. stock of the Coal company
Bonds of the
the
accrued
dividends
Represented by 2,357,274 shs. of no par value (after deducting 162,518
in treasury) at stated value of $8 per share.
b Represented by no
par shares taken at $100 per share,
c Represented by 2,516,444 no par
shares at stated value of $8 per share after deducting 171,430 shs. of which
159,193 shs. are held for general corporate purposes, carried at book value
and of which 12,237 shs. are held for outstanding options, carried at book
value or option price, whichever is lower.—V. 141, p. 3375.
a
Commercial Investment Trust, Inc.—New Vice-Pres.—
President Arthur O. Dietz, announced the election of John W. Darr as
and advertising of all divisions
companies.—V. 142, p. 123.
Vice-President in charge of public relations
Commonwealth & Southern Corp.—Output—
Preliminary electric output of the system for the month of December was
602,140,404 kwh. as compared with 495,379,759 kwh. for December 1934.
an increase of 21.55%.
Total output for the year ended Dec. 31 1935 was
6,416,056,107 kwh. as compared with 5,736,621,877 kwh. for the year
ended Dec. 31 1934, an increase of
11.84%.
the month of December was
I,254,163,200 cubic feet as compared with 1,001,965,200 cubic feet for
December 1934, an increase of 25.17%.
For the 12 months ended Dec. 31
1935, the output was 11,226,811,500 cubic feet as compared with 10,034,762,200 cubic feet for the corresponding period in 1934, an increase of
Preliminary gas output of the system for
II.88%.
Earnings for December and 12 Months
Period End. Dec. 31—
earnings
Operating expenses
Gross
Fixed charges.
Prov. for retire, reserve.
Dividends on pref. stock
Balance
-V. 142, p. 456.
thereon,
share of common stock
one
of the
reorganized company.
in lieu thereof, there will be issued
non-voting non-dividend paying scrip, exchangeable for full shares until
Nov. 1 1938 and void thereafter.
Common Stock—"Warrants" entitling the holder thereof to purchase
No fractional shares will be issued;
at any
share of
time up to and including Nov. 1 1945, at $25 a share, one
stock of the reorganized company for each four shares of
common
common
stock
of
the
Coal
No
company.
warrants
entitling the holder
thereof
buy fractional shares will be issued but the warrants will cover the
which the holder of the common stock of the
Coal company is entitled to purchase, that is to say, the holder of three,
four or five shares of common stock of the Coal company will be entitled
to purchase one share of common stock and the holder of six, seven or eight
shares of common stock of the Coal company will be entitled to buy two
shares of common stock of the reorganized company.
The preferred and common stock to be issued upon reorganization and
such common stock as may be issued upon the exercise of the warrants,
if the voting trust is then in effect, will be subject to the terms of a voting
trust terminating on Nov. 1 1940, with provision therein for an earlier
termination, and voting trust certificates will be delivered in lieu of cer¬
tificates for preferred and common stock.
The reorganized company is Consolidation Coal Co., a Delaware cor¬
poration.
Holders of. 1st & ref. mtge. 40-year 5% sinking fund gold bonds and
ref. mtge. 4y%% gold bonds of Consolidation Coal Co. and certificates of
deposit or receipts for the same, and holders of preferred and common stock
of the Coal company and of receipts for the same, will receive the securities
to which they are entitled under the plan upon surrender on and after
Jan. 25 1936, of certificates of deposit, receipts, bonds and stock certifi¬
cates to Baltimore National Bank, distributing agent for the reorganiza¬
tion managers appointed by the pain of reorganization,
at its office
Baltimore and Light Sts., Baltimore, Md.—Y. 141, p. 3532.
to
nearest number of full shares
Consolidated
Electric
Gas
Co. of
Power
&
Light
Baltimore—Earnings—
-1934
1935—3 Mos.
$4,963,707
$5,606,422
2,253,420
2,285,990
204,368
Rev. from steam sales._
229,013
75,631
Misc. operating revenue
69,530
Period End. Dec. 31—
Rev. from electric sales.
Revenue from gas
sales.
Total oper. revenue..
$8,190,956
4,254,485
642,720
Operating expenses
Retirement
expense
1,002,100
1935—12 Mos.—1934
$21,039,188 $19,041,377
8,907,549
8,876,357
712,197
675,900
306,271
359,645
$7,497,128 $30,965,206 $28,953,280
3,783,446
15,886,613
14,411,985
2,409,680
636,673
2,443,726
~
3,571,804
893,357
3,744,654
297,183,890 226,943,004
shs.
of the corporation and affiliated
.
confirmed by
provides for the issue
of securities to the holders of the outstanding bonds and preferred and
common stock of the Consolidation Coal Co. as follows:
(1) Ref. Mtge. 4H% Gold Bonds—For each $1,000 principal amount
of bonds, with accrued interest thereon: Bonds of the reorganized company
in the principal amount of $500; 3 shares of its pref. stock, and 9 shares
the U.S. District Court for the District of Maryland,
Taxes
Total
Co.—Reorganization Effective—
The reorganization managers (Howard Bruce, George C. Cutler
Acosta Nichols) in a notice to the holders of the company's bonds and stocks
and certificates of deposit therefor state:
The plan of reorganization dated May 1 1935, as finally
and
624,213
In cash
Total earned surplus,
the requirement
(2)
$18,236,920
15,867,591
surplus, balance, Jan. 1 1935
Net income, year ended Dec. 31 1935-
In
registration statement.
sale of the above bonds and of 3,440 shares
of its
Year Ended Dec. 31 1935
Earned
Dividends
with the Securities and
The company has also made
7 % pre f. dividends
Surplus
Total surplus
c Earns, per sh.
Financing—•
Exchange Commission covering $20,300,000 first mortgage 3%% sinking
fund bonds, series A, due Feb. 15 1961. Net profceeds from the sale of the
bonds, together with other funds to be obtained by the company from the
New England Power Association, the parent organization, and $86,000 of
proceeds from the sale of 3,440 shares ($25 par) common stock to the
Association, are to be applied as follows: $18,540,000 for the redemption of
first mortgage 5% bonds, series A, sinking fund, due Oct. 1 1952, and
$2,000,000 for the redemption of 4% notes due March 1 1936.
No firm commitment to take the issue has been made, it is stated, but
bids will be invited and these bids will be opened Feb. 13.
Information as
to the bids will be submitted to the P. S. Commission of New Hampshire.
Upon receipt of final order from that Commission fixing the terms and
prices of the issue, the company and the accepted bidders will enter into an
underwriting agreement.
The price to the public, the names of the principal underwriters and the
underwriting discounts or commissions are to be furnished by amendment
to the
c412,207
taxes
court
The company has filed a registration statement
4,03~6",20l
5,444,832
47,689,623
2,817,369
and its trustees, acting
authority, have disaffirmed the lease and guarantee agree¬
ment between Connecticut Ry. & Lighting Co., the Consolidated Ry. and
the New Haven, dated Dec. 19 1906, and related sub-leases.
Also the Connecticut Co., under court order, has disaffirmed the sub¬
lease of the transportation properties of Connecticut Ry. & Lighting Co.
dated Feb. 28 1910, and various other agreements.
The New Haven and
its trustees and the Connecticut Co., under court authority, entered into
an agreement terminating the sub-lease of the Connecticut Ry. & Lighting
Co. transportation properties dated Feb. 28 1910, in accordance with the
power reserved in the sub-lease.—V. 141, p. 3071.
Calendar Years
Consolidated Income Account for
Calendar Years—
Connecticut
reorganization proceedings of the
arises from the
Co. and the New Haven, under which the railroad
%.
Ended Dec. 31
1935—Month—1934
1935—12 Mos.—1934
$11,265,069
$9,954,535 $122182,637 $114890,318
5,492,881
4,390,227
61,344,451
57,268,813
3,556,122
918,914
749,751
3,686,961
938,880
749,734
41,052,582
40,315,249
10,378,804
8,996,899
9,867,479
$547,399
$188,730
$409,898
$1,552,920
8,996,697
Non-operating income.
$2,291,649
104,823
$2,183,650
60,813
$8,890,212
341,489
$8,559,810
200,017
$2,396,472
Operating income-..
Fixed charges
683,056
$2,244,464
718,873
$9,231,702
2,943,498
$8,759,828
2,882,509
Net income
$1,713,416
278,828
1,050,657
$1,525,591
289,962
1,050,657
$6,288,203
$5,877,318
Gross income
dividends.
Common dividends
Preferred
1,158,927
4,202,577
1,144,764
4,202,629
~~
Balance
Earns, per
$383,930
$184,972
$940,810
$515,814
$1.23
—
$1.06
$4.41
$4.04
sh. of 1,167,-
397 shs. com. stock—
—V.
142, p.
123.
Consolidated
Gas
Co.
of
N.
Y.—To
Merge
Research
Units—Changes in Personnel—
The board of trustees on Jan. 27 elected
John
6.
Parker a Vice-President
all activities relating to technical development,
experimentation for the entire group of gas, electric and
steam companies in the Consolidated System.
<
"The activities of the companies along these lines will be co-ordinated
of the company to direct
research
and
and strengthened," it was stated, "with a view to their integrated
when these companies can be merged into a single system."
operation
Previously this work has been carried out by certain of the individual
companies but without the correlation of activity which is to be brought
about under Mr. Parker.
A number of changes in the personnel of the officers and board of Con¬
solidated and its affiliated companies were announced following the meeting
of the trustees. Mr. Parker is resigning as President of the Brooklyn Edison
Co., Inc.', to take his new post, and the election as Executive
and a director of the Brooklyn Edison Co. of A. Augustus
nounced.
In
addition,
two
existing on the board of the
and Daniel C. Creem.
new
trustees
were
Vice-President
Low, was an¬
elected to fill vacancies
Consolidated Gas Co., namely, Edgar Palmer
780
Financial
Chronicle
Floyd L. Carlisle, Chairman of the Board of Consolidated, was ejected
Chairman of the Board of Brooklyn Edison Co., and Frank W. Smith,
President of Consolidated Gas Co., became President of Brooklyn Edison
Co. at a meeting of the directors of the Brooklyn company following the
meeting of the Consolidated Gas trustees;—V. 142, p. 296.
Consolidated Virginia Mining
The San Francisco Mining Exchange
Feb.
Copperweld Steel Co.—Increases Dividend Rate—
The directors have declared
common
a dividend of 80 cents per share on the no-par
stock for the year 1936, payable in four quarterly instalments of
The dividends will be paid on Feb. 28, May 31, Aug. 31 and
20 cents each.
Nov. 30 to holders of record Feb. 15, May 15, Aug. 15 and Nov. 15, respec¬
tively. This compares with dividends of 12H cents paid In each of the four
quarters of 1935. Prior to 1935 no disbursements were made since Feb. 15
1931 when a dividend of 50 cents was paid.
An initial payment of like
amount was made on Nov. 15 1930.—V. 140, p. 968.
Co.—Listing—
has listed 3,050,227 additional shares
of non-assessable stock, $1 par.
They were issued to acquire properties
of the Ophir Mining Co., the Consolidated Virginia & Andes Mining Co.,
Cranberry Iron & Coal Co.—Earnings-
and the Mexican Gold & Silver Mining Co.
Years Ended June 30—•
Consumers Power Co.—Earnings—
Operating expenses.
Fixed charges
Provision for retire,
Divs. on pref. stock
Balance
1935—Month—1934
Expenses (including taxes).
,
237,500
res.
350,629
$323,788
$563,135
.,
$3,785,454
$15,967
15,933
$13,803
12,866
Net income
Balance at credit June 30.
1935—12 Mos—1934
$2,526,945 $30,477,295 $28,685,138
1,194,519
14,643,271
13,828,876
420,596
4,793,497
4,990,614
237,500
2,850,000
2,850,000
350,540
4,207,954
4,189,839
$2,811,994
1,215,524
445,205
_
$34
774,415
$937
779,755
Miscellaneous
856
Depreciation
buildings, &c
on
Dividend
—
Miscellaneous debits
$3,022,925
Assets—
$
$
1935
1934
$
$
Liabilities—
Cash
1,384,690
U. 8. Govt, oblig.
2,094,155
1,108,084
2,804,465
Other public bonds 1,483,862
Railroad, pub. util.
& miscell. bonds 5,195,158
Pref. & guar. stks. 1,160,480
Mortgage loans... 3,640,965
Policy loans
3,369,407
2,105,708
62,144
Investment
Policy reserves
17,235,888 15,339,921
Pending claim res.
776,672
916,278
Prems.paid in adv.
212,446
118,858
Miscell. liabilities.
274,677
292,176
Contingency res..
250,000
250,000
Capital
1,000,000
1,000,000
Surplus
2,176,077
2,291,382
19,953,704
in
1935
1934
$934,700
1,051
$934,700
135,327
134,428
133,613
768,740
133,612
774,415
.$1,973,431
$1,978,185
Liabilities—
1935
1934
$403,104
Physical property.
804,126
294,366
82,791
22,180,672
■
1,900,190
928,018
265
$774,415
$403,570
Capital stock
Current liabilities.
af¬
1,028
3,339,400
Real estate
157
$768,740
—
General Balance Sheet June 30
Continental Assurance Co.—Balance Sheet Dec. 31—
Assets—
$781,335
1,735
4,919
....
Balance at credit June 30--.
1934
642
$775,305
1,735
4,673
credits
Total credits
-V. 142, p. 296.
1935
1934
1935
Revenues
[A Subsidiary of Commonwealth & Southern Corp .J
Period End. Dec. 31—
Gross earnings
1936
1
Net def.
1,415,682
3,548,154
1,239,870
3,850,279
filiated cos
__
Acer. Int. & rents.
322,379
Other assets
marketable
75,765
53,318
1,569
15,620
sees.
Cash
Material & supplies
Unadjusted
1935
Cash
22,180,672 19,953,704
Total.
dividend
of 25 cents per
on
the
1934 to and including Dec. 2 1935.
Liability for outstand'gpref.stk.
1.756.242
11.073
9,426
296,098
190,588
32,382
20,269
2,263,468
$158,595
$117,150
140,818
3,962,500
Earned surplus._ 1,693,894
3,962,500
1,642,767
2,296,332
21,332
called for red
Other assets
65,345
3,180
Accruals
x
a
&c
1934
1935
Accounts payable.
Z888.385
Prepayments
y Land, buildings,
mach'y, equip.,
capital stock, par $5, payable March 2 to holders of record Feb. 15.
This
compares with 15 cents per share paid each three months from March 1
Liabilities—
$651,505
937,189
1,932,394
Investments
share
1934
$417,858
Miscell. accts. rec.
Co.—Larger Dividend—
a
436
$1,978,1851
Creamery Package Mfg. Co .—Balance Sheet Nov. 30—
Total
Inventories
declared
&
ore
-V. 140. p. 1824
-V. 140, p. 968.
The directors have
of
land values
Profit and loss
10,223
17,799
$1,973,431
Accts. & notes rec.
Continental Casualty
ciation
71,976
45,322
239
debits
Total
Assets—
Total
Reserves
1,428,855
Surplus from appre¬
Accts. receivable..
& uncoil.
premiums
1,423,816
Other investments,
108,483
Common stook__
IBalance Sheet Dec. 31
1935
1934
$
$
Assets—
pooh
U. S.
2,055,241
Gbvt" "obligI
4,221,992
Other public bonds 2,337,390
Rail., public util.,
1935
$
$
Liabilities—
Unearn. prem. res.
Pend.claim res've.
1,446,886
2,287,792
7,870,797
8,895,983
1,328,517
Miscell. liabilities.
2,074,351
Total
1934
7,301,883
Mortgage loans
5,233,052
1,602,250
3,203,149
533,482
7,765,970
1,174,652
Real estate
1,487,959
4,955,029
2,390,015
2,646,862
ity values
Contlng. reserve
521,875
1,581,284
Surplus
Credit
1,250,000
Gen. conting. res.
500,000
1,750,000
3,166,392
500,000
Capital
collection
3,427,943
185,057
474,172
Acer. int. & rents^
Other assets
Earnings for Year Ended Dec. 31 1935
1,750,000
2,725,274
Gross operating income
Operating
3,063,505
161,565
588,613
Total.
suit
to
'.\' V
recover
losses
sustained
under
the
operation
Total
16
actions
aggregating alleged damages of $27,202, the plaintiffs
contend that the registration statement and amendments contained untrue
statements of material facts and omitteci to state material facts.
The section of the Securities Act under which the suits are
or
misleading, are personally liable for whatever
might sustain.—Y. 138, p. 2918; V. 140, p. 796.
Balance, Dec. 31 1935
.$102,431
Consolidated Balance Sheet Dec. 31 1935
Assets—
Liabilities—
Cash
Notes payable
$413,368
Investments
25,094
Prepaid Int., expenses, &c
damage
an
Reserve, due to customers
Furniture & fixtures
Reserve for taxes
the common
on
Feb.
17.—V.
Jan. 28 declared
x
Total
Craddock-Terry Co.—Earnings—
Years Ended Nov. 30—
1935
and
school
expenses
1934
1933
$6,988,043
382,328
5,423,229
1,009,179
$7,544,265
561,408
5,699,490
1,125,193
$8,535,384
668,276
6,555,962
1,713,852
8,731
Returns, allowances, discounts, &c..
Cost of goods sold
Selling, admin. & general expenses..
Installation
V.
Crown Willamette
The
3,668
Farmville..
15,000
Capital stock
1,100,000
102,431
Total
common
$2,634,551
class B stock of
no par
value.—
Paper Co.—Accumulated Dividend—
directors have declared
a dividend of $1
per share on account of
the $7 cum. first preferred stock, no par value, payable
Feb. 15 to holders of record Feb. 8. Similar payments were made on Jan. 1
on
last, Dec. 14, Oct. 1, Sept. 14, July, April 1, Feb. 1 and Jan. 1 1935, and
each quarter from July 1 1931 to and incl. Oct. 1 1934.
Prior to the latter
date the company paid regular quarterly dividends of $1.75
per share.
'
Accumulations
amount to
as
$10.25
of Jan. 1 after the payment of the Feb. 15 dividend will
per
share.—V. 141,
p.
3687.
Crown Zellerbach Corp.—Accumulated Div.—
at
The directors have declared
$164,576
30,015
$154,507 loss$662,907
41,127
29,123
a dividend of 75 cents per share on account of
on the series A and series B $6 cumulative preference
stocks,
value, both payable March 1 to holders of record Feb. 13. Previously,
a dividend of $1 was paid on Jan. 1, last, 75 cents
per share was paid on
Dec. 1, Sept. 1, June 1, March 1 1935, and on Dec. 1 1934 and dividends of
$194,591
$195,635 loss$633,784
63,028
482,316
37H cents per share were distributed each quarter from Dec. 1 1931 to
Sept. 1 1934 inclusive. In addition a dividend of $1 per share was paid on
Nov. 1 1935.—Y. 141, p. 3687,
Provision for bad debts
260,202
accumulations
no
Operating profit
Other income
Profit.
Other deductions
46,466
Provision for Federal & State income
taxes
$2,634,5511
Represented by 55,000 shares
137, p. 1246.
accumulations
Sales
reserve
Surplus
an
142, p. 457.
119,807
General
investor
initial dividend of 50 cents per share
stock, no par value, payable March 2 to holders of record
8,912
Deferred income
1
brought
Continental Steel Corp.—Initial Common Dividend—
$800,000
10,312
478,087
Dividend payable, Jan. 10
2,190,989
5,097
Notes & accepts, receivable
x
on
24,370
$143,681
41,250
Dividends..
provides that officers and d rectors or other persons who attest statements
riled with the Securities and Exchange Commission which prove to be false
The directors
$52,964
66,345
-
of the
"false registration" sections of the Securities Act of 1933 was filed in the
District of Columbia Supreme Court Jan. 24 against the corporation and
five of its officials by 16 stockholders.
In
$196,392
143,427
and Federal taxes
.24,761,689 21,717,779
■
Continental Distillers & Importers Corp.—Sued Under
Securities Act—
first
expenses
Net operating income
Balance, Dec. 31 1934
'.
Appreciation realized through sale of securities
24,761,689 21,717,779 I
—V. 140, p. 968.
Utility Banking Corp,-r-Earnings—
[Including Credit Utility Co., Inc., Subsidiary]
500,000
Prem. in course of
The
$5,955,806 $5,834,080
tuations of secur¬
bonds.
Guar. & pref. stks.
Other stocks
Total
Total....
Represented by 155,000 no par shares (including 4,799 shares in
treasury),
y After depreciation of $1,911,911 in 1935 and $1,884,529 in
1934.
z After reserve for doubtful accounts of $169,205.
a The cost of
treasury stock has been deducted so as to reflect the free surplus under the
provision of the Illinois Business Corporation Act of 1933.—V. 140, p. 797.
x
Res.for future fluc¬
Indus. & miscell.
$5,834,0801
$5,955,806
(estimated)
14,894
Net profit
•
Deere & Co.—35-Cent
12,000
$133,228
par
$120,606 loss$l,116,101
Preferred Dividend—
The directors have declared a dividend of 35 cents per share on account
of accumulations on the 7% cumulative preferred stock, par $20,
payable
March 2 to holders of record Feb. 15.
Balance Sheet Nov. 30
Assets—
1935
1934
Liabilities—
1935
1934
x'Ld., bldgs., maFirst pref. stock..$1,260,000
$1,250,000
► chin'y, eq., &o_$2,138,149 $2,224,078 2d preferred stock. 1,250,000
1,250,000
Cash
222,648
240,356 Class A pref. stock
995,600
995,600
Accts. receivable..
800,189
562,715 Common stock
3,300,000
3,300,000
Inventories
Accounts payable.
1,295,345
1,147,106
62,803
26,432
Cash sur. val. life
Cust. credit bal
6,402
Ins nr. policies..
34,450
33,550 Accr'd royalties &
Investments
118,777*
222,043
expenses
31,061
21,397
Other assets.
35,098
Deferred charges.
123,931
34,947
129,146
Accr'd
payrolls
&
commissions
27,971
12,000
Net from railway
Net after rents
Idle
accts. discounted
Res. for pens. fds.
& contingencies.
x
After
$4,768,588 $4,593,9401
reserves
Total..
RR.—Earnings.—-
1935
$1,908,617
174,590
1934
$1,814,828
78,006
883,721
833,042
22,866,928
2,354,647
1,361,885
23,176,469
2,794,545
2,118,875
1933
1932
$1,883,145
178,550
134,839
$1,881,559
22,178.122
23,225,154
970,045
15,538
1,896,410
1,016,991
33,368
30,933
—V. 141, p. 4164.
1,945
Delaware Lackawanna & Western
25,000
December—
Gross from
34,946
2,172,488
Dr70,100
58,343
2,328,071
Dr48,600
$4,768,588 $4,593,940
for depreciation and amortization of $1,956,678 in 1935
Gross from railway
Net from railway
26,133
equipment
Total
December—
From Jan 1—
Gross from railway
Res. for customers'
and $1,911,348 in 1934.—V. 140, p. 968.
Delaware & Hudson
■
19,094
subsidiaries
Treasury stock
dividend, will amount to $3.35 per share.—Y. 141, p. 2885.
Net after rents
Due wholly-owned
Deficit
preceding quarters; 10 cents paid on Dec. 1, Sept. 1 and June 1 1932,
and regular quarterly dividends of 35 cents per share
previously each three
Accruals on the preferred stock, after the payment or the current
months.
24,700
State taxes
on
six
22,359
Res. for Federal &
Res. for loss
A like amount was paid on Dec. 2, and
Sept. 3 last, and compares with 20 cents paid on June 1 and March 1 1935; to
on Dec. 1 and Sept. 11934; 5 cents per share distributed in each of the
10 cents
railway
Net from railway
Net after rents
From Jan.
1935
1934
RR.—Earnings.—
1933
/1932
$3,894,968
$3,564,325
$3,604,318
$3,670,416
922,842
592,656
651,941
242,765
544,670
284,671
724,153
435,105
44,722,233
7,753,734
3,587,608
44,592,530
9,085,739
4,504,180
43,339,279
8,562,152
3,480,300
46,447,856
9,392,277
*
1—
Gross from railway.
Net from railway
Net after rents
—V. 141, p. 4164.
4.011,954
Financial
Volume 142
Delaware Rayon
Corp.—Earnings—
Years Ended Dec. 31—
Net profit after all charges
Earns, per share on
—"V. 141, p. 3224.
class A stock outstanding....
1oss$33,171
Nil
.
Denver & Rio Grande Western
Federal
1934
1935
$54,295
$0.32
.
District
Judge
Symes
at
RR.—Leave to Intervene
Denver
has
granted
permission
to
the U. S. Trust Co.. City Bank Farmers Trust Co., Chase National Bank
and Central Hanover Bank to intervene and become parties to reorganiza¬
tion proceedings.
A similar petition of Samuel Untermyer of New York
was
denied.
Mr. Untermyer represented family holdings while other
intervenors represent a large number of security holders.
Earnings for December and 12 Months Ended Dec. 31
Period End. Dec. 31—
Operating
revenues
Net revenue.......
Net ry.oper. income
Available for interest...
Interest
1935—Month—1934
1935—12 Mos.—1934
$1,788,685
$1,605,455 $20,944,229 $19,246,850
555,843
477,600
4,808,762
4.601,589
388,458
269,977
2,417,974
2,311,563
385,406
282,831
2,438,431
2,587,208
476,008
472,800
5,707,230
5,563,079
Net deficit
-Y.
142,
Denver
$3,268,798
$189,969
$90,601
$2,975,871
124.
p.
Tramway Corp.— -Earnings—
Years End. Dec. 31..
1935
1933
1932
$2,815,988
Total oper. revenue.
1934
$2,741,140
$2,533,829
$2,943,649
Operating expenses (incl.
depreciation)
2,189.827
317,812
Net operating income.
Miscellaneous income
2,045,829
259,796
2,297,824
313,852
$345,070
34,309
$228,204
37,818
$331,974
46,980
$338,048
114,013
262,739
.....
2,103,458
292,612
$308,349
29,699
_
Taxes..
$379,379
129,775
269,799
$266,022
137,100
279,481
$378,953
151,600
291,526
Chronicle
781
Motors Corp. common stock received as a distribution on E. I. du Pont de
Nemours & Co. common stock of $10,152 and net cash proceeds from sales
of regular stock dividends and rights, included per certificate if incor¬
poration of $30,808.
y Unearned portion of balance included in capital surplus, annexed,
$2,579.
Earned portion of balance, included in earned surplus, annexed,
$213,879.
Surplus Account Year Ended Dec. 31
Capital Surplus—
1935
1934
Balance, Dec. 31
$8,936,540 $15,782,555
Excess over par value paid to stockholders for
shares of cap. stock surrendered for purchase at
liquidating value
412,438
6,936,168
Excess over par value received on subscriptions to
capital stock
__.Cr2,321,956
Cr90,153
Portion of balance of distribution account
2,579
Balance of capital surplus at Dec. 31
$10,848,638
Earned Surplus—
Arising from sales of investments computed by the
application of first costs against first sales'. Bal¬
ance at Dec. 31-.
807,636
Net profit for the year, less Federal inc. tax thereon xl ,226,764
Reversal of excess provision in 1933 for cost of
changing trustee
Portion of dividend declared charged thereto..
Dr571,356
Assessment for Federal taxes paid under protest...
j Dr2,847
Bal. of distribution acct., per statement annexed..
213,879
Surplus at Dec. 31
_
Int.
on
Int.
on
underlying bonds
gen. & rer. bonds
Amortization of discount
on funded debt
Bal. avail, for divs...
12,062
14,012
def$25,208 def$162,621
def$78.184
4,068
def$42,772
5,013
Balance Sheet Dec. 31
1935
Assets—
a
Prop., equip.
franchise
24,529,169 24,888,568
485,948
361,936
180,374
140,709
Invest. & securities
200,200
208,741
Material & suppl
258,974
276,737
Insurance prem. &
taxes paid in adv
39,490
33,374
Cash—
625,640
885,456
Special depos. for
matured interest
138,865
141,455
Real est. not used.
Sinking fund
_.
Acor'd int. & accts.
received
75,745
a
61,523
47,538
Deferr. & suspend,
debt items
1934
$
Investm'ts,
x
div. unpaid
Accrued int. pay—
136,279
138,520
16,917
Accrued taxes
res.
332,632
106,667
629,566
32,092
333,610
103,464
595,287
Deferr. & suspend,
credit items
14,059
11,304
Total
After deducting depreciation,
b Represented by 61,240
no par
shares.
Derby Gas & Electric Corp.—Accumulated Dividends—
a
dividend of 70 cents par share on the $6.60
cumulative preferred stock, and a dividend of 76 cents per share on the $7
cumulative preferred stock, both payable Feb. X to holders of record Jan. 25.
Like payments were made on Nov. 1, last, prior to which regular quarterly
dividends of I1.62H and $1.76 per share
—V. 141, p. 2886.
Co.—Acquisition—
116,843
8,936,640
967,791
165,967
10,848,638
1,674,076
16,512,956 13,372,144
Total..
Dixie Gulf Gas Co.—Bonds Called—
December—
1935
Gross from railway
Net from railway
Ry.—Earnings.—
1934
def$7,877
1933
def546,208
def657,980
Gross from railway
Net from railway.
Net after rents.,
1932
$78,673
def583,371
def574,495
$84,372
def360,522
def393,428
11,519,810
4,877,268
3,765,586
Net after rents
From Jan. 1—
9,486,593
2,769,180
1,981,648
$64,779
def335,377
def333,814
9,700,200
2,374.934
3,982,350 def2409,384
3,408,234 def2524.823
—V. 142, p. 124.
respectively had been distributed.
The company has acquired all the fixed property and assets of the Penin¬
sular Electric Light Co.—V. 142, p. 621.
25,712
Federal
A total of $330,000 first mortgage 6H% sinking fund gold bonds, series
A, due Sept. 1 1937 have been called for redemption on March 1 at 101 and
interest.
Payment wLl be made at the Manufacturers Trust Co., New
York City.—V. 133. p. 2762.
Duluth South Shore & Atlantic Ry.Gross from railway
Net from railway
..
—Earnings.—
Net after rents
1935
$149,615
def9,978
def17,352
$123,136
def34,966
def49,453
$184,192
61,341
38,514
1932
$143,517
28,290
def3,714
2,360,044
524,798
369,590
December—
Detroit Edison
3,785
market value of investments at Dec. 31 1935 was $21,619,202 (Dec. 31 1934, $15,590,982).—V. 142, p. 458.
....26,457.931 27,179,346
—V. 141, p. 2886.
The directors have declared
13,372,1441
16,512,956
3,321,376
The aggregate
Duluth Missabe & Northern
Total
for
Capital surplus
Earned surplus
x
Service liabilities..
Oper. & other
97
•
Income tax
8,014,139
7,422,800
86,929
Accts. & wages pay
Matured int. and
$
cost).13,294,679 12,029,111 Capital stock (25
Cash in bank
cents per share). 3,749,065
2,982,374
1,219,733
Cash divs. recelv..
81,350
84,435 Pay. for cap. stock
Amt. due on subs.
purch. for treas.
to capital stock.
124,343
4,596 Pay for sec. purch.
Recelv. for secure.
not yet recelv..
8,875
sold, not deliv'd
16,383 Prov. for Fed. cap.
Deferred charges..
stock tax
30,208
17,886
66,335
Prov.
7,897,251
6,795,400
87,959
1934
$
Liabilities—
Prov. for accr. exp.
stocks Cat
56,834
26,457.931 27,179,3461
$
b Common stock &
surplus
160,153
$9,904,331
1935
1934
com.
10,441,200 10,441,200
Funded debt
14,290
Dr98,247
Balance Sheet Dec. 31
$
Assets—
$
Liabilities—
Preferred stock
&
Total.
1935
;
1934
$
25,414
866,180
x During the
year there was an increase in net unrealized appreciation of
investments, after providing for Federal income tax thereon, amounting
to $4,104,043.
1935
Gross income
$12,522,714
$8,936,540
2,176,537
367,756
138,595
1,963,106
327,670
58,390
1,634,036
def202,169
def567,046
1934
1933
From Jan. 1—
Detroit & Mackinac
December—
Ry.— -Earnings.—
1935
Gross from railway
Net from railway.
1934
Gross from railway
1933
$37,973
1932
$43,494
def2,789
def6,624
_
Net after rents
77
$42,252
3,959
def23,341
def 1,089
$42,078
2,092
def3,795
654,506
105,883
63,544
632,903
118,570
101,920
601,960
93,035
46,845
759,895
153,107
103,974
Net from railway
Net after rents
—V. 142, p. 125.
Duluth Winnipeg & Pacific
From Jan. 1—
Gross from railway
Net from railway.—.
Net after rents
Paper Products Corp.—Listing—
The New York Curb Exchange has approved the listing of 208,000 out¬
standing shares of common stock, $1 par, and will list 30,000 additional
shares of common stock, $1 par, upon notice of issuance.—V. 141, p. 3688.
Detroit Toledo & Iron ton
1935
December—
Gross from railway
Net from railway......
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—
1934
1933
$540,076
273,608
185,886
$395,555
178,033
130,943
$315,603
117,826
56,573
8,103,503
4,464,741
3,257,259
5,837,776
2,832,748
1,953,028
4,042,660
1,610,447
1,076,319
4,130,256
1,089,768
474,254
—V. 142, p. 124.
1935
December—
Gross from railway
Net after rents
•Earnings.
$239,346
157,717
105,110
$282,049
167,246
67,628
....
3,554,326
1,963,299
1,037,662
2,562,417
1,298,762
570,755
2,952,066
1,552,571
731,070
4164*
Dividend Shares,
Inc.
-Earnings-
Years Ended Dec. 31—
1935
Expenses..
—
Net income, excl. security profits & losses.
Previous balance of distribution account
-
-
-
.
_
.
Deduct—Amts. incl. in price paid for cap. stk. sur¬
rendered for pur. at liquidating val. equal to
the per share portion of distribution acct. at
time of purchase- i
$920,552
116,745
$576,863
160,154
..
......
1934
x$760,699
183,836
Cash dividends
$803,807
323,290
$737,017
$1,127,098
53,846
12,610
Co.—-Earnings-—
Liabilities—
Cash....
—
receivable....
Accounts receivable--
applic. to quarter ended Jan.
cluded in earned surplus, annexed
stock
-
Investments-
-
-
-■—
$746,539
1,101,438
$1,074,251
1,012,344
571,356
98,247
y$216,458
$33,481
1,208
51,921
64,141
81,030
Land, ore reserves and mineral
rights
xl, 137,601
Buildings, mach'y snd equip-- yl20,890
Prepaid Insurance
4,215
Other assets
5,000
payable
Accrued salaries and wages.
Capital stock
Treasury stock
Paid in surplus
Earned surplus..
Accounts
$4,901
...
495
1,054,700
.Dr 138,090
518,213
59,269
.
.
.
-
Total
x
$1,499,490
After
reserve
Total
for depletion of $159,302.
——
y
.—$1,499,490
After reserve for deprecia¬
tion of $359,240.—V. 139, p. 3963.
Eastern Massachusetts Street Ry.Railway oper. revenues.
Railway oper. expenses.
1935—Month—1934
$581,431
$549,356
368,336
357,834
30,819
19,820
■Earnings—
1935—12 Mos.—1934
$6,388,551
$6,304,144
4,238,341
4,295,736
350,629
290,615
$160,154
Taxes..
Other income.
Interest
on
$182,276
8,433
$171,702
9,685
$1,799,581
110,053
$1,717,793
126,109
$190,709
$181,387
$1,909,634
$1,843,902
65,050
101,729
69,478
791,413
1,283.966
831,434
1,272,459
funded debt,
rents, &c_
Deprec. & equalization.
Net profit
—V. 141, p. 4165.
15, in¬
Includes net cash proceeds from sale of 1,173 shares of Mission Corp.
stock received as a distribution on Standard Oil Co. (N. J.) capital
of $11,797, net cash proceeds from sale of 181 shares of General
common
Inventories
Gross corp. income
Total surplus
Deduct—Divs. declared on capital stock
Less—Amount thereof charged to surplus arising
from sale of investments annexed.....
$30,729
$3.49
$5.65
Balance Sheet Dec. 31 1935
Assets—
Balance
amt. avail, for distribution on then outstand¬
ing shares
1934
1935
$49,772
10,547 shares capital stock— .
999
Less—Amts. incl. in price rec'd on subscriptions
to shares of cap. stock to equalize the per share
x
Eastern Magnesia Talc
Period End. Dec. 31—
3,088
def53,065
effective which provides that the previously authorized and listed prior
preference stock (with warrants) has ceased to exist and the
certificates
therefor are exchangeable for new debentures and new participating pref.
stock.—V. 142, p. 458.
1932
2,303,580
2,016,381
368,857
841,099
def221,243
Duplex Razor Co.—Suspended from Dealings—
Notes
Net after rents.
Balance
3,663
The New York Curb Exchange has suspended dealings in the prior
preference stock (with warrants) as the plan of recapitalization has become
$257,067
From Jan. 1—
Total
812,579
def63,184
71,442
$54,350
def27,403
def9,358
—V. 142, p. 297.
Earns, per share on
146,699
74,756
1932
912,727
def36,989
def43,050
Net income after all changes
1933
1934
$385,596
243,230
137,384
Net from railway
—V. 141, p.
1933
$59,345
def4,783
Years Ended Dec. 31—
Detroit & Toledo Shore Line RR.—
Gross from railway.
Net from railway.
Net after rents
'
1932
$741,287
459,371
335,354
1934
$89,466
13,648
10,938
1,072,852
23,066
def141,978
Gross from railway
Net from railway
Durham
RR.—Earnings.—
Ry.—Earnings.
$106,761
9,592
def5,365
Net after rents
From Jan 1—
—V. 142, p. 124.
Detroit
1935
December—
Gross from railway
Net from railway
$23,930
96,209
$15,700 def$165,745 def$259,991
Eastern Shore Gas Co.—To Issue Additional Stock—
company has been authorized by the Maryland Public Service
The
Commission to issue 5,000 additional shares of common stock at
50 cents
782
Chronicle
Financial
per share and 25,000 shares of
which supplies gas to Ocean
Eastern Utilities Associates (&
Period End. Dec. 31—
Gross earnings
Operation
Maintenance
Retirement res. accruals
Taxes (incl. inc. taxes)..
Interest & amortization.
Foreign Power Co., Inc., consisting
of bank loans of $31,907,048, debentures of $50,000,000 and said $7,976,762
of notes due Oct. 26 1938; such subordination to continue until said bank
loans of American & Foreign Power Co., Inc., are paid.
c Market value at
closing quotations was $143,763,000 in 1935 and $122,128,800 at Dec. 31 1934.
d Market value, at closing quotations, was $5,352,000 in 1935 and $3.166,000 in 1934.
Subs.)—Earnings—
1935—Month—1934
$762,653
$743,334
373,451
346,766
30,039
30,632
60,416
60,416
a56,323
88,980
46,910
49,086
.
Feb. 1
to other indebtedness of American &
preferred stock at $10 a share. The company,
City and several other communities of the
eastern shore of Maryland, plans to use the proceeds for improvements to
plant and equipment at several locations.—V. 136, p. 3906.
1935—12 Mos.—1934
$8,491,427
$8,175,572
4,115,461
3,838,690
345,958
303,175
725,000
725,000
935,233
995,424
580,621
565,727
Holdings of Electric Bond & Share Co. at Dec. 31
by E. B. & S. Co.% of Total
Shares
Outstanding
No. of
Outstanding
American &
^Balance.
$167,451
$195,512
Preferred dividend, B.Y G&E.Co
Preferred dividends, P. G. Co. of N. J
Applicable to minority interest
$1,789,153
77,652
39,605
30,757
Foreign Power Co., Inc.:
preferred
Preferred stock ($7)
2d preferred stock, series A ($7)...
$1,747,554
$6
77,652
49,500
55,471
$1,641,138
$1,564,930
a Includes non-recurring credit
adjustment of $28,105 for income tax as a
result of refinancing by Biackstone Vailey Gas & Electric Co.—V. 142,
p. 298.
355,623
4,482,738
Preferred stock
Common stock
Light Co.:
$5 preferred stock
Preferred stock ($6)
Client Operating Subs, of—
1936
96,347,000
American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
41,212,000
78,521,000
1935
Amount
86,868,000
35,748,000
75,468,000
Light Corp.:
$6 preferred stock
$7 preferred stock
2d preferred stock, series A ($7)
**
Edison Electric
Uncollectible
$2,922,087
1,194,355
288,333
Cr3,199
501,573
revenue
Taxes accrued
Net oper. income
$977,931
31,370
$7,959,645
221,442
—■—■—•—■—•
Opt. warrants to
$965,828
6,784
267,981
$1,009,301
7,850
279,093
$8,181,087
81,800
3,053,500
$722,358
$5,045,787
.09
16.76
57.76
69.34
17,310
3.85
752,666
151,005
9.63
3.10
.stk.
2,540,438
46.56
279,716
5,456,117
Common stock
Note—Scrip for fractional shares of stock is included in the above schedul
at the equivalent in full shares.—V. 141, p. 3689.
Electric Shareholdings
$9,125,925
$691,063
Gross income
Miscellaneous rents
Interest and discount-..
K
pur. com
$6 preferred stock
$5,187,790
$8,925,059
200,866
—
485
13,905
1,976,638
393,408
449,822
884,680
Com. stock purchase warrants
National Power & Light Co.:
1935—12 Mos.—1934
—■—■—*—•—•
31.10
7,818,959
4,864,967
3,015
$7 2d preferred stock.
$2,832,724 $30,056,720 $29,746,056
1,069,043
12,978,401
12,113,079
243,333
3,460,000
2,920,000
20,000
189,801
240,000
522,417
5,468,873
5,547,918
$941,025
24,803
Non-operating income..
tot
5.30
937,213
515,135
Optionwarrantstopurch.com. stk.
United Gas Corp.:
$7 preferred stock
Illuminating Co. of Boston—Earnings
Operating revenues
Operating expenses
Depreciation
18.89
51,840
82,964
3,422,089
567,354
Common stock
1935—Month—1934
.
255,431
Common stock
—V. 142, p. 622.
Period End. Dec. 31—
•<
Electric Power &
%
10.9
15.3
4.0
9,479,000
5,464,000
3,053,000
846,986
978,444
793,581
3,013,813
Common stock
For the week ended Jan. 23 1936 the kilowatt-hour system input of the
client operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
asicompared with the corresponding week during 1935, was as follows:
"
($6)
American Power &
)F Ebasco Services, Inc.—Weekly Input—
"InCTQCLSB
stk.
com.
17.00
2.88
82.29
44.50
86.18
65,809
13,794
2,158,236
881,495
5,812,884
American Gas & Electric Co.:
—
'
387,026
478,995
2,622,862
1,980,734
6,744,999
Common stock
Option warrants to purch.
Applicable to E. U. A
r
1935
-Owned
Total Shs.
Corp.—Annual Report—
L. E. Kilmart, President, says in part:
The net cash income for the year 1935, after deducting operating expenses,
salaries and other expenses, and all taxes, was $668,730, compared to
—■—•
$562,526 for the year 1934.
Central States Electric Corp. common stock
through distribution by Blue Ridge Corp. in November 1935
78,854
received
3,859,281
has not been included.
Income balance
—V.
The net assets, based on Dec. 31 1935 market prices, amounted to
$19,970,263 (1934, $10,218,408).
The market value of investments of
the corporation was $1,630,947 more than the book value.
This net
unrealized appreciation,
compared with a net unrealized depreciation
of $7,993,070 on Dec. 31 1934, is an increase of $9,624,017 during the year.
The net assets on Dec. 31 1935 were equivalent to $196.76 per share of
$6 preferred stock outstanding and, after allowing for preferred stock at
the amount to which it is entitled in liquidation ($105 per share plus divs.),
to $4.85 per share of common stock outstanding.
In November 1935 a group composed of American Cities Power & Light
Corp., Electric Shareholdings Corp., Tri-Continental Corp.,
Selected
Industries, Inc., and Chicago Corp. acquired a preponderant block of the
outstanding common stock of Blue Ridge Corp.
The purchase is tem¬
porarily financed by bank loans.
142, p. 298.
Electric Bond & Share
Calendar Years—
x{Gross income
Exps., incl. taxes
Net
Co.—Earnings—
1935
1934
1933
1932
$13,636,624 $13,952,702 $14,720,672 $18,896,884
income
Pref. stock dividends...
4,336,729
$9,299,895
8,433,930
Balance
4,418,329
3,985,404
5,330,218
$9,534,373 $10,735,268 $13,566,666
8,433,930
8,433,930
8,433,930
$865,965 y$l,100,443
$2,301,338
$865,965
$2,301,338
Common stock divs
$5,132,736
1,508,286
,
Surplus income
$1,100,443
$3,624,450
Income Account for Calendar Years
x
Includes stock dividends received of $338,520 for 12 months ended
Dec. 31 1935; $338,520 for the 12 months ended Dec. 31 1934;
$375,772 for
12 months ended Dec. 31 1933, and $452,502 for the 12 months ended
Dec. 31 1932.
Stock dividends received are taken on the company's books
either at par value, or, if no par value, then at stated value as shown in the
balance sheets of the respective issuing companies, or at market value if
Cash divs. & interest
Incl. Wholly Owned Subsidiaries
Stock divs. val. at mkt.
tive div. record dates.
1
1935
Surplus
Surplus
314,676,734 371,108,201
865,965
299,435
49,572
Total
Balance Dec. 31 1935
1,133,284
20,316
Accrued interest receivable
Investments (ledger value):
Notes receivable;
b American & Foreign Power Co., Inc
rants of associated companies
Securities—less balance of
reserve
2,610,000
Prepayments
Deferred charges
100,674
774,894
Total
Liabilities—
on
preferred stocks
Capital stock
Reserves (appropriated from capital surplus)
Capital surplus
Earned surplus
Total
$5,207,780
a451,804
a487,960
15,227,123
23,094,549
2,529,806
1,016,593
310,569
922,454
43,223,466
25,925,000
20,000,000
1,400,000
4,162", 926
^
^
^
„
$6,577,368
22,448
pref. stock (opt. stock
div. series), divs. paid
com.
on
stk..
b304,485
sale of
securities
Cr38,558
364,533
709,330
,585,184
Balance Dec. 31
768,221
$5,809,146
$4,054,930
$4,010,490
a Capitalized at $1
Maximum cash option would have been
per ishare.
b Paid in cash.
$451,839 in 1933 and $496 ,464 in 1932.
Balance Sheet
$
>
§
Dec.
31
1934
1935
937,122
44x.247
19.269
839,503
163,292
170,327
2,108,483
2,108,483
1,771,370
1,877,048
171,901,234 171,901,234
4,803,303
4,803,303
313,842,885 314^676i735
57,326,689
56,431,467
1934
$
$
Liabilities—
Investments
Notes
20,428,081 17,939,701
e Securities
801,035
Cash
289,075
124,683
Divs. receivable..
dl51,348
170,464
secured. 3,301,035
Accts. payable and
Accts. receivable..
Reserve for Federal
a
707
payable
to
banks,
accrued expenses
Income taxes
c
19,738
9,448
Preferred stock..10,149,500
b Common stock
1,604,632
Capital surplus... 6,585,184
Total
21,669,539
18,235,5551
24,077
.
Total
21,669,539
10,797,700
1,604,632
5,809,146
18,235,555
a At valuations as of Dec. 31
1931, fixed by directors as to investment
acquired prior to that date; and at cost as to subsequent purchases.
Aggregate value, based on Dec. 31 1935 market prices, was $22,059,028
($9,946,630 in 1934).
The unrealized appreciation in value of investments
was $1,630,947 ($7,993,070 unrealized depreciation in
1934).
b Represented by shares of $1 par value.
c Represented by
101,495 (107,977 in 1934) no-par shares of $6 cum.
conv. preferred stock.
d Includes
interest receivable.
e These
securities which consist of 246,580 common shares of Blue
Ridge Corp. and 24,658 shares of common stock of Central States Electric
Corp. received as a distribution thereon, are reserved for sale toother
interests and also deposited as collateral on notes payable.—V. 142, p. 622.
551,917,255 551,968,596
Elgin Joliet & Eastern Ry. —Earning s.-
Represented by:
Shares
Dec. 31
$5 pref. stock No par; stated value $100 a sh.; en-1
titled upon liquidation to $100 a
[
share & accumulated dividends)
$6 pref. stock
Common stock and scrip <
par value)
b At
$4,871,267
Losses realized
.551,917,255 551,968,596
a
a
959,765
created in
the year 1933
Loans receivable
Accounts payable.
Divs.. accrued or declared
Taxes accrued.
478,892
„
4,920
402,137,933 402.137,913
6,670,972
9,781,056
dIMiscellaneous marketable securities
Wholly-owned, subsidiaries:
r
1,954,992
4,
1935
42,976,762
United Gas Corp., due on demand
28,925,000
Cuban El. Co. 6% debs., due May 1 1948
20,000,000
Northern Texas Util. Co. 6% 1st mtge. Jan. 1 '36
1,280,000
Texas Pow. & Lt. Co. 4% % 1st mtge. due 19655.037,120
Miscellaneous bonds of associated cos
4.660,486
c Preferred and common stocks and
option war-
I
373,234
$
11,787,207
21,275,130
901,403
1,994,461
95,545
689,667
U. S. Government securities
F
$434,494
3,791,073
in cash & in
Municipal and other short-term securities
I
1,010,455
'
_
Total surplus
$6,851,111
Divs.—On $6 cum. conv.
1934
$
Accounts receivable.
I
1,133,284
20.316
470,422
$381,885
4,010,490
Capital gain arising from
purch. & retirement of
preferred stock
Adjustment applicable to
prior perio
299,435
49,572
1935
_
Assets—
f
63,466
$562,526
4,054,930
31
Cash in banks, on demand
Casn in banks, time deposits
|
232,020
$668,731
5.809,146
57,326,688 313,842,885 371,169,574
Balance Sheet Dec.
^
r
202,828
Net inc. for period
Previous capital surplus.
57,347,004 314,976,169 372,323,174
12 mos. end. Dec. 31 1935 (net)
Miscellaneous.
L
$1,629,115
120,700
appl. in reduc. of book
value of investments.
wholly owned subs."
Excess of ledger value over sales price
of investment securities sold during
$1,164,477
80,151
865,965
Miscellaneous
'
$839,736
74,382
above val. of stk. divs.
Transferred from "reserve for invest¬
r
$1,073,921
555,194
book val. of invest'ts.
56,431,467
1935
ments in
$702,441
462,035
Special approp. of bal. of
Surplus income 12 months ended Dec.
31
$202,828
636,908
$738,539
69,808
Total income
Total
Surplus
Balance Jan.
Capital
$738,539
Oper. exps., taxes & int.
Appropriation of above
val.of stk.divs .applied
in reduc'n of averaged
1935
Earned
1932
prices following respec¬
less than par value or stated value, as the case may be.
y Equivalent to
16 cents per share on common stock as compared with 21 cents per share in
1934, 44 cents per share in 1933 and 99 cents per share in 1932.
Analysis of Surplus for the 12 Months Ended Dec. 31
1933
1934
1935
Dec.
Outstanding
'35
Dec. 31
December—
'34
300,000
300,000
1,155,655
5,267,147
1,155,655
5,267,147
1935, $7,976,762 of notes were due Oct. 26 1938 and a
$35,000,000 note was due Nov. 15 1938.
The latter note similarly to that
for the same amount held Dec. 31 1934, which it replaces, is subordinated
31
I
Gross from
1935
railway
Net from railway
Net after rents
From Jan.
Gross from
142,
p
$824,188
154,335
150,576
14,203,429
4,079,648
2,870,358
10,2e>9,344
1,944,985
661,634
1933
$733,490
100,744
106,898
1932
$588,445
39,440
def59,746
1—
railway
Net from railway
Net after rents
—V.
1934
$1,369,990
421,028
293,012
125.
9,985,608
7,764,089
590,620
2,421,872
928,388 defl016,847
Financial
Volume 142
Balance Sheet Dec. 31
Elgin National Watch Co;—25-Cent Dividend—
The directors have declared a dividend of 25 cents per share on
stock,
the capital
$15, payable March 16 to holders of record March 6.
This
with 55 cents paid on Dec. 16 last, and 15 cents per share dis¬
par
compares
tributed in each of the three preceding quarters, prior to which no
were made since Feb. 1 1931, when a dividend of 37 M cents per
disbursed.
A dividend of 50 cents was paid on Nov. 1 1930 and
payments of 62
cents per share were
783
Chronicle
payments
share was
quarterly
made previously.—V. 141, p. 3535.
Fairmont & Clarksburg Traction Co.—Bonds Called—
See Monongahela West Penn Public Service Co., below.—V. 94, p. 826.
hand and
on
Period End. Dec. 31—
Securities carried for joint accounts
Good faith deposits
Sales
$749,625
$844,262
4,736,459
2,172,894
924,122
210,140
—
delivered.. 37,751,194
31,920,763
332,773f
198,558
Miscellaneous
$4,818,396
$4,184,556
16,297,977
1,206,414
'.
Accounts receivable—Sees, sold not yet
136,835
1
J
Furniture and fixtures (less
Tax stamps
1935—12 Mos.—1934
1935—Month—1934
i40,000
34,887,072
10,729,665
Miscellaneous bonds and stocks
Accrued interest receivable
Fanny Farmer Candy Shops, Inc.— -Sales—
$6,273,652
1,870,510
809,374
$6,738,154
2,720,480
deposit
Deposits on securities borrowed
Bankers'acceptances
Trading securities:
United States government securitiesMunicipal bonds and notes
on
1934
1935
Assets
Cash
126,794
7,487
20,459
105,157
7,320
20,367
depreciation)
Deferred charges
—V. 141, p. 3860.
$95,815,217 $64 ,529,404
1934
1935
$55,630,077 $34 ,424,981
65,740
6,060
Total
Film Center Building
(Film Center, Inc.), New York—
Opposition to Present Operation of Property—
Property Management,
to the holders of 1st mtge.
Inc., 215 N. Calvert St., Baltimore, in a circula
6% sinking fund gold bond certificates of Film
Liabilities—
Collateral loans
Center, states in part:
The
trustee has commenced
1935 are unpaid and that the gross rentals of the mortgaged property are
about $20,000 per month, no action has yet been taken to conserve the
income of the mortgaged property for the benefit of the bondholders.
1935, holders of over $145,000 of bonds have
sent in their powers of attorney.
We hope to intervene in the foreclosure action to oppose the owner's
plan and for the purpose of requesting the court to conserve the income
of the mortgaged property for the bondholders' benefit.
If we are to be
successful in doing this, it is necessary that we represent as many bond¬
holders as possible.
The owner's proposed plan permits the present equity owners to retain
full Control of the property and the benefit of future enhancement of the
equity, which will become very valuable if the drastic reorganization of the
first mortgage bonds proposed by the owner's plan is carried through.
To summarize some of our additional reasons for opposing the owners
proposed plan:
(1) The plan provides that first mortgage bondholders should extend the
matmriy date or their bonds until 1948 and reduce their interest from the
fixed rate of 6% to 4%, of which only 3% must be paid, the other 1% not
having to be paid until 18 months to prevent default.
The old stockholders
invest $1,000 and get the benefit of a sacrifice of as much as $38,000 per
year of the 1st mtge. bondholders' interest money for 12 years.
(2) The owner's plan provides the owner, as an operating expense ahead
of taxes and interest, with an administrative or management fee not exceed¬
ing 3%—$6,300 per year on the owner's estimated income and $9,000 per
a
result of letter of Dec. 6
actual 1934 income.
The owner's plan provides 3% interest on the second mortgage ahead
of any provision for amortization of first mortgage bonds.
(4) The owner's plan, after payment of first and second mortgage in¬
terests at the reduced rate, gives the owner 50% of all additional earnings
in cash for liquidation of junior indebtedness and dividends on the common
stock.
This junior indebtedness, on which $35,000 interest was reported
as an expense in 1933 and $18,500 in 1934 is stated in the owner's plan to
now consist of $35,000 notes due to
banks and $250,000 to undisclosed
interests.
The owner will be able to withdraw large amounts in cash
from the property for its own purpose in addition to the reduction of the
mortgages out of a part of current earnings, and also be in possession of the
property with the encunbrances now upon it greatly reduced, at a time when
the first mortgage holders will be receiving no more than 4% interest on
their bonds irrespective of business conditions during the next 12 years.
(5) The owner's plan uses only 45% of the earnings above the reduced
interest on the first and second mortgages to retire first mortgage bonds.
Because of the low interest rate and distant maturity these bonds will
probably sell at prices well below their intrinsic value.
The retirement of
year on
(3)
the indebtedness in this matter at a substantial reduction of its face value
will enable the owner to create
a
real equity in the property at the expense
of the bondholders.
The owner relieves itself of the income tax on the reduced interest
to be paid and shifts it on to the bondholders.
(7) The owner contributes nothing to the reorganization and yet retains
ownership and management of the property in spite of its having allowed
taxes and interest to go in default while the property was producing suffi¬
(6)
cient income to pay
.
both.
It is to be hoped that each bondholder will deem it his duty to
himself
promptly, thus making possible the sub¬
mission and consummation of a plan of reorganization fair to the first
mortgage bondholders.—V. 126. p. 3305.
and other holders to co-operate
Federated Department
Stores, Inc.—New Pres., &c.—
elected President of this company.
Mr.
Rothschild.
Hugh Grant Straus was elected Assistant Secretary-Treasurer to replace
Mr. Blum in his former office.
Walter N. Rothschild was elected a new
director of the board.—V. 141, p. 3689.
Edward
C.
Blum,
has
Finance Co. of America at
after
interest
$66,103
$102,848
$134,575
$196,853
& Connell Dredge &
Dock Co.—Extra
Reserve for unearned discount, taxes,
588,321
136,760
55,860
125,000
—
&c
Reserve for contingencies
Capital stock (par $10)
Paid-in surplus
Earned surplus
5,000,000
4,000,000
3,213,307
...
340,998
71,227
14,064
30,000
5 ,000,000
4 ,000,000
754,521
$95,815,217 $64,529,404
Total
Notes—The
valuation
the
of
securities
owned,
based on market bid
quotations at Dec. 31 1935, and of the securities sold not yet purchased,
based on market offered quotations at that date, is $6,988 in excess of
the aggregate book values thereof, as shown in the above statement.
Securities having a valuation, based on market quotations, of $59,786,339
are pledged as collateral to loans payable.
At Dec. 31 1935 the corporation had contingent accounts as folows:
Securities purchased on a "when issued"
Securities sold on a "when issued" basis
Commitment
as a
member of syndicate
$601,937
basis
7,991,759
formed to purchase sees.
7,670,000
—V. 142, p. 298.
Florida East Coast Ry.Gross from
Earnings.—
1932
1933
1934
1935
December—
39,875
$676,835
119,697
65,543
$654,458
150,922
89,782
$583,651
107,327
91,986
7,729,029
1,034,821
7,609,612
1,467,324
def222,593
225,476
6,693,545
1,154,608
defl34,911
6,720,794
1,019,743
def281,776
$772,246
125,074
railway..
Net from railway
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—V. 141, p. 4166.
Follansbee Bros. Co.—To Issue New
The trustees have received permission in
Certificates—
Federal Court for the issuance
of $500,000.—V. 141, p. 460.
of certificates of indebtedness in the amount
Ford Motor Co.—New Bus Chassis—
an addition to the Ford V-8 commercial chassis types, the company
of a new bus chassis, specially equipped for
bus operations.
The bus chassis is now available through Ford dealers.
Standard equipment on the new chassis includes bus-type electrical
equipment with a 12-volt 300-watt generator with twin belt drive, a special
12-volt storage battery, heavy duty wiring with 12-volt lighting equipment,
vacuum power brakes, special bus type clutch, front shock absorbers and
As
announced the introduction
dual rear wheels.
The chassis is available either in
choice of 5.14 to 1 or 6.6 to
131H-inch or 157-inch wheelbase.
A
1 rear axle gear ratio at no extra cost is also
provided.
The rear axle is full floating with roller bearings throughout and
straddle mounted driving pinion.
The brake drums are 14 inches in diameter and provide 350 square inches
of lining area for the
Prices on the new
service brakes.
chassis are the lowest for any complete bus chassis
according to Ford officials.
The 131^-inch wheelbase chassis has a fac¬
tory list price of $740 and the 157-inch wheelbase lists at $765.
These
prices represent a saving to the purchaser of from $150 to $200 compared
to the cost of adding to a standard truck chassis by individual purchase and
installation the equipment now included on the bus chassis.—Y. 142, p. 299.
Fort Smith & Western Ry.- —Earning s.1932
1933
1934
1935
December—
$73,276
21,917
13,285
$57,940
5,378
def 1,360
$61,942
8,933
2,595
$50,280
def4,747
def7,525
673,418
54,377
def35,377
679,063
53,811
def29,464
670,557
75,558
def4,895
685,187
20,980
def62,238
railway
Net from railway
Gross from
—
railway
Net after rents
—
Fort Worth & Denver
have declared an extra dividend of 12H
cents per share
dividend of like amount on the common
value, both payable March 1 to holders of record Feb. 18.
Dec. 1 and Sept. 1 last.—V. 141, p. 2887.
Similar distributions were made on
$519,165
240,434
RR.—Earnings—
1935—Month—1934
Period End. Dec. 31-
$50,932
43,924
1,074
Operating revenues.
Operating expenses
Tax accruals
$5,934
2,530
Operating income.
Other income
$8,464
7,949
Gross income.
Deductions
$515
Net income
'
$51,479
41,934
def 1,912
$11,456
def683
$10,772
12,338
$608,130
508,838
29,525
$571,123
522,293
28,593
$69,766
19,812
$20,236
5,739
$89,578
166,330
$25,976
164,838
def$l ,566 def$138,862
def$76,752
-V. 142, p. 126.
Year End.
Dec. 31 '35
June 16 to
Dec.
31
'34
Profits from trading in securities on own acct., on
$7,008,050
1,177,503
111,658
$2,223,475
$8,297,210
Total income
$2,758,350
1,578,700
147,543
126,432
15,049
3,829,843
General expenses
Interest on bank loans
269,268
(other than Federal income tax)
Depreciation of furniture and fixtures
of securities to market
Taxes
302,298
28,037
Adjustment of book value
value at Dec. 31 1934
Provision for contingencies
Miscellaneous charges
- - - - - -
for period
Net income
Dividends paid.
Earnings per share on
-
445,070
89,805
500,000 shares of stock
22,985
5,650,343
1,965,217
1,239,355
railway
5,633,368
2,274,161
1,567,283
1,180,639
6,003,759
2,332,456
1,657,174
—V. 142, p. 126.
Fort Worth & Rio
Grande Ry.1935
December—
$37,143
def18,479
def23,913
railway
Net from railway.
Gross from
Net after rents
Earnings.—
1934
$38,354
1932
1933
defl7,174
def 15,806
def26,516
def25,712
$32,820
def28,423
def38,328
469,666
defl54,375
def269,224
424,044
def268,726
def393,536
472,303
def271,254
def406,885
$33,334
From Jan. 1—
Net from railway
442,879
defl70,930
Net after rents
def265,161
Gross from railway
—V. 142, p.
126.
(Texas) Stock Yards Co.—Pays Extra Div.—
of $1 per share in addition to the regular quarterly
per share was paid on the common stock, no par
value, on Feb. 1 to holders of record Jan. 25. Extra dividends of 50 cents
were paid on Aug. 1 last, and on Nov. 1 1934.—V. 141, p. 594.
29,245
30,000
861
11,712
505,087
75,998
$754,521
850,000
$6.60
dividend of
"
$1.50
37^ cents
Fourth National Investors
Corp.—Proxy Fight—
Jan. 28 by Fred Y. Presley, President,
would be asked to act at the annual meeting to be held on March 3
on a proposal to re-establish the management contract with the National
Investors Corp., which lapsed on Dec. 31 1934.
In his letter, Mr. Presley attacked the plan of a committee, now seeking
proxies for the meeting.
The committee consists of Sanford Griffith,
William Ferguson and Thomas E. Brittingham Jr.
"This committee," Mr.
Presley said, "proposed to undertake some
program, which they do not explain, that would give stockholders close
to liquidating value for their shares.
They state that if such a program
cannot be accomplished, they favor winding up the company and returning
the capital.
They fail entirely to disclose the fact that this corporation
received at the time of organization $3,000,000 in payment for 750,000
warrants, and that these warrants do not expire until October 1939.
It is
the opinion of counsel for this corporation that the adoption of any plan
resulting in the destruction of the value of the warrants will most certainly
The stockholders were notified on
that they
$3,350,965
Provision for Federal income tax
334,405
An extra dividend
Corp.—Earnings-
joint accts., and as partic. in syndicate accts
Int., discount & divs. earned on securities held—
Commissions, service charges and miscell. income.
$520,070
215,388
187,062
From Jan. 1—
Gross from railway
Fort Worth
Period Ended-
1932
1933
$527,615
5,473,927
1,589,232
Net after rents
Net after rents
1935—12 Mos.—1934
Earnings.-
1934
$413,307
77,796
231,166
171,784
Net from railway
Net from
Fonda Johnstown & Gloversville
City Ry.-
1935
December—
First Boston
Federal income and
taxes
(including
profits taxes)
excess
Gross from railway
in addition to the regular quarterly
par
272,379
—V. 142, p. 126.
Fitz Simmons
no
25,154,208
_
,516,216
239,297
16 ,690,976
333,801
18,189
29,393
From Jan. 1—
Dividend—
stock,
l
Miscellaneous
Gross from railway. .
1932
1933
1934
2116.
The directors
Accrued
Net from
and Federal taxes
—V. 141, p.
i
purchased not yet rec.
1,633,244)
Accrued interest payable
Unclaimed coupons and dividends
Net after rents
Baltimore—Earnings-
1935
Years End. Dec. 31—
prof,
Accounts payable—Securs.
Due customers
been
Blum will replace the late Simon F.
Net
1
J
Miscellaneous bonds and stocks
proceedings to foreclose the mortgage secur¬
ing these bonds. Foreclosure action was sought by the owner as a method to
expedite its plan of reorganization.
Notwithstanding that foreclosure
action has been commenced and that the real estate taxes for the full year
As
payable
Deposits on securities loaned
Trading securities sold not yet purchased:
United States government securities
784
lead
to
Financial
serious
litigation, and might possibly result in
a
liability of $3,-
000,000 for recission.
The
new
Chronicle
National Investors proposes that
of 1% of the net assets.
The purpose, it Is understood, is to
pave the way for redemption of divi¬
upon the 7% cumulative preferred stock.
On Nov. 1 1935 there
accumulations totaling approximately $4,987,500, or $33.25 a share
were
on
% of 1 %.
three
directors
new
of
Fourth
National—Charles
Edwin B. Lindsay and John Richardson—have sent
a
T.
Fisher
Jr.,
letter to the share¬
holders, stating that, having observed the policies of the present manage¬
ment, over a period of years, they would vote to continue this management
the 150,000 shares of the preferred
outstanding.
The amount of the reduction in the stated value of the class A and com¬
will be transferred to surplus account,
mon
rate of management.
The directors declared that as a result of the policies of the
management,
the trust's record had been distinctly better than the stock
averages, and was
well at the top in the list of investment companies.—V. 142,
p. 623.
canceling the balance
General Motors
(Peter) Fox Brewing Co.—Earnings—
Earns, per sh.
on
charges
100,000
capital stock
—V.
141,
1935—Month—1934
$10,570
$1,793
$91,133
$0.91
$0.51
2736.
p.
Fuller Brush Co.—Dividend Rate Increased—
The directors have declared a dividend of 123^ cents per share on the
class A common stock, par $5, payable Feb. 1 to holders of record Jan. 24.
This compares with 10 cents paid each three months from Aug. 1 1933 to
Nov. 1 1935 incl. 5 cents paid on May 1 1933 10 cents per share in each of
the three preceding quarters and 20 cents per share
previously, quarterly.
General Cigar Co., Inc.
Calendar Years—
Federal, &c., taxes
income
•Earnings-
1934
$6,639,816
3,871,420
499,991
331,919
—
Net
(& Subs.)-
1935
Gross earnings
Sell., admin. & gen. exps
Deprec. & amortization
1933
$7,151,679
4.066,780
473,729
395,746
$7,965,054
4.806,068
703,297
270,327
$1,936,486
139,645
$2,215,425
127,527
$1,680,803
$2,076,131
$2,342,952
9,407
$1,739,142
11,198
1,006,424
$2,198,867
140,497
$2,076,131
8,671,779
$2,333,545
12,066,036
$721,520
13,763,796
$2,058,370
13,990,218
Other income
Total income
Interest
Net income
Previous surplus
$2,185,363
13,504
58,339
Adjustment of inventory
1
1932
$6,239,641
3,925,706
477,280
155.852
Total surplus
Preferred divs. (7%)
Common dividends
-.$10,747,910 $14,399,581 $14,485,316 $16,048,588
c350,000
a525,000
350,000
350,000
dl,418,946
b5,202,802
1,891,928
1,891.928
Miscellaneous charges.,
177,353
42,863
Profit & loss surplus..
Shares
stock
com.
$8,978,964
a
on com.
472,982
$3.65
_
472,982
$4.19
472,982
$0.78
472,982
$3.61
Includes regular dividends of $350,000 and $87,500 dividend payable
March 1 and $87,500 dividend payable June 1 1935 (the latter two
payments
charged to surplus),
b Consists of regular dividends (including $472,982
payable Feb.
payable
charged
1 1935), $2,364,910 and extra dividends (including $1,418,946
Feb.
1 1935), $2,837,892.
Dividends paid Feb. 1 1935 were
to surplus,
c Representing
dividends paid Sept. 2 1935 and
Dec. 2 1935 and dividends payable March 2 1936 and June 1 1936.
d Rep¬
resenting three dividends of $1 per share paid May 1 1935, Aug. 1 1935
and Nov. 1 1935.
Balance Sheet Dec. 31
1934
193
1935
1934
*
Assets—
LiaUlilies—
$
$
b Land,
buildings,
machinery, &c__ 3,538,913
Good-will, &c
1
7%
1
machinery
Mtares, receivable.
1,214,230
62,750
1,371,190
U. 8. govt, sees
3,366,700
$
12,809,024
5,000
a Accts. receivable
2,346,869
Cash
2,644,038
Cash deposited in
12,135^837
5,000,000
2,066,928
5,702,708
mat'ls,
plies, &c
$
pref. stk. 5,000,000
c Common stock..
5,298,410
Special capital res. 1,000,000
Dividends
3,735,670
Cost of licenses for
Raw
*65,750
cum.
Accounts
6,100
2,160,464
payable
5,298,410
1,000,000
175,000
payable.
Accepts,
131,051
Total
tax
635,964
390,117
337,789
Insurance reserve.
500,000
Earned surplus
8,978,964
Capital surplus... 3,899,658
500,000
■
.8,671,779
3,899,658
2,175,685
109,451
Total
26,170.756 27,462,857
of $120,711
reserves
General
Fireproofing Co. (& Subs.)- -Earnings—
Calendar Years—
Net
1935
1934
1933
1932
$5,105,889
sales
Alfred
$4,318,322
$2,848,100
$2,600,963
4,521.412
Operating profit.
$328,411
62,727
$541,434
33,261
$265,684
29,711
$574,695
115,289
64,000
$295,395
$172,491
13,601
in the year 1934.
The preliminary
figure for cash, United States government and other
compared
$186,966,609 at Dec. 31 1934.
Preliminary net working capital at
Dec. 31
1935 amounted to $322,400,000, compared with $273,174,677
with
at Dec. 31
1934.
During 1935 total sales to dealers, including Canadian sales, overseas
shipments and production from foreign sources amounted to 1,715,688
cars and trucks, compared with 1,240,447 cars and trucks in 1934—a gain
of 475,241 units, or 38.3%.
General Motors dealers in the United States
delivered to consumers 1,278,996 cars and trucks during 1935, compared
with 927,493 cars and trucks in 1934—a gain of 351,503 units, or 37.9%.
Sales by General Motors operating divisions to dealers within the United
States during 1935 amounted to 1,370,934 cars and trucks, compared with
959,494 cars and trucks in 1934-—a gain of 411,440, units, or 42.9%.
To
Expand Air Conditioning—
The company plans a program of expansion in a comparatively new in¬
dustry, air-conditioning, and has organized a new company for the market¬
ing of year-round air-conditioning and automatic neating products, it
was announced on Jan. 29 by Alfred P. Sloan, Jr., President.
The new company will be known as Delco-Frigidaire Conditioning Corp.
Its general headquarters will be in Dayton, Ohio.
Sales headquarters for
all Eastern States will be located in New York City.
Organization of Delco-Frigidaire Conditioning Corp., Mr. Sloan's an¬
nouncement stated, will place under one direction the marketing of summer
air-conditioning equipment manufactured by Frigidaire Division and of
winter air-conditioning and automatic heating equipment manufactured
by Delco Appliance Division.
Manufacturing of the differeat types of
air-conditioning products will remain with Frigidaire and Delco Appliance
divisions at their plants in Dayton, Ohio, and Rochester, N. Y.
Both Frigidaire and Delco Appliance corporations have been active for
years in the design, manufacture and sale of air-conditioning equipment,
Frigidaire concentrating upon the type of products necessary for cooling
and dehumidification and Delco Appliance devoting its efforts toward ap¬
plying products for automatic heating, humidification and purification
of air.
made by both of these General Motors units in their
of air-conditioning, Mr. Sloan's announcement stated,
and the possibilities the air-conditioning business now offers in home, office,
store and industrial applications, it has been deemed wise to co-ordinate
the development and sales efforts under a single company in order that
equipment for year-round use may be marketed.
Frigidaire has been one
leading manufacturers of air-conditioning units for domestic and
also is the largest supplier of air-conditioning
equipment for railroad cars.
Delco Appliance has been one of the leading
manufacturers of automatic heating equipment, producing a complete line
of oil furnaces and oil burners for both domestic and commercial uses.
Its
unit for heating, humidification and purification has received wide ac-.
the
or
ceptance.
In establishing this new company," Mr. Sloan stated, "General Motors
the thought that air-conditioning, in its complete phase,
namely, the conditioning of air the year round, is needed in virtually every
type and size of residential, business or industrial building.
We have faith
in the possibilities of this new industry and we sincerely believe that through
this new organization the corporation will be able more aggressively to
develop, manufacture and market year-round air-conditioning equipment
is encouraged by
that will be of service to mankind in all climes."
a$8,919 adf$466,725
7,777
13,620
$187,064
.
pref. stock
Common dividends
cars
$158,890
in second
10 days of January
in the first 10 days and 1,137
$1,142 def$480,345
The total of 4,251 deliveries in the first 20 days of 1936 is up 2,057
or
93.7%,
over
year.—V. 142,
units,
the 2,194 Buicks delivered in the corresponding period last
623.
p.
General Tire & Rubber Co.
(& Subs.)—Earnings-
Years Ended Nov. 30—
1935
$20,927,913
92,405
30,500J
Discounts,
returns
and
1934
Balance, surplus
a
5,425,914
11,203,668
5,391,651
9,017,128
Gross profit.
$4,298,331
172,959
$5,472,244
167,661
$4,471,290
4,313,348
$5,639,905
4,584,737
$157,942
204,771
48,046
$1,055,168
252,367
27,121
Gross income
After depreciation of $97,482 in 1933 and $129,898 in 1932.
1933
$19,881,023 $16,197,862
allowances,
Other income.
'
of
27 the
marketable securities at Dec. 31 1935 amounted to $200,100,000,
and excise taxes
on
losses
Buick Retail Deliveries—
$395,406
176,822
31.520
Profit before deprecia¬
tion & Fed'l taxes..
Depreciation
Divs.
or
President, announced Jan.
Domestic retail deliveries of Buick
Not reported
Other income & credits..
Prov. for Federal taxes.
Sloan Jr.,
totaled 2,374 units against 1,877 delivered
in corresponding period year ago.
$584,477
43,043
deductions..
Balance
1
P.
Nil
$1.72
profits
Subject to possible further adjustments upon final closing of the books»
preliminary net earnings applicable to the common stock for the year
ended Dec. 31 1935 were equivalent to $3.69 per share on the average
common shares outstanding during the year.
This compares with earnings
of $1.99 per share for the year 1934.
Preliminary net earnings available for dividends, including equities
In the undivided profits or losses of subsidiary and affiliated companies
not consolidated, for the year ended Dec. 31 1935 amounted to $167,226,000.
This compares with net earnings of $94,769,131 for the year 1934.
After
deducting dividends of $9,178,000 on the preferred stock, there remains
$158,048,000, being the amount earned on the common shares outstanding,
which compares with earnings on the common stock of $85,590,911 for
the year 1934.
These earnings for the year 1935 are after providing for
depreciation of real estate, plant and equipment, amounting to approxi¬
mately $35,000,000, which compares with a provision of $32,616,832
3,989,910
& admin, expense
Other
$1.99
following:
Cost of sales, and selling,
gen.
$3.69
commercial applications and
26,170,756 27,462,857
After
(par $10).
x
Preliminary,
y Including equities in undivided
subsidiary and affiliated companies not consolidated.
With the progress
659,189
in 1935 and $106,109 in 1934.
b After
reserve for depreciation of $3,020,812
in 1935 and $2,975,323 in 1934.
c Represented
by 472,982 shares of no par value,
d Under court de¬
cisions on processing taxes.—V. 142, p. 460.
a
1932
$164,979
respective fields
d52,179
escrow
1933
Amount earned per share
321,743
payable,
payrolls, &c..__
Federal
sup¬
Notes receivable..
Deferred charges..
1934
$167,226,000 $94,769,131 $83,213,676
..
out¬
standing (no par)
Earned per sh.
$8,671,779 $12,066,037 $13,763,796
xl935
Net earnings..
y
$51,103
$0.01
.
$0.10
...
1 935—6 Mos.—1934
Corp.—Preliminary Earnings—
Calendar Years—
on common
Period End. Dec. 31—
sheet
deficit.—V. 141, p. 2736.
at the reduced
Net inc. after all
1 1936
dends
contract with
management
the latter receive an annual
management fee of H
The old management fee was
The
Feb.
Selling, gen'l and adminis.
expenses..
Not
Available
Consolidated Balance Sheet Dec. 31
Assets—
)
1935
.
1934
Liabilities—
1935
1934
Land, buildings,
equipment, &C.J2 ,292,284 $2,327,161
Cash
162,205
118,103
Notes & accts. rec.
868,874
624,107
Inventories
,505,227
1,510,259
Investments
124,955
125,988
Common stock..$1,643,500 $1,643,500
752,100
757,200
Notes & accts. pay.
633,155
785,684
Value of life insur¬
Sink.
x
ance
policy
14,784
41,755
Other assets
Special
funds
on
dep. with agent.
Pats. & tr. marks.
Prepaid exp., &c._
Total
x
y
Preferred stock
Pref. divs. payable
Adv.
charges
accrued accbunts
fd.
13,162
and
96,957
82,013
payable
12,517
June 30 1936...
13,130
99,456
Long-term indebt.
142,544
52,700
25,339
1,997,287
Treasury stock..Dr245,684
25,197
on
borrowed money..
Charges in connection with commit¬
ments and adjustments to reduce to
approximate market
Prov. for loss on depos. in closed bks.
Loss
on
■
,
;
•
securities sold
Miscellaneous charges
Provision for Federal income tax
$956,320
249,955
62,920
20,881
40,000
13,035
39,446
x4,000
113,532
70,000
45",600
Liab. Insur. res. &
2,954
23,610
34,843
25,510
contingencies
Surplus.
46,353
z
$5,071,493 $4,889,4551
Total
1,808,846
Dr265,684
$5,071,493 $4,889,455
After deducting depreciation, $1,501,917 in 1935
($1,392,266 in 1934).
y Represented by 326,960 shares, no par value, including treasury stock,
z Represented by 9,760 shares common stock in
1935 (11,760 shs., including
2,000 shares subscribed on employees' contracts in 1934) for sale to em¬
ployees.—V. 141, p 4166.
General
Profit from operations.
Depreciation
Interest
Cable
Corp.—Plans
to
Reduce
Stated
Value of
Stocks—
The directors, it is stated, will shortly propose to stockholders a reduction
in the stated value of the class A and common stocks from $10,280,822 to
approximately $1,300,000, a decrease of $8,995,586.
Furthermore, it is said, the company proposes to differentiate between
the two stocks instead of combining their stated value, as heretofore, giving
to the class A a value of $2 a share and common $1.
Net loss
Previous surplus
Adjustment of reserve for depreciation
$115,756prof$679,199prof$414,912
3,902,697
3,744,323
3,329,410
to amounts allowed for Federal in¬
of prior years
adjustment of Federal
prior years
come taxes
Net
137,425
income
taxes
5,577
6,677
$3,929,943
220,700
60,306
8,931
$4,430,198
181,889
Balance, Nov. 30
$3,640,007
Shs. com. stk. outstanding (par $25).
87,145
Earnings per share
Nil
$3,902,697
86,320
$5.75
Preferred dividends
Prov. for Fed. inc. taxes of prior years
Miscell. charges applic. to prior years
Loss
on
sale of stock of other cos
345,613
...
$3,744,323
...
$3,744,323
85,293
$2.67
By the deduction of losses charged to surplus and charges to reserve
the income of the company for Federal income tax
purposes is computed to
be about $30,000.
x
Financial
Volume 142
1935
Assets—
Nathan L. Amster and A. S. Baillie
1934
;
$
Cash in banks and
Notes & accts.
663,167
3,022,061
rec.
Due from affil. cos.
80,251
Inventories
3,681,706
appointed liquidators at salaries
$12,000 each annually, to be paid in $1,000 monthly instalments.
Mr.
125.0CO
125,000
of other cos., at
208,164
Adv. to dealers and
employees..
9,888
16,912
31,310
40,493
Land, bldgs., machin'y, equip.,&c 3,097,081
40,000
2,986,700
2,158,000
Patents
109,067
109,067
(& Subs.)—Earnings—
x
After
for
reserve
80,924
Cap. surplus repre¬
senting prem. on
capital stock sold
(net)
136,409
62,167
$1,236,886
704,542
19,763
20,535
$598,103
331,222
106,673
.
Selling and advertising expense
Administrative and general expense-.
$511,809
259,271
104,549
142,559
147,671
3,640,007
3,902,697
-
994
991
$159,215
11,541
Provision for depreciation
$146,997
26,325
18,600
...
Operating profit
Other deductions (net)
Provision for Federal income tax (estimated)
19,500
69,125
$102,072
64,575
$59,049
Net profit
$37,497
$128,174
10,976,608 10,530,523
Total
Balance.
$1,446,418 ($1,246,867 in 1934) and
of $1,322,411
($1,048,780 in 1934) after
($199,679 in 1934) has been deducted.—V. 142,
.v.."-'
depreciation,
distribution
branches
depreciation of $224,003
p. 126.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
Net
frenx ry. oper..
$79,708
2,306
def4,287
1,604
Net ry. oper. income
Non-operating income..
£
$72,032
def5,501
defll,183
1,237
Gross income
def$2,683
1,057
$36,694
12,328
def$9,946
2,655
Other assets.
Permanent assets
def$45,787
13,132
charges.
def$3,741
-Third
F PeriodGross earnings
—V. 142, p. 624.
1936
„
$24,365
def$12,602
$18,300
def$58,919
1936
21
1935
$51,200
Week of Jan.—
1935
Earned surplus
204,717
Comm. & payrolls
148
expenses.
_
257,356
y
4,919
$863,308
$858,165
5,000
454,999
194,157
Dra73,500
stock
$858,165
$863,308
Total
x After reserves for
depreciation of $181,162 in 1935 and $250,944 in 1934.
Represented by 143,500 no par shares,
z Commissions only,
a Repre¬
sented by 10,500 no par hsares.—V. 141, p. 1770.
$45,600
-Jan. 1 to Jan.
$16,300
18,600
Capital stock
19,500
5,000
454,999
124,604 Provision for Fed'l
income tax
240,395
11,202 Res. for conting.
Treasury
Total
Surp. applic. to int...
$100,000
53,285
31,976
Accrued
Inventories
x
$181,414
55,822
zl5,357
Accounts payable.
141,996
256,179
10,376
215,326
9,352
accounts receiv.
1934
1935
Liabilities—
Notes payable...!
$51,116
168,572
Customers' notes &
Deferred
De
eductions
1934
$80,079
150,000
U. S. Govt, secur.
1935—12 Mos.—1934
$1,093,704
$1,029,238
18,692
93,340
def61,604
20,677
15,816
16,017
1935—Month—1934
oper. revenue._
1935
hand and
on
deposit
on
Georgia & Florida RR.—Earnings—
Period End. Dec. 31—
Railway
rev.
$1,299,053
$1,529,814
911,948
Net sales
Cost of golds sold
Provision for depreciation._
43,524
10,976,608 10,530,523
includes
1934
1935
$1,666,223
Less returns, allowances, freight and discount
Dividends paid.
Total
years.—
many
1
88,626
Deferred charges..
Grand Rapids Varnish Corp.
Gross profit
Earned surplus
1
Treasurer and Chief Accountant for
Calendar Years—
taxes
2,982,382
Dep. in closed bks.
x
inc.
of prior years
co.
officers
Assistant
was
141, p. 4167.
Res. for conting. &
Fed'l
owned stores.__
and
37,000
6% preferred stock 2,887,600
Com. stk. (par $25) 2,178,625
tion Insurance..
191,914
V.
were
Sales
Res. for compensa¬
cost
Baillie
451,194
240,305
branch propert's
Corp
from
500,000
778,172
217,540
912,297
pay'le, incl.
accrued payroll2,812,805
200,830 Accrued taxes
3,173,715 Mortgages pay'le,
Inv. instks. &bds.
investm't in
900,000
of
Accts.
Inv. in cap. stk. of
Gen. Tire Accept
Due
$
$
Notes pay. to bks.
hand
on
1934
1935
Liabilities—
5
785
Chronicle
Consolidated Balance Sheet Nov. 30
y
Grand Trunk Western
RR.—Operation—
The Interstate Commerce Commission has issued
Georgia Power Co.—Earnings—
the
a
certificate authorizing
to operate, under trackage rights, over that part of the
line of railroad of the Ann Arbor RR. between Owosso Jet. and Ashley,
[A Subsidiary of Commonwealth & Southern Corp.]
company
20.5 miles,
all in
Shiawassee,
Clinton,
and
Gratiot counties,
Mich.
Preliminary
Period End. Dec. 31—
Gross earnings
Operating expenses
Fixed charges
Prov. for retirem't
Divs.
on
res..
pref. stock
$1,958,359 $23,698,271 $22,122,956
853,070
11,469,734
10,753.876
530,876
6,280,971
6,150,781
110,000
1,425,000
1,320,000
245,873
2,950,458
2,950,486
$2,162,314
1,163,272
521,606
125,000
245,870
Earnings for December and 12 Months Ended Dec. 31
1935—12 Mos.—1934
1935—Month—1934
December—
1935
$106,564
$218,538
$1,572,106
$947,812
-V. 141, p. 4166.
1935
1933
$141,259
59,174
62,548
$130,943
38,207
50,748
$135,169
37,155
49,408
1,937,997
252,902
L841,007
1,634,447
192,199
38,440
1,876,618
302,379
205,525
From Jan. 1—
185,452
115,243
104,514
1935
Assets—
$
Cash
1934
$
Liabilities—
,
1,137,334
1,905,768
11,480,949
State, munic., railroad
f
and
bonds & stocks.13,332,293
•
1934
share
14,296,801
1,588,935
$
$
2,596,297
2,612,091
accr.
219,450
227,442
Sundry bal. due..
574,462
556,084
516,073
but
1933
1932
$4,427,173
1,156,262
830,037
$4,055,775
694,063
422,655
81,188,858
31,127,644
23,483,854
70,752,877
22,142,697
14,101,650
61,923,891
20,378,667
11,810,227
55.549,246
9,893,574
1,290,551
Great Northern Iron Ore
Properties—Annual Report-
Receipts and Disbursements Year Ended Dec. 31
1935
2,200,000
2,200,000
Special
$754,062
750,000
22,351
$18,288
95,608
$25,751
$77,320
4,062
2,396,783
Distribution
reserve for
1,215,214
contingencies
Capital
Surplus
2,500,000
5,000,000
x
on
Total
certificates of beneficial interest.,
Administrative salaries and expenses
2,500,000
Excess of disbursements over receipts.
5,000,000
Balance Jan.
1
33,180,927 32,668,069
Balance Dec. 31
-V. 141, p. 2889.
Balance
(Adolf) Gobel, Inc.—Capital Changes Approved—
The stockholders, at an adjourned annual meeting held Jan. 29, approved
proposal to reduce the par value of the capital stock to $1 from $5 and
increase the authorized amount to 665,000 shares from 600,000 shares.
The increased authorized shares are to take care of any possible bond con¬
versions into stock.—V. 142, p. 460.
a
Inc.—Suspended from Dealings
The New York Curb Exchange has suspended dealings in the common
stock because of the termination of transfer facilities for said stock.—V.
141,p. 2276.
Golden Cycle
$750,000
750,000
51,569
,
mkt.
in
value of secur..
Gold Seal Electrical Co.,
$750,000
$51,569
77,319
Leonard Iron
Mining Co
Incl.
1934
$750,000
Divs. received from proprietary company
Amount received from liquidation of
for
conting.
33,180,927 32,668,069
1934
$5,092,411
1,509,574
1,204,308
From Jan. 1—
in¬
fluct'n
Total
Ry.—Ear nings.—
not
res.
per
1 pay¬
1935
Net after rents
206.92Q
Contingency res..
reported
75 cents
Accumulations therefore after the March
$5,350,592
1,458,823
1,522,306
Gross from railway
Net from railway
600,000
curred
cents per share on the
payable March 1 to holders of
—V. 142, p. 624.
on
535,995
Voluntary
value,
$1.87>£ per share.—V. 142, p. 460.
Net from railway
Net after rents
635,000
for losses
distributed.
6,230,901
prem...
for taxes and
Res.
dividend of 37 H
par
1935, prior to which regular quarterly payments of
were
Gross from railway
6,089,236
uncoil,
Res.
1
%-Cent Preferred Dividend—
a
no
A similar payment was made on Dec. 1, Sept. 1, June 1 and
ment will amount to
claims.13,823,913 14,198,960
unearned
sundry accounts
1,538,934
of collection
for
Res. for comm.
Premiums in course
Int. due and
Res.
premiums
other
Real estate
Reserve for
pref. stock,
conv.
Great Northern
1935
U. 8. Govt, bonds.13,782,156
i
cum.
December—
Indemnity Co.—Financial Statement Dec. 31-
14,958,766
13,912,792
1,234,043
185,226
def954,401def2,031,097
4167.
record Feb. 10.
—Y. 141, p. 4166.
Globe
17,158,392
2,291,274
392,467
4,324,962
2,015,858
The" directors have declared
$3
March
Gross from railway
Net from railway
Net after rents
$1,111,122
129,383
def40,106
Grand Union Co.—37
1932
$180,536
70,097
67,975
Gross from railway
Net from railway
Net after rents
1934
1932
$1,130,298
108,195
defll4,884
'20,951,609
Net from railway.
Net after rents
—V. 141, p
Georgia Southern & Florida Ry.—Earnings.December—
1933
$1,310,564
158,005
78,003
From Jan 1—
Gross from railway.
Balance
1934
$1,997,609
587,569
389,190
Gross from railway.
Net from railway...
Net after rents
Sheet
Dec.
31
1935
deposit
stock of cos. held by trustees..
1934
$82,372
938,400
$1,020,772
$5,888
$5,052
938,400
25,751
938,400
77,319
$970,039
on
$31,639
938,400
$970,039
Assets—
Cash
Par value of capital
$1,020,772
Liabilities—
Sundry payables
Stated capital value—based on stock of proprietary
companies originally acquired, less amount de¬
ducted for Leonard Iron Mining Co. liquidated—
represented by 1,500,000 shares of beneficial
interest authorized and outstanding
Surplus
Corp.—Special Dividend—
'
The directors have declared a special dividend of $1.60 per share in addi¬
tion to a regular quarterly dividend of 40 cents per share on the capital
stock, par $10, both payable March 10 to holders or record Feb. 28. Similar
payments were made three and six months ago.
Extra dividends of 60 cents
were paid on June 10, March 10 1935 and on Dec. 10 1934.—V. 141, p. 2276.
x
After deducting amounts paid by proprietary companies of $48,000.
Consolidated Income Statement (Trustees and Proprietary Companies—Great
Northern Iron Ore Properties—St. Paul)—Year Ended Dec. 31
1935
Girard Life Insurance Co.—Dividend Halved—
The directors nave declared an annual dividend of 20 cents per share on
the capital stock,
par
$10, payable Feb. 15 to holders of record Feb. 1.
Feo. 15
15 1933, and $1 per share on Feb. 15 1932.—V.
This compares with 40 cents paid on Feb. 15 1935; 50 cents paid on
1934; 75 cents on Feb.
140. P. 801.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Dissolution
f
Voted—-
The stockholders on Jan. 24 approved the voluntary dissolution of the
However, it was decided that the Allenby properties should
not be sold without approval of stockholders.
These properties have been
closed since 1930, the maintenance charges on a shutdown basis being only
$30,000 annually.
It is estimated that ore reserves at this property total between 9 and 10
million tons.
However, current copper prices and small probability of
company.
higher prices in the near future make operations of the Allenby properties
impracticable.
The company's properties at Anyox, B. O., were sold last
November to the Consolidated Mining & Smelting Co. of Canada, Ltd.,
for a reported price of $300,000.
It was stated that liquidating value of the company's liquid assets as of
Dec. 31 last equaled $10.06 a share and it was the opinion that there was a
possibility of a distribution of capital of at least $5 a share next month.
•
Net royalty income
Amt. received on surr. of leases (net)
1934
1933
$2,008,764
$1,695,971
43,514
8,879
76",404
$1,231,504
26,258
25.454
2,061,156
175,483
64,285
155,251
25,716
978,346
5,784
yl17,023
5,496
$1,781,094
157,134
61,119
149,139
4,583
798,198
6,123
44,227
2,586
$1,283,216
143,202
68,205
153,667
9,626
558,170
$533,771
$557,986
$282,902
_
Interest, rentals, &c
Profit on property sold
Amount received from liquidation of
Leonard Iron Mining Co
Total
income
Royalty and real estate taxes
Inspection and care of properties
x
General and administrative expenses.
Sundry charges—net
Depletion
Depreciation on bldgs. and equipment
Provision for Federal income tax
Net profit applic. to
minority interest
Net profit
Includes capital stock taxes,
y
come taxes for prior years of $3,689.
x
4,657
4,062
66,068
1,373
Includes additional provision for in¬
1933 is stated without deduction for loss realized
of leasehold, $1,639,614, and provision for anticipated
$22,391, which amounts have been deducted from the
capital surplus created at the acquisition of such leases, or at March 1
Note—The profit for
upon
surrender
abandonments,
786
Financial
1913.
Chronicle
Feb. 1
1936
The profit for 1934 is stated without deductions for loss of $2,120,267
realized upon surrender of leasehold, which amount has been deducted
equipment-trust certificates of 1934, in connection with the procurement of
from the capital surplus created as at the acquisition of such lease.
tion and liability in respect of $751,000 of these certificates.
Our
mental order of June 29 1934, authorized the applicant to assume
Consolidated
Balance Sheet Dec.
31
(Trustees and Proprietary Companies—
Great Northern Iron Ore Properties, St. Paul)
1935
on
on
1934
$
Assets—
Cash
$
1935
Liabilities-
4,616,591
sees..
_
Accrued interest._
Royalties receiv..
Sundry accounts..
192,952
and
7,986
taxes accrued
125,766
56,811
75,667
Deferred royalties.
972,925
98,198
d Minority interest
481,653
938,400
1,051,176
476,157
938,400
32,725,771
32,802,035
98,198
15,918
1,181
974
Stated cap. value
Capital surplus...26,344,965 27,318,959
Earned surplus... 3,485,230
2,727,476
Prepaid cap. stock
e
tax
Prepaid
expenses.
Total
32,725,771 32,802,0351
b After
31,844
Provision for Fed¬
18,168
74,195
_
147,737
eral income tax.
17,772
22,127
Bldgs. & equip.
Stockpiled ore
933
148,829
44,253
royalty
Capital stock tax.
lands
15,563
270
Real est. &
leaseholds—27,695,431 28,673,777
c
16,548
distribution
Expenses
423,671
7,323
36,978
Unclaimed divs. &
880,958
2,583,281
23,437
b Active fee lands
Non-mineral
$
166,931
deposit
U. 8. Govt.
1934
$
hand and
Total
depletion of $29,519,954 to end of 1935 and $28,541,608 to end
of 1934.
After depreciation of $24,950 to end of 1935 and $24,195 to
end of 1934.
d In capital stock and surplus of North Star Iron Co. repre¬
sented
sented
c
by 609 shares of stock (9.39%) not owned by trustees,
by 1,500,000 shares of beneficial interest.—V. 142, p. 460.
Repre¬
e
Greeley Square Building (6th Ave. & 31st St. Corp.)-^Plan—
,
A plan
of reorganization dated Oct. 24 1935,
was
proposed by tne bond¬
holders protective committee and which, in suDstance, provided that the
Greeley Square Building be transferred to a new corporation, all of the
capital stock of which was to be issued to the holders of the old loan certifi¬
cates in substitution therefor.
At a recent hearing before John C. Knox, U. S. District
Judge for the
Southern District of New York, the suggestion was made that the plan of
reorganization would oe still more satisfactory to the loan certificate holders
if they were to receive new bonds to the extent of one-naif of their
original
investment and voting trust certificates for the capital stock of the new
corporation for the remainder.
The issuance of voting trust certificates,
instead of capital stock of the new corporation, was proposed to insure
efficient and impartial management of the building and of the new
corpora¬
tion throughout a reasonable period of years following the
reorganization.
These suggestions met with the approval of Judge Knox and that of the
committees.
The members of the committee are Douglas G. Wagner, Edwin W.
Willcox and Hulbert T. E. Beardsley (Chairman), with E. L.
McBride,
Secretary, 67 Wall St., New York and Black, Varian & Simon, 70 Pine St.,
New York, Counsel. The depositary is Bank of the Manhattan Company.
40 Wall St., New York.—Y. 139, p. 3480.
Green Bay & Western RR.
The directors
Co.—Larger Annual Divs.—
Jan. 30 fixed and declared 5% to be the amount payable
on class A income debs., and a dividend of 5% to be
payable on the capital
stock out of net earnings for the year 1935, payable at 48 Wall St., New
York, on and after Feb. 20 to holders of record Feb. 10, according to
Treasurer C. W. Cox.
On Feb. 11 1935 the company
paid an annual
dividend of 2 ^ % on the class A debentures and an annual dividend of 1
%
on
on
certain
the capital stock.
This compares with an annual dividend of 3% paid
on Feb. 10 1934, 2)4% on Feb. 20
1933, and annual distri¬
December—
1935
Gross from railway
1934
1933
$95,074
36,605
22,441
$109,043
16,231
9,805
Net from railway
Net after rents
Earnmgs for December and 12 Months Ended Dec. 31
December—
Gross from railway
$81,381
31,469
20,991
1932
$430,017
111,844
56,797
$393,602
112,697
39,165
$340,940
34,658
def25,773
6,173,210
2,083,790
1,100,943
5,230,957
1,445,938
512,547
4,192,583
1,329,654
3,961,959
618,622
def51,566
From Jan. 1—
Gross from railway
Net from railway
Net after rents
637,369
Northern
For comparative purposes, operations of New Orleans Great
are included beginning July 1932.—V. 142, p. 128.
RR.
Gulf & Ship Island
December—
1,412,197
275,617
133,036
1,117,539
108,397
21,931
1,094,300
171,744
86,972
1,166,241
198,822
93,033
Greif Bros.
Cooperage Corp. (& Subs.)- -Earnings-
Oct. 31—
1935
1934
Mfg. profit after deduct,
material used, labor,
mfg. exp. & depletion. $1,106,857
Other income
48,723
1932
$1,132,133
19,227
$469,378
$883,963
199,611
345,123
$513,628
191,479
329,837
17,398
28,000
119,953
30,000
57,344
$1,155,580
Depreciation
172,187
Sell., gen. & admin, exps.
494,704
Red. in book val. of land.
&c
10,000
Addit. prov. for conting.
20,357
Doubtful accts. ch'g'd off
Int. on gold notes
16", 202
$836,592
47,371
$1,151,360
220,146
462,191
Total income
to
1933
53,828
44,250
30,505
62,547
market
values
25,196
1932
1933
1,263,220
170,934
def95,752
$78,616
591
def24,664
1,070,054
150,204
defl60,503
1,140,281
$90,618
10,016
def4,427
1,034,915
42,302
def280,280
$88,146
7,735
3,104
.
From Jan. 1—
132,863
defl50,098
—V. 141, p. 4167.
(The) Haloid Co.—Change in Capitalization—
Gilbert F. Mosher,
President, in
a
letter to stockholders, dated Jan. 20
in part:
says
In
•
with
accordance
the
by-laws of
annual
the
company,
•'
*
meeting of
stocknolders will be neld on Feb. 10.
common
During the past year company has been successful in acquiring all the
outstanding stock of Rectigraph Co. at a price deemed advantageous.
Part of the funds required for this acquisition was expended out of working
capital, and a part was raised by bank loans.
Your management has for
some time been considering various proposals to effect the repayment of
these loans and the restoration of tne full working capital deemed advisable
for conducting tne business of company.
Your management has also been considering various plans for securing a
wider distrioution of the common stock of company in an effort; to make
such stock more marketable and to help stabilize the market price.
After consideration, directors determined to submit to trne common
stockholders at tne annual meeting a plan for accomplishing these purposes.
Tais plan involves the change of the present 35,000 shares of authorized
no par common stock into 105,000 snares of new common stock, par $5,
each old share to be cnanged into three new snares, and an increase in the
number of authorized and unissued shares by 95,000 snares, all of woicu
are to be common stock par $5 per share.
Tne result will oe that company
will thereafter nave 200,000 shares of authorized common stock, of which
101,250 shares will be issued and outstanding, and tne remaining 98,750
shares will be unissued.
15,198
It is proposed that directors be authorized to issue and sell this unissued
stock from time to time for such consideration not less than par,
common
"
Sundry deducts, (net)-.
86,665
1934
$89,818
934
defl0,785
Net after rents.
disp. of perm.
assets
RR.—Earnings.—
1935
Gross from railway
Net from railway.
$97,669
50,582
32,739
—Y. 142, p. 128.
on
1932
1933
$514,977
172,854
81,290
Net after rents
.
Net from railway
Net after rents
Loss
1934
1935
Gross from railway
Net from railway
Net after rents
From Jan. 1—
sees,
and
Gross from railway
Net from railway
including 1932.
Earnings for December and 12 Months Ended Dec. 31
in
deferred as to the assumption of obliga¬
supple¬
obliga¬
liability, as lessee and guarantor, in respect of an additional
$232,000 of the certificates, and action was deferred as to tne assumption
of obligation and liability in respect of the remaining $519,000.
Our
second supplemental order of Nov. 5 1934, authorized the applicant to
assume obligation and liability, as lessee and guarantor, in respect of not
exceeding $350,000 of these certificates in connection with the procurement
of certain passenger equipment, making a total of $792,000 of equipmenttrust certificates in respect of wnich the applicant nas been authorized to
assume obligation and liability.
The applicant has exercised the above authority to the extent of $784,000
of equipment-trust certificates, wnich were issued in temporary form.
Of
these $29,000 wee retired at maturity, leaving $755,000 outstanding at the
present time.
It does not propose to issue any additional temporary certifi¬
cates.
The outstanding certificates are held by the United States, regis¬
tered in the name of the Federal Emergency Administrator of Public Works.
The government has requested the applicant to waive its privilege of
redeeming tne trust certificates prior to their respective dates of maturity,
which it is willing to do.
By supplemental application filed on Dec. 16 1935, the applicant requests
authority to assume obligation and liability as lessee and guarantor in
respect of $755,000 of definitive trust certificates in lieu of the present out¬
standing certificates, such trust certificates to be issued pursuant to the
provisions of a proposed supplemental agreement to be made by the appli¬
cant under date of Nov. 1 1935, with certain vendors, and Merchants
National Bank, Mobile, as trustee.
In addition to eliminating the redemp¬
tion provisions from the trust agreement and lease and from tne temporary
trust certificates, the supplemental agreement will provide tnat the principal
amount of trust certificates which will mature on May 1 1949, will be reduced
from $22,000 to $14,000, that definitive trust certificates will be issued in
the denoms. of $1,000, $5,000, and $10,000, dated Nov. 1 1935, and that
dividends on the $755,000 of temporary trust certificates outstanding will
be apportioned and adjusted so that dividends on all of the definitive trust
certificates will begin to accrue on Jan. 22 1936, and the registered holder
of tne temporary trust certificates will be paid in cash, upon surrender of
the temporary trust certificates in exchange for definitive trust certificates,
a sum equal to the amount of dividends tnat would accrue to May 1 1936,
on the outstanding temporary trust certificates not exchanged for definitive
trust certificates prior to that date, less the amount of dividends to accrue
upon the total issue of definitive trust certificates from Jan. 22 1936 to
May 1 1936.
Definitive trust certificates issued in the denom. of $1,000
will have a dividend warrant attached for $11 payable May 1 1936.
tion
these issues
Red.
was
on
butions of 5% made from 1914 to and
Years End.
equipment, and action
7,608
27,169
10,000
38~,666
Prov. for est. Fed. tax._
Loss appl. to min. int
Cr. 1,298
Net profit
Divs. on class A stock._
$357,430
64,000
$287,886
64,000
$98,280 loss$107,747
51,200
$293,430
$223,886
as
it may deem advisable.
It is now contemplated that 40,000 shares be
near future and part of tne proceeds used to redeem the 3,500
$98,280 def$158,947
sold in the
shares of
7% cumulative preferred stock
now
outstanding, and the residue
for repaying bank loans and restoring working capital.
The redemption
of the preferred stock and the repayment of the bank loans will increase the
share of the
earnings of company which will be availaDle for dividends
141, p. 3537.
on
the common stock.—Y.
Balance, surplus
Hanover Fire Insurance Co., N.
Y.—Balance Sheet-
Consolidated Balance Sheet Oct. 31
Assets—
1935
Liabilities—
1934
Marketable securs.
153,693
128,498
397,523
387,472
Customers' notes &
165,625
114,903
150,552
64,591
of
receivable
692,178
1,849,744
506,044
1,924,515
Misc. notes & accts.
receivable
Notes
payable for
and bonuses
Reserve
for
Officers, employees
&
Profit and loss...i
receivable
995,107
5,862,165
6,241,552
256,600
deposit &
office
reJ.,
a
interest,
Res.
for
premiums.:
794,759
794,328
and expenses
Res. for all other
237,770
218,912
Capital
53,474
Total
16,535,750 14,392,064
•35
for
4,351,089
535,745
706,364
taxes
611,051
liabilities
Other assets
1
4,426,826
Reserve for unpaid
losses
Reserve
rued
&
Jan.
$
$
unearned
965,033
642,525
days overdue
Bills
Dec. 31 '35
Liabilities—
Agency bals. not 90
con¬
319,045
2,491,113
178,917
701,678
8,325,124
203,200
Real estate mtges.
1 '35
$
6,332,372
on
Jan.
$
Stocks
Cash
in
301,504
tingencies, &c__
x Capital stock.__
2,491,113
Unearned surplus.
178,917
46,537
Dec. 31'35
Assets—
Bonds
Accrued taxes, int.
Inventories
notes
771,030
Accts. pay.for pur¬
chase exps., &c.
$984,974
409,313
380,681
$920,384
Timber properties.
Cash
accts.
595,000
stock
subsidiaries
&c.,
less depreciation
& misc.
$10,691
Capital
and equip.,
accts.
$11,275
money borrowed
Land, bldgs., mach.
1935
1934
4,000.000
6,962,128
Total..
569,878
4,000,000
4,764,733
16,535,750
Net surplus
14,392,064
-Y. 142, p. 461.
27,681
48,970
23,111
19,905
17,798
17,899
73,429
67,429
Cash surrender val.
life insurance...
Liberty
bonds
Hart, Schaffner & Marx—Earnings—
on
x
(affil. cos.)
Loss
200,038
211,901
».
1
1
Deferred charges..
29,913
21,425
Total
Net loss
$4,889,093 $4,651,9661
on
capital
Nov.
30
'34
$728,326
Cr60,067
&c., written off
Nov. 30
*33
Nov. 30
*32
$250,235
$2,332,777
Dr433,419 Drl,582,952
1,555,012
Red. of reserves prov. in
Total .........$4,889,093
prior years for liquidat¬
ing losses, bad debts,
$4,651,966
x Company has outstanding 64,000 shares of class A cum. com. stock and
54,000 shares of class B com. stock; both of no par value.—V. 141, p. 3861.
Gulf Mobile & Northern
prof$188,110
Cr85,7l5
assets,
Net of sub. cos
Accounts receivable
Good-will
Nov. 30 '35
Years Ended—
deposit, &c____
Invest, (affil. cos.)
RR.—Equipment Trusts—
The Interstate Commerce Commission has modified previous orders so as
&c
—
Res. for cont. not
-
407,037
now re¬
y1,500,000
quired
Deficit
sur$2,180,862
422,806
$668,259
1,091,065
$2,238,667
3,329,732
$3,915,729
7,245,461
$2,603,668
Previous surplus
$422,806
$1,091,065
$3,329,732
to authorize the
assumption of obligation and liability, as lessee and guar¬
antor, in respect of not exceeding $755,000 of definitive equipment-trust
certificates of 1934, togetner with certain changes.
The report of tne commission says in part:
Our order of May 29 1934, authorized the company to assume obligation
and liability, as lessee and guarantor in respect of not exceeding $210,000
Total surplus..
x
Net
expenses
loss
after
deducting
and interest
doubtful accounts,
tors, Nov. 25 1935.
y
.anufacturing,
marketing, administrative
loans and provisions for depreciation of equipment,
Restored to surplus upon authority of board of direc¬
on
Financial
Volume 142
787
Chronicle
Consolidated Balance Sheet Dec. 31
Balance Sheet Nov. 30
Assets—
1935
$
*
1
Liabilities—
Good-will, trade
names, &c
Mach., furniture
a
1 10,000,000
243,884
Cash
423,291
249,984
5,272
722,995
554,814
4,042,262
1,315,802
Prep. ins. prem.&c
148,363
105,523
Tax warrants
Inventories
2,068,248
1,544,722
3,733.822
Investments
Accts.& bills reo_.
cCo.'s cap .stk.held
In treas. (at par)
do
at cost
116,100
Sundry accounts.-
67,470
18,826
Sec.&cash in escrow
Due fr. employees
for
purchase
payable.
298,100
31,788
54.833
150"947
61.216
68,385
aries, &c
_
Reserve for contin¬
1,500,000
gencies
Unapprop.
surplus
earned
422,806
2 360,668
dl ,786.213
Capital surplus
30,574
Total
17,414,650
of $933,194 in 1935 and $913,719 in 1934. b Com.
of $20 each in 1935 ($100 each
in 1934).
c 5,805 shares at par in 1935, 2,981 shares at par in 1934, and
2,824 shares at cost in 1934.
1
d State of capital surplus—Capital surplus arising from reduction of par
value of capital stock from $100 to $20 per share as authorized by stock¬
holders on Jan. 28 1935, $12,000,000; deduct: reduction of carrying value
of good-will to nominal value of $1 per authority of board of directors,
April 9 1935, $9,999,999; adjustment of carrying value of 5,805 shares
treasury stock to new par value of $20 per share, $213,788; capital surplus at
Nov. 30 1935, $1,786,213.
stock authorized and issued, 150,000 shares
.
New Directors—Change in
Personnel—
At the annual stockholders' meeting held Jan. 27,
Dewitt Millhauser and
elected directors replacing R. S. Surridge and filling a
vacarcy.
At the directors organization meeting which followed, Morris
Gret t erg was made Vice-President in charge of manufacturing, and
Cyrus H. Williams was elected Vice-President in charge of materials. B. A.
Rittersporn was elected 2nd Vice-President as was Henry Mayer; Morris
Neufeld was elected Assistant Secretary; Clay E. Steel was made Assistant
Treasurer, and Samuel Browne was appointed Comptroller.
All other
officers, with the exception of Jacob G. Block, were re-elected.—V. 141,
p. 752.
Joel
Spitz
were
Hamilton Watch Co.—$2.50 Preferred
Dividend—
dividend of $2.50 per share on account of
accumulations on tne 6% cum. pref. stock, par $100, payable Feb. 29 to
holders of record Feb. 8.
A dividend of $2 per share was paid on Dec. 14
last, this latter being the first payment made since Dec. 1 1931, when a
regular quarterly dividend of $1.50 per share was paid.—V. 141), p. 3379.
discounts
on
1933
1932
$2,441,602
$2,051,887
$1,536,189
54,254
44,349
84,045
42,658
pur¬
chases and sales (net).
on sale of securities
852
Prof,
Int., rentals and miscell.
77,310
74,581
78,139
97,781
_
$2,509,391
1,927,159
$2,561,383
1,812,213
$2,214,074
1,753,483
Provision for bad debts.
73,231
65.400
55,473
$1,676,628
1,713,637
21,075
8,167
16,789
7.350
72
63,751
43,301
11,424
78,283
income
Expenses & local taxes.
Interest paid
Deprec. on bldgs.
equipment
and
Loss
on
paid
on
Aug. 1 and Feb. 1 1935.—V. 141,
599.
Ry.—ATo Bond Interest—
notified the Montreal Stock Exchange that it is not
position at present to pay tne sinking fund instalment due Jan. 1 1936,
5% gold bonds. Neither is the company in a
position to make a payment on account of the balance remaining unpaid of
the instalment due Jan. 1 1935.—V. 142, p. 625.
The company has
on
a
115
sale of securities.
$376,576
4,368,195
16,255
$4,761,026
340,031
$4,593,977
225,782
Credits to surplus
Total surplus
Dividends paid
(net)__.
$279,290 loss$136,440
3,994,789
5,737,744
1,002
47,183
$519,535
4,074,508
Net income for year..
Previous surplus.
£>r65
$4,275,082
200,574
$5,648,487
265,549
.
1,315,226
Write-down fixed assets.
Surplus, Dec. 31
Shs .cap .stk .out. (par$25)
Earnings per share
72,922
$4,368,195
$4,074,508
167,246
167.265
$3,994,789
167,695
$3.11
$4,420,995
170,566
$2.21
$1.66
Nil
Balance Sheet Dec.
y
1934
1935
1934
$
31
$
$
$
Liabilities—
5,000,000
5,000,000
750,000
347,948
Cap. stk. (par $25)
Notes payable
Accts.
payable...
Real est., bldgs.
500,000
4,210,746
386,054
2,038,310 Acer, wages, com¬
56,112
mission, &c
2,880,938
31,025 Accr'd taxes, local
and Federal
204,249
88,398
58,500 Surplus
4,420,995
Dr735,850
44,029 Treasury stock
4,181,277
Cash
534,490
x Note & accts. rec. 2,164,121
Inventories
2,929,735
36,395
Prepaid expenses.
137,399
Empl's' notes rec.
Stocks of affil. cos.
58,500
Marketable secure.
1,539
and equipment-
4,368.195
Dr818,850
10,043,454
9,737,999
342,472
44,894
301,289
the consolidated mortgage
Hercules Powder Co.— -Annual
President,
Report—R. H. Dunham,
business
as a
business of
7% to 6% per annum,
1936; at the same time making the stock non-callable
dividend rate on the remaining preferred stock from
15
prior to Nov. 15 1941.
The current level of general business is somewhat higher than it
Holland Land Co.—$2.50 Liquidating
year ago and the belief is fairly widespread
show some improvement, in which company
that the year as
a
Hollinger Consolidated Gold Mines, Ltd.—Earnings■—»
Calendar Years—
Product on
-
Other ncome
Total
1935
receipts
Federal taxes
$3,175,973
Net profit
Preferred
1934
1933
707,163
2,042,661
($3.50)
dividends
Common dividends
Rate of common divs—
$426,149
10,229,141
Surplus
Previous surplus
$3,038,406
738,753
2,041,951
($3.50)
$257,702
10,040,110
$2,363,055
739,656
1,311,095
($2.25)
$14,379,201
Net
$494,929 def$441,247
z
Surplus
x
Honolulu
Rapid Transit Co., Ltd.—Earnings—
Period End. Dec. 31—
Operating
Net
rev.
adjustment, y Subject to deprec.
Before surplus adjustments,
a Preliminary.—«
z
Gross rev. from transp..
1935—Month—1934
$83,210
$78,670
Deductions
revenue.
23,672
—
590,784
$21,951
$264,474
23,369
3,390
.1,954
$324,814
30,122
$23,905
14,575
$354,936
221,395
$287,843
174,584
$18,069
$9,330
$133,540
$113,259
Howes Bros. Co.,—Earnings1935
1934
1933
1932
$223,262
97,772
115,000
$210,164
99,821
115,000
$247,213
120,311
40,250
$157,557
120,311
46,000
Profit and loss surplus..
$10,490
1,655,757
def$4,657
1,638,349
Earned per sh. on com..
$10.91
$9.60
$86,652
1,634,161
$11.03
Calendar Years—
Net earnings
Preferred divs. paid
Common divs. paid
Balance
1934
$342,307
865,112
2,938,421
809,255
Merchandise-..
y
Investments...
1,021,899
2,645,064
809,255
Pref. div. adjustment
of
common
standing (no par)
Earned per sh. on com._
*
and
$9,727,806
out¬
583,639
$4.23
583,529
$3.95
582,629
$2.79
582.679
$0.24
all expenses incident to mnaufacture and sales, ordinary
extraordinary repairs, maintenance of plants, accidents, depreciation,
x Changing from accrued to declared basis.
After deducting
taxes, &c.
def$8,754
1,488,306
$3.24
1935
Liabilities—
1934
$1,850,000 $1,850,000
1,150,000
1,150,000
L-C acceptances..
90,917
248,300
Accounts payable.
278,828
344,010
Preferred stock...
Common stock...
300,000
Notes payable
!
1.666,757
1,638.349
Treasury stock.. .Dr384,900
Dr353,000
Surplus
Total
$10,178,157 $10,229,141 $10,040,110
Balance, surplus
Shares
'
Comparative Balance Sheet Dec. 31
1935
$386,949
Assets—
x
$10,655,290 $10,321,484 $10,040,110 $11,227,806
x92,343
Prem. on pref. stk. ret'd
360,940
Adjustment prior years.
116,194
;
Approp. for conting....
...—
1,500,000
6,14,029
$27,207
4168.
Accts. receivable,
Total surplus
56,718
$30,597
12,528
from transp.
Rev. other than transp.
Net
1935—12 Mos—1934
$938,843
$855,259
56,003
expenses
Cash
in excess of stated val.
$1,815,049
Estimated net profit before surplus
surplus adjustment,
V. 142, p. 625.
$312,305 df$1026,859
9.727,806
12,254,665
Proceeds from sale of stk.
7,944,665
x$4,922,929 y$6,446,753 y$5,997,049
4,428,000
6,888,000
4,182,000
profit
&
1932
$889,763
748,056
1,168,566
($2)
8,237,071
375,000
Dividends
whole will
$14,683,824 $13,941,714
9,081,272
optioned
properties.
should share.
$29,669,715 $25,795,409 $21,969,263 $17,660,526
3,768,607
3,488,715
2,834,655
991,793
592,634
450,309
471,600
102,030
al935
1934
1933
$14,126,841 $13,988,824 $13,808,218
252,360
695,000
133,496
ncome
—V. 141, p.
Net earns, all sources.
^
Operating expense
Res. for deprec. & expend, on
Consolidated Income Account for Calendar Years
Gross
Dividend—
liquidating dividend of $2.50 per share on
$25, payable Feb. 6 to holders of record Jan. 29.
This compares with $1 paid on Nov. 4, July 15 and April 23 last; 50 cents
paid on April 1 and $1 per share distributed on Feb. 26 1935; $2 on Dec. 29,
$3.25 on Oct. 13, 50 cents on July 31, $1 on April 27, 50 cents on March 31
and $1 per share on Feb. 23 1934.—Y. 141, p. 2738.
Tne directors have declared a
the common stock, par
Net rev. from oper
was a
11 authorized the com¬
The Interstate Commerce Commission on Jan.
required for this redemption was provided out of the treasury.
(2) On Dec. 16 1935 the stockholders approved a proposal to reduce the
Nov.
$773,169 in 1934.
pany to issue a 6% promissory note in the face amount of not exceeding
$298,040 to repay advances made by Seatrain Lines, Inc., and to retire
a certain matured note.—V. 141, p. 4168.
company's subsidiary. Paper Makers Chemical Corp.,
with practically all lines showing increased sales.
of this corporation, which serves large and important
ndustries, has added substantially to the diversity and stability of com¬
pany's business.
Recovery in your company's export sales kept pace with the gain in
domestic volume, with a continued trend toward more diversified markets.
Improvement was shown in the business of Compania Mexicana de
Explosivos, 8. A., in which company owns a one-half interest.
Two important changes
were made in company's capital structure
during the year as follows:
(1) On Nov. 15 1935 18,047 shares of the outstanding preferred stock
were redeemed at the call price of $120 a share.
The $2,165,640 cash
materially better,
The acquisition
effective
After reserve for depreciation of $835,517 in 1935 and
3379.
—V. 141, p.
whole.
1934, with improve¬
particularly marked in the latter part of the year.
All departments
except explosives contributed to this increase.
The explosives business showed a decline because of reduced activity
in several consuming fields, notably anthracite mining and construction
work of the type requiring explosives.
However, there are some evidences
of impending improvement in this branch of company's business.
An improvement in earnings was realized from company's naval stores
business, despite the fact that market prices of these commodities showed
no improvement over the relatively low levels of the previous year.
As
a
result of the establishment of diversified markets and economies in
manufacturing cost, we believe company occupies a sound competitive
position in the future development of the naval stores industry.
The nitrocellulose
business continued on a satisfactory basis.
The
substantially increased demand for lacquer types of nitrocellulose was
aided by the introduction of new automobile models in the last quarter
of the year.
Increased use of company's products in the nitrocellulose
field is being promoted through continued improvement of quality and
economy of manufacture.
While there was a further increase in the chemical cotton business in
1935, we look forward to a decline in 1936 because of inroads made by
competitive products.
The
and $258,328 in 1934.
Hoboken Manufacturers RR.—Note—
ment
was
After reserve for bad debts of $265,686 in 1935
x
y
Total
9,737,999
10,043,454
Total
in part:
says
The year was one of further recovery in company's
Volume averaged approximately 11% greater than in
*
62,491
84,841
62,347
61,911
Prov. for Fed. inc. taxes
Assets—
share
the capital stock, par $10, payable Feb. 1 to holders of record Jan. 28.
This compares with 50 cents paid each six months previously.
In addition,
extra dividends of 10 cents were
■Earnings-
1934
$2,377,827
Gross profit on sales
Cash
Dividend—
on
in
40,160,700 42,169,566
Total
1935
Years End. Dec. 31—
1935
Harmonia Fire Insurance Co .—Larger
The directors have declared a semi-annual dividend of 60 cents per
Havana Electric
441,666
4,082,862
10,178,157 10,229,141
Profit and loss
40,160,700 42,169,566
11,672
12,040
619,818
3,597,080
credits..
Federal taxes
Reserves
Res. for bad dts. pr. yrs.
The directors have declared a
p.
Deferred
Hibbard, Spencer, Bartlett & Co.
8,395,303 i7.414,650
Total
After depreciation
a
109,688
405,998
3,745,154
3,703,200
3,551,929
69,217
securities.
Invest,
33,276
8,395,303
Total
1,691,703
1,687,808
77,849
210,382
U. 8. govt, secure. 2,386,501
Mat'ls & supplies. 3,004,042
Finished products. 3,158,310
Deferred charges..
110,038
Other assets
$
9,619,400 11,424,100
y Common stock.. 15,155,850 15,155.850
Accts. payable and
639,687
accrued accounts
825,250
184,680
Accrued pref. div.
153,104
Preferred stock
a 8,706 shares pref. in 1934 and 1935 and 22.595 shares common in 1935
(22,705 in 1934).
x After depreciation of $14,216,193 in 1935 and $13,514,411 in 1934.
y Represented by 606,234 no par shares.—Y. 141, p. 4168.
of
common stock
Co.'s cap. stock
(at cost)
298,493
42,404
275,821
1934
$
Liabilities—
17,075,564 17,711,813
5,000,000
5,000,000
Cash
4,363,701
2,843,182
Accts. receivable._ 3,086,502
3,337,682
a
Accrued taxes, sal¬
Goods in transit.
$
Plants & prop'y.
x
1935
1934
$
Assets"*"**
Good-will
600.000
Liab. for goods in
transit
Accounts
and fixtures
$
3 ,000,000 15.000,000
b Capital stock...
Notes pay. to bks.
1935
1934
$
1934
1935
x
4,863,167 $4,955,094
Cash advanced
—V. 140, p. 803.
on
Total
hides and leathers,
y
$4,863,167 $4,955,094
Purchase of stock in tanneries.
i.
^
Hupp Motor Car Corp.—Registers Stock with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering 193,463
shares of common stock. The stock at present is held in the treasury.,
788
Financial
According to the registration statement, the shares will be offered at $3
each. The company has no underwriting agreement of any kind. The state¬
ment says directors and officers may purchase or secure the purchase of
all or part of the shares, but without commissions.
It further states that
the stock will be offered to stockholders.
Net proceeds from sale will be
used for working capital, for the general purpose of production require¬
Chronicle
Feb.
Period End. Dec. 31—
Gross oper. revenue
Operating
Illinois Central RR.
December—
$7,682,941
1,312,245
$7,862,815
1,312,245
$1,463,469
$1,492,618
$6,370,695
$6,550,569
Cr24,644
Cr27,026
Cr20,356
Cr90,043
Balance, city and co__ $1,488,114
Payable to city under
$1,519,645
$6,391,052
$6,640,612:
$1,488,114
867,440
$1,519,645
842,413
$6,391,052
5,204,642
$6,640,612:
5,101,188
1933
$620,673
Def2,211
$677,232
3,830
$1,186,409
16,638
$1,539,423
10,183
$618,462
$681,062
$1,203,048
$1,549,607
1932
$7 ,855,474
2, ,184,605
1, 763,714
$7,815,162
2,765,024
2,276,501
$7,077,503
1,937,585
1,235,574
97,496,696
15,643,117
6,724,243
Net after rents,
for
purchase
of
assets of enterprise—_
contract No. 3
1934
$8,544,890
def3,212,519
def3,831,546
Gross from railway
Net from rail way
Balance
Used
System .—Earnings.—
1935
91, ,144,973
23, 289,573
13, 543,614
87,958,483
26,019,011
16,823,087
89,305,278
22,801,182
12,578,554
Gross inc. from oper.
From Jan. 1—■
Fixed
charges..
Net income from oper.
Non-operating income..
Gross from railway
Net from railway.
Net after rents
Balance
Manhattan Division
Earnings
December—
of
Company
1935
Only
1934
1933
$6,635,509
2,254,135
1,962,734
84,798,651
12,741,976
6,108,950
Net after rents
$6,882,848
1,905,015
1,610,178
79,228,255
20,074,138
12,688,092
75,966,799
21,940,948
15,371,241
1932
.
Net after rents.
77,745,558
19,958,720
$6,013,238
5,279,411
$5,952,150
5,052,936
$106,591
$157,553
$733,827
$899,213
$4,913
3,822
3.413
6,553
$4,129
3,816
3,019
6,846
$29,287
23,238
20,666
39,405
$27,871
23,233
18,182
41,245
$17,813
$112,598
$110,532
$139,739
621.229
$788,681
Rental of jointly operated
lines—
expenses
Net operating revenue
12,434.934
Queensboro Line
Lexington Ave. Line-
—V. 142, p. 129.
White Plains Rd. Line
Illinois Terminal
Co.—Earnings.-
December—
Gross from
1935
railway
Other rent items
1934
$488,658
1933
$440,781
158,929
1932
131,886
125.315
$389,099
130,292
87,454
5,312,789
1,747,078
1,219,921
4,930,061
1,502,179
1,003,617
4,749,837
1,547,554
883,962
Net from railway
181,453
Net after rents
$370,037
87,192
37,208
4,551,048
1,184,745
580,768
Balance of net operat¬
ing revenue.
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
-V. 142, p. 627.
International
—V. 141, p. 4168.
Imperial Life Assurance Co. of Canada—Balance Sheet
1934
$
1935
Liabilities—
$
estate
Head office build'g
Real estate
13.146,580 13,996,132
1,000,000
1,000,000
1,691.412
1,197,711
Bonds and debs...37,654,278
and
unre¬
2,234,434
Amounts left
1,802.855
414,744
1,797,275
477,570
978,202
2.709,825
2.223.871
Gross from railway
Net from railway
1,299,034
1,143,028
accrued
3.812,582
395,173
Premiums
Cash at banks and
63,831
552,954
paid in
advance
head office
other
&
Gross from railway
Net from railway
Net after rents
sions
accrued
165,469
164.449
1935
37,500
37,500
Shareholders' acct.
323,641
Inter-Ocean Reinsurance Co.—$1 Extra Dividend—
an extra dividend of $1 per share on the
stock, payable Jan. 31 to holders of record Jan. 22.
Extra divi¬
Jan. 311935, Jan. 31 1934 and on Jan. 1 1933.
The directors have also declared the regular semi-annual dividend of $1.
dends of 50 cents were paid on
1,000,000
4,159,152
3,503,599
fund....
Surplus funds
Total
75,163,593 71,357,449
75,163,593 71,357.449
-V. 140, p.1312.
Indiana Associated
$95,179
Cr455
52,971
Uncollectible oper. rev._
Operating expenses
of
$95,473
Cr3,293
54,106
$1,073,260
900
567,892
50
11,422
387
Cr8,537
142,568
1,538
142,791
$31,191
$52,810
$367,561
$360,139
All other bonds..
All
Accrued
(& Subs.)-
1935
603
-Earnings-
1934
1933
$608,012
606,500
$1.00
.,340,121
600,000
$2.23
$1,806,792
$237,251
200,000
$9.03
a quarterly dividend of 75 cents per share on
value, payable March 2 to holders of record Feb.
of "Railway &
were paid on Dec. 2 and Sept. 3
12 issue of "In¬
Industrial Compendium."
$4,553,785
497,250
896,992
410,234
$1,901,316 $16,400,205
443,250
1,833,750
847,993
3,593,403
60,000
1,555,234
$9,496,761
1,810,125
3,395,304
561,000
$2,749,309
1,400,000
Interborough Rapid Transit Co.—Report for December—
Murray Jr., receiver in his monthly report for December
in part:
Traffic—During December the Subway Division carried 73,919,478
passengers, an increase of 2,256,497, or approximately 3.15% as compared
with December 1934.
Traffic on all lines of the division showed improve¬
1934, ranging from 1.67% on Lenox Ave.-White
6.68% on the Pelham Bay Park Line.
The Manhattan Division during December carried 18,771,783 passengers,
a gain of 515,389, or 2.82% as compared with December 1934.
The Second
Avenue, Third Avenue and Sixth Avenue Lines showed gains in traffic,
ranging from 1.80% on the Sixth Avenue Line to 5.49% on the Second
Avenue Line.
The Ninth Avenue Line showed a loss of 1.32% and was the
only line on the entire system to report a decline in traffic as compared with
over
$4,977.983-
an initial dividend of $1 per share on the
stock, payable Feb. 20 to holders of record Feb. 5.—V. 141, p. 440.
Corp.—Not
a
Holding Company—
a
(A)
(Byron) Jackson Co.—Regular Dividend Increased—
a dividend of 20 cents per share on the no par
stock, payable Feb. 15 to holders of record Feb. 5.
This com¬
with 12y^ cents per share paid each quarter from May 15 1934 to and
including Nov. 15 1935.
The May 15 1934 dividend was the first paid since
March 1 1931, when 123^ cents was likewise disbursed; prior to then regular
quarterly dividends of 25 cents per share were paid.
In addition, an extra
dividend of 25 cents was paid on Nov. 15 1935.—V. 141, p. 3381.
pares
$550,073
$9,417,818
$3,730,332
1,200,000
1,400,000
1,200,000
Earnings per share
$1.91
$0.45
$6.54
$3.10
xIncluding profits of Joseph T. Ryerson & Son, Inc., for Dec. 1935
quarter only.—V. 142, p. 626.
/
ment
Total
common
Consolidated Income Account
Period End. Dec. 31—
xl935—3 Mos—1934
xl935—12 Mos—1934
E.
$4,977,983
974.
holding company within the meaning of Section 2 (a) (7)
of the Public Utility Holding Company Act of 1935.—V. 141, p. 3381.
$1.64
For detailed record of dividend payments see Dec.
Thomas
434,426
144,299
addition, extra dividends of 25 cents
says
500,000
1.484.799
The directors have declared
no par
•_
150.000
reserve
The Securities and Exchange Commission has declared that the corpora¬
This compares with 50 cents paid in each of the three preceding quar¬
ters and 25 cents each three months from Sept. 1 1934 to March 1 1935, incl.
Net profit
Shs. capital stk. (no par)
Voluntary
Capital
Surplus
23,175
-
Total
tion is not
The directors have declared
Federal taxes
Interest
—V. 140, p.
common
14.
Depreciation & depletion
20,831
71,388
98,744
100,196
All other liabilities
1932
Inland Steel Co.—Dividend Increased—
Net after expenses
Interest
110,850
estate
Italian Superpower
experimental expenses.
Fed. taxes, loss on sale
of U. S. Govt, sec., &c
Shs. capital stk., no par.
Earnings per share
—V. 141, p. 2437.
1935.
97,971
building
real
Reserve for taxes
Funds held for treaties
Premiums in course of collec¬
Net profit after deprec.,
In
other
Collateral loans
.$2,285,706
287,149
Reserve for losses
Investment Co. of America—Initial Dividend—
Years Ended Dec. 31—
dustrial Number"
174,310
Unearned premiums
The directors have declared
Industrial Rayon Corp.
stock,
1,671,036
877,379
1,170,160
tion (not over 90 days)
Net operating income.
-V. 142, p. 129.
common
$397,843
bonds
S. Govt,
Home office
1935—12 Mos.—1934
$1,121,402
818
609,852
oper.
property
Operating taxes
the
Liabilities—
Assets—
Cash In banks
U.
First mortgage loans
Telephone Corp.—Earnings—
1935—Month—1934
revenues
least
[As reported to the Insurance Department of New York]
Stocks
Period End. Dec. 31—
for
Financial Statement Dec. 31 1935
contingency
reserve
Rent
share, payable March 9 to holders of record Feb. 26.
1,000,000
1,000.000
per
319.420
1,000,000
Gen'l
Operating
10,143,611
1,794,651
449,451
common
Cap', stk. paid up.
Total
12,287,759
3,417,471
1,518,751
International Shoe Co.—New Director—
Div. on capital due
2
12,575,330
3,188,222
1,370,550
The directors have declared
&
outst'd'g accts..
Jan.
def30,192
$783,335
81,231
def39,445
sun¬
dry policy liabils.
26
7,095
1932
1933
$896,506
199,144
41,280
J. E. Quinn has been elected a director, filling a vacancy which had been
unoccupied.—V. 142, p. 302.
Taxes and commis¬
companies
11,543,449
1,943,820
529,900
-Earnings.—
1934
$908,927
89,340
—V.142, p. 130.
proof
due
from
de¬
fund
pension
but
on
incl. staff
posit,
prems.
supple¬
mentary contr..
$927,103
66,903
def22,236
Net after rents.
Claims awaiting
923,710
60,000
4.967,723
2,456,711
of
1935
December—
From Jan. 1—
60,000
411,457
Value
policies..13,356,381
Outstanding int..
Due
for
ported claims
Net outstanding &
not
$
annuities...61,675,784 59,368,744
Reserve
33,444,025
14,008.202
Stocks
Int.
1934
$
;
Res'ves for assurs.
on real
deferred
Corp.—Personnel—
Vice-President and General Manager of
company's executive and
Jan. 28.—V. 142, p. 301»
International Great Northern RR.1935
Assets—
Loans on
Machines
Business
Frederick W. Nichol, a director,
the company has been elected a member of the
finance committee, it was officially announced on
Dec. 31—
1st mtges.
1935—6 Mos—1934
$1,020,232
862,679
$87,890
Operating
$1,036,237
929,645
$18,701
Gross operating revenue
$6,327,701
1,810,374
1,323,062
From Jan. 1—
Gross from railway
Net from railway.
Operations
1935—Month—1934
Period End. Dec. 31—
$7,451,463
def,3,088,933
def3,526,432
Gross from railway
Net from railway.
1935—6 Mos,—1934
.
,960,894 $21,448,077 $21,153,430
2,154,359
12,920,350
12,771,892
844,784
518,723
95,209
$1,711,326
218,707
Vernon R. Drum, who became President of the company early last year
following the resignation of William J. McAneeny, has resigned his position
and is n.j longer with the company.
No successor has been selected.
The Hupp plant has been closed down for several weeks as a result of
working capital shortage. Efforts are being made to secure a $1,500,000
loan from the Federal Reserve Bank of Chicago.—V. 142, p. 461.
1936
$1,682,177
218,707
Income from operation
Current rent deductions
Resigns—
1935—Month—1934
$4,082,072
2,241,347
158,546
expenses
Taxes—.
ments.
President
1
Subway Division Operations
December
Jewel Tea Co.—Common Dividend Increased—
on Jan. 27 declared a quarterly dividend of $1 per share on
stock, no par value, payable April 15 to holders of record
The company had previously paid regular dividends of 75 cents
share each three months from Jan. 16 1933 to and incl. Jan. 15 1936.
The directors
the
common
April 1.
per
In addition, an extra dividend of $1 per share was paid on Dec. 23 last,
an extra of 50 cents was distributed on Dec.
15 1934.
See Dec. 12
and
1935 issue of "Industrial Number" of "Railway & Industrial Compendium"
for detailed dividend record.—V. 142, p. 462.
Kansas City Southern RR.—Gets Tax Reduction—
The Oklahoma Supreme
Court has directly ordered
a
reduction of $600,000
in the tax assessment of the railroad for the 1933-34 assessment
period. This
$3,644,522 to $3,046,355.
The State Board of Equalization had failed to make the reduction once
following an order of the Court in directing a reconsideration of the case.
Now the Court has issued the order directly.
The board had used "pros¬
perity" years, 1928-29, in figuring income of the railroad, instead or the
years just preceding the assessment period, and t.ie Supreme Court directed
the reduction for this reason.—V. 142, p. 627.
means a
cut from
Kansas Oklahoma & Gulf
See Lehigh Valley
Ry.—PWA Loan—
RR. below.
Plains Road Line to
December 1934.
92,691,261, an increase of 2,771,886
approximately 3.08%.
or
December—•
as
compared with December 1934,
1935
Gross from railway
Net from railway
From Jan. 1—
Net from railway
Net after rents
—V. 142, p. 627.
1934
31
1933
$186,869
125,243
72,145
Net after rents.
Gross from railway
The number of passengers carried on the entire system during December
was
Earnings for December and 12 Months Ended Dec.
$146,901
82,835
64,491
$127,172
59,652
33,407
2,010,079
932,875
551,037
1,875,510
876,022
1,775,837
836,098
453,228
1932
$148,309
49,884
26,968
|
521,824
1,793,185
737,041
410,276.
Financial
Volume 142
Knudsen
(G. R.) Kinney Co., Inc. (& Subs.)—Earnings1934
1935
charges
Miscellaneous charges
$606,396
$389,818
80,997
47.925
238,148
Net profit on operations
Interest
(net)
Depreciation and amortization
company
accumulations
$13,174,313 $13,184,177
12,577,781
12,784,495
Net sales
93,225
56,755
251,869
32,000
Provision for Federal income tax
Lake
on
Woods
the
of
profit for
$172,547
$22,748
year
Preliminary Conslidated Balance Sheet Dec. 31
Acct. rec. less res.
$482,929
169,995
Mdse. inventory..
3,577,044
$351,301
207,982
2,697,107
196,238
203,813
Prepaid exps., &c.
Gold notes repurch.
for sinking fund.
Accts.
Accrd.
on
the 7% cum. pref. stock, par
A similar payment was
79,172
140,000
897,600
98,896
1,491,653
1,586,832
2,480,051
2,480,051
and
marks
Trade
good-will
x
$29,487
def38,658
def41,575
def43,939
def25,439
2,224,160
1,156,161
1,422,948
495,246
1,871,784
1,047,671
834,857
270,648
762,909
From Jan. 1—
Gross from
railway
Net from railway
$8,560,806 $7,664,141
$32,000 for current year.—V.
Includes $47,172 for prior years and
444,625
defl68,140
def342,442
—V. 142, p. 130.
stock.
Total
$26,515
def28,176
def38,406
$32,274
def7,706
Lakey Foundry & Machine Co.—Earnings-
141,
1932
1933
1934
1935
Years End. Oct. 31—
$77,585
44,348
73,668
22,090
$24,437
49,528
73,693
5,726
$25,921
39,329
75,451
9,612
$60,236
53,760
73,992
18,031
$217,691
$153,384
$150,314
$206,018
Manufacturing loss
$8,560,806 $7,664,141
Total
1932
1933
1934
1935
$44,751
def33,168
2,523,950
1,535,320
2,007,580
2,523,950
1,535,320
Capital surplus... 2,047,106
par).
Common
& Ishpeming RR.—Earnings.
Lake Superior
December—
Gross from railway
Net from railway
Net after rents.
$8 pref. stk. (no
87,055
h deprec. & amort.
769,000
for contings.:
Res.
H life insurance...
Fixed assets,
less
.
Gold notes outstdg
50,000
50,000
value
surr.
140,000
income taxes
Real estate mtge.
reserve
95,600
Res. for Federal
x
3539.
Net after rents...
125,077
Sell. & admin, expenses.
Depreciation.
Other deduc'ns
(net)
1598.
p.
Net loss.
(D. Emil) Klein Co., Inc.—25-Cent Extra
Dividend—
Balance Sheet Oct. 31
dividend of 25 cents per share in
quarterly dividend of like amount on the common
The directors have declared an extra
addition to the regular
stock, no par value.
The regular dividend of 25 cents and one-half of the
extra dividend or 12 A cents is payable April 1 to holders of record March 20.
The other half of the extra dividend is payable July 1 to holders of record
ago.—V. 142, p. 627.
Similar payments were made a year
June 20.
Consolidated Income Account for
26,584
39,688
Notes
92,738
3,920
Notes pay. to
2,347
9,436
.
Deferred charges
5,320
Calendar Years
1933
$62,776,948
58,938,654
1,006,019
71,682,778
1,921,297
68,334,901
1,434,254
58,617,241
1,302,622
935.647
10,089
1,073,240
9,397
956,454
11,244
527,775
32,339
$3,929,319
1,862,385
$4,810,481
1,061,949
$4,130,550
1,028,758
$2,272,161
1,155,987
Federal taxes
Interest
Net profit
Other income
$5,872,431
9,185,470
$5,791,704
11,851,151
Total income
Previous surplus—
$5,159,308
26,621,069
$3,428,148
25,696,399
y
Stock div. pai d in special
($1)1170915 ($1)1165012 ($1)1164919
x After
depreciation of $1,106,345 in 1935 and $1,061,001 in 1934.
Represented by 315,025 shares of $1 par. z Arising from exchange of no
stock with a stated value of $5 a share for stock having par value of $1
share.—V. 140 p. 804.
a
Inc. (& Subs.)- -Earnings—
Lane Bryant
1935
1934
1933
1932
$6,292,959
35,785
$6,199,750
5,210
$5,796,496
98,408
$5,278,298
lossl71,938
Nil
Nil
$0.42
Nil
6 Mos. End. Nov. 30—
Net
profit after Fed. tax
Earns, per sh. on com.
after pref. dividends
Lee &
$12,274,010 $11,851,151
addition to the regular quarterly
$9,185,469 $26,621,069
stock, par $10, both payable Feb. 5 to holders of record Jan. 31.
V. 138, p. 4467, for detailed record of dividend payments.—V. 140, p.
1,161.716
1,165,903
$4.23
1,176,829
$4.75
1,175,913
$4.63
(no par)
Earns, per share on com.
$2.80
for obsolescence and
and provision for additional depreciation applicable to prior
Write-down in building and equipment accounts
eliminations
years.
t
Consolidated Balance Sheet Dec. 31
6,157.259
$
$
Liabilities—
$
S
Assets—
1934
1935
1934
1935
to Furn. & fixtures.
7,351,581
6% special pref. stk 8,530,368
6,147,276
stock__48,511,253 48,511,253
322,481
198,810
8,269,590 Accounts payable.
9,583,211
Fed. tax reserve.. 1,140,000
1,118,000
c Land and bldgs.29,381,217 27,839,840
201,500
55,000
Good-will, &c
1
1 Mtge. payable
Inventories
13,630,115 11,934,276 Accrued expenses,
&c
1,557,228
1,548,246
Sundry debtors
67,420
61,869
Surplus—
12,274,010 11,851,151
Loans to landlords
d Treasury stock.Dr2016574 Drl953511
^ & securities dea
Bldgs. & improv'ts
on leased prop..
posited on leases 3.144,242
U. S. Govt, securs.
25.070
Gash
7,269,609
>
329,548
514,968
600,652
70,373,765 68,827,030
Total
70,373,765 68,827,030
Nov. 2 '35
$970,325
Nov. 3 '34
$727,774
Oct. 28 '33
$520,270
Oct. 29 '32
867,894
6,096
13,200
747,( 20
5,1 >90
736,890
5,500
1,106,195
7,000
prof$83,135
262,062
$25,735
z287,797
$222,121
484,771
$776,980
x3,295,621
&c.
less miscell. income.
.
-
Interest paid
Federal taxes
Net loss for year
Previous surplus
Prem. on
$336,215
Dr613,917
pref.stk.purch.
Dr259,708
Drl8,000
$345,197
Shs. capital stk.(par $5)Earnings per share
x
$262,062
$262,650
71,126
$1.16
surplus
71,214
Nil
x$ 1,627,016
z
71,444
Nil
cost
„
„
.
to Land,
Nov. 3 '34
$467,594
$486,144
Trade-marks
and
1
503,390
1,290,827
50,428
Investments
10,000
Deferred charges..
81,813
Inventories
c
Nov. 3 '34
Accounts
$5)
$360,000
$360,000
payable-
87,457
65,512
Due to officer
good-will
Notes & accts.rec
Gash
1
Bank loans
373,986 Current maturities
of bonds
967,520
50,817 Accr'd payrolls, in¬
terest, &c
15,000
70,657 Fed. tax provision
6% real est. bonds
Net from railway
Net after rents
—V. 141, p.
$2,404,052 $1,964,124
15,000
3,455,844
789,086
.761,746
Allotment of $2,040,000 from
fund
for
83,472
1933
$216,311
35,101
75,854
1932
$259,448
62,722
137,954
3,000,725
3,274,739
794,202
848,845
700,618
702,257
Administration revolving
railroad companies was an¬
the Public Works
employment creating loans to two
Works Administrator Harold L. Ickes.
One loan of $1,755,000 to the Lehigh Valley RR. will be used to build
1,000 coal cars in the company's shops in Sayre and Packerton, Pa.
The Kansas Oklahoma & Gulf Ry. will use a loan of $285,000 to purchase
6,752 tons of rails and the necessary amount of fastenings to be used in
laying them.
t
Both companies have received previous employment creating loans from
the Public Works Administration.
Previous loans to the Lehigh Valley total $5,345,000 for rebuilding old
equipment and purchasing new cars and locomotives.
The Kansas Oklahoma & Gulf received a previous loan
which to
of $255,000 with
fastenings.
Earnings for December and 12 Months Ended Dec. 31
purchase 4,000 tons of rails and
1935
1934
$3,718,773
1,013,115
$3,315,814
888,248
December—
Gross from railway
Net from railway
1933
$3,179,851
541,548
1932
$3,339,421
753,529
750,610
742,265
291,062
529,845
Net from railway
40,641,557
8,674,147
39,866,526
8,944,722
38,177,450
7,945,383
38,739,138
7,053,957
Net after rents..
4,982,747
5,338,991
4,107,569
3,210,368
Gross from railway
—V. 142, p. 628.
300,000
Lerner Stores
25,000
25,000
Corp.—100% Stock Dividend—
100% on the no-par common stock
additional share of common stock
stock registered in their respective names as per
The company paid a stock dividend of
Jan. 29.
Stockholders received one
on
92,528
for each share of common
25,000
the recently
The New
262,062
common
approved stock split-up.
See also V. 142, p. 628 and 303.
York Curb Exchange will list 200,000 additional shares
stock, no par, upon notice of issuance.—V. 142, p. 628.
Total
of
1,142,246
Dr8,223
$2,404,052 $1,964,124
786 shares in 1934.
b After deducting $526,181
reserve for depreciation in 1935 and $506,713 in 1934.
c After deducting
$83,401 reserve for bad debts, return allowances and cash discounts in
1935 and $69,006 in 1934 —V. 140, p. 320.
1934
$262,468
37,671
4170.
Lindsay Light & Chemical
Years End. Dec. 31—
874 shares in 1935 and
RR.—Earnings.—
From Jan. 1—
Gross from railway
345,197
Paid-in surplus— 1,142,246
a Treas. stock
Dr9,240
a
453,892
146,472
3,432,725
839,125
822,797
Net after rents
125,191
13,200
Earned surplus
Total
1,579,504
460,608
181,337
From Jan 1—
Nov. 2 '35
Liabilities—
Com. stk. (par
buildings,
mach. & fixtures
1,443,351
1935
$279,463
65,131
53,290
Net after rents
,
Comparative Balance Sheet
Nov. 2 '35
Assets—
1,447,588
421,718
151,689
Nil
and
of $25,147.
479,942
192,796
Net after rents
71,544
paid in surplus,
y After deducting all discounts
and 1933
Includes reduction of depreciation for the years 1932
Includes
of sales,
1,493,250
railway
42,243
17,801
nounced Jan. 20 by Public
Approp. for conting. res.
Fed'1 taxes prior years..
Earned
Gross from
Net from railway
Lehigh Valley RR.—PWA Loan—
Inc.—Earnings—
(B.) Kuppenheimer & Co.,
Admin. & gen. exp.,
$131,355
From Jan. 1—
Net from railway
Represented by 1,178,787 shares, no par value including treasury stock,
b After depreciation of $6,249,842 in 1935 and $5,537,406 in 1934.
c After
depreciation of $2,728,851 in 1935 and $1,956,954 in 1934.
d Treasury
stock at cost:
189,980 shs. of special pref. (1934, 189,065) and 2,874 shs
•common 1934 (1,958 shs.)—V. 142, p. 302.
Years Ended—
$115,542
25,196
5,472
8,356"^
Net after rents
1932
$119,046
39,212
19,853
$123,462
32,577.
Gross from railway
Net from railway
1933
1934
1935
Gross from railway
a
Gross profit
Earnings.—
Lehigh & Hudson River Ry.December—
Lehigh & New England
821,984
y
15 1936,
serial gold bonds, dated Jan.
deposited in partial payment of the foreclosure sale bid, are
notified that funds in an amount sufficient to provide a distribution at the
rate of $50.72 per $100 of bonds, with the June 15 1933 and subsequent
coupons to maturity attached, are now available at the office of Continental
Bank & Trust Co., 30 Broad St., New York.—V. 141, p. 1277.
December—
833,353
Deferred charges..
Empire Building—Distribution—
All holders of 1st mtge. fee 5%%
—V. 142, p. 131.
6,379,828
6,209,464
dep. In escrow..
Lefcourt
See
1834.
not heretofore
Common
U. S. Govt, securs.
Total
dividend of 20 cents per share in
dividend of 30 cents per share on the capital
20,039,379
Shs. common stock out¬
x
Cady—20-Cent Extra Dividend—
The directors have declared an extra
Amt. transf. to com. cap.
stk. acct. ($17 per sh.)
Total surplus
reported at $4,263,352 and current
liabilities at $818,974, a ratio of 5.21 to 1.
This compares with current
assets of $4,200,553 and current liabilities of $730,732 on Nov. 30 1934, a
ratio of 5.74 to 1.—V. 142, p. 303.
Current assets as of Nov. 30 1935 are
174,350
226,230
276,500
xl,495,854
Miscel. deduction
395,776
613,467
par
__
—$17,642,855 $15,057,900 $31,780,377 $29,124,547
com.stock— ($2)2352,163($1.50)1759334 ($1)1164286 ($1)1164208
Total surplus.
pref. 6% cum stk. ($1)1,176.121
Divs. on 6% special pref.
344,707
1,260,100 zl,260,100
$1,537,654 $1,492,102
Total
.$1,537,654 $1,492,102
Total
Sales
standing
surplus
13,651
41,154
23,062
37,264
207,030
Deficit
Cost of mdse. sold, oper.
on
bks.
Reserves
Paid in
$78,479,130 $75,662,274 $65,018,110
Divs.
payable
230
expenses and rent
Deprec. & amortization.
281,129
27,511
Accrued expenses.
1932
230
232
234
Sales
.
$315,025
144,357
63,592
50,000
$315,025
Deferred assets.__
1934
1935
Capital stock—
payable.
Accounts
188,909
Accts. receivable.
Inventories
(S. H.) Kress & Co. (& Subs.)—Earnings—
y
1934
1935
Liabilities—
1934
1935
Assets—
Property account$l,310,136 $1,348,329
243
2,107
Cash
x
Other assets
Stores operated
of
$100, payable March 2 to
made on Dec. 16 last,
this latter being the first distribution made on the preferred stock since
Sept. 1 1931, when a regular quarterly dividend of $1.75 was paid.—V. 141,
$384~919
miscell.
&
liabilities
14,000
Other invests., less
Cash
(banks) $250,000
pay. (trade) 1,170,353
Notes pay.
Ltd.—Accumulated
of $1.75 per share on account
The directors have declared a dividend
accumulations
p.
1934
1935
Liabilities—
1934
1935
Assets—
Cash__
Co.,
Milling
Dividend—
holders of record Feb. 15.
Net
Accumulated Dividend—
Creamery Co.—Pays
paid a dividend of 37 XA cents per share on account of
the $1.50 class A cumulative and participating shares,
no par value, on Jan. 27 to holders of record Jan. 24.
This is the first
payment made on the issue since Aug. 1 1934 when a regular quarterly
dividend of like amount was distributed.—V. 139, p. 3644.
The
Preliminary Income Account Year Ended Dec. 31
Cost of sales & operating expenses
789
Chronicle
Co.—Earnings—
1935
1934
1933
1932
$51,957
$44,674
$33,182
$25,229
$0.63
$0.50
$0.31
Net income after deprec.,
Federal taxes, &c
sh. on
shares common
Earns, per
60,000
stock.
—V. 141, p. 2741.
»
$0.18
790
Financial
Liggett
&
Myers
Tobacco
Co.—Comparative
Chronicle
s
Balance
Sheet Dec. 31—
1934
1935
$
yReal est., ma-
11,869,512
$
$
20,874,100
21,496,400
22.514,100
21,496,400
56,927,075
12,614,600
15,059,600
443,709
Common
12,622,515
stock.
Com. stock B__ 56,927.075
Brands, tr.-mks,
good-will, &o_
1
1 7% bonds
9,895,600
Leaf tob., mfd.
5% bonds
12,886.600
stk. & op. sup.113,940,867 109,362,960 Accr'd int. pay.
441,644
Stks. insub. cos.
439,006 Pref. div. pay¬
439,005
Securities
able January.
4,476,164
365,297
4,476,164
Invested in—
Accts. payable-.
1,296,811
Co.'s bonds._
5,379,578 Accrued taxes..
3,379,226
* Co.'s pref. stk.
1,215,653 Special reserves2,715,434
Preferred stocks
2,480,785 Profit and loss.. 40,262,751
3,158,310
U.S.Govt. bonds 17,452,573
17,515,609
Municipal bonds
5,630,889
Cash
9,902,098
11,507,999
Balance
9,026,090
Land, plants, &c
719,639
Gd.-will, pats., &c. 5,000,000
Cash
Loans
378,247
2,716,091
to
Sundry lnvestm'ts
Deferred charges..
10,907,404 10,098,196
After depreciation,
Maine Central
1935
1933
$1,952,676
772,655
434,812
$1,872,797
769,084
493,849
23,806,411
5,375,052
540,687
24,227,481
7,080,899
2,372,922
24,068,582
8,682,594
4,230,658
Gross income
$2,052,774
643,371
315,902
28,220,076
9,722,691
5,045,925
Assets—
Bonds
out¬
Pref. &
1935
Gross from railway
Net from railway
1934
Loans
1932
$383,213
123,845
72,988
$330,076
118,758
68,702
4,467,631
1,526,027
1,007,116
4,124,940
1,433,061
919,772
4,055,834
1,209,618
793,034
—Y. 142, p. 131.
December—
1935
Gross from railway
1934
1933
$64,965
968,787
214,736
44,923
December—
952,999
217,216
23,878
840,409
161,344
5,039,949
2,953,997
28,999,170
.stks
&
sale
def 1,843
20,536,973
Cash
$6,799,976
1,894,455
1,642,034
$5,727,464
1,389,863
1,204,342
$5,121,248
1,101,988
1,092,712
From Jan. 1—
Gross from railway
Net from railway
75,694,731
17,898,861
Net after rents
13,961,959
69,962,668
16,631,880
12,967,297
65,656,958
15,408,387
11,857,688
140,
i
on
Staff pension fd.
pref. stock purchased
other
assets
266,444
300,000
178,469
2,410,885
2,364,850
133,824,000 124,822,029
$3,961,365
34,112
75,000
y
Total income
1935
Real estate
$433,971
5,596
U. S. Treas. bonds
528,072
Other market, sec.
20,000
Inventories
1,951,931
Other assets..
32,631
x Plant &
equip.
2,439,868
Def. & miscell
136,025
Good-will, patents,
Accrued interest-_
92,609
Collateral loans...
$0.01
Liabilities—
$412,221
Pref.
528",072
Res.
18,500
&
for
county
men's
22,196
19,976
32,843
523,800
524,800
1,000,000
1,000,000
3,846,800
Less reserve for depreciation of
Represented by 200,000
McCall Corp.—Annual
Total
3,907,759
Years End. Nov. 30—
$2,831,402 in 1935 and $2,742,351 in
shares.—Y. 141, p. 3865.
no par
Meeting Date Changed—
Net
income
Common dividends
xl935
1934
$45,466
31,918
49,040
Reserve
39,730
32,450
157,669
$77,384
134,700
$248,548 loss$139,248
38,490
'
$25)
$0.92
1933
.
$57,316 sur$248,548
224,523
225,623
$0.34
$
4,445,092
6,331,149
accrued
334,413
for
missions
Capital
Surplus
442,741
381,203
35,558
2,000,000
2,972,102
57,230
2,000,000
un¬
premiums.'
for
269,839
com¬
on
other
1,521,571
Total
17,674,863 15,006,084
All stocks and all bonds in default as to interest or
principal on Dec. 31,
on the market basis as of that date.
Bonds not in default are
valued on the amortized basis.—V. 142,
p. 629.
valued
Massachusetts Investors
Calendar Years—
1935
Divs. from securities
x$2,260,154
Sale of stock divs. distrib. in lieu of cash
73,229
Int. on bank deposits
Total income
Trustees
compensation.
Other expenses
Trust—Earnings—
1934
1933
in
tne
sold
or
price of shares
repurchased
Dividends paid.
$1.10
$177,738
283,580"
Nil
1932
$1,188,767
$931,952
$875,465
69,777
3,233
32,407
1,946
48,749
25,510
$1,261,777
y75,707
41,044
5,865
39,044
$966,306
y57,978
38,408
4,862
33,307
$949,725
y56,983
35,995
19,776
26,671
$1,100,117
$2,333,383
zl30,905
52,837
a45,050
50,895
Balance avail. for dis¬
tribution in divs
Add:
Net
amount
in¬
cluded as accrued divs.
1932
x The detailed income account for the
year ended Nov. 30 1935 follows:
Gross profit from sales, before depreciation, $1,023,921
selling expenses,
$510,888: general and administrative expenses, $253,931; net profit from
operations, before depreciation, $259,101; add interest earned, profit on
1934
254,838
17,674,863 15,006,084
Balance
sur$68,004
218,800
4,821,675
claims 7,068,374
taxes
liabilities
59,363
$
excise
Total
$201,365 loss$182,105
47,183
42,857
$201,340
133,336
Balance, deficit
Shs.com.outst.(par
Earnings per share
Co.—Earnings—
8,891
for
17,413
Transfer agent, &c
Provision for taxes
$192,449
Net profits
Interest (net)—Cr
Reserve for
$831,751
$810,300
$5,548,097 $5,452,196
The annual meeting of stockholders will be held on the
third Tuesday in
March in each year after 1935.
Previously the annual meeting was held
on the third Tuesday in
February.—V. 141, p. 925.
Manhattan Shirt
$747,034
unearned
premiums
Reserve
Compens'n
in
1935
for
1,993,225
100,744
161,838
...
....$5,548,097 $5,452,1961
$1,307,958
Liabilities—
Res.
paid
bond pools
Other assets
9,647
Preferred stock
Surplus
<2
161,092
Re-Insur.Bureau
are
Federal
stock.
Year End.
z
miscell.
Common
Co.—Earnings—
Year End.
'35 Dec.
$14,350,679 $13,132,582 $11,857,594
7,425,867
7,005,726
6,622,348
3,597,151
3,450,654
3,274,936
181,240
166,493
157,036
777,052
745,970
700,740
335,432
291,801
262,854
112,018
163,979
92,647
Res.
other companies
Depos. with Work¬
8,528
income tax
y
tr.-marks, copy¬
rights, &c
for
31
$42,444
8,512
items
Res.
2,521,109
133,354
1934
$52,986
dividends
taxes
1,812,870
26,069
1935
Accounts payable.
8,833,299
124,822,029
1934
1,403,018
bonds.11,886,611 z9,846,058
1,157,591
1,157,591
2,367,144
Equity
rec.
"
Gross premiums in
course of coll't'n
After Federal income tax of $32,473 in 1935
Accrued interest._
.
®
1,742,919
Stocks and
$3,866,017
$0.19
1934
a9,241,877
Total.... ...133,824,000
$1,921,918
Reinsur. due from
$3,846,800
Balance Sheet Dec. 31
1935
sur¬
$13,424,739 $12,406,480 $11,206,386
T
925,940
726,102/
636,514
/
\
14,694
A pMo—.
xl4,221
5,381
$0.91
888.482
Balance Sheet, Dec. 31
$3,919,147
8,528
25,000
5,453
5,054,874
31 '34 Dec. 30 '33
...$18,214,599 $17,198,891 $15,801,056
3,961,968
3,446,352
3,823,198
Net income..
200 ,000 shares
U. S. Treasury bonds
policyholders.
Dec.
Miscellaneous expenses
$36,951
3,867.503
4,892
$3,907,759
-a--
on
stock
to
644.
p.
Cash
3,629
and $9,647 in 1934.
"
Sundry liabilities
liab.
$14,252,631 $13,752,539 $11,977,857
827,892
1,346,058
771,472
T
&
Miscellaneous deductions
y
300,000
Losses and loss expenses paid
Acquisition expense
Inspections and payroll audits
Underwriting & management expenses
Taxes, licenses, fees and assessments-
~~9~, 801
$4,065,449
34,063
120,000
marketable securities
x
2,164,846
993,139
Govt. taxes accr.
5,700,613
2,356,586
5,518,474
21,259
Total surplus
Preferred dividends.
Common dividends
225,000
3,556,059
1,630,611
3,984
hand &
.
1933
631
225,000
dep.
on
Other
Net premium income
Interest and rents received
Co.—Earnings—
1934
957,850
Net premiums written
Premiums on risks reinsured
1936, on the guaranteed 20-year closed first
gold bonds, due 1944, will be paid on that
y$73,458
3,866,017
1,110,839
unre¬
5,004,034
3,401
Gross premiums written
Premiums canceled and returned
Hydro-Electric Power Co.—Interest—
Miscellaneous credits
for
Massachusetts Bonding & Insurance
mortgage sinking fund 6Yz%
date.—V. 141, p. 3385.
Write-up of U. S. securities
Prov.
Funds
5,626,206
__
Other income.
1935
dis¬
a Consist of the
following: Contingency reserve, $1,500,000; reserve for
dividends to policyholders, $4,550,000,
and surplus, $3,191,877.—V.
—V. 142, p. 463.
y$216,487
3,846,800
2,162
$
106,019,204
claims
disab'ty cl'ms
agree¬
Total..
63,920,024
12,305,532
8,278,090
Lunkenheimer
and
ability
Spec. res. &
plus
$5,482,267
1,894,525
1,993,628
Calendar Years—
Net profit from oper. after deprec
Previous surplus
..113,554,909
Year End.
Net from railway
Net after rents
1
1934
ported death &
in banks
1932
1934.
21,317,718
Period-i
1933
Feb.
reserves
awaiting proof
ments
RR.—Earnings.—
1934
Lower-Austrian
$
Policy & annuity
Death
co.'s
on
Sundry assets
682,495
99,801
def26,705
1935
Gross from railway
1935
Liabilities—
$
Head office prop
other real est.
def1,091
def15,459
Louisville & Nashville
Total
$35,251
$54,532
17,819
2,712
—V. 142, p. 131.
Cash & accts.
$134,541
1932
$63,665
22,446
15,948
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Assets—
$72,901
Sharehdrs. fund.
$82,761
16,248
2,429
Net from railway
Net after rents
x
for doubtful accounts.—V. 140.
$2,191,358
2,156,107
27,768,506
com
Louisiana Arkansas & Texas Ry.—•Earnings-
common
10,907,404 10,098,196
Total
$2,320,562
2,186,021
59,212,483
Other assets
Surplus Dec. 31
Earnings per share
3,659,970
Dr279,428
1934
$
policies.,
$290,409
80,518
71,170
4,793,954
1,670,958
1,132,072
Net from railway
Net after rents
of
Earned surplus
Treasury stock
48,852
100.000
685,437
3,591,966
Z>rl36.928
$259,597
186,696
66,973,323
.
estate
1933
$409,879
134,093
93,061
Net after rents
From Jan. 1—
Gross from railway
write-down
provision
Contlng. res., &o_
Capital surplus
reserve
1st mtges.on real
i
Louisiana & Arkansas Ry..—Earnings.—
on
30,855
65,825
100,000
750,087
Manufacturers Life Insurance Co., Toronto, Canada
-Balance Sheet Dec. 31—
1935
December—
Discount
Tax
700,000
$37,644
Net -income
Co.—Listing Approved—
The New York Curb Exchange has approved the
listing of 360,000
standing shares of common stock, no par.—V. 141, p. 1599.
due
58,869
_
-V. 142, p. 628.
Loudon Packing
interest
130.093
&
$229,936
192,292
Reductions
131.
p.
payable
liabilities.
accr.
Notes payable
Divs. payable
1935—Month—1934
1935—12 Mos.—1934
$1,003,903
$920,868 $11,431,533 $10,931,066
309,341
300,882
3,024,634
2,930,922
175,296
215,916
1,838,070
1,809,732
54,640
43,681
510,830
353,288
Net oper. revenues
Net ry. oper. income—
1932
407,208
78,038
Net after rents
142,
Accts.
5,750,000
RR.—Earnings—
revenues
Other income
1934
$1,968,718
From Jan. 1Gross from railway
Net from railway
After
y
Period End. Dec. 31—>
Operating
-Earnings.—
Net from railway.
Net after rents.
5,750,000
30,503
22,886
28,205
Total
$25)
p. 4406.
121.474
Long Island RR.
1,040,646
2,036,556
282,868
2,699,859
266,840
18,503
acct.
$
$
Common stock (par
___
170,540,938 179,695,829
December—
Gross from railway
14,733
88,050
receivable, &c__ 1,395,520
Em pi. stock
Total
170,540,938 179,695.829
9,000 shares in 1934.
y After deducting depreciation of $15,326,814
in 1935 and $14,695,947 in 1934.
The earnings for the year ended Dec. 31 were published in V. 142,
p. 628.
Net
16,303
77,600
Inventories
41,871,071
x
•The
1,514
Accounts & notes
y
x
Total
—V.
ad vs.
employees
Mtges. on real est.
1,311,786
4,363.150
82,179
Deferred charges
c
secure
&
1934
1935
Liabilities—
644,490
5,000,000
671,220
261,728
4,515
683,420
Market,
Acer. int. receiv..
8,861,017
152,221
124,097
$
30
1934
$
x
Acc'ts receivable
cos
Sheet Nov.
1935
Assets—
Bills & accounts
allied
1936
ale of securities, &c., net, $8,891;
total, $267,993; depreciation, $36,180;
provision for Federal income tax, $30,472; net income for year (as above),
1934
Liabilities—
7% pref. stock..
$
receivable
1
$201,340.
1935
Assets—
chin1 y & fixt's
Feb.
261,859
55,518
27,103
8,237
$2,315,554
2,334,148
$1,155,635
1,143.271
$858,854
859,449
$818,537
def$18,594
$12,364
def$595
$22,800
795,737
x Includes $2,996 proceeds from
sale of Mission Corp. stock received as
dividend on Standard Oil Co. (New Jersey) stock and
$15,270 proceeds from
sale of General Motors Corp. common stock
received as dividend on E.I,
du Pont de Nemours & Co. common stock.
....
y 6% of gross income for
z Includes expenses of $4,167 assumed
by trustees,
a Reserves
for taxes includes $30,000 provided out of
earnings for Federal capital stock
period,
tax, which is subject to subsequent adjustment
as
the amount of the tax will
Financial
Volume 142
not be finally determinable
under the provisions of the
until declaration of capital value in July 1936
Revenue Act of 1935.
of realized and unrealized gains
Note—Net income as above is exclusive
losses
or
on
securities.
Balance Sheet Dec. 31 1935
•
791
Chronicle
Metropolitan Playhouses, Inc.—Tenders—
12 noon Feb. 18 re¬
The Central Hanover Bank & Trust Co. will until
ceive bids for the sale to it of sufficient 5% debentures due Feb. 1 1945 to
exhaust the stun of $150,000 at prices not exceeding the redemption price
and accrued interest.—V.
1774.
141, p.
Assets—
Middle West Corp.—To
(securities at market quotations, $76,730,217, plus $344,242 dividends declared on stocks selling exdividend receivable after Dec. 31 1935 and less $2,107,000
allowance for estimated taxes on unrealized appreciation,
Securities,
at cost
amount to
$74,967,459)
to
$61,375,944
-
Accounts receivable for sale of securities
The corporation will make an application to
list 3,621,514 shares of its capital stock
warrants, it
4,309,516
15,270
Cash in banks._
.
P.
List Stock arid Warrants—
the Chicago Stock Exchange
and 310,757 stock purchase
announced Jan. 24 by D. C. Green,
was
President.—V. 142,
"
464.
Midland Mutual Life Insurance Co.—Extra Dividend—
directors have declared an extra dividend of $2.50 per share in
quarterly dividend of like amount on the common
stock, both payable Feb. 1 to holders of record Jan. 27.—V. 137, p. 3336.
The
$65,700,730
Total...
Liabilities—
Balance of principal on the basis of carrying securities
represented by 3,253,374 shares of $1 per value each
at cost,
64,579,898
877,942
28,890
Distribution payable Jan. 20 1936
Accounts payable for purchase of securities
214,000
Reserve for Federal income and capital stock taxes
$65,700,730
Total
—V. 142, p. 629.
Co.—Listing Approved—
Baltimore
Stock
Exchange
Mead
1,441,046
&c.
1
,
Good-will
:
paid
.
>
Corp.—Accumulated Dividend—
$1.50 per share on account of
preferred stock, series A, no par value, payable
A like dividend was paid on Dec. 2,
last, this latter being the first payment made on the issue since June 1 1932
when a regular quarterly dividend of like amount was disbursed.—V.
141, p. 3232.
The directors have declared a dividend of
accumulations on the $6 cum.
March 2 to holders of record Feb. 15.
Melville Shoe
8%
11,060
9,901
taxes
Sales
1936
$2,121,902
1933
$1,060,914
—V. 142, p. 131.
The
share
have
directors
on
declared
a
Co.—Larger Dividend—
After
Midland Valley
made
on
1 and Feb.
Aug.
1 1935.—V. 141, p. 602.
Co.—Listing,
&c.—
The New York Curb Exchange has authorized the listing of 432,280 class
A common stock (par $1) (inclusive of 32,570 shares previously issued and
subsequently scquired by the corporation held in treasury).
Transfer agent, City National Bank & Trust Co. Chicago.
Registrar,
First National Bank, Chicago.
Company was incorp. March 3 1919. Until about May of 1932 company
was engaged primarily in the business of discounting and financing notes,
mortgages, instalment lien obligations, instalment automlbile contracts,
real estate improvement contracts, &c. of every character and description.
On or about May 1932, company discontinued these various types of finan¬
cing. Since that date the present business of the corporation, i.e., making of
small personal loans, has been carried on entirely through
subsidiaries.
Company is directly engaged in realization on certain of its assets other than
/
(New York) until about
May 1932 was engaged in business similar to that of Merchants & Manu¬
facturers Securities Co. Since then it has been realizing upon its assets and
Merchants
&
Manufacturers
Securities Corp.
—Earnings.$112,146
76,388
58,612
$91,870
36,570
27,588
$116,035
52,018
34,204
1,329,766
601,162
1,319,981
1,358,308
1,518,478
582,567
421,752
407,353
611,625
414,103
643,908
432,058
47,542
railway
—V. 142.
p.
132.
Minneapolis-Honeywell Regulator Co.—To Split Stock
3
for 1—-
the annual meeting of stock¬
1936, stockholders will be asked to approve an
of common shares from 500,000 to 750,000 shares and the reclassification of the 207,321 shares of common stock
presently outstanding into 621,963 shares, equivalent to a three for one
split of the present shares.
Stockholders of record as of Feb. 12 will be
entitled to vote on the proposal.
In making the announcement Harold W. Sweatt, President, stated that
while the independent accountants had not yet completed their audit of
the operations for 1935, the preliminary indications, based on the com¬
pany's own figures, were that net earnings for the year would be equivalent
to approximately $8 a share on the present outstanding common shares.
The directors on Jan. 25 announced that at
increase in the authorized number
75-Cent Extra Dividend—
The directors have declared an
addition to the regular quarterly
of Ohio), and generally
Mar. 31
$847,258
458,036
26,659
15,607
33,536
by Domestic Finance Corp. on pref.
stock held by public
Divs.
'35 Nov. 30 *35
802,630
Other deductions (net).
Provision for Federal income tax
45.670
92,926
62,086
paid
$121,018
Consolidated net profit
Preferred dividends
54,949
7,514,180
690,779
40,723
7,673,398
926,113
$265,858
46,613
ralway
101,621
National
Properties,
income of the debtor and its subsidiaries was $167,240, (inclusive of
$11,000 representing partial payment of the McLellan Stores settlement, a
non-recurring profit of $900 on underlying mortgage bonds, and an item of
1935 rental income of $3,448 held by the J. J. Newberry Co. in a special
account).
Operating costs, real estate expenses, taxes (including franchise
and excise taxes), expenses of trusteeship, attorney's fee, costs of appraisals,
&c., totaled, $16,272, leaving a balance available for mortgage interest,
amortization, bond interest and other charges of $150,968.
Underlying
mortgage
interest and amortization payments amounted to $77,900,
(in addition to these payments, the trustees have acquired and hold pending
refinancing the first mortgage of $16,275 on the Caribou, Me., property).
This leaves a balance for bond interest, reserves and other charges of
gross
$73,067.
Net Income—The foregoing balance of $73,067 is before provision for
depreciation of buildings ana amortization of leasehold values (but after
reduction of $23,086 in underlying liens).
Pending the calculation of these
reserves, no figure of net income (after all proper charges) is at present
available.
Comparison of Income for Periods of Trusteeship
5 Mos. End.
6 Mos. Ended
Dec. 31 '34 June 30 *35 Dec. 31 '35
Gross rental income
x
Bal. avail, for bond int. & reserves.
$120,555
37,762
$149,682
46,945
$154,200
73,067
prior mtges. of.._
20,900
25,825
23,086
x Inclusive
of payments on McLellan claims, but excluding $102,500
payment at time of settlement.
The occupancy of the properties continues to be substantially 100% and
continued improvement with respect to certain of the properties originally
leased to McLellan Stores Co. is encouraging.
The cash of trustees, its agents and the corporate trustee, together with a
first mortgage of $16,275 in one of the subsidiary properties, total $283,901.
The trustees have accumulated these cash funds pending reorganization
of the debtor, involving, among other things, extension or other disposition
of certain underlying mortgage liens held by Western Merchandise Corp.
For this reason, no disbursement for interest on sinking fund gold bonds was
recommended during the past six months.
In the opinion of the trustees, cash reserves are now adequate, and barring
unforeseen contingencies, should the much-to-be-desired reorganization not
materialize promptly, it would be the intention of the trustees to regularly
recommend the distribution of substantially all future available balances
from income to the holders of the 6% sinking fund gold bonds, due 1958.—
After payments on
Y. 141. p. 926.
Ry.—Earns.—
901,390
60,856.
94
Hire of equipment
Rental of terminals
16,462
Int.
income—Net
on
442,497
funded debt
$825,382
651,685
5,398,043
$881,599
782,502
5,177,639
$446,554
$5,224,346
$5,078,542
$31,671
35,728
def$28,011
55,413
459,578
Net after rents
Other
$926,026 $13,369,369 $12,615,804
844,673
11,487,444
10,758,355
33,389
854,835
809,607
287
4,894
39,665
16,580
196,813
205,908
$950,603
$543,004
Inc.—Report—
The trustees, have filed an intermediary accounting and report for the
period July 1 1935 to Dec. 31 1935.
An abstract of this accounting and
report follows:
Cash Income—For the six months ended Dec. 31 1935, the consolidated
7,854,700
410,662
def396,105
1935—12 Mos.—1934
1935—Month—1934
Period End. Dec. 31—
Total revenues
Total expenses
Taxes & uncoil, ry. rev._
Earnings
Merchants
281,705
132.
Net deficit
—V. 142, p. 464.
$594,772
22,629
def36,076
Earnings for December and 12 Months Ended Dec. 31
Apr. 1'35 to
$1,076,768
from interest, discount, &c
def22,375
Minneapolis St. Paul & Sault Ste. Marie
Year End.
Cost of financial services
39,861
7,610,791
847,410
Net after rents
Consolidated Income Account
Gross earnings
$604,771
60,225
$537,337
12,593
1—
From Jan.
—V. 142, p.
1932
1933
1934
1935
$639,205
99,629
Gross from railway
Net from
of small loans, limited
preceding quarters.
the four preceding
Minneapolis & St. Louis RR.—Earnings.—
Gross from railway
States.
of record Feb. 4.
quarters.—V. 141, p. 2742.
1930.
It owns and operates, through wholly owned subsidiaries
panies organized and operating under the uniform small loan laws
loan com¬
of various
xtra dividend of 75 cents per share in
dividend of like amount on the common
stocky no par value, both payable Feb. 15 to holders
Similar distributions were made in each of the three
Extra dividends of 25 cents were paid in each of
Net from railway
Net after rents.
by law to a maximum of $300 (.except in the State
repayable in monthly instalments.
1932
1933
1934
1935
sub-holding copipany, whose entire common
stock, aggregating 48,000 shares, is owned by Merchants & Manufacturers
Securities Co. Domestic Finance Corp. was incorp. in Delaware on April 11
of these subsidiaries is the making
.$1,457,798 $1,498,479
Total
$116,977
63,126
December—
is now inactive.
Domestic Finance Corp., is a
The business
y
40,148
holders called for March 3
Merchants & Manufacturers Securities
investments in its subsidiaries.
920,000
y
20,017
From Jan. 1—
Gross from
semi-annual dividend of 75 cents per
payable Feb. 1 to holders of record
share previously
of 25 cents were
920,000
stock
for depreciation
reserve
December—
the common stock, par $12.50,
27.
This compares with dividends of 50 cents per
distributed each six months.
In addition extra payments
Jan.
535,900
of $468,344 in 1935 and $435,393 in 1934.
y Common stock authorized and issued, 150,000 shares of no par value,
are given no value in the balance sheet.
Note—Accumulated dividends on pref. stock not declared or paid at
Dec. 31 1935 amounted to 92% of the par value of the outstanding pre¬
ferred stock.—V. 140, p. 805.
x
Net from railway
Net after rents
Merchants Fire Assurance
400
515,000
(due
pref. stock...
Common
$1,457,798 $1,498,479
Total
Net after rents
1934
$1,325,240
1935
$1,748,419
pay.
Surplus
railway.
Net from railway
Corp.—Sales—
Wks. End. Jan. 18—
400
leases
Mtges.
$2,031
deposits
Oct. 1 1932)
Gross from
4
on
1,473,905
$2,381
payable—
Tenants'
1
equipment,
Accts.
1934
1935
Liabilities—
$13,514
$6,850
deposit...
Inc.- -Balance Sheet Dec. 311934
1935
Land, buildings,
x
approved
has
directors.
are
on
premiums & pre-
*'■.
the application of the
company to list 100,000 shares of capital stock, $1 par, subject to registra¬
tion with the Securities and Exchange Commission.
Henry M. White is
President of the oil company, while Edgar Allan Poe, Jr. and Edward D.
Allen
Midland Properties,
ASsets—
Cash
Unexpired insur'ce
Mar-Tex Oil
The
addition .to the regular
of System
[Includes Wisconsin Central Ry.]
1933
1934
1935
$1,949,106
$1,613,291
$1,721,175
December—
Gross from railway
Net from railway
186,556
def35,842
Net after rents
174,609
def81,114
444,736
223,289
22,371,582
4,167,975
1,243,926
1932
$1,524,999
140,519
defl37,725
22,293,596
From Jan. 1—
23,745,223
4,305,424
Gross from railway
Net from railway
Net after rents
1,478,904
22,079,116
2,165,857
4,299,726
1,016,850defl ,547,931
—V. 142, p. 630.
nings—
ion
Income Account,
Income
Year Ending Dec. 31 1935
N one
■
stock tax, $14,000; transfer agent fees
and expenses, $18,116; administrative expense, $1,200; in¬
terest, $175; stationery, printing, &c., $2,892
$36,383
Note—The above expenses have accru ed since June 30 1935, to which
date Standard Oil Co. (New Jersey) continued payment of the expenses
of the corporation incident to its organiz ation.
Tide Water Associated Oil Co. has declared a dividend of 25 cents per
share on its common stock, payable Jan.
15 1936, which will result in the
receipt of $282,030 on the 1,128,123 shares of said stock held by this
Expenses: Federal capital
company.
Balance Sheet Dec. 31 1935
Liabilities—
Assets—
Cash in bank and on hand
Investment in common
of
Tide
Water
$4,575
10,495,000
x
3,493,450
$13,993,025
Total...
bank,
to
due
$14,000
payable
Accrued interest payable.....
Capital stock
Investment in common stock
of Skelly Oil Co
payable
Accounts
Associated
Oil Co
Note
Jan. 31 1936
stock
Deficit
.$13,993,025
Total
Represented by 1,399.345 no par shares.—V.
21,784
175
*13,993,450
36,383
142, p. 464
Mississippi Central RR.—Earnings.
December—
Gross from railway
Net from
railway
Net after rents
1935
$61,983
988
1,097
1934
1933
1932
$43,054
def9,229
def9,831
$43,689
2,906
def2,371
$39,249
def4,670
def9,478
632,174
43,051
defl8,437
604,360
52,116
def20,494
609,782
19,464
def67,472
From Jan. 1—
Gross from railway
726,055
Net from railway
87,587
Net after rents
25,616
—V. 142,p. 132.
792
Financial
Missouri & Arkansas
December—
1933
def2,031
$76,549
13,310
2,269
922,581
185,804
63,322
894,780
185,572
53,062
838,829
def2,868
defl32,735
5,569
1932
132.
p.
Missouri-Kansas Pipe Line Co.—Ending of Damage
Suits. Against Columbia Gas & Electric Corp. to Be Proposed—
See latter company above.—V. 141,
p. 442.
Missouri-Kansas-Texas Lines—Earnings—
Period End. Dec. 31—
Operating
Operating
1935—Month—1934
$2,505,400
revenues
Fixed interest charges.
$27,422,353
21,516,647
def25,021
2,457,416
348.112
4,227,615
606,158
355,241
_
1935—12 Mos.—1934
$1,977,931
1,771.573
1,709,017
expenses
Available for interest
$26,329,386
20,592,842
2,081,496
4,193,254
bond interest
$250,916 def$373,133 df$1770,199 df$2111,757
a
Adjustment interest for month $56,573; for period $678,878.—V. 141,
4171. •
a
p.
Missouri Illinois
December—
1935
railway
railway
1933
$74,187
1,053,926
207,016
51,122
From Jan. 1—
Gross from railway
Net
1934
$79,148
8,096
2,042
959,753
Net after rents
Net from
railway
after rents
1932
$72,447
16,103
8,928
def3,875
850,168
183,747
32,807
875,561
159,375
16,438
15,340
8,669
206,096
59,775
$67,435
8,855
—V. 142, p. 132.
RR.—Earnings.—•'
December—
1935
railway
railway
Net after rents..
From Jan. 1—
Gross from rail way.
1934
1933
$6,422,381
1,311,534
544,677
Gross from
$5,520,572
663,077
39,393
$5,160,221
758,161
153,028
74,578,498
13,828,314
5,230,583
____
Net from railway
after rents
Net
$5,204,534
652,565
252,665
67,953,779
15,055,141
6,118,046
15,506.336
69,920,180
16,200,799
8,511,961
6,923,548
See Montana
Mobile & Ohio
a
RR.—Earnings
December—
1934
1933
1932
$649,473
defl5,203
def62.743
From Jan. 1Gross from railway
$661,918
56,282
16,883
$545,665
10,643
def21,030
8,853,751
Net from
1,123,392
1,333,320
rents
8,544.877
1,110,734
def30,048
8,161,996
railway
Net
7,851.329
795,138
def509,802
Net after rents
72,131
177,587
—V. 142, p. 132.
Life
Insurance
Co.—Financial
Years End. Nov. 30—
Depreciation
Operating loss
(net)
Government bonds
$278,762
State and Provincial bonds...
115,468
345,712
County and municipal bonds__
bonds....
520,266
1,483,560
misc. bonds
112,487
utility bonds
Policyholders'
loans
217,931
Reserve for unearned prem's
Policyholders'
reserves
to
$2,606,757
981,678
$1,952,804
763,941
$610,227
2,646,200
$1,625,078
1,984,650
$1,188,863 sr$l,029,552
1,984,650
3,990,200
Deficit
$3,256,427
Previous surplus
20,466,093
Adjust, of book value of
$3,609,728
23,793,473
$3,173,513
26,301,316
$2,960,648
29,122,908
215,327
562,001
240,281
126,222
176", 122
175.915
Total loss...
d Common dividends
U. S. govt, securities.
Transfers from reserves.
.
$422,428
.
Claims
ury
awaiting final
for future pay.
on claims unreported
Special res. for protection of
accident & health contracts.
Net def'd & uncoil, premiums.
Interest due and accrued
147,804
41,787
8,821
Other assets
of
424,010
non-cancellable
Res. for divs. to life policyh'rs
& State taxes, accrued
146,290
64,368
Fed.
Total..
Balance Sheet Nov. 30
1935
but not due
4,375,807
y
1934
$
S
Common stock..13,,887,000
Accounts payable.
Distrib. credit bal.
Accrued int.
13,887,000
Federal, excise and
258,830
rec__
Govt, securities... 20,754,969
Mat! & supplies..
Accts. receivable..
374,972
25,284,873
2,733,119
1,113,233
3,765,546
42,038
_
460,551
388,261
255,656
taxes
909,604
109,319
1
1
_
Good-will
Total
local
1 ,820.807
40,570
1
Cash
Prepaid expenses
2,137,741
385,562
1,972,363
35,230,619 37,673,2771
Other
1 ,111,622
1,912,999
Initial surplus
839,909
839,909
Earned surplus...16 ,855,074 19,626,184
reserves
Total
35,230,619 37,673,277
After depreciation of $5,592,983 in 1935 ($7,166,480 in 1934).
y Repre¬
2,730,000 no-par shares (including 83,800 shares in treasury),
83,800 shares at market which was less than cost at Nov. 30.
a 83,800
shares at cost, which was less than market at Nov. 30.—V. 142,
p. 304.
Nashville
Chattanooga &
1935
63,835
railway
Total
From Jan. 1—
Gross from railway
12,733,702
1,684,997
12,381,088
1,587,857
992,602
11,355,116
1,203,221
715,254
20,639
953,544
currently reported that the company is contemplating refinancing
$69,000,000 of 5
% debentures with a new issue of 3 %% debentures,
141, p. 2441.
Mexico—Earnings[Mexican Currency]
Period End. Nov. 30—
1933
1932
$276,282
142,690
38,113
$325,886
205,410
104,767
$279,386
169,504
93,143
3,820,585
2,249,309
1,066,544
3,584,699
2,251,972
1,166,000
3,634.116
2,152,569
1,142,450
'
Railway
Railway
Tax
—V. 142, p. 132.
1935—11 Mos.—1934
9,568,410
7.476,387
8,530,980
6,688.636
105244,724
80,374,423
20
118
4Q3
47,501
152,272
3,665.575
95,029,742
69,509,114
298,153
504,609
2,750,019
1,802,390
oper. expenses.
accruals & uncoil
1935—Month—1934
128,013
417,625
oper. revenues.
1,737,454
11,287.417
22,380,937
11,289.017
22,977,064
11,287.417
__
Other income
Deductions
3,844,803
2,300,191
1,128,395
3%s—
It is
its
$3,628,899
98 932
Net from railway
Net after rents
$886,112
109,583
149,617
with warrants to purchase common stock.—V.
1934
after rents
1932
$951,750
57,125
65,811
National Dairy Products Corp.—Plans Debenture
445,600
456,718
$349,025
206,533
railway
railway
1933
$965,939
73,344
—V. 141, p. 4172.
15,714
reserve
1935
Gross from
Ry.—Earnings.—
1934
12,303,492
1,182,502
523,010
From Jan. 1—
Gross from railway.
Net from
St. Louis
$1,011,975
77,026
38,548
railway
Net from railway
Net after rents
National Rys. of
December—
Net oper. income
Kilometers operated
141, p. 4172.
11,289.017
1,176,705
—V.
Monongahela
West
Penn
Public
Service
Co.—Bonds
National Union Fire Insurance Co.—$1 Extra Dividend
Called—
Ail of the outstanding 1st
mtge. 5%
of the Fairmont &
35-year gold bonds due Oct. 1 1938
Clarksburg Traction Co. (predecessor company), have
been called for redemption on
April 1, at 105 and interest.
Payment will
be made at the
Guaranty Trust Co. of New York.—V. 141, p. 3233.
Monsanto Chemical Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents
per share in
addition to the regular quarterly dividend of like amount on
the capital
stock, par $10, both payable March 14 to holders of record Feb.
25.
A
similar extra was paid on Dec. 14 and
Sept. 14, last, and on Dec. 15 1934,
1933
p.
dividend of 75
extra
an
cents
per
share
was
dis¬
3696.
Montana Cities Gas
Co.—Merger—
The holders of the 1st mtge. 7%
sinking fund gold bonds, series A, due
Nov. 1 1937, are being notified that the directors of this
company have
signed an agreement of merger with Montana-Dakota Power Co. and
Montana-Dakota Utilities Co. by the terms of which Montana-Dakota
Utilities Co. will be the surviving corporation.
This agreement will be submitted to
special meetings of stockholders of
the respective companies called for Feb.
26, and if approved the merger
will
become effective on or after
Cities Gas Co. outstanding at the
common stock in Montana-Dakota
common stock to Montana-Dakota
mon stock held in Montana Cities
Mueller Brass Co.
Years Ended Nov. 30—
Feb.
29.
Common
stock
in
Montana
date of merger will be converted into
Utilities Co.
on
the basis of 1 share of
Utilities Co., for each 3 shares of
Gas Co.—V.
139,
p.
com¬
1875.
1935
income after exps. & Fed.
taxes, &c., charges
Common shares outstanding
on common
1934
$2,163,923
404,738
215,766
$1.87
131,797
157,769
$0.70
29,060
157,769
$0.06
'
Note—During 1935 company exchanged 58,128 shares of common stock
shares of preferred and on Aug. 20 the directors authorized the
redemption of the remaining preferred stock at 103 and divs.—V. 141. p.
for 29,081
4020.
Natomas
Co.—Earnings—
Period End. Dec. 31—
Net income after all chgs.
incl. deprec., deplet.,
1935—3 Mos.—1934
1935—12 Mos.—1934
corporate & Fed. taxes
Earns, per sh. on 995,820
$357,950
$272,126
$1,043,018
$922,003
shs. cap. stk. (nopar)_
—V. 141. p. 3869.
$0.36
$0.27
$1.14
$0.92
Nevada Northern Ry.—Earnings.—*
December—
1935
Gross from
Net from
railway
railway
$46,500
15,511
7,316
Net after rents
From Jan.
railway.
railway.
142. p.
1934
1933
$23,324
$21,485
def2,100
defl80
1932
def683
1,692
353,606
70,166
36,401
270,868
def7,609
$24,112
def5,507
def8,628
1—
Gross from
Net from
_
422,598
124,549
87,607
def36,495
334,358
8,322
def34,223
133.
New Bradford Oil Co.—Dividend
1933
$3,337,568
inc.
stock
The directors have declared an extra dividend of $1 per share in addition
to a quarterly dividend of $1 per share on the
capital stock, par $20, both
payable Feb. 10 to holders of record Jan. 28.
This compares with 50 cents
paid on Aug. 12 and Feb. 11 1935 $1 paid on Oct 8 1934, and $2 per share
paid on Feb. 6 1931.
Prior to this latter payment regular quarterly divi¬
dends of $3 per share were distributed.
In addition an extra dividendrof
$1 was paid on Aug. 12 1935, and 50 cents on Feb. 11 1935.—Y. 141, p. 1102.
Net after rents
$4,730,760
Net
—Regular Dividend Doubled—
—V.
(& Subs.)—Earnipgs-
Net sales,...
sh.
1935
Liabilities—
3,811,973
.
32,021
$3,628,899
per
1934
$
1,357,734 al,582,511
Treasury stock... zl,393,175
1,518,875
Monongahela Ry.—Earnings.—
Earnings
$20,466,093 $23,793,473 $26,301,316
a2,730,000
a2,730,000 a2,730,000
Nil
Nil
$0.39
Including 83,800 shares held in treasury,
b Amount to reduce treasury
to basis of cost or market prices, whichever the lower,
c Profit,
deducting dividends on treasury stock.
Assets—
—V. 138, p. 874.
29
share.Nil
Net after rents
Special contingency
Capital
Surplus...
Dec.
b277,140
d After
Gross from
Miscellaneous liabilities
on
per
b59,201
73,515
Profit & loss surplus__$17,694,983
Shs. of stock out. (no par) a2,730,000
Earnings
December—
res.
holders
tributed.—V. 141,
72,453
125,700
224,798
unpaid
proof &
112,216
while
$20,525,294 $23,865,926 $26,578,456
stock write-off
Amt. to reduce treas.stk.
Adjust, of invest, in subs
Prior period adjustment.
1,557,915
244,083
Net
793,229
116,102
c$33,293
996,259
ma¬
ture life policy contracts
Cash
Net from
$1,399,032
1932
$8,983,974 $15,330,635
10,024,052
14,338,077
912,726
959,265
z
*
Real estate
1
1933
1934
788,805
x
Liabilities—
Fed. Land Bank &
1935
$27,811,719 $19,670,777
*28,589,495
21,454,108
621,256
823,425
Costs and expenses
sented by
Assets—
Public
3544.
p.
Nash "400" series and Nash Ambassador series.
Statement
Dec. 31 1935—
Railroad
141.
Month Plan—
a
new car sales is regarded as an
important innovation in the mer¬
chandising of quality automobiles.
According to the announcement, the $25 a month plan embraces insur¬
ance coverage, finance
charges at one-half of 1% per month, Federal tax,
safety glass and standard accessories, including spare tires and bumpers.
The plan will be effective at once through the dealer organization of
the company in practically every part of the United States and will be
available to the public without any delay.
While the specific amount of
$25 a month has been fixed in regard to the Lafayette sedan type car, a
similar principle with somewhat altered amount is to
apply to the larger
Investments
1935
railway
Co., above.—V.
Co.—Adopts $25
of $25 for
xReal est., eq., &c
—
$737,160
79,977
13,684
Gross from railway
4241.
p.
The company on Jan. 26 announced that it will make available at once a
time purchase plan of a straight $25 a month
payment for a Lafayette
sedan, with the usual low down payment.
The low fixed monthly payment
140, p. 980.
Monarch
Gas
140,
Co.—Merger—
stock
dividend of $1 per share on the common
stock, payable March 2 to holders of record Feb. 14.
A similar payment
was made on March 1
1935. this latter being the first dividend paid since
Nov. 9 1931, when $1 per share was also distributed.—V.
after
Cities
Nash Motors
a
(J. S.) Mitchell & Co., Ltd.—$1 Dividend—
The directors have declared
above.- -V.
Co.,
Total surplus..
$18,118,997
Govt, securities & treas¬
1
73,435,591
—V. 142, p. 630.
Net from
Gas
Other non-oper. credit..
Missouri Pacific
Net from
Cities
Montana-Dakota Utilities
Other income
RR.—Earnings.-
Gross from
Net from
Seie Montana
Sales
Surplus before adjust.
1936
Feb. 1
Montana-Dakota Power Co.- -Merger—
$50,113
defl4,691
def25,434
680,608
118,689
29,644
Gross from railway
Net from railway
Net after rents
142,
1934
$58,949
$71,137
defl 1,059
def22,405
Net after rents
From Jan. 1—
—V.
Ry.—Earnings.-
1935
Gross from railway
Net from railway
Chronicle
The directors have decided to defer action
narily due March 15.
Deferred—
on
the
common
Previously distributions of 10 cents
dividend ordi¬
per
share had
been made each six months from March 15 1934 to and
including Sept. 15
1935.
The March 15 1934 dividend was the first paid since April 15 1931,
when 7 cents was distributed.
A dividend of 10 cents per share was
paid
Jan. 15 1931 and
\2}4 cents per share were distributed each three months
previously.
Reason for the current action state directors, is that "we are
trying to work out as far as possible consolidations to avoid intercompany
dividends subject to Federal taxation."—V.
141, p. 1938.
on
Financial
Volume 142
New Amsterdam
1935
1934
Net premiums written—$13,538,965
Net investment earnings
881,233
tions without seriously impairing,
1932
1933
$13,633,498 $13,186,348 $12,546,781
745,822
781,530
892,161
Total
-..$14,420,198 $14,379,320 $13,967,878 $13,438,942
Acq. & adm. exps. paid5,000,102
5,099,935
5,068,084
5,002,238
Losses & claim exps. pd8,910,377
8,917,207
9,168,677
9,488,797
Operating profit
Adjust, of reserves
Readjust, book values,_
Transferred
to
$362,178 loss$268,883 loss$1052093
Dr461,345
Cr434,186
$509,718
of bonds or other obliga¬
if not destroying, its ability to accom¬
plish its refinancing on a permanent basis of the bank demand loans.
The company has asked the ICC for authority to release as
$40,595,000 New York Central 5% ref. & imp. bonds, due 2013, $4,494,000
New York Central ref. & imp. 6s., series B, due 2013, 66,500 shares of
Reading Co. first preferred stock and 25,900 shares of Reading Co. second
prsfcrrpd
It is planned to substitute therefor the following collateral' $1,739,000
Lake Erie & Pittsburgh first mortgage 4H&, series A, and $71,000 Lake
Erie & Pittsburgh first mortgage 5s 1965.
The company is asking the release of this collateral in view of paying off
an RFC loan of $15,600,000 on Dec. 1 1935, out of cash.
part of it either from borrowing from banks or sale
Casualty Co.—Earnings—
Years End. Dec. 31—
258,861
reserve
for contingencies
793
Chronicle
Earnings for December and 12 Months Ended Dec.
50,857
December—
$200,000
$362,178 loss$730,228 loss$617,907
183,333
607,500
675,000
$200,000
Net profit--
$178,8451oss$13377281oss$1292907
Dividends paid
Balance
6,206,035
Bonds
6,944,486
7,675,746
Stocks
3,037,442
185,000
2,878,692
185,000
2,509,775
2,581,120
Prems., accts. rec.
Dep.
for
undeter¬
8,935,754
9,072,934
commission
553,002
552,260
561,142
520,705
2,092,042
2,041,185
for
173,945
223,475
Cash in suspended
154,486
312,580
1,198,219
accrued
for conting..
886,065
___
Cash
Res.
20,949,294 20,899,184
20,949,294 20,899,184
Total
—V. 140, p. 980.
Fire
Insurance
Co.—Larger
Semi-
Annual Dividend—
The directors have declared a semi-annual dividend of 75 cents per share
the capital stock, par $10, payable Feb. 1 to holders of record Jan. 24.
Previously semi-annual distributions of 50 cents per share were made.
In addition extra dividends of 15 cents were paid on Aug. 1 and Feb. 1
on
1935.—V. 141, p. 3544.
>
Jersey Insurance Co.—Semi-Annual Div. Increased
New
The directors
the capital
have declared a semi-annual
dividend of $1 per share on
19 to holders of record Feb. 4.
preceding semi¬
31 1933, and a
share distributed on Aug. 31 1931.
stock, par $20, payable Feb.
This compares with 80 cents paid on in each of the three
annual periods: 40 cents paid on Feb. 20 1934 and Aug.
dividend
semi-annual
of
$1.25
per
—V. 141, p. 3234.
„
630.
& Light Co.—Earnings—1
'
12 Months Ended Dec. 31—
1935
1934
Maintenance
for retirements, renewals
Net from railway
Net after rents
$267,240
219,495
143,944
2,700,496
2,109,587
1,263,624
2,730,165
2,157,225
1,261,009
2,558,597
1,979,805
1,064,845
—Y. 142, p. 133.
New
York
Service Commission
Public
600,000
$983,575
$1,046,960
470,686
286,447
$1,454,262
626,400
42,338
Gross income
Interest
on
Interest
on
funded debt
unfunded debt
Amortization of debt discount & expense
45,422
CrlO,9S3
charged to construction.
Interest
203,565
on
$632,282
203,565
$547,519
$428,717
$751,084
Balance of income
Dividends
$1,333,407
626,400
42,342
45,465
Crl3,082
preferred stock
Balance
—
Notation—Electric revenue and expenses for 1934 have been abjusted to
of power on a comparable basis with the current
This has no effect upon net earnings.—V. 141, p. 3080.
Bonds Called—
$30,000,000 1st lien and ref. mtge. 5% gold bonds, series B,
1944, have been called for redemption on April 1 at 104 and
call includes all of the outstanding bonds of this series.
Payment will be made at the City Bank Farmers Trust Co., 22 William
1
This
interest.
142, p. 466.
1935—Month—1934
1935—12 Mos.—1934
$6,327,016
$5,773,870 $71,113,280 $69,283,110
1,628,260
1,466,183
18.698,857
16,568,898
5,617,020
8,179,548
501,421
591,701
5,532,114
3,560,469
504,529
297,071
Period End. Dec. 31—
Operating
rev.
revenues....
from ry. oper_.
Ry.—Earnings.-
1935
1934
$839,897
353.627
298,228
$709,235
236,057
213,580
8,590,512
2,200,758
1,360,560
9,389,831
2,301,790
1,252,077
December—
Gross from
railway
Net from railway
Netafterrents
Gross from railway
Net from railway.
Netafterrents
New York State Electric & Gas
12 Months Ended Dec. 31—
of the company are of the
opinion that dividends paid during the year 1935 should be allocated as
between taxable and non-taxable distributions under Section 115 (b) of
the Revenue Act of 1934 as follows:
Taxable
Dividend
Number
247
249
May 10
Aug. 10
250
Nov.
251
Dec.
248
(Per Share)
$.3984
Date Paid
Feb.
9 1935.
9
10
Non-Taxable
{Per Share)
$.1016
^
$3,714,416
151,387
{Per Share)
$.50
Gross income
147,543
$3,433,168
1,592,235
203,456
113,311
Interest
on
.
funded debt
Interest on unfunded debt
.50
Amortization of debt discount & expense
.3818
.1182
.50
$3,861,960
1,586,830
153,134
113,214
79,563
Amortization of miscellaneous suspense
.2131
.50
Interest
1934
1935
$193,068
60,499
20,903
Net after rents
$2.50
$168,644
63,335
29,899
nings.-
1933
$168,808
58,021
1932
$133,017
20,257
24,097
defl0,970
1,949,879
369,603
defl82,615
1,960,873
73,266
def415,740
From Jan. 1—
2,195,949
541,171
81,609
2,349,430
630,541
Gross from railway
Net from railway
194,512
Net after rents
p.4172.
New Orleans Texas & Mexico
1932
46,782
$136,107
24,196
47,253
$143,555
37,780
61,571
$138,234
34,162
69,638
1,782,275
389,310
443,568
1,654,782
339,155
523,390
1,300,818
127,310
312,020
1,577,314
246,447
408,198
$177,071
Gross from railway
45,484
Net from railway
Net after rents—__
1933
—
Balance of income
.---——
Net after rents
.
New York Title & Mtge.
revenues
income
133.
1935—Month—1934
$949,341
$827,612
71,457
63,633
1935—12 Mos.—1934
$9,842,816
264,799
$9,834,123
900,075
RR.—Asks Extension of $11,899,000
Co.—C-2 Holders Urged to Rely
City Chamberlain A. A. Berle Jr. on Jan. 28 urged all holders of C-2
appointed trustees.
The C-2 issue, which is
of the big four of the title company issues, contains mortgages amounting
to $24,291,143 and is owned by 7,496 certificate holders.
Justice Frankenthaler recently signed an order providing for the re¬
certificates to vote for court
one
organization of the issue and the turning over of its control to trustees.
The order provided that the certificate holders themselves should decide
by ballot whether the trustee should be the Mortgage Commission of the
State of New York or three individuals to be appointed either by the court
or elected by the certificate holders.
to
Disburse
$205,000
on
Feb.
the trustees for series Q mortgage
certificates, announced Jan. 26 that the 3,200 or more holders of these
certificates would receive about $205,000 on account of amortization of the
Armin H. Mittlemann, Chairman of
He asked that certificate holders register
161st St. and 91st Ave., Jamaica,
with tne trustees at the Suffolk Title Bldg.,
Queens.
v
holder," Mr. Mittlemann said, "will receive $2 on ac¬
It is the policy of the trustees to liquidate
the certificates as quickly as possible without incurring any more loss than
prudence dictates.
Mortgages totaling $9,600,000 were in arrears when we
took control."—V. 142, p. 466.
"Each certificate
$100 invested.
New York Transit Co.—New Director—
R. J. Marony.—V.
on
Jan. 28 elected to the board of directors, replacing
140,
p.
807.
New York Westchester & Boston
RFC Loans—
The company has
asked the Interstate Commerce Commission for ap¬
proval of extension by the Reconstruction Finance Corporation of $11,899,000 RFC loans maturing during 1936 and 1937 to July 1 1941.
The
road also asks the release of certain collateral pledged under the loan and
substitution of other collateral.
'
The company is hopeful that it will be able to refinance in the not distant
future on a long-term basis $65,474,000 in bank loans, the road told the
ICC in applying for the extension.
said that given continued improvement in the railroad bond
that the refinancing of the bank loan could be
market there was prospect
accomplished on a reasonably favorable basis.
The company also states in its application that it believes it is impossible
to pay off the $11,899,000 RFC loans in 1936 or 1937 or any substantial
11 to Holders of
Series Q—
E. M. Welsh was
York Central
Cr6,073
$1,944,291
Court—
on
count of each
Earnings of System
Period End. Dec. 31—
$1,459,539
—V. 142, p. 631.
principal on or about Feb. 11.
1—
Gross from railway
Net from railway.
Jan.
70,563
Cr5,938
charged to construction
Trustees
Ry.- •Earnings—
1934
1935
December—
The company
—
.2869
Net from railway
New
Operating income
1935--
December—
—V. 142, p.
$3,281,780
—
Other income
1935
Gross from railway
Operating
337,854
306,437
897,718
593,131
—.
Other taxes.
.50
$.8178
6,923,539
1,025,639
236,634
898,866
fixed capital
Federal income taxes
.2015
New Orleans & Northeastern RR.- -Eai
Net ry. oper.
1,095,516
i--
replaces, of
.1834
$1.6822
A
Total
have been tentatively approved by the United
States Treasury Department pending its final determination upon said
department's completion of the usual annual audit of tne company's income
tax return.—V. 141, p. 3544.
From
19.571,876
3,049,689
1,860,232
7,617,262
.2985
Total year 1935
The above allocations
—Y. 141,
9,644,523
2,665,844
1,708,812
-$13,723,190 $13,205,605
.3166
1935.
1935
260,588
184,029
Operating expenses
Provision for retirements, renewals, &
officers
$£95,077
223.254
152,011
Corp.—Earnings—
1935
1934
Total operating revenues
Maintenance
Co.—Tax Ruling Regarding Divs. Paid—
1932
1933_
$823,727
—V. 142, p. 133.
reflect interchange sales
New Jersey Zinc
RR.—Earnings—
New York New Haven & Hartford
period.
Stockholders are being notified that the
30 authorized the
A total of
due Oct.
New York Ontario & Western
Operating income
Other income
Jan.
.
Net ry. oper. income
Net def after charges
—V. 142, p. 631.
97,732
295,519
on
to issue $55,000,000 33^% bonds, dated April 1 1936, and to
April 1 1966, to realize proceeds to the company of not less than
$55,000,000.
The funds are to be applied to the redemption on April 1
1936 at 104 and int. of $30,000,000 5% bonds series B, due Oct. 1 1944 and
$25,000,000 5% bonds series C due Oct. 1 1951 of New York Edison Co., a
predecessor company.
The order of the Commission provides that the premium to be paid upon
the redemption of the series B and C bonds and the unamortized balance or
debt discount and expense applicable thereto upon the refunding thereof
shall be charged to the company's surplus.
company
mature
Net
575,000
Inc.— -Authorized to Issue $55,000,-
New York Edison Co.,
000 in Ne w Bonds—
428,997
135,193
316,937
capital
Other taxes
$194,687
141,282
40,836
2,727,298
2,076,792
1,256,610
From Jan. 1—
Gross from railway
$3,761,440
1,292,231
& replace, of fixed
Federal income taxes
$229,676
175,074
134,435
Net after rents.
462,153
Operating expenses.
1932
1933
1934
1935
$239,081
163,278
101,810
$3,795,062
1,322,203
Total operating revenuesi
-Earnings .-
Connecting RR.-
December—
St., N. Y. City—V.
New Jersey Power
Prov.
142, p.
New York
The
Brunswick
New
—Y.
1932
283,341,102 293,636,140
75,417,808 66,459,520
33,269,163
20,812,987
1—
Net from railway
Net after rents
Gross from railway
Net from railway
5,616,235
premiums
Res.
Bureau
Total
for unearned
Res.
Res. for all liab
Reinsur¬
banks.
5,703,217
Res. for reinsur.--
mined claims
Compen¬
ance
$
1,000,000
2,000,000
1,000,000
2,200,000
Capital
Surplus.
Res.
Work¬
with
men's
sation
1934
$
Liabilities—
$
$
6,696,410
From Jan.
Gross from railway
31
1935
Real estate
Mortgage loans
Dec.
1934
1935
Assets—
Sheet
^
$22,875,719 $23,681,523
4,957,389
5,996,583
2,233,396
2,213,104
.310,192,979 295,084,881
72,995,248
70,913,121
36,748,247
29,160,928
railway
Net from railway
Net after rents.-
Transferred to surplus
31
1933
1934
1935
-$28,275,898 $24,632,290
<5,161,487
5,188,324
3,491,373
1,575,958
Gross from
Period End. Dec. 31—
Ry.—Earnings—
1935—Month—1934
Taxes
24,653
Operating income
Non-operating income
$6,035
def $17,824
def$lll,151
2,188
2,559
22,237
22,679
$8,224
254,591
def $15,264
def$88,914
def$99,208
249,652
3,024,378
2,971,319
$246,367
$264,917
$3,113,292
$3,070,527
Gross income
Deductions
Net deficit
-V. 142, p. 467.
$144,386
113,697
1935—12 Mos.—1934
$1,691,627
$1,701,041
1,470,124
1,490,086
332,653
332,842
$141,662
119,643
39,842
Railway oper. revenue..
Railway oper. expenses-
def $121,887
794
Financial
Chronicle
Feb.
$302,651
33,480
10,508
$322,130
46,158
4,621,833
901,523
325,428
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
'
1933
1934
1935
1932
9,648
$319,503
92,334
74,066
$263,443
10,348
defl0,144
4,763,117
1,139,986
489,653
4,385,592
803,155
303,231
4,188,799
369,789
def270,501
—V. 142, p. 134.
Assets—
Accts. receivable.
Inventories
Cash
Norfolk & Western Ry.—Extra Dividend
an
extra dividend of
of 2%—
1932 to and incl. Dec. 19
compared with 2^ % each quarter from March 19 1930 to and incl.
June 18 1932.
In addition, an extra disbursement of 2% was made on
March 19 1935, March 19 1934, Dec. 19 1931, and on Dec. 19 1930.
Earnings for December and 12 Months Ended Dec. 31
Railway
1935—Month—1934
Dr .43,409
$5,842,741 $78,044,384 $72,707,867
2,313,481
33,545,219
28,176,610
2,023,317
27,303,817
22,518,286
99,972
891,948
1,299,805
$2,734,449
178,816
$2,123,294 $28,195,765 $23,818,092
296,634
2,839,913
3,537,910
$2,555,632
$1,826,656 $25,355,852 $20,280,181
$6,928,756
3,366,277
2,777,858
oper. revenues.
Net ry. oper. revenues._
Net ry. oper. income—
Other income items
Gross income
Int. on funded debt
Net income
New Director—
The directors
effective Feb. 1.
charge
430,320
50,564
Total
1
.$1,147,555 $1,194,468
sented
by 60,218
no par
Ontario Loan & Debenture
a
from
pre¬
101,194
Northern Alabama
240,000
Dominion Govt, income
war
1934
$45,994
25,665
24,620
555,033
187,101
20,979
191,171
41,761
1933
$46,284
18,177
19,649
$46,211
25,448
20,555
530,818
204,704
8,708
486,613
140,157
def60,209
1932
543,739
From Jan.
Ry.—Earnings.—
1935
1934
1933
1932
$4,258,504
1,278,137
1,231,975
$3,806,986
716,565
944,611
$3,670,019
745,091
998,823
$3,474,488
382,568
500,613
53,845,654
51,407,775
9,856,962
7,915,209
47,578,677
8,585,185
5,975,973
47,084,176
5,650,997
1,990,389
—V.
3,579,699
Northwestern Bell Telephone
revenues
Uncollectible oper. rev.„
Operating expenses
Operating taxes
Net operating income.
—V. 141, p.
$431,397
1935—12 Mos.—1934
$2,453,844 $30,270,187 $28,866,565
16,506
129,405
134,564
1,838,113
21,701,543
20,781,639
241,900
2,893,460
2,679,338
$357,325
$5,546,779
$5,271,024
4021.
RR.—Earnings.—
1935
December—
railway
1934
1933
1932
$211,080
def5,492
def4,042
$206,767
2,426
def20,774
$224,301
27,459
20,238
$197,842
def36,015
def67,277
3,281,424
215,166
def36,714
Net from railway
Net after rents
3,218,672
314,791
def8,010
2,853,362
148,889
defl80,606
3,176,592
119,389
def346,714
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 142, p.
467.
Ohio Edison
Gross earnings.
reserve-
pref. stock
Balance
—V.
100,000
155,573
$324,788
12,665
31,684
3,629
2.0UO on®
2,400,000
2.4WM**>
Dividend payable
Profit & loss acct.
60,0* »0
WM ##*
104,09$
101,10$
14,865,781
14,543,703
2,401
279,169
2,000.000
in
277,252
Great
chartered
and
on
Total
hand
—-—,
—14,865,781 14,545,702
Total
-V. 140, p. 646.
Oslo Light Works—Bonds Called—
•
White, Weld & Co., fiscal agent of Oslo Light Work* (formerly CK!o
Gas & Electricity Works) 5% external sinking fund gold bond*, due March i
1963, has drawn for redemption through operation of the sinking fundi
$78,000 principal amount of the issue.
The bonds so designated milt tiecome due and payable on March 1 1936 at
100% and accrued interest ami
should be surrendered for payment on March 2 1936 at the fiscal
agent'*
office in New York.—V. 140, p. 1495.
Fire
Insurance
Co.—Extra
Dividend—Larger
Regular Dividend—
The directors have declared
an
extra dividend of 25 cent* per
share is
In addition
an extra
dividend of 50 cents was paid on Nov. 4. last, ami estr*
dividends of 25 cents per share were disbursed on
Pacific Southern
Investors, Inc.—Annual
Henry S. McKee, President, says:
The balance sheet at Dec. 31 1935, with securities owned adjusted to
market prices, shows total assets of $9,669,184.
After deducting ail liablM*
ties appearing on the balance sheet and making an additional allowance fur
Federal income taxes, upon the unrealized appreciation in value of aerurttte*
owned, at rates prevailing in 1936, the balance would be equivalent
W
approximately $86.07 per share of preferred stock of $50 preference,
Tfet*
is
an
increase
of
76%
over
the
corresponding figure of $18.7$ per
preferred share at Dec. 31 1934.
In consequence of tnis improvement which nas taken place in ttie vain#
of the company's assets during 1935, the class A common stock, which h«4
no asset value at Dec. 31 1934, would have, at Dec. 31
1935, an asset value,
after allowing for the preferred stock at $50, of approximately $14 69 l*e*
share.
This improvement in the value of the class A common stock fa» aft«f
the payment of dividends of $308,581 on the preferred stock during 1(U£».
$1,504,246 $15,942,175 $15,345,735
540,377
7,090,473
6,931,700
377,014
4,049,650
3,944,201
100,000
1,350,000
1,200,000
155,573
1,866,882
1,866,880
$331,281
$1,585,169
1935
$1,402,953
1935
—
1934
1933
$41,032
30,038
18,992
$30,351
9,059
def829
$21,107
2,417
def5,963
$21,023
def2,592
defl3,295
435,089
173,502
60,979
December—
Gross from railway
341,625
106,803
defl0,377
315,093
102,674
def21,665
Dividends
Interest
on
Net after rents
1933
on
Interest
on
$769,890
156.988
168,305
6,194
5.578
$*r*..3M
i67.oi i
10,79?
$971,622
$943,773
$1,023,163
170,000
170.000
170 Mi
32,400
13,667
30.300
;n t*'*#
61,279
14.324
52.005
50,5*#
78,151
10.871
$616,125
965,220
$665,311
557.058
$75« 0!6
$1,222,372
257,151
$7*2.779
stocks
bonds, &c—
Total revenues
debentures
Research service fees and
expenses—
Fees of trustees, transfer agents, &c__
General exps., incl. salaries and taxes
Provision for Federal income tax
Earned surplus, Jan. 1.
375,079
92,577
def43,838
1932
From Jan. 1—
Gross from railway
Net from railway
1934
$808,439
1935—12 Mos.—1934
City-Ada-Atoka Ry.—Earnings.—
Net from railway
Net after rents
Aug. 5 and May £
—Y. 141, p. 3235.
Years Ended Dec. 31—
142, p. 632.
Oklahoma
64.S**
Capital stock—
Income Account
1935—Month—1934
$1,524,545
486,969
457,214
Operating expenses
Fixed charges.
on
other
of Can.
Co.—Earnings—
Period End. Dec. 31—
Dividends
42,569
banks of Canada
[A subsidiary of Commonwealth & Southern Corp.]
Prov. for retire,
T.no.m
2.070.!56
61.821
a quarterly dividend of $1 per share on the
capital stock, par
$25, both payable Feb. 11 to holders of record Feb. 7.
This eompar** »ttk
regular quarterly dividends of 75 cents per share previously distributed.
Co.—Earnings—
1935—Month—1934
$2,570,469
24,946
1,870,770
243,356
Northwestern Pacific
Gross from
6.896.109
2.574.034
Interest
-
addition to
Period End. Dec. 31—
Operating
incl.
Deposits
749.76$
chartered
banks
in
$
768.818
Reserve fund
Britain
Cash
curr.
Debs.,
int..
Other liabilities-—
se¬
of
cos.
in
1934
S
In-
accr.
accrued
3,640,896
82,802
curities
loan
Cash
clud.
ac¬
&
Pacific
134.
142, p.
$81,213
1935
Liabilities—
S
120,000
10,736,620 10,492,096
interest..
with
Deps.
1—
Gross from railway
Net from railway
9,752,054
Net after rents..7,726,341
$101,193
Debs., sterling
bonds
Jan. 27 to holders of record Jan. 15.
Similar payments were
July 29, and Jan. 28 1935.—V.
141, p. 3235.
Gross from railway
1*#-<*
$104,999
110,000
crued
on
Net from railway
after rents
39,417
10,000
1934
$
Mortgages
Securs.,
incl.
4174.
Net
35.000
a*
(free¬
hold)
Ry.—Earnings.—
1935
Northern Pacific
40,000
249.000
Balance Sheet Dec. 31
1935
Office prem.
Corp.—$1 Dividend—
$48,082
17,863
14,363
December—
$123.6-10
tax:
Balance carried forward
An extra dividend of 50 cents per share in addition to the regular semi¬
annual dividend of $1.50 per share was paid on the common stock, par
on
$136,193
Provision for tax payable April 1936
Written-off office premises
Northern Insurance Co. of N. Y.—Extra Dividend—
$12.50,
76.619
$363,630
$154,999
From Jan. 1—•
made
84,213
$376,193
240.000
Dividends paid
Loans on stocks &
—V. 141, p.
tra **•
1934
$291,980
1935
$293,805
$394,999
member of the board and
The directors have declared a dividend of $1 per share on the common
stock, payable March 2 to holders of record Feb. 5.
A similar payment
made on March 1 1935.—V. 134, p. 336.
Gross from railway
Co.—Earnings—
I
L
vious year
was
Net from railway
Net after rents..
UtpMb
jr
shares.—V. 140, p. 808.
Calendar Years—
Net earnings for the year
Balance brought forward
Assets—
—
$1,147,555 $1,194,46$
Total
After depreciation of $452,801 in 1935 and $450,759 In 1931.
x
379.34*
3,868
of finances,
North American Match
December—
surplus...
50,568
1
3,031
Prepaid ins. prem.
4173.
Gross from railway
Earned
453,207
51,185
succeeding E. H. Alden, retired,
Mr. Booth has been Secretary of the company.—V. 141,
Net from railway
Net after rents.
ftt$,*09
•
Jan. 28 elected I. W. Booth
on
Vice-President in
p.
1935—12 Mos.—1934
M«2
128,800
615.600
379.364
Common stock..
Farm
Patents
as
18,351
Preferred stock—
2,255
secur.
113.; 77
$5,439
lnclud'g
income tax
y
mach'y & equip.
Marketable
tions of 2% were made on this issue from Sept. 19
Period End. Dec. 31—•
554
buildings,
Mtge.
Corp. bonds
2% in addition to the
Accruals,
Fed.
life Insurance
usual quarterly dividend of 2% on the common stock, par $100, both pay¬
able March 19 to holders of record
Feb. 29.
Regular quarterly distribu¬
1935,
299,641
1935
payable and
accrued wages..
value
surr.
xLand,
Accts.
$61,126
172,910
399,347
158,000
_
Liabilities—
1934
$205,443
Fed'l
The directors have declared
1935
Cash
1936
31
Balance Sheet Dec.
Norfolk Southern RR.—Earnings.—
December—
Gross from railway
Net from railway
1
$1,581,345
Dividends on preferred stock
Fed. stock transfer taxes on security
308,581
transactions in prior years
15,635
Earned surplus, Dec. 31
$1,257,129
Note—'The profit from sales
—V. 142, p. 134.
-
of securities
is
*. *
12 >*»
«»
m at
4*
6,7*2
154 *29 i
*
$965,220
based
upon
the
fim44j»c
first-out" method.
Old Ben Coal
The
1st mortgage
Corp.—Stricken from List—
20-year 6%
gold bonds, due Aug.
Balance Sheet Dec. 31
1
1944 have been
stricken from the New Voric Stock: Exchange list.—V. 140, p. 4076.
Ontario Mfg.
Cost
Co., Muncie, Ind.—Earnings—
1935
goods sold
commercial
1934
1933
$1,426,925
sales
of
1934
$712,118 $1,827,358
Liabilities—
Secur.
Secur. sold & unde¬
Calendar Years—
Net
1935
Assets—
Cash
$1,127,696
$1,067,221
livered
1932
$913,379
and
1,268,761
69,050
12,240
1,030,855
73,374
2,640
865,722
74,333
17,152
811,546
70,627
3,515
Net profit for year
Com.stk.&surp. Dec. 31
Disc, on pref. stk. purch.
$76,874
994,948
$20,827
1,063,517
$110,014
985,099
$27,691
997,938
6,930
Total surplus
Preferred dividends—__
$1,071,822
expense..
Depreciation
Provision for Federal tax
57,590
12,494
Common
stocks
4,245,684
3,178,832
Preferred
stocks
647,929
647,230
370,641
52,183
53,620
53,620
Co. of Amer
682,057
193#
$*t 6*7
1,020,826
Amer.
a
1935
$13.22!
bought and
not received
Investment sees.:
Bonds
Co.'s
own
b $3
c
102.620
debentures— 3,4HO,(KK*
pref. stock...
6*5.747
Class A
com.
stk.
168.421
"J.i f il
3,1*4'
«***
16* 424
-
d Class B com .stk.
60..W)
Art.,/***
Capital surplus—
debs-
cost
Accr. exp. A taxes
5%
1.417,5*. 4
1.417.>-4
Earned surplus.-.
1.257.129
065.220
Capital stock Inv.
Common dividends
Premium
paid on
stock purchased
Common stock &
$1,095,113
16,541
15,055
$1,032,559
17,351
30,109
pref.
371,439
15,309
7,765
11,100
Divs.
Deferred charges.-
Total
5,240
$994,964
$994,948
60,218
$1.08
60,218
$1,063,517
60,218
$985,100
60,218
$0.07
$1.55
$0.17
$7,175,253 $6,812,762 I
Market value Dec. 31
sented
sur¬
10.076
3,697
6,445
Total
$7,175,253 I«,fcl2.7$2
1935, $6,886,587; 1934, $3,745,783.
b R#*pr«w
by 68,574 no par shares,
c Represented by 168,421
noparaW*#.
d Represented by 505,603 no par shares.
Notes—The investment securities shown above (which are stated *1 rmt
to the company on the "first-in, first-out" method) consist
of sweuru hw
quoted on recognized standard stock exchanges, the valuation of whw h
based on market quotations, was $5,756,287; unlisted
securities, the waiu*
a
5,000
plus Dec. 31
com. stk. outstand'g
Earnings per share
Shs.
11,641
60,218
$1,084,344
16,410
67,746
Cap Corp
receivable.-
Accr. int. receiv__
—
794
Financial
Norfolk Southern RR.-—Earnings.—
December—
Gross from railway
1935
$302,651
33,480
10,508
$322,130
46,158
9,648
4,621,833
901,523
325,428
4,763,117
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Balance Sheet
1933
$319,503
92,334
1934
1
74,066
Inventories
an
1935—■Month—1934
1935—12 Mos.—1934
Gross income.
on funded debt
$2,734,449
178,816
$2,123,294 $28,195,765 $23,818,092
296,634
2,839,913
3,537,910
Net income
$2,555,632
$1,826,656 $25,355,852 $20,280,181
Int.
New Director—
Jan. 28 elected I. W. Booth
on
in
charge of finances,
effective Feb. 1.
430,320
453,207
51,185
Earned surplus—
50,564
50,568
a
E.
Alden,
H.
Total
x
The directors have declared
a
Northern Alabama
December—
Gross from railway
A similar payment
1933
1932
$45,994
25,665
24,620
$46,284
18,177
19,649
$46,211
25,448
20,555
555,033
187,101
20,979
543,739
191,171
41,761
530,818
204,704
8,708
486,613
1935
Net from railway
Net after rents..
From Jan. 1—
Gross from railway—..
Net from railway
1934
1933
1932
$3,806,986
716,565
944,611
$3,670,019
745,091
998,823
$3,474,488
53,845,654
9,752,054
7,726,341
51,407,775
9,856,962
7,915,209
47,578,677
8,585,185
5,975,973
47,084,176
5,650,997
1,990,389
382,568
500,613
—V.
142, p.
134.
Period End. Dec. 31—
Operating
revenues
Uncollectible oper. rev..
Operating expenses
Operating taxes
Net operating income.
—V. 141, p. 4021.
December—
1935—12 Mos.—1934
$2,453,844 $30,270,187 $28,866,565
16,506
129,405
134,564
1,838,113
21,701,543
20,781,639
241,900
2,893,460
2,679,338
$431,397
Northwestern Pacific
$357,325
railway
Net from railway
$5,546,779
$5,271,024
RR.—Earnings.-—
1935
Gross from
Co.—Earnings—
1935—Month—1934
$2,570,469
24,946
1,870,770
243,356
1934
1933
1932
$211,080
def5,492
def4,042
$206,767
2,426
def20,774
$224,301
27,459
20,238
$197,842
def36,015
def67,277
3,281,424
215,166
def36,714
Net after rents
3,218,672
314,791
def8,010
2,853,362
148,889
defl80,606
def346,714
From Jan. 1—
Gross from railway
Net from railway.
Net; after rents
3,176,592
119,389
—V. 142, p. 467.
Ohio Edison
Gross earnings
Operating
expenses
Fixed charges
Prov. for retire, reserveDividends on pref. stock
Balance
—V. 142, p. 632.
1935—12 Mos.—1934
$1,504,246 $15,942,175 $15,345,735
540,377
7,090,473
6,931,700
377,014
4,049,650
3,944,201
100,000
1,350,000
1,200,000
155,573
1,866,882
1,866,880
486,969
457,214
100,000
155,573
$324,788
$331,281
$1,585,169
$1,402,953
December—
1935
$30,351
9,059
def829
$21,107
2,417
def5,963
defl3,295
435,089
173,502
60,979
Net after rents
1934
$41,032
30,038
18,992
341,625
106,803
defl0,377
315,093
102,674
def21,665
1932
$21,023
def2,592
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1
—V. 142, p. 134.
Old Ben Coal
The
1st mortgage
Calendar Years—
Net
Cost
of
goods sold
commercial
2,000,000
2,400,000
60,000
104,998
Capital stock.....
Reserve fund
12,665
31,684
Dividend payable.
Profit & loss acct.
in
2,401
279,169
277,252
banks of Canada
and
on
hand
Total
,..14,865,781 14,545,702
Total
^076.
Ind.—Earnings—
Oslo Light Works—Bonds Called—
$913,379
1,268,761
865,722
74,333
17,152
811,546
70,627
3,515
$110,014
$27,691
997,938
6,930
12,240
Net profit for year.._
$76,874
994,948
$20,827
1,063,517
*
1963, has drawn for redemption through operation of the sinking fund
$78,000 principal amount of the issue.
The bonds so designated will be¬
due and payable on March 1 1936 at 100% and accrued interest and
should be surrendered for payment on March 2 1936 at the fiscal agent's
office in New York.—V. 140, p. 1495.
come
Fire
Insurance
Co.—Extra
Dividend—Larger
Regular Dividend—
The directors
have declared
an
extra dividend
of 25 cents per share in
addition to a quarterly dividend of $1 per share on the capital stock,
par
$25, both payable Feb. 11 to holders of record Feb. 7. This compares with
regular quarterly dividends of 75 cents per share previously distributed.
In addition an extra dividend of 50 cents was paid on Nov. 4, last, and extra
dividends of 25 cents per share were disbursed on Aug. 5 and,May 5 1935.
—V. 141, p. 3235.
Pacific Southern
Investors, Inc.- -Annual Report-
Henry S. McKee, President, says;
The balance sheet at Dec. 31 1935, with securities owned adjusted to
market prices, shows total assets of $9,669,184.
After deducting all liabili¬
ties appearing on the balance sheet and making an additional allowance for
Federal income taxes, upon the unrealized appreciation in value of securities
owned, at rates prevailing in 1936, the balance would be equivalent to
approximately $86.07 per share of preferred stock of $50 preference.
This
is
an
increase
of
76%
over
the corresponding figure of $48.78 per
preferred share at Dec. 31 1934.
In consequence of tnis improvement wnich nas taken place in tne value
of the company's assets during 1935, the class A common
stock, which had
no asset value at Dec. 31 1934, would
have, at Dec. 31 1935, an asset value,
after allowing for the preferred stock at $50, of approximately $14.69 per
share.
This improvement in the value of the class A common stock is after
the payment of dividends of $308,581 on the preferred stock during 1935.
Income Account
.
Years Ended Dec. 31—
Profit from sales of securities
Dividends on stocks
Interest
Total
1935
$808,439
156,988
6,194
bonds, &c
on
1934
$769,890
168,305
5,578
$971,622
170,000
32,400
13,667
61,279
revenues
1933
$845,354
167,012
10,797
$1,023,163
78,151
$943,773
170,000
30,300
14,323
52,965
10,871
$616,125
965,220
$665,314
557,058
$756,016
6,762
$1,581,345
$1,222,372
257,151
$762,779
154,291
Interest on debentures
Research service fees and expenses
Fees of trustees, transfer agents, &c__
General exps., incl. salaries and taxes
Provision for Federal income tax
Earned surplus, Jan. 1.
Dividends on preferred stock
Fed. stock transfer taxes on security
308,581
transactions in prior years
170,693
33,099
12,765
50,589
15,635
$1,257,129
Assets—
$965,220
$608,488
from sales of securities is based upon the "first-in-
1935
1934
$712,118 $1,827,358
livered
1933
$1,067,221
Provision for Federal tax
14,545,702
White, Weld & Co., fiscal agent of Oslo Light Works (formerly Oslo
Gas & Electricity Works) 5% external sinking fund gold bonds, due March 1
Liabilities—
1932
not received
12,494
3,178,832
Investment
Common
sees.:
own
370,641
647,230
52,183
debs.—
cost
1934
debentures-.,
3,480,000
b $3 pref. stock...
685,737
$21,617
23,642
3,480,000
685,737
Class A com. stk.
168,421
50,560
1,417,564
1,417,564
Earned surplus
1,257,129
965.220
Accr. exp. & taxes
5%
stocks
Bonds
Co.'s
$13,22,1
Capital surplus
57,590
4,245,684
Preferred stocks
647,929
a
1935
Secur. bought and
Secur. sold & unde¬
1934
1,030,855
73,374
2,640
14,865,781
-V. 140, p. 646.
Balance Sheet Dec. 31
$1,127,696
69,050
60,000
101,193
chartered
in
Cash
and
expense..
2,400,000
Great
Britain
1944 have been
p.
1935
Depreciation
7,110,190
2.070.156
54,398
2.000,000
chartered
banks
375,079
92,577
$1,426,925
sales
6,896,109
61,821
42,569
of Can.
in
749,763
2,574,034
,
se¬
loan
Cash
interest
other
of
cos.
$
768,818
Incl.
curr.
3,629
&
curities
Cash
Debs.,
3,579,699 Deposits
82,802
with
1934
$
ln-
Other liabilities...
Corp.—Stricken from List—
Ontario Mfg. Co., Muncie,
$84,213
accrued
3,640,896
Note—The profit
first-out" method.
20-year 6% gold bonds, due Aug. 1
Exchange list.-^-V. 140,
stricken from the New ^ork Stock
$101,193
clud. accr. int..
120,000
10,736,620 10,492,096
def43,838
1933
39,417
240,000
1935
City-Ada-Atoka Ry.—Earnings.—
Gross from railway—..
Net from railway
35,000
Liabilities—
ac¬
,
1935—Month—'1934
$1,524,545
Oklahoma
110,000
Co.—Earnings—
[A subsidiary of Commonwealth & Southern Corp.]
Period End. Dec. 31—
40,000
10,000
$
stocks &
Pacific
Northwestern Bell Telephone
$123,630
Debs., sterling
interest..
on
Deps.
.
after rents
$136,193
1934
$
hold)
Mortgages
Secure., incl.
on
$4,258,504
1,278,137
1,231,975
76,619
$363,630
$154,999
1935
An extra dividend of 50 cents per share in addition to the regular semi¬
dividend of $1.50 per share was paid on the common stock, par
Northern Pacific Ry .—Earnings.—•
84,213
$376,193
240,000
$104,999
annual
Net
101,194
Balance Sheet Dec. 31
Northern Insurance Co. of N. Y.—Extra Dividend—
December—
$291,980
pre¬
Dominion Govt, income war tax;
Provision for tax payable April 1936
Written-off office premises
—V. 141, p. 4174.
Gross from railway
Repre¬
1933 ^
$287,011
1934
1935
from
Balance
def60,209
Jan. 27 to holders of record Jan. 15.
Similar payments were
July 29, and Jan. 28 1935.—V.
141, p. 3235.
y
Co.—Earnings
$293,805
Dividends paid.
From Jan. 1—•
140,157
1934.
$394,999
240,000
bonds
1934
$1,147,555 $1,194,468
Total
shares.—V. 140, p. 808.
vious year
crued
$48,082
17,863
14,363
Gross from railway
Net from railway
Net after rents,
v
no par
Calendar Years—
Net earnings for the year.
Balance brought forward
Ry.—Earnings.—
1935
Net from railway
Net after rents
on
$1,147,555 $1,194,468
by 60,218
Ontario Loan & Debenture
Loans
$12.50,
1
Office prem. (free¬
dividend of $1 per share on the common
T8,342
3,868
Assets—
stock, payable March 2 to holders of record Feb. 5.
made on March 1 1935.—V. 134, p. 336.
178,800
615,600
379,348
After depreciation of $452,801 in 1935 and $450,759 in
sented
was
made
1
3,031
prem.
retired,
Corp.—$1 Dividend—
18,352
128.800
615,600
379,364
Mtge.
Farm
Mr. Booth has been Secretary of the company.—V. 141,
North American Match
income tax
Common stock..
y
member of the board and
succeeding
$12,£77
lnclud'g
Accruals,
Fed.
secur.
Prepaid ins.
4173.
p.
Preferred stock...
Corp. bonds
$5,842,741 $78,044,384 $72,707,867
2,313.481
33,545.219
28,176,610
2,023,317
27,303,817
22,518,286
99,972
891,948
1,299,805
$6,928,756
Net ry. oper. revenues-.
3,366,277
Net ry. oper. income—.
2,777,858
Other income items
Dr.43,409
oper. revenues.
The directors
2,255
Patents
Earnings for December and 12 Months Ended Dec. 31
Period End. Dec. 31—
Vice-President
554
Marketable
2%—
extra dividend of
A "
$5,439
accrued wages ..
value
surr.
life insurance
xLand, buildings,
mach'y & equip.
369,789
def270,501
2% in addition to the
usual quarterly dividend of 2% on the common stock, par $100, both pay¬
able March 19 to holders of record Feb. 29.
Regular quarterly distribu¬
tions of 2% were made on this issue from Sept. 19 1932 to and incl. Dec. 19
1935, as compared with 2K% each quarter from March 19 1930 to and incl.
June 18 1932.
In addition, an extra disbursement of 2% was made on
March 19 1935, March 19 1934, Dec. 19 1931, and on Dec. 19 1930.
Railway
299,641
172,910
399,347
Cash
4,188,799
19341
1935
payable and
$61,126
158,000
Fed'l
Norfolk & Western Ry.—Extra Dividend of
Accts.
$205,443
Accts. receivable..
—V. 142, p. 134.
The directors have declared
Dec. 31
Liabilities—
1934
1935
Cash
$263,443
10,348
defl0,144
4,385,592
803,155
303,231
1,139,986
489,653
Assets—
1932
1936
Feb. 1
Chronicle
53,620
53,620
Co. ofAmer
682,057
371,439
15,309
d Class B com .stk.
168,421
50,560
1,020,826
Amer. Cap Corp
c
102,620
"10,676
Capital stock In v.
Com.stk.&surp. Dec. 31
Disc, on pref. stk. purch.
985,099
Divs.
receivable..
Accr. int. receiv__
Total surplus.
Preferred dividends
$1,071,822
11,641
60,218
5,000
Common dividends
Premium
stock
paid on
purchased
$1,084,344
16,410
67,746
5,240
$994,964
60,218
$1.08
$994,948
60,218
$0.07
$1,095,113
16,541
15,055
$1,032,559
17,351
30,109
pref.
Common stock &
Total
a
sur¬
plus Dec. 31
com. stk. outstand'g
Earnings per share
Shs.
Deferred charges.
$1,063,517
60,218
$1.55
$985,100
60,218
$0.17
_
7,765
11,100
3,697
6,445
$7,175,253 $6,812,762
Market value Dec. 31
Total
$7,175,253 $6,812,762
1935, $6,886,587; 1934, $3,745,783.
b Repre¬
sented by 68,574 no par shares,
c Represented by 168,421 noparshar^.
d Represented by 505,603 no par shares.
Notes—The investment securities shown above (which are stated at
cost
to the company on the "first-in, first-out"
method) consist of securities
quoted on recognized standard stock exchanges, the valuation
based on market quotations, was $5,756,287; unlisted
of
which
securities, the valua
Financial
Volume 142
tion of which, based on the last over-the-counter bid prices, was $1,130,300.
There were outstanding at Dec. 31 1935 arrants entitling the holders to
purchase 265,774 shares of class B common stock before July 1
$10 a share.—V. 142, p. 467.
Liabilities—
5,325
462,629
8,000
1,697,272
1,867,774
20.256
11,524
419,433
381,705
hand
on
Marketable secur.
Trade, less res.
Foreign subs. cos.
234,164
54,951
notes rec_.
Sundry accts. rec_
accts_
54,237
Fixed assets—-
4,891,262
8,850,414
Investments
a
42,815
2,646,072
104,197
2,988,783
Inventories
Employees'
accr.
138,202
Notes pay. to bks.:
Due Apr. 27 '37
200,000
Due Apr. 27 *38
300,000
Deferred
Good-will
2
*7
24,081
42.3S1
credits..
b Common
93,203
110,080
stock..10,666,170 10,666,170
6,766,899
7,423,784
a
Dealings—
share payable Feb. 20, to holders of
of business on Feb. 10 1936.—V.
close
142, p. 632.
Peerless
Corp.- -Annual Report-
Years Ended Sept. 30
Sales of ale and beer, le
1934
1935
$1,038,717
490,627
x$292,731
112,211
Cost of sales.
$548,089
385,772
$180,520
120,226
$162,317
285,885
88,735
$60,293
Selling, advertising and general expense, repairs, &c
Depreciation of buildings and equipment
$212,303
Cr56,437
67,789
$152,036
Interest, discount, maintenance of idie property, &c
$223,655
$172,862
Federal and State taxes.
(*•..
Net loss
x
Sale of ale
172,666
39,662
036,028
56,855
only.
Consolidated Balance Sheet Sept. 30
1934
1935
Assets—
Liabilities—
1934
1935
e
Plant, equip., &c$l ,905,737 $1,925,771
50,126
46,420
a Deferred charges
105,025
d Receivables
95,758
51,413
b
Cash
Surplus....1
Adv.
Dep. on returnable
to officers
&
Trademarks,
containers
Ac
144,343
pensation,
125,000
125,000
4,957
Commitment
72,813
1,831
&c_.
and
6,449
note
C185.000
payable
with pub.
utilities, &c
$2,246,467 $2,407,4241
Total
Total
$2,246,467 $2,407,424
Expenses incurred in connection with filing registration statement with
of Peerless
Corp. capital stock (20,000 shares delivered in discharge of
1934), $60,000 and note payable, 6% due Nov. 1
1934, payable by delivery of 25,000 shares of Peerless Corp. capital stock
(25,000 shares delivered in payment of note on Oct. 31 1934), $125,000.
d After reserve for doubtful accounts and notes of $19,003 in 1935 and
commitment on Oct. 31
e
After allowance for depreciation.—V. 142, p. 632.
Pennsylvania RR.—Earnings.—
1935
December—
1934
Gross from railway.. ...$32,041,436 $26,911,060
Net from railway
Net after rents
8,339,375
6,206,565
-.
..
6,701,592
4,815,818
1932
1933
$25,060,089 $24,862,484
5,862,202
4,796,034
3.680,625
2,303,784
From Jan 1—
Gross from railway.
...367,812,186 343,668,699
Net from railway... -.104,712,002
94,882,591
.
Net after rents
..
70,394,641
324,715,814 331,393,458
97,947,467
89,381,855
61,317,016
61,976,859
49,132,038
—V. 142, p. 633.
Pennsylvania Reading Seashore Lines.—Earnings.1932
1935
1934
1933
$372,438
def24,992
defl48,432
$386,823
defl5,676
defl39,906
$356,952
def 111,980
def278,390
$123,926
def26,321
def63,631
4,092,778
5.686,966
5,867,337
27,857
227,098
360,484
dfl,697,564 dfl,817,395 dfl ,439,370
1,970,952
def31,350
def569,205
December—■
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
...
—V. 142, p. 135.
Pere Marquette
Ry.—Earnings—
Period End. Dec. 31—
Operating revenues
Net oper. revenue
Net
r y.
oper.
income
Non-operating income..
1935—Month—1934
$2,681,057
852,031
646,214
32,620
Gross income
Deductions
Net income.
-V. 142, p.
,
$678,834
301,090
1935—12 Mos.—1934
$1,947,157 $28,478,082 $24,597,190
354,904
7,340.795
5,171 230
4,828,197
2,618,368
128,583
366,719
420,490
32,635
$161,218
297,488
$377,745 def$136,270
$5,194,916
3,561,618
$3,038,858
3,650,985
$1,633,298 def$612,127
633.
Petroleum Corp. of
$5,239,082
$5,264,623
$5,095,240
$
America—Annual Report—
The corporation in its annual report for 1935, states that the
Surplus...
c
Total
net asset
value per share on 2,010,160 shares outstanding in the hands of the pulbic
at Dec. 31 1935, based on current prices of the corporation's securities at
that date, was $17.11 after deducting all liabilities and reserves.
This
compares with a net asset value of $12.55 per share on 2,007,460 shares
similarly outstanding at Dec. 31 1934.
Unrealized depreciation of $1,412,584 represented a decrease of $8,312,409
In unrealized depreciation, based on market quotations, during the year
Treasury stock
35,826,477 35,939,984
.
26,090,124 25,715,613
Z>r624,432 Dr455,325
35,826,477 35,939,984
Total
b Rep¬
Aggregate value, $33,509,729 in 1935, and $25,537,763 in 1934.
193258
shares ($5 par)
stock in 1935
(47,000 in 1934.)—V. 141, p. 2288.
Pittsburgh Hotels Corp.—Reorganization Plan—
The first mortgage bondholders protective committee has prepared,
approved and adopted a plan of reorganization whicn has been filed with the
U. S. District Court for the Western District of Pennsylvania.
The
committee has on hand at the present time 69% of the outstanding bonds.
Tne committee in a letter dated Jan. 23 says in substance:
,
Value
of Properties—American Appraisal Co., duly appointed by the
official appraiser, filed its appraisal report on Dec. 24 1935. in
whicn tbe total value of the properties of the corporation, including furnish¬
ings and equipment, was fixed at $9,275,000. All of these assets are pledged
as security for tne first mortgage bonds; furnisnings and equipment being
held by Pittsburgh Hotels Equipment Co., all of the stock of which is
pledged under the first mortgage bonds.
However, the properties are
subject to unpaid real estate taxes and the expenses and liabilities of the
trustees in bankruptcy.
There are outstanding $9,915,000 of first mortgage bonds on which
unpaid interest has accrued from Sept. 1 1932.
As of Jan. 24 1936, the total
claim of the first mortgage bondholders, including interest, amounts to
$11,899,664.
It will accordingly be seen that the amount due the first mortgage bond¬
holders is considerably in excess of the net value of the properties, based
upon the appraisal.
It is the opinion of this committee that there is no equity in the mort¬
gaged properties for junior creditors or stockholders.
For this reason, all
of the securities of the new company to be formed under the plan (except
the bonds to be sold for new capital) have been allocated to the present
first mortgage bondholders.
*
Requirements for New Capital—As of Dec. 31 1935 there were accrued
against the properties past due city, county and school taxes in the amount
of $581,661.
These taxes may be paid in instalments, without penalty,
court
as
,
,
follows:
1936
$223,24411937- — i$160,98111938
$98,71811939
Failure to meet these instalments as they become due will
penalties.
$98,718
result in
It is considered desirable tnat steps be taken to assure the
corporation's ability to meet these instalments.
During tne past several years, expenditures for maintenance, repairs and
renewals have been curtailed.
The American Appraisal Co. has estimated
amounts
required for general reconditioning of the William Penn at $486,000
$95,000.
It has also recommended that considera¬
and of the Fort Pitt at
be given to the
installation of air-conditioning equipment in certain
parts of the buildings and the conversion of certain facilities at a total
estimated cost of $325,000. The committee does not consider it advisable to
attempt to raise funds to cover the entire rehabilitation program outlined
by the American Appraisal Co.
However, it recognizes the necessity of
providing sufficient funds to enable the reorganized company to promptly
take care of some of the more pressing needs for reconditioning and
rehabilitation.
In view of tnese facts, it is believed that additional capital will be required
to effect a reorganization which will permit the operation of the properties
on a sound basis.
The plan, therefore, authorizes the creation of a new
loan not to exceed $1,000,000.
Earnings—A statement of the operation of the properties during the past
eight years follows:
Maintenance
Earns. Before
and Repairs
Depreciation,
Year End.
Total
Charged to
Interest and
Dec. 31—•
Operation
Income Taxes * Depreciation
Revenues
$145,670
$876,021
$206,156
$3,737,508
169,659
994,150
309,197
4,347,938
209,530
745,943
433,056
1930-.--4,317,995 i
148,140
.673,383
3,389,105
63,222
212,196
2,222,933
69,174
80,679
1,778,139
134,596
32,173
1934
2,281,724
145,941
202,864
2,639,052
-
—
During 1930, depreciation was charged at an annual rate of $433,056,
Sept. 23 1930, the date of the first receivership.
The committee is
depreciation has been accrued on the books
of the receivers or trustees in bankruptcy, but that the corporation on its
own books has continued to charge depreciation at approximately the same
rate as in 1930.
The increase in depreciation charged between 1928 and
1930 was due to the construction of the addition to the William Penn Hotel
and the large additional investment in furnishings and equipment made
during that period.
Digest of Plan of Reorgani7ation
*
until
informed that since that date no
The property to be dealt with under this plan consists of all of the
property and assets subject to the lien of the first mortgage (closed) 5H %
sinking fund gold bonds of Pittsburgh Hotels Corp., namely: William Penn
Hotel and addition thereto; Fort Pitt Hotel; Fort Pitt Laundry (the service
building);
the
leaseholds and
capital stock of the
Pittsburgh
Hotels
Equipment Co.;
miscellaneous property.
Securities and Obligations to Be Dealt with Under the Plan
(closed) mtge. 5^»% sinking fund gold bonds outstanding..
Unpaid interest thereon up to April 24 1935
1st
$9,915,000
1,575,671
408,994
be called Pittsburgh Hotels, Inc. (or
reorganization committee) shall be
incorporated and will acquire all of the property and assets of Pittsburgh
Plus interest to Jan. 24
1936
New Company—A new company to
such other name as selected by the
Hotels Corp.
Working Capital—In order to raise such amount of new capital as may be
required for payment of taxes in arrears, expenses, improvements and repairs
to the properties, working capital, and such debts of the receivers and
trustees, costs of administration and allowances as shall not be paid by the
trustees in bankruptcy, new first mortgage bonds not exceeding $1,000,000
will be sold for casn.
Capitalization of the New Company
Authorized
1935.
Huntington D. Sheldon, President, states that sales of securities for the
year 1935 resulted in an increase of $630,312 in the corporation's net profit
on realization of investments: of this total $586,489 represented net realized
profit on securities purchased prior to 1935 and $43,822 realized profit on
securities purchased in 1935; these calculations are arrived at by applying
sales against average carrying values.
Securities purchased last year, and
7,396
10,672,300
Accrued expenses.
8,486
b Capital stock...10,352.300
529
_
$
$
Liabilities—
$
24,929
1934
1935
1934
657,737
19,489
34,922,314 35,262,758
tion
Federal Trade Commission and in organizing for brewing activities, &c.
b Par value $3 per share,
c Includes commitment to deliver 20,000 shares
$4,911 in 1934.
$425,463
4,632,277
37,500
at cost
as
Res. for work, com¬
pro¬
Ac
43,810
Accrued taxes, int.,
14,820
333,574
62,340
132,072
Cash in closed bks.,
a
408,574
payable
15,920
Prepaid Insurance,
taxes, Ac
deps.
Notes
455
48,761
Inventories
cesses,
Capital stock._.S1,521,048 $1,386,048
100,751
defl65,346
Accounts payable.
283,596
275,507
200
employees
$169,383
5,095,240
resented by 2,070,460 shares ($5 par) in 1935 and 21,134,470
in 1934.
c Represented
by 60,300 shares ($5 par) capital
stock, $2.50 par, "when, as and if issued" in exchange for
stock, no par, on the basis of three shares of new common
for each share of old common stock, no par.
The new common stock does
the
def$25,541
5,264,623
Securities owned
June 30.
common
at
$24,528
5,239.082
_
878,705
Accts. receivable.
new common
the dividend of $1.12)4
99",582
$425,463
1935
Assets—
Cash
19,358,237 19,542,039
Total
The New York Curb Exchange has admitted to "when issued" dealings
stock of record
51,067
$169,383
Balance Sheet Dec. 31
a
common
44",816
$1,041,689
1,067,230
44,761
Earned surplus...
Parker Rust-Proof Co.—"When Issued"
not carry
15,335
45,246
Previous surplus.
Int. rec. on synd. partic.
prod. guar,
and conting..
a After
depreciation of $3,741,340 Dec. 31 and $3,827,316
b Represented by 576,009 no par shares.—V. 142, p. 632.
old
19,380
$5,263,609
_
a
the
10,679
$695,371
670,843
.
Balance
Total surplus
Insurance
172,784
112,048
9,951
For
19,358,237 19,542.0391
Total
$553,424
13,044
7,542
Dividends receiv..
ferred charges
$260,958
13,587
and
Net income for period
Dividends paid in cash
de¬
and
Prepaid
71,222
1
ctfs.
11,400
listing fee
For compensat'n
8,722,944
5,012,643
67,817
-
of stock
$1,108,584
Reserves:
Patents and trade-
pi marks, less amort
Cost
Other oper. expenses...
300,000
300,000
44,375
46,367
125,250
$761,011
10,444
Total
465,942
105,689
453,539
1932
$381,807
Income from services
755,000
liabilities..
for Calendar Years
1934
1933
$1,101,914
$250,119
6,670
10,839
$758,689
2,322
Interest
$
bks.
payable and
Accts.
Prov. for Fed. taxes
Notes & accts. rec.:
Instal.
June 30*35.
$
Notes pay. to
Cash in banks and
I
Dec. 31*35.
June 30'35.
$
Income Account
Cash dividends
Registrar & transfer fees
Capital stock, State fran¬
chise, &c., taxes
Inc.—Balance Sheet—
[Including Domestic Subsidiary Companies]
Dec. 31'35.
portfolio at Dec. 31 1935, showed, at that date, an
aggregate unrealized profit, based on cost, of $606,134.
1935
Colum¬
bia Gas & Electric Corp. Control—See latter company above.
—V. 141, p. 1604.
Assets—
In the corporation's
1940, at
Panhandle Eastern Pipe Line Co.—Decree Ends
Paraffine Companies,
795
Chronicle
First mortgage bonds
5% cumulative income mortgage bonds
52.50 cum. conv. pref. stock (no par)
Common stock (no par)
a
a
are
Represented by
Voting trust certificates,
To Be Issued
$1,000,000
$5,949,000
79,320 shs.
b250,000 shs
$5,949,000
79,320 shs.
79,320 shs.
b Of which 158,640 shares
reserved for the conversion of the $2.50 cumulative
convertible preferred
796
stock,
Financial
The amount of tnese bonds to oe issued will be determined by the
c
reorganization committee.
The holder of
bond with
of the New Company
each $1,000 of old first mortgage bonds upon surrender of
all unpaid coupons thereto attached, or of certificates of
deposit therefor, shall be entitled to receive:
$600 of 5% income mortgage
bonds; eight shares of $2.50 cumulative convertible preferred stock (liquidat¬
ing value $50 a share) and eight shares of common stock represented by
voting trust certificates.—V. 141, p. 2126.
,
Pittsburgh & Lake Erie RR.—Earnings.
1935
1934
1Q33
1932
$1,454,395
182,535
$1,075,126
92,285
318,563
$1,124,835
100,463
163,011
$1,040,575
156,355
166,734
15,236,943
2,376,342
3,304,833
14,582,837
2,610,128
2,906,119
12,521,976
1,307,680
1,647,097
December—•
Gross from railway
Net from railway
Net after rents
238,828
From Jan. 1—
Gross from railway
Net from railway
16,945,794
3,287,610
Net after rents
—V.
Quarterly Income Shares, Inc.
3,762,399
t
The principal reductions in holdings were as follows:
Shares Held
1932
American
$58,857
7,036
12,889
$73,839
13,770
14,242
564,425
6,316
39,039
Net from rents
$50,789
def8,894
def5,887
642,980
48,978
94,516
670,421
109,995
126,743
814,463
153,651
129,328
From Jan. 1—
Company
Corn Products Refining Co
General Foods Corp
National Biscuit
Gross from railway
Net from railway
Net after rents
135.
Pittsburgh Shawmut & Northern RR
•Earning S.¬
1935
1934
$65,131
3,813
December—
Gross from railway
Net from railway
$80,233
12,835
4,441
$81,362
def2,885
def7,666
$80,173
def9,002
def14,763
921,045
36,424
def57,694
989,451
169,031
90,624
935,591
31,939
def45,515
def3,598
Net after rents
1933
Gross from railway
898,683
67,988
def 12,920
.
—V. 142, p. 135.
Potrero Sugar Co.
Years End. Oct. 31—
1934
Cost of goods sold
Woolworth
—V.
1932
$473,720
373,364
$930,117
657,798
Shipping, selling, gen. &
exps__
31,741
28,473
34,298
33,804
Oper. profit for period
$374,350
$115,267
3,098
3,952
$66,058
3,753
$377,448
$119,219
$69,811
$245,392
15,281
Total
37,264
19,581
71,639
128,078
1,993
80,400
7,051
70,893
129,249
9,515
125,318
22,055
73,990
131,146
26,433
disct.,
Prov. for doubtful accts.
Interest
1st mtge.
on
7s.
Depreciation
Loss
& inv. sold
Exps. in connection with
obtaining
assent
of
bondholders to plan.
on
prop.
_
Prov. for Mex. inc. tax.
Net profit
67",276
128,565
9,165
142, p. 308.
Radio Corp. of
America—Revamping Shortly—
Following the regular meeting of the board of directors held Jan. 24,
David Sarnoff, President, announced that the directors have received from
Joseph P. Kennedy a report of his study of the problems relating to the
company's capital structure, together with his recommendations.
The
directors will meet at an early date for full consideration of this subject.
—V. 142, p. 135.
«
Period End. Nov.
1935—Month—1934
1935—11 Mos.—1934
revs. & income...$11,917,325 $11,099,712 $128084,968 $121197,345
Operating expenses
7,380.293
6,722,212 x76,881,562
71,479,550
Express taxes
123,937
126,967
1,415,306
1,391,503
Int. & disc't on fund. dt.
144,353
145,278
1,598,216
1,592,889
Other deductions
1,134
5,328
29,610
j
48,637
Total
$238,514
6,878
Other income credits
9,400
20,300
11,100
1,200
11,400
1,100
1,300
7,700
1,400
2,900
5,700
6,500
6,800
Railway Express Agency, Inc.—Earnings1933
$638,398
494,658
$1,149,852
743,761
11,800
Consolidated Gas Co. of New York..
United Gas Improvement
(& Subs.)—Earning
1935
Sales
Co
Liggett & Myers'Tobacco Co
R. J. Reynolds Tobacco Co
Decrease
15,100
24,400
9,100
29,300
21,200
7,700
14,700
15,100
26,800
17,900
1932
From Jan. 1—
profit
Bank int. (net),
exchange, &c.
Tobacco Co
15
1935
1936
13,900
13,000
8,000
28,000
13,500
6,300
Borden
$47,023
6,516
7,358
Gross from railway
Net from railway
Oct.
Jan.15
Company—
1933
1934
1935
December—
administrative
Quarter
Quarterly Income Shares, Inc., a group investment supervised by Admin¬
& Research Corp., reports net assets at closing quotations ot
$38,187,006 for the quarter ended Jan. 15 1936 in the report being mailed
to stockholders to-day.
This compares with $36,358,723 as of Oct. 15
1935, or an increase of $1,828,282, without making allowance for the tax
reserve of $2,211,530 against unrealized appreciation.
The value of investments, based on closing market quotations, was
$40,326,337 against a cost of $29,311,207.
The per share liquidating value
of the 25,517,933 shares outstanding on Jan. 15 was $1.4965 per share, as
compared with $1.4248 on Oct. 15 and $1.1791 per share on Jan. 15 1935.
During the past quarter the following additions were made to the Fund s
holdings:
No. of Shares
No. of Shares
Amer. Rad. & Stand. San
4,900 Sears, Roebuck & Co
1,700
Amer. Smelt. & Refg. Co
Western Union Telegraph Co—1.700
2,000
Pennsylvania RR
3,500 Westinghouse Elec. & Mfg. Co. 1,200
Pittsburgh & Shawmut RR.—-Earnings.—
Net from railway
Net after rents
-Assets During
1936
istrative
142, p. 469.
—V. 142, p.
1
Show Increase—
Distribution of Securities
such
Feb.
Chronicle
Rail transp. rev. (pay¬
ments to rail & other
carriers—express
privileges)
$4,267,608
$4,099,927 x$48,160.274 $46,684,766
1935, accruals
during August to December 1934, incl., covering carrier contribution
under Railroad Retirement Act.
Similar accruals for January to March
1935, amounting to $613,074 also reversed in April 1935 are excluded.—V
142, p. 135.
x
Includes credit of $1,023,725 due to reversing in April
made
(C. A.) Reed Co.—Earnings—
2,028
15,176
Earnings for 6 Months Ended Oct. 31 1935
Net income after taxes and other charges
$139,956 loss$139,335 loss$227,296 loss$133,549
$45,431
$0.19
Earnings per share on class B shares outstanding
—Y. 140, p. 3229.
Consolidated Balance Sheet Oct. 31
1935
Assets—
Cash
Accts. receivable..
Bills
receivable.
1934
$48,680
1,281
114,475
$49,054
10,716
95,333
50,736
3,244
10.228
to Colonos.
33,990
Due from officers.
4,732
4,253
Advs.
Due for sugsrs sold
Alcohol
on
Liabilities—
hand for
acct. of buyers.
.
Rum in process
Drug store invent'y
Bills
payable..-
Interest accrued
185,305
z50
Investments
1,981
62,389
169,464
47,050
1,981
xLand, bldgs., ma¬
3,489,235
chinery, &c
Deferred charges..
62,756
After
15,155
3,569,730
y
Preferred stock,
Common stock..
Capital surplus
y
Deficit
30,479
1,930
73,687
24,861
Total
950,000
215,450
1,067,200
1,885,169
391,488
1,047,000
175,455
1,067,200
1,865,769
566,250
...$4,030,520 $4,131,116
for
Pressed Steel Car
Co.—Objections to Plan—
Objections to the plan of reorganization as proposed by General American
Transportation Corp. interests and ordered by the Federal District Court
to be presented by security holders for approval have been incorporated
in a letter sent to bondholders by R. H. Lee Martin, Vice-Chairman of the
bondholders protective committee of which Jacques Cohen is Chairman.
The letter maintains that the plan "is a thinly disguised, straight pur¬
chase, by means of which General American Transportation obtains control
of the company by putting up a mere $1,750,000, which sum they can recoup
by redeeming the preferred stock they subscribe for at any time, even
though the bonds are still unpaid."
It is further objected that the type of new bonds which present holders
would get would be unsatisfactory and are really nothing more than a non¬
voting, non-convertible 15-year preferred stock with no fixed interest rate
for the first two years.
The committee states that it will
appeal from the Court order under which
the plan was sent out and that its opposition to the plan will be continued.
The preferred stockholders' protective committee, of which John F.
Gilchrist is Chairman, is also opposed to the General American plan and
will take active steps to prevent
its consummation, according to Milton C.
Zaidenberg, a member of the committee.—V. 142, p. 634.
Public Service Co. of Oklahoma—New
on
covering the new debentures and common stock reserved for the exercise
purchase warrants, under the Federal Securities Act of 1933,
amended, has not become effective prior to the meeting of holders of
old debentures at which
Financing—
The company
has filed a registration statement with the Securities and
Exchange Commission, covering $16,000,000 4% first mortgage bonds,
series A, due 1966, and $2,000,000 of 4% serial debentures, due serially
Feb. 1 1937, to Feb. 1 1946.
The company also filed a declaration covering
the issues under the Public Utility Holding Company Act.
According to the registration statement the net proceeds from the sale
of the bonds and debentures, together with treasury funds, are to be
applied as follows:
$4,778,002 for the redemption, on or before April 1
1936, of $4,575,900 of first mortgage 5% gold bonds, series C, due Sept. 1
1961, at 104% and int. $15,033,326 for redemption, on or before April 1
1936, of $14,306,100 first mortgage 5% gold bonds, series D, due May 1
1957, at 103% and interest.
The principal underwriters are Field, Glore & Co., Halsey, Stuart & Co.,
Inc., A. G. Becker Co. and Harris, Hall & Co., Inc., all of Chicago.
(For further details see under "Current Events and Discussions" on a pre¬
ceding page.)
The company and subsidiaries report for the 10 months ended Oct. 31
1935, net income of $740,145 after interest, depreciation and Federal
taxes.
Total operating revenues were $6,048,610.—V. 141, p. 3237.
consent to the issuance of the new debentures is
given.
This
61,192
.$4,030,520 $4,131,1161
reserve
Feb. 21 this plan of exchange will become effective
of the stock
depreciation of $894,802 in 1935 and $801,689 in
1934.
y Snares of $5 par value,
z Company's own common stock, 50
shares, at less than cost.—V. 140, p. 647.
x
on
as
crecits..
1st mtge. 7% sink.
fund gold bonds
given
March 2 and interest will be adjusted as of such date.
The plan of exchange will not become operative if a registration statement,
on
mortgage bondsDeferred
71,182
Co.'s bonds &stks.
Total
consent is
11,778
Mat'd int. coupons
534 % debentures, series A, due May 1 1947, will vote
basis for
630
than bonds
The holders of the
Feb. 21 on accepting an offer to exchange their holdings on a par for par
a new issue of 4 }4. % debentures due March 1 1956,
If the requisite
1,435
notes
1,435
Holders of
for New 434s—
coupons
income
Rand,
Inc.-—To Vote Refunding Issue—
$20,000,000 53^% Debentures Asked to Exchange
Remington
28,891
Accrued int. other
plies on hand &
cane
24,526
accrued accts
Materials and sup¬
Growing
$388,091
26,412
Unpresent bond int
1,055
8,019
2,089
interest coupons
transit
1934
$207,028
11,227
payable
Accts. payable and
6%
Spec. dep. for bond
in
1935
Bank loans
offer
of exchange
expires at the close of business on March 10.
Upon the registration statement under the Federal Securities Act, as
amended, becoming effective, the new debentures not absorbed by this
plan of exchange will be offered at par plus a premium of 4% and accrued
interest, first, to the common stockholders, subject to allotment, and
thereafter to the public.
The proceeds from the sale of such new deben¬
tures will be used to redeem old debentures not exchanged under this plan
and for other corporate purposes.
Debenture holders accepting this
debentures with
offer of exchange must deposit their
120 Broadway.
Marine Midland Trust Co.,
A summary of some of the provisions of the proposed trust agreement to
be entered into between the corporation and Chase National Bank, New
York, to be dated March 2 1936, and due March 1 1956, follows:
Aggregate principal amount, $20,000,000.
Interest at 4}4 % per annum,
payable semi-annually on M. & S., without deduction for normal Federal
income tax not exceeding 2%.
Denoms. of $100, $500 and $1,000.
Red.
in part on any int. payment date and as a whole at any time on 30 days'
notice at 105 on or before March 1 1941, or at 104 after March 1 1941,
and on or before March 1 1946, or at 103 after March 1 1946 and on or before
March 1 1951, or at 102 after March 1 1951, and on or before Sept. 1 1954,
10034 after Sept. 1 1954, together with accrued int. in each case.
Semi-annual sinking fund payments to retire, by redemption at prices
specified above, 3-5ths of entire issue prior to maturitybeginning with $95,000 on March 1 1937, and increasing periodically to $472,500 on Sept. 1
1955, to be made to trustee.
Sinking fund payments shall be reduced in
any year by amount of sinking fund payments, if any, made by corporation
under trust agreement, dated May 2 1927.
Debentures acquired by cor¬
poration may be used by it to make sinking fund payments.
Corporation will, upon the conditions, within the time and in the manner
set forth in the trust agreement, reimburse to owners of debentures, resident
in the respective States, the amounts of the following taxes which
may
be paid with respect to debentures or the income thereof: The Pennsylvania
personal property tax to the extent of five mills per annum securities taxes
in Maryland, not exceeding in the aggregate 45 cents on each $100 of the
or
assessed value thereof in any year; any personal property or exemption tax
Connecticut, not exceeding 4-10ths of 1% on the face amount thereof
in any year; any property tax in California, not exceeding 4-10ths of
1%
of the full cash value thereof in any year; any intangible
personal
in
property
tax in the District of
Columbia, not exceeding 5-JOths of 1 % of the assessed
exceeding
6% of the interest thereon in any year.
Register able as to principal only.
Transferable by delivery unless
registered.
Principal and interest payable at principal trust office of the Chase
National Bank of the City of New York.
value thereof in any year, and any Massachusetts income
tax, not
Stock
Purchase
Warrants—New
debentures
will
have
stock
purchase
warrants attached
entitling the holder to purchase common stock in the ratio
of 15 shares for each $1,000 of debentures
during a period of eight years
at prices as follows: (a) $25 a share on or before March 1
a
share thereafter and
and
on or
March
1938; (b) $27.50
on or
before March 1
before March 1 1939; (c) $30 a share thereafter
a share thereafter and on or before
1940; (d) $32.50
1
1941; (e) $35 a share thereafter and on or before March 1 1942;
(f) $37.50 a share thereafter and on or before March 1 1943; (g) $40 a share
thereafter and on or before March 1 1944.
shares
Registers $20,000,000 of New Debentures with SEC—The company has
a
registration statement under the Securities Act of 1933 for the
issuance of $20,000,000 of 20-year 434
% debentures, due on March 1 1956,
with stock-purchase warrants attached.
The company also applied for
issuance of 300,000 shares of common stock to be reserved for
the exercise
York Stock Exchange
of the warrants.—V. 142, p. 634.
filed
Pure Oil
Co.—Listing of Deposit Receipts—
Deposit receipts for 6% cum. pref. shares ($100 par) and 8% cum. pref.
($100 par) (plan A and plan B) have been admitted to the New
list.
See also V. 142, p. 470
Financial
Volume 142
Republic Steel Corp.—$45,000,000 Bonds Offered—Re¬
financing of practically the balance of the underlying debt of
the subsidiaries of the corporation, the country's third largest
effecting the elimination of higher interest
bearing underlying bonds of such subsidiaries and thereby
permitting the subjection of these properties to the direct
lien of the parent company's general mortgage, was accom¬
plished Jan. 29 when Kuhn, Loeb & Co. and Field, Glore &
Co. offered $45,000,000 general mortgage 43^% bonds,
series B, due Feb. 1 1961.
The bonds were offered at 100%
steel company,
and accrued interest.
Consummation of this refunding program will
a
result in
charges and the re¬
Trumbull Cliffs Furnace Co. 6% preferred
saving of $295,642 in annual interest
tirement of the
stock, which is guaranteed as to dividends and redemption
by the Republic Steel Corp.
The following is from a prospectus dated Jan. 29:
Feb. 11961; interest payable F. & A. 1. Corpora¬
tion agrees to reimburse to the owners resident in the respective States,
upon application the following taxes paid with respect to these bonds or the
interest thereon: any personal property taxes in Ohio, not exceeding 5%
of the interest thereon in any year; any personal property taxes in Penn.,
not exceeding five mills on each dollar of assessed value thereof in any
year; any securities or personal property taxes in Maryland, not exceeding
in the aggregate 45 cents on each $100 of the assessed value thereof in any
year; any personal property or exemption tax in Conn, not exceeding 4-10ths
of 1 % of the face amount thereof in any year; and any tax in Mass. assessed
or measured on income, not exceeding 6% of the interest thereon in any
year.
Coupon bonds in denom. of $500 and $1,000, register able as to prin¬
cipal, and registered bonds without coupons in denom. of $1,000 and
authorized multiples thereof.
Principal and int. payable in New York City.
Chemical Bank & Trust Co. (New York) and Howard B. Smith, trustees.
The series B bonds will be entitled to the benefit of a cumulative annual
Dated Feb. 1 1936; due
sinking fund, payable on Feb. 1 1937 and on Feb. 1 in each year thereafter
to and incl. Feb. 1 1941, in an annual amount equal to 2 A % of the maximum
Principal each year to and incl. Feb. at 1946,time issued, and thereafter on
'eb. 1 in amount of series B bonds
1 any in an annual amount equal to
2H% of such maximum principal amount, and on each Feb. 1 thereafter
in an annual amount equal to 2% of such maximum principal amount.
The sinking fund will be payable in cash or in bonds at their principal
amount, at the corporation's option, any cash so paid to be applied to the
purchase of series B bonds at not exceeding the following prices, or to their
redemption by lot, upon six weeks' published notice, at the principal
amount thereof, plus accrued interest, together with a premium of 2A%
if red. on or before Jan. 31 1941; 2% thereafter and on or before Feb. 1
1946; 1A% thereafter and on or before Feb. 1 1951; 1% thereafter and
on or before Feb.
1 1956; % % thereafter and on or before Feb. 1 1958;
A% thereafter and on or before Feb. 1 1959; H% thereafter and on or
beiore Feb. 1 1960; thereafter without premium.
Series B bonds will be redeemable at the option of the corporation
(otherwise than for the sinking fund), at any time after Jan. 31 1941, as a
whole, and, on any int. date after Jan. 31 1941, in part in principal amounts
of $5,000,000 or any multiple thereof, in either case upon six weeks' pub¬
lished notice, at the principal amount thereof, plus accrued interest, together
with a premium of 4% if red. on or before Feb. 1 1946; 3% thereafter and
on or before Feb.
1 1951; 2% thereafter and on or before Feb. 1 1956;
1A% thereafter and on or before Feb. 1 1958; 1% thereafter and on or
before Feb. 1 1959; A % thereafter and on or before Feb. 1 1960; thereaft
without premium.
j
Listing—Corporation has made application for the listing of these bonds
on the New York Stock Exchange and their registration under the Securi¬
ties Exchange Act of 1934.
of steel for the automobile industry
proceeds to be received by the corporation from the
after deducting estimated expenses (other than
Republic Iron &
Steel
certain divisions of its business
(Further details in V. 141, p. 1780.)
subsidiaries.
conducted through
are
Funded Debt and
Capitalization
[Upon completion of the refunding program
Outstanding
1 1941
due Nov.
*2,657,900
Brown Ir«n Co. 1st & ref. mtge.
serial gold 5% bonds due in approx. equal
(which are a lien on the property of Sus¬
annual instalments to Jan. 1 1940
quehanna Ore Co., 50% of the stock of which is owned by the corporation).
The above tabulation does not include miscellaneous real estate mortgages
of two subsidiaries aggregating $102,385.
x As of Jan.
22 1936, $741,852 was on deposit with the trustee of the
mortgage securing these bonds to be applied to the purchase of bonds at
not exceeding 107 A and int., or to the payment of bonds at maturity.
Underwriters—The
amounts
name
underwritten are
of each principal underwriter
as follows:
Kuhn, Loeb & Co., New York
Field, Glore & Co., New York..
Otis & Co., Cleveland—
Mellon Securities Co.,
1,250,000
Pittsburgh
York.
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
400,000
400,000
400,000
400,000
400,000
350,000
150,000
11 Mos.End.
Years Ended Dec. 311932
Nov. 30 '35.
1934
1933
..$122,453,320 $96,824,857 $79,807,199 $47,604,636
Cost of product sold and
oper. expenses of nonmanufacturing subs.. 99,547,172
81,522,103 66,569,643 42,299,989
Period—
.
$22,906,148 $15,302,754 $13,237,556
profit
6,704,607
5,454,671
"5,577,536
305,366
7,442,390
532,301
7,839,465
795,455
7,610,502
478,097
',510,832
308,014
131,939
12,246
267,735
135,102
33,066
323,431
188,026
236,900
'231,264
$7,783,526
855,220
$209,524
723,954
$11345291oss$8729979
1,303,807
1,736,866
$8,638,746
2,925,484
934,383
and accounts
Deprec., depl. & amort.
(other than Fed¬
eral income taxes)
$514,430
2,872,073
1,093,428
8,356
$169,277 loss$6993113
2,963,152
3,117,179
1,255,378
1,150,903
Taxes
Rents
Royalties
Profit
Other income
...
Total income
Interest
on
funded debt.
Other income deductions
663,380
Prov. for Fed. inc. taxes
$4,115,498loss$34594281oss$40492531oss$11261195
Net income
Net loss applic. to min.
int. of Newton St. Co.
A ss cts
102A%
4,070,275.00
-May 1 1936
Co.,
105%
1936
103 %
26,004
$4,141,502 df$3459,428 df$4049,253 df$11261195
profit
Consolidated Balance Sheet Nov. 30 1935
102 A %
583,800
821,940.00
2,761,350.00
105%
1,362,375.00
105%
be paid on or before March 31 1936.
(c) $1,844,500 will be paid out to reimburse the corporation for 50%
of the cost of acquisition of $3,689,000 debentures of Trumbull-Cliffs
Furnace Co., a subsidiary, which will be purchased by the corporation from
Trumbull-Cliffs Furnace Co. at the principal amount thereof and accrued
interest and pledged under the general mortgage.
The Trumbull-Cliffs
Furnace Co. will apply the proceeds of the sale of such debentures to
redeem, at 102 and divs., the 36,164 outstanding shares (par $100) pref.
stock, which are guaranteed as to dividends and redemption by the
corporation.
(d) $4,997,500 will be paid out to reimburse the corporation for capital
expenditures made or to be made after Sept. 1 1935.
It is estimated that
approximately $1,600,000 of the foregoing amount will be used to reim¬
burse the corporation to the extent of 70% of capital expenditures made by
it between Sept. 1 1935, and Dec. 31 1935, for the construction of addi¬
tions, betterments and improvements to the plants and works of the
Liabilities—
Cash on deposit
a
(demand).
acceptances and
accounts receiv. (trade)..
Accounts
$15,746,910
Other current assets
Other assets
Funded debt
d
Business—Corporation was incorp. with name Republic
May 3 1899, under the general corporation law of New
In 1930, when Berger Manufacturing Co. was merged with the
corporation and the corporation acquired the assets of Bourne-Fuller Co.,
Donner Steel Co., Inc., and Central Alloy Steel Corp., the name was
changed to Republic Steel Corp.
In September 1935 (pursuant to its plan of acquisition and recapitaliza¬
tion V. 139, p. 1414,1561) the corporation acquired the properties and assets
of Corrigan, McKinney Steel Co. and control of Newton Steel Co., and, in
October 1935, acquired control of Truscon Steel Co.
The corporation ranks as the third largest steel company in the United
States with an annual ingot capacity of approximately 6,053,000 tons.
It is engaged in the manufacture and sale of a diversified line of iron and
steel products.
The products of the corporation include pig iron, semi¬
finished steel, alloy steels, special steels, billets, bars, pipe, not and cold
rolled sheets and strip, tin and terne plate, bolts and nuts, fabricated
material and other products.
It is a leading manufacturer of alloy steels,
ncluding stainless steel and high tensile steels, and is an important producer
Iron & Steel Co. on
Jersey.
cum.
pref. stock of
Furnace
3,776,400
Co
2,195,607
548,712
Minority interest
Prior
preference,
conv.
6%
cum.
series A stock
6% cum. conv. pref stock..
e
Common stock
Paid-in and (or) capital surp.
amount, which note is to
corporation.
History and
6%
Trumbull-Cliffs
201,881,024
equipment, &c
Deferred charges
2.731,307
816,721.
715,689
78,238,248
10,493,402
Reserves
1,822,200
-
mach.,
plants,
Property,
State and
local taxes
12,168,335
44,340,519 Accrued interest
Other current liabilities....
1,293,962
17,808,594
Investm., advances, &c
$7,124,449
payable
Accrued Federal,
Notes,
b Inventories
c
5,512,500.00
(b) $2,000,000 will be paid out against delivery to the corporate trustee,
canceled or for cancellation, of the $2,000,000 general mortgage convertible
4A% bonds, series A, of the corporation presently pledged to secure a
5% note of the corporation to Pioneer Steamship Co. for a like principal
July 1 1936
>,304,647
6.922,666
Prov. for doubtful notes
4,449,252.50
6s
2,000,000
2,000,000
1,250,000
Net sales.
101A%
-Aug. 1
2,000,000
2,000,000
2,000,000
Comparative Income Account
Net
6s
8,000,000
3,000,000
2,500,000
—
Hayden, Miller & Co., Cleveland
Kidder, Peabody & Co., New York...
Lazard Freres & Co., Inc., New YorkLee Higginson Corp., New York
E. H. Rollins & Sons, Inc., New York.
J. & W. Seligman & Co., New York...
Speyer & Co., New York.___.-_;
Dean Witter & Co., San Francisco....
Bancamerica-Blair Corp., New York..
A. G. Becker & Co., New York—
W. E. Hutton & Co., New York
Lawrence Stern & Co., Inc., Chicago..
White, Weld & Co., New York
G. M.-P. Murphy & Co., New York..
Harriman & Keech, New York
—
8,737,510.00
1st
.$12,000,000
— —
—
Goldman, Sachs & Co., New
101%
Inc.
and the respective
_...
Hayden, Stone & Co., New York
—:
Brown Harriman & Co., Inc., New York
______—
Emanuel & Co., New York.-_.__,.
—
First Boston Corp., New York
Ladenburg, Thalmann & Co., New York...
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
Blyth & Co., Inc., New York-.___.__
$6,569,850.00
$2,694,000 Steel & Tubes, Inc. 6s.-Mar. 1 1936
$1,297,500 Trumbull-Cliffs Furnace
Co. 6s
Mar. 151936
$5,250,000 Union Drawn Steel Co.
^
24,000,000
45,000,000
$100) 263,785.5 shs.
152,520 shs.
4,000,952.2 shs.
Note—The above tabulation does not include the contingent liability of
the corporation to provide 50% of interest, maturing principal and premium
of 2A% and sinking fund requirements in respect of $842,000 of Rogers
105%
6s.
$15,361,000
'
Republic Steel Corp. Gen. Mtge. bonds—
Series A, convertible, 4A%, due Sept. 1 1950
Series B, 4A%, due Feb. 1 1961
6% cumul. conv. prior preference stock, ser. A (par
6% cumulative convertible pref. stock (par $100)
Common stock (no par)
Co. 10-30 year 5s
Apr. 1 1936
$8,651,000 Trumbull Steel Co. 15year 1st mtge. 6s
_-May 1 1936
$4,383,500 Interstate Iron & Steel
Co. 1st mortgage series A and
series B 5A*
May 1 1936
$3,971,000 Donner Steel Co., Inc.
1st ref. series AA and series A 7sJuly 1 1936
$556,000 Witherow Steel Corp. 1st
$798,000 Dilworth, Porter &
contemplated]
Republic Steel Corp. purchase money 1st mtge. convertible
5 A % bonds, due Nov. 1 1954
Central Steel Co. 8% 1st mtge. sinking fund gold bonds,
sale of the series B bonds,
$6,257,000
The
operating company, but
tion is primarily an
Sell., gen. & adm. exps.
premiums and other expenses in connection with the redemption of the
underlying bonds mentioned below) will be $43,492,100, exclusive of
accrued interest.
The corporation intends to deposit such net proceeds,
together with a sum from its treasury funds sufficient to make a total of
$43,710,853, with the corporate trustee under the general mortgage, to be
paid out from time to time by such corporate trustee in the following
amounts, for the following purposes:
(a) $34,868,853 thereof will be paid out in respect of the redemption of
the $33,858,000 underlying bonds specified below on the following redemp¬
tion dates, at the following redemption prices (exclusive of accrued interest,
to be supplied in each case from treasury funds) in amounts equal to the
respective costs of redemption specified below:
Redemption
Redemption
Cost of
Date
Price
Redemption
and of electrically welded pipe.
corporation presently obtains from its own mines and from those of com¬
panies in which it has an interest more than two-thirds of its requirements
of iron ore and more than half of its requirements of coal.
The corpora¬
Gross
Purpose of Issue and Application of Proceeds
The estimated net
797
Chronicle
Deficit
$297,257,1521
Total
26,378,550
15,252,000
91,605,956
61,688,609
2,012,895
$297,257,152
Total
b After reserve of $446,478.
c After
reserve for depreciation and depletion of $116,454,070 and reserves for
revaluation of $28,316,266.
d Excluding 2,445 shs. in its treasury, corpora¬
tion has assumed responsibility for devidends and retirement by Dec. 31
1944.
e Represented by 4,000,952 shares, no par, exclusive of 382 shares
in treasury of corporation and 834 shares in treasury of subsidiary Con¬
a
of $2,346,435.
After reserve
solidated.—V.
142, p. 634.
Richmond Fredericksburg & Potomac RR,— ■Earnings.
1934
1935
December—
Gross from
$623,077
168,281
railway
Net from railway
Net after rents
91,051
1932
1933
$577,219
172,167
132,196
$482,978
51,689
defl0,858
$549,894
202,518
158,814
6,128,701
1,116,333
443,987
5,885,276
1,232,740
393,220
6,306,559
1,374,620
564,255
From Jan. 1—
6,507,586
1,100,071
Gross from railway
Net from railway
Net after rents.
375,857
_,
—V. 141, p. 4176.
Rima Steel
Corp.—Interest—
coupon due Feb.
1 1936 from the 7% closed 1st mtge.
sinking fund gold bonds, due 1955, will be paid on that date at
of 5% per annum, in pengoes, in Hungary.—Y. 141, p. 3237.
The
Rose's
The
5, 10 & 25-Cent Stores, Inc.—Extra Dividend—
directors
addition
to
the
have
declared
an
extra
dividend of $1.50 per share in
share on the
regular quarterly dividend of 50 cents per
stock, par $5, both payable Feb. 1 to holders
An extra dividend of $1 per share was distributed on
common
142, p. 309.
30-year
the rate
of record Jan. 20.
Feb. 2 1935.—V.
798
Financial
Rutland
RR.—Earnings.—
December—
Gross from
$248,296
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1932
$249,222
16,179
8,699
$247,897
1,690
20,388
$270,621
23,683
15,976
3,248,406
176,729
defl3,810
3,386,806
360,552
286,750
3,870,106
506,606
306,711
4,401
defl2,850
3,213,312
Net from railway
Net after rents..
1933
1934
1935
85,433
defl38,481
—V. 142, p. 471.
St. Louis Brownsville & Mexico R
December—
1935
Gross from
Net from
railway
railway
Net after rents
From Jan 1—
Gross from railway
Net from
Net
19i
railway
,
after rents
1932
rl
44,816
152,313
128,783
$345,902
100,622
66,653
4,579,167
1,296,574
713,990
4,500,228
903,796
428,509
$348,377
91,679
3,938,899
1,157,398
605,438
4,760,953
1,767,832
1,118,532
$395,045
51,256
7,482
—V. 142, p. 136.
St. Louis-San Francisco Ry.
System—Earnings—
Total income
_
50% leaves only
$242,939
6,714
_
Bal. avail, for int, &c.
def$94,881
1,579
$1,558,281
81,934
$2,622,340
69,976
$236,224
def$96,460
$1,476,346
$2,552,363
Earnings of
December—
1935
Gross from railway.
Net from railway
1933
$2,936,042
91,339
$3,438,634
433,003
1932
321,735
def49,290
40,545,500
4,865,449
2,045,514
Net after rents.
$3,014,054
353,002
126,484
40,043,864
6/220,541
2,934,814
38,731,160
7,025,742
3,381,153
40,712,215
8,250,694
4,050,973
From Jan. 1—
Gross from railway
Net from railway
Net after rents
December—
Ry..—Earnings.—
1935
after rents
1934
1933
$82,919
def45,875
def73,548
Gross from railway
Net from railway
$60,275
def30,112
def58,614
$78,807
defl3,627
def39,559
1932
$83,993
def22,389
def52,269
From Jan 1—
Gross from railway
Net from railway
11,091,485
defl62,948
def503,422
Net after rents
936,703
defl81,794
def531,632
1,062,161
13,356
def354,114
1,046,184
def53,301
def449,275
—V. 142, p. 136.
$2,794,128
$2,083,792
2,162,071
579,114
2,050,678
507,680
1,888,798
1,951,293
421,293
506,373
Net prof, on operat'ns $2,989,801
Other income
6,373
$1,489,044
6,929
$484,036 def$373,876
34,127
12,740
$1,495,973
82,975
$496,776 def$339,749
86,422
84,168
21,989
538,747
service
expenses
Admin. & general exps...
Total profit
$2,996,174
75,384
39,088
Extraordinary deduct'nsi
z266,000
Interest
for
doubtfulI.
Provision for
excess
150,871
17,667
395,500
66,977
3,295
72,120
4,151
275,000
34,627
71,495
2,565
275,000
60,000
,
fac¬
tory overhead
Prov. for Federal taxes.
_
Net prof, for period-.y$2,lll,517
Preferred dividends
48,524
Common dividends
222,678
1,781,426
$1.16
per share
Extraordinary deductions
y$521,518ydef$493,399ydef$777,443
a97,048
-
1,736,426
1,761,426
1,766,426
$0.26
Ni
Nil
follows: Provision made April 30 1934 and
used in liquidation of inventories of obsolete and discontinued products,
$500,000; provision for future warranty service, $100,000, and provisions
for cost of collecting instalment accounts, $35,000.
y Charges for depre¬
ciation for 1935 amounted to $340,641; $271,153 in 1934, $303,604 in 1933
and $282,217 in 1932.
z Provision for service on discontinued lines and
for contingencies,
a Dividends for 1933 and 1934.
as
Notes,
1935
$
Plant & property
Cash
Liabilities—fi
from ry. opers.
Net ry. oper. income
Non-operating income.
_
1935—12 Mos.—1934
$961,927 $15,742,227 $14,125,660
151,403
5,006,494
4,234,511
9,521
2,644,318
1,958,645
5,177
78,595
86,936
$1,423,994
499,327
350,493
6,687
stock-
1,794,061
Accounts payable-
366,731
534,564
3,960,464
b Common
809,077
2,827,945
487,218
1,607,243
41,980
88,625
Pref. divs. payable
Def'd cred. to inc.
53,329
79,792
1
ac¬
Accruals
& ac¬
ceptances
Inventories
•?
1st mtge.
1
trade
7%
Deposits & sundry
Prov.
for
come
Fed.
693,200
1,779,061
351,384
295,107
in¬
395,500
taxes..
65,488
97,048
66,018
52,744
5% gold
bonds, due 1948
1,507,670
1,507,670
Res. for conting..
262,692
250,000
266,604
Capital surplus... 4,086,140
Earned surplus... 2,180,954
_
234,809
Other
receivables
4,011,140
reserves
Reserved
1935—Month—1934
revenues.
$
693,200
3,574,356
5,500,930
counts receiv'le.
1934
pref. stock...
3,753,684
.
Patents, &c
Ratified—
1934
1935
Assets—
Earnings of System
Period End. Dec. 31—
rev.
27,942
x635,000
.
accounts, &c
Loss on sale of cap. assetsi
Idle plant expenses
The Interstate Commerce Commission has ratified the appointment of
Berryman Henwood as trustee.
Net
1932
1933
1934
1935
$4,047,402
Deferred charges.
St. Louis Southwestern Ry .-—Trustee
for
Treasury
12,986,945
9,797,698
340,639
war¬
ranty service...
Total
100,000
627,241
250,248
Drl2,635
Prl2,635
12,986,945
9,797,698
stock...
Total
b Represented by shares of $1 par value.—V. 142, p. 635.
Gross income.
.359,180
273,264
Deductions
Net income
$85,916
$14,698
282,974
$2,722,914
3,178,109
$2,045,582
3.191,018
def$268.275 def$455,195 def$1145436
—V. 142, p. 634.
—Third
Period—
Week
.
$298,979
Net
after rents
....
From Jan 1—
Gross from railway..
Net from railway...
...
Net after rents
...
$911,900
$804,222
1934
1933
1932
$87,721
18,599
def4,908
$72,211
11,719
def7,173
$86,009
23,786
defl,294
$64,148
10,108
defl2,780
889,625
def25,752
def319,135
1,048,269'
318,529
34,040
775,863
155,268
defl24,865
950,578
225,293
defll3,504
—V. 142, p. 136.
San
1935
Gross from railway..
1934
1933
1932
$26,337
defl9,827
def24,394
$25,256
def21,670
def22,297
$28,316
defl0,858
def9,876
$14,038
defl86,480
defl90,483
436,497
def66,352
def74,229
424,549
def50,893
def61,946
360,179
def428,603
def472,342
From Jan. 1—
railway..
—Y. 142, p. 136.
.
Savage Arms Corp. (& Subs.)—EarningsYears End. Dec. 31—
1934
1935
Net profit after deprec.,
taxes, &c
Earns, per sh. on 167,715
$101,549
shs. (no par) com.stk.
$0.54
1933
1932
$27,468 loss$236,326 loss$349,374
$0.10
Nil
Nil
141, p. 2903.
Scotten Dillon
Co.—Larger Dividend—
haVe declared a dividend of 50 cents per share on the
stock, par $10, payable Feb. 16 to holders of record Feb. 6. This
compares with 30 cents paid in each of the three previous quarters; 50 cents
on Feb. 15 1935; 30 cents on Nov.
15, Aug. 15 and Feb. 15 1934; 40 cents on
Feb. 15 1934, and 30 cents per share paid in each
quarter of 1933.
An
extra dividend of 30 cents per share was
paid on Feb. 15 1933.—Y. 140, p.
directors
common
2719.
Seaboard Air Line Ry.—Earnings.—
December—
1935
Gross from
railway
Net from railway
1934
1933
1932
$3,118,676
290,741
172,774
$2,963,610
483,153
244,108
$2,786,321
569,360
337,931
$2,652,929
378,235
128,028
33,944,811
4,550,787
Net after rents
33,861,442
5,046,710
1,631,913
31,549,557
5,739.485
2,622,093
30,740,335
3,353,481
208,830
From Jan. 1—
Gross from
railway
Net from railway.
Net after rents
1,501,943
—V. 142, p. 634.
Seeman
Bros., Inc.—Earnings-—
1935—3 Mos—1934
1935—6 Mos.—1934
profit after charges
and Federal taxes
$91,886
$92,632
$201,398
$215,429
Earns, persh. on 108,000
(no par)shs .com .stock
$0.85
$0.85
$1.86
$1.99
The net profit for the December quarter of 1935 has been arrived at
after giving effect to the drawing down of a quarter of the reserve for
advertising and sales promotion setup out of last year's earnings and shown
on the annual statement to stockholders for the year ended June 30
1935,
of adequate reserves against inventory depreciation
during the current year, in accordance with the company's usual policy.
—V. 141, p. 4025.
and to the setting up
Scott Paper
Co .—To Vote
on
Stock Increase—
The stockholders will vote March 27 on
ized capital stock
Co.,
Cleveland,
has
Reofferedy—
purchased from
the Michigan
Trust Co.,
to 4.45%, according to maturity.
These debentures do not constitute new financing by Simmons Co.,
but were already outstanding, having been issued in an original amount of
$700,000 together with cash in settlement of litigation arising out of the
Simmons Co. operation of the Berkey & Gay Furniture Co.—V. 142, p. 310.
revenues
Uncollectible oper. rev..
Operating expenses
Operating taxes..
Net operating income.
Co.—Earnings
1935— Month—1934
$4,596,702
14,259
3,062,054
582,636
$937,753
1935—12 Mos.—1934
$4,341,428 $52,753,982 $50,028,356
5,793
227,573
187,001
2,883,224
35,188,248
33,812,608
525,202
6,505,800
6.066,862
$927,209 $10,832,361
$9,961,885
-V. 142, p. 137.
Skelly Oil Co.—Two Issues Aggregating $12,000,000
Offered—A $12,000,000 financing operation for the company,
to provide for refunding and additional
working capital,
was carried out Jan. 27 with the
public offering of $3,000,000
serial notes, due 1937-1941, and $9,000,000 4% debentures,
due 1951, through an underwriting group headed by Dillon,
Read & Co.
The notes, maturing serially at the rate of
$600,000 annually and bearing interest rates of 1 lA% to 3%,
were
priced at 100, and the debentures at 98%.
Other
members of the underwriting group are Lehman Brothers,
the First Boston Corp., Halsey, Stuart & Co., Inc., Shields
& Co., Hemphill, Noyes & Co., Riter & Co. and
Kuhn, Loeb
& Co.
The issues have been oversubscribed.
dated Jan. 27 affords the following:
A prospectus
Listing—Company has agreed to procure the permanent listing of the
4 % debentures on the New York Stock Exchange and the registration thereof
under the Securities Exchange Act of 1934.
Purpose—Net proceeds from the sale of the serial notes and 4% deben¬
tures will amount to approximately $11,537,580.
Of such net proceeds the
company has agreed to use $9,241,500 to redeem on March 1 1936 at 101
the $9,150,000 12-year sinking fund 5H% gold debentures (exclusive of
$392,OOO purchased
trustee for
that
or redeemed for sinking fund out of funds paid to the
issue subsequent to Sept. 30 1935).
Company will pay
on such $9,542,000 of debentures to the
redemption
the accrued interest
Period End. Dec. 31—
Net
&
Operating
439,427
defl05,854
defl38,102
...
Net from railway
Net after rents..
The
Otis
Southern Bell Telephone & Telegraph
Net from railway
Net after rents
—V.
Deposits Extended—
Grand Rapids, Mich., $560,000 serial 5% debentures due $140,000
annually
Jan. 1 1937 to 1940, inclusive.
Bonds are being reoffered to yield 2.50%
Period End. Dec. 31—
Diego & Arizona Eastern Ry.- ■Earnings.
December—
Gross from
Sherwin-Williams Co.—Time for
More than 95% of the $14,500,000 of 6% preferred stock of the
company
been deposited for exchange for a 5%
isspe, it was announced on
Jan. 27, following a directors' meeting.
The board decided to extend the
time for exchange until Feb. 10, when all stock not deposited will be called
for payment on March l,at 105 and accrued dividend.
The company
will make the exchange without investment banking aid.—V. 142, p. 310.
has
Simmons Co .-—Bonds
RR.—Earnings.—
1935
railway..
Net from railway.
1935
1936
1935
$316,100
San Antonio Uvalde & Gulf
December—
Gross from
—Jan. 1 to Jan. 21
of Jan.—
1936
Gross earnings.
proposal to increase the author¬
of the company to 1,000,000 shares of common stock.
a
-
$5,730,987
Consolidated Balance Sheet Oct. 31
St. Louis-San Francisco & Texas
Railway oper.
.
..
Advertising, selling and
—V. 142, p. 309.
Net
..
^vidend or
Servel, Inc. (& Subs.)—Earnings—
x
$2,933,204
322,967
64,653
of $100.par
margin of unissued stock.
The proposed increase
to 1,000,000 shares will restore an
ample reserve of unissued stock.
>j;Ucn
a reserve is considered to be
desirable, even though no immediate use or tne
unissued stock is anticipated."—V. 141, p. 3874.
Earnings
1934
1936
a small
Shs.com .stk.out. (par $1)
Company Only
1
.
t
Provision
1935—Month—1934
1935—12 Mos —1934
$3,589,861
$3,059,133 $42,431,453 $41,851,793
expenses
3,223,331
3,013,098
37,906,701
35,913,769
Net ry. oper. income...
223,912
defl32,836
1,261,048
2,175,633
Other ibcome
19,026
37,954
297,232
446,705
revenue
Deductions
no par, from
300,000 shares no par, and to 150,000 shares
preferred stock from 141,599 shares $100 par.
Ralph E. Rhoads, Secretary, stated:
"The recent stock
Fed. cap. stk. tax, &c__
Period End. Dec. 31—
Operating
Operating
Feb.
Years Ended Oct. 31—
Gross profit on sales
Earnings.—
,1933
Chronicle
date, in the amount of $262,405, out of its treasury funds.
The balance of the net proceeds, estimated in the amount of
$2,296,080,
will constitute additional working capital.
Such additional working cap tal,
which will be commingled with the company's other funds, will reimburse
the treasury for the sinking fund payment due Jan. 1 1936 referred to
above,
and the remainder may be used generally for
capital expenditures.
History and Business—Company was incorp. in Delaware on Aug. 20
1919.
Company is engaged principally in tne business of acquiring, through
lease or otherwise, interests in prospective and in proven oil and
gas lands;
in developing oil and gas lands; in the
production, purchase, sale, trans¬
portation and refining of crude oil; in the marketing at wholesale and retail
of the products thereof; in the
production, purchase and sale of casinghead
gas, natural gas and products derived therefrom; in the sale of tires, bat¬
teries and
other
motorists' supplies;
and
in operations incidental to the
foregoing.
Production of Crude Oil—The
following table, prepared by the company
from its records, shows tne approximate net
production of crude oil by the
company during the five years and nine months ended Sept. 30 1935. and
19310-
Financial
Volume 142
producing oil wells in which the company
period:
the number of
at
the
had an interest
end of eacn
Net Production
x
y
.
„
.
No. of Producing
Oil Wells at End
of Period
of Crude Oil
(Barrels)
1,117
1,151
1,112
1933
1,122
19341,228
1935 (9 mos. end. Sept. 30)
5,117,000
1,349
x Net production of crude oil is the company's share of the total produc¬
tion from all wells in which it has an interest,
y Tne number of producing
oil wells is taken as excluding wells in which the company has only a royalty
1932-
19320
6,348,000
5,295,000 1
4,396,000
5,290,000
6,220,000
-
—
-
.
-
interest.
Of the 5,117,000
barrels shown above as the company s net production
nine months period ended Sept. 30 1935, approxi¬
of crude oil during the
mately 2,060,000 barrels were produced in Oklahoma,
in Texas, 741,000 barrels in Kansas, 368,000 barrels in
126,000 barrels in
1,822,000 barrels
New Mexico and
Company estimates that at the end of such
Arkansas.
period approximately three-fourths of its daily average net production was
proration, tne balance being mainly from wells exempt
from proration because of tneir small production.
J
Crude Oil Pipe Line—The company owns a pipe line, with appurtenant
gathering and pumping facilities and tankage, connecting certain oil fields
in Kansas with its refinery.
During tne nine months ended Sept. 30 1935
crude oil carried by such pipe line included approximately 4,888,000 bar¬
rels purchased by the company from others
(included in the total figure of
4,921,000 barrels purchased as shown above), and approximately 543,000
barrels transferred to the pipe line from the company's own production.
In add?tion, the pipe line carried a small amount of crude oil under contract
from wells under
f
for others.
Refining—Company is engaged in the refining of crude oil into gasoline,
oil, fuel oil, solvents, asphalt and road oil.
The following table, prepared by tne company from its records, shows the
approximate amounts of crude oil run through the company's refinery,
and of gasoline refined and blended, during the five years and nine months
kerosene, distillates, gas
1935:
30
Sept.
nded
Gasoline Refined x Natural Gaso-
Crude Oil Run
Thru. Refinery
line Blended
(Gallons)
from Crude Oil
(Barrels)
5,020,000
4,992,000
4,227,000
4,903.000
5,130,000
(Gallons)
1934---
128,177,000
136,660,000
112,267,000
123,326.000
131,065,000
7,346,000
4,936,000
12,005,000
16,481,000
19,766,000
.
Total Refinery
MolorGasoline
(Gallons)
135,523,000
141,956.000
124,272,000
139,807,000
150,831,000
1935 (9 mos.
108,898.000
10,985,000
119,883,000
x Represents natural gasoline (plus a small amount of solvent) added to
refined gasoline by blending, at the refinery and elsewhere.
Natural Gas and Natural Gasoline—Company produces, purchases and
sells casinghead gas and natural gas and operates a number of plants for
the extraction therefrom of natural gasoline, propane gas, butane gas and
solvents.
Company also sells to otners natural gasoline produced by it
and purchases natural gasoline at convenient points for blending.
During
the nine months ended Sept. 30
1935 the company produced approxi¬
mately 25,846,000 gallons or natural gasoline and purchased approximately
18,793,000 gallons (including a small amount of solvent for blending);
in the same period the company blended approximately 10,985,000 gallons
with its refinery gasoline, as shown above, and sold approximately 28,337,000 gallons, the balance of its production and purchases being accounted
for principally by additions to storage.
Marketing—Company sells motor gasoline and other petroleum products
principally through jobbers and retail dealers and through its own bulk
and retail service stations.
In addition, the company sells tires, batteries
4,439,000
end. Sept.30)
other motorisos' supplies.
As of Sept. 30 1935 the company had
1,437 retail dealers and operated or leased
and
contracts with 602 jobbers and
to others 269 bulk and 517 retail
service st&tions
Great Lakes
Lakes
Great
Pipe Line Co.—Company owns 15% of the capital stock of
which operates a gasoline pipe line system
the transportation
and Minneapolis.
of its proprietary companies
facilities to the company for
of gasoline to Kansas City, Omaha, Des Moines, Chicago
During the nine months ended Sept. 30 1935 company
shipped from its refinery through such facilities approximately 52,028,000
gallons of gasoline.
Company and the other proprietary companies have
entered into an agreement providing, among other things, for the shipment
or tender for shipment through the pipe line by each proprietary company
of its proportion of the gasoline necessary to provide the pipe line company
with a specified minimum gross revenue.
Shipments by the company
have been in excess of its obligations under this agreement.
Subsidiaries—Skelgas Co. is engaged principally in the distribution at
wholesale and retail, under the trade name "Skelgas." of liquefied petroleum
gas
enclosed
in portable containers,
and in the sale of gas appliances.
during the nine months ended
operating income of this company
Gross
Serial notes
Sept. 30 1935 amounted to $987,743.
Robar Corp. is engaged in the marketing
Airport.
Properties—The number and location of the producing oil wells in
which the company has an interest, the number of developed tracts in which
the company has an interest, and the net acreage of developed and unde¬
veloped oil and gas lands of the company are summarized by the company
from its records as
100% if red. on or before Jan. 1 1937, at 100%% if red. after Jan. 1 1937
on or before Jan. 1 1938, at 100% % if red. after Jan. 1 1938 and on or
1 1939, and at par if red. thereafter; Jan. 1 1941 maturity, at
100% if red. on or before Jan. 1 1937, at 100% if red. after Jan. 1 1937 and
on or before Jan. 1 1938, at 100% if red. after Jan. 1 1938 and on or before
Jan. 1 1939, at 100% if red. after Jan. 1 1939 and on or before Jan. 1 1940,
and at par if red. thereafter.
4% Debentures—'Dated Jan. 1 1936; due Jan. 1 1951.
Int. (J. & J.)
payable at office of Dillon, Read & Co., as paying agent, New York.
Denom. $1,000, registerabie as to principal.
The 4% debentures are to be
direct obligations of the company, but are not to be secured by any lien.
City Bank Farmers Trust Co., New York, trustee.
The debentures are to be entitled to the benefit and are subject to the
application of a sinking fund, operating semi-annually, first payment
April 1 1941, which will retire $600,000 of 4% debentures per annum, the
company being obligated on April 1 1941 and on each Oct. 1 and April 1
thereafter to pay to the paying agent sufficient moneys to redeem, at par
and int., on the next succeeding int. payment date, $300,000 of 4% de¬
bentures, less such amount of 4% debentures as tne company snail on such
sinking fund payment date deliver to the paying agent for cancellation
as in tne trust agreement provided.
The moneys thus paid to the paying
agent for the sinking fund are to be applied by the paying agent to the pur¬
chase of 4% debentures, if obtainable, at not exceeding the principal
amount thereof plus int., or, if not so obtainable, to tne redemption (at
par and int.) of 4% debentures until an aggregate of $300,000 of 4%
debentures, including any 4% debentures delivered to the paying agent
for cancellation on such sinking fund payment date, shall have been retired
through each such semi-annual operation of the sinking fund; any portions
of any such semi-annual sinking fund in excess of the amount required as
above stated shall revert to the company.
The 4% debentures are to be redeemable by lot on any int. payment date,
commencing July 1 1941, through operation of the sinking fund as provided
in tne trust agreement, upon at least 30 days' notice, at 100 and int.
The
4% debentures are also redeemable, at the option of the company, as a
whole or in part by lot, at any time, upon like notice, at following rates:
103 if red. on or before Jan. 1 1939, and if red. thereafter at 103 less % of 1 %
for each full year elapsed after Jan. 1 1938, but in no event at less than 100
plus interest.
Control—Company is advised by Mission Corp., Reno, Nev., tnat the
latter is the owner of 557,557 shares (55.28%) of the company's common
Company has outstanding 66,300 snares of 6%
(par $100) and 1,008,548.6 shares of common stock (par
No.
Oil
of
No. of
Net
Tracts
Producing
Oil Wells
Acreage
since May
fore such ownership by
Kansas
Mexico
Arkansas
94,868
140,199
298,502
52,405
138
775
369
Louisiana-
10,744
38,523
7,426
5,619
896
90
63,298
586,887
Funded Debt and Capital Stock as
x
12-year sinking fund 5% % gold
6% cum. pref. stock (par $100)
Common stock (par $25)
$15,000,000
debs
$9,544,000
120,000 shs.
b 66,300 shs.
1,400,000 shs.
dl,008,548.6 shs.
a Cumulative dividends on
the preferred stock are accrued and unpaid
since April 30 1931, such accumulation amounting as at Sept. 30 1935 to
$26.50 per share, or a total of $1,756,950 on the outstanding shares.
a
b Exclusive of 53,700 shares
held in treasury, the retirement of which was
authorized by action of the board
of directors at a meeting held Dec. 18
1935, and of the stockholders at a meeting held Jan. 3 1936.
c The reduction of the par value of the common stock from $25 per share
$15 per share, and the reduction of the capital liability in respect of the
outstanding shares of common stock from $25,213,715 to $15,128,229,
was authorized by action of the board of directors at a meeting held Dec.
to
Jan. 3 1936.
of common stock held in
the treasury, the retirement of which was authorized by action of the board
of directors at a meeting held Dec. 18 1935 and of the stockholders at a
meeting held Jan. 3 1936.
Such amount does include, however, 2,200
shares held at Sept. 30 1935 under the terms of a trust agreement which has
subsequently been canceled and said 2,200 shares were transferred to the
treasury, and also includes 7,600 shares of common stock held as of the same
date as collateral under stock purchase contracts of officers (most of whom
18 1935 and of the stockholders at a meeting held
d The amount shown excludes 91,520 shares
also directors) and employees.
Serial Notes—Authorize!, $3,000,000:
are
dated Jan. 1 1936; to mature
follows: $600,000, Jan. 1 1937, int. at rate
$600,000, Jan. 1 1938, interest at rate of 1%% per
$600,000, Jan. 1 1939, interest at rate of 2 % % per annum; $600,000,
serially and to bear interest as
of 1%% Per
annum;
Jan.
1
1940,
annum;
interest at rate of 2%%
interest at rate of 3% per annum.
Interest on the notes is payable
paying agent, New
York.
per annum;
$600,000, Jan. 1 1941,
J. & J. at office of Dillon, Read & Co.,
Denom. $1,000, registerabie as to principal.
*—•
Principal Amt.
4% Debentures
Principal Amt.
of Serial Notes
$3,420,000
1,800,000
675,000
Halsey, Stuart & Co., Inc., Chicago._
150,000
450,000
Shields & Co., New York.120,000
360,000
Hemphill, Noyes& Co., New York
90,000
270,000
Riter & Co., New York
75,000
225,000
Kuhn, Loeb & Co., New York
600,000
1,800,000
Divided equally among the respective series.
See also Y. 142, p. 635.
$1,140,000
Dillon, Read & Co., New York
Lehman Brothers, New York
First Boston Corp., New York
600,000
225,000
Southern Pacific Co.—To Pay
$5,000,000—
will repay $5,000,000 of its Reconstruction Finance Cor¬
poration loan due Feb. 1, the executive committee decided, Jan. 30. This
will reduce the debt to the government to $17,000,000.—V. 142, p. 636.
The company
Southern Pacific SS.
def49,179
$310,968
2,172
1,224
4,402,029
def768,039
def770,255
4,128,228
def477,473
def486,424
4.419,305
def815,808
def830,076
1—
Gross from railway
Net from railway
Net after rents
;
137.
Southern Ry.Gross from
$254,631
defl01,638
defl01,610
4,713,713
def508,395
def549,453
Net after rents
—Y. 142, p.
-Earnings
-
..
Net from railway
..
Net after rents
From Jan. 1—
..
Gross from railway.
—
..
Net from railway
..
Net after rents
..
$7,284,619
2,374,468
1,791,771
$6,434,076
2,474,462
2,030,602
$5,936,025
1,818,927
1,408,294
$6,046,176
1,796,515
1,362,409
82,903,703
21,954,727
14,290,530
78,183,701
20,063,257
12,665,358
76,148,103
22,442,694
15,015,944
72,986,542
12,121,502
4,406,269
—Third
1936
Gross earnings
._
1932
1933
1934
1935
railway.
—V. 142, p.
1932
1933
1934
$306,331
def33,473
def34,176
$344,361
def46,579
Gross from railway
Net from railway
From Jan.
Lines.—Earnings.—
1935
December—-
Week of Jan.—
1935
$2,234,718
$1,953,795
—Jan.
1
to
Jan. 21—
1935
1936
$6,555,326
$5,737,459
636.
Spokane International Ry. —Earning s.1934
1935
$46,933
1,302
def5,330
Net from railway
Net after rents
def6,296
594,127
54,456
defl8,887
December—
Gross from railway
1933
1932
def8,575
$31,523
1,756
def1,876
$30,013
def4,991
def 9,914
504,160
5,953
def57,253
443,030
def23,964
def97,804
526,798
def 51,567
def135,274
$33,307
From. Jan 1—
Gross from railway
Net
after rents
137.
i
Standard Gas & Electric Co.—Weekly Output—
Outstanding
c
51.87% of the present
Amount Underwritten
—
—V. 142. p.
of Sept. 30 1935
Authorized
Mission Corp. represents
the principal underwriters and
the respective principal amounts of serial notes and 4% debentures sever¬
ally to be purchased by each are as follows:
Net from railway
1,349
Totals
pref. stock
By reason
aggregate voting power of the company.
Principal Underwriters—'The names of
Gas Lands
Net Acreage
176
90
72
16
14
1
729
315
237
20
48
Oklahoma.--Texas-
and
$15).
preferred stock has been entitled
2 1932 to vote share for share with the common stock, and there¬
of default in the payment of dividends, tne
Period—
Undeveloped
cum.
stock.
follows:
—Developed Oil and Gas Lands—
1937) are redeemable
before Jan.
December—
Oil
but are not to be
New York, trustee.
obligations of the company,
and
of gasoline and other products
Spartan Aircraft Co. was organized to manufacture airplanes. Its oper¬
ations have been largely curtailed in recent years.
Its subsidiary, Spartan
School of Aeronautics, Inc., operates a hangar and flying school at Tulsa
New
to be direct
at option of company, as a whole or by series in the inverse order of matur¬
ity, or in part by lot, at any time on at least 30 days' notice, at following
prices (plus int.): Jan. 1 1938 maturity, at 100%% if red. on or before
Jan. 1 1937; and at par if red. thereafter; Jan. 1 1939 maturity, at 10014%
if red. on or before Jan. 1 1937, at 100)4% if red. after Jan. 1 1937, and on
or before Jan. 1 1938; and at par if red. thereafter; Jan. 1 1940 maturity, at
in Colorado.
Municipal
are
secured by any lien.
City Bank Farmers Trust Co.,
The serial notes (other than those maturing Jan. 1
Pipe Line Co.,
extending northweard from the refining areas
in Oklahoma and Kansas, and which affords
799
Chronicle
Electric output for the week ended Jan. 25 1936 totaled 94,833,518
an increase of 12.4%, compared with the corresponding week last
year.—V. 142, p. 637.
kwh.,
Staten Island Edison
Corp.—Bonds—
bonds at 103% and
Service Commission, and which was
Permission to issue and sell $1,000,000 1st ref. mtge.
int., granted by the New York Public
to have
p.
expired Jan. 1 last, has been extended to July 1 1936.—V.
141,
3238.
Staten Island
1933
1932
$144,520
25,572
def8,237
$150,110
30,678
def 9,664
1,504,047
def65,484
1,649,401
187,285
1,711,804
378,267
def507,611
def242,796
12,675
1,804,889
400,913
def 9,762
def40,974
Net after rents
1—
Gross from railway
Net from railway
Net after rents
—V. 141, p.
1934
$110,798
def21,011
def66,058
$130,397
def6,753
Gross from railway
Net from railway
From Jan.
Rapid Transit Ry.—-Earnings1935
December—
4177.
(Frederick) Stearns & Co.—To Call Present 6% Pref.
Stock and Issue New 5% Pref. Stock—
The
company
for action at the
$1,206,500 of 6%
and to authorize issuance of $1,500,000 of new cum.
has submitted a plan to stockholders
annual meeting to be held Feb. 5 to retire the present
pref. stock
partic 5% pref.
cum.
The balance of $6 a share in unpaid
cumulative dividends on the present
preferred would be paid in cash on March 31 and this stock which expires
in 1941, woula be "called at $103.
Present preferred stockholders would
800
Financial
have rights to
exchange their old stock on a share-for-share basis for new
stock, plus the $3 a share redemption premium. Common stockholders
would waive their
subscription rights to the new preferred issue.
Stock¬
holders also are asked to authorize an
agreement for sale of any of the new
issue not
exchanged up to a total of $1,325,000 which is all that is to be
issued at present.
The
new
preferred stock would bear 5% cumulative dividend and would
participate on a graduated basis in dividends exceeding $1.50 a share
on the common
up to a total preferred dividend of $7 a share.—V. 141,
P. 4026.
Chronicle
Balance Sheet Oct. 31
The
New
common
York
stock,
Curb
1935
on
99,968 additional shares
notice of issuance.—V. 137, p. 2990.
of
Accts. receivable
$33,860
69,712
1935
1934
$20,563
$19,178
._
15,181
14,960
9,456
9,970
250
850
150,000
150,000
1,300,144
128,972
payableAccrued wages and
$35,198
commissions
75,636
Investment in real
estate
in
Accrued real estate
Sacra¬
& personal prop¬
mento.--
6,292
Sundry rec., &c.__
Capital assets
6,373
erty taxes
719
Sundry
1,076,732
__
Note pay. secured
1.106,314
trade
Deferred charges.
by deed of trust
114,216
24,786
_
114,216
29,145
per
—V. 141, p. 2906.
Sun
•
Investing Co.—To Vote
share
was
made.
Liquidation—
on
Liquidation and dissolution of the company has been recommended by
the directors, and will be voted
upon by the stockholders at a meeting
on Feb. 21.—Y.
141, p. 935.
Sunray Oil Corp.—To Be Added
due Dec. 231930
York Curb Exchange will lisr 232,538 additional
shares of
stock, $1 par, upon notice of issuance.—Y. 142,
p. 138.
report recommending a modified
plan of reorganization under Section
77-B of the
Bankruptcy Act will be filed with Federal Judge Henry W.
Goddard soon, Peter B.
Olney, referee in bankruptcy, announced Jan. 29.
K- Referee Olney said he expeeted to find the
company solvent under the
definition of the Bankruptcy Act and that the
plan was feasible, capable
and fair.
All objections to it have been withdrawn.
The plan calls for the formation
of a new company to take over and
quidate real estate in
Pennsylvania and use of the proceeds to redeem in
part the class A stock.
It also provides for a
three-year period during which
the plan shall be
put into operation after which holders of
voting trust
certificates shall be entitled to vote on
whether or not the business shall
be continued.—V.
141, p. 4026.
Sutherland Paper
Co.—Earnings—
Years Ended Dec. 31—
Net sales
Costs & exps.,incl.
depreciation
Federal taxes
Other charges, less credits.
Net profit
1935
1934
1933
$6,636,211
5,883,055
$5,903,212
5,366,297
105,803
28,984
70,104
26,078
$4,985,622
4,567,942
44,191
52,338
$618,369
$440,733
$321,151
$1.53
$1.12
—
Earnings
per share on 287,000 shares
capital stock (par $10)
—V. 141. p
3394.
~
~
$2.15 J
"
Tacony-Palmyra Bridge Co.
Years Ended Dec. 31—
Earnings—
1935
$537,083
41,810
52,000
62,634
35,047
189,987
1,163
22,010
$511,965
43,537
48,000
60,799
35,369
191,590
1,050
15,967
$509,737
49,326
42,000
59,387
35,857
194,788
Profit before other income
Profit on sale of co.'s bonds
retired—
$132,430
1,707
$115,651
9,028
$114,197
6,713
Surplus Jan. 1
$134,137
106,887
$124,680
105,659
$120,910
x93,387
$241,025
6,000
30,000
45,000
36,000
$230,338
6,000
37,500
45,000
36,000
$214,297
Tolls
Operating and maintenance.
Depreciation
Administration and general expenses.
Taxes
,
Interest
Other expenses
Federal income tax accrued
—
Total surplus
Less reserve for
contingencies, &c
Preferred dividends
Class A dividends
Common dividends
Div. on 7}^% cum.
vestment
14,180
6,000
22,500
45,000
36,000
Crl,050
—
Tennessee Central
December—
Crl,050
Cr862
$106,887
$105,658
Ry.—Earnings.—
1935
Gross from railway
Net from railway
Net after rents
1934
1933
1932
$172,847
40,949
22,512
$154,835
37,426
17,129
$177,104
57,788
35,702
2,250,933
625,656
410,331
rents
—V. 142, p. 138.
2,106,812
551,815
335,407
1,923,154
1,873,225
418,063
211,984
491,480
266,299
Total
$1,326,317 $1,366,882 |
Third Avenue Ry.
Period End. Dec. 31—
Operating
Operating
revenue
expenses,-—_
def$26,373
Texas Mexican
1935
$95,088
15,608
6,105
Net after rents
From Jan 1—
Gross from
railway
1934
—V. 142, p. 138.
33,526
23,032
1935
Gross from railway
Net from railway
Gross from railway
Net from railway
Net after rents
-
34,627,686
6,610,498
1,968,279
1932
1933
$2,663,639
708.754
362,535
„
$2,348,738
388,499
48,889
cleaning
earnings
1932
$2,289,372
196,665
2,658
$1,073,816
217,946
Gross income
Deductions
$225,847
227,212
$235,709
226,687
$1,220,963
1,369,325
$1,291,762
1,361,480
$9,023 def$148,362
def$69,718
Net
—V.
income
142, p. 638.
31,871,862
5,206,674
192,117
1935
$751,050
372,472
212,966
151,584
8,357
Collection and delivery
Administrative and general
Interest paid
Miscellaneous income
Depreciation
Thompson Products, Inc.Inc.—Listing—
The New York Stock
Exchange has authorized the listing of 28,572
additional shares of common stock
(no par), on official notice of issuance
pursuant to the conversion of shares of prior preference stock, making the
total amount applied for 328,572 shares.
The shareholders on Jan. 15 1936
approved an amendment to the com¬
pany's articles of incorporation, proviaing, among other things, for the
creation of a new issue of 10,000 shares of $5 cumulative convertible
prior
preference stock (no par) and an increase in the authorized common stock
from 300,000 to 500,000 shares
(no par).
On Dec. 10 1935 the directors approved the
proposed offer of approxi¬
mately 4,020 shares of such new prior preference stock to holders of Its present
preferred stock in exchange therefor In the ratio of 1.1 shares of prior
preference stock for each one share of present preferred stock, except that
appropriate cash adjustment shall be made for accrued dividends to the
date of such exchange and may be made in lieu of the issuance
of fractional
shares, or fractional shares of prior preference stock
may be sold on the basis
of $100 a share to preferred shareholders to avoid the
necessity of issuing
fractional shares on such exchange, such
exchange offer to expire 10 days
from the date thereof.
At the same time the directors approved a form of
proposed underwriting
agreement under the terms of which the company will sell to underwriters
all of the new issue of 10,000 shares of
prior preference stock except the shares
accepted by holders of present preferred stock in exchange therefor. At the
time the directors determined, within 10
days after payment to the
company for all shares of prior preference stock sold to underwriters, to call
for redemption on a date not later than 45
days thereafter and at the re¬
demption price of 110 and divs., all shares of present preferred stock
which nave not theretofore been surrendered
by the holders thereof or
agreed so to be surrendered to be exchanged for sharps of prior
preference
stock.
At the same time the directors reserved
28,572 shares of the com¬
pany's common stock (being the shares for the listing of which application
is hereby made) solely for the purpose of
effecting the conversion of shares
of prior preference stock.
same
Consolidated Income Statement
Manufacturing profit after deducting cost of goods
sold, including material, labor & factory expense,
Cr984
46,960
—
11 Mos.End. Year End.
Nov. 30 '35 Dec. 31 '34
but exclusive of depreciation
Selling, general and administrative expense
Net other deductions (exclusive of
interest, deprec.
& Federal income taxes)
Interest paid, less interest earned
$1,736,293
882,418
$1,528,441
15,623
6,368
133,007
81.500
74,069
18,522
139,510
48.000
Provision for Federal income taxes
Net profit
Credit resulting from sale of treasury stock
Total.
,
$381,298
908.390
3,491
$1,859,398
44,762
of period
$1,293,179
$1,814,637
Preferred dividends
close
867,040
$617,375
1,242,023 '
Balance at beginning of period
Assets—
Nov:30'35 Dec. 31 '34
Cash
Notes,
accts.
$436,810
accepts.
$173,588
&
$1,242,023
rec'le, less
reserve
956,596
1,496,209
143,871
-
Inv. & oth. assets.
a Land,
buildings,
mach., equip. &c 2,020,176
Good-will,
patent
rights, &c
834,995
Prepaid exps., &c.
98,565
Total
Liabilities—
51.156
Nov.30'35 Dec. 31 '34
Notes payable
$543,929
453,205
172,066
6,394
Accounts payable.
Accrued accounts.
Inventory
621,183
1,033,741
161,521
Pref. div. payable-
Other liabilities—
Res. for employees'
insurance
1,980,087
7%
c
831,204
cum. pref. stk.
Common stock--
Earned surplus—
365,400
2,631,600
1,814,637
$7,000
429,405
80,474
25,578
b88,329
1,387
365,400
2,631,600
1,242,023
69,872
$5,987,232 $4,871,197
Total
$5,987,232 $4,871,19
a After reserve for
depreciation of $971,942 in 1935 and $847,088 in 1934.
b Special agreement for purchase of
equipment, &c., extended to become
payable on or before June 30 1936 (balance due at Nov. 30 1935 at $43,929,
shown as notes payable included under current
by 263,160 shares,
no par,
liabilities). c Represented
(including 899 shares reserved for exchange of
old shares) at stated value.—V; 142, p. 638
Years End. Dec. 31—
Net profit after Federal
taxes, deprec'n, &c—
Earns. per sh. on 128,000
$55,350
shs. cap. st k.(no par)
—V. 141, p. 2447.
Forging Corp.—Earnings
1935
28,673,646
31,015,687
4,677,098
3,693,295
def192,443 defl.343,061
$0.43
1934
1933
1932
loss$99,636 loss$125,061 loss$142,673
Nil
Travelers Fire Insurance Co.
Nil
Nil
1934
1933
$781,027
395,928
218,951
171,049
8,421
Crl,176
55,012
$843,199
414,865
228,278
197,590
8,661
Crl,390
56,440
$40,305
$67,159
$61,24cn
Balance Sheet—
Dkc. 31 '35 Dec. 31 '34
U. 8. govt, bondsOther public bds_.
9,932,000
8,239,000
505,500
482,000
RR. bds. &sto ks.
P. U. bds. & Btks.
Other bds. & stks.
1,379,850
3,194,316
2,924,676
First mtge.
Cash
1,834,285
1,483,400
3,352,000
1,609,100
250,000
1,535,749
loans.
Prems. In course of
collection
Interest accrued..
All other assets
Total
Net loss for year
def$l,365
„
(less
I* returns and allowance)
Plant operations.
539,504
$991,904
229,059
Transue & Williams Steel
Earnings.—
Corp.—Earnings—
Years Ended Oct. 31—
and
653,130
23,116
def67,218
_
—V. 142, p. 138.
Dyeing
634,484
def27,163
defll6,150
1934
$3,156,597
746,637
398,341
Net after rents_ _;
From Jan. 1—
$44,091
8,955
8,594
983,400
251,182
144,796
Texas & New Orleans RR.December—
Thomas-Allec
$337,369
1933
$54,765
2,545
def 2,570
$102,331
1,194,962
312,943
188,883
Net from railway
Net after rents
^
$505,140
Ry.—Earning S.¬
December—
$6,448,362
4,835.042
$198,953
36,756
-
Gross from railway
Net from railway
1935—6 Mos.—1935
$6,563,600
4,927.264
644,432
$185,761
40,086
...
$38,826
System—Earnings—
1935—Month—1934
$1,156,795
$1,122,916
'858,891
830,914
112,142
93,049
Consolidated Balance Sheet
-
Balance
—V. 141, p. 4177.
$1,326,317 $1,366,882
Total
Operating income
Non-oper. income
Co.—Earnings—
[A subsidiary of Commonwealth & Southern
Corp.]
1935—Month—1934
1935—12 Mos.—1934
$1,198,670
$1,058,601 $13,409,823 $12,409,567
Operating expenses
709,534
623,992
7,421,319
6,609,094
Fixed charges
216,199
226,816
2,672,483
2,651,317
Prov. for retire, reserve105,000
105,000
1,260,000
1,260,000
Divs. on preferred stock129,110
129,165
1,550,880
1,551,786
Period End. Dec. 31—
Gross earnings
763
a After reserve for
depreciation of $521,713 in 1935 and $491,981 In 1934.
b Represented
by 60,006 sbarse
class
A
stock
and
39,999 2-3
sh
B stock, all of no par value.—V. 140,
p. 651.
Balance at
Tennessee Electric Power
real
estate
Capital stock
Depreciation
$190,897
38,406
22,312
From Jan. 1—
Gross from
railway
Net from railway
Net after
1933
$125,074
Surplus Dec. 31
Xi,As adjusted.—V. 141, p. 2907.
r
1934
pref. held in in¬
account
investment
b
Taxes--
Susquehanna Silk Mills—Reorganization—
A
^
notes py'le
Sacramento
on
[Railway and Bus Operations]
to List—
The New
common
real property
on
Mtge.
Sterling Securities Corp.—$3 First Preferred Dividend—
The directors have declared a dividend of $3
per share on account of
accumulations on.the 6% convertible first preferred
stock, par $50, payable
Feb. 18 to holders of record Feb. 10. A like
payment was made on Nov. 15,
last, this latter being the first dividend paid on the issue since
Sept. 1
1931 when a regular
quarterly disbursement of 75 cents
/
Liabilities—
1934
Accounts
hand
Good-will &
Exchange will list
no par, upon
1936
1,300,144
169,277
Operating deficit—
Assets—
Cash In banks and
a
Sterchi Bros. Stores, Inc.—To Be Added to List—
Feb. 1
1,420,752
120,440
21,934
Reserve for taxes.
Other reserves and
reserve.
Capital stock...
Surplus
..
—
„
512,716
411,500
121,836
liabilities
Special
$
11,413,928
105,800
1,983,045
2,000.000
2,558,843
2,549,682
2,000,000
4,221,725
1,368,003
139,696
14,168
21,339,753 18,473,116
-V. 141, p.2293.
Dec. 31 '35 Dec. 31 '34
Liabilities—
$
Unearned prem. &
claim reserves..11,933,793
Total
...21,339,753 18,473,116
Volume 142
Financial
Toledo Peoria & Western R R.—Earnings
December—
1935
Gross from railway
From Jan.
Gross from
1934
1933
preferred stock of the debtor
fected by the reorganization.
1932
$162,027
45,750
19,600
$119,799
37,068
34,915
$127,738
15,670
1,919
$109,880
29,780
16,662
1,844,594
466,909
212,988
"
Net from railway
Net after rents
1,715,625
382,811
159,765
1,690,429
430,249
221,676
1,497,341
272,486
110,015
1—
railway
Net from railway
Net after rents
—V. 142, p. 138.
Travelers
tAsscts****
$
TJ. S. Govt, bonds.
4,782,097
3,785,039
2,061,183
1,808,346
P. U. bonds &stks. 1,466,331
Other bds. & stks. 11,319,476
First mtge. loans
2,063,358
2,149,592
1,194,167
Other public bonds
RR. bds. & stocks.
2,389,577
9,279,509
327,500
1,663,754
1,817,658
Interest accrued..
Total..
549,308
4,994,783
3,000,000
5,567,109
Other reserves and
97,541
Prems. In oourse of
collection
7,790.017
394,543
liabilities
25,736,696 22,295,760
Special reserve... 7,410,246
Capital stock
3,000,000
Surplus
6,285,826
Total
25,736,696 22,295,760
-V. 140, p. 3059.
Traverlers
Insurance
Dec. 31 *35
A
?
Co.—Comparative Balance Sheet—
Dec. 31 '34
%
*?/*/?
Govjbds.248,437,624 181,661,098
U. S.
U. S. Gov. guar.
bonds.. L
4,596,200
74,349,041
64,091,173
and stocks...
64,891,578
39,294,804
66,222,089
58,250,725
1st mtge. loansReal estate
60,357,596
36,881,629
78,234,157
52,394,373
co.'s
policies
Cash
'35 Dec.
31
*34
$
9,651,416
9,248,311
48,281,435
4,231,142
45,035,820
3,192,723
2,321,383
12,140,270
20,000,000
2,285,876
8,846,862
20,000,000
Surplus
20,067,784
17,004,961
Workmen's
&
liab.
com.
insur.
119,860,667 122,282,347
12,870,001
13,649,696
8,861,116
9,235,785
Res. for taxes..
liabilities
Special reserve..
deferred
26,949,977
607,434
Total
Tri-State Telephone &
Period End. Dec. 31
Total
.787.910,992 723,999,274
Operating expenses
Operating taxes
Net operating income.
—V.
142,
p.
Telegraph Co.—Earnings—
1935—Month—1934
1935—12 Mos.—1934
$446,799
$412,491
741
210
18,138
14.279
330,747
23,285
322,245
19,975
3,934,762
269,670
3,737,006
302,673
$92,026
$70,061
$1,029,390
$922,735
Uncollectible oper. rev..
$5,251,960
$4,976,693
138.
Trustees System Discount Co. of
Chicago—Reorg. Plan
A
plan of reorganization recommended by George E. Q. Johnson, Master
Chancery, was approved by Judge Woodward of the U. S. District Court
at Chicago on Dec. 27 last.
The plan in brief provided as follows:
New Company—It is proposed to organize a corporation in Delaware
with a capital stock of 100,000 shares of preferred stock (par $10), 300,000
shares class A stock (no par) and approximately 52,000 shares of class B
stock (no par).
Corporation shall be organized for the purpose of conducting the so-called
small loan business and shall have such other powers and rights not in¬
consistent with such purpose, and which may be provided in its charter.
The preferred stock shall be entitled to cumulative dividends of 4% from
Jan. 1 1936 during the following year, cumulative dividends of 5% for the
year 1937, cumulative dividends of 6% for the year 1938 and of 7% per
annum thereafter.
Upon sale or distribution of the assets, preferred stock
shall be entitled to par before distribution to any other class of stock.
No mortgage shall be created upon assets without the affirmative vote of
51 % of the shares of the preferred stock outstanding, and no dividends shall
be paid upon any other class of stock unless provision has first been made
for the payment in full of all accumulated dividends upon such preferred
in
stock.
stock shall be subject to that of the
Holders of class A stock shall be entitled
if and when earned and ordered paid, dividends upon their stock
at the rate of 50 cents per share before any distribution of dividends is
made to the holders of class B stock and, in the event of the sale or final
distribution of the assets, if preferred stockholders have been paid in full,
the holders of class A stock shall be entitled to receive $10 per share upon
their stock before any distribution is made to the holders of class B stock.
After the payment to the stockholders of class A stock, in any one calendar
year, of a dividend of 50 cents per share, out of the remaining earnings,
The rights of the holders of class A
holders of the preferred stock.
to receive,
if any, of the company, the board
50 cents per share to the holders of
of directors may declare a dividend of
class B stock.
Any dividends from the
earnings after the payment of the preferred dividends in full and after the
payment of 50 cents per share in any year in dividends to the holders of
B stock, shall be distributed pro rata to holders of
Upon a sale or distribution of the assets, when
preferred stock have received all accumulated dividends
upon such stock and $10 per share, and the holders of the class A stock
have received $10 per share upon their holdings of such stock, then the
holders of class B stock shall be entitled to receive $10 per share, if available,
upon their holdings of class B stock.
Any excess of assets upon a distribu¬
tion of the assets of said company shall be divided share for share between
class
A
and
of class
class A and class B stock.
the
holders
of
the holders of class A and class
Twin City Rapid Transit
Co.—To Pay Cash for Scrip—
company.—V. 141, p. 2751.
"
bank or to the
:
;
Coach
Co.—Stock
Offered—A
group
consisting of
Reynolds & Co., Laurence M. Marks & Co., First Cleveland
Corp. and Wm. Cavalier & Co. offered on Jan. 27,108,255 shs.
of common stock at $9 per share.
Of the total number of,
shares offered, 88,000 have been registered under the Securi¬
ties Act of 1933, the remaining shares being exempt from,
registration in the opinion of counsel.
This offering does
not represent new financing by the company , except to the
extent of the net proceeds which the company will receive
in the event of the sale of 13,275 shares of treasury stock
included in this offering.
A prospectus dated Jan. 27
affords the following:
Listing—Company contemplates making application in due course for the
common stock on the New York Curb Exchange and in con¬
therewith will make application for its registration under the
nection
Securities
Exchange Act of 1934.
Earnings—Consolidated net sales and net profits summarized from the
consolidated profit and loss statement of company and its wholly owned
subsidiary, Twin Coach Corp.
were as
Mos.)
$4,393,794
324,124
(9
follows:
Net sales
Calendar Years
Net profits
1934
$4,738,837
201,354
1933
$2,556,853
86,280
1932
_
$2,095,833
loss48,968
Net profits shown in the above tabulation for the nine months ended
Sept. 30 1935 were equal to 68)^ cents per share, as compared with 42H
share for the year ended Dec. 31 1934 on 472,500 shares of issued
common stock (including the 13,275 shares of treasury stock.)
Dividends—No dividends were paid on the common stock prior to Aug. 15
1935, at which time a dividend was declared and paid on the common stock
in the amount of 10 cents per share.
History and Business—Company was incorp. in Delaware April 5 1927,
and since that time has been engaged in the business of manufacturing and
selling automotive transportation equipment, including modern types of
motor coaches, having passenger capacities of from 20 to 40 passengers,
and a line of specialized stand-drive type door-to-door delivery units used
by dairies, bakeries and parcel deliveries.
Sales are made throughout the
United States by a direct selling organization to leading transportation
companies, as well as dairies, bakeries and other users. The selling organiza¬
tion, Twin Coach Corp. (N. J.) is a wholly owned subsidiary.
Company was organized for the purpose of taking over and developing
the improvements in design of automotive transportation and delivery
equipment on which Frank R. Fageol and his brother, W. B. Fageoi, of
Oakland, Calif., had been working for-more than 20 years. In 1922, Frank
R. Fageoi and his associates introduced an omnibus chassis distinctly de¬
signed for motor bus transportation and in 1927 they produced for display
their first model Twin Coach with many pioneer engineering features which
contributed greatly to the practical development of motor bus trans¬
portation.
Plant is located at 850 West Main St., Kent, Ohio, is owned in fee simple,
free and clear of all encumbrances. Plant has a floor area of approximately
78,000 square feet.
Funded Debt—Company's only funded debt represents, in effect, a dis¬
counting of its customers' instalment purchase notes.
It consists of two
series of notes issued Juiy 26 1935, to a New York bank, each series originally
comprising 36 notes, series A aggregating in principal amount $650,000, and
series B aggregating in principal amount $350,000, or a total of $1,000,000.
The notes bear interest at the rate of 534% per annum and one note of each
series matures on the 25th day of each month, commencing Aug. 25 1935,
and ending July 25 1938. There are 26 monthly maturities of $30,000 each,
aggregating $780,000; four monthly maturities of $25,000 each, aggregating
$100,000, and six monthly maturities of $20,000 each, aggregating $120,000.
Instalment notes of the company's customers (arising from the sale to such
customers of automotive equipment produced by the company) in the un¬
paid principal amount (as of July 25 1935) of $1,113,334 were pledged as
collateral security for the aforesaid notes of the company in accordance
with the terms of a pledge agreement between the company and said bank,
dated July 25 1935. Ail maturing notes have been promptly paid.
cents per
-V. 140, p. 3059.
Operating revenues
the claims and by preferred
stock.
amount of
Sept. 30 '35
25,656,636
609,543
787,910,992 723,999,274
in
As from Jan. 15 holders of fractional scrip certificates may obtain cash
in lieu of the company's first lien and refunding 5H % gold bonds, series B,
through the Northwestern Bank & Trust Co., of Minneapolis, according
Other reserves &
Premiums due &
All other assets.
two-thirds
listing of its
health
&
reserve
Oth. bds. & stks.
Interest accrued
31
$
insur. reserves
holding
stockholders holding a majority of the preferred
re8'ves_671,217,560 618.384,722
Capital stock
Pub. utility bds.
on
Life Ins.
Acc't
6,790,175
Other publio bds 73,423,055
RR. bds. & stks. 61,451,746
Loans
Dec.
Liabilities—
?
value and will not be adversely af¬
Assents to the Plan—The consummation of the plan is contingent upon
the acceptance thereof under Section 77-B of the Bankruptcy Act by
creditors
Twin
8,163,878
388,100
488,645
Reserves for taxes.
no
$
1,735,300
92,027
Cash
$
Unearned prem. &
claim reserves..
of
officials.
Holders have been advised to send the scrip either to the
Dec. 31 *35 Dec. 31 '34
Liabilities—
$
are
to company
Indemnity- Co.—Balance Sheet—
Dec. 31 '35 Dec. 31 '34
801.
Chronicle
B stock.
.
,
Purpose of Issue—13,275 shares included in this offer, out of a total o
are issued shares owned by the company and held in its
88,000 shares,
treasury.
The proceeds of sale of such shares, less expenses ($59,962)
will be used by the company as additional working capital. The remainder
of the shares covered by this offer do not represent new financing on the
part of the company. Certain shareholders of the company have agreed to
sell a portion of their holdings and the estate of Ray A. Graham has agreed
to sell all (28,000 shares) of its holdings.
60,000 Syndicate Shares—Certain of the company's shareholders recog¬
nizing the benefit to all shareholders of a wider distribution of its shares have
indicated a willingness to sell a portion of their shares to the public.
Pur¬
suant to a plan to accomplish such a purpose, all the shareholders of the
company were given an opportunity to contribute to an aggregate of 60,000
shares so to be offered to the public.
The company itself deposited 13,275
shares of its common stock held in the treasury with H. G. Taylor, Treasurer
of the
company,
as
Syndicate Manager, and 25 other shareholders con¬
tributed the balance of 46,725.
In addition to the foregoing 88.000
shares the underwriters have acquired
20,255 additional shares from other sources, which are included in the above
offering.
Consolidated Balance Sheet, Sept. 30 1935
,
Management of Corporation—The corporation shall be managed by a
board of five directors to be chosen by the stockholders.
The charter shall provide that so long as there shall be outstanding 25%
of the original issue of preferred stock, three of the board of directors shall
be elected by the holders of the preferred
stock.
Upon the retirement of
75% of the original issue of the preferred stock, the remaining holders of
preferred stock shall elect two of the board of directors until all of the
original issue of preferred stock shall be retired.
Charter shall further provide that the holders of class A stock shall be
entitled to elect one director until 75% of the original issue of the preferred
Liabilities—
Assets—
$2,100 Notes payable, series A & B._
340,687 Accounts payable
1,167,473 Accrued liabilities
542,717 Deferred income
759,309 Long-term debt
3,125 Res. for financing trade paper
Cash
Demand deposits in banks
Notes
receivable
Accounts
receivable
Inventories
Investment in bank stock
Fixed assets
403,875
J
stock shall have been retired and thereafter that holders of class A stock
Good-will and patents
shall elect two of the board of directors until all of the original issue
Prepaid exps. & def. charges.
of the
preferred stock shall have been retired.
Upon the retirement of all of the
preferred stock, the holders of the class A stock shall be entitled to elect
29,500
28,363
77,404
Other assets
and for contingencies
Com.
stock (459,225 shs.
par)
Capital surplus
Earned surplus
no
$360,000
327,602
131,924
2,379
580,000
65,152
4
920,785
39,743
926,966
three of the board of directors.
Total
The holders of class B stock shall be entitled to elect one of the board of
directors until such time as all of the original issue of the preferred stock
holders of class B stock shall
be entitled to elect two of the board of directors.
Distribution of Securities—Upon this plan becoming effective, the following
distribution shall be made to the claimants and preferred stockholders of
$3,354,553
—
$3,354,553
Total
-Y. 139, P. 1419.
shall have been retired, and thereafter the
the debtor:
(a) Each general claimant (gold note holder, holder of pass book, or
general creditor) shall be entitled to receive from the reorganization com¬
mittee 5%, in cash, of the amount of the principal of his claim as deter¬
mined by the U.S. District Court.
(b) Each such general claimant shall also be entitled to receive an
amount of the preferred stock of the new corporation equal at par to 20%
of the principal of his said claim.
(c) For each $10 face amount of the remaining 75% of each general
claimant's claim against Trustees System Discount Co. of Chicago, such
claimant shall be entitled to receive one share of the class A stock of new
corporation.
The preferred stockholders shall be entitled, upon surrender of their
certificates of stock to the reorganization committee, to receive one share
of the class B stock (no par) for each share of the preferred stock (par of $50).
In view of the financial condition of the debtor, the U. S. District Court
will be asked to determine that the rights of holders of stock other than
Tyrol Hydro-Electric Power Co.—Interest—
The interest due Feb.
sinking fund
p.
1
1936
gold bonds due
on the 7%
1952 will be
guaranteed secured mortgage
paid on that date.—Y. 141,
2907.
Union Pacific RR.—Personnel
of Subsidiary—
Officials of this company were authorized by the IOC to serve as directors
officials of the Laramie North Park & Western RR. Co., a Union
and
Pacific subsidiary.—V. 142, p. 138.
United Aircraft
Corp.—To Increase Stock—New Offering
Up to $6,000,000 for Working Capital—
to Stockholders to Raise
At the annual
meeting to be held March 6, stockholders will vote on
increasing the authorized capital from 2,400,000 shares (par $5) (as at
present authorized), to 3,000,000 shares (par $5); the offer to stockholders
of such number of shares of stock as, at the offering price, will realize be¬
tween $5,000,000 and $6,000,000, net to the corporation, and the allocation
of 50,000 shares of stock for purchase by officers and senior employes.
A circular dated Jan. 27 affords the following:
Financial
802
Proposed Offering to Stockholders
Chronicle
that year
& Trans¬
port Corp., which corporation has been dissolved.
In allocating the assets
of United Aircraft & Transport Corp. among the three corporations (in¬
cluding this corporation) which resulted from its reorganization, working
capital was supplied to each of the new corporations in proportion to their
anticipated needs, in so far as funds were available.
Shortly after com¬
mencing operations, however, this corporation embarked upon a program
of new developments, the success of which has contributed to increasing
aggregate unfilled orders from $4/713,210, as at Sept. 1 1934 (the date
or commencing operations), to approximately $15,800,000, as at Dec. 31
1935.
Large amounts of inventory have been accumulated against orders
already received or reasonably anticipated.
The original working capital
has proved inadequate for the increased volume of business, and bank bor¬
rowings as at Jan. 23 1936 amounted to $2,000,000. Directors believe that
corporation's operations will continue in comparable volume for some time
to.come, with a consequent maintenance of inventories at, if not above,
the present level, and that the desirability of additional working capital is
thus indicated. It is accordingly proposed to apply part of the proceeds of
the proposed stock issue to meet this need.
Since Oct. 1 1931 Hamilton Standard propellers have been manufactured
in a portion of the Pratt & Whitney engine plant. With the great increase
in both the engine and the propeller business, additional space for the
manufacture of both products is urgently required; and it is accordingly
as well as expansion and development of enterprises, are gradually
bringing about better demands for these classes of steel products."
Shipments of finished steel products last year amounted to 7,371,29u
tons, compared with 5,905,966 tons in 1934, an increase of about 25%*
Consolidated Income Account (Co. and
1935
extend the present plant for that purpose,
ment
&
def3828,272
Charges & allow, for deprec., deplet. & obsol.
12,869,579
10,639,244
10,820.174
9,351,961
df6,877,528 df5,283,090
1,252,730
1,268,802
3,363
3,363
df13180,233
1,315,905
3,576
Net income
Int.
on
Int.
on
bonds
for
adequate working capital, as well as the additional manufacturing
facilities needed for the increased business of corporation.
It is accordingly
to provide
proposed to offer to stockholders for subscription, pro rata, according to
stockholdings, such number of additional shares of capital
price, will realize the necessary funds.
As both
number of shares to be offered whl be influenced
by market conditions, it is impossible to forecast the terms of the offering
at this time; but it is expected that the price will be substantially below
the market at the time of offering.
It is anticipated that the offering will
be underwritten by responsible investment bankers.
their respective
stock as, at the offering
the offering price and the
Stock Purchase Warrants
of the corporation, holders
of stock purchase warrants issued by that corporation were given the right
to purchase, on or before Nov. 1 1938, one share of stock of this corpora¬
tion, one-half of a share of stock of United Air Lines Transport Corp.
and one-fourth of a share of Boeing Airplane Co. in lieu of each share of
common stock of United Aircraft & Transport Corp. represented by such
warrants; and the three new corporations have agreed that sums paid upon
the exercise of the warrants will be divided among them in proportion to
As part of the terms of the reorganization
their
relative
worth
net
as
at
the time of their commencing
operations.
Dependent upon the offering price to be determined upon for the stock now
proposed to be issued, an adjustment in favor of the holders of the warrants
be made with respect to the net price to be received by
of the warrants; and the stock¬
that case proxies will be voted,
to authorize the directors to make such an adjustment, the exact amount
of which (if any) will, of course, depend upon the price at which the new
may,
or may not,
this corporation upon the future exercise
holders may accordingly be asked, and in
stock is offered to the stockholders.
Proposed Allocation of Stock for Purchase by Officers and Senior Employees
It is recommended that 50,000 shares of stock be set aside available for
purchase by a few of the officers or senior employees of the organization
at a price not less than the price at which the offering to stockholders is
made.
Stockholders are requested, at the time of authorizing the increase
in the number of shares of the corporation, to waive their pre-emptive
rights to subscribe to the 50,000 shares of stock and to authorize the allo¬
cation of all or any part of such shares for purchase, from time to time,
upon such terms and conditions as to price, time and manner of payment
as the board may determine, but at not less than the offering price of the
stock to the stockholders, by such of the officers or senior employees of the
corporation or its subsidiaries, and in such amounts as to each of them,
as may be determined by a committee to be appointed by the board, to
consist of the Chairman of the board and three other directors, no member
of which committee shall be eligible to purchase any of such stock.—V.
142, p. 638.
'
subs.
U. S. Steel bonds
Net profit
Preferred dividends.
Total surplus
Co.—To Resume Dividends—
directors
on
Jan.
28
3,525,012 dfl2035,818
a
quarterly dividend
of 37 H
cents
on the common stock, par $5, payable Feb. 14 to holders of record
This compares with 25 cents per share paid on Nov. 8 and Aug. 9
this new class of stock.
On May 10 1935 the company paid a divi¬
dend of 37 Vi cents on the old no par common stock which was subsequently
split two-for-one.
Prior to May 10 1935 regular quarterly dividends of
25 cents were paid.
In addition a Christmas bonus of 50 cents per share
was paid on Dec. 24 1935 and 1934.—V. 141, p. 3876.
per
share
Feb. 4.
last,
on
United Gas Improvement
Co.—Weekly Output—
Jan. 25 '36 Jan.
\Week Ended—
Electric output of system
—V. 142, p. 638.
(kwh.)
86,359,297
U. S. Rubber Reclaiming Co.,
18 '36 Jan. 26 '35
83,484,167
77,584,053
Inc.—Accumulated Div.—
The directors on Jan. 20 declared a dividend of $1 per share on account of
accumulations
of record Feb.
the prior preference stock payable March
1.—V. 137, p. 1596.
on
17 to holders
Corp.—50-Cent Preferred Dividend—
Quarterly Report—The directors on Jan. 28 declared a divi¬
dend of 50 cents per share on the 7% cumulative preferred
stock, par $100 (the rate paid since January 1933), payable
Feb. 28 to holders of record Jan. 30.
Reviewing the year's results, Myron C. Taylor, chairman of the board,
that, from the standpoint of earnings, working capital and employ¬
said
ment, the corporation had shown markeed improvement in 1935.
depreciation,
bond interest and other
charges,
were
Earnings
$60,434,318
last year, compared with $35,218,360 in 1934.
"Operations for the fourth quarter," Mr. Taylor said, "represented by
production of finished steel products for sale averaged 43.9% of total
capacity, compared with 37.7% in the preceding quarter.
For the entire
the production averaged 38.8% of capacity, against 31.2% in 1934 and
28.7% in 1933.
"During the year the expenditures on capital account, for all additions
and betterments, were approximately $32,678,043, and for payment of
maturing bond and royalty notes of the subsidiaries $3,103,639, a total of
$39,781,682.
"The net working assets of the corporation and the subsidiaries were as
follows:
At Dec. 31 1934, $375,937,488; Dec. 31 1935, $389,783,893;
increase, $13,846,405.
"The total payroll for 1935 was $251,576,808, an increase of $41,073,275,
or 19.5% over 1934.
The average number employed was 194,820. a gain
of 4,939, or 2.6%.
The aggregate number of hours worked was 344,218,387.
a gain of 45,569,067 or 15.3%.
For the third quarter, the average number
of employees was 196,515, the aggregate number of hours worked was
91,033,642 and total payroll was $67,131,171.
"Increased demand for steel products, which developed during the
year
continued in gradually expanding volume the balance of the year
1 the average has been somewhat above that of last year.
still, however, a low volume of demand for the heavier steel
products required in construction and development work, which type of
products constitutes a substantial proportion of the capacity of the sub¬
sidiaries.
There is evidence that the taking care of maintenance and obsoles¬
summer,
and since Jan.
There
is
1932
$
1933
$
1934
35,218,360
17,991,2731ossl2729567
Charges & allow, for deprec., deplet. & obsol. 47,212,891
44,121,259
43,195,117
Total earnings
39,321,603
13,221,427 df8,902,900 df25203,844 df52051,170
bonds of subs
5,150,693
5,298,851
4,946,330
5,037,602
U. S. Steel bonds
13.761
14,610
13,450
13,450
Net income
Int.
on
Int.
on
Total inc. from oper__
8,261,647 df13953,952 df30368,298 df57364,631
Special inc. receipts and
adj. of various accts._
b542,549
b92,115
dl,335,411
bl24,016
c Propr. of overhd. exp_Dr7,719.279 Dr7,805,943 Dr7,468,238Drl3935,090
Net
profit
Preferred
dividends
Deficit
I,084,917def21667,780def36501,122def71175,705
7,205,622
7,205,622
7,205,620
20,716,163
6,120,705
28,873,402
43,706,744
91,891,868
a After
all expenses incident to operations, including ordinary repairs
and maintenance also estimated taxes and reserves for contingencies, but
exclusive of charge for proportion of overhead expenses and taxes shown
specifically below,
b Net balances of sundry receipts and charges includ¬
ing net profits from disposal of sundry propertiy assets and securities, and
adjustments of various accounts,
c
Proportion of overhead expenses
(of which taxes comprise substantially the greater part) of the Lake Superior
Iron Ore properties and Great Lakes Transportation service, normally
included in the value of the season's production of oie carried in inventories,
but which because of the extreme curtailment in tonnage of ore to be mined
and shipped is not so applied,
d Proportion of interest on railroad recapture
payments refunded, less reserve for account of adjustments in connection
with employees' stock subscription plan, including net balance of sundry
receipts and charges account adjustments of various accounts.;—V. 142,
p. 312.
Universal Pictures Co., Inc.—Extends Options—
Carl Laemmle, President and founder of this company, announced on
Jan. 28 that the option granted last Nov. 1 to the Standard Capital Corp.
and Charles R. Rogers has been extended from Feb. 1 for another six weeks.
Mr. Laemmle said he had done this "to allow them the necessary time to
complete their investigation and examination of the company's affairs."
The purchase option was originally given in connection with a loan for
working capital in the height of the company's production season.
It
covered a block of common stock, owned by Mr. Laemmle, representing
control of Universal.—-V. 141, p. 2911.
University of Detroit—Plan of Reorganization—
On Dec.
1934
the
16 1935, a hearing on the plan of reorganization dated Nov. 15
as proposed by the bondholders' protective committee, was held before
William S. Sayres, Master in Chancery.
At that hearing certain
modifications
court
has
were
proposed by the University, and as a result thereof the
the submission of these modifications to the bond-
authorized
Bondholders
These modifications will be considered at another
D. Hepburn, Richard A. Packard,
Henry S. Hulbert (Chairman) with H. Russell Hastings,
Committee—Franklin
Jerome Weadock,
1203 National Bank Building, Detroit, Mich.
The plan of reorganization, as modified, provides;
Sec.,
Bonded Indebtedness
Maturities of Bonds to Be Extended—Outstanding bonds to be recalled
and
in exchange one series of bonds to
be issued in the aggregate of all bonds
outstanding, the new bonds to be dated Nov. 1 1935 and to mature
Nov. i 1950.
The outstanding bonds so exchanged shall not be canceled
until the new bonds have oeen retired and in the meantime the outstanding
bonds so re-called shall be retained by the trustee as additional security for
the payment of the new bonds so issued.
Accumulated Unpaid Interest—In lieu of all accumulated unpaid interest
to Nov. 1 1935, the bondnolders will receive, upon the delivery of new
bonds, an aggregate amount equal to 1% of the outstanding bonds.
Interest on Bonds—For a period of four years tne new bonds will bear
interest at a minimum rate of 1% per annum, and commencing Nov. 1
1939, Jbe new bonds will bear interest at a minimum rate of 3% per annum.
now
In addition to the minimum interest there snail be distributed to the bond¬
holders whatever cash is available in the sinking fund up to an amount whicn,
together with the minimum interest rates heiein provided for, shall equal
5% per annum on the outstanding bonds.
If the sinking fund does not
provide sufficient funds to pay interest in excess of the minimum current
rates of interest, there shall be no obligation on the University to pay in
excess
United States Steel
before
df9,746,850 dfl8530,773
1935
Foundry Co.—Div. Increased
declared
5,326,417 lossl0234413 loss7945,445 lossl6729368
1,801,405
1,801,405
1,801,405
1,801,405
60,434,318
the com.
stock, par $25, payable Feb. 10 to holders of record Jan. 15. This will be
the first payment made on this issue since May 10 1933 when a dividend of
25 cents was paid. Prior to May 10 1933 regular quarterly disbursements of
62Mi cents per share were made.—V. 141, p. 1608.
The
„„„
nearing to be held Feb. 6.
The directors have declared a dividend of 50 cents per share on
United Engineering &
_
Income Account for Years Ended Dec. 31
nolders and creditors.
Union Storage
7,548,856
1,222,346
3,364
$
Total inc from oper__
6,323,146 df8,133,621 df6,555,255 dfl4499,714
Special inc. receipts and
d627,230
bl01,639
adj. of various accts._
b542,549
b92,115
c Propr. of overhd.
exp_Drl,539,278 Dr2,192,907 Dr2,017,420 Dr2,331,293
a
the present manufacturing facilities will prove inadequate.
It is estimated that between $5,000,000 and $6,000,000 will be required
1932
5,537,084
thus leaving all or sub¬
must be installed.
1933
$
3,761,716
a
stantially all of the present plant available for the expanded engine activi¬
ties, for the proper conduct of which a considerable amount of new equip¬
The Sikorsky Aircraft division is engaged in the development of transport
amphibians and of large flying boats, the latter designed primarily for trans¬
oceanic flight.
It is believed that for quantity production of these models
Subs.)
1934
3 Mos. End. Dec. 31—
$
Total earnings
20,418,435
intended either to construct a new plant for the manufacture of propellers,
to
1936
1
cence,
Corporation was organized in 1934, and took over on Aug. 31 of
certain of the subsidiaries previously controlled by United Aircraft
or
Feb.
of minimum interest rates.
Sinking Fund—A sinking fund is to be created from funds derived as
On or before Oct. 1 in each year, beginning Oct. 1 1936, there
shall be paid into the sinking fund (a) a sum equal to 70% of the net oper¬
follows:
ating earnings of the University for the preceding fiscal year ended June 30,
which net operating earnings shall be determined by deducting from gross
operating earnings the ordinary operating expenditures of the University,
and interest paid in cash to the bondholders and to the banks not paid out
of the sinking fund; (b) 70% of ail available unrestricted donations, gratuities
and legacies which the University receives; (c) proceeds of the sale or con¬
demnation of mortgaged property.
The amount in the isnking fund on
Oct. 15 1936, and each year thereafter will be distributed as follows:
(1) To provide for the next two instalments of current minimum interest
due the ensuing Nov. 1 and May 1.
(2) To provide for two equal additional cash payments on the said en¬
suing Nov. 1 and May 1 in amounts which, together with the current
minimum interest payments provided for, shall equal an amount for each
interest payment date, up to 2}4% of the outstanding bonds.
(3) To create a reserve for an additional year's interest upon bonds,
up to 5% of the aggregate of the outstanding bonds.
(4) All sums remaining, after provision has been made for the foregoing,
shall be used annually to either purcnase bonds in tne open market pursuant
to tenders solicited or to redeem bonds by lot at par plus accrued interest,
if
any.
Redemption of Bonds•—Bonds shall not be redeemed except through the
operation of the sinxing fund in accordance with paragraph four.
Donations, Gratuities and Legacies—Available unrestricted donations,
gratuities and legacies shall include all unrestricted donations, gratuities
and legacies—with the exception of contributions whether in service or
money, made by the resident Jesuit Community, whiih contributions shall
be considered operating earnings—in excess of the first $25,000 in amount
of unrestricted donations, gratuities and legacies, which amount shall be
used by tae Uni/ersity for capital expenditures.
Capita] expenditures
shall not be paid out of operating earnings, and if at the end of any fiscal
year said sum of $25,000 shall not have been fully expended by the Univer¬
sity to defray capital expenditures, any balance thereof remaining shall be
paid into the sinking fund.
Current Indebtedness —The current indebtedness of the University arising
from miscellaneous small loans, which now amount to approximately $15,-
Financial
Volume 142
000 shall be considered as a current expense item
record
and may be paid by the
advisable.
'
Release
of Part of Mortgaged Premises—Upon satisfactory assurances to
that there will be constructed
the University Campus an Armory Building costing in excess of $300,000, without cost or obligation to the University, said Armory Building
being to provide quarters for the etsablishment for a Reserve Officers
upon
Training Corps Field Artillery Unit, and which Armory Building the Uni¬
versity shall have the right to use, free of charge except for the cost of main¬
tenance and operation, in conjunction with said Reserve Officers Training
Corps Unit, the University may convey to the City of Detroit or to any
other municipal corporation or subdivision thereof, in order to afford a
site for such Armory Building, a parcel of vacant real estate not exceeding
three-quarters of an acre in extent, and situated south of University Stadium
on the Fairfield Ave. side of the Campus and the said trustee, on being
given such assurances to its satisfaction, shall discharge such parcel of land
from the lien of the mortgage securing said bonds.
Bank Indentedness—Maturity of Debt to Be Extended•—All bank indebted¬
ness shall be extended to mature as
provided in the case of the bonds.
This
indebtedness is to be secured as follows: (a) in the case of the debt to the
Guardian National Bank of Commerce in the amount of $175,000, which is
now secured by a mortgage, the indebtedness is to be secured either by an
extension of the existing mortgage or the issuance of a new trust mortgage
on the same property;
(b) in tne case of the unsecured indebtedness due to
the First National Bank-Detroit and the Guardian National Bank of Com¬
merce, it is to be secured by the issuance of either debentures or second
mortgage bonds secured by the properties owned by the University of
Detroit.
The character of the security—second mortgage bonds or deben¬
tures—is to be left to the judgment of the receivers of the respective banks.
Accumulated Unpaid Intel est—All interest accumulated to Nov. 1 1935
to be canceled.
1935,
the
a
period of four years beginning Nov. 1
representing the bank indebtedness will bear
interest at a minimum rate of
of 1 % per annum, payable semi-annually
on May 1 and Nov. 1 of each
year, and commencing Nov
1 1939 the new
securities will bear interest at a minimum rate of 2% per annum.
In addi¬
tion to minimum interest there shall be distributed to the holders of new
new
securities
liquidating dividends were as follows:
$1 on
Oct. 31, last, and $4 per share paid on June 26 1935.
Previous
Vick Chemical Co.
(Del.)—Usual Extra Dividend
dividend of 10 cents per share in
quarterly dividend of 50 cents per share on .the
capital stock, par $5, botn payable March 2 to holders of record Feb. 15.
Similar payments were made in each of the nine preceding quarters.
V.
The directors have declared an extra
addition .to the regular
141,
3705.
p.
Virginian Ry.—Earnings.—
..
$1,265,512
713,016
$1,146,367
$1,226,327
694,326
627,211
589,448
622,903
15,783,580
8,605,482
14,443,351
7,741,477
13,433,773
6,913,268
6,772,558
6,116,664
12,818,969
6,049,954
7,240,264
$1,424,915
832,605
Gross from railway
Net from
1933
1934
1935
December—
Gross from railway
Net from railway
Net after rents
railway
Net after rents
..
o'™o
5,196,092
—V. 142, p. 639.
Vortex
Cup Co.—Proposed Merger—
,
,
,.
v
approving the merger of Vortex
Co., Inc., of Easton, Pa., makers
of the "Dixie" paper cups and food containers, which merger will result in
Vortex acquiring the assets and business of Individual.
Robert C. Fenner,
The stockholders will vote March 14 on
Cup Co. and Individual Drinking Cup
President of Vortex Cup Co., states:
,
.
established paper
record of over 25 years,
advertised trade name of
"Dix.e."
The company has a large, modern plant at Easton, Pa., and
makes a complete line of cups consisting of several hundred items, ranging
from small drinking cups to quart containers for ice cream, butter, cneese,
The Individual Drinking
Cup Co., Inc., is the oldest
cup company in the industry, with
successful
its products being widely known under the
,
&c.
industry,
T*?e natural
Co.'s position in the paper cup
To maintain the Vortex Cup
the directors deem it essential to broaden its
line of products.
development is the nesting type of paper containers such as Individual now
makes and wnich constitutes a very substantial portion of its present sales.
require specially designed machinery, generally covered by
For Vortex to duplicate tnem would require years of time, the
possibility of patent infringement, and large sums of money which would
otherwise be available for dividends,
Tnerefore, it seems advantageous to
both companies to combine their activities rather than continue spending
large sums of money and valuable time in duplicating each other's facilities.
Experimental and development work could then De devoted to new addi¬
tional products.
Conditions in this industry are rapidly changing as new companies enter
These products
patents.
the paper cup field.
It is increasingly essential to provide every economy
of operation and effective plans of broad distribution.
It is believed that
a union of these two companies will not only result in conservation of finan¬
Having plants East
substantial economies.
cial resources, but will effect
West, the saving in freight alone is a substantial item.
Economies
contemplated in administrative and all overhead expenses as well as re¬
duced experimental and development costs referred to above should be
sufficient alone to justify tne merger of these two companies.
Through the medium of a broader line of products it is expected that
sales and earnings will oe more stabilized than is possible witn tne present
business of Vortex.
The result should be greater security of earnings over a
and
term of years.
,
Co., Inc., has a large surplus, including
$1,700,000 in cash, Government notes and marketable securities.
Consideration was given to withholding a portion of these funds from the
merger, but respective managements believe that a strong working capital
position would be desirable.
To avoid the issuance of a large amount of
stock, the Individual stocknolders consented to accept low coupon rate
(4^ %) bonds maturing in five years, callable at par in three years, and to
leave the money in the business, these bonds to be secured by a mortgage
against the present Individual plant at Easton, Pa.
Net earnings of the two companies have been approximately equal.
However, Individual, a privately owned company, has consistantly plowed
back profits in advertising and experimental mechanical development.
In recent years it has expended over a million dollars in establishing tne
brand name, "Dixie Cups," including approximately $200,000 for adver¬
tising and sales promotion this past year, all of wnich has been chartged to
The Individual Drinking Cup
some
expense.
Interest on Indebtedness—For
,
28.
—V. 141, p. 4178.
of further bonds.
the trustee of the indenture securing the bonds
Jan.
Dec. 24, last, $3 on
In case short-term borrowings become necessary in order
the operating needs of the University, including interest, they will
be repaid before funds are placed in the sinking fund.
Bond Issue to Be Closed—The bond issue is to be closed against issuance
University.
to meet
Capital Expenditures—Capital expenditures in any one year shall not ex¬
ceed $25,000, except with the consent of the trustee and the approval of
the Public Trust Commission first obtained.
Capital expenditures shall be
deemed to include funds spent for the increase of facilities, library books,
dental school equipment and other items of a like nature, but shall not
include necessary repairs and replacements to buildings and equipment.
The expenditures of funds representing restricted gifts, donations or legacies,
in accordance with the terms of such restricted gift, donation or legacy
shall not be deemed a capital expenditure.
Cancellation of Bonds on Redemption or Purchase—All bonds redeemed
or purchased shall be canceled.
Additional Security to Be Given—The University, to further secure the
bonds to be issued, shall mortgage all right, title and interest in and to all
furniture, furnishings, macmnery, apparatus and articles of personal
property whatsoever—except as hereinafter excepted—to it belonging
or in which it now has or shall in the future acquire any interest.
All
property acquired by the University in the future—except as hereinafter
excepted—snail upon acquisition immediately become subject to the
lien of the original indenture of mortgage and the supplemental indenture
to be executed by the University.
/
It is to be provided, however, that cash, negotiable instruments, and
personal property religious in nature, or used for religious purposes, such
as the furniture or furnishings of a nouse or worship, are not to be subject
to the mortgage nor to any other iien or encumbrance; neither are restricted
gifts, donations or legacies, where the purpose of sucn gifts, donations or
legacies is likely to be defeated by the placing of an encumbrance thereon.
Sale and Exchange of Property—The trustee snail, in its discretion, have
the rig/it to grant the University permission to sell, or exchange for otner
property, any property at any time subject to the lien of the mortgage.
In the event of the sale of any such property, the proceeds thereof shall
be paid into the sinking fund, to be used in accordance with paragraph four.
In the event of the exchange of any property, the property, acquired by such
exchange shall immediately become subject to the lien of the mortgage.
Default in Other Obligations—In the event that the University defaults
in the payment of interest or principal to the holders of obligations repre¬
senting the present bank indebtedness of the University, and action is begun,
or threatened to be begun, by the holders of such obligations, the holders
of 10% of the outstanding amount of bonds may require the trustee to
declare all said outstanding bonds immediately due and payable or may
require the trustee to take such action as said bondholders shall deem
803
Chronicle
securities
whatever
cash
hereinafter pro¬
vided for up to an amount which, together with the minimum interest rates
herein provided for, shall equal 3% upon the outtsanding securities.
If the
sinking fund shall not provide sufficient funds to pay interest in excess
of the minimum current interest rates herein provided for there shall be
no obligation on the
University to pay in excess of said minimum interest
is
available in
the sinking fund
rates.
Sinking Fund—A sinking fund is to be created from funds .derived as
or before Oct. 1 in each
year, beginning Oct. 1 1936, there shall
sinking fund (a) a sum equal to 30% of the net operating
earnings of the University for the preceding fiscal year ended June 30,
which net operating earnings snail be determined by deducting from gross
operating earnings the ordinary operating expenditures of the University,
and interest paid in cash to the bondnolders and to the banks not paid out
of the sinaing fund; (b) 30% of all available unrestricted donations, gratuities
and legacies wnich the University receives.
The amount in t.ie sinking
fund on Oct.15 1936, and each year thereafter will be distributed as follows:
(1) To provide for the next two instalments of current minimum interest
due the ensuing Nov. 1 and
May 1.
(2) To provide for two equal additional cash payments on said ensuing
Nov. 1 and May 1 in amounts which, together with the current minimum
interest payments provided for, shall equal an amount, for each interest
payment date, not exceeding 1H% of the outstanding indebtedness.
(3) To create a reserve for an additional year's interest on the outstanding
indetedness up to 3% of the aggregate thereof.
(4) The balance to be paid on the principal indebtedness as represented
by the new securities, either by pro rata payment to the holders thereof,
or by purchase
thereof, in the open market pursuant to tenders solicited,
or by redemption by lot at par plus accrued interest, if any.
Each of the banks will be entitled to receive from the sinking fund its
pro rata share of payments and distributions.
If separate instruments are
required for each of the bank, the 30% of excess operating earnings, legacies,
&c., will be divided proportionately in the several instances.
The determination of net operating income, and the definition of avail¬
able unrestricted donations, gratuities and legacies and the limitations
with respect to capital expenditures shall be as provided in the case of the
much
as
Vortex has spent
for the same purpose.
books of both companies not
Statements taken from the
audited, as of
Sept. 30 1935, show net tangible assets of Individual to be $3,265,520, com¬
pared to Vortex $1,842,766.
The plan, therefore, is to pay the stockhold¬
ers of Individual class A shares of Vortex in an approximate proportion to
present 70,000 outstanding class A shares, as their net tangible assets
net tangible assets on a basis satisfactory to your directors,
allowing equitable adjustments for difference in accounting policies; and
as their net earnings are approximately equal to ours, to pay them common
shares of Vortex equal to our present outstanding common stock.
our
compare to our
follows; On
Present
be paid into the
,
$100,000. annually in experi¬
&c., in connection witn its active expan¬
.which is wholly apart from its capital invest¬
been charged to expense and is over twice as
Likewise, it has expended on the average
mental mechanical development,
sion program.
This amount
ment in new equipment, has
Capitalization of Vortex Cup Co.
Outstanding
Authorized
A stock
$2.50 class
common
(no par)
(convertible into
share for share)
Common stock (no par)
*
150,000 shs. reserved for conversion of
It is planned to increase this capitalization
150,000 shs.
*350,000 shs.
class A stock.
to the following:
70,000 shs.
101,458 shs.
Outstanding
Authorized
$2.50 cum. div.; convertishare)
250,000 shs.
178,650 shs.
Common stock (no par)
*600,000 shs. 202,916 shs.
*
250.000 shs. reserved for conversion of class A stock.
Distribution of the proposed outstanding capital stock if toe plan is
approved by the stockholders will be as follows:
Class A stock (no par;
.
ble into common share for
Common
Class A
shs.
shs.
101,458 shs.
101,458 shs.
178,650 shs.
To present
To present
202,916 shs.
before
holders of Vortex, share for share— 70,000
stockholders of Individual
108,650
Total
Net assets of Vortex
Cup Co. and subsidiaries as at Sept. 30 1935,
merger:
Total assets
^
$3,549,257
197,209
Deduct total liabilities
Net assets,
$3,352,048
including good-will
good-will recorded on books
1920, 1925 and 1927
Deduct
of Vortex Cup in 1918,
1,313,340
-
bonded indebtedness.
► Other Indebtedness—The Cnicago Province of Jesuits, to which the Uni¬
versity owes $115,000 in principal amount, is to agree that until the in¬
debtedness to the bondholders and the banks has been paid in full it will
receive
of
no payment upon either interest or principal, and that in the event
liquidation, its claim is to be subordinated to the claims of both bond¬
as
holders and the banks.
The status of general creditors of the University —other tnan bondholders,
the bamcs hereinbefore mentoined and the Chicago Province of Jesuits —
is not to be affected or changed.
The debtor, however, does not waive
►
the right to contest either the
person
asserting
Utah
a
propriety of any claim or tne status of any
claim as a general creditor.—V. 133, p. 977
Ry.—Earnings.—
December—
Gross from railway
Net from railway
Net after rents
1935
$129,006
64,615
1934
$110,258
73,278
1933
$100,278
35,987
10,718
1932
$186,011
121,118
81,710
50,385
45,355
1,061,452
355,342
735,800
189,809
979,168
291,435
1,156,287
435,424
198,865
def35,184
61,314
173,828
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Co.—Liquidating Dividend—
The directors have declared a liquidating
of $2 per
dividend (the fourth, thus far)
payable Feb. 3 to holders of
share on the common stock, par $25,
assets
$2,038,708
follows:
By issuance of—
First mortgage
Class A stock,
4H % bonds
108,650 shs. at stated value of
$20 per share
Common stock, 10L458 shs.
value of $1 per share
$975,000
2,173,000
at
new
stated
101,458
Capital surplus arising from difference between
above stated values of capital stocks and
net assets acquired
Net assets of Individual Drinking
subsidiary acquired by merger,
cost less amortization, $34,944
51,006
Cup Co., Inc., and
including patents at
Total net assets at Sept. 30 1935, after merger
The stated value of the no par value common stock
—V. 142, p. 139.
Vica
(including patents at cost less amortization,
$195,941) as at Sept. 30 1935, after deducting all good¬
will, but before merger
Acquisition of net assets of Individual Drinking Cup Co., Inc.,
and subsidiary, amounting to $3,300,464, to be paid for
Net
3,300,464
$5,339,172
will be reduced from
$5 per share to $1 per share, resulting in a credit to capital surplus.
This
credit, together with the existing and acquired capital surplus and a por¬
tion of the earned surplus, has been applied toward the complete write-off
of Vortex good-will as follows:
804
Financial
Chronicle
Charges to capital surplus—•
Capital surplus arising from reduction of stated value of Vor¬
tex
$405,832
par
Total capital surplus charges
Charge to earned surplus
628,851
51,006
a
hand...$1,356,699
1,007,782
on
*
b Accounts & notes receivable.
418,545
Inventories
Accounts
Co., In
Prepaid insurance, advances to
187,900
salesmen, &c
Cash in closed banks, less res..
40,747
cPlant & equipment, at cost..
2,011,156
230,886
.
57.548
$120,966
Div.
190,098
under
contract
due
1st mtge.
Class
no
4H % bonds
stock
A
20,000
shs.,
par)
...
588,256
Total
9 Mos. End.
1933
1934
$423,209
361,609
Sept. 30 '35
$311,614
343,485
Before Experimental &
Development Charges—
$410,722
432,223
$466,643
474,830
$347,840
439,914
Ry.—Earnings.—
pl't
44,434
6,245
Total surplus for year.
$496,526
1934
1933
1932
$3,100,338
760,283
431,477
$2,901,623
906,202
512,012
$3,036,919
790,160
344,604
41,492,890
10,246,337
5,213,900
Net from railway
of $215,224.
b Net deficit subsequent to Dec. 1
(effective date of reorganization),
c Interest on convertible deben¬
ture bonds; payable on or before Feb
1 1935, $44,225; payable when com¬
pletely earned or at maturity of bonds, $44,225.
Consolidated Balance Sheet Nov. 30
1935
Notes
(less res)
rec.
1934
$826,905
1,153
$795,745
Liabilities—
1,224,226
2,964
723,025
795.842
54,874
613,832
rec
36,123
49,548
Investments
18,051
19,969
Accts. receivable.
_
of
assets
38,235,813
9,712,332
4,355,273
36,207,016
8,629,647
2,745,490
37,785,634
7,100.732
accts.
107,652
Plant prop'y (net)
Patents — nominal
1,241,003
1,312",079
1
1
101,815
92,693
Deferred charges &
Net earnings
Other income
$2,180,381
x225,317
$1,706,668
xl86,615
$1,649,223
189,205
32,708
$1,893,284
234,134
$1,871,136
250,228
$2,054,172
275,351
6,123
964,486
946,100
1,017,503
lOO",590
y224,046
53,330
103,191
x
11,432
$2,405,698
217,180
6,684
995,131
bonds
Total
$1,724,382
318,357
Div.
pref.
on
pay
stock of
Wayne Co.,a sub
sinking fund
for sinking fund
Depreciation
Special deductions
Federal taxes
170,877
$1,015,826
512,016
$587,951
516,410
$503,810
$71,541
256,008
$3.97
Ward Bkg.Corp. pf. divs
256,008
$397,431
391,512
pref. stock of
Wayne Co.,a sub
Shs. pref. stock outstand.
..$4,352,770 $3,664,730
per share
261,008
$2.52
261,008
$1.52
$2.30
x Includes $72,118
($57,560 in 1934) of dividends on stock of the British
Arkady Co., Ltd., which is approximately $8,500 ($22,000 in 1934) less
than the proportion of 1935 and 1934
profits applicable to the shares owned,
y Includes loss on demolition of building of $42,184; write-down of inven¬
of $49,477
and loss
sale of marketable
on
securities
1,000,000
832,500
44,225
1,769,000
49,942
208,459
1,225,183
377,861
457,544
def38,981
Accrued Int. on 5%
conv.
debentures
Reserves
Total....
54,492
114.809
$4,352,770 $3,664,730
Accounts payable only.—V. 141, p. 4179.
The
Interstate
Commerce
Commission
West
'
Jan.
on
issued
15
certificate
a
Virginia Pulp & Paper Co. (& Subs.)—Earnings—
Years End. Oct. 31—
earns, from oper..
Other income
1935
1934
1933
1932
$2,962,106
321,552
$2,380,577
$1,906,154
465,156
$2,540,916
$3,283,658
7,146
$2,860,802
6,666
$2,371,310
on invests, sold, &c.
222 321
Deprec. and depletion._y2,105,893
Prov. for Federal inc. tax
126,614
150',600
144,405
1,984,616
55,000
2,139,481
$3,129,324
40,400
398,515
X603.624
2,056,642
$1,357,124
926,879
363,403
$664,520
934,085
d65.522
$78,855
928,267
366,640
$30,142
952.097
692,973
sur$66,842
$635,087
$1,216,052
$1,614,928
Total
Total income
Interest paid
Adj. of inventory value.
Loss
par)
970,200
permitting the company and James G. Ashley, lessee, to abandon, as to
interstate and foreign commerce, the entire line of railroad
extending from
South Londonderry in a general southeasterly direction to Brattleboro,
approximately 36 miles, all in Windham County, Vt.—132, p. 1218.
$658,128
1,126,793
$5,919 def$468,666
24,255
5%
West River RR.—Abandonment—
pur¬
Total income
Interest
Prem. on bonds purch.
3,808
250,452
of
_
5% conv. debs.,'54
prepaid expenses
53 Weeks
Dec. 31 '32
$89,065
456,420
11a bil.
Accruals.
Capital surplus
Earned surplus
52 Weeks
52 Weeks
52 Weeks
Dec. 28 '35 Dec. 29 '34 Dec. 30 '33
market
Current
x$128,268
capital
Baking Corp. (& Subs.)—Earnings—
chased for
payable
Brazilian sub
Cash for sinking fd
524,669
1934
1935
Accounts and notes
Com. stk. (par $1)
Period—
on
def$38,982 def$319,657 def$313,445
After depreciation
Foreign Instalment
1935
Net after rents
—V. 142, p. 639.
to
assets of Rochester
Sundry charges (net)
Inventories
$3,748,135
1,118,594
841,079
,
From Jan. 1—
Gross from railway
tories
$496,526 defb$38,982 def$319,657 def$262,768
Brazilian sub
December—
($100
Net profit
Current
Gross from railway
Earnings
152,365
in¬
124,579
Assets—
Net from railway
Net after rents
Discount
foreign
Cash
—V. 142, p. 475.
Ward
and
1933
Calendar Years-
$382,004
357,240
30,000
114,171
30,000
107,282
c88,456
moving and disposal of
$5,999,547
$358,405
327,861
49,242
78,308
Losses in connection with
a
1932
$336,673
280,133
of
»
taxes
come
202,916
Earnings of Both Companies
Wabash
70,212
145,445
$49,468 def$182,376 def$270,962
deb. bonds at less than
face value
3,573,000
surplus
stock
deb. bonds
on
Federal
Common stock (202,916 shs.,
par)
pref.
on
Wayne Co
975,000
(178,650
$2,011,031.
Individual
loss$36,931 loss$200,750
Credit arising from pur.
and retirement of gold
Liability
$5,999,547
Vortex
$27,3821oss$166.5031ossa$236,885
79,634
129,572
36,135
$748,655
Int.
$10,000 May 1 1936 & '376,739
Balance, surplus
156,880
for dividends
a At the lower of cost or
quoted values at Dec. 31 1934, Plus 1935 pur¬
chases at cost (quoted value Nov.
1£ 1935, $1,127,929).
b Less reserve
for doubtful receivables of $36,333.
c After deducting depreciation of
Vortex
Individual
180,067
$107,016
172,431
no
After Experimental &
Development Charges—
16i;i28
69,654
Fed. & Can. income taxes—
Earned
Total
986,871
$818,310
payable
Provision
Pats., &c., at cost, less amort-
$749,986
828,238
Gross income.
Inc. charges (other than
bond interest)
Sept. 30 1935
Acer, taxes, wages, roy., &c__
Prov. for current & prior yrs.'
739,094
Due from Dixie Drinking Cup
.
$841,802
$663,676
154,634
Liabilities—
Marketable securities
$1,234,523
1,046,013
$1,313,340
Pro Forma Consolidated Balance Sheet
1936
1932
1933
1934
xau-x
$2,367,635
1,556,828
147,131
Selling & adminis. exps
Prov. for depreciation.
Profit from operation.
Other income credits
;
Total good-will written off
Cash in hanks and
1935
Gross profit from sales.
$1,085,689
227,651
;
Assets—
1
Consolidated Income Account Years Ended Nov. 30
value common stock
Capital surplus at date of organization of Vortex
Capital surplus acquired as above
no
Feb.
Reversal
of
portion
480.224
588,408
8,568
of
Srov.incharged yrs. for
against
prior
i..
losses
marketable
on
securities
of
Cr535,441
$132,384.
Net income
Consolidated Balance Sheet
Preferred
Dec. 28 '35 Dec. 29 '34
A
opt
O
n
;
o
■
Cash
3,377,959
2,909,720
Cash in closed bks_
34,499
35,881
Accts. receivable..
601 375
602,806
1,473,342
1,279,781
Inventories
Investments
57,497
,
62,921
Deposit on purch.
30,957
70,185
Prop'ty & plant.18,030,019 18,046,188
Deferred charges..
578,292
522,107
Pat'ts, copyrights,
a
good-will, &c—11,522,659
a
Liabilities—
11,522,659
35,706,600 35,052,249 I
$
7% pref. stock
b CI. A com. stock
c
CI. B
com.
100
100
3,616,400
3,747,000
Accounts payable.
765,199
458,755
deposits
113 175
Est. Federal taxes.
170,877
x
100,590
&
Dividends payable
Res.
128,004
for conting..
430,006
Sundry accruals..
Surplus
87.003
93,234
4,840,065
4,336,255
Total
383,272
35,706,600 35,052,249
depreciation of $15,474,693 in 1935 and $14,929,393 in 1934.
b 82,975 no-par shares,
c 500,000 no-par shares.—V. 141, p. 3089.
Consolidated Balance Sheet Oct. 31
1935
x
Prop. & plant.
Shs.cap.stk.out.(no par)
Earnings per share
—V. 141, p. 4179.
1935
$191,799
175,000
1934
1933
$351,858
$130,918
175,000
$2.01
180,000
$0.72
$1.09
1932
loss$49,940
180,000
Nil
The directors have declared
an extra dividend of 10 cents
per share in
to the regular quarterly dividend of 15 cents
per share on the
stock, par $1, botn payable March 1 to holders of record Feb. 15.
The company, paid dividends of like amount on
Dec. 1 and June 1 last.
common
Extras of five cents
1934, and
West
on
Dec.
distributed on March 1 1935, Sept. 1 and March 1
1 and March 1 1933.—V. 142, p. 640.
were
Kootenay Power & Light Co., Ltd.—Bonds Called
All of the outstanding 1st mtge.
sinking fund gold bonds, series A, have
been cal'ed for redemption on March 1 at 104 and
interest.
Payment will
be made at the Canadian and New York
City or London, England, offices
of the Bank of Montrea .—V. 141,
p. 3397.
54,000
54,000
3,735,991
237,784
5.791,194
426,135
6,023,840
427,638
3,633,559
4,036,190
3,030,514
Wood advances
Inventories
Loans to employees
Accts.
and
notes
receivable
bonds and market
prices
1,970,715
2,238,881
1,977,483
318,307
stock of Wayne Co.,
debenture bonds.
preferred
a
subsidiary, and interest for the fiscal
year on
the
In accordance with
the privisions of the bond
indenture, the company
will, in view of its earnings for the year, pay on Feb. 1 1936, the entire
unpaid debenture bond interest up to that date as represented by
coupons
bearing numbers 4, 5 6 and 7.
The results for the year also
require us
to commence
making deposits in a sinking fund for the retirement of the
remaining outstanding debenture bonds, which at Nov. 30 1935, were
$832,500, and we accordingly will make a sinking fund deposit of approxi¬
mately $108,000 on or before Feb. 1 1936.
During the year $936,500 of
debenture bonds
were
converted into the
common
The directors have also elected to redeem and
pay on Feb. 1
000 of the debenture bonds at par and interest.
1936, $125,-
Federal
tax
225,806
150,132
138,847
90,632
117,511
114,371
1,606,070
Earned surplus
Common
&
pref.
5,333,287
5,266,445
treas. stocks
-
-Drl,725,926 Drl ,444,941
reserve
y
Western Maryland
Ry.—Earnings—
Period End. Dec. 31—
1935—Month—1934
1935—12 Mos.—1934
Operating re venues
$1,279,984
$1,142,835 $14,791,403 $13,883,275
Net operating revenue..
491,342
399,938
4,585,984
4,439,192
Net ry. oper. income.._
442,673
375,891
4,107,677
4,106,178
Other income.
Gross income
Fixed charges
Net income..
8,928
20,134
82,098
127,049
$451,601
266,597
$396,025
271,280
$4,189,775
3,187,118
$4,233,227
3,237,972
$185,004
$124,745
—Third
Gross earnings
(est.)
640.
$314,700
Western Pacific RR.December—
Gross from railway
Net from railway
Net
after rents
From Jan. 1—
Gross from railway
Net from railway
Net
Week of Jan.—
1935
1936
—V. 142, p
after rents
—V. 142. p. 640.
West
stock.
for
8pecial reserves
Capital surplus...
Total
49,854,532 51,133,767
for depreciation of $25,646,508 in 1935 and
$23,624,234
Represented by 946,322 shares of no par value including treasury
stock.—V. 140. p. 652.
After
1934.
Period—
Willlam M. Griffin, President, says in part;
The results for the year ended Nov. 30 1935 show a final
net income
of $496,525, after all charges, including a full
year's dividend on
Prov.
..49,854,532 51,133,767
Wayne Pump Co.- -Annual Report—To Pay All Accumulated Interest Feb. 1—
$
16,324,100 16,324,100
y Common stock..28,619,310 28,619,310
Notes pay.—bank
1,000,000
Accts. pay.—trade
639,687
730,885
Pref. div. payable230,125
234,620
325,951
Deferred charges to
future operation
Total
1934
$
Preferred stock
income
Miscell. stocks and
Cash
1935
Liabilities—
262,784
Mis cell. Investm't.
n
addition
S
.32,128,442 32.708,819
Patents
x
Wellington Fund, Inc.—Extra Dividend—
.
1934
$
j\, cscts
Foundry & Pipe Corp. (& Subs.)- -Earnings-
Years End. Dec. 31—
Net profit after deprec.,
Federal taxes, &c
Includes provision for depreciation of marketable securities
(in 1933
for this purpose charged to surplus account),
y Depreciation
cus¬
After
Warren
Deficit
$410,000
only.
121,265
tomers'
dividends
Common dividends
$
25,600,800 25,600,800
82,975
82,975
stock
Funded debt
Salesmen's
contract-
Total
Dec. 28 '35 Dec. 29 '34
<£»
$1,002,657
—Jan.
I
to
1936
$291,768
$995,255
Jan. 21
1935
$931.914
$828,426
•Earning S.¬
1935
1934
1933
1932
$1,042,355
212,106
95,064
$957,780
188,637
78,869
$857,230
$666,696
175.462
def5.405
93,110
def71,984
12,907,071
2,312,129
1,016,313
12,302,903
2,522,111
1,267,422
10,868,312
2,050,006
10,768,713
1,736,791
905,827
518.117
Virginia Water Service Co.-
-Accumulated Div.-
The directors have declared a dividend of
$1.50 per share on account of
on the $6 cumulative
preferred
accumulations
stock,
no par
value, payable
Financial
Volume 142
Consolidated Balance Sheet Dec. 31
April 1 to holders of record March 16. A similar payment was made on
Jan. 1, and Oct. 1 last, and compares with $1 paid on July 1, April 1 and
Jan. 1 1935, this latter being the first distribution to be made on this issue
share.—V. 141,
per
Western
p.
Reserve
Total
Interest
on
$126,298
$119,273
26,253
27,821
$152,551
$147,094
_
100.485
28.174
10,724
97,515
28,543
debentures
prof71,453
Profit (excl. of loss on Union Tr. Co. stock)
Loss on sale of claim against Union Trust Co
Statutory liability paid
1934
1935
sale of securities
on
d Investments
Investing Corp.—Earnings-
Expenses
Loss
65",665
Net profit
$90,526
loss$57,289
Balance Sheet Dec. 31
a
on
Securs.
Acer. Int.
Bal.
4,085,080
(at cost)
& dlvs.
4,255,268
20,736
22,700
stk.
._
1,725,100
1,782,500
100,000
100,000
Reserve for
Reserve for
250 shs.com.stk.
pref.
stock
(6% cumul. and
Capital surplus
The
Deficit
...$4,403,607 $4,483,723
Total
in excess of indicated
1935 and $1,521,497
b Represented by 20.000 no par shares,
c Represented
value
cost
330,000
2,080,088
1,630,547
1,468
$4,403,607 $4,483,7231
Total
330,000
43,068
on
debentures
Deferred taxes
a
70
Total
2,115,491
1,539,561
Common stock..
c
70
35,158
2,100
(at cost)
Unamort. disct.
of
securities,
as
shown,
was
market values in the amounts of $432,441 at Dec. 31
in Dec. 31
60,000
1934.
no par
common
stock,
Jan. 29 declared a dividend of 75 cents per share on the
par
$50, payable Feb.
25
cents
62H cents
share was paid.
per
per
share
paid on Jan. 30
was
Oct. 31 1931, $1 on July 31 and April 30 1931, and $1.25 each
three months from Jan. 31 1930 to and including Jan. 31 1931.
1932 and
on
In addition the company on
of America
common
Feb. 20 1933 paid H share on Radio Corp.
common held, and on Feb. 18
stock for each share of
1935 ^share of Radio common
held.—V. 141. p. 3553.
for each share of Westinghouse common
After
d
$3,063,126 in 1934.
Includes majority holdings
depreciation
Machine Corp.—Transfer Agent-
White Sewing
been appointed transfer a
preference stocks effective as of the close
Jan. 31 1936—V. 142, p. 640.
the
and
common
x
stock
Common
Real estate, build¬
$1,872,243
42,349
Funded
17,026
71.743
8,898
Accounts
Cash
1,246
Accounts recelv
Sinking
Prepaid
To",778
19,224
expenses.
Interest
mon
2,173
5,625
payable-
accrued.-
on
Total
Jan. 25 declared
a
dividend of 25 cents per share on the
2 to holders of record Feb. 14.
This
the company on the common stock
since July 1 1931 when a regular quarterly dividend of like amount was
paid. Dividends of 25 cents had been distributed each quarter from Jan. 2
1930 to and including July 1 1931.
no
par common stock, payable March
be the first distribution made by
will
To Retire 7,000 Shares Class A
Stock—
The directors announced on Jan. 25 that they had decided to call
shares of class A stock on Feb. 14 for payment on April 1 at $37.50 a
7,000
share.
Total
$1,949,847 $2,006,012
—
After reserve for depreciation
188
1935
December—
Wisconsin Central
Period End. Dec. 31—
,
1933
1934
1932
$931,106
319,172
$742,227
43,317
426,338
347,745
61,322
$747,115
233,505
232,504
13,497,874
3,596,186
11,239,794
2,734,834
2,676,574
1,764,829
10,563,820
2,769,217
1,651,357
8,536,235
2,067,068
903,170
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 477.
Total expenses
Taxes & uncoil, ry. rev__
Hire of equipment
Rental of terminals
-
Int.
on
funded debt—
Gross from
railway^l^s'
$47,400
9,045
$33,858
def604
$45,317
15,722
7,731
4,174
15,581
560,520
145,466
508,795
105,243
558,878
164,899
89,395
Net from railway
after rents
47,951
100,487
Net
Ry.—Earnings—
Net
after rents
$303,504
$1,648,667
$1,855,989
$653,521
412,521
—V. 141, p. 4179.
Valley RR.—Earnings.—
Yazoo & Mississippi
$972,626
279,590
$1,093,427
defl23,586
railway
Net from railway
-
1932
1933
1934
1935
December—
Gross from
$749,802
127,211
$1,179,653
510,889
def303,039
143,751
313,767
def37,488
12,698,045
2,901,141
11,916,718
3,215,435
734,093
11,991,684
4,078,063
11,559,620
2,842,462
1,451,846
143,620
—V. 142. p. 140.
603,478
174,571
102,764
of accumulations on the 5Yx % cum.
_
Net from railway
560,293
Net after rents
Youngstown Sheet & Tube
Co.—Accumulated Dividend
dividend of $1.37H per share on account
pref. stock, series A, par $100, payable
April 1 to holders of record March 21. A like payment was made on Jan. 1
last, this latter being the first payment made on this issue since April 1
1932, when a regular quarterly dividend of like amount was distributed.
The directors have declared a
—V. 141, p. 3878.
Consolidated Income Account for Calendar Years
[Including Domestic and Canadian Subsidiaries]
1933
$362,327
346,989
1,871,327
$53,104
17,452
29,985
(F. W.) Woolworth Co .—Annual Report—
1934
1,889,667
Gr^ssTronTrailway
—V. 142, p. 140.
1935
def$7,830 def$l 12,785
40,493
30,217
159,125
160,501
1932
b From Jan. 1—
Gross from railway
Net from railway
$537,127 in 1934
1935—Month—1934
1935—12 Mos.—1934
$687,264 $10,375,852
" ,755,776
"7,445,251
7,952,353
633,228
594,008
585,927
424,048
55,833
114,083
816,176
863,858
64,819
48,464
546,093
482,070
24,521
43,492
$207,449
Net deficit
Net after rents
Wichita Fall# & Southern RR.—Earnings.—
J
1935
1934
1933
December—
$1,949,847 $2,006,012
-
of $555,009 in 1935 and
$770,571
Total revenues
Other income, net
$1,257,836
463,667
Gross from railway
Net from railway
Net after rents
314,789
—Y. 140, p. 4253.
Net after rents
I
605
286,860
—V. 141. p. 4029.
Wheeling & Lake Erie Ry.—Earnings.-
26,400
15,000
Other reserves.
x
The directors
2,813
stock
dividend
Corp.—To Resume Com¬
Dividends—
150,000
11,405
300.000
debt
Res. for pref.
18,000
fund
500,000
Preferred stock
ings, equip., &o.$l,855,697
38,653
Inventories
31—
$840,000
660,000
$840,000
-
usiness
gent for
1934
1935
Liabilities—
1934
1935
of
Sheet Dec
Wichita Union Stock Yards Co.—Bal.
AsseJs—
Surplus
Weston Electrical Instrument
100,000
2,500,000
78,809.505
of $11,529,283 in 1935 and $11,174,397 in 1934.
in stock of F. W. Woolworth & Co., Ltd.,
England, $30,368,217 in 1935 and ($26,345,673 in 1934) (market value,
$228,106,977 in 1935 and $224,166,779 in 1934); investment in F. W. Woolworth Co. G.m.b.H., Germany, $8,898,583 in 1935 and ($7,972,619 in
1934); company's own capital stock, $1,646,781 (46,387 shares with a mar¬
ket value of $2,586,075 in 1935); $1,646,755 (46,386 shares, market value
$2,504,871 in 1934); and sundry securities of $197,797 in 1935 and $301,119
in 1934.
e Includes notes receivable.—V. 142, p. 477.
c
29 to holders of record Feb. 10.
This compares with 50 cents paid on Nov. 30 and Aug. 30 last.
This latter payment marked the resumption of dividend disbursements on
the common stock, no dividends having been paid since April 30 1932, when
197,100
3,996,039
98,300
300.000
192.281,293 184.782,447
1935 and $2,722,767 in
b After amortization of $3,150,292 in 1935 and
The Chemical Bank & Trust Co. has
Westinghouse Electric & Mfg. Co.—Raises Common Div.
on
depreciation reserve of $2,983,752 in
After
a
1934.
shares.—V. 141, p. 454.
The directors
_______
316,503
/
91,300
300,000
100.000
2,253,112
86,768,063
employees'benefits
add'l tax assessments for prior years--
Surplus
Prior
participating)
&
965,000
3.758,423
1,631,000
1944—authoriz.
pref.
97,500,000
943,200
364,794
202,400
1,778,000
gold
5
debs., due Feb. 1
$0
„
97,500,000
stock
Purchase money mortgages
Accounts payable and accruals
Mortgages payable, current
Reserve for foreign exchange losses
Accrued taxes
10,524
481,632
Liabilities—
Common
$40,745
2,936
Unit ctfs. repres't.
250shs.of corp.'s
2,237,997
1,035,842
192,281,293 184,782,447
$37,377
4,200
int. on debs.
15-yr.
898,191
2,678,982
1,248,857
Group life insurance premium
closed bk.—The
Union Trust Co.
38,132.077
897.021
Reserve for taxes---.
Acer
$152,587
e840.830
38,675,694
-
Total
1934
deposit in
on
Inventory (merchandise, &c.)
Stores, supplies, &c
Mortgages receivable
Prepaid insurance and sundry items
Foreign funds restricted
1935
Liabilities—
1934
$258,499
deposit.__
36,266,166
21,700,963
686,074
b $6 pref. cum. stk
1935
Assets—
Cash
-
Cash
Accounts receivable
$7,710
$97,947
7,421
Union Trust Co. stock.
on
37,987,945
27,488.341
leased premises to be
on
amortized
Good-will
Years Ended Dec. 31—
Dividends
Interest on bonds
T
Furniture and fixtures
April 1 dividend will amount to $16.50
3241.
18,194,093
41,111,379
21,771,580
Real estate and buildings owned
Bldgs. owned & impts.
Accruals after the payment of the
19,196,274
37,353,314
28.180,483
a
paid.
was
1934
$
1935
^Assets'
c
April 1 1932, when the regular quarterly dividend of $1.50 per share
since
805
Chronicle
•
1932
268,750,484 270.684,797 250,516,528 249,892,861
Net rental income—
420,899
575,790
509,486
485,547
Undistributed earns, of
4,074,315
4,948,509
3,782,935
3,807,051
►» unconsol. for'n subs__
6,312,478
4,019,244
Income from sec. owned
2,348,891
6,310,978
450,647
301,066
299,538
329,312
Interest, &c
Realized profit on for'n
76,830
449,978
exchange
CURRENT
NOTICES
Net^salos.
-
281,036,408 281,958,972
Total income
1,484,703
Depreciation
Amortization—bldgs.
1,455,382
1,470,532
1,396,775
3,150,292
3,063,126
2,799,050
2,678,386
&
►
impts. on leased prop.
Reduction in market val.
b
259,489,123 256,863,662
241,593,608 241,398,103 223,353,656 228,332,127
Costs and expenses
Federal
3,475,000
3,900,000
3,175,000
31,247,230
—
tax
Tsolainos have been
form, with J.
Carmichael &
32,142,363
28,690,884
22,101,005
85,575
income
as
Weeks & Harden, from which firm B. Burnett
general partners to
D. Carmichael Jr., have retired as
Christopher Meyer, the New York Stock Exchange firm of
Carson, which will maintain offices with Baker, Weeks &
Co. for 10 years, came to the firm in 1928.
Mr. Bohen, with Colgate &
Mr.
Dohrenwend, was with The National City Bank of
Farmers
came
Trust Co., prior to which he had been
Forbes & Co.
was
associated with Harris,
naturalized American
Mr. Tsolainos, a native of Greece, but a
private Secretary to the Greek Prime Minister at
Conference from 1918 to 1921.
time he had
cl,970,561
Co., Ltd., England---
completed
a
Total net income
31,247,230
23,288,671
(24%)
32,142,363
23,288,676
(24%)
30,661,446
23,288,678
(24%)
7,958,559
78,809,505
8,853,687
72,455,817
7,372,768 defl ,298,995
65,083,050
67,853,122
86,768,063
81,309,504
72,455,817
22,101,005
23,400,000
(24%)
with Baker,
Total
-
2,500,000
III"!
adjustment.
Total surplus
a1,471,077
86,768,063
78,809,504
72,455,817
65,083,050
(par $10)
$3.20
$3.30
$2.94
$2.27
_
of $692,915 and foreign
exchange losses of $778,162.
b Addit'onal unrealized foreign exchange
losses of $2,460,737 have been deducted directly from income from invest¬
ments.
c Represents profit made on sale of 337,550 shares of English com¬
pany, which were acquired in 1931 as a temporary investment.
a
Includes reduction in market value of securities
research.
Haring & Co., Inc., has been formed in New York
by Gardner S. Haring, President, to act as dealers
public utility securities, specializing in guaranteed railroad
Mr. Haring was
formerly connected with Greer, Crane & Webb of New
York for four years, prior to
Net earnings on common
stock
in railroad and
Mr. Mayer was formerly with
stocks.
taxes—prior years
Net surplus
—The firm of G. S.
City at 25 Broad St.
66,554,127
Prov. for add'l Fed. inc.
have been associated
The newly organized firm will do a general brokerage
business and will specialize in statistical
Surplus
Previous surplus
1934, at which
period of 10 years of service with that institution.
Weeks & Harden since 1931.
Halsted & Harrison.
the Peace
He came to the firm as manager of the bond
William D. Carmichael Jr. and B. Burnett Carson
Common dividends
Rate of com. divs
New York from
he assumed his present connection. Mr.
to Baker, Weeks & Harden last year from City Bank
1917 until 1929, at which time
department upon liquidation of The National City Co. in
of F. W. Woolworth &
and K. P.
general partners in the New York Stock
Harden at 52 Wall St.
citizen,
Net
Profit from sale of stock
E. Dehrenwend, Paul Sturtevant
admitted
Exchange firm of Baker,
Carson and William
Sturtevant
208,719
b296,651
1,850,000
of securities.
For. exch. loss (net)
•—William B. Bohen, Otto
that association having been Manager of the
Newark, N. J. office of Edward B. Smith & Co. of New York.
—J.
H. Brooks & Co., members New York Stock
Exchange, announce
the removal of their New York offices to the 22nd floor of
Building, 120 Broadway.
Jr., formerly with
the Equitable
The company also announces that J. H. Brooks
Scudder, Stevens & Clark, Boston, is now associated
with them in the New York office.
Financial
806
Feb.
Chronicle
The Commercial Markets and the
1
1936
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
5.20; May, 5.28; July, 5.36; Sept., 5.42; Oct., 5.44; Dec.,
COMMERCIAL EPITOME
5.49.
Friday Night, Jan, 31 1936
Coffee—On the 25th ult. futures closed unchanged to 3
points higher, with transactions totaling 4,750 bags, while
Rio contracts closed 3 to 4 points lower with sales of 4,250
bags. Rio de Janeiro futures were 25 to 50 reis lower, while
the open market Brazilian exchanges rate was 50 reis higher
16.95
at
milreies to the
from 8.90c
to
dollar.
Santos Bourbon 4s
were
In the local spot market
9.30c.
Manizals
Colombians were reported at from 12 YG- to 1234c.
Havre
futures were 1^ to 2 francs higher.
On the 27th ult.
futures closed 11 to 14 points lower for Santos contracts, with
sales of 24,500 bags.
Rio contracts closed 11 to 14 points
lower with transactions of 11,750 bags.
Rio de Janeiro
futures were 125 to 250 reis lower.
Cost and freight offers
from Brazil were reported unchanged to 5 points higher, with
Santos Bourbon 4s at from 8.85 to 9.20c.
Spot prices here
were unchanged with Santos 4s at from 934 to 934c.
Havre
futures were 34 to 134 francs lower.
On the 28th ult. futures
closed 7 to 10 points down for Santos contracts, with transac¬
tions of 18,500 bags.
Rio contracts closed 9 to 11 points
lower with sales of 5,000 bags.
Rio de Janeiro futures were
125 to 150 reis lower.
Cost and freight offers from Brazil
were 5 to 15 points lower, with Santos Peaberry 4s at from
8.65 to 9.05c.
Local spots, quiet and unchanged.
Havre
futures were 1 Y to 3 francs lower.
On the 29th ult. futures
closed 5 to 7 points higher for Santos coffee, with transactions
of 21,500 bags.
Rio contracts ended 7 to 9 points higher with
sales of 7,750 bags.
Rio de Janeiro futures were 50 to 75
reis lower and the open market exchange rate was 40 reis up or
17.1 milreis to the dollar.
Cost and freight offers from
Brazil were generally unchanged, although in some instances
offers were 10 higher.
Santos Bourbon 4s were from 8.75
to 9.05c.
Havre futures were Y to 1 franc lower.
On the 30th inst. futures closed 7 to 9 points higher for
Santos contracts, with transactions of 13,250 bags.
Rio
contracts closed 6 to 8 points higher with trading of 1,500
bags.
Rio de Janeiro futures were 25 to 75 reis higher.
Cost and freight offers from Brazil were unchanged to 10
points higher.. Havre futures were 1 to 134 francs higher.
To-day prices closed 6 to 10 points higher for Santos con¬
tracts, with total transactions of 210 contracts.
Rio con¬
tracts closed 5 to 8 points higher, with transactions totalling
51 contracts.
Rio de Janeiro futures were unchanged to
50 reis lower, while the open market exchange rate remained
at 17 milreis.
Cost and freight offers from Brazil were
about unchanged, with Santos Bourbon 4s generally at
between 8.85 and 9.00c.
Rio coffee prices
closed
a?
follows:
March
5.28
May
July
5.42
._.5.67
[September
[December
5.78
-5.541
Santos coffee prices
March
May
July
closed
as
follows:
8.971 September
9.081 December
-.9.061
9.09
-
9.12
1
to
2
points
higher, moving into new high ground for the year.
A good
spot demand continued from manufacturers, and this is
largely responsible for the firmness in futures.
Wall Street
and European interestes were also reported as buyers.
Closing: Mar., 5.13; May, 5.21; July, 5.26; Sept., 5.31;
Oct., 5.34; Dpe., 5.38.
On the 27th ult. futures closed
5 tz 7 points higher, reaching new high levels for the year.
Sales for the day were 357 lot s, or 4,784 tons.
Manufacturers
were again covering actively, special interest
being shown in
September and December contracts.
The Wall Street ele¬
ment was also in evidence in the buying.
Closing: Mar.,
5.18; May, 5.26; July, 5.33; Sept., 5.38; Oct., 5.40; Dec.,
5.44.
On the 28th ult. futures closed 4 to 6 points lower,
with transactions totaling 156 lots or 2,090 tons.
The break
in cocoa to-day was believed to be due to profit taking and
some
hedge selling against new crop Bahias., However,
buying by manufacturers continues in evidence, especially
in September and December deliveries.
Closing: Mar.,
5.14; May, 5.22; July, 5.28; Sept., 5.33; Oct., 5.35; Dec.,
5.38.
On the 29th ult. futures closed 5 to 7 points
higher,
with all positions at this level showing new highs for the
year.
Manufacturers continued to pay a premium of 30 points
over
March for all spot cocoa purchased.
Local transactions
day were 393 lots, or 5,266 tons.
London closed
strong.
Local closing: Mar., 5.19; May, 5.27; July, 5.34;
Sept., 5.40; Dec., 5.45.
On the 30th inst. futures closed unchanged to 2 points
higher. There was exceptional strength evidenced in the
December delivery.
Transactions totaled 307 lots or 4,114
tons.
Closing: Mar., 5.19; May, 5.27; July, 5.34; Sept.,
5.41; Dec., 5.47.
To-day prices closed 1 to 2 points up,
with transactions totaling 158 contracts or 4,740,000 lbs.
The feature of the trading was an active speculative demand
on the part of the Wall Street element.
Closing: Mar.,
unsettled state in the refined market and with the lull in the
market for raws, there is very
trading either
Ricos
2.50c.
were
way
in futures.
little incentive for aggressive
In the raw market Puerto
believed offered at 3.38c., while Cubas were at
& f.,
and the majority of shipment duty frees at
Sale of 5,000 bags Puerto Ricos prompt
3.35c., off 3 points.
In the refined market things were
more or less demoralized.
The London market was quiet,
with futures unchanged to Yd. lower.
On the 30th inst. futures closed unchanged to 3 points
higher,
with
the March delivery showing exceptional
strength.
Total transactions were 6,300 tons.
Only one
sale was reported in raws, this amounting to 2,000 tons of
Philippines in store to an operator at basis 3.40c.
This,
however, did not influence the spot price of 3.35c.
It is
reported that 82 Cuban mills are now grinding.
The
London market closed Y to Yd lower for futures.
Raws,
afloat, were offered at 5s per hundredweight, or about 95c.,
f.o.b. Cuba, while British refined was reduced 13^d per
hundredweight.
To-day prices closed 4 to o points down,
with trading extremely inactive, due largely to the dull
conditions prevailing in the raw market.
It appears that
refiners are waiting for a clarification of their status on
processing taxes, expected in some quarters to-morrow.
In
the raw market refiners were buyers at 3.35c., while offer*
ranged from 3.38c. to 3.40c. for nearby shipping positions.
The refined sugar market remained unchanged at 4.65 c.
In London the market was steady at 0.95 of a cent f.o.b.
c.
from 3»40c. up.
at
.
Cuba for
Cocoa—On the 25th ult. futures closed
for the
Sugar—On the 25th ult. futures closed 2 to 3 points
higher, with sales totaling 290 lots or 14,500 tons.
Philip¬
pines ranged from 3.42c. to 3.45c., depending on the shipping
position.
Puerto Ricos were at 3.40c. and possibly 3.38c,
London market was unchanged to Yd. higher with trading
very quiet.
On the 27th ult. futures closed 2 to 3 points higher, with
sales of 514 lots, or 25,700 tons.
Spot raws advanced 3
points to 3.38c. on a sale of 6,000 tons of Cubas, prompt
shipment at 2.48c. c. & f. to American.
London market
was dull with futures Y to Yd. lower, while raws were at
5s. lp£d., or about .98c. f.o.b. Cuba.
On the 28th ult. futures closed 2 to 3 points lower.
Sales
were 268 lots or 13,400 tons.
London was closed.
There
was a moderate amount of transactions in raws, the spot
price ruling unchanged at 3.38c. delivered.
At this basis
Arbuckle bought 10,000 bags, due Feb. 17, while American
bought 5,000 tons of Philippines for Feb .-March shipment
at 3.42c., and Imperial got 4,100 tons of Puerto Ricos for
first half of March shipment at 3.40c.
These prices were in
line with those of the previous day.
On the 29th ult. futures closed unchanged to
1 point
higher.
Total sales were 8,050 tons.
Trading throughout
the session was comparatively quiet.
There is still an
Prices
raws.
were as
July
March
September.
follows:
2.381 January
-
-2.351 May
.2.411 November.-,
Lard—On the 25th inst. futures closed
.—
2.22
2.36
2.41
unchanged to 5
points higher.
Notwithstanding the lack of improvement
in the cash trade, prices were holding steady and unchanged.
Closing hog prices were weak, 25c. to 50c. lower at Chicago,
on
reports of a more normal hog run this week and also due
to heavier receipts than expected.
Total marketings at the
principal Western markets were 27,000, against 20,000 for
the same day a year ago.
The top price at Chicago was
$10.25 and many of the sales ranged from $9.85 to $10.15.
On the 27th inst. futures closed 2 to 5 points higher.
This
firmness was due largely to the strength in hogs.
The firm¬
ness in cottonseed oil had a wholesome influence upon the
market.
Hogs continued firm, with prices averaging about
15c. higher at Chicago.
The top price was $10.25 and the
bulk of sales ranged from $9.95 to $10.15.
It is the con¬
sensus of trade opinion that from now on nog receipts will
gradually diminish, due to the small supplies on farms for
the coming ten months.
Total receipts at the principal
Western markets yesterday were 86,300, against 95,300 for
the same day last year.
Liverpool lard futures closed
irregular, 3d. lower to 3d. higher.
On the 28th inst. futures closed 7 to 17 points higher
owing almost entirely to the strength in hogs.
Commission
house buying was in evidence.
The top price for hogs was
$10.40 and many of the sales ranged from $10 to $10.30.
The movement of hogs to the principal Western markets
was fairly heavy and totaled
63,200, against 74,900 for the
same day last year.
Liverpool was closed out of deference
to the deceased King.
On the 29th inst. futures closed 2 points down to 2 points
up.
It was a comparatively light session, with prices
showing an easing tendency influenced somewhat by the
Financial
Volume 142
Hog receipts at Western markets were
normal, which reflected the more favorable weather in the
West.
Receipts totaled 71,700, against 54,400 for the same
day last year.
Hog prices at Chicago declined 10c. to 15c.,
the top price ruling at $10.25, and the bulk of sales ranging
weakness in wheat.
from $9.85 to $10.15.
On
the 30th
10 points lower.
futures closed 5 to
inst.
the market and on
during the past few
days have declined owing to the slow demand for fresh meats
and indications of large hog receipts.
Total receipts for the
western run yesterday were 70,200 against 53,000 for the
same day last year.
The demand was reported to be slow at
Chicago, and prices closed 10c. to 15c. lower.
The top
price was $10.10 and most of the sales ranged from $9.55 to
$10.10.
To-day futures closed 13 to 15 points up, evidently
influenced by the advance in wheat and indications of lower
hog receipts.
Hogs ruled 10c. to 25c. higher.
There appears to be no real support to
moderate selling prices ease.
Hog prices
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Pri.
DAILY CLOSING PRICES OP LARD
Sat.
Mori.
10.97
11.12
11.05
January
May
July
11.00
11.17
11.07
11.07
11.30
11.25
11.10
11.30
11.25
11.05
11.22
11.15
11.20
11.35
11.30
Pork—Steady; Mess, $33.37 per barrel; family, $32.37,
nominal, per barrel; fat backs, $22.75 to $31.37 per barrel.
Beef easy.
Mess, nominal; packer, nominal; family, $19.50
to $20.50 per .barrel, nominal; extra India mess, nominal.
Cut meats easy; pickled hams, picnics, loose, c.a.f., 4 to 6
lbs., 15c.; 6 to 8 lbs., 1434>d 8 to 10 lbs., 14Mk.; skinned,
loose, c.a.f., 14 to 16 lbs., 21c.; 18 to 20 lbs., 20c.; 22 to 24
lbs., 17%c.
Bellies, clear, f.o.b., New York, 6 to 8 lbs.,
22 %c.; 8 to 10 lbs., 22c.; 10 to 12 lbs., 2034?.
Bellies, clear,
dry salted, boxed, N. Y.: 14 to 16 lbs., 16%c.; 18 to 20 lbs.,
16Mc.; 20 to 25 lbs., 1634>.; 25 to 30 lbs., 16c.
Butter,
creamery, firsts to higher than extra and premium marks:
34 to 3534
Cheese, State, whole milk, held, 1935, fancy,
20 to 21.
Eggs, mixed colors, checks to special packs, 21
to 27^c.
prices hold fairly steady, though the oil
generally is little altered.
The cake market is
stated to be somewhat firmer, up 25c. to 50c. from early
in the week.
Quotations: China Wood, Tanks: Feb. for.,
13.3c.; Apr. for., 13.1c.
Drums:
spot, 14c.
Cocoanut:
Manila, tanks, Apr.-June, 5c.; Coast, 4%c.
Corn, crude,
tanks, West Mills, 934*.
Olive, denatured, spot, Spanish,
78c.; Shipment, 75 to 76c.
Soya Bean, tanks, west, 7%e.
C. L. drums, 9.1c.; L. C. L., 9.5c.
Edible, 76 degrees,
ll^c.
Lard, prime, 13%c., Extra strained winter, 13c.
Cod, Crude, Newfoundland, nominal; Norwegian yellow,
3834?.
Turpentine, 49^ to 5334?.
Rosins, $4.65 to
Oils—Linseed
situation
$7.00.
including switches, 151 contracts.
Prices closed as follows:
Cottonseed Oil sales,
Crude, S. E., 8%c.
January
February
-
10.00®
10.11@
10.00®
IMay
10.10@10.12 fJune_
March
10.00®
I July
April
10.12@
I August
Petroleum—The summary
-
9.95@10.10
9.93®
and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the 25th ult. futures
closed 2 to 6 points
Transactions totaled 1,070 points.
Spot, ribbed,
smoked sheets in New York advanced to 15.00, as against
14.93 on Friday.
London closed firm with prices unchanged
to l-16d. higher.
The Singapore rubber market was closed.
Closing: Mar., 15.05; May, 15.15; July, 15.28; Sept., 15.41;
Oct., 15.50; Dec., 15.65.
On the 27th ult. futures closed
1 to 11 points up, with transactions totaling 1,880 tons.
Spot, ribbed, smoked sheets in New York advanced to 15.06,
as against 15.00 on Saturday.
During the day 30 tons were
tendered for delivery against January contracts, which
brought the total so far this month to 5,050 tons.
London
closed unchanged to l-16d. lower.
Singapore closed un¬
changed to l-32d. lower.
Local closing:
Mar., 15.06;
May, 15.18; July, 15.32; Sept., 15.46; Oct., 15.55.
On the
28th ult. futures closed 6 to 11 points lower.
Transactions
totaled 2,730 tons.
Spot, ribbed, smoked sheets in New
York declined to 15.00, as against 15.06 on Monday.
Lon¬
don and Singapore were closed.
Certificated stocks of rubber
in warehouses licensed by the Exchange increased by 170
tons to a total in storage at the close of business, of 30,120
tons.
Local closing: Mar., 14.98; May, 15.12; July, 15.25;
Sept., 15.40; Dec., 15.58.
On the 29th ult. futures closed
8 to 13 points lower.
Trading was rather active with trans¬
actions totaling 3,460 tons.
Spot, ribbed, smoked sheets
in New York declined to 14.87, as against 15.00 on Tuesday.
London closed l-16d. lower to l-16d. higher.
Singapore
closed steady with slight gains.
Local closing: Jan., 14.85;
Mar., 14.89; May, 15.02; July, 15.15; Sept., 15.29; Dec.,
higher.
15.49.
On the 30th inst.
There
was a
futures closed 3 to
12 points lower.
totaling
fair amount of activity with transactions
tons.
Spot ribbed smoked sheets in New York
declined to 14.85 as against 14.87 on Wednesday.
During
2,460
the day 970 tons were tendered for delivery against February
contracts.
London and Singapore closed quiet, with prices
virtually unchanged.
Closing: Mar.,
14.85; May,
14.97;
July, 15.08; Sept., 15.20; Dec., 15.43.
To-day prices closed
8 to 9 points up, with total transactions of 228 contracts.
The
opening was 1 to 8 points down, but later under active
807
Chronicle
substantial
1,280 tons.
London closed steady, with prices virtually unchanged.
Singapore closed easier with prices 1-16d lower.
Closing:
Mar., 14.93; May, 15.05; July, 15.17; Sept., 15.29; Dec.,
trading the market firmed and prices showed
gains at the close.
Total transactions were
15.51.
Hides—On
the
25th inst.
futures
higher, with transactions totaling
closed 4 to 9 points
1,040,000 pounds.
Stocks
licensed by the exchange
decreased by 1,873 hides to a total of 891,546 hides.
It is
rumored in trade circles that additional quantities of drouth
cattle hides will be sold through two States shortly.
An¬
nouncement to this effect is expected soon.
Domestic spot
hides quiet.
Closing: Mar., 11.80; June, 12.15; Sept., 12.57;
Dec., 12.79.
On the 27th inst. futures closed 4 to 7 points
lower, with transactions totaling 680,000 pounds.
Stocks
of certificated hides in warehouses
of certificated
hides in licensed warehouses
remained
un¬
changed at 891,546 hides.
Spot hides quiet. The trade is
looking forward to the announcement soon concerning the
drouth hide situation.
Closing: Mar., 11.76; June, 12.10'
Sept., 12.41; Dec., 12.72;
On the 28th ult. futures closed
3 points down to 2 points up, with sales totaling 920,000
pounds.
The spot market for packer hides was reported
quiet and steady in the mid-West at 1134^. for light native
cows and 15c. for heavy native steers.
Last week's sales at
Chicago
were
placed at 30,000 hides and 12,000
Local closing: Mar., 11.75; June, 12.07; Sept.,
12.74.
On the 29th ult. futures closed 19 to 21
skins.
12.42; Dec.,
points lower,
with total sales for the session of 1,040,000 pounds.
Spot
hides were down J^c. for light native cows, 3,000 of which
sold at 11 cents.
There was another sale of 1,000 branded
cows at 11 cents.
This weakness of spots at the Western
pacldng centers and a depressing influences on hide future
here and the net result was a decline of 19 to 21 points.
Closing: Mar., 11.55; June, 11.88; Sept., 12.21; Dec., 12.55
On the 30th inst. futures closed 10 to 17 points lower.
The market was quite active with sales totaling 4,800,000
pounds.
No further business in spot hides following the
previous day's sales in light native cows and branded cows
at 11c., representing declines of 34^ to
/^c- below last
week's levels.
Closing: Mar., 11.45; June, 11.76; Sept.,
12.10; Dec., 12.38.
To-day futures closed 8 to 10 points
lower, total transactions approximating 1,920,000 pounds.
Closing: Mar., 11.35; June, 11.68; Sept., 12.00; Dec., 12.30
Ocean
Freights
were
inactive.
charters included: Trips—Prompt, West
Indies, round, $1.25; prompt,
redelivery, United Kingdom-Continent, round, $2.25; West Indies, round,
$1.10.
Scrap Iron—February, Gulf to United Kingdom, 14s one loading,
and 14s. 6d. two loadings; Grain booked—From New York 12 loads Cana¬
dian wheat to Antwerp at 9c.; 10 loads New York to Antwerp at 9c., a few
to Rotterdam at 9c.; some to Mediterranean at 14c. and a little to Scandi¬
navia at 16c.; one load to Hamburg at 10c., one to French Atlantic at 11c.,
and a few (probably two) to Scandinavia at 16c.
Tankers—California to
Japan, 15s. 16d.; California to United Kingdom-Continent, 19s. 6d., clean,
Feb. 5-29; Gulf to United Kingdom-Continent, 19s., lubricating gas oil,
Feb.; Gulf to Italy, 17s. 6d., crude oil Feb.; Gulf to United KingdomContinent 14s. 3d., clean Feb.
Coal—A rise in temperature on
Thursday permitted retail
shipping demands, which have
taxed equipment to the utmost in all large domestic coal
consuming markets.
Production of bituminous based on
three days car loadings down to Jan. 22d, ran 8,350,000 tons
for the week ended Jan. 25th. The total for three weeks is
25,843,000 and the weekly average 8,614,000 tons, compared
with 24,156,000 tons and 8,052,000 tons a year ago.
Bituminus dumpings at New York on Tuesday approximated
distributers to catch up with
500
cars.
Copper—The market has been quiet with nothing spec¬
tacular in the news here or abroad.
Domestic sales of copper
comparatively light. Monday started off fairly well
but Tuesday the volume dropped to
888 tons, and the following day tapered off still further.
Total sales so far this month approximate 28,000 tons.
The
smaller sales this week are attributed to the fact that books
were
with sales of 1,527 tons,
opened Friday (to-day), and con¬
off until that time before placing
more orders.
It is believed that the opening of the books
for this delivery will mean the registering of a substantial
amount of business.
The European market the past week
has been very quiet with prices ranging from 8.75c. to 8.80c.
Sales were reported at the higher range as well as at 8.77J45*
per pound c.i.f. European ports.
The average monthly
consumption of copper in countries outside of the United
States during 1935 was 102,379 tons as against 89,075 tons
during 1934.
Consumption in Canada averaged 2,500 tons
monthly, as against 3,352 tons per month the preceding year.
Imports of copper by the United States in the form of ore,
concentrates, unrefined and refined ingots and bars, etc.,
during December came to 21,356 tons, as against 10,123
tons in November, according to the American Bureau of
Metal Statistics.
For all of last year these imports amounted
to 255,685 tons, as against 213,035 tons in 1934.
United
States exports of this description totaled 20,669 tons,' against
23,035 tons in November.
For 1935 exports came to 266,599
tons, compared with 278,749 tons in 1934.
for May shipment will be
sumers have been holding
Tin—Notwithstanding the shortage of tin for spot and
February delivery, which has been responsible for the rise
in price recently—trade observers expect the price of the
metal over the next few months to remain below the high
levels
are
prevailing during a large part of 1935.
Current quotas
delivered sufficient to relieve the acute shortage
tin both here and abroad.
of spot
Straits tin prices were Y%c. to
3^c.
Financial
808
pound higher yesterday, spot Straits selling at 483^c. to
per pound.
Reports from Europe are to the effect
per
4834c.
Feb. 19, at which time
it is expected a reduction of quotas
believed that total sales
Lead—It is
proximate
stantial
Several producers report
15,000 tons.
increase
sales
in
this week will ap¬
over
last
week.
Prices
a
are
sub¬
un¬
changed at 4.50 to 4.55c. per pound, New York, and 4.35c.
East St. Louis.
It is presumed that if the Supreme Court
declares TVA unconstitutional, public utilities will do some
brisk buying of lead for cables.
There was a substantial
demand for lead yesterday, and it is apparent that many
consumers are anxious to take on ample supplies to protect
themselves against further advances in price of the metal.
Reports from London indicate that the cable makers in
England are the best customers for lead.
quiet, but comparatively
firm with the exception of Wednesday when the price broke
$1 per ton.
The ruling level yesterday was 4.85c. per pound
East St. Louis.
World production of zinc in 1935 was
1,465,209 tons, as against 1,301,595 tons in 1934, according
Zinc—The
market
has
Steel—Two of the most
outstanding items of
news con¬
cerning the steel industry were the substantial purchasing
orders from railroads, and structural steel lettings last week,
which latter were the largest since last April.
January
awards totaled about 100,000 tons, compared with only
preceding months. This
building as well as the re¬
lease of orders for public works projects.
Industrial building
contracts for the third week of the month were reported to
be three times the volume of the corresponding week of
1935.
It is reported that a substantial upturn in new
industrial building activity is under way, and is expected
to reach the high level for the year during February and
March.
Reports on rail purchases should have a highly
stimulating effect in that they are far and away ahead of last
year's records.
It is estimated that nearly 500,000 tons of
steel rails have either been ordered or are in definite prospect
of being inquired for and ordered, since the rail buying
started in early fall.
This compares with 200,000 tons for
the corresponding period of last year.
Moreover, it is
emphasized that the inquiry and purchasing of freight cars
and locomotives have been the briskest in several years.
76,000 tons in
about
the
two
reflects the increased industrial
Lehigh Valley has applied to the PWA for
The
a
loan for
the purchase of 1,000 coal cars because of a serious shortage
on that road.
It is rumored that the Pennsylvania may
buy 100 locomotives.
Business in concrete reinforcing bars
the past few weeks is reported the best since boom times.
Weekly sales for some time past have been averaging 10,000
tons.
Pig Iron—The volume of business appears to be
improving
producing and selling districts, but in a quiet way.
It
is expected that by the middle of February purchases will
have reached substantial proportions.
With the railroads
buying new equipment in a large way and industrial building
showing high promise for the near future, together with the
release of large orders for public works projects, the pig iron
industry should feel the effects of all this eventually.
It is
estimated that pig iron sales in the New York district during
the current week will approximate 1,500 to 2,000 tons.
•Most of the purchases are made up of car Joad lots, and sales
are usually for prompt shipment.
Coke shipments continue
steady, indicating a good melt of pig iron.
Wool—Indications
that prices
for domestic raw wool
supplies will go higher owing to the acute shortage.
It is
reported that dealers are now making contracts for the
spring clip even before it is shorn.
Supplies of raw wool in
the hands of dealers
are
are
estimated at the extremely low level
35,000,000 pounds.
On the other hand, worsted yarn
spinners now note increasing resistance to higher quotations
necessitated by the advance in raw wool.
There appears to
be an increasingly large use of cheaper yarns in knitted
fabrics.
As the scarcity of wool becomes more and more
evident, interest in foreign markets is bound to broaden.
The first series of Colonial wool auctions closed firm yester¬
of
5 to 10% higher than those of the Decem¬
ber series.
Estimated purchases for the series totaled 83,000
bales, of which America took about 3,000 bales.
Prices
were
Silk—On the 27th ult. futures closed
up,
with sales of 1,270 bales.
advanced to
as
much
as
4c.
unchanged to 234c.
During the session prices
Yokohama futures
rose
16 to
28 yen.
Local closing: Jan., 1.82; Feb., 1.83; Mar., 1.85;
Apr., 1.8434; May, 1.84; June, 1.84; July, 1.83; Aug., 1.82.
On the
28th ult. futures closed 1 to 3c. lower, with
totaling 660 bales.
Crack double extra
in the spot market declined 134c. to $1.90.
To-day futures
closed unchanged to 3c. decline, with transactions totaling
750 bales for the day.
The local spot market price for crack
double extra declined lc. to $1.89.
The Yokohama Bourse
transactions
declined 9 to 12 points.
Closing: Feb., 1.81; Mar., 1.8034;
Apr., 1.79^; May, 1.79; June, 1.80; July, 1.7834; Aug.,
1.77; Sept., 1.77.
COTTON
Friday Night, Jan. 31 1936.
The
grams
of the
Movement
Crack double extra in the New
34c. to $1.92.
During the day
110 bales were tendered for delivery against January con¬
tracts.
This was the last day upon which such notices could
tendered.
The total tenders for the month stands at
480 bales.
Japan cash silk firm, Grade D going to 830 yen
in Yokohama and 835 yen in Kobe, net 1234 and 10 yen
higher.
Local closing; Feb., 1.82; Mar., 1.8234; April,
1.82; May, 1.83; June 1.8234; July, 1.80; Aug., 1.80; Sept.,
1.80.
On the 29th ult. futures closed
lc. lower to lc.
Sales totaled 630 bales. Crack double extra spot
declined 34c. to $1.9134In the Japanese market Grade D
higher.
Crop,
as
indicated by
our
tele¬
For the
from the South to-night, is given below.
this evening the total receipts have reached
week ending
86,523 bales, against 103,103 bales last week and 92,756
bales the previous week, making the total receipts since
Aug. 1 1935, 5,734,773 bales, against 3,469,079 bales for
the same period of 1934-35, showing a decrease since Aug. 1
1935 of 2,265,694 bales.
Texas
Mon.
Sat.
Receipts at—
Galveston
9,003
3,272
2,687
1,689
2,942
8,539
8,463
1,694
2,798
City
•»
Houston
—
Total
Fri.
Thurs.
Wed.
Tues.
2,477
22,001
2,873
37
37
6.469
30,905
—
471
471
Corpus Christi__
Savannah
25,157
4,767
1,556
3,316
1,642
4,666
137
6,116
2,260
1,695
132
106
490
926
New Orleans
102
251
151
15
111
43
354
24
489
3
29
19
438
596
14
28
9,533
6,393
5,500
3,864
Mobile
_
Charleston
92
Lake Charles
Wilmington
23
84
Norfolk
46
21
24
109
411
411
15,873
86,523
Baltimore
Totals this week.
10.502
23,857
20,365
The
following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
Stock
1934-35
1935-36
Receipts to
Jan. 31
This
Week
Galveston
Texas
This
Week
22,001 1,371.144
37
43,840
30,905 1,506,155
471
257,713
31,162
25J57 1,444,399
City
Houston
Corpus Christ!->
Beaumont
New Orleans
Since Aug
1 1934
13,418
Since Aug
1 1935
810,273
61.699
90
11,841
719
12",993
1935
1936
961,696
268,979
4,538
808,347
749,622
11,773
643,659
46,679
23,716
580,729
602,685
24,769
972,963
71,467
2,008
677,517
156,083
19,291
3,812
193,105
94", 340
Gulfport
4",767
Mobile
Pensacola
Savannah
1,556
339,623
136,570
3,655
284,560
f.234
720
6,550
104,329
196,602
55,446
19,028
29,578
l",465
126,981
44",336
768
99
55,030
14,410
373
41,753
23,291
23,258
33,959
15,298
"473
21,395
672
19
117,321
65,319
Brunswick
13,730
3,928
116,474
459
"489
Charleston
Lake
Charles
24
Wilmington
596
Norfolk
109
56,432
31,512
25,567
26,697
N'port News, &c.
"4*. 645
New York
Boston
Philadelphia
1
»
»
31,283
195
I 11 Ml11 1»h-*l
Baltimore
5,133
1,625
2,870
•
44,884 3,469,079 2,559,778 2,759,375
86,523 5,734,773
In order that comparison may be
made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at—
1934-35
1935-36
Galveston
22,001
Houston
30,905
25,157
4,767
1,556
1933-34
13.418
11,841
12,993
1,234
New
Orleans-
Mobile
__
Savannah
36,988
23,951
19,942
3,179
1.091
720
1932-33
32,354
66,385
46,831
9,150
1930-31
1931-32
68,736
54,656
50,449
24,487
25,405
27,426
20,613
8,060
12,731
3,444
1,402
"2.624
1,653
692
802
763
484
1,723
890
9,079
968
Brunswick
"""489
Charleston
*1*465
"1,534
648
602
Wilmington
596
99
Norfolk
109
373
N ewport N ews
All others
"""943
"2.741
12,595
19,923
17",931
"2",647
Total this wk.
86,523
44,884
100,030
182,110
223,645
105,953
Since Aug. 1_. 5,734,773 3,469,079 5,926,239 6,687,139 7,556,198 7,342,130
The exports
for the week ending this evening reach a total
73,025 bales, of which 21,336 were to Great Britain,
2,150 to France, 5,776 to Germany, 3,038 to Italy, 21,035
to Japan, 4,000 to China and 15,690 to other destinations.
In the corresponding week last year total exports were
100,721 bales.
For the season to date aggregate exports
have been 3,968,843 bales, against 2,885,568 bales in the
same period of the previous season.
Below are the exports
of
for the week:
trans¬
actions totaling 840 bales.
York spot market advanced
be
unchanged to 2c. lower,
with
Jacksonville
in all
day.
1.82; July, 1.81; Aug.,
1.81; Sept.,
been
of Metal Statistics.
to the American Bureau
1.8234; May, 1.8234; June,
1.80.
Apr.,
be considered.
may
,
moved 73^2 yon lower in Yokohama to 82234 and 5 lower in
Kobe to 830 yen.
Local closing: Feb., 1.8234; Mar., 1.83;
On the 30th inst. futures closed
that the International Tin Committee will meet at Brussels
on
1936
Feb. 1
Chronicle
1
Week Ended
Exported to—
Jan. 31 1936
Exports from—
Britain
Galveston
Ger¬
Oreat
1,216
France
Lake
Japan
China
3,554
3,038
1,570
9,413
5,776
19,540
1,684
3,117
746
"41
Angeles.
Total
Total
1935—
Total
1934
2,617
7,869
4,367
Total
11,066
24,742
30,808
537
578
300
"35
35
Savannah
Los
Other
'366
Charles.._
Jacksonville
Italy
2,109
Houston
New Orleans
many
"545
4*951
5,496
21,336
2,150
5,776
3,038
21,035
4,000
34,497
10,275
16,444
4,547
43,607
10,481
13,171
500
19,643
27,492
5,736
17,810
15,690
73,025
21,081 100,721
23,645 148,208
Financial
Volume 142
From
Aug.
1
Jan.
31
1936
Great
Galveston
many
116,057115,073
165,562114,526
Houston
Corpus Christl.
Texas City
54,191. 52,495
I
234
6,784'
Beaumont
New
Ger¬
France
Britain
Orleans..
286,151
139,962
65,159
344,089
28,829
16,315
64,341
470
745
2,109
lVo"024
65,319
2,782
Pensacola,
...
&c_
Savannah
8,214
897,880
34,017
494
165",736
6,921 154,131
13,102
3,929,
Charleston
8,460
5,744
20,911
37,694
16,645
30~963
20,122
1~765
32,145
2,023
16"024
2,030
210,957
2,355
124,554
34,143
1,701
8,800
6,618
138,759
6,694
168,331
50
761
1,544
70,567
87,497
135,204
26,433
1~656
2,102
.6,567
1,161
6,013
4,019
5,917
3",397
3,765
133,214
3,147
164,269
41,192
2,401
44,227
165
165
2,102
Wilmington...
""783
Norfolk
Gulf port
773
York
"562
688
3,761
430
731
"iio
320
55
1,189
1,123
Boston
720
2,738
14
14
Baltimore
Philadelphia
"""77
62
..
Los Angeles
San
10,668 207,185 1047,151
400 44,804 261,375
4,712
1,154
84,622
Mobile
Jacksonville
New
836,338
7,591 158,172
150
786
191,759 203,990
Lake Charles..
108,061! 45,233
Total
Other
China
Japan
Italy
11,445
229
10,753
5,710
554
80
Francisco.
Seattle
25,580 629,903 3968,843
933,603 524,968
Total
Total
1934-35.
Total
1933-34.
542,429 219,741 1092,619
496,070 259,980
873,796 590,324
246,370 268,502 1107,754 58,443 448,449 2885,568
960,733 447,407 1198,389 184, 506 643,647 4898,802
In addition to aoove exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, no
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
Jan, 31 at
Ger¬
Great
France
Britain
selling in the early session.
However, this was more than
good demand throughout the day for the distant
positions, the latter developing marked strength, especially
towards the closs.
One of the stimulating items of news
was the
report that the Senate Agricultural Committee had
voted 14 to 2 in favor of the proposed substitute for the
Agricultural Act—evidence that progresses being made in
this direction.
Liverpool cables were 11 to 15 points lower
than due, but later recovered some of this loss.
The average
price of middling at the ten designated Southern spot markets
was 11.66c.
compared with 11.50c. the previous day.
On the 30th inst. prices closed 5 to 8 points clown, with
the execption of March,
which closed unchanged.
The
steadiness of March was attributed to the pool manager's
offset by a
Exported to—
1935 to
Exports from—
Other
Foreign
wise
Stock
Coast¬
many
Total
statement that there had been
the
January
2,300
15,614
Houston
New
595
Orleans..
5,600
4,227
11,614
11,000
2,775
4,406
29,700
20,608
2,000
356
5,228
50,600
43,580
21,843
600
600
Savannah
"75
Charleston
'379
"634
Mobile
75
2,087
1,074
Norfolk
Other
ports—
19,743
1936—
Total 1935—
Total
Total
21,820
8,250
6,036
24,131
1934—
Speculation
12.987
in
cotton
2,431 118,785 2,440,993
1,575 92,722 2,666,653
6,895 172,978 3,498.768
56,610
70,410
6,451
23,097 105,868
18,181
for
future
699,022
600,079
558,886
192,505
44,261
153,996
33,959
158,285
delivery
showed
no
great activity, and prices showed a downward tendency.
On the 25th
inst.
prices closed 4 to 23 points higher.
Activity and strength were most pronounced in the new
deliveries, there being a good demand for October and
throughout'most of the session.
At one time
prices for these deliveries reached a maximum gain of $1.50
a bale.
The demand came from both domestic and foreign
sources.
Inflationary talk appeared to be the chief stimulus
to
this upward movement.
The demands for increased
marginal rates by the Federal Reserve Bank, and the sharp
rise in stocks appeared to bear out these inflationary views.
There still appears much confusion concerning the new farm
legislation, and it is felt that if this phase of the situation
were clarified, prices would be responding in greater measure
to inflationary indications.
Average price of middling as
reflected in the 10 designated spot markets Saturday was
crop
On the 27th inst.
The
from Southern and New Orleans
interests, mostly in the May contract and was largely
responsible for the decline, as trading in the distant months
was comparatively light.
In the early dealings the market
received its chief support from the Far East, the Continent
and Wall Street interests.
Uncertainty and confusion still
prevail regarding crop control, and from indications it
principal
would
selling
seem
prices closed 3 to 11 points off.
quite
a ways
from
formulating a definite plan and putting it into immediate
operation.
This is undoubtedly having a widespread detri¬
mental effect on the cotton trade.
Government holdings
are
also
an
ever-present threat to the markets.
Therefore
in the trade are indisposed to make heavy commit¬
something definite is done by the Government
to clear the atmosphere.
Inflation is another uncertainty
bothering the trade.
The Liverpool market is also reflecting
these unfavorable influences.
However, reports from the
South indicate that the basis for high grade cotton holds
firm, and this is causing considerably more inquiry for the
lower grades.
The average price of middling, based on the
ten selected spot markets of the South, was 11.67.
On the 28th inst. prices closed 3 to 7 points lower.
Houses
usually identified with Govermnent operations were sellers
of March and May contracts during the day.
This caused
many in the trade to infer that the Government was selling
out its interest of 200,000 bales each in the March and May
It
positions.
estimated that the Government
out
even or did a little better in getting out of January at 11.80c.
It was definitely reported that the Government had switched
some January to May at substantial discounts.
The Liver¬
pool, Alexandria and Bombay markets were closed out of
respect for the late King.
The domestic markets did not
open until 11 o'clock for the same reason.
The local market
on the whole was a comparatively limited affair.
The aver¬
age price of middling at ten designated Southern markets
was 11.60c., 7 points lower.
On the 29th inst. prices closed. 4 to 12 points up.
There
had been
on
no
was
about 4,500,000 bales
of cotton, which falls due Feb. 1.
However, it was generally believed that an extension would
be
granted.
nervous
over
Still there
in the trade who were
the situation, and this prompted considerable
were many
There
also
were
loan,
largely to shorts covering.
Continent and Far
the
The official
There was also some buying
Eastern interests.
quotation for middling upland cotton in the
week has been:
New York market each day for the past
Mon.
11.90
Sat.
Jan. 25 to Jan. 31—
Middling upland
11.95
_
New York
Tues.
Wed. Thurs.
Fri.
11.85
11.80
11.60
11.85
Quotations for 32 Years
1920
1936
11.60c.
1928
1912
9.70c.
1935
12.60c.
1927
13.55c.
1919
26.95c.
1911
14.95c.
1934
11.75c.
1926
20.90c.
1918
31.65c.
1910
14.60c.
9.85c.
11.65c.
18.15c.
39.00c.
6.00c.
1925
24.05c.
1917
17.55c.
1909
6.80c.
1924
34.10c.
1916
1923
27.50c.
11.80c.
8.45c.
1908
10.45c.
1933
1932
1931
„
1930
16.35c.
1922
16.70c.
1915
1914
1929
20.00c.
1921
14.30c.
1913
1907
11.00c.
12.75c.
1906
11.35c.
13.05c.
1905
7.25c.
Market and Sales at New York
,
■■
i.y~
Futures
Closed
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
_
_
SALES
Market
Spot Market
Steady, 10 pts. adv.
Quiet, 5 pts. dec
Quiet, 10 pts. dec
Steady, 5 pts. adv..
Steady, unchanged.
Quiet, 25 pts. dec
Spot
Contr'ct
Since Aug.
Barely steady.
Barely steady—
Very steady
Barely steady—
Steady
44",180
highest, lowest and
week have been
New York for the past
1~,906
1,900
1,300
2,700
7,500
_
1
Futures—The
Total
Steady
Total week.
1,300
2,700
7,500
13,400
20,000
13,400
64,180
at
closing prices
follows:
as
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 25
Jan. 27
Jan. 28
Jan. 29
Jan. 30
Jan. 31
Feb. (1936)
Range..
Closing. 11.56n
11.53a
11.46a
11.50a'
11.52a
12.23a
March—
Range.. 11.36-11.45 11.34-11.42 11.30-11.39 11.25-11.37 11.28-11.39 11.00-11.36
Closing. 11.41-11.44 11.38
11.31
11.35-11.37 11.37
11.18a
—
11.24a
11.08
April—
Range..
Closing. 11.30a
11.23a
11.23a
10.98a
May—
Range.. 11.09-11.20 11.07-11.16 11.04-11.11 11.00-11.14 11.06-11.13 10.74-11.07
10.87
11.08
11.05-11.07 11.13-11.14 11.09
Closing. 11.19
June—
Range..
Closing. 11.05»
10.93a
10.95 a
10.99a /,
.
10.96a
10.73a
July—
Range.. 10.80-10.94 10.80-10.87 10.77-10.84 10.73-10.89 10.79-10.86 10.52-10.82
Closing
.
10.90
10.80
10.84-10.89 10.82
10.59-10.61
10.67a
10.64a
10.71a
10.67a
10.49a
10.52
10.48a
10.58a
10.52a
10.39a
10.82
—
Aug.—
Range..
Closing. 10.76a
Sept.—
kj.
r"
Range..
Closing. 10.62a
Oct.—
Range— 10.33-10.55 10.35-10.45 10.33-10.42 10.29-10.45 10.37-10.45 10.22-10.43
10.45
10.37-10.38 10.30
Closing. 10.47-10.50 10.37-10.38 10.33
Nov.—
Range..
Closing. 10.46a
10.36 a
10.33a
10.44a
10.36a
10.29a
Dec.—
Range.. 10.29-10.52 10.34-10.42 10.31-10.40 10.29-10.43 10.34-10.43 10.20-10.40
10.42 —
10.35-10.36 10.32 —
10.34 —
10.29
Closing. 10.45
Jan. (1937)
Range..
Closing. 10.45a
came
official statement relative to the 12 cent loan
sales of this delivery since
prices showed a maximum decline in the nearby options
to 37 points.
The recovery towards the close was
from
many
ments until
12c.
no
liquidated.
25
of
due
came
that the Government is still
the
was
which expires this Saturday,
would be extended.
With the prevailing uncertainty as
to what is going to be done in Washington in the matter
of croi> control, there is no disposition on the part of traders
to make heavy commitments, and the market is so lacking
in support that it doesn't take much selling pressure to ease
prices.
The average price of middling at the 10 designated
Southern markets was 11.66c., unchanged.
To-day prices closed 23 to 29 points down on the near de¬
liveries, and 5 to 7 points down on the distant months.
Up to the late afternoon no definite word had come from
Washington on the 12c. loan, and from this many inferred
that the government plans to gradually liquidate the cotton
loan.
Locals, New Orleans and the South sold.
At one
December
11.73 cents.
position
that
rumors
time
Galveston
809
Chronicle
a
■
10.35-10.42
10.35
10.32-10.32 10.41-10.41 10.21-10.21
10.31a
—
10.41a
10.33a
10.28a
Nominal.
Range for future prices at New York for Week ending
Jan. 31 1936 and since trading began on each option:
Jan.
10.35
1936—
Feb.
Range Since Beginning of Option
Rangefor Week
Option for—
1936..
10.10
Mar. 1936— 11.00
Jan.
31 11.45 Jan.
25 10.16
10.51
April 1936—
May 1936- 10.74 Jan.
June
July
1936—
31 11.20 Jan.
1936
16:52 Jam'si
10.94 Jan.
9 1935
Feb.
18 1935
Sept. 30 1935 11.34 Oct.
8 1935
May 17 1935
Oct.
8 1935
25 10.21
Jan.
9 1936 11.97
May 25 1935
10.39
Jan.
9 1936 11.55
Nov. 25 1935
10.42
Sept.
3 1935 11.40 July
Sept. 1936.
1936.
Mar. 18 1935 12.70 Jan.
25 10.33 Aug. 24 1935 12.07
10.58 Sept. 30 1935 11.38
Aug. 1936.
Oct.
Mar. 19 1935 11.97 Nov. 21 1935
Mar. 18 1935 12.70
9.80 Jan.
31 10.55 Jan.
25
26 1935
9 1936 11.45
Dec.
3 1935
10.19
10.22 Jan.
Nov. 1936.
Jan.
8 1936 10.19
Jan.
8 1936
Dec.
1936— 10.20
Jan.
31 10.52 Jan.
25
9.76
Jan.
9 1936 10.69
Jan.
2 1936
Jan.
1937- 10.21
Jan.
31 10.42
27 10.21
Jan.
31 1936 10.42
Jan.
27 1936
Jan.
Financial
810
The Visible Supply of Cotton to-night, as mad© up
by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all
brought down to Thursday evening.
figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
foreign figures
are
To make the total show the complete
1934
1935
1936
631,000
110,000
Jan. 31—
Stock at Liverpool—__ ...bales.
1933
775,000
104,000
Feb.
Chronicle
1934-35——*
——1.935-36
Since
Jan. 31—
Since
Week
Aug. 1
Via St. Louis
4,927
121,535
1,320
48,509
3,307
3,276
125,297
63,271
385
„
Aug. 1
Week
Shipped—
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
1936
1
280
8,607
135
3,811
109,242
12,496
404,832
b,5 73
4,000
9.523
104,384
373.640
.22,834
693,110
14,291
676,115
473
21,395
8,284
161,177
;
Via other routes. &c
Deduct Shipments—
Overland to N. Y., Boston, &c—
411
Inland, &c., from South.
Stock at Manchester.
-.
906,000
97,000
815,000
82,000
76,000
11,000
5,000
897,000 1,003,000
306,000
581,000
301,000
172,000
24,000
27,000
97,000
87,000
130,000
37,000
9,000
18,000
10,000
7,000
879,000
501,000
299,000
20,000
89,000
90,000
672,000
654,000 1,152,000
999,000
Total European stocks
.1,413,000 1,551,000 2,155,000
141,000
102,000
India cotton afloat for Europe—
149,000
379,000
220,000
American cotton afloat for Europe 223,000
1,878,000
83,000
465,000
54,000
554,000
652,000
4,701,946
2,118,211
42,390
741,000
283,000
214,000
17,000
66,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
-
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
.10,703
15,356
5,578
151,041
Total to be deducted
.11,388
11,388
171,975
9,880
190,856
521,135
4,411
485,259
274
*
Including movement by rail to Canada.
foregoing shows the week's net overland movement
has been 11,446 bales, against 4,411 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
The
this
Total Continental stocks
Stock
Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in TT. S. interior towns
in
U. S. exports to-day.
329,000
527,000
2,559,778
.2,249,736
20,513
year
of 35,876 bales.
Of the above, totals of American
and other descriptions are as follows:
Sight and Spinners'
bales.
65,000
221,000
198,000
57,000
Other Continental stock
American afloat for Europe
U. S. ports stock
TJ. S. interior stock
475,000
a260,000
53,000
51,000
260,000
146,000
92,000 1,066,000
220,000
379,000
324,000
11,446
521,13o
31—-100,000
2,605,000
197,969
*35,652
Southern consump'n to Jan.
Excess
223,000
439,000
68,000
8,860,908
1,125,398
.
......2,559,778 2,759,375 3,671,746 4,701,946
2,249,736 1,767,312 2,027,706 2,118,211
20,513
9,664
20,779
42,390
IT. S. exports to-day
takingsi
consumption to Jan. 1
5,918,027 5,565,351 7,693,231 8,758,547
307,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock.
45,000
61,000
16,000
119,000
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
149,000
119,000
329,000
527,000
336,000
431,000
44,000
555,000
31,000
53,000
26,000
77,000
102,000
126,000
311,000
636,000
Movement into
sight in previous years:
-
-298,02011931
1932—Feb. 5
Quotations for Middling Cotton at Other Markets
86,000
75,000
141,000
121,000
427,000
894,000
83,000
54,000
554,000
Closing Quotations for Middling Cotton onWeek Ended
Jan. 31
652,000
9,837A2 31 10548A547
6.29d.
4.94d.
11.80c.
6.00c.
9.36d.
4.84d.
8.09d.
4.67d.
5.82d.
4.80d.
14,000 added to Liverpool stock.
Continental imports for past
Wed'day Thursday
Tuesday
Saturday Monday
11.49
11.51
11.62
11.51
11.71
11.49
11.55
New Orleans..
11.77
11.71
11.65
11.69
Mobile
11.69
11.55
11.53
Savannah
Norfolk
11.88
11.58
11.83
11.90
11.53
11.98
11.75
11.76
11.81
12.00
11.57
Montgomery..
Augusta
Memphis
12.03
11.75
Houston
11.63
Little Rock
Dallas
11.68
11.32
11.32
11.56
11.70
11.65
11.95
11.70
11.50
11.55
11.56
11.21
11.61
11.26
11.97
11.70
11.55
11.62
11.21
11.21
11.28
—...
11.82
11.90
11.95
11.85
11.46
11.91
11.55
11.64
11.28
Fort Worth
a
Bales
9,933.723
-.10,573,003
12,251,530
Bales I
Since Aug. 1—
142,509 1933
..260,816 1932—
1934—Feb. 2
36,000
1,672,000 1,917,000 2,144,000 1,790,000
.5,918,027 5,565,351 7,693,231 8,758,547
Total visible supply
.7,590,027 7,482,351
7.07d.
6.14d.
Middling uplands, Liverpool ....
12.55c.
11.60c.
Middling uplands, New York
9.28d.
9.94d.
Egypt, good Sakel, Liverpool
6.03d.
5.39d.
Broach, fine, Liverpool
6.68d.
5.83d.
Tinnevelly, good, Liverpool
589,409
21,784
709,188
Decrease.
Galveston
Total East India, &c
Total American
7,018", 539
10,6001261
1933—Feb. 3.
Liverpool stock
100,583
29,680
North, spinn's' takings to Jan. 31-
Week—
Total American....
East Indian, Brazil, &c.—
134,626
613,955
162,317
*
6,269,338
614,575
134*295
*33,712
mill
Southern
of
Total in sight Jan. 31
924,000
465,000
Aug. 1
3.469,079
485,259
2,315,000
44,884
4,411
85,000
5,734,773
86,523
Net overland to Jan. 31
over
Liverpool stock
Week
Aug. 1
Week
Takings
Since
Since
„
Receipts at ports to Jan. 31
m c Ti rn YI ——
Manchester stock
Bremen stock
Havre stock
1934-35-
1935-36—
.
In
.7,590,027 7,482,351 9,837,231 10548,547
Total visible supply
/X
121,000
126,000
427,000
311,000
894,000
636,000
2,759,375 3,671,746
1,767.312 2,027,706
20.779
9,664
119,000
Egypt, Brazil,&c., afl't for Europe
11,446
Leaving total net overland *
301
9,106
11.26
11.21
Friday
11.26
11.40
11.27
11.55
11.70
11.30
11.68
11.45
11.25
11.35
10.92
10.92
week have been 154,000 bales.
New Orleans Contract Market—The
movement—that
is,
the
for
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
the
At
the
Interior
Towns
the
closing quotations
leading contracts in the New Orleans cotton market for
past week have been as follows:
Saturday
Movement to Jan.
31
1936
Movement
to
Feb.
1
1935
Week
Season
Ship¬
Stocks
ments
Receipts
Jan.
Week
31
Week
Season
Ship-
Stocks
ments
Receipts
Feb.
Week
1
1
57,775
472
38,112
246
19
Eufaula
14,942!
36
11,694
25
Selma
70,647
65,947
94,413
20,584
18,460
19,861
302
78,067,
277
52
Montgomery.
Ark., Blythville
Forest City..
84,130
107,158
2,250
739
106
Helena
295
Hope
238
26,655
36,085
749
378
Pine Bluff—
1,119:
30,360
9,616
152,722
29,958
104,708
Walnut Ridge
794
33,979
Jones boro..
337
Little Rock.
2,076,
659;
Newport
7
Ga., Albany...
Athens
24,100
67
65,657
Atlanta
5,925
Augusta
1,502;
Columbus
1,000
248,103
158,580
29,739
49,944
14,691
71,202
109,644
39,644
163,910
52,990
8,722
29,383
37,563
121.597
4,341
Macon
904,
Rome
45
La., Shreveport
29
Miss.Clarksdale
464
Columbus
152|
..
Greenwood.
.
Jackson
1,220
92;
Natchez...
28
Vicksburg
Yazoo Clty..
867
M04 St. Louis.
5,027|
N.C.,Gr'nsboro
123
3
657
948
155
1,287
3,493 106,463
1,272 19,490
4,068 63,995
967 18,219
206 17,758
704 67,234
5,760 190,646
4,037 142,927
600 25,150
1,195 44,330
26,229
L029 27,984
2,014 32,177
2 26,727
3,716 50,226
349 25,216
194
3,493
1,514 10,128
694 21,249
295
4,927
302
3,710
545
6,495
74
5,283
23,247
45,808
126
19,285
7,298
22,542
43,002
609
115,853
4
27,293
429
78
429
4
30
42,908
28,194
28,000
383
72,041
8
16,923
72,440
24,570
4,492
13,343
61,773
87
419
110
"425
324
1,010
450
83,734
19,750
63
12,075
100
660
549
1,736
26,577
21,957
122. 25,677
1,515 49,154
100 15,108
1,523 38,476
169 13,516
16
8,159
265 46,383
4,331109,837
5,055130,758
600 14,361
341 26,721
2181
100
25
17,973
56,749
116,253
20,594
124,635
23,747
3,532
19,775
28,180
3,611
115,663
3,307
206
2,066
268
203
2,433
25
710
165
4
180
97,286
25,026
1,110
5,819
125
3,696
472
12
94
877
21,458
27,848
52,170
19,243
62,629
21,672
5,014
Wednesday
Thvrsaay
Friday
Jan. 28
Jan. 29
Jan. 30
Jan. 31
.
11.37-11.38 11.31
11.25
11.29
11.12-11.13 11.05
11.03
11.05-11.06 11.06
10.76-10.77
10.80
10.76
10.80
10.57
May
10.87
Austin
Brenham
Dallas
Paris
Robs town...
San Antonio.
Texarkana
_
_
Waco.
9,087
356.598 15,465176,025
2,903
105,8131 5,023! 59,226
31,488 1,534,042 39,247686,227
642
655!
51,696
2,813
229
139
17,887
3,093
60
97
11,439
4,380
535
46,436
1,293 12,816
219
33,062
13,654
"ii
10,518
1,644
54
3
782
4,852
240
772 13,098
23,944
5431
20 11,327
78,194
230,159
1,771
2,231
83,248
23,682 1,045,699
218
23,335
43
20,253
61
14,392
376
44,097
10.46
10.35
10.34
10.40-10.41 10.35
10.26
December- 10.44
10.33
10.32
10.40
10.26
October
._
November
70,1154,270,446105,7672249736
21
34,008
1
6,680
7
15,639
25,946
54,480
40.9332.842.619
75,3741767312
7
452
Spot
Options
Quiet.
Steady.
*
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Cotton Ginned from Crop
We give below a statement
of 1935 Prior to Jan, 16—
in full:
REPORT
ON COTTON
GINNING
Number of bales of cotton ginned from the growth of 1935 prior to Jan. 16
1936, and comparative statistics to the corresponding date in 1935 and 1934.
Runnino Bales
(Counting round
State
United States^
1-j—
...
California
Florida
1933
*12,556,729
934,308
99,851
843,418
949,697
86,184
1,005,784
191,745
24,091
1,090,318
1,042,480
540,786
1,222,638
179,896
67,104
568,914
539,136
726,705
312,344
2,790,957
26,271
7,200
Georgia
Louisiana
Mississippi..—
Missouri
North Carolina-
Texas
Virginia
All other States.
Includes 94,346 bales of
1934
*9,376,715
1,028,672
125,487
831,024
213,565
26.509
Arizona
*
half bales and
*10,249,688
Alabama
Arkansas
as
excluding linters)
Tennessee
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
for the week and since
Steady
linters) ginned from the crop of 1935 prior to Jan. 16, com¬
pared with 9,376,715 bales from the crop of 1934 and
12,556,729 bales from the crop of 1933. Below is the report
South Carolina.
Overland Movement for the Week and Since Aug.
Quiet
Steady.
Census report issued on Jan. 23, compiled from the
individual returns of the ginners, shows 10,249,688 running
bales of cotton (counting round as half bales and excluding
Oklahoma
Includes the combined totals of 15 towns in Oklahoma.
Steady.
The
New Mexico
Total, 56 towns
10.33
Jan. (1937)
Tone—
9,208
22,013
2,314
18,055
3,379 126,511
3,786 70,529
30,143 500,680
157
8,073
387
3,708
34
4,736
1,199 10,781
620 14,501
42
1,515
150
3,741
46 18,888
874 12,196
10.80
August
September
1935
15 towns*
11.00
June
Oklahoma—
S.C., Greenville
Term..Memphis
Texas, Abllene.
11.31
April.
July
Ala.,Birming,m
Tuesday
Jan. 27
Jan.(1936)
February
March
Towns
Monday
Jan. 25
detail below:
the
crop
counted in the supply for the season of
bales of the crops of 1934 and 1933.
238,865
24,214
970,810
472,297
1,118,941
224,091
83,452
632,801
323,086
678,638
393,577
2,292,074
32,507
13,785
of 1935 ginned prior to Aug.
468,358
1,129,726
231,523
85,522
685,395
1,222,729
723,229
425,144
4,190,590
33,686
13,008
1 which was
1934-35, compared with 99,787 and 171,254
Financial
Volume 142
The statistics in this report include 281,007 round bales for 1935;
1934 and 594,277 for 1933.
Included in the above are 16,284
for
191,824
bales of
American-Egyptian for 1935; 12,163 for 1934; and 8,218 for 1933.
The statistics for 1935 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Dec. 13 is 9,757,217
811
Chronicle
The following statement has also been received by tele¬
graph, showing the height of rivers at the points namedAat
8 a. m. of the dates given:
Feb. 1 1935
1936
Jan. 31
Feet
Feet
New Orleans
bales.
CONSUMPTION,
IMPORTS
STOCKS,
AND
EXPORTS—UNITED
STATES
during the month of December 1935, amounted to
498,329 bales.
Cotton on hand in consuming establishments on Dec. 31,
was
1,427,484 bales, and in public storages and at compresses 8,386,784
bales.
The number of active consuming cotton spindles for the month was
23,391,370.
The total imports for the month of December 1935, were
12,738 bales and the exports of domestic cotton, excluding linters, were
877,480 bales.
Cotton
consumed
WORLD
STATISTICS
production of commercial cotton, exclusive of linters, grown
in 1934, as compiled from various sources, was 22,869,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the
year ending July 31
1935, was 25,283,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 154,000,000.
New
Cotton
York
5.8
9.4
Memphis
Above zero of gauge.
15.8
29.1
Nashville
Above zero of gauge.
10.6
14.0
Shreveport..
Vicksburg
Above zero of gauge.
Above zero of gauge.
5.4
17.8
19.5
32.3
Receipts from the Plantations—-The following table
indicates the actual movement each week from the planta¬
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
The
tions.
Southern
The world's
Week
Parity
pre-depression relationship with all-commodities, in
consequence of an all-cotton supply above normal and the
stimulation of production in foreign countries in recent
years, according to the New York Cotton Exchange Service.
To this fact is attributed, in part, the record high rate of
world consumption of the staple. Under date of Jan. 27, the
Exchange Service also stated:
1935
1935
1933
1934
1935
1933
1934
25.. 405,164 232,059 348,464 2,220,751 1,829,198 1.881,910
1.. 372,149 201,932 313,111
8_. 363,686 148,501 275,658
lifting measures applied to American cotton, together with other
This relative cheapness of cotton in world markets is doubtless a
contributing to the present record high rate of world all-cotton
consumption.
From the standpoint of production, the usual effect of a
subnormal world price for the staple is to discourage planting, but this may
be offset by excessive currency depreciation of producing countries or
greatly depressed prices of alternative crops.
During the past few years,
production of cotton outside of the United States has increased greatly
although the world price for cotton has been below parity with commodity
prices in general.
The increase of foreign production in the face of this
situation suggests that if cotton prices approximated a parity with world
commodity prices in general, production in certain countries at least would
be stimulated further—especially in such countries as Brazil, where the
currency has been greatly depreciated and the price of coffee, an alternative
crop, is still low, although it has advanced in recent months.
In considering the price of cotton relative to prices of commodities in
general, it is to be noted that the long downward trend of world prices for
commodities in terms of old gold currencies, which carried them down from
an index number of 100 in 1928 to about 50 in the later months of 1934,
came to an end at that time, following which old gold currency prices held
stable until last fall, and in the last quarter of last year they showed a
slight upward trend.
price
factors.
1933 |
493.570325.648,445,096
2,253,100 1,882,223 1,986,737,404,498 254,957417,938
2|287i5541,922,254 2,081,239 398,140188,532 370,160
1,963,293 2,151,371,359,714 175,466 327,258
250,572
15.. 330,485 134,427 267,126 2,316,783
22.. 271,993 133,525 285,757 2,321,538 1,983,174 2,186,556276,748 153,406
29.. 222.432 119,755 266,062 2.350.4251,973.96812,198,290 251,319110,549
277,796
Dec.-
2,358,2791.960,5562,207,139
13.. 177,455 109,945 177,899 2,369,180 1,934,215 2,203,417
20.. 188,143 105,029 165,800 2.371,8011,915,166 2,195,903
27.. 158,112 84,550 150,873 2,382,2571.911,1382,188,745
6_. 258,950 104,014 218,332
1936
'
90,602 227,181
190,764
169,268
85,980 158,286
80,522 143,715
1936
1934
1935
1936
1934
1935
266,804
188,356
62,371 101,016 2,361,5051,883,029 2,181,268
24.. 103,103
55,462 105,070 2,337.2091,851,022 2,152,086
65,908 103,831 2,311,287 1,825,4372,122,362
52,473 114,611 2.285.388 1,801,024 2,084,406
44,884 100,030 2 ,249,736 1,767,312 2,027,706
74,506
66,834
77,204
50,871
,10—
99,705
98,804
17-.
92,756
'
■
86,523
93,539
34,262
23,455
40,323
28,060
11,172
78,953
3—
1934
j 1935
Jan.—
.1
83,604 174.177
31..
old gold parity,
at 10 southern
markets was 19.15 cents a pound.
In other words, American cotton was
then selling in world markets on the basis of 19.15 cents of the old gold
dollar for middling cotton in central markets of the South. At the present
time, middling seven-eighths inch spot cotton at the 10 southern markets
is selling for about 11.75 cents of the new dollar.
Since the new dollar
is worth abotu 59.1% of the old dollar in terms of gold, the present price
of middling cotton in central markets of the South is equal to 6.94 cents of
the old gold dollar, and world prices for cotton are on that basis.
If the average price in 1928 is taken as 100, the index number for the
present price in terms of the old gold dollar is 36.2. This index number for
the world price of cotton compares with the "Times Annalist" index number
for average wholesale prices of commodities in general in leading countries
of the world of approximately 52.6, that index number likewise being
computed in terms of old gold dollars and with average prices in 1928 as
equaling 100. It may be noted that in the futures markets new crop American
cotton is selling on a basis of about 10.50 cents of the new dollar, which is
equal to about 6.21 cents of the old dollar.
The index number for this
price, likewise taking the average price in 1928 as 100, is 32.4.
The depression of the world price of cotton below the pre-depression
parity with commodities in general in world markets is doubtless due to the
fact that the world supply of cotton, including cotton in the Control of the
United States government, is roughly 4,000,000 bales in excess of normal,
while production in foreign countries has been stimulated in recent years by
|
Nov.-
An analysis of prices
countries of the world
conversion factors.
In the calendar year of 1928, when the dollar was on the
the average price of middling seven-eighths spot cotton
1934
|
Oct.—
average
of cotton and of commodities in general in leading
makes it evident that cotton is selling in world
markets substantially lower relative to all commodities in the world than
it did in 1928.
This is true whether one takes prices in terms of present
domestic currencies or in terms of currencies on the old gold basis, since
prices of both cotton and all commodities would be converted from present
domestic currencies to currencies on the old gold basis by applying the same
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Ended
Exchange Reports Cotton Prices
with All-Commodity Prices in World
Markets—Cotton is selling in world markets far below the
Below
Above zero of gauge.
75,888
74,103
76,655
43,330
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable; also the takings
sight for the like period:
are
Visible supply Jan. 24
Visible supply Aug. 1
Week
Season
Week
Bombay receipts to Jan. 30—
Other India ship'ts to Jan. 30..
Alexandria receipts to Jan. 29
Other supply to Jan. 29 * 6...
8,035,466 17,839,120
Total supply
Deduct—
6,879",719
4,295", 259
162,317 10,600,261
79,000
1,003,000
368,000
47,000
1,319,600
26,000
253,000
13,000
—
Season
7,583,072
7,708,149
American in sight to Jan. 31
Visible
1934-35
1935 -36
Cotton Takings,
Week and Season
out of
amounts gone
or
100"; 583
7,018,539
937,000
314,000
1,065,200
81,000
13,000
34,000
12,000
302,000
7,823,655 16,516.458
7,590,027
7,482,351
7,482,351
445,439 10,249,093
335,439 7,469,493
110,000 2,779,600
341,304
9,034,107
6,147,907
2,886,200
7,590,027
supply Jan. 31
factor
Telegraph—Reports to us by
telegraph this evening indicate that freezing temperatures
have again penetrated well down into Southern Texas and
in the lower Rio Grande Valley, making the soil altogether
too cold to allow any thought of planting.
The soil has
been thoroughly seasoned and insect life undoubtedly has
been destroyed on a great scale.
Weather
Reports
by
Rain
Texas—Galveston
Amarillo_
Austin
Abilene
Brownsville
Corpus Christi
5 diiys
2
days
5 days
_1 day
4 days
:__4 days
2 days
_2 days
2 days
1.00
0.24
0.21
0.36
0.30
in.
in.
in.
in.
in.
0.49 in.
Arkansas—Fort Smith
Little Rock
1 day
Louisiana—New Orleans
3 days
in.
in.
in.
in.
in.
in.
in.
in.
in.
0.67 in.
3
3
2
3
1
2
2
0.38
0-74
0.66
0.42
0.98
1.24
0.66
Dallas
Del Rio
El Paso
Palestine
6 days
3 days
San Antonio
4 days
Houston
Oklahoma—Oklahoma City._l day
1 day
Shreveport
Mississippi—Meridian..
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
days
days
days
days
day
days
days
0.19
0.30
0.56
1.17
0.15
0.36
0.02
0.01
0.02
in.
in.
in.
in.
in.
in.
in.
Madison
1 day
Pensacola
3 days
0.02 in.
0.34 in.
Tampa
Georgia—Savannah
Athens
Atlanta
Macon
South
1 day
0.42 in.
4 days
0.87 in.
3 days
1 day
2 days
0.56 in.
0.72 in.
0.44 in.
Carolina—Charleston.3 days
North Carolina—Asheville—2 days
Charlotte
—3 days
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
Nashville
3
3
2
2
2
days
days
days
days
days
0.80
0.30
0.46
0.52
0.85
0.02
0.48
0.08
in.
in.
in.
in.
in.
in.
in.
in.
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
high
Of which other
*
a
66
low 31
mean
49
64
low 12
mean
38
74
low 24
mean
49
62
low 18
mean
low 34
mean
b Estimated.
mean
and Shipments
Alexandria Receipts
1935-36
1934-35
130,000
6,646,262
5,059,596
Alexandria, Egypt,
1933-34
Jan. 29
Receipts (cantars)—
This week
Since Aug.
1
Week
—
To Liverpool
To Manchester,
14", 666
To America
This
1
Aug.
&c
To Continent and India.
170,000
Since
This
Exports (Bales)
56
low 32
1935-36 and 2,315,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 7,644,093 bales in 1935-36 and 6,719,107 bales in
1934-35, of which 4,864,493 bales and 3,832,907 bales American.
and
137,830
92,337
409,154
21,624
14,000 660,945
260,000
6,103,442
This
Since
Week
Since
Week
Aug.
5,000
86,033
78,615
397,480
20,232
8,000 192.873
96,552
19",660 346,957
1,000
40,686
20,000 582,360
28,000 677,068
15", 066
1
Aug.
1
40
78
70
189,304
152,000
Embraces receipts in Europe from Brazil, Smyrna, "West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,605,000 bales in
Total exports
-Thermometer-
Rainfall
Total takings to Jan. 31a
Of which American
51
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan. 29 were
Note—A cantar is 99 lbs.
130,000 cantars and the foreign shipments
India
14,000 bales.
Cotton Movement from All
56
low 18
mean
37
68
low 30
mean
49
60
low 32
mean
46
ports for the week and for the season
72
low 26
mean
49
low 22
mean
43
for three years,
64
76
low 26
m< an
51
46
low 14
mean
30
34
low 14
mean
24
Jan. 30
36
low 14
mean
25
Receipts—
60
low 28
mean
44
Ports—The receipts
52
low 20
mean
46
low 18
mean
36
32
50
low 18
mean
low 23
mean
have been as follows:
Since
Since
Since
Week
1933-34
1934 35
1935 36
41
from all India
from Aug. 1 as cabled,
Week
Aug. 1
Aug. 1
Week
Aug. 1
34
69
of Indian cotton at Bombay and the shipments
40
low
8
mean
24
50
72
low 18
mean
low 24
mean
80
low 48
mean
34
48
64
52
low 18
mean
35
74
low 34
mean
54
62
low 22
mean
42
48
low 16
mean
32
46
low
6
mean
26
50
low
16
mean
33
53
low 23
mean
38
34
low
2
mean
18
38
low
8
mean
low 12
mean
25
42
low 18
mean
30
32
low
6
mean
21
34
low 10
mean
22
26
low
2
mean
14
81,000
937.00C
107,000
879,000
Since Aug. 1
For the Week
Exports
Great
From—
1
Conti-
Britain\ nent
Great
China
Total.
Conti¬
Japan db
Britain
Jap'ndk
nent
China
Total
Bombay—
23
38
79,000 1.003,000
Bombay
11,000
24,000
39,000
33,000
151,000
423,000
607,000
1934-35..
6,000
53,000
59,000
21,000
150,000
569,000
1933-34..
2,000
46,000
48,000
30,000
176,000
176,000
740,000
382,000
47,000
13,000
130,000
238,000
368,000
65,000
25,000
98,000
249,000
238,000
314,000
336,000
1935-36
Other
—
4,000
India
1935-36—
17,000
25,000
1933-34..
Total
30,000
13,000
1934-35..
all—
41,000
24,000
86.000
1934r-35—
19,000
53,000
72,000
86,000
389,000
399,000
1933-34..
27,000
46,000
73,000
128,000
414,000
1935-36—
21,000
.
163,000
423,000
975,000
569,000 1,054,000
718,000
176,000
812
Financial
According
to the
foregoing, Bombay
appears
to show
Chronicle
a
decrease compared with last year in the week's
receipts of
2,000 bales.
Exports from all India ports record an increase
of 14,000 bales
during the week, and since Aug. 1 show a
decrease of 79,000 bales.
Jan. 25
Sat.
Mon.
d.
d.
5.94
5.97
5.98
mrnmm
mi.mm
5.90
5.94
5.94
5.91
5.92
5.84
5.86
5.84
5.87
5.87
5.77
5.81
5.80
October
5.54
5.64
5.59
December
5.50
«•
5.56
5.50
to Finest
Upl'ds
Twist
d.
d.
s.
d.
s.
d.
Oct.—
10
d.
s.
■
\
6.47
10%@11%
9
1
@93
6
@10 0
6.45
10
9
1
@93
6.79
10
@11%
10%@11%
10%@11%
10% @11%
@10 2
6.47
10
0
@10 2
6.77
10
1
@10 2
6.77
10
3
@10 5
6.59
10% @12
15
22
29
10
@11%
5.55
...
mm
w
'm
m
mm
3
@10 5
6.67
9 2
@94
6.81
9
@94
6.88
2
9
4
@96
—
4
@96
find
6.96
10%@11% 10 2
@10 4
6.50
94
@'9
6
@10 2
6.38
9 4
@96
7.15
27
10%@11% 10 0
@10 2
6.41
10%@11%
9
4
@96
7.20
9 6
@10 0
6.44
9
4
19 36
4
@9
6
tax
7.02
19 35
Jan.—
10
10
@11%
9
5
@97
6.07
17
9% @11%
10
@11%
9% @11%
9
4
@96
6.13
9
4
@96
6.17
10%@11%
10% @11%
10%@U%
10% @11%
9
4
@96
6.14
10%@11%
24
31
@96
7.23
9
4
@96
8.18
9
4
@96
7.15
9
4
@96
7.08
9
4
@96
7.07
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 73,025 bales.
The shipments in detail, as made
up
from mail and telegraphic reports,
follows:
are as
Bales
GALVESTON—To Copenhagen—Jan.
23—Stureholm,
150
Ty Gdynia—Jan. 23—Stureholm, 811
To Gothenburg—Jan. 23—Stureholm, 350
To Ghent—Jan. 25—Michigan, 121—Jan.
27—Bilderdyk, 699
To Havre—Jan. 25—Michigan, 1,426
To Dunkirk—Jan. 25—Michigan, 683
To Japan—Jan. 25—Norfolk Maru, 298
Jan. 29—Effing¬
ham, 4,546
150
811
350
820
1,426
683
4,844
To China—Jan. 25—Norfolk Maru, 280
To Liverpool—Jan.
27—Lochmaddy,
280
1,216
To Rotterdam—Jan. 27—Bilderdyk, 486
HOUSTON—To Japan—Jan. 24—Effingham,
2,130—Jan.
29—Cyclops,
486
544; Norfolk Maru,
6,739
To Barcelona—Jan. 29—Mar Rojo,
To Manila—Jan.
1,216
24—Effingham,
9,413
2,839
2,839
50
50
To Bremen—Jan. 29—Simon
von Utrecht, 4,696
24—Effingham, 1,060; Norfolk Maru, 624
Hamburg—Jan. 29—Simon von Utrecht, 1,080
Ghent—Jan. 24—Bilderdyk,
123
Copenhagen—Jan. 25—Stureholm, 950
Rotterdam—Jan. 24—Bilderdyk, 289
Gdynia—Jan. 25—Stureholm, 1,739
Gothenburg—Jan. 25—Stureholm, 187.
m
" •
Porto
Colombo
(additional)—Tillie Lykes, 657; Velmar
4,696
1,684
1,080
To China—Jan.
To
To
To
To
To
To
To
123
950
289
1,739
187
Lykes, 300; Commercial Alabaman, 245
1,202
To Buena
Ventura
(additional)—Velma Lykes,
190; Tillie
Lykes, 100; Commercial Alabaman, 200
490
LAKE CHARLES—To Ghent—Jan.
24—Cripple Creek, 287
287
To Havre—Jan. 24—Cripple Creek, 12
12
To Rotterdam—Jan. 24—Cripple Creek, 250
250
To Dunkirk—Jan. 24—Cripple Creek, 29
29
JACKSONVILLE—To Liverpool—Jan. 26—Schoharie, 35-____35
NEW ORLEANS—To Japan—Jan. 22—Norfolk
Maru, 3,117
3,117
To China—Jan. 22—Norfolk Maru, 746
746
To Venice—Jan. 22—Lucia C, 2,156
2,156
To Trieste—Jan. 22—Lucia C, 100
100
To Rotterdam—Jan. 24—Osiris, 388
388
To Genoa—Jan. 25—Jomar, 130—Jan.
782
26—Mongioia, 652_.
To Gdynia—Jan. 25—Toronto, 450
450
To Oporto—Jan. 25—Lafcomo ,871
871
To Leixoes—Jan. 25—Lafcomo, 300
•
300
To Barcelona—Jan. 25—Jomar, 958
958
To Passages—Jan. 25—Lafcomo, 100
100
To Coruna—Jan.
25—Lafcomo, 50
50
To Gothenburg—Jan. 25—Toronto, 950
950
To Abo—Jan. 25—Toronto, 100
100
To Liverpool—Jan.
24—Lochmaddy,
13,973
Jan.
23—
Atlantian, 1,976
15,949
To Manchester—Jam 23—Atlantian, 3,591
3,591
To Guatemala—Jan. 9—Metapan, 100
100
To City of Havana—Jan. 9—Metapan, 100
100
SAVANNAH—To Gdynia—Jan. 24—Tampa, 300
300
LOS ANGELES—To Japan—Jan. 25—Nazario Maru,
500; Golden
Tide, 2,585—Jan. 27—Pacific Palk, 1,266; Montevideo
Maru, 600
4,951
To Liverpool—Jan. 25—Pacific
Enterprize, 545
545
'
Total
73,025
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Jan. 10
Of which American
Amount afloat.
Of which American
Jan. 31
52,000
630,000
328.000
322,000
57,000
631,000
324,000
34.000
28,000
2,000
194,000
95,000
imports
Jan. 24
55,000
622,000
1,000
Of which American
Total
Jan. 17
70,000
632.000
331,000
49,000
Forwarded
Total stocks
211,000
100,000
2,000
210,000
98,000
27,000
3,000
193,000
93,000
The tone of the
ea^h
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
as
the
taking
7.08
10%@11% 10 0
10%@11%
10%@11%
10%@11%
9
13
10% @11%
Tuesday
Wednesday
Market,
t
P.M.
Mid .Upl'ds
Futures.
opened
Quiet.
business
doing.
doing.
6.16d.
Stdy., 1 pt
•
business
6.19d.
CLOSED
4
P. M.
6.14d.
Quiet but
Steady,
dec. to 1 pt stdy., 3 to
6 pts. adv.
advance.
6
.
Market,
Friday
A fair
Moderate
demand.
1
Market
Thursday
A fair
12:15
Quiet but
Quiet, un¬
changed to stdy., 3 to
2 pts. dec.
6 pts. adv.
6.17d.
Steady,
to 7 pts. 3 to 4 pts.
decline.
advance.
stdy.,
1
5.54
m
mm
5.53
mm
mm
5.45
remains
5.52
5.51
■
mm
mm
5.50
mmmm
5.49
mrnmm
5.44
5.47
6.14d.
Steady at
3 to 5 pts.
decline
Quiet but
to stdy., 2 to
8 pts. dec.
4 pts. adv.
Quet,
st'y,
2 to 4 pts.
decline
in
unchanged
the
demand
unsatisfactory.
Bakers and jobbers are
flour than is necessary.
The impounded
question remains a troublesome uncertainty.
on no more
refund
y%c. higher.
strength in wheat in this session were at¬
tributed to a combination of influences, notably, talk of
inflation, improved milling demand, and spread of the cold
wave into the South Central wheat
territory.
On the other
hand, there was a decline of lc. in the Liverpool wheat
market, but this appeared to be ignored in domestic markets.
On the 27th ult. prices closed
unchanged to 3^c. up. The
market was extremely narrow, with trading very light.
A
general feeling of apathy prevailed.
With Liverpool and
Winnipeg markets to remain closed to-morrow, together with
uncertainties relating to crop control—traders were not dis¬
posed to make substantial comitments.
Milling demand
for wheat stored in Chicago continued good.
About 100,000
bushels were sold for shipment during the day.
The new
wheat crop outlook in this country is looking more and more
promising, and reports from Argentina are also favorable
concerning the growing crops.
All this does not make for
strong bullish sentiment.
On the 28th ult. prices closed
^8 to Kc. lower.
Dullness prevailed in this grain until the
closing hour when weakness developed on selling by Eastern
interests.
This was believed to be liquidating of long con¬
tracts bought a short while ago on inflation talk.
The firm¬
ness of the dollar abroad
apparently had its effect in staying
further advances in commodity markets on the theory the
trend of the dollar would be lower.
The closing of the foreign
markets out of respect for the late King George did much to
curtail grain business in the domestic markets.
There is
much confusion in the minds of the trade as to what will be
the final outcome of crop legislation.
The tax situation is
puzzling
and is doing much to hinder, in fact, paralyze,
Weather reports were not so favorable,
especially from western Kansas, where it was reported the
cold wave had caused considerable
damage to wheat.
These
reports appeared to be entirely ignored by the trade, and
transactions in futures were extremely limited
throughout
most of the session.
On the 29th ult. prices closed y2 to
I lie. lower.
The decline of lc. in the Winnipeg market
appeared to discourage longs in the domestic market, their
liquidation carrying prices down to a maximum decline of
1 lie. for May wheat.
As a result of this sharp decline in the
Winnipeg market, doubts are beginning to form as to the
ability of the Canadian Wheat Board to maintain its control
many,
the flour
trade.
and exercise its agency
prices.
were
favorable,
of course, acts as a blanket
l^c.
the
over
domestic wheat belt
having fallen
more snow
prices eased about
stabilizer of Canadian wheat
as a
Weather conditions
or
night, which
Liverpool wheat
freer offerings from the
over
protection.
due to
Continent.
On the 30th
inst.
prices closed %c. lower to %c. higher.
Liverpool cables aid the easier tendency dis¬
the Winnipeg market, further liquidation de¬
On the
lower
played
by
veloped in the domestic market, especially in the May de¬
livery.
Prices eased off to the lowest level since late last
December.
Later a fairly good
milling demand for cash
wheat was reported, and this, in conjunction with further
inflationary talk, caused the market to firm up and recover,
the
earlier
losses.
To-day prices
higher.
Threats
blocs
Congress to
in
of
coalition
a
get
closed
firm,
Si
between
farm
and
currency
inflation
had
%c.
to
bonus
quite
an
influence in causing this firmness and
strength in wheat.
Liverpool markets were also firm.
Open interest in wheat
was 108,219,000 bushels.
DAILY
_
CLOSING PRICES
DAILY
OF
CLOSING
PRICES
OF
WHEAT
Sat.
May
Juiy---September
Season's
September
December
May
DAILY
101%
89%
88%
High and
102%
97%
98%
IN
NEW
YORK
Wed.
Thurs.
Fri.
115%
115%
115%
FUTURES
Mon.
101%
89%
88%
Tues.
101
89%
87%
IN
Wed.
99%
88%
87%
CHICAGO
Thurs.
99%
88%
87%
Fri.
99%
89
87%
When Made
i
Season's Low and When Made
Apr. 16 19341 September
78%
July
6 1935
July 31 19351 December.
81
July
6 1935
Aug.
1 1935 May
88%
Aug. 19 1935
CLOSING PRICES
OF
WHEAT
Sat.
May
—-
October...
WHEAT
Sat. Mon. Tnes.
118% 117% 116%
,
__
Moderate
demand
about
Leading representatives of flour mills still
9
Quiet but
5.55
m
5.56
5.51
Wheat—On the 25th ult. prices closed % to
follows:
Monday
mm
— —
5.50
No. 2 red
Saturday
mm'tm
mm
5.78
5.52
---
The firmness and
__
Spot
•
5.56
...
-
5.51
_
5.52
-
.
5.53
_
5.46
«.
situation
flour industry.
6.91
9
20
3
5.43
m m
5.56
Friday Night, Jan. 31 1936
Flour—The
Dec.—
6
mm
.
6.92
10 0
5.65
BREADSTUFFS
@10 0
@11%
@11%
10% @11%
10%@12
10% @12
10
5.77
5.60
5.53
5.40
d.
6
9
li... 10
5.81
5.61
5.44
Nov.—
8
5.88
5.81
5.57
5.55
5.46
•
9
©11%
5.88
5.77
5.53
Upl'ds
d.
s.
.
25
5.84
5.74
Cotton
to Finest
d.
—
5.81
CLOSED.
Middl'g
Twist
d.
—
5.50
July
—
5.48
October
d.
d.
d.
d.
d.
5.94
'5.88
March
ings, Common
d.
d.
d.
6.02
5.94
January (1937)..
8% Lbs. Shirt¬
32s Cop
1
d.
5.99
5.94
May
July
1934
Cotton
d.
5.96
5.91
May
Middl'g
Fri.
Thurs.
March
wfeeks of this and last year for comparison:
ings, Common
Wed.
January (1936)..
previous
8% Lbs. Shirt¬
Tues.
given below:
are
Close Noon Close NoomClose Noon Close Noon Close Noon Close
New Contract
325 Cop
Liverpool for each day
to
Jan. 31
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for foreign markets is improving.
We give prices to-day below and leave those for
1935
1936
1
Prices of futures at
87%
88%
87%
FUTURES IN
Mon.
Tues.
87%
88% Closed
86%
Wed.
86%
87%
85%
WINNIPEG
Thurs.
86%
87
85%
Fri.
87%
87%
86%
Financial
Volume 142
prices closed Y to Y cents higher.
largely in sympathy with wheat.
The buying was limited to local operators, which demand
appeared readily supplied by commission houses.
The spot
market was firm.
On the 27th ult. prices closed Y to YGlower.
In spite of the fact that weather was retarding corn
receipts and stocks of corn are being lowered at Chicago,
the situation had virtually no effect on traders, and the mar¬
ket for futures was a dull and listless affair.
The closing of
Corn—On the 25th ult.
The firmness of
corn
was
Liverpool and Winnipeg markets to-morrow very likely
had its effect also.
On the 28th ult. prices closed Y
the
A freer movement of this grain is predicted as
weather
moderates.
It was reported that 100,000
%g. lower.
the
purchased for shipment to the Chicago mar¬
ket.
There are now but 850,000 bushels of contract quality
corn available for delivery at Chicago against over 2,000,000
bushels at this time last year.
On the 29th uJt. prices
closed Y to YG- lower.
This was largely in sympathy with
the depression of the wheat markets
at Winnipeg and
Chicago.
Another bearish influence was the freer offerings
of spot grain from growers.
With weather improving and
transportation easier, larger receipts are expected shortly.
There was further easement in spot corn prices.
On the 30th inst. prices closed unchanged to %c. higher.
Scattered liquidation developed in the early trading, causing
May to drop to 59%c.
Later this selling was counteracted
by commission house buying, and prices rallied.
Primary
receipts aggregated 399,000 bushels against 423,000 bushels
a week ago
and 210,000 bushels last year.
To-day prices
closed unchanged to %c. higher.
Trading was very inactive,
and nothing noteworthy in the news.
Open interest in corn,
bushels had been
Sat.
Mon.
Wed.
83%
83%
83%
No. 2 yellow
Tues.
Thurs.
82%
82%
Fri.
83
—
were as
DAILY CLOSING PRICES
OP CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
_
Season's High
September
and
84%
60%
60%
60%
60%
61
60%
Season's Low and
When Made
Jan.
5 1935
December
6 1935
65
June
May
68%
60%
July 29 1935 May
Oats—On the 25th ult.
59%
60%
60%
60
60%
60%
When Made
67%
September
December
was
59 H
60%
60%
60 hi
60%
60%
56
Mar. 25 1935
June
1 1935
Aug. 13 1935
43%
43%
38
Closed
38%
37%
38%
37
38
37%
38
37
37%
follows:
GRAIN
Oats, New York—
No. 2 white
Wheat, New York—
No. 2 red, c.i.f., domestic
115%
Manitoba No. 1, f.o.b. N.Y. 95%
Corn, New York—
No. 2 yellow, all rail
43%
Rye, No. 2, f.o.b. bond N. Y— 67%
Barley, New York—
47% lbs. malting
54%
Chicago, cash
•
54-85
" 83
FLOUR
16.30
-
-
Soft winter
straights
6.20
6.40
Hard winter clears
Corn flour—
>5.40
16.50
16.30
15.75
5.00
-
Hard winter straights--.
Hard winter patents
Rye flour patents
$4 00< 14.30
Seminola, bbl., Nos. 1-3- 7.80(
Oats, good.
17 40
>6.95
Spring pats.,high protein $7 J 0
Spring pate
1 patents
6.65
6.00
Clears, first spring-_1S-
5.40
All the statements below
Barley goods—
2.85
Coarse
pearl,Nos.2,4&7 4.00(^4.75
Fancy
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Oats
Corn
Wheat
Flour
Receipts at—
Barley
Rye
bush. 50 lbs. bush. 32 lbs. bush.5&bs. bushA8lbs.
bbls.19 5lbs. bush. 60 lbs
91,000
803, 000
327,000
16,000
212,000
Minneapolis-.
593,000
118, 000
522,000
108,000
252,000
65,000
22,000
90,000
Duluth
2,000
3,000
6,000
24,000
176,000
Chicago
2,000
117" 666
158,000
94, 000
15,000
Milwaukee--.
89,000
244.000
275,,000
44,000
10,000
35,000
298,,000
80,000
12,000
92,000
122,000
40,000
554,000
401,,000
86,000
319,,000
57,000
81,,000
22,000
6 ,000
43,,000
186,000
9, 000
451, 000
Louis
336,000
89,000
179,000
18,000
56,000
Kansas City-.
107,000
7,000
76,000
Detroit
Peoria
80,000
24,000
Toledo
Omaha
May
July
September
Fri.
Thurs.
43%
OP BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
July
Closing quotations
43%
43%
43%
DAILY CLOSING PRICES
St.
IN NEW YORK
OP CORN
CLOSING PRICES
CHICAGO
DAILY CLOSING PRICES OP BARLEY FUTURES IN
Sat. Mon.
Tues.
Wed.
May--
Indianapolis-.
23,890,000 bushels.
DAILY
813
Chronicle
St. Joseph...
Wichita
Sioux City--.
Buffalo
55,000
25,000
45~600
19,000
63,000
~4~666
4,000
712 ,000
147,000
117,000
5,000
50,000
421,000
105,000
138,000
Total wk.
'36
334,000
Same
wk.
'35
345,000
2,389,000
994,000
3,727,000
1,782,000
Same
wk.
'34
390,000
2,653,000
3,791,000
1,352,000
988,000
1,206,000
1934
9,410,000248,300,000 83,331,000
9,162,000 143,485,000 122,092,000
32,443,000
1933
8,777,000 144,230,000120,003,000
1,367,000
46,057,000
542,000
882,000
Since Aug. 1—;
prices closed
YG-
up.
Trading
1935
extremely light and there was nothing of interest in the
On the 27th ult. prices closed Y to YG- lower.
Trading extremely light and no news of interest.
On the
28th ult. prices
closed YG- lower.
Trading very dull
in this grain, the easing tendency being influenced by the
sagging of other grains.
On the 29th ult. prices were un¬
changed to ksc. lower.
This rain was very inactive, and
so dormant in fact, that it failed
to be influenced by the
91,993,000 15,096,000 57,455,000
9,118,00042,399,000
7.818,00031,698.000
news.
unchanged to %c. higher.
Trading quiet, with news devoid of feature.
To-day prices
closed unchanged to %c. up, with nothing of interest in the
inst. prices closed
DAILY
Mon.
43%
No. 2 white
-
When
High and
September
44%
Jan.
December
35%
May
37
June
Aug.
43%
43%
Wed.
43%
Thurs.
43%
Fri.
43%
Mon.
Tues.
Wed.
Thurs.
Fri.
28% 28% 28%
28%
28
27% 28
28
27% 27% 27% 27%
Made
Low and When Made
7 1935 September
31% June 13 1935
4 1935 December
33%
June 13 1935
1 1935 May
29% Aug. 17 1935
28%
28%
27%
Season's
Tues.
OATS FUTURES IN CHICAGO
CLOSING PRICES OP
Sat.
May
July
September
148,000
2,000
35,000
277,000
33,000
6,000
Philadelphia—
27,000
14,000
10,000
2,000
20,000
New Orleans *
19,000
6,000
10,000
28%
28%
27%
Season's
32%
32%
-
32% Closed
32%
32%
31%
32%
31%
36"666
19,000
1,138,000
43,000
I~2~66O
112,000
'36
279,000
1,686,000
72,000
35,000
42,000
Since Jan.1'36
999,000
4,795,000
227,000
286,000
155,000
Week 1935
242,000
905,000
495,000
97,000j
55,000
7,000*
1,769,000
551,000
1,064,000
246,000
Total
-
wk.
Since Jan.1'35
*
on
inst. prices closed
DAILY
CLOSING
PRICES
OF
RYE FUTURES IN CHICAGO
Sat.
High and When
September
76
Jan.
December
53 %
June
May
52%
Aug.
Season's
Mon.
Tues.
Wed.
Thurs.
55%
54%
54%
56%
55%
54%
57%
55%
55%
from the several seaboard ports for the week
Jan. 25 1936, are shown in the annexed
The exports
statement:
Wheat
OP RYE FUTURES IN WINNIPEG
Sat.
May
-
July
45%
46%
Mon.
Tues.
45% Closed
46%
Wed.
44%
45%
Thurs.
44%
45%
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barries
Bushels
Bushels
Bushels
—
Baltimore
240~o66
.
"l'ooo
Norfolk
"l'ooo
New Orleans
ii~2"666
John West
St. John
T2T0OO
1,138,000
80,000
Halifax
St
14,000
48,930
1,000
527,000
Boston
36,000
48"666
98,930
3,666
646,000
The destination
1,000
48,000
8,000
16,000
78,785
15,000
2,097,000
Total week 1936-Same week 1935
of these exports for the week and since
July 1 1935 is as below:
Corn
Wheat
Flour
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Jan. 25
July 1
Jan. 25
July 1
Jan. 25
July 1
1936
1935
1936
1935
1936
1935
Barries
Bushels
Bushels
Bushels
Bushels
Barries
41,724
1,488,082
1,128,000
8,206
Kingdom-
Continent
297,104
76,000
159,000
939,000
So. & Cent. Amer.
15.000
West Indies
34,000
..
The
visible
granary
63~66O
2,130,776
2,221,338
2,097,000
53,937,000
48,755,000
supply
646,000
"
3~66O
47,000
11,000
of grain, comprising the stocks in
of accumulation at lake and
Saturday, Jan. 25, were as follows:
GRAIN
Wheat
Bushels
United States—
STOCKS
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
73,000
34,000
376,000
211,000
42,000
24,000
61,000
49,000
4,000
222,000
753,000
New York
94,000
131,000
Boston
47~000
afloat-------
Philadelphia
45%
46%
3,000
"
103,590
98,930
78,785
43,000
1,000
at principal points
seaboard ports
FYi.
31,200,000
22,294,000
379,000
1,000
2^566
Other countries-..
Total 1936
28,000
7,000
Brit. No. Am. Col.
"
DAILY CLOSING PRICES
8,000
53,000
ended Saturday,
Fri.
56% 56%
57%
55
55% 56
55
o5
55%
Made
Season's Low and When Made
6 1935 September
45
June 13 1935
3 1935 December
48% June 13 1935
1 1935 May
46% Aug. 19 1935
-
52,000
102,000
passing through New Orleans for foreign ports
Receipts do not include grain
Total 1935
abroad.
May
July
September
"l'ooo
through bills of lading.
United
unchanged to ^c. higher,
with a fairly active demand.
No special feature to the trad¬
ing or news.
To-day prices closed % to %c. up. This was
believed to be largely a sympathetic movement with wheat,
which was strong on the inflation outlook and the- strength
On the 30th
"~2"666
80,000
John
New York
its influence.
4~6OO
48"66O
St. John West
Boston
32%
31%
Rye—On the 25th ult. prices closed % to l^c. up, the
maximum advance being recorded in the July delivery.
There was nothing special in the news to account for this
pronounced strength in rye, outside of the firmness of wheat
and inflationary talk.
On the 27th ult. prices closed Y to 1YG- higher.
There
was nothing in the news to account for the strength in this
grain, outside of a tight position in nearby deliveries, May
reaching the maximum advance of 13^c.
On the 28th ult. prices closed
YG- down to %c. up.
Shipping sales of rye strengthened both spots and futures.
On the 29th ult. prices closed Y to Yc. lower, owing
largely to selling of discouraged longs who had bought on the
recent upward move in this grain
The marked, weakness of
the wheat markets both domestic and Canadian also had
~
42,000
l'ooo
Galveston
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
19,000
"
OP OATS IN NEW YORK
Sat.
Barley
Rye
New York.-.
Halifax
CLOSING PRICES
for
bbls.l95lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.SQlbs. bush.48lbs.
St
trading or news.
DAILY
Oats
Corn
Wheat
Flour
Receipts at—
Baltimore
weakness of wheat.
On the 30th
receipts of flour and grain at the seaboard ports
Saturday, Jan. 25 1936, follow:
Total
the week ended
Baltimore
New Orleans
-
1,091,000
29,000
13,000
21,000
147,000
2,000
1,000
1,000
67,000
1,000
Financial
814
Wheat
Oats
Bushels
Bushels
485,000
Fort Worth
....
Wichita
Hutchinson
St. Joseph
Kansas City.—
Omaha........
Sioux City
St. Louis
Indianapolis....
Peoria
Chicago
"
Corn
Bushels
United States—
Galveston
afloat...
Milwaukee
48,000
1,920,000
1,109,000
1,943,000
1,101,000
11,126,000
4,263,000
347,000
1,889,000
1,620,000
1,000
7,530,000
188,000
1,011,000
135,000
25,000
247,000
511,000
956,000
375,000
460,000
609,000
38,000
1,996,000
-
62,000
afloat—...
13,542,000
4,918,000
!
Duluth
Detroit
...
130,000
....
Buffalo
7,134,000
3,472,000
T—
"
afloat—
Barley
Bushels
—
445,000
2,000
14,000
2,000
—
"
Minneapolis!
Rye
Bushels
187,000
62,000
4,000
606,000
849,000
2,227,000
4,742,000
428,000
693,000
488,000
73,000
5,666,000
319,000
526,000
220,000
12,800,000
7,904,000
8,000
1,803,000
976,000
13,000
182,000
69,000
91,000
182,000
1,024,000
12,000
148,000
13,000
123,000
2,106,000
498,000
74,000
449,000
47,000
1,688,000
2,647,000
1,330,000
4,000
1,074,000
6,676,000
2,137,000
65,000
1,596,000
1,247,000
......
—
Feb. 1
Chronicle
tected by an adequate snow cover during the severe
cold weather.
In the
Ohio Valley the condition of winter cereals continues about the same as Jlast
week, with a good snow cover over most portions, but in the soutnern
part a scanty cover, or local removal by the wind, caused some harm,
in
southern Missouri local
damage was feared; in Kansas grains were largely
unprotected, except in the northeast, but they apparently were not seriously
affected, except in the western third where condition is poor. Little growth
was possible in Oklahoma, but in Texas good progress was noted, except
in west-central parts where it is still too dry.
Warm weather removed much of the snow cover in Montana and winter
.
wheat is in very poor condition; snows at the close of the week were help¬
ful.
Conditions are variable in the central Rockies, with a good cover in
parts, but moisture is still needed in eastern Colorado and also in New
Mexico.
In the Pacific Northwest the snow cover was adequate in parts,
but some frozen ground was reported; grains are generally dormant.
In the Southeast the cold weather retarded growth and some freezing
and thawing were damaging locally.
An adequate snow cover remains
in most of the Northeast.
The surface moisture situation continues satis¬
factory in much of the spring-wheat area, with good depths of snow in
most parts (see Chart III).
In Nebraska the moisture supply is reported
encouraging, while in other sections more or less satisfactory conditions
prevail.
Total Jan. 25 1936...
65,737,000
6,818,000 40,905,000
8,387,000 15,377,000
Total Jan. 18 1936..— 66,604,000
6,433,000 40,858,000 , 8,532,000 15,545,000
Total Jan. 26 1935
72,611,000 33,947,000 21,031,000 11,133,000 13.306,000
Note—Bonded grain not Included
above:
Oats, New York, 122,000 bushels;
Buffalo, 73,000; total, 195,000 bushels, against none in 1935.
Barley, Duluth,
21,000 bushels; total, 21,000 bushels, against 1,271,000 bushels in 1935.
Wheat,
New York, 2,768,000 bushels; New York afloat, 750,000; Boston, 880,000; Baltimore,
332,000; Buffalo, 8,649,000; Buffalo afloat, 8,576,000; Duluth, 823,000; Erie,
1,845,000; Chicago afloat,
115,000; Chicago, 132,000; Albany, 4,715,000;total,
29,696,000 bushels, against 21,680,000 bushels in 1935.
Wheat
Corn
Oats
Bushels
Canadian—
Bushels
Bushels
Montreal....
8,710,000
Ft. William & Pt. Arthur 38,575,000
593,000
2,106,000
—
Rye
Bushels
105,000
3,065,000
,
Barley
Bushels
629,000
2,440,000
Other Canadian & other
water
points
...
2,950,000
25 1936—120,956,000
Total Jan. 18 1936
122,387,000
Total Jan, 26
...
1935—116,515,000
—
268,000
853,000
5,649,000
5,769,000
6,821,000
73,671,000
Total Jan.
3,438,000
3,545,000
3,227,000
3,922,000
3,854,000
6,124,000
Summary—
American
65,737,000
122,387,000
Canadian
Total Jan. 25 1936—188,124,000
Total Jan. 18
1936
Total Jan. 26 1935
6,818,000 40,905,000
5,769,000
8,387,000 15,377,000
3,545,000 3,854,000
6,818,000 46,674,000 11,932,000 19,231,000
188,991,000
6,433,000 46,627,000 12,077,000 19,399,000
189,126,000 33,947,000 27,852.000 14,360,000 19,430.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Jan. 24, and since July 1 1935 and July 2 1934, are
shown
id
the following:
Corn
Wheat
Week
Since
Since
Week
Since
Since
Jan. 24
July 1
July 2
Jan. 24
July 1
July 2
1936
1935
1934
1936
1935
1934
Bushels
Exports
Bushels
Bushels
Bushels
Bushels
THE DRY GOODS TRADE
New York, Friday Night, Jan. 31 1936
Although traffic conditions underwent a gradual improve¬
ment, the severe cold prevailing through the larger part of the
week, served to impede retail trading.
Typical winter items
such as heavy apparel lines profited somewhat from the
rigors of the weather; in most other departments, however,
sales were adversely affected by the diminished attendance
on the part of the public.
If nevertheless average gains over
last year amounting to from 3 to 8% were reported, this
was chiefly due to the circumstances that blizzards raging
during the corresponding period in 1935, hampered traffic
even more than at the present time.
Trading in the rural
sections showed itself increasingly affected by the aftermath
of the recent Supreme Court decision invalidating the Agri¬
cultural Adjustment Act and resulting in at least a tem¬
porary stoppage of subsidy disbursements.
Trading in the wholesale dry goods markets continued
spotty and was again dominated by the numerous uncertain¬
ties arising from the elimination of the processing tax.
Business in a number of items, prices of which had been fully
adjusted to the abolition of the tax, enjoyed a moderate spurt.
Later, however, the introduction of a new restrictive sales
clause inspired by fears among cotton mills that the govern¬
ment intended to finance farm relief through levying retro¬
active taxes, threw the market anew into confusion resulting
in another sharp reduction of trading.
Additional factors in
hampering business were the continuing differences over the
Bushels
refund of taxes
North Amer.
Black Sea
Argentina...
Australia—
4,977.000
520,000
436,000
3,845,000
India
256,000
20,585,000
2,000
1,000
19,000
43,000
5,346,000 13,284,000
6,086,000 182,666,000 129,902,000
328,000
24,440,000
78i"66o 31,203~000 26,499',666
10,738,000 253,345,000 294,187,000
Oth. countr's
Total
91,985,000 100,357,000
32,722,000
4,520,000
53,613,000 103,134,000
54,184,000 61,408,000
6,911,000 219,217,000 169,704,000
960"666
Weather Report for the Week Ended Jan. 29—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 29, follows:
,
During the first part of the week a depression moved, with markedly
increasing intensity, from the upper Mississippi Valley northeastward down
the St. Lawrence Valley, attended by general snow from the Lake region
eastward.
With the exception of this storm high pressure and low tem¬
peratures persisted over tne eastern half of the country bringing to many
places one of the coldest weeks of record.
Chart I shows that the temperature for the week, as a whole, averaged—
subnormal in the northern Great Basin and in all sections east of the Rocky
Mountains.
The greatest and least departures from normal occurred from
the northern portions of the east Gulf States and the middle Atlantic area
northwestward to the northern Great Plains.
In the Ohio, the middle
and upper Mississippi, and the lower Missouri Valleys, the period averaged
from 24 degrees to as much as 30 degrees below normal. Over a large interiornorthwestern area the average temperature for the week was below zero
and considerably below in many places.
At Chicago, 111., the weekly
average was 4 degrees below zero; Minneapolis, Minn., 16 degrees; Charles
City, Iowa, 13 degrees; Moorhead, Minn., 19 degrees; and at Devils Lake,
N. Dak., 20 degrees below zero.
Except in the northern Great Basin,
temperatures west of the Rocky Mountains were generally above normal;
and decidedly so in Rocky Mountain sections.
Chart I shows also the southern limit of freezing weather during the
week and that of subzero temperatures.
Freezing extended well into the
Florida Peninsula and as far South as Corpus Christi, Tex., in west Gulf
sections. Along the east Gulf coast the minima for the week ranged mostly
from 24 degrees to 28 degrees.
Subzero temperatures occurred as far
South as extreme southwestern Virginia, northern Tennessee, and southern
Missouri.
Elkins, W. Va., had a minimum of 12 degrees below zero and
Wytheville, Va., 8 degrees below.
The lowest reported from first-order
stations was 38 degrees below zero at Devils Lake, N. Dak., and Moorhead,
Minn., on Jan. 22.
The table on page 4 shows that the precipitation during the week was
generally light.
Heavy rains occurred in extreme southern Florida and
moderate amounts in a few other limited areas, but, in general, the weekly
precipitation was very light, with a large southwestern area having practi¬
cally no rainfall.
Persistently cold weather during the week over the eastern half of the
country prevented the usual seasonal operations on farms and caused
much suffering to livestock.
More or less damage occurred to winter
vegetables and truck in the South, while drifting snow and bitter cold
impeded highway traffic over the northern half or the area. Apparently,
a good many peach buds have been killed in the Ohio and lower Missouri
Valley sections and there was local damage to winter grains in some areas
with no snow protection.
Damage to southern truck crops appears to have not been serious or
widespread, as severely cold weather did not materialize there is com¬
parison with the extremely low temperatures farther north.
The cold
weather was unfavorable in preventing growth and more or less damage
was reported in coast sections from southeastern Virginia to
Louisiana,
but no general destruction of truck is apparent.
However, late reports
show that the freeze of last week seriously damaged truck in the
Corpus
Christi section of Texas and, to a less extent, in the winter-garden area
of the Rio Grande Valley.
'
The moisture situation was changed but little during the week.
In
Montana there is only shallow penetration with the subsoil
remaining ex¬
tremely dry, but in Nebraska snows during the week improved the out¬
look. The southwestern Plains still need moisture in many places, especially
in eastern Colorado, while the range is dry in southern New Mexico. Mild
weather from the Rocky Mountains westward was favorable for livestock,
but the range is short and general rains are needed in southern California;
there was some slight frost damage in the Imperial Valley..
Small
Grains—From
the
northern
Ohio
Valley,
northern Missouri,
and northeastern Kansas northward winter grains were generally well pro¬
cancellations
on
older contracts which caused
a
number of
the part of
retailers and the uncertain out¬
look with regard to labor developments in the New York
dress trades.
Business in silk goods was quiet, with prices
showing an easier trend in consequence of lower raw bilk
quotations and because of the impending stoppage in the
local ready-to-wear industry.
Trading in rayon yarns was
also greatly affected by the threatening tie-up in the dress
trade.
New orders were scarce although the majority of
mills continued well booked up on their January and Febru¬
ary output, and shipments against contracts showed no
signs of slackening.
on
Domestic Cotton
Goods—Trading in gray cloths during
early part of the week was greatly restricted, owing to
renewed confusion caused by the insistence of mills on
stringent protective tax clauses, in view of Washington
the
advices that retroactive excise levies
were
under consideration
to
replace the processing taxes.
The move resulted in a
virtual withdrawal of buyers from the market. Later in the
week when mills assumed a more conciliatory attitude in the
matter of protective clauses, a moderate revival in trading
developed. Many users appeared to be in urgent need of
goods, and quite a number of fair-sized orders for spot or
nearby delivery were received. With retail merchants known
to require replenishment
of their inventories, a strong
pickup in sales is anticipated, once the question of possible
new taxes has been clarified.
Trading in fine goods was less
affected by the uncertainty over the tax situation.
Prices
held steady and good inquiries for voiles, lawns and piques
were reported.
Closing prices in print cloths were as follows:
39 inch, 80's, 7%g.; 39 inch 72-76's, 7% to 7^c., 39 inch
68-72's, 6% to 63^c.; 38^ inch 64-60's, 5^c. 383^ inch
60-48's, AYb to 4Mc.
Woolen Goods—Trading in men's wear fabrics continued
fairly active, partly due to the vogue for mannish suits in
the women's garment trade.
The severe cold prevailing in
wide sections of the country was instrumental in enabling
retailers to dispose of the bulk of their remaining stocks of
heavy apparel items, and as a result merchants felt more
inclined to place initial orders for
spring garments.
Mill
activities continued
filled
orders
on
the
previous high levels, with
un¬
assuring capacity operations for months to
come.
Business in women's wear goods remained quite
active, with the threatening interruption in the local dress
industry acting as an incentive for scattered hurried pur¬
chases on the part of retail merchants.
Sales of materials
suitable for the winter resort trade continued brisk.
Foreign Dry Goods—Trading in linens remained mod¬
erately active. In anticipation of possible price increases,
substantial orders on household linens were
placed.
With
business in burlap continuing closely
restricted, prices re¬
ceded further, in line with easing Calcutta
quotations.
Domestically lightweights were quoted at 4.05c. heavies at
5.45c.
Volume 142
Financial
Chronicle
815
/
'
State and
City Department
1
Specialists in
Bonds
1
MUNICIPAL BONDS
Dealer
Illinois & Missouri
•
Markets
HWM. I. MERICKA & CO.HH
INCORPORATED
Union Trad Bids,
1
DIRECT
f
One Wall Street
CLEVELAND
J
WIRE
I
NEW YORK
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
•
DIRECT
CHICAGO
The proposal
by the New York State Conference of Mayors and Other
Municipal Officials to reduce local taxes on real estate and solve financial
problems of cities ana villages by restricting municipal borrowings is before
the Legislature.
314 N. Broadway
•
LOUIS
ST.
WIRE
Bills have been introduced which carry out the Conference's recommen¬
dations relative to municipal debt.
The purpose of the bills is to prohibit
Louisiana—Governor
Allen
Oscar
Dies—Governor
Kelly Allen, who inherited the political leadership of Huey P.
Long in Louisiana when the Senator was assassinated last
September, died at the Executive Mansion in Baton Rouge
on Jan. 28 of a cerebral hemorrhage, according to press dis¬
patches.
He was 55 years old at the time of death, it is said.
Lt.-Gov. James A. Noe was sworn in immediately as Gov¬
ernor, to fill the unexpired term between now and May.
New York
City—Comptroller Issues Pamphlet on Financial
of City—Describing the financial condition of
the city as "growing better all the time," Comptroller Frank
J. Taylor on Jan. 2(3 recommended New York City securities
as
"gilt-edge" investments.
The Comptroller's observa¬
tions were contained in a pamphlet issued by his office
Condition
entitled
"Summarized
Financial
Data
for
Investors
in
Municipal Securities."
The Comptroller explained that the
pamphlet was designed for individuals, banks, corporations,
estates, trusts and other agencies interested in buying city
securities.
In commenting upon the pamphlet the Comptroller said that it clearly
sets forth the improvement in the city's finances.
K Of the total city indebtedness, it was stated, $1,271,400,554 was issued
for revenue producing purposes.
For example, $714,202,888 covers transit
construction, $375,583,368 is outstanding for water supply purposes and
$181,614,29$ for dock purposes.
The amount held in the funds of the city is $698,355,589.
The sinking
fund possesses $448,381,975 and pension funds hold $249,973,614.
This
would leave about $1,614,000,000 in the hands of the public.
} The Comptroller announced that he had just advised J. P. Morgan & Co.
that on Jan. 29, $10,000,000 will be required to meet the payrolls of school
teachers and other employees and to provide for the payment of bills for
supplies and other purposes provided for in the budget.
He said that
the bills to be issued will carry the interest rate of 2%, a reduction of onehalf of 1% from the rate negotiated last summer.
The original rate for
revenue anticipation bills provided under the bankers, agreement, he recalled
had been 4%.
It was reduced a year ago to 3%.
The statement by the Comptroller describing financial operations under
the bankers' agreement noted that "New York City was one of the few
municipalities in the United States that avoided the issuance of bonds
during the year 1935 to meet the cost of financing relief.
Laws were enacted
which made possible the financing of these costs, aggregating $60,000,000,
on a 'pay-as-you-go' basis."
In addition to showing funded debt, the statement also summarizes tem¬
porary indebtedness.
At the end of 1933 the amount of revenue bills is¬
sued in anticipation of tax collections totaled $183,814,303.
At the end
of 1935 the amount outstanding was $104,137,441.
It was held that "this improvement has been brought about by the im¬
provement in tax collections.
The statement with respect to real estate
taxes indicates that at the end of
1933 there
was
uncollected on account of
26.42% of that levy, whereas at the end of 1935 there
15.77% uncollected on account of the 1935 tax levy."
the 1933 tax levy
was
New York State—Intei est Rules Issued
on
Postal
Savings
—The "Wall Street Journal" of Jan. 25 carried the follow¬
ing account of a ruling by the Trustees of the Postal Savings
System, clearing up the question of the interest rate to be
paid by banks acting as depositories for postal savings funds:
The question of interest on postal savings deposits, which had
doubt for several months because of regulations by various state
authorities establishing a maximum rate of 2%
classes,
or
H%
below
been in
banking
savings deposits of all
the statutory rate required to be paid on postal
on
savings, has finally been cleared by the Postal Savings Trustees.
In a letter to those institutions which act as depositaries for postal savings
funds, the Trustee state that they will accept 2% interest from New York
State banks from Oct. 1, last, the date on which the 2% rate became effec¬
tive
law
by the Banking Department, only to Feb. 1, next.
Since the State
prohibits the payment of 2^% interest, the trustees have informed
the banks that it will be necessary after that date to terminate their con¬
tracts, and that payments be transferred Feb.
Reserve Bsnk*
The
ruling also
municipalities from repeating the spending spree of past years and force
to adopt a reasonable
pay-as-you-go policy.
•A bill by Senator Ogden J. Ross of Troy requires all
municipalities,
except New York, Buffalo and Rochester, to issue only serial bonds.
It
requires that the first instalment must be paid one year from the date of
issue, except when bonds are issued for revenue producing improvements,
when tne limit is three years.
The bill also reduces the periods for which
municipal bonds may now be issued, and definitely fixes the possible use¬
fulness of the purposes for which municipal debt may be contracted.
Senator Edwin E. Miller and
Assemblyman Ralph Gamble have intro¬
duced bills which provide that no municipality shall construct improve¬
ments for payment of which a
special assessment is levied, if 20% of the
property parcels in the proposed assessment district have unpaid taxes or
them
News Items
1 to the New York Federal
affects banks in New Jersey,
where
interest rate has been in effect on savings since Jan.
a
2%
maximum
1 last.
Most of the large New York City banks and trust companies gave up
postal savings deposits last slimmer, and shifted them to the local
Bank, because of inability to handle the business profitably and
huge excess reserves.
Those that retained the deposits notified the trustees
that under the State law they could pay only 2%, and sought advice as to
their
assessments against
Another
A few banks in the uptown section of the city, as well as in up-State New
York, still continue to receive such deposits.
One effect of the ruling will be to draw down excess reserves.
Further¬
more, there is a possibility that it will bring some liquidation in cases where
individual banks do not have sufficient excess reserves, or which are "on
the line" with respect to reserve requirements, in order to make payment
to the Reserve
Bank.
A reflection of this action was experienced in some sections of the
munici¬
pal bond markets on Friday.
Prices, which had been strong in the first
half of the week, in the face of softness in the government list, eased notice¬
ably on the action.
Governments also softened somewhat during the day.
New York State—Legislative Bills Introduced to Restrict
Municipal Borrowings—Bills designed to put into effect a
modified pay-as-you-go policy in the municipalities of this
State have been presented to the Legislature. The Albany
"Knickerbocker Press" of Jan. 27 carried the following
report on these proposed measures:
by
funded
no
them.
Senator
debt
the
fe of which is less than five years.
Erohibits issuance of municipal bonds for any improvement the estimated
New York University Course in Municipal Securities
Re-opens—The Wall Street Division of New York Uni¬
versity announces that the course which has been given in
the Analysis of Municipal Securities the first semester will
be repeated the second semester, which begins Feb. 5.
The
class will meet on Tuesday evenings at the Wall Street
Centre, 90 Trinity Place.
The scope of the course will include the broad field of domestic public
securities, including State, county, city and district obligations from the
investor's viewpoint.
Financial statements of municipalities will be analyzed in the light of
assessment methods, tax delinquency, debt structure, revenue sources,
debt and tax limits.
at
Current developments in the field of municipal finance will be discussed
each session and special attention will be devoted to the problem of
adjustment and refunding,
bankruptcy law.
municipal debt
new
The
with special reference to the
will be continued under the direction of Dr. Bert C.
Assistant Professor of Finance.
course
North
Dakota
called upon
State under
Goss,
of)—Ruling Asked on Exceeding
Court has been
to rule whether cities, towns and villages of the
Limit—The
Debt
(State
North
any
Dakota Supreme
circumstances
can
exceed
the
limit
of
bonded indebtedness which the State constitution fixes for
these communities.
The
appeal
was
filed Jan. 13 1936.
Decision on tnis request is regarded in legal and financial circles as of
foremost importance to numerous communities, now burdened with past
due
obligations which they have been unable to meet because of straitened
financial circumstances.
Plans of many communities to refinance their debts on a more equitable
basis are being held in abeyance pending the Supreme Court ruling, as the
Court's decision undoubtedly will have an important
bearing on any such
Legality of several statutes dealing with the subject of municipal
be involved in the case before the Supreme Court, it was
plans.
finances also may
indicated.
This wnole subject of municipal refinancing was placed before the Supreme
a test case, brought by Oscar A. Schieoer, taxpayer of Mohall,
against the city of Mohall, officials of the city and McLaughlin, Lang &
Co., finance and engineering firm of Mandan and Minneapolis.
McLaughlin, Lang & Co. have been engaged by the city of Mohall to
undertake the refinancing of the city's obligations, including water and
sewer warrants, most of them past due, and judgments, all aggregating
$179,658.
Court in
Pennsylvania—Corporation
Income
Tax
Upheld—The
State Supreme Court upheld on Jan. 27 the constitutionality
of the corporate net income tax designed to yield many
millions to the State of
unemployment relief, according to
Associated Press dispatch from Philadelphia on that date.
The Act levies a 6% tax on the net earnings or profits of
an
corporations operating in the State.
The Turco Paint &
Varnish Co., a Delaware corporation, had challenged the Act,
arguing that it violated a constitutional provision that all
taxes on the same class of subjects shall be uniform.
The
court invalidated the Personal Income Tax Act
on
that basis
time ago, but held that the corporation tax did not
some
Reserve
what to do with them.
bill
Miller and Assemblyman Gamble provides
for capital improvements may be contracted until
municipality has available sufficient unencumbered funds, or has
provided to raise by tax during the year money sufficient to pay at least
10% of the entire cost of the project, plus interest for the first year.
Another bill by Senator F. H. Bontecou and Assemblyman Gamble
that
graded income tax in violation of the constitution.
said that the unemployment relief budget for the
two-year period was prepared in anticipation of a
$26,000,000 yield from this tax.
Rehearing Sought on State Authority Act—An Associated
Press report from Harrisburg on Jan. 24 had the following
to say in regard to a proposed rehearing on the State Author¬
ity Act, recently invalidated by a decision of the State
Supreme Court:
levy
It
a
is
current
Attorney-General Charles J. MargiottI filed a supplemental petition in
Supreme Court to-day for a rehearing of the general State Authority
Act, citing an "evident misapprehension" of the financial arrangement.
the
The legislation, which would have set up $60,000,000 worth of selfliquidating projects in Pennsylvania, was ruled unconstitutional by the
high court last month.
On Jan. 15, Mr. Margiotti asked the court to re¬
consider its decision and enumerated seven principal reasons.
Mr. Margiotti said, in his supplemental petition, he noted a "misappre¬
hension" in
a
section of the court's decision which read:
"If the authority defaults the bondholders may, under the Act compel
enforce its agreements with the Commonwealth, and may take the
it to
Financial
816
Feb.
Chronicle
property originally conveyed by the Commonwealth to the authority in
payment of their claim."
The Attorney-General said he was advised by Knight C. Aulsbrook,
special review cousei for the Public Works Administration, that "it was
neither the intention of the draftsmen of the documents in question nor of
their office to vest in either the Federal Administration or the bondholders
1
1936
ARKANSAS BONDS
Markets in all State,
right to take the lands of the Commonwealth leased or conveyed to the
authority, or even lands of the authority itself."
Until the Supreme Court ruled on the Act, Mr. Margiotti said it was
thought "reasonably clear" that the authority was not empowered to
confer that power upon the bondholders.
County & Town Issues
any
SCHERCK, RICHTERCOMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
Tennessee—Municipal Bond Dealers Organize—-Twentytwo of the leading municipal bond dealers in Tennessee have
organized the Tennessee Municipal Association to improve
the quality and standards of bonds issued by borrowing units
there, we are informed. The new group, of which J. W.
Jakes is President, is said to be conducting a survey of all
towns and counties from its headquarters in Nashville.
ARKANSAS
State & Municipal Bonds
The roster of officers of the association includes the fol¬
lowing:
!
WALTON, SULLIVAN & CO.
J. W. Jakes, President; Thomas H. Temple, Secretary and Treasurer.
DeWitt Carter, Brownlee Currey, Ralph Davidson, W. N. Estes, C. H
LITTLE
ROCK, ARK.
ST.
LOUIS, MO.
R.
L.
Voss and James Womedorf, directors.
Texas—Special Session
on
Old-Age Pension Tax Barred—
Jan. 27 abandoned plans to
taxation plans to pay old age
AUGUSTA, Ark.—BONDS VOTED—A proposed $22,000 bond issue
pensions, refusing to convene that body at any early date,
for a city auditorium and library was approved by the voters at a recent
election.
Little,
R.
A.
Shillinglaw,
Governor James V. Allred
convene
the
Legislature
it is said in Austin press
start on July 1 on an
on
The pension payments will
approximately one-half basis to be
paid out of recent liquor tax levies.
United
reports.
States—Report
Municipal Bond
on
Defaults—
More than 3,000 county, city, town, school and other tax
districts in the United States are in default on their bonds,
according to the statistical department of the United Endcrv#ment Foundation, New York City.
Out of 3,053 counties
in the country, 307, (10%) are in default in interest or
principal of their indebtedness.
More than 800 cities and
towns, and about 850 school districts have been unable to
meet payments on their bonded debt.
More than 1,000
drainage, road and other tax districts bring the total number
of defaults well over the 3,000 mark.
Most of the districts in default are in the South and the West, although
New Jersey stands out in the East with 153 municipalities in default.
States naving 200 or more districts in default include Arkansas, Florida,
Louisiana, Michigan, North Carolina and Tennessee.
Maine bears the
distinction of having but one town on the red side of the ledger. New York
and Nevada each have two defaults.
"The colossal debts
hanging
the nation, all the way from the Federal
government down to the small road or school district, constitute one of our
over
fravest problems," points out the report of Federal government, which now
oundation. "Interest
the debt of the the statistical department of the
on
stands
at more than $30,000,000,000, at 3% would
annually—an amount larger than the cost of running
government for any year prior to 1917, except during the
In some municipalities, the debt structure is so heavy
amounts to 20 or 25% of current revenues."
OFFERINGS
total $900,000,000
the entire Federal
Civil War struggle.
that interest alone
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL
BONDS
Francis, Bro. & Co.
ESTABLISHED 1877
Investment Securities
Fourth and Olivo Streets
Bond
ST. LOUIS
Proposals and Negotiations
ALABAMA
ANNISTON.
CALIFORNIA
ALAMEDA SCHOOL DISTRICT (P. O. Oakland), Calif.—-BOND
ELECTION NOT SCHEDULED—>It is stated by the Deputy County
Clerk that no definite action has been taken as yet regarding an election to
vote on the issuance of from $800,000 to $1,000,000 in school construction
bonds.
ANTIOCH, Calif.—BOND SALE—The $64,000 waterline bonds offered
Jan. 27—V. 142, p. 652—were awarded to R. H. Moulton & Co. of
Los Angeles as 3s, for a premium of $27, equal to 100.042.
Due on Jan. 1
from 1937 to 1954.
on
AVENAL SCHOOL DISTRICT, Calif.—BONDS VOTED—The voters
of the district recently approved a proposal to issue $60,000 school building
bonds.
CALIFORNIA, State of—REPORT COMPILED ON REGISTERED
WARRANTS—The following letter was sent to us on Jan. 24, by J. C.
Youngberg, partner in Stone & Youngberg, investment dealers of San
Francisco, accompanying their detailed report on registered warrants of
the State:
The Commercial and Financial Chronicle,
William corner Spruce Streets, New York City, N, Y.
Dear Sirs:
We are enclosing a copy of what we believe to be the only comprehensive
report that has been put out in an effort to give complete financial data in
regard to State of California registered warrants.
We thought you might
like to ha ve a copy of this data in your files.
•It appears that there has been a great deal of misunderstanding on the
part of the public with reference to the current financial condition of the
State of California, particularly in regard to the general fund and the
issuance and retirement of State of California registered warrants.
In
order to bring out the straight financial facts as shown by the records of
the State Controller and Department of Finance, we employed a certified
public account who is also recognized as an authority and consultant on
taxation and revenue matters, to prepare a report for us.
This report Is
included with the enclosures.
Our view of warrants as an investment medium is a strictly financial point
of view.
We cannot see the advisability of confusing a financial report
by including personal opinions of a political or policy aspect.
Such con¬
fused reports cannot help but create an impression that State of California
registered warrants are not a good investment from a credit point of view.
This in turn cannot help but be detrimental to the general credit of the
State of California.
There should be a definite distinction between a
report on warrants as an investment—the credit risk—and a discussion of
political economics and model governmental finance.
It is our belief that
the general consensus of opinion of those who are currently well informed
of the present financial state of the general fund and who are aware of the
present outlook for general fund receipts and disbursements, that registered
warrants of the State of California which have heretofore been issued and
are currently being issued, are a good risk from a credit point of view and
constitute a desirable investment medium.
Our investigation reveals the fact that the present rate of receipts indi¬
cates all warrants issued to the end of the fiscal year, June 30 1936 should
be paid by August 1937. If the warrants are to be paid, if the date of
payment can be closely forecasted and the warrants are attractive as com¬
pared to prevailing rates of return available on bonds and notes of com¬
parable quality, then we believe those facts should be known in financial
Ala.—BOND SALE—The
$35,000 issue of 5% coupon
on Jan. 23—V.
142,p.329—was awarded to Steiner Bros, of Birmingham, at apriceof 102.64
a basis of about 4.70%.
Dated Feb. 1 1936.
Due from Feb. 1 1937 to
semi-annual
ARKANSAS
on
circles.
public school refunding bonds offered for sale
CHI NO,
$40,000 in city hall bonds.
1956.
EL
BIRMINGHAM, Ala.—BOND CALL—It is stated by C. E. Armstrong,
City Comptroller, that imeidately upon presentation to the city's fiscal
agent, the Central Hanover Bank & Trust Co., N. Y. City, the city will pay
the principal of various drainage, fire department refunidng, park and public
improvement bonds totaling $250,000, together with the face amount of
interest coupons, regardless of maturity date.
FLORENCE, Ala.—BOND SALE DETAILS—It is stated by the City
Clerk that the $190,000 4% semi-annual water refunding bonds sold at par,
as reported recently—V. 142, p. 652—were purchased by the John Hancock
Mutual Life Insurance Co., and mature on Dec. 1 as follows: $5,000, 1936
to
1945; $6,000, 1946 to 1955, and $8,000, 1956 to 1965.
MOBILE.
Ala.—BOND
READJUSTMENT
PLAN
ADOPTED—The
committee for bonds and other obligations of the above city, headed by
Natt T. Wagner, is notifying holders of these securities that, acting in con-r
junction with the City Commission, it has prepared and adopted a plan of
readjustment for the city's indebtedness.
Tne committee suggests that
holders file with W. D. Bradford, 115 Broadway, New York, Secretary of
the committee, their names, addresses and amounts of holdings.
Other
members of the committee include William H. Coverdale, Edward C.
Delafield and Charles A. Miller.
ARIZONA
GLENDALE, Ariz.—BONDS TO BE SOLD TO PWA—It is stated by
the City Clerk that the following4% semi-annual bonds aggregating $32,000 will be taken by the Public Works Administration:
$24,000
sewer bonds.
Denom. $1,000.
Due on Nov. 1 as follows: $1,000,
1936 to 1951, and $2,000, 1952 to 1955.
8,000 water bonds.
Denom. $500.
Due on Nov. 1 as follows: $500,
1936 to 1949, and $1,000 in 1950.
Dated Nov. 1 1935.
These bonds were approved by the voters at an
election held
on
Oct. 21.
Calif.—BONDS DEFEATED—It is reported by the City Clerk
on Jan. 21 the voters defeated the issuance of
that at the election held
CENTRO, Calif.—BOND DISPOSAL REPORT—It is stated by the
City Clerk that an Issue of $160,000 sewer system bonds approved by
voters on Oct. 30 will be taken by the Public Works Administration.
the
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P. O. Bakers-
field), Calif.—BONDS VOTED—The voters at a recent election approved
a proposition to issue $200,000 high school
building bonds.
KINGS COUNTY (P. O. Hanford), Calif.—BONDS VOTED—At an
on Jan. 14, the voters approved the issuance of $60,000 in
4% Reefe-Sunset Union School District bonds, according to the County
election held
Clerk.
LODI, Calif.—BOND SALE STILL PENDING—It is stated by J. F
Blakely, City Clerk, that the sale of the $466,000 4% semi-annual muniicpal
light, heat and power plant bonds which was originally scheduled for Sept.30
1935, Is still being held in abeyance as a result ofthe suits filed by the Pacific
Gas & Electric Co. in State and Federal courts.
He reports that hearings
on the matter are expected shortly.
LOS ANGELES COUNTY SCHOOL DISTRICT (P. O. Los An*eles).
Calif.—BOND OFFERING— Sealed bids will be received until 2 p. m. on
Feb. 10, by L. E. Lampton, County Clerk, for the purchase of two issues
bonds, aggregating $55,000, divided as follows:
$30,000 Beverly Hills City High School District bonds.
Due on Feb
1
as follows:
$20,000 in 1937. and $10,000 in 1938.
25,000 Whittier City School District bonds.
Due on Feb. 1 as follows$1,000 in 1939, and $2,000 from 1940 to 1951, incl.
Denom. $1,000.
Dated Feb. 1 1936.
Princ. and semi-annual Int. to be
payable in lawful money of the United States at the office of the County
Treasury.
Bids must be for at least par and accrued interest, and bids
will be received for all or any portion of the bonds.
A certified check for
3% of the amount of bonds bid for, payable to the Chairman of the Board
of Supervisors, is required.
of
LOS ANGELES COUNTY SCHOOL DISTRICTS
geles),
Calif.—BOND
(P. O. Los An.
OFFERINGS CONTEMPLATED—Word was re¬
ceived in New York investment circles
ARKANSAS
on Jan. 27 that several of the above
districts would be in the market on or about Feb. 10 with an aggregate of
WSEBASTIAN COUNTY (P. O. Fort Smith). Ark.—BOND SALE—
The $269,000 issue of 4% Fort Smith District semi-annual court house and
$4,356,000 in bonds. It is said that the offerings will include $2,000,000
city school district bonds, $2,000,000 city high school district bonds, and
$356,000 of city junior high school district bonds.
jail bonds offered for sale on Jan. 25—V. 142, p. 329—was sold as follows:
$135,000 to the Merchants National Bank, and the First National Bank,
both of Fort Smith, jointly, paying a premium of $1, equal to 100.0003,
while the remaining $134,000 bonds were purchased by the Public Works
Administration.
Dated Dec. 1 1935.
Due from 1937 to 1965.
It is said
that the county will receive a PWA grant of $222,000.
ORLAND, Calif .—BOND SALE—An issue of $95,000 3 K % bonds was
recently sold to Brush, Slocumb & Co. of San Francisco at a premium of $11.
PLACER COUNTY SCHOOL DISTRICT (P. O.
Auburn), Calif.—
BOND SALE—An issue of $6,500 bonds of Dry Creek School District was
recently sold to the Citizens Bank of Roseville at par and accrued interest.
Financial
Volume 142
SACRAMENTO COUNTY (P. O. Sacramento) Calif.—BONl) SALE—
The $410,000 issue of Sacramento City High School District bonds offered
on Jan. 30—V. 142, p. 652—was awarded jointly to R. H. Moulton
CONNECTICUT
for sale
&
Co.
DERBY, Conn.—BONDS VOTED—At an election held on Jan. 18 the
voters approved a $50,000 bond issue for permanent public improvements.
The vote was 382 "for" to 42 "against."
of Los Angeles,
and the Harris Trust & Savings Bank of Chicago,
paving a premium of $206.00, equal to 100.05, on the bonds divided as
follows:
$85,000 as 4s, maturing on Dec. 1 as follows:
$10,000, 1936 to
1942, and $15,000 in 1943; the remaining $325,000 bonds as 2%s, maturing
on Dec.
1, $15,000, 1944 to 1950; $20,000, 1951 to 1956, and $25,000,
1957 to 1960, all incl.
SAN
JACINTO,
Calif.—BONDS TO BE SOLD
TO PWA—A
MILFORD,
Conn .—BOND
OFFERING—David A. Clarke, Town
Treasurer, will receive sealed bids until 10 a. m. on Feb. 11 for the purchase
$44,000 building bonds.
Dated Jan. 2 1936.
Denom. $1,000.
Due
$4,000 on Jan. 2 from 1937 to 1947 incl.
Rate of interest to be named in
bid.
The bonds will be certified and payable at the Milford Trust Co.,
Milford, subject to the legal opinion of Day, Berry & Howard of Hartford.
Proposals must be accompanied by a certified check for $1,000, payable to
of
$25,000
issue of 4% semi-annual sewer bonds approved at an election held on Nov. 8,
will be taken by the Public Works Administration, according to the City
Clerk.
,
817
Chronicle
the order of the town.
SAN LUIS OBISPO COUNTY SCHOOL DISTRICTS (P. O. San
Luis Obispo),
Calif.—BONDS SOLD—It is stated by the County Clerk
that the Public Works Administration purchased at par on Jan. 13 the
$30,000 4% semi-ann. Cambria Union High School District bonds offered
for sale without
success
Dec.
on
total of $82,000 purchased
by the PWA
on
$52,000 of
making a
that date—V. 142, p. 653.)
PIERCE-BIESE CORPORATION
SAN MATEO COUNTY, Calif .—MERGER WITH SAN FRANCISCO
COUNTY CONTEMPLATED—In connection with a proposal to merge
San Francisco and San Mateo Counties, we give the following details from
account in the San Francisco "Chronicle
The San Mateo proposals were:
an
Consolidation
be carried out
JACKSONVILLE
of Jan. 16:
Act
Hetch Hetchy bonded debt
FLORIDA
applicable to service of benefit to it.
Policy be declared for making Hetch Hetchy water available to San
Mateo County.
Policy be declared for extension of Municipal Railway line for rapid
transit between counties.
BELLEAIR, Fla.—BOND VALIDATION SOUGHT—A petition is said
to have been filed in the Circuit Court recently, requesting the validation of
over $1,000,000 in refunding bonds.
Provision be made or policy declared for development of San Mateo
County harbor facilities.
San Mateo County area be given suitable representation on Board of
Supervisors.
BELLE
fire
INDIAN RIVER COUNTY (P. O. Vero
and semi-annual interest (March 1 and
Vero Beach, or at the Chemical Bank & Trust Co., in New
York. Due yearly on Sept. 1 as follows: $500, 1937; $1,000, 1938 and 1939;
$2,000, 1940 to 1951, incl., and $3,000, 1952 to 1955, incl.; redeemable on
any interest payment date.
Citrus Bank, in
JACKSONVILLE, Fla.—BOND OFFERING CONTEMPLATED—It is
reported that the city will place on the market in the near future a $785,000
issue of refunding bonds, to be used to pay off bonds which mature between
Dulin & Co. and Boothe, Gillette & Co., both of Los Angeles and Elworthy
& Co. of San Francisco, was awarded the following two issues of bonds,
which were offered on Jan. 30:
now
$124,000 water works bonds.
Due yearly on Feb. 1 as follows:
$8,000,
1937 to 1951 and $4,000, 1952.
112,000 Sheffield Reservoir bonds. Due $7,000 yearly on Feb. 1 from 1937
to 1952.
Denom. $1,000.
Dated Feb. 1 1936. Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the City Treasurer's office.
The bonds maturing from 1937 to 1941 will bear 5H% interest and the
balance of the bonds 2 %.
SANTA
BARBARA,
Calif.—BOND
OFFERING—George
D.
Beach), Fla.—BOND OFFER¬
Denom. $1,000, except one for $500. Principal
Sept. 1) payable at the Indian River
general obligation bonds.
comprising
syndicate
J. Bratley, Town
ING—The Board of County Commissioners will receive bids until 2 p.m.
Feb. 17 for the purchase of $38,500 4% coupon, registerable as to principal,
and Edward F. Tread well of San Francisco.
Calif.—BOND SALE—A
Fla.—BOND OFFERING—Hugh
$2,000, 1942 and 1943; $3,000, 1944 to 1949; $4,000, 1950 and 1951; and
$5,000, 1952 and 1953.
1
'
departments.
Study be given question of creation of new coastal borough.
The San Irancisco committee consists of Leavy, City Attorney O'Toole,
William H. Nanry and Chairman Coldwell.
On the San Mateo committee with Colonel Kirkbride are Fred H. Drake
of San Carlos, George W. Williams of Burlingame, Daniel R. Stafford of
Redwood City, Reed M. Clark of Half Moon Bay, David Bohannon of
San Mateo, John D. Bromfield of San Mateo, James Ferguson of Daly
City, Willis G. Frost of Redwood City, Heim Goldman of San Mateo,
Major Glen D. Borton of San Carlos, John H. Sullivan of Menlo Park,
BARBARA,
GLADE,
Clerk, will receive bids until 1p.m. Feb. 8, for the purchase of $44,000 4%
Denom. $500.
Dated Nov. 15 1933.
Principal and semi¬
annual interest (May 15 and Nov. 15) payable at the Central Farmers
Trust Co. of West Palm Beach or at the Central Hanover Bank & Trust
Co. in New York.
Due on Nov. 15 as follows:
$1,000, 1938 to 1941;
water bonds.
Teacher Status
Status of San Mateo County school employees be preserved.
Preference in employment be given members of Peninsula volunteer
Miami
Orlando
Tampa
according to the State Consolidation
of 1929 and the San Francisco cnarter.
San Mateo County assume its portion of the
SANTA
BONDS
FLORIDA
9.
(In these columns recently we carried a report on the sale of
county school district bonds on Jan. 13 to the PWA at par, this
and Nov. 11.
LAKELAND,
Fla.—BOND
ELECTION—An election is said to be
the proposed issuance of $176,000
scheduled for March 17, in order to vote on
in sewer bonds.
PALM BEACH COUNTY SPECIAL
ROAD AND BRIDGE DIS¬
NO. 5 (P. O. West Palm Beach), Fla.—BOND ELECTION
REQUESTED—An election to be held on or about March 3, in order to
vote on the issuance of $138,000 in bridge bonds, is said to have been
requested of the County Commission.
TRICT
Geib,
ST.
City Clerk, will receive bids until 2 p. m. Jan. 30 for the purchase at not
less than par of $112,000 Sheffield Reservoir bonds.
Bidders are to name
rate of interest, not to exceed 6%.
Denom. $1,000.
Dated Feb. 1 1936.
PETERSBURG,
Fla.—BOND ISSUANCE AUTH0RI7ED— The
City Council has authorized the issuance
bonds, according to report.
of $134,000 in hospital remodeling
,
(Feb. 1 and Aug. 1) payable at the
City Treasurer's office.
Due $7,000 yearly on Feb. 1 from 1937 to 1952,
incl.
Cert, check for 3% of amount of bonds bid for, payable to the City
Treasurer, required.
Approving opinion of O'Melveney, Tuller & Myers,
of Los Angeles, will be furnished to the purchaser. Bonds will be ready for
delivery at the City Treasurer's office on or about Feb. 15.
Fla.—BONDS AUTHORIZED—The city authorities have
passed an ordinance providing authority for the issuance of $128,000 muni¬
cipal hospital bonds.
„
'
be received
AUGUSTA, Ga.—BONDS AUTHORIZED—An ordinance has been
passed by the City Council giving authority for the issuance of $700,000
electric light and power plant revenue bonds.
Principal and semi-annual interest
ADDITIONAL
OFFERING—Sealed
BOND
bids
will
also
TAMPA,
GEORGIA
by the above City Clerk for the purchase of an issue
bonds. Interest rate is not to exceed 6%, payable
$1,000.
Dated Feb. 1 1936.
Due on Feb. 1 as follows:
$8,000, 1937 to 1951 and $4,000 in 1952
These bonds are being issued for
the construction of two water storage tanks and a water filtration plant
in the city.
A certified check for 3 %, payable to the City Treasurer, is also
required on this issue.
until 2 p. m. on Jan. 30
of $124,000 waterworks
F.&A.
Denom
BY ROM VILLE,
CALHOUN, Gai.—BOND SALE DETAILS—In connection
Treasurer that the
the issuance of
CHATHAM
SUISUN, Calif.—BONDS SOLD—After receiving no bids on Dec. 30
works bonds offered on that date—V. 141, p. 4191
disposed of the bonds to the Federal Government.
WATSONVILLE, Calif.—BOND SALE DETAILS—In connection with
of San
a
the
100.575,
COLORADO
COUNTY
(P.
O.
Douglasville),
Ga .—BONDS SOLD—
FORSYTH,
Ga .—BONDS SOLD— It is reported by the City Clerk$28,000 5% semi-ann. water works and improvement
the election held on Sept. 9, have been sold.
bonds approved by the voters at
GAINESVILLE
to the Governor:
SCHOOL
DISTRICT (P. O. Gainesville) Ga.—
Superintendent of the Board of Educa¬
the voters on Oct. 22,
BONDS SOLD—It is stated by the
balance of $22,756,008.96 to its credit Dec. 31 1935,
State Treasurer Charles M. Armstrong announced Thursday in a report
submitted to .the Governor.
"Bonded indebtedness was listed at $4,856,700, divided as follows:
a
3% funding bonds, $1,246,200; 2% refunding highway bonds, $2,966,000;
insurrection bonds, $500,000.
"Assets of the State listed money in banks and warrants as totaling
tion that
'
a
$40,000 issue of school bonds approved by
has been sold.
1
HALL COUNTY (P. O. Gainesville), Ga .—BOND ELECTION—'The
County Commissioners have ordered that a special election be held on Feb. 6
of voting on the question of issuing $75,000 courthouse bonds.
for the purpose
HARLEM, Ga .—BOND OFFERING—It is reported that sealed bidslwill
Town Clerk, for the purchase
divided as follows:
$16,000
water, and $4,000 sewerage bonds.
These bonds bear interest at 4H%,
payable semi-annually. They were approved by the voters on Oct. 28, and
are said to have been validated by the Superior Court of Columbia County.
»
$7,085,658.96.
follows:
Agricultural College, $371,978.45;
Agricultural College annuity, $34,997.50; Fort Lewis School
endowment, $10,000; public schools, $10,561,616.29; public school Income,
$44,000; compensation insurance, $1,318,600.70; Librty loan and United
States bonds, $2,660,497.38; State University, $66,725; employees' retire¬
ment fund, $332,200.75; hail insurance funds, $19,497.96; echeats (Liberty
loan bonds), $3,500; fire loss fund, $246,635.96.
"Public school investments were listed as follows: Liberty bonds, $399,802.50; State bonds, $1,084,170.90; district bonds, $3,638,223.38; county
and municipal bonds, $4,286,130.92, and farm loans, $1,153,288.49."
"Investments
by the
Treasurer that the
CONDITION
SUBMITTED TO GOVERNOR—The Denver "Rocky Mountain News" of
Jan. 17 carried the following item on a financial report of the State Treasurer
"Colorado had
with the above named firm in
purchase of these bonds. The second highest bid was submitted
of Atlanta, offering a price of 104.5114.
It is reported by the attorney for the County Board of Education that the
$30,000 4% high school building improvement bonds approved by the voters
last September, have been purchased by Johnson, Lane, Space & Co. of
Atlanta, paying a premium of $1,520, equal to 104.16, a basis of about
Due from July * 1936 ^ 1965.
1
to
Dated July 1 1935.
~
"
" '
3.62%.
APPLETON SCHOOL DISTRICT NO. 39 (P. O. Grand Junction),
Colo.—BONDS SOLD—It is stated by the District Secretary that a $6,000
issue of school bonds approved last August by the voters, has been sold.
FINANCIAL
bonds offered for sale
Stuart & Co. of New
Dated Feb. 1 1936.
It is stated that the
Trust Co. of Georgia,
DOUGLAS
ON
Savannah), Ga.—BOND SALE—The
Savannah Bank & Trust Co. was associated
141, p. 4044—
a basis
Due $5,000 from Jan. 1 1946 to 1955 inclusive.
of—REPORT
O.
price of 104.688, a basis of about 2.493%.
Due $25,000 annually from Feb. 1 1937 to 1956 incl.
the sale of the $50,000 water works bonds to Schwabacher & Co.
State
(P.
on
York at
COLORADO,
COUNTY
$500,000 issue of 3% coupon semi-ann. public school
Jan. 31—V. 142, p. 653—was awarded to Halsey,
for the $22,000 4% water
2.70%.
were purchased by Johnson, Lane, Space & Co.
Jan. 1 as follows; $1,000,1938 and 1940, and 1942
1944, with $5,000 due from 1945 to 1948 incl.
to
—the city
of about
bonds
of Atlanta, and mature on
$1,075,000 in deep water port bonds.
Francisco,
reported in these columns last December—Y.
it is stated that the bonds were sold as 2Ms, for a price of
with the sale
of the $25,000 4% semi-ann. high school bonds at a price of 111.12, reported
in these columns last November—Y. 141, p. 3411—it is stated by the Clerk-
SANTA CLARA COUNTY (P. O. San Jose) Calif.—BOND ELECTION
NOT SCHEDULED—It is stated by the Deputy County Clerk that no
election has been called as yet to have the voters pass on
Ga .—BOND SALE—A $6,000 issue of 5% semi-ann.
purchased by a local investor.
school bonds is reported to have been
were
ENGLEWOOD,
divided
as
Colo.—BOND ISSUANCE STAYED—It is reported
by the City Clerk that the proceedings on the issuance of the $410,000 5%
waterworks revenue bonds authorized by the City Council last August,
have been held up thus far through an injunction suit pending in court.
He states that a legal opinion cannot be obtained until the case is settled.
FOWLER, Colo—BONDS SOLD—The City Clerk states that the $15,4)4% semi-ann. water bonds authorized by the City Council last
November—V. 141, p. 3411—have been purchased by the J. K. Mullen
000
Investment Co. of Denver.
'
PROWERS COUNTY SCHOOL DISTRICT NO. 14 (P. O. Lamar)
Colo.—PRE-ELECTIONSAI^E—A $28,000 issue of school bonds is reported
to have been sold to a local purchaser, subject to an election to be held on
Feb.18.
be received until Feb. 24, by G. M. Magruder,
issues of bonds aggregating $20,000,
of two
HOGANSV1LLE, Ga.—BOND SALE—A $15,000 issue of 5% semi-ann.
works system bonds is stated by the City Clerk to have been pur¬
chased by the La Grange National Bank, of La Grange, for a premium of
water
$950, equal to 106.33, a basis of about 2.80%.
Dated Aug. 1 1935. Due
$3,000 from Jan. 1 1937 to 1941 incl. These bonds were approved by the
voters at an election held on July 1.
•
JACKSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 8
(P. O. Jefferson), Ga.—BOND SALE—It is stated by the County Super¬
$15,000 5M% semi-annual school building
bonds authorized at the election held on Sept. 25—V. 141, p. 2308—were
intendent of Schools that the
purchased on Jan. 21 by Brooke, Tindall & Co. of Atlanta, for a premium
of $500, equal to 103.33, a basis of about 5.29%.
Dated Jan. 1 1936.
Due in 1966.
MILLEN,
Gii.—BOND
OFFERING—It
is
stated
by Mayor
City Clerk will receive sealed bids until Feb. 1,
purchase of a$ 6,000 issue of 4% semi-ann. city hall bonds. Dated
1936. Due from Jan. 1 1937 to 1949. These bonds were approved
voters at an election held on Dec. 17.
Harrison that the
Walter
for the
Feb. 1
by the
Financial
818
TAYLORSVILLE SCHOOL DISTRICT (P. O. Taylorsville) Ga.—
BONDS SOLD—It is reported by the Treasurer of the Board of Education
that $3,500 school bonds were sold recently.
WOODLAND, Ga .—BONDS TO BE SOLD—The Town Clerk-Treasurer
the $10,000 4% semi-annual water works bonds approved
by the voters on Nov. 5, will be taken by the Public Works Administration.
Dated Aug. 1 1935.
Due $500 from 1937 to 1956 inclusive.
reports that
IDAHO
DEARY, Ida.—BOND OFFERING—'The Village Board is asking for
bids, to be received until Feb. 4, for the purchase of an issue of $6,500
water system improvement bonds.
FERRY
GLENNS
issue of
SCHOOL
DISTRICT, Ida.—BOND SALE—An
$22,000 4% school building bonds has been taken by the State of
Chronicle
Feb.
LINCOLN, 111.—TENTATIVE SALE MADE—An issue of $64,500 4%
revenue bonds has been sold by the village to Dean Harris of Lincoln,
subject to approval as to legality by the purchaser's attorney. Dated Jan. 1
1936.
One bond for $500, others $1,000 each.
Due Jan. 1 as follows;
$2,000, 1937 to 1946, incl.; $2,500,1947 and $3,000 from 1948 to 1955, incl.
Principal and interest (J. & J.) payable at the First National Bank of
sewer
Chicago.
PINCKNEYVILLE, III.—BONDS PUBLICLY OFFERED—The $18,000
4%
water revenue
bonds purchased by them recently from the Recon¬
Corporation are being re-offered for investment by Lewis,
struction Finance
Pickett & Co., Inc. of Chicago.
Idaho.
PRAIRIE CITY COMMUNITY HIGH SCHOOL DISTRICT.
P LATAH COUNTY ROAD DISTRICT NO. 1 (P. O. Moscow), Ida*—
BOND CALL—D. C. Buir, District Treasurer, is said to be calling for pay¬
ment at the First National Bank of Moscow, or at the Chase National
Bank in N. Y. City, on Feb. 15, the following numbers of bonds:
1 to 8,
11 and 12, and 31 to 40 of 5% sem-ann. highway, series B bonds, dated
Jan. 1 1926.
Payable at the office of the District Treasurer in Moscow.
COUNTY
LEMHI
(P. O. Salmon), Ida.—BOND SALE—We
are
in¬
BOND SALE—An issue of $13,000 4%
Dated Nov. 15 1935.
Nov. 15 from 1937 to 1949, inclusive.
bank in Bushnell.
SAVANNA,
111.—BONDS
basis of about 3.71%. Denom. $1,000.
Dated Jan. 1 1926.
as follows: $5,000 in 1938 and 1939.
It is stated that these
bonds belong to a series of $100,000 sold in 1926, and were taken in a settle¬
ment with the defunct Citizens National Bank of Salmon, and are held as
cash in the office of the County Treasurer.
(This notice supplements the sale report given recently on these bonds—
V. 142, p. 331.)
102.44,
Due
on
Ida.—BOND CALL—It is stated by M.
NAMPA,
Ida.—BOND SALE—The issue of $65,000 refunding bonds
Jan. 25—V. 142, p. 489—was awarded to Dahlstrom, Fenton &
Co. of Boise, at
3% interest, for a premium of $25, equal to 100.038. The
First Security Trust Co; Edward L. Burton & Co., and Sudler, Wegener
& Co. bidding jointly, offered par for 3 H %
bonds.
Due from Feb. 1 1938
to 1946.
SALMON, Ida.—BONDS AND WARRANTS AUTH0RI7ED—'The
City Council is reported to have authorized recently the refunding of $36,000
bonds, and $23,000 deficiency warrants.
water
ILLINOIS
or
the purchase of $12,000 bonds.
BUTLER
SCHOOL
DISTRICT,
Ind.—BOND
OFFERING—Sealed
bids will bereceived by the Clerk of the Board of Trustees until 7 p. m. on
Feb. 10 for the purchase of $19,000 4% school bonds.
Denom. $1,000.
Due $1,000, July 1 1938; $1,000, Jan. 1 and July 1 from 1939 to 1947 incl.
Principal and interest )J. & J.) payable at the Kniseley National Bank of
Butler. They are general tax obligation bonds.
CLINTON COUNTY (P. O. Frankfort), Ind.—BOND OFFERING
CANCELED—Due to a technicality the county was obliged to cancel the
offering on Jan. 15 of $30,000 not to exceed 4% interest public hospital
refunding bonds.
CLINTON SCHOOL CITY, Ind.—BOND ISSUE DETAILS—The
$57,000 4K% school building bonds being offered for sale on Feb. 4, as
previously noted in these columns, were originally awarded in November to
A. S. Huyck & Co. of Chicago.
EAST
CHICAGO,
dressed to M. A.
Ind.—'WARRANT OFFERING—Sealed bids ad¬
McCormick, City Comptroller, will be received until
2 p. m. on Feb. 3 for the purchase of $300,000 not,to exceed 4% interest
time warrants.
Dated Feb. 1 1936.
Due Dec. 30 1936.
Redeemable in
or
in part at any time prior to maturity on five day's notice to pur¬
chaser.
BARRINGTON, 111.—BOND ISSUE DETAILS—The $275,000 4K%
and water revenue bonds sold to H. B. LaRocca & Co., Inc., and
A. S. Huyck & Co., both of Chicago, jointly, were purchased by the bankers
price of par and will mature Jan. 1
follows: $5,000, 1938; $6,000,
as
1939 to 1941 incl.; $7,000,1942 and 1943; $8,000,1944 to 1946 incl.: $9,000,
1947; $10,000,1948 to 1963 incl. and $15,000 from 1964 to 1966 incl.
CHAMPAIGN COUNTY (P. O. Urbana), 111.—BOND SALE NOT
CONSUMMATED—The sale last December or $40,000 2}4% court house
to the Mississippi Valley Trust Co. of St. Louis was not consummated.
bonds
The law
required that the transaction be effected prior to Jan. 1 1936, which
possible owing to the fact that the Federal grant toward the cost of
the project was not received until after that time.
The State Legislature
has recently passed a law empowering counties to issue building bonds prior
to July 1 1936 and the county will determine shortly whether to accept the
bid of the St. Louis institution for the $40,000 issue or ask for new tenders.
not
CHESTER
O. Butler), Ind.—BOND OFFER-
ING—The Board of Town Trustees will receive bids until 7 p. m. Feb. 10
»
SCHOOL
sewer
was
Finance
INDIANA
BUTLER CIVIL TOWNSHIP (P.
whole
DISTRICT NO. 117, 111.—BOND SALE—
The Abingdon Bank & Trust Co. of Abingdon has purchased an issue of
$60,000 3% school bonds at a price of par. Dated Oct. I 1935. Due Oct. 1
as follows: $2,000, 1938 to 1942 incl.; $3,000, 1943 to 1947 incl.; $4,000,
1948 to 1952 incl., and $5,000 from 1953 to 1955 incl.
ABINGDON
at
INVESTMENT—Lewis,
FOR
a
K. Cline, City
Treasurer, that the city has declared its option to redeem, on March 2,
on which date interest shall cease, a total of $13,000 5 H% semi-ann. war¬
rant funding bonds, numbered 23 to 35, dated March 1 1923, and a total of
$22,000 5H% semi-ann. waterworks system bonds, numbered 27 to 70,
dated July 1 1924, out of an original issue of $40,000.
on
OFFERED
purchased by them recently from the Reconstruction
Corporation.
Jan. 1
MOSCOW,
offered
111.—
school bonds has been sold to a
Denom. $1,000.
Due $1,000 on
Pickett & Co., Inc. of Chicago are marketing an issue of $51,000 4% water
revenue bonds
formed by W. W. Simmonds, Clerk of the Board of County Commissioners,
that on Nov. 30 the county sold $10,000 4M % coupon road and bridge
bonds No. 3 to Childs & Montandon of Boise, for a premium of $244, equal
to
1936
1
yield from 2% to 3.90%, according to maturity.
Denom. $1,000.
Dated
Nov. 1 1935.
Prin. and semi-ann. int. (M. ec N. 1) payable at the City
Treasurer's office.
Due yearly on Nov. 1 as follows; $4,000, 1937 to 1944,
incl.; $5,000, 1945 to 1961, and $3,000, 1962.
SCHOOL
DISTRICT, 111.—BOND SALE—The Metro¬
politan St. Louis Co. of St. Louis purchased last November an issue of
$30,000 4% bonds at a price of 104.85.
GARRETT SCHOOL CITY.
Ind.—BOND
OFFERING—Sealed
addressed to the Board of School Trustees will be
received
until
1
bids
p. m.
(Central Standard Time) on Feb. 18 for the purchase of $18,000 not to
exceed 5% interest school improvement bonds. Dated Jan. 1 1936. Denom.
$1,000.
Due $2,000 Jan. 1 and $1,000, July 1 from 1945 to 1950 incl.
Principal and semi-annual interest payable at the Garrett State Bank. A
certified cneck for $500, payable to the order of the municipality, must
accompany each proposal.
Bidders will be required to determine at their
own expense the validity of the issue and the successful bidder will have to
finance the preparation of the bonds. Total taxable valuation of property
in the city is $2,404,590 and the current indebtedness of the school city,
including the present offering, is less than 2% of said value.
KEENER CIVIL TOWNSHIP (P. O. DeMotte), Ind.—BOND SALE—
The $12,500 4K% coupon school bonds offered on Jan. 25—V. 142, p. 491
awarded to A. S. Huyck & Co. of Chicago at par plus a premium of
•—were
$425, equal to 103.40, a basis of about 3.96%.
Dated Jan. 25 1936 and
due $1,250 on Dec. 30 from 1937 to 1946 inclusive.
KEENER
SCHOOL
TOWNSHIP
(P.. O.
DeMotte),
Ind,—BOND
SALE—The $22,500 \Mt % coupon school bonds offered on Jan. 25—V. 142,
331—were awarded to A. S. Huyck & Co. of Chicago at par plus a prem¬
ium of $1,053, equal to 104.68, a basis of about 3.73%.
Dated Jan. 25
1936.
Due $500 July 1 1937; $1,000, Jan. 1 and July 1 from 1938 to
p.
1948, inclusive.
COUNTY AND COOK COUNTY FOREST PRESERVE
(P. O. Chicago), 111.—DEPOSIT OF BONDS SOUGHT—
The refunding agents for Cook County and Forest Preserve District of Cook
County are asking deposit of all bonds of these two governmental units with
the American National Bank & Trust Co. of Chicago/ the depositary,
pursuant to the refunding plan and contract heretofore approved by the
Commissioners of the two governments.
>
Stifel, Nicolaus & Co. and A. C. Allyn & Co. are the co-directors of the
refunding.
They have sent out prospectuses and letters of transmitted
to all registered dealers where they may be obtained- by holders of the
$47,291,910 of county bonds and $12,515,750 bonds of the Forest Preserve
COOK
LANCASTER
DISTRICT
Roundly, $11,500,000 of Cook County bonds and $3,800,000 of Forest
retired through the exchange of 4% refunding bonds on a par for par basis.
There are about $35,700,000 of county bonds and $8,600,000 of Forest
Preserve obligations which are not yet due.
These will be refunded with
Other bids were
banking houses
which
have
company
been
with representatives of the
awarded
the
contract
to
handle
Int. Rote
Premiums
2H%
2^ %
$10,50.00
1,578.50
2%%
1,628.00
1,143.50
1,000.75
600.00
Corp., Indianapolis
Indianapolis Bond & Share Corp., Indianapolis
C. W. McNear & Co., Chicago.
A. S. Huyck & Co., Chicago
Brown Harriman & Co., Chicago
2H%
2H%
2K%
MARION COUNTY (P. O. Indianapolis), Ind.—BOND OFFERING—
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
Feb. 18 for the purchase of $53,900 not to exceed 6% interest refunding
bonds. Dated March 1 1936. One bond for $900, others $1,000 each. Due
June 1 as follows:
$10,000 from 1937 to 1940 incl. and $13,900 in 1941.
Bidder to name one rate of interest on the issue, expressed in a multiple of
on
% of 1 %. Principal and interest (J. & D.) payable at tne County Treasurer's
office. A certified check for 3% of the bonds bid for, payable to the order
of the Board of County Commissioners, must accompany each proposal.
No conditional bid will be accepted and proposals are made subject to
legality of the issue, the legal opinion to be furnished by the successful bidder .
NEW CASTLE, Ind.—BOND SALE—The $11,000 4% fire equipment
on Jan. 22—V. 142, p. 491—were awarded to A. S. Huyck
bonds offered
&
,
Co. of Chicago at par plus a premium of $336.60, equal to 103.06, a
basis of about 3.22%. Jan. 6 1936 and due Feb. 1 as follows: $2,000 from
1938 to 1942 incl. and $1,000 in 1943.
PERRY SCHOOL TOWNSHIP (P. O.
Evansville), Ind.—BOND OF¬
FERING—The Township Trustee will receive bids until
for the purchase of
2 p.m.
Feb.
11
$33,280 school building bonds.
two
the
county's refunding plan, recently went to Washington for the
purpose of
discussing with Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, the question of obtaining relief by the county from the $12,252,000 5% county relief bonds held by the agency. The bonds bear 5%
interest, although 2% of this is rebated, leaving the net interest cost at 3%.
The purpose of the conference, according to report, was to ask the RFC to
relieve the county of the indebtedness by assuming the bonds as
part of
the national emergency relief activities.
Failing in that plea, it was pro¬
posed that the county request action to reduce the interest burden on the
debt.
The two investment houses arranging for refunding the county debt
are Stifel, Nicolaus & Co. of St. Louis and A. O. Allyn & Co.,
Inc., of
Chicago. Their representatives in the county entourage were Edward F.
McGinnis, manager of the municipal bond department of the St. Louis
house, and Douglas Casey, Vice-President of the Chicago concern.
KEWANEE, 111.—BOND SALE—The city has sold $120,000 4% coupon,
registerable as to prin., sewerage revenue bonds to the H. O. Speer & Sons
Co., of Chicago, which is now offering the issue to inevst-ors at prices to
follows:
Cities Securities
Iti is expected that the
in
as
Bidder—
Halsey, Stuart & Co., Chicago
20-year refunding bonds bearing the same interest rates as the old obliga¬
tions.
The new bonds will be callable, at the option of the governments,
in annual amounts ranging from $100,000 to $3,648,500.
The Reconstruction Finance Corporation which holds $12,252,000 of the
Cook County bonds had agreed to accept refunding bonds in lieu of the
securities now held.
It is expected that the interest rate on the new bonds
given the RFC will be 4%, as compared with the 5% coupon rate on their
present bonds.
This is a middle ground compromise with the Federal
agency as it now returns 2% of the interest paid.
of the Board of Commissioners,
Ind.—
LAPORTE COUNTY (P. O. Laporte), Ind.—BOND SALE—The
$300,000 poor relief bonds offered on Jan. 27—V. 142, p. 491—were awarded
to th4 Harris Trust & Savings Bank of Chicago at 2H% interest, for a
premium of $1,793, equal to 100.597, a basis of about 2.13%. Lawrence
Stern & Co. and Bartlett, Knight & Co., both of Chicago, bidding jointly,
were second with an offer of a premium of $2,643 for 2&s.
Dated Jan. 15
1936.
Due $18,750 on June 1 and Dec. 1 in each of the years from 1937
to 1944, incl.
District.
COOK COUNTY (P. O. Chicago), 111.—WANTS RFC TO WAIVE
DEBT—Officials of the county, headed by Clayton F. Smith, President
(P. O. Huntington),
3H% school bonds offered on Jan. 25—V. 142,
491—were awarded to the Exchange Bank of Warren at par plus a
premium of $875.63, equal to 103.243, a basis of about 2.98%.
Dated
Jan. 15 1936.
Due $600, July 1 i937 and $1,200, Jan. 1 and July 1 from
1938 to 1948 inclusive.
p.
Preserve funded debt is past due or will be by July 1, next.
These securities
will either be paid off in cash, through the sale of refunding bonds or will be
COOK COUNTY AND COOK COUNTY FOREST
PRESERVE
DISTRICT, 111.—REFUNDING DETAILS VIRTUALLY COMPLETED—
official prospectus and letters of transmittal for use
in1 depositing the bonds of the county and the district under the refunding
plans previously announced will be available shortly.
The program is similar to the plan successfully completed by the Sanitary
District or Chicago and involves the exchange of all bonds maturing after
June 2 1936 for new refunding bonds at the same coupon rates, maturing in
1956 and non-callble until the Jan. 1 following present maturity dates.
Bonds now past due or maturing on or before June 2 1936 will be exchange¬
able for new 4% refunding bonds maturing Jan. 1 1951 and callable on and
after Jan. 1 1946, with the option reserved of paying the present bonds in
cash with full interest to date of payment.
The Illinois Co. of Chicago
furnished us .with the above information and advises that it has
completed
arrangements to handle the deposits of bonds.
SCHOOL TOWNSHIP
BOND SALE—The $27,000
UNION SCHOOL TOWNSHIP (P. O. Union
Center), Ind.—BOND
OFFERING—Everett C. Dennis, Trustee, will receive sealed bids until
1:30 p. m. on Feb, 24 for the purchase of $24,300 4% school building bonds.
Dated Feb. 15 1936.
One bond for $300, others $500 each.
Due July 1
as follows:
$2,800 in 1937; $3,000 from 1938 to 1943 incl. and $3,500 in
1944.
Principal and interest (J. & J.) payable at the First State Bank,
Huntington. A certified check for $800, payable to the order of the Town¬
ship Trustee, must accompany each proposal.
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND OFFER¬
D. Koenemann, County Auditor, will receive bids until
ING—Edward
10 a. m. Feb. 10 for the purchase at not less than par of $320,000 poor relief
bonds.
Bidders are to name rate of int., in a multiple of U. %. but not to
exceed
4%.
Denom. $1,000.
Dated Feb. 15 1936.
Prin. and sem-ann.
(J. & D. 1) payable at the County Treasurer's office.
Due $16,000 on
each of the years from 1937 to 1946 incl.
Certified check for
3% of amount of bonds bid for, payable to the Board of County Commis¬
sioners, required.
Approving opinion of Smith, Remster, Hornbrook &
Smith of Indianapolis, will be furnished by the county.
int.
J. & D, 1 in
Financial
Volume 142
VIGO
COUNTY
(P.
O.
Haute),
Terre
Ind.—BONDS PUBLICLY
$50,000 4%
to 1954 incl.
& Co., Inc., of Chicago are offering
general obligation bonds due serially May and Nov. 15 1945
at prices to yield 3.00% to 3.25%.
OFFERED—Robinson
Iowa—MATURITY—The $13,000 issue of coupon semi¬
by the Carleton D. Beh Co. of
reported here recently—V. 142,
p. 654—'are due on Jan. 1 as follows: $1,000, 1941 and 1942- $500, 1943;
$1,000, 1944; $500, 1945 and 1946; $1,000, 1947; $500, 1948; $1,000, 1949;
$500, 1950; $1,000, 1951 and 1952; $500, 1953 and $1,000, 1954 to 1956,
giving a basis of aoout 2 995%.
CASCADE,
HARDY
SCHOOL
DISTRICT
O. Hardy), Iowa—BONDS DE¬
142, p. 332—the voters
of $30,000 in scnool bonds the neces¬
(P.
Jan. 24—-V.
failed to accord the proposed issuance
majority.
sary
HAWARDEN,
I owa—MA T URIT Y—Th e $17,000 .issue of hospital
Co. of Des Moines, as 3Ms, at a
OFFERING—Sealed bids will be
Kan.—BOND
until 7.30 p.m. on
annual memorial building bonds purchased
Des Moines, as 3s, at a price of 100.038, as
FEATED—At the election held on
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE DE¬
TAILS—The County Clerk reports that the $40,000 relief bonds purchased
by the City National Bank & Trust Co. of Kansas City, at a price of 100.024,
as noted here recently—V. 142, p. 655—were sold as2Ms, and mature $4,000
from 1936 to 1945, giving a basis of about 2.245%.
WICHITA,
IOWA
!
819
Chronicle
received
Feb. 3, by E. S. Wortell, Director of Finance, for the
No. 425 bonds.
Due on Feb. 1
as follows:
$20,434.02 in 1937; $20,000, 1938 to 1940, and $19,000, 1941
to 1946.
Required bidding forms will be furnished by the City Clerk, no
changes of any kind to be made in these forms when entering bid.
Principal
and interest (F. & A.) payable at the fiscal agency of the city in Topeka.
The approving opinion of Bowersock, Fizzell & Rhodes, of Kansas City,
will be furnished.
The bonds will be ready for delivery on or about Feb. 7.
A certified check for 2%, payable to the city, must accompany the bid.
purchase of an issue 6f $194,434.02 2K % refunding, series
Denom. $1,000, one for $434.02.
Dated Feb. 1 1936.
WICHITA
BOND
MUNICIPAL UNIVERSITY (P. O. Wichita), Kan.—
issue of $55,000 2M% refunding bonds offered on
SALE—The
Jan. 22—V. 142, p. 491—was awarded to the Lathrop-Hawk-Herrick Co.
and the Brown-Crummer Investment Co. at a price of 90.10.
Dated
Due yearly on Aug. 1 as follows: $3,000, 1937 to 1941, incl.,
$4,000, 1942 to 1951.
The Dunne Israel Investment Co. bid 85.50
Ranson-Davidson Co., jointly, offered
bonds awarded to the Carleton D. Beh
Jan. 1 1936.
price of 100.647, as repoited recently—V. 142, p. 654—is reported by the
City Clerk to mature as follows: $500, 1939; $1,000, 1940; $500, 1941;
$1,000, 1942; $500, 1943; $1,000, 1944 and 1945; $500, 1946; $1,000, 1947
to 1952; $1,500, 1953; $1,000, 1954 and 1955, and $1,500 in 1956, giving
a basis of about 3.19%.
and
and Small Milburn & Co. and the
88.90.
Immediate Firm Bids
O. Dakota City), Iowa—CERTIFICATE
anticipation certificates of indebtedness offered on
awarded to the First National Bank and the
Humboldt, on a IK % interest basis, plus a
premium of $10. Dated Jan. 2 1936. Due on or before Dec. 31 1936.
HUMBOLDT COUNTY (P.
SALE—The $23,000
MANSON
INDEPENDENT
Sclicrr ff L Jones
SCHOOL DISTRICT (P. O. Manson)
C. DeKock, Secretary of the
receive bids until 2 p. m. on Feb. 3, for the
Iowa—BOND OFFERING-— It is stated by H.
Board of Directors, tnat ne will
on
LOUISIANA MUNICIPALS
Jan. 18—V. 142, p. 491—'Were
Trust & Savings Bank, both of
INCORPORATED
purchase of a $26,000 issue of scnool bonds. Denom. $1,000. Dated Feb. 1
1936.
Due on Nov. 1 as follows: $2,000, 1945 to 1951, and $3,000, 1952
to 1955.
The approving opinion of Chapman & Cutler of Chicago, will be
furnished.
Interest payable M. & N.
These bonds were scheduled for
award on Dec. 17, and then again on Jan. 14, but due to a delay in having
tne contracts approved the offering was postponed.
It is said that the
contracts have now been approved.
(A preliminary report on this offering appeared in these columns recently
—V. 142, p. 655.)
LOUISIANA. State of—BONDS OFFERED FOR PUBLIC SUBSCRIP¬
OSKALOOSA, Iowa—BOND OFFERING—At 2 p. m. on Feb. 6 the
City Council will offer for sale an issue of $7,000 sewer outlet and purifying
plant bonds.
University and Agricultural and Mechanical College 5K% revenue bonds,
dated Oct. 1 1935 and due serially April 1 1939 to 1952 inclusive, at prices
Feb. 6
$8,000,
OTTUMWA, Iowa—BOND OFFERING—'The City Council on
will sell $85,000 paving bonds.
Due yearly as follows:
1939 to 1943; $10,000, 1944 to 1948, and $3,000, 1949.
at 2 p.m.
Iowa—CERTIFICATE OFFER¬
bids until 2:30 p. m.
Secondary Road Construction Fund
anticipation certificates. Certified check for 10% of amount bid required.
PAGE
ING—B.
Feb.
COUNTY
F. Mitts,
O.
(P.
Clarinda),
County Treasurer, will receive
6 for the purchase of $20,000
Iowa—BOND OFFERING—It is stated the by City
Feb. 3 at 8.30 p. m., for the purchase
Dated March 1 1936.
Due
$8,000 on Dec. 1 1948 and 1949.
Int. payable J. & D.
These bonds are
said to be junior to $52,000 water works revenue bonds which were issued
as of Oct. 1
1935, and which are payable out of the earningx of the plant.
The former issue was approved by H. H. Stipp, of Des Moines, and he is
said to have approved the plans to issue these additional bonds.
(This report supplements the offering notice given here recently—V. 142,
STORM
LAKE,
Clerk that he will receive bids until
$16,000 issue of water revenue bonds.
of
a
p.
491.)
TELEPHONE RAYMOND
A. T. T. TEL. N. 0. 180
1189
New Orleans
LOUISIANA
Allyn & Co., Inc., offered
C.
TION—A.
on
Jan. 28, $268,000 of State
yield from 3.50% to 4.60%, according to maturity.
bonds are payable from three distinct sources; they are primarily
pledge of the gross revenues derived from buildings already
constructed and in use, the income of which as reported by the President
of the University, is now in excess of $190,000 per year, or more than the
annual requirements for principal and interest on the outstanding bonds;
they are "further secured by a first charge and irrevocable pledge of the
amount necessary to make up any deficiency up to $200,000 annually
from revenues derived from the excise tax of insurance companies, and they
are
a
general obligation of the borrower.
Receipts from the insurance
excise tax, as reported by the Secretary of the State of Louisiana, amounted
to $876,213 for the year 1935, and in that year the tax paid by two of the
leading insurance companies was more than required for service of the loan.
These bonds are part of a limited total authorized issue of $2,000,000, of
which $1,500,000 are outstanding,
the maximum annual requirements
for interest and principal being $153,000 on the outstanding bonds at
to
The
secured by a
present.
BATON
WEST
ROUGE
PARISH
(P.
O.
Port Allen)
La.—BOND
OFFERING—Sealed bids will be received until Feb. 12 by L. T. Bernard,
STUART INDEPENDENT SCHOOL DISTRICT (P.
O.
Iowa—BOND OFFERING—It is stated by A. A. Montgomery,
Stuart)
Secretary
receive bids until 8 p. m. on Jan. 31,
purchase of a $25,000 issue of school bonds. Dated Feb. 1 1936.
Due as follows: $500, 1937 to 1939; $1,000, 1940 to 1943; $1,500, 1944 to
1952, and $2,000, 1953 to 1955. Prin. and semi-annual int. payable, at the
office of the District Treasurer.
Legal approval to be furnished by Stipp,
Perry, Bannister & Starzinger, of Des Moines. It is stated that these bonds
are issued under authority of Chapter 225,
and were approved by the
Secretary of the Police Jury, for the purchase
ment bonds, according to report.
of
$30,000 issue of improve¬
a
of the Board of Education, that he will
for the
voters on Nov. 8.
THOR,
MARYLAND
EMMITSBURG, Md.—BOND SALE— The
Emmitsburg has purchased $3,000 town bonds.
Farmers'
State
Bank
of
(P. O. Chester town), Md.—BOND SALE— The
funding bonds offered on Jan. 30—V. 142, p. 492—were
Baltimore at a price of 109.5122, a basis
of about 3.24%.
Dated Jan. 1 1936 and due $10,000 on Jan. 1 from 1942
to 1947 incl.
Other bidders were as follows:
COUNTY
KENT
$60,000 4K%
Iowa—BOND SALE—An
issue of $7,400 3M% bonds was
of Davenport. Due in 10 years.
recently sold to the White-Phillips Corp.
awarded to Alex. Brown & Sons of
Rate Bid
108.77
108.53
Bidder—
W. W. Lanahan & Co
KENTUCKY
Stein Bros.
& Boyce and associates
MYERSVILLE,
Municipal Bonds
offered
on
Md.—BOND SALE—The $10,000 3K% water bonds
Jan. 22 were awarded to the Myersville Savings
Bank at
a price
basis of about 3.46%.
Dated Feb. 1 1936 and due $1,000 on
Feb. 1 in 1943, 1945,1947. 1949, 1951, 1953,1955,1957,1959 and 1961.
of 100.50, a
EQUITABLE
MASSACHUSETTS
Corporation
Securities
Nashville
New York
Knoxrllle
Chattanooga
Birmingham
KENTUCKY
KENTUCKY,
BILL
NEARING
Frankfort on Jan.
State
of—GOVERNMENTAL
COMPLETION—An
Associated
REORGANIZATION
Press
28 reported as follows on the progress
dispatch from
of the measure
proposing a revision of the present State government set-up:
"The Reorganization Commission's bill calling for a change in the present
governmental set-up 'from top to bottom' is almost near completion and
will be ready for introduction to the special General Assembly, Governor
Chandler said to-day.
"Governor Chandler said the bill has been studied thoroughly by members
of the Commission and meets with his approval.
Some of the Commission's
recommendations, he said, may require several years or more to put in
effect.
"The Governor said he would be
ready for the special session for reor¬
adjournment of the current ses¬
the Legislature taking a brief holiday
ganization to meet immediately following
sion, but added he had no objection to
between the two sessions.
"He reiterated his opposition to any
part of the gasoline tax to
legislative proposal that would return
counties, and said he will insist on passage of his
pending bill calling for the use of convict labor on
confidence the bill would be approved."
State roads. He expressed
Mass.—TEMPORARY
BOSTON,
KANSAS
of
METROPOLITAN DISTRICT (P. O. Boston), Mass.—
DEBT AND CREDIT POSITION ANALYZED—A comprehensive study
of the credit position of the district, an independent governmental unit,
prepared by Lazard Freres & Co., Inc., of New York, reports that total
funded Indebtedness of the district as of Dec. 11 1935 stood at $52,335,000.
This was equal, the report shows, to about 1.8% of the assessed valuation
of cities and towns located within the district and amounted to approxi¬
mately $36 on a per capita basis, a comparatively small debt burden.
Current fixed charges for the calendar year 1936 are reported at $5,824,850,
of which $1,870,850 is for interest and the balance on account of maturing
principal.
Emphasizing the security available for the district's funded
debt, the report states that should it at any time be unable to pay the
principal or interest on its debt out of income, the district has a taxing
power to use under which the State Treasurer would apportion among
the cities and towns in the Boston Metropolitan District, and collect,
the sum necessary to meet the obligations of the district.
Actually, how¬
ever, with the exception of a few thousand dollars, it has not been necessary
for the district to request the State Treasurer to levy taxes for its account
because all of the interest on its bonded indebtedness is paid from revenues
received from the Boston Elevated Ry., which in turn is assured, under
the provisions of the Public Control Act of 1918, of sufficient income to
meet the cost of its service including interest on its debt, largely held by the
Metropolitan District, and dividends on its common stock.
In any year
in which income is not sufficient, the State Treasurer is compelled to assess
the amount of the deficiency as part of the State tax on the cities and
towns served by the Elevated.
BOSTON
Memphis
notes offered on Jan.
COLUMBUS, Kan.—BOND SALE DETAILS—The Small-Milburn Co.
Wichita acted for the State School Fund Commission in the recent
purchase of $18,260 coupon water works improvement bonds—V. 142,
p. 491.
The bonds will bear 2%% interest, and were sold at a price of
100.037.
Denominations $2,000 except one for $2,260.
Dated Dec. 1
1935.
Interest payable Feb. 1 and Aug. 1.
Due serially on Feb. 1 from
1937 to 1945.
31
was
LOAN—The
awarded to
a
group
issue
of
$2,000,000
composed of Jackson &
Curtis, Inc., Hallgarten & Co., Wilmerding & Co. and Bond & Goodwin
at 0.68%, plus $33 premium.
Dated Feb. 3 1936 and due Nov. 3 1936.
Although a syndicate headed by Edward B. Smith & Co. of New York bid
a rate of 0.68%, plus a premium of $34, the offer represented a higher net
interest to the city than that of the accepted bid, as it required the city to
furnish a legal opinion on the issue by Storey, Thorndike, Palmer & Dodge
of Boston.
Other members of the account which submitted the second best
bid
were
Lazard Freres & Co., Goldman,
Sachs & Co., R. W. Pressprich
Co. and Washburn & Co.
GOODLAND SCHOOL
DISTRICT NO. 1, Kan.—BOND SALE
DETAILS—Estes, Payne & Co. of Topeka were acting for the State School
Fund Commission in purchasing the $20,000 3% refunding bonds—V. 142,
&
The district received a price of par.
Denom. $1,000.
Jan. 1 1936.
Interest payable Jan. a id July.
Due in 1946.
awarded
p.
491.
Dated
IOLA, Kan.—MATURITY—In connection with the sale of the $23,000
semi-annual water main bonds to the Baum, Bernheimer Co. of
price of 100.52, as noted here recently—V. 142, p. 491—
it is reported that the bonds mature as follows: $2,000, 1937 to 1943, and
$3,000, 1944 to 1946, giving a Dasis of about 2.15%.
2M%
Kansas City, at a
LAWRENCE, Kan .—BOND SALE DETAILS—The $32,000 storm
bonds recently sold to Stern Bros. & Co. of Kansas City at 100.668
2H% interest and are furtner described as follows: Denom. $1,000.
Dated Feb. 1 1936.
Interest payable Feb. and Aug.
Due yearly on Feb. 1
from 1937 to 1946.
sewer
COUNTY
BRISTOL
O.
Taunton),
Mass.—NOTE SALE—The
$300,000 tax anticipation temporary loan notes offered on Jan. 28 were
to the First National Bank of Attleboro on a 0.18%
discount
basis.
The National Shawmut Bank of Boston bid 0.19% discount. Notes
are dated Jan. 29 1936 and will mature Nov. 25 1936.
Other bids
were as
follows:
Discount
Bidder—•
Wciting, Weeks & Knowles
Abbe & Co
Newton,
Second National Bank of Boston
Jackson & Curtis
Fall
River National
bear
(P.
Mass.—NOTE SALE—The $300,000 temporary loan
offered on Jan. 30 were awarded to the Home National
BROCKTON,
revenue
notes
Bank
0.20%
0.20%
0.215%
0.29%
0.305%
820
Financial
Bank of Brockton
Notes
.32% discount basis.
on a
are
Chronicle
issue of $130,000
coupon or registered school bonds offered on that date was awarded to
Halsey, Stuart & Co. of Boston on a bid of 100,456 for 2s, a basis of about
1.95%.
The First of Boston Corp. bid 100.269 for 2s.
Dated Feb. 1
1936.
Denom. $1,000.
Interest payable Feb. 1 and Aug. 1.
Due yearly
on Feb. 1 as follows:
$7,000, 1937 to 1946; and $6,000, 1947 to 1956.
and will mature Nov. 4 1936.
Other bids were as follows:
Bidder—
Discount
First National Bank of Boston
0.32%
Leavitt & Oo. (plus $1.75 premium)
Newton, Abbe & Co__
Jackson & Curtis
x0.31%
0.335%
0.34%
Financial Statement Jan. 1 1936
Assessed valuation of real estate, 1935
Personal, estimated excise tax, 1935
CAMBRIDGE, Mass.—NOTE SALE—'The $500,000
tion notes offered
revenue anticipa¬
Jan. 31 were awarded to the National Shawmut Bank
on
of Boston at
0.23% discount.
Dated Feb. 3 1936 and due Nov. 4 1936.
They will be delivered on or about Monday, Feb. 3 1936, at the First
National Bank of Boston, 17 Court St. office, Boston, for Boston funds,
are payable at the First National Bank of Boston, in Boston, Mass., or
at the Central Hanover Bank & Trust Co. in New York City.
were
Bidder—
First National
as
•'
Bank
1934, $29.70; 1935--.
Unpaid 1935 taxes ($8,787,116 levy)
Unpaid 1934 taxes ($8,756,914 levy)
Unpaid 1933 taxes ($8,954,885 levy).-.
Discount
-
of Boston
Merchants National Bank of Boston
First Boston Corp, (plus $2.75 premium)
$30
$2,208,899
53.888
4,027
None
-
Unpaid taxes for all previous years
0.255%
0.26%
0.275%
—0.29%
0.33%
*
$285,858,870
Tax rate
follows:
Faxon, Cade & Co
Newton, Abbe & Co
$254,336,492
31,522,378
-
Assessors' valuation for 1935
Taxes
and
Other bids
an
Population 1925, 142,065; 1930, 149,855; 1935, 149,642.
For New York delivery.
x
jVcix Titles—
Tax titles held Feb. 1 1935 (peak for
Sold by collector for 1934 taxes
$1,431,871.49
1935)
140,627.64
Redeemed to Jan. 1 1936Year—
1933
Levy.
1934
1935
$6,986,707.42
314,177.33
$6,256,714.60
35,293.92
Uncollected Jan. 25 1936..
Tax titles, $411,003.97.
$7,407,855.40
1,797,407.81
the $140,000 coupon water bonds offered on Jan. 24, on a
bid of 100.359 for 2s, a basis of about 1.96%.
Dated Jan. 1 1936 and due
borrowed June 20 1935
Reduced in six months $589,020.66)
Cash on hand Jan. 1 1936
$7,000
Jan. 1 from 1937 to 1956 incl.
on
Other bids
Bidder—
were as
H. C. Wainwright & Co...
Whiting, Weeks & Knowles.
-Tyler, Buttrick & Co
Faxon, Gade & Co.
Ballou, Adams & Whittemore
Hornblower & Weeks
R. L. Day & Co
__
Halsey, Stuart & Co
Cape Cod Trust Co. and Cape Cod Savings Bank
_
tax
titles.
'
"
$2,546,119.98
Water debt
levy)
$10,946,500
$io.
6, 959,000
'
(self-supporting)
follows:
Int. Rate
Estabrook & Co
against
The Bonded Indebtedness Jan. 1 1936—
debt (paia from
aeDC (paid rrom tax
JNec
Net
~
$1,572,499.13
820,343.54
$752,155.59
($1,200,000
,
awarded
.
Tax titles held Jan. 1 1936
HARWICH, Mass.—BOND SALE— The First Boston Corp. of Boston
was
1936
1
Feb.
SPRINGFIELD, Mass.—BOND SALE—On Jan. 30
dated Jan. 31 1936
Rate Bid
2%
2%
2M%
2M%
2M%
2M %
2M%
2M%
2M %
2M%
100.121
100.09
101.70
101.299
101.06
100.78
100.72
100.69
100.28
Par
HOLYO KE, Mass.—TEMPORARY LOAN— The issue of $400,000 rev¬
anticipation notes offered on Jan. 28—V. 142, p. 656—was awarded
Present bonded debt, Jan. 1 1936
Ratio of net debt ($10,946,500) to assessed valuation
(Net bonded debt has been reduced from $14,093,957 in
1924 to $10,946,500 in Jan. 1 1936.)
Valuation of city property at beginning of 1935 fiscal
$17,905,500
3.83%
yea,r_._
$45,097,013
Borrowing capacity within the limit as of Jan. 1 1936
2,672,707
(This substantial borrowing capacity has been built up by
refraining from bonding against the legal limit in many
years and by a continuous practice of economy.)
A continued improvement in both real estate rentals and
sales, tax
collections about 6% above last year, tax title
redemptions much larger
than a year ago, all testify to
improved local conditions.
-
enue
the
to
Bank of Manhattan Co.
of New York
The Merchants National Bank of Boston bid
dated Jan. 29 1936 and will be payable Nov.
Other bids were as follows:
on a 0.27% discount basis.
0.31% discount.
Notes are
18 1936.
Bidder—
Discount
Leavitt & Co., N. Y
First National, Boston
0.313 %
0.315 %
Whiting, Weeks & Knowles, Boston
0.33%
0.33%
0.33%
0.39%
Newton, Abbe & Co., Boston
Faxon, Gade & Co., Boston
R. L. Day & Co., Boston
LEE, Mass.—BOND ISSUE DETAILS—The $75,000 2% bonds sold
Corp. of Boston at a price of 100.19, a basis of about
to The First Boston
I.98%,
as
SWAMPSCOTT, Mass.—BOND SALE—A $269,000 issue of high school
addition loan coupon bonds was offered for sale on Jan. 29 and was awarded
H. C. Wainwright & Co. of
Boston, as 2s,
to
paying a price of 100.81, a
Dated Feb. 1 1936.
Due on Feb. 1 as follows:
ana $13,000, 1946 to 1956, all incl.
The second highest bid received was an offer of 100.13 for
2s, tendered by
Tyler, Buttrick & Co. of Boston.
basis
1.90%.
Bonds will be engraved under the
supervision of and certified as to
genuineness by The Second National Bank of Boston; their legality will be
approved by Ropes, Gray, Boyden and Perkins, whose opinion will be
furnished the purchaser.
All legal papers incident to this issue will be filed
with said bank where they may be inspected.
Bonds will be delivered to the purchaser at The Second National Bank of
Boston,
on
or
about Feb. 7.
previously noted in these columns, are dated Feb. 1 1936 and due
follows: $4,000 from 1937 to 1951 incl. and $3,000 from 1952 to 1956 incl.
as
MALDEN,
Mass.—NOTE
OFFERING—Walter
E.
Milliken,
City
Treasurer, will receive bids until 7:30 p. m. Feb. 4, for the purchase at
discount of $500,000 revenue anticipation temporary loan notes, dated
Feb. 4 1936 and payable Nov. 6 1936.
Denominations to suit purchaser.
Payable at the National Shawmut Bank of Boston, in Boston, where
delivery to purchaser is to be made on Feb. 5.
Notes will be authenticated as to genuineness and validity by the Na¬
tional Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden &
Perkins, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
Statement
as
levy
1934
$2,444,069.27
4,978.10
$2,574,273.52
161,268.88
Gross debt
Net debt
Assessed
246,300.83
Cash
223,814.65
hand..
MASSACHUSETTS
(State
of)—BOND
OFFERING—Charles
F.
Hurley, Treasurer and Receiver-General, will receive bids until noon
Feb. 14 for the purchase of $4,000,000 coupon, fully registerable, public
works loan bonds.
Bidders are to name rate of interest, in a multiple of
M%. Entire issue is to bear a uniform rate of interest.
Denom. $1,000.
Interest payable Feb. 15 and Aug. 15. Due $800,000 yearly on Feb. 15 from
1937 to 1941, incl.
Certified check for 2% of amount of bonds bid for,
payable to the Treasurer and Receiver-General, required.
Purchasers will
be furnished with a copy of the Attorney-General's approving opinion.
Valuation
Tax Rate
Tax Levy
Taxes
$23,476,834
$29.30
$699,769
$162,043
1934
24,181,329
27.00
640,562
4,299
1933
24,387,700
24.40
586,974'
113
Tax titles held, $58,212
No tax title loans
Total bonded debt
$494,650
Present issue
269,000
-
MONTAGUE,
Mass.—BOND SALE—The $100,000 coupon Turners
High School Addition bonds offered on Jan
28—Y. 142, p. 656—
Tyler, Buttrick & Co. of Boston as 2Ms. at a price of
100.619, a basis of about 2.185%.
Dated Jan. 15 1936 and due $5,000
on Jan. 15 from 1937 to 1956 incl
Faxon, Gade & Co. of Boston, second
high bidders, offered 100.55 for 2Ms.
awarded to
Other bids were
follows:
as
Bidder—
First National Bank of Boston
Int. Rate
2M%
2M%
2M%
2M%
Halsey, Stuart & Co., Inc
R. L. Day & Co
Hornblower & Weeks
Rate Bid
100.39
100.185
101.23
Par
NORFOLK COUNTY
Raph D. Pettingell,
(P. O. Dedham), Mass.—LOAN OFFERING—
County Treasurer, will receive sealed bids until 11
Feb. 11 for the purchase of $400,000 tax anticipation notes. They
will be dated Feb. 11 1936, and payable Nov. 10 1936, at
The First Nat.
Bank of Boston, in Boston, or at the Central Hanover Bank & Trust Co.,
m.
on
in New York City.
Population 1935, 10,480.
Delivery will be made
on or
(8); $5,000
732,150
Also bid for as follows (for 2s):
Halsey, Stuart & Co., 100.135 Esta¬
brook & Co. and R. L. Day & Co., jointly, 100.09 (for
2Ms) Brown Bros
Harriman & Co., 101.7699 Newton, Abbe & Co. and
Lee, Higginson Corp.,
jointly, 101.761
Harris Trust & Savings Bank, and Whiting, Weeks &
Knowles, jointly, 101.413; Tyler, Buttrick & Co.,
of Lynn, 101.09
Faxon, Gade & Co., 100.86
Weeks, 100.479.
101.29
Co.
Security Trust
(for 2Mb) Hornblower
&
WATERTOWN, Mass.—LOAN OFFERING—H. W. Brigham, Town
Treasurer, will receive sealed bids until 3:30 p. m. on Feb. 6 for the purchase
of $300,000 revenue
anticipation notes.
$100,000 Dec. 28 1936.
WELLESLEY,
Due $200,000 Nov. 27 1936 and
Mas*.—TEMPORARY LOAN— The $200,000
revenue
anticipation notes offered on Jan. 27—V. 142, p. 656—were awarded to
the New England Trust Co. at
0.164% discount. Dated Jan. 27 1936 and
due $100,000 on Nov. 12 and Nov. 18 1936.
Other bids were as follows:
Bidder—
Discount
Wellesley Trust Co
Whiting, Weeks & Knowles
0.18%
i
-
First National Bank of Boston (plus $3
premium)
Weil esley National Bank
West Newton Savings Bank
WEST
0.19%
0.20%
0.20%
0.235%
0.24%
0.25%
Second National Bank of Boston
Newton, Abbe & Co-
SPRINGFIELD, Mass .—TEMPORARY LOAN—The
Shawmut Bank of Boston has purchased
Due Nov. 6 1936.
an
discount.
National
issue of $100,000 notes at 0.17%
WEST
SPRINGFIELD,
Mass.—TEMPORARY LOAN—Henry
E.
Schmuck, Town Treasurer, has sold an issue of $25,000 notes to the National
at 0.16% discount.
Due Nov. 18 1936.
Shawmut Bank of Boston
about Wednesday, Feb. 12
1936, at The First National Bank of Boston, 17 Court St. office for Boston
funds.
The denominations of these notes will be as follows:
$25,000 (12);
$10,000
$763,650
31,500
Less, water debt.
Falls
were
Uncollected
Year—
1935-
1935
$2,550,236.06
802,439.06
2,785,971.84
2,539,671.01
Sinking funds.
on
•
Financial Information Jan. 15 1936
of Dec. 31 1935
1933
Tax
Uncollected taxes
a.
of about
$14,000 from 1937 to 1945,
We
Buy for Our Own Account
(4).
Said notes will be authenticated as to genuineness and validity by The
First National Bank of Boston, under advice of Messrs. Ropes, Gray,
MICHIGAN MUNICIPALS
Boyden & Perkins, of Boston, and all legal papers incident to this issue
they may be inspected.
will be filed with said bank, where
Cray, McFawn & Company
PEABODY, Mass.—TO BORROW $1,000,000—The City Council has
voted to borrow $1,000,000 on temporary
SALEM,
Mass.—NOTE
loans.
DETROIT
SALE—The
$300,000 revenue anticipation
Jan. 29—V. 142, p. 656—were awarded to
Salem on a .21% discount basis, plus
10 cents premium.
The Naumkeag Trust Co. of Salem bid .22% discount.
Notes will be dated Jan. 30 1936 and will mature Nov. 4 1936.
temporary loan notes offered
the
Merchants
Other bids
National
were
as
Discount
0.2,3%
0.23%
Whiting, Weeks & Knowles
Newton, Abbe & Co
Faxon, Gade & Co
0.24%
0.24%
SALEM, Mass.—VOTES $2,000,000 LOAN—The City Council has voted
SUDBURY
on notes in
anticipation of tax collections.
WATER
DISTRICT (P. O. Sudbury), Mass.—BOND
142, p. 656—■
Tyler, Buttrick & Co. of Boston as 2Ms, at a price of
101.29, a basis of about 2.40%.
Dated Feb. 1 1936 and due Feb. 1 as
follows: $3,000 from 1939 to 1951 incl. and $2,000 from 1952 to 1966 incl.
SALE—The $69,000 coupon bonds offered on Jan. 27—-V.
were
awarded
Other bids
to
were as
MICHIGAN
follows:
Bidder—
$2,000,000
follows:
Bidder—
Int. Rate
Rate Bid
R. L.Day & Co
Estabrook & Co
2M%
2M %
101.79
101.451
Hornblower & Weeks
3%
100.389
A. T. T. Tel. DET347
of
Merchants National Bank, Boston
to borrow
Telephone CHerry 6828
on
Bank
^
ECORSE, Mich.—BOND OFFERING—Don Beckmann, Village Clerk
will receive sealed bids until 7:30 p. m. (Eastern Standard
Time) on Feb
for the purchase of $35,000 not to exceed 6% interest water works
bonds.
Dated Jan.
4*
extension
1
1936.
Due Feb.
1
as
follows:
$2,000 in 1938 and
$3,000 from
1939 to 1949. incl.
Interest payable F. & A.
A certified
check for 1% of the bonds, payable to the order of the
village, must accom¬
pany each proposal.
These are self-liquidating revenue
bonds, and the principal of and interest
are exempted from any and all State,
county, city, incorporated
municipal and other taxation whatsoever under the laws of the
State of Michigan.
They are secured by the statutory lien created by said
Act No. 94, Public Acts of Michigan, 1933, as amended
by Act No. 66,
Public Acts of Michigan 1935, and are payable
solely from the revenues of
thereon
village,
said waterworks system, and are not a general
SCHOOL
JKJJEff
DISTRICT
TOWNSHIP
NO.
1
obligation of the village.
RURAL
AGRICULTURAL
(P. O. Grosse Pointe), Mich.—BOND
OFFERING—Ralph M. Clark, Secretary of the Board of Education, will
Financial
Volume 142
(Eastern Standard Time) on Feb. 3, for the
purchase of $169,000 not to exceed 4% interest coupon (registerable as to
principal) school bonds.
Dated Nov. 1 1935.
Due Nov. 1 as follows:
$31,000, 1936; $32,000, 1937; $33,000, 1938; $35,000, 1939 and $38,000 in
1940. Principal and interest (M. & N.) payable at the offices of the Board
of Education or, at holder's option, at the Chase National Bank, New
York City.
Printed bonds and approving legal opinion will be furnished
by the Board of Education.
receive sealed bids until 8p.m.
SCHOOL DISTRICT, Mich.—BOND OFFERING—
Draganski, Secretary of the Board of Education, will receive
HAMTRAMCK
Stanley J.
821
Chronicle
offering scheduled for Feb. 3, of the $500,000 not to exceed 6% coupon
semi-annual road and bridge bonds, repcrted in these columns recently.
—V. 142, p. 493:
$254,461,320
Assessed value of taxable property—1935
Assessed value of real estate
$116,309,753
21,904,834
116,097,394
Assessed value of elec. light and power cos
149,339
Total bonded indebtedness of Ramsey County on Jan. 2 1936:
Trunk highway reimbursement assumed by State of Minn__
Series A to F incl., road & bridge bonds, Chap. 388, S. L.
Assessed value of personal property
Assessed value of money and credits
sealed bids until 9 p. m. on Feb. 3, for the purchase of $400,000 not to
exceed 4% interest refunding bonds.
Dated Feb. 1 1936. Due Feb. 1 as
foUows:
$30,000 from 1937 to 1940, incl. and $35,000 from 1941 to 1948,
Series G to L incl., road & bridge bonds,
Minn. 1929
A certified check for $5,000 must accompany
each proposal.
The district will furnish at its own expense the legal opinion
of Miller, Canfield, Paddock & Stone of Detroit.
106,000
Hospital bonds, Chap. 398, S. L. Minn. 1923
Hospital & almshouse bonds, Chap. 70, S. L. Minn. 1927-Series A, B and C court hcuse & city hall bonds, Chap. 397,
incl.
Interest payable F. & A.
HUDSON
SCHOOL
DISTRICT,
Mich.—BOND OFFERING—L.
L.
Harkness, Secretary of the Board of Education, will receive sealed bids at
the Thompson Savings Bank, Hudson, until 3 p. m. (Eastern Standard
Time) on Feb. 8, for the purchase of $25,000 not to exceed 4% interest
coupon
(registerable as to principal) general obligation school bonds.
Dated Dec. 30 1935.
Due Dec. 30 as follows:
$1,000 from 1936 to 1945,
and $1,500 from 1946 to 1955, incl. Principal and interest (J. & D. 30)
payable at the Thompson Savings Bank, Hudson.
The Board of Education
will furnish the legal opinion.
Proposals must be accompanied by a certified
check for $500.
incl.
JACKSON, Mich.—BOND OFFERING—Clifton H. Vedder, City Clerk
(to be opened at 5:30 p. m.) on Feb. 4
purchase of $82,500 4% refunding bonds.
Dated July 15 1935.
Denoms. $1,000 and $500. Due as follows: $6,000, 1939; $6,500 in 1940 and
$7,000 from 1941 to 1950 incl. Principal and interest (J. & J.) payable at
the Jackson City Bank & Trust Co., Jackson.
A certified check for 2%,
payable to the order of the city, must accompany each proposal. No de¬
pository or preferred delivery bids will be considered.
will receive sealed bids until 4 p. m.
for the
JONESFIELD TOWNSHIP FRACTIONAL SCHOOL
DISTRICT
NO. 5 (P. O. Merrill), Mich.—BOND OFFERING—G. F. Crowley, Dis¬
trict Secretary, will receive sealed bids until 2 p. m. on Feb. 1 for the pur¬
chase of $22,000 not to exceed 4% interest coupon school bonds.
Dated
Nov. 1 1935.
Denoms. $1,000 and $500.
Due Nov. 1 as follows: $1,000,
3,146.000
Minn. 1923
Chap. 116, S. L.
4,497,000
i51,000
32,000
1,729,000
S. L. Minn. 1929
Series A, B, C and D public welfare
Minn. 1933
bonds, Chap. 120, S. L.
2,277,000
$11,938,000
Average tax rate for
Taxable
Taxable
1935 for $1,000 taxable value—98.10.
25, 33 1-3 and 40% of actual value.
value of real property is 20,
value of personal property is
and
credits
is
$3
on
10 to 40 % of the actual value.
Tax on money
$1,000 actual value.
Population—1930 census—
286,721.
ROCHESTER, Minn.—CERTIFICATE OFFERING—Lillian R. Sveom,
not less
3 1936.
payable
City Treasurer's office. Due $5,000 Aug. 3 1936 and $10,000 Dec. 3
Certified check for 2% of amount bid for, payable to the City Treas¬
City Clerk, will receive bids until 2 p.m. Feb. 3 for the purchase at
than par of $15,000 3% certificates of indebtedness.
Dated Feb.
Interest payable Aug. 3 and Dec. 3 1936.
Principal and interest
at the
1936.
urer,
required.
ROCHESTER, Minn.—BOND ELECTION POSTPONED—It is stated
by Lillian R. Sveom, City Clerk, that the election previously scheduled
for Jan. 21 to vote on the issuance of $75,000 in public library and swimming
pool bonds, as reported recently—V. 142, p. 333—has been entirely changed.
The question of approving the swimming pool bonds was called off and the
date for the election on the library bonds was changed to March 21.
incl., and $1,000, from 1945 to 1960
payable as to principal and
office. Proposals to be condi¬
to validity of Frank A. Picard, local counsel.
1937 to 1940 incl.; $500, 1941 to 1944
incl.
Registerable
as
to principal only and
MISSISSIPPI
M. & N. interest at the District Treasurer's
tioned only on the approval as
Mich.—BOND ELECTION— The
LANSING,
Board of Aldermen re¬
cently agreed to call a special election for Feb. 25 at which a proposal
the city issue $4,400,000 municipal natural gas system bonds.
OWOSSO,
Mich.—NOTES TO
that
BE SOLD LOCALLY—No bids were
submitted for the $40,000 not to exceed 6% interest tax anticipation notes
offered on Jan. 27. They will be sold locally. Dated Jan. 15 1936 and due
Aug.
1936.
15
MINNESOTA
ALEXANDRIA, Minn.—BOND SALE—An issue of $6,000 4% storm
sewer bonds was sold recently to local investors at par.
Denom. $500.
BEARDSLEY, Minn.—BOND OFFERING—A. P. BaCklund, Clerk of
receive bids until 7 p. m. Feb. 8, for the purchase
the Village Council, will
of $9,000 4% bonds.
DULUTH, Minn.—FINANCIAL STATEMENT—'The following official
offering scheduled for
4% seini-ann. municipal water and
light refunding bonds, reported in these columns recently—V. 141, p. 3895;
information is furnished to us in connection with the
Feb. 3, of the $561,000 not to exceed
Statement
Incorporated as
of the Financial Condition as of Dec. 19
a
city, March 2 1887.
1935
Population 1930, U. S. census»
101,417.
Actual True Value of Property,
Real
'
Personal
1934 for 1935 Purposes—
$122,844,298.00
30,669,361.00
50,509,092.00
Money and credits
Assessed Value of Property,
Real
Personal
$204,022,751.00
1934 for 1935 Purposes—
$44,485,153.00
10,572,635.00
$105,566,880.00
Tax
a
recent special
DISTRICT, Miss.—BONDS
election the residents of the district voted in
school building bonds.
favor of the issuance of $20,000
FORREST COUNTY (P. O.
Hattiesburg), Miss.—BONDS AUTHOR¬
authorized the issuance of
IZED—The Board of County Supervisors has
$25,000 bonds to finance construction of a national
guard cantonment.
Miss.—BOND
OFFERING—Auction bids will be
recfeived by Bonner Duggan, City Clerk, until 7:30 p. m. on Feb. 4, for the
purchase of an issue of $125,000 light and water revenue bonds, out of a
total authorized issue of $150,000.
Denom. $1,000. Dated March 1 1936.
It is stated that the bonds mature $15,000 annually from March 2 1937 to
1946 incl. Prin. and int. (M. & S. 2) payable at the Guaranty Trust Co. of
New York.
Legal approval will be furnished by Benj. H. Charles of St.
Louis, Mo.
These bonds are being issued for improving, repairing and
extending the water works system and electric light plant. Rate of interest
is to be fixed at the meeting of the City Council. A certifiedcheck for $2,000,
must accompany the bid.
GREENWOOD,
Official Financial Statement
Greenwood was incorporated Feb. 16 1844. Commission form
government adopted January 1915. Operating under Chapter 120, Laws
of Mississippi, 1912.
Population 1930 Federal census, 11,123.
No bond
issue in this city has ever been contested. City has never been in default in
payment of principal or interest.
Estimated value of taxable property.
$15,000,000.00
Assessed value real prop. 1935
$2,632,900.00
Assessed value buildings 1935— 4,299,740.00
$6,930,265.00
The City .of
of
Assessed value pers. prop. 1935 - _$1,764,045.00
Assessed value public serv. 1934.
380,124.95
2,144,169.95
9,076,439.95
Total assessed valuation, 1935
Bonded indebtedness, Feb.
50,509,092.00
Money and credits
COXBURG CONSOLIDATED SCHOOL
VOTED—At
$902,290.00
1 1936, paid
Bonds for which special assessments are
made.
_
77,018.34
Rate, 1934 for 1935 Purposes—
16.93
School
36.19
City
36.94
$103.40
HOLMES
The rate on money and credits is $3 per thousand
divided as follows^
State, 1-6; county, 1-6; city, 1-3; school, 1-3.
Debt—
Bonded
$5,109,333.31
General
$51,000.00
Special assessment bonds
bonds
1
15,942.00
$2,347,942.00
$5,093,391.33
$9,123,831.46
Net indebtedness
Actual investment in water and gas plants
Minn.—BOND SALE— The $500,000 public relief
Jan. 30—V. 142, p. 493—were awarded to a group com-
MINNEAPOLIS,
bonds offered on
lew York, and Fenn & Co., Stone & Webster and
Srising Phelps, the Wells-Dickey Co. of Minneapolis,Blodget, Inc., both of
as 2s, at a premium of
$2,260, equal to 100.452, a basis of about 1.91%.
Bigelow, Webb & Co.
and the Harris Trust & Savings Bank, were second high bidders, offering a
premium of $2,250 for 2s.
Brown
Harriman & Co.
BONDS
MISSOURI
CITY, Mo.—BOND SALE—The two issues of bonds aggre¬
gating $1,500,000, offered for sale on Jan. 27—V. 142, p. 657—were offi¬
cially awarded on Jan. 28 to a syndicate composed of Halsey, Stuart & Co.,
the Bancamerica-Blair Corp., Darby & Co., Inc., all of New York, and the
Baum, Bernheimer Co. of Kansas City, as follows:
W KANSAS
OFFERED
FOR
INVESTMENT—'The
successful
bidders
the above bonds on Jan. 31 for public subscription at prices
MINNESOTA, State of—CERTIFICATES OFFERED FOR INVEST¬
MENT—Halsey, Stuart & Co., Inc., Bancamerica-Blair Corp. and Justus
F. Lowe Co. offered on Jan. 27 on a 0.50% basis an issue of $1,590,000
0.60% rural credit certificates of indebtedness, sold on Jan. 24—-V. 142,
p. 657—to be dated Feb. 1 1936 and maturing Feb. 1 1937. The certificates,
in the opinion of the bankers, are legal investment for savings banks and
trust funds in New York, Connecticut and other States, and will consti¬
tute, in the opinion of counsel,
general obligations of the State of Minnesota
payment of which the full faith and credit
were awarded to Bigelow, Webb & Co., and the Wells-Dickey Co. of Min¬
neapolis, at 4% interest, for a premium of $320, equal to 100.744, a basis
3.88%:
$23,500 Sewer District No. 1 warrants.
Denom. $500. Due on Jan. 1
as follows:
$2,000, 1938: $2,500, 1939; $2,000, 1940; $2,500. 1941;
$2,000, 1942, and $2,500 from 1943 to 1947.
13,500 Sewer District No. 2 warrants.
Denom. $500.
Due on Jan. 1
follows: $1,000, 1938; $1,500, 1939; $1,000, 1940; $1,500, 1941;
$1,000, 1942, and $1,500 from 1943 to 1947.
6,000 Sewer District No. 3 bonds.
Denom. $500.
Due on Jan. 1 as
follows: $500, 1938 to 1945, and $1,000 in 1946 and 1947.
as
Paul), Minn.—FINANCIAL STATE¬
MENT—The following information is furnished in connection with the
RAMSEY COUNTY (P. O. St.
$1,250,000 city hall, second issue bonds at a price of 100.016, a net interest
cost of about 2.826%, on the bonds divided as follows: $640,000
as 38, maturing on Feb. 1: $20,000, 1938 to 1942; $25,000, 1943
to 1946; $35,000, 1947 to 1958, and $20,000 in 1959; the re¬
maining $610,000 as 2Ms, maturing on Feb. 1: $15,000, 1959,
and $35,000, 1960 to 1976 incl.
250,000 trafficway improvement bonds as 2 Ms at a price of 100.025, a
net interest cost of about 2.748%.
Due on Feb. 1 as follows:
$5,000, 1938 to 1943, and $10,000 from 1944 to 1965 incl.
of the State is pledged.
PARK RAPIDS, Minn. WARRANT SALE—The three issues of sewer
listed below, which were offered on Jan. 28—V. 142, p. 493—
warrants
of about
required.
A bid of 100.07 for 2.10s. was submitted by
1 1936.
Due from Feb. 1 1937 to
yielding from .40% to 2.10%, according to maturity. They are said to be
interest exempt from all present Federal income taxes, tax free in Minnesota,
and legal investments in New York and other States.
for the
110 a. m. on Feb. 11,
by Greek L. Rice, Secretary of the State Bond Commission, for the purchase
$500,000 issue of refunding bonds.
Int. rate is not to exceed 3M%,
payable F. & A.
Denom. $1 000.
Dated Feb. 1 1936.
Due $100,000
from Feb. 1 1937 to 1941 incl.
The bonds are to be sold under the pro¬
visions of House Bill No. 30, Regular Session of the Legislature, 1936,
approved by the Governor on Jan. 23.
The right is reserved to reject all
bids and to sell at public outcry or private sale.
A certified check for 5%
of the par value or the bonds bid for, payable to the State Treasurer, is
or a
Dated Feb.
1946, incl.
re-offered
Rice, Secretary of the State Bond Commission, that the said Commission
and will pay on March 1, a total of $500,000 4%% semi-ann.
hospital purpose Class E bonds, dated March 1 1931.
Due on March 1
1946, callable five years after date of issuance. Payable at the National City
Bank in New York. Interest shall cease on date called. These bonds were
issued under the provisions of Chapters 115 and 116, Laws of 1926.
is calling
BOND OFFERING—Sealed bids will be received unt
2,281,000.00
Sinking fund
1942; $6,000,
MISSISSIPPI, State of—BOND CALL—It is announced by Greek L.
$7,441,333.31
Note—Of this general bonded debt of $5,109,333.31, the sum of $1,895,000.00 is without the statutory limitation by special legislative acts.
Outstanding floating indebtedness
None
Less Deductions Allowed—
,
Water and gas
(P. O. Lexington), Miss.—MATURITY—It Is
stated by the Chancery Clerk that the $120,000 3 M % semi-annual re¬
funding bonds purchased at par by a syndicate headed by the Union Planters
National Bank & Trust Co. of Memphis, as reported recently—V. 142,
494—are due as follows: $3,000, 1937 to 1941; $4,000,
1943; $5,000, 1944 to 1951. and $11,000 in 1952 to 1956.
1,749,969.50
531,030.50
Gas bonds
COUNTY
182,797.70
p.
51,000.00
Special assessment bonds
Water bonds
979,308.34
Total bonded indebtedness, Feb. 1 1936
Cash value of light & water reserve fund, Feb
1 1936
Light and water plant free from debt—owes no bonds.
Tax levy for 1935 for all purposes, 22 mills.
$13.34
State
County
The combined bid represented a price
of 100.0175,
a net
interest basis
of about 2.816%.
Other bids for the above bonds were as follows:
Lazard, Freres & Co.; Blyth & Co.; Wells-Dickey Co.; R. H. Moulton
and Stern Bros, bid 100.0011 for the 1938^1943 maturities as 3s
& Co.
the 1944r52 maturities as
2J^s, the 1953-59 maturities as 2Ms and the re¬
as 3s, an interest cost basis of 2.88%.
Phelps Fenn & Co. headed a group which bid 100.07 for the $1,250,000
city hall bonds, taking the 1938-47 maturities as 2Ms and the remainder as
3s, an interest cost basis of 2.98%.
For the $250,000 trafficways, this
group bid 100.07 for the 1938-55 maturities as 2Ms and the 1956-60 ma¬
turities as 3s, an interest cost basis of 2.90%.
Syndicate headed by Lehman Bros, bid par for $440,000, due 1938-50
mainder
as
3Ms; $450,000, due 1951.60 as 3s; and $610,000, due
an
1961-76, as 3Ms,
interest cost basis of 3.21 %.
(The official advertisement of this public offering appears on p.
this issue.)
VIII of
822
Financial
Chronicle
MISSOURI, State of—
ISSUANCE PLANNED TO TEST
BOND
REFUNDING POWER—We quote in part as follows from a Jefferson City
dispatch to the "Wall Street Journal" of Jan. 24, regarding a test suit
filed to settle definitely the question widely discussed of the State's power
to refund outstanding bonds which have no optional provision:
"A year-old dispute as to whether the State of Missouri has legal power
to refund any or all of the approximately $115,000,000 of outstanding
highway, building and soldier bonus bonds at reduced rates of interest,
despite the fact that they do not carry a callable clause, culminated yes¬
terday in a test suit filed by Attorney-General Roy McKittrick.
"The Board of Fund Commissioners, at whose instance the suit was
filed in Missouri Supreme Court, proposes for purposes of the test case,
to refund one State road bond series J, issued under a constitutional amend¬
ment adopted in 1920; one road bond series V issued under a constitutional
amendment adopted in 1928, and one building bond, part of a $10,000,000
issue for rehabilitation of State penal and ellemosynary institutions,
authorized under a constitutional amendment adopted in 1934.
"The series J bond now bears 434% interest, the series V bond 4%,
and the building bond 3%, and the Board proposes to refund each at 234%
11,500
the purchaser on or about Feb. 6.
Denominations to suit purchaser.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
Dodge, and all legal papers incident to this issue will be filed with said bank,
they may be inspected.
1935
1934
1933
Tax levy.
$1,193,828.43
$981,805.50
$958,777.45
Uncoil.asof Jan. 171936
274,801.19
8,754.22
5,401.98
Gross debt as of Jan. 15 1936
1,268,000.00
Net debt as of Jan. 15 1936
1,010,000.00
Assessed valuation, April 1 1935
31,910,830.00
Notes of year 1935 outstanding
100,000.00
Cash on hand, Jan. 15 1936
325,000.00
where
a court determination, for the first time, on a provision
Revised Statures of Missouri, 1929, which authorizes
GRAFTON
the State Board of Fund Commissioners "to refund any part of the bonded
.indebtedness of the State, whenever they can do so to the advantage of
the State in change of time, terms of payment or interest payments upon
Plymouth),
H.—OTHER BIDS—
N.
Discount
Discount
Bidder—
Merchants National Bank of
Jackson & Curtis
Leavitt
con¬
KEENE,
"No decision is anticipated before July in the suit instituted by Missouri
Board of Fund Commissioners in State Supreme Court to test legality of
the
proposed refunding of the State's bonds.
Harry G. Waltner, Jr.,
Assistant Attorney-General, stated that arguments in the case probably
would be heard during the May term of the Court, with a decision possible
Other bids
Leavitt
HEIGHTS, Mo.—MATURITY—It is stated by the City
were
as
follows:
Discount
Co.
&
E. II. Rollins & Sons
Ballou, Adams & Whittemore
x
DISTRICT
(P. O. Clayton),
Mo.—BOND SALE—It is stated by the Superintendent of Schools that a
$28,000 issue of school bonds was purchased by the Mississippi Valley
Trust Co. of St. Louis, as 3Ms, at a price of 101.00.
Dated Oct. 1 1935.
Legality approved by Benj. H. Charles of St. Louis. (A loan in this amount
was approved by the Public Works Administration.)
For New York
delivery,
y0.36%
y
Bid only
bid for
as
Discount
Leavitt & Co
Discoun
0.41%
Second Nat. Bank of
Merchants
Nashua.0.42%
National Bank of
Boston
0.45%
H. L. Alle* & Company
New Jersey
(P.
Bidder—
Jackson & Curtis.
0.39%
MONTANA
10
$100,000 due Dec. 10 1936.
follows:
Bidder—
Ballou,Adams & Whittemore.0.34%
R. L. Day & Co
0.36%
Nashua Trust Co..
0.365%
of $100,000, carrying a 3% coupon, was sold in October.
NO.
on
NASHUA, N. H.—OTHER BIDS—The $100,000 revenue notes awarded
recently to the First Boston Corp. of Boston at 0.305% discount were also
WEBSTER GROVES SANITARY SEWER DISTRICT (P. O. Webster
Groves), Mo.—BOND SALE—A $200,000 issue of sewer bonds was
purchased on Jan. 24 by a group composed of Stix & Co., Stifel, Nicolaus &
Co., and Whitaker & Co., all of St. Louis, as 2%s, paying a premium of
$257.75, equal to 100.1288.
Due serially from 1937 to 1955, incl.
This is
said to be the lowest coupon rate on any of the Webster Groves bonds.
The block is the second of the authorized $800,000 program, the first block
DISTRICT
x0.365%
0.39%
0.40%
0.43%
0.45%
0.47%
Merchants National Bank
Jackson & Curtis.
as reported recently—V. 142, p. 494—are due as follows:
$3,000,1941; $4,000, 1942; $5,000,1943; $6,000, 1944; $7,000, 1945; $9,000,
1946 and 1947; $10,000, 1948 and 1949; $11,000, 1950 and 1951; $12 000.
1952 and 1953, and $13,000 in 1954 and 1955, giving a basis of about 2.94%,
SCHOOL
0.42%
0.475%
Co
Halsey, Stuart & Co. (plus $12 premium)
price of 100.60,
COUNTY
&
Bank of the Manhattan Co
Clerk that the $135,000 3% semi-annual sewer bonds purchased by Smith,
Moore & Co., and the Boatmen's National Bank, both of St. Louis, at a
SCHOOL
0.39%
H.—NOTE
Bidder—
by July."
GARDENS
N.
Boston
SALE—'The $300,000 revenue anticipation
notes offered on Jan. 30—V. 142, p. 658—were awarded to the First of
Boston Corp. on a 0.38% discount basis plus a premium of $2.
Leavitt
& Co. of New York bid 0.365% discount, the city to assume the cost of
delivery in New York.
Dated Jan. 30 1936.
Due $100,000 Dec. 10 1936
and $200,000 Jan. 29 1937.
nection with the above report we give herewith the text of a St. Louis report
to the "Wall Street Journal" of Jan. 28:
BEAVERHEAD
O.
National Shawmut Bank
0.34%
Whiting, Weeks & Knowles__0.36%
by the Board."
TEST OF BOND REFUNDING POWER LIKELY IN JULY— In
RIVER VIEW
(P.
Bidder—
writ of mandamus to
to register, the three refunding bonds ordered
compel the State Auditor
RICHMOND
COUNTY
The $200,000 revenue anticipation bonds sold recently to the First Boston
Corp. of Boston at 0.30% discount were also bid for as follows:
the indebtedness which it is proposed to refund.'
"The suit is in the form of an application for a
issued
HAMPSHIRE
NEW
"The suit calls for
Section
1936
1
CONCORD, N. H.—NOTE OFFERING—Carl H. Foster, City Treasurer
will receive bids until 12:30 p. m. Feb. 4 for the purchase at discount of
$500,000 temporary loan revenue anticipation notes, dated Feb. 6 1936
and maturing $200,000 Dec. 3 1936, and $100,000 on each of the dates,
Dec. 8 1936, Dec. 15 1936 and Jan. 15 1937.
Payable at the National
Shawmut Bank of Boston, in Boston, where delivery will also be made to
interest.
of
Feb.
Mpirj^kipal
Bonds
Telephondjiilfcr 2-7333
O.
i^ivpe
A. T. & T.
Dillon), Mont.—BONDS AUTHORIZED—It is reported that a resolution
passed by the School Trustees on Jan. 14, providing for the issuance
was
N. Y. 1-528
100 Broadway
of
$155,000 in school refunding bonds.
Denom. $1,000.
Dated Jan. 1
1936.
Due on Jan. 1 as follows: $3,000, 1937, and $8,000, 1938 to 1956,
optional in 1947.
Principal and interest payable at the County Treasurer's
New York
"
office.
LAUREL, Mont.—BOND OFFERING—Sealed bids will be received until
NEW JERSEY MUNICIPALS
7.30 p. m. on Feb. 18 by A. E. Alden, City Clerk, for the purchase of an
$11,000 ssue of refunding bonds.
Int. rate is not to exceed 4%, payable
J. & J.
Denom. $1,000.
Dated Jan. 1 1936.
Amortization bonds will
Bought
be the first choice and serial bonds will be the second choice of the Council.
In either case the bonds will mature 10 years after the date of issuance.
A certified check for $250, payable to the City Clerk is required.
These
are
the bonds that were offered for sale without success
on
COUNTY SCHOOL DISTRICT NO.
State of—COURT STAYS PWA LOANS FOR
B. J. Van
A. T.
show
cause on
Harold
L.
Ickes
NEW
NEBRASKA, State of—LOCAL GOVERNMENT UNITS REDUCE
recent news report from Lincoln had the following to say
regarding the recent decrease in local unit bonded debts:
"State Auditor Ayres reports that in the last two years the bonded debt
DEBTS—A
various
political subdivisions of the State has been reduced from
$93,000,000 to $88,000,000.
In addition irrigation districts have retired
close to $1,000,000 of their bonds.
Most of the reduction was in the past
two years,
due to improved property tax receipts.
The State has no
bonded debt, but other subdivisions have: Cities and villages, $48,200,000;
city school districts, $29,545,000; rural school districts, $1,094,000; counties,
$4,311,000; county high schools, $181,000, and precinct, irrigation and
drainage districts, $4,317,000, a total of $87,748,000."
COUNTY
SCHOOL
DISTRICT
NO.
WAYNE,
Neb.—BOND
SALE—The
First
National
a
Bank of Omaha
premium of $25.
NEVADA
Due serially from 1938
SALE—The district has sold an
State Industrial Commission.
MUNICIPALS
MArket 3-1718
T. & T.
REctor 2-2065
NEW
ATLANTIC
CITY,
to 1954.
(P. O. Smith), Nev.—BOND
issue of $6,500 school building bonds to the
Teletype
NWRK 24
JERSEY
N.
3.—CUMULATIVE INTEREST DISTRI¬
BUTION AVAILABLE TO NON-DEPOSITORS—The Protective Com¬
mittee for holders of city bonds, announces
that, pursuant to its letter of
Dec. 21 1935, a distribution of 1% on account of 1935 Interest
collected by
the Committee has been made to depositors of record at the
close of business
Jan. 10 1936.
Checks covering th s distribution were mailed on Jan.
20
1936.
The Committee has determined to make provision for a similar
payment to holders of bonds who deposit them promptly after Jan. 10 1936.
Accordingly, bondholders who now deposit their bonds will be eligible to
receive distributions Nos. 1,2 and 3, as follows:
■p..
.
..
,.
«...
,
,
.
r
General Bonds
Water Bonds
1%
214%
1%
1%
t.
Distribution No. 1 made in March 1935
Distribution No. 2 made in Nov. 1935
Distribution No. 3 made in Jan. 1936
\%
1%
Total.
this
414%
The Committee reserves the right to terminate
- —
arrangement4 8»t/ any
at
time without prior notice to bondholders.
Bondholders wishing to share in
the above-mentioned distributions should
mo
duuvu-uicuuuuuu
UU5UHuuuiuiis
snouia send
sena their bonds promptly to
tneir
ponds
the depositary, Bank of New York & Trust
Co., 48 Wall St., N. Y. City.
Henry Bruere is Chairman of the Committee and Fred N.
,
,
,
,
_
-
_
—
—
— — —
wm.M
1313, 110 East 42nd St., New York is Secretary.
r£!i£NTlCi BOUNTY (P. O. Mays Landing),
A
DISTRICT, Nev.—BOND SALE—An issue of
$165,000 4% school bonds has been sold to Bosworth, Chanute, LoughSMITH VALLEY SCHOOL DISTRICT
JERSEY
Raymond Blvd., Newark
LOWER
LAS VEGAS SCHOOL
ridge & Co. and associates at par.
Telephone: John 4-6364
Newark Tel.: Market 3-3124
New York Wire:
4
(P. O. Atlanta)
Neb.—BOiVD SALE—A $34,000 issue of 434% semi-ann. refunding bonds
is said to have been purchased by the Wachob-Bender Co. of Omaha.
Denom. $1,000. Due in 15 years, optional in five years.
recently purchased $31,000 4% refunding bonds at
N. Y.
1-730
INCORPORATED
Feb. 5 why a preliminary injunction should not be granted.
Co."
PHELPS
N. Y.
Colyer, Robinson $ Company
1180
to
"The three projects are the Platte Valley, Tri-County and Columbus
hydro-electric projects which PWA proposed to combine into a 'Little
Tennessee Valley Authority.'
"Five Nebraska utility companies applied for the injunction.
The
companies are Iowa-Nebraska Light & Power Co., Western Public Service
Co., Central Power Co., Nebraska Power Co. and Nebraska Public Service
of the
& T.:
THREE
regarding the temporary stoppage of Nebraska hydro-electric Public Works
Administration projects:
"Temporary order restraining allocation of $24,800,000 in PWA loans
and grants for construction of three hydro-electric projects in Nebraska,
was signed
to-day by Justice Jessie C. Adkins of District of Columbia
Supreme Court.
Administrator
Ingen & Co. Inc.
WILLIAM STREET,
57
HYDRO-POWER PROJECTS—A special dispatch from Washington to the
New York "Journal of Commerce" of Jan. 28 had the following to say
Works
Jersey and General Market Issues
128
(P. O. Broadwater), Neb.—BOND OFFERING—Sealed bids will be received by Kenneth
H. Thompson, Superintendent of Schools, until 8 p.m. on Feb. 17, for the
Denom. $500.
purchase of a $6,000 issue of 4% ccupon school bonds.
Dated Nov. 1 1935.
Due $500 from Nov. 1 1937 to 1948 incl.
Principal
and interest (M. & N.) payable in Bridgeport.
Legality approved by a
local attorney.
Authority for issuance: Article 6, Chapter 79, Laws of
1929.
A certified check for $100 must accompany the bid.
Public
St., Phila.
Kingsley 1030
MUNICIPAL BONDS
New
Raynor Co. of Omaha has recently purchased $22,000 school bonds.
directed
123 S. Broad
A. T. & T.: NY 1-735
NEBRASKA
order
Quoted
HAnover 2-1720
McGREW SCHOOL DISTRICT, Neb.—BOND SALE—The Greenway-
"The
-
LOBDELL & CO.
Mont.—BONDS NOT SOLD—It is reported by the Town
Clerk that the $6,000 issue of not to exceed 6% semi-ann. judgment funding
bonds offered on Jan. 24—V. 142, p. 160—was not sold.
NEBRASKA,
Sold
48 Wall St., New York
Dec. 3.
MOORE,
MORRILL
-
owners
«»
MM J
Oliver,
Suite
N. J.—TAX*RATE
sharp drop in tax rates was announced Jan. 29 for property
in Atlantic County, who will pay for the first
quarter of the year at a
rate of 33 cents a
$100, compared with 55 cents in 1935.
The new figure,
which may be modified after all the
municipal budgets have been received,
h3-8 been based on the expected adoption of a
new refunding agreement with
reducing interest payments in 1936 and eliminating amortiza¬
The county budget provides for a 1936 revenue of $630,739.
$155,000 is to be raised during the first quarter.
bondholders
tion
charges
of which
Financial
Volume 142
823
Chronicle
BRIDGETON, N. J.—BOND SALE—The City Council has sold $50,000
2)4% municipal tax anticipation bonds to O. C. Collings & Co. of Phila¬
NEW
COLFAX
delphia.
CAMDEN COUNTY (P. O. Camden), N. J.—BONDS APPROVED ON
FIRST READING—The Board of Chosen Freeholders on Jan. 16 approved
authorizing the issuance of $4,100,000
Final consideration will be given the measure on
first reading an ordinance
on
refunding bonds.
general
Feb. 3.
Newark), N. J .—BOND ISSUE DETAILS—
The $200,000 park bonds, including $164,000 sold to the County Sinking
Fund Commission and $36,000 to the Employees Pension Fund, bear 3XA%
interest, are dated Jan. 2 1936 and mature on Jan. 2 as follows: $10,000,
1937; J13,000 from 1938 to 1943 incl. and $14,000 from 1944 to 1951 incl.
Registered bonds of $1,000 denoms. Interest payable J. & J. 2.
ESSEX COUNTY (P. O.
State of New
1938 to
MEXICO
COUNTIES SCHOOL
DISTRICT NO. 39
Mex.—BOND SALE—The $19,500 issue of school
25—V. 141, p. 4196—was awarded to the
Mexico, as 4s at par.
Dated Jan. 1 1936. Due from July 1
N.
Raton),
O.
bonds offered
UNION
for
sale on Jan.
1955.
of—BOND CALL—It Is announced by James J.
Connelly, State Treasurer, that the State is exercising its option and< is
NEW MEXICO, State
calling
office
Denom. $1,000.
Dec. 1 1935.
1(H(k
Due on Dec. 1 1955, optional on
Numbered 180 to 311, and 324 to 354.
J .—BOND OF¬
(P. O. Mount Holly), N.
BURLINGTON COUNTY
(P.
AND
road and bridge, refunding
originally scheduled for Jan. 30
The bonds were fully described in V. 142,
FERING POSTPONED—The offering of $166,815
Offerings— Wanted
improvement and general refunding bonds
has been
postponed until Feb. 6.
New York State
658.
p.
SCHOOL DISTRICT, N. J .—BOND
OFFERING—Harold J. Hunt, District Clerk, will receive sealed bids until
7.30 p.m. on Feb. 10 for the purchase of $82,500 4% coupon or registered
school bonds.
Dated Dec. 1 1935.
One bond for $500, others $1,000 each.
Due Dec. 1 as follows: $2,000 from 1936 to 1942 incl.; $2,500 in 1943 and
$3,000 from 1944 to 1965 incl.
Principal and interest (J. & D.) payable
at the Hightstown Trust Co., Hightstown or at the First National Nank,
Hightstown.
A certified check for 2% is required.
Legal opinion of
Hawkins, Del afield &
Longfellow of New York will be furnished the
EAST WINDSOR TOWNSHIP
Gordon Graves fit Co.
MEMBERS NEW
40
WALL
J .—BOND SALE—The Pension
$16,000 water bonds.
IRVINGTON, N.
LONG BEACH TOWNSHIP
—There
119933425
on
Jan.
J —NO BIDS
exceed 4)4% bonds offered
follows:
$171,000 general refunding bonds issued pursuant to Chapter 77, Pamphlet
Laws of 1935.
Due Oct. 1 as follows: $1,000, 1936; $3,000, 1937
to 1940 incl.; $4,000, 1941 to 1944 incl.; $5,000, 1945 to 1949 incl.;
$6,000, 1950 and 1951; $7,000, 1952 to 1955 incl.; $9,000, 1956
and 1957; $10,000 from 1958 to 1962 incl. and $9,000 in 1963.
20,000 serial funding bonds issuedv pursuant to Chapter 60, Pamphlet
Laws of 1934.
Due $1,000 on Oct. 1 from 1936 to 1955 incl.
Each issue is dated Oct. 1 1935.
(P. O. Carlstadt), N. J .—BOND OFFERING—Ben
Kammerer, Borough Treasurer, will receive sealed bids until 9 p. m. on
Feb. 13 for the purchase of $125,000 not to exceed 6% interest coupon or
registered refunding bonds.
Dated Dec. 1 1935.
Denom. $1,000. Due
Dec. 1 as follows: $5,000,1936 to 1940 incl.; $10,000, 1941 to 1947 incl. and
$15,000 in 1948 and 1949.
Bidder to name a single interest rate on all
of the bonds, expressed in a multiple of M of 1%.
Principal and interest
(J. & D.) payable at the Rutherford National Bank, Carlstadt branch. A
certified check for 2% of the bonds bid for, payable to the order of the
Borough, must accompany each proposal. The approving opinion of Cald¬
well & Raymond of New York will be furnished the successful bidder.
MOONACHIE
NATIONAL PARK, N.
J.—BONDS PASSED ON FIRST READING—
Jan. 13 gave first reading to an ordinance authoriz¬
refunding bonds.
Final consideration will be
given the measure on Feb. 3.
The Borough Council on
ing the issuance of $350,000
NEWARK,
N. J .—BONDS PUBLICLY OFFERED—Offering is
being
Schaumburg, Rebhann & Lynch of New York of $250,000 4)4%
The bonds, which mature in varying amounts
annually, are priced to yield 3.75 to 3.80%, according to maturity.'
They
are legal investment, in the opinion of the bankers, for savings banks and
trust funds in New York and New Jersey.
made by
bonds due Aug. 1 1974-83.
UNION
COUNTY (P. O. Elizabeth), N. J.—FINANCIAL STATE¬
N. Pierson, County Treasurer, supplies the following
showing the county's financial condition as of Dec. 31 1935:
MENT—Arthur
statement
Assessed valuation
Tw if & h tj> fl-fi
$476,761,504.00
(1935)
1,374,000.00
10,886,875.00
Serial bonds
2,872,219.67
Temporary improvement bonds
Sinking fund
$15,133,094.67
1,128,677.16
-
$14,004,417.51
$100,000.00
sinking funds
Current purpose—1932 tax revenue notes
Reserved for payment above
Gross debt less
100.000.00
-
$14,004,417.51
Net debt
Tax Collection
DISTRICT NO. 15 (P. O.
Dated Jan. 1 1936 and due $1,000 on Jan.
3.37%.
AMHERST
CENTRAL HIGH SCHOOL
N.
Eggertsville),
Y.—BOND SALE— The
1 from 1938 to 1953 incl.
DISTRICT NO. 1 (P. O.
$145,000
series D school
awarded to the
building bonds offered on Jan. 27—V. 142, p. 659—were
Manufacturers & Traders Trust Co. of Buffalo as 3.70s
,
at par plus a
premium of $666.86, equal to 100.46.
Dated Dec. 1 1935 and due Dec. 1
as follows:
$5,000 from 1936 to 1960, incl. and $4,000 from 1961 to 1965,
incl.
The Marine Trust Co. of Buffalo and Leach Bros., Inc. of New York,
jointly, the only other bidder, offered a
premium of $427.75 for 3.70s.
DISTRICT NO. 13 (P. O. Eggerts¬
ville), N. Y.—BOND SALE—The $44,000 coupon or registered school
building bonds offered on Jan. 27—V. 142, p. 659—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo as 3.60s, at a price of 100.439,
a basis of about 3.55%.
Dated Feb. 1 1936 and due $2,000 on Feb. 1 from
AMHERST COMMON SCHOOL
1958, inclusive.
1937 to
AMSTERDAM, N. Y.—BOND OFFERING—Frank A. Howland, City
Treasurer, will receive sealed bids until 2 p.m. (Eastern Standard Time)
on Feb. 7 for the purchase of $200,000 not to exceed 4% interest coupon or
registered bonds, divided as follows:
$140,000 emergency relief, series C bonds.
Due Feb. 1 as follows: $9,000
from 1938 to 1940 incl.; $8,000, 1941 and 1942; $3,000, 1943;
$28,000 in 1944 and $33,000 in 1945 and 1946.
60,000 general city bonds.
Due Feb. 1 as follows: $6,000 from 1938 to
1940 incl. and $7,000 from 1941 to 1946 incl.
All of the bonds will be dated Feb. 1 1936.
Denom. $1,000.
All of the
bonds must bear the same rate of interest, expressed in a multiple of 14 or
l-10th of 1%.
Principal and interest (F. & A.) payable at the First
National Bank, Amsterdam.
The bonds are direct obligations of the
city, payable from unlimited taxes.
A certified check for $4,000, payable
*
to the
each prooosal.
The approving
Vandewater of New York will be furnished the
order of the city, must accompany
opinion of Clay, Dillon &
successful bidder.
•
/.
Financial Statement
at End
of
Year
Levy
1934
1935
-
$2,918,778.82
3,190,461.92
2,664,612.80
2,949,507.48
2.872,314.69
of Levy
Per Cent
0.16
$5,000.00
826,002.39
1,078,766.22
193,029.70
19.150.20
Dec. 311935
None
None
25.8
None
40.4
None
8.5
2-3 of 1%
2-3 of 1%
Applied to
Surplus at
End of Year
Year—
-
-
—
$419,426.32
507,522.47
499,035.55
208,023.44
391,539.79
*384,427.20
Suppoit Following
Year's Budget
$100,000.00
100,000.00
326.992.20
None
165,000.00
Not determined
♦Amount as determined to date.
Sinking Fund
.1932
1931
Year—
1933
1934
1935
Surplus over New
Jersey legal re¬
quirements ..-$44,018.86
addition.
WOOD-RIDGE, N. J .—BOND ISSUE DETAILS—-The $197,000 4^%
registered serial and general refunding bonds recently offered by
bear date of Nov. 1 1935, of $1,000 denoms.
and mature Nov. 1 as follows: $26,000, 1936; $18,000, 1937; $20,000, 1938;
J. S. Rippei & Co. of Newark
§15,000, 1944; $25,000, 1952; $22,000 in1941; $9,000, 1942; in 1955. 1943;
14,000, 1939; $17,000, 1940; $12,000,
1953 and $12,000 $7,000,
The
bonds, issued under Chapters 60 and 233, Pamphlet Laws of New Jersey
of 1934, are part of an authorized issue of $596,000, the balance having
been exchanged with or sold to holders of obligations being funded or re¬
funded by the new issue.
Prin. and int. (M. & N.) payable at the WoodRidge National Bank, Wood-Ridge.
Upon completion of this financing,
the borough will be clear of floating indebtedness of any kind.
The bonds
will be approved as to legality by Reed, Hoyt & Washburn of N. Y. City.
Financial Statement (As
Officially Reported)
valuation (1935)
Total bonded debt on completion of financing
$4,778,209
Assessed
Less sinking funds
$717,500.00
12,678.52
$704,821.48
debt
The above statement does not include the debt
of $123,000, nor the debt of any other
of the Wood-Ridge School District
Kolitical subdivision having power to levy taxes on the property within the
orough.
$2,820,350.
The population of the city (1930
The bonded debt above stated does not include
subdivision having power to levy taxes upon any or
all of the property subject to the taxing power of the city.
The fiscal year
commences Jan. 1.
The amount of taxes levied for the fiscal years com¬
mencing Jan. 1 1933. Jan. 1 1934 and Jan. 1 1935 was respectively $1,106,307.83, $1,113,422.07 and $1,059,193.73.
The amount of such taxes
uncollected at the end of each of saidfiscal years was respectively $94,294.95,
$93,320.94 and $89,748.01.
The amount of such taxes remaining uncol¬
lected as of Jan. 28 1936 is respectively none, $21,373.07 and $82,839.19.
The taxes of the fiscal year commencing Jan. 1 i936 have not yet been
Census)
was
34,817.
the debt of any other
BATAVIA, N. Y.—BOND OFFERING—John T. Pratt, City Treasurer;
until 3 p. m. on Feb. 19 for the purchase of $100,000
interest coupon or registered bonds, divided as follows:
$60,000 home relief bonds.
Due April 1 1946.
Proposals for this issue
must be accompanied by a certified check for $300.
will receive sealed bids
not to exceed 6%
40,000 refunding bonds.
Due $8,000 on April 1 from 1937 to 1941, incl.
The certified check in this instance must be in amount of $200.
Each issue is dated April 1 1936.
Rate of interest to be expressed in a
l-10th of 1%.
All of the bonds of each issue must bear
Prin. and int. (A. & O.) payable in lawful money of the
Trust Co., Batavia, or at the Chase National
Bank, New York.
Legal opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
multiple of M or
the same coupon.
United States at the Genesee
DISTRICT NO. 2 (P. O. WeedsSALE—The $30,000 coupon or registered school bonds
price of par. Dated Feb. 1
1936 and due $1,500 on Feb. 1 from 1937 to 1956, incl.
J. & W. Seligman
& Co. of New York, second nigh bidders, offered 100.05 for 3.20s.
Prin.
and int. (F. & A.) payable in lawful money of the United States at the First
National Bank, Weedsport.
The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
BRUTUS UNION FREE SCHOOL
port), N. Y.—BOND
offered
on
Jan. 24 were awarded locally as 3s, at a
CANDOR UNION FREE SCHOOL DISTRICT NO. 9 (P.
Y.—BOND SALE—The $46,000 coupon or registered
coupon or
Population 1930, 5,159.
$28,422,887.
above mentioned bonds is
N.
$52,077.61 $47,715.82 $61,175.06 $63,296.76
Population (1930 census), 305,200; (1935 estimate), 325,000.
No new
capital indebtedness incurred in 1934 or 1935.
Capital indebtedness paid:
During 1933. $502,737.51; during 1934, $510,987.42; during 1935, $606,447.92.
Principal payment addition to sinking fund considered as paying
off debt to amount of the
the city is
of the property subject to the taxing power of
The total bonded debt of the city, including the
levied.
on
of
Surplus Revenue
1930
The assessed valuation
Uncollected
Uncollected
Amount
1932
1933
Net
ALEXANDRIA UNION FREE SCHOOL
Redwood), N. Y.—BOND SALE—The $16,000 coupon or registered school
142, p. 659—were awarded to J. & W. Seligman & Co. of New York as 3.40s, at a price of 100.25, a basis of about
bonds offered on Jan. 30—V.
P <? <?——*
Capital purpose—Term bonds
1931..
Whitehall 4-5770
ALBANY, N. Y.—BONDS OFFERED FOR INVESTMENT—Stranahan,
Harris & Co. of New York are offering $257,000 2% bonds due Nov. 1
1947-1955, to yield from 2% to 2.15%.
The bonds are exempt from all
present Federal and New York State income taxes.
The bonds were divided into two issues, as
142, p. 495.
STOCK EXCHANGE
NEW YORK
Fund Commission
(P. O. Brant Beach), N.
bidders for the $191,000 not to
were no
25—V.
YORK
ST., N. Y.
successful bidder.
has purchased an issue of
Municipals
County—City—Town—School District
O. Candor),
school bonds
Marine
$3,000
142, p. 659—were awarded as 3.20s to the
Trust Co. of Buffalo.
Dated Jan. 1 1936 and due Jan. 1 as follows:
in 1937 and 1938 and $2,000 from 1939 to 1958, incl.
offered on Jan. 31—V.
COLUMBIA
COUNTY (P.
O. Hudson),
N. Y.—BOND SALE—The
$57,000 coupon or registered bonds offered on Jan. 28—V. 142, p. 335—were
awarded to the Hudson City Savings Institution of Hudson as 2s, at par
plus a premium of $290.70, equal to 100.51, a basis of about 1.87%. Second
high bidder was E. H. Rollins & Sons, Inc. of New York, offering a premium
of $119.70 for 2)4s.
The bonds are as follows:
$37,000 series A of 1936 general bonds.
Due Jan. 1 as follows:
1937 to 1945, incl. and $1,000 in 1946.
20,000 series A of 1936 highway bonds.
Due $5,000 on Jan.
to 1940, inclusive.
Each issue s dated Jan. 1 1936.
Other bids were as follows:
Int. Rate
Bancamerica-Blair Corp
214%
Granbery, Safford & Co
M. & T. Trust Co., Buffalo
Halsey, Stuart & Co., Inc
Geo. B. Gibbons & Co., Inc-...
Roosevelt & Wei gold
First National Bank & Trust Co., Hudson
Farmers National Bank, Hudson
2)4%
$4,000 from
1 from 1937
Premium
$80.00
156.18
2)4%
50.73
2.6%
133.95
2.9%
3%
4%
4%
79.80
79.80
100.00
Par
CONCORD, N. Y.—BOND OFFERING—Ray D. Jones, Town Clerk,
Springville, until 2 p. m. Feb. 3 for the purchase of
$10,000 coupon, registerable, town hall bonds. Bidders are to name rate of
interest, in a multiple of *4% or l-10th%, but not to exceed 6%.
Dated
Feb. 1 1936.
Principal and semi-annual interest (May 1 and Nov. 1)
will receive bids at
824
Financial
payable at the Citizens National Bank, in Springville.
Due $1,000 yearly
on
May 1 from 1939 to 1948, incl. Certified check for $200, payable to the
town, required.
Approving opinion of Reed, Hoyt & Washburn of New
York, will be furnished
to the
purchaser.
The assessed valuation of the
property subject to the taxing power
of the town is
$3,931,623.00; the total bonded debt of the town, including
the bonds is $81,943.60; the
population of the town
according to the most
recent United States census is
4,453; the bonded debt of the town does not
include the debt of any other subdivision
having the power to levy taxes
upon any or all of the property subject to the taxing
power of the town.
The fiscal year of the town begins on Jan. 1. The amounts of
taxes levied
by the town for. the fiscal years beginning Jan.
Jan. 1 1935, were
respectively,
the amounts of such
$54,621.62,
1
1933, Jan.
1
1934, and
$59,167.25, and $54,113.96
taxes
uncollected at the end of the respective fiscal
year, were $3,434.51, $3,838.36 and $3,454.43
and the amounts of such
taxes which remained uncollected as of recent
date were,
$1,420.98, $2,589.65, and $1,553.06.
current fiscal
year
respectively,
DEPOSIT, N. Y.—PRICE
PAID—The $24,000 3% highway bonds
awarded on Jan. 21 to the Farmers National Bank of
Deposit—V. 142,
p. 659—were sold at par.
Dated Feb. 1 1936 and due Aug. 1 as follows:
$2,000from 1936 to 1939, incl., and $1,000 from 1940 to 1955, incl.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Eastchester), N. Y.—BOND SALE—The $190,000 coupon or registered
school bonds offered on Jan. 25—V.
142, p. 495—were awarded to Halsey
Stuart & Co., Inc., of New York as 3.10s at
par plus a premium of $360„
equal to 100.189, a basis of about
3.085%.
Dated Jan. 15 1936 and due
Jan. 15 as follows: $9,000, 1939 to
1948, incl.; $10,000 from 1949 to 1958,
incl.
Other bids
Bidder—
were as
follows:
Int. Rate
EATON,
NELSONVILLE,
LEBANON,
Rate Bid
3.25 %
Manufacturers & Traders Trust Co
Blyth & Co. and F. S. Moseley & Co., jointly
George B. Gibbons & Co., Inc
A. C. Allyn & Co., Inc
.»
100.059
100.30
100.1795
100.366
3.40%
-3.40%
3.50%
FENNER,
SMITHFIELD
AND STOCKBRIDGE CENTRAL SCHOOL
DISTRICT NO. 1 (P. O.
Morrisville), N. Y.—BOND SALE—A. C. Allyn & Co. of New York,
bidding 100.177 for 3^s, a basis of about
3.49%,
1936
Feb. 1
JEFFERSON, SUMMIT, BLENHEIM, GILBOA, HARPERSFIELD
KORTRIGHT CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
AND
Jefferson), N. Y.—BOND SALE—The issue of $65,000 coupon or regis¬
tered school
building bonds offered on Jan. 30—V. 142, p. 496—was awarded
to Rutter & Co. of New York on a bid of 100.30 for
3.40s, a basis of about
3.48%.
E. H. Rollins & Sons were second high bidders.
Dated Jan. 1
1936.
Due yearly
Jan. 1
on
follows:
as
1960.
$3,000, 1939 to 1959; and $2,000
,
LIMA
UNION FREE SCHOOL DISTRICT NO. 9 (P. O. Lima),
N. Y.—BOND SALE—The
$60,000 coupon, fully registerable, school
building bonds offered on Jan. 25—V. 142, p. 335—were awarded to tne
Marine Trust
Co. of Buffalo at
3.20%, for a premium of $262.20, equal to
100.437, a basis of about 3.16%. Halsey, Stuart & Co. of New York, bid
second, offering a premium of $66.60 for 3.20s.
Dated Dec. 1 1935.
hue
yearly on Dec. 1 as follows: $3,000,1938 to 1949; and $4,000,1950 to 1955.
The amount of taxes levied for the
$57,678.93.
was
Chronicle
LOCKPORT,
N.
Y.—BOND
OFFERING—Sealed
bids
addressed
to
Raymond M. Noble, City Treasurer, will be received until 3 p. m. on Feb. 6
for the purchase of $15,000 welfare and
$13,000 Works Progress Adminis¬
tration project bonds.
MARLBORO CENTRAL SCHOOL DISTRICT NO.
boro), N. Y.—BOND
SALE—The $316,000 coupon
or
1 (P. O. Marl¬
registered school
bonds offered on Jan. 28—V.
142, p. 659—were awarded to E. B. Smith &
Co. of New York as 3Ms, at a
price of 100.40, a basis of about 3.47%.
Dated Feb. 1 1936 and due Feb. 1 as follows:
$10,000 from 1938 to 1953»
incl. and $12,000 from 1954 to
1966, inclusive.
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
„
Paine, Webber & Co
George B. Gibbons & Co., Inc
Manufacturers
&
Traders
-
Trust
Co.
-
and
—
COUNTY
(P. O.
100.60
100.309
Graham,
Parsons & Co., jointly
MONROE
3.70%
3.75%
-
—~- 3.75%
100.289
.
Rochester), N. Y.—BOND SALE—The
$350,000 series A of 1936 general bonds offered
Jan. 28—V. 142, p. 659—
were awarded to a
group composed of Lehman Bros, of New York, the
Manufacturers & Traders Trust Co. of Buffalo and
Sage, Rutty & Steele of
on
Rochester
were awarded the $228,700
as 2s, at 100.139, a basis of about
1.975%.
Dated Feb. 1 1936
1 from 1937 to 1946 inclusive.
bankers reoffered the bonds at prices to yield from 0.50% to 2.10%,
and due $35,000 on Feb.
The
coupon or registered school building bonds offered on Jan.
27—V. 142, p.
659.
Geo. B. Gibbons & Co. of New
York, were second with an offer of
100.55 for 3.70s.
Dated Feb. 1 1936.
Due yearly on Feb. 1 as follows:
$5,000, 1937 to 1946; $7,000, 1947 to 1951; $9,000, 1952 to
1956; $10,000,
1957 to 1960; $11,000, 1961;
according to maturity.
The County of Monroe, of which Rochester is the
County seat, reports an assessed valuation for 1936 of $779,205,536.
Total
bonded and net debt, including this issue after
giving effect to funding,
1965.
of
$12,000, 1962, 1963 and 1964, and $11,700,
—BOND OFFERING—Howard E. Pearsall, Village
Clerk, will receive sealed bids until 3:30 p. m. on Feb. 10 for the
purchase
$42,800 not to exceed 5% interest coupon or registered
sewage treatment
plant bonds. Dated Feb. 1 1936.
One bond for $800, others $1,000 each.
Due Feb. 1 as follows: $2,800,
1940; $2,000 from 1941 to 1945 incl. and
$3,000 from 1946 to 1955 incl. Bidder to name a
single interest rate on the
issue, expressed in a multiple of M or l-10th of 1
%. Principal and interest
(F. & A.) payable at the First National Bank & Trust
Co., Freeport. The
bonds are direct general
obligations of the village, payable from unlimited
taxes.
A certified check for
$900, payable to the order of the village, must
accompany each proposal.
The approving opinion of Clay, Dillon &
_
GLOVERSVILLE,
N. Y.—BOND OFFERING DETAILS—Complete
details of the offering of
$103,400 bonds on Feb. 14—V. 142, p. 659—are
nowv available.
Arthur E. Severn, Clerk of the Board of Education, will
bids until 4 p. m. Feb. 14 for the
purchase at not less than par of
$103,400 coupon fully-registerable school oonds.
Bidders are to name
rate of interest, in a
multiple of M% or 1-10%, but not to exceed 4%.
Dated Feb. 1 1936.
Denom. $1,000, except one for $400.
Prin. and
semi-ann. int. (Feb. 1 and Aug.
1) payaole at the office of the City Cham¬
berlain, or at the Guaranty Trust Co. of New York, in New
York, at hold¬
er's option.
Due $5,000 yearly on Feb. 1 from 1937 to
1956, incl., and
$3,400 Feb. 1 1957.
Cert, check for $2,000, payable to the
city, required.
Delivery to be made on Feb. 28 at place to be agreed upon.
Approving
opinion of Clay, Dillon & Vandewater of New York will be
furnished by
the
receive
the
The
assessed valuation of the property
subject to the taxing power of the
city is $31,628,663.
The total bonaed debt of the city,
including the bonds
offered, is $963,900, of which $232,500 is water debt.
The population
of the city (1930
census) was 23,099.
Present estimated population of city
is 24,000.
Tne bonded debt as stated does not include the debt of
any other
subdivision having power to levy taxes
upon any or all of the property sub¬
ject to the taxing power of the city.
The fiscal year commences Jan. 1.
The amount of taxes levied for the fiscal
years commencing Jan. 1 1933,
Jan. 1 1934 and Jan. 1 1935 was,
respectively, $727,769.42, $774,189.23
and $798,682.70.
The amount of such taxes uncollected at the end of
each
of said fiscal years was,
respectively, $40,088.65, $36,324.50 and $41,666.01.
The amount of such taxes
remaining uncollected as of the date of this no¬
tice is, respectively, none, none and
$41,666.01.
HAMBURG
UNION
FREE
SCHOOL
DISTRICT
NO.
13
(P. O.
$90,000 234% coupon or
142, p. 495—was
3.20% interest for a price
3.05%.
Second nigh bidder was Halsey,
Stuart & Co. of New York,
offering 100.425 for 3.20s.
Dated Jan. 1 1936.
Due yearly on Jan. 1 as follows:
$3,000 1937, 1938 and 1939; $4,000, 1940
to 1943, and $5,000, 1944 to 1956.
Hamburg), N. Y.—BOND SALE—-The
registerecfschool building bonds offered
awarded to the Marine Trust Co.
of 100.445, a basis of about
Other bids were
as
issue of
on
Jan. 29—V.
of Buffalo at
follows:
Bidder—
Int. Rate
3.25%
3.40%
3.50%
3.50%
Manufacturers & Traders Trust Co
Stone & Webster and Blodget
Buffalo Savings Bank.
E. H. Rollins & Sons.-
HUNTINGTON, N. Y
ceived by Arthur J.
Standard Time)
on
—BOND
Premium
$387.00
341.00
OFFERING— Sealed
855.00
423.00
bids
will
be
re¬
Kreutzer, Town Supervisor, until 10.30 a.m. (Eastern
Feb. 6 for the purchase of $137,000 not to
exceed 4%
registered bonds.
The offering consists of:
interest, coupon or
$100,000 series D emergency relief bonds.
1937 to 1946 inclusive.
Due $10,000 on
Feb.
1 from
37,000 refunding water bonds.
Due Feb. 1 as follows:
$5,000, 1945 to
1947 incl.; $1,000, 1948 and
1949; $6,000, 1950; $1,000, 1951;
$12,000 in 1952 and $1,000 in 1053.
All of the bonds will be dated Feb. 1
1936.
Denom. $1,000.
a single interest rate on
all of the bonds, expressed in
M or l-10th of l/0.
Principal and interest
name
Bidder to
a
multiple
(F. & A.) payable at
Huntington Station Bank, Huntington Station.
The bonds are general
obligations of the town, payable from unlimited
taxes, the refunding water
bonds being payable
primarily from a levy on property in the South Hunt¬
ington and Greenlawn Water Districts or
extensions.
Proposals must be
accompanied by a certified check for
$3,500, payable to the order of the
town.
The approving opinion of
Clay, Dillon & Vandewater of New York
of
will be furnished the successful
bidder without cost.
ILION, N. Y.—BOND
SALE—The $25,000 coupon or
registered flood
142, p. 659—were awarded to Halsey,
bid of 100.13 for
l%s, a basis of about
1936.
Due $5,000 yearly on
July 15 from 1937
control bonds offered on Jan.
31—V.
Stuart & Co. of New York on a
1 *71%*
to
Dated Jan. 15
1941, inclusive.
ISLIP. N. Y.—BOND SALE—The
$75,000 coupon or registered emer¬
gency relief bonds offered on Jan. 28—V.
142, p. 496—was awarded to
Adams, McEntee & Co. of New York as
2Ms for a premium of $105, equal
to 100.14, a basis of
about 2.23%.
Rutter & Co. of New York bid a
premium of $100 for 2Ms.
Dated Jan. 1 1936.
Due yearly on Jan. 1 as
follows:
$5,000, 1937 to 1941; and $10,000, 1942 to 1946.
► The bankers reoffered the bonds at prices to
yield from 0.75 to 2.20 %.
The bonds are legal investment for
savings banks in New York State,
according to the bankers.
Unsuccessful bids were as follows:
Bidder—
Rutter & Co
Bacon. Stevenson & Co
First National Bank of East
Islip
Blyth & Co., Inc
Bancamerica-Blair Corporation
The
Roosevelt & Weigold, Inc
Halsey, Stuart & Co., Inc
A. C. Allyn & Co., Inc
Geo. B. Gibbons & Co., Inc
int. Rale
Premium
2M%
$100.00
2M%
60.00
67 50
2.60%
2M%
2.40%
2.40%
2.80%
2M%
2.90%
97.50
157.50
241.00
72.00
247.50
232.50
follows:
Int. Rale
Premium
2%
$419.65
150.00
788.00
551.58
385.00
517.30
2%
-
Blyth & Co., Inc., et al
George B. Gibbons & Co., et al
Marine Trust Co. of Buffalo, et al
.
-
2.20%
1
2.20%
2.30%
2.60%
-
NEW YORK, N. Y.—BORROWS $10,000,000 AT NEW LOW RATE—
Comptroller Frank J. Taylor has advised J. P. Morgan & Co., agent of the
•
Committee of Banks, that he would
require on Jan. 29 the sum of $10,to meet teachers' salaries and other
budgetary expenses.
The
bills to be issued will bear the interest rate of
2%, which rate of
interest is a reduction from 2 M % effected
000,000
revenue
by the Comptroller recently and
by the Board of Estimate and Apportionment on Jan. 7 1936.
Agreement, which was entered into in October 1933 pro¬
approved
The
Bankers'
vided that
revenue
rate of
bills to be
ssued under this agreement bear the interest
4%
This rate was reduced in January 1935 to 3% and later Com¬
ptroller Taylor entered into negotiations with the bankers for a further
reduction from 3% to 2M%» which went into effect on
July 1 1935.
With
the improved condition of the
city's credit Comptroller Taylor entered
into new negotiations with the bankers and as a result of which he was
,
able to have this interest rate further reduced from
2M% to 2%.
This
further reduction is another instance of the
improved condition of the city's
credit which the Comptroller has
continually emphasized.
NEW
now
as
Halsey, Stuart & Co., Inc., et al
city.
Financial Statement
were
Stone & Webster and Blodget, Inc
Central Trust Co
of
Vandewater of New York will be furnished the successful
bidder.
to $16,066,000.
The bonds are legal investment, in the opinion
bankers, for savings banks and trust funds in New York State.
amounts
Other bids for the issue
Bidder—
FREEPORT, N. Y
YORK
(State
of)—SELLS $75,000,000 NOTES—State Comp¬
troller Morris S. Tremaine sold $75,000,000 revenue anticipation notes
on Jan. 27.
Tne sale was made on an allotment basis, subscriptions having
been received from banks and investment houses throughout the State.
The issue was heavily oversubscribed. Of the total, $35,000,000 notes were
sold at 0.25% interest, to mature June 28 1936, and the remaining $40,000,000 at 0.30%, to mature Sept. 28 1936.
They are dated Jan. 28 1936.
In connection with
allotted
majonty
to
the
of
the sale, we show below the amounts of each series
institutions which subscribed to the obligations.
In the
instances,
the individual allotments represented
reduction from the amounts sought by the purchasers:
(
5 Months
Chase National Bank
National City Bank
Bank of Manhattan Co
Bankers Trust Co
-
Central Hanover Bank & Trust
First National Bank
Guaranty Trust Co
-
M. & T. Trust Co__
Marine Trust Co
J. P. Morgan & Co
Barr Bros. & Co
Bancamerica-Blair Corp
Brown Harriman & Co
-
Lehman Bros
R. W. Pressprich & Co
Salomon Bros. & Hutzler
Edw. B. Smith & Co
Bank of New York Trust Co
Chemical Bank & Trust Co
400,000
400,000
-
-
-
National Com. Bank & Trust, Albany
New York State National Bank
Public National Bank
J. Henry Schroder Trust Co
-
200,000
200,000
200,000
-
-
Irving Trust Co
South Shore Trust Co.,
First of Michigan Corp
Rockville Center--
Goldman, Sachs & Co
Ladenburg, Thalmann & Co
G. M.-P. Murphy & Co
Phelps, Fenn & Co
J. & W. Seligman & Co
marked
8 Months
$400,000
400.000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
200,000
200,000
200,000
200.000
200,000
200,000
200,000
200,000
200,000
1,000.000
1,000,000
1,000,000
1,000,000
1,000,000
200.000
200,000
200,000
600,000
600,000
400,000
400,000
-
600,000
600,000
400,000
400,000
-
600,000
400,000
400,000
Brooklyn Trust Co
600,000
300.000
300,000
300,000
100,000
100,000
300,000
300,000
300,000
300.000
Federation Bank & Trust Co
Fifth Avenue Bank
Fulton Trust Co
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300.000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300.000
300,000
300,000
300.000
200,000
300,000
300,000
Kings County Trust Go
Lawyers County Trust Co
Liberty Bank, Buffalo
Sterling National Bank
300,000
u
1
Trust Co. of N. A
—
Adams, McEntee & Co__
A. C. Allyn &Co
Burr & Co
Jas. H. Causey & Co
C. F. Childs & Co
200,000
400,000
400,000
400,000
400,000
400.000
-
U. S. Trust Co
'-
Dick & Merle Smith
Dominick & Dominick
Emanuel & Co
Equitable Securities Corp
Ernst & Co.
Estabrook & Co
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000.000
1,000,000
1,000,000
1,000,000
200.000
..
-
First Boston Corp
Halsey, Stuart & Co
Lazard Freres & Co
Speyer & Co
Comm. National Bank
$2,000,000
2,000,000
2,000.000
2,000,000
2,000,000
2.000,000
2,000,000
2,000,000
2,000,000
2,000,000
400,000
400,000
400,000
400,000
400,000
-
City Bank Farmers Trust Co
Continental Bank & Trust Co
Empire Trust Co
Blyth & Co_
a
Maturity
-
useful work, but also permitted a savings by the Port Authority
which sold its securities on the private investment market at a lesser interest
other
Maturity—•—•—■
8 Months
5 Months
Field, Glore & Co
300,000
300,000
300,000
Hallgarten & Co_
Hannahs, Ballin & Lee
Heidelbach, Ickelheimer
Hemphill, Noyes & Co
Kidder, Peaoody & Co
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
-
W. E. Lauer & Co
-
300,000
-
In four
the
and
Triborough Bridge which received a loan and grant of $44,200,000,
completed the municipally owned subway system with a loan and
grant of $25,350,000.
Stone & Webster and Blodgett
Van Alstyne, Noel & Co
First Trust, Albany
300,000
300,000
300,000
300,000
issue of $322,000 coupon
300,000
300,000
about 2.39%.
Salomon Bros. & Hutzler of New York were second
an offer to take the bonds at 2.40%
for a premium of $286.58.
Dated
300,000
300,000
100,000
Rutter & Co
300,000
300,000
300,000
300,000
300,000
.
Robinson, Miller &Co
Roosevelt & WeigoldL. F. Rothschild & Co
300,000
300,000
100,000
Feb.
RENSSELAER
who offered
OLEAN. N. Y.—BOND SALE—The $51,500 coupon or registered bonds
described below, which were offered on Jan. 29—V. 142, p. 660—were
awarded to the First National Bank of Allegany at 2% interest for a premium
of $102.85,
equal to 100.199, a basis of about 1.97%;
$43,000 public works bonds.
Denom. $1,000.
Due Feb. 1 as follows:
$5,000 from 1938 to 1942, incl.; $4,000 in 1943 and 1944, and
$5,000 in 1945 and 1946.
8,500 emergency relief bonds.
One bond for $500, others $1,000 each.
Due Feb. 1 as follows: $4,500 in 1945 and $4,000 in 1946.
1
1936.
Halsey, Stuart & Co. of New York offered a premium of $49.44 for 2.10s.
as
follows:
Int. Rate
Amt.Bid
2.40%
2.30%
2.50%
2.20%
2.10%
2.40%
Bidder—
$51,608.15
51,556.65
51,690.55
ol,531.00
51,549.44
51,594.76
Geo. B. Gibbons & Co_.
Roosevelt & Weigold
Marine Trust Co., Buffalo,
Bancamerica-Blair Corp
Halsey, Stuart & Co-...
Bacon, Stevenson & Co
N.Y
'
■
PELHAM
MANOR, N. Y.—BOND OFFERING—Gervas H. Kerr,
Village Clerk, will receive sealed bids until 4 p.m. on Feb. 10 for the pur¬
chase of $17,000 series No. 53 coupon or registered not to exceed 6% interest
refunding bonds.
Dated Feb. 1 1936.
Denom. $1,000.
Due $1,000 on
Feb. 1 from 1937 to 1953, incl.
Bidder to name a single interest rate on
the issue, expressed in a multiple of M of 1%.
Principal and interest
(F. & A.) payable at the Chemical Bank & Trust Co., New York City.
The bonds will be prepared under the supervision of the Continental Bank &
Trust Co., New York, which will certify as to the genuineness of the signa¬
tures of village officials and the seal impressed thereon.
The bonds are
general obligations of the village, payable from unlimited taxes.
A certified
check for 2% of the issue bid for is required.
Legal opinion of Caldwell &
Raymond of New York will be furnished the successful bidder.
NEW
YORK
AUTHORITY,
N.
1 as follows: $12,000, 1937
$11,000, 1939 to 1946, and $21,000, 1947 to 1956.
1
Due yearly on Feb.
1936.
ROCHESTER, N. Y .—BOND OFFER ING—Paul B. Aex,
troller, will receive sealed bids until 11 a.m. on
City Comp¬
Feb. 4 for the purchase of
expressed in a multiple of M of 1%.
Principal
payable at the paying agency of the city in the
certified
check for 2%
and interest (F. & A.)
City of New York.
A
of the bonds bid for, payable to the order
City Comptroller, must accompany each proposal.
Hoyt & Washburn of New York will be
of Reed,
of the
The approving opinion
furnished the successful
bidder.
SOLVAY,
N.
Y —BONDS TO BE REOFFERED—William J. Burns,
Village Clerk, states that the issue of $35,000 not to exceed 6% interest
public improvement bonds originally scheduled for sale on Jan. 27—
V. 142, p. 497—will be reoffered within 30 days.
Bids were not opened
on the first sale date.
Dated Feb. 1 1936 and $3,500 on Feb. 1 from 1938
1947
to
incl.
SYRACUSE, N. Y.—PROPOSED FINANCING—-Ordinances providing
$5,110,000 bonds were introduced in Common Council
on Jan. 20 and tabled for a week.
The total includes the $2,110,000 re¬
funding bonds provided for in an Act signed recently by Governor Lehman.
The bonds to be refunded mature in 1936.
The balance of $3,000,000 bonds
will be used to cover the city's relief requirements in the present year.
There are two issues of refunding bonds, one of $1,380,000 to mature serially
in from 1 to 20 years, and the other for $730,000 to mature in from 1 to 10
for the issuance of
years.
SYRACUSE, N. Y.—BOND OFFERING—N. W. Markson, City
Comp¬
troller, will receive bids until Feb. 10 for the purchase
bonds and $2,110,000 refunding bonds.
of $3,000,000 relief
TOMPKINS COMMON SCHOOL DISTRICT NO.
1 (P. O. Cannons-
ville), N. Y.—BOND SALE—The $12,000 coupon or registered school
building bonds offered on Jan. 20—V. 142, p. 336—were awarded as 3 Ms,
at a price of par, to the Farmers National Bank of Deposit.
Dated Dec.il
1935 and due $500 on Dec. 1 from 1937 to 1960 incl.
WEST SENECA UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Ebenezer), N. Y.—BOND SALE—The $23,827 coupon or registered school
bonds offered on Jan. 28—V. 142, p. 660—were awarded to the Marihe
Trust Co. of Buffalo as 2.40s. at a price of 100.46, a basis of about 2.32%.
Dated Jan. 15 1936 and due Jan. 15 as follows: $1,827 in 1937 and $2,000
from 1938 to 1948 incl.
Y.—REDEMPTION
Southern Municipal Bonds
,
McALISTER, SMITH & PATE, Inc.
York, 55 Wall Street, New York City, with all unmatured interest coupons
attached. Registered bonds must be accompanied by duly executed assign¬
in blank. Interest on said bonds will cease on and
after Marcu 1 1936 and all coupons maturing after that date will be void.
Telephone WHitehall 4-6765
NORTH
1796), just made public by the Public Works Administration:
accompanied with expressions from local and Federal officials
in accomplishing the aims of PWA in this major project.
on
the
success
The agreement which is expected to result in the execution of a new
contract between the Public Works Administrator and the Port
Authority
which transfers the major financing of this great project from the govern¬
private investment market while at the same time it permits
of the project through changing a $37 500 -
further immediate development
Federal loan to a private investment loan, and making a $4 780 000
PWA grant.
Funds thus released, beside providing for improvements in
000
the
Jersey approach to the tunnel, also enables PWA to open financing
River Tunnel project which will permit New Jersey
under the Hudson via the Mid-Town Tunnel, to proceed
Long Island through Queens by going through the tunnel under the
CHARLESTON, S. C.
GREENVILLE, S. C.
PORT OF NEW YORK AUTHORITY—AGREEMENT REACHED
ON NEW FINANCING PLANS WITH P WA FOR MID-TOWN HUDSON
TUNNEL—The following is the text of a statement (Press release No.
Full agreement has been reached between the PWA and the Port of
New York Authority, covering revision of the financing of the M d-Town
Hudson Tunnel linking Manhattan and New Jersey.
This announcement
NEW YORK
«7 BROAD STREET
ments or transfer powers
ment to the
and 1938;
$2,000,000 not to exceed 6% interest coupon or registered public welfare
bonds.
Dated Feb. 1 1936.
Denom. $1,000.
Due $400,000 on Feb. 1
from 1937 to 1941 incl.
Bidder to name one rate of interest on the issue,
NOTICE—Frank C. Ferguson, Chairman, is advising holders of New YorkNew Jersey interstate bridge bonds, series A, due March 1 >1937-46, incl
Nos. 2501 to 14000 inclusive that the Port Authority has elected to redeem
on March I 1936, all of the above
bonds then outstanding, at $105, plus
accrued interest to March 1 1936. Said redemption price will be paid upon
the surrender of bonds at the office of the National City Bank of New
was
Stuart & Co. of New York,
2.40s, a basis of
premium of $531.30, equal to 100.165. for
a
with
NORTH
COLLINS UNION FREE
SCHOOL DISTRICT NO. 4
(P. O. North Collins). N. Y.—PURCHASER—The $65,000 school build¬
ing bonds sold by tne district on Jan. 24 were awarded to A. W. Ernst &
Co. of Buffalo, not Ernst Bros., as reported in V. 142, p. 660.
All of the bonds will be dated Feb.
(P. O. Troy), N. Y.—BOND SALE—The
fully registerable refunding bonds offered on Jan.
COUNTY
27—V. 142, p. 660—was awarded to Halsey,
NORTH CASTLE (P. O. Armonk), N. Y.—BOND SALE—The issue of
$40,000 coupon or registered refunding bonds offered on Jan. 27—V. 142,
p. 496—was awarded to A. C. Allyn & Co. of New York on a bid of 100.14
for 3.30s, a basis of about 3.27%.
Geo. B. Gibbons & Co. of New York
were second with an offer of 100.19 for 3.40s.
Dated Feb. 1 1936.
Due
$5,000 yearly on Feb. 1 from 1937 to 1944, inclusive.
OF
con¬
been
In addition to the Mid-Town Hudson Tunnel Project, PWA has
also financed the East River Tunnel with a loan and grant of $58,000,000;
provided.
300,000
300,000
Morse Bros. & Co
F. S. Moseley & Co
PORT
.
,
PWA projects financed in the
York metropolitan area, approximately $170,000,000 worth of
struction to improve the rapid transit facilities of New York has
New
300,000
Lee, Higginson Corp
Other bids were
agreed to pay PWA.
projects only, out of the many
rate than it had
300,000
Geo. B. Gibbons & Co
825
Chronicle
Financial
Volume 142
CAROLINA
Elizabethtown), N. C.—BOND REFUND¬
ING PLAN PREPARED—The North Carolina Municipal Council, Inc.,
of Raleigh, has prepared a refunding plan for the above county, providing
for the extension of bonds now past due, and those maturing on or before
July 1 1939, without interest reduction.
The plan proposes to distribute
proportionately among bondholders sinking fund assets which can be
realized. Only that portion of the bonds which cannot be paid at the present
maturity will be refunded. The county is said to be in default at the present
time on $43,000 principal of outstanding bonds.
The payment of interest,
however, is reported to be not in arrears and an effort is being made to
prevent an interest default.
BLADEN COUNTY (P. O.
BURLINGTON, N. C.—BOND SALE—We are informed by the Secre¬
Local Government Commission that the five issues of coupon
facilities to the East
traffic, after going
tary of the
to
bonds aggregating $346,500, offered for sale on Jan. 28—V. 142, p.
were awarded to a syndicate composed of R. S. Dickson & Co., of Charlotte,
East River.
The
Mid-Town
Hudson
Tunnel
project was one of the greatest
non-Federal projects undertaken by PWA.
Financed almost immediately,
at the inception of PWA in the summer of 1933, construction started
promptly and continued at a record pace.
The tube has been driven all
the way under the Hudson River and construction goes on in the approaches
and in preparing the tube for traffic.
During the past 2 M years the projecthas carried on the essential purposes of PWA in giving wide spread em¬
ployment, and at the same time, creating a valuable public work
Commenting on the new agreement, George deKeim, a member of the
Port Authority Board of Commissioners, said:
"This project, and the co-operation of PWA in making it possible, is
one of the finest examples of successful achievement in the
recovery program
The Port Authority, back in 1933, was ready to go ahead with the job,"
but private investors were afraid to let us have the money.
PWA stepped
in and functioned perfectly with the result that thousands of men have been
put to work and the City of New York will benefit by an outstanding traffic
facility.
,
"Since PWA allotted the $37,500,000 loan, the private investors have
recovered their confidence and bought the bonds PWA agreed to purchase
The marks the fulfilment of the PWA theory of government aided public
works to generate employment at a time when the private investment
market fails to function and the passing back of the burden to the private
market when it
s
able to resume this task."
Frank C. Ferguson, Chairman of the Port
Authority and also Chairman
of the Finance Committee, said:
"The co-operation of the PWA
and the sympathetic understanding of
Administrator Ickes has been of great benefit to the people of New York
and the Port Authority."
Administrator Ickes said:
(
"Successful completion of this arrangement through the full co-operation
with the PWA demonstrates the success¬
of the Port of New York Authority
ful planning and execution of the public works theory in a major project
of wide significance, which will be of benefit to an important area for many
years to come."
The project itself runs from
the Hudson to Weehawken.
about 37th St.
With
the
on the Manhattan side under
grant provided for in the new
agreement, the Authority will be anabled to improve the original plans
immediately by providing an additional direct traffic route from the Wee¬
hawken
portal on the Jersey side linking with the New Jersey State Highway
system.
This important improvement had been authorized in advance,
but
it
had
not
heretofore been expected that this approach construction
could be undertaken until an indefinite future date.
tunnel construction provides one tube built to carry traffic
Plans are such that a second tube
traffic requires and financing per¬
mits.
When a second tube is installed, each tube may carry two lines of
traffic in the same direction.
A recent financing operation by the Port
The present
497—•
Burnett &
Charlotte,
paying par, a net interest cost of about 4.97%, on the bonds divided as
follows: $269,500 as 5Ms. maturing on Feb. 1: $11,000, 1937; $12,500,
1938; $13,000, 1939 to 1941; $15,000, 1942: $10,000, 1943; $9,000, 1944
to 1946; $10,000, 1947 to 1950; $15,000, 1951; $17,000, 1952 and 1953;
$22,000, 1954 to 1956, the remaining $77,000 as 4Ms, maturing Feb. 1:
$28,000, 1957 and 1958, and $7,000, 1959 to 1961.
McAlister, Smith & Pate, of Greenville, Lewis & Hall and Oscar
Co., both of Greensboro, and the Interstate Securities Corp. of
The bonds are described as follows:
$165,000 refunding water and improvement bonds.
Denom. $1,000.
Due
on Feb. 1 as follows:
$5,000, 1937 to 1942; $5,000, 1947 to 1950;
$10,000, 1951 to
1957 and 1958.
1953; $15,000,
1954 to 1956, and $20,000 in
120,000 water bonds.
Denom. $1,000.
Due on Feb. 1 as follows: $3,000,
1937 to 1941; $4,000, 1942 to 1951; $6,000, 1952 to 1956, and
$7,000, 1957 to 1961.
35,000 funding bonds.
Denom. $1,000.
Due on Feb. 1 as follows:
$3,000, 1937 to 1941, and $4,000, 1942 to 1946.
20,500 sanitary sewer bonds.
Denom. $1,000, one for $500.
Due on
Feb. 1 as follows: $500 in 1938 and $1,000, 1939 to 1958 incl.
6,000 street improvement bonds.
Denom. $1,000.
Due $1,000 from
1 1938 to 1943.
CALL—J. A. Baynes,
Feb.
City Treasurer, announces that all out¬
standing refunding water and improvement bonds numbered 1 to 76, 79 to
157, and 160 to 193, aggregating $172,000, are being called for redemption
on March 1, on which date interest shall cease.
Dated Sept. 1 1933.
Due
on Sept.
1 1958.
Said bonds and interest accrued to March 1 1936, will
be paid on or after that date upon presentation of the said bonds in negoti¬
able form, accompanied by all March 1, and subsequent coupons, at the
Chemical Bank & Trust Co. in New York City.
It is also stated by the above City Treasurer that a total of $15,000 in
general refunding bonds, dated Sept. 1 1933, are being called for redemption
BOND
on
March 1.
GREENSBORO, N. C.—BONDS APPROVED—The issuance of $367,000
in 4% sewage disposal plant and sanitary outfall sewer bonds, to be used in
connection wth a Public Works Administration allotment, is reported to
approved recently by the City Council.
Dated Nov. 1 1936.
1 as follows: $9,000, 1937; $10,000, 1938 to 1942; $11,000,
1947 to 1950; $13,000.(1951 to 1954; $14,000, 1955
1958; $15,000, 1959 to 1962, and $16,000, 1963 to 1965.
have been
Due
on
Nov.
1943 to 1946; $12,000,
to
NORTH
CAROLINA,
State
of—BONDS
APPROVED—The Local
of the following bonds:
Government Commission has approved the issuance
in separate lanes in opposite directions.
under the Hudson may be added when
$367,000 Greensboro 4% sewage disposal plant and sanitary outfall sewer
bonds that were approved by the City Council recently
$192,000 High
Point electric binding bonds $27,000 Kinston Graded
School District
bonds
$4,000 Elizabethtown sidewalk bonds $2,000 fountain water and
Authority not only released PWA money, available to it as a loan, for
sewer
bonds.
826
Financial
PERSON COUNTY (P. O. Roxboro) N. C.—BONDS SOLD TOPWA—
A $94,000 issue of school bonds is
reported to have been purchased by the
Public Works Administration.
RALEIGH, N. C.—BOND CALL—It is stated by Mayor George A.
Iseley, that he is calling, throu&h the terms of the bonds herein drawn by
on July 1, on which date int. shall cease, out of
sinking fund moneys,
a total of
$82,000 refunding bonds of 1934, due on Jan. 1 1948 and numbered
lot,
&AZ-
11 to 14' !7. 19. 23, 33, 36, 43, 48, 50, 51, 54, 56, 57, 59, 61, 62,
66, 68, 77 to 81, 83 and 84.
Bonds are being called for payment at the
Corporate Trust Department of the Chemical Bank & Trust Co. in New
York City.
RANDOLPH COUNTY (P. O. Asheboro) N. C.—BOND SALE—An
issue of $150,000 4% semi-ann. school bonds is
reported to have been pur¬
chased by the Public Works Administraion.
ROANOKE RAPIDS, N. C —NOTE SALE—It is stated by the Town
were purchased recently by the First National Bank
Henderson, at 3%, plus a premium of $2.
Dated Jan. 1 1936.
Due on
Clerk that $8,000 notes
of
Oct.
1
1936.
Chronicle
Feb.
1
1936
CLERMONT COUNTY (P. O. Batavia), Ohio—BOND OFFERING
POSTPONED—'The offering of $30,000 6% poor relief bonds, originally
scheduled to take place on Jan. 25—V. 142, p. 498—has been postponed
until noon on Feb. 14.
Sealed bids will be received by Blythe Jones, Clerk
of the Board of County Commissioners.
EAST PALESTINE SCHOOL DISTRICT, Ohio—BOND ISSUE DE¬
TAILS—The $110,000 school building bonds sold last September to the
State
Teachers' Retirement System bear 4% interest, are dated Sept. 1
1935 and mature semi-annually on June 1 and Dec. 1 from 1937 to 1959,
nclusive.
EDGERTON-ST. JOSEPH SCHOOL DISTRICT (P. O. Edgerton),
Ohio—BOND OFFERING—La Rue Callender, Clerk of the Board of Ed¬
ucation, will receive bids until 8 p. m. Feb. 7 for the purchase at not less
than par of $26,000 4% coupon school building bonds.
Denom. $1,000.
Dated Feb. 1 1936.
Prin. and semi-ann. int. (April 1 and Oct. 1) payable
at the
Edgerton State Bank in Edgerton.
Due yearly on Oct. 1 as follows:
$1,000, 1937 to 1956; and $2,000, 1957, 1958 and 1959.
Cert, check for
2% of amount of bonds bid for, payable to the District Clerk-Treasurer,
required.
,
ROBESON COUNTY (P. O. Lumberton), N.
C.—BONDS AP¬
PROVED—The Local Government Commission is said to have approved
the issuance of $55,000 in road
refunding bonds.
BOND
CALL—It is stated by E. K. Butler, County Accountant, that
all
outstanding road funding bonds numbered as foDows: 1 to 4, 6 to 16,
18 to 20, 22 to 32, 34 to 45, 47 to 59, 61 to 65, 67 to 71, 73 to
77, and 79,
for $1,000 each, and also numbers
101, 102, 104 to 106, 108 and 109 for
$500 each, and numbers 201 to 208 for $250 each, are being called for
redemption on March 1, on which date interest shall cease.
Payable at
the Central Hanover Bank & Trust Co. in New York
City.
SILER
CITY, N. C.—BONDS APPROVED—It is reported by the Town
Clerk that the $93,000 refunding bonds approved
recently by the Board
Commissioners—V. 142, p. 336—are divided as follows: $19,000 5%
bonds, and $74,000 5M% bonds.
Denom. $1,000.
Due from July 1 1939
to 1955.
Interest payable J. & J.
of
VANCE
COUNTY
(P.
O.
Henderson),
C.—BOND SALE— The
N.
issue of $25,000
coupon, registerable as to principal, school building bonds
offered on Jan. 28—Y. 142, p. 497—was awarded to the Interstate Securi¬
ties Corp. of
Charlotte, at par.
The first maturing $6,000 bonds will bear
3M% interest and the remaining $19,000 3M%Kirchofer & Arnold of
Raleigh were second in the bidding with an offer of a premium of $20.50
for $10,000 3s and $15,000 3
Ms.
Dated Aug. 1 1934.
Due yearly on
Aug. 1 as follows: $2,000, 1937 to 1944, and $3,000, 1945, 1946 and 1947.
Financial Information as of Dec. 31 1935
Outstanding debt:
County school bonds
County other bonds
Township road and railroad bonds
„
85,200.00
9,600.00
Total debt
—$856,800.00
Sinking funds:
$20,701.64
11,500.00
Investments
1933-34
Assessed valuation
Rate per $100
Levied.
Uncollected
1934-35
1935-36
$16,017,351.00 $16,869,903.00 $16,525,638.00
1.10
1.00
1.03
194,413.54
178,311.72
19,392.92
188,163.77
88,453.17
10,829.92
Population, 1930 U. S. Census, 27,294.
WASHINGTON, N. C.—MATURITY—In connection with the sale of
the $8,250 notes to R. S. Dickson & Co. of
Charlotte, at 2M%, plus a
premium of $2.25, reported in these columns recently—V. 142, p. 660—it
is stated that the notes
are
due
on
Oct. 10 1936.
NORTH
COOPERSTOWN
Cooperstown),
N.
Clerk of the Board
SPECIAL
DAKOTA
SCHOOL
DISTRICT
Dak.,—CERTIFICATE
of Education,
NO.
OFFERING—A.
18
G.
(P.
O.
Hoel,
will receive bids until
Jan. 31 for the
Dated Feb. 1 1936.
Due
purchase of $4,000 certificates of indebteuness.
Jan. 1 1937 subject to call on the 15th day of any months after
July 1 1936.
SPECIAL
SCHOOL
DISTRICT
NO.
155 (P.
O. FoxLambert, District
Clerk, will receive bids until 2 p.m. Feb. 12 for the purchase at not less
than par of $1,000 certificates of indebtedness, to bear no more than
7%
interest.
Denom. $500.
Due Feb. 12 1937.
holm), N. Dak.—CERTIFICATE OFFERING—F.
NORTHGATE
SPECIAL
SCHOOL
W.
DISTRICT
NO.
31,
Burke
County, N. Dak.—CERTIFICATE OFFERING—Emil
T. Saby, District
Feb. 7 at the County Auditor's office
in Bowbells for the purchase at not less than par of
$4,000 certificates of
indebtedness.
Clerk, will receive bids until 2
p. m.
VALLEY CITY, N. Dak.—BOND OFFERING—It is reported that both
bids will be received until Feb. 8, at 8 p. m., by W. T.
sealed and oral
Craswell,
(P.
O.
Forest),
Ohio—
BOND OFFERING—F. E. Freed, Clerk of the Board of Education, will
receive bids until noon Feb. 11 for the purchase of $55,000 school house
addition construction bonds, to bear 5% interest.
Denom. $1,000 and
$750.
Dated Sept. 1 1935.
Interest payable April 15 and Oct. 15.
Due
$2,750 yearly on Oct. 1 from 1937 to 1956, incl.
Certified check for $5,500,
payable to the district, required.
Offering of these bonds was originally scheduled for Jan. 9, but was de¬
layed to Feb. 4—V. 142, p. 337—and is now postponed to Feb. 11 after
alterations in denominations and the maturity dates.
,
KENTON,
Ohio—BOND OFFERING—Merle Fleming, City Auditor,
will receive bids until noon Feb. 14 for the purchase at not less than par of
$14,500 4M % coupon floating debt funding bonds. Denom. $1,500 except
for $2,500.
Dated Dec. 1 1935. Interest payable June 1 and Dec. 1.
Due $1,500 yearly on Dec. 1 from 1937 to 1944, incl., and $2,500 Dec. 1
1945.
Certified check for $500, payable to the city, required.
City will
one
pay
for printing of bonds.
LIBERTY
CENTER
SCHOOL
DISTRICT,
Ohio—BOND
ISSUE
DETAILS—An issue of $48,000 4% school bonds sold to the State Teachers'
Retirement System mature $2,400 each Oct. 1 from 1937 to 1956, inclusive.
LONDON,
Ohio—BOND OFFERING—Evelyn Fitzgibbons, Village
Clerk, will receive bids until noon Feb. 15 for the purchase at not less than
of $10,000 4% refunding bonds. Denom. $1,000. Dated Nov. 1 1935.
Interest payable semi-annually.
Due $1,000 yearly on Nov. 1 from 1937
to 1946 incl.
Certified check for $100, payable to the Village
treasurer,
par
MECHANICSBURG, Ohio—BOND OFFERING—Charles A. Wood,
Village Clerk, will receive bids until noon Feb. 7 for the purchase at not
than par of $20,000 4% sanitary sewer system construction bonds.
Denom. $400.
Dated March 15 1936.
Interest payable semi-annually.
Due $400 each six months from Sept. 15 1936 to March 15 1961, incl.
Certified check for $500, payable to the Village Treasurer, required.
t
MUSKINGUM CONSERVANCY DISTRICT (P. O. Zanesville),
price of par by Field, Richards &
p. 498—mature Jan. 1 1937.
$32,201.64
Taxes—
City Auditor, for the purchase of a $55,000 issue of municipal
Denom. $] ,000. Due on Nov. 1 as follows: $1,000,1937,
A certified check for 2% of the bid is required.
auditorium bonds.
and
DISTRICT
Ohio
—NOTE MATURITY—The $2,000,000 1*4% notes purchased recently at a
Cash
FOXHOLM
SCHOOL
less
$762,000.00
,
School notes (State of North Carolina)
Revenue anticipation notes
RURAL
required.
$324,000.00
181,000.00
182,000.00
-75,000,00
School district bonds
FOREST
$3,000, 1938 to 1955.
Shepard, Inc. of Cleveland—V.
142,
MUSKINGUM COUNTY (P. O. Zanesville), Ohio—BOND OFFERING
—E. M. Frame, Clerk of the Board of County Commissioners, will receive
bids until
noon Feb.
19 for the purchase at not less than par of $36,500
5% poor relief bonds.
Dated Jan. 1 1936.
Interest payable semi-annually.
Due yearly on March 1 as follows: $3,700, 1937; $3,900, 1938; $4,100,
1939; $4,400, 1940; $4,700, 1941; $4,900, 1942; $5,200, 1943, and $5,600,
1944.
Certified check for $3,650, payable to the Board of County Com¬
missioners, required.
OHIO, State of—MUNICIPAL BOND YIELDS SHOW FURTHER
DECLINE—Continuing higher prices in Ohio municipal bonds during the
week ended Jan. 30 caused a further decline in the average yield of bonds of
30 Ohio cities, as compiled by Wm. J. Mericka & Co., Inc., whose New York
office is located at 1 Wall Street, from 3.15 to 3.13.
Average yield of 15
largest Ohio cities declined from 3.16 to 3.14, and of 15 secondary «cities
from 3.12 to 3.09.
Averages are weighted according to outstanding debt
of each city.
SANDUSKY COUNTY (P. O.
Ellen Mazey,
until 11
Fremont), Ohio—BOND OFFERING—
Clerk of Board of County Commissioners, will receive bids
Feb. 11 for the purchase at not less than par of the following
a.m.
4% bonds:
$16,500 South Ridge Road bonds.
Denom. $1,000 except one for $500.
Due $1,000 each six months from March 1 1937 to Sept. 1 1944,
incl., and $500 March 1 1945.
8,550 Finefrock Road bonds.
Denom. $1,000, except one for $500.
Due $1,000 yearly on Sept. 1 from 1937 to 1944, incl., and $550
Sept. 1 1945.
Denominations may be changed to suit purchaser.
Dated Jan. 15 1936.
Interest payable semi-annually.
Certified checks for $200 on smaller issue
and $300 on larger block, payable to the Board of County Commiss oners,
required.
SARDINIA, Ohio—BOND OFFERING—Floyd F. Lewis, Village Clerk,
will receive bids until
noon Feb. 14 for the purchase at not less than par of
improvement bonds.
Denom. 26 for $50 and one for $75.
1935.
Interest payable semi-annually.
Due $50 each six
months from April 1 1937 to Oct. 1 1949; and $75 April 1 1950.
Certified
check for $100, payable to the Village Treasurer, required.
These bonds had been offered on Jan. 4.—V. 141, p. 4199. |
$1,375 5M%
Dated Dec.
SOUTH
1
EUCLID-LYNDHURST
VILLAGE
SCHOOL
DISTRICT
(P. O. South Euclid), Ohio—BOND OFFERING—Paul H. Prasse, Clerk
of the Board
of Education,
will receive bids until
17 for the
Dated Feb. 1 1936.
Oct. 1 from 1937
to 1946
incl.
Denominations to suit the purchaser.
Certified check for
$1,000, payable to the District Clerk, required.
noon
purchase of $25,000 4% coupon refunding bonds.
Interest payable semi-annually.
Due $2,500 yearly
UNION-SCIOTO RURAL SCHOOL
Feb.
on
DISTRICT, Ohio—BOND SALE
—The $57,000 coupon school building bonds offered on Jan. 25—-V. 142,
p. 337—were awarded to Cool, Stiver & Co. of Cleveland as 3 Ms, at par
plus a premium of $645.99, equal to 101.14, a basis of about 3.14%. Dated
Dec. 15 1935 and due semi-annually on April 1 and Oct. 1 from 1937 to
1960
OHIO
AKRON, Ohio—OBTAINS PWA
LOAN OF $500,000—A loan of $500,000 to the city to aid in the construction of the Miller Avenue and
South
High Street crossings
the tracks of the Pennsylvania, Baltimore &
announced Jan. 30 by Public Works Adminis¬
trator Harold L. Ickes.
The loan, made from the Public Works Adminis¬
tration revolving fund, will be used
by the city in payment of its share of
the cost of this project.
A grant of $250,000 for the project has been made
over
Ohio and Erie railroads
was
from funds set aside for the grade
crossing elimination program.
CANTON, Ohio—BOND OFFERING—Robert
E.
Beck,
City Auditor
department
odd years
inclusive.
40,000 police
equipment bonds.
Due $7,000 on Sept. 1 in
and $8,000 on Sept. 1 in even years, from 1937 to 1944,
department
equipment
bonds.
Due
$8,000
yearly
on
March 1 from 1937 to 1941, inclusive.
Denom. $1,000.
Dated March 1
1936.
Principal and semi-annual in¬
terest (March 1 and Sept. 1) payable at the
City Treasurer's office.
Cer¬
tified check for 5% of amount of bonds offered,
required.
(Original date of this offering was Feb. 6.)
BOND
OFFERING—Robert
E.
Beck, City Auditor, will rece ve bids
until 1 p.m. Feb. 17 for the purchase at not less than par of
$100,000 3 M %
emergency poor relief bonds.
Denom. $1,000.
Dated March 1 1936.
Principal and semi-annual interest (March 1 and Sept. 1) payable at the
City Treasurer's office.
Due $25,000 on Sept. 1 in each of the years,
1937, 1938, 1939 and 1940.
Certified check for 5% of amount of bonds
bid for, required.
,
Other bids
were as
follows:
Bidder—
Int. Rate
Premium
Ryan, Sutherland & Co
3 M %
First Central Corp
Johnson, Kase & Co
Middendorf & Co
3 M %
$242.00
121.80
105.00
79.00
55.00
15.00
121.85
84.40
4%
4%
4%
4%
4%
5%
First National Bank, Wadsworth__
will receive bids until 1 p.m. Feb. 14 for the
purchase at not less than par
of the following coupon bonds which are to bear no
more than 5% interest.
$60,000 fire
incl.
WADS WORTH, Oho—BOND SALE—The $30,000 coupon municipal
building bonds offered on Jan. 24—V. 142, p. 337—were awarded to Cool,
Stiver & Co. of Cleveland as 3 Ms, at par plus a premium of $347.99, equal to
101.15, a basis of about 3.15%.
Dated Dec. 1 1935 and due Dec. 1 as
follows: $1,000 from 1936 to 1955 incl. and $2,000 from 1956 to 1960 incl.
Weil, Roth & Irving Co
Seasongood & Mayer
Grau & Co
WAPAKONETA, Ohio—BOND OFFERING—Harold F. Shuler, City
Auditor, will receive bids until noon Feb. 17 for the purchase at not less
than par of the following 4% coupon bonds:
$10,300 street improvement bonds.
Denom. $515.
Dated March 1 1936.
Due $515 on April 1 and Oct. 1 in each of the years from 1937 to
1946, inclusive.
8,000 sidewalk improvement
bonds.
Denom.
$400.
Dated
Jan.
1
1936.
Due $400 on April 1 and Oct. 1 in each of the years from
1937 to 1946,
ncl.
Interest payable April 1 and Oct. 1.
Certified checks for $103 on the
arger issue and $80 on the smaller issue, payable to the city, required.
OKLAHOMA
DURANT, Okla.—BOND OFFERING—It
will be received until Feb. 4 by the City
is reported that sealed bids
Clerk, for the purcnase of $26,900
Financial
Volume 142
in bonds, divided as follows:
Dec.
on
and $1,000
election held
$10,450 library, $15,450 storm sewer
These bonds were approved by the voters at an
jail bonds.
17.
GARFIELD
COUNTY
GRADED
UNION
SCHOOL DISTRICT B
(P. O. Lucien), Ok 1 a.—BOND OFFERING—J. G. Oulbertson, District
Clerk, will receive bids until 2 p.m., Feb. 4 for the purchase at not less than
par of $12,000 school building bonds, which will bear interest at rate named
in the successful bid.
Due $1,500 yearly beginning three years after date.
Certified check for 2% of amount of bid, required.
HOOKER, Okla—BONDS VOTED—At the election held on
the residents of the city voted 78 to 19 in favor of the issuance of
6% light and power plant bonds.
Jan. 21
$50,000
LEEDEY, Okla.—BOND OFFERING—E. J. Burnett, Town Clerk, will
purchase at not less than par of
receive bids until 2 p. m. Feb. 3 for the
$15,000 town hall bonds, to bear interest at rate named
bid. Certified check for 2% of amount of bid, required.
in the successful
CLAIRTON,
OREGON
Pa.—BOND OFFERING—P. G.
Pittsburgh.
Pa .—PROPOSED
DUQUESNE,
adopted
a
EAST
Pa.—BOND SALE—
142, p. 499 -were
4s, at par plus a
of $135, equal to 100.54, a basis of about 3.94%.
Dated Feb. 1
due $5,000 on Feb. 1 in 1943, 1946, 1948,1951 and 1953.
McKEESPORT
SCHOOL
Ore.—BOND SALE—The $10,000 issue of 5% semi-annual
20—V. 142, p. 499—was awarded to
the Forest Grove National Bank, of Forest Grove, paying a price of 105.00,
a basis of about 3.97%,
to maturity.
Due $1,000 from Feb. 1 1937 to
1946, optional on or after Feb. 1 1939.
bonds offered for sale on Jan.
Ore.—BOND OFFERING—G. R. Ellis, City Recorder,
Feb. 3 for the purchase of $6,000 6% sewer
ESTACADA,
will receive bids until 8 p. m.
bonds. Dated Feb. 1 1936.
GRESHAM, Ore.—BOND SALE—The $25,000 issue of sewage disposal
system bonds offered for sale on Jan. 22—V. 142, p. 662—was awarded to
Hess, Tripp & Butchart, of Portland, paying a premium of $100.07, equal
to 100.40, a net interest cost of about 3.02%, on the bonds divided as
follows:
$15,000 as 3Ms, maturing $1,000 from Nov. 1 1936 to 1950 incl.,
and $10,000 as 2%s, maturing $2,000 from Nov. 1 1951 to 1955 incl.
LAKEVIEW, Ore.—BOND SALE POSTPONED—Vie are informed by
O. C. Gibbs, City Recorder, that a sale of $40,000 sewage plant bonds
which had been scheduled for the near future, has been held up.
He says
that he thinks it will be about three months before these bonds are offered
for sale.
•
premium
1936 and
SCHOOL DISTRICT
(P. O. Birdsboro,
Pa.—BONDS A WARDED—-The issue of $50,000 coupon
sold, subject to receipt of a Federal
grant for the project, to R. W. Pressprich & Co. of New York as 3s, at
par plus a premium of $130.50, equal to 100.26, a basis of about 2.97%•
Dated Jan. 1 1936 and due Jan. 1 as follows: $5,000 in 1941, 1946 and
1951; $10,000 in 1956 and 1961 and $15,000 in 1966.
A report on the bids
submitted for the issue appeared previously in these columns.
TOWNSHIP
R. F. D. No. 2),
school bonds offered on Jan. 17 has been
by the City Recorder that a bid submitted by the First National Bank of
Klamath Falls for thepurchase of the $15,000 sewer system bonds scheduled
for sale on Jan. 24—V. 142, p. 499—was taken under consideration by the
City Council pending a Works Progress Administration allocation. Dated
Jan. 1 1936. Due $1,000 from 1939 to 1953.
COUNTY SCHOOL DISTRICT
NO.
1
(P. O. Port¬
Ore—BOND OFFERING NOT CONTEMPLATED—We are in¬
by E. T. Stretcher, Clerk of the Board of Education, that it is
the intention of the said Board to make any bond refunding issues.
land),
formed
not
He states
that
the district's finances are in such
condition that it is not
believed necessary to take such action.
PENDLETON, Ore.—BOND OFFERING—Sealed bids will be received
Charles E. Burnett, City Recorder, for the
purchase of a $13,000 issue of sewer, series D bonds. Interest rate is not to
exceed 6%, payable semi-annually.
Denom. $1,000. Dated Feb. 1 1936.
Due in 30 years, optional at any time after 10 years. Principal and interest
payable at the City Treasurer's office. Legal approving opinion by Chap¬
man & Cutler of Chicago.
These bonds are part of a $125,000 issue au¬
thorized by charter amendment at a special election held on Nov. 21 1921.
A certified check for 5 % of the face value of the amount bid for is required.
until 7:30 p. m. on Jan. 31 by
Ore.—BOND VALIDITY QUESTIONED IN SUIT—
is said to have filed a brief recently to have declared
sewage disposal plant bonds approved by the voters
at the election held on July 21 1933.
It is alleged that the bond issue is
invalid because proper plans for the project were not on file at the time
the voters passed on the proposition.
It is also set forth that the legislative
Act authorizing the bond election specifically required such plans to be filed.
PORTLAND,
The Taxpayers' League
invalid the
$6,OOO,O0O
SANDY, Ore.—BOND OFFERING—It is reported that sealed bids will
for
be received until 8 p. m. on Feb. 11 by H. A. Schneider, City Recorder,
the purchase of a $10,000 issue of water works betterment bonds.
Interest
rate is not to exceed 5%, payable J. & J.
Denom. $500.
Dated Jan. 1
1936.
Prin. and int. payable
at the fiscal agency of the State in New York City. The
Due $1,000 from July 1 1946 to 1955, incl.
in lawful money
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Port¬
land, will be furnished.
A certified check for 2% of the par value of the
bonds, is required with bid.
(A like amount of bonds was issued and sold
on Jan. 14, as noted at that time—-V. 142, p. 662.)
SEASIDE, Ore.—BONDS VOTED—At a recent special election
voters approved a proposal to issue $70,000 funding bonds.
the
SILVERTON, Ore.—BOND SALE—The $17,549.47 issue of refunding
142, p. 662—was awarded to Camp
Co. of Portland, paying a premium of $10.53, equal to 100.06, on the
bonds divided as follows:
$7,549.47 as 3Ms, due on Jan. 1: $1,500, 1937
to 1940, and $1,549.47 in 1941; the remaining $10,000 as 3Ms, maturing
$2,000 from Jan. 1 1942 to 1946 incl.
bonds offered for sale on Jan. 28—V.
&
(P. O. Silverton) Ore.—BOND
ELECTION—It is reported that an election will be held on Feb. 3 in order
to vote on the issuance of the $45,000 school bonds that were rejected at the
election on Aug. 7.
SILVERTON
SCHOOL DISTRICT
WASCO, Ore.—PRICE PAID—'The $25,000 issue of coupon
refunding
bonds purchased on Jan. 20 by Conrad Bruce & Co. of Portland, as reported
at that time—V. 142, p. 662—was sold as 5s, at a price of 98.80, a basis of
about 6.05%, to
after Jan. 1 1937.
optional date.
Pa.—BONDS AUTHORIZED—
the issuance of $100,000 high school
DISTRICT,
SCHOOL
building bonds.
MAHANOY
CITY
SCHOOL
Pa.—BOND SALE— The
DISTRICT,
$50,000 coupon operating revenue bonds offered on Jan. 6—V. 141,
3903—were awarded to the Union National Bank of Mahanoy City as
Dated Jan. 1 1936 and due $5,000 on
to 1946 incl.
The First National Bank of Mahanoy
bidder, offered par for 4Ms.
price of par.
at a
Due from Jan. 1 1941 to 1950, optional
City of
PHILADELPHIA
p.
4s,
Jan. 1 from 1937
City, only other
Pa .—BOND
OFFERING—H. L. Willard, Borough
8 p.m. on Feb. 21 for the purchase
The borough rejected all bids submitted at the offering
Jan. 27 of $25,000 not to exceed 4% interest disposal plant bonds.
NORTHEAST,
Secretary, will receive sealed bids until
of $42,500 bonds.
on
NORTH
FRANKLIN
TOWNSHIP
(P.
DISTRICT
SCHOOL
O.
Washington, R. D. 6), Pa .—BOND SALE—The $11,000 coupon bonds
on Jan.
26—V. 142, p. 662—were awarded to R. W. Knox of
Washington as 3s, at par plus a premium of $10, equal to 100.09, a basis
of about 2.98%.
Dated March 1 1936 and due March 1 as follows: $1,000
from 1938 to 1944, incl. and $2,000 in 1945 and 1946.
offered
PENNSYLVANIA, State of (P. O. Harrisburg)— BIDS REJECTED
were but two bids sumbitted for the $1,000,000 1 M% series A-T
anticipation notes offered yesterday by the State School Employees
Retirement Board.
The tenders, which were rejected, appear herewith:
—There
tax
^ Bid
100.21
Bidder—
MERRILL. Ore.—BOND BID UNDER CONSIDERATION—It is stated
MULTNOMAH
DISTRICT.
The $25,000 coupon school bonds offered on Jan. 28—V.
S. K. Cunningham & Co. of Pittsburgh as
awarded to
FRANKLIN
BANKS,
sewer
ISSUE— City Council has
fund accumulated and
BOND
resolution to issue $150,000 bonds to
current expenses.
The School Board on Jan. 17 approved
Pittsburgh), Pa.—BORROWS$4,500,000—The county has borrowed $4,500,000 at 1M% interest from the
Union Trust Co. of Pittsburgh.
The loan, payable Aug. 15 1936, was
made in anticipation of tax collections.
ALLEGHENY COUNTY (P. O.
will
Miller, City Clerk,
purchaser of $150,000 coupon
in a multiple of M %, but not
to exceed 3M%.
Denom. $1,000.
Dated Feb. 1 1936. Interest payable
Feb. 1 and Aug. 1. Due $10,000 yearly from 1947 to 1961, incl. Certified
check for $3,000, payable to the City Treasurer, required.
City will print
the bonds and furnish approving opinion of Burgwin, Scully & Burgwin, or
receive bids until 7:30 p. m. Feb. 18 for the
bonds. Bidders are to name rate of interest,
EXETER
Okla.—BOND OFFERING—
Oliver Hause, County Clerk, will receive bids until 2 p. m. Feb. 4 for the
purchase at not less than par of $25,000 court house and jail bonds, which
will bear interest at rate named in the successful bid.
Due $5,000 yearly
from 1941 to 1945, incl.
Certified check for 2% of amount of bid required.
ROGERS COUNTY (P. O. Claremore),
827
Chronicle
Salomon Bros. & Hutzler
Dougherty, Corkran & Co
The notes are dated Oct. 1 1935 and mature May
PENNSYLVANIA (State of)— BOND
100.131
31 1937.
ISSUES APPROVED—Bond pro»
ceedings approved or forwarded by the Department of Internal AffairsBureau of Municipal Affairs, during the period from Jan. 20 to Jan. 27 cover
issues.
We record the issues below showing the name of the munici¬
seven
pality; amount of loan; purpose
of issue and the date
approved;
Date
Municipalities and Purpose—
Approved
Rutledge (establishment of a sewer system)
Jan. 20
MountPleasant (refundingbonded indebtedness, $9,000;
constructing and improving s reets & sewers, $15,000;
funding floating indebtedness, $6,000)
Jan. 21
Nether Providence Township, Delaware County (refund¬
ing bonded indebtedness, $18,000; establishing sewer
system and co as true ting a terminal sewer, $67,000)-- Jan. 22
Mahanoy City School District (payment of operating
expenses)
Galeton (purchase community building and grounds also
adjacent park lands)
-- — — Saegertown Borough School District, Crawford County
(erect a school building)
South Fork (improving streets and sewage system)
Jan. 22
Amount
$10,000
30,000
85,000
50,000
Jan. 22
13,500
Jan. 24
Jan. 17
14,000
8,000
PHILADELPHIA, Pa.—PLANS PURCHASE OF P. R. T.—Mayor S.
Davis Wilson announced Jan. 30 he plans to file in Federal Court, within
a
few days, his plan for the city's purchase of the Philadelphia Rapid
Transit Co. and its underliers. He told the city council's finance committee
the cost probably wo .Id be between $60,000,000 and $70,000,000.
He
said it would eliminate costly revaluation proceedings now before the State
Public Service Commission.
Pa .—BOND ELECTION—At an election on Feb. 25
issue of oonds for construction of a
conditioned upon receipt of a Federal
grant of $86,000 toward the cost of the project.
POTTS VILLE,
the voters will be asked to approve an
new
The proposal will be
city hall.
RIDLEY
(P. O. Folsom), Pa .—BOND OFFERING—
L. Garling, Township Secretary, will be
Feb. 5, for the purchase of $42,000 2, 3, 3M or 4%
TOWNSHIP
Sealed bids addressed to Gordon
received until 8p.m. on
Denom. $1,000.
bonds.
ROULETTE TOWNSHIP
SCHOOL DISTRICT (P. O.
Coudersport),
OFFERING—Alice Reed, District Treasurer, will receive
Feb. 6 for the purchase of $10,000 school bonds, bearing
4% interest.
Denom. $1,000.
Dated April 15 1936.
Interest payable
April 15 and Oct. 15.
Due $1,000 yearly from 1937 to 1946, inclusive.
Pa.—BOND
bids until 7 p.m.
SHAMOKIN-COAL TOWNSHIP POOR
kin),
DISTRICT (P. O. Shamo-
Pa .—BONDS AUTHORIZED—The Poor Overseers
$250,000 bonds to pay off old indebetedness.
recently voted
to issue
SUNBURY
SCHOOL
DISTRICT,
Pa.—BOND OFFERING—Com¬
plete details are available concerning the issue of $160,000 bonds being
offered for sale on Feb. 10.
Sealed bids will be received by James P.
Van Dyke, District Secretary, until 3 p.m. (Eastern Standard Time) on
Feb. 10, for the purchase of $160,000 coupon refunding bonds, to bear
interest at either 2%,2M%.2M%,2M%or3%,as named in the successful
bid.
All of the bonds must bear the same rate.
Dated March 1 1936.
Denom. $1,000.
Due $20,000 on March 1 from 1941 to 1948, incl. Interest
payable M. & N,
A certified check for $3,200, payable to the order of the
district, is required.
Said bonds and the interest thereon will be payable
free of any tax or taxes, except gift, succession or inheritance taxes which
may be levied or assessed thereon under any present or future laws of the
Commonwealth of Pennsylvania.
The bonds will be sold subject to the
approval of the Department of Internal Affairs of the Commonwealth of
Pennsylvania, and subject to the favorable opinion of Saul, Ewing, Remick
& Saul, of Philadelphia, which opinion will be furnished to the purchaser
free of charge.
Financial Statement
$6,074,175
1935Outstanding bond issues with consent of voters—
Apr.
3 1916 4% due 1946May 18 1920 5% due 1950
Sept. 1 1929 5% due 1959
-
Assessment of real estate
Moncure Biddle & Co.
1520 Locust
St., Philadelphia
*
PENNSYLVANIA
Called March 1
1936.
---
,
(Above issues, except Sept. 1 1929, are
until maturity date.)
$26,500.00
Z$'02°-99
*170,000.00
...
serial bonds, a portion being due
year
Without consent of voters—
BRUIN SCHOOL DISTRICT, Butler
County, Pa .—BOND SALE—
sold an issue of $22,000 3M% high school building
bonds to the Union Trust Co. of Butler, for a $5 premium, equal to 100.022.
Denom. $1,000.
The district recently
P
Pa.—CERTIFICATES AUTHORIZED—The City Council
authorized the issuance of $60,000 certificates of indebtedness
BUTLER,
on
Jan.
to meet
14
Jan.
1
1922
due serially to 1943
TOWNSHIP SCHOOL DISTRICT, Schuylkill County,
Pa.—BONDS VOTED—-On Jan. 21 the residents of ths district voted in
favor of the issuance of $90,000 school bonds.
The vote on the question
was 448 "for" to 140 "against."
19,523.05
fund
11,810.88
None
Cash in treasury not required for current year
Floating indebtedness
Outstanding Taxes Due on Real Estate
outstanding bill and payrolls.
BUTLER
$39,000.00
16,000.00
5M% principal due in full 1952
Sept. 18 1922 4Vi%
Funds available insinking
Unpaid
Unpaid
Year
Assessment
Jan. 1 '36.
Year
Assessment
1934
$207,955.84
209,410.19
208,861.45
$22,184.09
17,560.73
12,847,16
1931
$227,105.98
229,632.90
228,125.08
1933
1932
1930
1929
Jan. 1 *36.
$7,310.11
2,929.76
2,125.88
828
Financial
Municipality has
bonds.
No
never
defaulted in payment of interest
or
Chronicle
principal on
outstanding obligations for general operating expenses.
Sinking
Tax rate for 1935 year. 34 mills, divided as follows:
6 mills; general fund, 3 mills, and teachers salary, 25 mills.
fund,
_
Total receipts for school year 1934-35
Total expenditures school year 1934-35-
$333,906.36
280,571.68
Edward B. Smith & Co., R. W. Pressprich & Co. and
& Gibson were second high bidders for the bond issue,
Treasurer of district, First National Bank of Sunbury, Pa.
Funds are
by security deposited in name of school district.
Estimated requirements in sinking fund for next five years, exclusive of
refunding issues:
1936-37, $14,235; 1937-38, $15,435; 1938-39, $15,045;
1939-40, $14,555, and 1940-41, $16,245.
$396,000
UPPER
TOWNSHIP
DARBY
bid 100.309.
Chemical Bank & Trust Co. headed a group which bid
100.21 for the $396,000 as 3s and the $110,000 as 2Hs.
Halsey, Stuart & Co., Bancamerica-Blair Corp. and Gray Shillinglaw
& Co. bid 100.205 for the $396,000 as 2.90s and the $110,000 as 3s.
Chase
O. Upper Darby), Pa.—BOND
OFFERING—James E. Malone, Secretary of the Board or Commissioners,
will receive sealed bids until 8 p. m. on Feb. 21 for the purchase of $150,000
2 K, 23^, 2% or 3% coupon sewer and highway improvement bonds.
Dated
Feb. 1 1936.
Denom. $1,000.
Due $25,000 on Feb. 1 in 1941, 1946, 1951,
1956, 1961 and 1966.
Registerable as to principal only.
Bidder to name
a single interest rate on all of the bonds.
Interest payable F. & A.
A cer¬
tified check for 2 % of the bonds bid for, payable to the order of the Township
Treasurer, must accompany each proposal.
The bonds will be issued sub¬
ject to the favorable legal opinion of Townsend, Elliott & Munson of Phila.
19354
r"
National Bank group bid 100.385 for the $396,000 as 3s and
CITY
Year
$1,000
1928—$22.50
1933—.1934—
21.30
21.30
1935—.
E. Coffin, Town
Treasurer, has been authorized to arrange for the printing of $300,000 bonds
of $1,000 each and to sell $52,000 refunding and funding bonds of the same
denomination.
The bonds will be issued as of Dec. 1 1935 and must be sold
21.30
5,890 624.28
$1.34
0.65
$247,500
high
coupon
school
bonds.
0.03
Pendleton,
Feb. 5 for the
Dated Jan. 1
1936.
on
as
attaches
$28,553,000.00
.
176,785.52
V
$21,255,184.18
$27,680,000.00
10,993,000.00
2 1936-.-
$38,673,000.00
10,120,000.00
Outstanding Jan. 2 1936
debt at Jan. 2 1928
$28,553,000.00
27,680.000.00
Deduct gross
Levy
Increase in gross debt in eight years
Jan. 27 '36
$6,491.58
88,156.10
.$432,367.23
431,172.47
Net debt Jan. 2 1928
$873,000.00
$20,205,670.80
21,255,184.18
-
Net debt Jan. 2 1936
Increase in net debt in eight years
-
$1,049,513.38
Analysis of Net Debt Increase
Bonds issued Jan. 2 1928 to Jan. 2 1936
Bonds retired Jan. 2 1928 to Jan. 2 1936
CAROLINA
FLORENCE,
S. C .—BOND VOTE CON TEMPLA TED—W e are in¬
$300,000 issue of refunding bonds may be submitted to a
$10,993,000.00
10,120,000.00
retirements
over
$873,000.00
Add—Increase in sinking funds
Less decrease in water debt
vote in the near future.
$686,486.52
863,000.00
176'513-48
SOUTH
DAKOTA
$1,049,513.38
Net per capita bond debt Jan. 2 1928
Net per capita bond debt Jan. 2 1936
MILLER, S. Dak.—BOND OFFERING DETAIL—In connection with
the offering scheduled for Feb. 5 of the $10,000
5% semi-annual water
bonds, notice of which was given recently—V. 142, p. 663—it is stated by
G. C. Briggs, City Auditor, that the bonds are due $3,000 on Jan. 1 1941
and 1946, and $4,000 on Jan. 1 1951, as
previously reported, but there is
MOBR1DGE,
S. Dak.—BOND ELECTION—It is reported that an
on Feb. 11 in order to vote on the
issuance of $72,000
4% bonds, divided as follows:
$55,000 auditorium bonds; $10,000 street
paving bonds, due in from 3 to 23 years, and $7,000 wate plant cleaning
$500,000 revenue notes.
500,000 revenue notes.
basin bonds, due in from 2 to 7 years.
MEMPHIS
SPARTANBURG
COUNTY
(P. O. Spartanburg), S. C.—BOND
ISSUANCE CONTEMPLATED—J. Larry
Sutton, Clerk of the Board of
Supervisors, states that the issuance of $300,000 in refunding bonds has
SALE—The
as
Dak.—BONDS
on
Due
SCHOOL
two
for sale
issues
June 16 1936.
on
DISTRICT
of
Dated Jan. 1 1936.
Sept. 16 1936.
Dated Jan. 1 1936.
O. Memphis),
(P.
$57,000
64 "against."
on
Jan.
Tenn.—NOTE
notes,
28—V.
follows:
$200,000
400,000
VOTED—The
Jan. 21 resulted in approval of the
proposal to issue
4% high school building bonds.
The vote was 670 "for" to
Offering of the bonds will probably take place in February.
Due
series of 1936, aggregating $600,000,
142, p. 500—were awarded to the First
National Bank of Memphis, paying a
premium of $36, for the notes divided
offered
been authorized.
S.
201,000
263,500
«
MEMPHIS, Tenn.—NOTE SALE—The two issues of notes, series of
1936, aggregating $1,000,000 offered for sale on Jan. 28—V. 142, p. 338—
were awarded to the First National Bank of
Memphis, at 0.25%, plus a
premium of $66. The notes are divided as follows:
in
DISTRICT,
80.66
$19.86
Population—1928
Population—1936
election will be held
SCHOOL
$100.52
Reduction in net debt
also included the privilege of paying any bonds
remaining unpaid on any
interest paying date 10 years from date of issue.
on
lien
687,030.30
825.000.00
Retired during same period
Excess of issues
STURG1S
Tax
Debt Administration During Previous Eight Years
120,000.00
12,000.00
No floating debt.
No notes issued in anticipation of taxes are renewed.
election held
1935.
of Jan. 1 1936
-
a
1
-
Outstanding Jan. 2 1928
»
Issued during period Jan. 2 1928 to Jan
Uncollected taxes previous to the year 1934, $7,748.60.
Tax rate, 1934, $22.60; 1935, $22.70.
formed that
May
Debt
7»297'815-82
$23,385,900.00
1,691,500.00
/
SOUTH
82,969.44
$5,609,000.00
o
Uncollected
Year—
1935 levy includes:
$5,890,624.28
Department (gross)
School sinking fund
Levee sinking fund
General sinking fund
10,997
Tax Collections
.2312
.2166
$3,705,838.86
1,797,606.47
304,209.51
Water
1936
Sinking fund (other than water)
Population, 1935 Census
.2586
Gross bonded debt Jan. 2 1936
Deductions as of Jan. 2 1936:
%.
These
valid general obligations of the town, and all taxable real
tangible personal property in the town will be subject to the
levy of unlimited ad valorem taxes to pay both principal and interest.
They will be engraved under the supervision of and authenticated as to
their genuineness by the First National Bank of Boston.
This bank will
further certify that the legality of this issue has been
approved by Storey,
Thorndike, Palmer & Dodge, of Boston, a copy of whose opinion will
accompany the bonds when delivered, without charge to the purchaser.
The original opinion and complete transcript of
proceedings covering all
details required in the proper issuance of the bonds will be filed with the
First National Bank of Boston, where they may be inspected.
1
.1264
.1677
.2245
Bonded
be
Jan.
859,556.44
1,125 628.68
1,460,948.66
1,541,757.94
1,374,344.66
1.276,000.94
1935 taxes are levied and payable
Jan. 10.
Taxes delinquent Sept. 1.
estate and
Financial Statement
Assessed valuation, 1935
Total bonded debt, including this issue
Water debt (included in above)
.0194
.0305
.0346
.0588
.0831
.106i
.1276
.2166
$2.13
One bond for $500, others $1,000 each.
Due Jan. 1 as follows:
$18,000
from 1938 to 1946 incl.; $17,500 in 1947 and $17,000 from 1948 to 1951 incl.
Bidder to name one rate of interest is a multiple of M of 1
bonds will
Per
Cent
$113,020.65
182,963.95
235,530.77
394,931.30
540,976.53^
632 383.52,
758,330.76
1,276,000 94
City corporation
City schools
City parks
Library..
(mandatory)
0.11
the State.
of
22.50
22.50
Jan. 2 1936
.0883
.1033
Rate per $100 taxes payable May 1 each year.
at not less than par.
Rate of interest is not to exceed 4%.
Town Council
appointed a special committee to supervise the exchange of refunding and
funding bonds for outstanding obligations.
A major function of this body
will be exchange of new refunding bonds for $248,000 bonds now held
by
purchase
Uncollected
Per
Cent
End Year
of Levy
$512,178.91
618,866.46
$5,798,796.20
5,992,093.73
6,798,971.16
6.714,101.79
6,507,146 27
5,960,058.52
5 945,103.97
1929—.
STATEMENT*
TAX
Uncollected
Total
Levy
per
1931— 22.10
1932— 21.60
M.
OF MEMPHIS
Rate
Fiscal
1930—
P* WESTERLY,
R.
I.—BOND
OFFERING—James
Town Treasurer, will receive sealed bids until 11 a.m.
100.049 for
the $110,000 as 2Ms:
ISLAND
JOHNSTON, R. I.—BONDS AUTHORIZED—Charles
Robinson, Webster
offering 100.63 for
as
group
(P.
RHODE
A
3s and $110,000 as 2s.
Goldman, Sachs & Co. and Eldredge
& Co. bid 100.409 for the same combination and Brown Harriman & Co.
secured
f
1936
Feb. 1
$396,000 public works bonds as 2%s, maturing on Dec. 1 as follows:
$16,000, 1936 to 1941, and $15,000, 1942 to 1961.
Interest
payable J. & D.
110,000 public works bonds as 3s, maturing $10,000 from Jan. 1 1937 to
1947, incl.
Interest payable J. & J.
revenue notes at
0.25%. Due
0.40%. Due
revenue notes at
on
July 15 1936.
on
Oct. 15 1936.
Dated Jan. 11936
Dated Jan. 11936
'
TEXAS BONDS
TENNESSEE
Bought
Municipal Bonds
EQUITABLE
Securities
New
Birmingham
Nashville
Knoxvllle
Chattanooga
TEXAS
BROWNFIELD, Tex.—BOND CALL—It is stated by Roy M. Harod.
City Secretary, that the city has exercised its option to redeem $32,500 of
its 6% water works bonds, dated July 1
1924, numbered from 22 to 60.
two issues of
Denominations
1933.
Due
on
Jan.
1
BURNET
Bonds to be purchased by the
same.
These tenders
Tenders shall be accompanied
by a certified check upon an incorporated bank or trust
company for 1 %
of the face value of the bonds tendered for
purchase. Bidders may stipulate,
if desired, that their tenders are for all or none
of the bonds tendered and
shall state the time and place for
delivery of the bonds, the interest rate and
numbers of bonds offered.
The city prefers that
delivery be made at the
Hamilton National Bank in Knoxville.
r
a.
m.
on
Feb.
14.
LA
FOLLETTE, Tenn.—BONDS AUTHORIZED—The City Com¬
missioners have adopted a resolution
authorizing the issuance of $130,000
municipal waterworks system bonds.
MEMPHIS, Tenn.—BOND SALE—'The
two issues of
bonds, aggregat¬
ing $506,000, offered for sale on Jan. 28—V. 142, p. 165—were awarded to
a syndicate composed of Lazard Freres & Co..
Inc., of New York, W. H.
Newbold's Son & Co. of Philadelphia, Watling, Lerchen &
Hayes, of
Detroit, and Piper, Jaffray & Hopwood, of Minneapolis, at a price of
100.026, on the bonds divided as follows:
COUNTY
(P.
O. Burnet), Tex.—BOND SALE—Newman
issue
1958.
sinking fund in compliance with the law authorizing
10
$1,000.
Said bonds shall be redeemed at par
Feb. 25, at the Central Hanover Bank & Trust Co.
and
on
& Co. of San Antonio have purchased and are now
offering to investors an
of $74,000 4% courthouse and jail bonds.
Dated Dec. 30 1935.
Semi-annual interest M. & S. 1 payable at the
County Treasurer's office.
Tenn .—SEALED TENDERS INVITED—It is an¬
by R. Rex Wallace, Director of Finance, that he will receive
tenders offering for sale a total of
$30,000 refunding bonds to the city.
1
$500
and accrued interest
in New York City.
KNOXVILLE,
Dated Jan.
Houston, Texas
Memphis
nounced
will be received until
Quoted
Incorporated
5% coupon semi¬
annual bonds aggregating $25,000, offered for
sale on Jan. 28—V. 142,
p. 338—were awarded jointly to C. H. Little & Co. of
Jackson, and the
Cumberland Securities Corp. of
Nashville, for a premium of $460, equal
to 101.84, a basis of about 4.85%.
The issues are divided as follows:
$17,000 stadium bonds.
Due $500 from Oct. 1 1940 to 1973
inclusive.
8,000 airport bonds.
Due $500 from Oct. 1 1940 to 1955 incl.
sealed
—
Sterling Building
TENNESSEE
BRISTOL, Tenn.—BOND SALE—The
Sold
H. C. BURT & COMPANY
Corporation
York
—
i
CAMERON, Tex.—BOND OFFERING—'It is announced by W. A.
Morrison, City Attorney, that he will receive bids until 8 p. m. on Feb. 4,
for the purchase of a $36,000 issue of 4% semi-ann. school
bonds.
Due
from 1937 to 1952.
CHEROKEE COUNTY ROAD DISTRICT NO. 1
(P. O. Rusk), Tex.—
BOND OFFERING—Sealed bids will be received until 11 a.m. on Feb.
10,
by Frank Devereux Jr., County Judge, for the purchase of a $53,000 issue
of 5% road, series C bonds.
Due on Feb. 10 as follows:
$5,000, 1949,
$6,000, 1950 $10,000, 1951 and 1952 $8,000, 1953 $2,000, 1954 $7,000,
1955, and $5,000 in 1956.
Bids must be for the entire amount offered.
The
approving opinion of Clay, Dillon & Vandewater
be furnished.
A
must accompany
of New "iork, will
certified check for $530, payable to the
County Judge,
the bid.
BOND CALL—Cora M.
Dickey, County Treasurer, states that the county
has elected to exercise its option and redeem on Feb.
10, at the office of the
State Treasurer, road bonds numbered 51 to
124, dated Feb. 1 1917.
said
that funds for the
redemption of these bonds will
between Feb. 10 and 25, interest to cease on date called.
is
/
be
It
available
829
Financial Chronicle
Volume 142
DISTRICT (P. O. Dallas), Texas—BOND REOBUPHELD—A special dispatch from Dallas to the
had the following to say:
DALLAS LEVEE
0AN17A TION PLAN
$48,000.00
"Wall Street Journal" of Jan. 28
"Judge W. H. Atwell of the U. S. District Court here approved a re¬
organization plan whereby the holders of $786,000 of Dallas County Bois
d'Arc Levee District bonds will receive in exchange for these bonds 75%
cash and new bonds.
Immediately preceding this approval, the Court ruled
COMMONWEALTH OF VIRGINIA Ref. 4s,
due
against an intervention suit filed by John T. Fortson and Joe B. Fortson,
who own $112,000 of the bonds and who sought to block consummation
of a $220,000 Reconstruction Finance Corporation loan, an integral factor
in the reorganization plans for the bankrupt district."
July 1962, at 2.50% basis & int.
F. W. CRAIGIE &
COMPANY
Richmond, Va.
GALVESTON INDEPENDENT SCHOOL DISTRICT (P. O. Gal¬
Tex.—BOND ELECTION NOT HELD—It is stated by the
A. T. T. Tel. Rich. Va. 83
Phona 3-9137
veston),
Secretary of the Board of School Trustees that the $150,000 junior
bonds were not submitted to the voters on Nov. 2, as scheduled,
goes on to
report that such an election is
college
and he
VIRGINIA
not contemplated at this time.
GARWOOD, Tex.—BOND SALE DETAILS—The State Board of
Education paid par for the $33,000 purchased from the District recently
—V. 142, p. 501.
Denom. $1,000.
Interest at 4% payable semi-annually.
Due serially in 30 years.
GOLIAD, Tex.—WARRANT CALL—It is stated by H. C. Funk, City
that the city is exercising its option and is calling for payment,
improvement and sewer system, series of 1930 war¬
rants, dated July 1 1930, at the office of the Brown-Crummer Investment
Co., on March 1, on which date interest shall cease, together with the
premium of 2% on the face value thereof, stipulated in the said warrants.
WINCHESTER, Va
.—BONDIS UANCE CONTEMPLATED—The
City Planning Commission is reported to have submitted to the City
Council recently a recommendation that the question of constructing a
new water supply system for the city, to be paid for by a $450,000 bond
issue, be submitted to a vote of the electors.
Secretary,
WASHINGTON
all outstanding street
Edinburg), Tex.—BOND REFUNDING
county is said to
of a special
HIDALGO COUNTY (P. O.
PLAN SIGNED—The commissioners court of the above
have signed a refunding agreement covering outstanding bonds
road issue of 1933 totaling $1,023,000.
Tne bonds were issued
for the purpose of financing
now State Highway No. 66.
construction of the Edinburg-Pharr
originally
Highway,
of this Deing furnished by the
State under its participating plan of payments for roads ouilt by counties
and later accepted by the State Highway Department.
The remainder
A total of
of
$54,000 is being redeemed, most
$969,000
being refinanced
is
in two issues, $169,000 bearing 4H%
About 85% of the bondholders have
CATrtLAMET, Wash.—BOND OFFERING—Bernadette Cooper, Town
Clerk, will receive bids until 7:30 p. m. Feb. 17 for the purchase of $3,500
general obligation bonds, to bear interest at no more than 6%.
Interest
payable semi-annually. Bonds are to run for not more than 13 years from
date of issue, subject to call on any interest payment date. Certified check
for 5% of amount of bid, payable to the town, required.
Wash.—BONDS VOTED—It is stated by the Deputy
CHEHALIS,
City Treasurer that at the election held on Nov. 21, the voters approved
issuance of $75,000 in water works system bonds by a wide margin.
The bonds have not been issued as yet, according to report.
the
EATONVILLE, Wash.—BOND SALE—It is stated by the Town Clerk
a total of $17,500 bonds has been purchased by the Eatonville State
The bonds are as follows: $12,500 water, and $5,000 light
that
interest and $800,000 bearing 5%.
Bank, at par.
agreed to the plan.
bonds.
Tex.—BOND SALE—Newman
purchased and are now offering to investors an
issue of $105,940 5M % coutrhouse and jail funding bonds.
Dated Jan. 10
1936.
Interest payable Jan. 10 and July 10 at the Frost National Bank
DISTRICT NO. 66(P. O. GoldenOFFERING—Sealed bids will be received until
Gray, County Treasurer, for the purchase of a
$6,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
semi-annaully.
Bonds to run for a period of 20 years, starting with the
second year after the date of issuance.
Prin. and int. payable at the County
Treasurer's office or at the fiscal agency of the State in New York, or at the
State Treasurer's office.
A certified check for 5% of the amount bid is
required.
*
:
KIMBLE COUNTY (P. O. Junction),
& Co. of San Antonio have
of San Antonio.
LONG VIEW,
Tex.—BONDS VOTED—We are informed by the City
approved the issuance
Clerk that at the election held on Jan. 23 the voters
of $250,000 in 4>i% and 4H% water improvement
179 to 7.
Due in 15 years.
He states that these bonds have already been sold.
bonds by a count of
Wash.—BOND
Id. m. on Feb. 17 by J. W.
LA
(In these columns last December, we reported the sale of three issues
water system revenue bonds aggregating $250,000—
of 4K% and 4M%
V. 142, p. 3733.)
that
a
CENTER, Wash.—BONDS SOLD—It is stated by the Town Clerk
$4,700 issue of 6% semi-ann. town bonds offered for sale without
last August, has been sold to the Security State Bank of Woodland,
success
at par.
(P. O. Conroe) Tex.—BONDS SOLD—
$93,000 issue of road refunding bonds is said to have been purchased
recently by the Barrett-Pondrom Co. of Houston, as 2)^8, paying a premium
of $111.60, equal to 100.12, a basis of about 2.46%.
Due in from 1 to 5
COUNTY
MONTGOMERY
KLICKITAT COUNTY SCHOOL
dale),
A
years.
PASADENA INDEPENDENT SCHOOL DISTRICT (P. O. Pasadena),
Tex.—BOND DETAILS—In connection with the $200,000 3H% semi¬
annual school construction bonds approved recently by the Attorney-
SEATTLE, Wash.—BOND SALE—The $200,000 coupon or registered
bonds offered on Jan. 31—V. 142, p. 339—were awarded to the Seattle
Service Employees Retirement System, the only bidder, at par for
4H% bonds.
Dated Jan. 1 1936.
Due annually commencing with the
second year and ending with the 30th year after date of bonds, in such
amounts (as nearly as practicable) as will, together with interest on out¬
standing bonds, be met by an equal levy for the payment of bonds and
sewer
Civil
interest
142, p. 501—it is
stated by the Secretary of the Board of Education that these bonds are
dated Oct. 10 1935, are in the denomination of $1,000 each, and mature
$1,000 from April 10 1936 to 1975 incl.
Principal and interest payable
General and scheduled for sale in the near future—V.
at the First National Bank in Houston.
POLK COUNTY
(P. O. Livingston), Tex.—BOND SALE—An issue
of $170,000
road refunding bonds was purchased recently by Mahan,
Dittmar & Co. of San Antonio, and Rauscher, Pierce & Co., Inc. of Dallas,
jointly.
Denom. $1,000.
Dated Feb. 5 1936.
Due $10,000 from May 15
1937 to 1953, incl.
Prin. and int. (M. & N. 15) payable at the office of the
State Treasurer.
Legal opinion to be furnished by the State's AttorneyGeneral, and by Chapman & Cutler of Chicago.
It is expected the bonds
will be ready for delivery about Feb. 15 or 20.
They are being issued to
refund a like amount of optional 5% bonds.
Tex.—BOND OFFERING—Sealed bids will be received
until 7 p.m. on March 2, by J. O. Bryant, City Clerk, for the purchase
of a $10,000 issue of 33^% semi-annual public school bonds.
WISCONSIN
KAUKAUNA, Wis.—BOND OFFERING—Sealed
$10,000, 1942 and 1943; $15,000, 1944 to 1951, and $10,000 in 1952.
Prin.
(F. & A.) payable at the City Treasurer's office.
The bonds are
to be issued subject to the examination and certification by the AttorneyGeneral of the State and all bids must be so conditioned.
A certifies check
and int.
for
INDEPENDENT
SCHOOL
DISTRICT,
Tex.—BOND
2% of the par value of the bonds,
the bid.
payable to the City Treasurer, must
accompany
(An issue of $170,000 bonds, bearing the same description as
offered, was disposed of by the city on Jan. 6—V. 142, p. 339.)
SHERMAN,
TAHOKA
bids will be received
until 4 p. m. on Feb. 4 by L. C. Wolf, City Clerk, for the purchase of an
issue of $170,000 3 % coupon sewage disposal plant bonds.
Denom. $1,000.
Dated Aug. 1 1935.
Due on Feb. 1 as follows:
$5,000, 1938 to 1941;
those now
COUNTY (P. O. Darlington), Wis—BOND AUTH¬
in highway improvement bonds is said
approved by the Board of Supervisors.
v
LAFAYETTE
ORIZED—The issuance of $280,000
to have been
LINCOLN
COUNTY
(P. O. Merrill) Wis .—BOND REFERENDUM
Supervisors is said to have passed a
SALE—An issue of $40,000 5% school building bonds was recently sold to
Garrett & Co. of Dallas for a premium of $350, equal to 100 875.
Due
AUTHORIZED—The County Board of
serially for 40 years.
resolution providing for a referendum on April 7, on the
of $550,000 in highway paving and improvement bonds.
UTAH
MARATHON COUNTY
stated
GEORGE, Utah—-BOND SALE DETAILS—It is stated by the
City Recorder that the $11,500 water revenue bonds purchased by the
Lauren W. Gibbs Co. of Salt Lake City, as noted last November—V. 141,
ST.
p.
3425—bear interest at«4%, and were sold at a price of
102.25.
Due
from 1944 to 1955.
by
the County
proposed issuance
(P. O. Wausau), Wis.—NOTE
SALE—It is
Clerk that an issue of $150,000 1 H%
corporate
Northern Wisconsin Securi¬
equal to 100.935, a basis
These notes were authorized
purpose notes was purchased on Jan. 27 by the
ties Co. of Wausau, paying a premium of $1,443,
of
about
Aug. 1 1937.
Board of Supervisors.
Due on
1.12%.
recently by the County
DISTRICT NO. 1 (P. O. Pewaukee)
PEWAUKEE JOINT SCHOOL
bids will be received until 10 a. m. on
Washburne, District Clerk, for the purchase of a $78,000
issue of 4% coupon improvement and building bonds.
Denom. $1,000.
Dated Jan. 15 1936. Due $6,000 from July 15 1937 to 1949 incl. Prin. and
int. (J. & J.) payable at the District Treasurer's office. Bidders to furnish
own legal opinion.
A $5,000 certified check must accompany the bid.
Wis.—BOND OFFERING—Sealed
Feb. 8, by H. F.
We Are
Specialists in
MAINE—NEW HAMPSHIRE—VERMONT
Municipal Issues
E. H. Rollins & Sons
,
200
Incorporated
Boston, Mass.
TOMAH, Wis.—BOND OFFERING—Ethel Sowle, City Clerk, will
receive bids until 7:30 p. m., Feb. 4 for the purchase of $5,000 4% coupon,
registerable as to principal, storm water sewer system bonds.
Denom.
$500.
Dated Jan. 1 1936.
Due $500 yearly on Jan. 1 from 1937 to 1946,
inclusive.
Devonshire St.,
WYOMING
SPRINGS COUNTY (P. O. Thermopolls), Wyo.—NO BIDS
OPENED
TO RE-OFFER BONDS—No bids were opened for he sale
of the $60,000 courthouse bonds offered on Jan. 25, at not to exceed 4)4 %—
V. 142, p. 664.
The issue will be readvertised. Dated Feb. 1 1936. Due
$4,000 yearly on Feo. 1 from 1941 to 1955, incl.
HOT
VERMONT
State of—PWA LOANS AND GRANTS APPROVED—
The Public Works Administration has approved the following allotments to
VERMONT,
LARAMIE COUNTY SCHOOL
municipalities in the above State:
$18,182 to the Town of
The loan of $10,000 will
the PWA revolving fund and the grant of $8,182 will be made
N Pan ton, Addison County—Loan and grant of
Panton for a highway bridge across Dead Creek.
come
from
the new Works-Relief appropriation.
Construction is estimated to
require 6H months.
Bennington, Bennington County—Grant of $45,000 to the Bennington
County Courthouse and Jail Committee to construct a courthouse and jail
building estimated to cost $100,000 and require five months to complete.
No loan was requested.
Bennington—Loans and grant of $36,363 to Readsboro School District
for a school building.
The loan of $20,000 will be made from the PWA
revolving fund and a grant of $16,363 will be paid from the new worksrelief appropriation.
Construction is estimated to require 13 weeks to
complete.
h Milton, Crittenden County—Grant of $12,150 to the Milton Graded
School District for a two-story addition to a school building estimated to
cost $27,000 and require five months to complete.
No loan was requested.
Enosburg Falls, Franklin County—Grant of $26,550 to the village of
Enosburg Falls for a hydro-electric power plant estimated to cost $71,550
and require six months to complete.
No loan was requested.
from
Wyo.—BOND
DISTRICT No. 9 (P. O. Pine Bluffs),
OFFERING—Ralph
H.
McFarland,
District Clerk, will
Feb. 21 for the purchase at not less than par
of $14,000 school building bonds, wnich will bear interest at no more than
3%%.
Dated Jan. 1 1936.
Interest payable sem-annually.
Due yearly
as follows:
$500
1937 to 1944; $1,000, 1945 to 1948, and $1,500, 1949
to 1952.
Certified check for 5% of amount of bid, payable to the District
Treasurer, required.
receive bids until 7:30 p. m.
Canadian Municipals
Information and Markets
BRAWLEY, CATHERS & CO.
25 KING ST.
WEST, TORONTO
ELGIN 6438
VIRGINIA
CRAIGSVILLE'SANITARY
DISTRICT (P. O. Staunton), Va.—
Clerk of the Board of Supervisors that
CANADA
BOND SALE—It is stated by the
$31,000 4% semi-annual water system bonds approved by the voters at
the general election last November have been purchased by the National
Valley Bank, of Staunton.
Due on Oct. 1 as follows:
$500, 1936 to 1943;
$1,000, 1944 to 1956; $1,500, 1957 to 1964, and $2,000 in 1965.
the
BRANDON, Man.—UNABLE TO MEET FURTHER RELIEF COSTS—
condition of its finances, the city has advised the
Provincial government that after the end of Janaury, it will not be able to
pay any portion of unemployment relief expenditures.
Due to the straightened
830
Financial
CANADA (Dominion of)—REFUNDING OF PROVINCIAL
INDEBT¬
EDNESS UNDER FEDERAL GUARANTEE
PROPOSED—At the recent
Dominion-Provincial
Committee
problems
burden placed
to
conference and the meeting of the Dominion-Provincial
Financial Questions full discussion was had of the financial
confronting a number of the Provinces as a result of the
on
now
on
them primarily through the
necessity of providing funds
The conferees also took up the question of
meet relief requirements.
easing the current monetary difficulties through
refinancing part or all of the
outstanding debts of the Provinces.
A program was agreed upon for
refunding of such indebtedness under Federal guarantee.
Under the
plan,
be obliged to
Province desirous of refunding its indebtedness would
place its financial affairs under the management of a so-called
Loan Council.
This matter was taken
up at the Jan. 14 meeting of the Permanent Com¬
mittee on Financial
Questions, at the conclusion of which the following
any
statement
was
19342
vJ "It w?s recognized
the credit of the
that the Dominion government should not pledge
country in support of obligations of individual provisions
Dominion was given protection in the form of
specific security to
which reference has
already been made, and also empowered to act in the
event of default on the
part of such Province.
unless the
"It
was
agreed that
a
within the scope of the
Loan Council for each Province
deciding to come
plan should consist of the Minister of Finance of
6 JP°mmion and the Treasurer of that Province
with the Governor of
the Bank of Canada as
advisor.
"It was also agreed that
there should be a National Finance
Council
composed of the Minister of the Dominion
and the Treasurers of all Provinces
with the Governor of the
Bank of Canada as advisor.The object of the
National Finance Council
would be to co-ordinate policies
relating to
finance and public
borrowing generally.
In regard to fields of
taxation, representatives of the Dominion expressed
willingness to initiate amendments of the
British North America Act'
requested by the Provincial representatives to
clarify and extend the Pro¬
vincial power of taxation
with respect to gasolene,
amusements, fuel oil,
retail sales, &c.
"The
Dominion representatives
agreed
that
the
Dominion
present
machinery for income tax collection will be used for
tax levied
can
under
be made."
CANADA
collection of income
a
Provincial statute, provided
satisfactory arrangements
(Dominion
of) — MUNICIPAL
OPERATING
COSTS
HIGHER—The cost of
municipal government in Canada recorded a further
increase in 1934,
according to a report released by the Citizen's Research
Institute of Canada.
Based on figures for
*
16 representative Canadian cities the
average per
capita cost of government increased from
$54.59 in 1933 to $55.78 in 1934.
These figures are the net cost
to the cities, after the deduction of
provincial
grants.
They include the cost of unemployment relief whether such costs
are funded or not.
The total combined cost
advanced from $156 millions in 1933 to $160.2
millions in 1934.
While unemployment relief expenditure was the
chief
factor in this increase, it was
not the sole reason for the advance.
Total
expenditures increased $4.2
millions, while
unemployment relief expenses
were
only $2.6 millions higher.
The record of expenditure since
1929 of the 16 cities reviewed is
as
follow:s
Municipal Expenditure
*Expenditure
Year—
Per
on
Current Account
1929
1930—.
*
128,857,822
140,335,648
148,629,514
150,506,872
156,049,006
160,254,847
__
Capita
Expenditure
47.23
50.43
52.76
-
*53.40
54.59
55.78
Includes relief expenditures after
deduction of Provincial and Federal
grants.
"When
it is considered that since
1929, in a period of falling prices,
reduced rentals from real
property, and greatly reduced individual incomes,
the municipal expenditures in
these 16 cities, increased over
24%, the
present plight of the home owner and
municipal taxpayer is understandable,"
the report states.
NINE MONTHS DEFICIT PLACED AT
$40,000,000—Deficit of the
Dominion government in December
totaled $2.6
millions.
This brings
the total for the first nine months of the
current fiscal year to $40.3 millions,
an increase
of $4.8 millions over the
corresponding period of 1934, ac¬
cording to "Financial Post."
While revenue for December was over
$1 million higher, the deficit $2.6
millions is shown as against a
surplus of $708,000 in December 1934.
In¬
creased revenue comes from income
taxes, excise taxes, excise duties and
post office, named in the order of importance.
Customs duties and mis¬
cellaneous revenue are down and the
gold tax disappears entirely as a source
of revenue.
Revenue in the nine-month
period increased $14 millions.
Income tax
collections alone accounted for a
greater increase than this.
Repeal of
the gold tax and declines in other items
offset part of the income tax ad¬
vance.
While ordinary expenditure has
increased $4 millions in the nine month
period, the principal increase has been in
special expenditures.
Included
are expenditures under the
Public Works Construction Act
which have jumped $17.5
millions.
Unemployment relief expenditures
under this head
are
down $600,000.
Dominion Revenue and Expenditure-—Nine Months to Dec.
31
Revenue—
Customs duty
1935
$56,641,000
,35,260,000
82,916,000
73,250,000
Excise duty
Excise taxes
Income tax
Gold tax....
Post office
1,413,000
23,889,000
14,649,000
275,000
Miscellaneous
Special
Totals...'
1934
$57,317,000
34,142,000
83,858,000
54,139,000
5,146,000
23,070,000
16,337,000
244,000
Change
—$670,000
+1,118,000
—942,000
+19,111,000
+3,733,000
+819,000
+1,688,000
+31,000
$288,292,000 $274,247,000 +$14,045,000
Expenditure—
Ordinary
Special
Capital
L<
...
ot'^s
269,546,000
52,444,000
6,652,000
265,253,000
36,970,000
7,488,000
+4,293,000
+15,474,000
—836,000
.$328,642,000 $309,711,000 +$18,931,000
CANADA (Dominion of)—PROTECTIVE
COMMITTEES FUNCTION¬
ING IN SUBURBS OF TORONTO—Announcement
has been made
of the
creation of protective committees to
represent creditors of various Toronto
municipalities which are now in default.
These committees,
suburban
reports
the
"Monetary
Times"
of
Toronto, have been organized in an
endeavor to protect the interests of holders of bonds of these
municipalities
in the event of any plan of reorganization
being proposed at any time that
may not be in the interests of the bond owners.
Each municipality Has its
own
committee, the personnel of which is made up of actual owners of
or their representatives.
These committees have requested holders
of the bonds to deposit them with depositaries, which in all cases
are Cana¬
dian trust companies, so that bondholders may be organized and be
in a
bonds
position to take united action promptly should the necessity arise.
It is said that deposited bonds will not, in accordance with the terms of
the agreement, be voted in favor of any plan without first
consulting the
owners.
A
Feb.
1
1936
great
many bonds of the various municipalities have already been
deposited with the trust companies, and other bondholders are being urged
to take prompt action in this matter.
The Secretaries of the various com¬
mittees from whom detailed information
may be obtained are: Township
of York Secretary, A. S.
of
East
York
Secretary,
Burton, 112 King St.„ West, Toronto; Township
Graham Lawson, 25 King St. West, Toronto;
Township df Scarborough Secretary, N. D. Crisp, 80 King St. West, Toronto
Township of North York Secretary, W. E. C. Martin, 330 University
Ave., Toronto; Township of Etobicoke Secretary, A. S. llaydon, 15 King
St. West, Toronto; Town of New Toronto
Secretary, A. C. Cochrane,
200 Bloor St. East, Toronto; Town of Mimico
Secretary, H. Vandervort,
255 Bay St., Toronto; Town of Weston
Secretary, A. W. Nursey, 253
Bay St., Toronto; Town of Leaside Secretary, O. H.
Webb, 302 Bay St.,
Toronto.
issued:
"The conference agrees that the British
North
America Act should
be amended to enable the
Dominion acting on the request of a Province
to assist the Province
concerned in a refunding operation
by extension of a
Dominion Government guarantee if it is
clearly evident that the position of
the Province renders such an
operation essential.
"The amendment to the Act would be
in a form which would permit
any Province whose bonds are guaranteed to secure the
Dominion against
loss by pledging as collateral
security amounts payable by the Dominion
from time to time as
subsidies, and also to pledge other specific revenues.
"It was also agreed that before
the Dominion guarantee is
giyen the
Prov nee concerned should
accept the principle of Loan Council approval
of any
refunding plan and of all future borrowings.
"In the case of Provinces whose
circumstances are not such that refund¬
ing of present debt is essential, it was
agreed that provision should be made
for them to come
within the Loan Council scheme if
they so desire with
respect to funding of maturities as
they occur and also with respect to new
borrowings.
The extension of Dominion
guarantee in such cases would be
contingent upon acceptance of Loan Council
supervision of future bor¬
rowings.
,
Chronicle
In the event of the latter not being in favor of any
proposal, they
will be at liberty to ask for the return of their bonds.
CANADA
(Dominion
of)—TREASURY
RECORD LOW COST—With
bills at
an
record low cost
on
BILL
FINANCING
AT
the sale
average interest cost of
on Jan.
14 of $25,000,000 Treasury
1.159%, the Dominion established a new
borrowings of that
The
nature.
new
low rate reflects
a
continuing advance in the credit rating
amount of funds available for investment.
of the Dominion and the huge
The "Financial Post" gave the
following record of sales of Treasury bills since Sept. 1 1935:
Amount
Date Sold
$25,000,000
Price
Jan. 15 1936
Dec. 31 1935
Dec. 15 1935-.-.....
Nov. 15 1935..
Nov.
1 1935
Oct. 15 1935
Sept. 28 1935
25,000,000
20,000,000
20,000,000
30,000,000
20,000,000
15,000,000
20,000,000
or
(%)
1.159
1.198
99.705
99.67
99.68
99.672
1.411
99.635
1.363
99.68
-
Sept. 10 1935
1.171
1.302
99.64
-
HAMILTON, Ont.—TAX COLLECTIONS
an
Cost
$99.71
-
1.287
1.249
HIGHER—The city reports
increase in tax collections in
1935, total receipts amounting to $8,250,232
$586,890 more thna in 1934.
HULL,
Que.—RAISES
TAX
RATE—In
an
attempt
balance
to
its
budget and maintain its credit standing, the city has increased its tax rate
for 1936 by $2 per $1,000 of
assessed value.
The new tax rate, dating from
May 1 1936, will be $18 per $1,000 of assessment instead of
$16, the pre¬
vailing rate for several years past.
Que.—*BOND
HULL,
SALE—The issue
of $130,500
4^% coupon
registerable as to principal unemployment relief bonds offered on Jan. 28
—V. 142, p. 340—was awarded to L. G.
Beaubien Co., Ltd., of Montreal
at 97.17 and accrtled interest.
The Banque Provinciale Du Canada bid
97.06.
Dated Nov. 1 1935.
Due serially on Nov. 1 from 1936 to 1955.
PRINCE EDWARD ISLAND
(Province of)—NEW PREMIER AP¬
POINTED—Hon. Thane A. Campbell has been
appointed Premier of the
Province, succeeding the late W. M. Lea.
Mr. Campbell is also Provincial
Secretary-Treasurer.
ST.
LAMBERT, Que.—SEEKS
REDUCTION IN INTEREST RATES
—At the
,meeting to be held in Montreal on Feb. 10, bondholders will be
a refunding plan offered
by the city with the approval of
Quebec Municipal Commission.
The plan, it is said, includes the fol¬
asked to approve
the
lowing
provisions^
All maturities will be postponed for three
years.
The interest rate will be
reduced 1%, the minimum rate to be
4%.
There will be no loans
during the next 18 years unless required for urgent
capital expenditures and the interest rate will not exceed 4
3^ %, the average
of
the
new
rate.
Every year for 18 years the budget and tax rates must be
accepted by
the Quebec Municipal Commission.
New bonds will be issued to
carry out these conditions under the same
by-laws.
The Quebec Municipal
Commission has devoted several months to
studying the plan and has approved the proposal.
Steps have beeil taken to alter the city's financial position
by a revision
of the Housing Scheme
loan, giving the city the benefit of lower interest
rates and a longer period of time
to liquidate the capital debt.
"The total consolidated
debt," states a letter sent by the city to the
bondholders, "exclusive of the Housing Scheme loan, amounts at the end
of 1935 to $3,416,388,
representing 36.7% of the present/taxable property."
It points out that debt
charges absorb 70.87% of the actual total revenue
of the city and that the annual cash
revenue is short by at least
$60,000,
due to the fact that the
city could not collect taxes and special assessments
on vacant lands, which
had since become the property of the
city.
Shrinkage of tax reevnue is set forth in the plan, showing that in 1929.
with
tax rate of 15
a
mills, $256,184 was levied, while in 1935, at the tax
mills, only $252,400 was levied.
a rate of 17.5 mills, is only $207,900.
This
directly to sales for tax arrears in the last three years.
The remedy, as set forth in the
letter, lies in the revision of the bonded
debt of the city.
rate of 17.5
The estimate for 1936, with
reduction is attributed
ST. LOUIS DE CHAMBORD
PARISH, Que.—PAYMENT OF PAST
DUE INTEREST—The
parish has been authorized by the Quebec Municipa
Commission to pay interest
coupons due Jan. 1 1934.
ST. THOMAS, Ont .—IMPROVES
FINANCIAL CONDITION—'This
municipality improved its financial position in 1935, tax collections show¬
ing improvement and bank loans being reduced.
Tax collections in 1935
totaled $704,431, or
102% of the levy.
Collections of current taxes were
the
best since
1931 and arrears
reduced by $38,795.
were
SUDBURY,
were
reduced 4>o
Ont.—CITES GAIN IN
TAX
$297,503.
Bank loans
PAYMENTS—'The
had better tax collections
106.8%
of the
levy.
s
TORONTO, Ont .—RELIEF COSTS HIGHER—'The city reports
crease
city
in 1935 than in 1934, collections
amounting to
Tax receipts totaled $814,116 as compared with
Collections of current taxes amounted to 70.26% of the
levy.
$758,187 in 1934.
of
an in¬
$1,100,000 in direct unemployment relief expenditures in 1935,
although there was a decrease of 15,000 in the number receiving relief.
The
increase is attributed to additional
supplies issued on the instructions of the
Ontario
and
government
expenditures totaled
increased
prices
$9)975,643 and the
of
commodities.
net cost to the city
Direct
was
relief
$3,597,777.
VICTORIA, B. C —PROPOSED BOND ISSUE—The city is'seeking
permission of the Provincial government to issue $237,631
refunding bonds.
WEST GWILLlMBURY
TOWNSHIP, Ont.—BOND SALE—J. L*
Graham & Co. of Toronto have purchased an issue of
$15,914, 4K %bond8
101.75, a basis of about 4.31%.
Due in 21 years.
at a price of
WINDSOR, Ont .—DEBT ADJUSTMENT PLAN HELD UNFAIR
CREDITORS—Criticism of the proposed basis for adjustment of the
TO
debt for the
new city of Windsor, composed ot four
municipalities, which
all in varying degrees of default, featured the address of
Thomas Bradshaw, President of the North American Life Assurance Co. at the annual
are
meeting of shareholders
was
the action
of the
on Jan
20.
Coupled with the Windsor proposal
city of Niagara Falls, which shared the censure of
PrGsid,0nt
"The proposed plan, involving the scaling down of
original debts, as well
reduction in interest rates, indicates scant consiaeration for those who
have loaned them money in the past to create the extensive and
valuable
services they now enjoy," said Mr. Bradshaw.
"It is
as
firmly believed that
the suggested compromise does not
reflect this area's ability to pay, and
to confiscation of the lender's capital.
It is incon¬
ceivable that the scheme has been put forth with the
knowledge or approval
of the Department of
Municipal Affairs of the Province of Ontario, or that
the Department will allow such a
compromise to become effective.
It is
to be hoped that bondholders will demand a
amounts
practically
the acceptance of any such plan.
"The intimation that another
searching investigation before
important
city in Western Ontario—
to meet its interest charges
by tax levy, interest on its funded
debt, and as a consequence will make no effort to pay is an illustration of
the attitude of elected
representatives in some municipalities toward their
just obligations.
"If these two cities, which have in
past years enjoyed the confidence of
their creditors, both of which are situated on the borders of the
country to
Niagara Falls—wh.ch has thus far been able
will make
no
attempt to raise in 1936
the south of us, expect to share in the better conditions referred
to, and be
classed as respectable communities of this
Province, they are going the
wrong way about it in refus'ng to make a real effort
debts.' Other instances of
municipal indifference will
such communities
places to be shunned by new
thinking of establishing homes."
as
to meet their honest
unquestionably stamp
businesses and those
@FedFRASER